EX-99.(D)(1)(Q) 4 e464690_ex99-d1q.htm AMENDMENT TO AMENDED AND RESTATED ADVISORY AGREEMENT

 

Exhibit (d)(1)(Q)

 

JOHN HANCOCK VARIABLE INSURANCE TRUST

AMENDMENT TO AMENDED AND RESTATED ADVISORY AGREEMENT

 

AMENDMENT (the “Amendment”) made this January 1, 2017, to the Amended and Restated Advisory Agreement dated September 26, 2008, between John Hancock Variable Insurance Trust, a Massachusetts business trust (the “Trust” or “JHVIT”) and John Hancock Investment Management Services, LLC, a Delaware limited liability company (“JHIMS” or the “Adviser”). In consideration of the mutual covenants contained herein, the parties agree as follows:

 

1.CHANGE IN APPENDIX A

 

Appendix A is amended to:

 

(1) reduce the fees for the Equity Income Trust and the Mid Value Trust (each a “Portfolio”) and (2) remove Franklin Templeton Founding Allocation Trust, Income Trust, International Core Trust, and U.S. Equity Trust.

 

2.EFFECTIVE DATE

 

The Amendment shall become effective with respect to the Portfolio on the later of:

 

(i) the date of its execution,

(ii) approval by the Board of Trustees of the Trust of the Amendment, and

(iii) January 1, 2017.

 

3.DEFINED TERMS

 

Unless otherwise defined herein, capitalized terms used herein have the meanings specified in or pursuant to the Agreement.

 

4.OTHER TERMS OF THE AGREEMENT

 

Except as specifically amended hereby, all of the terms and conditions of the Agreement shall continue to be in full force and effect and shall be binding upon the parties in accordance with their respective terms.

 

John Hancock Variable Insurance Trust  
     
By: /s/ Andrew G. Arnott  
Name: Andrew G. Arnott  
Title: President  
     
John Hancock Investment Management Services, LLC  
     
By: /s/ Leo Zerilli  
Name: Leo Zerilli  
Title: Senior Vice President and  
  Chief Investment Officer  

 

 

 

 

APPENDIX A

 

ADVISORY FEE SCHEDULE

 

The Adviser shall serve as investment adviser for each Portfolio of the Trust listed below. The Trust will pay the Adviser, as full compensation for all services provided under this Agreement with respect to each Portfolio, the fee computed separately for such Portfolio at an annual rate as follows (the “Adviser Fee”).

 

The term Aggregate Net Assets in the chart below includes the net assets of a Portfolio of the Trust. It also includes with respect to certain Portfolios as indicated in the chart the net assets of one or more other portfolios, but in each case only for the period during which the subadviser for the Portfolio also serves as the subadviser for the other portfolio(s) and only with respect to the net assets of such other portfolio(s) that are managed by the subadviser.

 

For purposes of determining Aggregate Net Assets and calculating the Adviser Fee, the net assets of the Portfolio and each other fund of the Trust are determined as of the close of business on the previous business day of the Trust, and the net assets of each portfolio of each other fund are determined as of the close of business on the previous business day of that fund.

 

The Adviser Fee for a Portfolio shall be based on the applicable annual fee rate for the Portfolio which for each day shall be equal to (i) the sum of the amounts determined by applying the annual percentage rates in the table to the applicable portions of Aggregate Net Assets divided by (ii) Aggregate Net Assets (the “Applicable Annual Fee Rate”). The Adviser Fee for each Portfolio shall be accrued and paid daily to the Adviser for each calendar day. The daily fee accruals will be computed by multiplying the fraction of one over the number of calendar days in the year by the Applicable Annual Fee Rate, and multiplying this product by the net assets of the Portfolio. Fees shall be paid either by wire transfer or check, as directed by the Adviser.

 

If, with respect to any Portfolio, this Agreement becomes effective or terminates, or if the manner of determining the Applicable Annual Fee Rate changes, before the end of any month, the fee (if any) for the period from the effective date to the end of such month or from the beginning of such month to the date of termination or from the beginning of such month to the date of such change, as the case may be, shall be prorated according to the proportion which such period bears to the full month in which such effectiveness or termination or change occurs.

 

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Advisory Fee Schedules

 

    Aggregate Net Assets Include the
Net Assets of the following funds in
addition to the		    
Trust Portfolio   Trust Portfolio   Advisory Fee of the Trust Portfolio-
         
500 Index Trust B   Not applicable  

0.470% — first $500 million; and

0.460% — excess over $500 million.

         
Active Bond Trust  

Active Bond Fund

(JHF II)

  

0.600% — first $2.5 billion;

0.575%— next $2.5 billion; and

0.550%— excess over $5 billion

         
All Cap Core Trust  

All Cap Core Fund

(JHF II)

  

0.800% — first $500 million; and

0.750% — excess over $500 million.

         
Alpha Opportunities Trust  

Alpha Opportunities Fund

(JHF II)

  

0.975% — first $1 billion;

0.950%— next $1 billion; and

0.900%— excess over $2 billion.

         

Blue Chip Growth

Trust

  

Blue Chip Growth Fund

(JHF II)

  

0.825% — first $1 billion; and

0.775% — excess over $1 billion.*

*When Aggregate Net Assets exceed $1 billion on any day, the annual rate of advisory fee for that day is 0.800% on the first $1 billion of Aggregate Net Assets.

         
Bond Trust   Not Applicable  

0.650% — first $500 million;

0.600%— next $1 billion;

0.575%— next $1 billion;

0.550% — next $7.5 billion;

0.525% — excess over $10 billion

 

Capital Appreciation Trust  

Capital Appreciation Fund

(JHF II)

  

0.850% — first $300 million;

0.800% — between $300 million and $500 million;

0.700% — between $500 million and $1 billion; and

0.670% — excess over $1 billion.

         
Capital Appreciation Value Trust   Capital Appreciation Value Fund (JHF II)   See below

 

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Core Bond Trust  

Core Bond Fund

(JHF II)

  

0.690% — first $200 million;

0.640% — next $200 million; and

0.570% — excess over $400 million.

         
Core Strategy Trust   See below   See below
         
Currency Strategies Trust  

Currency Strategies Fund

(JHF II)

  

0.950% — first $250 million;

0.900% — next $250 million and

0.850% — excess over $500 million.

         
Emerging Markets Value Trust  

Emerging Markets Fund

(JHF II)

Emerging Leaders Fund

(JHF II)

  

1.00% — first $100 million; and

0.950% - excess over $100 million.

         
Equity-Income Trust  

Equity-Income Fund

(JHF II)

  

0.825% — first $100 million;

0.800% — next $100 million;*

0.775% — next $300 million**

0.750% — next $500 million***

0.750% — next $500 million****

0.725% — excess over $1.5 billion

*When Aggregate Net Assets exceed $200 million on any day, the annual rate of advisory fee for that day is 0.800% on the first $200 million of Aggregate Net Assets.

**When Aggregate Net Assets exceed $500 million on any day, the annual rate of advisory fee for that day is 0.775% on the first $500 million of Aggregate Net Assets and 0.750% on the amount above $500 million.

***When Aggregate Net Assets exceed $1 billion on any day, the annual rate of advisory fee for that day is 0.750% on the first $1 billion of Aggregate Net Assets.

****When Aggregate Net Assets exceed $1.5 billion on any day, the annual rate of advisory fee for that day is 0.725% on the first $1.5 billion of Aggregate Net Assets.

         
Financial Industries Trust   John Hancock Financial Industries Fund  

0.800% — first $250 million;

0.775% — next $250 million;

0.750% — next $500 million; and

0.725% — excess over $1 billion.

 

Fundamental All Cap Core Trust  

Fundamental All Cap Core Fund

(JHF II)

  

0.675% — first $2.50 billion; and

0.650% — excess over $2.50 billion.

         
Fundamental Large Cap Value Trust  

Fundamental Large Cap Value Fund

(JHF II)

Fundamental Value Trust

  

0.700% — first $500 million;

0.650% — next $500 million; and

0.600% — excess over $1 billion.

 

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Global Bond Trust  

Global Bond Fund

(JHF II)

   0.700% — at all asset levels.
         
Global Trust  

JHVIT

International Value Trust

Income Trust

Mutual Shares Trust

 

JHF II

Global Fund

International Value Fund

Income Fund

Mutual Shares Fund

International Small Cap Fund

  

0.850% — first $1 billion; and

0.800% — excess over $1 billion.

 

         
Health Sciences Trust   Health Sciences Fund (JHF II)  

1.050% — first $500 million;

1.000% — next $250 million

0.950% — excess over $750 million.

         
        *When Aggregate Net Assets exceed $750 million, the advisory fee is 0.95% on all net assets
         
High Yield Trust  

High Yield Fund

(JHF II)

  

0.700% — first $500 million; and

0.650% — excess over $500 million.

         
International Equity Index Trust B   Not applicable  

0.550% — first $100 million; and

0.530% — excess over $100 million.

         
International Growth Stock Trust   International Growth Stock Fund (JHF II)  

0.850% — first $250 million;

0.800% — next $500 million and

0.750% — excess over $750 million.

         
International Small Company Trust   International Small Company Fund (JHF II)  

0.950% — all asset levels

 

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International Value Trust  

JHVIT

Global Trust

Income Trust

Mutual Shares Trust

 

JHF II

Global Fund

Income Fund

International Small Cap Fund

International Value Fund

Mutual Shares Fund

  

 

0.950% first $150 million;

0.850% next $150 million; and

0.800% excess over $300 million

 

When Aggregate Net Assets exceed $300 million, the advisory fee rate is 0.800% on all net assets of the International Value Trust.

         
Investment Quality Bond Trust   Investment Quality Bond Fund (JHF II)  

0.600% — first $500 million; and

0.550% — excess over $500 million.

         
Lifecycle Trusts   See below   See below
         
Lifestyle MVPs   See below   See below
         
Lifestyle PS Series   See below   See below
         
Mid Cap Index Trust   Not Applicable  

0.490% — first $250 million;

0.480% — next $250 million; and

0.460% — excess over $500 million.

         
Mid Cap Stock Trust  

Mid Cap Stock Fund

(JHF II

  

0.875% — first $200 million;

0.850% — next $300 million; and

0.825% — excess over $500 million.

         
Mid Value Trust  

Mid Value Fund

(JHF II)

  

1.050% — first $20 million;

0.950% — next $30 million; and

0.950% — excess over $50 million*.

 

* When Aggregate Net Assets exceed

$50 million, the advisory fee is 0.950% on all assets of the Mid Value Trust.

         
Money Market Trust  

Money Market Trust B

John Hancock Money Market Fund, a series of John Hancock Current Interest

  

0.500%  — first $500 million;

0.425%  — next $250 million;

0.375%  — next $250 million;

0.350%  — next $500 million;

0.325%  — next $500 million;

0.300%  — next $500 million; and

0.275%  — excess over $2.5 billion.

 

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Mutual Shares Trust  

Mutual Shares Fund

(JHF II)

  

0.960% — first $750 million; and

0.920%  — excess over $750 million.

 

#When Aggregate Net Assets for the Mutual Shares Trust exceed $750 million, the advisory fee is 0.92% on all net assets of the Mutual Shares Trust.

         

New Income Trust

(formerly, “Spectrum Income Trust”)

   Not Applicable  

0.725% first $50 million

0.675% next $50 million

 

When net assets exceed $100 million, the annual rate of advisory fee for that day is 0.650% on all net assets

 

When net assets exceed $250 million, the annual rate of advisory fee for that day is 0.600% on all net assets

 

When net assets exceed $500 million, the annual rate of advisory fee for that day is 0.575% on the first $500 million and 0.550% on the excess over $500 million

 

When net assets exceed $1 billion, the annual rate of advisory fee for that day is 0.550% on all net assets

         
Real Estate Securities Trust   Real Estate Securities Fund (JHF II)   0.700% — at all asset levels.
         
Science & Technology Trust   Science & Technology Fund (JHF II)  

1.050% — first $500 million; and

1.000% — excess over $500 million.

         

Short Term Government

Income Trust

   Short Term Government Income Fund (JHF  II)  

0.570% — first $250 million; and

0.550% — excess over $250 million.

         
Small Cap Growth Trust  

Small Cap Growth Fund

(JHF II)

  

1.100% — first $100 million;

1.050% — next $400 million; and

         
        1.000% — excess over $500 million;
         
Small Cap Index Trust   Not Applicable  

0.490% — first $250 million;

0.480% — next $250 million; and

0.460% — excess over $500 million.

 

Small Cap Opportunities Trust  

Small Cap Opportunities Fund

(JHF II)

  

1.000% — first $500 million;

0.950% — next $500 million;

0.900% — next $1 billion;

0.850%— excess over $2 billion;

         
Small Cap Value Trust  

Small Cap Value Fund

(JHF II)

  

1.100% — first $100 million;

1.050% — next $500 million; and

1.000% — excess over $600 million.

 

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Small Company Growth Trust  

Small Company Growth Fund

  

1.050% — first $250 million; and

1.000% — excess over $250 million.

 

When Aggregate Net Assets of the following funds exceed $1 billion, the applicable rate is 1.000% on all net assets of the Small Company Growth Trust.

 

JHVIT

Small Cap Opportunities Trust

International Growth Stock Trust

Value Trust

 

JHF II

Small Company Growth Fund

Small Cap Opportunities Fund

International Growth Stock Fund

Value Fund

         
Small Company Value Trust   Small Company Value Fund (JHF II)  

1.050% — first $500 million; and

1.000% — excess over $500 million.

         
Strategic Equity Allocation Trust  

Strategic Equity Allocation Fund (JHF II)

U.S. Strategic Equity Allocation Fund (JHF II)

International Strategic Equity Allocation Fund (JHF II)

  

0.675% — first $2.5 billion;

0.650% — next $5 billion;

0.625% — next $2.5 billion;

0.600% — next $5 billion;

0.595% — next $10 billion; and

0.590% — excess over $25 billion.

         
Strategic Income Opportunities Trust  

Strategic Income Opportunities Fund (JHF II)

 

Strategic Income Opportunities Fund, a sub-fund (John Hancock Worldwide Investors, PLC.)

  

0.700% — first $500 million;

0.650% — next $3 billion;

0.600% — next $4 billion;

0.590% — next $4.5 billion; and

0.575% — excess over $12 billion

         
Total Bond Market Trust B    Total Bond Market Trust A  

0.470% — first $1.5 billion;

0.460% — excess over $1.5 billion

Total Stock Market Index Trust   Total Stock Market Index Fund (JHF II)  

0.490% — first $250 million;

0.480% — next $250 million; and

0.460% — excess over $500 million.

         
Ultra Short Term Bond Trust   Not applicable  

0.550% — first $250 million; and

0.530% — excess over $250 million.

 

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Utilities Trust  

Utilities Fund

(JHF II)

  

0.825% — first $600 million;

0.800% — next $300 million;

0.775% — next $600 million; and

0.700% — excess over $1.5 billion.

         
Value Trust  

Value Fund

(JHF II)

  

0.750% — first $200 million;

0.725% — next $300 million; and

0.650% — excess over $500 million.

 

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Capital Appreciation Value Trust

 

If net assets are less than $500 million, the following fee schedule shall apply:

 

Portfolio  First $250 million
of Net Assets		   Excess Over $250 million of
Net Assets		 
Capital Appreciation Value Trust   0.950%   0.850%

 

If net assets equal or exceed $500 million but are less than $2 billion, the following fee schedule shall apply:

 

Portfolio  First $1 billion of
Net Assets		   Excess Over $1 billion of Net
Assets		 
Capital Appreciation Value Trust   0.850%   0.800%

 

If net assets equal or exceed $2 billion but are less than $3 billion, the following fee schedule shall apply:

 

Portfolio  First $500 million
of Net Assets		   Excess Over $500 million of
Net Assets		 
Capital Appreciation Value Trust   0.850%   0.800%

 

If net assets equal or exceed $3 billion, the following fee schedule shall apply:

 

Portfolio  All Asset Levels 
Capital Appreciation Value Trust   0.800%

 

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Funds of Funds

 

The Adviser shall serve as investment adviser for each of the Trusts named below (each a “Fund of Funds”):

 

Core Strategy Trust

Franklin Templeton Founding Allocation Trust

 

Lifecycle 2010 Trust

Lifecycle 2015 Trust

Lifecycle 2020 Trust

Lifecycle 2025 Trust

Lifecycle 2030 Trust

Lifecycle 2035 Trust

Lifecycle 2040 Trust

Lifecycle 2045 Trust

Lifecycle 2050 Trust

(collectively, the “Lifecycle Trusts”)

 

Lifestyle Aggressive MVP

Lifestyle Balanced MVP

Lifestyle Conservative MVP

Lifestyle Growth MVP

Lifestyle Moderate MVP

(collectively, the “Lifestyle MVPs”)

 

Lifestyle Aggressive PS Series

Lifestyle Balanced PS Series

Lifestyle Conservative PS Series

Lifestyle Growth PS Series

Lifestyle Moderate PS Series

(collectively, the “Lifestyle PS Series”)

 

 

 

Certain Definitions:

 

“Affiliated Fund Assets” means the net assets or Aggregate Net Assets (as applicable) of a Fund of Funds that are invested in Affiliated Funds.

 

“Affiliated Funds” are any fund of John Hancock Trust (“JHVIT”), John Hancock Funds II (“JHF II”) or John Hancock Funds III (“JHF III”), excluding the following funds of JHVIT: the Money Market Trust B, 500 Index Trust B, International Equity Index Trust B and Total Bond Market Trust B. In the case of Core Fundamental Holdings Trust and Core Global Diversification Trust, Affiliated Funds also includes the funds of American Fund Insurance Series.

 

“Aggregate Net Assets” of a Fund of Funds means the net assets of the Fund of Funds and the net assets of one or more other Funds of JHVIT, JHF II or JHF III, but only with respect to and for so long as such other Fund or Funds are managed by the same subadviser as the Fund of Funds.

 

“Other Assets” means the net assets or Aggregate Net Assets, as applicable, of a Fund of Funds that are not invested in Affiliated Funds.

 

Adviser Fee:

 

The Trust will pay the Adviser, as full compensation for all services provided under this Agreement with respect to each Fund of Funds, a fee computed separately for each Fund of Funds as follows (the “Adviser Fee”).

 

The Adviser Fee for each Fund of Funds has two components: (a) a fee on Affiliated Fund Assets; and (b) a fee on Other Assets. Each such fee shall each be accrued and paid daily to the Adviser for each calendar day. The daily Adviser Fee for each Fund of Funds shall be the sum of the daily fee on Affiliated Fund Assets and the daily fee on Other Assets. Fees shall be paid either by wire transfer or check, as directed by the Adviser.

 

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(a) Fee on Affiliated Fund Assets. The fee on Affiliated Fund Assets is stated as an annual percentage of the current value of either the net assets or the Aggregate Net Assets (as applicable) of the Fund of Funds, in each case determined in accordance with the fee schedule set forth below for the Fund of Funds, and that percentage rate (the “Applicable Annual Affiliated Funds Fee Rate”) is applied to the Affiliated Fund Assets of the Fund of Funds. For each day the Applicable Annual Affiliated Funds Fee Rate for the Fund of Funds shall be equal to (i) the sum of the amounts determined by applying the annual percentage rates for Affiliated Fund Assets in the fee schedule to the applicable portions of the net assets or Aggregate Net Assets of the Fund of Funds divided by (ii) the net assets or Aggregate Net Assets, respectively, of the Fund of Funds. The daily fee accrual on Affiliated Fund Assets will be computed by multiplying the fraction of one over the number of calendar days in the year by the Applicable Annual Affiliated Funds Fee Rate, and multiplying this product by the Affiliated Fund Assets of the Fund of Funds.

 

(b) Fee on Other Assets. The fee on Other Assets is stated as an annual percentage of the current value of either the net assets or the Aggregate Net Assets (as applicable) of the Fund of Funds, in each case determined in accordance with the fee schedule set forth below for the Fund of Funds, and that percentage rate (the “Applicable Annual Other Assets Fee Rate”) is applied to the Other Assets of the Fund of Funds. For each day the Applicable Annual Other Assets Fee Rate for the Fund of Funds shall be equal to (i) the sum of the amounts determined by applying the annual percentage rates for Other Assets in the fee schedule to the applicable portions of the net assets or Aggregate Net Assets of the Fund of Funds, divided by (ii) the net assets or Aggregate Net Assets, respectively, of the Fund of Funds. The daily fee accrual on Other Assets will be computed by multiplying the fraction of one over the number of calendar days in the year by the Applicable Annual Other Assets Fee Rate, and multiplying this product by the Other Assets of the Fund of Funds.

 

Net assets, Aggregate Net Assets, Affiliated Fund Assets and Other Assets with respect to a Fund of Funds shall be determined as of the close of business on the previous business day of JHVIT for JHVIT Funds, as of the close of business on the previous business day of JHF II for JHF II Funds and as of the close of business on the previous business day of JHF III for JHF III Funds.

 

If, with respect to any Fund of Funds, this Agreement becomes effective or terminates, or if the manner of determining the Applicable Annual Affiliated Funds Fee Rate or the Applicable Annual Other Assets Fee Rate changes, before the end of any month, the fee (if any) for the period from the effective date to the end of such month or from the beginning of such month to the date of termination or from the beginning of such month to the date such change, as the case may be, shall be prorated according to the proportion which such period bears to the full month in which such effectiveness or termination or change occurs.

Fee Schedules:

 

   Rates Applied to Net Assets of the Fund of Funds 
Fund of Funds  Affiliated Fund Assets   Other Assets 
   First
$500 million		   Excess Over
$500 million		   First
$500 million		   Excess Over
$500 million		 
                
Core Strategy Trust   0.050%   0.040%   0.500%   0.490%

 

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Lifecycle Trusts

 

   Rates Applied to Aggregate Net Assets of the Fund of Funds (1) 
Fund of Funds  Affiliated Fund Assets   Other Assets 
   First
$7.5 billion		   Excess Over
$7.5 billion		   First
$7.5 billion		   Excess Over
$7.5 billion		 
                
Each Lifecycle Trust   0.060%   0.050%   0.510%   0.500%

 

 

(1) Aggregate Net Assets. For each Lifecycle Trust, Aggregate Net Assets include the net assets of all the JHVIT Lifecycle MVPs, the net assets of all the JHF II Retirement Choices Portfolios, the net assets of all of the JHF II Retirement Living Portfolios and the net assets of all the JHF II Retirement Living II Portfolios.

 

Lifestyle MVPs

Lifestyle PS Series

 

   Rates Applied to Aggregate Net Assets of the Fund of Funds (1) 
Fund of Funds  Affiliated Fund Assets   Other Assets 
   First
$7.5 billion		   Excess Over
$7.5 billion		   First
$7.5 billion		   Excess Over
$7.5 billion		 
                
Each Lifestyle MVP
Each Lifestyle PS Series		   0.050%   0.040%   0.500%   0.490%

 

 

(1) Aggregate Net Assets. For each Lifestyle Trust and each Lifestyle PS Series, Aggregate Net Assets include the net assets of all the JHVIT Lifestyle MVPs, the JHVIT Lifestyle PS Series, the JHF II Lifestyle Portfolios and the JHF II Lifestyle II Portfolios. The JHVIT Lifestyle MVPs are: Lifestyle Aggressive MVP, Lifestyle Balanced MVP, Lifestyle Conservative MVP, Lifestyle Growth MVP and Lifestyle Moderate MVP. The JHVIT Lifestyle PS Series are: Lifestyle Aggressive PS Series, Lifestyle Balanced PS Series, Lifestyle Conservative PS Series, Lifestyle Growth PS Series and Lifestyle Moderate PS Series. The JHF II Lifestyle Portfolios are: the Lifestyle Aggressive Portfolio, Lifestyle Balanced Portfolio, Lifestyle Conservative Portfolio, Lifestyle Growth Portfolio and Lifestyle Moderate Portfolio. The JHF II Lifestyle II Portfolios are: the Lifestyle II Aggressive Portfolio, Lifestyle II Balanced Portfolio, Lifestyle II Conservative Portfolio, Lifestyle II Growth Portfolio and Lifestyle II Moderate Portfolio.

 

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