# EDGAR Filing Document

**Accession Number:** 0000933691
**File Stem:** 0000933691-25-001271
**Filing Date:** 2025-12
**Character Count:** 6029668
**Document Hash:** 229183fa9f202d55e03689d5758fb7fd
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000933691-25-001271.hdr.sgml**: 20260408

**ACCESSION NUMBER**: 0000933691-25-001271

**CONFORMED SUBMISSION TYPE**: 485APOS

**PUBLIC DOCUMENT COUNT**: 114

**FILED AS OF DATE**: 20251215

**DATE AS OF CHANGE**: 20260220

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** JNL SERIES TRUST
- **CENTRAL INDEX KEY:** 0000933691

**ORGANIZATION NAME:**
- **EIN:** 381659835
- **STATE OF INCORPORATION:** MA
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 485APOS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-08894
- **FILM NUMBER:** 251570230

**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
**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** JNL SERIES TRUST
- **CENTRAL INDEX KEY:** 0000933691

**ORGANIZATION NAME:**
- **EIN:** 381659835
- **STATE OF INCORPORATION:** MA
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 485APOS
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 033-87244
- **FILM NUMBER:** 251570229

**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/MFS MID CAP VALUE FUND (Series ID: S000001722)

| Class ID   | Class Name                     | Ticker Symbol   |
|:---|:---|:---|
| C000004629 | JNL/MFS MID CAP VALUE FUND (A) |  |
| C000067963 | JNL/MFS MID CAP VALUE FUND (I) |  |

### JNL/William Blair International Leaders Fund (Series ID: S000001723)

| Class ID   | Class Name                                       | Ticker Symbol   |
|:---|:---|:---|
| C000004630 | JNL/William Blair International Leaders Fund (A) |  |
| C000067964 | JNL/William Blair International Leaders Fund (I) |  |

### JNL/CAUSEWAY INTERNATIONAL VALUE SELECT FUND (Series ID: S000001724)

| Class ID   | Class Name                                       | Ticker Symbol   |
|:---|:---|:---|
| C000004631 | JNL/CAUSEWAY INTERNATIONAL VALUE SELECT FUND (A) |  |
| C000067965 | JNL/CAUSEWAY INTERNATIONAL VALUE SELECT FUND (I) |  |

### JNL/MELLON S&P 500 INDEX FUND (Series ID: S000001727)

| Class ID   | Class Name                        | Ticker Symbol   |
|:---|:---|:---|
| C000004634 | JNL/MELLON S&P 500 INDEX FUND (A) |  |
| C000067968 | JNL/MELLON S&P 500 INDEX FUND (I) |  |

### JNL/MELLON S&P 400 MIDCAP INDEX FUND (Series ID: S000001728)

| Class ID   | Class Name                               | Ticker Symbol   |
|:---|:---|:---|
| C000004635 | JNL/MELLON S&P 400 MIDCAP INDEX FUND (A) |  |
| C000067969 | JNL/MELLON S&P 400 MIDCAP INDEX FUND (I) |  |

### JNL/MELLON SMALL CAP INDEX FUND (Series ID: S000001729)

| Class ID   | Class Name                          | Ticker Symbol   |
|:---|:---|:---|
| C000004636 | JNL/MELLON SMALL CAP INDEX FUND (A) |  |
| C000067970 | JNL/MELLON SMALL CAP INDEX FUND (I) |  |

### JNL/MELLON INTERNATIONAL INDEX FUND (Series ID: S000001730)

| Class ID   | Class Name                              | Ticker Symbol   |
|:---|:---|:---|
| C000004637 | JNL/MELLON INTERNATIONAL INDEX FUND (A) |  |
| C000067971 | JNL/MELLON INTERNATIONAL INDEX FUND (I) |  |

### JNL/MELLON BOND INDEX FUND (Series ID: S000001731)

| Class ID   | Class Name                     | Ticker Symbol   |
|:---|:---|:---|
| C000004638 | JNL/MELLON BOND INDEX FUND (A) |  |
| C000067972 | JNL/MELLON BOND INDEX FUND (I) |  |

### JNL/WMC GLOBAL REAL ESTATE FUND (Series ID: S000001732)

| Class ID   | Class Name                          | Ticker Symbol   |
|:---|:---|:---|
| C000004639 | JNL/WMC GLOBAL REAL ESTATE FUND (A) |  |
| C000067973 | JNL/WMC GLOBAL REAL ESTATE FUND (I) |  |

### JNL/INVESCO GLOBAL GROWTH FUND (Series ID: S000001734)

| Class ID   | Class Name                         | Ticker Symbol   |
|:---|:---|:---|
| C000004641 | JNL/INVESCO GLOBAL GROWTH FUND (A) |  |
| C000067975 | JNL/INVESCO GLOBAL GROWTH FUND (I) |  |

### JNL/DOUBLELINE CORE FIXED INCOME FUND (Series ID: S000001736)

| Class ID   | Class Name                                | Ticker Symbol   |
|:---|:---|:---|
| C000004643 | JNL/DOUBLELINE CORE FIXED INCOME FUND (A) |  |
| C000067976 | JNL/DOUBLELINE CORE FIXED INCOME FUND (I) |  |

### JNL/PPM AMERICA HIGH YIELD BOND FUND (Series ID: S000001740)

| Class ID   | Class Name                               | Ticker Symbol   |
|:---|:---|:---|
| C000004647 | JNL/PPM AMERICA HIGH YIELD BOND FUND (A) |  |
| C000067978 | JNL/PPM AMERICA HIGH YIELD BOND FUND (I) |  |

### JNL/FIDELITY INSTITUTIONAL ASSET MANAGEMENT TOTAL BOND FUND (Series ID: S000001741)

| Class ID   | Class Name                                                      | Ticker Symbol   |
|:---|:---|:---|
| C000004648 | JNL/FIDELITY INSTITUTIONAL ASSET MANAGEMENT TOTAL BOND FUND (A) |  |
| C000067979 | JNL/FIDELITY INSTITUTIONAL ASSET MANAGEMENT TOTAL BOND FUND (I) |  |

### JNL/JPMORGAN US GOVERNMENT & QUALITY BOND FUND (Series ID: S000001742)

| Class ID   | Class Name                                           | Ticker Symbol   |
|:---|:---|:---|
| C000004649 | JNL/JPMORGAN US GOVERNMENT & QUALITY BOND FUND (A)   |  |
| C000067980 | JNL/JPMORGAN U.S. GOVERNMENT & QUALITY BOND FUND (I) |  |

### JNL/INVESCO SMALL CAP GROWTH FUND (Series ID: S000001743)

| Class ID   | Class Name                            | Ticker Symbol   |
|:---|:---|:---|
| C000004650 | JNL/INVESCO SMALL CAP GROWTH FUND (A) |  |
| C000067981 | JNL/INVESCO SMALL CAP GROWTH FUND (I) |  |

### JNL/WMC BALANCED FUND (Series ID: S000001744)

| Class ID   | Class Name                | Ticker Symbol   |
|:---|:---|:---|
| C000004651 | JNL/WMC BALANCED FUND (A) |  |
| C000067982 | JNL/WMC BALANCED FUND (I) |  |

### JNL/BLACKROCK LARGE CAP SELECT GROWTH FUND (Series ID: S000001746)

| Class ID   | Class Name                                     | Ticker Symbol   |
|:---|:---|:---|
| C000004653 | JNL/BLACKROCK LARGE CAP SELECT GROWTH FUND (A) |  |
| C000067984 | JNL/BLACKROCK LARGE CAP SELECT GROWTH FUND (I) |  |

### JNL/DREYFUS GOVERNMENT MONEY MARKET FUND (Series ID: S000001747)

| Class ID   | Class Name                                   | Ticker Symbol   |
|:---|:---|:---|
| C000004654 | JNL/DREYFUS GOVERNMENT MONEY MARKET FUND (A) |  |
| C000067985 | JNL/DREYFUS GOVERNMENT MONEY MARKET FUND (I) |  |

### JNL/WMC VALUE FUND (Series ID: S000001748)

| Class ID   | Class Name             | Ticker Symbol   |
|:---|:---|:---|
| C000004655 | JNL/WMC VALUE FUND (A) |  |
| C000067986 | JNL/WMC VALUE FUND (I) |  |

### JNL/T. Rowe Price Growth Stock Fund (Series ID: S000001749)

| Class ID   | Class Name                              | Ticker Symbol   |
|:---|:---|:---|
| C000004656 | JNL/T. Rowe Price Growth Stock Fund (A) |  |
| C000067987 | JNL/T. Rowe Price Growth Stock Fund (I) |  |

### JNL/T. ROWE PRICE MID-CAP GROWTH FUND (Series ID: S000001750)

| Class ID   | Class Name                                | Ticker Symbol   |
|:---|:---|:---|
| C000004657 | JNL/T. ROWE PRICE MID-CAP GROWTH FUND (A) |  |
| C000067988 | JNL/T. ROWE PRICE MID-CAP GROWTH FUND (I) |  |

### JNL/T. ROWE PRICE VALUE FUND (Series ID: S000001751)

| Class ID   | Class Name                       | Ticker Symbol   |
|:---|:---|:---|
| C000004658 | JNL/T. ROWE PRICE VALUE FUND (A) |  |
| C000067989 | JNL/T. ROWE PRICE VALUE FUND (I) |  |

### JNL/JPMorgan Managed Conservative Fund (Series ID: S000001752)

| Class ID   | Class Name                                 | Ticker Symbol   |
|:---|:---|:---|
| C000004659 | JNL/JPMorgan Managed Conservative Fund (A) |  |
| C000192197 | JNL/JPMorgan Managed Conservative Fund (I) |  |

### JNL/JPMorgan Managed Moderate Fund (Series ID: S000001753)

| Class ID   | Class Name                             | Ticker Symbol   |
|:---|:---|:---|
| C000004660 | JNL/JPMorgan Managed Moderate Fund (A) |  |
| C000192198 | JNL/JPMorgan Managed Moderate Fund (I) |  |

### JNL/JPMorgan Managed Moderate Growth Fund (Series ID: S000001755)

| Class ID   | Class Name                                    | Ticker Symbol   |
|:---|:---|:---|
| C000004662 | JNL/JPMorgan Managed Moderate Growth Fund (A) |  |
| C000192199 | JNL/JPMorgan Managed Moderate Growth Fund (I) |  |

### JNL/JPMorgan Managed Growth Fund (Series ID: S000001756)

| Class ID   | Class Name                           | Ticker Symbol   |
|:---|:---|:---|
| C000004663 | JNL/JPMorgan Managed Growth Fund (A) |  |
| C000192200 | JNL/JPMorgan Managed Growth Fund (I) |  |

### JNL/JPMorgan Managed Aggressive Growth Fund (Series ID: S000001757)

| Class ID   | Class Name                                      | Ticker Symbol   |
|:---|:---|:---|
| C000004664 | JNL/JPMorgan Managed Aggressive Growth Fund (A) |  |
| C000192201 | JNL/JPMorgan Managed Aggressive Growth Fund (I) |  |

### JNL/DFA U.S. CORE EQUITY FUND (Series ID: S000001765)

| Class ID   | Class Name                        | Ticker Symbol   |
|:---|:---|:---|
| C000004672 | JNL/DFA U.S. CORE EQUITY FUND (A) |  |
| C000067990 | JNL/DFA U.S. CORE EQUITY FUND (I) |  |

### JNL Multi-Manager Small Cap Growth Fund (Series ID: S000001776)

| Class ID   | Class Name                                  | Ticker Symbol   |
|:---|:---|:---|
| C000004683 | JNL Multi-Manager Small Cap Growth Fund (A) |  |
| C000067991 | JNL Multi-Manager Small Cap Growth Fund (I) |  |

### JNL/AMERICAN FUNDS BALANCED FUND (Series ID: S000001787)

| Class ID   | Class Name                           | Ticker Symbol   |
|:---|:---|:---|
| C000004694 | JNL/AMERICAN FUNDS BALANCED FUND (A) |  |
| C000067992 | JNL/AMERICAN FUNDS BALANCED FUND (I) |  |

### JNL/JPMORGAN MIDCAP GROWTH FUND (Series ID: S000001797)

| Class ID   | Class Name                          | Ticker Symbol   |
|:---|:---|:---|
| C000004704 | JNL/JPMORGAN MIDCAP GROWTH FUND (A) |  |
| C000067993 | JNL/JPMORGAN MIDCAP GROWTH FUND (I) |  |

### 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) |  |

### JNL/FRANKLIN TEMPLETON INCOME FUND (Series ID: S000010705)

| Class ID   | Class Name                             | Ticker Symbol   |
|:---|:---|:---|
| C000029596 | JNL/FRANKLIN TEMPLETON INCOME FUND (A) |  |
| C000067995 | JNL/FRANKLIN TEMPLETON INCOME FUND (I) |  |

### JNL/T. ROWE PRICE SHORT-TERM BOND FUND (Series ID: S000010707)

| Class ID   | Class Name                                 | Ticker Symbol   |
|:---|:---|:---|
| C000029598 | JNL/T. ROWE PRICE SHORT-TERM BOND FUND (A) |  |
| C000067996 | JNL/T. ROWE PRICE SHORT-TERM BOND FUND (I) |  |

### JNL MULTI-MANAGER EMERGING MARKETS EQUITY FUND (Series ID: S000010709)

| Class ID   | Class Name                                         | Ticker Symbol   |
|:---|:---|:---|
| C000029600 | JNL MULTI-MANAGER EMERGING MARKETS EQUITY FUND (A) |  |
| C000067997 | JNL MULTI-MANAGER EMERGING MARKETS EQUITY FUND (I) |  |

### JNL/PIMCO REAL RETURN FUND (Series ID: S000010711)

| Class ID   | Class Name                     | Ticker Symbol   |
|:---|:---|:---|
| C000029602 | JNL/PIMCO REAL RETURN FUND (A) |  |
| C000067998 | JNL/PIMCO REAL RETURN FUND (I) |  |

### JNL/BLACKROCK GLOBAL NATURAL RESOURCES FUND (Series ID: S000014502)

| Class ID   | Class Name                                      | Ticker Symbol   |
|:---|:---|:---|
| C000039480 | JNL/BLACKROCK GLOBAL NATURAL RESOURCES FUND (A) |  |
| C000067999 | JNL/BLACKROCK GLOBAL NATURAL RESOURCES FUND (I) |  |

### JNL/JPMORGAN U.S. VALUE FUND (Series ID: S000014515)

| Class ID   | Class Name                       | Ticker Symbol   |
|:---|:---|:---|
| C000039493 | JNL/JPMORGAN U.S. VALUE FUND (A) |  |
| C000068003 | JNL/JPMORGAN U.S. VALUE FUND (I) |  |

### JNL MODERATE GROWTH ALLOCATION FUND (Series ID: S000014517)

| Class ID   | Class Name                              | Ticker Symbol   |
|:---|:---|:---|
| C000039495 | JNL MODERATE GROWTH ALLOCATION FUND (A) |  |
| C000192203 | JNL MODERATE GROWTH ALLOCATION FUND (I) |  |

### JNL GROWTH ALLOCATION FUND (Series ID: S000014518)

| Class ID   | Class Name                     | Ticker Symbol   |
|:---|:---|:---|
| C000039496 | JNL GROWTH ALLOCATION FUND (A) |  |
| C000192204 | JNL GROWTH ALLOCATION FUND (I) |  |

### JNL AGGRESSIVE GROWTH ALLOCATION FUND (Series ID: S000014519)

| Class ID   | Class Name                                | Ticker Symbol   |
|:---|:---|:---|
| C000039497 | JNL AGGRESSIVE GROWTH ALLOCATION FUND (A) |  |
| C000192205 | JNL AGGRESSIVE GROWTH ALLOCATION FUND (I) |  |

### JNL/GOLDMAN SACHS 4 FUND (Series ID: S000019485)

| Class ID   | Class Name                   | Ticker Symbol   |
|:---|:---|:---|
| C000054128 | JNL/GOLDMAN SACHS 4 FUND (A) |  |
| C000192208 | JNL/GOLDMAN SACHS 4 FUND (I) |  |

### JNL/AMERICAN FUNDS WASHINGTON MUTUAL INVESTORS FUND (Series ID: S000028038)

| Class ID   | Class Name                                              | Ticker Symbol   |
|:---|:---|:---|
| C000085345 | JNL/AMERICAN FUNDS WASHINGTON MUTUAL INVESTORS FUND (A) |  |
| C000085346 | JNL/AMERICAN FUNDS WASHINGTON MUTUAL INVESTORS FUND (I) |  |

### JNL/AMERICAN FUNDS CAPITAL WORLD BOND FUND (Series ID: S000028039)

| Class ID   | Class Name                                     | Ticker Symbol   |
|:---|:---|:---|
| C000085347 | JNL/AMERICAN FUNDS CAPITAL WORLD BOND FUND (A) |  |
| C000085348 | JNL/AMERICAN FUNDS CAPITAL WORLD BOND FUND (I) |  |

### JNL/AMERICAN FUNDS GLOBAL SMALL CAPITALIZATION FUND (Series ID: S000028040)

| Class ID   | Class Name                                              | Ticker Symbol   |
|:---|:---|:---|
| C000085349 | JNL/AMERICAN FUNDS GLOBAL SMALL CAPITALIZATION FUND (A) |  |
| C000085350 | JNL/AMERICAN FUNDS GLOBAL SMALL CAPITALIZATION FUND (I) |  |

### JNL/AMERICAN FUNDS GROWTH-INCOME FUND (Series ID: S000028041)

| Class ID   | Class Name                                | Ticker Symbol   |
|:---|:---|:---|
| C000085351 | JNL/AMERICAN FUNDS GROWTH-INCOME FUND (A) |  |
| C000085352 | JNL/AMERICAN FUNDS GROWTH-INCOME FUND (I) |  |

### JNL/AMERICAN FUNDS INTERNATIONAL FUND (Series ID: S000028042)

| Class ID   | Class Name                                | Ticker Symbol   |
|:---|:---|:---|
| C000085353 | JNL/AMERICAN FUNDS INTERNATIONAL FUND (I) |  |
| C000085354 | JNL/AMERICAN FUNDS INTERNATIONAL FUND (A) |  |

### JNL/AMERICAN FUNDS NEW WORLD FUND (Series ID: S000028043)

| Class ID   | Class Name                            | Ticker Symbol   |
|:---|:---|:---|
| C000085355 | JNL/AMERICAN FUNDS NEW WORLD FUND (A) |  |
| C000085356 | JNL/AMERICAN FUNDS NEW WORLD FUND (I) |  |

### JNL/BLACKROCK GLOBAL ALLOCATION FUND (Series ID: S000029611)

| Class ID   | Class Name                               | Ticker Symbol   |
|:---|:---|:---|
| C000090917 | JNL/BLACKROCK GLOBAL ALLOCATION FUND (A) |  |
| C000090918 | JNL/BLACKROCK GLOBAL ALLOCATION FUND (I) |  |

### JNL MULTI-MANAGER FLOATING RATE INCOME FUND (Series ID: S000030878)

| Class ID   | Class Name                                      | Ticker Symbol   |
|:---|:---|:---|
| C000095821 | JNL MULTI-MANAGER FLOATING RATE INCOME FUND (A) |  |
| C000192211 | JNL MULTI-MANAGER FLOATING RATE INCOME FUND (I) |  |

### JNL/MELLON EMERGING MARKETS INDEX FUND (Series ID: S000033505)

| Class ID   | Class Name                                 | Ticker Symbol   |
|:---|:---|:---|
| C000102953 | JNL/MELLON EMERGING MARKETS INDEX FUND (A) |  |
| C000102954 | JNL/MELLON EMERGING MARKETS INDEX FUND (I) |  |

### JNL/FIRST SENTIER GLOBAL INFRASTRUCTURE FUND (Series ID: S000034689)

| Class ID   | Class Name                                       | Ticker Symbol   |
|:---|:---|:---|
| C000106863 | JNL/FIRST SENTIER GLOBAL INFRASTRUCTURE FUND (A) |  |
| C000106864 | JNL/FIRST SENTIER GLOBAL INFRASTRUCTURE FUND (I) |  |

### JNL/AMERICAN FUNDS MODERATE GROWTH ALLOCATION FUND (Series ID: S000036378)

| Class ID   | Class Name                                             | Ticker Symbol   |
|:---|:---|:---|
| C000111243 | JNL/AMERICAN FUNDS MODERATE GROWTH ALLOCATION FUND (A) |  |
| C000192212 | JNL/AMERICAN FUNDS MODERATE GROWTH ALLOCATION FUND (I) |  |

### JNL/AMERICAN FUNDS GROWTH ALLOCATION FUND (Series ID: S000036379)

| Class ID   | Class Name                                    | Ticker Symbol   |
|:---|:---|:---|
| C000111244 | JNL/AMERICAN FUNDS GROWTH ALLOCATION FUND (A) |  |
| C000192213 | JNL/AMERICAN FUNDS GROWTH ALLOCATION FUND (I) |  |

### JNL/NEUBERGER BERMAN STRATEGIC INCOME FUND (Series ID: S000036382)

| Class ID   | Class Name                                     | Ticker Symbol   |
|:---|:---|:---|
| C000111249 | JNL/NEUBERGER BERMAN STRATEGIC INCOME FUND (A) |  |
| C000111250 | JNL/NEUBERGER BERMAN STRATEGIC INCOME FUND (I) |  |

### JNL/MELLON UTILITIES SECTOR FUND (Series ID: S000040007)

| Class ID   | Class Name                           | Ticker Symbol   |
|:---|:---|:---|
| C000124095 | JNL/MELLON UTILITIES SECTOR FUND (A) |  |
| C000124096 | JNL/MELLON UTILITIES SECTOR FUND (I) |  |

### JNL/JPMORGAN GLOBAL ALLOCATION FUND (Series ID: S000044434)

| Class ID   | Class Name                              | Ticker Symbol   |
|:---|:---|:---|
| C000138276 | JNL/JPMORGAN GLOBAL ALLOCATION FUND (A) |  |
| C000138277 | JNL/JPMORGAN GLOBAL ALLOCATION FUND (I) |  |

### JNL/T. ROWE PRICE BALANCED FUND (Series ID: S000044437)

| Class ID   | Class Name                          | Ticker Symbol   |
|:---|:---|:---|
| C000138280 | JNL/T. ROWE PRICE BALANCED FUND (A) |  |
| C000192215 | JNL/T. ROWE PRICE BALANCED FUND (I) |  |

### JNL Multi-Manager Alternative Fund (Series ID: S000048717)

| Class ID   | Class Name                             | Ticker Symbol   |
|:---|:---|:---|
| C000153487 | JNL Multi-Manager Alternative Fund (A) |  |
| C000192217 | JNL Multi-Manager Alternative Fund (I) |  |

### JNL/Westchester Capital Event Driven Fund (Series ID: S000048720)

| Class ID   | Class Name                                    | Ticker Symbol   |
|:---|:---|:---|
| C000153492 | JNL/Westchester Capital Event Driven Fund (A) |  |
| C000153493 | JNL/Westchester Capital Event Driven Fund (I) |  |

### JNL/DoubleLine Shiller Enhanced CAPE Fund (Series ID: S000050455)

| Class ID   | Class Name                                    | Ticker Symbol   |
|:---|:---|:---|
| C000159263 | JNL/DoubleLine Shiller Enhanced CAPE Fund (A) |  |
| C000159264 | JNL/DoubleLine Shiller Enhanced CAPE Fund (I) |  |

### JNL/T. ROWE PRICE U.S. HIGH YIELD FUND (Series ID: S000052994)

| Class ID   | Class Name                                 | Ticker Symbol   |
|:---|:---|:---|
| C000166581 | JNL/T. ROWE PRICE U.S. HIGH YIELD FUND (A) |  |
| C000192218 | JNL/T. ROWE PRICE U.S. HIGH YIELD FUND (I) |  |

### JNL/DOUBLELINE EMERGING MARKETS FIXED INCOME FUND (Series ID: S000052995)

| Class ID   | Class Name                                            | Ticker Symbol   |
|:---|:---|:---|
| C000166582 | JNL/DOUBLELINE EMERGING MARKETS FIXED INCOME FUND (A) |  |
| C000192219 | JNL/DOUBLELINE EMERGING MARKETS FIXED INCOME FUND (I) |  |

### JNL/PPM AMERICA TOTAL RETURN FUND (Series ID: S000052996)

| Class ID   | Class Name                            | Ticker Symbol   |
|:---|:---|:---|
| C000166583 | JNL/PPM AMERICA TOTAL RETURN FUND (A) |  |
| C000192220 | JNL/PPM AMERICA TOTAL RETURN FUND (I) |  |

### JNL MULTI-MANAGER MID CAP FUND (Series ID: S000054971)

| Class ID   | Class Name                         | Ticker Symbol   |
|:---|:---|:---|
| C000172890 | JNL MULTI-MANAGER MID CAP FUND (A) |  |
| C000192221 | JNL MULTI-MANAGER MID CAP FUND (I) |  |

### JNL/Morningstar U.S. Sustainability Index Fund (Series ID: S000056619)

| Class ID   | Class Name                                         | Ticker Symbol   |
|:---|:---|:---|
| C000179076 | JNL/Morningstar U.S. Sustainability Index Fund (A) |  |
| C000192222 | JNL/Morningstar U.S. Sustainability Index Fund (I) |  |

### JNL S&P 500 Index Fund (Series ID: S000058482)

| Class ID   | Class Name                 | Ticker Symbol   |
|:---|:---|:---|
| C000192047 | JNL S&P 500 Index Fund (I) |  |

### JNL/Mellon Consumers Staples Sector Fund (Series ID: S000058483)

| Class ID   | Class Name                                   | Ticker Symbol   |
|:---|:---|:---|
| C000192048 | JNL/Mellon Consumers Staples Sector Fund (A) |  |
| C000192049 | JNL/Mellon Consumers Staples Sector Fund (I) |  |

### JNL/Mellon Materials Sector Fund (Series ID: S000058484)

| Class ID   | Class Name                           | Ticker Symbol   |
|:---|:---|:---|
| C000192050 | JNL/Mellon Materials Sector Fund (A) |  |
| C000192051 | JNL/Mellon Materials Sector Fund (I) |  |

### JNL/Mellon Industrials Sector Fund (Series ID: S000058485)

| Class ID   | Class Name                             | Ticker Symbol   |
|:---|:---|:---|
| C000192052 | JNL/Mellon Industrials Sector Fund (A) |  |
| C000192053 | JNL/Mellon Industrials Sector Fund (I) |  |

### JNL/Mellon Real Estate Sector Fund (Series ID: S000058486)

| Class ID   | Class Name                             | Ticker Symbol   |
|:---|:---|:---|
| C000192054 | JNL/Mellon Real Estate Sector Fund (A) |  |
| C000192055 | JNL/Mellon Real Estate Sector Fund (I) |  |

### JNL/ClearBridge Large Cap Growth Fund (Series ID: S000058487)

| Class ID   | Class Name                                | Ticker Symbol   |
|:---|:---|:---|
| C000192056 | JNL/ClearBridge Large Cap Growth Fund (A) |  |
| C000192057 | JNL/ClearBridge Large Cap Growth Fund (I) |  |

### JNL/GQG Emerging Markets Equity Fund (Series ID: S000058488)

| Class ID   | Class Name                               | Ticker Symbol   |
|:---|:---|:---|
| C000192058 | JNL/GQG Emerging Markets Equity Fund (A) |  |
| C000192059 | JNL/GQG Emerging Markets Equity Fund (I) |  |

### JNL/Invesco Diversified Dividend Fund (Series ID: S000058489)

| Class ID   | Class Name                                | Ticker Symbol   |
|:---|:---|:---|
| C000192060 | JNL/Invesco Diversified Dividend Fund (A) |  |
| C000192061 | JNL/Invesco Diversified Dividend Fund (I) |  |

### JNL/PIMCO Income Fund (Series ID: S000058490)

| Class ID   | Class Name                | Ticker Symbol   |
|:---|:---|:---|
| C000192062 | JNL/PIMCO Income Fund (A) |  |
| C000192063 | JNL/PIMCO Income Fund (I) |  |

### JNL/WMC Equity Income Fund (Series ID: S000058491)

| Class ID   | Class Name                     | Ticker Symbol   |
|:---|:---|:---|
| C000192064 | JNL/WMC Equity Income Fund (A) |  |
| C000192065 | JNL/WMC Equity Income Fund (I) |  |

### JNL/Vanguard Moderate ETF Allocation Fund (Series ID: S000058493)

| Class ID   | Class Name                                    | Ticker Symbol   |
|:---|:---|:---|
| C000192068 | JNL/Vanguard Moderate ETF Allocation Fund (A) |  |
| C000192069 | JNL/Vanguard Moderate ETF Allocation Fund (I) |  |

### JNL/Mellon U.S. Stock Market Index Fund (Series ID: S000058496)

| Class ID   | Class Name                                  | Ticker Symbol   |
|:---|:---|:---|
| C000192074 | JNL/Mellon U.S. Stock Market Index Fund (I) |  |
| C000192075 | JNL/Mellon U.S. Stock Market Index Fund (A) |  |

### JNL/Vanguard Moderate Growth ETF Allocation Fund (Series ID: S000058498)

| Class ID   | Class Name                                           | Ticker Symbol   |
|:---|:---|:---|
| C000192078 | JNL/Vanguard Moderate Growth ETF Allocation Fund (A) |  |
| C000192079 | JNL/Vanguard Moderate Growth ETF Allocation Fund (I) |  |

### JNL/Vanguard Growth ETF Allocation Fund (Series ID: S000058499)

| Class ID   | Class Name                                  | Ticker Symbol   |
|:---|:---|:---|
| C000192080 | JNL/Vanguard Growth ETF Allocation Fund (A) |  |
| C000192081 | JNL/Vanguard Growth ETF Allocation Fund (I) |  |

### JNL/American Funds Capital Income Builder Fund (Series ID: S000062459)

| Class ID   | Class Name                                         | Ticker Symbol   |
|:---|:---|:---|
| C000202635 | JNL/American Funds Capital Income Builder Fund (A) |  |
| C000202636 | JNL/American Funds Capital Income Builder Fund (I) |  |

### JNL Multi-Manager International Small Cap Fund (Series ID: S000062460)

| Class ID   | Class Name                                         | Ticker Symbol   |
|:---|:---|:---|
| C000202637 | JNL Multi-Manager International Small Cap Fund (A) |  |
| C000202638 | JNL Multi-Manager International Small Cap Fund (I) |  |

### JNL/Cohen & Steers U.S. Realty Fund (Series ID: S000062461)

| Class ID   | Class Name                              | Ticker Symbol   |
|:---|:---|:---|
| C000202639 | JNL/Cohen & Steers U.S. Realty Fund (A) |  |
| C000202640 | JNL/Cohen & Steers U.S. Realty Fund (I) |  |

### JNL/JPMorgan Hedged Equity Fund (Series ID: S000062462)

| Class ID   | Class Name                          | Ticker Symbol   |
|:---|:---|:---|
| C000202641 | JNL/JPMorgan Hedged Equity Fund (A) |  |
| C000202642 | JNL/JPMorgan Hedged Equity Fund (I) |  |

### JNL/Loomis Sayles Global Growth Fund (Series ID: S000062463)

| Class ID   | Class Name                               | Ticker Symbol   |
|:---|:---|:---|
| C000202643 | JNL/Loomis Sayles Global Growth Fund (I) |  |
| C000202644 | JNL/Loomis Sayles Global Growth Fund (A) |  |

### JNL/Morningstar Wide Moat Index Fund (Series ID: S000062464)

| Class ID   | Class Name                               | Ticker Symbol   |
|:---|:---|:---|
| C000202645 | JNL/Morningstar Wide Moat Index Fund (A) |  |
| C000202646 | JNL/Morningstar Wide Moat Index Fund (I) |  |

### JNL/AQR Large Cap Defensive Style Fund (Series ID: S000064958)

| Class ID   | Class Name                                 | Ticker Symbol   |
|:---|:---|:---|
| C000210326 | JNL/AQR Large Cap Defensive Style Fund (I) |  |
| C000210327 | JNL/AQR Large Cap Defensive Style Fund (A) |  |

### JNL/DFA International Core Equity Fund (Series ID: S000064960)

| Class ID   | Class Name                                 | Ticker Symbol   |
|:---|:---|:---|
| C000210330 | JNL/DFA International Core Equity Fund (I) |  |
| C000210331 | JNL/DFA International Core Equity Fund (A) |  |

### JNL/RAFI Multi-Factor U.S. Equity Fund (Series ID: S000064961)

| Class ID   | Class Name                                 | Ticker Symbol   |
|:---|:---|:---|
| C000210332 | JNL/RAFI Multi-Factor U.S. Equity Fund (I) |  |
| C000210333 | JNL/RAFI Multi-Factor U.S. Equity Fund (A) |  |

### JNL/RAFI Fundamental U.S. Small Cap Fund (Series ID: S000064962)

| Class ID   | Class Name                                   | Ticker Symbol   |
|:---|:---|:---|
| C000210334 | JNL/RAFI Fundamental U.S. Small Cap Fund (A) |  |
| C000210335 | JNL/RAFI Fundamental U.S. Small Cap Fund (I) |  |

### JNL/Lord Abbett Short Duration Income Fund (Series ID: S000068109)

| Class ID   | Class Name                                     | Ticker Symbol   |
|:---|:---|:---|
| C000218176 | JNL/Lord Abbett Short Duration Income Fund (I) |  |
| C000218177 | JNL/Lord Abbett Short Duration Income Fund (A) |  |

### JNL/DFA U.S. Small Cap Fund (Series ID: S000068110)

| Class ID   | Class Name                      | Ticker Symbol   |
|:---|:---|:---|
| C000218178 | JNL/DFA U.S. Small Cap Fund (A) |  |
| C000218179 | JNL/DFA U.S. Small Cap Fund (I) |  |

### JNL/DoubleLine Total Return Fund (Series ID: S000068111)

| Class ID   | Class Name                           | Ticker Symbol   |
|:---|:---|:---|
| C000218180 | JNL/DoubleLine Total Return Fund (A) |  |
| C000218181 | JNL/DoubleLine Total Return Fund (I) |  |

### JNL/Lazard International Quality Growth Fund (Series ID: S000068112)

| Class ID   | Class Name                                       | Ticker Symbol   |
|:---|:---|:---|
| C000218182 | JNL/Lazard International Quality Growth Fund (A) |  |
| C000218183 | JNL/Lazard International Quality Growth Fund (I) |  |

### JNL/Neuberger Berman Commodity Strategy Fund (Series ID: S000068113)

| Class ID   | Class Name                                       | Ticker Symbol   |
|:---|:---|:---|
| C000218184 | JNL/Neuberger Berman Commodity Strategy Fund (I) |  |
| C000218185 | JNL/Neuberger Berman Commodity Strategy Fund (A) |  |

### JNL/PIMCO Investment Grade Credit Bond Fund (Series ID: S000068114)

| Class ID   | Class Name                                      | Ticker Symbol   |
|:---|:---|:---|
| C000218186 | JNL/PIMCO Investment Grade Credit Bond Fund (I) |  |
| C000218187 | JNL/PIMCO Investment Grade Credit Bond Fund (A) |  |

### JNL/T. Rowe Price Capital Appreciation Fund (Series ID: S000068115)

| Class ID   | Class Name                                      | Ticker Symbol   |
|:---|:---|:---|
| C000218188 | JNL/T. Rowe Price Capital Appreciation Fund (I) |  |
| C000218189 | JNL/T. Rowe Price Capital Appreciation Fund (A) |  |

### JNL/WCM Focused International Equity Fund (Series ID: S000068116)

| Class ID   | Class Name                                    | Ticker Symbol   |
|:---|:---|:---|
| C000218190 | JNL/WCM Focused International Equity Fund (I) |  |
| C000218191 | JNL/WCM Focused International Equity Fund (A) |  |

### JNL/Mellon Dow Index Fund (Series ID: S000068117)

| Class ID   | Class Name                    | Ticker Symbol   |
|:---|:---|:---|
| C000218192 | JNL/Mellon Dow Index Fund (I) |  |
| C000218193 | JNL/Mellon Dow Index Fund (A) |  |

### JNL/Mellon World Index Fund (Series ID: S000068118)

| Class ID   | Class Name                      | Ticker Symbol   |
|:---|:---|:---|
| C000218194 | JNL/Mellon World Index Fund (I) |  |
| C000218195 | JNL/Mellon World Index Fund (A) |  |

### JNL/Mellon Nasdaq 100 Index Fund (Series ID: S000068119)

| Class ID   | Class Name                           | Ticker Symbol   |
|:---|:---|:---|
| C000218196 | JNL/Mellon Nasdaq 100 Index Fund (I) |  |
| C000218197 | JNL/Mellon Nasdaq 100 Index Fund (A) |  |

### JNL Conservative Allocation Fund (Series ID: S000068120)

| Class ID   | Class Name                           | Ticker Symbol   |
|:---|:---|:---|
| C000218198 | JNL Conservative Allocation Fund (A) |  |
| C000218199 | JNL Conservative Allocation Fund (I) |  |

### JNL/Mellon Communication Services Sector Fund (Series ID: S000068121)

| Class ID   | Class Name                                        | Ticker Symbol   |
|:---|:---|:---|
| C000218200 | JNL/Mellon Communication Services Sector Fund (I) |  |
| C000218201 | JNL/Mellon Communication Services Sector Fund (A) |  |

### JNL/Mellon Consumer Discretionary Sector Fund (Series ID: S000068122)

| Class ID   | Class Name                                        | Ticker Symbol   |
|:---|:---|:---|
| C000218202 | JNL/Mellon Consumer Discretionary Sector Fund (A) |  |
| C000218203 | JNL/Mellon Consumer Discretionary Sector Fund (I) |  |

### JNL/Mellon Energy Sector Fund (Series ID: S000068123)

| Class ID   | Class Name                        | Ticker Symbol   |
|:---|:---|:---|
| C000218204 | JNL/Mellon Energy Sector Fund (A) |  |
| C000218205 | JNL/Mellon Energy Sector Fund (I) |  |

### JNL/Mellon Financial Sector Fund (Series ID: S000068124)

| Class ID   | Class Name                           | Ticker Symbol   |
|:---|:---|:---|
| C000218206 | JNL/Mellon Financial Sector Fund (I) |  |
| C000218207 | JNL/Mellon Financial Sector Fund (A) |  |

### JNL/Mellon Healthcare Sector Fund (Series ID: S000068125)

| Class ID   | Class Name                            | Ticker Symbol   |
|:---|:---|:---|
| C000218208 | JNL/Mellon Healthcare Sector Fund (I) |  |
| C000218209 | JNL/Mellon Healthcare Sector Fund (A) |  |

### JNL/Mellon Information Technology Sector Fund (Series ID: S000068126)

| Class ID   | Class Name                                        | Ticker Symbol   |
|:---|:---|:---|
| C000218210 | JNL/Mellon Information Technology Sector Fund (A) |  |
| C000218211 | JNL/Mellon Information Technology Sector Fund (I) |  |

### JNL Moderate Allocation Fund (Series ID: S000068127)

| Class ID   | Class Name                       | Ticker Symbol   |
|:---|:---|:---|
| C000218212 | JNL Moderate Allocation Fund (A) |  |
| C000218213 | JNL Moderate Allocation Fund (I) |  |

### JNL Moderate ETF Allocation Fund (Series ID: S000068128)

| Class ID   | Class Name                           | Ticker Symbol   |
|:---|:---|:---|
| C000218214 | JNL Moderate ETF Allocation Fund (A) |  |
| C000218215 | JNL Moderate ETF Allocation Fund (I) |  |

### JNL Moderate Growth ETF Allocation Fund (Series ID: S000068129)

| Class ID   | Class Name                                  | Ticker Symbol   |
|:---|:---|:---|
| C000218216 | JNL Moderate Growth ETF Allocation Fund (I) |  |
| C000218217 | JNL Moderate Growth ETF Allocation Fund (A) |  |

### JNL Growth ETF Allocation Fund (Series ID: S000068130)

| Class ID   | Class Name                         | Ticker Symbol   |
|:---|:---|:---|
| C000218218 | JNL Growth ETF Allocation Fund (A) |  |
| C000218219 | JNL Growth ETF Allocation Fund (I) |  |

### JNL/Newton Equity Income Fund (Series ID: S000068131)

| Class ID   | Class Name                        | Ticker Symbol   |
|:---|:---|:---|
| C000218220 | JNL/Newton Equity Income Fund (A) |  |
| C000218221 | JNL/Newton Equity Income Fund (I) |  |

### JNL/American Funds Global Growth Fund (Series ID: S000068132)

| Class ID   | Class Name                                | Ticker Symbol   |
|:---|:---|:---|
| C000218222 | JNL/American Funds Global Growth Fund (A) |  |
| C000218223 | JNL/American Funds Global Growth Fund (I) |  |

### JNL/American Funds Growth Fund (Series ID: S000068133)

| Class ID   | Class Name                         | Ticker Symbol   |
|:---|:---|:---|
| C000218224 | JNL/American Funds Growth Fund (I) |  |
| C000218225 | JNL/American Funds Growth Fund (A) |  |

### JNL Mid Cap Index Fund (Series ID: S000071119)

| Class ID   | Class Name                 | Ticker Symbol   |
|:---|:---|:---|
| C000225785 | JNL Mid Cap Index Fund (I) |  |

### JNL Small Cap Index Fund (Series ID: S000071120)

| Class ID   | Class Name                   | Ticker Symbol   |
|:---|:---|:---|
| C000225786 | JNL Small Cap Index Fund (I) |  |

### JNL Bond Index Fund (Series ID: S000071121)

| Class ID   | Class Name              | Ticker Symbol   |
|:---|:---|:---|
| C000225787 | JNL Bond Index Fund (I) |  |

### JNL International Index Fund (Series ID: S000071122)

| Class ID   | Class Name                       | Ticker Symbol   |
|:---|:---|:---|
| C000225788 | JNL International Index Fund (I) |  |

### JNL Emerging Markets Index Fund (Series ID: S000071123)

| Class ID   | Class Name                          | Ticker Symbol   |
|:---|:---|:---|
| C000225789 | JNL Emerging Markets Index Fund (I) |  |

### JNL/American Funds Bond Fund of America Fund (Series ID: S000071126)

| Class ID   | Class Name                                       | Ticker Symbol   |
|:---|:---|:---|
| C000225793 | JNL/American Funds Bond Fund of America Fund (I) |  |
| C000225794 | JNL/American Funds Bond Fund of America Fund (A) |  |

### JNL/Morningstar PitchBook Listed Private Equity Index Fund (Series ID: S000071127)

| Class ID   | Class Name                                                     | Ticker Symbol   |
|:---|:---|:---|
| C000225795 | JNL/Morningstar PitchBook Listed Private Equity Index Fund (A) |  |
| C000225796 | JNL/Morningstar PitchBook Listed Private Equity Index Fund (I) |  |

### JNL/AB Sustainable Global Thematic Fund (Series ID: S000075429)

| Class ID   | Class Name                                  | Ticker Symbol   |
|:---|:---|:---|
| C000234520 | JNL/AB Sustainable Global Thematic Fund (I) |  |
| C000234521 | JNL/AB Sustainable Global Thematic Fund (A) |  |

### JNL/Neuberger Berman Gold Plus Strategy Fund (Series ID: S000075430)

| Class ID   | Class Name                                       | Ticker Symbol   |
|:---|:---|:---|
| C000234522 | JNL/Neuberger Berman Gold Plus Strategy Fund (I) |  |
| C000234523 | JNL/Neuberger Berman Gold Plus Strategy Fund (A) |  |

### JNL/WCM China Quality Growth Fund (Series ID: S000075431)

| Class ID   | Class Name                            | Ticker Symbol   |
|:---|:---|:---|
| C000234524 | JNL/WCM China Quality Growth Fund (I) |  |
| C000234525 | JNL/WCM China Quality Growth Fund (A) |  |

### JNL Multi-Manager U.S. Select Equity Fund (Series ID: S000078310)

| Class ID   | Class Name                                    | Ticker Symbol   |
|:---|:---|:---|
| C000239073 | JNL Multi-Manager U.S. Select Equity Fund (A) |  |
| C000239074 | JNL Multi-Manager U.S. Select Equity Fund (I) |  |

### JNL/Morningstar SMID Moat Focus Index Fund (Series ID: S000084074)

| Class ID   | Class Name                                     | Ticker Symbol   |
|:---|:---|:---|
| C000248332 | JNL/Morningstar SMID Moat Focus Index Fund (I) |  |
| C000248333 | JNL/Morningstar SMID Moat Focus Index Fund (A) |  |

### JNL/PPM America Investment Grade Credit Fund (Series ID: S000084075)

| Class ID   | Class Name                                       | Ticker Symbol   |
|:---|:---|:---|
| C000248334 | JNL/PPM America Investment Grade Credit Fund (I) |  |
| C000248335 | JNL/PPM America Investment Grade Credit Fund (A) |  |

### JNL/American Funds Moderate Allocation Fund (Series ID: S000086555)

| Class ID   | Class Name                                      | Ticker Symbol   |
|:---|:---|:---|
| C000252140 | JNL/American Funds Moderate Allocation Fund (I) |  |
| C000252141 | JNL/American Funds Moderate Allocation Fund (A) |  |

### JNL/T. Rowe Price Capital Appreciation Equity Fund (Series ID: S000086556)

| Class ID   | Class Name                                             | Ticker Symbol   |
|:---|:---|:---|
| C000252142 | JNL/T. Rowe Price Capital Appreciation Equity Fund (I) |  |
| C000252143 | JNL/T. Rowe Price Capital Appreciation Equity Fund (A) |  |

### JNL/JPMorgan Nasdaq Hedged Equity Fund (Series ID: S000086557)

| Class ID   | Class Name                                 | Ticker Symbol   |
|:---|:---|:---|
| C000252144 | JNL/JPMorgan Nasdaq Hedged Equity Fund (I) |  |
| C000252145 | JNL/JPMorgan Nasdaq Hedged Equity Fund (A) |  |

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;As filed with the Securities and Exchange Commission on December 15, 2025. | &nbsp;&nbsp;As filed with the Securities and Exchange Commission on December 15, 2025. | &nbsp;&nbsp;As filed with the Securities and Exchange Commission on December 15, 2025. | &nbsp;&nbsp;As filed with the Securities and Exchange Commission on December 15, 2025. |
|  |  | &nbsp;&nbsp;1933 Act Registration No. 33-87244 | &nbsp;&nbsp;1933 Act Registration No. 33-87244 |
|  |  | &nbsp;&nbsp;1940 Act Registration No. 811-8894 | &nbsp;&nbsp;1940 Act Registration No. 811-8894 |
| &nbsp;&nbsp;SECURITIES AND EXCHANGE COMMISSION | &nbsp;&nbsp;SECURITIES AND EXCHANGE COMMISSION | &nbsp;&nbsp;SECURITIES AND EXCHANGE COMMISSION | &nbsp;&nbsp;SECURITIES AND EXCHANGE COMMISSION |
| &nbsp;&nbsp;Washington, D.C. 20549 | &nbsp;&nbsp;Washington, D.C. 20549 | &nbsp;&nbsp;Washington, D.C. 20549 | &nbsp;&nbsp;Washington, D.C. 20549 |
| &nbsp;&nbsp;FORM N-1A | &nbsp;&nbsp;FORM N-1A | &nbsp;&nbsp;FORM N-1A | &nbsp;&nbsp;FORM N-1A |
| &nbsp;&nbsp;REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933 | &nbsp;&nbsp;REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933 | &nbsp;&nbsp;REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933 | &nbsp;&nbsp;[X] |
| &nbsp;&nbsp;Pre-Effective Amendment No. [ ] | &nbsp;&nbsp;Pre-Effective Amendment No. [ ] | &nbsp;&nbsp;Pre-Effective Amendment No. [ ] | &nbsp;&nbsp;[ ] |
| &nbsp;&nbsp;Post-Effective Amendment No. 198 | &nbsp;&nbsp;Post-Effective Amendment No. 198 | &nbsp;&nbsp;Post-Effective Amendment No. 198 | &nbsp;&nbsp;[X] |
| &nbsp;&nbsp;and/or | &nbsp;&nbsp;and/or | &nbsp;&nbsp;and/or | &nbsp;&nbsp;and/or |
| &nbsp;&nbsp;REGISTRATION STATEMENT UNDER THE INVESTMENT COMPANY ACT OF 1940 | &nbsp;&nbsp;REGISTRATION STATEMENT UNDER THE INVESTMENT COMPANY ACT OF 1940 | &nbsp;&nbsp;REGISTRATION STATEMENT UNDER THE INVESTMENT COMPANY ACT OF 1940 | &nbsp;&nbsp;[X] |
| &nbsp;&nbsp;Amendment No. 199 | &nbsp;&nbsp;Amendment No. 199 | &nbsp;&nbsp;Amendment No. 199 | &nbsp;&nbsp;[X] |
| &nbsp;&nbsp;<u>JNL SERIES TRUST</u> | &nbsp;&nbsp;<u>JNL SERIES TRUST</u> | &nbsp;&nbsp;<u>JNL SERIES TRUST</u> | &nbsp;&nbsp;<u>JNL SERIES TRUST</u> |
| &nbsp;&nbsp;(Exact Name of Registrant as Specified in Charter) | &nbsp;&nbsp;(Exact Name of Registrant as Specified in Charter) | &nbsp;&nbsp;(Exact Name of Registrant as Specified in Charter) | &nbsp;&nbsp;(Exact Name of Registrant as Specified in Charter) |
| &nbsp;&nbsp;<u>1 Corporate Way, Lansing, Michigan 48951</u> | &nbsp;&nbsp;<u>1 Corporate Way, Lansing, Michigan 48951</u> | &nbsp;&nbsp;<u>1 Corporate Way, Lansing, Michigan 48951</u> | &nbsp;&nbsp;<u>1 Corporate Way, Lansing, Michigan 48951</u> |
| &nbsp;&nbsp;(Address of Principal Executive Offices) (Zip Code) | &nbsp;&nbsp;(Address of Principal Executive Offices) (Zip Code) | &nbsp;&nbsp;(Address of Principal Executive Offices) (Zip Code) | &nbsp;&nbsp;(Address of Principal Executive Offices) (Zip Code) |
| &nbsp;&nbsp;Registrant's Telephone Number, including Area Code: <u>(517) 381-5500</u> | &nbsp;&nbsp;Registrant's Telephone Number, including Area Code: <u>(517) 381-5500</u> | &nbsp;&nbsp;Registrant's Telephone Number, including Area Code: <u>(517) 381-5500</u> | &nbsp;&nbsp;Registrant's Telephone Number, including Area Code: <u>(517) 381-5500</u> |
| &nbsp;&nbsp;<u>225 West Wacker Drive, Chicago, Illinois 60606</u> | &nbsp;&nbsp;<u>225 West Wacker Drive, Chicago, Illinois 60606</u> | &nbsp;&nbsp;<u>225 West Wacker Drive, Chicago, Illinois 60606</u> | &nbsp;&nbsp;<u>225 West Wacker Drive, Chicago, Illinois 60606</u> |
| &nbsp;&nbsp;(Mailing Address) | &nbsp;&nbsp;(Mailing Address) | &nbsp;&nbsp;(Mailing Address) | &nbsp;&nbsp;(Mailing Address) |
| &nbsp;&nbsp;with a copy to: | &nbsp;&nbsp;with a copy to: | &nbsp;&nbsp;with a copy to: | &nbsp;&nbsp;with a copy to: |
|  | &nbsp;&nbsp;Emily J. Bennett, Esq. | &nbsp;&nbsp;Ropes & Gray LLP | &nbsp;&nbsp;Ropes & Gray LLP |
|  | &nbsp;&nbsp;JNL Series Trust | &nbsp;&nbsp;32nd Floor | &nbsp;&nbsp;32nd Floor |
|  | &nbsp;&nbsp;Vice President & Assistant Secretary | &nbsp;&nbsp;191 North Wacker Drive | &nbsp;&nbsp;191 North Wacker Drive |
|  | &nbsp;&nbsp;1 Corporate Way | &nbsp;&nbsp;Chicago, Illinois 60606 | &nbsp;&nbsp;Chicago, Illinois 60606 |
|  | &nbsp;&nbsp;Lansing, Michigan 48951 | &nbsp;&nbsp;Attn: Paulita A. Pike, Esq. | &nbsp;&nbsp;Attn: Paulita A. Pike, Esq. |
| &nbsp;&nbsp;(Name and Address of Agent for Service) | &nbsp;&nbsp;(Name and Address of Agent for Service) | &nbsp;&nbsp;(Name and Address of Agent for Service) | &nbsp;&nbsp;(Name and Address of Agent for Service) |
| &nbsp;&nbsp;It is proposed that this filing will become effective (check appropriate box) | &nbsp;&nbsp;It is proposed that this filing will become effective (check appropriate box) | &nbsp;&nbsp;It is proposed that this filing will become effective (check appropriate box) | &nbsp;&nbsp;It is proposed that this filing will become effective (check appropriate box) |
| &nbsp;&nbsp;[ ] | &nbsp;&nbsp;immediately upon filing pursuant to paragraph (b) | &nbsp;&nbsp;immediately upon filing pursuant to paragraph (b) | &nbsp;&nbsp;immediately upon filing pursuant to paragraph (b) |
| &nbsp;&nbsp;[ ] | &nbsp;&nbsp;on ___________ pursuant to paragraph (b) | &nbsp;&nbsp;on ___________ pursuant to paragraph (b) | &nbsp;&nbsp;on ___________ pursuant to paragraph (b) |
| &nbsp;&nbsp;[ ] | &nbsp;&nbsp;60 days after filing pursuant to paragraph (a)(1) | &nbsp;&nbsp;60 days after filing pursuant to paragraph (a)(1) | &nbsp;&nbsp;60 days after filing pursuant to paragraph (a)(1) |
| &nbsp;&nbsp;[ ] | &nbsp;&nbsp;on __________ pursuant to paragraph (a)(1) | &nbsp;&nbsp;on __________ pursuant to paragraph (a)(1) | &nbsp;&nbsp;on __________ pursuant to paragraph (a)(1) |
| &nbsp;&nbsp;[X] | &nbsp;&nbsp;75 days after filing pursuant to paragraph (a)(2) | &nbsp;&nbsp;75 days after filing pursuant to paragraph (a)(2) | &nbsp;&nbsp;75 days after filing pursuant to paragraph (a)(2) |
| &nbsp;&nbsp;[ ] | &nbsp;&nbsp;on ___________________ pursuant to paragraph (a)(2) of Rule 485 | &nbsp;&nbsp;on ___________________ pursuant to paragraph (a)(2) of Rule 485 | &nbsp;&nbsp;on ___________________ pursuant to paragraph (a)(2) of Rule 485 |
| &nbsp;&nbsp;[ ] | &nbsp;&nbsp;This post-effective amendment designates a new effective date for a previously filed post-effective amendment. | &nbsp;&nbsp;This post-effective amendment designates a new effective date for a previously filed post-effective amendment. | &nbsp;&nbsp;This post-effective amendment designates a new effective date for a previously filed post-effective amendment. |
| &nbsp;&nbsp;Part C. | &nbsp;&nbsp;Part C. | &nbsp;&nbsp;Part C. | &nbsp;&nbsp;Part C. |
| &nbsp;&nbsp;Information required to be included in Part C is set forth under the appropriate item, so numbered, in Part C of this Amendment to the Registration Statement. | &nbsp;&nbsp;Information required to be included in Part C is set forth under the appropriate item, so numbered, in Part C of this Amendment to the Registration Statement. | &nbsp;&nbsp;Information required to be included in Part C is set forth under the appropriate item, so numbered, in Part C of this Amendment to the Registration Statement. | &nbsp;&nbsp;Information required to be included in Part C is set forth under the appropriate item, so numbered, in Part C of this Amendment to the Registration Statement. |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp; This Amendment to the Registration Statement on Form N-1A (the "Registration Statement") is being filed pursuant to Rule 485(a) under the Securities Act of 1933, as amended. This Amendment is being filed to describe the following changes effective April 27, 2026: | &nbsp;&nbsp; This Amendment to the Registration Statement on Form N-1A (the "Registration Statement") is being filed pursuant to Rule 485(a) under the Securities Act of 1933, as amended. This Amendment is being filed to describe the following changes effective April 27, 2026: |
| &nbsp;&nbsp;1) | &nbsp;&nbsp;To add the following new fund and respective Sub-Adviser: |
|  | &nbsp;&nbsp;-JNL/PPM America Emerging Markets Debt Fund (existing Sub-Adviser: PPM America, Inc.); |
| &nbsp;&nbsp;2) | &nbsp;&nbsp;To add a Sub-Adviser to the JNL Multi-Manager International Small Cap Fund (existing Sub-Adviser: FIAM LLC); |
| &nbsp;&nbsp;3) | &nbsp;&nbsp;To change the investment strategy for the JNL Multi-Manager U.S. Select Equity Fund and to change the fund name to: JNL Multi-Manager Select Equity Fund; |
| &nbsp;&nbsp;4) | &nbsp;&nbsp;To change the investment strategy and remove the Investment Adviser to the Master Fund for the JNL/American Funds Global Small Capitalization Fund and to change the fund name to: JNL Multi-Manager Global Small Cap Fund (existing Investment Adviser: Jackson National Asset Management, LLC); |
|  | &nbsp;&nbsp;To change the Sub-Adviser and investment strategy for the JNL/ClearBridge Large Cap Growth Fund to existing Sub-Advisers: FIAM LLC and J.P Morgan Investment Management Inc., and to change the fund name to: JNL/Fidelity Institutional AM<sup>®</sup> & JPMorgan Large Cap Growth Fund; |
| &nbsp;&nbsp;5) | &nbsp;&nbsp;To change the Sub-Adviser and investment strategy for the JNL/Invesco Diversified Dividend Fund to existing Sub-Adviser: Massachusetts Financial Services Company, and to change the fund name to: JNL/MFS Equity Income Fund; |
| &nbsp;&nbsp;6) | &nbsp;&nbsp;To change the investment strategy for the JNL/William Blair International Leaders Fund to add existing Sub-Advisers: Causeway Capital Management LLC, Lazard Asset Management LLC, and WCM Investment Management, LLC, and to change the fund name to: JNL Multi-Manager International Equity Fund; and |
| &nbsp;&nbsp;7) | &nbsp;&nbsp;To reflect other changes. |
| &nbsp;&nbsp; <br> The information described herein is intended to supplement the Registration Statement, which was filed with the Commission on April 24, 2025, as part of Post-Effective Amendment No. 197 to the Registration Statement (Accession No. 0001999371-25-004636) and to file exhibits to the Registration Statement. This Amendment does not otherwise delete, amend or supersede any other Prospectus, Statement of Additional Information, exhibit, undertaking, or other information contained in the Registration Statement. | &nbsp;&nbsp; <br> The information described herein is intended to supplement the Registration Statement, which was filed with the Commission on April 24, 2025, as part of Post-Effective Amendment No. 197 to the Registration Statement (Accession No. 0001999371-25-004636) and to file exhibits to the Registration Statement. This Amendment does not otherwise delete, amend or supersede any other Prospectus, Statement of Additional Information, exhibit, undertaking, or other information contained in the Registration Statement. |

---

 **THE INFORMATION IN THE PROSPECTUS IS NOT COMPLETE AND MAY BE CHANGED. WE MAY NOT SELL THESE SECURITIES UNTIL THE REGISTRATION STATEMENT FILED WITH THE SECURITIES AND EXCHANGE COMMISSION IS EFFECTIVE. THIS PROSPECTUS IS NOT AN OFFER TO SELL THESE SECURITIES AND IS NOT SOLICITING AN OFFER TO BUY THESE SECURITIES IN ANY STATE WHERE THE OFFER OR SALE IS NOT PERMITTED.** 

**PROSPECTUS**

April 27, 2026

**JNL<sup>®</sup> SERIES TRUST**

Business Address: 1 Corporate Way • Lansing, Michigan 48951

Mailing Address: 225 W. Wacker Drive • Chicago, Illinois 60606

This Prospectus provides you with the basic information you should know before investing in the JNL Series Trust ("Trust").

The shares of the Trust are sold to life insurance company separate accounts and other registered investment companies to fund the benefits of variable annuity contracts and variable life insurance policies. Shares of the Trust may also be sold directly to non-qualified retirement plans, other affiliated funds and to Jackson National Life Insurance Company. The Trust currently offers shares in the following separate Funds ("Fund" or "Funds"), each with its own investment objective. For U.S. federal income tax purposes, the Funds are classified as partnerships or regulated investment companies as noted below.

---

| | | |
|:---|:---|:---|
| JNL Multi-Manager Global Small Cap Fund *(formerly, JNL/American Funds Global Small Capitalization Fund)* | &nbsp;&nbsp; Class A and Class I | &nbsp;&nbsp; Partnership |
| JNL Multi-Manager International Equity Fund *(formerly, JNL/William Blair International Leaders Fund)* | &nbsp;&nbsp; Class A and Class I | &nbsp;&nbsp; Regulated Investment Company |
| JNL Multi-Manager International Small Cap Fund | &nbsp;&nbsp; Class A and Class I | &nbsp;&nbsp; Regulated Investment Company |
| JNL Multi-Manager Select Equity Fund *(formerly, JNL Multi-Manager U.S. Select Equity Fund)* | &nbsp;&nbsp; Class A and Class I | &nbsp;&nbsp; Partnership |
| JNL/Fidelity Institutional AM<sup>®</sup> & JPMorgan Large Cap Growth Fund *(formerly, JNL/ClearBridge Large Cap Growth Fund)* | &nbsp;&nbsp; Class A and Class I | &nbsp;&nbsp; Partnership |
| JNL/MFS Equity Income Fund *(formerly, JNL/Invesco Diversified Dividend Fund)* | &nbsp;&nbsp; Class A and Class I | &nbsp;&nbsp; Partnership |
| JNL/PPM America Emerging Markets Debt Fund | &nbsp;&nbsp; Class A and Class I | &nbsp;&nbsp; Regulated Investment Company |

---

For a description of the certain differences between the Partnership Funds and the Regulated Investment Company Funds, refer to the section entitled "Tax Status."

The Securities and Exchange Commission ("SEC") and the Commodity Futures Trading Commission ("CFTC") have not approved or disapproved these securities or determined if this Prospectus is truthful or complete. Any representation to the contrary is a criminal offense.

For more detailed information about the Trust and the Funds, see the Trust's Statement of Additional Information ("SAI") dated April 27, 2026, which is incorporated by reference into (which means it legally is a part of) this prospectus.

**TABLE OF CONTENTS**

---

| | |
|:---|:---|
| [Summary Overview of Each Fund](#jnlst485aa001) | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Investment Objective, Expenses, Portfolio Turnover, Principal Investment Strategies, Principal Risks of Investing in the Fund, Performance, Portfolio Management, Purchase and Redemption of Fund Shares, Tax Information, and Payments to Broker-Dealers and Financial Intermediaries](#jnlst485aa002) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[JNL Multi-Manager Global Small Cap Fund](#jnlst485aa003) | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[JNL Multi-Manager International Equity Fund](#jnlst485aa004) | 6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[JNL Multi-Manager International Small Cap Fund](#jnlst485aa005) | 14 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[JNL Multi-Manager Select Equity Fund](#jnlst485aa006) | 21 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[JNL/Fidelity Institutional AM® & JPMorgan Large Cap Growth Fund](#jnlst485aa007) | 28 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[JNL/MFS Equity Income Fund](#jnlst485aa008) | 34 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[JNL/PPM America Emerging Markets Debt Fund](#jnlst485aa009) | 40 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[JNL Multi-Manager Global Small Cap Fund](#jnlst485aa010) | 46 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[JNL Multi-Manager International Equity Fund](#jnlst485aa011) | 49 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[JNL Multi-Manager International Small Cap Fund](#jnlst485aa012) | 56 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[JNL Multi-Manager Select Equity Fund](#jnlst485aa013) | 61 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[JNL/Fidelity Institutional AM® & JPMorgan Large Cap Growth Fund](#jnlst485aa014) | 66 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[JNL/MFS Equity Income Fund](#jnlst485aa015) | 70 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[JNL/PPM America Emerging Markets Debt Fund](#jnlst485aa016) | 72 |
| [More About the Funds](#jnlst485aa017) | 75 |
| [Glossary of Risks](#jnlst485aa018) | 79 |
| [Management of the Trust](#jnlst485aa019) | 97 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Investment Adviser, Management Fee, Investment Sub-Advisers; Administrator, Distributor, Classes of Shares, 12b-1 Plan, Investment in Fund Shares, Market Timing Policy, Disclosure of Portfolio Securities, Redemption of Fund Shares, and Tax Status](#jnlst485aa020) | 97 |
| [Financial Highlights](#jnlst485aa021) | 105 |
| [Appendix A](#jnlst485aa022) | A-1 |

---

**Summary Prospectus – April 27, 2026**

 **JNL Multi-Manager Global Small Cap Fund** 

*(formerly, JNL/American Funds Global Small Capitalization Fund)*

**Class A**

**Class I**

 **Investment Objective.** The investment objective of the Fund is capital growth.

**Expenses.** This table describes the fees and expenses that you may pay if you buy, hold and sell shares of the Fund.

The expenses do not reflect the expenses of the variable insurance contracts or the separate account through which you indirectly invest in the Fund, whichever may be applicable, and the total expenses would be higher if they were included.

You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below.

**Shareholder Fees<br> (fees paid directly from your investment)**<br> Not Applicable

[to be updated by amendment]

---

| | |
|:---|:---|
| &nbsp;&nbsp; **Annual Fund Operating Expenses<br> (Expenses that you pay each year as a percentage of the value of your investment)** | &nbsp;&nbsp; **Annual Fund Operating Expenses<br> (Expenses that you pay each year as a percentage of the value of your investment)** |
|  | &nbsp;&nbsp; **Class A** |
| &nbsp;&nbsp; Management Fee | &nbsp;&nbsp; 0.00% |
| &nbsp;&nbsp; Distribution and/or Service (12b-1) Fees | &nbsp;&nbsp; 0.30% |
| &nbsp;&nbsp; Other Expenses<sup>1</sup> | &nbsp;&nbsp; 0.05% |
| &nbsp;&nbsp; Acquired Fund Fees and Expenses<sup>2</sup> | &nbsp;&nbsp; 0.83% |
| &nbsp;&nbsp; Total Annual Fund Operating Expenses<sup>3</sup> | &nbsp;&nbsp; 1.18% |

---

<sup>1</sup> "Other Expenses" include an Administrative Fee of 0.05% which is payable to Jackson National Asset Management, LLC ("JNAM" or "Adviser").

<sup>2</sup> Acquired Fund Fees and Expenses are the indirect expenses of investing in other investment companies. Accordingly, the expense ratio presented in the Financial Highlights section of the prospectus will not correlate to the Total Annual Fund Operating Expenses disclosed above.

<sup>3</sup> Expense information has been restated to reflect current fees.

---

| | |
|:---|:---|
| &nbsp;&nbsp; **Annual Fund Operating Expenses<br> (Expenses that you pay each year as a percentage of the value of your investment)** | &nbsp;&nbsp; **Annual Fund Operating Expenses<br> (Expenses that you pay each year as a percentage of the value of your investment)** |
|  | &nbsp;&nbsp; **Class I** |
| &nbsp;&nbsp; Management Fee | &nbsp;&nbsp; 0.00% |
| &nbsp;&nbsp; Distribution and/or Service (12b-1) Fees | &nbsp;&nbsp; 0.00% |
| &nbsp;&nbsp; Other Expenses<sup>1</sup> | &nbsp;&nbsp; 0.15% |
| &nbsp;&nbsp; Acquired Fund Fees and Expenses<sup>2</sup> | &nbsp;&nbsp; 0.83% |
| &nbsp;&nbsp; Total Annual Fund Operating Expenses<sup>3</sup> | &nbsp;&nbsp; 0.98% |

---

<sup>1</sup> "Other Expenses" include an Administrative Fee of 0.10% which is payable to Jackson National Asset Management, LLC ("JNAM" or "Adviser").

<sup>2</sup> Acquired Fund Fees and Expenses are the indirect expenses of investing in other investment companies. Accordingly, the expense ratio presented in the Financial Highlights section of the prospectus will not correlate to the Total Annual Fund Operating Expenses disclosed above.

<sup>3</sup> Expense information has been restated to reflect current fees.

**Expense Example.** This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. Also, this example does not reflect the expenses of the variable insurance contracts or the separate account through which you indirectly invest in the Fund, whichever may be applicable, and the total expenses would be higher if they were included. The table below shows the expenses you would pay on a $10,000 investment, assuming (1) 5% annual return; (2) redemption at the end of each time period; and (3) that the Fund operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions, your costs would be:

[to be updated by amendment]

---

| | | | |
|:---|:---|:---|:---|
| **JNL Multi-Manager Global Small Cap Fund Class A** | **JNL Multi-Manager Global Small Cap Fund Class A** | **JNL Multi-Manager Global Small Cap Fund Class A** | **JNL Multi-Manager Global Small Cap Fund Class A** |
| 1 year | 3 years | 5 years | 10 years |
| $120 | $375 | $649 | $1432 |

---

---

| | | | |
|:---|:---|:---|:---|
| **JNL Multi-Manager Global Small Cap Fund Class I** | **JNL Multi-Manager Global Small Cap Fund Class I** | **JNL Multi-Manager Global Small Cap Fund Class I** | **JNL Multi-Manager Global Small Cap Fund Class I** |
| 1 year | 3 years | 5 years | 10 years |
| $90 | $281 | $488 | $1084 |

---

**Portfolio Turnover (% of average value of portfolio).** The Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs. These costs, which are not reflected in Annual Fund Operating Expenses or in the Expense Example above, affect the Fund's performance.

[to be updated by amendment]

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Period** | **Fund** |
| &nbsp;&nbsp;1/1/2024 - 12/31/2024 | 47% |

---

Portfolio turnover for the period of January 1, 2025 to December 31, 2025 is for the Fund's master fund when operating under its former investment strategy as a feeder fund in a master-feeder fund arrangement.

 **Principal Investment Strategies.** The Fund seeks to achieve its investment objective by investing, under normal circumstances, at least 80% of its assets (net assets plus the amount of any borrowings made of investment purposes) in underlying funds that, in turn, invests primarily in equity securities of small-capitalization companies ("Underlying Funds").

The Fund seeks to achieve its objective by investing in Class I shares of the following Underlying Funds:

● 40%-60% in the JNL Multi-Manager International Small Cap Fund;

● 15%-35% in the JNL Multi-Manager Small Cap Growth Fund; and

● 15%-35% in the JNL Multi-Manager Small Cap Value Fund.

The investment policies and risks of the Underlying Funds are further described elsewhere in this Prospectus. It should be noted that the Fund's investment objective and investment strategies remain constant regardless of which Underlying Funds the Fund is invested in.

Each Underlying Fund has its own investment objective and invests in certain types of securities or other assets in order to implement its investment strategy and seek to achieve its investment objective. In determining allocations to any particular Underlying Fund, the Adviser considers, among other things, long-term market and economic conditions, historical performance of each Underlying Fund, and expected long-term performance of each Underlying Fund, as well as diversification to control overall portfolio risk exposure.

**Principal Risks of Investing in the Fund.** An investment in the Fund is not guaranteed. As with any mutual fund, the value of the Fund's shares will change, and you could lose money by investing in the Fund. The principal risks associated with investing in the Fund include:

● *Allocation risk* – The Fund's ability to achieve its investment objective depends upon the investment manager's analysis of such factors as macroeconomic trends, outlooks for various industries and asset class valuations, and its ability to select an appropriate mix of asset classes based on its analysis of such factors. The Fund is subject to the risk of changes in market, investment, and economic conditions in the selection and percentages of allocations.

● *Underlying funds risk* **–** The ability of the Fund to achieve its investment objective will depend in part upon the allocations of investments in the Underlying Funds and their ability to achieve their investment objectives.

● *Market risk* – Portfolio securities may decline in value due to factors affecting securities markets generally, such as real or perceived adverse economic, political, or regulatory conditions, inflation, changes in interest or currency rates or adverse investor sentiment, public health issues, including widespread disease and virus epidemics or pandemics, war, terrorism or natural disasters, among others. Adverse market conditions may be prolonged and may not have the same impact on all types of securities. The values of securities may fall due to factors affecting a particular issuer, industry or the securities market as a whole.

● *Equity securities risk* – Common and preferred stocks represent equity ownership in a company. Stock markets are volatile, and equity securities generally have greater price volatility than fixed-income securities. The price of equity or equity-related securities will fluctuate and can decline and reduce the value of a portfolio investing in equity or equity-related securities. The value of equity or equity-related securities purchased or held by the Fund could decline if the financial condition of the companies the Fund invests in decline or if overall market and economic conditions deteriorate. They may also decline due to factors that affect a particular industry or industries, such as labor shortages or an increase in production costs and competitive conditions within an industry. In addition, they may decline due to general market conditions that are not specifically related to a company or industry, such as real or perceived adverse economic conditions, changes in the general outlook for corporate earnings, changes in interest or currency rates or generally adverse investor sentiment.

● *Foreign securities risk* – Investments in, or exposure to, foreign securities involve risks not typically associated with U.S. investments. These risks include, among others, adverse fluctuations in foreign currency values, possible imposition of foreign withholding or other taxes on income payable on the securities, as well as adverse political, social and economic developments, such as political upheaval, acts of terrorism, financial troubles, sanctions or the threat of new or modified sanctions, or natural disasters. Many foreign securities markets, especially those in emerging market countries, are less stable, smaller, less liquid, and less regulated than U.S. securities markets, and the costs of trading in those markets is often higher than in U.S. securities markets. There may also be less publicly available information about issuers of foreign securities compared to issuers of U.S. securities. In addition, the economies of certain foreign markets may not compare favorably with the economy of the United States with respect to issues such as growth of gross national product, reinvestment of capital, resources and balance of payments position.

● *Small-capitalization investing risk* **–** Investing in smaller companies, some of which may be newer companies or start-ups, generally involves greater risks than investing in larger, more established ones. The securities of companies with smaller market capitalizations often are less widely held and trade less frequently and in lesser quantities, and their market prices often fluctuate more, than the securities of companies with larger market capitalizations.

● *Managed portfolio risk* – As an actively managed portfolio, the Fund's portfolio manager(s) make decisions to buy and sell holdings in the Fund's portfolio. Because of this, the value of the Fund's investments could decline because the financial condition of an issuer may change (due to such factors as management performance, reduced demand or overall market changes), financial markets may fluctuate or overall prices may decline, the investment techniques could fail to achieve the Fund's investment objective or negatively affect the Fund's investment performance, or legislative, regulatory, or tax developments may affect the investment techniques available to the Sub-Adviser of the Fund. There is no guarantee that the investment objective of the Fund will be achieved.

● *Depositary receipts risk* – Depositary receipts, such as American depositary receipts ("ADRs"), global depositary receipts ("GDRs"), and European depositary receipts ("EDRs"), may be issued in sponsored or un-sponsored programs. They may be traded in the over-the-counter ("OTC") market or on a regional exchange, or may otherwise have limited liquidity. The prices of depositary receipts may differ from the prices of securities upon which they are based. In a sponsored program, a security issuer has made arrangements to have its securities traded in the form of depositary receipts. In an un-sponsored program, the issuer may not be directly involved in the creation of the program. Holders of unsponsored depositary receipts generally bear all the costs of the facility. The depository usually charges fees upon deposit and withdrawal of the underlying securities, the conversion of dividends into U.S. dollars or other currency, the disposition of non-cash distributions, and the performance of other services. Depositary receipts involve many of the same risks as direct investments in foreign securities. These risks include: fluctuations in currency exchange rates, which are affected by international balances of payments and other economic and financial conditions; government intervention; and speculation. With respect to certain foreign countries, there is the possibility of expropriation or nationalization of assets, confiscatory taxation, political and social upheaval, and economic instability. Investments in depositary receipts that are exchange traded or OTC may also subject the Fund to liquidity risk. This risk is enhanced in connection with OTC depositary receipts.

● *Investment style risk* – The returns from a certain investment style may be lower than the returns from the overall stock market. Growth stock prices frequently reflect projections of future earnings or revenues, and if earnings growth expectations are not met, their stock prices will likely fall, which may reduce the value of a Fund's investment in those stocks. Over market cycles, different investment styles may sometimes outperform other investment styles (for example, growth investing may outperform value investing).

● *Investment in other investment companies risk –* As with other investments, investments in other investment companies, including exchange-traded funds, are subject to market risk. In addition, if the Fund acquires shares of investment companies, including ones affiliated with the Fund, shareholders bear both their proportionate share of expenses in the Fund (including management and advisory fees) and, indirectly, the expenses of the investment companies in which the Fund invests. To the extent that shares of the Fund are held by an affiliated fund, the ability of the Fund itself to invest in other investment companies may be limited.

<br> **Performance.** The performance information shown provides some indication of the risks of investing in the Fund by showing changes in the Fund's performance from year to year and by showing how the Fund's average annual returns compared with those of a broad-based securities market index and an additional index that the Adviser believes more closely reflects the market segments in which the Fund invests. Performance results include the effect of expense waiver/reduction arrangements for some or all of the periods shown. If such arrangements had not been in place, performance for those periods would have been lower. Performance prior to April 27, 2026 reflects the Fund's results when the Fund operated as a feeder fund in a master-feeder arrangement. The Fund's past performance is not necessarily an indication of how the Fund will perform in the future.

The returns shown in the bar chart and table do not include charges that will be imposed by variable insurance products. If these amounts were reflected, returns would be less than those shown.

[to be updated by amendment]

**Annual Total Returns as of December 31**

**Class A**

![PerformanceBarChartData(2015:-0.05, 2016:1.76, 2017:25.52, 2018:-10.77, 2019:31.1, 2020:29.32, 2021:6.38, 2022:-29.8, 2023:15.77, 2024:2.05)](jnlst485a001.jpg)

**Best Quarter (ended 6/30/2020):** 29.25%; **Worst Quarter (ended 3/31/2020):** -25.29%

**Annual Total Returns as of December 31**

**Class I**

![PerformanceBarChartData(2015:0.18, 2016:1.97, 2017:25.78, 2018:-10.48, 2019:31.44, 2020:29.78, 2021:6.71, 2022:-29.59, 2023:16.09, 2024:2.3)](jnlst485a002.jpg)

**Best Quarter (ended 6/30/2020):** 29.27%; **Worst Quarter (ended 3/31/2020):** -25.16%

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp; **Average Annual Total Returns as of 12/31/2024** | | | |
|  | **1 year** | **5 year** | **10 year** |
| &nbsp;&nbsp; JNL Multi-Manager Global Small Cap Fund (Class A) | 2.05% | 2.67% | 5.47% |
| &nbsp;&nbsp; Morningstar Global Target Market Exposure Index (Net) (reflects no deduction for fees, expenses, or taxes) | 17.20% | 10.01% | 9.21% |
| &nbsp;&nbsp; Morningstar Global Small Cap Target Market Exposure Index (Net) (reflects no deduction for fees, expenses, or taxes) | 9.10% | 6.22% | 6.90% |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp; **Average Annual Total Returns as of 12/31/2024** | | | |
|  | **1 year** | **5 year** | **10 year** |
| &nbsp;&nbsp; JNL Multi-Manager Global Small Cap Fund (Class I) | 2.30% | 2.98% | 5.76% |
| &nbsp;&nbsp; Morningstar Global Target Market Exposure Index (Net) (reflects no deduction for fees, expenses, or taxes) | 17.20% | 10.01% | 9.21% |
| &nbsp;&nbsp; Morningstar Global Small Cap Target Market Exposure Index (Net) (reflects no deduction for fees, expenses, or taxes) | 9.10% | 6.22% | 6.90% |

---

**Portfolio Management.**

**Investment Adviser to the Fund:**<br> Jackson National Asset Management, LLC ("JNAM")

**Portfolio Managers:**

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp; **Name:** | &nbsp;&nbsp; **Joined Fund Management Team In:** | &nbsp;&nbsp; **Title:** |
| &nbsp;&nbsp; William Harding, CFA | &nbsp;&nbsp; April 2026 | &nbsp;&nbsp; Senior Vice President, Chief Investment Officer and Portfolio Manager, JNAM |
| &nbsp;&nbsp; Sean Hynes, CFA, CAIA | &nbsp;&nbsp; April 2026 | &nbsp;&nbsp; Vice President and Portfolio Manager, JNAM |
| &nbsp;&nbsp; Mark Pliska, CFA | &nbsp;&nbsp; April 2026 | &nbsp;&nbsp; Vice President and Portfolio Manager, JNAM |
| &nbsp;&nbsp; Kyle Ottwell, CFA, CAIA | &nbsp;&nbsp; April 2026 | &nbsp;&nbsp; Director and Portfolio Manager, JNAM |

---

**Purchase and Redemption of Fund Shares** 

Only separate accounts of Jackson National Life Insurance Company ("Jackson National") or Jackson National Life Insurance Company of New York ("Jackson National NY") and series, including fund of funds, of registered investment companies in which either or both of those insurance companies invest may purchase shares of the Fund. You may invest indirectly in the Fund through your purchase of a variable annuity or life insurance contract issued by a separate account of Jackson National or Jackson National NY that invests directly, or through a fund of funds, in this Fund. Any minimum initial or subsequent investment requirements and redemption procedures are governed by the applicable separate account through which you invest indirectly.

This Fund serves as an underlying investment by insurance companies, affiliated investment companies, and retirement plans for funding variable annuity and life insurance contracts and retirement plans.

**Tax Information**

The Fund expects to be treated as a partnership for U.S. federal income tax purposes, and does not expect to make regular distributions (other than in redemption of Fund shares) to shareholders, which generally are the participating insurance companies investing in the Fund through separate accounts of Jackson National or Jackson National NY and mutual funds owned directly or indirectly by such separate accounts. You should consult the prospectus of the appropriate separate account or description of the plan for a discussion of the U.S. federal income tax consequences to you of your contract, policy, or plan.

**Payments to Broker-Dealers and Financial Intermediaries**

If you invest in the Fund under a variable insurance contract or a plan that offers a variable insurance contract as a plan option through a broker-dealer or other financial intermediary (such as a financial institution), the Fund and its related companies may pay the intermediary for the sale of Fund shares and related services. These payments may create a conflict of interest by influencing the broker-dealer or other intermediary and your salesperson to recommend the Fund over another investment. Ask your salesperson or visit your financial intermediary's Website for more information.

**Summary Prospectus – April 27, 2026**

 **JNL Multi-Manager International Equity Fund** 

*(formerly, JNL/William Blair International Leaders Fund)*

**Class A**

**Class I**

**Investment Objective.** The investment objective of the Fund is to seek long-term capital appreciation.

**Expenses.** This table describes the fees and expenses that you may pay if you buy, hold and sell shares of the Fund.

The expenses do not reflect the expenses of the variable insurance contracts or the separate account through which you indirectly invest in the Fund, whichever may be applicable, and the total expenses would be higher if they were included.

You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below.

**Shareholder Fees<br> (fees paid directly from your investment)**<br> Not Applicable

[to be updated by amendment]

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Annual Fund Operating Expenses<br> (Expenses that you pay each year as a percentage of the value of your investment)** | &nbsp;&nbsp;**Annual Fund Operating Expenses<br> (Expenses that you pay each year as a percentage of the value of your investment)** |
|  | &nbsp;&nbsp;**Class A** |
| &nbsp;&nbsp;Management Fee | &nbsp;&nbsp;0.51% |
| &nbsp;&nbsp;Distribution and/or Service (12b-1) Fees | &nbsp;&nbsp;0.30% |
| &nbsp;&nbsp;Other Expenses<sup>1</sup> | &nbsp;&nbsp;0.16% |
| &nbsp;&nbsp;Total Annual Fund Operating Expenses | &nbsp;&nbsp;0.97% |

---

<sup>1</sup> "Other Expenses" include an Administrative Fee of 0.15% which is payable to Jackson National Asset Management, LLC ("JNAM" or "Adviser").

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Annual Fund Operating Expenses<br> (Expenses that you pay each year as a percentage of the value of your investment)** | &nbsp;&nbsp;**Annual Fund Operating Expenses<br> (Expenses that you pay each year as a percentage of the value of your investment)** |
|  | &nbsp;&nbsp;**Class I** |
| &nbsp;&nbsp;Management Fee | &nbsp;&nbsp;0.51% |
| &nbsp;&nbsp;Distribution and/or Service (12b-1) Fees | &nbsp;&nbsp;0.00% |
| &nbsp;&nbsp;Other Expenses<sup>1</sup> | &nbsp;&nbsp;0.16% |
| &nbsp;&nbsp;Total Annual Fund Operating Expenses | &nbsp;&nbsp;0.67% |

---

<sup>1</sup> "Other Expenses" include an Administrative Fee of 0.15% which is payable to Jackson National Asset Management, LLC ("JNAM" or "Adviser").

**Expense Example.** This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. Also, this example does not reflect the expenses of the variable insurance contracts or the separate account through which you indirectly invest in the Fund, whichever may be applicable, and the total expenses would be higher if they were included. The table below shows the expenses you would pay on a $10,000 investment, assuming (1) 5% annual return; (2) redemption at the end of each time period; and (3) that the Fund operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions, your costs would be:

[to be updated by amendment]

---

| | | | |
|:---|:---|:---|:---|
| **JNL Multi-Manager International Equity Fund Class A** | **JNL Multi-Manager International Equity Fund Class A** | **JNL Multi-Manager International Equity Fund Class A** | **JNL Multi-Manager International Equity Fund Class A** |
| 1 year | 3 years | 5 years | 10 years |
| $99 | $309 | $536 | $1190 |

---

---

| | | | |
|:---|:---|:---|:---|
| **JNLMulti-Manager International Equity Fund Class I** | **JNLMulti-Manager International Equity Fund Class I** | **JNLMulti-Manager International Equity Fund Class I** | **JNLMulti-Manager International Equity Fund Class I** |
| 1 year | 3 years | 5 years | 10 years |
| $68 | $214 | $373 | $835 |

---

**Portfolio Turnover (% of average value of portfolio).** The Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs. These costs, which are not reflected in Annual Fund Operating Expenses or in the Expense Example above, affect the Fund's performance.

[to be updated by amendment]

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Period** | |
| &nbsp;&nbsp;1/1/2024 - 12/31/2024 | 73% |

---

 **Principal Investment Strategies.** The Fund seeks to achieve its investment objective by investing, under normal circumstances, at least 80% of its assets (net assets plus the amount of any borrowings for investment purposes) in equity securities of companies located outside the United States.

The Fund considers a company to be located in a country if the company has been organized under the laws of, has its principal offices in, or has its securities principally traded in, the country, or if the company derives at least 50% of its revenues or net profits from, or has at least 50% of its assets or production capacities in, the country. The Fund generally will invest in securities of companies located in different regions and in at least three different countries. From time to time, the Fund may invest a significant portion of its assets in the securities of companies in one or a few countries or regions.

The Fund's equity investments include, but is not limited to, common stock of companies located outside the United States. and depositary receipts, traded on an exchange and in over-the-counter markets. The Fund's investments in depositary receipts may include American, European, Canadian, and Global Depositary Receipts ("ADRs," "EDRs," "CDRs" and "GDRs," respectively), and other similar securities. ADRs and CDRs are receipts that represent interests in foreign securities held on deposit by U.S. and Canadian banks or trust companies, respectively. EDRs and GDRs have the same qualities as ADRs, although they may be traded in several international trading markets.

The Fund may invest in securities of companies across the capitalization spectrum.

Four unaffiliated investment managers ("Sub-Advisers") generally provide day to day management for a portion of the Fund's assets (each portion is sometimes referred to as a "sleeve"). Each Sub-Adviser may use different investment strategies in managing Fund assets, acts independently from the others, and uses its own methodology for selecting investments. Jackson National Asset Management, LLC ("JNAM" or "Adviser") is responsible for identifying and retaining the Sub-Advisers for the selected strategies and for monitoring the services provided by the Sub-Advisers. JNAM provides qualitative and quantitative supervision as part of its process for selecting and monitoring the Sub-Advisers. JNAM is also responsible for selecting the Fund's investment strategies and for determining the amount of Fund assets to allocate to each Sub-Adviser. Based on JNAM's ongoing evaluation of the Sub-Advisers, JNAM may adjust allocations among Sub-Advisers.

JNAM also may choose to allocate the Fund's assets to additional Sub-Advisers or to replace/remove Sub-Advisers in the future. There is no assurance that any or all of the strategies discussed in this prospectus will be used by JNAM or the Sub-Advisers.

JNAM may also manage Fund assets directly to seek to enhance returns, or to hedge and to manage the Fund's cash and short-term instruments.

Below are the principal investment strategies for each Sub-Adviser's strategy, but the Sub-Advisers may also implement other investment strategies in keeping with their respective strategy's objective.

 *Causeway Strategy* 

Causeway Capital Management LLC ("Causeway") constructs the Causeway Strategy by investing primarily in equity securities of companies located outside the United States. The Causeway Strategy's investments in equity securities include common stock, as well as preferred stock, and depositary receipts.

When investing the Causeway Strategy's assets, Causeway's proprietary computer model analyzes factors relating to valuation, sentiment, technical indicators, long-term growth, quality, and sustainability characteristics. The sustainability category is further subdivided into environmental (E), social (S), and governance (G) categories. Currently, the sustainability category receives a 20% weight in the model. For each stock, the weight assigned to the remaining five factors differs depending on its classification (for example, value, growth, momentum, or other classifications). The relative weights of these factors are sometimes referred to as "contextual weights." Factors and their weights may change over time as the model is revised and updated, or if the classification of a stock changes. In addition to its quantitative research, Causeway's fundamental research analysts review certain of the quantitative outputs to attempt to identify special issues, such as significant upcoming mergers and acquisitions or management changes, which may not be captured quantitatively.

 *Lazard Strategy*

Lazard Asset Management LLC ("Lazard") constructs the Lazard Strategy by investing primarily in equity securities of non-U.S. companies, including those whose principal business activities are located in emerging market countries. The Lazard Strategy invests in companies that Lazard considers to be quality growth businesses. By "quality," Lazard means businesses that it believes can generate, and sustain, high levels of financial productivity (i.e., return on equity, return on capital and cash flow return on investment).

Lazard considers, among other factors deemed appropriate and relevant to a particular company, whether the company has a competitive advantage in its industry and if Lazard believes the company can sustain its competitive advantage. Lazard also looks for "growth" businesses that it believes can grow profits and cash flows by investing back into their business at similarly high rates of financial productivity.

Lazard Strategy may invest in securities of companies across the capitalization spectrum but generally focuses on companies with a market capitalization of $3 billion or more. The Lazard Strategy principally invests in common stocks, but the Lazard Strategy's investments in equity securities also may include preferred stocks, convertible securities, and ADRs, GDRs, and EDRs.

 *WCM Strategy*

WCM Investment Management, LLC ("WCM") constructs the WCM Strategy by investing primarily in equity securities of non-U.S. domiciled companies or depositary receipts of non-U.S. domiciled companies that WCM believes to be undervalued because their businesses are out of favor and/or their stocks are undervalued in comparison to their intrinsic values, their peers, or their prospects for growth. Such companies may be located in developed, emerging market or frontier market countries. Emerging market and frontier market countries are those countries with low- to middle-income economies as classified by the World Bank, or are included in any of the Morgan Stanley Capital International (MSCI) emerging markets or frontier markets indices.

The equity securities in the WCM Strategy may include common stock and depositary receipts. The WCM Strategy's investments in depositary receipts may include ADRs, EDRs, CDRs, and GDRs. The WCM Strategy will be managed pursuant to a "focused" strategy, whereby WCM typically invests in the equity securities of a small number of issuers.

 *William Blair Strategy*

William Blair Investment Management, LLC ("William Blair") constructs the William Blair Strategy by investing primarily in a diversified portfolio of equity securities, including common stocks and other forms of equity investments (e.g., securities convertible into common stocks) issued by companies of all sizes domiciled outside the United States that William Blair believes have above-average growth, profitability, and quality characteristics.

William Blair seeks investment opportunities in companies at different stages of development ranging from large, well-established companies to smaller companies at earlier stages of development that are leaders in their country, industry, or globally in terms of products, services, or execution.

In choosing investments, William Blair performs fundamental company analysis and focuses on stock selection. William Blair generally seeks equity securities, including common stocks of companies that historically have had superior growth, profitability and quality relative to local markets and relative to companies within the same industry worldwide and that are expected to continue such performance. William Blair believes that such companies generally will exhibit superior business fundamentals, including leadership in their field, quality products or services, distinctive marketing and distribution, pricing flexibility and revenue from products or services consumed on a steady, recurring basis. These business characteristics should be accompanied by management that is shareholder return-oriented and that uses conservative accounting policies. Companies with above-average returns on equity, strong balance sheets, and consistent, above average earnings growth will be the primary focus. Stock selection will take into account both local and global comparisons.

The Fund may also invest in A Shares of companies based in the People's Republic of China ("China") that trade on the Shanghai Stock Exchange and the Shenzhen Stock Exchange through the Shanghai – Hong Kong and Shenzhen – Hong Kong Stock Connect programs ("Stock Connect"). Stock Connect is a mutual stock market access program designed to, among other things, enable foreign investments in China.

**Principal Risks of Investing in the Fund.** An investment in the Fund is not guaranteed. As with any mutual fund, the value of the Fund's shares will change, and you could lose money by investing in the Fund. The principal risks associated with investing in the Fund include:

● *Equity securities risk* – Common and preferred stocks represent equity ownership in a company. Stock markets are volatile, and equity securities generally have greater price volatility than fixed-income securities. The price of equity or equity-related securities will fluctuate and can decline and reduce the value of a portfolio investing in equity or equity-related securities. The value of equity or equity-related securities purchased or held by the Fund could decline if the financial condition of the companies the Fund invests in decline or if overall market and economic conditions deteriorate. They may also decline due to factors that affect a particular industry or industries, such as labor shortages or an increase in production costs and competitive conditions within an industry. In addition, they may decline due to general market conditions that are not specifically related to a company or industry, such as real or perceived adverse economic conditions, changes in the general outlook for corporate earnings, changes in interest or currency rates or generally adverse investor sentiment.

● *Market risk* – Portfolio securities may decline in value due to factors affecting securities markets generally, such as real or perceived adverse economic, political, or regulatory conditions, inflation, changes in interest or currency rates or adverse investor sentiment, public health issues, including widespread disease and virus epidemics or pandemics, war, terrorism or natural disasters, among others. Adverse market conditions may be prolonged and may not have the same impact on all types of securities. The values of securities may fall due to factors affecting a particular issuer, industry or the securities market as a whole.

● *Foreign securities risk* – Investments in, or exposure to, foreign securities involve risks not typically associated with U.S. investments. These risks include, among others, adverse fluctuations in foreign currency values, possible imposition of foreign withholding or other taxes on income payable on the securities, as well as adverse political, social and economic developments, such as political upheaval, acts of terrorism, financial troubles, sanctions or the threat of new or modified sanctions, or natural disasters. Many foreign securities markets, especially those in emerging market countries, are less stable, smaller, less liquid, and less regulated than U.S. securities markets, and the costs of trading in those markets is often higher than in U.S. securities markets. There may also be less publicly available information about issuers of foreign securities compared to issuers of U.S. securities. In addition, the economies of certain foreign markets may not compare favorably with the economy of the United States with respect to issues such as growth of gross national product, reinvestment of capital, resources and balance of payments position.

● *Currency risk* **–** Investments in foreign currencies, securities that trade in or receive revenues in foreign currencies, or derivatives that provide exposure to foreign currencies are subject to the risk that those currencies may decline in value or, in the case of hedging positions, that the currency may decline in value relative to the currency being hedged. Currency exchange rates can be volatile and may be affected by a number of factors, such as the general economics of a country, the actions (or inaction) of U.S. and foreign governments or central banks, the imposition of currency controls, and speculation. A decline in the value of a foreign currency versus the U.S. dollar reduces the value in U.S. dollars of investments denominated in that foreign currency.

● *Emerging markets and less developed countries risk* **–** Emerging market and less developed countries generally are located in Asia, the Middle East, Eastern Europe, Central and South America and Africa. Investments in, or exposure to, securities that are tied economically to emerging market and less developed countries are subject to all of the risks of investments in, or exposure to, foreign securities, generally to a greater extent than in developed markets, among other risks. Investments in securities that are tied economically to emerging markets involve greater risk from economic and political systems that typically are less developed, and likely to be less stable, than those in more advanced countries. The Fund also will be subject to the risk of adverse foreign currency rate fluctuations. Emerging market and less developed countries may also have economies that are predominantly based on only a few industries or dependent on revenues from particular commodities. The risks of nationalization, expropriation or other confiscation of assets of non-U.S. issuers is also greater in emerging and less developed countries. As a result of these risks, investments in securities tied economically to emerging markets tend to be more volatile than investments in securities of developed countries.

● *Mid-capitalization and small-capitalization investing risk* – The securities of mid-capitalization and small-capitalization companies involve greater risks than those associated with larger, more established companies and may be subject to more abrupt or erratic price movements. Securities of such issuers may lack sufficient market liquidity to enable a Fund to effect sales at an advantageous time or without a substantial drop in price. Both mid-capitalization and small-capitalization companies often have narrower markets and more limited managerial and financial resources than larger, more established companies. As a result, their performance can be more volatile and they face greater risk of business failure, which could increase the volatility of a Fund's portfolio. Generally, the smaller the company size, the greater these risks become.

● *Large-capitalization investing risk* – Large-capitalization stocks as a group could fall out of favor with the market, which may cause the Fund to underperform funds that focus on other types of stocks.

● *Investment style risk* – The returns from a certain investment style may be lower than the returns from the overall stock market. Growth stock prices frequently reflect projections of future earnings or revenues, and if earnings growth expectations are not met, their stock prices will likely fall, which may reduce the value of a Fund's investment in those stocks. Value stocks may not increase in price if other investors fail to recognize the company's value or the factors that are expected to increase the price of the security do not occur. Over market cycles, different investment styles may sometimes outperform other investment styles (for example, growth investing may outperform value investing).

● *Concentration risk* **–** The Fund may concentrate its investments in certain securities. To the extent that the Fund focuses on particular countries, regions, industries, sectors, issuers, types of investment or limited number of securities from time to time, the Fund may be subject to greater risks of adverse economic, business or political developments in the area of focus than a fund that invests in a wider variety of countries, regions, industries, sectors or investments.

● *Issuer risk* **–** The value of an individual security or particular type of security can be more volatile than the market as a whole and can perform differently from the market as a whole. A security's value may decline for reasons that directly relate to the issuer, such as management performance, corporate governance, financial leverage and reduced demand for the issuer's goods or services.

● *Sector risk* – Companies with similar characteristics may be grouped together in broad categories called sectors. Sector risk is the risk that securities of companies within specific sectors of the economy can perform differently than the overall market. For example, this may be due to changes in the regulatory or competitive environment or changes in investor perceptions regarding a sector. Because the Fund may allocate relatively more assets to certain sectors than others, the Fund's performance may be more susceptible to any developments which affect those sectors emphasized by the Fund. In addition, the Fund could underperform other funds investing in similar sectors or comparable benchmarks because of the investment manager's choice of securities within such sector.

● *Company risk* **–** Investments in U.S. and/or foreign-traded equity securities may fluctuate more than the values of other types of securities in response to changes in a particular company's financial condition.

● *Investment strategy risk* **–** The Sub-Adviser uses the principal investment strategies and other investment strategies to seek to achieve the Fund's investment objective. Investment decisions made by the Sub-Adviser in accordance with these investment strategies may not produce the returns the Sub-Adviser expected, and may cause the Fund's shares to decline in value or may cause the Fund to underperform other funds with similar investment objectives.

● *Depositary receipts risk –* Depositary receipts, such as American depositary receipts ("ADRs"), global depositary receipts ("GDRs"), and European depositary receipts ("EDRs"), may be issued in sponsored or un-sponsored programs. They may be traded in the over-the-counter ("OTC") market or on a regional exchange, or may otherwise have limited liquidity. The prices of depositary receipts may differ from the prices of securities upon which they are based. In a sponsored program, a security issuer has made arrangements to have its securities traded in the form of depositary receipts. In an un-sponsored program, the issuer may not be directly involved in the creation of the program. Holders of un-sponsored depositary receipts generally bear all the costs of the facility. The depository usually charges fees upon deposit and withdrawal of the underlying securities, the conversion of dividends into U.S. dollars or other currency, the disposition of non-cash distributions, and the performance of other services. Depositary receipts involve many of the same risks as direct investments in foreign securities. These risks include: fluctuations in currency exchange rates, which are affected by international balances of payments and other economic and financial conditions; government intervention; and speculation. With respect to certain foreign countries, there is the possibility of expropriation or nationalization of assets, confiscatory taxation, political and social upheaval, and economic instability. Investments in depositary receipts that are exchange traded or OTC may also subject the Fund to liquidity risk. This risk is enhanced in connection with OTC depositary receipts.

● *Stock risk –* Stock markets may experience significant short-term volatility and may fall sharply at times. Different stock markets may behave differently from each other and U.S. stock markets may move in the opposite direction from one or more foreign stock markets. The prices of individual stocks generally do not all move in the same direction at the same time and a variety of factors can affect the price of a particular company's stock.

● *Quantitative strategy risk* – Securities identified using quantitative analysis can perform differently from the market as a whole as a result of the factors used in the analysis, the weight placed on those factors, changes in a factor's historical trends, or for reasons included in the analysis. The factors used in quantitative analysis and the weights placed on those factors may not predict a security's value, and the effectiveness of the factors can change over time. These changes may not be reflected in the current quantitative model.

● *Investing through Stock Connect risk* **–** The Fund may invest directly in China A shares through Stock Connect, and will be subject to the following risks: sudden changes in quota limitations, application of trading suspensions, differences in trading days between the PRC and Stock Connect, operational risk, clearing and settlement risk and regulatory and taxation risk.

● *Investing in China A Shares risk* **–** Investments in Class A Shares of Chinese companies involve certain risks and special considerations not typically associated with investments in U.S. companies, such as greater government control over the economy, political and legal uncertainty, currency fluctuations or blockage, the risk that the Chinese government may decide not to continue to support economic reform programs and the risk of nationalization or expropriation of assets. Additionally, the Chinese securities markets are emerging markets subject to the special risks applicable to developing and emerging market countries described elsewhere in this prospectus.

● *China risk –* The Chinese economy is generally considered an emerging market and can be significantly affected by economic and political conditions and policy in China and surrounding Asian countries. A relatively small number of Chinese companies represents a large portion of China's total market and thus may be more sensitive to adverse political or economic circumstances and market movements. The economy of China differs, often unfavorably, from the U.S. economy in such respects as structure, general development, government involvement, wealth distribution, rate of inflation, growth rate, allocation of resources and capital reinvestment, among others. Under China's political and economic system, the central government has historically exercised substantial control over virtually every sector of the Chinese economy through administrative regulation and/or state ownership. In addition, expropriation, including nationalization, repatriation of capital, confiscatory taxation, political, economic or social instability or other developments could adversely affect and significantly diminish the values of the Chinese companies in which the Fund invests. The Chinese securities markets are subject to more frequent trading halts and low trading volume, resulting in substantially less liquidity and greater price volatility. These and other factors could have a negative impact on the Fund's performance and increase the volatility of an investment in the Fund.

● *European investment risk* – Investing in Europe involves many of the same risks as investing in foreign securities. In addition, since Europe includes both developed and emerging markets, investments by the Fund will be subject to the risks associated with investments in such markets. Performance is expected to be closely tied to social, political, and economic conditions within Europe and to be more volatile than the performance of more geographically diversified funds

● *Liquidity risk* – Investments in securities that are difficult to purchase or sell (illiquid or thinly-traded securities) may reduce returns if the Fund is unable to sell the securities at an advantageous time or price or achieve its desired level of exposure to a certain sector. Liquidity risk arises, for example, from small average trading volumes, trading restrictions, or temporary suspensions of trading. To meet redemption requests, the Fund may be forced to sell securities at an unfavorable time and/or under unfavorable conditions.

● *Managed portfolio risk* – As an actively managed portfolio, the Fund's portfolio manager(s) make decisions to buy and sell holdings in the Fund's portfolio. Because of this, the value of the Fund's investments could decline because the financial condition of an issuer may change (due to such factors as management performance, reduced demand or overall market changes), financial markets may fluctuate or overall prices may decline, the Sub-Adviser's investment techniques could fail to achieve the Fund's investment objective or negatively affect the Fund's investment performance, or legislative, regulatory, or tax developments may affect the investment techniques available to the Sub-Adviser of the Fund. There is no guarantee that the investment objective of the Fund will be achieved.

<br> **Performance.** The performance information shown provides some indication of the risks of investing in the Fund by showing changes in the Fund's performance from year to year and by showing how the Fund's average annual returns compared with those of a broad-based securities market index. Performance from April 25, 2022 to April 27, 2026, reflects the Fund's results when managed solely by William Blair Investment Management, LLC. Performance prior to April 25, 2022 reflects the Fund's results when managed by the former sub-adviser, Invesco Advisers, Inc. Performance results include the effect of expense waiver/reduction arrangements for some or all of the periods shown. If such arrangements had not been in place, performance for those periods would have been lower. The Fund's past performance is not necessarily an indication of how the Fund will perform in the future.

The returns shown in the bar chart and table do not include charges that will be imposed by variable insurance products. If these amounts were reflected, returns would be less than those shown.

[to be updated by amendment]

**Annual Total Returns as of December 31**

**Class A**

![PerformanceBarChartData(2015:-2.03, 2016:-1.19, 2017:23.2, 2018:-15.08, 2019:28.14, 2020:13.78, 2021:6.2, 2022:-25.1, 2023:12.9, 2024:-0.95)](jnlst485a003.jpg)

**Best Quarter (ended 6/30/2020):** 18.39%; **Worst Quarter (ended 3/31/2020):** -22.16%

**Annual Total Returns as of December 31**

**Class I**

![PerformanceBarChartData(2015:-1.81, 2016:-1.06, 2017:23.47, 2018:-14.78, 2019:28.52, 2020:14.15, 2021:6.48, 2022:-24.82, 2023:13.26, 2024:-0.65)](jnlst485a004.jpg)

**Best Quarter (ended 6/30/2020):** 18.47%; **Worst Quarter (ended 3/31/2020):** -22.06%

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp; **Average Annual Total Returns as of 12/31/2024** | | | |
|  | **1 year** | **5 year** | **10 year** |
| &nbsp;&nbsp; JNL Multi-Manager International Equity Fund (Class A) | -0.95% | 0.24% | 2.76% |
| &nbsp;&nbsp; Morningstar Global ex-US Target Market Exposure Index (Net) (reflects no deduction for fees, expenses, or taxes) | 5.37% | 4.33% | 4.98% |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp; **Average Annual Total Returns as of 12/31/2024** | | | |
|  | **1 year** | **5 year** | **10 year** |
| &nbsp;&nbsp; JNL Multi-Manager International Equity Fund (Class I) | -0.65% | 0.56% | 3.05% |
| &nbsp;&nbsp; Morningstar Global ex-US Target Market Exposure Index (Net) (reflects no deduction for fees, expenses, or taxes) | 5.37% | 4.33% | 4.98% |

---

**Portfolio Management.**

**Investment Adviser to the Fund:**<br> Jackson National Asset Management, LLC ("JNAM")

 **Sub-Advisers:** <br> Causeway Capital Management LLC ("Causeway")

Lazard Asset Management LLC ("Lazard")

WCM Investment Management, LLC ("WCM")

William Blair Investment Management, LLC ("William Blair")

**Portfolio Managers:**

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp; **Name:** | &nbsp;&nbsp; **Joined Fund Management Team In:** | &nbsp;&nbsp; **Title:** |
| &nbsp;&nbsp; William Harding, CFA | &nbsp;&nbsp; April 2026 | &nbsp;&nbsp; Senior Vice President, Chief Investment Officer and Portfolio Manager, JNAM |
| &nbsp;&nbsp; Sean Hynes, CFA, CAIA | &nbsp;&nbsp; April 2026 | &nbsp;&nbsp; Vice President and Portfolio Manager, JNAM |
| &nbsp;&nbsp; Mark Pliska, CFA | &nbsp;&nbsp; April 2026 | &nbsp;&nbsp; Vice President and Portfolio Manager, JNAM |
| &nbsp;&nbsp; Kyle Ottwell, CFA, CAIA | &nbsp;&nbsp; April 2026 | &nbsp;&nbsp; Director and Portfolio Manager, JNAM |
| &nbsp;&nbsp; Joe Gubler, CFA | &nbsp;&nbsp; April 2026 | &nbsp;&nbsp; Portfolio Manager, Causeway |
| &nbsp;&nbsp; Arjun Jayaraman, PhD, CFA | &nbsp;&nbsp; April 2026 | &nbsp;&nbsp; Portfolio Manager, Causeway |
| &nbsp;&nbsp; MacDuff Kuhnert, CFA | &nbsp;&nbsp; April 2026 | &nbsp;&nbsp; Portfolio Manager, Causeway |
| &nbsp;&nbsp; Mozaffar Khan, PhD | &nbsp;&nbsp; April 2026 | &nbsp;&nbsp; Portfolio Manager, Director of Sustainability Research, Causeway |
| &nbsp;&nbsp; Ryan Myers | &nbsp;&nbsp; April 2026 | &nbsp;&nbsp; Portfolio Manager, Causeway |
| &nbsp;&nbsp; Louis Florentin-Lee | &nbsp;&nbsp; April 2026 | &nbsp;&nbsp; Managing Director and Portfolio Manager/Analyst, Lazard |
| &nbsp;&nbsp; Barnaby Wilson, CFA | &nbsp;&nbsp; April 2026 | &nbsp;&nbsp; Managing Director and Portfolio Manager/Analyst, Lazard |
| &nbsp;&nbsp; Robert Failla, CFA | &nbsp;&nbsp; April 2026 | &nbsp;&nbsp; Managing Director and Portfolio Manager/Analyst, Lazard |
| &nbsp;&nbsp; Andrew Wiechert | &nbsp;&nbsp; April 2026 | &nbsp;&nbsp; Portfolio Manager and Business Analyst, WCM |
| &nbsp;&nbsp; Drew French | &nbsp;&nbsp; April 2026 | &nbsp;&nbsp; Portfolio Manager and Business Analyst, WCM |
| &nbsp;&nbsp; Rob Quirk, CFA | &nbsp;&nbsp; April 2026 | &nbsp;&nbsp; Portfolio Manager and Business Analyst, WCM |
| &nbsp;&nbsp; Alaina Anderson, CFA | &nbsp;&nbsp; April 2022 | &nbsp;&nbsp; Partner, William Blair |
| &nbsp;&nbsp; Simon Fennell | &nbsp;&nbsp; April 2022 | &nbsp;&nbsp; Partner, William Blair |
| &nbsp;&nbsp; Kenneth J. McAtamney | &nbsp;&nbsp; April 2022 | &nbsp;&nbsp; Partner, William Blair |

---

**Purchase and Redemption of Fund Shares** 

Only separate accounts of Jackson National Life Insurance Company ("Jackson National") or Jackson National Life Insurance Company of New York ("Jackson National NY") and series, including fund of funds, of registered investment companies in which either or both of those insurance companies invest may purchase shares of the Fund. You may invest indirectly in the Fund through your purchase of a variable annuity or life insurance contract issued by a separate account of Jackson National or Jackson National NY that invests directly, or through a fund of funds, in this Fund. Any minimum initial or subsequent investment requirements and redemption procedures are governed by the applicable separate account through which you invest indirectly.

This Fund serves as an underlying investment by insurance companies, affiliated investment companies, and retirement plans for funding variable annuity and life insurance contracts and retirement plans.

**Tax Information**

The Fund's shareholders are separate accounts of Jackson National or Jackson National NY and mutual funds owned directly or indirectly by such separate accounts. Accordingly, the Fund's dividends and other distributions generally are not taxable to you, the contract owner or plan participant, but no further discussion is included about the U.S. federal income tax consequences to you. You should consult the prospectus of the appropriate separate account or description of the plan for a discussion of the U.S. federal income tax consequences to you of your contract, policy or plan.

**Payments to Broker-Dealers and Financial Intermediaries**

If you invest in the Fund under a variable insurance contract or a plan that offers a variable insurance contract as a plan option through a broker-dealer or other financial intermediary (such as a financial institution), the Fund and its related companies may pay the intermediary for the sale of Fund shares and related services. These payments may create a conflict of interest by influencing the broker-dealer or other intermediary and your salesperson to recommend the Fund over another investment. Ask your salesperson or visit your financial intermediary's Website for more information.

**Summary Prospectus – April 27, 2026**

**JNL Multi-Manager International Small Cap Fund**

**Class A**

**Class I**

**Investment Objective.** The investment objective of the Fund is long-term capital appreciation.

**Expenses.** This table describes the fees and expenses that you may pay if you buy, hold and sell shares of the Fund.

The expenses do not reflect the expenses of the variable insurance contracts or the separate account through which you indirectly invest in the Fund, whichever may be applicable, and the total expenses would be higher if they were included.

You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below.

**Shareholder Fees<br> (fees paid directly from your investment)**<br> Not Applicable

[to be updated by amendment]

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Annual Fund Operating Expenses <br> (Expenses that you pay each year as a percentage of the value of your investment)** | &nbsp;&nbsp;**Annual Fund Operating Expenses <br> (Expenses that you pay each year as a percentage of the value of your investment)** |
|  | &nbsp;&nbsp;**Class A** |
| &nbsp;&nbsp;Management Fee | &nbsp;&nbsp;0.75% |
| &nbsp;&nbsp;Distribution and/or Service (12b-1) Fees | &nbsp;&nbsp;0.30% |
| &nbsp;&nbsp;Other Expenses<sup>1</sup> | &nbsp;&nbsp;0.17% |
| &nbsp;&nbsp;Total Annual Fund Operating Expenses | &nbsp;&nbsp;1.22% |

---

<sup>1</sup> "Other Expenses" include an Administrative Fee of 0.15% which is payable to Jackson National Asset Management, LLC ("JNAM" or "Adviser").

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Annual Fund Operating Expenses <br> (Expenses that you pay each year as a percentage of the value of your investment)** | &nbsp;&nbsp;**Annual Fund Operating Expenses <br> (Expenses that you pay each year as a percentage of the value of your investment)** |
|  | &nbsp;&nbsp;**Class I** |
| &nbsp;&nbsp;Management Fee | &nbsp;&nbsp;0.75% |
| &nbsp;&nbsp;Distribution and/or Service (12b-1) Fees | &nbsp;&nbsp;0.00% |
| &nbsp;&nbsp;Other Expenses<sup>1</sup> | &nbsp;&nbsp;0.17% |
| &nbsp;&nbsp;Total Annual Fund Operating Expenses | &nbsp;&nbsp;0.92% |

---

<sup>1</sup> "Other Expenses" include an Administrative Fee of 0.15% which is payable to Jackson National Asset Management, LLC ("JNAM" or "Adviser").

**Expense Example.** This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. Also, this example does not reflect the expenses of the variable insurance contracts or the separate account through which you indirectly invest in the Fund, whichever may be applicable, and the total expenses would be higher if they were included. The table below shows the expenses you would pay on a $10,000 investment, assuming (1) 5% annual return; (2) redemption at the end of each time period; and (3) that the Fund operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions, your costs would be:

[to be updated by amendment]

---

| | | | |
|:---|:---|:---|:---|
| **JNL Multi-Manager International Small Cap Fund Class A** | **JNL Multi-Manager International Small Cap Fund Class A** | **JNL Multi-Manager International Small Cap Fund Class A** | **JNL Multi-Manager International Small Cap Fund Class A** |
| 1 year | 3 years | 5 years | 10 years |
| $124 | $387 | $670 | $1477 |

---

---

| | | | |
|:---|:---|:---|:---|
| **JNL Multi-Manager International Small Cap Fund Class I** | **JNL Multi-Manager International Small Cap Fund Class I** | **JNL Multi-Manager International Small Cap Fund Class I** | **JNL Multi-Manager International Small Cap Fund Class I** |
| 1 year | 3 years | 5 years | 10 years |
| $94 | $293 | $509 | $1131 |

---

**Portfolio Turnover (% of average value of portfolio).** The Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs. These costs, which are not reflected in Annual Fund Operating Expenses or in the Expense Example above, affect the Fund's performance.

[to be updated by amendment]

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Period** | |
| &nbsp;&nbsp;1/1/2024 - 12/31/2024 | 78% |

---

**Principal Investment Strategies.** The Fund seeks to achieve its investment objective by investing, under normal circumstances, at least 80% of its assets (net assets plus the amount of any borrowings made for investment purposes) in the equity securities of international companies that, when purchased, have market capitalizations between the smallest company and 120% of the largest company in the Morningstar Global ex-US Small Cap Target Market Exposure Index. As of December 31, 2024, the range of such companies in the Morningstar Global ex-US Small Cap Target Market Exposure Index was $204.68 million to $14.40 billion.

The Fund generally will invest in the securities of companies domiciled in at least three different countries. However, from time to time, the Fund may invest a significant portion of its assets in the securities of companies domiciled in one or a few countries. The Fund may make significant investments in certain sectors or group of sectors from time to time.

Equity securities represent an ownership interest, or the right to acquire an ownership interest, in an issuer. The equity securities in which the Fund may invest can be traded on an exchange or in over-the-counter markets and include common stocks (including depositary receipts evidencing ownership of common stock), preferred stocks and other preferred securities, convertible securities, rights and warrants, and other securities, such as hybrid securities and trust preferred securities, believed to have equity-like characteristics. The Fund's investments in depositary receipts may include American, European, Canadian and Global Depositary Receipts ("ADRs," "EDRs," "CDRs", and "GDRs," respectively), and other similar securities. ADRs are receipts that represent interests in foreign securities held on deposit by U.S. banks. EDRs and GDRs have the same qualities as ADRs, except that they may be traded in several international trading markets.

The Fund may participate in initial public offerings ("IPOs") and in securities offerings that are not registered in the U.S. In some emerging markets, the Fund may invest in companies that qualify as smaller companies but still are among the largest in that market.

The Fund may invest in Rule 144A and Regulation S securities. Rule 144A securities are securities offered as exempt from registration with the Securities and Exchange Commission ("SEC") but are typically treated as liquid securities because there is a market for such securities. Regulation S securities are securities of U.S. and non-U.S. issuers that are issued through private offerings without registration with the SEC pursuant to Regulation S under the Securities Act of 1933, as amended.

A company is considered to be in an emerging or frontier country or market if the company has been registered, incorporated, or organized under the laws of, has headquarters or its principal offices in, or has its stock exchange listing or its securities principally traded in, the emerging or frontier country or market, or if the company derives at least 50% of its revenues, net profits or incremental revenue growth (typically over the past five years) from, or has at least 50% of assets or production capacities in, the emerging or frontier country or market. The Fund considers a company to be domiciled in a country if the company is registered, incorporated or organized under the laws of that country, has headquarters or its principal place of business in that country, or has its stock exchange listing or its securities principally traded in that country.

Three unaffiliated investment managers ("Sub-Advisers") generally provide day to day management for a portion of the Fund's assets (each portion is sometimes referred to as a "sleeve"). Each Sub-Adviser may use different investment strategies in managing Fund assets, acts independently from the others, and uses its own methodology for selecting investments. Jackson National Asset Management, LLC ("JNAM" or "Adviser") is responsible for identifying and retaining the Sub-Advisers for the selected strategies and for monitoring the services provided by the Sub-Advisers. JNAM provides qualitative and quantitative supervision as part of its process for selecting and monitoring the Sub-Advisers. JNAM is also responsible for selecting the Fund's investment strategies and for determining the amount of Fund assets to allocate to each Sub-Adviser. Based on JNAM's ongoing evaluation of the Sub-Advisers, JNAM may adjust allocations among Sub-Advisers.

The Fund may use derivatives, which are instruments that have a value based on another instrument, exchange rate or index, may be used as substitutes for securities in which the Fund can invest. To the extent the Fund uses derivatives, the Fund will primarily use futures contracts to more effectively gain targeted equity exposure from its cash positions. Derivative instruments that provide investment exposure to the investments above or exposure to one or more market risk factors associated with such investments are included in the Fund's 80% policy and are consistent with the Fund's investment policies and limitations with respect to investments in derivatives.

JNAM may choose to allocate the Fund's assets to additional Sub-Advisers or to replace/remove Sub-Advisers in the future. There is no assurance that any or all of the strategies discussed in this prospectus will be used by JNAM or the Sub-Advisers.

Below are the principal investment strategies for each Sub-Adviser's strategy, but the Sub-Advisers may also implement other investment strategies in keeping with their respective strategy's objective.

*WCM Strategy*

WCM Investment Management, LLC ("WCM") constructs the strategy by investing in equity securities or depositary receipts of small capitalization companies domiciled outside of the United States, including in emerging and frontier market countries.

*Causeway Strategy*

Causeway Capital Management LLC ("Causeway") constructs the strategy by investing primarily in common stocks of companies with smaller market capitalizations located in developed and emerging markets outside the U.S. The Causeway Strategy may invest in a wide range of industries.

 *FIAM Strategy*

FIAM LLC ("FIAM") constructs the FIAM Strategy by investing primarily in non-U.S. securities, including securities of issuers located in emerging markets with small market capitalizations.

FIAM uses fundamental analysis of factors such as each issuer's financial condition and industry position, and market and economic conditions to select investments.

**Principal Risks of Investing in the Fund.** An investment in the Fund is not guaranteed. As with any mutual fund, the value of the Fund's shares will change, and you could lose money by investing in the Fund. The principal risks associated with investing in the Fund include:

● *Market risk* – Portfolio securities may decline in value due to factors affecting securities markets generally, such as real or perceived adverse economic, political, or regulatory conditions, inflation, changes in interest or currency rates or adverse investor sentiment, public health issues, including widespread disease and virus epidemics or pandemics, war, terrorism or natural disasters, among others. Adverse market conditions may be prolonged and may not have the same impact on all types of securities. The values of securities may fall due to factors affecting a particular issuer, industry or the securities market as a whole.

● *Equity securities risk* – Common and preferred stocks represent equity ownership in a company. Stock markets are volatile, and equity securities generally have greater price volatility than fixed-income securities. The price of equity or equity-related securities will fluctuate and can decline and reduce the value of a portfolio investing in equity or equity-related securities. The value of equity or equity-related securities purchased or held by the Fund could decline if the financial condition of the companies the Fund invests in decline or if overall market and economic conditions deteriorate. They may also decline due to factors that affect a particular industry or industries, such as labor shortages or an increase in production costs and competitive conditions within an industry. In addition, they may decline due to general market conditions that are not specifically related to a company or industry, such as real or perceived adverse economic conditions, changes in the general outlook for corporate earnings, changes in interest or currency rates or generally adverse investor sentiment.

● *Managed portfolio risk* – As an actively managed portfolio, the Fund's portfolio manager(s) make decisions to buy and sell holdings in the Fund's portfolio. Because of this, the value of the Fund's investments could decline because the financial condition of an issuer may change (due to such factors as management performance, reduced demand or overall market changes), financial markets may fluctuate or overall prices may decline, the Sub-Adviser's investment techniques could fail to achieve the Fund's investment objective or negatively affect the Fund's investment performance, or legislative, regulatory, or tax developments may affect the investment techniques available to the Sub-Adviser of the Fund. There is no guarantee that the investment objective of the Fund will be achieved.

● *Small-capitalization investing risk* **–** Investing in smaller companies, some of which may be newer companies or start-ups, generally involves greater risks than investing in larger, more established ones. The securities of companies with smaller market capitalizations often are less widely held and trade less frequently and in lesser quantities, and their market prices often fluctuate more, than the securities of companies with larger market capitalizations.

● *Investment style risk* – The returns from a certain investment style may be lower than the returns from the overall stock market. Value stocks may not increase in price if other investors fail to recognize the company's value or the factors that are expected to increase the price of the security do not occur. Growth stock prices frequently reflect projections of future earnings or revenues, and if earnings growth expectations are not met, their stock prices will likely fall, which may reduce the value of a Fund's investment in those stocks. Over market cycles, different investment styles may sometimes outperform other investment styles (for example, growth investing may outperform value investing).

● *Emerging markets and less developed countries risk* **–** Emerging market and less developed countries generally are located in Asia, the Middle East, Eastern Europe, Central and South America and Africa. Investments in, or exposure to, securities that are tied economically to emerging market and less developed countries are subject to all of the risks of investments in, or exposure to, foreign securities, generally to a greater extent than in developed markets, among other risks. Investments in securities that are tied economically to emerging markets involve greater risk from economic and political systems that typically are less developed, and likely to be less stable, than those in more advanced countries. The Fund also will be subject to the risk of adverse foreign currency rate fluctuations. Emerging market and less developed countries may also have economies that are predominantly based on only a few industries or dependent on revenues from particular commodities. The risks of nationalization, expropriation or other confiscation of assets of non-U.S. issuers is also greater in emerging and less developed countries. As a result of these risks, investments in securities tied economically to emerging markets tend to be more volatile than investments in securities of developed countries.

● *Frontier market countries risk* – Frontier market countries generally have smaller economies and even less developed capital markets than traditional developing markets, and, as a result, the risks of investing in developing market countries are magnified in frontier market countries. The magnification of risks is the result of: potential for extreme price volatility and illiquidity in frontier markets; government ownership or control of parts of private sector and of certain companies; trade barriers, exchange controls, managed adjustments in relative currency values and other protectionist measures imposed or negotiated by the countries with which frontier market countries trade; and the relatively new and unsettled securities laws in many frontier market countries.

● *Foreign securities risk* – Investments in, or exposure to, foreign securities involve risks not typically associated with U.S. investments. These risks include, among others, adverse fluctuations in foreign currency values, possible imposition of foreign withholding or other taxes on income payable on the securities, as well as adverse political, social and economic developments, such as political upheaval, acts of terrorism, financial troubles, sanctions or the threat of new or modified sanctions, or natural disasters. Many foreign securities markets, especially those in emerging market countries, are less stable, smaller, less liquid, and less regulated than U.S. securities markets, and the costs of trading in those markets is often higher than in U.S. securities markets. There may also be less publicly available information about issuers of foreign securities compared to issuers of U.S. securities. In addition, the economies of certain foreign markets may not compare favorably with the economy of the United States with respect to issues such as growth of gross national product, reinvestment of capital, resources and balance of payments position.

● *Allocation risk* – The Fund's ability to achieve its investment objective depends upon the investment manager's analysis of such factors as macroeconomic trends, outlooks for various industries and asset class valuations, and its ability to select an appropriate mix of asset classes based on its analysis of such factors. The Fund is subject to the risk of changes in market, investment, and economic conditions in the selection and percentages of allocations.

● *Depositary receipts risk –* Depositary receipts, such as American depositary receipts ("ADRs"), global depositary receipts ("GDRs"), and European depositary receipts ("EDRs"), may be issued in sponsored or un-sponsored programs. They may be traded in the over-the-counter ("OTC") market or on a regional exchange, or may otherwise have limited liquidity. The prices of depositary receipts may differ from the prices of securities upon which they are based. In a sponsored program, a security issuer has made arrangements to have its securities traded in the form of depositary receipts. In an un-sponsored program, the issuer may not be directly involved in the creation of the program. Holders of un-sponsored depositary receipts generally bear all the costs of the facility. The depository usually charges fees upon deposit and withdrawal of the underlying securities, the conversion of dividends into U.S. dollars or other currency, the disposition of non-cash distributions, and the performance of other services. Depositary receipts involve many of the same risks as direct investments in foreign securities. These risks include: fluctuations in currency exchange rates, which are affected by international balances of payments and other economic and financial conditions; government intervention; and speculation. With respect to certain foreign countries, there is the possibility of expropriation or nationalization of assets, confiscatory taxation, political and social upheaval, and economic instability. Investments in depositary receipts that are exchange traded or OTC may also subject the Fund to liquidity risk. This risk is enhanced in connection with OTC depositary receipts.

● *European investment risk* – Investing in Europe involves many of the same risks as investing in foreign securities. In addition, since Europe includes both developed and emerging markets, investments by the Fund will be subject to the risks associated with investments in such markets. Performance is expected to be closely tied to social, political, and economic conditions within Europe and to be more volatile than the performance of more geographically diversified funds.

● *Japan investment risk* – The Fund may invest a meaningful portion of its assets in Japan, the Fund's performance is expected to be closely tied to social, political, and economic conditions within Japan and to be more volatile than the performance of more geographically diversified funds.

● *Derivatives risk* **–** Investments in derivatives, which are financial instruments whose value depends on, or is derived from, the value of underlying assets, reference rates, or indices, can be highly volatile and may be subject to transaction costs and certain risks, such as unanticipated changes in securities prices and global currency investment. Derivatives also are subject to leverage risk, liquidity risk, interest rate risk, market risk, counterparty risk, and credit risk. They also involve the risk of mispricing or improper valuation and the risk that changes in the value of the derivative may not correlate perfectly with the underlying asset, interest rate or index. Gains or losses from derivatives can be substantially greater than the derivatives' original cost.

● *Investments in IPOs risk* **–** IPOs issued by unseasoned companies with little or no operating history are risky and highly volatile.

● *Rule 144A securities risk* – Rule 144A securities are securities offered as exempt from registration with the SEC, but may be treated as liquid securities because there is a market for such securities. Rule 144A securities may have an active trading market, but carry the risk that the active trading market may not continue. To the extent that institutional buyers become, for a time, uninterested in purchasing Rule 144A securities, investing in such securities could increase the Fund's level of illiquidity.

● *Regulation S securities risk* **–** Regulation S securities may be less liquid than publicly traded securities and may not be subject to the disclosure and other investor protection requirements that would be applicable if they were publicly traded. Accordingly, Regulation S securities may involve a high degree of business and financial risk and may result in substantial losses.

● *Currency risk* **–** Investments in foreign currencies, securities that trade in or receive revenues in foreign currencies, or derivatives that provide exposure to foreign currencies are subject to the risk that those currencies may decline in value or, in the case of hedging positions, that the currency may decline in value relative to the currency being hedged. Currency exchange rates can be volatile and may be affected by a number of factors, such as the general economics of a country, the actions (or inaction) of U.S. and foreign governments or central banks, the imposition of currency controls, and speculation. A decline in the value of a foreign currency versus the U.S. dollar reduces the value in U.S. dollars of investments denominated in that foreign currency.

● *Securities lending risk* – Securities lending involves the risk of loss or delays in recovery of the loaned securities or loss of rights in the collateral if the borrower fails to return the security loaned or becomes insolvent.

<br> **Performance.** The performance information shown provides some indication of the risks of investing in the Fund by showing changes in the Fund's performance from year to year and by showing how the Fund's average annual returns compared with those of a broad-based securities market index and an additional index that the Adviser believes more closely reflects the market segments in which the Fund invests. The Fund's past performance is not necessarily an indication of how the Fund will perform in the future.

The returns shown in the bar chart and table do not include charges that will be imposed by variable insurance products. If these amounts were reflected, returns would be less than those shown.

Effective April 26, 2021, the Fund was combined with JNL/Franklin Templeton International Small Cap Fund ("Acquired Fund"), with the Fund as the surviving Fund. The performance shown is the Fund's historic performance and does not reflect the performance of the Acquired Fund.

[to be updated by amendment]

**Annual Total Returns as of December 31**

**Class A**

![PerformanceBarChartData(2019:31.72, 2020:32.18, 2021:15.62, 2022:-30.44, 2023:22.47, 2024:4.98)](jnlst485a005.jpg)

**Best Quarter (ended 6/30/2020):** 33.42%; **Worst Quarter (ended 3/31/2020):** -25.68%

**Annual Total Returns as of December 31**

**Class I**

![PerformanceBarChartData(2019:32.06, 2020:32.68, 2021:15.96, 2022:-30.27, 2023:22.84, 2024:5.32)](jnlst485a006.jpg)

**Best Quarter (ended 6/30/2020):** 33.50%; **Worst Quarter (ended 3/31/2020):** -25.59%

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Average Annual Total Returns as of 12/31/2024** | | | |
|  | **1 year** | **5 year** | **Life of Fund (August 13, 2018)** |
| &nbsp;&nbsp;JNL Multi-Manager International Small Cap Fund (Class A) | 4.98% | 6.45% | 6.04% |
| &nbsp;&nbsp;Morningstar Global ex-US Target Market Exposure Index (Net) (reflects no deduction for fees, expenses, or taxes) | 5.37% | 4.33% | 4.79% |
| &nbsp;&nbsp;Morningstar Global ex-US Small Cap Target Market Exposure Index (Net) (reflects no deduction for fees, expenses, or taxes) | 3.66% | 3.32% | 3.23% |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Average Annual Total Returns as of 12/31/2024** | | | |
|  | **1 year** | **5 year** | **Life of Class (August 13, 2018)** |
| &nbsp;&nbsp;JNL Multi-Manager International Small Cap Fund (Class I) | 5.32% | 6.78% | 6.36% |
| &nbsp;&nbsp;Morningstar Global ex-US Target Market Exposure Index (Net) (reflects no deduction for fees, expenses, or taxes) | 5.37% | 4.33% | 4.79% |
| &nbsp;&nbsp;Morningstar Global ex-US Small Cap Target Market Exposure Index (Net) (reflects no deduction for fees, expenses, or taxes) | 3.66% | 3.32% | 3.23% |

---

**Portfolio Management.**

**Investment Adviser to the Fund:**<br> Jackson National Asset Management, LLC ("JNAM")

**Sub-Advisers:** <br> Causeway Capital Management LLC ("Causeway")<br> FIAM LLC ("FIAM")<br> WCM Investment Management, LLC ("WCM")

 **Sub-Sub-Adviser:** <br> FMR Investment Management (UK) Limited (FMR UK)

**Portfolio Managers:**

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp; **Name:** | &nbsp;&nbsp; **Joined Fund Management Team In:** | &nbsp;&nbsp; **Title:** |
| &nbsp;&nbsp; William Harding, CFA | &nbsp;&nbsp; August 2018 | &nbsp;&nbsp; Senior Vice President, Chief Investment Officer and Portfolio Manager, JNAM |
| &nbsp;&nbsp; Sean Hynes, CFA, CAIA | &nbsp;&nbsp; August 2018 | &nbsp;&nbsp; Vice President and Portfolio Manager, JNAM |
| &nbsp;&nbsp; Mark Pliska, CFA | &nbsp;&nbsp; August 2018 | &nbsp;&nbsp; Vice President and Portfolio Manager, JNAM |
| &nbsp;&nbsp; Kyle Ottwell, CFA, CAIA | &nbsp;&nbsp; April 2026 | &nbsp;&nbsp; Director and Portfolio Manager, JNAM |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp; **Name:** | &nbsp;&nbsp; **Joined Fund Management Team In:** | &nbsp;&nbsp; **Title:** |
| &nbsp;&nbsp; Arjun Jayaraman, Ph.D., CFA | &nbsp;&nbsp; August 2018 | &nbsp;&nbsp; Head of Quantitative Research and Portfolio Manager, Causeway |
| &nbsp;&nbsp; MacDuff Kuhnert | &nbsp;&nbsp; August 2018 | &nbsp;&nbsp; Director and Portfolio Manager, Causeway |
| &nbsp;&nbsp; Joe Gubler, CFA | &nbsp;&nbsp; August 2018 | &nbsp;&nbsp; Director and Portfolio Manager, Causeway |
| &nbsp;&nbsp; Ryan Myers | &nbsp;&nbsp; January 2021 | &nbsp;&nbsp; Director and Portfolio Manager, Causeway |
| &nbsp;&nbsp; Jed Weiss | &nbsp;&nbsp; April 2026 | &nbsp;&nbsp; Portfolio Manager, FIAM |
| &nbsp;&nbsp; Patrick Drouot | &nbsp;&nbsp; April 2026 | &nbsp;&nbsp; Portfolio Manager, FIAM |
| &nbsp;&nbsp; Gregory S. Ise, CFA | &nbsp;&nbsp; August 2018 | &nbsp;&nbsp; Portfolio Manager and Business Analyst, WCM |
| &nbsp;&nbsp; Sanjay Ayer, CFA | &nbsp;&nbsp; August 2018 | &nbsp;&nbsp; Portfolio Manager, WCM |

---

**Purchase and Redemption of Fund Shares** 

Only separate accounts of Jackson National Life Insurance Company ("Jackson National") or Jackson National Life Insurance Company of New York ("Jackson National NY") and series, including fund of funds, of registered investment companies in which either or both of those insurance companies invest may purchase shares of the Fund. You may invest indirectly in the Fund through your purchase of a variable annuity or life insurance contract issued by a separate account of Jackson National or Jackson National NY that invests directly, or through a fund of funds, in this Fund. Any minimum initial or subsequent investment requirements and redemption procedures are governed by the applicable separate account through which you invest indirectly.

This Fund serves as an underlying investment by insurance companies, affiliated investment companies, and retirement plans for funding variable annuity and life insurance contracts and retirement plans.

**Tax Information**

The Fund's shareholders are separate accounts of Jackson National or Jackson National NY and mutual funds owned directly or indirectly by such separate accounts. Accordingly, the Fund's dividends and other distributions generally are not taxable to you, the contract owner or plan participant, but no further discussion is included about the U.S. federal income tax consequences to you. You should consult the prospectus of the appropriate separate account or description of the plan for a discussion of the U.S. federal income tax consequences to you of your contract, policy or plan.

**Payments to Broker-Dealers and Financial Intermediaries**

If you invest in the Fund under a variable insurance contract or a plan that offers a variable insurance contract as a plan option through a broker-dealer or other financial intermediary (such as a financial institution), the Fund and its related companies may pay the intermediary for the sale of Fund shares and related services. These payments may create a conflict of interest by influencing the broker-dealer or other intermediary and your salesperson to recommend the Fund over another investment. Ask your salesperson or visit your financial intermediary's Website for more information.

**Summary Prospectus – April 27, 2026**

 **JNL Multi-Manager Select Equity Fund** 

*(formerly, JNL Multi-Manager U.S. Select Equity Fund)*

**Class A**

**Class I**

**Investment Objective.** The investment objective of the Fund is long-term capital appreciation.

**Expenses.** This table describes the fees and expenses that you may pay if you buy, hold and sell shares of the Fund.

The expenses do not reflect the expenses of the variable insurance contracts or the separate account through which you indirectly invest in the Fund, whichever may be applicable, and the total expenses would be higher if they were included.

You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below.

**Shareholder Fees<br> (fees paid directly from your investment)**<br> Not Applicable

[to be updated by amendment]

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Annual Fund Operating Expenses <br> (Expenses that you pay each year as a percentage of the value of your investment)** | &nbsp;&nbsp;**Annual Fund Operating Expenses <br> (Expenses that you pay each year as a percentage of the value of your investment)** |
|  | &nbsp;&nbsp;**Class A** |
| &nbsp;&nbsp;Management Fee | &nbsp;&nbsp;0.53% |
| &nbsp;&nbsp;Distribution and/or Service (12b-1) Fees | &nbsp;&nbsp;0.30% |
| &nbsp;&nbsp;Other Expenses<sup>1</sup> | &nbsp;&nbsp;0.15% |
| &nbsp;&nbsp;Total Annual Fund Operating Expenses | &nbsp;&nbsp;0.98% |

---

<sup>1</sup> "Other Expenses" include an Administrative Fee of 0.15% which is payable to Jackson National Asset Management, LLC ("JNAM" or "Adviser").

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Annual Fund Operating Expenses <br> (Expenses that you pay each year as a percentage of the value of your investment)** | &nbsp;&nbsp;**Annual Fund Operating Expenses <br> (Expenses that you pay each year as a percentage of the value of your investment)** |
|  | &nbsp;&nbsp;**Class I** |
| &nbsp;&nbsp;Management Fee | &nbsp;&nbsp;0.53% |
| &nbsp;&nbsp;Distribution and/or Service (12b-1) Fees | &nbsp;&nbsp;0.00% |
| &nbsp;&nbsp;Other Expenses<sup>1</sup> | &nbsp;&nbsp;0.15% |
| &nbsp;&nbsp;Total Annual Fund Operating Expenses | &nbsp;&nbsp;0.68% |

---

<sup>1</sup> "Other Expenses" include an Administrative Fee of 0.15% which is payable to Jackson National Asset Management, LLC ("JNAM" or "Adviser").

**Expense Example.** This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. Also, this example does not reflect the expenses of the variable insurance contracts or the separate account through which you indirectly invest in the Fund, whichever may be applicable, and the total expenses would be higher if they were included. The table below shows the expenses you would pay on a $10,000 investment, assuming (1) 5% annual return; (2) redemption at the end of each time period; and (3) that the Fund operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions, your costs would be:

[to be updated by amendment]

---

| | | | |
|:---|:---|:---|:---|
| **JNL Multi-Manager Select Equity Fund Class A** | **JNL Multi-Manager Select Equity Fund Class A** | **JNL Multi-Manager Select Equity Fund Class A** | **JNL Multi-Manager Select Equity Fund Class A** |
| 1 year | 3 years | 5 years | 10 years |
| $100 | $312 | $542 | $1201 |

---

---

| | | | |
|:---|:---|:---|:---|
| **JNL Multi-Manager Select Equity Fund Class I** | **JNL Multi-Manager Select Equity Fund Class I** | **JNL Multi-Manager Select Equity Fund Class I** | **JNL Multi-Manager Select Equity Fund Class I** |
| 1 year | 3 years | 5 years | 10 years |
| $69 | $218 | $379 | $847 |

---

**Portfolio Turnover (% of average value of portfolio).** The Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs. These costs, which are not reflected in Annual Fund Operating Expenses or in the Expense Example above, affect the Fund's performance.

[to be updated by amendment]

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Period** | |
| &nbsp;&nbsp;1/1/2024 - 12/31/2024 | 139% |

---

 **Principal Investment Strategies.** The Fund seeks to achieve its investment objective by investing, under normal circumstances, at least 80% of its assets (net assets plus the amount of any borrowings for investment purposes) in equity securities. A significant portion of the Fund's assets are invested in publicly traded common stocks of U.S. companies.

The Fund may invest in equity securities of foreign companies in both developed and emerging markets.

The Fund may also invest in U.S. Treasury securities.

The Fund is classified as "non-diversified," which means that it may invest a larger percentage of its assets in a smaller number of issuers than a diversified fund.

The Fund has flexibility in the relative weighting of each asset class and expects to vary the percentages of assets invested in each asset class from time to time. JNAM's allocations to the underlying Sub-Advisers will be a function of a variety of factors including each underlying strategy's expected returns, volatility, correlation, and contribution to the Fund's overall risk profile.

Three unaffiliated investment managers ("Sub-Advisers") generally provide day to day management for a portion of the Fund's assets (each portion is sometimes referred to as a "sleeve"). Each Sub-Adviser may use different investment strategies in managing Fund assets, acts independently from the others, and uses its own methodology for selecting investments. Jackson National Asset Management, LLC ("JNAM" or "Adviser") is responsible for identifying and retaining the Sub-Advisers for the selected strategies and for monitoring the services provided by the Sub-Advisers. JNAM provides qualitative and quantitative supervision as part of its process for selecting and monitoring the Sub-Advisers. JNAM is also responsible for selecting the Fund's investment strategies and for determining the amount of Fund assets to allocate to each Sub-Adviser. Based on JNAM's ongoing evaluation of the Sub-Advisers, JNAM may adjust allocations among Sub-Advisers.

JNAM also may choose to allocate the Fund's assets to additional Sub-Advisers or to replace/remove Sub-Advisers in the future. There is no assurance that any or all of the strategies discussed in this prospectus will be used by JNAM or the Sub-Advisers.

JNAM may also manage Fund assets directly to seek to enhance returns, or to hedge and to manage the Fund's cash and short-term instruments.

Below are the principal investment strategies for each Sub-Adviser's strategy, but the Sub-Advisers may also implement other investment strategies in keeping with their respective strategy's objective.

*GQG Strategy*

GQG Partners LLC ("GQG") constructs the GQG Strategy by investing primarily in equity securities of U.S. companies. The GQG Strategy may invest in initial public offerings ("IPOs") and securities of companies with any market capitalization. GQG considers a company to be a U.S. company if: (i) at least 50% of the company's assets are located in the U.S.; (ii) at least 50% of the company's revenue is generated in the U.S.; (iii) the company is organized, conducts its principal operations, or maintains its principal place of business or principal manufacturing facilities in the U.S.; (iv) the company's securities are traded principally in the U.S.; or (v) GQG otherwise believes that the company's assets are exposed to the economic fortunes and risks of the U.S. (because, for example, GQG believes that the company's growth is dependent on the U.S.).

In managing the GQG Strategy, GQG typically pursues a "growth style" of investing as it seeks to capture market inefficiencies which GQG believes are driven by investors' propensity to be short-sighted and overly focused on quarter-to-quarter price movements rather than a company's fundamentals over a longer time horizon (5 years or more). Specifically, GQG seeks to buy companies that it believes are reasonably priced and have strong fundamental business characteristics, such as modest leverage, strong rates of return on equity and sustainable earnings and/or cash flow growth. GQG seeks to outperform peers over a full market cycle by seeking to capture market upside while limiting downside risk. GQG may also purchase stocks that would not fall into the traditional "growth" style box. In constructing its portfolio of securities, GQG is not constrained by sector or industry weights in the Fund's benchmark and, at times, may emphasize one or more particular industries or sectors in the portfolio construction process. GQG relies on individual stock selection driven by a bottom-up research process rather than seeking to add value based on "top-down", macro based criteria.

The GQG Strategy's equity investments also may include sponsored and un-sponsored depositary receipts (including American Depositary Receipts ("ADRs"), European Depositary Receipts ("EDRs"), and Global Depositary Receipts ("GDRs")), which are certificates typically issued by a bank or trust company.

*River Road Strategy*

River Road Asset Management, LLC ("River Road") constructs the River Road Strategy by investing primarily in equity securities of large-capitalization companies that River Road believes are undervalued. The River Road Strategy's equity investments may include common stock, foreign securities (directly and through depositary receipts, including ADRs, EDRs, and GDRs), and real estate investment trusts ("REITs").

The River Road Strategy may also invest in common stock of companies of other market capitalizations (measured at the time of acquisition), and publicly traded partnerships, including, but not limited to, master limited partnerships.

*WCM Strategy*

WCM Investment Management, LLC ("WCM") constructs the WCM Strategy by investing in equity securities of quality growth companies. WCM considers quality growth companies to have superior growth prospects, high returns on invested capital, and low or no debt. In constructing the WCM Strategy, WCM considers qualitative elements, such as corporate culture and the strength, quality, and trustworthiness of management.

The WCM Strategy's equity investments may include depositary receipts (including ADRs, EDRs, and GDRs).

**Principal Risks of Investing in the Fund.** An investment in the Fund is not guaranteed. As with any mutual fund, the value of the Fund's shares will change, and you could lose money by investing in the Fund. The principal risks associated with investing in the Fund include:

● *Equity securities risk* – Common and preferred stocks represent equity ownership in a company. Stock markets are volatile, and equity securities generally have greater price volatility than fixed-income securities. The price of equity or equity-related securities will fluctuate and can decline and reduce the value of a portfolio investing in equity or equity-related securities. The value of equity or equity-related securities purchased or held by the Fund could decline if the financial condition of the companies the Fund invests in decline or if overall market and economic conditions deteriorate. They may also decline due to factors that affect a particular industry or industries, such as labor shortages or an increase in production costs and competitive conditions within an industry. In addition, they may decline due to general market conditions that are not specifically related to a company or industry, such as real or perceived adverse economic conditions, changes in the general outlook for corporate earnings, changes in interest or currency rates or generally adverse investor sentiment.

● *Market risk* – Portfolio securities may decline in value due to factors affecting securities markets generally, such as real or perceived adverse economic, political, or regulatory conditions, inflation, changes in interest or currency rates or adverse investor sentiment, public health issues, including widespread disease and virus epidemics or pandemics, war, terrorism or natural disasters, among others. Adverse market conditions may be prolonged and may not have the same impact on all types of securities. The values of securities may fall due to factors affecting a particular issuer, industry or the securities market as a whole.

● *Managed portfolio risk* – As an actively managed portfolio, the Fund's portfolio manager(s) make decisions to buy and sell holdings in the Fund's portfolio. Because of this, the value of the Fund's investments could decline because the financial condition of an issuer may change (due to such factors as management performance, reduced demand or overall market changes), financial markets may fluctuate or overall prices may decline, the Sub-Advisers' investment techniques could fail to achieve the Fund's investment objective or negatively affect the Fund's investment performance, or legislative, regulatory, or tax developments may affect the investment techniques available to the Sub-Adviser of the Fund. There is no guarantee that the investment objective of the Fund will be achieved.

● *Investment strategy risk* **–** The Sub-Adviser uses the principal investment strategies and other investment strategies to seek to achieve the Fund's investment objective. Investment decisions made by the Sub-Adviser in accordance with these investment strategies may not produce the returns the Sub-Adviser expected, and may cause the Fund's shares to decline in value or may cause the Fund to underperform other funds with similar investment objectives.

● *Sector risk* – Companies with similar characteristics may be grouped together in broad categories called sectors. Sector risk is the risk that securities of companies within specific sectors of the economy can perform differently than the overall market. For example, this may be due to changes in the regulatory or competitive environment or changes in investor perceptions regarding a sector. Because the Fund may allocate relatively more assets to certain sectors than others, the Fund's performance may be more susceptible to any developments which affect those sectors emphasized by the Fund. In addition, the Fund could underperform other funds investing in similar sectors or comparable benchmarks because of the investment manager's choice of securities within such sector.

● *Large-capitalization investing risk* – Large-capitalization stocks as a group could fall out of favor with the market, which may cause the Fund to underperform funds that focus on other types of stocks.

● *Investment style risk* – The returns from a certain investment style may be lower than the returns from the overall stock market. Growth stock prices frequently reflect projections of future earnings or revenues, and if earnings growth expectations are not met, their stock prices will likely fall, which may reduce the value of a Fund's investment in those stocks. Value stocks may not increase in price if other investors fail to recognize the company's value or the factors that are expected to increase the price of the security do not occur. Over market cycles, different investment styles may sometimes outperform other investment styles (for example, growth investing may outperform value investing).

● *Non-diversification risk* **–** The Fund is non-diversified, as defined by the 1940 Act, and as such may invest in the securities of a limited number of issuers and may invest a greater percentage of its assets in a particular issuer. Therefore, a decline in the market price of a particular security held by the Fund may affect the Fund's performance more than if the Fund were a diversified investment company.

● *Mid-capitalization and small-capitalization investing risk* – The securities of mid-capitalization and small-capitalization companies involve greater risks than those associated with larger, more established companies and may be subject to more abrupt or erratic price movements. Securities of such issuers may lack sufficient market liquidity to enable a Fund to effect sales at an advantageous time or without a substantial drop in price. Both mid-capitalization and small-capitalization companies often have narrower markets and more limited managerial and financial resources than larger, more established companies. As a result, their performance can be more volatile and they face greater risk of business failure, which could increase the volatility of a Fund's portfolio. Generally, the smaller the company size, the greater these risks become.

● *Investments in IPOs risk* **–** IPOs issued by unseasoned companies with little or no operating history are risky and highly volatile.

● *Issuer risk* **–** The value of an individual security or particular type of security can be more volatile than the market as a whole and can perform differently from the market as a whole. A security's value may decline for reasons that directly relate to the issuer, such as management performance, corporate governance, financial leverage and reduced demand for the issuer's goods or services.

● *Foreign securities risk* – Investments in, or exposure to, foreign securities involve risks not typically associated with U.S. investments. These risks include, among others, adverse fluctuations in foreign currency values, possible imposition of foreign withholding or other taxes on income payable on the securities, as well as adverse political, social and economic developments, such as political upheaval, acts of terrorism, financial troubles, sanctions or the threat of new or modified sanctions, or natural disasters. Many foreign securities markets, especially those in emerging market countries, are less stable, smaller, less liquid, and less regulated than U.S. securities markets, and the costs of trading in those markets is often higher than in U.S. securities markets. There may also be less publicly available information about issuers of foreign securities compared to issuers of U.S. securities. In addition, the economies of certain foreign markets may not compare favorably with the economy of the United States with respect to issues such as growth of gross national product, reinvestment of capital, resources and balance of payments position.

● *Depositary receipts risk –* Depositary receipts, such as American depositary receipts ("ADRs"), global depositary receipts ("GDRs"), and European depositary receipts ("EDRs"), may be issued in sponsored or un-sponsored programs. They may be traded in the over-the-counter ("OTC") market or on a regional exchange, or may otherwise have limited liquidity. The prices of depositary receipts may differ from the prices of securities upon which they are based. In a sponsored program, a security issuer has made arrangements to have its securities traded in the form of depositary receipts. In an un-sponsored program, the issuer may not be directly involved in the creation of the program. Holders of un-sponsored depositary receipts generally bear all the costs of the facility. The depository usually charges fees upon deposit and withdrawal of the underlying securities, the conversion of dividends into U.S. dollars or other currency, the disposition of non-cash distributions, and the performance of other services. Depositary receipts involve many of the same risks as direct investments in foreign securities. These risks include: fluctuations in currency exchange rates, which are affected by international balances of payments and other economic and financial conditions; government intervention; and speculation. With respect to certain foreign countries, there is the possibility of expropriation or nationalization of assets, confiscatory taxation, political and social upheaval, and economic instability. Investments in depositary receipts that are exchange traded or OTC may also subject the Fund to liquidity risk. This risk is enhanced in connection with OTC depositary receipts.

● *REIT investment risk* **–** The risks of investing in REITs include certain risks associated with the direct ownership of real estate and the real estate industry in general. These include risks related to general, regional and local economic conditions; difficulties in valuing and disposing of real estate; fluctuations in interest rates and property tax rates; shifts in zoning laws; environmental regulations and other governmental action; cash flow dependency; increased operating expenses; lack of availability of mortgage funds; losses due to natural disasters; overbuilding; losses due to casualty or condemnation; changes in property values and rental rates; the management skill and creditworthiness of the REIT manager; and other factors. REITs may have limited financial resources, may trade less frequently and in limited volume, may engage in dilutive offerings of securities and may be more volatile than other securities. REITs could be adversely affected by failure to maintain their exemptions from registration under the Investment Company Act of 1940, as amended, or failure to qualify for the "dividends paid deduction" under the Internal Revenue Code of 1986, as amended, which allows REITs to reduce their corporate taxable income for dividends paid to their shareholders.

● *Portfolio turnover risk* **–** Frequent changes in the securities held by the Fund, including investments made on a shorter-term basis or in derivative instruments or in instruments with a maturity of one year or less at the time of acquisition, may increase transaction costs, which may reduce performance.

● *Master limited partnership risk* – An investment in MLP units involves some risks that differ from an investment in the common stock of a corporation. Holders of MLP units have limited control on matters affecting the partnership. Investing in MLPs involves certain risks related to investing in the underlying assets of the MLPs and risks associated with pooled investment vehicles. MLPs holding credit-related investments are subject to interest rate risk and the risk of default on payment obligations by debt issuers. MLPs that concentrate in a particular industry or a particular geographic region are subject to risks associated with such industry or region. The benefit derived from the Fund's investment in MLPs is largely dependent on the MLPs being treated as partnerships for federal income tax purposes. Certain MLPs may be illiquid securities.

**Performance.** The performance information shown provides some indication of the risks of investing in the Fund by showing changes in the Fund's performance from year to year and by showing how the Fund's average annual returns compared with those of a broad-based securities market index. The Fund's past performance is not necessarily an indication of how the Fund will perform in the future.

The returns shown in the bar chart and table do not include charges that will be imposed by variable insurance products. If these amounts were reflected, returns would be less than those shown.

Effective October 21, 2024, the Fund was combined with the JNL/Baillie Gifford U.S. Equity Growth Fund ("Acquired Fund"), with the Fund as the surviving Fund. The performance shown is the Fund's historical performance and does not reflect the performance of the Acquired Fund.

[to be updated by amendment]

**Annual Total Returns as of December 31**

**Class A**

![PerformanceBarChartData(2023:22.82, 2024:35.25)](jnlst485a007.jpg)

**Best Quarter (ended 3/31/2024):** 19.67%; **Worst Quarter (ended 9/30/2023):** -3.34%

**Annual Total Returns as of December 31**

**Class I**

![PerformanceBarChartData(2023:23.21, 2024:35.68)](jnlst485a008.jpg)

**Best Quarter (ended 3/31/2024):** 19.75%; **Worst Quarter (ended 9/30/2023):** -3.24%

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Average Annual Total Returns as of 12/31/2024** | | |
|  | **1 year** | **Life of Fund (November 15, 2022)** |
| &nbsp;&nbsp;JNL Multi-Manager Select Equity Fund (Class A) | 35.25% | 25.54% |
| &nbsp;&nbsp;Morningstar US Target Market Exposure Index (reflects no deduction for fees, expenses, or taxes) | 24.91% | 22.56% |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Average Annual Total Returns as of 12/31/2024** | | |
|  | **1 year** | **Life of Class (November 15, 2022)** |
| &nbsp;&nbsp;JNL Multi-Manager Select Equity Fund (Class I) | 35.68% | 25.98% |
| &nbsp;&nbsp;Morningstar US Target Market Exposure Index (reflects no deduction for fees, expenses, or taxes) | 24.91% | 22.56% |

---

**Portfolio Management.**

**Investment Adviser to the Fund:**<br> Jackson National Asset Management, LLC ("JNAM")

**Sub-Advisers:** <br> GQG Partners LLC ("GQG")<br> River Road Asset Management, LLC ("River Road")<br> WCM Investment Management, LLC ("WCM")

**Portfolio Managers:**

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp; **Name:** | &nbsp;&nbsp; **Joined Fund Management Team In:** | &nbsp;&nbsp; **Title:** |
| &nbsp;&nbsp; William Harding, CFA | &nbsp;&nbsp; November 2022 | &nbsp;&nbsp; Senior Vice President, Chief Investment Officer and Portfolio Manager, JNAM |
| &nbsp;&nbsp; Sean Hynes, CFA, CAIA | &nbsp;&nbsp; November 2022 | &nbsp;&nbsp; Vice President and Portfolio Manager, JNAM |
| &nbsp;&nbsp; Mark Pliska, CFA | &nbsp;&nbsp; November 2022 | &nbsp;&nbsp; Vice President and Portfolio Manager, JNAM |
| &nbsp;&nbsp; Kyle Ottwell, CFA, CAIA | &nbsp;&nbsp; April 2026 | &nbsp;&nbsp; Director and Portfolio Manager, JNAM |
| &nbsp;&nbsp; Rajiv Jain | &nbsp;&nbsp; November 2022 | &nbsp;&nbsp; Chairman and Chief Investment Officer, GQG |
| &nbsp;&nbsp; Brian Kersmanc | &nbsp;&nbsp; November 2022 | &nbsp;&nbsp; Senior Investment Analyst and Portfolio Manager, GQG |
| &nbsp;&nbsp; Sudarshan Murthy, CFA | &nbsp;&nbsp; November 2022 | &nbsp;&nbsp; Senior Investment Analyst and Portfolio Manager, GQG |
| &nbsp;&nbsp; Siddharth Jain | &nbsp;&nbsp; January 2024 | &nbsp;&nbsp; Investment Analyst and Deputy Portfolio Manager, GQG |
| &nbsp;&nbsp; Matthew W. Moran, CFA | &nbsp;&nbsp; August 2025 | &nbsp;&nbsp; Portfolio Manager, River Road |
| &nbsp;&nbsp; Daniel R. Johnson, CFA, CPA | &nbsp;&nbsp; August 2025 | &nbsp;&nbsp; Portfolio Manager, River Road |
| &nbsp;&nbsp; Sanjay Ayer, CFA | &nbsp;&nbsp; November 2022 | &nbsp;&nbsp; Portfolio Manager, WCM |
| &nbsp;&nbsp; Michael B. Trigg | &nbsp;&nbsp; November 2022 | &nbsp;&nbsp; Portfolio Manager and co-CEO, WCM |
| &nbsp;&nbsp; Michael Hayward | &nbsp;&nbsp; April 2025 | &nbsp;&nbsp; Portfolio Manager and Business Analyst, WCM |
| &nbsp;&nbsp; Ross Bendetson | &nbsp;&nbsp; April 2025 | &nbsp;&nbsp; Portfolio Manager and Business Analyst, WCM |

---

**Purchase and Redemption of Fund Shares** 

Only separate accounts of Jackson National Life Insurance Company ("Jackson National") or Jackson National Life Insurance Company of New York ("Jackson National NY") and series, including fund of funds, of registered investment companies in which either or both of those insurance companies invest may purchase shares of the Fund. You may invest indirectly in the Fund through your purchase of a variable annuity or life insurance contract issued by a separate account of Jackson National or Jackson National NY that invests directly, or through a fund of funds, in this Fund. Any minimum initial or subsequent investment requirements and redemption procedures are governed by the applicable separate account through which you invest indirectly.

This Fund serves as an underlying investment by insurance companies, affiliated investment companies, and retirement plans for funding variable annuity and life insurance contracts and retirement plans.

**Tax Information**

The Fund expects to be treated as a partnership for U.S. federal income tax purposes, and does not expect to make regular distributions (other than in redemption of Fund shares) to shareholders, which generally are the participating insurance companies investing in the Fund through separate accounts of Jackson National or Jackson National NY and mutual funds owned directly or indirectly by such separate accounts. You should consult the prospectus of the appropriate separate account or description of the plan for a discussion of the U.S. federal income tax consequences to you of your contract, policy, or plan.

**Payments to Broker-Dealers and Financial Intermediaries**

If you invest in the Fund under a variable insurance contract or a plan that offers a variable insurance contract as a plan option through a broker-dealer or other financial intermediary (such as a financial institution), the Fund and its related companies may pay the intermediary for the sale of Fund shares and related services. These payments may create a conflict of interest by influencing the broker-dealer or other intermediary and your salesperson to recommend the Fund over another investment. Ask your salesperson or visit your financial intermediary's Website for more information.

**Summary Prospectus – April 27, 2026**

 **JNL/Fidelity Institutional AM<sup>®</sup> & JPMorgan Large Cap Growth Fund** 

*(formerly, JNL/ClearBridge Large Cap Growth Fund)*

**Class A**

**Class I**

 **Investment Objective.** The investment objective of the Fund is to seek long-term capital appreciation.

**Expenses.** This table describes the fees and expenses that you may pay if you buy, hold and sell shares of the Fund.

The expenses do not reflect the expenses of the variable insurance contracts or the separate account through which you indirectly invest in the Fund, whichever may be applicable, and the total expenses would be higher if they were included.

You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below.

**Shareholder Fees<br> (fees paid directly from your investment)**<br> Not Applicable

[to be updated by amendment]

---

| | |
|:---|:---|
| &nbsp;&nbsp; **Annual Fund Operating Expenses** <br> **(Expenses that you pay each year as a percentage of the value of your investment)** | &nbsp;&nbsp; **Annual Fund Operating Expenses** <br> **(Expenses that you pay each year as a percentage of the value of your investment)** |
|  | &nbsp;&nbsp;**Class A** |
| &nbsp;&nbsp;Management Fee | &nbsp;&nbsp;0.48% |
| &nbsp;&nbsp;Distribution and/or Service (12b-1) Fees | &nbsp;&nbsp;0.30% |
| &nbsp;&nbsp;Other Expenses<sup>1</sup> | &nbsp;&nbsp;0.15% |
| &nbsp;&nbsp;Total Annual Fund Operating Expenses | &nbsp;&nbsp;0.93% |

---

<sup>1</sup> "Other Expenses" include an Administrative Fee of 0.15% which is payable to Jackson National Asset Management, LLC ("JNAM" or "Adviser").

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Annual Fund Operating Expenses <br> (Expenses that you pay each year as a percentage of the value of your investment)** | &nbsp;&nbsp;**Annual Fund Operating Expenses <br> (Expenses that you pay each year as a percentage of the value of your investment)** |
|  | &nbsp;&nbsp;**Class I** |
| &nbsp;&nbsp;Management Fee | &nbsp;&nbsp;0.48% |
| &nbsp;&nbsp;Distribution and/or Service (12b-1) Fees | &nbsp;&nbsp;0.00% |
| &nbsp;&nbsp;Other Expenses<sup>1</sup> | &nbsp;&nbsp;0.15% |
| &nbsp;&nbsp;Total Annual Fund Operating Expenses | &nbsp;&nbsp;0.63% |

---

<sup>1</sup> "Other Expenses" include an Administrative Fee of 0.15% which is payable to Jackson National Asset Management, LLC ("JNAM" or "Adviser").

**Expense Example.** This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. Also, this example does not reflect the expenses of the variable insurance contracts or the separate account through which you indirectly invest in the Fund, whichever may be applicable, and the total expenses would be higher if they were included. The table below shows the expenses you would pay on a $10,000 investment, assuming (1) 5% annual return; (2) redemption at the end of each time period; and (3) that the Fund operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions, your costs would be:

[to be updated by amendment]

---

| | | | |
|:---|:---|:---|:---|
| **JNL/Fidelity Institutional AM<sup>®</sup> & JPMorgan Large Cap Growth Fund Class A** | **JNL/Fidelity Institutional AM<sup>®</sup> & JPMorgan Large Cap Growth Fund Class A** | **JNL/Fidelity Institutional AM<sup>®</sup> & JPMorgan Large Cap Growth Fund Class A** | **JNL/Fidelity Institutional AM<sup>®</sup> & JPMorgan Large Cap Growth Fund Class A** |
| 1 year | 3 years | 5 years | 10 years |
| $95 | $296 | $515 | $1143 |

---

---

| | | | |
|:---|:---|:---|:---|
| **JNL/Fidelity Institutional AM<sup>®</sup> & JPMorgan Large Cap Growth Fund Class I** | **JNL/Fidelity Institutional AM<sup>®</sup> & JPMorgan Large Cap Growth Fund Class I** | **JNL/Fidelity Institutional AM<sup>®</sup> & JPMorgan Large Cap Growth Fund Class I** | **JNL/Fidelity Institutional AM<sup>®</sup> & JPMorgan Large Cap Growth Fund Class I** |
| 1 year | 3 years | 5 years | 10 years |
| $64 | $202 | $351 | $786 |

---

**Portfolio Turnover (% of average value of portfolio).** The Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs. These costs, which are not reflected in Annual Fund Operating Expenses or in the Expense Example above, affect the Fund's performance.

[to be updated by amendment]

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Period** | |
| &nbsp;&nbsp;1/1/2024 - 12/31/2024 | 16% |

---

 **Principal Investment Strategies.** Under normal circumstances, the Fund invests at least 80% of its assets (net assets plus the amount of any borrowings made for investment purposes) in equity securities or other equity investments with large market capitalizations. Large-capitalization companies are those companies with market capitalizations similar to companies in the Morningstar US Target Market Exposure Index (the "Index"). The size of the companies in the Index changes with market conditions and the composition of the Index. As of December 31, 2024, the range of such companies in the Index was $2.0 billion to $3.8 trillion. The Fund is classified as a "non-diversified" fund, as defined in the Investment Company Act of 1940, as amended (the "1940 Act"), which means that it may invest more of its assets in fewer issuers than "diversified" mutual funds.

The Fund has flexibility in the relative weighting of each asset class and expects to vary the percentages of assets invested in each asset class from time to time. JNAM's allocations to the underlying Sub-Advisers will be a function of a variety of factors including each underlying strategy's expected returns, volatility, correlation, and contribution to the Fund's overall risk profile.

Two unaffiliated investment managers ("Sub-Advisers") generally provide day to day management for a portion of the Fund's assets (each portion is sometimes referred to as a "sleeve"). Each Sub-Adviser may use different investment strategies in managing Fund assets, acts independently from the others, and uses its own methodology for selecting investments. Jackson National Asset Management, LLC ("JNAM" or "Adviser") is responsible for identifying and retaining the Sub-Advisers for the selected strategies and for monitoring the services provided by the Sub-Advisers. JNAM provides qualitative and quantitative supervision as part of its process for selecting and monitoring the Sub-Advisers. JNAM is also responsible for selecting the Fund's investment strategies and for determining the amount of Fund assets to allocate to each Sub-Adviser. Based on JNAM's ongoing evaluation of the Sub-Advisers, JNAM may adjust allocations among Sub-Advisers.

The Fund may use derivatives, which are instruments that have a value based on another instrument, exchange rate or index, may be used as substitutes for securities in which the Fund can invest. To the extent the Fund uses derivatives, the Fund will primarily use futures contracts to more effectively gain targeted equity exposure from its cash positions. Derivative instruments that provide investment exposure to the investments above or exposure to one or more market risk factors associated with such investments are included in the Fund's 80% policy and are consistent with the Fund's investment policies and limitations with respect to investments in derivatives.

JNAM also may choose to allocate the Fund's assets to additional Sub-Advisers or to replace/remove Sub-Advisers in the future. There is no assurance that any or all of the strategies discussed in this prospectus will be used by JNAM or the Sub-Advisers.

JNAM may also manage Fund assets directly to seek to enhance returns, or to hedge and to manage the Fund's cash and short-term instruments.

Below are the principal investment strategies for each Sub-Adviser's strategy, but the Sub-Advisers may also implement other investment strategies in keeping with their respective strategy's objective.

 *JPMorgan Strategy*

J.P. Morgan Investment Management Inc. ("JPMorgan") that seeks to identify companies with positive price momentum and attractive fundamentals. JPMorgan seeks structural disconnects which allow businesses to exceed market expectations. These disconnects may result from: demographic/cultural changes, technological advancements and/or regulatory changes. JPMorgan's assessment is based on an analysis of key opportunities and risks across industries to seek to identify financially material issues with respect to JPMorgan Strategy's investments in securities and ascertain key issues that merit engagement with issuers. These assessments may not be conclusive and securities of issuers that may be negatively impacted by such factors may be purchased and retained by JPMorgan while the JPMorgan Strategy may divest or not invest in securities of issuers that may be positively impacted by such factors.

 *FIAM Strategy* 

FIAM LLC ("FIAM") constructs the strategy by investing primarily in common stocks of blue chip growth companies that FIAM believes are well-known, well-established and well-capitalized, which generally have large or medium market capitalizations. FIAM invests in "growth companies," which are companies that FIAM believes have above average growth potential.

FIAM considers a number of factors in determining a company's growth potential, such as whether the company is included in a third-party growth benchmark or classified as a growth company by a third-party vendor, if the company's projected earnings per share growth, sales growth per share or free cash flow growth or its trailing earnings per share growth is above the equity market median, if the company's research and development expenses exceed sales, general and administrative expenses, or if the company is raising capital to grow, fund or expand its business. A company's growth potential can be determined under any of these factors.

FIAM uses fundamental analysis of factors such as each issuer's financial condition and industry position, as well as market and economic conditions, to select investments.

FIAM may invest the assets of the FIAM strategy in securities of foreign issuers in addition to securities of domestic issuers.

**Principal Risks of Investing in the Fund.** An investment in the Fund is not guaranteed. As with any mutual fund, the value of the Fund's shares will change, and you could lose money by investing in the Fund. The principal risks associated with investing in the Fund include:

● *Equity securities risk* – Common and preferred stocks represent equity ownership in a company. Stock markets are volatile, and equity securities generally have greater price volatility than fixed-income securities. The price of equity or equity-related securities will fluctuate and can decline and reduce the value of a portfolio investing in equity or equity-related securities. The value of equity or equity-related securities purchased or held by the Fund could decline if the financial condition of the companies the Fund invests in decline or if overall market and economic conditions deteriorate. They may also decline due to factors that affect a particular industry or industries, such as labor shortages or an increase in production costs and competitive conditions within an industry. In addition, they may decline due to general market conditions that are not specifically related to a company or industry, such as real or perceived adverse economic conditions, changes in the general outlook for corporate earnings, changes in interest or currency rates or generally adverse investor sentiment.

● *Market risk* – Portfolio securities may decline in value due to factors affecting securities markets generally, such as real or perceived adverse economic, political, or regulatory conditions, inflation, changes in interest or currency rates or adverse investor sentiment, public health issues, including widespread disease and virus epidemics or pandemics, war, terrorism or natural disasters, among others. Adverse market conditions may be prolonged and may not have the same impact on all types of securities. The values of securities may fall due to factors affecting a particular issuer, industry or the securities market as a whole.

● *Large-capitalization investing risk* – Large-capitalization stocks as a group could fall out of favor with the market, which may cause the Fund to underperform funds that focus on other types of stocks.

● *Investment style risk* – The returns from a certain investment style may be lower than the returns from the overall stock market. Growth stock prices frequently reflect projections of future earnings or revenues, and if earnings growth expectations are not met, their stock prices will likely fall, which may reduce the value of a Fund's investment in those stocks. Over market cycles, different investment styles may sometimes outperform other investment styles (for example, growth investing may outperform value investing).

● *Issuer risk* **–** The value of an individual security or particular type of security can be more volatile than the market as a whole and can perform differently from the market as a whole. A security's value may decline for reasons that directly relate to the issuer, such as management performance, corporate governance, financial leverage and reduced demand for the issuer's goods or services.

● *Foreign securities risk* – Investments in, or exposure to, foreign securities involve risks not typically associated with U.S. investments. These risks include, among others, adverse fluctuations in foreign currency values, possible imposition of foreign withholding or other taxes on income payable on the securities, as well as adverse political, social and economic developments, such as political upheaval, acts of terrorism, financial troubles, sanctions or the threat of new or modified sanctions, or natural disasters. Many foreign securities markets, especially those in emerging market countries, are less stable, smaller, less liquid, and less regulated than U.S. securities markets, and the costs of trading in those markets is often higher than in U.S. securities markets. There may also be less publicly available information about issuers of foreign securities compared to issuers of U.S. securities. In addition, the economies of certain foreign markets may not compare favorably with the economy of the United States with respect to issues such as growth of gross national product, reinvestment of capital, resources and balance of payments position.

● *Stock risk –* Stock markets may experience significant short-term volatility and may fall sharply at times. Different stock markets may behave differently from each other and U.S. stock markets may move in the opposite direction from one or more foreign stock markets. The prices of individual stocks generally do not all move in the same direction at the same time and a variety of factors can affect the price of a particular company's stock.

● *Information technology sector risk* – Information technology companies face intense competition and potentially rapid product obsolescence. They are also heavily dependent on intellectual property rights and may be adversely affected by the loss or impairment of those rights.

● *Managed portfolio risk* – As an actively managed portfolio, the Fund's portfolio manager(s) make decisions to buy and sell holdings in the Fund's portfolio. Because of this, the value of the Fund's investments could decline because the financial condition of an issuer may change (due to such factors as management performance, reduced demand or overall market changes), financial markets may fluctuate or overall prices may decline, the Sub-Advisers' investment techniques could fail to achieve the Fund's investment objective or negatively affect the Fund's investment performance, or legislative, regulatory, or tax developments may affect the investment techniques available to the Sub-Advisers of the Fund. There is no guarantee that the investment objective of the Fund will be achieved.

● *Consumer discretionary risk* – If the Fund invests a significant portion of its assets in issuers in the consumer discretionary sector of the market, the Fund may be more affected by events influencing the consumer discretionary sector than a fund that is more diversified across numerous sectors. An investment in issuers in the consumer discretionary sector can be significantly affected by the performance of the overall economy, interest rates, competition and consumer confidence. Success of these companies can depend heavily on disposable household income and consumer spending. Changes in demographics and consumer tastes can also affect the demand for, and success of, products of consumer discretionary companies.

● *Sector risk* – Companies with similar characteristics may be grouped together in broad categories called sectors. Sector risk is the risk that securities of companies within specific sectors of the economy can perform differently than the overall market. For example, this may be due to changes in the regulatory or competitive environment or changes in investor perceptions regarding a sector. Because the Fund may allocate relatively more assets to certain sectors than others, the Fund's performance may be more susceptible to any developments which affect those sectors emphasized by the Fund. In addition, the Fund could underperform other funds investing in similar sectors or comparable benchmarks because of the investment manager's choice of securities within such sector.

● *Derivatives risk* **–** Investments in derivatives, which are financial instruments whose value depends on, or is derived from, the value of underlying assets, reference rates, or indices, can be highly volatile and may be subject to transaction costs and certain risks, such as unanticipated changes in securities prices and global currency investment. Derivatives also are subject to leverage risk, liquidity risk, interest rate risk, market risk, counterparty risk, and credit risk. They also involve the risk of mispricing or improper valuation and the risk that changes in the value of the derivative may not correlate perfectly with the underlying asset, interest rate or index. Gains or losses from derivatives can be substantially greater than the derivatives' original cost.

● *Non-diversification risk* **–** The Fund is non-diversified, as defined by the 1940 Act, and as such may invest in the securities of a limited number of issuers and may invest a greater percentage of its assets in a particular issuer. Therefore, a decline in the market price of a particular security held by the Fund may affect the Fund's performance more than if the Fund were a diversified investment company.

● *Liquidity risk* – Investments in securities that are difficult to purchase or sell (illiquid or thinly-traded securities) may reduce returns if the Fund is unable to sell the securities at an advantageous time or price or achieve its desired level of exposure to a certain sector. Liquidity risk arises, for example, from small average trading volumes, trading restrictions, or temporary suspensions of trading. To meet redemption requests, the Fund may be forced to sell securities at an unfavorable time and/or under unfavorable conditions.

● *Mid-capitalization investing risk* **–** The stocks of mid-capitalization companies can be more volatile and their shares can be less liquid than those of larger companies. Mid-capitalization companies may have limited product lines, markets or financial resources or may depend on the expertise of a few people and may be subject to more abrupt or erratic market movements than securities of larger, more established companies or the market averages in general. Securities of such issuers may lack sufficient market liquidity to effect sales at an advantageous time or without a substantial drop in price.

<br> **Performance.** The performance information shown provides some indication of the risks of investing in the Fund by showing changes in the Fund's performance from year to year and by showing how the Fund's average annual returns compared with those of a broad-based securities market index and an additional index that the Adviser believes more closely reflects the market segments in which the Fund invests. Performance results include the effect of expense waiver/reduction arrangements for some or all of the periods shown. If such arrangements had not been in place, performance for those periods would have been lower. Performance prior to April 27, 2026 reflects the Fund's results when managed by the former sub-adviser, ClearBridge Investments, LLC. The Fund's past performance is not necessarily an indication of how the Fund will perform in the future.

The returns shown in the bar chart and table do not include charges that will be imposed by variable insurance products. If these amounts were reflected, returns would be less than those shown.

[to be updated by amendment]

**Annual Total Returns as of December 31**

**Class A**

![PerformanceBarChartData(2018:-0.09, 2019:31.67, 2020:30.5, 2021:21.17, 2022:-32.51, 2023:44.55, 2024:27.55)](jnlst485a009.jpg)

**Best Quarter (ended 6/30/2020):** 25.93%; **Worst Quarter (ended 6/30/2022):** -22.71%

**Annual Total Returns as of December 31**

**Class I**

![PerformanceBarChartData(2018:0.18, 2019:31.92, 2020:30.96, 2021:21.57, 2022:-32.33, 2023:45.05, 2024:27.89)](jnlst485a010.jpg)

**Best Quarter (ended 6/30/2020):** 25.90%; **Worst Quarter (ended 6/30/2022):** -22.66%

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp; **Average Annual Total Returns as of 12/31/2024** | | | |
|  | **1 year** | **5 year** | **Life of Fund (September 25, 2017)** |
| &nbsp;&nbsp; JNL/Fidelity Institutional AM<sup>®</sup> & JPMorgan Large Cap Growth Fund (Class A) | 27.55% | 14.50% | 15.25% |
| &nbsp;&nbsp; Morningstar US Target Market Exposure Index (reflects no deduction for fees, expenses, or taxes) | 24.91% | 14.45% | 14.35% |
| &nbsp;&nbsp; Morningstar US Large-Mid Cap Broad Growth Index (reflects no deduction for fees, expenses, or taxes) | 33.04% | 17.19% | 17.14% |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp; **Average Annual Total Returns as of 12/31/2024** | | | |
|  | **1 year** | **5 year** | **Life of Class (September 25, 2017)** |
| &nbsp;&nbsp; JNL/Fidelity Institutional AM<sup>®</sup> & JPMorgan Large Cap Growth Fund (Class I) | 27.89% | 14.85% | 15.59% |
| &nbsp;&nbsp; Morningstar US Target Market Exposure Index (reflects no deduction for fees, expenses, or taxes) | 24.91% | 14.45% | 14.35% |
| &nbsp;&nbsp; Morningstar US Large-Mid Cap Broad Growth Index (reflects no deduction for fees, expenses, or taxes) | 33.04% | 17.19% | 17.14% |

---

**Portfolio Management.**

**Investment Adviser to the Fund:**<br> Jackson National Asset Management, LLC ("JNAM")

 **Sub-Advisers:**

FIAM LLC ("FIAM")<br> J.P. Morgan Investment Management Inc. ("JPMorgan")

**Portfolio Managers:**

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp; **Name:** | &nbsp;&nbsp; **Joined Fund Management Team In:** | &nbsp;&nbsp; **Title:** |
| &nbsp;&nbsp; William Harding, CFA | &nbsp;&nbsp; April 2026 | &nbsp;&nbsp; Senior Vice President, Chief Investment Officer and Portfolio Manager, JNAM |
| &nbsp;&nbsp; Sean Hynes, CFA, CAIA | &nbsp;&nbsp; April 2026 | &nbsp;&nbsp; Vice President and Portfolio Manager, JNAM |
| &nbsp;&nbsp; Mark Pliska, CFA | &nbsp;&nbsp; April 2026 | &nbsp;&nbsp; Vice President and Portfolio Manager, JNAM |
| &nbsp;&nbsp; Kyle Ottwell, CFA, CAIA | &nbsp;&nbsp; April 2026 | &nbsp;&nbsp; Director and Portfolio Manager, JNAM |
| &nbsp;&nbsp; Sonu Kalra | &nbsp;&nbsp; April 2026 | &nbsp;&nbsp; Portfolio Manager, FIAM |
| &nbsp;&nbsp; Adam Benjamin | &nbsp;&nbsp; April 2026 | &nbsp;&nbsp; Portfolio Manager, FIAM |
| &nbsp;&nbsp; Giri Devulapally | &nbsp;&nbsp; April 2026 | &nbsp;&nbsp; Managing Director, JPMorgan |
| &nbsp;&nbsp; Holly Morris | &nbsp;&nbsp; April 2026 | &nbsp;&nbsp; Managing Director, JPMorgan |
| &nbsp;&nbsp; Larry Lee | &nbsp;&nbsp; April 2026 | &nbsp;&nbsp; Managing Director, JPMorgan |
| &nbsp;&nbsp; Joseph Wilson | &nbsp;&nbsp; April 2026 | &nbsp;&nbsp; Managing Director, JPMorgan |
| &nbsp;&nbsp; Robert Maloney | &nbsp;&nbsp; April 2026 | &nbsp;&nbsp; Executive Director, JPMorgan |

---

**Purchase and Redemption of Fund Shares** 

Only separate accounts of Jackson National Life Insurance Company ("Jackson National") or Jackson National Life Insurance Company of New York ("Jackson National NY") and series, including fund of funds, of registered investment companies in which either or both of those insurance companies invest may purchase shares of the Fund. You may invest indirectly in the Fund through your purchase of a variable annuity or life insurance contract issued by a separate account of Jackson National or Jackson National NY that invests directly, or through a fund of funds, in this Fund. Any minimum initial or subsequent investment requirements and redemption procedures are governed by the applicable separate account through which you invest indirectly.

This Fund serves as an underlying investment by insurance companies, affiliated investment companies, and retirement plans for funding variable annuity and life insurance contracts and retirement plans.

**Tax Information**

The Fund expects to be treated as a partnership for U.S. federal income tax purposes, and does not expect to make regular distributions (other than in redemption of Fund shares) to shareholders, which generally are the participating insurance companies investing in the Fund through separate accounts of Jackson National or Jackson National NY and mutual funds owned directly or indirectly by such separate accounts. You should consult the prospectus of the appropriate separate account or description of the plan for a discussion of the U.S. federal income tax consequences to you of your contract, policy, or plan.

**Payments to Broker-Dealers and Financial Intermediaries**

If you invest in the Fund under a variable insurance contract or a plan that offers a variable insurance contract as a plan option through a broker-dealer or other financial intermediary (such as a financial institution), the Fund and its related companies may pay the intermediary for the sale of Fund shares and related services. These payments may create a conflict of interest by influencing the broker-dealer or other intermediary and your salesperson to recommend the Fund over another investment. Ask your salesperson or visit your financial intermediary's Website for more information.

**Summary Prospectus – April 27, 2026**

 **JNL/MFS Equity Income Fund** 

*(formerly, JNL/Invesco Diversified Dividend Fund)*

**Class A**

**Class I**

**Investment Objective.** The investment objective of the Fund is to seek total return through a combination of current income and capital appreciation.

**Expenses.** This table describes the fees and expenses that you may pay if you buy, hold and sell shares of the Fund.

The expenses do not reflect the expenses of the variable insurance contracts or the separate account through which you indirectly invest in the Fund, whichever may be applicable, and the total expenses would be higher if they were included.

You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below.

**Shareholder Fees<br> (fees paid directly from your investment)**<br> Not Applicable

[to be updated by amendment]

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Annual Fund Operating Expenses<br> (Expenses that you pay each year as a percentage of the value of your investment)** | &nbsp;&nbsp;**Annual Fund Operating Expenses<br> (Expenses that you pay each year as a percentage of the value of your investment)** |
|  | &nbsp;&nbsp; **Class A** |
| &nbsp;&nbsp; Management Fee | &nbsp;&nbsp; 0.46% |
| &nbsp;&nbsp; Distribution and/or Service (12b-1) Fees | &nbsp;&nbsp; 0.30% |
| &nbsp;&nbsp; Other Expenses<sup>1</sup> | &nbsp;&nbsp; 0.16% |
| &nbsp;&nbsp; Total Annual Fund Operating Expenses<sup>2</sup> | &nbsp;&nbsp; 0.92% |

---

<sup>1</sup> "Other Expenses" include an Administrative Fee of 0.15% which is payable to Jackson National Asset Management, LLC ("JNAM" or "Adviser").

<sup>2</sup> Expense information has been restated to reflect current fees.

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Annual Fund Operating Expenses<br> (Expenses that you pay each year as a percentage of the value of your investment)** | &nbsp;&nbsp;**Annual Fund Operating Expenses<br> (Expenses that you pay each year as a percentage of the value of your investment)** |
|  | &nbsp;&nbsp; **Class I** |
| &nbsp;&nbsp; Management Fee | &nbsp;&nbsp; 0.46% |
| &nbsp;&nbsp; Distribution and/or Service (12b-1) Fees | &nbsp;&nbsp; 0.00% |
| &nbsp;&nbsp; Other Expenses<sup>1</sup> | &nbsp;&nbsp; 0.16% |
| &nbsp;&nbsp; Total Annual Fund Operating Expenses<sup>2</sup> | &nbsp;&nbsp; 0.62% |

---

<sup>1</sup> "Other Expenses" include an Administrative Fee of 0.15% which is payable to Jackson National Asset Management, LLC ("JNAM" or "Adviser").

<sup>2</sup> Expense information has been restated to reflect current fees.

**Expense Example.** This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. Also, this example does not reflect the expenses of the variable insurance contracts or the separate account through which you indirectly invest in the Fund, whichever may be applicable, and the total expenses would be higher if they were included. The table below shows the expenses you would pay on a $10,000 investment, assuming (1) 5% annual return; (2) redemption at the end of each time period; and (3) that the Fund operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions, your costs would be:

[to be updated by amendment]

---

| | | | |
|:---|:---|:---|:---|
| **JNL/MFS Equity Income Fund Class A** | **JNL/MFS Equity Income Fund Class A** | **JNL/MFS Equity Income Fund Class A** | **JNL/MFS Equity Income Fund Class A** |
| 1 year | 3 years | 5 years | 10 years |
| $94 | $293 | $509 | $1131 |

---

---

| | | | |
|:---|:---|:---|:---|
| **JNL/MFS Equity Income Fund Class I** | **JNL/MFS Equity Income Fund Class I** | **JNL/MFS Equity Income Fund Class I** | **JNL/MFS Equity Income Fund Class I** |
| 1 year | 3 years | 5 years | 10 years |
| $63 | $199 | $346 | $774 |

---

**Portfolio Turnover (% of average value of portfolio).** The Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs. These costs, which are not reflected in Annual Fund Operating Expenses or in the Expense Example above, affect the Fund's performance.

[to be updated by amendment]

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Period** | |
| &nbsp;&nbsp;1/1/2024 - 12/31/2024 | 45% |

---

 **Principal Investment Strategies.** Under normal circumstances, the Fund invests at least 80% of its assets (net assets plus the amount of any borrowings for investment purposes) in equity securities. Equity securities include common stocks, depositary receipts, equity interests in real estate investment trusts (REITs), and other securities that represent an ownership interest (or right to acquire an ownership interest) in a company or other issuer.

The Fund invests primarily in securities that Massachusetts Financial Services Company (d/b/a MFS Investment Management) ("MFS" or "Sub-Adviser") believes are income-producing equity securities. MFS invests the majority of the Fund's assets in dividend-paying common stocks, but may invest the Fund's assets in other types of income-producing securities, including convertible securities, preferred stocks, and equity interests in REITs, and may also invest the Fund's assets in non-income-producing equity securities.

The Sub-Adviser may invest the Fund's assets in foreign securities.

In selecting investments, MFS is not constrained by any particular investment style. MFS may invest the Fund's assets in the stocks of companies it believes to have above average earnings growth potential compared to other companies (growth companies), in the stocks of companies it believes are undervalued compared to their perceived worth (value companies), or in a combination of growth and value companies.

While MFS may invest the Fund's assets in securities of companies of any size, MFS primarily invests in securities of companies with large capitalizations.

MFS normally invests the Fund's assets across different industries and sectors, but MFS may invest a significant percentage of the Fund's assets in issuers in a single industry or sector.

MFS uses an active bottom-up approach to buying and selling investments for the Fund. Investments are selected primarily based on blending fundamental and quantitative research. MFS uses fundamental analysis of individual issuers to determine a fundamental rating for an issuer. MFS uses quantitative analysis to determine a quantitative rating for an issuer. MFS combines the fundamental rating with the quantitative rating to create a blended rating for an issuer. When the fundamental rating is not available, MFS treats the issuer as having a neutral fundamental rating. MFS then constructs the portfolio using a portfolio optimization process that considers the blended rating, as well as issuer, industry, and sector weightings, market capitalization, measures of expected volatility of the Fund's return (e.g., predicted beta and predicted tracking error), and other factors. MFS has the discretion to adjust the inputs and parameters used in the optimization process and the Fund's portfolio holdings based on factors such as the desired portfolio characteristics and MFS' qualitative assessment of the optimization results.

**Principal Risks of Investing in the Fund.** An investment in the Fund is not guaranteed. As with any mutual fund, the value of the Fund's shares will change, and you could lose money by investing in the Fund. The principal risks associated with investing in the Fund include:

● *Market risk* – Portfolio securities may decline in value due to factors affecting securities markets generally, such as real or perceived adverse economic, political, or regulatory conditions, inflation, changes in interest or currency rates or adverse investor sentiment, public health issues, including widespread disease and virus epidemics or pandemics, war, terrorism or natural disasters, among others. Adverse market conditions may be prolonged and may not have the same impact on all types of securities. The values of securities may fall due to factors affecting a particular issuer, industry or the securities market as a whole.

● *Stock risk –* Stock markets may experience significant short-term volatility and may fall sharply at times. Different stock markets may behave differently from each other and U.S. stock markets may move in the opposite direction from one or more foreign stock markets. The prices of individual stocks generally do not all move in the same direction at the same time and a variety of factors can affect the price of a particular company's stock.

● *Equity securities risk* – Common and preferred stocks represent equity ownership in a company. Stock markets are volatile, and equity securities generally have greater price volatility than fixed-income securities. The price of equity or equity-related securities will fluctuate and can decline and reduce the value of a portfolio investing in equity or equity-related securities. The value of equity or equity-related securities purchased or held by the Fund could decline if the financial condition of the companies the Fund invests in decline or if overall market and economic conditions deteriorate. They may also decline due to factors that affect a particular industry or industries, such as labor shortages or an increase in production costs and competitive conditions within an industry. In addition, they may decline due to general market conditions that are not specifically related to a company or industry, such as real or perceived adverse economic conditions, changes in the general outlook for corporate earnings, changes in interest or currency rates or generally adverse investor sentiment.

● *Investment style risk* – The returns from a certain investment style may be lower than the returns from the overall stock market. Value stocks may not increase in price if other investors fail to recognize the company's value or the factors that are expected to increase the price of the security do not occur. Over market cycles, different investment styles may sometimes outperform other investment styles (for example, growth investing may outperform value investing).

● *Dividend-paying stock risk* – Dividend-paying stocks may underperform non-dividend paying stocks (and the stock market as a whole) over any period of time. The prices of dividend-paying stocks may decline as interest rates increase. In addition, issuers of dividend-paying stocks typically have discretion to defer or stop paying dividends. If the dividend-paying stocks held by an account reduce or stop paying dividends, the account's ability to generate income may be adversely affected.

● *Large-capitalization investing risk* – Large-capitalization stocks as a group could fall out of favor with the market, which may cause the Fund to underperform funds that focus on other types of stocks.

● *Foreign securities risk* – Investments in, or exposure to, foreign securities involve risks not typically associated with U.S. investments. These risks include, among others, adverse fluctuations in foreign currency values, possible imposition of foreign withholding or other taxes on income payable on the securities, as well as adverse political, social and economic developments, such as political upheaval, acts of terrorism, financial troubles, sanctions or the threat of new or modified sanctions, or natural disasters. Many foreign securities markets, especially those in emerging market countries, are less stable, smaller, less liquid, and less regulated than U.S. securities markets, and the costs of trading in those markets is often higher than in U.S. securities markets. There may also be less publicly available information about issuers of foreign securities compared to issuers of U.S. securities. In addition, the economies of certain foreign markets may not compare favorably with the economy of the United States with respect to issues such as growth of gross national product, reinvestment of capital, resources and balance of payments position.

● *Managed portfolio risk* – As an actively managed portfolio, the Fund's portfolio manager(s) make decisions to buy and sell holdings in the Fund's portfolio. Because of this, the value of the Fund's investments could decline because the financial condition of an issuer may change (due to such factors as management performance, reduced demand or overall market changes), financial markets may fluctuate or overall prices may decline, the Sub-Adviser's investment techniques could fail to achieve the Fund's investment objective or negatively affect the Fund's investment performance, or legislative, regulatory, or tax developments may affect the investment techniques available to the Sub-Adviser of the Fund. There is no guarantee that the investment objective of the Fund will be achieved.

● *Investment strategy risk* – The returns from a certain investment style may be lower than the returns from the overall stock market. Growth stock prices frequently reflect projections of future earnings or revenues, and if earnings growth expectations are not met, their stock prices will likely fall, which may reduce the value of a Fund's investment in those stocks. Value stocks may not increase in price if other investors fail to recognize the company's value or the factors that are expected to increase the price of a security do not occur. Over market cycles, different investment styles may sometimes outperform other investment styles (for example, growth investing may outperform value investing).

● *REIT investment risk* **–** The risks of investing in REITs include certain risks associated with the direct ownership of real estate and the real estate industry in general. These include risks related to general, regional and local economic conditions; difficulties in valuing and disposing of real estate; fluctuations in interest rates and property tax rates; shifts in zoning laws; environmental regulations and other governmental action; cash flow dependency; increased operating expenses; lack of availability of mortgage funds; losses due to natural disasters; overbuilding; losses due to casualty or condemnation; changes in property values and rental rates; the management skill and creditworthiness of the REIT manager; and other factors. REITs may have limited financial resources, may trade less frequently and in limited volume, may engage in dilutive offerings of securities and may be more volatile than other securities. REITs could be adversely affected by failure to maintain their exemptions from registration under the Investment Company Act of 1940, as amended, or failure to qualify for the "dividends paid deduction" under the Internal Revenue Code of 1986, as amended, which allows REITs to reduce their corporate taxable income for dividends paid to their shareholders.

● *Company risk* **–** Investments in U.S. and/or foreign-traded equity securities may fluctuate more than the values of other types of securities in response to changes in a particular company's financial condition.

● *Liquidity risk* – Investments in securities that are difficult to purchase or sell (illiquid or thinly-traded securities) may reduce returns if the Fund is unable to sell the securities at an advantageous time or price or achieve its desired level of exposure to a certain sector. Liquidity risk arises, for example, from small average trading volumes, trading restrictions, or temporary suspensions of trading. To meet redemption requests, the Fund may be forced to sell securities at an unfavorable time and/or under unfavorable conditions.

● *Redemption risk* – Large redemption activity could result in the Fund being forced to sell portfolio securities at a loss or before the Adviser or Sub-Adviser would otherwise decide to do so. Large redemption activity in the Fund may also result in increased expense ratios, higher levels of realized capital gains or losses with respect to the Fund's portfolio securities, higher brokerage commissions, and other transaction costs.

● *Quantitative strategy risk* – Securities identified using quantitative analysis can perform differently from the market as a whole as a result of the factors used in the analysis, the weight placed on those factors, changes in a factor's historical trends, or for reasons included in the analysis. The factors used in quantitative analysis and the weights placed on those factors may not predict a security's value, and the effectiveness of the factors can change over time. These changes may not be reflected in the current quantitative model.

● *Sector risk* – Companies with similar characteristics may be grouped together in broad categories called sectors. Sector risk is the risk that securities of companies within specific sectors of the economy can perform differently than the overall market. For example, this may be due to changes in the regulatory or competitive environment or changes in investor perceptions regarding a sector. Because the Fund may allocate relatively more assets to certain sectors than others, the Fund's performance may be more susceptible to any developments which affect those sectors emphasized by the Fund. In addition, the Fund could underperform other funds investing in similar sectors or comparable benchmarks because of the investment manager's choice of securities within such sector.

<br> **Performance.** The performance information shown provides some indication of the risks of investing in the Fund by showing changes in the Fund's performance from year to year and by showing how the Fund's average annual returns compared with those of a broad-based securities market index and an additional index that the Adviser believes more closely reflects the market segments in which the Fund invests. Performance prior to April 27, 2026 reflects the Fund's results when managed by the former sub-adviser, Invesco Advisers, Inc. The Fund's past performance is not necessarily an indication of how the Fund will perform in the future.

The returns shown in the bar chart and table do not include charges that will be imposed by variable insurance products. If these amounts were reflected, returns would be less than those shown.

[to be updated by amendment]

**Annual Total Returns as of December 31**

**Class A**

![PerformanceBarChartData(2018:-7.26, 2019:23.84, 2020:0.61, 2021:18.65, 2022:-1.97, 2023:8.54, 2024:12.59)](jnlst485a011.jpg)

**Best Quarter (ended 12/31/2020):** 13.86%; **Worst Quarter (ended 3/31/2020):** -23.81%

**Annual Total Returns as of December 31**

**Class I**

![PerformanceBarChartData(2018:-6.96, 2019:24.28, 2020:0.86, 2021:19.08, 2022:-1.72, 2023:8.92, 2024:12.89)](jnlst485a012.jpg)

**Best Quarter (ended 12/31/2020):** 13.94%; **Worst Quarter (ended 3/31/2020):** -23.81%

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Average Annual Total Returns as of 12/31/2024** | | | |
|  | **1 year** | **5 year** | **Life of Fund (September 25, 2017)** |
| &nbsp;&nbsp; JNL/MFS Equity Income Fund (Class A) | 12.59% | 7.42% | 7.54% |
| &nbsp;&nbsp; S&P 500 Index (reflects no deduction for fees, expenses, or taxes) | 25.02% | 14.53% | 14.41% |
| &nbsp;&nbsp; Morningstar US Large-Mid Cap Broad Value Index (reflects no deduction for fees, expenses, or taxes) | 17.16% | 10.70% | 10.87% |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Average Annual Total Returns as of 12/31/2024** | | | |
|  | **1 year** | **5 year** | **Life of Class (September 25, 2017)** |
| &nbsp;&nbsp; JNL/MFS Equity Income Fund (Class I) | 12.89% | 7.73% | 7.88% |
| &nbsp;&nbsp; S&P 500 Index (reflects no deduction for fees, expenses, or taxes) | 25.02% | 14.53% | 14.41% |
| &nbsp;&nbsp; Morningstar US Large-Mid Cap Broad Value Index (reflects no deduction for fees, expenses, or taxes) | 17.16% | 10.70% | 10.87% |

---

**Portfolio Management.**

**Investment Adviser to the Fund:**<br> Jackson National Asset Management, LLC ("JNAM")

**Sub-Adviser:** <br> Massachusetts Financial Services Company (d/b/a MFS Investment Management) ("MFS")

**Portfolio Managers:**

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp; **Name:** | &nbsp;&nbsp; **Joined Fund Management Team In:** | &nbsp;&nbsp; **Title:** |
| &nbsp;&nbsp; Jonathan Sage | &nbsp;&nbsp; April 2026 | &nbsp;&nbsp; Investment Officer, MFS |
| &nbsp;&nbsp; Jim Fallon | &nbsp;&nbsp; April 2026 | &nbsp;&nbsp; Investment Officer, MFS |
| &nbsp;&nbsp; Matt Krummell | &nbsp;&nbsp; April 2026 | &nbsp;&nbsp; Investment Officer, MFS |
| &nbsp;&nbsp; Jed Stocks | &nbsp;&nbsp; April 2026 | &nbsp;&nbsp; Investment Officer, MFS |

---

**Purchase and Redemption of Fund Shares** 

Only separate accounts of Jackson National Life Insurance Company ("Jackson National") or Jackson National Life Insurance Company of New York ("Jackson National NY") and series, including fund of funds, of registered investment companies in which either or both of those insurance companies invest may purchase shares of the Fund. You may invest indirectly in the Fund through your purchase of a variable annuity or life insurance contract issued by a separate account of Jackson National or Jackson National NY that invests directly, or through a fund of funds, in this Fund. Any minimum initial or subsequent investment requirements and redemption procedures are governed by the applicable separate account through which you invest indirectly.

This Fund serves as an underlying investment by insurance companies, affiliated investment companies, and retirement plans for funding variable annuity and life insurance contracts and retirement plans.

**Tax Information**

The Fund expects to be treated as a partnership for U.S. federal income tax purposes, and does not expect to make regular distributions (other than in redemption of Fund shares) to shareholders, which generally are the participating insurance companies investing in the Fund through separate accounts of Jackson National or Jackson National NY and mutual funds owned directly or indirectly by such separate accounts. You should consult the prospectus of the appropriate separate account or description of the plan for a discussion of the U.S. federal income tax consequences to you of your contract, policy, or plan.

**Payments to Broker-Dealers and Financial Intermediaries**

If you invest in the Fund under a variable insurance contract or a plan that offers a variable insurance contract as a plan option through a broker-dealer or other financial intermediary (such as a financial institution), the Fund and its related companies may pay the intermediary for the sale of Fund shares and related services. These payments may create a conflict of interest by influencing the broker-dealer or other intermediary and your salesperson to recommend the Fund over another investment. Ask your salesperson or visit your financial intermediary's Website for more information.

**Summary Prospectus – April 27, 2026**

**JNL/PPM America Emerging Markets Debt Fund**

**Class A**

**Class I**

**Investment Objective.** The investment objective of the Fund is to seek total return and current income.

**Expenses.** This table describes the fees and expenses that you may pay if you buy, hold and sell shares of the Fund.

The expenses do not reflect the expenses of the variable insurance contracts or the separate account through which you indirectly invest in the Fund, whichever may be applicable, and the total expenses would be higher if they were included.

You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below.

**Shareholder Fees<br> (fees paid directly from your investment)**<br> Not Applicable

[to be updated by amendment]

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Annual Fund Operating Expenses<br> (Expenses that you pay each year as a percentage of the value of your investment)** | &nbsp;&nbsp;**Annual Fund Operating Expenses<br> (Expenses that you pay each year as a percentage of the value of your investment)** |
|  | &nbsp;&nbsp;**Class A** |
| &nbsp;&nbsp;Management Fee | &nbsp;&nbsp;0.63% |
| &nbsp;&nbsp;Distribution and/or Service (12b-1) Fees | &nbsp;&nbsp;0.30% |
| &nbsp;&nbsp;Other Expenses<sup>1</sup> | &nbsp;&nbsp;0.16% |
| &nbsp;&nbsp;Total Annual Fund Operating Expenses | &nbsp;&nbsp;1.09% |
| &nbsp;&nbsp;Less Waiver/Reimbursement<sup>2</sup> | &nbsp;&nbsp;0.15% |
| &nbsp;&nbsp;Total Annual Fund Operating Expenses After Waiver/Reimbursement | &nbsp;&nbsp;0.94% |

---

<sup>1</sup> "Other Expenses" include an Administrative Fee of 0.15% which is payable to Jackson National Asset Management, LLC ("JNAM" or "Adviser") and are based on estimated amounts for the current fiscal year.

<sup>2</sup> JNAM has contractually agreed to waive 0.15% of the management fees of the Fund. The fee waiver will continue for at least one year from the date of the current Prospectus, and continue thereafter unless the Board of Trustees approves a change in or elimination of the waiver. The fee waiver is subject to yearly review and approval by the Board of Trustees.

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Annual Fund Operating Expenses<br> (Expenses that you pay each year as a percentage of the value of your investment)** | &nbsp;&nbsp;**Annual Fund Operating Expenses<br> (Expenses that you pay each year as a percentage of the value of your investment)** |
|  | &nbsp;&nbsp;**Class I** |
| &nbsp;&nbsp;Management Fee | &nbsp;&nbsp;0.63% |
| &nbsp;&nbsp;Distribution and/or Service (12b-1) Fees | &nbsp;&nbsp;0.00% |
| &nbsp;&nbsp;Other Expenses<sup>1</sup> | &nbsp;&nbsp;0.16% |
| &nbsp;&nbsp;Total Annual Fund Operating Expenses | &nbsp;&nbsp;0.79% |
| &nbsp;&nbsp;Less Waiver/Reimbursement<sup>2</sup> | &nbsp;&nbsp;0.15% |
| &nbsp;&nbsp;Total Annual Fund Operating Expenses After Waiver/Reimbursement | &nbsp;&nbsp;0.64% |

---

<sup>1</sup> "Other Expenses" include an Administrative Fee of 0.15% which is payable to Jackson National Asset Management, LLC ("JNAM" or "Adviser") and are based on estimated amounts for the current fiscal year.

<sup>2</sup> JNAM has contractually agreed to waive 0.15% of the management fees of the Fund. The fee waiver will continue for at least one year from the date of the current Prospectus, and continue thereafter unless the Board of Trustees approves a change in or elimination of the waiver. The fee waiver is subject to yearly review and approval by the Board of Trustees.

**Expense Example.** This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. Also, this example does not reflect the expenses of the variable insurance contracts or the separate account through which you indirectly invest in the Fund, whichever may be applicable, and the total expenses would be higher if they were included. The table below shows the expenses you would pay on a $10,000 investment, assuming (1) 5% annual return; (2) redemption at the end of each time period; and (3) that the Fund operating expenses remain the same. The example also assumes that the contractual expense limitation agreement is discontinued after one year. Although your actual costs may be higher or lower, based on these assumptions, your costs would be:

[to be updated by amendment]

---

| | | | |
|:---|:---|:---|:---|
| **JNL/PPM America Emerging Markets Debt Fund Class A** | **JNL/PPM America Emerging Markets Debt Fund Class A** | **JNL/PPM America Emerging Markets Debt Fund Class A** | **JNL/PPM America Emerging Markets Debt Fund Class A** |
| 1 year | 3 years | 5 years | 10 years |
| $96 | $332 | $586 | $1315 |

---

---

| | | | |
|:---|:---|:---|:---|
| **JNL/PPM America Emerging Markets Debt Fund Class I** | **JNL/PPM America Emerging Markets Debt Fund Class I** | **JNL/PPM America Emerging Markets Debt Fund Class I** | **JNL/PPM America Emerging Markets Debt Fund Class I** |
| 1 year | 3 years | 5 years | 10 years |
| $65 | $237 | $424 | $964 |

---

**Portfolio Turnover (% of average value of portfolio).** The Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs. These costs, which are not reflected in Annual Fund Operating Expenses or in the Expense Example above, affect the Fund's performance. The Fund does not have a portfolio turnover rate as of the date of this Prospectus as it commenced operations on the date of this Prospectus.

**Principal Investment Strategies.** The Fund seeks to achieve its objective by investing under normal circumstances at least 80% of its assets (net assets plus the amount of any borrowings for investment purposes) in a diversified portfolio of debt instruments with exposure to emerging markets countries. Emerging markets countries are generally considered to be countries with developing economies or markets and may include any country recognized to be an emerging markets country by the International Monetary Fund, MSCI, Inc. or Standard & Poor's Corporation or recognized to be a developing country by the United Nations.

The Fund may invest in a broad range of debt instruments, including sovereign debt, corporate bonds, quasi-sovereign securities and supranational debt. The Fund's investments in debt instruments may also include, but are not limited to fixed and floating-rate debt, government securities, corporate debt, mortgage-backed securities, commercial mortgage-backed securities, asset-backed securities and may be denominated in U.S. dollars or local currencies. The Fund may also invest without limitation, in debt instruments of any credit quality, including in securities rated below investment grade (sometimes referred to as "high yield" securities or "junk bonds"). Below investment grade securities are those securities that are rated below investment grade (i.e., rated below BBB- or Baa3) by at least one major credit rating agency or, if not rated by any credit rating agency, deemed to be below investment-grade quality by PPM America, Inc. ("Sub-Adviser"). Below investment grade securities offer a higher yield, but generally carry more risks than higher rated securities with similar maturities. As a result, an investment in below investment grade securities is considered speculative.

Additionally, the Fund has the ability to invest in other investment companies, such as money market funds and exchange-traded funds ("ETFs"). For purposes of satisfying the 80% requirement, the Fund may invest in fixed income ETFs comprised of the securities described above. The Fund may also invest in cash or cash equivalents.

For purposes of satisfying the 80% requirement, the Fund may also invest in derivative instruments that have economic characteristics similar to the debt instruments mentioned above such as futures contracts, options or swap agreements. Specifically, the Fund may use FX forwards to manage currency risk. The Fund may also use futures to hedge duration or to increase the Fund's exposure to interest rate or yield curve risk. The Fund may also use credit default swaps or credit default swap indices ("CDX") to increase or decrease the Fund's exposure to credit risk or to hedge credit risk in a particular name, industry or sector. The Fund may, subject to applicable law, invest without limitation in derivative instruments.

The Fund may invest without limit in investments denominated in any currency, but currently expects to invest a substantial amount of its assets in investments denominated in the U.S. dollar.

**Principal Risks of Investing in the Fund.** An investment in the Fund is not guaranteed. As with any mutual fund, the value of the Fund's shares will change, and you could lose money by investing in the Fund. The principal risks associated with investing in the Fund include:

● *Market risk* – Portfolio securities may decline in value due to factors affecting securities markets generally, such as real or perceived adverse economic, political, or regulatory conditions, inflation, changes in interest or currency rates or adverse investor sentiment, public health issues, including widespread disease and virus epidemics or pandemics, war, terrorism or natural disasters, among others. Adverse market conditions may be prolonged and may not have the same impact on all types of securities. The values of securities may fall due to factors affecting a particular issuer, industry or the securities market as a whole.

● *Fixed-income risk* **–** The price of fixed-income securities responds to economic developments, particularly interest rate changes, as well as to perceptions about the credit risk of individual issuers. Rising interest rates generally will cause the price of bonds and other fixed-income debt securities to fall. Falling interest rates may cause an issuer to redeem, call or refinance a security before its stated maturity, which may result in the Fund having to reinvest the proceeds in lower yielding securities. Bonds and other fixed-income debt securities are subject to credit risk, which is the possibility that the credit strength of an issuer will weaken and/or an issuer of a fixed-income security will fail to make timely payments of principal or interest and the security will go into default. Debt instruments typically do not provide any voting rights, except in cases when interest payments have not been made and the issuer is in default.

● *Interest rate risk* **–** When interest rates increase, fixed-income securities generally will decline in value. Long-term fixed income securities normally have more price volatility than short-term fixed income securities. The value of certain equity investments, such as utilities and real estate-related securities, may also be sensitive to interest rate changes.

● *Sector risk* – Companies with similar characteristics may be grouped together in broad categories called sectors. Sector risk is the risk that securities of companies within specific sectors of the economy can perform differently than the overall market. For example, this may be due to changes in the regulatory or competitive environment or changes in investor perceptions regarding a sector. Because the Fund may allocate relatively more assets to certain sectors than others, the Fund's performance may be more susceptible to any developments which affect those sectors emphasized by the Fund. In addition, the Fund could underperform other funds investing in similar sectors or comparable benchmarks because of the investment manager's choice of securities within such sector.

● *Credit risk* **–** Credit risk is the actual or perceived risk that the issuer of a bond, borrower, guarantor, counterparty, or other entity responsible for payment will not pay interest and principal payments when due. The price of a debt instrument can decline in response to changes in the financial condition of the issuer, borrower, guarantor, counterparty, or other entity responsible for payment. The Fund could lose money if the issuer or guarantor of a fixed-income security, or the counterparty to a derivatives contract, repurchase agreement or a loan of portfolio securities, is unable or unwilling to make timely principal and/or interest payments, or to otherwise honor its obligations.

● *Government regulatory risk* – Certain industries or sectors, including, but not limited to, real estate, financial services, utilities, oil and natural gas exploration and production, and health care are subject to increased regulatory requirements. There can be no guarantee that companies in which the Fund invests will meet all applicable regulatory requirements. Certain companies could incur substantial fines and penalties for failing to meet government regulatory requirements. These requirements may also result in additional compliance expenses and costs. Such increased regulatory compliance costs could hurt a company's performance.

● *Managed portfolio risk* – As an actively managed portfolio, the Fund's portfolio manager(s) make decisions to buy and sell holdings in the Fund's portfolio. Because of this, the value of the Fund's investments could decline because the financial condition of an issuer may change (due to such factors as management performance, reduced demand or overall market changes), financial markets may fluctuate or overall prices may decline, the Sub-Adviser's investment techniques could fail to achieve the Fund's investment objective or negatively affect the Fund's investment performance, or legislative, regulatory, or tax developments may affect the investment techniques available to the Sub-Adviser of the Fund. There is no guarantee that the investment objective of the Fund will be achieved.

● *Volatility risk* – The Fund may have investments that appreciate or depreciate significantly in value over short periods of time. This may cause the Fund's net asset value per share to experience significant appreciations or depreciations in value over short periods of time.

● *Liquidity risk* – Investments in securities that are difficult to purchase or sell (illiquid or thinly-traded securities) may reduce returns if the Fund is unable to sell the securities at an advantageous time or price or achieve its desired level of exposure to a certain sector. Liquidity risk arises, for example, from small average trading volumes, trading restrictions, or temporary suspensions of trading. To meet redemption requests, the Fund may be forced to sell securities at an unfavorable time and/or under unfavorable conditions.

● *Leverage risk* **–** Certain derivative transactions involve the use of leverage and may cause the Fund to liquidate portfolio positions at disadvantageous times to satisfy its obligations. The effect of using leverage is to amplify the Fund's gains and losses in comparison to the amount of the Fund's assets (that is, assets other than borrowed assets) at risk, which may cause the Fund's portfolio to be more volatile. If the Fund uses leverage, the Fund has the risk of capital losses that exceed the net assets of the Fund.

● *Settlement risk* **–** Settlement risk is the risk that a settlement in a transfer system does not take place as expected. Loan transactions often settle on a delayed basis compared with securities and the Fund may not receive proceeds from the sale of a loan for a substantial period after the sale, potentially impacting the ability of the Fund to make additional investments or meet redemption obligations. It may take longer than seven days for transactions in loans to settle. In order to meet short-term liquidity needs, the Fund may draw on its cash or other short-term positions, maintain short-term or other liquid assets sufficient to meet reasonably anticipated redemptions, or maintain a credit facility.

● *Counterparty risk* **–** Transactions involving a counterparty are subject to the credit risk of the counterparty. A fund that enters into contracts with counterparties, such as repurchase or reverse repurchase agreements or derivatives contracts, or that lends its securities, runs the risk that the counterparty will be unable or unwilling to make timely settlement payments or otherwise honor its obligations. If a counterparty fails to meet its contractual obligations, files for bankruptcy, or otherwise experiences a business interruption, the Fund could suffer losses, including monetary losses, miss investment opportunities or be forced to hold investments it would prefer to sell. Counterparty risk is heightened during unusually adverse market conditions.

● *Sovereign debt risk –* Investments issued by a governmental entity are subject to the risk that the governmental entity may delay or refuse to pay interest or repay principal on its sovereign debt due to, among other things, cash flow problems, insufficient foreign currency reserves, political considerations, the relative size of the governmental entity's debt position in relation to the economy or the failure to put in place economic reforms required by the International Monetary Fund or other multilateral agencies. If a governmental entity defaults, it may ask for more time in which to pay its debt, request additional loans or otherwise restructure its debt. There is no legal process for collecting sovereign debt that a government does not pay nor are there bankruptcy proceedings through which all or part of the sovereign debt may be collected.

● *Foreign securities risk* – Investments in, or exposure to, foreign securities involve risks not typically associated with U.S. investments. These risks include, among others, adverse fluctuations in foreign currency values, possible imposition of foreign withholding or other taxes on income payable on the securities, as well as adverse political, social and economic developments, such as political upheaval, acts of terrorism, financial troubles, sanctions or the threat of new or modified sanctions, or natural disasters. Many foreign securities markets, especially those in emerging market countries, are less stable, smaller, less liquid, and less regulated than U.S. securities markets, and the costs of trading in those markets is often higher than in U.S. securities markets. There may also be less publicly available information about issuers of foreign securities compared to issuers of U.S. securities. In addition, the economies of certain foreign markets may not compare favorably with the economy of the United States with respect to issues such as growth of gross national product, reinvestment of capital, resources and balance of payments position.

● *Emerging markets and less developed countries risk* **–** Emerging market and less developed countries generally are located in Asia, the Middle East, Eastern Europe, Central and South America and Africa. Investments in, or exposure to, securities that are tied economically to emerging market and less developed countries are subject to all of the risks of investments in, or exposure to, foreign securities, generally to a greater extent than in developed markets, among other risks. Investments in securities that are tied economically to emerging markets involve greater risk from economic and political systems that typically are less developed, and likely to be less stable, than those in more advanced countries. The Fund also will be subject to the risk of adverse foreign currency rate fluctuations. Emerging market and less developed countries may also have economies that are predominantly based on only a few industries or dependent on revenues from particular commodities. The risks of nationalization, expropriation or other confiscation of assets of non-U.S. issuers is also greater in emerging and less developed countries. As a result of these risks, investments in securities tied economically to emerging markets tend to be more volatile than investments in securities of developed countries.

● *Concentration risk –* The Fund may concentrate its investments in certain securities. To the extent that the Fund focuses on particular countries, regions, industries, sectors, issuers, types of investment or limited number of securities from time to time, the Fund may be subject to greater risks of adverse economic, business or political developments in the area of focus than a fund that invests in a wider variety of countries, regions, industries, sectors or investments *.* 

● *Currency risk* – Investments in foreign currencies, securities that trade in or receive revenues in foreign currencies, or derivativest hat provide exposure to foreign currencies are subject to the risk that those currencies may decline in value or, in the case of hedging positions, that the currency may decline in value relative to the currency being hedged. Currency exchange rates can be volatile and may be affected by a number of factors, such as the general economics of a country, the actions (or inaction) of U.S. and foreign governments or central banks, the imposition of currency controls, and speculation. A decline in the value of a foreign currency versus the U.S. dollar reduces the value in U.S. dollars of investments denominated in that foreign currency.

● *Issuer risk* **–** The value of an individual security or particular type of security can be more volatile than the market as a whole and can perform differently from the market as a whole. A security's value may decline for reasons that directly relate to the issuer, such as management performance, corporate governance, financial leverage and reduced demand for the issuer's goods or services.

● *Debt securities ratings risk –* The use of credit ratings in evaluating debt securities can involve certain risks, including the risk that the credit rating may not reflect the issuer's current financial condition or events since the security was last rated by a rating agency. Credit ratings may be influenced by conflicts of interest or based on historical data that no longer apply or are accurate.

● *Regulation securities risk –* Regulation securities may be less liquid than publicly traded securities and may not be subject to the disclosure and other investor protection requirements that would be applicable if they were publicly traded. Accordingly, Regulation S securities may involve a high degree of business and financial risk and may result in substantial losses.

● *Rule 144A securities risk* – Rule 144A securities are securities offered as exempt from registration with the SEC, but may be treated as liquid securities because there is a market for such securities. Rule 144A securities may have an active trading market, but carry the risk that the active trading market may not continue. To the extent that institutional buyers become, for a time, uninterested in purchasing Rule 144A securities, investing in such securities could increase the Fund's level of illiquidity.

● *High-yield bonds, lower-rated bonds, and unrated securities risk* – High-yield bonds, lower-rated bonds, and unrated securities are broadly referred to as "junk bonds," and are considered below "investment-grade" by national ratings agencies. Junk bonds are subject to the increased risk of an issuer's inability to meet principal and interest payment obligations. As a result, an investment in junk bonds is considered speculative. High-yield bonds may be subject to liquidity risk, and the Fund may not be able to sell a high-yield bond at the price at which it is currently valued.

● *Derivatives risk* **–** Investments in derivatives, which are financial instruments whose value depends on, or is derived from, the value of underlying assets, reference rates, or indices, can be highly volatile and may be subject to transaction costs and certain risks, such as unanticipated changes in securities prices and global currency investment. Derivatives also are subject to leverage risk, liquidity risk, interest rate risk, market risk, counterparty risk, and credit risk. They also involve the risk of mispricing or improper valuation and the risk that changes in the value of the derivative may not correlate perfectly with the underlying asset, interest rate or index. Gains or losses from derivatives can be substantially greater than the derivatives' original cost.

● *Structured investments risk –* A structured investment is a derivative security designed to offer a return linked to a particular underlying security, currency, commodity or market. Structured investments may come in various forms including notes (such as exchange-traded notes), warrants and options to purchase securities. A Fund will typically use structured investments to gain exposure to a particular underlying security, currency, commodity or market when direct access to the security, currency, commodity, or market is limited or inefficient from a tax or cost standpoint. There can be no assurance that structured investments will trade at the same price or have the same value as the underlying security, currency, commodity or market. Investments in structured investments involve risks including, but not limited to, issuer risk, counterparty risk and market risk. Holders of structured investments bear risks of the underlying investment and are subject to issuer or counterparty risk because a Fund is relying on the creditworthiness of such issuer or counterparty and has no rights with respect to the underlying investment. Certain structured investments may be thinly traded or have a limited trading market and may have the effect of increasing a Fund's illiquidity to the extent that a Fund, at a particular point in time, may be unable to find qualified buyers for these securities.

● *Call risk –* Call risk is the risk that, during a period of falling interest rates, the issuer may redeem a security by repaying it early, which may reduce the Fund's income if the proceeds are reinvested at lower interest rates.

● *Prepayment risk* **–** During periods of falling interest rates, a debt security with a high interest rate may be prepaid before its expected maturity date. The Fund may have to reinvest the proceeds in an investment that may have lower yields than the yield on the prepaid debt security. In addition, prepayment rates are difficult to predict and the potential impact of prepayment on the price of a debt instrument depends on the terms of the instrument.

● *Extension risk* – When interest rates rise, certain obligations will be paid off by the obligor more slowly than anticipated, which may cause the value of those securities to fall. Rising interest rates tend to extend the duration of securities, making them more sensitive to changes in interest rates. The value of longer-term securities generally changes more in response to changes in interest rates than shorter-term securities. As a result, in a period of rising interest rates, securities may exhibit additional volatility and may lose value.

● *Mortgage-related and other asset-backed securities risk* **–** Rising interest rates tend to extend the duration of mortgage-related and other asset-backed securities, making them more sensitive to changes in interest rates and exhibit increased volatility. When interest rates decline, borrowers may pay off their mortgages or other loans sooner than expected, which can reduce the returns.

● *Investment in other investment companies risk –* As with other investments, investments in other investment companies, including exchange-traded funds, are subject to market risk. In addition, if the Fund acquires shares of investment companies, including ones affiliated with the Fund, shareholders bear both their proportionate share of expenses in the Fund (including management and advisory fees) and, indirectly, the expenses of the investment companies in which the Fund invests. To the extent that shares of the Fund are held by an affiliated fund, the ability of the Fund itself to invest in other investment companies may be limited.

● *Investment in money market funds risk* **–** Although a money market fund is designed to be a relatively low risk investment, it is not free of risk. An investment in a money market fund is not insured or guaranteed by a Federal Deposit Insurance Corporation or any other government agency. Although such funds seek to maintain a net asset value of $1.00 per share, it is possible to lose money by investing in a money market fund.

● *Swaps risk –* Swap agreements are subject to the risks of derivatives, including risk that the party with whom the Fund has entered into the swap will default on its obligation to pay the Fund and the risk that the Fund will not be able to meet its obligations to pay the other party to the agreement. Swap agreements historically have been OTC, two-party contracts entered into primarily by institutional investors for periods typically ranging from a few weeks to more than one year. In a standard swap transaction, two parties agree to exchange the returns (or differentials in rates of return) earned or realized on particular predetermined investments or instruments, which may be adjusted for an interest factor. There are various types of swaps, including but not limited to, total return swaps, credit default swaps and interest rate swaps; all of these and other swaps are derivatives and as such, each is subject to the general risks relating to derivatives described herein. The Dodd–Frank Act mandated a new regulatory framework for trading swaps in the United States. For example, certain standardized swaps are now, and others may in the future be, required to be executed on or subject to the rules of specified trading platforms such as designated contract markets or swap execution facilities and cleared by a central counterparty such as a derivatives clearing organization ("DCO"). Central clearing is intended to reduce the risk of default by the counterparty. However, central clearing may increase the costs of swap transactions. There are also risks introduced of a possible default by the central counterparty or by a clearing member or futures commission merchant through which a swap is submitted for clearing. The process of implementing regulations under the Dodd-Frank Act is ongoing and there may be further changes to the system.

<br> **Performance.** Performance for the Fund has not been included because the Fund commenced operations on the date of this Prospectus. Performance, which provides some indication of the risks of investing in the Fund, will be available once the Fund has completed one full calendar year of operations. [to be updated by amendment]

**Portfolio Management.**

**Investment Adviser to the Fund:**<br> Jackson National Asset Management, LLC ("JNAM")

**Sub-Adviser:** <br> PPM America, Inc. ("PPM")

**Portfolio Managers:** 

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Name:** | &nbsp;&nbsp;**Joined Fund Management Team In:** | &nbsp;&nbsp;**Title:** |
| &nbsp;&nbsp;Mark Hughes, CFA | &nbsp;&nbsp;April 2026 | &nbsp;&nbsp;Portfolio Manager, PPM |
| &nbsp;&nbsp;Kevin Ritter, CFA | &nbsp;&nbsp;April 2026 | &nbsp;&nbsp;Portfolio Manager, PPM |

---

**Purchase and Redemption of Fund Shares** 

Only separate accounts of Jackson National Life Insurance Company ("Jackson National") or Jackson National Life Insurance Company of New York ("Jackson National NY") and series, including fund of funds, of registered investment companies in which either or both of those insurance companies invest may purchase shares of the Fund. You may invest indirectly in the Fund through your purchase of a variable annuity or life insurance contract issued by a separate account of Jackson National or Jackson National NY that invests directly, or through a fund of funds, in this Fund. Any minimum initial or subsequent investment requirements and redemption procedures are governed by the applicable separate account through which you invest indirectly.

This Fund serves as an underlying investment by insurance companies, affiliated investment companies, and retirement plans for funding variable annuity and life insurance contracts and retirement plans.

**Tax Information**

The Fund's shareholders are separate accounts of Jackson National or Jackson National NY and mutual funds owned directly or indirectly by such separate accounts. Accordingly, the Fund's dividends and other distributions generally are not taxable to you, the contract owner or plan participant, but no further discussion is included about the U.S. federal income tax consequences to you. You should consult the prospectus of the appropriate separate account or description of the plan for a discussion of the U.S. federal income tax consequences to you of your contract, policy or plan.

**Payments to Broker-Dealers and Financial Intermediaries**

If you invest in the Fund under a variable insurance contract or a plan that offers a variable insurance contract as a plan option through a broker-dealer or other financial intermediary (such as a financial institution), the Fund and its related companies may pay the intermediary for the sale of Fund shares and related services. These payments may create a conflict of interest by influencing the broker-dealer or other intermediary and your salesperson to recommend the Fund over another investment. Ask your salesperson or visit your financial intermediary's Website for more information.

**Additional Information About the Fund**

 **JNL Multi-Manager Global Small Cap Fund** 

*(formerly, JNL/American Funds Global Small Capitalization Fund)*

**Class A**

**Class I**

 **Investment Objective.** The investment objective of the Fund is capital growth.

 **Principal Investment Strategies.** The Fund seeks to achieve its investment objective by investing, under normal circumstances, at least 80% of its assets (net assets plus the amount of any borrowings made of investment purposes) in underlying funds that, in turn, invests primarily in equity securities of small-capitalization companies ("Underlying Funds").

The Fund seeks to achieve its objective by investing in Class I shares of the following Underlying Funds:

● 40%-60% in the JNL Multi-Manager International Small Cap Fund;

● 15%-35% in the JNL Multi-Manager Small Cap Growth Fund; and

● 15%-35% in the JNL Multi-Manager Small Cap Value Fund.

The investment policies and risks of the Underlying Funds are further described elsewhere in this Prospectus. It should be noted that the Fund's investment objective and investment strategies remain constant regardless of which Underlying Funds the Fund is invested in.

Each Underlying Fund has its own investment objective and invests in certain types of securities or other assets in order to implement its investment strategy and seek to achieve its investment objective. In determining allocations to any particular Underlying Fund, Jackson National Asset Management, LLC, the Fund's investment adviser ("JNAM" or the "Adviser") considers, among other things, long-term market and economic conditions, historical performance of each Underlying Fund, and expected long-term performance of each Underlying Fund, as well as diversification to control overall portfolio risk exposure. Allocations among the Underlying Funds are periodically reviewed and may be modestly revised, based on changing market and economic conditions that may affect specific Underlying Funds or asset classes.

 **Principal Risks of Investing in the Fund.** An investment in the Fund is not guaranteed. As with any mutual fund, the value of the Fund's shares will change, and you could lose money by investing in the Fund. The following descriptions of the principal risks do not provide any assurance either of the Fund's investment in any particular type of security, or assurance of the Fund's success in its investment selections, techniques and risk assessments. As a managed portfolio, the Fund may not achieve its investment objective for a variety of reasons including changes in the financial condition of issuers (due to such factors as management performance, reduced demand or overall market changes), fluctuations in the financial markets, declines in overall securities prices, or the Adviser's investment techniques otherwise failing to achieve the Fund's investment objective.

The principal risks of investing in the Fund include:

● *Allocation risk* 

● *Underlying funds risk* 

● *Market risk* 

● *Equity securities risk* 

● *Foreign securities risk* 

● *Small-capitalization investing risk* 

● *Managed portfolio risk* 

● *Depositary receipts risk* 

● *Investment style risk* 

● *Investment in other investment companies risk* 

Please see the "Glossary of Risks" section, which is set forth before the "Management of the Trust" section, for a description of these risks. There may be other risks that are not listed in this Prospectus that could cause the value of your investment in the Fund to decline and that could prevent the Fund from achieving its stated investment objective. This Prospectus does not describe all of the risks of every technique, investment strategy or temporary defensive position that the Fund may use. For additional information regarding the risks of investing in the Fund, please refer to the SAI.

**Additional Information About the Other Investment Strategies, Other Investments and Risks of the Fund (Other than Principal Strategies/Risks)**. To effectively manage cash inflows and outflows, the Fund may maintain a cash position primarily consisting of shares of money market mutual funds including the affiliated JNL Government Money Market Fund and investments in other investment companies (such as exchange traded funds) to the extent permitted under the 1940 Act. The Fund may also invest in money market instruments. There may be additional risks that may affect the Fund's ability to achieve its stated investment objective. These additional risks are:

● *Convertible securities risk* 

● *Currency risk* 

● *Cybersecurity risk* 

● *Emerging markets and less developed countries risk* 

● *Frontier market countries risk* 

● *Information technology sector risk* 

● *Investment strategy risk* 

● *Investments in IPOs risk* 

● *Liquidity risk* 

● *Portfolio turnover risk* 

● *Real estate investment risk* 

● *Redemption risk* 

● *Regulation S securities risk* 

● *Regulatory investment limits risk* 

● *REIT investment risk* 

● *Rule 144A securities risk* 

● *Sector risk* 

● *Securities lending risk* 

● *Settlement risk* 

● *Temporary defensive positions and large cash positions risk* 

These and other risks associated with the Underlying Funds are described elsewhere in the prospectus. Since the Fund concentrates its investments in shares of the Underlying Funds, its performance is directly related to the ability of the Underlying Funds to meet their respective investment objectives and the Underlying Funds' sub-advisers' abilities to effectively implement the investment strategies of the Underlying Funds, as well as JNAM's allocation among the Underlying Funds. The Fund's exposure to each category of risk varies as a result of changes in its percentage allocations to Underlying Funds. To the extent that the Fund has a higher percentage of investments in non-traditional investment categories, the Fund may incur more risk.

Please see the "Glossary of Risks" section, which is set forth before the "Management of the Trust" section in this Prospectus, for a description of these risks.

The SAI has more information about the Fund's authorized investments and strategies, as well as the risks and restrictions that may apply to it.

 **The Adviser and Portfolio Management.** The allocations for the Fund are made by JNAM. JNAM is located at 225 West Wacker Drive, Chicago, Illinois 60606. JNAM is the investment adviser to the Trust and other affiliated investment companies and provides the Trust and other affiliated investment companies with professional investment supervision and management. 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.

The Fund is managed by William Harding, Sean Hynes, Mark Pliska, and Kyle Ottwell who are responsible for setting the allocations made to the Fund and application of the Fund's strategy.

William Harding, CFA, is Senior Vice President and Chief Investment Officer for JNAM since July 2014. Mr. Harding was a Vice President, Head of Investment Management from October 2012 to June 2014. Mr. Harding leads the Investment Management function responsible for oversight of sub-advisor performance and risk, due diligence and manager research. Mr. Harding was previously the Head of Manager Research for Morningstar Inc.'s Investment Management division and has over 20 years of investment experience including asset allocation, manager research, portfolio management, and performance evaluation. Mr. Harding graduated from the University of Colorado, Boulder with a Bachelor of Science degree in Business. He holds an MBA from Loyola University Chicago and he is a Chartered Financial Analyst.

Sean Hynes, CFA, CAIA, is a Vice President, Investment Management for JNAM. Mr. Hynes provides leadership for the performance analysis and due diligence review of external investment managers. He develops and maintains key relationships with asset managers and provides leadership and direction to Investment Management staff. Prior to joining JNAM in 2013, Mr. Hynes was an Investment Manager for Morningstar Investment Services, a wholly owned subsidiary of Morningstar Inc., and a research associate for Managers Investment Group. Mr. Hynes holds a Bachelor of Science degree in Mathematics from the University of Notre Dame, and an MBA from Carnegie Mellon University. He is a CFA and CAIA charterholder.

Mark Pliska, CFA, is a Vice President, Investment Management for JNAM. Mr. Pliska is responsible for manager research, portfolio construction, and asset allocation of Funds. Prior to joining JNAM in 2011, Mr. Pliska worked as an Investment Analyst for Plan Sponsor Advisors from 2008 to 2011, where he was responsible for the selection and monitoring of investment managers, client reporting, and asset allocation for defined contribution and defined benefit plans, and prior to that, Mr. Pliska was a Research Analyst for DWM Financial Group from 2006 to 2008. Mr. Pliska is a National Merit Scholar and holds a B.A. in Economics from the University of Kansas.

Kyle Ottwell, CFA, CAIA, is Director, Investment Management for JNAM. Mr. Ottwell is responsible for manager research, portfolio construction, and asset allocation of Funds, joining the Investment Management team in October 2013. Mr. Ottwell originally joined JNAM in June of 2007 as a Fund Accountant, rising to the Supervisor position. Prior to JNAM he worked as a fund accountant for State Street. Mr. Ottwell holds a Bachelor of Science degree in Finance & Banking/Real Estate from the University of Missouri-Columbia. He is a CFA and CAIA charterholder.

The SAI provides additional information about each portfolio manager's compensation, other accounts managed, and ownership of securities in the Fund(s).

 **JNL Multi-Manager International Equity Fund** 

*(formerly, JNL/William Blair International Leaders Fund)*

**Class A**

**Class I**

**Investment Objective.** The investment objective of the Fund is to seek long-term capital appreciation.

**Principal Investment Strategies.** The Fund seeks to achieve its investment objective by investing, under normal circumstances, at least 80% of its assets (net assets plus the amount of any borrowings for investment purposes) in equity securities of companies located outside the United States.

The Fund considers a company to be located in a country if the company has been organized under the laws of, has its principal offices in, or has its securities principally traded in, the country, or if the company derives at least 50% of its revenues or net profits from, or has at least 50% of its assets or production capacities in, the country. The Fund generally will invest in securities of companies located in different regions and in at least three different countries. From time to time, the Fund may invest a significant portion of its assets in the securities of companies in one or a few countries or regions.

The Fund's equity investments include, but is not limited to, common stock of companies located outside the United States. and depositary receipts, traded on an exchange and in over-the-counter markets. The Fund's investments in depositary receipts may include American, European, Canadian, and Global Depositary Receipts ("ADRs," "EDRs," "CDRs" and "GDRs," respectively), and other similar securities. ADRs and CDRs are receipts that represent interests in foreign securities held on deposit by U.S. and Canadian banks or trust companies, respectively. EDRs and GDRs have the same qualities as ADRs, although they may be traded in several international trading markets.

The Fund may invest in securities of companies across the capitalization spectrum.

Four unaffiliated investment managers ("Sub-Advisers") generally provide day to day management for a portion of the Fund's assets (each portion is sometimes referred to as a "sleeve"). Each Sub-Adviser may use different investment strategies in managing Fund assets, acts independently from the others, and uses its own methodology for selecting investments. Jackson National Asset Management, LLC ("JNAM" or "Adviser") is responsible for identifying and retaining the Sub-Advisers for the selected strategies and for monitoring the services provided by the Sub-Advisers. JNAM provides qualitative and quantitative supervision as part of its process for selecting and monitoring the Sub-Advisers. JNAM is also responsible for selecting the Fund's investment strategies and for determining the amount of Fund assets to allocate to each Sub-Adviser. Based on JNAM's ongoing evaluation of the Sub-Advisers, JNAM may adjust allocations among Sub-Advisers.

JNAM also may choose to allocate the Fund's assets to additional Sub-Advisers or to replace/remove Sub-Advisers in the future. There is no assurance that any or all of the strategies discussed in this prospectus will be used by JNAM or the Sub-Advisers.

JNAM may also manage Fund assets directly to seek to enhance returns, or to hedge and to manage the Fund's cash and short-term instruments.

Below are the principal investment strategies for each Sub-Adviser's strategy, but the Sub-Advisers may also implement other investment strategies in keeping with their respective strategy's objective.

 *Causeway Strategy*

Causeway Capital Management LLC ("Causeway") constructs the Causeway Strategy by investing primarily in equity securities of companies located outside the United States. The Causeway Strategy's investments in equity securities include common stock, as well as preferred stock, and depositary receipts.

When investing the Causeway Strategy's assets, Causeway's proprietary computer model analyzes factors relating to valuation, sentiment, technical indicators, long-term growth, quality, and sustainability characteristics. The sustainability category is further subdivided into environmental (E), social (S), and governance (G) categories. Currently, the sustainability category receives a 20% weight in the model. For each stock, the weight assigned to the remaining five factors differs depending on its classification (for example, value, growth, momentum, or other classifications). The relative weights of these factors are sometimes referred to as "contextual weights." Factors and their weights may change over time as the model is revised and updated, or if the classification of a stock changes. In addition to its quantitative research, Causeway's fundamental research analysts review certain of the quantitative outputs to attempt to identify special issues, such as significant upcoming mergers and acquisitions or management changes, which may not be captured quantitatively.

 *Lazard Strategy*

Lazard Asset Management LLC ("Lazard") constructs the Lazard Strategy by investing primarily in equity securities of non-U.S. companies, including those whose principal business activities are located in emerging market countries. The Lazard strategy invests in companies that Lazard considers to be quality growth businesses. By "quality," Lazard means businesses that it believes can generate, and sustain, high levels of financial productivity (i.e., return on equity, return on capital and cash flow return on investment). Lazard considers, among other factors deemed appropriate and relevant to a particular company, whether the company has a competitive advantage in its industry and if Lazard believes the company can sustain its competitive advantage. Lazard also looks for "growth" businesses that it believes can grow profits and cash flows by investing back into their business at similarly high rates of financial productivity.

Lazard Strategy may invest in securities of companies across the capitalization spectrum but generally focuses on companies with a market capitalization of $3 billion or more. The Lazard Strategy principally invests in common stocks, but the Lazard Strategy's investments in equity securities also may include preferred stocks, convertible securities, and ADRs, GDRs, and EDRs.

 *WCM Strategy* 

WCM Investment Management, LLC ("WCM") constructs the WCM Strategy by investing primarily in equity securities of non-U.S. domiciled companies or depositary receipts of non-U.S. domiciled companies that WCM believes to be undervalued because their businesses are out of favor and/or their stocks are undervalued in comparison to their intrinsic values, their peers, or their prospects for growth. Such companies may be located in developed, emerging market or frontier market countries. Emerging market and frontier market countries are those countries with low- to middle-income economies as classified by the World Bank, or are included in any of the Morgan Stanley Capital International (MSCI) emerging markets or frontier markets indices.

The equity securities in the WCM Strategy may include common stock and depositary receipts. The WCM Strategy's investments in depositary receipts may include ADRs., EDRs, CDRs, and GDRs. The WCM Strategy will be managed pursuant to a "focused" strategy, whereby WCM typically invests in the equity securities of a small number of issuers.

WCM uses a bottom-up approach that seeks to identify companies with comparatively low valuations compared to other companies of similar market capitalization, sector, and/or industry, based on factors such as the price-to-earnings ratio, price-to-book ratio, price-to-cash flow ratio, dividend yield, net working capital, and earnings estimate revisions. WCM believes that investment in a company with relatively low valuations may afford capital protection from permanent loss and may result in substantial appreciation if the market recognizes the company's intrinsic value. WCM's investment process seeks companies that are industry leaders with expanding competitive advantages, strong balance sheets, and attractive valuations. In selecting securities, WCM also considers other factors including, among others, political risk, monetary policy risk, and regulatory risk.

Although the WCM Strategy may invest in companies of any size, it generally invests in large capitalization, established, multinational companies. WCM considers large capitalization companies to be those with market capitalizations of $5 billion or greater at the time of investment.

 *William Blair Strategy*

William Blair Investment Management, LLC ("William Blair") constructs the William Blair Strategy by investing primarily in a diversified portfolio of equity securities, including common stocks and other forms of equity investments (e.g., securities convertible into common stocks) issued by companies of all sizes domiciled outside the United States that William Blair believes have above-average growth, profitability, and quality characteristics.

William Blair seeks investment opportunities in companies at different stages of development ranging from large, well-established companies to smaller companies at earlier stages of development that are leaders in their country, industry, or globally in terms of products, services, or execution.

In choosing investments, William Blair performs fundamental company analysis and focuses on stock selection. William Blair generally seeks equity securities, including common stocks of companies that historically have had superior growth, profitability and quality relative to local markets and relative to companies within the same industry worldwide and that are expected to continue such performance. William Blair believes that such companies generally will exhibit superior business fundamentals, including leadership in their field, quality products or services, distinctive marketing and distribution, pricing flexibility and revenue from products or services consumed on a steady, recurring basis. These business characteristics should be accompanied by management that is shareholder return-oriented and that uses conservative accounting policies. Companies with above-average returns on equity, strong balance sheets, and consistent, above average earnings growth will be the primary focus. Stock selection will take into account both local and global comparisons.

The Fund may also invest in A Shares of companies based in the People's Republic of China ("China") that trade on the Shanghai Stock Exchange and the Shenzhen Stock Exchange through the Shanghai – Hong Kong and Shenzhen – Hong Kong Stock Connect programs ("Stock Connect"). Stock Connect is a mutual stock market access program designed to, among other things, enable foreign investments in China. Investments in equity and equity-related securities in the Greater China region will expose the Fund to that country's market, currency, and other risks, including volatility and structural risks. As a result, investments in the Greater China region may be volatile.

**Principal Risks of Investing in the Fund.** An investment in the Fund is not guaranteed. As with any mutual fund, the value of the Fund's shares will change, and you could lose money by investing in the Fund. The following descriptions of the principal risks do not provide any assurance either of the Fund's investment in any particular type of security, or assurance of the Fund's success in its investment selections, techniques and risk assessments. As a managed portfolio, the Fund may not achieve its investment objective for a variety of reasons including changes in the financial condition of issuers (due to such factors as management performance, reduced demand or overall market changes), fluctuations in the financial markets, declines in overall securities prices, or the Sub-Adviser's investment techniques otherwise failing to achieve the Fund's investment objective. The principal risks of investing in the Fund include:

● *Equity securities risk* 

● *Market risk* 

● *Foreign securities risk* 

● *Currency risk* 

● *Emerging markets and less developed countries risk* 

● *Mid-capitalization and small-capitalization investing risk* 

● *Large-capitalization investing risk* 

● *Investment style risk* 

● *Concentration risk* 

● *Issuer risk* 

● *Sector risk* 

● *Company risk* 

● *Investment strategy risk* 

● *Depositary receipts risk* 

● *Stock risk* 

● *Quantitative strategy risk* 

● *Investing through Stock Connect risk* 

● *Investing in China A Shares risk* 

● *China risk* 

● *European investment risk* 

● *Liquidity risk* 

● *Managed portfolio risk* 

Please see the "Glossary of Risks" section, which is set forth before the "Management of the Trust" section, for a description of these risks. There may be other risks that are not listed in this Prospectus that could cause the value of your investment in the Fund to decline and that could prevent the Fund from achieving its stated investment objective. This Prospectus does not describe all of the risks of every technique, investment strategy or temporary defensive position that the Fund may use. For additional information regarding the risks of investing in the Fund, please refer to the SAI.

**Additional Information About the Other Investment Strategies, Other Investments and Risks of the Fund (Other than Principal Strategies/Risks)**. In addition to common stocks, the Fund may also invest in other types of securities, such as preferred stocks, convertible securities, fixed-income securities. Fixed-income securities, including preferred stocks and convertible securities, are subject to credit risk and interest rate risk. Credit risk is the actual or perceived risk that the issuer will not make payments of principal or interest when due. A deterioration in the credit quality of an issuer of fixed-income securities will cause the price of those securities to fall. Interest rate risk is the risk that interest rates will rise, causing the prices of fixed-income securities, including those owned by the Fund, to fall.

*Risks of Investments in China A-shares through the Connect Program*.** The Connect Program is subject to daily quota limitations and an investor cannot purchase and sell the same security on the same trading day, which may restrict a Fund's ability to invest in China A-shares through the Connect Program and to enter into or exit trades on a timely basis. The relevant China A-shares market may be open at a time when the Connect Program is not trading, with the result that prices of China A-shares may fluctuate at times when the Fund is unable to add to or exit its position.

Only certain China A-shares are eligible to be accessed through the Connect Program. Such securities may lose their eligibility at any time, in which case they could be sold but could no longer be purchased through the Connect Program. Because the Connect Program is new, the actual effect on the market for trading China A-shares with the introduction of large numbers of foreign investors is currently unknown. The Connect Program is subject to regulations promulgated by regulatory authorities for the relevant stock exchanges in mainland China and The Stock Exchange of Hong Kong Limited or other regulatory authorities of other stock exchanges in the future as permitted, and further regulations or restrictions, such as limitations on redemptions or suspension of trading, may adversely impact the Connect Program, if the authorities believe it necessary to assure orderly markets or for other reasons. There is no guarantee that the relevant exchanges will continue to support the Connect Program in the future.

Investments in China A-shares may not be covered by the securities investor protection programs of the relevant exchanges and, without the protection of such programs, will be subject to the risk of default by the broker. In the event that the depository of the relevant China stock exchange ("ChinaClear") defaulted, a Fund may not be able to recover fully its losses from ChinaClear or may be delayed in receiving proceeds as part of any recovery process. In addition, because all trades on the Connect Program in respect of eligible China A-shares must be settled in Renminbi (RMB), the Chinese currency, the Funds investing through the Connect Program must have timely access to a reliable supply of offshore RMB, which cannot be guaranteed.

China A-shares purchased through the Connect Program are held in nominee name and not the Fund's name as the beneficial owner. It is possible, therefore, that a Fund's ability to exercise its rights as a shareholder and to pursue claims against the issuer of China A-shares may be limited because the nominee structure has not been tested in Chinese courts. In addition, a Fund may not be able to participate in corporate actions affecting China A-shares held through the Connect Program due to time constraints or for other operational reasons.

Trades on the Connect Program are subject to certain requirements prior to trading. If these requirements are not completed prior to the market opening, a Fund cannot sell the shares on that trading day. In addition, these requirements may limit the number of brokers that a Fund may use to execute trades. If an investor holds 5% or more of the total shares issued by a China A share issuer, the investor must return any profits obtained from the purchase and sale of those shares if both transactions occur within a six-month period. If a Fund holds 5% or more of the total shares of a China-A share issuer through its Connect Program investments, its profits may be subject to these limitations. All accounts managed by the Adviser and/or its affiliates will be aggregated for purposes of this 5% limitation, which makes it more likely that a Fund's profits may be subject to these limitations.

To effectively manage cash inflows and outflows, the Fund may maintain a cash position primarily consisting of shares of money market mutual funds including the affiliated JNL Government Money Market Fund and investments in other investment companies (such as exchange traded funds) to the extent permitted under the 1940 Act. The Fund may also invest in money market instruments.

There may be additional risks that may affect the Fund's ability to achieve its stated investment objective. Those additional risks are:

● *Accounting risk* 

● *Convertible securities risk* 

● *Counterparty risk* 

● *Credit risk* 

● *Cybersecurity risk* 

● *Derivatives risk* 

● *Exchange-traded funds investing risk* 

● *Expense risk* 

● *Financial services risk* 

● *Forwards and futures contracts risk* 

● *Government regulatory risk* 

● *Hedging instruments risk* 

● *Interest rate risk* 

● *Investments in IPOs risk* 

● *Investment in other investment companies risk* 

● *Leverage risk* 

● *Model risk* 

● *Redemption risk* 

● *Regulatory investment limits risk* 

● *Securities lending risk* 

● *Settlement risk* 

● *Swaps risk* 

● *Tax risk* 

● *Temporary defensive positions and large cash positions risk* 

● *When-issued and delayed delivery securities and forward commitments risk* 

Please see the "Glossary of Risks" section, which is set forth before the "Management of the Trust" section in this Prospectus, for a description of these risks.

In addition, the performance of the Fund depends on the Sub-Adviser's abilities to effectively implement the investment strategies of the Fund.

The SAI has more information about the Fund's authorized investments and strategies, as well as the risks and restrictions that may apply to it.

 **The Adviser, Sub-Advisers, and Portfolio Management.** The allocations for the Fund are made by JNAM. JNAM is located at 225 West Wacker Drive, Chicago, Illinois 60606. JNAM is the investment adviser to the Trust and other affiliated investment companies and provides the Trust and other affiliated investment companies with professional investment supervision and management. 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.

The following individuals are responsible for application of the Fund's strategy, executing trades and allocation of capital to the various strategies for the Fund:

William Harding, CFA, is Senior Vice President and Chief Investment Officer for JNAM since July 2014. Mr. Harding was a Vice President, Head of Investment Management from October 2012 to June 2014. Mr. Harding leads the Investment Management function responsible for oversight of sub-advisor performance and risk, due diligence and manager research. Mr. Harding was previously the Head of Manager Research for Morningstar Inc.'s Investment Management division and has over 20 years of investment experience including asset allocation, manager research, portfolio management, and performance evaluation. Mr. Harding graduated from the University of Colorado, Boulder with a Bachelor of Science degree in Business. He holds an MBA from Loyola University Chicago and he is a Chartered Financial Analyst.

Sean Hynes, CFA, CAIA, is a Vice President, Investment Management for JNAM. Mr. Hynes provides leadership for the performance analysis and due diligence review of external investment managers. He develops and maintains key relationships with asset managers and provides leadership and direction to Investment Management staff. Prior to joining JNAM in 2013, Mr. Hynes was an Investment Manager for Morningstar Investment Services, a wholly owned subsidiary of Morningstar Inc., and a research associate for Managers Investment Group. Mr. Hynes holds a Bachelor of Science degree in Mathematics from the University of Notre Dame, and an MBA from Carnegie Mellon University. He is a CFA and CAIA charterholder.

Mark Pliska, CFA, is a Vice President, Investment Management for JNAM. Mr. Pliska is responsible for manager research, portfolio construction, and asset allocation of Funds. Prior to joining JNAM in 2011, Mr. Pliska worked as an Investment Analyst for Plan Sponsor Advisors from 2008 to 2011, where he was responsible for the selection and monitoring of investment managers, client reporting, and asset allocation for defined contribution and defined benefit plans, and prior to that, Mr. Pliska was a Research Analyst for DWM Financial Group from 2006 to 2008. Mr. Pliska is a National Merit Scholar and holds a B.A. in Economics from the University of Kansas.

Kyle Ottwell, CFA, CAIA, is Director, Investment Management for JNAM. Mr. Ottwell is responsible for manager research, portfolio construction, and asset allocation of Funds, joining the Investment Management team in October 2013. Mr. Ottwell originally joined JNAM in June of 2007 as a Fund Accountant, rising to the Supervisor position. Prior to JNAM he worked as a fund accountant for State Street. Mr. Ottwell holds a Bachelor of Science degree in Finance & Banking/Real Estate from the University of Missouri-Columbia. He is a CFA and CAIA charterholder.

The Sub-Advisers to the JNL Multi-Manager International Equity Fund are:

Causeway Capital Management LLC ("Causeway") is located at 11111 Santa Monica Boulevard, 15th Floor, Los Angeles, CA 90025.

The following individuals are primarily responsible for the day-to-day portfolio management of the Causeway Strategy of the Fund:

Joe Gubler, CFA, is a director of Causeway and performs quantitative research. He joined Causeway in April 2005. From 2002 to April 2005, Mr. Gubler worked as director of engineering for the MonsterTRAK division of Monster.com. He was responsible for a cross-functional team that developed, enhanced, and maintained the software that powers the monstertrak.com website. From 1999 to 2002, Mr. Gubler developed database-enabled web applications for a wide range of companies, including the National Academy of Recording Arts and Sciences, the Recording Industry Association of America, Disney, NameSafe.com, and Array Networks. While studying astrophysics at UC San Diego, Mr. Gubler worked as a graduate research assistant in the Jet Propulsion Laboratory's stellar interferometry group. Mr. Gubler has a BS, cum laude, in Physics from UC Irvine, an MS in Physics from UC San Diego, and an MBA from the UCLA Anderson Graduate School of Management. Mr. Gubler is a CFA charterholder.

Arjun Jayaraman, PhD, CFA, is head of the quantitative research group at Causeway. He has been a portfolio manager at Causeway since January 2006. From 2004 to 2005, Dr. Jayaraman was a portfolio manager for quantitative strategies at PanAgora Asset Management. He was the lead portfolio manager of its non-U.S. large cap core equity portfolios and was the co-portfolio manager of its global large cap core equity portfolios. From 2000-2004, Dr. Jayaraman managed similar portfolios at Putnam Investments in addition to working closely with the teams that managed Putnam's traditional non-U.S. strategies. Dr. Jayaraman has a BA in Economics from Columbia University, a PhD from New York University (Stern School of Business), and is a CFA charterholder.

MacDuff Kuhnert, CFA, is a director of Causeway and performs quantitative research. He joined Causeway in July 2001. His responsibilities include product development, asset allocation, risk management, and the design and implementation of proprietary valuation models and other quantitative tools. From 1996 to July 2001, Mr. Kuhnert worked for Hotchkis & Wiley division of -Merrill Lynch Investment Managers, L.P. as a quantitative research associate, where he created and developed advanced quantitative models used in the international value investment process. Mr. Kuhnert has a BA in Chemistry from Dartmouth College. He is a CFA charterholder and member of the Los Angeles Society of Financial Analysts and the Los Angeles Quantitative Investment Association.

Mozaffar Khan, PhD, is a director of Causeway, the director of Sustainability Research, and performs quantitative research. He joined Causeway in April 2017. From 2010 to 2017, Dr. Khan held various appointments at the University of Minnesota, most recently as the Honeywell professor of accounting. From 2014 to 2016, Dr. Khan taught at Harvard Business School where he was the James M. Collins visiting associate professor of business administration. From 2005 to 2010, Dr. Khan was an assistant professor at MIT Sloan School of Management. Dr. Khan has a MA in Economics from Wichita State University and a PhD in accounting from the University of Toronto.

Ryan Myers is a director of Causeway and performs quantitative research. He joined Causeway in June 2013. From 2010 to 2012, Mr. Myers served as chief investment officer of Iron Castle Asset Management, an investment partnership focused on mid-cap U.S. equities. From 2007 to 2008, Mr. Myers worked as an analyst at Canyon Partners, where he covered the cable, media, telecom and satellite sectors. From 2005 to 2007, Mr. Myers was an associate for Oaktree Capital Management in the distressed opportunities group. Mr. Myers began his professional career in 2003 as an investment banking analyst at Goldman Sachs in the technology, media and telecom group. Mr. Myers earned a BA, magna cum laude, in economics from Harvard University, where he was elected to Phi Beta Kappa. Mr. Myers earned an MBA from the Stanford Graduate School of Business, where he was an Arjay Miller Scholar.

Lazard Asset Management LLC ("Lazard"), located at 30 Rockefeller Plaza, New York, New York 10112. Lazard is a subsidiary of Lazard Frères & Co. LLC, a New York limited liability company, which provides its clients which a wide variety of investment banking, brokerage and related services. Lazard and its affiliates provide investment management services to client discretionary accounts of both individuals and institutions.

The following individuals are primarily responsible for the day-to-day portfolio management of the Lazard Strategy of the Fund:

Louis Florentin-Lee is a Managing Director and portfolio manager/analyst on various Global and International teams. Mr. Florentin-Lee joined Lazard in 2004 and has been working in the investment field since 1996.

Barnaby Wilson, CFA, is a Managing Director and portfolio manager/analyst on various Global and International teams. Prior to joining Lazard in 1999, Mr. Wilson worked for Orbitex Investments. He began working in the investment field in 1998, and is a CFA Charterholder.

Robert Failla, CFA, is a Managing Director and portfolio manager/analyst on the International Quality Growth team. Mr. Failla joined Lazard in 2003 and has been working in the investment field since 1993.

WCM Investment Management, LLC ("WCM") is located at 281 Brooks Street, Laguna Beach, California 92651. WCM is an independent, money management firm, founded in 1976. WCM provides investment management and sub-advisory services to public as well as various institutional and sub-advised accounts.

The following individuals are primarily responsible for the day-to-day portfolio management of the WCM Strategy of the Fund:

Andrew Wiechert is a Portfolio Manager. Mr. Wiechert joined WCM in 2007. He is a member firm's Investment Strategy Group (ISG) and his primary responsibilities include portfolio management and equity research.

Drew French is a Portfolio Manager. Mr. French joined WCM in 2013. He is a member firm's Investment Strategy Group (ISG) and primary responsibilities include portfolio management and equity research.

Rob Quirk, CFA, is a Portfolio Manager. Mr. Quirk joined WCM in 2018. His primary responsibilities include portfolio management and equity research.

William Blair Investment Management, LLC ("William Blair") is located at 150 North Riverside Plaza, Chicago, Illinois 60606. William Blair is a global investment firm registered as an investment adviser with the SEC. William Blair is affiliated with William Blair & Company, L.L.C. ("William Blair & Company"), a firm that was founded in 1935 and is registered with the SEC as both an investment adviser and a securities broker-dealer. William Blair and William Blair & Company (each of which is a privately held company) are wholly owned subsidiaries of WBC Holdings, L.P., which is wholly owned by certain William Blair and William Blair & Company employees.

The following individuals are primarily responsible for the day-to-day portfolio management of the William Blair Strategy of the Fund:

Alaina Anderson, CFA, is a Partner of William Blair. Ms. Anderson has co-managed William Blair's International Leaders strategy since 2021. Ms. Anderson has managed William Blair's International Leaders ADR strategy since 2019. Before that, Ms. Anderson covered multiple sectors as a research analyst for William Blair, including the Consumer and Health Care sectors, along with her most recent responsibilities covering real assets companies. Before joining William Blair in 2006, Ms. Andersen was a senior analyst in the investments department of the MacArthur Foundation, where she provided research support for internally managed portfolios and was involved in investment manager due diligence, selection and monitoring for the foundation's U.S., non-U.S., and hedge fund portfolios. Before joining the MacArthur Foundation, Ms. Andersen was an investor relations consultant with Ashton Partners and a financial advisor with UBS Painewebber. She is a member of the CFA Institute and the CFA Society Chicago. Education: B.S., Wharton School at the University of Pennsylvania and an M.B.A. from the University of Chicago's Booth School of Business.

Simon Fennell is a Partner of William Blair. Mr. Fennell has co-managed William Blair's International Growth strategy since 2013, its Institutional International Growth strategy since 2013, its International Leaders strategy since 2013 and its International Small Cap Growth strategy since 2017 along with associated separate accounts and commingled fund portfolios. He joined William Blair in 2011 as a research analyst, also focusing on idea generation and strategy more broadly. Prior to joining William Blair, Mr. Fennell was a Managing Director in the Equities division at Goldman Sachs in London and Boston, where he was responsible for institutional, equity research coverage for European and International stocks. Previously, he was in the Corporate Finance Group at Lehman Brothers in London and Hong Kong, working in the M&A and Debt Capital Markets Groups. Education: M.A., University of Edinburgh; M.B.A., Johnson Graduate School of Management, Cornell University.

Kenneth J. McAtamney is a Partner of William Blair. Mr. McAtamney has co-managed William Blair's Global Leaders strategy since 2008, its International Leaders strategy since its inception in 2012, its International Growth strategy since 2017 and its Institutional International Growth strategy since 2017 along with associated separate account and commingled fund portfolios. Mr. McAtamney joined William Blair in 2005 as an international stock analyst. From 1997 to 2005, he was with Goldman Sachs in various capacities, including as a Vice President representing both International and Domestic Equities. Education: B.A., Finance, Michigan State University; M.B.A., Indiana University.

The SAI provides additional information about a portfolio manager's compensation, other accounts managed, and ownership of securities in the Fund(s).

**JNL Multi-Manager International Small Cap Fund**

**Class A**

**Class I**

**Investment Objective.** The investment objective of the Fund is long-term capital appreciation.

**Principal Investment Strategies.** The Fund seeks to achieve its investment objective by investing, under normal circumstances, at least 80% of its assets (net assets plus the amount of any borrowings made for investment purposes) in the equity securities of international companies that, when purchased, have market capitalizations between the smallest company and 120% of the largest company in the Morningstar Global ex-US Small Cap Target Market Exposure Index. As of December 31, 2024, the range of such companies in the Morningstar Global ex-US Small Cap Target Market Exposure Index was $204.68 million to $14.40 billion.

The Fund generally will invest in the securities of companies domiciled in at least three different countries. However, from time to time, the Fund may invest a significant portion of its assets in the securities of companies domiciled in one or a few countries. The Fund may make significant investments in certain sectors or group of sectors from time to time.

Equity securities represent an ownership interest, or the right to acquire an ownership interest, in an issuer. The equity securities in which the Fund may invest can be traded on an exchange or in over-the-counter markets and include common stocks (including depositary receipts evidencing ownership of common stock), preferred stocks and other preferred securities, convertible securities, rights and warrants, and other securities, such as hybrid securities and trust preferred securities, believed to have equity-like characteristics. The Fund's investments in depositary receipts may include American, European, Canadian and Global Depositary Receipts ("ADRs," "EDRs," "CDRs", and "GDRs," respectively), and other similar securities. ADRs are receipts that represent interests in foreign securities held on deposit by U.S. banks. EDRs and GDRs have the same qualities as ADRs, except that they may be traded in several international trading markets.

The Fund may participate in initial public offerings ("IPOs") and in securities offerings that are not registered in the U.S. In some emerging markets, the Fund may invest in companies that qualify as smaller companies but still are among the largest in that market.

The Fund may invest in Rule 144A and Regulation S securities. Rule 144A securities are securities offered as exempt from registration with the Securities and Exchange Commission ("SEC") but are typically treated as liquid securities because there is a market for such securities. Regulation S securities are securities of U.S. and non-U.S. issuers that are issued through private offerings without registration with the SEC pursuant to Regulation S under the Securities Act of 1933, as amended.

A company is considered to be in an emerging or frontier country or market if the company has been registered, incorporated, or organized under the laws of, has headquarters or its principal offices in, or has its stock exchange listing or its securities principally traded in, the emerging or frontier country or market, or if the company derives at least 50% of its revenues, net profits or incremental revenue growth (typically over the past five years) from, or has at least 50% of assets or production capacities in, the emerging or frontier country or market. The Fund considers a company to be domiciled in a country if the company is registered, incorporated or organized under the laws of that country, has headquarters or its principal place of business in that country, or has its stock exchange listing or its securities principally traded in that country.

The Fund may invest in A Shares of companies based in China that trade on the Shanghai Stock Exchange and the Shenzhen Stock Exchange through the Shanghai – Hong Kong and Shenzhen – Hong Kong Stock Connect programs ("Stock Connect"). Stock Connect is a mutual stock market access program designed to, among other things, enable foreign investments in China.

Three unaffiliated investment managers ("Sub-Advisers") generally provide day to day management for a portion of the Fund's assets (each portion is sometimes referred to as a "sleeve"). Each Sub-Adviser may use different investment strategies in managing Fund assets, acts independently from the others, and uses its own methodology for selecting investments. Jackson National Asset Management, LLC ("JNAM" or "Adviser") is responsible for identifying and retaining the Sub-Advisers for the selected strategies and for monitoring the services provided by the Sub-Advisers. JNAM provides qualitative and quantitative supervision as part of its process for selecting and monitoring the Sub-Advisers. JNAM is also responsible for selecting the Fund's investment strategies and for determining the amount of Fund assets to allocate to each Sub-Adviser. Based on JNAM's ongoing evaluation of the Sub-Advisers, JNAM may adjust allocations among Sub-Advisers.

The Fund may use derivatives, which are instruments that have a value based on another instrument, exchange rate or index, may be used as substitutes for securities in which the Fund can invest. To the extent the Fund uses derivatives, the Fund will primarily use futures contracts to more effectively gain targeted equity exposure from its cash positions. Derivative instruments that provide investment exposure to the investments above or exposure to one or more market risk factors associated with such investments are included in the Fund's 80% policy and are consistent with the Fund's investment policies and limitations with respect to investments in derivatives.

JNAM may choose to allocate the Fund's assets to additional Sub-Advisers or to replace/remove Sub-Advisers in the future. There is no assurance that any or all of the strategies discussed in this prospectus will be used by JNAM or the Sub-Advisers.

JNAM may also manage Fund assets directly to seek to enhance returns or to hedge and to manage the Fund's cash and short-term instruments.

Alongside other factors, the Sub-Advisers may consider environmental, social and governance ("ESG") factors that, depending on the facts and circumstances, are material to the value of an issuer or instrument. Consideration of ESG factors and risks is only one component of the Sub-Advisers' assessment of eligible investments and may not be a determinative factor in the Advisers' final decision on whether to invest in a security. In addition, the weight given to ESG factors may vary across types of investments, industries, regions and issuers, and ESG factors and weights considered may change over time. Certain Sub-Advisers may not assess every investment for ESG factors, and, when the Sub-Advisers do, not every ESG factor may be identified or evaluated.

Below are the principal investment strategies for each Sub-Adviser's strategy, but the Sub-Advisers may also implement other investment strategies in keeping with their respective strategy's objective.

*WCM Strategy*

WCM Investment Management, LLC ("WCM") constructs the strategy by investing in equity securities or depositary receipts of small capitalization companies domiciled outside of the United States, including in emerging and frontier market countries. Emerging and frontier countries or markets are those countries or markets with low-to-middle-income economies as classified by the World Bank or included in the Morningstar*<sup>®</sup>* Emerging Markets Index<sup>℠</sup>.

WCM uses a bottom-up approach that seeks to identify companies believed to have above-average potential for growth in revenue and earnings. WCM's investment process seeks companies that are industry leaders with sustainable competitive advantages; corporate cultures emphasizing strong, quality and experienced management; little or no debt; and attractive relative valuations. In selecting securities, WCM also considers other factors including, among others, political risk, monetary policy risk, and regulatory risk specific to an issuer's country of domicile.

*Causeway Strategy*

Causeway Capital Management LLC ("Causeway") constructs the strategy by investing primarily in common stocks of companies with smaller market capitalizations located in developed and emerging markets outside the U.S. The Causeway Strategy may invest in a wide range of industries.

Causeway uses a quantitative investment approach to purchase and sell investments for its sleeve of the Fund. To select securities, Causeway's proprietary computer model analyzes "stock-specific" factors relating to valuation, earnings growth, technical indicators, quality and corporate events, and "top-down" factors relating to macroeconomics and country. Currently, the valuation factor category receives the highest overall weight in the model and stock-specific factors comprise approximately 90% of the score for a company. For each stock, the relative weight assigned to each stock-specific factor differs depending on its classification (for example, value, growth, momentum, capitalization or other classifications). The relative weights of these stock-specific factors are sometimes referred to as "contextual weights." Factors and their weightings may change over time as the model is revised and updated, or if the classification of a stock changes. In addition to its quantitative research, the Causeway's fundamental research analysts review certain of the quantitative outputs to attempt to identify and address special issues, such as significant corporate actions or management changes, which are difficult to detect quantitatively.

 *FIAM Strategy*

FIAM LLC ("FIAM") constructs the FIAM Strategy by investing primarily in non-U.S. securities, including securities of issuers located in emerging markets with small market capitalizations. FIAM considers non-U.S. securities to include investments that are tied economically to a particular country or region outside the U.S. Emerging markets tend to have relatively low gross national product per capita compared to the world's major economies and may have the potential for rapid economic growth.

FIAM LLC normally invests FIAM Strategy's assets primarily in common stocks.

FIAM LLC normally allocates FIAM Strategy's investments across different countries and regions. In buying and selling securities for the FIAM Strategy, FIAM relies on fundamental analysis, which involves a bottom-up assessment of a company's potential for success in light of factors including its financial condition, earnings outlook, strategy, management, industry position, and economic and market conditions.

**Principal Risks of Investing in the Fund.** An investment in the Fund is not guaranteed. As with any mutual fund, the value of the Fund's shares will change, and you could lose money by investing in the Fund. The following descriptions of the principal risks do not provide any assurance either of the Fund's investment in any particular type of security, or assurance of the Fund's success in its investment selections, techniques and risk assessments. As a managed portfolio, the Fund may not achieve its investment objective for a variety of reasons including changes in the financial condition of issuers (due to such factors as management performance, reduced demand or overall market changes), fluctuations in the financial markets, declines in overall securities prices, or the Sub-Advisers' investment techniques otherwise failing to achieve the Fund's investment objective. The principal risks of investing in the Fund include:

● *Market risk* 

● *Equity securities risk* 

● *Managed portfolio risk* 

● *Small-capitalization investing risk* 

● *Investment style risk* 

● *Emerging markets and less developed countries risk* 

● *Frontier market countries risk* 

● *Foreign securities risk* 

● *Allocation risk* 

● *Depositary receipts risk* 

● *European investment risk* 

● *Japan investment risk* 

● *Investments in IPOs risk* 

● *Derivatives risk* 

● *Rule 144A securities risk* 

● *Regulation S securities risk* 

● *Currency risk* 

● *Securities lending risk* 

Please see the "Glossary of Risks" section, which is set forth before the "Management of the Trust" section, for a description of these risks. There may be other risks that are not listed in this Prospectus that could cause the value of your investment in the Fund to decline and that could prevent the Fund from achieving its stated investment objective. This Prospectus does not describe all of the risks of every technique, investment strategy or temporary defensive position that the Fund may use. For additional information regarding the risks of investing in the Fund, please refer to the SAI.

**Additional Information About the Other Investment Strategies, Other Investments and Risks of the Fund (Other than Principal Strategies/Risks)**. To effectively manage cash inflows and outflows, the Fund may maintain a cash position primarily consisting of shares of money market mutual funds including the affiliated JNL Government Money Market Fund and investments in other investment companies (such as exchange traded funds) to the extent permitted under the 1940 Act. The Fund may also invest in money market instruments. There may be additional risks that may affect the Fund's ability to achieve its stated investment objective. These additional risks are:

● *Cybersecurity risk* 

● *Exchange-traded funds investing risk* 

● *Expense risk* 

● *Forward and futures contract risk* 

● *Investing through Stock Connect risk* 

● *Investment strategy risk* 

● *Liquidity risk* 

● *Mid-capitalization investing risk* 

● *Portfolio turnover risk* 

● *Redemption risk* 

● *Regulatory investment limits risk* 

● *Settlement risk* 

● *Temporary defensive positions and large cash positions risk* 

Please see the "Glossary of Risks" section, which is set forth before the "Management of the Trust" section in this Prospectus, for a description of these risks.

In addition, the performance of the Fund depends on the Sub-Advisers' abilities to effectively implement the investment strategies of the Fund.

The SAI has more information about the Fund's authorized investments and strategies, as well as the risks and restrictions that may apply to it.

**The Adviser, Sub-Advisers and Portfolio Management.** The allocations for the Fund are made by JNAM. JNAM is located at 225 West Wacker Drive, Chicago, Illinois 60606. JNAM is the investment adviser to the Trust and other affiliated investment companies and provides the Trust and other affiliated investment companies with professional investment supervision and management. 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.

The following individuals are responsible for application of the Fund's strategy, executing trades and allocation of capital to the various strategies for the Fund:

William Harding, CFA, is Senior Vice President and Chief Investment Officer for JNAM since July 2014. Mr. Harding was a Vice President, Head of Investment Management from October 2012 to June 2014. Mr. Harding leads the Investment Management function responsible for oversight of sub-advisor performance and risk, due diligence and manager research. Mr. Harding was previously the Head of Manager Research for Morningstar Inc.'s Investment Management division and has over 20 years of investment experience including asset allocation, manager research, portfolio management, and performance evaluation. Mr. Harding graduated from the University of Colorado, Boulder with a Bachelor of Science degree in Business. He holds an MBA from Loyola University Chicago and he is a Chartered Financial Analyst.

Sean Hynes, CFA, CAIA, is a Vice President, Investment Management for JNAM. Mr. Hynes provides leadership for the performance analysis and due diligence review of external investment managers. He develops and maintains key relationships with asset managers and provides leadership and direction to Investment Management staff. Prior to joining JNAM in 2013, Mr. Hynes was an Investment Manager for Morningstar Investment Services, a wholly owned subsidiary of Morningstar Inc., and a research associate for Managers Investment Group. Mr. Hynes holds a Bachelor of Science degree in Mathematics from the University of Notre Dame, and an MBA from Carnegie Mellon University. He is a CFA and CAIA charterholder.

Mark Pliska, CFA, is a Vice President, Investment Management for JNAM. Mr. Pliska is responsible for manager research, portfolio construction, and asset allocation of Funds. Prior to joining JNAM in 2011, Mr. Pliska worked as an Investment Analyst for Plan Sponsor Advisors from 2008 to 2011, where he was responsible for the selection and monitoring of investment managers, client reporting, and asset allocation for defined contribution and defined benefit plans, and prior to that, Mr. Pliska was a Research Analyst for DWM Financial Group from 2006 to 2008. Mr. Pliska is a National Merit Scholar and holds a B.A. in Economics from the University of Kansas.

Kyle Ottwell, CFA, CAIA, is Director, Investment Management for JNAM. Mr. Ottwell is responsible for manager research, portfolio construction, and asset allocation of Funds, joining the Investment Management team in October 2013. Mr. Ottwell originally joined JNAM in June of 2007 as a Fund Accountant, rising to the Supervisor position. Prior to JNAM he worked as a fund accountant for State Street. Mr. Ottwell holds a Bachelor of Science degree in Finance & Banking/Real Estate from the University of Missouri-Columbia. He is a CFA and CAIA charterholder.

The Sub-Advisers to the JNL Multi-Manager International Small Cap Fund are:

Causeway Capital Management LLC ("Causeway"), located at 11111 Santa Monica Boulevard, 15th Floor, Los Angeles, CA 90025.

The portfolio managers responsible for management of the Causeway Strategy of the Fund are Arjun Jayaraman, MacDuff Kuhnert, Joe Gubler, and Ryan Myers.

Arjun Jayaraman, PhD, CFA, is head of the quantitative research group at Causeway. He has been a portfolio manager at the Causeway since January 2006. From 2004 to 2005, Dr. Jayaraman was a portfolio manager for quantitative strategies at PanAgora Asset Management. He was the lead portfolio manager of its non-U.S. large cap core equity portfolios and was the co-portfolio manager of its global large cap core equity portfolios. From 2000-2004, Dr. Jayaraman managed similar portfolios at Putnam Investments in addition to working closely with the teams that managed Putnam's traditional non-U.S. strategies. Dr. Jayaraman has a BA in Economics from Columbia University, a PhD from New York University (Stern School of Business) and is a CFA charterholder.

MacDuff Kuhnert, CFA, is a director of Causeway and performs quantitative research. He joined Causeway in July 2001. His responsibilities include product development, asset allocation, risk management, and the design and implementation of proprietary valuation models and other quantitative tools. From 1996 to July 2001, Mr. Kuhnert worked for HW-MLIM as a quantitative research associate, where he created and developed advanced quantitative models used in the international value investment process. Mr. Kuhnert has a BA in Chemistry from Dartmouth College. He is a CFA charterholder and member of the Los Angeles Society of Financial Analysts and the Los Angeles Quantitative Investment Association.

Joe Gubler, CFA, is a director of Causeway and performs quantitative research. He joined Causeway in April 2005. From 2002 to April 2005, Mr. Gubler worked as Director of Engineering for the MonsterTRAK division of Monster.com. He was responsible for a cross functional team that developed, enhanced, and maintained the software that powers the monstertrak.com website. From 1999 to 2002, Mr. Gubler developed database-enabled web applications for a wide range of companies, including the National Academy of Recording Arts and Sciences, the Recording Industry Association of America, Disney, NameSafe.com, and Array Networks. While studying astrophysics at UC San Diego, Mr. Gubler worked as a Graduate Research Assistant in the Jet Propulsion Laboratory's stellar interferometry group. Mr. Gubler has a BS, cum laude, in Physics from UC Irvine, an MS in Physics from UC San Diego, and an MBA from the UCLA Anderson Graduate School of Management. He is a CFA charterholder.

Ryan Myers is a director of Causeway and performs quantitative research. He joined Causeway in June 2013. From 2010 to 2012, Mr. Myers served as chief investment officer of Iron Castle Asset Management, an investment partnership focused on mid-cap U.S. equities. From 2007 to 2008, Mr. Myers worked as an analyst at Canyon Partners, where he covered the cable, media, telecom and satellite sectors. From 2005 to 2007, Mr. Myers was an associate for Oaktree Capital Management in the distressed opportunities group. Mr. Myers began his professional career in 2003 as an investment banking analyst at Goldman Sachs in the technology, media and telecom group. Mr. Myers earned a BA, magna cum laude, in economics from Harvard University, where he was elected to Phi Beta Kappa. He earned an MBA from the Stanford Graduate School of Business, where he was an Arjay Miller Scholar. Mr. Myers currently serves on the Board of Trustees of the Yosemite Conservancy, an organization dedicated to supporting projects and programs that preserve Yosemite National Park and enrich the visitor experience.

FIAM LLC ("FIAM") is located at 900 Salem Street, Smithfield, Rhode Island 02917. FIAM is an indirectly held, wholly owned subsidiary of FMR LLC.

FMR Investment Management (UK) Limited (FMR UK) serves as a sub-sub-adviser to the FIAM sleeve. FMR UK is located at 25 Cannon Street, London, EC4M 5SB, United Kingdom.

Jed Weiss is a Portfolio Manager at Fidelity Investments. He manages various International funds. Since joining Fidelity in 1997, Mr. Weiss has worked as a research analyst and portfolio manager (other than a 6-month leave of absence in 2017).

Patrick Drouot is a Portfolio Manager at Fidelity Investments. Since joining Fidelity in 2006, Mr. Drouot has worked as an equity research associate and portfolio manager.

WCM Investment Management, LLC ("WCM"), is located at 281 Brooks Street, Laguna Beach, California 92651. WCM is an independent, money management firm, founded in 1976. WCM provides investment management and sub-advisory services to public as well as various institutional and sub-advised accounts.

Sanjay Ayer, CFA is a Portfolio Manager. Mr. Ayer joined WCM in 2007. He is a member firm's Investment Strategy Group (ISG) and his primary responsibilities include portfolio management and equity research. Prior to WCM, Mr. Ayer was an Equity Analyst at Morningstar, Inc. in Chicago from 2002 to 2006, where he covered the gaming, cruise and online travel industries.

Gregory S. Ise, CFA is a Portfolio Manager and Business Analyst. Mr. Ise joined WCM in 2014. He is a member firm's Investment Strategy Group (ISG) and his primary responsibilities include portfolio management and equity research. Prior to joining WCM, Mr. Ise was a Senior International Research Analyst at Rainier Investment Management ("RIM") from 2012 to 2014, where he helped launch the firm's first international small cap open-end mutual fund. Prior to RIM, he was a Vice President and Analyst at Allianz Global Investors from 2006 to 2011, where he contributed to the global and international small cap open-end mutual funds.

The SAI provides additional information about a portfolio manager's compensation, other accounts managed, and ownership of securities in the Fund(s).

 **JNL Multi-Manager Select Equity Fund** 

*(formerly, JNL Multi-Manager U.S. Select Equity Fund)*

**Class A**

**Class I**

**Investment Objective.** The investment objective of the Fund is long-term capital appreciation.

 **Principal Investment Strategies.** The Fund seeks to achieve its investment objective by investing, under normal circumstances, at least 80% of its assets (net assets plus the amount of any borrowings for investment purposes) in a significant portion of the Fund's assets are invested in publicly traded common stocks of U.S. companies.

The Fund may invest in equity securities of foreign companies in both developed and emerging markets.

The Fund may also invest in U.S. Treasury securities.

The Fund is classified as "non-diversified," which means that it may invest a larger percentage of its assets in a smaller number of issuers than a diversified fund.

The Fund has flexibility in the relative weighting of each asset class and expects to vary the percentages of assets invested in each asset class from time to time. JNAM's allocations to the underlying Sub-Advisers will be a function of a variety of factors including each underlying strategy's expected returns, volatility, correlation, and contribution to the Fund's overall risk profile.

Three unaffiliated investment managers ("Sub-Advisers") generally provide day to day management for a portion of the Fund's assets (each portion is sometimes referred to as a "sleeve"). Each Sub-Adviser may use different investment strategies in managing Fund assets, acts independently from the others, and uses its own methodology for selecting investments. Jackson National Asset Management, LLC ("JNAM" or "Adviser") is responsible for identifying and retaining the Sub-Advisers for the selected strategies and for monitoring the services provided by the Sub-Advisers. JNAM provides qualitative and quantitative supervision as part of its process for selecting and monitoring the Sub-Advisers. JNAM is also responsible for selecting the Fund's investment strategies and for determining the amount of Fund assets to allocate to each Sub-Adviser. Based on JNAM's ongoing evaluation of the Sub-Advisers, JNAM may adjust allocations among Sub-Advisers.

JNAM also may choose to allocate the Fund's assets to additional Sub-Advisers or to replace/remove Sub-Advisers in the future. There is no assurance that any or all of the strategies discussed in this prospectus will be used by JNAM or the Sub-Advisers.

JNAM may also manage Fund assets directly to seek to enhance returns, or to hedge and to manage the Fund's cash and short-term instruments.

Below are the principal investment strategies for each Sub-Adviser's strategy, but the Sub-Advisers may also implement other investment strategies in keeping with their respective strategy's objective.

*GQG Strategy*

GQG Partners LLC ("GQG") constructs the GQG Strategy by investing primarily in equity securities of U.S. companies. The GQG Strategy may invest in initial public offerings ("IPOs") and securities of companies with any market capitalization. GQG considers a company to be a U.S. company if: (i) at least 50% of the company's assets are located in the U.S.; (ii) at least 50% of the company's revenue is generated in the U.S.; (iii) the company is organized, conducts its principal operations, or maintains its principal place of business or principal manufacturing facilities in the U.S.; (iv) the company's securities are traded principally in the U.S.; or (v) GQG otherwise believes that the company's assets are exposed to the economic fortunes and risks of the U.S. (because, for example, GQG believes that the company's growth is dependent on the U.S.).

In managing the GQG Strategy, GQG typically pursues a "growth style" of investing as it seeks to capture market inefficiencies which GQG believes are driven by investors' propensity to be short-sighted and overly focused on quarter-to-quarter price movements rather than a company's fundamentals over a longer time horizon (5 years or more). Specifically, GQG seeks to buy companies that it believes are reasonably priced and have strong fundamental business characteristics, such as modest leverage, strong rates of return on equity and sustainable earnings and/or cash flow growth. GQG seeks to outperform peers over a full market cycle by seeking to capture market upside while limiting downside risk. GQG may also purchase stocks that would not fall into the traditional "growth" style box. In constructing its portfolio of securities, GQG is not constrained by sector or industry weights in the Fund's benchmark and, at times, may emphasize one or more particular industries or sectors in the portfolio construction process. GQG relies on individual stock selection driven by a bottom-up research process rather than seeking to add value based on "top-down", macro based criteria.

The GQG Strategy's equity investments also may include sponsored and un-sponsored depositary receipts (including American Depositary Receipts ("ADRs"), European Depositary Receipts ("EDRs"), and Global Depositary Receipts ("GDRs")), which are certificates typically issued by a bank or trust company.

*River Road Strategy*

River Road Asset Management, LLC ("River Road") constructs the River Road Strategy by investing primarily in equity securities of large-capitalization companies that River Road believes are undervalued. The River Road Strategy's equity investments may include common stock, foreign securities (directly and through depositary receipts, including ADRs, EDRs, and GDRs), and real estate investment trusts ("REITs").

The River Road Strategy may also invest in common stock of companies of other market capitalizations (measured at the time of acquisition), and publicly traded partnerships, including, but not limited to, master limited partnerships.

River Road's investment philosophy is based upon its proprietary Absolute Value<sup>®</sup> approach, which seeks to generate attractive, sustainable returns over the long term, with an emphasis on minimizing downside portfolio risk. River Road builds the River Road Strategy from the bottom up, making security-specific research central to River Road's process. At the core of River Road's Absolute Value<sup>®</sup> approach is a systematic method for assessing the 'risk-to-reward' characteristics of an investment. The goal of the research process is to formulate two outputs from which an investment decision is made – conviction rating (risk) and discount to value (reward). A stock's conviction rating combined with its discount to value determine not only whether the stock qualifies for investment, but also how the stock will be sized within the River Road Strategy.

*WCM Strategy*

WCM Investment Management, LLC ("WCM") constructs the WCM Strategy by investing in equity securities of quality growth companies. WCM considers quality growth companies to have superior growth prospects, high returns on invested capital, and low or no debt. In constructing the WCM Strategy, WCM considers qualitative elements, such as corporate culture and the strength, quality, and trustworthiness of management.

The WCM Strategy's equity investments may include depositary receipts (including ADRs, EDRs, and GDRs).

**Principal Risks of Investing in the Fund.** An investment in the Fund is not guaranteed. As with any mutual fund, the value of the Fund's shares will change, and you could lose money by investing in the Fund. The following descriptions of the principal risks do not provide any assurance either of the Fund's investment in any particular type of security, or assurance of the Fund's success in its investment selections, techniques and risk assessments. As a managed portfolio, the Fund may not achieve its investment objective for a variety of reasons including changes in the financial condition of issuers (due to such factors as management performance, reduced demand or overall market changes), fluctuations in the financial markets, declines in overall securities prices, or the Sub-Advisers' investment techniques otherwise failing to achieve the Fund's investment objective. The principal risks of investing in the Fund include:

● *Equity securities risk* 

● *Market risk* 

● *Managed portfolio risk* 

● *Investment strategy risk* 

● *Sector risk* 

● *Large-capitalization investing risk* 

● *Investment style risk* 

● *Non-diversification risk* 

● *Mid-capitalization and small-capitalization investing risk* 

● *Investments in IPOs risk* 

● *Issuer risk* 

● *Foreign securities risk* 

● *Depositary receipts risk* 

● *REIT investment risk* 

● *Portfolio turnover risk* 

● *Master limited partnership risk* 

Please see the "Glossary of Risks" section, which is set forth before the "Management of the Trust" section, for a description of these risks. There may be other risks that are not listed in this Prospectus that could cause the value of your investment in the Fund to decline and that could prevent the Fund from achieving its stated investment objective. This Prospectus does not describe all of the risks of every technique, investment strategy or temporary defensive position that the Fund may use. For additional information regarding the risks of investing in the Fund, please refer to the SAI.

**Additional Information About the Other Investment Strategies, Other Investments and Risks of the Fund (Other than Principal Strategies/Risks)**. To effectively manage cash inflows and outflows, the Fund may maintain a cash position primarily consisting of shares of money market mutual funds including the affiliated JNL Government Money Market Fund and investments in other investment companies (such as exchange traded funds) to the extent permitted under the 1940 Act. The Fund may also invest in money market instruments. There may be additional risks that may affect the Fund's ability to achieve its stated investment objective. These additional risks are:

● *Cybersecurity risk* 

● *Company risk* 

● *Securities lending risk* 

● *Stock risk* 

● *Temporary defensive positions and large cash positions risk* 

● *Emerging markets and less developed countries risk* 

● *Redemption risk* 

● *Currency risk* 

● *U.S. Government securities risk* 

Please see the "Glossary of Risks" section, which is set forth before the "Management of the Trust" section in this Prospectus, for a description of these risks.

In addition, the performance of the Fund depends on the Sub-Advisers' abilities to effectively implement the investment strategies of the Fund.

The SAI has more information about the Fund's authorized investments and strategies, as well as the risks and restrictions that may apply to it.

**The Adviser, Sub-Advisers and Portfolio Management.** The allocations for the Fund are made by JNAM. JNAM is located at 225 West Wacker Drive, Chicago, Illinois 60606. JNAM is the investment adviser to the Trust and other affiliated investment companies and provides the Trust and other affiliated investment companies with professional investment supervision and management. 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.

The following individuals are responsible for application of the Fund's strategy, executing trades and allocation of capital to the various strategies for the Fund:

William Harding, CFA, is Senior Vice President and Chief Investment Officer for JNAM since July 2014. Mr. Harding was a Vice President, Head of Investment Management from October 2012 to June 2014. Mr. Harding leads the Investment Management function responsible for oversight of sub-advisor performance and risk, due diligence and manager research. Mr. Harding was previously the Head of Manager Research for Morningstar Inc.'s Investment Management division and has over 20 years of investment experience including asset allocation, manager research, portfolio management, and performance evaluation. Mr. Harding graduated from the University of Colorado, Boulder with a Bachelor of Science degree in Business. He holds an MBA from Loyola University Chicago and he is a Chartered Financial Analyst.

Sean Hynes, CFA, CAIA, is a Vice President, Investment Management for JNAM. Mr. Hynes provides leadership for the performance analysis and due diligence review of external investment managers. He develops and maintains key relationships with asset managers and provides leadership and direction to Investment Management staff. Prior to joining JNAM in 2013, Mr. Hynes was an Investment Manager for Morningstar Investment Services, a wholly owned subsidiary of Morningstar Inc., and a research associate for Managers Investment Group. Mr. Hynes holds a Bachelor of Science degree in Mathematics from the University of Notre Dame, and an MBA from Carnegie Mellon University. He is a CFA and CAIA charterholder.

Mark Pliska, CFA, is a Vice President, Investment Management for JNAM. Mr. Pliska is responsible for manager research, portfolio construction, and asset allocation of Funds. Prior to joining JNAM in 2011, Mr. Pliska worked as an Investment Analyst for Plan Sponsor Advisors from 2008 to 2011, where he was responsible for the selection and monitoring of investment managers, client reporting, and asset allocation for defined contribution and defined benefit plans, and prior to that, Mr. Pliska was a Research Analyst for DWM Financial Group from 2006 to 2008. Mr. Pliska is a National Merit Scholar and holds a B.A. in Economics from the University of Kansas.

Kyle Ottwell, CFA, CAIA, is Director, Investment Management for JNAM. Mr. Ottwell is responsible for manager research, portfolio construction, and asset allocation of Funds, joining the Investment Management team in October 2013. Mr. Ottwell originally joined JNAM in June of 2007 as a Fund Accountant, rising to the Supervisor position. Prior to JNAM he worked as a fund accountant for State Street. Mr. Ottwell holds a Bachelor of Science degree in Finance & Banking/Real Estate from the University of Missouri-Columbia. He is a CFA and CAIA charterholder.

The Sub-Advisers to the JNL Multi-Manager Select Equity Fund are:

GQG Partners LLC ("GQG"), is a Delaware limited liability company founded in 2016. GQG is an SEC registered investment adviser. GQG's principal place of business is located at 350 East Las Olas Boulevard, 18th Floor, Fort Lauderdale, Florida 33301. The Sub-Adviser provides investment management services for institutions, mutual funds and other investors using emerging markets, global, international and US equity investment strategies. GQG is a subsidiary of GQG Partners Inc., a Delaware corporation that is listed on the Australian Securities Exchange.

GQG's Portfolio Managers are responsible for the day-to-day management of the Fund under normal circumstances, with the Deputy Portfolio Manager providing support for all aspects of security selection, portfolio construction and risk management with respect to the Fund. Investment decisions are typically made collaboratively by the Portfolio Managers, although, as Chief Investment Officer, Rajiv Jain has the right to act unilaterally on any investment decision-making.

Rajiv Jain, Chairman and Chief Investment Officer of GQG, serves as the Portfolio Manager of the Fund. Prior to joining GQG in 2016, Mr. Jain served as a Co-Chief Executive Officer, Chief Investment Officer and Head of Equities at Vontobel Asset Management ("Vontobel"). He joined Vontobel in 1994 as a co-portfolio manager of its international equity portfolios. Mr. Jain earned an MBA in Finance and International Business from the University of Miami in 1993. He also has a Master's degree from the University of Ajmer and an undergraduate degree in Accounting.

Brian Kersmanc, Senior Investment Analyst at GQG, serves as a Portfolio Manager of the Fund. Prior to joining GQG in 2016, Mr. Kersmanc spent six years at Jennison Associates, where he served most recently as an analyst on the Small/Midcap Equity Research team, focusing on a wide array of sectors from real estate equities including building products manufacturers, title insurers, and homebuilders to industrials competing in the aerospace and automotive end markets. Prior to Jennison, Mr. Kersmanc began his career at Brown Brothers Harriman in 2008. Mr. Kersmanc earned his MBA at Rutgers University and his BA in Economics from the University of Connecticut.

Sudarshan Murthy, CFA, Senior Investment Analyst at GQG, serves as a Portfolio Manager of the Fund. Prior to joining GQG in 2016, Mr. Murthy was a generalist analyst in Asian equities at Matthews International Capital from 2011 to 2016 and a sell-side research associate at Sanford C. Bernstein from 2010 to 2011. Earlier in his career, he held various operational roles in the IT services industry, including at Infosys from 2001 to 2006. Mr. Murthy earned an MBA from The Wharton School of Business at the University of Pennsylvania, where he graduated as a Palmer Scholar (top 5% of graduating class). He also received a Post Graduate Diploma in Management from the Indian Institute of Management, Calcutta and a Bachelor of Engineering from the National Institute of Technology, Surathkal, in India.

Siddharth Jain, Investment Analyst at GQG, serves as a Deputy Portfolio Manager of the Fund. Prior to joining GQG in 2021, Mr. Jain was at Warburg Pincus, where he served most recently as a private equity associate in their industrial and business services group. Mr. Jain began his career as an investment banking analyst with the mergers and acquisition group at PJT Partners in 2018. Mr. Jain earned his BA in Economics from the University of Chicago.

River Road Asset Management, LLC ("River Road"), Meidinger Tower, 462 South Fourth Street, Suite 2000, Louisville, Kentucky 40202, was founded in 2005. River Road is indirectly majority owned by Affiliated Managers Group, Inc., and members of River Road's senior management team hold a substantial minority equity interest in the firm.

Matthew W. Moran, CFA, is a portfolio manager for River Road's Mid Cap Value and Large Cap Value portfolios. He previously served as a senior equity analyst for River Road. Prior to joining River Road in 2007, Mr. Moran served as an Equity Analyst at Morningstar, an Associate at Citigroup, and an Analyst at Goldman Sachs. Mr. Moran earned a BS in Finance from Bradley University and a M.B.A. from The University of Chicago Booth School of Business. Mr. Moran is a member of the CFA Institute and CFA Society Louisville.

Daniel R. Johnson, CFA, CPA, is a portfolio manager for River Road's Mid Cap Value and Large Cap Value portfolios. He previously served as a senior equity analyst for River Road. Prior to joining River Road in 2006, Mr. Johnson served as an Associate Auditor at PricewaterhouseCoopers. Mr. Johnson earned a BS in Accounting from the University of Kentucky and a M.B.A. in Accountancy from the University of Kentucky. Mr. Johnson is a member of the CFA Institute and CFA Society Louisville.

WCM Investment Management, LLC ("WCM"), is located at 281 Brooks Street, Laguna Beach, California 92651. WCM is an independent, money management firm, founded in 1976. WCM provides investment management and sub-advisory services to public as well as various institutional and sub-advised accounts.

Sanjay Ayer, CFA is a Portfolio Manager. Mr. Ayer joined WCM in 2007. He is a member firm's Investment Strategy Group (ISG) and his primary responsibilities include portfolio management and equity research. Prior to WCM, Mr. Ayer was an Equity Analyst at Morningstar, Inc. in Chicago from 2002 to 2006, where he covered the gaming, cruise and online travel industries.

Michael B. Trigg is a Portfolio Manager and co-CEO. Mr. Trigg joined WCM in 2005. Mr. Trigg is a member of the firm's ISG and his primary responsibilities include portfolio management and equity research. Since he began his investment career in 2001, Mr. Trigg's experience includes a position as equity analyst at Morningstar, Inc. in Chicago where, in addition to general equity analysis, he managed their Model Growth Portfolio.

Michael Hayward is a Portfolio Manager and Business Analyst. Mr. Hayward joined WCM in 2020. His primary responsibilities are portfolio management and equity research for our global, fundamental growth strategies. Since the start of his investment career in 2009, Mr. Hayward's experience includes positions as Portfolio Manager/Equity Research Analyst at Investec Asset Management (London), as Equity Research Analyst at RMB Asset Management (Johannesburg), and as Actuarial Consultant at Deloitte. He earned a BSc in Statistics, and a BSc in Actuarial Science (with honors), from the University of the Witwatersrand (Johannesburg).

Ross Bendetson is a Portfolio Manager and Business Analyst. Mr. Bendetson joined WCM in 2022. His primary responsibilities are portfolio management and equity research for our global, fundamental growth strategies. Since the start of his investment career in 2018, Mr. Bendetson's experience includes a position as Equity Analyst on Blackrock's US Growth Team, where he focused on small/midcap growth investing. Mr. Bendetson graduated Phi Beta Kappa from Tufts University (Massachusetts) with a B.A. in Economics.

The SAI provides additional information about a portfolio manager's compensation, other accounts managed, and ownership of securities in the Fund(s).

 **JNL/Fidelity Institutional AM<sup>®</sup> & JPMorgan Large Cap Growth Fund** 

*(formerly, JNL/ClearBridge Large Cap Growth Fund)*

**Class A**

**Class I**

 **Investment Objective.** The investment objective of the Fund is to seek long-term capital appreciation.

 **Principal Investment Strategies.** Under normal circumstances, the Fund invests at least 80% of its assets (net assets plus the amount of any borrowings made for investment purposes) in equity securities or other equity investments with large market capitalizations. Large-capitalization companies are those companies with market capitalizations similar to companies in the Morningstar US Target Market Exposure Index (the "Index"). The size of the companies in the Index changes with market conditions and the composition of the Index. As of December 31, 2024, the range of such companies in the Index was $2.0 billion to $3.8 trillion. Securities of companies whose market capitalizations no longer meet this definition after purchase by the Fund still will be considered securities of large-capitalization companies for purposes of the Fund's 80% investment policy.

The Fund is classified as a "non-diversified" fund, as defined in the 1940 Act, which means that it may invest more of its assets in fewer issuers than "diversified" mutual funds.

The Fund has flexibility in the relative weighting of each asset class and expects to vary the percentages of assets invested in each asset class from time to time. JNAM's allocations to the underlying Sub-Advisers will be a function of a variety of factors including each underlying strategy's expected returns, volatility, correlation, and contribution to the Fund's overall risk profile.

Two unaffiliated investment managers ("Sub-Advisers") generally provide day to day management for a portion of the Fund's assets (each portion is sometimes referred to as a "sleeve"). Each Sub-Adviser may use different investment strategies in managing Fund assets, acts independently from the others, and uses its own methodology for selecting investments. Jackson National Asset Management, LLC ("JNAM" or "Adviser") is responsible for identifying and retaining the Sub-Advisers for the selected strategies and for monitoring the services provided by the Sub-Advisers. JNAM provides qualitative and quantitative supervision as part of its process for selecting and monitoring the Sub-Advisers. JNAM is also responsible for selecting the Fund's investment strategies and for determining the amount of Fund assets to allocate to each Sub-Adviser. Based on JNAM's ongoing evaluation of the Sub-Advisers, JNAM may adjust allocations among Sub-Advisers.

The Fund may use derivatives, which are instruments that have a value based on another instrument, exchange rate or index, may be used as substitutes for securities in which the Fund can invest. To the extent the Fund uses derivatives, the Fund will primarily use futures contracts to more effectively gain targeted equity exposure from its cash positions. Derivative instruments that provide investment exposure to the investments above or exposure to one or more market risk factors associated with such investments are included in the Fund's 80% policy and are consistent with the Fund's investment policies and limitations with respect to investments in derivatives.

JNAM also may choose to allocate the Fund's assets to additional Sub-Advisers or to replace/remove Sub-Advisers in the future. There is no assurance that any or all of the strategies discussed in this prospectus will be used by JNAM or the Sub-Advisers.

JNAM may also manage Fund assets directly to seek to enhance returns, or to hedge and to manage the Fund's cash and short-term instruments.

Below are the principal investment strategies for each Sub-Adviser's strategy, but the Sub-Advisers may also implement other investment strategies in keeping with their respective strategy's objective.

 *JPMorgan Strategy*

J.P. Morgan Investment Management Inc. ("JPMorgan") constructs the strategy by employing a fundamental bottom-up approach (focusing on the characteristics of individual securities) that seeks to identify companies with positive price momentum and attractive fundamentals. JPMorgan seeks structural disconnects which allow businesses to exceed market expectations. These disconnects may result from: demographic/cultural changes, technological advancements and/or regulatory changes. JPMorgan's assessment is based on an analysis of key opportunities and risks across industries to seek to identify financially material issues with respect to the JPMorgan Strategy's investments in securities and ascertain key issues that merit engagement with issuers. These assessments may not be conclusive and securities of issuers that may be negatively impacted by such factors may be purchased and retained by JPMorgan while the JPMorgan Strategy may divest or not invest in securities of issuers that may be positively impacted by such factors.

JPMorgan may sell a security for several reasons. A security may be sold due to a change in the original investment thesis, if market expectations exceed the company's potential to deliver and/or due to balance sheet deterioration. Investments may also be sold if JPMorgan identifies a stock that it believes offers a better investment opportunity.

 *FIAM Strategy* 

FIAM LLC ("FIAM") constructs the strategy by investing primarily in common stocks of blue chip growth companies that FIAM believes are well-known, well-established and well-capitalized, which generally have large or medium market capitalizations. FIAM invests in "growth companies," which are companies that FIAM believes have above average growth potential.

FIAM considers a number of factors in determining a company's growth potential, such as whether the company is included in a third-party growth benchmark or classified as a growth company by a third-party vendor, if the company's projected earnings per share growth, sales growth per share or free cash flow growth or its trailing earnings per share growth is above the equity market median, if the company's research and development expenses exceed sales, general and administrative expenses, or if the company is raising capital to grow, fund or expand its business. A company's growth potential can be determined under any of these factors.

FIAM uses fundamental analysis of factors such as each issuer's financial condition and industry position, as well as market and economic conditions, to select investments.

FIAM may invest the assets of the FIAM strategy in securities of foreign issuers in addition to securities of domestic issuers.

**Principal Risks of Investing in the Fund.** An investment in the Fund is not guaranteed. As with any mutual fund, the value of the Fund's shares will change, and you could lose money by investing in the Fund. The following descriptions of the principal risks do not provide any assurance either of the Fund's investment in any particular type of security, or assurance of the Fund's success in its investment selections, techniques and risk assessments. As a managed portfolio, the Fund may not achieve its investment objective for a variety of reasons including changes in the financial condition of issuers (due to such factors as management performance, reduced demand or overall market changes), fluctuations in the financial markets, declines in overall securities prices, or the Sub-Adviser's investment techniques otherwise failing to achieve the Fund's investment objective. The principal risks of investing in the Fund include:

● *Equity securities risk* 

● *Market risk* 

● *Large-capitalization investing risk* 

● *Investment style risk* 

● *Issuer risk* 

● *Foreign securities risk* 

● *Stock risk* 

● *Information technology sector risk* 

● *Managed portfolio risk* 

● *Consumer discretionary risk* 

● *Sector risk* 

● *Derivatives risk* 

● *Non-diversification risk* 

● *Liquidity risk* 

● *Mid-capitalization investing risk* 

Please see the "Glossary of Risks" section, which is set forth before the "Management of the Trust" section, for a description of these risks. There may be other risks that are not listed in this Prospectus that could cause the value of your investment in the Fund to decline and that could prevent the Fund from achieving its stated investment objective. This Prospectus does not describe all of the risks of every technique, investment strategy or temporary defensive position that the Fund may use. For additional information regarding the risks of investing in the Fund, please refer to the SAI.

**Additional Information About the Other Investment Strategies, Other Investments and Risks of the Fund (Other than Principal Strategies/Risks)**. To effectively manage cash inflows and outflows, the Fund may maintain a cash position primarily consisting of shares of money market mutual funds including the affiliated JNL Government Money Market Fund and investments in other investment companies (such as exchange traded funds) to the extent permitted under the 1940 Act. The Fund may also invest in money market instruments. There may be additional risks that may affect the Fund's ability to achieve its stated investment objective. These additional risks are:

● *Convertible securities risk* 

● *Currency risk* 

● *Cybersecurity risk* 

● *Emerging markets and less developed countries risk* 

● *Exchange-traded funds investing risk* 

● *Expense risk* 

● *Forward and futures contract risk* 

● *Investment in other investment companies risk* 

● *Investment strategy risk* 

● *Investments in IPOs risk* 

● *Master limited partnership risk* 

● *Preferred stock risk* 

● *Real estate investment risk* 

● *Redemption risk* 

● *Regulatory investment limits risk* 

● *Securities lending risk* 

● *Short sales risk* 

● *Temporary defensive positions and large cash positions risk* 

Please see the "Glossary of Risks" section, which is set forth before the "Management of the Trust" section in this Prospectus, for a description of these risks.

In addition, the performance of the Fund depends on the Sub-Adviser's abilities to effectively implement the investment strategies of the Fund.

The SAI has more information about the Fund's authorized investments and strategies, as well as the risks and restrictions that may apply to it.

 **The Adviser, Sub-Advisers and Portfolio Management.** The allocations for the Fund are made by JNAM. JNAM is located at 225 West Wacker Drive, Chicago, Illinois 60606. JNAM is the investment adviser to the Trust and other affiliated investment companies and provides the Trust and other affiliated investment companies with professional investment supervision and management. 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.

The following individuals are responsible for application of the Fund's strategy, executing trades and allocation of capital to the various strategies for the Fund:

William Harding, CFA, is Senior Vice President and Chief Investment Officer for JNAM since July 2014. Mr. Harding was a Vice President, Head of Investment Management from October 2012 to June 2014. Mr. Harding leads the Investment Management function responsible for oversight of sub-advisor performance and risk, due diligence and manager research. Mr. Harding was previously the Head of Manager Research for Morningstar Inc.'s Investment Management division and has over 20 years of investment experience including asset allocation, manager research, portfolio management, and performance evaluation. Mr. Harding graduated from the University of Colorado, Boulder with a Bachelor of Science degree in Business. He holds an MBA from Loyola University Chicago and he is a Chartered Financial Analyst.

Sean Hynes, CFA, CAIA, is a Vice President, Investment Management for JNAM. Mr. Hynes provides leadership for the performance analysis and due diligence review of external investment managers. He develops and maintains key relationships with asset managers and provides leadership and direction to Investment Management staff. Prior to joining JNAM in 2013, Mr. Hynes was an Investment Manager for Morningstar Investment Services, a wholly owned subsidiary of Morningstar Inc., and a research associate for Managers Investment Group. Mr. Hynes holds a Bachelor of Science degree in Mathematics from the University of Notre Dame, and an MBA from Carnegie Mellon University. He is a CFA and CAIA charterholder.

Mark Pliska, CFA, is a Vice President, Investment Management for JNAM. Mr. Pliska is responsible for manager research, portfolio construction, and asset allocation of Funds. Prior to joining JNAM in 2011, Mr. Pliska worked as an Investment Analyst for Plan Sponsor Advisors from 2008 to 2011, where he was responsible for the selection and monitoring of investment managers, client reporting, and asset allocation for defined contribution and defined benefit plans, and prior to that, Mr. Pliska was a Research Analyst for DWM Financial Group from 2006 to 2008. Mr. Pliska is a National Merit Scholar and holds a B.A. in Economics from the University of Kansas.

Kyle Ottwell, CFA, CAIA, is Director, Investment Management for JNAM. Mr. Ottwell is responsible for manager research, portfolio construction, and asset allocation of Funds, joining the Investment Management team in October 2013. Mr. Ottwell originally joined JNAM in June of 2007 as a Fund Accountant, rising to the Supervisor position. Prior to JNAM he worked as a fund accountant for State Street. Mr. Ottwell holds a Bachelor of Science degree in Finance & Banking/Real Estate from the University of Missouri-Columbia. He is a CFA and CAIA charterholder.

The Sub-Advisers to the JNL/Fidelity Institutional AM<sup>®</sup> & JPMorgan Large Cap Growth Fund are:

FIAM LLC ("FIAM") is located at 900 Salem Street, Smithfield, Rhode Island 02917. FIAM is an indirectly held, wholly owned subsidiary of FMR LLC.

Sonu Kalra is a Portfolio Manager in the Equity division at Fidelity Investments. He manages a variety of funds under Blue Chip Growth strategy and is the co-portfolio manager of Concentrated Blue-Chip Growth strategy. Since joining Fidelity Investments in 1998, Mr. Kalra has worked as a research analyst and portfolio manager.

Adam Benjamin is a research analyst and portfolio manager in the Equity division at Fidelity Investments. He is the co-portfolio manager of Concentrated Blue-Chip Growth strategy, and he also covers the large cap semiconductors industry. He also manages other Fidelity funds and has been associated with Fidelity since 2011.

J.P. Morgan Investment Management Inc. ("JPMorgan") has principal offices at 270 Park Avenue, New York, NY 10017-2014. JPMorgan is an indirect subsidiary of JPMorgan Chase & Co., a publicly held bank holding company and global financial services firm. JPMorgan manages assets for governments, corporations, endowments, foundations, and individuals worldwide.

Giri Devulapally, Managing Director of JPMorgan and a CFA charterholder, is the lead portfolio manager on the Fund and is a senior member of the U.S. Equity Growth portfolio management team.

Holly Morris, Larry Lee, Joseph Wilson, Managing Directors of JPMorgan and Robert Maloney, Executive Director of JPMorgan, are portfolio managers and research analysts for the Fund, providing research and advice on the purchases and sales of individual securities, and portfolio risk assessment.

Giri Devulapally, Managing Director of JPMorgan and a CFA charterholder, has been a portfolio manager in the firm's U.S. Equity Group since 2003 when he joined JPMorgan.

Holly Morris, Managing Director of JPMorgan, is responsible for the health care sector for the J.P. Morgan Large Cap Growth Strategy. Ms. Morris has been with JPMorgan since 2012.

Larry Lee, Managing Director of JPMorgan, is responsible for the financials and business services sector for the J.P. Morgan Large Cap Growth Strategy. He is also the co-portfolio manager of the J.P. Morgan Growth Advantage Strategy. Mr. Lee has been with JPMorgan since 2006.

Joseph Wilson, Managing Director of JPMorgan, is responsible for the technology sector for the J.P. Morgan Large Cap Growth Strategy. He is also a portfolio manager on the J.P. Morgan U.S. Technology Strategy. Mr. Wilson has been with JPMorgan since 2014.

Robert Maloney, Executive Director of JPMorgan, is responsible for the industrials and energy sectors for the J.P. Morgan Large Cap Growth Strategy. Mr. Maloney has been with JPMorgan since 2013.

The SAI provides additional information about a portfolio manager's compensation, other accounts managed, and ownership of securities in the Fund(s).

 **JNL/MFS Equity Income Fund** 

*(formerly, JNL/Invesco Diversified Dividend Fund)*

**Class A**

**Class I**

 **Investment Objective.** The investment objective of the Fund is to seek total return through a combination of current income and capital appreciation.

 **Principal Investment Strategies.** Under normal circumstances, the Fund invests at least 80% of its assets (net assets plus the amount of any borrowings for investment purposes) in equity securities. Equity securities include common stocks, depositary receipts, equity interests in real estate investment trusts (REITs), and other securities that represent an ownership interest (or right to acquire an ownership interest) in a company or other issuer.

The Fund invests primarily in securities that MFS believes are income-producing equity securities. MFS invests the majority of the Fund's assets in dividend-paying common stocks, but may invest the Fund's assets in other types of income-producing securities, including convertible securities, preferred stocks, and equity interests in REITs, and may also invest the Fund's assets in non-income-producing equity securities.

The Sub-Adviser may invest the Fund's assets in foreign securities.

In selecting investments, MFS is not constrained by any particular investment style. MFS may invest the Fund's assets in the stocks of companies it believes to have above average earnings growth potential compared to other companies (growth companies), in the stocks of companies it believes are undervalued compared to their perceived worth (value companies), or in a combination of growth and value companies.

While MFS may invest the Fund's assets in securities of companies of any size, MFS primarily invests in securities of companies with large capitalizations.

MFS normally invests the Fund's assets across different industries and sectors, but MFS may invest a significant percentage of the Fund's assets in issuers in a single industry or sector.

MFS uses an active bottom-up approach to buying and selling investments for the Fund. Investments are selected primarily based on blending fundamental and quantitative research. MFS uses fundamental analysis of individual issuers and their potential in light of their financial condition and market, economic, political, and regulatory conditions to determine a fundamental rating for an issuer. Factors considered may include analysis of an issuer's earnings, cash flows, competitive position, and management ability. MFS may also consider environmental, social, and governance (ESG) factors in its fundamental investment analysis where MFS believes such factors could materially impact the economic value of an issuer. ESG factors considered may include, but are not limited to, climate change, resource depletion, an issuer's governance structure and practices, data protection and privacy issues, and diversity and labor practices. MFS uses quantitative analysis, including quantitative models that systematically evaluate an issuer's valuation, price and earnings momentum, earnings quality, and other factors, to determine a quantitative rating for an issuer. MFS combines the fundamental rating with the quantitative rating to create a blended rating for an issuer. When the fundamental rating is not available, MFS treats the issuer as having a neutral fundamental rating. (MFS' quantitative research generates ratings on a greater number of issuers than MFS' fundamental research.) MFS then constructs the portfolio using a portfolio optimization process that considers the blended rating, as well as issuer, industry, and sector weightings, market capitalization, measures of expected volatility of the fund's returns (e.g., predicted beta and predicted tracking error), and other factors. MFS has the discretion to adjust the inputs and parameters used in the optimization process and the Fund's portfolio holdings based on factors such as the desired portfolio characteristics and the MFS' qualitative assessment of the optimization results. Third-party quantitative risk models are used in the portfolio construction process.

**Principal Risks of Investing in the Fund.** An investment in the Fund is not guaranteed. As with any mutual fund, the value of the Fund's shares will change, and you could lose money by investing in the Fund. The following descriptions of the principal risks do not provide any assurance either of the Fund's investment in any particular type of security, or assurance of the Fund's success in its investment selections, techniques and risk assessments. As a managed portfolio, the Fund may not achieve its investment objective for a variety of reasons including changes in the financial condition of issuers (due to such factors as management performance, reduced demand or overall market changes), fluctuations in the financial markets, declines in overall securities prices, or the Sub-Adviser's investment techniques otherwise failing to achieve the Fund's investment objective. The principal risks of investing in the Fund include:

● *Market risk* 

● *Stock risk* 

● *Equity securities risk* 

● *Investment style risk* 

● *Dividend-paying stock risk* 

● *Large-capitalization investing risk* 

● *Foreign securities risk* 

● *Managed portfolio risk* 

● *Investment strategy risk* 

● *REIT investment risk* 

● *Company risk* 

● *Liquidity risk* 

● *Redemption risk* 

● *Quantitative strategy risk* 

● *Sector risk* 

Please see the "Glossary of Risks" section, which is set forth before the "Management of the Trust" section, for a description of these risks. There may be other risks that are not listed in this Prospectus that could cause the value of your investment in the Fund to decline and that could prevent the Fund from achieving its stated investment objective. This Prospectus does not describe all of the risks of every technique, investment strategy or temporary defensive position that the Fund may use. For additional information regarding the risks of investing in the Fund, please refer to the SAI.

**Additional Information About the Other Investment Strategies, Other Investments and Risks of the Fund (Other than Principal Strategies/Risks)**. To effectively manage cash inflows and outflows, the Fund may maintain a cash position primarily consisting of shares of money market mutual funds including the affiliated JNL Government Money Market Fund and investments in other investment companies (such as exchange traded funds) to the extent permitted under the 1940 Act. The Fund may also invest in money market instruments. There may be additional risks that may affect the Fund's ability to achieve its stated investment objective. These additional risks are:

● *Accounting risk* 

● *Regulatory investment limits risk* 

● *Securities lending risk* 

● *Temporary defensive positions and large cash positions risk* 

● *Cybersecurity risk* 

● *Expense risk* 

Please see the "Glossary of Risks" section, which is set forth before the "Management of the Trust" section in this Prospectus, for a description of these risks.

In addition, the performance of the Fund depends on the Sub-Adviser's abilities to effectively implement the investment strategies of the Fund.

The SAI has more information about the Fund's authorized investments and strategies, as well as the risks and restrictions that may apply to it.

 **The Sub-Adviser and Portfolio Management.** The Sub-Adviser to the Fund is Massachusetts Financial Services Company (d/b/a MFS Investment Management) ("MFS"), located at 111 Huntington Avenue, Boston, MA 02199.

The following individuals are jointly and primarily responsible for the day-to-day management of the Fund's portfolio:

Jonathan Sage, Lead Portfolio Manager of MFS, has co-managed the Fund since April 2026. He has been employed in the investment area of MFS since 2000.

Jim Fallon, Portfolio Manager of MFS, has co-managed the Fund since April 2026. He has been employed in the investment area of MFS since 1999.

Matt Krummell, Portfolio Manager of MFS, has co-managed the Fund since April 2026. He has been employed in the investment area of MFS since 2001.

Jed Stocks, Portfolio Manager of MFS, has co-managed the Fund since April 2026. He has been employed in the investment area of MFS since 2001.

The SAI provides additional information about a portfolio manager's compensation, other accounts managed, and ownership of securities in the Fund(s).

**JNL/PPM America Emerging Markets Debt Fund**

**Class A**

**Class I**

**Investment Objective.** The investment objective of the Fund is to seek total return and current income.

**Principal Investment Strategies.** The Fund seeks to achieve its objective by investing under normal circumstances at least 80% of its assets (net assets plus the amount of any borrowings for investment purposes) in a diversified portfolio of debt instruments with exposure to emerging markets countries. Emerging markets countries are generally considered to be countries with developing economies or markets and may include any country recognized to be an emerging markets country by the International Monetary Fund, MSCI, Inc. or Standard & Poor's Corporation or recognized to be a developing country by the United Nations.

The Fund may invest in a broad range of debt instruments, including sovereign debt, corporate bonds, quasi-sovereign securities and supranational debt. The Fund's investments in debt instruments may also include, but are not limited to, fixed and floating-rate debt, government securities, corporate debt, mortgage-backed securities, commercial mortgage-backed securities, asset-backed securities and may be denominated in U.S. dollars or local currencies. The Fund may also invest in cash or cash equivalents. The Fund may also invest without limitation, in debt instruments of any credit quality, including in securities rated below investment grade (sometimes referred to as "high yield" securities or "junk bonds"). Below investment grade securities are those securities that are rated below investment grade (i.e., rated below BBB- or Baa3) by at least one major credit rating agency or, if not rated by any credit rating agency, deemed to be below investment-grade quality by PPM America, Inc. ("Sub-Adviser"). Below investment grade securities offer a higher yield, but generally carry more risks than higher rated securities with similar maturities. As a result, an investment in below investment grade securities is considered speculative.

Additionally, the Fund has the ability to invest in other investment companies, such as money market funds and exchange-traded funds ("ETFs"). For purposes of satisfying the 80% requirement, the Fund may invest in fixed income ETFs comprised of the securities described above. The Fund may also invest in cash or cash equivalents.

For purposes of satisfying the 80% requirement, the Fund may also invest in derivative instruments that have economic characteristics similar to the debt instruments mentioned above such as futures contracts, options or swap agreements. Specifically, the Fund may use FX forwards to manage currency risk. The Fund may also use futures to hedge duration or to increase the Fund's exposure to interest rate or yield curve risk. The Fund may also use credit default swaps or credit default swap indices ("CDX") to increase or decrease the Fund's exposure to credit risk or to hedge credit risk in a particular name, industry or sector. The Fund may, subject to applicable law, invest without limitation in derivative instruments.

The Fund may invest without limit in investments denominated in any currency, but currently expects to invest a substantial amount of its assets in investments denominated in the U.S. dollar.

The Sub-Adviser's emerging debt investment process uses an integrated approach to sovereign and corporate credit risk. The sovereign research team provides an emerging markets macroeconomic outlook as well as fundamental and valuation assessments for each emerging markets country, while the corporate credit team is organized by industry with coverage across the ratings spectrum and capital structure. For issuers with both sovereign and corporate credit risk, PPM's investment team utilizes an independent, fundamental, bottom-up research process and the overall team looks across various regions and debt sectors to identify what it believes to be the best relative value investment opportunities generated by market inefficiencies.

Each security is then assigned a proprietary internal credit rating and a relative value recommendation. The Sub-Adviser then selects individual securities by considering factors such as credit quality, the security's risk-return profile, the security's maturity and its market liquidity. While the Fund typically diversifies its assets broadly, the Fund may overweight certain countries and sectors and minimize exposures to others as relative value opportunities arise. In anticipation of, or in response to, adverse market or other conditions, or atypical circumstances such as unusually large cash inflows or redemptions, the Sub-Adviser may depart from the Fund's principal investment strategies by temporarily investing for defensive purposes.

Alongside other factors, the Sub-Adviser may consider sustainability factors that, depending on the facts and circumstances, are material to the value of an issuer or instrument. Consideration of sustainability factors and risks is only one component of the Sub-Adviser's assessment of eligible investments and may not be a determinative factor in the Sub-Adviser's final decision on whether to invest in a security. In addition, the weight given to sustainability factors may vary across types of investments, industries, regions and issuers and may change over time. The Sub-Adviser may not assess every investment for sustainability factors, and, when it does, not every such factor may be identified or evaluated.

**Principal Risks of Investing in the Fund.** An investment in the Fund is not guaranteed. As with any mutual fund, the value of the Fund's shares will change, and you could lose money by investing in the Fund. The following descriptions of the principal risks do not provide any assurance either of the Fund's investment in any particular type of security, or assurance of the Fund's success in its investment selections, techniques and risk assessments. As a managed portfolio, the Fund may not achieve its investment objective for a variety of reasons including changes in the financial condition of issuers (due to such factors as management performance, reduced demand or overall market changes), fluctuations in the financial markets, declines in overall securities prices, or the Sub-Adviser's investment techniques otherwise failing to achieve the Fund's investment objective. The principal risks of investing in the Fund include:

● *Market risk* 

● *Fixed-income risk* 

● *Interest rate risk* 

● *Sector risk* 

● *Credit risk* 

● *Government regulatory risk* 

● *Managed portfolio risk* 

● *Volatility risk* 

● *Liquidity risk* 

● *Leverage risk* 

● *Settlement risk* 

● *Counterparty risk* 

● *Sovereign debt risk* 

● *Foreign securities risk* 

● *Emerging markets and less developed countries risk* 

● *Concentration risk* 

● *Currency risk* 

● *Issuer risk* 

● *Debt securities ratings risk* 

● *Regulation S securities risk* 

● *Rule 144A securities risk* 

● *High-yield bonds, lower-rated bonds, and unrated securities risk* 

● *Derivatives risk* 

● *Structured Investments risk* 

● *Call risk* 

● *Prepayment risk* 

● *Extension risk* 

● *Mortgage-related and other asset-backed securities risk* 

● *Investment in other investment companies risk* 

● *Investment in money market funds risk* 

● *Swaps risk* 

Please see the "Glossary of Risks" section, which is set forth before the "Management of the Trust" section, for a description of these risks. There may be other risks that are not listed in this Prospectus that could cause the value of your investment in the Fund to decline and that could prevent the Fund from achieving its stated investment objective. This Prospectus does not describe all of the risks of every technique, investment strategy or temporary defensive position that the Fund may use. For additional information regarding the risks of investing in the Fund, please refer to the SAI.

● *Cybersecurity risk* 

● *Expense risk* 

● *Redemption risk* 

● *Regulatory investment limits risk* 

● *Securities lending risk* 

● *Temporary defensive positions and large cash positions risk* 

● *When-issued and delayed delivery securities and forward commitments risk* 

Please see the "Glossary of Risks" section, which is set forth before the "Management of the Trust" section in this Prospectus, for a description of these risks.

In addition, the performance of the Fund depends on the Sub-Adviser's abilities to effectively implement the investment strategies of the Fund.

The SAI has more information about the Fund's authorized investments and strategies, as well as the risks and restrictions that may apply to it.

**The Sub-Adviser and Portfolio Management**. The Sub-Adviser to the Fund is PPM America, Inc. ("PPM"), located at 225 West Wacker Drive, Chicago, Illinois 60606. PPM, an affiliate of the investment adviser to the Trust, manages assets, including those of Jackson National Life Insurance Company and of other affiliated and unaffiliated companies. PPM 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.

Mark Hughes and Kevin Ritter are primarily responsible for the day-to day management of the Fund. Messrs. Hughes and Ritter are members of PPM's Emerging Markets Debt Team which is comprised of several portfolio managers who are collectively responsible for the stewardship of PPM's emerging market debt strategies through collaboration on risk positioning, security selection, sector relative value decisions, and the use of macro inputs.

Mark Hughes, CFA, is a senior managing director, co-head of emerging market debt and portfolio manager at PPM America, Inc. (PPM). In this role, he is jointly responsible for overseeing a team of emerging market debt portfolio managers and analysts. Additionally, he is responsible for emerging market investment and allocation decisions in various portfolios managed on behalf of investors globally. Prior to joining PPM in 2025, Mark was a portfolio manager at Western Asset Management where he was responsible for managing the firm's emerging market corporate platform. He also held roles at PIMCO, W.R. Huff Asset Management and Seattle-Northwest Securities. Mark earned a master's degree in business administration from the MIT Sloan School of Management and a bachelor's degree in business economics from Willamette University. He is a CFA® charterholder.

Kevin Ritter, CFA, is a senior managing director, co-head of emerging market debt and portfolio manager at PPM America, Inc. (PPM). In this role, he is jointly responsible for overseeing a team of emerging market debt portfolio managers and analysts. Additionally, he is responsible for emerging market investment and allocation decisions in various portfolios managed on behalf of investors globally. Prior to joining PPM in 2025, Kevin was a portfolio manager at Western Asset Management where he served most recently as Head of Emerging Market Debt, managing emerging market assets for insurance clients. He also held roles at Payden & Rygel, Dresdner Kleinwort Wasserstein LLC and ING Barings LLC. Kevin earned a bachelor's degree in political science and government from Dartmouth College. He is a CFA® charterholder.

The SAI provides additional information about a portfolio manager's compensation, other accounts managed, and ownership of securities in the Fund(s).

**More About the Funds**

The investment objectives of the respective Funds are not fundamental and may be changed by the Board of Trustees without shareholder approval.

Certain of the Funds have adopted non-fundamental operating policies that require at least 80% of the Fund's assets (net assets plus the amount of any borrowings for investment purposes) be invested, under normal circumstances, in securities of the type connoted by the name of the Fund. Although these 80% requirements are non-fundamental operating policies that may be changed by the Board of Trustees without shareholder approval, the Board of Trustees has adopted a policy requiring not less than 60 days' written notice be provided to shareholders, in the manner required by Rule 35d-1 under the 1940 Act, before the effective date of any change in such a policy by a Fund which is subject to that Rule.

The Adviser and the Trust, together with other investment companies of which the Adviser is investment adviser, has been granted an exemption from the SEC that allows the Funds to invest in other registered investment companies and unit investment trusts that are within or outside the same group of investment companies. A Fund may invest cash balances in shares of investment companies, including affiliated investment companies, which are funds managed by the Trust's investment adviser or its affiliates. As a shareholder in an investment company, a Fund would bear its pro rata share of that investment company's expenses, which could result in duplication of certain fees, including management and administrative fees.

Certain investment restrictions, such as a required minimum or maximum investment in a particular type of security, are measured at the time the Fund purchases a security. The status, market value, maturity, credit quality, or other characteristics of the Fund's securities may change after they are purchased, and this may cause the amount of the Fund's assets invested in such securities to fall outside the parameters described in the first paragraph above. If any of these changes occur, it would not be considered a violation of the investment restriction. However, purchases by the Fund during the time it is above or below the stated percentage restriction would be made in compliance with applicable restrictions. The Sub-Advisers may execute transactions in a manner to cause the least disruption to the Fund when attempting to bring the Fund into compliance with such restrictions, which could affect performance.

**Performance.** The performance information presented above for each of the Funds does not reflect the fees and charges imposed under the insurance contract for which the Funds serve as an investment option for the separate accounts of the issuing insurance company. For more information about the charges and performance, see the Prospectus for the insurance contract.

**Temporary Defensive Positions and Large Cash Positions.** In anticipation of, or in response to, adverse market or other conditions, or atypical circumstances such as unusually large cash inflows or redemptions, or during a rebalance period, a Fund may temporarily hold all or a significant portion of its assets in cash, cash equivalents, affiliated and unaffiliated money market funds, or high quality debt instruments. A Fund reserves the right to invest without limitation in such instruments. During periods in which a Fund employs such a temporary defensive strategy or holds large cash positions, a Fund will not be pursuing, and will not achieve, its investment objective. Taking a defensive or large cash position may reduce the potential for appreciation of a Fund's portfolio and may affect a Fund's performance.

**Restrictions on the Use of Futures Contracts***.* Rule 4.5 under the Commodity Exchange Act ("CEA") permits the advisers of registered investment companies to rely on an exclusion from registration under the CEA as a commodity pool operator ("CPO"). Among other conditions, under amended Rule 4.5, the adviser to a registered investment company can claim exclusion from registration as a CPO only if the fund uses commodity interests solely for "bona fide hedging purposes," or limits its use of commodity interests for non-bona fide hedging purposes to certain minimal amounts.

**Portfolio Turnover*.*** Portfolio turnover rates also may be increased by purchases or redemptions of a Fund's shares because of the need to invest new cash resulting from purchases of shares or the need to sell portfolio securities owned in order to meet redemption requests. Increased portfolio turnover necessarily results in correspondingly higher costs, which can include brokerage commissions, and other transaction costs on the sale of securities and reinvestment in other securities. The rebalance of certain of the Funds on a periodic basis may also increase portfolio turnover.

**Investment in Other Funds.** The Funds may invest in investment companies, including unit investment trusts, to the extent permitted under Rule 12d1-1, Rule 12d1-3, and Rule 12d1-4 under the 1940 Act, as applicable. An acquired fund in a fund of funds arrangement is subject to the limits of Rule 12d1-4 of the 1940 Act, and cannot invest more than 10% of its total assets in other funds, including private funds or other pooled investment vehicles that would qualify as "investment companies" under the 1940 Act but for Sections 3(c)(1) or 3(c)(7) of the 1940 Act.

**Investments in Private Companies.** Investing in private companies can involve greater risks than those associated with investing in publicly traded companies. Securities of a private company may be subject to the risk that market conditions, developments within the company, investor perception, or regulatory decisions may delay or prevent the company from ultimately offering its securities to the public. Generally, these investments are considered to be illiquid until a company's public offering. As such, no Fund may invest in any equity or equity-related securities issued by a private company, unless approved by JNAM. For a Fund that invested in equity or equity-related securities issued by a private company before December 9, 2015, the Fund's Sub-Adviser is allowed to continue to hold or sell that security, and in limited circumstances, subject to certain funding commitments, may acquire additional issuances of existing private equity securities. Private equity investments are subject to its sub-advisory agreement, the policies and procedures for the Fund, and the oversight of JNAM.

**Artificial Intelligence risk.** Recent technological developments in, and the increasingly widespread use of, AI Technologies may pose risks to the Fund. For instance, the economy may be significantly impacted by the advanced development and increased regulation of AI Technologies. As AI Technologies are used more widely, the profitability and growth of Fund holdings may be impacted, which could significantly impact the overall performance of the Fund. The legal and regulatory frameworks within which AI Technologies operate continue to rapidly evolve, and it is not possible to predict the full extent of current or future risks related thereto.

**Commodities Tax Risk.** In order for a Fund (or if a Fund is a partnership for federal income tax purposes, certain mutual funds that invest in such Fund) to qualify as a RIC under Subchapter M, it must derive at least 90% of its gross income each taxable year from "qualifying income," which is described in more detail in the SAI. Income and gains from certain commodity-linked instruments do not constitute "qualifying income" to a RIC for purposes of the 90% gross income test. The tax treatment of some other commodity-linked instruments in which a Fund might invest is not certain, in particular with respect to whether income or gains from such instruments constitute "qualifying income" to a RIC. If the IRS publishes an adverse determination relating to the treatment of such income and gain, certain Funds that invest directly or indirectly in commodity-linked derivative instruments would likely need to significantly change their investment strategies in order to qualify as a RIC under the Internal Revenue Code.

**Dodd-Frank (Regulatory) Risk**. The Dodd-Frank Wall Street Reform and Consumer Protection Act ("Dodd-Frank Act") made a number of changes to the regulatory framework in the financial services industry, including regulations applicable to banks, insurance companies, and other firms. The Dodd-Frank Act also made a number of regulatory changes to the oversight and treatment of various investments, in particular, derivatives. The impact of these regulatory changes will be felt across industries for a number of years and will impact the Funds' investments and the administration of the Funds. Instruments in which the Funds invest may incur increased regulatory compliance costs, and could be subject to regulatory action. The Funds may incur Dodd-Frank regulatory compliance costs, which could impact performance.

**Lending of Portfolio Securities.** A Fund may engage in securities lending. Securities lending involves the lending of securities owned by a Fund to financial institutions such as certain broker-dealers. The borrowers are required to secure their loans continuously with cash, cash equivalents, U.S. Government securities or letters of credit that meet certain guidelines. Cash collateral may be invested by a Fund in money market-type investments or short-term liquid investments. To the extent that cash collateral is so invested, such collateral will be subject to market depreciation or appreciation, and a Fund will be responsible for any loss that might result from its investment of the borrowers' collateral.

A Fund may lend its securities to increase its income. A Fund may, however, experience delay in the recovery of its securities or incur a loss if the institution with which it has engaged in a portfolio loan transaction breaches its agreement with the Fund or becomes insolvent. There is the risk that the price of the securities will increase while they are on loan and the collateral will not adequately cover their value. There is also a risk that securities on loan will not be recalled in a timely manner to facilitate proxy voting.

**Cash and Cash Equivalents.** The Funds may hold cash or invest in cash equivalents. Cash equivalents include, but are not limited to: (a) commercial paper (for example, short-term notes with maturities typically up to 12 months in length issued by corporations, governmental bodies or bank/corporation sponsored conduits (asset-backed commercial paper)); (b) short-term bank obligations (for example, certificates of deposit, time deposits, bankers' acceptances (time drafts on a commercial bank where the bank accepts an irrevocable obligation to pay at maturity)) or bank notes; (c) savings association and savings bank obligations (for example, bank notes and certificates of deposit issued by savings banks or savings associations); (d) securities of the U.S. Government, its agencies or instrumentalities (including U.S. treasury bills) that mature, or may be redeemed, in one year or less; and (e) corporate bonds and notes that mature, or that may be redeemed, in one year or less.

"Savings association obligations" include certificates of deposit (interest-bearing time deposits) issued by savings banks or savings and loan associations.

**Cash Position.** The Funds may invest cash balances in shares of affiliated money market funds and unaffiliated money market funds. For temporary, defensive purposes, and where purchases and redemptions (cash-flows) require a Fund may invest without limitation in such securities. This reserve position provides flexibility in meeting redemptions, expenses, and the timing of new investments, rebalances, and serves as a short-term defense during periods of unusual market volatility.

**Large Shareholder Transactions Risk.** A Fund may experience adverse effects when shareholders purchase or redeem, individually or in the aggregate, large amounts of shares of a Fund. Such large shareholder redemptions may cause a Fund to sell portfolio securities at times when it would not otherwise do so, which may negatively impact a Fund's net asset value and liquidity. Similarly, large fund share purchases may adversely affect a Fund's performance to the extent that a Fund is delayed in investing new cash and is required to maintain a larger cash position than it ordinarily would. These transactions may also accelerate the realization of taxable income to shareholders if such sales of investments resulted in gains, and may also increase transaction costs. In addition, a large redemption could result in a Fund's current expenses being allocated over a smaller asset base, leading to an increase in a Fund's expense ratio. These risks are heightened when a Fund is small.

**Market Events**. Turmoil in domestic and international markets may cause extreme volatility in the equity and debt markets, in the prices of individual securities and in the world economy. In response, governments throughout the world may respond with a variety of significant fiscal and monetary policy changes, including but not limited to, direct capital infusions into companies, new monetary programs and dramatically lower interest rates. Failure to implement or an unexpected or quick reversal of such policies could increase volatility in the equity and debt markets.

**Natural Disasters and Adverse Weather Conditions.** Certain areas of the world historically have been prone to major natural disasters, such as hurricanes, earthquakes, typhoons, flooding, tidal waves, tsunamis, erupting volcanoes, wildfires or droughts, and have been economically sensitive to environmental events. Such disasters, and the resulting damage, could have a severe and negative impact on a Fund's investment portfolio and, in the longer term, could impair the ability of issuers in which a Fund invests to conduct their businesses in the manner normally conducted. Adverse weather conditions may also have a particularly significant negative effect on issuers in the agricultural sector and on insurance companies that insure against the impact of natural disasters.

**Sanctions Risk.** From time-to-time, the U.S. Government or other governments may place "sanctions" on a country. Such sanctions may include limitations on transactions in a country, such as the purchase or sale of products or services in that country. Sanctions also may include limitations on the movement of cash and securities to and from a sanctioned country, or may limit investments in a sanctioned country. When sanctions are placed on a country, a Fund may experience limitations on its investments, including the inability to dispose of securities in that country, the inability to settle securities transactions in that country, and the inability to repatriate currency from that country. Investments in sanctioned countries may be volatile, and the Fund and its pricing agent may have difficulty valuing such sanctioned country securities. Investments in sanctioned countries are subject to a number of risks, including, but not limited to, liquidity risk, foreign securities risk, and currency risk. The Fund could lose money investing in a country that is later sanctioned by the U.S. Government or other governments.

**Technology Disruptions.** Markets and market-participants are increasingly reliant upon both publicly available and proprietary information data systems. Data imprecision, software or other technology malfunctions, programming inaccuracies, unauthorized use or access, and similar circumstances may impair the performance of these systems and may have an adverse impact upon the performance of the Funds. Such circumstances may adversely impact the Funds' operations or the performance of the Fund's investments in a single issuer, a group of issuers, or the market at-large. For example, cyber attacks on the Funds' adviser, sub-advisers, and/or other service providers could cause business failures or delays in daily operations, and the Funds may not be able to process shareholder transactions or calculate a net asset value ("NAV") per share. Cyber attacks also could disrupt daily operations related to trading and portfolio management. In addition, technology disruptions and cyber attacks also may impact the operations or securities prices of an issuer or a group of issuers, and thus may have an adverse impact on the value of the Funds' investments and performance. In certain cases, an exchange or market may close or issue trading halts on specific securities or the entire market, which may result in a Fund being, among other things, unable to buy or sell certain securities or financial instruments or unable to accurately price its investments.

**Legislation and Regulatory Activities.** At any time after the date of the Prospectus, legislation may be enacted that could negatively affect the shares of the Funds or the issuers of such common stock. Further, changing approaches to regulation may have a negative impact on certain companies represented in the Funds. There can be no assurance that future legislation, regulation or deregulation will not have a material adverse effect on the Funds or will not impair the ability of the issuers of the common stock held in the Funds to achieve their business goals.

**Description of Indices.** The portfolios of certain of the Funds consist of the common stocks of companies included in various indices. Except as previously described, the publishers of the indices have not granted the JNL Series Trust or the investment adviser a license to use their respective indices. Except as previously described certain funds, none of the Funds are designed or intended to result in investment returns that parallel or correlate with the movements in any particular index or a combination of indices and it is expected that their investment returns will not parallel or correlate with such movements. The publishers of the indices have not participated in any way in the creation of any of the Funds or in the selection of stocks that are purchased or sold for the Funds. A description of certain of the indices is provided below. For additional information, please refer to Appendix A.

*The S&P 500*<sup>®</sup> *Index.* Widely regarded as the standard for measuring large-capitalization U.S. stock market performance, the S&P 500 Index includes a representative sample of leading U.S. companies in leading industries. The S&P 500 Index consists of 500 stocks chosen for market size, liquidity and industry group representation. It is a market-value weighted index with each stock's weight in the Index proportionate to its market value.

*Morningstar<sup>®</sup> Global ex-US Small Cap Target Market Exposure Index<sup>SM</sup>*. The Morningstar Global ex-US Small Cap Target Market Exposure Index measures the performance of small-cap stocks listed in developed and emerging countries outside the US. These stocks fall between the 85% and 99% market cap thresholds of the investable universe and are weighted by float-adjusted market capitalization. This index does not incorporate Environmental, Social, or Governance (ESG) Criteria.

*Morningstar<sup>®</sup> Global ex-US Target Market Exposure Index<sup>SM</sup>*. The Morningstar Global ex-US Target Market Exposure Index targets large-and mid-cap stocks listed in developed and emerging markets outside the U.S. representing the largest 85% of the market by float-adjusted market capitalization. This index does not incorporate Environmental, Social, or Governance (ESG) criteria.

*Morningstar<sup>®</sup> Global Small Cap Target Market Exposure Index<sup>SM</sup>*. The Morningstar Global Small Cap Target Market Exposure Index measures the performance of small-cap stocks listed in developed and emerging markets around the world. These stocks fall between the 85% and 99% market cap thresholds of the investable universe and are weighted by float-adjusted market capitalization. This index does not incorporate Environmental, Social, or Governance (ESG) Criteria.

*Morningstar<sup>®</sup> Global Target Market Exposure Index<sup>SM</sup>*. The Morningstar Global Target Market Exposure Index is a rules based, float market capitalization-weighted index designed to cover 85% of the equity float-adjusted market capitalization of the Global equity markets. This index does not incorporate Environmental, Social, or Governance (ESG) criteria.

*Morningstar<sup>®</sup> US Large-Mid Cap Broad Growth Index<sup>SM</sup>*. The Morningstar US Large-Mid Cap Broad Growth Index provides a comprehensive depiction of the performance and fundamental characteristics of the Large-Mid Cap Growth segment of U.S. equity markets. It targets stocks representing the cheaper half of the U.S. large- and mid-cap market. This Index does not incorporate Environmental, Social, or Governance (ESG) criteria.

*Morningstar<sup>®</sup> US Large-Mid Cap Broad Value Index<sup>SM</sup>*. The Morningstar US Large-Mid Cap Broad Value Index provides a comprehensive depiction of the performance and fundamental characteristics of the Large-Mid Cap Value segment of U.S. equity markets. It targets stocks representing the faster growing half of the U.S. large- and mid-cap market. This Index does not incorporate Environmental, Social, or Governance (ESG) criteria.

*Morningstar<sup>®</sup> US Target Market Exposure Index<sup>SM</sup>*. The Morningstar US Target Market Exposure Index targets large- and mid-cap U.S. stocks representing the top 85% of the market by float-adjusted market capitalization. The exchange rate used for the currency translations is as of 4:00 pm NY time. This Index does not incorporate Environmental, Social, or Governance (ESG) criteria.

**Benchmarks.** Listed below are the primary, secondary, and tertiary benchmarks, if applicable, for each Fund that has completed less than one full calendar year of operations and thus does not show performance information above.

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| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Name** | &nbsp;&nbsp;**Primary Benchmark** | &nbsp;&nbsp; **Secondary Benchmark(s)** <br> **(if applicable)** | &nbsp;&nbsp;**Tertiary Benchmark(s)<br> (if applicable)** |
| &nbsp;&nbsp;JNL/PPM America Emerging Markets Debt Fund | &nbsp;&nbsp;Bloomberg Global Aggregate Index | &nbsp;&nbsp;Bloomberg EM USD Aggregate Index | &nbsp;&nbsp;Not Applicable |

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**Glossary of Risks**

The following risks may apply to the Funds and/or Master Funds. Please consult the Fund's Summary Prospectus and Statutory Prospectus to identify the risks associated with a particular Fund.

**Accounting risk –** The Fund makes investment decisions, in part, on information drawn from the financial statements of issuers. Financial statements may not be accurate, may reflect differing approaches with respect to auditing and reporting standards and may affect the ability of the Fund's investment manager to identify appropriate investment opportunities.

**Allocation risk** – The Fund's ability to achieve its investment objective depends upon the investment manager's analysis of such factors as macroeconomic trends, outlooks for various industries and asset class valuations and investment manager's ability to select an appropriate mix of asset classes. The Fund is subject to the risk of changes in market, investment, and economic conditions, as well as the selection and percentages of allocations.

**Call risk** *–* Call risk is the risk that, during a period of falling interest rates, the issuer may redeem a security by repaying it early, which may reduce the Fund's income if the proceeds are reinvested at lower interest rates.

**China risk** *–* The value of a Fund's investments in Chinese securities will be impacted by the economic, political, diplomatic, and social conditions within China. China is generally considered an emerging market country and investments in Chinese securities carry the risks associated with emerging markets, as well as risks particular to the region. China may be subject to considerable degrees of economic, political and social instability. The economies, industries, and securities and currency markets of China may be adversely affected by slow economic activity worldwide, protectionist trade policies, dependence on exports and international trade, currency devaluations and other currency exchange rate fluctuations, restrictions on monetary repatriation, increasing competition from Asia's low-cost emerging economies, environmental events and natural disasters that may occur in China, and military conflicts either in response to social unrest or with other countries. In addition, the tax laws and regulations in mainland China are subject to change, possibly with retroactive effect. Over the last few decades, the Chinese government has undertaken reform of economic and market practices and has expanded the sphere of private ownership of property in China. However, Chinese markets generally continue to experience inefficiency, volatility and pricing anomalies resulting from governmental influence, a lack of publicly available information and/or political and social instability. The Chinese securities markets are subject to more frequent trading halts and low trading volume, resulting in substantially less liquidity and greater price volatility. Investments in Chinese issuers may be subject to the risk of expropriation and nationalization. The Chinese government may also impose capital controls, which could adversely affect a Fund, its ability to repatriate its investments and the value of the Fund's investments. In addition, the Chinese government may intervene in currency markets, which could cause its currency, and therefore the value of the Fund's investments in China, to depreciate. The Chinese economy is heavily reliant upon trade and export growth. Reduction in spending on Chinese products and services; further increases in trade restrictions, such as those resulting from the US-China trade dispute, or even the threat thereof; or a downturn in any of the economies of China's key trading partners may negatively affect the Chinese economy and its issuers.

On June 3, 2021, an Executive Order (the "Order") was issued prohibiting certain investment activity by U.S. persons, in relation to certain companies determined by the U.S. Secretary of the Treasury and the U.S. Secretary of Defense to (i) be operating or have been previously operating in the defense and related material sector or the surveillance technology sector (collectively, "Defense Sectors") of the economy of China; or (ii) own or control, or to be owned or controlled by, directly or indirectly, a person or entity who operates or has operated in any of the Defense Sectors (each, a "Chinese Military Company," and together, the "Chinese Military Companies"). The Order supersedes similar executive orders previously issued on November 12, 2020 and January 13, 2021 related to investments in "Communist Chinese Military Companies."

Chinese Military Companies are designated to the Non-SDN Chinese Military-Industrial Complex Companies List ("Non-SDN CMIC List") administered by the Office of Foreign Assets Control within the U.S. Department of the Treasury. The Non-SDN CMIC List may change from time to time. Beginning 60 days after an entity is newly-designated as a Chinese Military Company, the purchase or sale of public securities, or any publicly traded securities that are derivative of, or are designed to provide investment exposure to such securities, of any of the Chinese Military Companies (the "Covered Securities") by U.S. persons is prohibited, with the exception of a 365-day allowance to divest Covered Securities.

A Fund's holding of Covered Securities may adversely impact a Fund's performance. The extent of any impact will depend on future developments, including a Fund's ability to sell Covered Securities, the valuation of Covered Securities, further modifications to the Order, the issuance of additional or different interpretive guidance regarding compliance with the Order, and the duration of the Order, all of which are highly uncertain.

**Company risk –** Investments in U.S. and foreign-traded equity securities may fluctuate more than the values of other types of securities in response to changes in a particular company's financial condition. The value of the Fund's investment may decrease in response to the activities and financial prospects of an individual foreign or domestic company/issuer in the Fund's portfolio. The value of an individual foreign or domestic company can be more volatile than the market as a whole.

**Concentration risk –** The Fund may concentrate its investments in certain securities. To the extent that the Fund focuses on particular countries, regions, industries, sectors, issuers, types of investment or limited number of securities from time to time, including (if applicable) as a result of its investment objective to track the performance of an index, the Fund may be subject to greater risks of adverse economic, business or political developments in such areas of focus than a fund that invests in a wider variety of countries, regions, industries, sectors or investments.

Industry

Companies within an industry are often faced with the same economic conditions, government regulations, availability of basic resources or supplies, or other events that affect that industry, and their stock may react similarly and move in unison with these and other market conditions. As a result, stocks within a certain industry in which the Fund invests may be more volatile, and carry greater risk of adverse developments affecting many of the Fund's holdings, than a mixture of stocks of companies from a wide variety of industries.

Geographic

To the extent that the Fund has a significant level of investment in issuers in particular countries or regions, the Fund's performance is expected to be closely tied to social, political and economic conditions within those countries or regions and to be more volatile than the performance of more geographically diversified funds. The economies and financial markets of certain regions can be highly interdependent and may decline all at the same time. In addition, certain regions are prone to natural disasters such as earthquakes, volcanoes, droughts or tsunamis and are economically sensitive to environmental events. Such events may have a negative impact on the value of the Fund's investments in those regions.

Security

The Fund's portfolio may invest in a limited number of securities. As compared to other Funds, this could subject the Fund to additional risk if one of the portfolio securities declines in price, or if certain sectors of the market experience a downturn. It may take additional time to sell all or part of a Fund's investment in a particular security, and consequently, concentrating portfolio investments may also limit the ability of the Fund to take advantage of other investment opportunities.

**Consumer discretionary risk** *–* An investment in issuers in the consumer discretionary sector of the market may be more affected by events influencing the consumer discretionary sector than a fund that is more diversified across numerous sectors. An investment in issuers in the consumer discretionary sector can be significantly affected by the performance of the overall economy, interest rates, competition and consumer confidence. Success of these companies can depend heavily on disposable household income and consumer spending. Changes in demographics and consumer tastes can also affect the demand for, and success of, products of consumer discretionary companies.

**Convertible securities risk –** Convertible securities have investment characteristics of both equity and debt securities. Investments in convertible securities may be subject to market risk, credit and counterparty risk, interest rate risk and other risks associated with investments in equity and debt securities, depending on the price of the underlying security and the conversion price. While equity securities may offer the potential for greater long-term growth than most debt securities, they generally have higher volatility. A convertible security is also subject to the same types of market and issuer-specific risks that apply to the underlying common stock, since it derives a portion of its value from the common stock into which it may be converted. In addition, because companies that issue convertible securities are often small- or mid-capitalization companies, to the extent the Fund invests in convertible securities, it will be subject to the risks of investing in these companies.

The value of convertible and debt securities may fall when interest rates rise. Securities with longer durations tend to be more sensitive to changes in interest rates, generally making them more volatile than securities with shorter durations. Convertible securities normally are "junior" securities, which means that an issuer usually must pay interest on its non-convertible debt before it can make payments on its convertible securities. If an issuer stops making interest or principal payments, these securities may become worthless and the Fund could lose its entire investment. In the event of a liquidation of the issuing company, holders of convertible securities may be paid before the company's common stockholders but after holders of any senior debt obligations of the company. Due to their hybrid nature, convertible securities are typically more sensitive to changes in interest rates than the underlying common stock, but less sensitive than a fixed rate corporate bond.

**Counterparty risk –** Transactions involving a counterparty are subject to the credit risk of the counterparty. A Fund that enters into contracts with counterparties, such as repurchase or reverse repurchase agreements or derivatives contracts, or that lends its securities, runs the risk that the counterparty will be unable or unwilling to make timely settlement payments or otherwise honor its obligations. If a counterparty fails to meet its contractual obligations, files for bankruptcy, or otherwise experiences a business interruption, the Fund could suffer losses, including monetary losses, miss investment opportunities or be forced to hold investments it would prefer to sell. Counterparty risk is heightened during unusually adverse market conditions.

Participants in OTC derivatives markets typically are not subject to the same level of credit evaluation and regulatory oversight as are members of exchange-based markets, and, therefore, OTC derivatives generally expose a Fund to greater counterparty risk than exchange-traded or cleared derivatives. A Fund is subject to the risk that a counterparty will not settle a derivative in accordance with its terms because of a dispute over the terms of the contract (whether or not bona fide) or because of a credit or liquidity problem. If a counterparty's obligation to a Fund is not collateralized, then the Fund is essentially an unsecured creditor of the counterparty. If a counterparty defaults, the Fund will have contractual remedies, but the Fund may be delayed and/or unable to enforce them, which may cause the Fund to suffer a loss. Counterparty risk is greater for derivatives with longer maturities because there is more time for events to occur that may prevent settlement. Counterparty risk also is greater when a Fund has concentrated its derivatives with a single or small group of counterparties. Counterparty risk still exists even if a counterparty's obligations are secured by collateral because, for example, the Fund's interest in the collateral may not be perfected or additional collateral may not be promptly posted as required.

A Fund also is subject to counterparty risk because it executes its securities transactions through brokers and dealers. If a broker or dealer fails to meet its contractual obligations, goes bankrupt, or otherwise experiences a business interruption, the Fund could miss investment opportunities or be unable to dispose of investments it would prefer to sell, resulting in losses for the Fund.

Counterparty risk with respect to derivatives will be affected by rules and regulations affecting the derivatives market. Some derivatives transactions (including futures, options on futures and certain swaps) are required to be centrally cleared, and a party to a cleared derivatives transaction is subject to the credit risk of the clearing house and the clearing member through which it holds its cleared position, rather than the credit risk of its original counterparty to the derivatives transaction. Credit risk of market participants with respect to derivatives that are centrally cleared is concentrated in a few clearing houses, and it is not clear how an insolvency proceeding of a clearing house would be conducted and what impact an insolvency of a clearing house would have on the financial system. A clearing member is obligated by contract and by applicable regulation to segregate all funds received from customers with respect to cleared derivatives transactions from the clearing member's proprietary assets. However, all funds and other property received by a clearing member from its customers with respect to cleared derivatives are generally held by the clearing member on a commingled basis in an omnibus account, and the clearing member may invest those funds in certain instruments permitted under the applicable regulations. Therefore, a Fund might not be fully protected in the event of the bankruptcy of a Fund's clearing member because the Fund would be limited to recovering only a pro rata share of all available funds segregated on behalf of the clearing member's customers for a relevant account class. Also, the clearing member is required to transfer to the clearing house the amount of margin required by the clearing house for cleared derivatives, which amounts are generally held in an omnibus account at the clearing house for all customers of the clearing member. Regulations promulgated by the CFTC require that the clearing member notify the clearing house of the initial margin provided by the clearing member to the clearing house that is attributable to each customer. However, if the clearing member does not accurately report a Fund's initial margin, the Fund is subject to the risk that a clearing house will use the Fund's assets held in an omnibus account at the clearing house to satisfy payment obligations of a defaulting customer of the clearing member to the clearing house. In addition, clearing members generally provide the clearing house the net amount of variation margin required for cleared derivatives for all of its customers in the aggregate, rather than individually for each customer. A Fund is therefore subject to the risk that a clearing house will not make variation margin payments owed to the Fund if another customer of the clearing member has suffered a loss and is in default, and the risk that the Fund will be required to provide additional variation margin to the clearing house before the clearing house will move the Fund's cleared derivatives transactions to another clearing member. In addition, if a clearing member does not comply with the applicable regulations or its agreement with a Fund, or in the event of fraud or misappropriation of customer assets by a clearing member, the Fund could have only an unsecured creditor claim in an insolvency of the clearing member with respect to the margin held by the clearing member.

Also, under special resolution regimes adopted in the United States, the European Union, the United Kingdom and various other jurisdictions, the possibility exists that the Funds' ability to exercise remedies, such as the termination of transactions, netting of obligations and realization on collateral, could be stayed or eliminated in the event of a counterparty's (or its affiliate's) insolvency. Such regimes provide government authorities with broad authority to intervene when a financial institution is experiencing financial difficulty. In particular, governmental authorities could reduce, eliminate, or convert to equity the liabilities to the Funds of a counterparty experiencing financial difficulties (sometimes referred to as a "bail in").

**Credit risk –** Credit risk is the actual or perceived risk that the issuer of a bond, borrower, guarantor, counterparty, or other entity responsible for payment will not pay interest and principal payments when due. The price of a debt security can decline in response to changes in the financial condition of the issuer, borrower, guarantor, counterparty, or other entity responsible for payment. The Fund could lose money if the issuer or guarantor of a fixed-income security, or the counterparty to a derivatives contract, repurchase agreement or a loan of portfolio securities, is unable or unwilling to make timely principal and/or interest payments, or to otherwise honor its obligations. Changes in an issuer's financial strength, the market's perception of the issuer's financial strength or in a security's credit rating, which reflects a third party's assessment of the credit risk presented by a particular issuer, may affect debt securities' value. When a fixed-income security is not rated, the Fund's investment manager may have to assess the risk of the security itself. The Fund may incur substantial losses on debt securities that are inaccurately perceived to present a different amount of credit risk by the market, the investment manager or the rating agencies than such securities actually do. In addition, to the extent the Fund invests in municipal bonds, they are subject to the risk that litigation, legislation or other political events, local business or economic conditions, or the bankruptcy of the issuer could have a significant effect on an issuer's ability to make payments of principal and/or interest.

**Currency risk –** Investments in foreign currencies, securities that trade in or receive revenues in foreign currencies or derivatives that provide exposure to foreign currencies are subject to the risk that those currencies may decline in value, or, in the case of hedging positions, that the currency may decline in value relative to the currency being hedged. Currency exchange rates can be volatile and may be affected by a number of factors, such as the general economics of a country, the actions (or inaction) of U.S. and foreign governments or central banks, the imposition of currency controls, and speculation. The Fund accrues additional expenses when engaging in currency exchange transactions, and valuation of a Fund's foreign securities may be subject to greater risk because both the price of the currency (relative to the U.S. dollar) and the price of the security may fluctuate with market and economic conditions. A decline in the value of a foreign currency versus the U.S. dollar reduces the value in U.S. dollars of investments denominated in that foreign currency.

**Cybersecurity risk** *–* Cyber attacks could cause business failures or delays in daily processing and the Fund may need to delay transactions, consistent with regulatory requirements, as a result could impact the performance of the Fund. See the "Technology Disruptions" section in this Prospectus.

**Debt securities ratings risk** *–* The use of credit ratings in evaluating debt securities can involve certain risks, including the risk that the credit rating may not reflect the issuer's current financial condition or events since the security was last rated by a rating agency. Credit ratings may be influenced by conflicts of interest or based on historical data that no longer apply or are accurate. Governmental efforts to reform rating agencies and the use of credit ratings in the marketplace may impact a Fund's investments or investment process.

**Depositary receipts risk** *–* Investments in securities of foreign companies in the form of American depositary receipts ("ADRs"), Global depositary receipts ("GDRs"), and European depositary receipts ("EDRs") are subject to certain risks. They may be traded in the over-the-counter ("OTC") market or on a regional exchange, or may otherwise have limited liquidity. The prices of depositary receipts may differ from the prices of securities upon which they are based. ADRs typically are issued by a U.S. bank or trust company and evidence ownership of underlying securities issued by a foreign corporation. EDRs and GDRs typically are issued by foreign banks or trust companies, although they may be issued by U.S. banks or trust companies, and evidence ownership of underlying securities issued by either a foreign or U.S. corporation. Where the custodian or similar financial institution that holds the issuer's shares in a trust account is located in a country that does not have developed financial markets, a Fund could be exposed to the credit risk of the custodian or financial institution and greater market risk. In addition, the depository institution may not have physical custody of the underlying securities at all times and may charge fees for various services, including forwarding dividends and interest and corporate actions. A Fund would be expected to pay a share of the additional fees, which it would not pay if investing directly in the foreign securities. A Fund may experience delays in receiving its dividend and interest payments or exercising rights as a shareholder.

Depositary receipts may be issued in sponsored or un-sponsored programs. In a sponsored program, a security issuer has made arrangements to have its securities traded in the form of depositary receipts. In an un-sponsored program, the issuer may not be directly involved in the creation of the program. Holders of unsponsored depositary receipts generally bear all the costs of the facility. The depositary usually charges fees upon deposit and withdrawal of the underlying securities, the conversion of dividends into U.S. dollars or other currency, the disposition of non-cash distributions, and the performance of other services. Although the U.S. regulatory requirements applicable to ADRs generally are similar for both sponsored and un-sponsored programs, in some cases it may be easier to obtain financial and other information from an issuer that has participated in the creation of a sponsored program. To the extent the Fund invests in depositary receipts of an un-sponsored program, there may be an increased possibility the Fund would not become aware of and be able to respond to corporate actions such as stock splits or rights offerings involving the foreign issuer on a timely basis, as the issuers of unsponsored depositary receipts are not obligated to disclose information that is considered material in the U.S.

Depositary receipts involve many of the same risks as direct investments in foreign securities. These risks include: fluctuations in currency exchange rates, which are affected by international balances of payments and other economic and financial conditions; government intervention; and speculation. With respect to certain foreign countries, there is the possibility of expropriation or nationalization of assets, confiscatory taxation, political and social upheaval, and economic instability. Investments in depositary receipts that are exchange traded or OTC may also subject a Fund to liquidity risk. This risk is enhanced in connection with OTC depositary receipts.

**Derivatives risk –** Certain Funds may invest in derivatives, which are financial instruments whose value depends on, or is derived from, the value of underlying assets, reference rates, or indices. Derivatives can be highly volatile and may be subject to transaction costs and certain risks, such as unanticipated changes in securities prices and global currency investment. Derivatives also are subject to a number of risks described elsewhere in this section, such as leverage risk, liquidity risk, interest rate risk, market risk, counterparty risk, and credit risk. They also involve the risk of mispricing or improper valuation and the risk that changes in the value of the derivative may not correlate perfectly with the underlying asset, interest rate or index. Gains or losses from derivatives can be substantially greater than the derivatives' original cost.

The Fund's investment manager must choose the correct derivatives exposure versus the underlying assets to be hedged or the income to be generated, in order to realize the desired results from the investment. The Fund's investment manager must also correctly predict price, credit or their applicable movements, during the life of a derivative, with respect to the underlying asset in order to realize the desired results from the investment.

The Fund could experience losses if its derivatives were poorly correlated with its other investments, or if the Fund were unable to liquidate its position because of an illiquid market. The market for many derivatives is, or suddenly can become, illiquid. Changes in liquidity may result in significant, rapid and unpredictable changes in the prices for derivatives. The value of derivatives may fluctuate more rapidly than other investments, which may increase the volatility of the Fund, depending on the nature and extent of the derivatives in the Fund's portfolio.

If the Fund's investment manager uses derivatives in attempting to manage or "hedge" the overall risk of the portfolio, the strategy might not be successful and the Fund may lose money. To the extent that the Fund is unable to close out a position because of market illiquidity or counterparty default, the Fund may not be able to prevent further losses of value in its derivatives holdings.

The Fund may also be required to take or make delivery of an underlying instrument that the manager would otherwise have attempted to avoid. Investors should bear in mind that, while a Fund may intend to use derivative strategies on a regular basis, it is not obligated to actively engage in these transactions, generally or in any particular kind of derivative, if the investment manager elects not to do so due to availability, cost or other factors.

The Fund's use of derivative instruments may involve risks different from, or possibly greater than, the risks associated with investing directly in securities and other more traditional investments. Certain derivative transactions may have a leveraging effect on the Fund. For example, a small investment in a derivative instrument may have a significant impact on the Fund's exposure to interest rates, currency exchange rates or other investments. As a result, a relatively small price movement in a derivative instrument may cause an immediate and substantial loss or gain. The Fund may engage in such transactions regardless of whether the Fund owns the asset, instrument or components of the index underlying the derivative instrument. The Fund may invest a portion of its assets in these types of instruments, which could cause the Fund's investment exposure to exceed the value of its portfolio securities and its investment performance could be affected by securities it does not own.

The U.S. Government has enacted legislation that provides for the regulation of the derivatives market, including clearing, margin, reporting, and registration requirements. The European Union and the United Kingdom (and some other countries) are implementing similar requirements, which will affect a Fund when it enters into a derivatives transaction with a counterparty organized in that country or otherwise subject to that country's derivatives regulations. Because these requirements are relatively new and evolving (and some of the rules are not yet final), their ultimate impact remains unclear. It is possible that government regulation of various types of derivative instruments could potentially limit or completely restrict the ability of a Fund to use these instruments as a part of its investment strategy, increase the costs of using these instruments or make them less effective. Limits or restrictions applicable to the counterparties with which a Fund engages in derivative transactions could also prevent a Fund from using these instruments or affect the pricing or other factors relating to these instruments, or may change availability of certain investments.

The CFTC and certain futures exchanges have established (and continue to evaluate and revise) limits, referred to as "position limits," on the maximum net long or net short positions which any person or entity may hold or control in particular options and futures contracts (and certain related swap positions). Unless an exemption applies, all positions owned or controlled by the same person or entity, even if in different accounts, must be aggregated for purposes of determining whether the applicable position limits have been exceeded and, as a result, the investment manager's trading decisions may have to be modified or positions held by a Fund may have to be liquidated in order to avoid exceeding such limits. Even if the Fund does not intend to exceed applicable position limits, it is possible that different clients managed by the investment manager or its affiliates may be aggregated for this purpose. The modification of investment decisions or the elimination of open positions, if it occurs, may adversely affect the profitability of the Fund. A violation of position limits could also lead to regulatory action materially adverse to a Fund's investment strategy.

Under the Dodd-Frank Act, a Fund also may be subject to additional recordkeeping and reporting requirements. In addition, the tax treatment of certain derivatives, such as certain swaps, is unclear under current law and may be subject to future legislation, regulation or administrative pronouncements issued by the IRS. Other future regulatory developments may also impact a Fund's ability to invest or remain invested in certain derivatives. Legislation or regulation may also change the way in which a Fund itself is regulated. The investment manager cannot predict the effects of any new governmental regulation that may be implemented or the ability of a Fund to use swaps or any other financial derivative product, and there can be no assurance that any new governmental regulation or self-regulatory organization rule will not adversely affect a Fund's ability to achieve its investment objective.

**Dividend-paying stock risk** – Dividend-paying stocks may underperform non-dividend paying stocks (and the stock market as a whole) over any period of time. The prices of dividend-paying stocks may decline as interest rates increase. In addition, issuers of dividend-paying stocks typically have discretion to defer or stop paying dividends. If the dividend-paying stocks held by an account reduce or stop paying dividends, the account's ability to generate income may be adversely affected.

**Emerging markets and less developed countries risk –** Emerging market and less developed countries generally are located in Asia, the Middle East, Eastern Europe, Central and South America and Africa. Investments in, or exposure to, securities that are tied economically to emerging market and less developed countries are subject to all of the risks of investments in, or exposure to, foreign securities, generally to a greater extent than in developed markets, among other risks. Investments in securities that are tied economically to emerging markets involve greater risk from economic and political systems that typically are less developed, and likely to be less stable, than those in more advanced countries. The Fund also will be subject to the risk of adverse foreign currency rate fluctuations. Emerging market and less developed countries may also have economies that are predominantly based on only a few industries or dependent on revenues from particular commodities. There may be government policies that restrict investment by foreigners, greater government influence over the private sector, and a higher risk of a government taking private property in emerging and less developed countries. Moreover, economies of emerging market countries may be dependent upon international trade and may be adversely affected by trade barriers, exchange controls, managed adjustments in relative currency values and other protectionist measures imposed or negotiated by the countries with which they trade. As a result of these risks, investments in securities tied economically to emerging markets tend to be more volatile than investments in securities of developed countries.

Underdeveloped securities exchanges and low or nonexistent trading volume in securities of issuers may result in a lack of liquidity and in price volatility. A fund may not be able to sell such securities in a timely manner, and may receive less than the currently available market price when selling such emerging market securities. Emerging market countries often have less uniformity in accounting and reporting requirements and less reliable clearance and settlement, registration and custodial procedures, which could result in ownership registration being completely lost. Issuers in emerging markets typically are subject to greater risk of adverse changes in earnings and business prospects than are companies in developed markets. Loss may also result from the imposition of exchange controls, confiscations and other government restrictions, including confiscatory taxes on investment proceeds and other restrictions on the ability of foreign investors to withdraw their money at will, or from problems in security registration or settlement and custody. Investments in, or exposure to, emerging market securities may be more susceptible to investor sentiment than investments in developed countries. As a result, emerging market securities may be adversely affected by negative perceptions about an emerging market country's stability and prospects for continued growth. The Fund will also be subject to the risk of negative foreign currency rate fluctuations. Investments in, or exposure to, emerging market securities tend to be more volatile than investments in developed countries.

Frontier market countries are emerging market countries that are considered to have the smallest, least mature and least liquid securities markets. Frontier market countries generally have smaller economies and less developed capital markets than traditional emerging markets, and, as a result, the risks of investing in emerging market countries are magnified in frontier market countries. The economies of frontier market countries are less correlated to global economic cycles than those of their more developed counterparts and their markets have low trading volumes, low security market capitalizations, and the potential for extreme price volatility and illiquidity. This volatility may be further heightened by the actions of a few major investors. For example, a substantial increase or decrease in cash flows of mutual funds investing in these markets could significantly affect local stock prices and, therefore, the price of Fund shares. These factors make investing in frontier market countries significantly riskier than in other countries and any one of them could cause the price of the Fund's shares to decline.

**Equity securities risk** – Common and preferred stocks represent equity ownership in a company. Stock markets are volatile, and equity securities generally have greater price volatility than fixed-income securities. The price of equity or equity-related securities will fluctuate and can decline and reduce the value of a portfolio investing in equity or equity-related securities. The value of equity or equity-related securities purchased or held by the Fund could decline if the financial condition of the companies the Fund invests in decline or if overall market and economic conditions deteriorate. They may also decline due to factors that affect a particular industry or industries, such as labor shortages or an increase in production costs and competitive conditions within an industry. In addition, they may decline due to general market conditions that are not specifically related to a company or industry, such as real or perceived adverse economic conditions, changes in the general outlook for corporate earnings, changes in interest or currency rates or generally adverse investor sentiment.

**European investment risk** – Investing in Europe involves many of the same risks as investing in foreign securities generally. In addition, investing in Europe poses some unique risks. Europe includes both developed and emerging markets and investments by a Fund will be subject to the risks associated with investments in such markets. Most developed countries in Western Europe are members of the European Union ("EU") and many are also members of the European Economic and Monetary Union ("EMU"). The EU is an economic and political union of most Western European countries and a growing number of Eastern European countries. One of the key mandates of the EU is the establishment and administration of a common single market, consisting of, among other things, a single currency and a common trade policy. In order to pursue this goal, member states established the EMU, which sets out different stages and commitments that member states need to follow to achieve greater economic and monetary policy coordination, including the adoption of a single currency, the euro. Many member states have adopted the euro as their currency and, as a result, are subject to the monetary policies of the European Central Bank. Performance is expected to be closely tied to social, political, security, and economic conditions within Europe and to be more volatile than the performance of more geographically diversified funds. Security concerns related to immigration, war and geopolitical risk, and terrorism could have a negative impact on the EU and investments within EU countries.

Uncertainty surrounding the sovereign debt of a number of EU countries, as well as the continued existence of the EU itself, have disrupted and may disrupt markets in the U.S. and around the world. If one or more countries leave the EU or the EU dissolves, the world's securities markets likely will be significantly disrupted.

For example, although one cannot predict the full effect of "Brexit" (the United Kingdom's withdrawal from the EU), it could lead to global economic uncertainty and result in volatility in global stock markets and currency exchange rate fluctuations. This uncertainty may impact opportunities, pricing, availability and cost of bank financing, regulation, values or exit opportunities of companies or assets based, doing business, or having services or other significant relationships in, the United Kingdom or the EU.

Brexit may also create continued uncertainty around trade, the possibility of capital outflows from the United Kingdom, devaluation of the pound sterling, the cost of higher corporate bond spreads, and the risk that all the above could negatively impact business and consumer spending as well as foreign direct investment.

With the United Kingdom's withdrawal from the EU, there is the possibility that one or more other countries may withdraw from the EU and/or abandon the Euro, the common currency of the EU, as well. The impact of these actions, especially if they occur in a disorderly fashion, is not clear but could be significant and far reaching. In addition, Russia launched a large-scale invasion of Ukraine in February 2022, which has resulted in the U.S. Government imposing sanctions on Russia. The extent and duration of the military action, resulting sanctions and the potential for future sanctions and resulting future market disruptions in the region are impossible to predict, but could be significant and have a severe adverse effect on the region, including significant negative impacts on the economy and the markets for certain securities and commodities, such as oil and natural gas, as well as other sectors.

**Exchange-traded funds investing risk** *–* Most exchange-traded funds ("ETFs") are investment companies whose shares are purchased and sold on a securities exchange. Generally, an ETF represents a portfolio of securities designed to track a particular market segment or index. An investment in an ETF generally presents the following risks: (i) the same primary risks as an investment in a conventional mutual fund (i.e., one that is not exchange-traded) that has the same investment objectives, strategies and policies; (ii) the risk that an ETF may fail to accurately track the market segment or index that underlies its investment objective; (iii) price fluctuation, resulting in a loss to the Fund; (iv) the risk that an ETF may trade at a discount to its net asset value; (v) the risk that an active market for an ETF's shares may not develop or be maintained; and (vi) the risk that an ETF may no longer meet the listing requirements of any applicable exchanges on which that ETF is listed. When the Fund invests in an ETF, shareholders of the Fund bear their proportionate share of the ETF's fees and expenses as well as their share of the Fund's fees and expenses.

In addition, many ETFs invest in securities included in, or representative of, underlying indexes regardless of investment merit or market trends and, therefore, these ETFs do not change their investment strategies to respond to changes in the economy, which means that an ETF may be particularly susceptible to a general decline in the market segment relating to the relevant index. As with traditional mutual funds, ETFs charge asset-based fees. The Funds will indirectly pay a proportional share of the asset-based fees of the ETFs in which the Funds invest. During periods of market volatility, there may be delays in the pricing of ETFs, and ETF exchange-traded prices may also be subject to volatility, which could cause the Fund to lose money.

**Expense risk** *–* Fund expenses are subject to a variety of factors, including fluctuations in the Fund's net assets. Accordingly, actual expenses may be greater or less than those indicated in the Fund's Prospectus. For example, to the extent that the Fund's net assets decrease due to market declines or redemptions, the Fund's expenses will increase as a percentage of Fund net assets. During periods of high market volatility, these increases in the Fund's expense ratio could be significant.

**Extension risk** – When interest rates rise, certain obligations will be paid off by the obligor more slowly than anticipated, which may cause the value of those securities to fall. Rising interest rates tend to extend the duration of securities, making them more sensitive to changes in interest rates. The value of longer-term securities generally changes more in response to changes in interest rates than shorter-term securities. As a result, in a period of rising interest rates, securities may exhibit additional volatility and may lose value.

**Financial services risk** – An investment in issuers in the financial services sector may be adversely affected by, among other things: (i) changes in the regulatory framework; (ii) interest rate changes that may negatively affect financial service businesses; (iii) exposure of a financial institution to a non-diversified or concentrated loan portfolio; (iv) exposure to financial leverage and/or investments or agreements which, under certain circumstances, may lead to losses (e.g., sub-prime loans); and (v) the risk that a market shock or other unexpected market, economic, political, regulatory, public health or other event might lead to a sudden decline in the values of most or all companies in the financial services sector.

**Fixed-income risk –** The price of fixed-income securities responds to economic developments, particularly interest rate changes, as well as to perceptions about the credit risk of individual issuers. Rising interest rates generally will cause the price of bonds and other fixed-income debt securities to fall. In addition, falling interest rates may cause an issuer to redeem, call or refinance a security before its stated maturity, which may result in the Fund having to reinvest the proceeds in lower yielding securities. Longer maturity fixed-income securities may be subject to greater price fluctuations than shorter maturity fixed-income securities. Bonds and other fixed-income debt securities are subject to credit risk, which is the possibility that the credit strength of an issuer will weaken and/or an issuer of a fixed income security will fail to make timely payments of principal or interest and the security will go into default. In addition, as inflation increases, the present value of the Fund's fixed income investment typically will decline. Investors' expectation of future inflation can also adversely affect the current value of portfolio investments, resulting in lower asset values and potential losses. Debt instruments typically do not provide any voting rights, except in cases when interest payments have not been made and the issuer is in default.

**Foreign securities risk –** Investments in, or exposure to, foreign securities involve risks not typically associated with U.S. investments. These risks include, among others, adverse fluctuations in foreign currency values, possible imposition of foreign withholding or other taxes on income payable on the securities, as well as adverse political, social and economic developments, such as political upheaval, acts of terrorism, financial troubles, sanctions or the threat of new or modified sanctions, or natural disasters. Many foreign securities markets, especially those in emerging market countries, are less stable, smaller, less liquid, and less regulated than U.S. securities markets, and the costs of trading in those markets is often higher than in U.S. securities markets. There may also be less publicly available information about issuers of foreign securities compared to issuers of U.S. securities and foreign issuers may not be subject to the same accounting, auditing and financial recordkeeping standards and requirements as domestic issuers. In addition, the economies of certain foreign markets may not compare favorably with the economy of the United States with respect to issues such as growth of gross national product, reinvestment of capital, resources and balance of payments position. Such factors may adversely affect the value of securities issued by companies in foreign countries or regions.

Investments in, or exposure to, foreign securities could be affected by restrictions on receiving the investment proceeds from a foreign country, confiscatory foreign tax laws, and potential difficulties in enforcing contractual obligations. Transactions may be subject to less efficient settlement practices, including extended clearance and settlement periods. Foreign accounting may be less revealing than U.S. accounting practices and regulation may be inadequate or irregular. There may also be limited legal recourse against the foreign issuer in the event of a default on a debt instrument. Such factors may adversely affect the value of securities issued by foreign companies. Investments in, or exposure to, emerging market countries and/or their securities markets may present market, credit, currency, liquidity, legal, political, technical and other risks different from, or greater than, the risks of investing in developed countries. In addition, the risks associated with investing in a narrowly defined geographic area are generally more pronounced with respect to investments in, or exposure to, emerging market countries.

**Forward and futures contract risk** *–* The successful use of forward and futures contracts draws upon the investment manager's skill and experience with respect to such instruments and are subject to special risks including, but not limited to: (i) the imperfect correlation between the change in market value of the instruments held by the Fund and the price of the forward or futures contract; (ii) possible lack of a liquid market for a forward or futures contract and the resulting inability to close a forward or futures contract when desired; (iii) losses caused by unanticipated market movements, which are potentially unlimited; (iv) the investment manager's inability to predict correctly the direction of securities prices, interest rates, currency exchange rates and other economic factors; (v) the possibility that the counterparty, clearing member or clearinghouse will default in the performance of its obligations; and (vi) if the Fund has insufficient cash, it may have to sell securities from its portfolio to meet daily variation margin requirements, and the Fund may have to sell securities at a time when it may be disadvantageous to do so.

**Frontier market countries risk** – Frontier market countries generally have smaller economies and less developed capital markets than traditional developing markets, and, as a result, the risks of investing in developing market countries are magnified in frontier market countries. The economies of frontier market countries are less correlated to global economic cycles than those of their more developed counterparts and their markets have low trading volumes, low security market capitalizations, and the potential for extreme price volatility and illiquidity. This volatility may be further heightened by the actions of a few major investors. For example, a substantial increase or decrease in cash flows of mutual funds investing in these markets could significantly affect local stock prices and, therefore, the price of Fund shares. These factors make investing in frontier market countries significantly riskier than in other countries and any one of them could cause the price of the Fund's shares to decline.

Governments of many frontier market countries in which the Fund may invest may exercise substantial influence over many aspects of the private sector. In some cases, the governments of such frontier market countries may own or control certain companies. Accordingly, government actions could have a significant effect on economic conditions in a frontier market country and on market conditions, prices and yields of securities in the Fund's portfolio. Moreover, the economies of frontier market countries may be heavily dependent upon international trade and, accordingly, have been and may continue to be, adversely affected by trade barriers, exchange controls, managed adjustments in relative currency values and other protectionist measures imposed or negotiated by the countries with which they trade. These economies also have been and may continue to be adversely affected by economic conditions in the countries with which they trade.

Investment in equity securities of issuers operating in certain frontier market countries may be restricted or controlled to varying degrees. These restrictions or controls may at times limit or preclude foreign investment in equity securities of issuers operating in certain frontier market countries and increase the costs and expenses of the Fund. Certain frontier market countries require governmental approval prior to investments by foreign persons, limit the amount of investment by foreign persons in a particular issuer, limit the investment by foreign persons only to a specific class of securities of an issuer that may have less advantageous rights than the classes available for purchase by domiciliaries of the countries and/or impose additional taxes on foreign investors. Certain frontier market countries may also restrict investment opportunities in issuers in industries deemed important to national interests, ("sensitive industries").

Frontier market countries may require governmental approval for the repatriation of investment income, capital or the proceeds of sales of securities by foreign investors, such as the Fund. In addition, if deterioration occurs in a frontier market country's balance of payments, the country could impose temporary restrictions on foreign capital remittances. The Fund could be adversely affected by delays in, or a refusal to grant, any required governmental approval for repatriation of capital, as well as by the application to the Fund of any restrictions on investments. Investing in local markets in frontier market countries may require the Fund to adopt special procedures, seek local government approvals or take other actions, each of which may involve additional costs to the Fund.

There may be no centralized securities exchange on which securities are traded in frontier market countries. Also, securities laws in many frontier market countries are relatively new and unsettled. Therefore, laws regarding foreign investment in frontier market securities, securities regulation, title to securities, and shareholder rights may change quickly and unpredictably.

The frontier market countries in which the Fund invests may become subject to sanctions or embargoes imposed by the U.S. government and the United Nations. The value of the securities issued by companies that operate in, or have dealings with these countries may be negatively impacted by any such sanction or embargo and may reduce the Fund's returns.

Banks in frontier market countries used to hold the Fund's securities and other assets in that country may lack the same operating experience as banks in developed markets. In addition, in certain countries there may be legal restrictions or limitations on the ability of the Fund to recover assets held by a foreign bank in the event of the bankruptcy of the bank. Settlement systems in frontier markets may be less well organized than in the developed markets. As a result, there is greater risk than in developed countries that settlements will take longer and that cash or securities of the Fund may be in jeopardy because of failures of or defects in the settlement systems.

**Government regulatory risk** – Certain industries or sectors, including, but not limited to, real estate, financial services, utilities, oil and natural gas exploration and production, anything environment-related, and health care are subject to increased regulatory requirements. There can be no guarantee that companies in which the Fund invests will meet all applicable regulatory requirements. Certain companies could incur substantial fines and penalties for failing to meet government regulatory requirements. These requirements may also result in additional compliance expenses and costs. Such increased regulatory compliance costs could hurt a company's performance.

**Hedging instruments risk –** The Fund may attempt, from time to time, to hedge (protect) against currency risks, largely using forward foreign currency exchange contracts, where available and when, in the manager's opinion, it would be advantageous to the Fund. A forward foreign currency exchange contract is an agreement to buy or sell a specific currency at a future date and at a price set at the time of the contract. Forward foreign currency exchange contracts may reduce the risk of loss from a change in value of a currency, but they also limit any potential gains and do not protect against fluctuations in the value of the underlying position. For example, during periods when the U.S. dollar weakens in relation to a foreign currency the Fund's use of a currency hedging program will result in lower returns than if no currency hedging programs were in effect. The Fund may also attempt, from time to time, to hedge against market risk by using other derivative investments, which may include purchasing or selling call and put options. The purchase of a call option gives the purchaser of the option, upon payment of a premium, the right to buy, and the seller of the option the obligation to sell, the underlying instrument at the exercise price. Conversely, the purchase of a put option gives the purchaser of the option, upon payment of a premium, the right to sell, and the seller of the option the obligation to buy, the underlying instrument at the exercise price. Forward foreign currency exchange contracts and put options are considered derivative investments, because their value and performance depend, at least in part, on the value and performance of an underlying asset. The Fund may also use futures, swaps, and other derivative instruments to hedge risk. The Fund's investment in derivatives may involve a small investment relative to the amount of risk assumed. To the extent the Fund enters into these transactions, its success will depend on the manager's ability to predict market movements, and their use may have the opposite effect of that intended. Risks include potential loss due to the imposition of controls by a government on the exchange of foreign currencies, the loss of any premium paid to enter into the transaction, delivery failure, default by any other party, or inability to close out a position because the trading market becomes illiquid. In addition, for certain reasons, the Fund may not seek to establish a perfect correlation between such hedging instruments and the portfolio instruments being hedged. Such imperfect correlation may prevent the Fund from achieving the intended hedge or expose the Fund to risk of loss. It is not possible to hedge fully or perfectly against any risk.

**High-yield bonds, lower-rated bonds, and unrated securities risk –** High-yield bonds, lower-rated bonds, and unrated securities are broadly referred to as "junk bonds," and are considered below "investment-grade" by national ratings agencies. Junk bonds typically have a higher yield to compensate for a greater risk that the issuer might not make its interest and principal payments. As a result, an investment in junk bonds is considered speculative. An unanticipated default would result in a reduction in income and a decline in the market value of the related securities. During an economic downturn or substantial period of rising interest rates, highly leveraged issuers may experience financial stress which could adversely affect their ability to service principal and interest payment obligations, to meet projected business goals and to obtain additional financing. The market prices of junk bonds are generally less sensitive to interest rate changes than higher-rated investments, but more sensitive to adverse economic or political changes, or individual developments specific to the issuer. Periods of economic or political uncertainty and change can be expected to result in price volatility. High-yield bonds may be subject to liquidity risk, and the Fund may not be able to sell a high-yield bond at the price at which it is currently valued. The credit rating of a below investment grade security does not necessarily address its market value risk and may not reflect its actual credit risk. Ratings and market value may change from time to time, positively or negatively, to reflect new developments regarding the issuer.

**Information technology sector risk –** Information technology companies face intense competition, both domestically and internationally, which may have an adverse effect on their profit margins. Like other technology companies, information technology companies may have limited product lines, markets, financial resources or personnel. The products of information technology companies may face obsolescence due to rapid technological developments, frequent new product introduction, unpredictable changes in growth rates and competition for the services of qualified personnel. Companies in the information technology sector are heavily dependent on patent and intellectual property rights. The loss or impairment of these rights may adversely affect the profitability of these companies.

**Interest rate risk –** When interest rates increase, fixed-income securities generally will decline in value. Conversely, as interest rates decrease, the prices of fixed income securities tend to increase. In a low interest rate environment, an increase in interest rates could have a negative impact on the price of fixed income securities, and could negatively impact a Fund's portfolio of fixed income securities. Long-term fixed income securities normally have more price volatility than short-term fixed income securities. The value of certain equity investments, such as utilities and real estate-related securities, may also be sensitive to interest rate changes. A nominal interest rate can be described as the sum of a real interest rate and an expected inflation rate. Inflation-indexed securities, including TIPS, decline in value when real interest rates rise. In certain interest rate environments, such as when real interest rates are rising faster than normal interest rates, inflation-indexed securities may experience greater losses than other fixed income securities with similar durations.

Floating rate investments have adjustable interest rates and as a result, generally fluctuate less in response to interest rate changes than will fixed-rate investments. However, because floating rates generally only reset periodically, changes in prevailing interest rates may cause a fluctuation in a Fund's value. In addition, extreme increases in prevailing interest rates may cause an increase in defaults on floating rate investments, which may cause a further decline in a Fund's value. Finally, a decrease in interest rates could adversely affect the income earned by the Fund from its floating rate debt securities.

**Investing in China A Shares risk –** Investments in Class A Shares of Chinese companies involve certain risks and special considerations not typically associated with investments in U.S. companies, such as greater government control over the economy, political and legal uncertainty, currency fluctuations or blockage, the risk that the Chinese government may decide not to continue to support economic reform programs and the risk of nationalization or expropriation of assets. Additionally, the Chinese securities markets are emerging markets subject to the special risks applicable to developing and emerging market countries described elsewhere in this prospectus.

**Investing through Stock Connect risk –** The Fund may invest directly in China A shares through Stock Connect, and will be subject to the following risks: sudden changes in quota limitations, application of trading suspensions, differences in trading days between the People's Republic of China and Stock Connect, operational risk, clearing and settlement risk and regulatory and taxation risk.

**Investment in money market funds risk –** Although a money market fund is designed to be a relatively low risk investment, it is not free of risk. An investment in a money market fund is not insured or guaranteed by a Federal Deposit Insurance Corporation or any other government agency. Although such money market funds seek to maintain a net asset value of $1.00 per share, it is possible to lose money by investing in a money market fund. Despite the short maturities and high credit quality of a money market fund's investments, increases in interest rates and deteriorations in the credit quality of the instruments the Fund has purchased may reduce the Fund's yield and can cause the price of a money market security to decrease. In addition, a money market fund is subject to the risk that the value of an investment may be eroded over time by inflation.

**Investment in other investment companies risk** *–* As with other investments, investments in other investment companies, including exchange-traded funds, are subject to market risk. In addition, if the Fund acquires shares of investment companies, including ones affiliated with the Fund, shareholders bear both their proportionate share of expenses in the Fund (including management and advisory fees) and, indirectly, the expenses of the investment companies in which the Fund invests. To the extent that shares of the Fund are held by an affiliated fund, the ability of the Fund itself to invest in other investment companies may be limited.

**Investment strategy risk –** The Sub-Adviser, or if no Sub-Adviser, the investment manager uses the principal investment strategies and other investment strategies to seek to achieve the Fund's investment objective. Investment decisions made in accordance with these investment strategies may not produce the returns expected, and may cause the Fund's shares to decline in value or may cause the Fund to underperform other funds with similar investment objectives.

**Investment style risk –** The returns from a certain investment style may be lower than the returns from the overall stock market. For example, value funds typically emphasize stocks whose prices are below-average in comparison to earnings and book value, although they may yield above-average dividends. A value stock may not increase in price if other investors fail to recognize the company's value or the factors that are expected to increase the price of the security do not occur. As another example, growth funds generally focus on stocks of companies believed to have above-average potential for growth in revenue and earnings. Growth stock prices frequently reflect projections of future earnings or revenues, and if earnings growth expectations are not met, their stock prices will likely fall, which may reduce the value of a Fund's investment in those stocks. Over market cycles, different investment styles may sometimes outperform other investment styles (for, example, growth investing may outperform value investing).

**Investments in IPOs risk –**The Fund may purchase shares issued as part of, or a short period after, companies' initial public offerings ("IPOs"), and may at times dispose of those shares shortly after their acquisition. The Fund's purchase of shares issued in IPOs exposes it to the risks associated with companies that have little operating history as public companies, as well as to the risks inherent in those sectors of the market where these new issuers operate. The market for IPO issuers has been volatile, and share prices of newly public companies have fluctuated in significant amounts over short periods of time. The purchase of shares issued in IPOs may have a greater impact upon the Fund's total returns during any period that the Fund has a small asset base. As the Fund's assets grow, any impact of IPO investments on the Fund's total return may decline.

**Issuer risk –** The value of an individual security or particular type of security can be more volatile than the market as a whole and can perform differently from the market as a whole. A security's value may decline for reasons that directly relate to the issuer, such as management performance, corporate governance, financial leverage and reduced demand for the issuer's goods or services. A change in the financial condition of a single issuer may affect securities markets as a whole. Certain unanticipated events, such as natural disasters, can have a dramatic adverse effect on the value of an issuer's securities.

 **Japan investment risk** – The Japanese economy, at times, has been characterized by government intervention and protectionism, an aging demographic, declining population, and an unstable financial services sector. International trade, particularly with the United States, government support of the financial services sector and other troubled sectors, consistent government policy, natural disasters, and geopolitical developments can significantly affect economic growth. Since a significant portion of Japan's trade is conducted with developing nations, almost all of which are in East and Southeast Asia, it can be affected by currency fluctuations and other conditions in these other countries.

**Large-capitalization investing risk** – Large-capitalization stocks as a group could fall out of favor with the market, which may cause the Fund to underperform funds that focus on other types of stocks. In addition, larger, more established companies may be unable to respond quickly to new competitive challenges such as changes in technology and consumer preferences. Many larger companies also may not be able to attain the high growth rate of successful smaller companies, especially during extended periods of economic expansion.

**Leverage risk –** Certain transactions, such as reverse repurchase agreements, futures, forwards, swaps, or other derivative instruments, include the use of leverage and may cause the Fund to liquidate portfolio positions at disadvantageous times to satisfy its obligations. Leverage, including borrowing, may cause the Fund to be more volatile because leverage tends to exaggerate the effect of any increase or decrease in the value of the Fund's portfolio securities. The effect of using leverage is to amplify the Fund's gains and losses in comparison to the amount of the Fund's assets (that is, assets other than borrowed assets) at risk, which may cause the Fund's portfolio to be more volatile. If the Fund uses leverage, the Fund has the risk of capital losses that exceed the net assets of the Fund.

**Liquidity risk –** Investments in securities that are difficult to purchase or sell (illiquid or thinly traded securities) may reduce returns if the Fund is unable to sell the securities at an advantageous time or price or achieve its desired level of exposure to a certain sector. An "illiquid investment" is defined as an investment that a Fund reasonably expects cannot be sold or disposed of in current market conditions in seven (7) calendar days or less without the sale or disposition significantly changing the market value of the investment. Liquidity risk arises, for example, from small average trading volumes, trading restrictions, or temporary suspensions of trading. In times of market volatility, certain securities or classes of securities may become illiquid. Government or regulatory actions may decrease market liquidity, and the liquidity for certain securities. Small-capitalization companies and companies domiciled in emerging markets pose greater liquidity and price volatility risks. Certain securities that were liquid when purchased may later become illiquid or less liquid, particularly in times of overall economic distress. Illiquid securities may also be difficult to value, may be required to be fair valued according to the valuation procedures approved by the Board, and may reflect a discount, which may be significant, from the market price of comparable securities for which a liquid market exists. Liquidity risk may also refer to the risk that the Fund will not be able to meet requests to redeem shares issued by a Fund without significant dilution of remaining investors' interests in the Fund because of unusual market conditions, an unusually high volume of redemption requests, or other reasons. To meet redemption requests, the Fund may be forced to sell securities at an unfavorable time and/or under unfavorable conditions. In addition, although the fixed-income securities markets have grown significantly in the last few decades, regulations and business practices have led some financial intermediaries to curtail their capacity to engage in trading (i.e., "market making") activities for certain debt securities. As a result, dealer inventories of fixed-income securities, which provide an indication of the ability of financial intermediaries to make markets in fixed-income securities, are at or near historic lows relative to market size. Because market makers help stabilize the market through their financial intermediary services, further reductions in dealer inventories could have the potential to decrease liquidity and increase volatility in the fixed-income securities markets.

**Managed portfolio risk –** As an actively managed portfolio, the Fund's portfolio manager(s) make decisions to buy and sell holdings in the Fund's portfolio. Because of this, the value of the Fund's investments could decline because the financial condition of an issuer may change (due to such factors as management performance, reduced demand or overall market changes), financial markets may fluctuate or overall prices may decline, the Fund's manager's investment techniques could fail to achieve the Fund's investment objective or may negatively affect the Fund's investment performance, or legislative, regulatory, or tax developments may affect the investment techniques available to the manager of the Fund. There is no guarantee that the investment objective of the Fund will be achieved.

**Market risk –** Stock market risk refers to the fact that stock (equity securities) prices typically fluctuate more than the values of other types of securities, typically in response to changes in the particular company's financial condition and factors affecting the market in general. Over time, the stock market tends to move in cycles, with periods when stock prices rise, and periods when stock prices decline. A slower-growth or recessionary economic environment could have an adverse effect on the price of the various stocks held by the Fund. Consequently, a broad-based market drop may also cause a stock's price to fall.

Bond market risk generally refers to credit risk and interest rate risk. Credit risk is the actual or perceived risk that the issuer of the bond will not pay the interest and principal payments when due. Bond value typically declines if the issuer's credit quality deteriorates. Interest rate risk is the risk that interest rates will rise and the value of bonds will fall. A broad-based market drop may also cause a bond's price to fall.

Portfolio securities may also decline in value due to factors affecting securities markets generally, such as real or perceived adverse economic, political or regulatory conditions, inflation, changes in interest or currency rates or adverse investor sentiment, public health issues, including widespread disease and virus epidemics or pandemics such as the coronavirus (COVID-19) pandemic, war, terrorism or natural disasters, or due to factors affecting particular industries represented in the securities markets, such as competitive conditions. Changes in the financial condition of a single issuer can impact a market as a whole, and adverse market conditions may be prolonged and may not have the same impact on all types of securities. In addition, the markets may not favor a particular kind of security, including equity securities or bonds. The values of securities may fall due to factors affecting a particular issuer, industry or the securities market as a whole.

The outbreak of COVID 19, a respiratory disease caused by a novel coronavirus, caused volatility, severe market dislocations and liquidity constraints in many markets, including markets for the securities the Fund holds. The transmission of COVID-19 and efforts to contain its spread resulted in travel restrictions and disruptions, closed international borders, enhanced health screenings at ports of entry and elsewhere, disruption of and delays in healthcare service preparation and delivery, quarantines, event and service cancellations or interruptions, disruptions to business operations (including staff furloughs and reductions) and supply chains, and a reduction in consumer and business spending, as well as general economic concern and uncertainty. These disruptions led to instability in the marketplace and overall volatility. The impact of COVID-19, and other infectious illness outbreaks, epidemics or pandemics that may arise in the future, could adversely affect the economies of many nations or the entire global economy, the financial well-being and performance of individual issuers, borrowers and sectors and the health of the markets generally in potentially significant and unforeseen ways. In addition, the impact of infectious illnesses, such as COVID-19, in emerging market countries may be greater due to generally less established healthcare systems. Public health crises may exacerbate other pre-existing political, social and economic risks in certain countries or globally.

**Master limited partnership risk** – An investment in master limited partnership ("MLP") units involves some risks that differ from an investment in the common stock of a corporation. Holders of MLP units have limited control on matters affecting the partnership. Investing in MLPs involves certain risks related to investing in the underlying assets of the MLPs and risks associated with pooled investment vehicles. MLPs holding credit-related investments are subject to interest rate risk and the risk of default on payment obligations by debt issuers. MLPs that concentrate in a particular industry or a particular geographic region are subject to risks associated with such industry or region. The benefit derived from the Fund's investment in MLPs is largely dependent on the MLPs being treated as partnerships for federal income tax purposes. Certain MLPs may be illiquid securities.

**Mid-capitalization and small-capitalization investing risk** – The securities of mid-capitalization and small-capitalization companies involve greater risks than those associated with larger, more established companies and may be subject to more abrupt or erratic price movements. Securities of such issuers may lack sufficient market liquidity to enable a Fund to effect sales at an advantageous time or without a substantial drop in price. Both mid-capitalization and small-capitalization companies often have narrower markets and more limited managerial and financial resources than larger, more established companies. As a result, their performance can be more volatile and they face greater risk of business failure, which could increase the volatility of a Fund's portfolio. Securities of such issuers may lack sufficient market liquidity to conduct transactions at an advantageous time, or without a substantial drop in price. Generally, the smaller the company size, the greater these risks become.

**Mid-capitalization investing risk –** The stocks of mid-capitalization companies can be more volatile and their shares less liquid than those of larger companies. Mid-capitalization companies may have limited product lines, markets or financial resources or may depend on the expertise of a few people and may be subject to more abrupt or erratic market movements than securities of larger, more established companies or the market averages in general. Securities of such issuers may lack sufficient market liquidity to effect sales at an advantageous time or without a substantial drop in price.

**Model risk** *–* The Sub-Adviser relies heavily on the quantitative models and information and data supplied or made available by third parties ("Models and Data"). Models and Data are used to construct sets of transactions and investments, to provide risk management insights, and to assist in hedging the Fund's investments. Funds that use models bear the risk that the proprietary quantitative models used by the portfolio managers will not be successful in identifying securities that will help the Funds achieve their investment objectives, which may cause a Fund to underperform its benchmark or other funds with a similar investment objective. When Models and Data prove to be incorrect or incomplete, including because data is stale, missing or unavailable, any decisions made in reliance thereon expose the Fund to potential risks. Similarly, any hedging based on faulty Models and Data may prove to be unsuccessful. Some of the models used by the Sub-Adviser for the Fund are predictive in nature. The use of predictive models has inherent risks. Because predictive models are usually constructed based on historical data supplied by third parties, the success of relying on such models may depend on the accuracy and reliability of the supplied historical data. All models rely on correct data inputs. If incorrect data is entered into even a well-founded model, the resulting information will be incorrect. However, even if data is inputted correctly, "model prices" will often differ substantially from market prices, especially for instruments with complex characteristics, such as derivative instruments. The Fund is unlikely to be successful unless the assumptions underlying the models are realistic and either remain realistic and relevant in the future or are adjusted to account for changes in the overall market environment. If such assumptions are inaccurate or become inaccurate and are not promptly adjusted, it is likely that profitable trading signals will not be generated, and major losses may result. The Sub-Adviser, in its sole discretion, will continue to test, evaluate and add new models, which may result in the modification of existing models from time to time. There can be no assurance that model modifications will enable the Fund to achieve its investment objective.

**Mortgage-related and other asset-backed securities risk –** The risk of investing in mortgage-related and other asset-backed securities include interest rate risk, extension risk, and prepayment (contraction) risk. With respect to extension risk, rising interest rates tend to extend the duration of mortgage-related securities, making them more sensitive to changes in interest rates. As a result, in a period of rising interest rates, mortgage-related securities may exhibit increased volatility. With respect to default risk, rising interest rates and falling property prices may increase the likelihood that individuals and entities will fall behind or fail to make payments on their mortgages or other loans. When there are a number of mortgage defaults, the interest paid by mortgage-backed and mortgage-related securities may decline, or may not be paid. A number of mortgage defaults could lead to a decline in the value of mortgage-backed and mortgage-related securities. In addition, legal and documentation risk (incomplete mortgage information) related to mortgage defaults may exist. Asset-backed securities also may not have the benefit of any security interest in the related assets. Mortgage- and asset-backed securities may be "subordinated" to other interests in the same pool and a holder of those "subordinated" securities would receive payments only after any obligations to other more "senior" investors have been satisfied. With respect to prepayment risk, borrowers may pay off their mortgages or other loans sooner than expected, which may result in contraction risk, whereby the Fund will have to reinvest that money at the lower prevailing interest rates and, thus, may suffer an unexpected loss of interest income.

Investments in mortgage-backed securities entail the uncertainty of the timing of cash flows resulting from the rate of prepayments or defaults on the underlying mortgages serving as collateral. An increase or decrease in payment rates (resulting primarily from a decrease or increase in mortgage interest rates) will affect the yield, average life, and price. The prices of mortgage-backed securities, depending on their structure and the rate of payments, can be volatile. Some mortgage-backed securities may also not be as liquid as other securities. The value of these securities also may change because of changes in the market's perception or the actual creditworthiness of the issuer. In addition, the mortgage-backed or other asset-backed securities market in general may be adversely affected by changes in governmental regulation, interest rates, tax policies, the real estate market, and/or the overall economy.

**Non-diversification risk –** The Fund is non-diversified. As such, the Fund may invest in a limited number of issuers. Under a definition provided by the Investment Company Act of 1940, as amended (the "1940 Act"), non-diversified funds may invest in fewer securities, or in larger proportions of the securities of single companies or industries. If these securities were to decline in value, there could be a substantial loss of the investment. In addition, because of the investment strategies, the Fund may hold a smaller number of issuers than if it were "diversified." There is increased risk in investing in a smaller number of different issuers than there is in investing in a larger number of issuers since changes in the financial condition or market status of a single issuer may cause greater fluctuation in a non-diversified portfolio with respect to total return and share price.

**Portfolio turnover risk –** Frequent changes in the securities held by a Fund, including investments made on a shorter-term basis or in derivative instruments or in instruments with a maturity of one year or less at the time of acquisition, may increase transaction costs, which may reduce performance.

**Preferred stock risk** – Preferred stock represents an equity interest in a company that generally entitles the holder to receive, in preference to the holders of other stocks such as common stocks, dividends and a fixed share of the proceeds resulting from a liquidation of the company. Some preferred stocks also entitle their holders to receive additional liquidation proceeds on the same basis as holders of a company's common stock, and thus also represent an ownership interest in that company. Preferred stocks may pay fixed or adjustable rates of return. Preferred stock is subject to issuer-specific and market risks applicable generally to equity securities and is sensitive to changes in the issuer's creditworthiness and to changes in interest rates, and may decline in value if interest rates rise. In addition, a company's preferred stock generally pays dividends only after the company makes required payments to holders of its bonds and other debt. For this reason, the value of preferred stock will usually react more strongly than bonds and other debt to actual or perceived changes in the company's financial condition or prospects. Preferred stock of smaller companies may be more vulnerable to adverse developments than preferred stock of larger companies.

Risks of preferred securities include (i) the ability of the issuer to defer or omit distributions for a stated period in its sole discretion, (ii) the potential for the security to lose value based on the credit worthiness of the issuer or its decision to defer distributions, (iii) the potential for the security to lose value in light of the increase in market interest rates (iv) the potential for the issuer to call (repay) the security or extend the term of the security, subject to the security's terms and issuer's discretion, which may impact the value of the security in light of prevailing market interest rates at that time, (v) the risk that the preferred securities may have a less liquid market than government securities or other equity securities issued by the issuer, and (vi) being subject to the decisions of voting shareholders of an issuer as preferred securities typically contain limited, or no, voting rights.

**Prepayment risk –** During periods of falling interest rates, there is the risk that a debt security with a high stated interest rate will be prepaid before its expected maturity date and that the Fund may have to reinvest the proceeds in an investment that may have lower yields than the yield on the prepaid debt security. In addition, prepayment rates are difficult to predict and the potential impact of prepayment on the price of a debt instrument depends on the terms of the instrument.

**Quantitative strategy risk** *–* Securities identified using quantitative analysis can perform differently from the market as a whole as a result of the factors used in the analysis, the weight placed on those factors, changes in a factor's historical trends, or for reasons included in the analysis. The factors used in quantitative analysis and the weights placed on those factors may not predict a security's value, and the effectiveness of the factors can change over time. These changes may not be reflected in the current quantitative model.

In addition, data for emerging markets companies may be less available and/or less current than data for developed markets companies, and the Sub-Adviser's processes and exposure selection can be adversely affected if it relies on erroneous or outdated data. Any errors in the quantitative methods may adversely affect performance.

**Real estate investment risk –** Risks of investing in real estate securities include falling property values due to increasing vacancies in rental properties, declining rents resulting from economic, legal, tax, cultural, political or technological developments, lack of liquidity, limited diversification, and sensitivity to certain economic factors such as interest-rate changes and other market conditions. When growth is slowing, demand for property decreases and prices may decline, which could impact the value of real estate investments as well as mortgage-backed securities that may be held by the Fund. Real estate company share prices may drop because of the failure of borrowers to pay their loans and poor management, and residential developers, in particular, could be negatively impacted by falling home prices, slower mortgage origination and rising construction costs. The securities of smaller real estate-related issuers can be more volatile and less liquid than securities of larger issuers and their issuers can have more limited financial resources.

**Redemption risk** – Large redemption activity could result in the Fund being forced to sell portfolio securities at a loss or before the Adviser or Sub-Adviser would otherwise decide to do so. Large redemption activity in the Fund may also result in increased expense ratios, higher levels of realized capital gains or losses with respect to the Fund's portfolio securities, higher brokerage commissions, and other transaction costs. It could be difficult for a Fund to meet large redemption requests where there is minimal liquidity in the Fund's portfolio securities.

**Regulation S securities risk –** Regulation S securities may be less liquid than publicly traded securities and may not be subject to the disclosure and other investor protection requirements that would be applicable if they were publicly traded. Accordingly, Regulation S securities may involve a high degree of business and financial risk and may result in substantial losses.

**Regulatory investment limits risk** – The U.S. "Federal Securities Laws" may limit the amount a Fund may invest in certain securities. These limits may be Fund specific or they may apply to the investment manager. As a result of these regulatory limitations under the Federal Securities Laws and the asset management and financial industry business activities of the investment manager and its affiliates, the investment manager and the Fund may be prohibited from or limited in effecting transactions in certain securities. The investment manager and the Fund may encounter trading limitations or restrictions because of aggregation issues or other regulatory requirements. The Federal Securities Laws may impose position limits on securities held by the Fund, and the Fund may be limited as to which securities it may purchase or sell, as well as the timing of such purchases or sales. These regulatory investment limits may increase a Fund's expenses and may limit a Fund's performance.

**REIT investment risk** *–* The risks of investing in REITs include certain risks associated with the direct ownership of real estate and the real estate industry in general. These include risks related to general, regional and local economic conditions; difficulties in valuing and disposing of real estate; fluctuations in interest rates and property tax rates; shifts in zoning laws; environmental regulations and other governmental action; cash flow dependency; increased operating expenses; lack of availability of mortgage funds; losses due to natural disasters; overbuilding; losses due to casualty or condemnation; changes in property values and rental rates; the management skill and creditworthiness of the REIT manager; and other factors. REITs may have limited financial resources, may trade less frequently and in limited volume, may engage in dilutive offerings of securities and may be more volatile than other securities. REIT issuers may also fail to maintain their exemptions from registration under the Investment Company Act of 1940, as amended, or fail to qualify for the "dividends paid deduction" under the Internal Revenue Code of 1986, as amended, which allows REITs to reduce their corporate taxable income for dividends paid to their shareholders.

**Rule 144A securities risk** – Rule 144A securities are securities offered as exempt from registration with the SEC, but may be treated as liquid securities because there is a market for such securities. Rule 144A securities may have an active trading market, but carry the risk that the active trading market may not continue. To the extent that institutional buyers become, for a time, uninterested in purchasing Rule 144A securities, investing in such securities could increase the Fund's level of illiquidity.

**Sector risk** – Companies with similar characteristics may be grouped together in broad categories called sectors. Sector risk is the risk that securities of companies within specific sectors of the economy can perform differently than the overall market. For example, this may be due to changes in the regulatory or competitive environment, or changes in investor perceptions regarding a sector. Because the Fund may allocate relatively more assets to certain sectors than others, the Fund's performance may be more susceptible to any developments which affect those sectors emphasized by the Fund. In addition, the Fund could underperform other funds investing in similar sectors or comparable benchmarks because of the portfolio managers' choice of securities within such sector.

**Air transportation sector risk –** The air transportation sector can be significantly affected by competition within the industry, domestic and foreign economies, government regulation, labor relations, terrorism, and the price of fuel. Airline deregulation has substantially diminished the government's role in the air transport sector while promoting an increased level of competition. However, regulations and policies of various domestic and foreign governments can still affect the profitability of individual carriers as well as the entire industry.

**Business services sector risk** – Companies in the business services sector can be significantly affected by competitive pressures, such as technological developments, fixed-rate pricing, and the ability to attract and retain skilled employees. The success of companies that provide business-related services is, in part, subject to continued demand for business services as companies and other organizations seeking alternative, cost-effective means to meet their economic goals.

**Financial services sector risk** – An investment in issuers in the financial services sector may be adversely affected by, among other things: (i) changes in the regulatory framework or interest rates that may negatively affect financial service businesses; (ii) exposure of a financial institution to a non-diversified or concentrated loan portfolio; (iii) exposure to financial leverage and/or investments or agreements which, under certain circumstances, may lead to losses, for example sub-prime loans; and (iv) the risk that a market shock or other unexpected market, economic, political, regulatory, or other event might lead to a sudden decline in the values of most or all companies in the financial services sector.

**Gold-mining companies sector risk –** An investment in issuers in the gold-mining sector may be susceptible to financial, economic, political or market events, as well as government regulation, impacting the gold industry. Fluctuations in the price of gold often dramatically affect the profitability of companies in the gold-mining sector.

**Health care sector risk –** An investment in issuers in the health care sector may be adversely affected by government regulations and government health care programs and increases or decreases in the cost of medical products and services. Health care companies are heavily dependent on patent protection and the expiration of a patent may adversely affect their profitability. Health care companies are also subject to extensive litigation based on product liability and similar claims. Regulatory approvals are generally required before new drugs and medical devices or procedures may be introduced and before the acquisition of additional facilities by health care providers, all of which may be time consuming and costly with no guarantee that any product will come to market. Health care companies are also subject to competitive forces that may make it difficult to raise prices and, in fact, may result in price discounting. Health care companies may also be thinly capitalized and susceptible to product obsolescence.

**Industrial companies risk** - The stock prices of companies in the industrials sector are affected by supply and demand both for their specific products or services and for industrials sector products in general. Companies in the industrial sector may be adversely affected by changes in government regulation, world events and economic conditions. In addition, these companies are at risk for environmental damage and product liability claims. Companies in this sector could be adversely affected by commodity price volatility, changes in exchange rates, imposition of export or import controls, increase competition, depletion of resources, technological developments and labor relations.

**Infrastructure companies sector risk *–*** Securities and instruments of infrastructure companies are more susceptible to adverse economic or regulatory occurrences affecting their industries. Infrastructure companies may be subject to a variety of factors that may adversely affect their business or operations, including high interest costs in connection with capital construction programs, high leverage, costs associated with environmental and other regulations, the effects of economic slowdown, surplus capacity, increased competition from other providers of services, uncertainties concerning the availability of fuel at reasonable prices, the effects of energy conservation policies and other factors. Infrastructure companies may also be affected by or subject to: regulation by various government authorities; government regulation of rates charged to customers; service interruption due to environmental, operational or other mishaps; the imposition of special tariffs and changes in tax laws, regulatory policies and accounting standards; and general changes in market sentiment toward infrastructure and utilities assets. Other factors that may affect the operations of infrastructure-related companies include innovations in technology, significant changes to the number of ultimate end-users of a company's products, increased susceptibility to terrorist acts or political actions, risks of environmental damage due, and general changes in market sentiment toward infrastructure and utilities assets.

**Natural resource-related securities risk** *–* An investment in natural resource-related securities may be subject to the risks associated with natural resource investments in addition to the general risk of the stock market. Such investments are more vulnerable to the price movements of natural resources and factors that particularly affect the oil, gas, mining, energy, chemicals, paper, steel or agriculture sectors. Such factors may include price fluctuations caused by real and perceived inflationary trends and political developments, the cost assumed by natural resource companies in complying with environmental and safety regulations, changes in supply of, or demand for, various natural resources, changes in energy prices, the success of exploration projects, changes in commodity prices, and special risks associated with natural or man-made disasters. A Fund that invests primarily in companies with natural resource assets is subject to the risk that it may perform poorly during a downturn in natural resource prices.

**Precious metals-related securities risk *–*** Prices of precious metals and of precious metals-related securities historically have been very volatile. The high volatility of precious metal prices may adversely affect the financial condition of companies involved with precious metals. The production and sale of precious metals by governments or central banks or other larger holders can be affected by various economic, financial, social and political factors, which may be unpredictable and may have a significant impact on the prices of precious metals. Other factors that may affect the prices of precious metals and securities related to them include changes in inflation, the outlook for inflation and changes in industrial and commercial demand for precious metals.

**Utilities sector risk** – Utility company securities are particularly sensitive to interest rate movements; when interest rates rise, the stock prices of these companies tend to fall. The continually changing regulatory environment, at both the state and federal level, has led to greater competition in the industry and the emergence of non-regulated providers as a significant part of the industry, which may make some companies less profitable. Companies in the utilities industry may: (i) be subject to risks associated with the difficulty of obtaining adequate returns on invested capital in spite of frequent rate increases and of financing large construction programs during periods of inflation; (ii) face restrictions on operations and increased costs due to environmental and safety regulations, including increased fuel costs; (iii) find that existing plants and equipment or products have been rendered obsolete by technical innovations; (iv) confront challenging environmental conditions, including natural or man-made disasters; (v) tackle difficulties of the capital markets in absorbing utility debt and equity securities; (vi) incur risks associated with the operation of nuclear power plants; and (vii) face the effects of energy conservation and other factors affecting the level of demand for services. Government regulators monitor and control utility revenues and costs, and therefore may limit utility profits. The deregulation of certain utility companies may eliminate restrictions on profits, but may also subject these companies to greater risks of loss. Adverse regulatory changes could prevent or delay utilities from passing along cost increases to customers, which could hinder a utility's ability to meet its obligations to its suppliers. Furthermore, regulatory authorities, which may be subject to political and other pressures, may not grant future rate increases, or may impose accounting or operational policies, any of which could affect a company's profitability and the value of its securities. In addition, federal, state and municipal governmental authorities may review existing construction projects, and impose additional regulations governing the licensing, construction and operation of power plants. Any of these factors could result in a material adverse impact on the Fund's holdings and the performance of the Fund and, to the extent a Fund is concentrated in the utilities sector, any potential material adverse impact may be magnified.

**Securities lending risk** – The Fund may lend its portfolio securities to brokers, dealers, and other financial institutions provided a number of conditions are satisfied, including that the loan is fully collateralized. When the Fund lends portfolio securities, its investment performance will continue to reflect changes in the value of the securities loaned, and the fund will also receive a fee or interest on the collateral. Securities lending involves the risk of loss or delays in recovery of the loaned security or loss of rights in the collateral if the borrower fails to return the security loaned or becomes insolvent. The Fund will also bear the risk of any decline in value of securities acquired with cash collateral. The Fund may pay lending fees to a party arranging the loan. See the "Lending of Portfolio Securities" section in this Prospectus.

**Settlement risk –** Settlement risk is the risk that a settlement in a transfer system does not take place as expected. Delayed settlement may affect a Fund's liquidity due to the timing and receipt of the proceeds from the sale of that security. Loan transactions often settle on a delayed basis compared with securities and the Fund may not receive proceeds from the sale of a loan for a substantial period after the sale, potentially impacting the ability of the Fund to make additional investments or meet redemption obligations. It may take longer than seven days for transactions in loans to settle. In order to meet short-term liquidity needs, the Fund may draw on its cash or other short-term positions, maintain short-term or other liquid assets sufficient to meet reasonably anticipated redemptions, or maintain a credit facility.

**Short sales risk –** A short sale may be effected by selling a security that the Fund does not own. If the price of the security sold short increases, the Fund would incur a loss; conversely, if the price declines, the Fund will realize a gain. The Fund may take a short position in securities or in a derivative instrument, such as a future, forward or swap. Short sales involve greater reliance on the investment manager's ability to accurately anticipate the future value of an instrument, potentially higher transaction and other costs (that will reduce potential Fund gains and increase potential Fund losses), and imperfect correlation between the actual and desired level of exposure. Because the Fund's potential loss on a short position arises from increases in the value of the asset sold short, the extent of such loss, like the price of the asset sold short, is theoretically unlimited. By investing the proceeds received from selling securities short, the Fund could be deemed to be employing a form of leverage, which creates special risks. The Fund's long positions could decline in value at the same time that the value of the short positions increase, thereby increasing the Fund's overall potential for loss to a greater extent than would occur without the use of leverage. Short positions typically involve increased liquidity risk and transaction costs, and the risk that the third party to the short sale may fail to honor its contract terms.

**Small-capitalization investing risk –** Investing in smaller companies, some of which may be newer companies or start-ups, generally involves greater risks than investing in larger, more established ones. The securities of companies with smaller market capitalizations often are less widely held and trade less frequently and in lesser quantities, and their market prices often fluctuate more, than the securities of companies with larger market capitalizations. In addition, such securities may be subject to more abrupt or erratic price movements. Securities of such issuers may lack sufficient market liquidity to enable the Fund to effect sales at an advantageous time or without a substantial drop in price. Small-capitalization companies often have limited product lines, narrower markets and more limited managerial and financial resources, or may depend on the expertise of a few people, than larger, more established companies. As a result, their performance can be more volatile and they face greater risk of business failure, which could increase the volatility of the Fund's portfolio. Generally, the smaller the company size, the greater these risks become.

**Sovereign debt risk** *–* Investments issued by a governmental entity are subject to the risk that the governmental entity may delay or refuse to pay interest or repay principal on its sovereign debt due to, among other things, cash flow problems, insufficient foreign currency reserves, political considerations, the relative size of the governmental entity's debt position in relation to the economy or the failure to put in place economic reforms required by the International Monetary Fund or other multilateral agencies. If a governmental entity defaults, it may ask for more time in which to pay its debt, request additional loans or otherwise restructure its debt. There is no legal process for collecting sovereign debt that a government does not pay nor are there bankruptcy proceedings through which all or part of the sovereign debt may be collected.

**Stock risk** *–* Stock markets may experience significant short-term volatility and may fall sharply at times. Different stock markets may behave differently from each other and U.S. stock markets may move in the opposite direction from one or more foreign stock markets. The prices of individual stocks generally do not all move in the same direction at the same time and a variety of factors can affect the price of a particular company's stock.

**Structured investments risk** *–* A structured investment is a derivative security designed to offer a return linked to a particular underlying security, currency, commodity or market. Structured investments may come in various forms including notes (such as exchange-traded notes), warrants and options to purchase securities. A Fund will typically use structured investments to gain exposure to a particular underlying security, currency, commodity or market when direct access to the security, currency, commodity or market is limited or inefficient from a tax or cost standpoint. There can be no assurance that structured investments will trade at the same price or have the same value as the underlying security, currency, commodity or market. Investments in structured investments involve risks including, but not limited to, issuer risk, counterparty risk and market risk. Holders of structured investments bear risks of the underlying investment and are subject to issuer or counterparty risk because a Fund is relying on the creditworthiness of such issuer or counterparty and has no rights with respect to the underlying investment. Certain structured investments may be thinly traded or have a limited trading market and may have the effect of increasing a Fund's illiquidity to the extent that a Fund, at a particular point in time, may be unable to find qualified buyers for these securities.**Swaps risk** *–* Swap agreements are subject to the risks of derivatives, including risk that the party with whom the Fund has entered into the swap will default on its obligation to pay the Fund and the risk that the Fund will not be able to meet its obligations to pay the other party to the agreement. Swap agreements historically have been OTC, two-party contracts entered into primarily by institutional investors for periods typically ranging from a few weeks to more than one year. In a standard swap transaction, two parties agree to exchange the returns (or differentials in rates of return) earned or realized on particular predetermined investments or instruments, which may be adjusted for an interest factor. There are various types of swaps, including but not limited to, total return swaps, credit default swaps and interest rate swaps; all of these and other swaps are derivatives and as such, each is subject to the general risks relating to derivatives described herein.

The Dodd–Frank Act mandated a new regulatory framework for trading swaps in the United States. For example, certain standardized swaps are now, and others may in the future be, required to be executed on or subject to the rules of specified trading platforms such as designated contract markets or swap execution facilities and cleared by a central counterparty such as a derivatives clearing organization ("DCO"). Central clearing is intended to reduce the risk of default by the counterparty. However, central clearing may increase the costs of swap transactions. There are also risks introduced of a possible default by the central counterparty or by a clearing member or futures commission merchant through which a swap is submitted for clearing. The process of implementing the regulations under the Dodd-Frank Act as well as other foreign regulations is ongoing and there may be further changes to the system.

**Tax risk** – In order for a regulated investment company ("RIC") to qualify as such under Subchapter M, including certain of the series of registered investment companies that invest in the Fund, the RIC must derive at least 90% of its gross income each taxable year from "qualifying income," which is described in more detail in the SAI. Income and gains from certain commodity-linked instruments do not constitute "qualifying income" to a RIC for purposes of the 90% gross income test. The tax treatment of some other commodity-linked instruments in which a Fund might invest is not certain, in particular with respect to whether income or gains from such instruments constitute "qualifying income" to a RIC. The IRS has issued a ruling to the effect that income from commodity-linked swaps does not constitute "qualifying income" for purposes of a Fund's qualification as a RIC under Subchapter M. In general, for purposes of the 90% gross income requirement, income derived from a partnership will be treated as qualifying income only to the extent such income is attributable to items of income of the partnership which would be qualifying income if realized directly by the RIC. The Fund will therefore annually restrict its income from commodities and commodity-linked derivative instruments, such as commodity-linked swaps, and other assets that give rise to non-qualifying income to a maximum of 10% of the Fund's gross income. Failure to qualify as a RIC would subject a RIC that invests in the Fund to U.S. federal income tax on its taxable income at regular corporate rates (without deduction for distributions to shareholders). The tax treatment of swap agreements and other derivative instruments, such as commodity-linked derivative instruments, may be adversely affected by future regulatory or legislative changes that could affect whether income from such investments is "qualifying income" under Subchapter M, or otherwise affect the character, timing or amount of a Fund's taxable income or gains and thus income allocations made by the Fund.

**Temporary defensive positions and large cash positions risk –** In anticipation of, or in response to, adverse market or other conditions, or atypical circumstances such as unusually large cash inflows or redemptions, and Sub-Adviser transitions, and/or Fund mergers or rebalances, the Fund may temporarily hold all or a significant portion, without limitation, of its assets in cash, cash equivalents, affiliated and unaffiliated money market funds, or high-quality debt instruments. During periods in which the Fund employs such a temporary defensive strategy or holds large cash positions, it will not be pursuing, and will not achieve, its investment objective. Taking a defensive or large cash position may reduce the potential for appreciation of the portfolio and may affect performance.

**U.S. Government securities risk –** Obligations issued by agencies and instrumentalities of the U.S. Government vary in the level of support they receive from the U.S. Government. They may be: (i) supported by the full faith and credit of the U.S. Treasury, such as those of the Government National Mortgage Association; (ii) supported by the right of the issuer to borrow from the U.S. Treasury, such as those of the Federal National Mortgage Association ("Fannie Mae"); (iii) supported by the discretionary authority of the U.S. Government to purchase the issuer's obligations, such as those of the former Student Loan Marketing Association; or (iv) supported only by the credit of the issuer, such as those of the Federal Farm Credit Bureau. The maximum potential liability of the issuers of some U.S. Government securities may greatly exceed their current resources, including their legal right to receive support from the U.S. Treasury. It is possible that these issuers will not have the funds to meet their payment obligations in the future.

Although many types of U.S. Government securities may be purchased by the Funds, such as those issued by Fannie Mae, the Federal Home Loan Mortgage Corporation ("Freddie Mac"), the Federal Home Loan Banks, and other entities chartered or sponsored by Acts of Congress, their securities are neither issued nor guaranteed by the U.S. Treasury and, therefore, are not backed by the full faith and credit of the United States. The U.S. Government may choose not to provide financial support to U.S. Government sponsored agencies or instrumentalities if it is not legally obligated to do so, in which case, if the issuer defaulted, the holder of the securities of such issuer might not be able to recover its investment from the U.S. Government. Fannie Mae and Freddie Mac have been operating as going concerns in a conservatorship overseen by the Federal Housing Finance Agency ("FHFA") since 2008, and each remains liable for all of its obligations, including its guarantees, associated with its mortgage-backed securities. The ongoing effect that this conservatorship will continue to have on the entities' debt and equities and on securities guaranteed by the entities is unclear. No assurance can be given that the U.S. Treasury initiatives discussed above with respect to the debt and mortgage-backed securities issued by Fannie Mae and Freddie Mac will be successful. In addition, new accounting standards and future Congressional action may affect the value of Fannie Mae and Freddie Mac debt.

FHFA and the White House have made public statements regarding plans to consider ending the conservatorships of Fannie Mae and Freddie Mac. In the event that Fannie Mae and Freddie Mac are taken out of conservatorship, it is unclear how the capital structure of Fannie Mae and Freddie Mac would be constructed and what effects, if any, there may be on Fannie Mae's and Freddie Mac's creditworthiness and guarantees of certain mortgage-backed securities. Should Fannie Mae's and Freddie Mac's conservatorship end, there could be an adverse impact on the value of their securities, which could cause losses to the Funds.

**Underlying funds risk –** The risks associated with investing in the Fund are closely related to the risks associated with the securities and other investments held by the Underlying Funds. The ability of the Fund to achieve its investment objective will depend in part upon the allocations of investments in the Underlying Funds and their ability to achieve their investment objectives. There can be no assurance that the investment objective of any Underlying Fund will be achieved. The extent to which the investment performance and risks associated with the Fund correlates to those of a particular Underlying Fund will depend upon the extent to which the Fund's assets are allocated from time to time for investment in the Underlying Fund, which will vary. The Fund also will bear its pro-rata portion of the operating expenses of the Underlying Funds, including Management and Administrative Fees and 12b-1 fees.

**Valuation risk** *–* The value of the Fund's investments in Private Funds will be difficult to ascertain and these valuations on a given date will likely vary from the amounts the Fund would receive upon withdrawal of its investments. While the valuations of the Fund's publicly traded securities are more readily ascertainable, the Fund's ownership interest in the Private Funds will depend in large part on a Private Fund's manager to provide a valuation, or assistance with a valuation, of the Fund's investment in a Private Fund. Any such valuation is a subjective analysis of the fair market value of an asset and requires the use of techniques that are costly and time-consuming and ultimately provide no more than an estimate of value. Moreover, the valuation of the Fund's investment in a Private Fund, as provided by a manager as of a specific date, may vary from the fair value of the investment that may be obtained if the Fund were to sell such investment to a third party in a secondary transaction. For information about the value of the Fund's investments in Private Funds, the Adviser will be dependent on information provided by the Private Funds, including quarterly unaudited financial statements that, if inaccurate, could adversely affect the Adviser's ability to value accurately the Fund's shares.

**Volatility risk** *–* The Fund may have investments that appreciate or depreciate significantly in value over short periods of time. This may cause the Fund's net asset value per share to experience significant appreciations or depreciations in value over short periods of time.

**When-issued and delayed delivery securities and forward commitments risk** *–* When-issued and delayed delivery securities and forward commitments transactions arise when securities are purchased by the Fund with payment and delivery taking place in the future in order to secure what is considered to be an advantageous price or yield to the Fund at the time of entering into the transaction. When-issued and delayed delivery securities and forward commitments involve the risk that the security the Fund buys will lose value prior to its delivery. There also is the risk that the security will not be issued or that the other party to the transaction will not meet its obligation. If this occurs, the Fund loses both the investment opportunity for the assets it set aside to pay for the security and any gain in the security's price. In addition, these investments may create a form of investment leverage, which may increase the Fund's volatility and may require the Fund to liquidate portfolio securities when it may not be advantageous.

**Management of the Trust**

Under Massachusetts law and the Trust's Declaration of Trust and By-Laws, the Trust's Board of Trustees (the "Board") is responsible for managing the business and affairs of the Trust.

**Investment Adviser**

Jackson National Asset Management, LLC<sup>SM</sup> ("JNAM<sup>®</sup>" or the "Adviser"), located at 1 Corporate Way, Lansing, Michigan 48951, serves as the investment adviser to the Funds and provides the Funds with professional investment supervision and management under an Investment Advisory and Management Agreement between the Trust and the Adviser. The Adviser is registered with the SEC under the Investment Advisers Act of 1940, as amended (the "Advisers Act").

The Adviser 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.

Under the Investment Advisory and Management Agreement, which applies to all Funds, the Adviser is responsible for managing the affairs and overseeing the investments of the Funds and determining how voting and other rights with respect to securities owned by each Fund will be exercised. The Adviser also provides recordkeeping, administrative and exempt transfer agent services to the Funds and oversees the performance of services provided to each Fund by other service providers, including the custodian and shareholder servicing agent. The Adviser is authorized to delegate certain of its duties with respect to a Fund to a sub-adviser, subject to the approval of the Board, and is responsible for overseeing that Sub-Adviser's performance. The Adviser is solely responsible for payment of any fees to the Sub-Advisers.

The Adviser plays an active role in advising and monitoring each Fund and Sub-Adviser, if any. For those Funds the Adviser directly manages, the Adviser, among other things, implements the investment objective and program by selecting securities and determining asset allocation ranges. When appropriate, the Adviser recommends to the Board potential sub-advisers for a Fund. For those Funds managed by a Sub-Adviser, the Adviser monitors each Sub-Adviser's Fund management team to determine whether its investment activities remain consistent with the Funds' investment strategies and objectives. The Adviser also monitors changes that may impact the Sub-Adviser's overall business, including the Sub-Adviser's operations and changes in investment personnel and senior management, and regularly performs due diligence reviews of each Sub-Adviser. In addition, the Adviser obtains detailed, comprehensive information concerning each Fund's and Sub-Adviser's performance and Fund operations. The Adviser is responsible for providing regular reports on these matters to the Board.

A discussion regarding the Board's basis for approving the Investment Advisory and Management Agreement for JNL Multi-Manager Global Small Cap Fund, JNL Multi-Manager International Equity Fund, JNL Multi-Manager International Small Cap Fund, JNL Multi-Manager Select Equity Fund, JNL/Fidelity Institutional AM® & JPMorgan Large Cap Growth Fund, JNL/MFS Equity Income Fund, and JNL/PPM America Emerging Markets Debt Fund is available in the applicable Funds' Form N-CSR filing for the period ended December 31, 2025.

As of December 31, 2025, the Adviser managed approximately $[____] billion in assets. [to be updated by amendment]

**Management Fee**

As compensation for its advisory services, the Adviser receives a fee from the Trust computed separately for each Fund, accrued daily and payable monthly. The fee the Adviser receives from each Fund is set forth below as an annual percentage of the net assets of the Fund.

The table below shows the advisory fee rate schedule for each Fund as set forth in the Investment Advisory and Management Agreement and, if applicable, the aggregate annual fee each Fund paid to the Adviser for the fiscal year ended December 31, 2025. Under this agreement, each Fund's advisory fee rate schedule is subject to contractual breakpoints that reduce the advisory fee rate should the Fund's average daily net assets exceed specified amounts. Each Feeder Fund pays the advisory fee disclosed in the table below.

The following terms apply in connection with JNAM's contractual obligation to waive fees and reimburse expenses for the JNL/PPM America Emerging Markets Debt Fund. The fee waiver will continue for at least one year from the date of this Prospectus, unless the Board approves a change in or elimination of the waiver. This fee waiver is subject to yearly review and approval by the Board, and there is no assurance that the Adviser will continue to waive fees and reimburse expenses. The Funds have agreed to reimburse the Adviser in an amount equal to the full amount of fees that would have been payable by the Fund to the Adviser, or were reimbursed by the Adviser in excess of its Adviser fee. Such reimbursement by the Fund shall be made monthly, but only if the operating expenses of the Fund (exclusive of brokerage costs, interest, taxes and dividend and extraordinary expenses), without regard to such repayment, are at an annual rate (as a percentage of the average daily net assets of the Fund) equal to or less than the Fund's investment income for the period.

[to be updated by amendment]

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| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Fund** | &nbsp;&nbsp;**Fund** | **Assets** | &nbsp;&nbsp;**Advisory Fee**<br> (Annual Rate Based on Average Daily Net Assets of each Fund) | &nbsp;&nbsp;**Aggregate Fee Paid to Adviser based on Average Daily Net Asset as of December 31, 2024** |
| &nbsp;&nbsp;JNL Multi-Manager Global Small Cap Fund | &nbsp;&nbsp;JNL Multi-Manager Global Small Cap Fund | All Assets | 0% | 0.65% |
| &nbsp;&nbsp;JNL Multi-Manager International Equity Fund | &nbsp;&nbsp;JNL Multi-Manager International Equity Fund | $0 to $500 million | .525% |  |
|  |  | $500 million to $2 billion | .500% |  |
|  |  | $2 billion to $3 billion | .480% |  |
|  |  | $3 billion to $5 billion | .470% |  |
|  |  | Over $5 billion | .460% | 0.51% |
| &nbsp;&nbsp;JNL Multi-Manager International Small Cap Fund | &nbsp;&nbsp;JNL Multi-Manager International Small Cap Fund | $0 to $1 billion | .750% |  |
|  |  | $1 billion to $3 billion | .725% |  |
|  |  | $3 billion to $5 billion | .715% |  |
|  |  | Over $5 billion | .705% | 0.75% |
| &nbsp;&nbsp;JNL Multi-Manager Select Equity Fund | &nbsp;&nbsp;JNL Multi-Manager Select Equity Fund | $0 to $1 billion | .530% |  |
|  |  | $1 billion to $3 billion | .500% |  |
|  |  | $3 billion to $5 billion | .480% |  |
|  |  | Over $5 billion | .460% | 0.53% |
| &nbsp;&nbsp;JNL/Fidelity Institutional AM<sup>®</sup> & JPMorgan Large Cap Growth Fund | &nbsp;&nbsp;JNL/Fidelity Institutional AM<sup>®</sup> & JPMorgan Large Cap Growth Fund | $0 to $1 billion | .500% |  |
|  |  | $1 to $1.5 billion | .450% |  |
|  |  | $1.5 billion to $3 billion | .440% |  |
|  |  | $3 billion to $5 billion | .430% |  |
|  |  | Over $5 billion | .420% | 0.48% |
| &nbsp;&nbsp;JNL/MFS Equity Income Fund | &nbsp;&nbsp;JNL/MFS Equity Income Fund | $0 to $1 billion | .460% |  |
|  |  | $1 billion to $3 billion | .420% |  |
|  |  | $3 billion to $5 billion | .410% |  |
|  |  | Over $5 billion | .400% | 0.52% |
| &nbsp;&nbsp;JNL/PPM America Emerging Markets Debt Fund<sup>1,2</sup> | &nbsp;&nbsp;JNL/PPM America Emerging Markets Debt Fund<sup>1,2</sup> | $0 to $500 million | .625% |  |
|  |  | $500 million to $3 billion | .600% |  |
|  |  | $3 billion to $5 billion | .590% |  |
|  |  | Over $5 billion | .580% | N/A |
| <sup>1</sup> | The Fund commenced operations on April 27, 2026. | The Fund commenced operations on April 27, 2026. | The Fund commenced operations on April 27, 2026. | The Fund commenced operations on April 27, 2026. |
| <sup>2</sup> | JNAM has contractually agreed to waive 0.15% of the management fees of the Fund. The fee waiver will continue for at least one year from the date of the current Prospectus, and continue thereafter unless the Board of Trustees approves a change in or elimination of the waiver. This fee waiver is subject to yearly review and approval by the Board of Trustees. | JNAM has contractually agreed to waive 0.15% of the management fees of the Fund. The fee waiver will continue for at least one year from the date of the current Prospectus, and continue thereafter unless the Board of Trustees approves a change in or elimination of the waiver. This fee waiver is subject to yearly review and approval by the Board of Trustees. | JNAM has contractually agreed to waive 0.15% of the management fees of the Fund. The fee waiver will continue for at least one year from the date of the current Prospectus, and continue thereafter unless the Board of Trustees approves a change in or elimination of the waiver. This fee waiver is subject to yearly review and approval by the Board of Trustees. | JNAM has contractually agreed to waive 0.15% of the management fees of the Fund. The fee waiver will continue for at least one year from the date of the current Prospectus, and continue thereafter unless the Board of Trustees approves a change in or elimination of the waiver. This fee waiver is subject to yearly review and approval by the Board of Trustees. |

---

**Investment Sub-Advisers**

The Adviser has engaged certain other investment advisers to serve as Sub-Advisers to certain assigned Funds under separate Sub-Advisory Agreements between each Sub-Adviser and the Adviser. The Adviser selects, contracts with and compensates Sub-Advisers to manage the investment and reinvestment of the assets of the Funds of the Trust. The Adviser monitors the compliance of such Sub-Advisers with the investment objectives and related policies of each Fund and reviews the performance of such Sub-Advisers and reports periodically on such performance to the Trustees of the Trust.

Under the terms of each of the Sub-Advisory Agreements, the Sub-Advisers are responsible for supervising and managing the investment and reinvestment of the assets of an assigned Fund and for directing the purchase and sale of the Fund's investment securities, subject to the oversight and supervision of the Adviser and the Board. The Sub-Advisers formulate a continuous investment program for an assigned Fund consistent with the Fund's investment strategies, objectives and policies outlined in this Prospectus. Each Sub-Adviser implements such program by purchases and sales of securities and regularly reports to the Adviser and the Board with respect to the implementation of such programs.

As compensation for its sub-advisory services, each Sub-Adviser receives a fee from the Adviser, computed separately for the applicable Fund, stated as an annual percentage of the Fund's net assets. The SAI shows the aggregate fees paid to the Sub-Advisers for the fiscal year ended December 31, 2025. The Adviser currently is obligated to pay the Sub-Advisers out of the advisory fee it receives from the Fund.

A discussion regarding the Board's basis for approving the Sub-Advisory Agreements for JNL Multi-Manager International Equity Fund (each for the portion of assets managed by Causeway Capital Management LLC, Lazard Asset Management LLC, WCM Investment Management, LLC, and William Blair Investment Management, LLC), JNL Multi-Manager International Small Cap Fund (for the portion of assets managed by FIAM LLC), JNL Multi-Manager Select Equity Fund (each for the portion of assets managed by GQG Partners LLC, River Road Asset Management, LLC, and WCM Investment Management, LLC), JNL/Fidelity Institutional AM<sup>®</sup> & JPMorgan Large Cap Growth Fund (each for the portion of assets managed by FIAM LLC and J.P. Morgan Investment Management Inc.), JNL/MFS Equity Income Fund, and JNL/PPM America Emerging Markets Debt Fund is available in the Funds' Form N-CSR filing for the period ended December 31, 2025.

The Adviser and the Trust, together with other investment companies of which the Adviser is investment adviser, have received an exemptive order (the "Order") that allows the Adviser to hire, replace or terminate unaffiliated Sub-Advisers or materially amend a Sub-Advisory Agreement with an unaffiliated Sub-Adviser with the approval of the Board, but without the approval of shareholders. Under the terms of the Order, if a new Sub-Adviser is hired by the Adviser, the affected Fund will provide shareholders with information about the new Sub-Adviser and new Sub-Advisory Agreement within ninety (90) days of the change. The Order allows the Funds to operate more efficiently and with greater flexibility. At a shareholder meeting of the Trust held on October 26, 2000, the shareholders of all Funds approved this multi-manager structure.

The Adviser does not expect to recommend frequent changes of Sub-Advisers. Although the Adviser will monitor the performance of the Sub-Advisers, there is no certainty that any Sub-Adviser or Fund will obtain favorable results at any given time.

**Portfolio Manager(s)**

For information about the portfolio management team responsible for the day-to-day management of each Fund, please refer to each Fund's Summary Prospectus or the disclosure pertaining to the Fund in the "Additional Information About the Funds" section of this Prospectus.

**Administrator**

JNAM serves as the administrator to the Funds. JNAM, in its capacity as administrator, provides or procures, at its own expense, certain legal, audit, fund accounting, custody (except overdraft and interest expense), printing and mailing, and other administrative services necessary for the operation of the Funds.

In addition, JNAM, in its capacity as administrator for all Funds, also pays a portion of the costs of the Funds' Chief Compliance Officer. In return for these services, the Funds pay JNAM an administrative fee, as outlined below, equal to a certain percentage of the average daily net assets of the Fund's Class A and Class I shares, accrued daily and paid monthly.

[to be updated by amendment]

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**FUND** | &nbsp;&nbsp;**ASSETS** | &nbsp;&nbsp;**FEES** |
| &nbsp;&nbsp;JNL Multi-Manager Global Small Cap Fund | &nbsp;&nbsp;$0 to $3 billion | &nbsp;&nbsp;.050% |
|  | &nbsp;&nbsp;Assets over $3 billion | &nbsp;&nbsp;.045% |
| &nbsp;&nbsp;JNL Multi-Manager International Equity Fund | &nbsp;&nbsp;$0 to $3 billion | &nbsp;&nbsp;.150% |
|  | &nbsp;&nbsp;Assets over $3 billion | &nbsp;&nbsp;.130% |
| &nbsp;&nbsp;JNL Multi-Manager International Small Cap Fund | &nbsp;&nbsp;$0 to $3 billion | &nbsp;&nbsp;.150% |
|  | &nbsp;&nbsp;Assets over $3 billion | &nbsp;&nbsp;.130% |
| &nbsp;&nbsp;JNL Multi-Manager Select Equity Fund | &nbsp;&nbsp;$0 to $3 billion | &nbsp;&nbsp;.150% |
|  | &nbsp;&nbsp;Assets over $3 billion | &nbsp;&nbsp;.130% |
| &nbsp;&nbsp;JNL/Fidelity Institutional AM<sup>®</sup> & JPMorgan Large Cap Growth Fund | &nbsp;&nbsp;$0 to $3 billion | &nbsp;&nbsp;.150% |
|  | &nbsp;&nbsp;Assets over $3 billion | &nbsp;&nbsp;.130% |
| &nbsp;&nbsp;JNL/MFS Equity Income Fund | &nbsp;&nbsp;$0 to $3 billion | &nbsp;&nbsp;.150% |
|  | &nbsp;&nbsp;Assets over $3 billion | &nbsp;&nbsp;.130% |
| &nbsp;&nbsp;JNL/PPM America Emerging Markets Debt Fund<sup>1</sup> | &nbsp;&nbsp;$0 to $3 billion | &nbsp;&nbsp;.150% |
|  | &nbsp;&nbsp;Assets over $3 billion | &nbsp;&nbsp;.130% |

---

<sup>1</sup> The Fund commenced operations on April 27, 2026.

Each Fund is responsible for trading expenses including brokerage commissions, interest and taxes, and other non-operating expenses. Each Fund is also responsible for nonrecurring and extraordinary legal fees, interest expenses, registration fees, licensing costs, directors and officers insurance, expenses related to the Funds' Chief Compliance Officer, and the fees and expenses of the Independent Trustees and of independent legal counsel to the Independent Trustees (categorized as "Other Expenses" in the fee tables).

**Distributor**

Jackson National Life Distributors LLC ("JNLD"), an indirect, wholly owned subsidiary of Jackson Financial Inc. ("Jackson"), is the principal underwriter of the Funds and is responsible for promoting sales of the Funds' shares. JNLD also is the principal underwriter of the variable annuity insurance products issued by Jackson and its subsidiaries.

JNLD and/or an affiliate have the following relationships with certain Sub-Advisers and/or their affiliates:

● JNLD receives payments from certain of the Sub-Advisers to assist in defraying the costs of certain promotional and marketing meetings in which those Sub-Advisers participate. The amounts paid depend on the nature of the meetings, the number of meetings attended, the costs expected to be incurred, and the level of the Sub-Adviser's participation.

● JNLD acts as distributor of variable insurance contracts and variable life insurance policies ("Contracts") issued by Jackson National and its subsidiary Jackson National Life Insurance Company of New York ("Jackson National NY"). The compensation consists of commissions, trail commissions, and other compensation or promotional incentives as described in the Prospectus or statement of additional information for the Contracts.

**Classes of Shares**

The Trust adopted a multi-class plan pursuant to Rule 18f-3 under the 1940 Act. Under the multi-class plan, each Fund has two classes of shares (Class A and Class I).

The Class A shares of each Fund are subject to a Rule 12b-1 fee equal to 0.30% of the Fund's average daily net assets attributable to Class A shares. Class I shares are not subject to a Rule 12b-1 fee.

Under the multi-class structure, the Class A shares and Class I shares of each Fund represent interests in the same portfolio of securities and are substantially the same except for "class expenses." The expenses of each Fund are borne by each Class of shares based on the net assets of the Fund attributable to each class, except that class expenses are allocated to the appropriate class. "Class expenses" include any distribution, administrative or service expense allocable to that class, pursuant to the 12b-1 Plan described below, and any other expenses that JNAM determines, subject to ratification or approval by the Board, to be properly allocable to that class, including: (i) printing and postage expenses related to preparing and distributing to the shareholders of a particular class (or contract owners of variable contracts funded by shares of such class) materials such as Prospectuses, shareholder reports and (ii) professional fees relating solely to one class.

**Rule 12b-1 Plan**

All of the Funds have adopted a distribution plan in accordance with the provisions of Rule 12b-1 under the 1940 Act. Effective July 1, 2017, the Funds adopted an Amended and Restated Distribution Plan ("Amended Plan").

The Board, including all of the Independent Trustees, must approve, at least annually, the continuation of the Amended Plan. Under the Amended Plan, each Fund pays a Rule 12b-1 fee to JNLD, as principal underwriter, at an annual rate of 0.30% of the Fund's average daily net assets attributed to Class A shares, as compensation for distribution, administrative or other service activities incurred by JNLD and its affiliates with respect to Class A shares. Because these fees are paid out of the Fund's assets on an on-going basis, over time these fees will increase the cost of your investment and may cost you more than paying other types of sales charges. To the extent consistent with applicable law and the Amended Plan, JNLD may use the Rule 12b-1 fee to compensate broker-dealers, administrators, financial intermediaries or others for providing or assisting in providing distribution and related additional services.

The Amended Plan was approved by shareholders holding Class A shares of the Funds at a special meeting of shareholders held on June 22, 2017.

**Investment in Fund Shares**

Shares of the Funds are presently offered only to separately managed accounts of Jackson National Life Insurance Company ("Jackson National") (1 Corporate Way, Lansing, Michigan 48951) and Jackson National Life Insurance Company of New York ("Jackson National NY") (2900 Westchester Avenue, Purchase, New York 10577) (collectively, "Separate Accounts") to fund the benefits under certain variable insurance contracts and variable life insurance policies (collectively, "Contracts"), to non-qualified retirement plans, other regulated investment companies, other affiliated funds and to Jackson National.

The Separate Accounts, through their various sub-accounts that invest in designated Funds, purchase the shares of the Funds at their NAV using premiums received on Contracts issued by the insurance company. Shares of the Funds are not available to the general public for direct purchase.

Purchases are effected at NAV next determined after the purchase order is received by JNAM as the Funds' transfer agent in proper form. There is no sales charge.

Certain of the Funds are managed by a sub-adviser who manages publicly available mutual funds that have similar names and investment objectives. While some of the Funds may be similar to or modeled after publicly available mutual funds, Contract purchasers should understand that the Funds are not otherwise directly related to any publicly available mutual fund. Consequently, the investment performance of publicly available mutual funds and any corresponding Fund may differ substantially.

The price of each Fund's shares is based on its NAV. The NAV of a Fund's shares is generally determined by the Adviser once each day on which the New York Stock Exchange ("NYSE") is open (a "Business Day") at the close of the regular trading session of the NYSE (normally 4:00 p.m. Eastern Time, Monday through Friday). However, consistent with legal requirements, calculation of a Fund's NAV may be suspended on days determined by the Board during times of NYSE market closure, which may include times during which the SEC issues policies or protocols associated with such closure pursuant to Section 22(e) of the Investment Company Act of 1940, as amended. The NAV per share of each Fund is calculated by adding the value of all securities and other assets of a Fund, deducting its liabilities, and dividing by the number of shares outstanding. To the extent circumstances prevent the use of the primary calculation methodology previously described, the Adviser may use alternative methods to calculate the NAV. Generally, the value of exchange-listed or exchange-traded securities is based on their respective market prices, and fixed income securities are valued based on prices provided by an independent pricing service. Current NAV per share of the Fund's classes may be obtained by calling 1-800-644-4565 (Jackson National Customer Care).

Domestic fixed-income and foreign securities are normally priced using data reflecting the closing of the principal markets or market participants for those securities, which may be earlier than the NYSE close. Information that becomes known to the Funds or its agents after the NAV has been calculated on a particular day will not normally be used to retroactively adjust the price of a security or the NAV determined earlier that day.

The Board, on behalf of each Fund, has designated to the Adviser the responsibility for carrying out certain functions relating to the valuation of portfolio securities for the purpose of determining the NAV of each Fund. Further, the Board has designated JNAM as the Valuation Designee. As the Valuation Designee, the Adviser has established a valuation committee and adopted procedures and guidelines pursuant to which the Adviser determines the "fair value" of a security for which market quotations are not readily available or are determined to be not reflective of market value. Under these procedures, the "fair value" of a security generally will be the amount, determined by the Adviser in good faith, that the owner of such security might reasonably expect to receive upon its current sale.

The Adviser has established a valuation committee to review fair value determinations pursuant to the Trust's "Valuation Policies and Procedures" and "Valuation Guidelines." The valuation committee will also review the value of restricted securities, securities and assets for which a current market price is not readily available, and securities and assets for which there is reason to believe that the most recent market price is not reflective of the market value (e.g. disorderly market transactions). In the event that the NYSE is closed unexpectedly or opens for trading but closes earlier than scheduled, the valuation committee will evaluate if trading activity on other U.S. exchanges and markets for equity securities is considered reflective of normal market activity. To the extent an NYSE closure is determined to be accompanied by a disruption of normal market activity, the valuation committee may utilize the time the NYSE closed for purposes of measuring and calculating the Funds' NAVs. To the extent an NYSE closure is determined to not have resulted in a disruption of normal market activity, the valuation committee may utilize the time the NYSE was scheduled to close for purposes of measuring and calculating the Funds' NAVs.

A Fund may invest in securities primarily listed on foreign exchanges and that trade on days when the Fund does not price its shares. As a result, a Fund's NAV may change on days when shareholders are not able to purchase or redeem the Fund's shares.

Because the calculation of a Fund's NAV does not take place contemporaneously with the determination of the closing prices of the majority of foreign portfolio securities used in the calculation, there exists a risk that the value of foreign portfolio securities will change after the close of the exchange on which they are traded, but before calculation of the Fund's NAV ("time-zone arbitrage"). Accordingly, the Trust's procedures for valuing of portfolio securities also authorize the Adviser to determine the "fair value" of such foreign securities for purposes of calculating a Fund's NAV. When fair valuing foreign equity securities, the Adviser adjusts the closing prices of foreign portfolio equity securities based upon pricing models provided by an independent pricing service in order to reflect the "fair value" of such securities for purposes of determining a Fund's NAV. Foreign equity securities traded in North America and South America may be fair valued utilizing international adjustment factors in response to local market holidays, exchange closures, or other events as deemed necessary in order to reflect the "fair value" of such securities for purposes of determining a Fund's NAV. These procedures seek to minimize the opportunities for "time zone arbitrage" in Funds that invest all or substantial portions of their assets in foreign securities, thereby seeking to make those Funds significantly less attractive to "market timers" and other investors who might seek to profit from time zone arbitrage and seeking to reduce the potential for harm to other Fund investors resulting from such practices. However, these procedures may not completely eliminate opportunities for time zone arbitrage because it is not possible to predict in all circumstances whether post-closing events will have a significant impact on securities prices.

The Adviser will "fair value" securities held by the Fund if it determines that a "significant event" has occurred. Under the Trust's valuation procedures, a "significant event" affecting a single issuer might include, but is not limited to, an announcement by the issuer, a competitor, a creditor, a major holder of the issuer's securities, a major customer or supplier, or a governmental, regulatory or self-regulatory authority relating to the issuer, the issuer's products or services, or the issuer's securities, and a "significant event" affecting multiple issuers might include, but is not limited to, a substantial price movement in other securities markets, an announcement by a governmental, regulatory or self-regulatory authority relating to securities markets, political or economic matters, or monetary or credit policies, a natural disaster such as an earthquake, flood or storm, or the outbreak of civil strife or military hostilities.

All investments in the Trust are credited to the shareholder's account in the form of full and fractional shares of the designated Fund (rounded to the nearest 1/1000 of a share). The Trust does not issue share certificates.

**"Market Timing" Policy**

Fund shares may only be purchased by Separate Accounts of Jackson National and Jackson National NY, those insurance companies themselves, non-qualified retirement plans and certain other regulated investment companies.

The interests of a Fund's long-term shareholders may be adversely affected by certain short-term trading activity by other contract owners invested in separate accounts of Jackson National and Jackson National NY that invest in the Fund. Such short-term trading activity, when excessive, has the potential to, among other things, compromise efficient portfolio management, generate transaction and other costs, and dilute the value of Fund shares held by long-term shareholders. This type of excessive short-term trading activity is referred to herein as "market timing." The Funds are not intended to serve as vehicles for market timing. The Board has adopted policies and procedures with respect to market timing.

The Funds, directly and through its service providers, and the insurance company and qualified retirement plan service providers (collectively, "service providers") take various steps designed to deter and curtail market timing with the cooperation of the insurance companies who invest in the Funds. For example, in the event of a round trip transfer, complete or partial redemptions by a shareholder from a sub-account investing in a Fund is permitted; however, once a complete or partial redemption has been made from a sub-account that invests in a Fund, through a sub-account transfer, shareholders will not be permitted to transfer any value back into that sub-account (and corresponding Fund) within fifteen (15) calendar days of the redemption. The Funds will treat as short-term trading activity any transfer that is requested into a sub-account that was previously redeemed within the previous fifteen (15) calendar days, whether the transfer was requested by the shareholders or a third party authorized by the shareholder. This policy does not apply to a money market Fund.

In addition to identifying any potentially disruptive trading activity, the Funds' Board has adopted a policy of "fair value" pricing to discourage investors from engaging in market timing or other excessive trading strategies for international Funds.

The Funds' "fair value" pricing policy will apply to the Underlying Funds in which certain of the Funds invest.

The Funds' "fair value" pricing policy applies to all Funds where a significant event (as described above) has occurred. The Funds' "fair value" pricing policy is described under "Investment in Fund Shares" above.

The policies and procedures described above are intended to deter and curtail market timing in the Fund. However, there can be no assurance that these policies, together with those of Jackson National, Jackson National NY and any other insurance company that may invest in the Funds in the future, will be totally effective in this regard. The Funds rely on Jackson National and Jackson National NY to take the appropriate steps, including daily monitoring of separate account trading activity, to further deter market timing. If they are ineffective, the adverse consequences described above could occur.

A description of Jackson's anti-market timing policies and procedures can be found in the appropriate variable insurance contract Prospectus (the "Separate Account Prospectus"). The rights of the Separate Accounts to purchase and redeem shares of a Fund are not affected by any Fund's anti-market timing policies if they are not in violation of the Separate Accounts' anti-market timing policies and procedures.

**Disclosure of Portfolio Securities**

A description of each Fund's policies and procedures relating to disclosure of portfolio securities is available in the Trust's SAI and at <u>www.jackson.com</u>.

**Redemption of Fund Shares**

A Separate Account redeems shares of a Fund to make benefit or withdrawal payments under the terms of its Contracts. Redemptions typically are processed on any day on which the Trust and the NYSE are open for business and are effected at net asset value next determined after the redemption order is received by JNAM, the Funds' transfer agent, in proper form.

The Trust may suspend the right of redemption only under the following circumstances:

● When the NYSE is closed (other than weekends and holidays) or trading is restricted;

● When an emergency exists, making disposal of portfolio securities or the valuation of net assets not reasonably practicable; or

● During any period when the SEC has by order permitted a suspension of redemption for the protection of shareholders.

The Funds typically expect that a Fund will hold cash or cash equivalents to meet redemption requests. The Funds may also use the proceeds of orders to purchase Fund shares or the proceeds from the sale of portfolio securities to meet redemption requests, if consistent with the management of the Fund. These redemption methods will be used regularly and may also be used in stressed market conditions. The Funds have in place a line of credit intended to provide short-term financing, if necessary, subject to certain conditions, in connection with stressed market conditions or atypical redemption activity. The Funds, pursuant to an exemptive order issued by the SEC and a master Interfund Lending agreement, also have the ability to lend or borrow money for temporary purposes directly to or from one another.

In the case of a liquidity event, a Fund's share price and/or returns may be negatively impacted. If a liquidity event occurs, the Adviser will notify the Board of the liquidity event and take corrective action. Corrective action may include, among other things, use of the Fund's line of credit or Interfund Lending Program.

Redemptions will generally be in the form of cash, although a Fund reserves the right to redeem in kind from or to another Fund or an unaffiliated fund. If a Fund redeems shares in kind from another Fund or from an unaffiliated fund, it may bear transaction costs and will bear market risks until such time as such securities are converted to cash.

**Tax Status**

**General**

The Trust consists of Funds that are either treated for U.S. federal income tax purposes as corporations that intend to qualify and be eligible for treatment as regulated investment companies ("Regulated Investment Company Funds") or partnerships ("Partnership Funds").

Dividends from net investment income are declared and distributed at least annually to all Regulated Investment Company Funds' shareholders except the JNL/Dreyfus Government Money Market Fund shareholders. Dividends from net investment income, if any, are declared daily and payable monthly to the JNL/Dreyfus Government Money Market Fund shareholders. Distributions from net realized capital gains, if any, are declared and distributed at least annually to shareholders of any Regulated Investment Company Fund to the extent they exceed available capital loss carryforwards.

Dividends and other distributions by a Fund, if any, are automatically reinvested at net asset value in shares of the distributing Fund, unless otherwise requested by a shareholder. There are no fees or sales charges on reinvestments.

**Regulated Investment Company Funds**

Each Regulated Investment Company Fund (for purposes of this section, a "Fund") has elected or intends to elect, as applicable, and intends to qualify and be eligible for treatment as a "regulated investment company" under Subchapter M of the Code. A regulated investment company generally is not subject to tax at the fund level on income and gains from investments that are distributed to shareholders. Each Fund intends to distribute all its net investment income and net realized capital gains, if any, to shareholders no less frequently than annually and, therefore, does not expect to be required to pay any federal income or excise taxes. However, a Fund's failure to qualify and be eligible for treatment as a regulated investment company would result in fund-level taxation, and consequently, a reduction in income available for distribution to shareholders.

Each Fund is treated as a separate corporation for purposes of the Code. Therefore, the assets, income, and distributions of each Fund are considered separately for purposes of determining whether or not the Fund qualifies as a regulated investment company.

**Partnership Funds**

Each Partnership Fund (for purposes of this section, a "Fund") expects to be treated as a partnership that is not a "publicly traded partnership" for U.S. federal income tax purposes. If a Fund were not to qualify for such treatment, the Fund could be subject to U.S. federal income tax at the Fund level, which would reduce the value of an investment in such Fund.

As a partnership that is not a "publicly traded partnership," each Fund is generally not itself subject to U.S. federal income tax. Instead, each shareholder will be required to take into account for U.S. federal income tax purposes its allocable share of a Fund's income, gains, losses, deductions, credits, and other tax items, without regard to whether such shareholder has received or will receive corresponding distributions from the Fund.

**Special Considerations for Separate Accounts of Insurance Companies (all Funds)**

The interests in each Fund are owned by separate accounts of participating insurance companies, qualified pension and retirement plans, and certain other eligible persons or plans permitted to hold shares of the Fund pursuant to the applicable Treasury regulations without impairing the ability of participating insurance companies to satisfy the diversification requirements of Section 817(h) of the Code. Provided certain requirements are met, distributions from the Funds, if any, are not taxable to owners of Contracts. Owners of Contracts should consult the applicable Separate Account Prospectus for considerations on tax issues related to the Contracts.

The Funds intend to comply with the diversification requirements currently imposed by the Code and U.S. Treasury regulations thereunder, on separate accounts of insurance companies as a condition of maintaining the favorable tax status of the Contracts issued by Separate Accounts of Jackson National and Jackson National NY. The Sub-Advisory Agreements require the Funds to be operated in compliance with these diversification requirements. The Sub-Advisers may depart from the investment strategy of a Fund only to the extent necessary to meet these diversification requirements. If a Fund does not meet such diversification requirements, the Contracts could lose their favorable tax treatment and income and gain allocable to the Contracts could be taxable currently to shareholders of the Fund. This could also occur if Contract holders are found to have an impermissible level of control over the investments underlying their Contracts. For more specific information, please refer to the Funds' SAI.

*The information provided above is only a summary of the U.S. federal income tax considerations relating to an investment in a Fund. You should consult the prospectus of the appropriate separate account or description of the plan for a discussion of the U.S. federal, state, local and foreign tax consequences to you of your contract, policy or plan.*

**Financial Highlights**

The financial highlights table is intended to help you understand each Fund's financial performance for the past five years or, if shorter, the period of the Fund's operations. Financial information for the JNL/PPM America Emerging Markets Debt Fund is not provided because the Fund is newly created and has not yet commenced operations. The following table provides selected per share data for one share of each Fund. The total returns in the financial highlights table represent the rate by which an investor would have earned (or lost) on an investment in a Fund (assuming reinvestment of all dividends and distributions) held for the entire period. The information does not reflect any charges imposed under a variable insurance contract. If charges imposed under a variable contract were reflected, the returns would be lower. You should refer to the appropriate variable insurance contract prospectus regarding such charges.

The annual information below has been derived from financial statements audited by KPMG LLP, an independent registered public accounting firm, and should be read in conjunction with the financial statements and notes thereto, together with the report of KPMG LLP thereon, in the Trust's Form N-CSR filing, which is available upon request.

[to be updated by amendment]

**Appendix A**

"JNL<sup>®</sup>," "Jackson National<sup>®</sup>," "Jackson**<sup>®</sup>**," "Jackson of NY<sup>®</sup>" and "Jackson National Life Insurance Company of New York<sup>®</sup>" are trademarks of Jackson National Life Insurance Company<sup>®</sup>.

Fidelity Institutional Asset Management is a registered service mark of FMR LLC. Used with permission.

The "S&P 500<sup>®</sup>," "S&P MidCap 400<sup>®</sup>," "S&P SmallCap 600<sup>®</sup>," and the "Dow Jones Industrial Average<sup>®</sup>" (collectively, the "Indices") are products of S&P Dow Jones Indices LLC ("SPDJI"), and have been licensed for use by Jackson National Life Insurance Company and its Affiliates (collectively, "Licensee"). S&P<sup>®</sup>, S&P 500<sup>®</sup>, S&P MidCap 400<sup>®</sup> and S&P SmallCap 600<sup>®</sup>, SPX<sup>®</sup>, SPY<sup>®</sup>, US 500™, The 500™, iBoxx<sup>®</sup>, iTraxx<sup>®</sup>, CDX<sup>®</sup>, The Dow<sup>®</sup>, DJIA<sup>®</sup>, and Dow Jones Industrial Average<sup>®</sup> are trademarks of S&P Global, Inc. or its affiliates ("S&P"); Dow Jones<sup>®</sup> is a registered trademark of Dow Jones Trademark Holdings, LLC ("Dow Jones").It is not possible to invest directly in an index. The JNL/Mellon Dow<sup>SM</sup> Index Fund, JNL/Mellon S&P 500 Index Fund, JNL/Mellon S&P 400 MidCap Index Fund, JNL/Mellon Small Cap Index Fund, JNL S&P 500 Index Fund, JNL Mid Cap Index Fund, JNL Small Cap Index Fund (collectively, the "JNL Funds") are not sponsored, endorsed, sold or promoted by SPDJI, Dow Jones, S&P, or any of their respective affiliates (collectively, "S&P Dow Jones Indices"). S&P Dow Jones Indices does not make any representation or warranty, expressed or implied, to the owners of the JNL Funds or any member of the public regarding the advisability of investing in securities generally or in the JNL Funds particularly or the ability of the Indices to track general market performance. Past performance of an index is not an indication or guarantee of future results. S&P Dow Jones Indices' only relationship to Licensee with respect to the Indices is the licensing of the Indices and certain trademarks, service marks and/or trade names of S&P Dow Jones Indices or its licensors.

The Indices are determined, composed and calculated by S&P Dow Jones Indices without regard to Licensee or the JNL Funds. S&P Dow Jones Indices has no obligation to take the needs of Licensee, or the owners of the JNL Funds into consideration in determining, composing or calculating the Indices. S&P Dow Jones Indices has no obligation or liability in connection with the administration, marketing or trading of the JNL Funds. There is no assurance that investment products based on the Indices will accurately track index performance or provide positive investment returns. S&P Dow Jones Indices LLC is not an investment adviser, commodity trading advisory, commodity pool operator, broker dealer, fiduciary, promoter" (as defined in the Investment Company Act of 1940, as amended), "expert" as enumerated within 15 U.S.C. § 77k(a) or tax advisor. Inclusion of a security, commodity, crypto currency or other asset within an index is not a recommendation by S&P Dow Jones Indices to buy, sell, or hold such security, commodity, crypto currency or other asset, nor is it considered to be investment advice or commodity trading advice. SPDJI provides indices that use environmental, social and/or governance (ESG) indicators (including, without limit, business involvement screens, conformance to voluntary corporate standards, GHG emissions data, and ESG scores) to select, weight and/or exclude constituents. ESG indicators seek to measure a company's, or an asset's performance, with respect to E, S and/or G criteria. ESG indicators are derived from publicly reported data, modelled data, or a combination of reported and modelled data. ESG indicators are based on a qualitative assessment due to the absence of well-defined uniform market standards and the use of multiple methodologies to assess ESG factors. No single clear, definitive test or framework (legal, regulatory, or otherwise) exists to determine labels such as, 'ESG', 'sustainable', 'good governance', 'no adverse environmental, social and/or other impacts', or other equivalently labelled objectives. Therefore, the exercise of subjective judgment is necessary. Different persons may classify the same investment, products and/or strategy differently regarding the foregoing labels.

S&P DOW JONES INDICES DOES NOT GUARANTEE THE ADEQUACY, ACCURACY, TIMELINESS AND/OR THE COMPLETENESS OF THE INDICES OR ANY DATA RELATED THERETO OR ANY COMMUNICATION, INCLUDING BUT NOT LIMITED TO, ORAL OR WRITTEN COMMUNICATION (INCLUDING ELECTRONIC COMMUNICATIONS) WITH RESPECT THERETO. S&P DOW JONES INDICES SHALL NOT BE SUBJECT TO ANY DAMAGES OR LIABILITY FOR ANY ERRORS, OMISSIONS, OR DELAYS THEREIN. S&P DOW JONES INDICES MAKES NO EXPRESS OR IMPLIED WARRANTIES, AND EXPRESSLY DISCLAIMS ALL WARRANTIES, OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE OR USE OR AS TO RESULTS TO BE OBTAINED BY LICENSEE, OWNERS OF THE JNL FUNDS, OR ANY OTHER PERSON OR ENTITY FROM THE USE OF THE INDICES OR WITH RESPECT TO ANY DATA RELATED THERETO. WITHOUT LIMITING ANY OF THE FOREGOING, IN NO EVENT WHATSOEVER SHALL S&P DOW JONES INDICES BE LIABLE FOR ANY INDIRECT, SPECIAL, INCIDENTAL, PUNITIVE, OR CONSEQUENTIAL DAMAGES INCLUDING BUT NOT LIMITED TO, LOSS OF PROFITS, TRADING LOSSES, LOST TIME OR GOODWILL, EVEN IF THEY HAVE BEEN ADVISED OF THE POSSIBLITY OF SUCH DAMAGES, WHETHER IN CONTRACT, TORT, STRICT LIABILITY, OR OTHERWISE. S&P DOW JONES INDICES HAS NOT REVIEWED, PREPARED AND/OR CERTIFIED ANY PORTION OF, NOR DOES S&P DOW JONES INDICES HAVE ANY CONTROL OVER, THE LICENSEE PRODUCT REGISTRATION STATEMENT, PROSPECTUS OR OTHER OFFERING MATERIALS.THERE ARE NO THIRD PARTY BENEFICIARIES OF ANY AGREEMENTS OR ARRANGEMENTS BETWEEN S&P DOW JONES INDICES AND LICENSEE, OTHER THAN THE LICENSORS OF S&P DOW JONES INDICES.

Morningstar<sup>®</sup> and the Morningstar Indices (as defined below) are trademarks or service marks of Morningstar, Inc. ("Morningstar") and have been licensed for use for certain purposes by Jackson National Asset Management, LLC ("JNAM"). The JNL Funds (as defined below) are not sponsored, endorsed, sold or promoted by Morningstar, or any of its affiliated companies (all such entities, collectively, ''Morningstar Entities") or the Loan Syndications and Trading Association ("LSTA"). The Morningstar Entities and LSTA make no representation or warranty, express or implied, to the owners of the JNL Funds or any member of the public regarding the advisability of investing in securities generally or in the JNL Funds in particular or the ability of the Morningstar Indices to track general stock market performance. The Morningstar Entities' only relationship to JNAM is the licensing of: (i) certain service marks and service names of Morningstar and LSTA; and (ii) of the Morningstar Indices which is determined, composed and calculated by the Morningstar Entities without regard to JNAM or the JNL Funds. The Morningstar Entities have no obligation to take the needs of JNAM or the owners of the JNL Funds into consideration in determining, composing or calculating the Morningstar Indices. The Morningstar Entities and LSTA are not responsible for and have not participated in the determination of the prices and amount of the JNL Funds or the timing of the issuance or sale of the JNL Funds or in the determination or calculation of the equation by which the JNL Funds are converted into cash. The Morningstar Entities and LSTA have no obligation or liability in connection with the administration, marketing or trading of the JNL Funds.

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Index (collectively, the "Morningstar Indices")** | &nbsp;&nbsp;**Fund (collectively, the "JNL Funds")** |
| &nbsp;&nbsp;Morningstar<sup>®</sup> Global ex-US Small Cap Target Market Exposure Index<sup>SM</sup> | &nbsp;&nbsp;JNL Multi-Manager International Small Cap Fund |
| &nbsp;&nbsp;Morningstar<sup>®</sup> Global ex-US Target Market Exposure Index<sup>SM</sup> | &nbsp;&nbsp; JNL Multi-Manager International Equity Fund<br> JNL Multi-Manager International Small Cap Fund |
| &nbsp;&nbsp;Morningstar<sup>®</sup> Global Small Cap Target Market Exposure Index<sup>SM</sup> | &nbsp;&nbsp;JNL Multi-Manager Global Small Cap Fund |
| &nbsp;&nbsp;Morningstar<sup>®</sup> Global Target Market Exposure Index<sup>SM</sup> | &nbsp;&nbsp;JNL Multi-Manager Global Small Cap Fund |
| &nbsp;&nbsp;Morningstar<sup>®</sup> US Large-Mid Cap Broad Growth Index<sup>SM</sup> | &nbsp;&nbsp; JNL/Fidelity Institutional AM<sup>®</sup> & JPMorgan Large Cap Growth Fund<br>|
| &nbsp;&nbsp;Morningstar<sup>®</sup> US Large-Mid Cap Broad Value Index<sup>SM</sup> | &nbsp;&nbsp;JNL/MFS Equity Income Fund |
| &nbsp;&nbsp;Morningstar<sup>®</sup> US Target Market Exposure Index<sup>SM</sup> | &nbsp;&nbsp; JNL Multi-Manager Select Equity Fund<br> JNL/Fidelity Institutional AM<sup>®</sup> & JPMorgan Large Cap Growth Fund |

---

THE MORNINGSTAR ENTITIES AND LSTA DO NOT GUARANTEE THE ACCURACY AND/OR THE COMPLETENESS OF THE MORNINGSTAR INDICES OR ANY DATA INCLUDED THEREIN AND SHALL HAVE NO LIABILITY FOR ANY ERRORS, OMISSIONS, OR INTERRUPTIONS THEREIN. THE MORNINGSTAR ENTITIES AND LSTA MAKE NO WARRANTY, EXPRESS OR IMPLIED, AS TO RESULTS TO BE OBTAINED BY JNAM, OWNERS OR USERS OF THE JNL FUNDS, OR ANY OTHER PERSON OR ENTITY FROM THE USE OF THE MORNINGSTAR INDICES OR ANY DATA INCLUDED THEREIN. THE MORNINGSTAR ENTITIES AND LSTA MAKE NO EXPRESS OR IMPLIED WARRANTIES, AND EXPRESSLY DISCLAIMS ALL WARRANTIES OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE OR USE WITH RESPECT TO THE MORNINGSTAR INDICES OR ANY DATA INCLUDED THEREIN. WITHOUT LIMITING ANY OF THE FOREGOING, IN NO EVENT SHALL THE MORNINGSTAR ENTITIES OR LSTA HAVE ANY LIABILITY FOR ANY SPECIAL, PUNITIVE, INDIRECT, OR CONSEQUENTIAL DAMAGES (INCLUDING LOST PROFITS), EVEN IF NOTIFIED OF THE POSSIBILITY OF SUCH DAMAGES.

"Bloomberg<sup>®</sup>" and the Bloomberg Indices (as defined below) are trademarks or service marks of Bloomberg Finance L.P. and its affiliates, including Bloomberg Index Services Limited ("BISL"), the administrator of the Bloomberg Indices (collectively, "Bloomberg"), and/or one or more third-party providers (each such provider, a "Third-Party Provider,") and have been licensed for use for certain purposes by Jackson National Asset Management, LLC ("JNAM"). To the extent a Third-Party Provider contributes intellectual property in connection with the Bloomberg Indices, such third-party products, company names and logos are trademarks or service marks, and remain the property of such Third-Party Provider.

The JNL Funds (as defined below) are not sponsored, endorsed, sold or promoted by Bloomberg or any Third-Party Provider. Neither Bloomberg nor any Third-Party Provider makes any representation or warranty, express or implied, to the owners of or counterparties to the JNL Funds or any member of the public regarding the advisability of investing in securities generally or in the JNL Funds particularly. The only relationship between Bloomberg, Third Party Providers, and JNAM is the licensing of certain trademarks, trade names and service marks and of the Bloomberg Indices, which is determined, composed and calculated by BISL without regard to JNAM or the JNL Funds. Bloomberg has no obligation to take the needs of JNAM or the owners of the JNL Funds into consideration in determining, composing or calculating the Bloomberg Indices. Bloomberg is not responsible for and has not participated in the determination of the timing of, prices at, or quantities of the JNL Funds to be issued. Neither Bloomberg nor any Third-Party Provider shall have any obligation or liability, including, without limitation, to the customers of the JNL Funds, or in connection with the administration, marketing or trading of the JNL Funds.

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Index (collectively, the "Bloomberg Indices")** | &nbsp;&nbsp;**Fund (collectively, the "JNL Funds")** |
| &nbsp;&nbsp;Bloomberg EM USD Aggregate Index | &nbsp;&nbsp;JNL/PPM America Emerging Markets Debt Fund |
| &nbsp;&nbsp;Bloomberg Global Aggregate Index | &nbsp;&nbsp;JNL/PPM America Emerging Markets Debt Fund |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Index (collectively, the "Bloomberg Indices")** | &nbsp;&nbsp;**Fund (collectively, the "JNL Funds")** |
| &nbsp;&nbsp;Bloomberg USD 1 Month Swap Rate Cash Deposit Index | &nbsp;&nbsp;JNL/Dreyfus Government Money Market Fund |

---

NEITHER BLOOMBERG NOR ANY THIRD-PARTY PROVIDER GUARANTEES THE ACCURACY AND/OR THE COMPLETENESS OF THE BLOOMBERG INDICES OR ANY DATA RELATED THERETO AND SHALL NOT HAVE ANY LIABILITY FOR ANY ERRORS, OMISSIONS OR INTERRUPTIONS THEREIN. NEITHER BLOOMBERG NOR ANY THIRD-PARTY PROVIDER MAKES ANY WARRANTY, EXPRESS OR IMPLIED, AS TO RESULTS TO BE OBTAINED BY JNAM, OWNERS OF THE JNL FUNDS OR ANY OTHER PERSON OR ENTITY FROM THE USE OF THE BLOOMBERG INDICES OR ANY DATA RELATED THERETO. NEITHER BLOOMBERG NOR ANY THIRD-PARTY PROVIDER MAKES ANY EXPRESS OR IMPLIED WARRANTIES AND EACH EXPRESSLY DISCLAIMS ALL WARRANTIES OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE OR USE WITH RESPECT TO THE BLOOMBERG INDICES OR ANY DATA RELATED THERETO. WITHOUT LIMITING ANY OF THE FOREGOING, TO THE MAXIMUM EXTENT ALLOWED BY LAW, BLOOMBERG, ITS LICENSORS, THIRD-PARTY PROVIDERS, AND ITS AND THEIR RESPECTIVE EMPLOYEES, CONTRACTORS, AGENTS, SUPPLIERS, AND VENDORS SHALL HAVE NO LIABILITY OR RESPONSIBILITY WHATSOEVER FOR ANY INJURY OR DAMAGES—WHETHER DIRECT, INDIRECT, CONSEQUENTIAL, INCIDENTAL, PUNITIVE OR OTHERWISE—ARISING IN CONNECTION WITH THE JNL FUNDS OR BLOOMBERG INDICES AND BLOOMBERG, ANY THIRD-PARTY PROVIDER, THEIR LICENSORS, AND THEIR RESPECTIVE EMPLOYEES, CONTRACTORS, AGENTS, SUPPLIERS, AND VENDORS SHALL HAVE NO LIABILITY OR RESPONSIBILITY WHATSOEVER FOR ANY INJURY OR DAMAGES—WHETHER DIRECT, INDIRECT, CONSEQUENTIAL, INCIDENTAL, PUNITIVE OR OTHERWISE—ARISING IN CONNECTION WITH THE INDEX OR ANY DATA OR VALUES RELATING THERETO—WHETHER ARISING FROM THEIR NEGLIGENCE OR OTHERWISE, EVEN IF NOTIFIED OF THE POSSIBILITY THEREOF.

**Prospectus**

**April 27, 2026**

**JNL Series Trust**

You can find more information about the Trust in:

● The Trust's **Statement of Additional Information** ("SAI") dated April 27, 2026 is on file with the Securities and Exchange Commission ("SEC") and is incorporated into the Prospectus by reference (which means the SAI is legally part of the Prospectus).

● The Trust's annual and semi-annual reports to shareholders and Form N-CSR. In the annual report, you will find a discussion of the market conditions and investment strategies that significantly affected each Fund's performance during its last fiscal year. In Form N-CSR, you will find the annual and semi-annual financial statements.

You can obtain a copy of the current SAI or the most recent annual and semi-annual reports to shareholders, and other information such as financial statements, without charge, or make other inquiries, by calling 1-800-644-4565 (Jackson National Service Center), 1-800-599-5651 (Jackson National NY Service Center), or by writing the JNL Series Trust, P.O. Box 30314, Lansing, Michigan 48909-7814 or by visiting <u>www.jackson.com</u>.

You also can review and copy information about the Trust (including its current SAI and most recent annual and semi-annual reports to shareholders, and other information such as financial statements) at the SEC's Public Reference Room in Washington, D.C. Reports and other information about the Trust also are available on the EDGAR database on the SEC's Internet site (http://www.sec.gov), and copies may be obtained, after payment of a duplicating fee, by electronic request (<u>publicinfo@sec.gov</u>).

The Trust's SEC file number is: 811-8894

THE INFORMATION IN THE STATEMENT OF ADDITIONAL INFORMATION IS NOT COMPLETE AND MAY BE CHANGED. WE MAY NOT SELL THESE SECURITIES UNTIL THE REGISTRATION STATEMENT FILED WITH THE SECURITIES AND EXCHANGE COMMISSION IS EFFECTIVE. THIS STATEMENT OF ADDITIONAL INFORMATION IS NOT AN OFFER TO SELL THESE SECURITIES AND IS NOT SOLICITING AN OFFER TO BUY THESE SECURITIES IN ANY STATE WHERE THE OFFER OR SALE IS NOT PERMITTED.

 **STATEMENT OF ADDITIONAL INFORMATION**

[April 27, 2026]

**JNL<sup>®</sup> SERIES TRUST**

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| | |
|:---|:---|
| JNL/American Funds Balanced Fund | Class A and Class I |
| JNL/American Funds Bond Fund of America Fund | Class A and Class I |
| JNL/American Funds Capital Income Builder Fund | Class A and Class I |
| JNL/American Funds Capital World Bond Fund | Class A and Class I |
| JNL/American Funds<sup>®</sup> Global Growth Fund | Class A and Class I |
| JNL/American Funds<sup>®</sup> Growth Fund | Class A and Class I |
| JNL/American Funds Growth-Income Fund | Class A and Class I |
| JNL/American Funds International Fund | Class A and Class I |
| JNL/American Funds New World Fund | Class A and Class I |
| JNL/American Funds<sup>®</sup> Washington Mutual Investors Fund | Class A and Class I |
| JNL Multi-Manager Alternative Fund | Class A and Class I |
| JNL Multi-Manager Emerging Markets Equity Fund | Class A and Class I |
| JNL Multi-Manager Floating Rate Income Fund | Class A and Class I |
| JNL Multi-Manager Global Small Cap Fund *(formerly, JNL/American Funds Global Small Capitalization Fund)* | Class A and Class I |
| JNL Multi-Manager International Equity Fund *(formerly, JNL/William Blair International Leaders Fund)* | Class A and Class I |
| JNL Multi-Manager International Small Cap Fund | Class A and Class I |
| JNL Multi-Manager Mid Cap Fund | Class A and Class I |
| JNL Multi-Manager Select Equity Fund *(formerly, JNL Multi-Manager U.S. Select Equity Fund)* | Class A and Class I |
| JNL Multi-Manager Small Cap Growth Fund | Class A and Class I |
| JNL Multi-Manager Small Cap Value Fund | Class A and Class I |
| JNL Moderate ETF Allocation Fund | Class A and Class I |
| JNL Moderate Growth ETF Allocation Fund | Class A and Class I |
| JNL Growth ETF Allocation Fund | Class A and Class I |
| JNL/American Funds Moderate Allocation Fund | Class A and Class I |
| JNL/American Funds Moderate Growth Allocation Fund | Class A and Class I |
| JNL/American Funds Growth Allocation Fund | Class A and Class I |
| JNL/AB Sustainable Global Thematic Fund | Class A and Class I |
| JNL/AQR Large Cap Defensive Style Fund | Class A and Class I |
| JNL/BlackRock Global Allocation Fund | Class A and Class I |
| JNL/BlackRock Global Natural Resources Fund | Class A and Class I |
| JNL/BlackRock Large Cap Select Growth Fund | Class A and Class I |
| JNL/Causeway International Value Select Fund | Class A and Class I |
| JNL/Cohen & Steers U.S. Realty Fund | Class A and Class I |
| JNL/DFA International Core Equity Fund | Class A and Class I |
| JNL/DFA U.S. Core Equity Fund | Class A and Class I |
| JNL/DFA U.S. Small Cap Fund | Class A and Class I |
| JNL/DoubleLine<sup>®</sup> Core Fixed Income Fund | Class A and Class I |
| JNL/DoubleLine<sup>®</sup> Emerging Markets Fixed Income Fund | Class A and Class I |
| JNL/DoubleLine<sup>®</sup> Shiller Enhanced CAPE<sup>®</sup> Fund | Class A and Class I |
| JNL/DoubleLine<sup>®</sup> Total Return Fund | Class A and Class I |
| JNL/Dreyfus Government Money Market Fund | Class A and Class I |
| JNL/Fidelity Institutional AM<sup>®</sup> & JPMorgan Large Cap Growth Fund *(formerly, JNL/ClearBridge Large Cap Growth Fund)* | Class A and Class I |
| JNL/Fidelity Institutional Asset Management<sup>®</sup> Total Bond Fund | Class A and Class I |
| JNL/First Sentier Global Infrastructure Fund | Class A and Class I |
| JNL/Franklin Templeton Income Fund | Class A and Class I |
| JNL/Goldman Sachs 4 Fund | Class A and Class I |
| JNL/GQG Emerging Markets Equity Fund | Class A and Class I |

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| | |
|:---|:---|
| JNL/Invesco Global Growth Fund | Class A and Class I |
| JNL/Invesco Small Cap Growth Fund | Class A and Class I |
| JNL/JPMorgan Global Allocation Fund | Class A and Class I |
| JNL/JPMorgan Hedged Equity Fund | Class A and Class I |
| JNL/JPMorgan MidCap Growth Fund | Class A and Class I |
| JNL/JPMorgan Nasdaq<sup>®</sup> Hedged Equity Fund | Class A and Class I |
| JNL/JPMorgan U.S. Government & Quality Bond Fund | Class A and Class I |
| JNL/JPMorgan U.S. Value Fund | Class A and Class I |
| JNL/Lazard International Quality Growth Fund | Class A and Class I |
| JNL/Loomis Sayles Global Growth Fund | Class A and Class I |
| JNL/Lord Abbett Short Duration Income Fund | Class A and Class I |
| JNL/Mellon Emerging Markets Index Fund | Class A and Class I |
| JNL/Mellon S&P 500 Index Fund | Class A and Class I |
| JNL/Mellon S&P 400 MidCap Index Fund | Class A and Class I |
| JNL/Mellon Small Cap Index Fund | Class A and Class I |
| JNL/Mellon International Index Fund | Class A and Class I |
| JNL/Mellon Bond Index Fund | Class A and Class I |
| JNL/Mellon U.S. Stock Market Index Fund | Class A and Class I |
| JNL/Mellon Dow<sup>SM</sup> Index Fund | Class A and Class I |
| JNL/Mellon World Index Fund | Class A and Class I |
| JNL/Mellon Nasdaq<sup>®</sup> 100 Index Fund | Class A and Class I |
| JNL/Mellon Communication Services Sector Fund | Class A and Class I |
| JNL/Mellon Consumer Discretionary Sector Fund | Class A and Class I |
| JNL/Mellon Consumer Staples Sector Fund | Class A and Class I |
| JNL/Mellon Energy Sector Fund | Class A and Class I |
| JNL/Mellon Financial Sector Fund | Class A and Class I |
| JNL/Mellon Healthcare Sector Fund | Class A and Class I |
| JNL/Mellon Industrials Sector Fund | Class A and Class I |
| JNL/Mellon Information Technology Sector Fund | Class A and Class I |
| JNL/Mellon Materials Sector Fund | Class A and Class I |
| JNL/Mellon Real Estate Sector Fund | Class A and Class I |
| JNL S&P 500 Index Fund | Class I |
| JNL/Mellon Utilities Sector Fund | Class A and Class I |
| JNL/MFS Equity Income Fund *(formerly, JNL/Invesco Diversified Dividend Fund)* | Class A and Class I |
| JNL/MFS Mid Cap Value Fund | Class A and Class I |
| JNL/Morningstar PitchBook Listed Private Equity Index Fund | Class A and Class I |
| JNL/Morningstar SMID Moat Focus Index Fund | Class A and Class I |
| JNL/Morningstar U.S. Sustainability Index Fund | Class A and Class I |
| JNL/Morningstar Wide Moat Index Fund | Class A and Class I |
| JNL/Neuberger Berman Commodity Strategy Fund | Class A and Class I |
| JNL/Neuberger Berman Gold Plus Strategy Fund | Class A and Class I |
| JNL/Neuberger Berman Strategic Income Fund | Class A and Class I |
| JNL/Newton Equity Income Fund | Class A and Class I |
| JNL/PIMCO Income Fund | Class A and Class I |
| JNL/PIMCO Investment Grade Credit Bond Fund | Class A and Class I |
| JNL/PIMCO Real Return Fund | Class A and Class I |
| JNL/PPM America Emerging Markets Debt Fund | Class A and Class I |
| JNL/PPM America High Yield Bond Fund | Class A and Class I |
| JNL/PPM America Investment Grade Credit Fund | Class A and Class I |
| JNL/PPM America Total Return Fund | Class A and Class I |
| JNL/RAFI<sup>®</sup> Fundamental U.S. Small Cap Fund | Class A and Class I |
| JNL/RAFI<sup>®</sup> Multi-Factor U.S. Equity Fund | Class A and Class I |
| JNL/T. Rowe Price Balanced Fund | Class A and Class I |
| JNL/T. Rowe Price Capital Appreciation Fund | Class A and Class I |
| JNL/T. Rowe Price Capital Appreciation Equity Fund | Class A and Class I |
| JNL/T. Rowe Price Growth Stock Fund | Class A and Class I |
| JNL/T. Rowe Price Mid-Cap Growth Fund | Class A and Class I |
| JNL/T. Rowe Price Short-Term Bond Fund | Class A and Class I |
| JNL/T. Rowe Price U.S. High Yield Fund | Class A and Class I |
| JNL/T. Rowe Price Value Fund | Class A and Class I |
| JNL/Vanguard Moderate ETF Allocation Fund | Class A and Class I |
| JNL/Vanguard Moderate Growth ETF Allocation Fund | Class A and Class I |

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| | |
|:---|:---|
| JNL/Vanguard Growth ETF Allocation Fund | Class A and Class I |
| JNL/WCM China Quality Growth Fund | Class A and Class I |
| JNL/WCM Focused International Equity Fund | Class A and Class I |
| JNL/Westchester Capital Event Driven Fund | Class A and Class I |
| JNL/WMC Balanced Fund | Class A and Class I |
| JNL/WMC Equity Income Fund | Class A and Class I |
| JNL/WMC Global Real Estate Fund | Class A and Class I |
| JNL/WMC Value Fund | Class A and Class I |
| JNL/JPMorgan Managed Conservative Fund | Class A and Class I |
| JNL/JPMorgan Managed Moderate Fund | Class A and Class I |
| JNL/JPMorgan Managed Moderate Growth Fund | Class A and Class I |
| JNL/JPMorgan Managed Growth Fund | Class A and Class I |
| JNL/JPMorgan Managed Aggressive Growth Fund | Class A and Class I |
| JNL Conservative Allocation Fund | Class A and Class I |
| JNL Moderate Allocation Fund | Class A and Class I |
| JNL Moderate Growth Allocation Fund | Class A and Class I |
| JNL Growth Allocation Fund | Class A and Class I |
| JNL Aggressive Growth Allocation Fund | Class A and Class I |
| JNL Bond Index Fund | Class I |
| JNL Emerging Markets Index Fund | Class I |
| JNL International Index Fund | Class I |
| JNL Mid Cap Index Fund | Class I |
| JNL Small Cap Index Fund | Class I |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br> This Statement of Additional Information ("SAI") is not a prospectus. It contains information in addition to and more detailed than set forth in the Prospectus and should be read in conjunction with the JNL Series Trust Prospectus dated [April 27, 2026] ("Prospectus"). Not all Funds described in this SAI may be available for investment in each variable annuity contract or variable life insurance policy offered by Jackson National Life Insurance Company ("Jackson National") or Jackson National Life Insurance Company of New York ("Jackson National NY"). The financial statements of the JNL Series Trust for the period ended [December 31, 2025] are incorporated by reference (which means they legally are a part of this SAI) from the Trust's Form N-CSR. The Prospectus, SAI, annual and semi-annual reports, and other information such as financial statements, may be obtained at no charge by calling 1-800-644-4565 (Jackson National Customer Care), 1-800-599-5651 (Jackson National NY Customer Care), by writing JNL Series Trust, P.O. Box 30314, Lansing, Michigan 48909-7814 or by visiting <u>www.jackson.com</u>. <br>

**Shareholder Communications with Trustees**

Shareholders of the Funds can communicate directly with the Board of Trustees ("Trustees") by writing to the Chair of the Board, Edward Wood, P.O. Box 30902, Lansing, MI 48909-8402. Shareholders can communicate directly with an individual Trustee by writing to that Trustee at P.O. Box 30902, Lansing, MI 48909-8402. Such communications to the Board or individual Trustees are not screened before being delivered to the addressee.

**table of contents**

---

| | |
|:---|:---|
| [General Information and History](#jnlst485ab001) | 1 |
| [Master Feeder Structure](#jnlst485ab002) | 1 |
| [Common Types of Investments and Management Practices](#jnlst485ab003) | 2 |
| [Additional Risk Considerations](#jnlst485ab004) | 75 |
| [Non-Fundamental Policies and Risks Applicable to the AFIS Master Funds and JNL/American Funds Feeder Funds](#jnlst485ab005) | 94 |
| [Fundamental and Operating Policies](#jnlst485ab006) | 126 |
| [Trustees and Officers of the Trust](#jnlst485ab007) | 137 |
| [Principal Holders of the Trust's Shares](#jnlst485ab008) | 147 |
| [Investment Adviser, Sub-Advisers and Other Service Providers](#jnlst485ab009) | 148 |
| [Disclosure of Portfolio Information](#jnlst485ab010) | 326 |
| [Purchases, Redemptions and Pricing of Shares](#jnlst485ab011) | 330 |
| [Description of Shares; Voting Rights; Shareholder Inquiries](#jnlst485ab012) | 334 |
| [Tax Status](#jnlst485ab013) | 335 |
| [Financial Statements](#jnlst485ab014) | 342 |
| [Appendix A – Ratings of Investments](#jnlst485ab015) | A-1 |

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**<u>General Information And History</u>**

The JNL Series Trust ("Trust") is an open-end management investment company organized as a Massachusetts business trust, by a Declaration of Trust dated June 1, 1994, amended September 25, 2017. The Trust offers shares in separate Funds, each with its own investment objective. The Trust is registered with the U.S. Securities and Exchange Commission ("SEC") as an investment company under the Investment Company Act of 1940, as amended ("1940 Act"), whose shares are registered with the SEC under and the Securities Act of 1933, as amended ("1933 Act").

**<u>Master Feeder Structure</u>**

Certain Funds operate as a "feeder" fund (each a "Feeder Fund"). A "Feeder" fund is a fund that does not buy investment securities directly; instead, each Feeder Fund invests in a single registered investment company referred to as a "Master Fund." The Master Fund purchases and manages a pool of investment securities. Each Feeder Fund's investment objective and restrictions is the same as its corresponding Master Fund. Currently, [10] of the Master Funds are series of the American Funds Insurance Series® ("AFIS," "American Funds," or "AFIS Master Funds") and five of the Master Funds are series of the Trust ("JNL/Mellon Master Funds"). This structure differs from the other Trust series and other investment companies that invest directly in securities and are actively managed.

Under the master/feeder structure, each Feeder Fund may withdraw its investment in the corresponding Master Fund if the Board determines that it is in the best interest of the Feeder Fund and its shareholders to do so. The Board would consider when authorizing the withdrawal what action might be taken, including the investment of all of the assets of the Feeder Fund in another Fund, having Jackson National Asset Management, LLC ("JNAM" or the "Adviser") manage the Feeder Fund's assets either directly or with a Sub-Adviser, or taking other appropriate action. Investment of each Feeder Fund's assets in its corresponding Master Fund is not a fundamental investment policy of any Feeder Fund and a shareholder vote is not required for any Feeder Fund to withdraw its investment from its corresponding Master Fund.

Capital Research and Management Company<sup>SM</sup> ("CRMC") serves as investment adviser to the AFIS Master Funds. CRMC is a wholly owned subsidiary of The Capital Group Companies, Inc. Each JNL/American Funds Feeder Fund and its corresponding AFIS Master Fund is listed below:

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| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;**JNL/American Funds<sup>®</sup>/ Feeder Fund** | **AFIS Master Fund** |
| &nbsp;&nbsp;&nbsp;JNL/American Funds<sup>®</sup> Balanced Fund | Asset Allocation Fund (Class 1 shares) |
| &nbsp;&nbsp;&nbsp;JNL/American Funds Bond Fund of America Fund | The Bond Fund of America (Class 1 shares) |
| &nbsp;&nbsp;&nbsp;JNL/American Funds Capital Income Builder Fund | Capital Income Builder (Class 1 shares) |
| &nbsp;&nbsp;&nbsp;JNL/American Funds Capital World Bond Fund | Capital World Bond Fund (Class 1 shares) |
| &nbsp;&nbsp;&nbsp;JNL/American Funds Global Growth Fund | Global Growth Fund (Class 1 shares) |
| &nbsp;&nbsp;&nbsp;JNL/American Funds Growth Fund | Growth Fund (Class 1 shares) |
| &nbsp;&nbsp;&nbsp;JNL/American Funds Growth-Income Fund | Growth-Income Fund (Class 1 shares) |
| &nbsp;&nbsp;&nbsp;JNL/American Funds International Fund | International Fund (Class 1 shares) |
| &nbsp;&nbsp;&nbsp;JNL/American Funds New World Fund | New World Fund (Class 1 shares) |
| &nbsp;&nbsp;&nbsp;JNL/American Funds Washington Mutual Investors Fund | Washington Mutual Investors Fund (Class 1 shares) |

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Information about the AFIS Master Funds and CRMC is provided with their permission and based on information provided by CRMC or derived from the AFIS Master Funds' SAI. The SAI for each AFIS Master Fund is delivered together with this SAI.

JNAM serves as investment adviser to each JNL/Mellon Master Fund and each JNL/Mellon Feeder Fund. Mellon Investments Corporation ("Mellon") serves as investment Sub-Adviser to each JNL/Mellon Master Fund. Each JNL/Mellon Feeder Fund and its corresponding JNL/Mellon Master Fund is listed below:

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| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;**JNL/Mellon Feeder Fund** | **JNL/Mellon Master Fund** |
| &nbsp;&nbsp;&nbsp;JNL/Mellon Bond Index Fund | JNL Bond Index Fund |
| &nbsp;&nbsp;&nbsp;JNL/Mellon Emerging Markets Index Fund | JNL Emerging Markets Index Fund |
| &nbsp;&nbsp;&nbsp;JNL/Mellon International Index Fund | JNL International Index Fund |
| &nbsp;&nbsp;&nbsp;JNL/Mellon Small Cap Index Fund | JNL Small Cap Index Fund |
| &nbsp;&nbsp;&nbsp;JNL/Mellon S&P 400 MidCap Index Fund | JNL Mid Cap Index Fund |

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Information about the JNL/Mellon Master Funds is contained in this SAI.

**<u>Common Types Of Investments And Management Practices (All Funds Except Feeder Funds)</u>**

*THIS SECTION III DESCRIBES COMMON TYPES OF INVESTMENTS AND MANAGEMENT PRACTICES APPLICABLE TO ALL FUNDS EXCEPT THE AFIS MASTER FUNDS AND THE JN/AMERICAN FUNDS FEEDER FUNDS. ACCORDINGLY, ALL REFERENCES TO A "FUND" OR THE "FUNDS" IN THIS SECTION DO NOT INCLUDE THE AFIS MASTER FUNDS AND THE JNL/AMERICAN FUNDS FEEDER FUNDS. A DESCRIPTION OF NON-FUNDAMENTAL OPERATING POLICIES AND RISKS APPLICABLE TO THE JNL/AMERICAN FUNDS FEEDER FUNDS (THROUGH INVESTMENT IN THEIR RESPECTIVE MASTER FUNDS) APPEARS UNDER THE HEADING "NON-FUNDAMENTAL POLICIES AND RISKS APPLICABLE TO THE AFIS MASTER FUNDS AND JNL/AMERICAN FUNDS FEEDER FUNDS" BEGINNING ON PAGE 95 OF THIS SAI.*

This section describes some of the types of securities and financial instruments a Fund may hold in its portfolio and the various kinds of investment strategies that may be used in day-to-day portfolio management, as well as the risks associated with such investments. A Fund may invest in the following securities and financial instruments or engage in the following practices to the extent that such securities and practices are consistent with the Fund's investment objective(s) and policies described in the Prospectus and in this SAI.

**Adjustable and Floating Rate Obligations.** A Fund may purchase adjustable or floating rate obligations, including floating rate demand notes and bonds. A Fund may invest in adjustable or floating rate obligations whose interest rates are adjusted either at pre-designated periodic intervals or whenever there is a change in the market rate to which the security's interest rate is tied. A Fund also may purchase adjustable or floating rate demand notes and bonds, which are obligations ordinarily having stated maturities in excess of 397 days, but which permit the holder to demand payment of principal at any time, or at specified intervals not exceeding 397 days, in each case upon not more than 30 days' notice. See also the discussion of "Variable Rate Securities" below.

**Alternative Entity Securities.** Companies that are formed as limited partnerships (which also includes, but is not limited to, master limited partnerships and publicly traded partnerships), limited liability companies, business trusts, or other non-corporate entities may issue equity securities that are similar to common or preferred stock of corporations. These companies may also issue bonds and other fixed-income type securities.

**Artificial Intelligence.** Artificial intelligence ("AI") refers to computer systems that can perform tasks that would otherwise require human intelligence. AI is typically designed to analyze data, learn from patterns and experiences, make decisions, and solve problems. AI can be categorized into two types: narrow AI, which is designed for specific tasks, and general AI, which has the ability to perform any intellectual task that a human can do and includes generative AI ("GAI"). GAI is a type of AI technology that produces new text, images, audio, and other content based on training data that includes examples of the desired output. Typically, users enter questions, queries, or other inputs that prompt the GAI model or tool to produce output. In addition, some software uses GAI to suggest changes, summarize information, or translate text. AI has various applications in many fields such as healthcare, finance, transportation, and law.

AI is highly reliant on the collection and analysis of large amounts of data and complex algorithms, but it is not possible nor practicable to incorporate all data that would be relevant for a task conducted by AI. Therefore, it is possible that the information provided through use of AI could be insufficient, incomplete, inaccurate or biased. AI and its current and potential future applications, including in the investment and financial sectors, as well as the regulatory frameworks within which they operate, continue to rapidly evolve, and it is impossible to predict the full extent of future applications or regulations or their impact on the Adviser, a Sub-Adviser, or a Fund.

**Asset-Backed Securities.** A Fund may invest in asset-backed securities, which include mortgage-backed securities. Asset-backed securities represent interests in pools of assets which are backed by assets such as, but not exclusively, installment sales contracts, credit card receivables, automobile loans and leases, equipment sales/lease contracts, obligation trusts, and commercial and residential mortgages and most are structured as pass-through securities. The credit quality of most asset-backed securities depends primarily on the credit quality of the assets underlying such securities, how well the entity issuing the security is insulated from the credit risk of the originator or any other affiliated entities, and the amount and quality of any credit support provided to the securities. The rate of principal payment on asset-backed securities generally depends on the rate of principal payments received on the underlying assets, which in turn may be affected by a variety of economic and other factors. Asset-backed securities may be "subordinated" to other interests in the same pool and a holder of those "subordinated" securities would receive payments only after any obligations to other more "senior" investors have been satisfied. During periods of deteriorating economic conditions, such as recessions or periods of rising unemployment, delinquencies and losses generally increase, sometimes dramatically, with respect to securitizations involving loans, sales contracts, receivables and other obligations underlying asset-backed securities. Ongoing developments in the residential and commercial mortgage markets may have additional consequences for the market for mortgage-backed securities. During periods of deteriorating economic conditions, such as recessions or periods of rising unemployment, delinquencies and losses generally increase, sometimes dramatically, with respect to securitizations involving mortgage loans. Many sub-prime mortgage pools have become distressed during periods of economic distress and may trade at significant discounts to their face value during such periods. As a result, the yield on any asset-backed security is difficult to predict with precision and actual yield to maturity may be more or less than the anticipated yield to maturity. A Sub-Adviser considers estimated prepayment rates in calculating the average weighted maturities of the Fund. Unscheduled prepayments are more likely to accelerate during periods of declining long-term interest rates. In the event of a prepayment during a period of declining interest rates, a Fund may be required to invest the unanticipated proceeds at a lower interest rate. Prepayments during such periods will also limit a Fund's ability to participate in as large a market gain as may be experienced with a comparable security not subject to prepayment.

Asset-backed securities may be classified as pass-through certificates or collateralized obligations. Pass-through certificates are asset-backed securities that represent an undivided fractional ownership interest in an underlying pool of assets. Pass-through certificates usually provide for payments of principal and interest received to be passed through to their holders, usually after deduction for certain costs and expenses incurred in administering the pool. Because pass-through certificates represent an ownership interest in the underlying assets, the holders thereof directly bear the risk of any defaults by the obligors on the underlying assets not covered by any credit support.

Asset-backed securities issued in the form of debt instruments, also known as collateralized obligations, are generally issued as the debt of a special purpose entity organized solely for the purpose of owning such assets and issuing such debt. Such assets are most often trade, credit card or automobile receivables. The assets collateralizing such asset-backed securities are pledged to a trustee or custodian for the benefit of the holders hereof. Such issuers generally hold no assets other than those underlying the asset-backed securities and any credit support provided. As a result, although payments on such asset-backed securities are obligations of the issuers, in the event of defaults on the underlying assets not covered by any credit support, the issuing entities are unlikely to have sufficient assets to satisfy their obligations on the related asset-backed securities.

If a Fund purchases an asset-backed security at a premium, that portion may be lost if there is a decline in the market value of the security whether resulting from changes in interest rates or prepayments in the underlying collateral. As with other interest-bearing securities, the prices of such securities are inversely affected by changes in interest rates. However, though the value of an asset-backed security may decline when interest rates rise, the converse is not necessarily true. As noted above, interest rate changes also affect prepayments, which in turn affect the yield on asset-backed securities. For these and other reasons, an asset-backed security's average maturity may be shortened or lengthened as a result of interest rate fluctuations and, therefore, it is not possible to predict accurately the security's return. Asset-backed securities may, at times, be illiquid securities.

**Auction Rate Securities.** A Fund may invest in auction rate securities, which are debt instruments (corporate or municipal bonds) with long-term nominal maturity for which the interest rate is reset through a Dutch auction. Auction rate securities also refer to a preferred stock for which the dividend is reset through the same process. In a Dutch auction, a broker-dealer submits bids, on behalf of current and prospective investors, to the auction agent. Based on the submitted bids, the auction agent will set the next interest rate by determining the lowest rate to clear the total outstanding amount of auction rate securities. The lowest bid rate at which all the securities can be sold at par establishes the interest rate, otherwise known as the "clearing rate." This rate is paid on the entire issue for the upcoming period and includes current holders of the auction rate securities. Investors who bid a minimum rate above the clearing rate receive no securities, while those whose minimum bid rates were at or below the clearing rate receive the clearing rate for the next period. Auction rate security holders do not have the right to put their securities back to the issuer; as a result, no bank liquidity facility is required. Auctions are typically held every 7, 28, or 35 days; interest on these securities is paid at the end of each auction period. Certain types of auction rate securities will auction daily, with a coupon being paid on the first of every month. Auction rate securities may have less liquidity than comparable debt and equity securities, and may be subject to changes in interest rates, including decreased interest rates.

While the auction rate process is designed to permit the holder to sell the auction rate securities in an auction at par value at specified intervals, there is the risk that an auction will fail due to insufficient demand for the securities. Auction rate securities may be subject to changes in interest rates, including decreased interest rates. Failed auctions may impair the liquidity of auction rate securities.

**Bank Capital Securities.** The Funds may invest in bank capital securities. Bank capital securities are issued by banks to help fulfill their regulatory capital requirements. There are three common types of bank capital: Lower Tier II, Upper Tier I and Tier I. Bank capital is generally, but not always, of investment grade quality. Upper Tier II securities are commonly thought of as hybrids of debt and preferred stocks. Upper Tier II securities are often callable, perpetual with no maturity date and have a cumulative interest deferral feature. This means that under certain conditions, the issuer bank can withhold payment of interest until a later date. However, such deferred interest payments generally earn interest. Tier I securities often take the form of trust preferred securities.

**Bank Loans, Term Loans, Fixed and Floating Rate Loans.** A Fund may invest in fixed- and floating-rate loans ("Loans") arranged through private negotiations between a corporate borrower or a foreign sovereign entity and one or more financial institutions ("Lenders"). Loans are typically variable-rate loans made by financial institutions to companies that are generally considered to have low credit quality. Borrowers enter into these Loans to raise capital for several reasons, including, recapitalizations, debt refinancing, or to make acquisitions. Loans are called "floating-rate" because the interest paid on the loans adjusts periodically, usually every 30-90 days, based on fluctuations in widely accepted reference rates, such as the Secured Overnight Financing Rate ("SOFR") plus a predetermined credit spread over the reference rate. The Loans are typically classified as senior debt, and are usually collateralized by specific assets, like the borrower's inventory, receivables or real property. Loans are usually senior to bondholders, preferred stock holders and common stock holders in the borrower's capital structure.

Loans are arranged through private negotiations between a borrower and one or more Lenders. The Lenders are represented by an agent(s) that is typically a commercial or investment bank (each an "Agent Bank," and collectively, "Agent Banks"). The Agent Bank originates the Loans and invites other parties, including the Funds, to join the lending syndicate. Typically, one Agent Bank has the primary responsibility for documentation and administration of the Loan. Agent Banks are also responsible for negotiating the Loan agreement ("Agreement"), which establishes the terms and conditions of the Loan and the rights of the borrower and lenders. The Funds rely on the Agent Banks to collect payments of principal and interest on the Loans. Loan ownership interests are evidenced by the Agreements. Loans are similar to derivative instruments and private placements; there are no share certificates or notes evidencing ownership.

*Delayed draw term loans.* A Fund may be obligated under the terms of the relevant loan documents to advance additional funds after the initial disbursement that it makes at the time of its investment. For example, the loan may not have been "fully funded" at that time or the lenders may have ongoing commitments to make further advances up to a stated maximum. When a loan has been fully funded, however, repaid principal amounts normally may not be reborrowed. Interest accrues on the outstanding principal amount of the loan. The borrower normally may pay a fee during any commitment period.

The JNL Multi-Manager Emerging Markets Equity Fund, 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 U.S. High Yield Fund, and JNL/T. Rowe Price Value Fund may also invest in Loans through the T. Rowe Price Institutional Floating Rate Fund. The JNL Multi-Manager Floating Rate Income Fund invests primarily in Loans.

**Bank Obligations.** A Fund may invest in bank obligations, which include certificates of deposit, bankers' acceptances, and other short-term debt obligations. Certificates of deposit are negotiable certificates issued against funds deposited in a commercial bank for a definite period of time and that earn a specified return. Certificates of deposit may also be purchased or sold through broker-dealers and may have fixed or variable rates. A bankers' acceptance is a negotiable draft or bill of exchange, usually drawn by an importer or exporter to pay for specified merchandize in connection with international commercial transactions, which are "accepted" by a commercial bank unconditionally to pay the face value of the instrument on maturity.

A Fund may invest in U.S. banks, foreign branches of U.S. banks, U.S. branches of foreign banks, and foreign branches of foreign banks. Obligations of non-U.S. banks involve certain risks associated with investing in non-U.S. securities, including the possibilities that their liquidity could be impaired because of future political and economic developments, that their obligations may be less marketable than comparable obligations of United States banks, that a non-U.S. jurisdiction might impose withholding or other taxes on interest income payable on those obligations, that non-U.S. deposits may be seized or nationalized, that non-U.S. governmental restrictions such as exchange controls may be adopted and in turn might adversely affect the payment of principal and interest on those obligations and that the selection of those obligations may be more difficult because there may be less publicly available information concerning non-U.S. banks or the accounting, auditing and financial reporting standards, practices and requirements applicable to non-U.S. banks may differ from those applicable to United States banks. Non-U.S. banks are not generally subject to examination by any U.S. Government agency or instrumentality.

 **Borrowing and Lending.** A Fund may borrow money from banks for temporary or emergency purposes in amounts up to 25% of its total assets, except that the JNL Multi-Manager Floating Rate Income Fund, JNL Multi-Manager Small Cap Value Fund, JNL Multi-Manager Select Equity Fund, JNL/AQR Large Cap Defensive Style Fund, JNL/BlackRock Global Natural Resources Fund, JNL/DoubleLine<sup>®</sup> Core Fixed Income Fund, JNL/Invesco Small Cap Growth Fund, JNL/MFS Mid Cap Value Fund, JNL/PIMCO Real Return 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, and JNL/WMC Global Real Estate Fund, each may borrow up to 33 1/3% of their respective total assets. To secure borrowings, a Fund may mortgage or pledge securities in amounts up to 15% of its net assets. Notwithstanding the foregoing, the JNL Multi-Manager Alternative Fund, JNL/PIMCO Investment Grade Credit Bond Fund, and JNL/Westchester Capital Event Driven Fund, may pledge their net assets as collateral to secure the short sales inherent in its investment strategy. Further, the JNL Multi-Manager Emerging Markets Equity Fund, JNL/T. Rowe Price Balanced Fund, 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 U.S. High Yield Fund, and JNL/T. Rowe Price Value Fund will not purchase additional securities when borrowings exceed 5% of the Fund's total assets.

A Fund may affect simultaneous purchase and sale transactions that are known as "sale-buybacks." A sale-buyback is similar to a reverse repurchase agreement, except that in a sale-buyback, the counterparty that purchases the security is entitled to receive any principal or interest payments made on the underlying security pending settlement of the Fund's repurchase of the underlying security.

A "mortgage dollar roll" is similar to a reverse repurchase agreement in certain respects. In a "dollar roll" transaction a Fund sells a mortgage-related security, such as a security issued by the Government National Mortgage Association ("GNMA"), to a dealer and simultaneously agrees to repurchase a similar security (but not the same security) in the future at a pre-determined price. A "dollar roll" can be viewed, like a reverse repurchase agreement, as a collateralized borrowing in which a Fund pledges a mortgage-related security to a dealer to obtain cash. Unlike in the case of reverse repurchase agreements, the dealer with which a Fund enters into a dollar roll transaction is not obligated to return the same securities as those originally sold by the Fund, but only securities which are "substantially identical." To be considered "substantially identical," the securities returned to a Fund generally must: (1) be collateralized by the same types of underlying mortgages; (2) be issued by the same agency and be part of the same program; (3) have a similar original stated maturity; (4) have identical net coupon rates; (5) have similar market yields (and therefore price); and (6) satisfy "good delivery" requirements, meaning that the aggregate principal amounts of the securities delivered and received back must be within 0.01% of the initial amount delivered.

Because dollar roll transactions may be for terms ranging between one and six months, dollar roll transactions may be deemed "illiquid" and subject to a Fund's overall limitations on investments in illiquid securities.

**Brady Bonds.** A Fund may invest in Brady Bonds. Brady Bonds are securities created through the exchange of existing commercial bank loans to sovereign entities for new obligations in connection with debt restructurings under a debt restructuring plan introduced by former U.S. Secretary of Treasury, Nicholas F. Brady ("Brady Plan"). Brady Plan debt restructurings have been implemented in a number of countries, including: Argentina, Bolivia, Bulgaria, Costa Rica, the Dominican Republic, Ecuador, Jordan, Mexico, Niger, Nigeria, the Philippines, Poland, Uruguay and Venezuela.

Brady Bonds may be collateralized or uncollateralized, are issued in various currencies (primarily in U.S. dollars) and are actively traded in the over-the-counter ("OTC") secondary market. Brady Bonds are not considered to be U.S. Government securities. U.S. dollar-denominated, collateralized Brady Bonds, which may be fixed rate par bonds or floating rate discount bonds, are generally collateralized in full as to principal by U.S. Treasury zero coupon bonds having the same maturity as the Brady Bonds. Interest payments on these Brady Bonds generally are collateralized on a one-year or longer rolling-forward basis by cash or securities in an amount that, in the case of fixed rate bonds, is equal to at least one year's interest payments based on the applicable interest rate at that time and is adjusted to at least one year's interest payments based on applicable interest rate at that time and is adjusted at regular intervals thereafter. Certain Brady Bonds are entitled to "value recovery payments" in certain circumstances, which in effect constitute supplemental interest payments but generally are not collateralized. Brady Bonds are often viewed as having three or four valuation components: (1) the collateralized repayment of principal at final maturity; (2) the collateralized interest payments; (3) the uncollateralized interest payments; and (4) any uncollateralized repayment of principal at maturity (these uncollateralized amounts constitute the "residual risk").

Brady Bonds involve various risk factors including residual risk and the history of default with respect to commercial bank loans by public and private entities of countries issuing Brady Bonds. There can be no assurance that Brady Bonds in which the Funds may invest will not be subject to restructuring arrangements or to requests for new credit, which may cause a Fund to suffer a loss of interest or principal on any of its holdings.

Investments in sovereign debt can involve a high degree of risk. The governmental entity that controls the repayment of sovereign debt may not be able or willing to repay the principal or interest when due in accord with the terms of the debt.

**Carbon Offset Credits.** A Fund may also invest in futures contracts on carbon offset credits. A carbon offset credit represents the reduction or removal of a specific amount of carbon dioxide or other greenhouse gas ("GHG") from the atmosphere. Carbon offset credits are designed to provide a mechanism for people and businesses to mitigate the adverse environmental impact of their GHG-generating activities. To the extent that a Fund may invest in foreign currency-denominated securities, it also may invest in foreign currency futures contracts and options thereon.

**Cash Position*.*** JNL/Dreyfus Government Money Market Fund may hold a certain portion of its assets in repurchase agreements and money market securities maturing in up to 397 days that the sub-adviser determines presents minimal credit risks to the Fund. A Fund may hold a certain portion of its assets in repurchase agreements and money market securities maturing in one year or less that are rated in one of the two highest rating categories by a nationally recognized statistical rating organization. A Fund also may invest cash balances in shares of affiliated money market funds and unaffiliated money market funds. If a Sub-Adviser believes that economic or market conditions are unfavorable to investors, it may temporarily invest up to 100% of a Fund's assets in defensive strategies, including holding a substantial portion of the Fund's assets in cash, cash equivalents or other highly rated short-term securities, including securities issued or guaranteed by the U.S. Government or instrumentalities. For temporary, defensive purposes, and where purchases and redemptions (cash-flows) require a Fund may invest without limitation in such securities. This reserve position provides flexibility in meeting redemptions, expenses, and the timing of new investments, rebalances, and serves as a short-term defense during periods of unusual market volatility.

**Collateralized Bond Obligations, Collateralized Loan Obligations, and other Collateralized Debt Obligations.** A Fund may invest in each of collateralized bond obligations ("CBOs"), collateralized loan obligations ("CLOs"), other collateralized debt obligations ("CDOs"), and other similarly structured securities. CBOs, CLOs and other CDOs are types of asset-backed securities. A CBO is a trust which is often backed by a diversified pool of high risk, below investment grade fixed income securities. The collateral can be from many different types of fixed income securities such as high yield debt, residential privately issued mortgage-related securities, commercial privately issued mortgage-related securities, trust preferred securities and emerging market debt. A CLO is a trust typically collateralized by a pool of loans, which may include, among others, domestic and foreign senior secured loans, senior unsecured loans, and subordinate corporate loans, including loans that may be rated below investment grade or equivalent unrated loans. Other CDOs are trusts backed by other types of assets representing obligations of various parties. CBOs, CLOs and other CDOs may charge management fees and administrative expenses.

For CBOs, CLOs and other CDOs, the cash flows from the trust are split into two or more portions, called tranches, varying in risk and yield. The riskiest portion is the "equity" tranche which bears the bulk of defaults from the bonds or loans in the trust and serves to protect the other, more senior tranches from default in all but the most severe circumstances. Because they are partially protected from defaults, senior tranches from a CBO trust, CLO trust or trust of another CDO typically have higher ratings and lower yields than their underlying securities, and can be rated investment grade. Despite the protection from the equity tranche, CBO, CLO or other CDO tranches can experience substantial losses due to actual defaults, increased sensitivity to defaults due to collateral default and disappearance of protecting tranches, market anticipation of defaults, as well as aversion to CBO, CLO or other CDO securities as a class.

The risks of an investment in a CBO, CLO or other CDO depend largely on the type of the collateral securities and the class of the instrument in which a Fund invests. Normally, CBOs, CLOs and other CDOs are privately offered and sold, and thus, are not registered under the securities laws. As a result, investments in CBOs, CLOs and other CDOs may be characterized by the Funds as illiquid securities; however, an active dealer market may exist for CBOs, CLOs and other CDOs allowing them to qualify for Rule 144A transactions. In addition to the normal risks associated with fixed income securities discussed elsewhere in this SAI and the Funds' Prospectus (*e.g.*, interest rate risk and default risk), CBOs, CLOs and other CDOs carry additional risks including, but not limited to: (i) the possibility that distributions from collateral securities will not be adequate to make interest or other payments; (ii) the quality of the collateral may decline in value or default; (iii) the risk that the Funds may invest in CBOs, CLOs or other CDOs that are subordinate to other classes; and (iv) the complex structure of the security may not be fully understood at the time of investment and may produce disputes with the issuer or unexpected investment results.

**Collateralized Mortgage Obligations ("CMOs").** A Fund may invest in CMOs, which are debt obligations of legal entities that are collateralized by mortgages and divided into classes. Similar to a bond, in most cases, interest and prepaid principal are paid on a monthly basis. CMOs may be collateralized by whole mortgage loans or private mortgage bonds, but are more typically collateralized by portfolios of mortgage pass-through securities guaranteed by the GNMA, the Federal Home Loan Mortgage Corporation ("FHLMC" or "Freddie Mac®"), or the Federal National Mortgage Association ("FNMA" or "Fannie Mae®"), and their income streams.

CMOs are structured into multiple classes, often referred to as "tranches," with each class bearing a different stated maturity and entitled to a different schedule for payments of principal and interest, including pre-payments. Actual maturity and average life will depend upon the pre-payment experience of the collateral. In the case of certain CMOs (known as "sequential pay" CMOs), payments of principal received from the pool of underlying mortgages, including pre-payments, are applied to the classes of CMOs in the order of their respective final distribution dates. Thus, no payment of principal will be made to any class of sequential pay CMOs until all other classes having an earlier final distribution date have been paid in full.

In a typical CMO transaction, a corporation ("issuer") issues multiple series (e.g., A, B, C, Z) of CMO bonds ("Bonds"). Proceeds from the Bond offerings are used to purchase mortgages or mortgage pass-through certificates ("Collateral"). The Collateral is pledged to a third-party trustee as security for the Bonds. Principal and interest payments from the Collateral are used to pay principal on the Bonds in the order A, B, C, Z. The Series A, B, and C Bonds all bear current interest. Interest on the Series Z Bonds is accrued and added to the principal amount and a like amount is paid as principal on the Series A, B, or C Bonds currently being paid off. When the Series A, B, and C Bonds are paid in full, interest and principal on the Series Z Bonds are then distributed. CMOs may be less liquid and may exhibit greater price volatility than other types of mortgage- or asset-backed securities.

As CMOs have evolved, some classes of Bonds have become more common. For example, the Funds may invest in parallel-pay and planned amortization class ("PAC") CMOs and multi-class pass-through certificates. Parallel-pay CMOs and multi-class pass-through certificates are structured to provide payments of principal on each payment date to more than one class. These simultaneous payments are taken into account in calculating the stated maturity date or final distribution date of each class, which, as with other CMO and multi-class pass-through structures, must be retired by its stated maturity date or final distribution date but may be retired earlier. PACs generally require payments of a specified amount of principal on each payment date. PACs are parallel-pay CMOs with the required principal amount on such securities having the highest priority after interest has been paid to all classes. Any CMO or multi-class pass through structure that includes PAC securities must also have support tranches—known as support bonds, companion bonds or non-PAC bonds—which lend or absorb principal cash flows to allow the PAC securities to maintain their stated maturities and final distribution dates within a range of actual prepayment experience. These support tranches are subject to a higher level of maturity risk compared to other mortgage-backed securities, and usually provide a higher yield to compensate investors. If principal cash flows are received in amounts outside a pre-determined range such that the support bonds cannot lend or absorb sufficient cash flows to the PAC securities as intended, the PAC securities are subject to heightened maturity risk. Consistent with a Fund's investment objectives and policies, Pacific Investment Management Company LLC ("PIMCO") may invest in various tranches of the bonds, including support bonds.

**Commercial Paper.** Commercial paper represents short-term unsecured promissory notes issued in bearer form by banks or bank holding companies, corporations and finance companies primarily to finance short-term credit needs. The commercial paper purchased by the Funds may consist of U.S. dollar- or foreign currency-denominated obligations of domestic or non-U.S. issuers, and may be rated or unrated. Commercial paper may have fixed, floating or variable rates, and a maturity of up to 270 days. The rate of return on commercial paper may be linked or indexed to the level of exchange rates between the U.S. dollar and a foreign currency or currencies.

**Commodities, Commodities Futures, and Commodity-Linked Notes.** Certain of the Funds may invest in physical commodities (such as precious metals), commodity futures, which are futures agreements on certain commodities or on a commodities index, as well as commodity swaps or swaps on commodity futures. Certain of the Funds may also invest in commodity-linked notes and other commodity-related derivative instruments. Like any other investment, commodities and commodity derivatives are subject to risk of loss, and the prices and values of commodities move with market and economic conditions.

The prices of commodities and commodity derivatives may be extremely volatile and may be directly or indirectly affected by many factors, including changes in overall market movements, real or perceived inflationary trends, commodity index volatility, changes in interest rates or currency exchange rates, population growth and changing demographics, war and factors affecting a particular industry or commodity, such as drought, floods, or other weather conditions, livestock disease, trade embargoes, competition from substitute products, transportation bottlenecks or shortages, insufficient storage capacity, fluctuations in supply and demand, tariffs, and international regulatory, political, and economic developments (e.g., regime changes and changes in economic activity levels). Certain commodities (and related derivatives) are susceptible to negative prices due to factors such as supply surpluses caused by global events.

Besides investment risk, investments in commodities and commodities futures are limited by their tax treatment under the Internal Revenue Code of 1986, as amended (the "Code"). In order to qualify for the special U.S. federal income tax treatment applicable to regulated investment companies, a Fund must, among other things, derive at least 90% of its income from specified sources (such income, "qualifying income"). Income from certain commodity-linked investments, such as the direct purchase or sale of commodities and the purchase or sale of commodity futures, does not constitute qualifying income to a Fund. The tax treatment of certain other commodity-linked investments is not certain, in particular with respect to whether income and gains from such investments constitute qualifying income. If the Internal Revenue Service (the "IRS") publishes an adverse determination relating to the treatment of income and gain generated by such investments, certain Funds that invest directly or indirectly in commodity-linked derivative instruments would likely need to significantly change their investment strategies in order to qualify as a regulated investment company under the Code. If a Fund were to treat income or gain from a particular investment as qualifying income and the income or gain were later determined not to constitute qualifying income and, together with any non-qualifying income, such income or gain caused the Fund's non-qualifying income to exceed 10% of the Fund's gross income for any year, the Fund would fail the 90% gross income test and would fail to qualify as a regulated investment company unless it were eligible to and did pay a tax at the Fund level. A Fund's intention to so qualify can therefore limit the manner in or extent to which the Fund seeks exposure to commodities.

A commodity-linked note requires an initial investment by the Fund and provides a return based on a formula referenced to an underlying commodity index or specific commodity. Certain Funds will typically invest in commodity-linked notes referenced to a particular commodity index. At maturity, the issuer repays the initial investment to the Fund, plus a return, if any, based on the percentage change increase or decrease (sometimes magnified by a "leverage factor") of the referenced index or commodity during the investment's term. Typically, the issuer is also required to repay or retire the instrument before maturity if the index or commodity declines by a certain amount. For example, a 15% decline in the referenced commodities index would trigger repayment. Although these features may moderate a Fund's exposure to the relevant commodity index or commodity, they do not prevent the Fund from loss if the referenced commodities index or commodity underperforms. A Fund may lose money investing in commodity-linked notes.

The JNL/BlackRock Global Allocation Fund, JNL/DoubleLine<sup>®</sup> Core Fixed Income Fund, JNL/Franklin Templeton Income Fund and JNL/PIMCO Real Return Fund may invest in commodity-linked notes and other commodity derivatives. The JNL/Neuberger Berman Gold Plus Strategy Fund and JNL/Neuberger Berman Commodity Strategy Fund may invest in commodity futures, commodity forwards, commodity swaps, swaps on commodity futures and other commodity derivatives.

**Contingent Convertible Securities.** Contingent convertible securities ("CoCos") are a form of hybrid fixed-income instrument. They are subordinated instruments that are designed to behave like bonds or preferred equity in times of economic health for the issuer, yet absorb losses when a pre-determined "trigger event" affecting the issuer occurs. CoCos are either convertible into equity at a predetermined share price or written down if a pre-specified trigger event occurs (in certain circumstances, the value may be written down to zero). Trigger events vary by individual security and are defined by the documents governing the contingent convertible security. The triggers are generally linked to regulatory capital thresholds or regulatory actions calling into question the issuing banking institution's continued viability as a going-concern. CoCos' unique equity conversion or principal write-down features are tailored to the issuing banking institution and its regulatory requirements.

CoCos have fully discretionary coupons, meaning coupons can potentially be cancelled at the banking institution's discretion or at the request of the relevant regulatory authority in order to help the bank absorb losses. Additionally, CoCos will, in the majority of circumstances, be issued in the form of subordinated debt instruments in order to provide the appropriate regulatory capital treatment prior to a conversion. Accordingly, in the event of liquidation, dissolution or winding-up of an issuer prior to a conversion having occurred, the rights and claims of the holders of the CoCos, such as the Funds, against the issuer in respect of or arising under the terms of the CoCos shall generally rank junior to the claims of all holders of unsubordinated obligations of the issuer. In addition, if the CoCos are converted into the issuer's underlying equity securities following a conversion event (i.e., a "trigger"), each holder will be subordinated due to their conversion from being the holder of a debt instrument to being the holder of an equity instrument. The value of CoCos is unpredictable and will be influenced by many factors including, without limitation: (i) the creditworthiness of the issuer and/or fluctuations in such issuer's applicable capital ratios; (ii) supply and demand for the CoCos; (iii) general market conditions and available liquidity; and (iv) economic, financial and political events that affect the issuer, its particular market or the financial markets in general.

There is no guarantee that a fund will receive a return of principal on CoCos. An investment by a Fund in CoCos may result in losses to the Fund.

**Contracts for Difference ("CFDs").** The Funds may invest in CFDs, which are a privately negotiated contract between the buyer and seller, stipulating that the seller will pay and receive from the buyer the difference between the nominal value of the underlying instrument at the opening and closing prices of the specific financial instrument. The underlying instrument may be a single security, stock basket or index. A CFD can be set up to take either a short or long position on the underlying instrument. The buyer and seller may be required to post margin, which, in the case of variation margin, is adjusted daily. The buyer will also pay to the seller a financing rate on the notional amount of the capital employed by the seller less the margin deposit. A CFD is usually terminated at the buyer's initiative. The seller of the CFD will generally match the exposure of the underlying instrument in the open market and the parties will exchange whatever payment is due.

As is the case with owning any financial instrument, there is risk of loss associated with buying a CFD. For example, if a Fund buys a long CFD and the underlying security is worth less at the end of the contract, the Fund would be required to make a payment to the seller and would suffer a loss. There may be liquidity risk if the underlying instrument is illiquid because the liquidity of a CFD is tied in part to the liquidity of the underlying instrument. A further risk is that adverse movements in the underlying security will require the buyer to post additional margin. CFDs also carry counterparty risk as the counterparty to the CFD transaction may be unable or unwilling to make timely payments, if at all, or to honor its financial obligations under the terms of the contract. If the counterparty defaults, the value of the contract and of the Fund's shares may be reduced. The Fund will not enter into a CFD transaction that is inconsistent with its investment objective, policies and strategies.

**Convertible and Exchangeable Securities.** Each Fund may invest in convertible securities, which may offer higher income than the common stocks into which they are convertible.

A convertible security is a bond, debenture, note, preferred stock, or other security that entitles the holder to acquire common stock or other equity securities of the same or a different issuer. A convertible security generally entitles the holder to receive interest paid or accrued until the convertible security matures or is redeemed, converted or exchanged. Before conversion, convertible securities have characteristics similar to non-convertible debt or preferred securities, as applicable. Convertible securities rank senior to common stock in a corporation's capital structure and, therefore, generally entail less risk than the corporation's common stock, although the extent to which such risk is reduced depends in large measure upon the degree to which the convertible security sells above its value as a fixed income security. Convertible securities are subordinate in rank to any senior debt obligations of the issuer, and, therefore, an issuer's convertible securities entail more risk than its debt obligations. Convertible securities generally offer lower interest or dividend yields than non-convertible debt securities of similar credit quality because of the potential for capital appreciation. In addition, convertible securities are often lower-rated securities.

Because of the conversion feature, the price of the convertible security will normally fluctuate in some proportion to changes in the price of the underlying asset, and as such is subject to risks relating to the activities of the issuer and/or general market and economic conditions. The income component of a convertible security may tend to cushion the security against declines in the price of the underlying asset. However, the income component of convertible securities causes fluctuations based upon changes in interest rates and the credit quality of the issuer.

If the convertible security's "conversion value," which is the market value of the underlying common stock that would be obtained upon the conversion of the convertible security, is substantially below the "investment value," which is the value of a convertible security viewed without regard to its conversion feature (i.e., strictly on the basis of its yield), the price of the convertible security is governed principally by its investment value. If the conversion value of a convertible security increases to a point that approximates or exceeds its investment value, the value of the security will be principally influenced by its conversion value. A convertible security will sell at a premium over its conversion value to the extent investors place value on the right to acquire the underlying common stock while holding an income-producing security.

A convertible security may be subject to redemption at the option of the issuer at a predetermined price. If a convertible security held by a Fund is called for redemption, the Fund would be required to permit the issuer to redeem the security and convert it to underlying common stock, or would sell the convertible security to a third party, which may have an adverse effect on the Fund's ability to achieve its investment objective.

More flexibility is possible in the assembly of a synthetic convertible security, such as an Equity-Linked Note ("ELN"), than in the purchase of a convertible security. Although synthetic convertible securities may be selected where the two components are issued by a single issuer, thus making the synthetic convertible security similar to the traditional convertible security, the character of a synthetic convertible security allows the combination of components representing distinct issuers, when believed that such a combination may better achieve a Fund's investment objective. A synthetic convertible security may be a more flexible investment in that its two components may be purchased separately. For example, a Fund may purchase an ELN (a hybrid fixed income instrument) whose return is partially dependent upon the performance of an underlying equity (stock, basket of stocks, index, basket of indexes, or some mix of these). These instruments are generally designed for the over-the-counter ("OTC") institutional investment market.

A holder of a synthetic convertible security, including an ELN, faces the risk of a decline in the price of the security or the level of the index involved in the convertible component, causing a decline in the value of the security or instrument, such as a call option or warrant, purchased to create the synthetic convertible security. Should the price of the stock fall below the exercise price and remain there throughout the exercise period, the entire amount paid for the call option or warrant would be lost. Because a synthetic convertible security includes the income-producing component as well, the holder of a synthetic convertible security also faces the risk that interest rates will rise, causing a decline in the value of the income-producing instrument.

**Corporate Bonds.** Certain Funds may invest in corporate bonds. Corporate debt securities are subject to the risk of the issuer's inability to meet principal and interest payments on the obligation and may also be subject to price volatility due to factors such as interest rate sensitivity, market perception of the creditworthiness of the issuer and general market liquidity. When interest rates rise, the value of corporate debt securities can be expected to decline. Debt securities with longer durations tend to be more sensitive to interest rate movements than those with shorter durations.

**Counterparty and settlement risk.** A Fund will be subject to the credit risk presented by another party (whether a clearing corporation or broker in the case of exchange-traded or cleared instruments or another third party in the case of over-the-counter instruments) to the extent the party promises to honor an obligation to the Fund (an obligor) with respect to a transaction, such as securities loans, repurchase agreements or derivatives (including swaps). There can be no assurance that an obligor will be able or willing to meet its obligations. A Fund will be subject to the possibility of the insolvency, bankruptcy or default of a counterparty with which each Fund trades, which could result in substantial losses to the Fund. For example, if a counterparty becomes bankrupt or insolvent or otherwise fails or is unwilling to perform its obligations to a Fund due to financial difficulties or for other reasons, the Fund may experience significant losses or delays in enforcing contractual remedies and obtaining any recovery under its contract with the counterparty, including realizing on any collateral the counterparty has provided in respect of the counterparty's obligations to the Fund or recovering collateral that the Fund has provided and is entitled to recover.

Certain derivatives transactions are required to be centrally cleared, and a party to a cleared derivatives transaction is subject to the credit risk of the clearing house and the clearing member through which it holds its cleared position, rather than the credit risk of its original counterparty to the derivatives transaction. Credit risk of market participants with respect to derivatives that are centrally cleared is concentrated in a few clearing houses, and it is not clear how an insolvency proceeding of a clearing house would be conducted and what impact an insolvency of a clearing house would have on the financial system. In the event of the insolvency of a clearing house, the Fund might experience a loss of funds deposited through its clearing member as margin with the clearing house, a loss of unrealized profits on its open positions, and the loss of funds owed to it as realized profits on closed positions. Such an insolvency might also cause a substantial delay before the Fund could obtain the return of funds owed to it by a clearing member who was a member of such clearing house. A clearing member is generally obligated to segregate all funds received from customers with respect to cleared derivatives transactions from the clearing member's proprietary assets. However, all funds and other property received by a clearing member from its customers with respect to cleared derivatives are generally held by the clearing member on a commingled basis in an omnibus account, and the clearing member may invest those funds in certain instruments permitted under the applicable regulations. Therefore, a Fund might not be fully protected in the event of the bankruptcy of the Fund's clearing member because the Fund would be limited to recovering only a pro rata share of all available funds segregated on behalf of the clearing member's customers for a relevant account class. Also, the clearing member is required to transfer to the clearing house the amount of margin required by the clearing house for cleared derivatives, which amounts are generally held in an omnibus account at the clearing house for all customers of the clearing member. Regulations promulgated by the CFTC require that the clearing member notify the clearing house of the initial margin provided by the clearing member to the clearing house that is attributable to each customer. However, if the clearing member does not accurately report a Fund's initial margin, the Fund is subject to the risk that a clearing house will use the Fund's assets held in an omnibus account at the clearing house to satisfy payment obligations of a defaulting customer of the clearing member to the clearing house. In addition, clearing members generally provide to the clearing house the net amount of variation margin required for cleared swaps for all of its customers in the aggregate, rather than individually for each customer. A Fund is therefore subject to the risk that a clearing house will not make variation margin payments owed to the Fund if another customer of the clearing member has suffered a loss and is in default, and the risk that the Fund will be required to provide additional variation margin to the clearing house before the clearing house will move the Fund's cleared derivatives transactions to another clearing member. In addition, if a clearing member does not comply with the applicable regulations or its agreement with the Fund, or in the event of fraud or misappropriation of customer assets by a clearing member, the Fund could have only an unsecured creditor claim in an insolvency of the clearing member with respect to the margin held by the clearing member. See also "Derivatives Regulation" section in this SAI.

As discussed above, the Fund will be subject to the possibility of the insolvency, bankruptcy or default of a counterparty with which each Fund trades, and its contractual remedies may be delayed and/or limited in the event of a counterparty's default or insolvency, which could result in substantial losses to the Fund. In addition, regulations adopted by federal banking regulators under the Dodd-Frank Wall Street Reform and Consumer Protection Act require that certain qualified financial contracts ("QFCs") with counterparties that are part of U.S. or foreign global systemically important banking organizations be amended to include contractual restrictions on close-out and cross-default rights. QFCs include, but are not limited to, securities contracts, commodities contracts, forward contracts, repurchase agreements, securities lending agreements and swaps agreements, as well as related master agreements, security agreements, credit enhancements, and reimbursement obligations. If a covered counterparty of a Fund or certain of the covered counterparty's affiliates were to become subject to certain insolvency proceedings, the Fund may be temporarily, or in some cases permanently, unable to exercise certain default rights, and the QFC may be transferred to another entity. These requirements may impact a Fund's credit and counterparty risks.

The Fund will also be exposed to credit risk on parties with whom it trades securities, and may also bear the risk of settlement default, in particular in relation to debt securities such as bonds, notes and similar debt obligations or instruments. Investors should also note that settlement mechanisms in emerging markets are generally less developed and reliable than those in more developed countries and this therefore increases the risk of settlement default, which could result in substantial losses for each Fund in respect to investments in emerging markets. Investors should also note that the securities of small capitalization companies as well as the securities of companies domiciled in emerging markets are often less liquid and more volatile than securities of large capitalization companies or companies domiciled in more developed markets, which may result in fluctuations in the price of the Fund. While the Sub-Adviser(s) continually assess the risk posed by the various counterparties, there can be no guarantee against default. Each counterparty presents credit and default risk.

**Custodial Receipts and Trust Certificates.** The Funds may invest in custodial receipts and trust certificates, which may be underwritten by securities dealers or banks, representing interests in securities held by a custodian or trustee. The securities so held may include U.S. Government securities, municipal securities or other types of securities in which the Funds may invest. The custodial receipts or trust certificates are underwritten by securities dealers or banks and may evidence ownership of future interest payments, principal payments or both on the underlying securities, or, in some cases, the payment obligation of a third party that has entered into an interest rate swap or other arrangement with the custodian or trustee. For certain securities law purposes, custodial receipts and trust certificates may not be considered obligations of the U.S. Government or other issuer of the securities held by the custodian or trustee. As a holder of custodial receipts and trust certificates, the Funds will bear its proportionate share of the fees and expenses charged to the custodial account or trust. The Funds may also invest in separately issued interests in custodial receipts and trust certificates.

Although under the terms of a custodial receipt or trust certificate the Funds would be typically authorized to assert its rights directly against the issuer of the underlying obligation, the Funds could be required to assert through the custodian bank or trustee those rights as may exist against the underlying issuers. Thus, in the event an underlying issuer fails to pay principal and/or interest when due, the Funds may be subject to delays, expenses and risks that are greater than those that would have been involved if the Funds had purchased a direct obligation of the issuer. In addition, in the event that the trust or custodial account in which the underlying securities have been deposited is determined to be an association taxable as a corporation, instead of a non-taxable entity, the yield on the underlying securities would be reduced in recognition of any taxes paid.

Certain custodial receipts and trust certificates may be synthetic or derivative instruments that have interest rates that reset inversely to changing short-term rates and/or have embedded interest rate floors and caps that require the issuer to pay an adjusted interest rate if market rates fall below or rise above a specified rate. Because some of these instruments represent relatively recent innovations, and the trading market for these instruments is less developed than the markets for traditional types of instruments, it is uncertain how these instruments will perform under different economic and interest-rate scenarios. Also, because these instruments may be leveraged, their market values may be more volatile than other types of Fixed Income Instruments and may present greater potential for capital gain or loss. The possibility of default by an issuer or the issuer's credit provider may be greater for these derivative instruments than for other types of instruments. In some cases, it may be difficult to determine the fair value of a derivative instrument because of a lack of reliable objective information and an established secondary market for some instruments may not exist. In many cases, the IRS has not ruled on the tax treatment of the interest or payments received on the derivative instruments and, accordingly, purchases of such instruments are based on the opinion of counsel to the sponsors of the instruments. At times, custodial receipts and trust certificates may be considered illiquid securities.

**Depositary Receipts.** American Depositary Receipts ("ADRs") typically are issued by a U.S. bank or trust company and evidence ownership of underlying securities issued by a foreign corporation. European Depositary Receipts ("EDRs") and Global Depositary Receipts ("GDRs") typically are issued by foreign banks or trust companies, although they may be issued by U.S. banks or trust companies, and evidence ownership of underlying securities issued by either a foreign or U.S. corporation. Generally, depositary receipts in registered form are intended for use in the U.S. securities markets, while depositary receipts in bearer form are intended for use in securities markets outside the U.S. Depositary receipts may or may not be denominated in the same currency as the underlying securities which they represent.

Depositary receipts may be issued in sponsored or un-sponsored programs. In a sponsored program, a security issuer has made arrangements to have its securities traded in the form of depositary receipts. In an un-sponsored program, the issuer may not be directly involved in the creation of the program. Although the U.S. regulatory requirements applicable to ADRs generally are similar for both sponsored and un-sponsored programs, in some cases it may be easier to obtain financial and other information from an issuer that has participated in the creation of a sponsored program. To the extent a Fund invests in depositary receipts of an un-sponsored program, there may be an increased possibility the Fund would not become aware of and be able to respond to corporate actions such as stock splits or rights offerings involving the foreign issuer of the security underlying an ADR on a timely basis. While readily exchangeable with stock in local markets, the depositary receipts in an unsponsored program may be less liquid than those in a sponsored program.

Depositary receipts involve many of the same risks as direct investments in foreign securities, described below.

**Derivative Instruments.** A Fund may, but is not required to, use derivative instruments for risk management purposes and as a part of its investment strategies. A Fund may also use derivatives to generate income. Generally, derivatives are financial instruments whose value depends on or is derived from, the value of one or more underlying assets, reference rates, or indices (a "reference instrument") and may relate to stocks, bonds, interest rates, currencies, commodities or related indices. Derivative instruments allow a Fund to gain or reduce exposure to the value of a reference instrument without actually owning or selling the instrument.

A Fund may use derivatives in an attempt to reduce its investment exposures. A Fund may also use derivatives as a substitute for direct investment in securities or other assets. For example, a Fund may use derivatives instead of investing directly in equity securities, including using equity derivatives to maintain equity exposure when it holds cash by "equitizing" its cash balances using futures contracts or other types of derivatives. A Fund also may use currency derivatives (including forward currency contracts, futures contracts, swap contracts, and options) to gain exposure to a given currency. A Fund may use derivatives in an attempt to adjust elements of its investment exposures to various securities, sectors, markets, indices, and currencies without actually having to sell existing investments or make new direct investments. For example, if a Fund holds a large proportion of stocks of companies in a particular sector and its Sub-Adviser believes that stocks of companies in another sector will outperform those stocks, the Fund might use a short futures contract on an appropriate index (to synthetically "sell" a portion of the Fund's portfolio) in combination with a long futures contract on another index (to synthetically "buy" exposure to that index). A Fund's performance can depend substantially on the performance of the reference instrument underlying its derivatives even though it does not own the reference instrument. Derivative instruments may also be used for other purposes, including to seek to increase liquidity, implement a tax management strategy, modify the effective duration of a Fund's portfolio investments and/or enhance total return. However derivative instruments are used, their successful use is not assured and will depend upon the respective Sub-Adviser's ability to gauge relevant market movements.

A Fund may have investment exposures in excess of its net assets (i.e., it may be leveraged) and therefore is subject to heightened risk of loss. The leverage involved in certain derivative transactions may result in a Fund's net asset value being more sensitive to changes in the value of the related investment.

A Fund might not employ any of the derivative strategies described in this SAI, and no assurance can be given that any strategy used will succeed. If a Sub-Adviser incorrectly forecasts interest rates, market values or other economic factors in utilizing a derivatives strategy for a Fund, such Fund might have been in a better position if it had not entered into the transaction at all. Also, suitable derivative transactions may not be available in all circumstances. The use of these strategies involves certain special risks, including a possible imperfect correlation, or even no correlation, between price movements of derivative instruments and price movements of related investments. Many derivative transactions, in particular over-the-counter derivatives, are complex and their valuation often requires modeling and judgment, which increases the risk of mispricing or incorrect valuation. While some strategies involving derivative instruments can reduce the risk of loss, they also can reduce the opportunity for gain or even result in losses by offsetting favorable price movements in related investments or otherwise, for example, due to the possible inability of a Fund to close out or to liquidate its derivatives positions. See also "Derivatives Regulation" section in this SAI.

**Diversification.** Certain of the Funds are diversified companies, as such term is defined under the 1940 Act. A Fund that is a diversified company under the 1940 Act will have at least 75% of the value of its total assets represented by the following:

● Cash and cash items (including receivables);

● Government securities;

● Securities of other investment companies; and

● Other securities limited in respect to any one issuer to not more than 5% of the value of the Fund's total assets and to not more than 10% of the outstanding voting securities of such issuer.

These percentage limitations are measured at the time that a Fund acquires a security, and a Fund will not lose its diversification status if the Fund's holdings exceed these percentages because of post-acquisition changes in security prices.

**Equity-Linked Derivatives.** Equity-linked derivatives ("Equity-Linked Derivatives") are interests in a securities portfolio designed to replicate the composition and performance of a particular index. Equity-Linked Derivatives are exchange-traded. The performance results of Equity-Linked Derivatives will not replicate exactly the performance of the pertinent index due to transaction and other expenses, including fees to service providers, borne by the Equity-Linked Derivatives. Examples of such products include Standard & Poor's Depositary Receipts ("SPDR<sup>®</sup>s"), World Equity Benchmark Series ("WEBs"), NASDAQ 100 tracking shares ("QQQs"), Dow Jones Industrial Average Instruments ("DIAMONDS") and Optimized Portfolios As Listed Securities ("OPALS"). Investments in Equity-Linked Derivatives involve the same risks associated with a direct investment in the types of securities included in the indices such products are designed to track. There can be no assurance that the trading price of the Equity-Linked Derivatives will equal the underlying value of the basket of securities purchased to replicate a particular index or that such basket will replicate the index. Investments in Equity-Linked Derivatives may constitute investments in other investment companies and, therefore, a Fund may be subject to the same investment restrictions with Equity-Linked Derivatives as with other investment companies. See "Investment Companies" in this section.

**Equity-linked notes.** Equity-linked notes ("ELNs") are hybrid derivative-type instruments that are specially designed to combine the characteristics of one or more reference securities (usually a single stock, a stock index or a basket of stocks (underlying securities)) and a related equity derivative, such as a put or call option, in a single note form. Generally, when purchasing an ELN, a Fund pays the counterparty (usually a bank or brokerage firm) the current value of the underlying securities plus a commission. Upon the maturity of the note, a Fund generally receives the par value of the note plus a return based on the appreciation of the underlying securities. If the underlying securities have depreciated in value or if their price fluctuates outside of a preset range, depending on the type of ELN in which a Fund invested, a Fund may receive only the principal amount of the note, or may lose the principal invested in the ELN entirely. A Fund only invests in ELNs for which the underlying securities are permissible investments pursuant to a Fund's investment policies and restrictions. For purposes of a Fund's fundamental investment policy of not investing more than 25% of a Fund's net assets in securities of issuers in any one industry (other than securities issued or guaranteed by the U.S. Government or any of its agencies or instrumentalities or securities of other investment companies), a Fund applies the restriction by reference to the industry of the issuer of the underlying reference securities and not the industry of the issuer of an ELN.

ELNs are available with an assortment of features, such as periodic coupon payments (e.g., monthly, quarterly or semiannually); varied participation rates (the rate at which the Fund participates in the appreciation of the underlying securities); limitations on the appreciation potential of the underlying securities by a maximum payment or call right; and different protection levels on a Fund's principal investment. In addition, when the underlying securities are foreign securities or indices, an ELN may be priced with or without currency exposure. A Fund may engage in all types of ELNs, including those that: (1) provide for protection of a Fund's principal in exchange for limited participation in the appreciation of the underlying securities, and (2) do not provide for such protection and subject a Fund to the risk of loss of a Fund's principal investment.

ELNs can provide a Fund with an efficient investment tool that may be less expensive than investing directly in the underlying securities and the related equity derivative. ELNs also may enable a Fund to obtain a return (the coupon payment) without risk to principal (in principal-protected ELNs) if the general price movement of the underlying securities is correctly anticipated. A Fund's successful use of ELNs will usually depend on a Sub-Adviser's ability to accurately forecast movements in the underlying securities. Should the prices of the underlying securities move in an unexpected manner, a Fund may not achieve the anticipated benefits of the investment in the ELN, and it may realize losses, which could be significant and could include a Fund's entire principal investment. If a Sub-Adviser is not successful in anticipating such price movements, a Fund's performance may be worse than if the Sub-Adviser did not use an ELN at all.

In addition, an investment in an ELN possesses the risks associated with the underlying securities, such as management risk, market risk and, as applicable, foreign securities and currency risks. In addition, because ELNs are in note form, ELNs are also subject to certain debt securities risks, such as interest rate and credit risk. An investment in an ELN also bears the risk that the issuer of the ELN will default or become bankrupt. In such an event, a Fund may have difficulty being repaid, or fail to be repaid, the principal amount of, or income from, its investment. A downgrade or impairment to the credit rating of the issuer may also negatively impact the price of the ELN, regardless of the price of the underlying securities.

A Fund may also experience liquidity issues when investing in ELNs, as ELNs are generally designed for the over-the-counter institutional investment market. The secondary market for ELNs may be limited, and the lack of liquidity in the secondary market may make ELNs difficult to sell and value. However, as the market for ELNs has grown, there are a growing number of exchange traded ELNs available, although these products may be thinly traded.

ELNs may exhibit price behavior that does not correlate with the underlying securities or a fixed-income investment. In addition, performance of an ELN is the responsibility only of the issuer of the ELN and not the issuer of the underlying securities. As the holder of an ELN, a Fund generally has no rights to the underlying securities, including no voting rights or rights to receive dividends, although the amount of expected dividends to be paid during the term of the instrument are factored into the pricing and valuation of the underlying securities at inception.

**Equity Securities.** The Funds may also invest directly in equity securities. Equity securities, such as common stock, represent an ownership interest or the right to acquire an ownership interest, in an issuer.

Common stock generally takes the form of shares in a corporation. The value of a company's stock may fall as a result of factors directly relating to that company, such as decisions made by its management or lower demand for the company's products or services. A stock's value also may fall because of factors affecting not just the company, but also companies in the same industry or in a number of different industries, such as increases in production costs. The value of a company's stock also may be affected by changes in financial markets that are relatively unrelated to the company or its industry, such as changes in interest rates or currency exchange rates. In addition, a company's stock generally pays dividends only after the company invests in its own business and makes required payments to holders of its bonds, other debt and preferred stock. For this reason, the value of a company's stock will usually react more strongly than its bonds, other debt and preferred stock to actual or perceived changes in the company's financial condition or prospects. Stocks of smaller companies may be more vulnerable to adverse developments than those of larger companies. Stocks of companies that the portfolio managers believe are fast-growing may trade at a higher multiple of current earnings than other stocks. The value of such stocks may be more sensitive to changes in current or expected earnings than the values of other stocks.

Different types of equity securities provide different voting and dividend rights and priority in the event of the bankruptcy and/or insolvency of the issuer. In addition to common stock, equity securities may include preferred stock, convertible securities and warrants, which are discussed elsewhere in the Prospectus and this SAI. Equity securities other than common stock are subject to many of the same risks as common stock, although possibly to different degrees. The risks of equity securities are generally magnified in the case of equity investments in distressed companies.

**Equity Swaps.** Equity swap contracts offer an opportunity to invest in a market without owning or taking physical custody of securities. The counterparty to an equity swap contract typically will be a bank, investment banking firm or broker-dealer. The counterparty generally will agree to pay the Fund the amount, if any, by which the notional amount of the equity swap contract would have increased in value had it been invested in specified equity securities, plus the dividends that would have been received on those equity securities. The Fund will agree to pay to the counterparty a floating rate of interest on the notional amount of the equity swap contract plus the amount, if any, by which that notional amount would have decreased in value had it been invested in such equity securities. Therefore, the return to the Fund on any equity swap contract should be the gain or loss on the notional amount plus dividends on the equity securities less the interest paid by the Fund on the notional amount.

A Fund expects to enter into equity swaps on a net basis, which means that the two payment streams are netted out, with the Fund receiving or paying, as the case may be, only the net amount of the two payments. Payments may be made at the conclusion of an equity swap contract or periodically during its term. Accordingly, the risk of loss with respect to equity swaps with netted payments generally is expected to be limited to the net amount of payments that are contractually obligated to be made. If the counterparty to an equity swap defaults, the Fund's risk of loss generally is expected to consist of the net amount of payments that such Fund is contractually entitled to receive, if any, including the return of any collateral posted by the Fund.

**Event-Linked Bonds.** A Fund may invest in event-linked bonds, which are fixed income securities for which the return of principal and payment of interest is contingent on the non-occurrence of a specific "trigger" event, such as a hurricane, earthquake, or other physical or weather-related phenomenon. They may be issued by government agencies, insurance companies, reinsurers, special purpose corporations or other on-shore or off-shore entities. If a trigger event occurs, a Fund may lose all or a portion of its principal invested in the bond. If no trigger event occurs, the Fund will recover its principal plus interest. For some event-linked bonds, the trigger event or losses may be based on company-wide losses, index-portfolio losses, industry indices or readings of scientific instruments rather than specified actual losses. Event-linked bonds often provide for an extension of maturity to process and audit loss claims where a trigger event has, or possibly has, occurred. An extension of maturity may increase volatility. Event-linked bonds also may expose a Fund to certain unanticipated risks including issuer (credit) risk, adverse regulatory or jurisdictional interpretations, and adverse tax consequences. Event-linked bonds may also be subject to liquidity risks.

Event-linked bonds are a relatively new type of financial instrument. As such, there is no significant trading history of these securities, and there can be no assurance that a liquid market in these instruments will develop. Lack of a liquid market may impose the risk of higher transaction costs and the possibility that a Fund may be forced to liquidate positions when it would not be advantageous to do so. Event-linked bonds are typically rated, and a Fund will only invest in event-linked bonds that meet the credit quality requirements for the Fund.

**Eurozone Investment Risks.** The European Union ("EU") is an economic and political union of member states consisting of mostly Western European countries and a growing number of Eastern European countries. One of the key mandates of the EU is the establishment and administration of a common single market, consisting of, among other things, a single currency and a common trade policy. In order to pursue this goal, member states established the Economic and Monetary Union ("EMU"), which sets out different stages and commitments that member states need to follow to achieve greater economic and monetary policy coordination, including the adoption of a single currency, the euro. Many member states have adopted the euro as their currency and, as a result, are subject to the monetary policies of the European Central Bank ("ECB").

Failure by one or more EU member states to reach those objectives or an insufficient level of assistance could result in a deeper or prolonged economic downturn, which could have a significant adverse effect on the value of investments in European countries. By adopting the euro, a member country relinquishes control of its own monetary policies. As a result, European countries are significantly affected by fiscal and monetary controls implemented by the EMU and may be limited to some degree from implementing their own economic policies. The euro may not fully reflect the strengths and weaknesses of the various economies that comprise the EMU and Europe generally. It is difficult to impose a common currency across disparate countries, cultures, and social-economic political histories. Such disparate impacts could, theoretically, lead to the collapse of the EU and the euro and return member states to local country currencies.

Additionally, it is possible that EMU member states could voluntarily abandon the euro or involuntarily be forced out of the euro, including by way of a partial or complete dissolution of the monetary union. The effects of such outcomes on the rest of the Eurozone and global markets as a whole are unpredictable, but are likely to be negative, including adversely impacted market values of Eurozone and various other securities and currencies, redenomination of certain securities into less valuable local currencies, and more volatile and illiquid markets. Under such circumstances, investments denominated in euros or replacement currencies may be difficult to value, the ability to operate an investment strategy in connection with euro-denominated securities may be significantly impaired and the value of euro-denominated investments may decline significantly and unpredictably.

Uncertainty surrounding the sovereign debt of a number of EU countries, as well as the continued existence of the EU itself, have disrupted and may disrupt markets in the U.S. and around the world. If one or more countries leave the EU or the EU dissolves, the world's securities markets likely will be significantly disrupted. For example, in June 2016, the United Kingdom ("U.K.") approved a referendum to leave the EU (commonly known as "Brexit"). The U.K. left the EU on January 31, 2020. Following the withdrawal, there was an eleven-month transition period, ending December 31, 2020, during which the U.K. and the EU agreed to a Trade and Cooperation Agreement governing the future relationship between the U.K. and the EU. The Trade and Cooperation Agreement does not provide the U.K. with the same level of rights or access to all goods and services in the EU as the U.K. previously maintained as a member of the EU and during the transition period. In particular the Trade and Cooperation Agreement does not include an agreement on financial services which is yet to be agreed. From January 1, 2021, EU laws ceased to apply in the U.K. Many EU laws were transposed into English law and these transposed laws continue to apply until such time that they are repealed, replaced or amended. The U.K. government has enacted legislation that will repeal, replace or otherwise make substantial amendments to the EU laws that currently apply in the U.K. It is impossible to predict the consequences of these amendments on the Fund and its investments. Such changes could be materially detrimental to investors. Additionally, although one cannot predict the full effect of Brexit, it could lead to global economic uncertainty and result in volatility in global stock markets and currency exchange rate fluctuations. This uncertainty may impact opportunities, pricing, availability and cost of bank financing, regulation, values or exit opportunities of companies or assets based, doing business, or having services or other significant relationships in, the U.K. or the EU.

Brexit may also create uncertainty around trade within Europe, the possibility of capital outflows from the U.K., devaluation of the pound sterling, the cost of higher corporate bond spreads, and the risk that all the above could negatively impact business and consumer spending as well as foreign direct investment.

**Exchange-Traded Funds.** Investments in investment companies may include shares of exchange-traded funds ("ETFs"), which are designed to track the performance or dividend yield of specific indexes or companies in related industries. ETFs usually are units of beneficial interest in an investment trust or represent undivided ownership interests in a portfolio of securities, in each case with respect to a portfolio of all or substantially all of the component securities of, and in substantially the same weighting as, the relevant benchmark index. ETFs are listed on an exchange and trade in the secondary market on a per-share basis.

The values of ETFs are subject to change as the values of their respective component securities fluctuate according to market volatility. Investments in ETFs that are designed to correspond to an equity index, for example, involve certain inherent risks generally associated with investments in a broadly based portfolio of common stocks, including the risk that the general level of stock prices may decline, thereby adversely affecting the value of ETFs invested in by each Fund. Moreover, a Fund's investments in ETFs may not exactly match the performance of a direct investment in the respective indices to which they are intended to correspond due to the temporary unavailability of certain index securities in the secondary market or other extraordinary circumstances, such as discrepancies with respect to the weighting of securities. See "Investment Companies" in this section.

● *Bitcoin Exchange-Traded Funds.* The JNL/Neuberger Berman Gold Plus Strategy Fund may trade in physical bitcoin ETFs. Bitcoin is a digital asset whose ownership and behavior are determined by participants in an online, peer-to-peer network that connects computers that run publicly accessible, or "open source," software that follows the rules and procedures governing the bitcoin network, commonly referred to as the bitcoin protocol. The value of bitcoin, like the value of other cryptocurrencies, is not backed by any government, corporation, or other identified body. The further development of the bitcoin network, which is part of a new and rapidly changing industry, is subject to a variety of factors that are difficult to evaluate. The values of bitcoin ETFs are subject to change as the values of the bitcoin ETFs' component assets (i.e., bitcoin or bitcoin futures contracts) fluctuate due to market volatility. Bitcoin ETFs may trade in the secondary market at a premium to or discount from their net asset values, and the Fund may purchase or sell shares of bitcoin ETFs at prices above or below such net asset values. Because the market price of ETF shares depends in part on the demand in the market for the shares, as well as on the value of the ETF's component assets, and because the market price of ETF shares is subject to tracking error, the market price of a bitcoin ETF may be more volatile than the underlying bitcoin or bitcoin futures contracts in which the bitcoin ETF invests. In addition, there is no guarantee that an active trading market for bitcoin ETFs will exist at any time and the Fund may not be able to liquidate bitcoin ETF holdings at the time or price desired, which may adversely impact Fund performance. Furthermore, there may be times when the exchange halts trading, in which case the Fund would be unable to sell them until trading is resumed.

**Exchange-Traded Notes.** Exchange-traded notes ("ETNs") are senior, unsecured, unsubordinated debt securities whose returns are linked to the performance of a particular market benchmark or strategy, minus applicable fees. ETNs are traded on an exchange (*e.g.*, the New York Stock Exchange) during normal trading hours; however, investors can also hold the ETN until maturity. At maturity, the issuer pays to the investor a cash amount equal to the principal amount, subject to the day's market benchmark or strategy factor. ETNs do not make periodic coupon payments or provide principal protection. ETNs are subject to credit risk, including the credit risk of the issuer, and the value of the ETN may drop due to a downgrade in the issuer's credit rating, despite the underlying market benchmark or strategy remaining unchanged. The value of an ETN may also be influenced by time to maturity, level of supply and demand for the ETN, volatility and lack of liquidity in underlying assets, changes in the applicable interest rates, changes in the issuer's credit rating, and economic, legal, political, or geographic events that affect the referenced underlying asset. In addition, although an ETN may be listed on an exchange, the issuer may not be required to maintain the listing, and there can be no assurance that a secondary market will exist for an ETN.

ETNs are also subject to tax risk. No assurance can be given that the IRS will accept, or a court will uphold, how a Fund characterizes and treats ETNs for tax purposes. Further, the IRS and Congress are considering proposals that would change the timing and character of income and gains from ETNs.

An ETN that is tied to a specific market benchmark or strategy may not be able to replicate and maintain exactly the composition and relative weighting of securities, commodities or other components in the applicable market benchmark or strategy. Some ETNs that use leverage can, at times, be relatively illiquid, and thus they may be difficult to purchase or sell at a fair price. Leveraged ETNs are subject to the same risk as other instruments that use leverage in any form.

The market value of ETNs may differ from their market benchmark or strategy. This difference in price may be due to the fact that the supply and demand in the market for ETNs at any point in time is not always identical to the supply and demand in the market for the securities, commodities or other components underlying the market benchmark or strategy that the ETN seeks to track. As a result, there may be times when an ETN trades at a premium or discount to its market benchmark or strategy.

**Fixed-Income Securities.** A Fund may invest in fixed-income securities of companies that meet the investment criteria for the Fund. In general, fixed-income securities represent a loan of money by the purchaser to the issuer. A fixed income security typically has a fixed payment schedule that obligates the issuer to pay interest to the lender and to return the lender's money over a certain period of time or at a specified date, called "maturity." The security issuer typically must meet its obligations associated with its outstanding fixed-income securities before it may declare or pay any dividend to holders of its equity securities and may also be obliged under the terms of its fixed income securities to maintain certain measures of financial condition. Bonds, notes and commercial paper are typical types of fixed-income securities, differing in the length of the issuer's repayment schedule.

The price of fixed-income securities fluctuates with changes in interest rates and in response to changes in the financial condition of the issuer. The value of fixed-income securities generally rises when interest rates fall, and falls when interest rates rise. Prices of longer-term securities generally increase or decrease more sharply than those of shorter-term securities in response to interest rate changes. The risks associated with rising interest rates may be particularly acute in the current market environment because the Federal Reserve Board recently raised rates and may continue to do so.

**Foreign Currency Transactions.** Certain of the Funds may invest in foreign currency-denominated securities and may purchase and sell foreign currency options, forward currency contracts, foreign currency futures contracts, and related options (see "Futures" in the Common Types of Investments and Management Practices section herein), and may engage in foreign currency transactions either on a spot (cash) basis at the rate prevailing in the currency exchange market at the time or through forward currency contracts with terms generally less than one year. A Fund may engage in these transactions in order to protect against uncertainty in the level of future foreign exchange rates in the purchase and sale of securities. A Fund also may use foreign currency options and foreign currency forwards to increase exposure to a foreign currency or to shift exposure to foreign currency fluctuations from one country to another. Currency positions are not considered to be an investment in a foreign government for industry concentration purposes.

A forward foreign currency contract is an obligation to purchase or sell a specific currency or multinational currency unit at a future date (which may be any fixed number of days from the date of the contract agreed upon by the parties at a price set at the time of the contract), which is individually negotiated and privately traded by currency traders and their customers in the OTC market. A Fund may either accept or make delivery of the currency specified at the maturity of a forward contract or, prior to maturity, enter into a closing transaction involving the purchase or sale of an offsetting contract. Forward currency contracts may also be cash settled, and a Fund may not actually deliver or take delivery of a foreign currency. Closing forward transactions may be executed prior to the termination date, or rolled over, with or without the original counterparty.

Forward foreign currency contracts may be bought or sold to protect a Fund against a possible loss resulting from an adverse change in the relationship between foreign currencies and the U.S. dollar or to gain exposure to a particular foreign currency or currencies as a part of its investment strategy. Although forwards used for hedging purposes are intended to minimize the risk of loss due to a decline in the value of the hedged currencies, at the same time, they tend to limit any potential gain which might result should the value of such currencies increase and may result in losses. In addition to being used by a Fund to gain exposure to a particular foreign currency or to enhance the Fund's return, forwards may be used to adjust the foreign exchange exposure of a Fund and a Fund might be expected to enter into such contracts under the following circumstances:

***Lock In*.** When a Fund desires to fix the U.S. dollar price on the purchase or sale of a security denominated in a foreign currency, the Fund will "lock in" the exchange rate. If a foreign currency is expected to become more expensive in U.S. dollar terms, a Fund could lock in the exchange rate today for a transfer that needs to occur in the future, thereby protecting against adverse exchange rate movements.

***Cross Hedge*.** If the value of a particular currency is expected to decrease against the value of another currency, a Fund may sell the currency expected to decrease in value and purchase a currency which is expected to increase in value against the currency sold in an amount approximately equal to some or all of a Fund's portfolio holdings denominated in the currency sold.

***Direct Hedge*.** If a Fund wants to eliminate substantially all of the risk of owning a particular currency, or if a Sub-Adviser expects that a Fund may benefit from price appreciation in a security denominated in a particular foreign currency but does not wish to maintain exposure to that currency, it may employ a direct hedge back into the U.S. dollar. In either case, a Fund would enter into a forward contract to sell the currency in which a portfolio security is denominated and purchase U.S. dollars at an exchange rate established at the time it initiated the contract. The cost of the direct hedge transaction may offset most, if not all, of the yield advantage offered by the foreign security, but a Fund would hope to benefit from an increase in value of the security, if any.

***Proxy Hedge*.** A Fund might choose to use a "proxy" hedge, which may be less costly than a direct hedge. In this case, a Fund, having purchased a security denominated in a foreign currency, will sell a currency whose value is expected to be closely linked to the currency in which the security is denominated. Interest rates prevailing in the country whose currency was sold would be expected to be closer to those in the U.S. and lower than those of securities denominated in the currency of the original holding. This type of hedging entails greater risk than a direct hedge because it is dependent on a stable relationship between the two currencies paired as proxies and the relationships can be very unstable at times.

**Foreign Securities.** A Fund may invest in, or have exposure to, foreign securities. Investors should realize that investing in, or having exposure to, foreign securities involves certain special considerations that typically are not associated with investing in, or having exposure to, U.S. securities. These include non-U.S. dollar-denominated securities traded principally outside the U.S. and U.S. dollar-denominated securities traded in the U.S. (such as ADRs). Such investments increase a Fund's diversification and may enhance return, but they also involve some special risks such as exposure to potentially adverse local political and economic developments; nationalization and exchange controls; imposition of economic sanctions against a particular country or countries, organizations, companies, entities and/or individuals; potentially lower liquidity and higher volatility; possible problems arising from accounting, disclosure, settlement, and regulatory practices that differ from U.S. standards; and the chance that fluctuations in foreign exchange rates will decrease the investment's value (favorable changes can increase its value). In addition, foreign securities purchased by the Fund may be subject to foreign government taxes, higher custodian fees, higher brokerage commissions and dividend collection fees. Foreign government securities are issued or guaranteed by a foreign government, province, instrumentality, political subdivision or similar unit thereof.

***Currency Risk*.** The value of the Fund's foreign investments will be affected by changes in currency exchange rates. The U.S. dollar value of a foreign security decreases when the value of the U.S. dollar rises against the foreign currency in which the security is denominated, and increases when the value of the U.S. dollar falls against such currency.

***Political and Economic Risk*.** Although debatable in the current U.S. macro socio-economic and political context, the economies of many of the countries in which the Funds may invest may not be as developed as the United States' economy and may be subject to significantly different forces. Conversely, investments in certain countries may be more or less secure than investments in the U.S., and carry repatriation risks from taxes and regulatory impairment when bringing such investments back to the U.S. As is the case in the U.S. political or social instability, expropriation or confiscatory taxation, and limitations on the removal of funds or other assets could also adversely affect the value of the Funds' investments.

***Regulatory Risk*.** Foreign companies are not registered with the U.S. Securities and Exchange Commission ("SEC") and are generally not subject to the regulatory controls imposed on United States issuers and, as a consequence, there is generally less publicly available information about foreign securities than is available about domestic securities. Foreign companies are not subject to uniform accounting, auditing and financial reporting standards, corporate governance practices and requirements comparable to those applicable to domestic companies. The Public Company Accounting Oversight Board, which regulates auditors of U.S. public companies, is unable to inspect audit work papers in certain foreign countries. Investors in foreign countries often have limited rights and few practical remedies to pursue shareholder claims, including class actions or fraud claims, and the ability of the U.S. Securities and Exchange Commission, the U.S. Department of Justice and other authorities to bring and enforce actions against foreign issuers or foreign persons is limited. Income, gains and proceeds from foreign securities owned by the Funds may be reduced by a withholding tax at the source or other foreign taxes, which tax or taxes would reduce dividend income payable to the Funds' shareholders.

***Market Risk*.** The securities markets in many of the countries in which the Funds invest, or have exposure to, will have substantially less trading volume than the major United States markets. As a result, the securities of some foreign companies may be less liquid and experience more price volatility than comparable domestic securities. Increased custodian costs as well as administrative costs (such as the need to use foreign custodians) may be associated with the maintenance of assets in foreign jurisdictions. There is generally less government regulation and supervision of foreign stock exchanges, brokers and issuers which may make it difficult to enforce contractual obligations. In addition, transaction costs in foreign securities markets are likely to be higher, because brokerage commission rates in foreign countries are likely to be higher than in the United States.

***Risk of Developing (Emerging Market) Countries*.** Certain of the Funds may invest in, or have exposure to, securities of developing or emerging market countries, including foreign markets. While subject to reasonable interpretation, developing countries are generally those countries which are not included in the MSCI World Index. Each Fund considers various factors when determining whether a company is in a developing country, including whether: (1) it is organized under the laws of a developing country; (2) it has a principal office in a developing country; (3) it derives 50% or more of its total revenues from business in a developing country; or (4) its securities are traded principally on a stock exchange, or in an OTC market, in a developing country. The Funds generally consider an instrument to be economically tied to an emerging market country if: the issuer is organized under the laws of an emerging market country; the currency of settlement of the security is a currency of an emerging market country; the security is guaranteed by the government of an emerging market country (or any political subdivision, agency, authority or instrumentality of such government); for an asset-backed or other collateralized security, the country in which the collateral backing the security is located is an emerging market country; or the security's "country of exposure" is an emerging market country, as determined by the criteria set forth below. With respect to derivative instruments, the Funds generally consider such instruments to be economically tied to emerging market countries if the underlying assets are currencies of emerging market countries (or baskets or indexes of such currencies), or instruments or securities that are issued or guaranteed by governments of emerging market countries or by entities organized under the laws of emerging market countries or if an instrument's "country of exposure" is an emerging market country. A security's "country of exposure" is determined using certain factors provided by a third-party analytical service provider. The factors are applied to result in the assignment of a country determines the "country of exposure." The factors, including but not limited to, are: (i) if an asset-backed or other collateralized security, the country in which the collateral backing the security is located; (ii) the "country of risk" of the issuer; (iii) if the security is guaranteed by the government of a country (or any political subdivision, agency, authority or instrumentality of such government), the country of the government or instrumentality providing the guarantee; (iv) the "country of risk" of the issuer's ultimate parent; or (v) the country where the issuer is organized or incorporated under the laws thereof. "Country of risk" is a separate four-part test determined by the factors, that are including but not limited to the following: (i) management location; (ii) country of primary listing; (iii) sales or revenue attributable to the country; and (iv) reporting currency of the issuer. The Funds have broad discretion to identify countries that they consider to qualify as emerging markets. In exercising such discretion, the Funds identify countries as emerging markets consistent with the strategic objectives of a particular Fund. For example, a Fund may consider a country to be an emerging market country based on a number of factors including, but not limited to, if the country is classified as an emerging or developing economy by any supranational organization such as the World Bank or the United Nations, or related entities, or if the country is considered an emerging market country for purposes of constructing emerging markets indices. In some cases, this approach may result in a particular country being identified as an emerging market with respect to certain Funds but not others.

Investments in developing countries present risks greater than, and in addition to, those presented by investments in foreign issuers in general. A number of developing countries restrict, to varying degrees, foreign investment in stocks. Certain investors may not be able to participate in favorable corporate action events. Investor protection regimes may be more limited in emerging markets. For example, it may be more difficult for shareholders to bring derivative litigation or for U.S. regulators to bring enforcement actions against issuers in emerging markets. Repatriation of investment income, capital, and the proceeds of sales by foreign investors may require governmental registration and/or approval in some developing countries. Foreign exchange transactions may need to be executed with authorized agents, and there may not be any guarantee of execution in a timely manner. A number of the currencies of developing countries have experienced significant declines against the U.S. dollar in recent years, and devaluation may occur subsequent to investments in these currencies by the Fund. Inflation and rapid fluctuations in inflation rates have had and may continue to have negative effects on the economies and securities markets of certain emerging market countries. Many of the developing securities markets are relatively small or less diverse, have low trading volumes, suffer periods of relative illiquidity, and are characterized by significant price volatility. There is a risk in developing countries that a future economic or political crisis could lead to price controls, forced mergers of companies, expropriation or confiscatory taxation, seizure, nationalization, or creation of government monopolies, any of which may have a detrimental effect on a Fund's investments.

 ***Variable Interest Entities.*** Many Chinese companies have created variable interest entities ("VIEs") as a means to circumvent limits on foreign ownership of equity in Chinese companies. Investments in companies that use a VIE structure may pose additional risks because the investment is made through an intermediary entity that exerts control of the underlying operating business through contractual means rather than equity ownership and, as a result, may limit the rights of an investor. Although VIEs are a longstanding industry practice and well known to officials and regulators in China, VIE structures are not formally recognized under Chinese law. Investors face uncertainty about future actions by the government of China that could significantly affect an operating company's financial performance and the enforceability of the VIE's contractual arrangements. It is uncertain whether Chinese officials or regulators will withdraw their implicit acceptance of the VIE structure, or whether any new laws, rules, or regulations relating to VIE structures will be adopted or, if adopted, what impact they would have on the interests of foreign shareholders. Under extreme circumstances, China might prohibit the existence of VIEs, or sever their ability to transmit economic and governance rights to foreign individuals and entities; if so, the market value of a Fund's associated portfolio holdings would likely suffer significant, detrimental, and possibly permanent effects, which could result in the value of a VIE's securities becoming worthless.

***Frontier market countries risk.*** Frontier market countries generally have smaller economies and less-developed capital markets than traditional developing markets, and, as a result, the risks of investing in developing market countries are magnified in frontier market countries. The economies of frontier market countries are less correlated to global economic cycles than those of their more developed counterparts and their markets have low trading volumes and the potential for extreme price volatility and illiquidity is higher. This volatility may be further heightened by the actions of a few major investors. For example, a substantial increase or decrease in cash flows of mutual funds investing in these markets could significantly affect local stock prices and, therefore, the price of Fund shares. These factors make investing in frontier market countries significantly riskier than in other foreign countries and any one risk could cause the price of the Fund's shares to decline.

Governments of frontier market countries in which the Fund may invest may exercise substantial influence over many aspects of the private sector. In some cases, the foreign governments of such frontier market countries may own or control certain companies. Accordingly, government actions could have a significant effect on economic conditions in a frontier market country and on market conditions, prices, and yields of securities in the Fund's portfolio. Moreover, the economies of frontier market countries may be heavily dependent upon international trade and, accordingly, have been and may continue to be adversely affected by trade barriers, exchange controls, managed adjustments in relative currency values, and other protectionist measures imposed or negotiated by the countries with which they trade. Also, these frontier market economies have been, and may continue, to be adversely affected by economic conditions in the countries with which they trade.

Investment in equity securities of issuers operating in certain frontier market countries may be restricted or controlled to varying degrees. These restrictions or controls may at times limit or preclude foreign investment in equity securities of issuers operating in certain frontier market countries and increase the costs and expenses of the Fund. Certain frontier market countries require governmental approval prior to investments by foreign persons, limit the amount of investment by foreign persons in a particular issuer, limit the investment by foreign persons only to a specific class of securities of an issuer that may have less advantageous rights than the classes available for purchase by domiciliaries of the countries, and/or impose additional taxes on foreign investors. Certain investors may not be able to participate in favorable corporate action events. Certain frontier market countries may also restrict investment opportunities in issuers in industries deemed important to national interests.

Frontier market countries may require governmental approval for the repatriation of investment income, capital or the proceeds of sales of securities by foreign investors, such as the Fund. Foreign exchange transactions may need to be executed with authorized agents, and there may not be any guarantee of execution in a timely manner. In addition, if deterioration occurs in a frontier market country's balance of payments, the country could impose temporary restrictions on foreign capital remittances. The Fund could be adversely affected by delays in, or a refusal to grant, any required governmental approval for repatriation of capital, as well as by the application to the Fund of any restrictions on investments. Investing in local markets in frontier market countries may require the Fund to adopt special procedures, seek local government approvals or take other actions, each of which may involve additional costs to the Fund. News and information about companies and corporate events may be limited or restricted.

There may be no centralized securities exchange on which securities are traded in frontier market countries. Also, securities laws in many frontier market countries are relatively new and unsettled. Therefore, laws regarding foreign investment in frontier market securities, securities regulation, title to securities, and shareholder rights may change quickly and unpredictably.

The frontier market countries in which the Fund invests may become subject to sanctions or embargoes imposed by the U.S. Government and the United Nations. The value of the securities issued by companies that operate in, or have dealings with these countries may be negatively impacted by any such sanction or embargo and may reduce the Fund's returns.

Banks in frontier market countries used to hold the Fund's securities and other assets in that country may lack the same operating experience as banks in developed markets. In addition, in certain countries there may be legal restrictions or limitations on the ability of the Fund to recover assets held by a foreign bank in the event of the bankruptcy of the bank. Settlement systems in frontier markets may be less well organized than in the developed markets. As a result, there is greater risk than in developed countries that settlements will take longer and that cash or securities of the Fund may be in jeopardy because of failures of or defects in the settlement systems.

**Futures.** To the extent consistent with applicable law and its investment restrictions, a Fund permitted to invest in futures contracts may invest in futures contracts on, among other things, financial instruments (such as a U.S. Government security or other fixed income security), individual equity securities ("single stock futures"), securities indices, interest rates, currencies, digital assets, inflation indices, and, to the extent a Fund is permitted to invest in commodities and commodity-related derivatives, commodities or commodities indices. Futures contracts on securities indices are referred to herein as "Index Futures." Futures contracts can be utilized to increase or decrease various types of market exposure and risks.

Certain futures contracts are physically settled (i.e., involve the making and taking of delivery of a specified amount of an underlying security or other asset). For instance, the sale of certain futures contracts on foreign currencies or financial instruments creates an obligation of the seller to deliver a specified quantity of an underlying foreign currency or financial instrument called for in the contract for a stated price at a specified time. Conversely, the purchase of certain futures contracts creates an obligation of the purchaser to pay for and take delivery of the underlying foreign currency or financial instrument called for in the contract for a stated price at a specified time. In some cases, the specific instruments delivered or taken, respectively, on the settlement date are not determined until on or near that date. That determination is made in accordance with the rules of the exchange on which the sale or purchase was made. Some futures contracts are cash settled (rather than physically settled), which means that the purchase price is subtracted from the current market value of the instrument and the net amount, if positive, is paid to the purchaser by the seller of the futures contract. If the net amount is negative, it is paid by the purchaser to the seller of the futures contract. In particular, Index Futures are agreements pursuant to which two parties agree to take or make delivery of an amount of cash equal to the difference between the value of a securities index at the close of the last trading day of the contract and the price at which the index contract was originally written. Although the value of a securities index might be a function of the value of certain specified securities, no physical delivery of these securities is made.

The purchase or sale of a futures contract differs from the purchase or sale of a security or option in that no price or premium is paid or received. Instead, an amount of cash, U.S. Government securities, or other liquid assets equal in value to a percentage of the face amount of the futures contract must be deposited with the broker. This amount is known as initial margin. The amount of the initial margin is generally set by the market on which the contract is traded (margin requirements on foreign exchanges may be different than those on U.S. exchanges), and brokers may require additional initial margin. Subsequent payments to and from the broker, known as variation margin, are made on a daily basis as the price of the asset underlying the futures contract fluctuates, making the long and short positions in the futures contract more or less valuable, a process known as "marking to the market." Prior to the settlement date of the futures contract, the position may be closed by taking an opposite position. A final determination of variation margin is then made, additional cash is required to be paid to or released by the broker, and the purchaser realizes a loss or gain. In addition, a commission is paid to the broker on each completed purchase and sale.

Although some futures contracts call for making or taking delivery of the underlying securities, currencies, commodities, or other underlying instrument, in most cases futures contracts are closed before the settlement date without the making or taking of delivery by offsetting purchases or sales of matching futures contracts (i.e., with the same exchange, underlying financial instrument, currency, commodity, or index, and delivery month). The Funds may also enter into contracts that cash settle otherwise physically delivered futures contracts. If the price of the initial sale exceeds the price of the offsetting purchase, the seller is paid the difference and realizes a gain. Conversely, if the price of the offsetting purchase exceeds the price of the initial sale, the seller realizes a loss. Similarly, a purchase of a futures contract is closed out by selling a corresponding futures contract. If the offsetting sale price exceeds the original purchase price, the purchaser realizes a gain, and, if the original purchase price exceeds the offsetting sale price, the purchaser realizes a loss. Any transaction costs must also be included in these calculations.

In the United States, futures contracts are traded only on commodity exchanges or boards of trade – known as "contract markets" – approved by the Commodity Futures Trading Commission ("CFTC") and must be executed through a futures commission merchant or brokerage firm that is a member of the relevant market. Certain Funds also may purchase futures contracts on foreign exchanges or similar entities, which are not regulated by the CFTC and may not be subject to the same degree of regulation as the U.S. contract markets.

***Index Futures.*** To the extent consistent with applicable law and investment restrictions, a Fund may purchase or sell Index Futures, which are agreements pursuant to which two parties agree to take or make delivery of an amount of cash equal to the difference between the value of a securities index at the close of the last trading day of the contract and the price at which the index contract was originally written. A Fund may close open positions on a contract market on which Index Futures are traded at any time up to and including the expiration day. In general, all positions that remain open at the close of business on that day must be settled on the next business day (based on the value of the relevant index on the expiration day). Additional or different margin requirements as well as settlement procedures may apply to foreign stock Index Futures.

***Interest Rate Futures.*** Some Funds may engage in transactions involving the use of futures on interest rates. These transactions may be in connection with investments in U.S. Government securities and other fixed income securities.

***Options on Futures Contracts.*** Options on futures contracts, which includes options on foreign exchange futures, give the purchaser the right in return for the premium paid to assume a long position (in the case of a call option) or a short position (in the case of a put option) in a futures contract at the option exercise price at any time during the period of the option (in the case of an American-style option) or on the expiration date (in the case of European-style option). Upon exercise of a call option, the holder acquires a long position in the futures contract and the writer is assigned the opposite short position. In the case of a put option, the holder acquires a short position and the writer is assigned the opposite long position in the futures contract. Accordingly, in the event that an option is exercised, the parties will be subject to all the risks associated with the trading of futures contracts, such as payment of initial and variation margin deposits.

Funds may use options on futures contracts in lieu of writing or buying options directly on the underlying securities or purchasing and selling the underlying futures contracts. For example, to hedge against a possible decrease in the value of its portfolio securities, a Fund may purchase put options or write call options on futures contracts rather than selling futures contracts. Similarly, a Fund may hedge against a possible increase in the price of securities the Fund expects to purchase by purchasing call options or writing put options on futures contracts rather than purchasing futures contracts. Options on futures contracts generally operate in the same manner as options purchased or written directly on the underlying investments.

A Fund is also required to deposit and maintain margin with respect to put and call options on futures contracts written by it. Such margin deposits may vary depending on the nature of the underlying futures contract (and the related initial margin requirements), the current market value of the option, and other futures positions held by the Fund.

A position in an option on a futures contract may be terminated by the purchaser or seller prior to expiration by effecting a closing purchase or sale transaction, subject to the availability of a liquid market, which is the purchase or sale of an option of the same type (i.e., the same underlying futures contract, exercise price and expiration date) as the option previously purchased or sold. The difference between the premiums paid and received represents the Fund's profit or loss on the transaction.

***Commodity Futures and Options on Commodity Futures.*** Certain of the Funds may have exposure to futures contracts on various commodities or commodities indices ("commodity futures") and options on commodity futures. A futures contract on a commodity is an agreement between two parties, in which one party agrees to purchase a commodity, such as an energy, agricultural, or metal commodity from the other party at a later date at a price and quantity agreed upon when the contract is made. Futures contracts on commodities indices operate in a manner similar to Index Futures.

***Bitcoin Futures*.** The JNL/Neuberger Berman Gold Plus Strategy Fund may engage in futures contracts based on bitcoin. Bitcoin is a digital asset whose ownership and behavior are determined by participants in an online, peer-to-peer network that connects computers that run publicly accessible, or "open source," software that follows the rules and procedures governing the bitcoin network, commonly referred to as the bitcoin protocol. The value of bitcoin, like the value of other cryptocurrencies, is not backed by any government, corporation, or other identified body. The further development of the bitcoin network, which is part of a new and rapidly changing industry, is subject to a variety of factors that are difficult to evaluate. The only bitcoin futures in which the JNL/Neuberger Berman Gold Plus Strategy Fund may invest are cash-settled bitcoin futures traded on the Chicago Mercantile Exchange.

***Risk Factors in Futures and Futures Options Transactions*.** Investment in futures contracts involves risk. A purchase or sale of futures contracts may result in losses in excess of the amount invested in the futures contract. If a futures contract is used for hedging, an imperfect correlation between movements in the price of the futures contract and the price of the security, currency, or other investment being hedged creates risk. Correlation is higher when the investment being hedged underlies the futures contract. Correlation is lower when the investment being hedged is different than the security, currency, or other investment underlying the futures contract, such as when a futures contract on an index of securities or commodities is used to hedge a single security or commodity, a futures contract on one security (e.g., U.S. Treasury bonds) or commodity (e.g., gold) is used to hedge a different security (e.g., a mortgage-backed security) or commodity (e.g., copper), or when a futures contract in one currency is used to hedge a security denominated in another currency. In the case of Index Futures and futures on commodity indices, changes in the price of those futures contracts may not correlate perfectly with price movements in the relevant index due to market distortions. In the event of an imperfect correlation between a futures position and the portfolio position (or anticipated position) intended to be hedged, the Fund may realize a loss on the futures contract at the same time the Fund is realizing a loss on the portfolio position intended to be hedged. To compensate for imperfect correlations, a Fund may purchase or sell futures contracts in a greater amount than the hedged investments if the volatility of the price of the hedged investments is historically greater than the volatility of the futures contracts. Conversely, a Fund may purchase or sell fewer futures contracts if the volatility of the price of the hedged investments is historically less than that of the futures contract. The successful use of transactions in futures and related options for hedging also depends on the direction and extent of exchange rate, interest rate, and asset price movements within a given time frame. For example, to the extent equity prices remain stable during the period in which a futures contract or option is held by a Fund investing in equity securities (or such prices move in a direction opposite to that anticipated), the Fund may realize a loss on the futures or option transaction, which is not fully or partially offset by an increase in the value of its portfolio securities. As a result, the Fund's total return for such period may be less than if it had not engaged in the hedging transaction.

All participants in the futures market are subject to margin deposit and maintenance requirements. Instead of meeting margin calls, investors may close futures contracts through offsetting transactions, which could distort normal correlations. The margin deposit requirements in the futures market typically are less onerous than margin requirements in the securities market, which may attract more speculators who may cause temporary price distortions. However, the futures exchanges and the futures commission merchants through which a Fund maintains its futures positions may adjust margin requirements, and the Funds may have to post additional margin to meet such requirements.

Trading hours for foreign stock Index Futures may not correspond perfectly to the trading hours of the foreign exchange to which a particular foreign stock Index Future relates. As a result, the lack of continuous arbitrage may cause a disparity between the price of foreign stock Index Futures and the value of the relevant index.

A Fund may purchase futures contracts (or options on futures contracts) as an anticipatory hedge against a possible increase in the price of the currency in which securities the Fund anticipates purchasing is denominated. In such instances, the currency value may instead decline. If the Fund does not then invest in those securities, the Fund may realize a loss on the futures contract that is not offset by a reduction in the price of the securities purchased. Exchanges where bitcoin is traded (which are the source of the price(s) used to determine the cash settlement amount for a Fund's bitcoin futures) have experienced technical and operational issues, making bitcoin prices unavailable at times. In addition, the cash market in bitcoin has been the target of fraud and manipulation, which could affect the pricing of bitcoin futures contracts.

A Fund's ability to engage in the futures and options on futures strategies described above depends on the liquidity of those instruments. Trading interest in various types of futures and options on futures cannot be predicted. Therefore, no assurance can be given that a Fund will be able to utilize these instruments at all or that their use will be effective. The markets for futures positions may be thinly traded from time to time. In addition, a liquid market may not exist at a time when a Fund seeks to close out a futures or option on a futures contract position, and that Fund would remain obligated to meet margin requirements until the position is closed. The liquidity of a market in a futures contract may be adversely affected by "daily price fluctuation limits" established by commodity exchanges to limit the amount of fluctuation in a futures contract price during a single trading day. Once the daily limit has been reached, no trades of the contract may be entered at a price beyond the limit, thus preventing the liquidation of open futures positions. In the past, prices have exceeded the daily limit on several consecutive trading days. Furthermore, exchanges may cancel trades in limited circumstances, for example, if the exchange believes that allowing such trades to stand as executed could have an adverse impact on the stability or integrity of the market. Any such cancellation may adversely affect the performance of a Fund. In addition, a Fund's futures commission merchant may limit the Fund's ability to invest in certain futures contracts. Such restrictions may adversely affect the Fund's performance and its ability to achieve its investment objective. Short (and long) positions in Index Futures or futures on commodities indices may be closed only by purchasing (or selling) a futures contract on the exchange on which the Index Futures or commodity futures, as applicable, are traded. A Fund's investment in bitcoin futures may involve illiquidity risk, as bitcoin futures are not as heavily traded as other futures given that the bitcoin futures market is relatively new.

As discussed above, if a Fund purchases or sells a futures contract, it is only required to deposit initial and variation margin as required by relevant CFTC regulations, the rules of the contract market and the Fund's futures commission merchant. The Fund's net asset value will generally fluctuate with the value of the security or other instrument underlying a futures contract as if it were already in the Fund's portfolio. Futures prices are highly volatile at times, and are influenced by many external economic, governmental and world events. The low margin deposits normally required in futures trading permits an extremely high degree of leverage, which can result in a Fund experiencing substantial gains or losses due to relatively small price movements or other factors. Furthermore, if a Fund combines short and long positions, in addition to possible declines in the values of its investment securities, the Fund will incur losses if the asset or index underlying the long futures position underperforms the asset or index underlying the short futures position. A Fund may enter into an agreement to cash settle exchange-traded futures contracts, and cleared forward contracts. Exchanges where bitcoin is traded (which are the source of the price(s) used to determine the cash settlement amount for a Fund's bitcoin futures) have experienced technical and operational issues, making bitcoin prices unavailable at times. In addition, the cash market in bitcoin has been the target of fraud and manipulation, which could affect the pricing of bitcoin futures contracts.

In addition, if a Fund's futures brokers become bankrupt or insolvent, or otherwise default on their obligations to the Fund, the Fund may not receive all amounts owing to it in respect of its trading, despite the futures clearinghouse fully discharging all of its obligations. Furthermore, in the event of the bankruptcy of a futures broker, a Fund could be limited to recovering only a pro rata share of all available funds segregated on behalf of the futures broker's combined customer accounts, even though certain property specifically traceable to the Fund was held by the futures broker.

*Daily trading limits imposed by the exchanges and position limits established by the CFTC may adversely affect the Fund.* U.S. commodities exchanges limit the amount of fluctuation permitted in futures contract prices during a single trading day by regulations referred to as "daily price fluctuation limits" or "daily trading limits." Once the daily trading limit has been reached in a particular futures contract, no trades may be made that day at a price beyond that limit or trading may be suspended for specified periods during the trading day. Futures contract prices could move to the limit for several consecutive trading days with little or no trading, thereby preventing prompt liquidation of futures positions and potentially disguising substantial losses the Fund may ultimately incur.

The CFTC, certain foreign regulators and many futures exchanges have established (and continue to evaluate and revise) speculative position limits ("position limits") on the maximum net long or net short positions which any person, or group of persons acting in concert, may hold or control in particular futures and options on futures contracts. In addition, federal position limits apply to swaps that are economically equivalent to futures contracts on certain agricultural, metals and energy commodities. All positions owned or controlled by the same person or entity, even if in different accounts, must be aggregated for purposes of determining whether the applicable position limits have been exceeded unless an exemption applies. Thus, even if a Fund does not intend to exceed applicable position limits, it is possible that different clients managed by a Sub-Adviser may be aggregated for this purpose. Although it is possible that the trading decisions of a Sub-Adviser may have to be modified and that positions held by a Fund may have to be liquidated in order to avoid exceeding such limits, the Sub-Adviser believes that this is unlikely. The modification of investment decisions or the elimination of open positions, if it occurs, may adversely affect the profitability of a Fund. Position limits may adversely affect a Fund's ability to hold positions in certain futures contracts and related options and swaps. A violation of position limits could also lead to regulatory action materially adverse to the Fund's investment strategy. A Fund may also be affected by other regimes, including those of the EU and UK, and trading venues that impose position limits on commodity derivatives contracts.

***Additional Risk Associated with Commodity Futures Transactions.*** Several additional risks are associated with transactions in commodity futures contracts.

***Storage Costs.*** The price of a commodity futures contract reflects the storage costs of purchasing and holding the underlying commodity, including the time value of money invested in the commodity. To the extent that the storage costs change, the value of the futures contracts may change correspondingly.

***Reinvestment Risk.*** In the commodity futures markets, producers of an underlying commodity may sell futures contracts to lock in the price of the commodity at delivery. To induce speculators to purchase the other side (the long side) of the contract, the commodity producer generally must sell the contract at a lower price than the expected futures spot price. Conversely, if most purchasers of the underlying commodity purchase futures contracts to hedge against a rise in commodity prices, then speculators will only sell the contract at a higher price than the expected future spot price of the commodity. The changing nature of the hedgers and speculators in the commodity markets will influence whether futures prices are above or below the expected futures spot price. As a result, when a Sub-Adviser reinvests the proceeds from a maturing contract, it may purchase a new futures contract at a higher or lower price than the expected futures spot prices of the maturing contract or choose to pursue other investments.

***Additional Economic Factors.*** The value of the commodities underlying commodity futures contracts may be subject to additional economic and non-economic factors, such as drought, floods or other weather conditions, livestock disease, war, trade embargoes, competition from substitute products, transportation bottlenecks or shortages, insufficient storage capacity, fluctuations in supply and demand, tariffs, and international economic, political, and regulatory developments.

***Additional Risk Associated with Futures Contracts and Options on Futures Contracts Traded on Foreign Exchanges.*** Futures contracts and options on futures contracts may be traded on foreign exchanges. Such transactions may not be regulated as effectively as similar transactions in the United States (which are regulated by the CFTC) and may be subject to greater risks than trading on domestic exchanges. For example, some foreign exchanges may be principal markets so that no common clearing facility exists and a trader may look only to the broker for performance of the contract. The lack of a common clearing facility increases counterparty risk.

***Commodity Pool Operator Status.*** JNAM acts in its capacity as a registered commodity pool operator ("CPO") with respect to the JNL/Neuberger Berman Commodity Strategy Fund and JNL/Neuberger Berman Gold Plus Strategy Fund, each of which is a commodity pool under the Commodity Exchange Act ("CEA"). Each of the Sub-Advisers to these Funds either acts in its capacity as a registered commodity trading adviser ("CTA"), relies upon an exemption from CTA registration or does not provide advice relating to trading commodity interests and, accordingly, is not required to be registered as a CTA with respect to each such Fund. A CPO or CTA acting in a registered capacity is subject to a variety of regulatory obligations. In particular, a CPO or CTA is subject to additional CFTC-mandated disclosure, reporting, and recordkeeping obligations with respect to Funds for which it acts in a registered capacity. Compliance by the CPO or CTA with the CFTC's regulatory requirements could increase Fund expenses, adversely affecting the Fund's total return.

With respect to each Fund of the Trust, other than JNL/Neuberger Berman Commodity Strategy Fund and JNL/Neuberger Berman Gold Plus Strategy Fund, JNAM has filed with the NFA a notice claiming an exclusion from the definition of the term "commodity pool operator" under the CEA (the "exclusion"). Accordingly, JNAM is not subject to registration or regulation as a "commodity pool operator" under the CEA with respect to these Funds. To remain eligible for the exclusion, each of these Funds will be limited in its ability to use certain instruments regulated under the CEA ("commodity interests"), including futures and options on futures and certain swaps transactions. In the event that such a Fund's investments in commodity interests are not within the thresholds set forth in the exclusion, JNAM may be required to act in a registered CPO capacity with respect to that Fund. JNAM's eligibility to claim the exclusion with respect to a Fund will be based upon, among other things, the level of the Fund's investment in commodity interests, the purposes of such investments, and the manner in which the Fund holds out its use of commodity interests. The ability of each Fund, other than JNL/Neuberger Berman Commodity Strategy Fund and JNL/Neuberger Berman Gold Plus Strategy Fund, to invest in commodity interests (including, but not limited to, futures and swaps on broad-based securities indexes and interest rates) may be limited by JNAM's intention to operate the Fund in a manner that would permit JNAM to continue to claim the exclusion, which may adversely affect the Fund's total return.

JNAM has also filed for certain no-action relief with the CFTC in connection with certain of these Funds that are funds-of-funds, or Funds that invest in underlying funds that trade commodity interests. For operators of funds-of-funds, it is difficult to determine compliance with trading restrictions because it requires, in most circumstances, that they determine the extent of commodity interest trading by the underlying funds and whether or not the underlying funds will be able themselves to rely on amended CFTC Rule 4.5 going forward. This no-action relief postpones the requirement to act in a registered CPO capacity for operators of funds-of-funds until six months from the date that the CFTC Division of Swap Dealer and Intermediary Oversight issues revised guidance on the application of the de minimis trading thresholds in the context of CFTC Rule 4.5. It is possible that this guidance, when issued, may require JNAM to act in its capacity as a registered CPO with respect to certain Funds. Alternatively, JNAM may determine to revise a Fund's investment strategy to reduce trading commodity interest trading levels.

**High-Yield Bonds and Securities of Distressed Companies.** Investments in securities rated below investment grade that are eligible for purchase by certain of the Funds are described as "speculative" by Moody's Investors Service, Inc. ("Moody's"), S&P Global Ratings, and Fitch Ratings, Inc. ("Fitch"). Investment in lower rated corporate debt securities ("high-yield securities" or "junk bonds") and securities of distressed companies generally provides greater income and increased opportunity for capital appreciation than investments in higher quality securities, but they also typically entail greater price volatility and principal and income risk. Securities of distressed companies include both debt and equity securities. High-yield securities and debt securities of distressed companies are regarded as predominantly speculative with respect to the issuer's continuing ability to meet principal and interest payments. Issuer of high-yield and distressed company securities may be involved in restructurings or bankruptcy proceedings that may not be successful. Analysis of the creditworthiness of issuers of debt securities that are high-yield or debt securities of distressed companies may be more complex than for issuers of higher quality debt securities.

High-yield securities and debt securities of distressed companies may be more susceptible to real or perceived adverse economic and competitive industry conditions than investment grade securities. The prices of these securities have been found to be less sensitive to interest-rate changes than higher-rated investments, but more sensitive to adverse economic downturns or individual corporate developments. A projection of an economic downturn or of a period of rising interest rates, for example, could cause a decline in prices of high-yield securities and debt securities of distressed companies because the advent of a recession could lessen the ability of a highly leveraged company to make principal and interest payments on its debt securities. If an issuer of securities defaults, in addition to risking payment of all or a portion of interest and principal, the Funds, by investing in such securities, may incur additional expenses to seek recovery of their respective investments. In the case of securities structured as zero-coupon or pay-in-kind securities, their market prices are affected to a greater extent by interest rate changes, and therefore tend to be more volatile than securities which pay interest periodically and in cash. The respective Sub-Advisers seek to reduce these risks through diversification, credit analysis and attention to current developments and trends in both the economy and financial markets.

The secondary market on which high-yield and distressed company securities are traded may be less liquid than the market for higher grade securities. Less liquidity in the secondary trading market could adversely affect the price at which the Funds could sell a high-yield or distressed company security, and could adversely affect the daily net asset value of the shares. Adverse publicity and investor perceptions, whether or not based on fundamental analysis, may decrease the values and liquidity of high-yield and distressed company securities, especially in a thinly traded market. When secondary markets for high-yield and distressed company securities are less liquid than the market for higher grade securities, it may be more difficult to value the securities because such valuation may require more research, and elements of judgment may play a greater role in the valuation because there is less reliable, objective data available. The respective Sub-Advisers seek to minimize the risks of investing in all securities through diversification, in-depth analysis and attention to current market developments.

The use of credit ratings as the sole method of evaluating high-yield securities and debt securities of distressed companies can involve certain risks. For example, credit ratings evaluate the safety of principal and interest payments of a debt security, not the market value risk of a security. Also, credit rating agencies may fail to change credit ratings in a timely fashion to reflect events since the security was last rated. Each of the Sub-Advisers does not rely solely on credit ratings when selecting debt securities for a Fund, and develops its own independent analysis of issuer credit quality. If a credit rating agency changes the rating of a debt security held by a Fund, the Fund may retain the security if the Sub-Adviser deems it in the best interest of shareholders.

The JNL/DoubleLine<sup>®</sup> Core Fixed Income Fund may invest up to 5% of its net assets in defaulted corporate securities at time of purchase. The JNL/DoubleLine<sup>®</sup> Core Fixed Income Fund might do so, for example, where the Sub-Adviser believes the restructured enterprise valuations or liquidation valuations may exceed current market values. The percentage of assets of the JNL/DoubleLine<sup>®</sup> Core Fixed Income Fund may exceed 5% due to the unexpected default of high yield and other securities held by the Fund.

**Hybrid Instruments.** A Fund may purchase hybrid instruments, which are potentially high-risk derivatives that combine the elements of futures contracts or options with those of debt, preferred equity or a depository instrument. Often these hybrid instruments are indexed to the price of a commodity, a particular currency, or a domestic or foreign debt or common stock index. Hybrid instruments may take a variety of forms, including, but not limited to, debt instruments with interest or principal payments or redemption terms determined by reference to the value of the underlying currency or commodity or securities index at a future point in time, preferred stock with dividend rates determined by reference to the value of a currency, or convertible securities with the conversion terms related to a particular commodity.

Hybrids can be used as an efficient means of pursuing a variety of investment goals, including currency hedging, duration management and increased total return. Hybrids may not bear interest or pay dividends. The value of a hybrid or its interest rate may be a multiple of a benchmark and, as a result, may be leveraged and move (up or down) more steeply and rapidly than the benchmark. These benchmarks may be sensitive to economic and political events, such as commodity shortages and currency devaluations, which cannot be readily foreseen by the purchaser of a hybrid. Under certain conditions, the redemption value of a hybrid could be zero. Thus, an investment in a hybrid may entail significant market risks that are not associated with a similar investment in a traditional, U.S. dollar-denominated bond that has a fixed principal amount and pays a fixed rate or floating rate of interest. The purchase of hybrids also exposes a Fund to the credit risk of the issuer of the hybrids. These risks may cause significant fluctuations in the net asset value of a Fund.

Certain hybrid instruments may provide exposure to the commodities markets. These are derivative securities with one or more commodity-linked components that have payment features similar to commodity futures contracts, commodity options, or similar instruments. Commodity-linked hybrid instruments may be either equity or debt securities, and are considered hybrid instruments because they have both security and commodity-like characteristics. A portion of the value of these instruments may be derived from the value of a commodity, futures contract, index or other economic variable.

Certain issuers of structured products such as hybrid instruments may be deemed to be investment companies as defined in the 1940 Act. If so, a Fund's investments in these products will be subject to limits applicable to investments in investment companies and may be subject to other restrictions imposed by the 1940 Act.

**Illiquid Securities.** A Fund may hold illiquid investments. An illiquid investment is defined as any investment a Fund reasonably expects cannot be sold or disposed of in current market conditions in seven (7) calendar days or less without the sale or disposition significantly changing the market value of the investment. The Board has designated the Liquidity Risk Management Committee ("LRMC") as the administrator of the Funds' liquidity risk management program. The LRMC has delegated day-to-day responsibility for classifying the Funds' investments to the JNAM Risk Department, which will coordinate with Sub-Advisers, where applicable, and third-party service providers to classify each Fund's investments. The Funds' liquidity risk management program has established procedures for determining the liquidity category—highly liquid, moderately liquid, less liquid and illiquid—for each Fund's investments. Illiquid investments may include: repurchase agreements with remaining maturities in excess of seven days; securities for which market quotations are not readily available; certain loan participation interests; fixed time deposits which are not subject to prepayment or provide for withdrawal penalties upon prepayment (other than overnight deposits); and restricted securities (securities that cannot be offered for sale to the public without first being registered under the 1933 Act) not determined to be liquid in accordance with the Funds' liquidity risk management program. It should be noted that not all "restricted securities" are classified as illiquid securities.

Reduced liquidity in the secondary market for illiquid securities may make it difficult or impossible for the Funds to obtain market quotations based on actual transactions for purposes of valuing the Funds' shares. A Sub-Adviser may be subject to significant delays in disposing of illiquid securities, and transactions in illiquid securities may entail registration expenses and other transaction costs that are higher than those for transactions in liquid securities.

Certain of the Funds may invest up to 15% (5% of total assets for money market funds of its net assets in illiquid securities that are assets. Under Rule 2a-7, an illiquid security is a security that cannot be sold or disposed of in the ordinary course of business within seven calendar days at approximately the value ascribed to it by a Fund. Limitations on the resale of restricted securities may have an adverse effect on their marketability, which may prevent a Fund from disposing of them promptly at reasonable prices. A Fund may have to bear the expense of registering such securities for resale, and the risk of substantial delays in effecting such registrations. Reduced liquidity in the secondary market for illiquid securities may make it difficult or impossible for the Fund to obtain market quotations based on actual transactions for purposes of valuing the Fund's shares.

**Inflation-Indexed Bonds.** A Fund may purchase inflation-indexed bonds. Inflation-indexed bonds are fixed income securities whose principal value is periodically adjusted according to the rate of inflation. Such bonds generally are issued at an interest rate lower than typical bonds, but are expected to retain their principal value over time. The interest rate on these bonds is fixed at issuance, but over the life of the bond the interest may be paid on an increasing principal value, which has been adjusted for inflation.

Inflation-indexed securities issued by the U.S. Treasury (typically referred to as treasury inflation-protected securities or "TIPS") have maturities of five (5), ten (10), and thirty (30) years, although it is anticipated that securities with other maturities may be issued in the future. The securities pay interest on a semi-annual basis, equal to a fixed percentage of the inflation-adjusted principal amount.

If the periodic adjustment rate measuring inflation falls, the principal value of inflation-indexed bonds will be adjusted downward, and consequently the interest payable on these securities (calculated with respect to a smaller principal amount) will be reduced. Repayment of the original bond principal upon maturity (as adjusted for inflation) is guaranteed in the case of U.S. Treasury inflation-indexed bonds, even during a period of deflation. However, the current market value of the bonds is not guaranteed, and will fluctuate. The Fund may also invest in other inflation related bonds which may or may not provide a similar guarantee. If a guarantee of principal is not provided, the adjusted principal value of the bond repaid at maturity may be less than the original principal.

The value of inflation-indexed bonds is expected to change in response to changes in real interest rates. Real interest rates in turn are tied to the relationship between nominal interest rates and the rate of inflation. Therefore, if inflation were to rise at a faster rate than nominal interest rates, real interest rates might decline, leading to an increase in value of inflation-indexed bonds. In contrast, if nominal interest rates increased at a faster rate than inflation, real interest rates might rise and lead to a decrease in value of inflation-indexed bonds.

The periodic adjustment of U.S. inflation-index bonds is tied to the Consumer Price Index ("CPI"), which is calculated monthly by the U.S. Bureau of Labor Statistics. The CPI is a measurement of changes in the cost of living, made up of components such as housing, food, transportation and energy. Inflation-indexed bonds issued by a foreign government are generally adjusted to reflect a comparable inflation index, calculated by that government. There can be no assurance that the CPI or any foreign inflation index will accurately measure the real rate of inflation in the prices of goods and services. Moreover, there can be no assurance that the rate of inflation in a foreign country will be correlated to the rate of inflation in the United States.

**Initial Public Offerings ("IPOs").** The Funds may purchase securities in IPOs. These securities are subject to many of the same risks as investing in companies with smaller market capitalizations. Securities issued in IPOs have no trading history, and information about the companies may be available for very limited periods. The prices of securities sold in IPOs may be highly volatile. At any particular time, or from time to time, a Fund may not be able to invest in securities issued in IPOs, or invest to the extent desired, because, for example only a small portion (if any) of the securities being offered in an IPO may be made available to the Fund. In addition, under certain market conditions, a relatively small number of companies may issue securities in IPOs. Similarly, as the number of Funds which IPO securities are allocated increases, the number of securities issued to any one Fund may decrease. The investment performance of a Fund during periods when it is unable to invest significantly or at all in IPOs may be lower than during periods when the Fund is able to do so. Investments in IPOs may have a disparate impact on a small fund. In addition, as a Fund increases in size, the impact of IPOs on the Fund's performance will generally decrease.

**Installment Receipts.** A Fund may invest in installment receipts, which are viewed as new issues of stock sold with the obligation that buyers will pay the issue price in a series of installment payments instead of one lump sum payment. The buyer usually pays a deposit upon settlement, normally one-half the issue price of the shares, with the balance to be paid in one year.

**Interfund Lending.** Pursuant to an exemptive order issued by the SEC, the Funds, as well as the portfolios of JNL Investors Series Trust (in this section, the "Funds") will have the ability to lend money to, and borrow money from, each other pursuant to a master interfund lending agreement (the "Interfund Lending Program"). Under the Interfund Lending Program, the Funds (other than a money market fund) may lend or borrow money for temporary purposes directly to or from one another (an "Interfund Loan"), subject to meeting the conditions of the SEC exemptive order. Money market funds may only lend in accordance with the requirements of the exemptive order. All Interfund Loans would consist only of uninvested cash reserves that the lending Fund otherwise would invest in short-term repurchase agreements or other short-term instruments.

If a Fund has outstanding bank borrowings, any Interfund Loans to the Fund would: (a) be at an interest rate equal to or lower than that of any outstanding bank loan, (b) be secured at least on an equal priority basis with at least an equivalent percentage of collateral to loan value as any outstanding bank loan that requires collateral, (c) have a maturity no longer than any outstanding bank loan (and in any event not over seven days), and (d) provide that, if an event of default occurs under any agreement evidencing an outstanding bank loan to the Fund, that event of default will automatically (without need for action or notice by the lending Fund) constitute an immediate event of default under the interfund lending agreement, entitling the lending Fund to call the Interfund Loan (and exercise all rights with respect to any collateral), and that such call will be made if the lending bank exercises its right to call its loan under its agreement with the borrowing Fund.

A Fund may borrow on an unsecured basis through the Interfund Lending Program only if its outstanding borrowings from all sources immediately after the borrowing total 10% or less of its total assets, provided that if the Fund has a secured loan outstanding from any other lender, including but not limited to another Fund, the Fund's borrowing will be secured on at least an equal priority basis with at least an equivalent percentage of collateral to loan value as any outstanding loan that requires collateral. If a Fund's total outstanding borrowings immediately after an Interfund Loan under the Interfund Lending Program exceed 10% of its total assets, the Fund may borrow through the Interfund Lending Program on a secured basis only. A Fund may not borrow under the Interfund Lending Program or from any other source if its total outstanding borrowings immediately after the borrowing would be more than 33 1/3% of its total assets or any lower threshold provided for by a Fund's fundamental restriction or non-fundamental policy.

A Fund may not lend to another Fund through the Interfund Lending Program if the loan would cause the lending Fund's aggregate outstanding loans through the Interfund Lending Program to exceed 15% of its current net assets at the time of the loan. A Fund's Interfund Loans to any one Fund shall not exceed 5% of the lending Fund's net assets. The duration of Interfund Loans will be limited to the time required to receive payment for securities sold, but in no event more than seven days, and for purposes of this condition, loans effected within seven days of each other will be treated as separate loan transactions. Each Interfund Loan may be called on one business day's notice by a lending Fund and may be repaid on any day by a borrowing Fund.

The limitations detailed above and the other conditions of the SEC exemptive order permitting interfund lending are designed to minimize the risks associated with interfund lending for both the lending Fund and the borrowing Fund. However, no borrowing or lending activity is without risk. When a Fund borrows money from another Fund, there is a risk that the Interfund Loan could be called on one day's notice or not renewed, in which case the Fund may have to borrow from a bank at higher rates if an Interfund Loan is not available from another Fund. Interfund Loans are subject to the risk that the borrowing Fund could be unable to repay the loan when due, and a delay in repayment to a lending Fund could result in a lost opportunity or additional lending costs. No Fund may borrow more than the amount permitted by its investment limitations.

**Investing Through the Bond Connect Program.** A Fund may invest in bonds traded on the China Interbank Bond Market CIBM through the China – Hong Kong Bond Connect program ("Bond Connect") that are regulated by both Hong Kong and China. These bonds involve a high degree of risk and special considerations not typically associated with investing in other more established markets. A Fund will not be able to buy or sell securities through Bond Connect when either the Chinese or Hong Kong markets are closed for trading, and the Chinese and/or Hong Kong markets may be closed for trading for extended periods of time because of local holidays. In addition, a Fund and/or securities offered through Bond Connect may lose their eligibility for trading through the program at any time, which includes by actions taken by regulators in Hong Kong or China. This could adversely affect a Fund's net asset value and its ability to trade through Bond Connect, particularly during periods of heightened volatility or market disruptions.

The operational aspects, including the trading and settlement of bonds, of Bond Connect may change over time. It currently operates under a recordkeeping system that presents a number of risks including settlement delays, custody issues, defaults by counterparties and a limited ability to enforce rights. It may be more difficult, or impossible, to obtain and/or enforce a judgment. The regulatory and legal framework of Bond Connect is less extensive and still developing. Trading through Bond Connect may subject the Fund to various taxes, some of which are currently uncertain.

**Investing Through CIBM Direct.** To the extent permissible by the relevant PRC regulations or authorities, a Fund may also directly invest in permissible products (which include cash bonds) traded on China inter-bank bond market ("CIBM") in compliance with the relevant rules issued by the People's Bank of China ("PBOC", including its Shanghai Head Office) in 2016 including the Announcement 2016 No.3 and its implementing rules ("CIBM Direct Rules"). An onshore trading and settlement agent shall be engaged by the Sub-Adviser of a Fund to make the filing on behalf of the relevant Fund and conduct trading and settlement agency services for the Fund in relation to investments in CIBM. PBOC will exercise on-going supervision over the onshore settlement agent and the Fund's trading under the CIBM Direct Rules and may take relevant administrative actions such as suspension of trading and mandatory exit against the Fund and/or the applicable Sub-Adviser in the event of any incompliance with the CIBM Direct Rules. The CIBM Direct Rules are very new and have yet to be tested on the market. At this stage the CIBM Direct Rules are still subject to further changes, which may adversely affect the Fund's capability to invest in the CIBM.

**Investing through the Connect Program.** The Connect Program is subject to daily quota limitations and an investor cannot purchase and sell the same security on the same trading day, which may restrict a Fund's ability to invest in China A-shares through the Connect Program and to enter into or exit trades on a timely basis. The relevant China A-shares market may be open at a time when the Connect Program is not trading, with the result that prices of China A-shares may fluctuate at times when the Fund is unable to add to or exit its position.

Only certain China A-shares are eligible to be accessed through the Connect Program. Such securities may lose their eligibility at any time, in which case they could be sold but could no longer be purchased through the Connect Program. Because the Connect Program is new, the actual effect on the market for trading China A-shares with the introduction of large numbers of foreign investors is currently unknown. The Connect Program is subject to regulations promulgated by regulatory authorities for the relevant stock exchanges in mainland China and The Stock Exchange of Hong Kong Limited or other regulatory authorities of other stock exchanges in the future as permitted, and further regulations or restrictions, such as limitations on redemptions or suspension of trading, may adversely impact the Connect Program, if the authorities believe it necessary to assure orderly markets or for other reasons. There is no guarantee that the relevant exchanges will continue to support the Connect Program in the future.

Investments in China A-shares may not be covered by the securities investor protection programs of the relevant exchanges and, without the protection of such programs, will be subject to the risk of default by the broker. In the event that the depository of the relevant China stock exchange ("ChinaClear") defaulted, a Fund may not be able to recover fully its losses from ChinaClear or may be delayed in receiving proceeds as part of any recovery process. In addition, because all trades on the Connect Program in respect of eligible China A-shares must be settled in Renminbi (RMB), the Chinese currency, the Funds investing through the Connect Program must have timely access to a reliable supply of offshore RMB, which cannot be guaranteed.

China A-shares purchased through the Connect Program are held in nominee name and not the Fund's name as the beneficial owner. It is possible, therefore, that a Fund's ability to exercise its rights as a shareholder and to pursue claims against the issuer of China A-shares may be limited because the nominee structure has not been tested in Chinese courts. In addition, a Fund may not be able to participate in corporate actions affecting China A-shares held through the Connect Program due to time constraints or for other operational reasons.

Trades on the Connect Program are subject to certain requirements prior to trading. If these requirements are not completed prior to the market opening, a Fund cannot sell the shares on that trading day. In addition, these requirements may limit the number of brokers that a Fund may use to execute trades. If an investor holds 5% or more of the total shares issued by a China A-share issuer, the investor must return any profits obtained from the purchase and sale of those shares if both transactions occur within a six-month period. If a Fund holds 5% or more of the total shares of a China-A share issuer through its Connect Program investments, its profits may be subject to these limitations. All accounts managed by the Adviser and/or its affiliates will be aggregated for purposes of this 5% limitation, which makes it more likely that a Fund's profits may be subject to these limitations.

Such investments are also subject to heightened tax and settlement risk and the risk of price fluctuations of A Shares during times when the Connect Program is not trading. The Connect Program is a relatively new program. Further developments are likely and there can be no assurance as to the programs' continued existence or whether future developments regarding the programs may restrict or adversely affect a Fund's investments or returns.

**Additional risks associated with investing in China**. Investing in China involves certain additional risks and considerations not typically associated with investing in other more established economies or securities markets. China-based companies that incorporate in the PRC can issue different classes of shares depending on where they are listed and which investors are allowed to own them. Class H Shares trade on the Hong Kong Stock Exchange, are quoted and traded in Hong Kong dollars, and have no restrictions on who can trade them. China based companies that are controlled by PRC residents or PRC state entities and have a majority of their revenue or assets in the PRC may incorporate outside the PRC and trade on an exchange outside the PRC in the currency of the exchange. These are referred to as "Red Chip" (Hong Kong), "P Chip" (Hong Kong), "S Chip" (Singapore), or "N Shares" (United States). The multiplicity of share classes and various restrictions on ownership, in addition to the ability of Chinese regulatory authorities and Chinese issuers to suspend trading and their willingness to exercise this option in response to market volatility and other events, can significantly impact liquidity and volatility of the Chinese market and the markets for Chinese securities.

**Investment Companies.** A Fund may invest in other investment companies, including other Funds of the Trust, to the extent permitted under the 1940 Act, including unaffiliated money market funds. A Fund may invest cash balances in shares of investment companies, which are money market funds managed by affiliates of the Adviser. As a shareholder in an investment company, the Fund would bear its pro rata share of that investment company's expenses, which could result in duplication of certain fees, including management and administrative fees.

A Fund may also invest, without limitation, in affiliated and unaffiliated money market funds in accordance with Rule 12d1-1 under the 1940 Act (see "Cash Position" section in this SAI).

In October 2020, the SEC adopted certain regulatory changes and took other actions related to the ability of an investment company to invest in the securities of another investment company. These changes include, among other things, the rescission of certain SEC exemptive orders permitting investments in excess of the statutory limits and the withdrawal of certain related SEC staff no-action letters, and the adoption of Rule 12d1-4 under the 1940 Act. Rule 12d1-4 permits funds to invest in other investment companies beyond the statutory limits, subject to certain conditions. In addition, under Rule 12d1-4, if shares of a fund are purchased by another fund beyond the limits of Section 12 of the 1940 Act, and the fund purchases shares of another investment company, the fund will not be able to make new investments in other funds, including private funds exempt from the definition of "investment company" under the 1940 Act by Sections 3(c)(1) or 3(c)(7) thereof, if, as a result of such investment, more than 10% of the fund's assets would be invested in other funds.

The JNL Multi-Manager Emerging Markets Equity Fund, 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 U.S. High Yield Fund, and JNL/T. Rowe Price Value Fund may also invest in shares of the T. Rowe Price Institutional Floating Rate Fund ("TRP Floating Rate Fund"), consistent with each such Fund's investment objective and policies. The TRP Floating Rate Fund is a series of TRP Institutional Income Funds, Inc., registered as an investment company under the 1940 Act. The investment objective of the TRP Floating Rate Fund is to achieve high current income and secondarily, capital appreciation. The TRP Floating Rate Fund normally invests at least 80% of its net assets in floating rate loans and other floating rate debt instruments. In order to prevent paying duplicate management fees to T. Rowe Price Associates, Inc., the value of shares of the TRP Floating Rate Fund held in each Fund's portfolio will be excluded from the Fund's total assets in calculating the sub-advisory fees payable to T. Rowe Price.

**Investments in Private Companies.** Investing in private companies can involve greater risks than those associated with investing in publicly traded companies. Securities of a private company may be subject to the risk that market conditions, developments within the company, investor perception, or regulatory decisions may delay or prevent the company from ultimately offering its securities to the public. Generally, these investments are considered to be illiquid until a company's public offering. As such, no Fund may invest in any equity or equity-related securities issued by a private company, unless approved by JNAM. For a Fund that invested in equity or equity-related securities issued by a private company before December 9, 2015, the Fund's Sub-Adviser is allowed to continue to hold or sell that security, and in limited circumstances, subject to certain funding commitments, may acquire additional issuances of existing private equity securities. Private equity investments are subject to its sub-advisory agreement, the policies and procedures for the Fund, and the oversight of JNAM.

**LIBOR Replacement and Other Reference Rates Risk.** The London Interbank Offered Rate ("LIBOR") was the offered rate at which major international banks could obtain wholesale, unsecured funding. Certain of a Fund's investments, payment obligations, financing terms and other transactions (including certain derivatives transactions) have historically been tied to LIBOR. In connection with the global transition away from LIBOR led by regulators and market participants, LIBOR was last published on a representative basis at the end of June 2023. Alternative reference rates to LIBOR have been established in most major currencies (e.g., the Secured Overnight Financing Rate for U.S. dollar LIBOR and the Sterling Overnight Index Average for GBP LIBOR) and the transition to new reference rates continues. The transition away from LIBOR to the use of replacement rates has gone relatively smoothly but the full impact of the transition on a Fund or the financial instruments in which a Fund may invest cannot yet be fully determined.

In addition, the Funds' investments, payment obligations, financing terms and other transactions (including certain derivatives transactions) may be tied to other floating rates such as Euro Interbank Offered Rate ("EURIBOR") and other similar types of reference rates including as a result of the transition away from LIBOR to new alternative reference rates (each, a "Reference Rate"). Such Reference Rates as well as other types of rates and indices are classed as "benchmarks" and have been the subject of ongoing national and international regulatory reform, including under the European Union regulation on indices used as benchmarks in financial instruments and financial contracts (known as the "Benchmarks Regulation"). The Benchmarks Regulation has been enacted into United Kingdom law by virtue of the European Union (Withdrawal) Act 2018 (as amended), subject to amendments made by the Benchmarks (Amendment and Transitional Provision) (EU Exit) Regulations 2019 (SI 2019/657) and other statutory instruments. Following the implementation of these reforms, the manner of administration of benchmarks has changed and may further change in the future, with the result that relevant benchmarks may perform differently than in the past, the use of benchmarks that are not compliant with the new standards by certain supervised entities may be restricted, and certain benchmarks may be eliminated entirely. Such changes could cause increased market volatility and disruptions in liquidity for instruments that rely on, or are impacted by, such benchmarks. Additionally, there could be other consequences, which cannot be predicted.

**Limited Operating History Risks.** Although the JNL/Mellon Feeder Funds have been in existence and thus have an operating history, prior to April 26, 2021, they operated as funds for direct investment rather than feeder funds.

The JNL/Mellon Master Funds commenced investment operations on April 26, 2021, and they have the same investment objective, strategies and risks as their corresponding JNL/Mellon Feeder Funds. There can be no assurance that each JNL/Mellon Master Fund will grow to or maintain an economically viable size, in which case the Board may determine to liquidate or otherwise alter a JNL/Mellon Master Fund. While shareholder interests will be the paramount consideration, the timing of any action may not be favorable to certain individual shareholders.

Some of the investment strategies and policies described in this SAI and in the JNL/Mellon Master Funds' prospectus set forth percentage limitations on a JNL/Mellon Master Fund's investment in, or holdings of, certain securities or other assets. Unless otherwise required by law, compliance with these strategies and policies will be determined immediately after the acquisition of such securities or assets by the JNL/Mellon Master Fund. Subsequent changes in values, net assets, or other circumstances will not be considered when determining whether the investment complies with the JNL/Mellon Master Funds' investment strategies and policies.

**Listed Private Equity Companies.** In addition to the risks associated with the Fund's direct investments in listed private equity companies ("LPEs"), the Fund is also subject to the risks of the underlying companies owned by the LPEs. As a result, LPEs are subject to various additional risks, depending on the underlying investments and such risks, could include, but are not limited to, management risk, small company risk, additional liquidity risk, valuation risk, sector risks, non-U.S. security risk, currency risk, credit risk, managed portfolio risk, and derivatives risk.

There are inherent risks in investing in LPEs, which encompass financial institutions or vehicles whose principal business is to invest in and lend capital to the underlying companies. Most of the underlying companies are privately – held companies. Generally, little public information exists for private and thinly traded companies, and there is a risk that investors may not be able to make a fully informed investment decision when investing in LPEs.

LPEs may have relatively concentrated investment portfolios, consisting of a relatively small number of holdings. A consequence of this limited number of investments is that the aggregate returns realized may be adversely impacted by the poor performance of a small number of investments, or even a single investment, particularly if a company experiences the need to write down the value of an investment.

Investments in LPEs may also cause the Fund(s) to indirectly incur higher expenses. In certain instances, an LPE will be considered an investment company. In such instances, the applicable expenses of the LPE are considered as part of the acquired fund fee disclosure in the expense table.

**Money Market Fund Investments.** The JNL/Dreyfus Government Money Market Fund will comply with Rule 2a-7 ("Rule") under the 1940 Act, as amended from time to time, including the diversification, quality, and maturity limitations imposed by the Rule. The Rule is applicable to any registered investment company, such as the Fund, which holds itself out as a "money market" fund and which seeks to maintain a stable net asset value per share by either the "amortized cost" or "penny rounding" methods of determining net asset value.

Pursuant to the Rule, the Board has established procedures that attempt to maintain the NAV at $1.00 per share. The procedures include monitoring the relationship between amortized cost value per share and value per share based upon available indications of market value for the Funds' portfolio securities. The Board will decide what, if any, steps should be taken if there is a difference of more than .05 of 1% (or $.005) between the two values. In the event the Board determines that a deviation exists, which may result in material dilution or unfair results to investors or existing shareholders, the Board may take such corrective action as they regard as necessary and appropriate.

It is the policy of the Fund to seek to maintain a stable net asset value per share of $1.00. The portfolio investments of the Fund are valued on the basis of their "amortized cost" in accordance with the Rule. This involves valuing an investment at its cost initially and, thereafter, assuming a constant rate of amortization to maturity of the investment of any discount or premium, regardless of the impact of fluctuating interest rates on the fair market value of the investment during the period in which it is held by the Fund prior to its maturity. While this method provides certainty in valuation, it may result in periods during which the value of an investment, as determined by amortized cost, is higher or lower than the price the Fund would receive if it sold the investment in the market. The Rule imposes certain diversification, quality and maturity requirements for money market funds in order to reduce the risk the Fund's net asset value per share as determined by the fair market value of the investments held will materially differ from the Fund's net asset value per share determined on the basis of amortized cost. However, there can be no assurance the Fund will be able to maintain a stable net asset value per share of $1.00.

Pursuant to the Rule, the Fund must maintain a dollar-weighted average portfolio maturity of 60 days or less, a weighted average life of 120 days or less, and may invest only in U.S. dollar-denominated "Eligible Securities" (as that term is defined in the Rule) that have been determined by the Sub-Adviser, pursuant to procedures approved by the Trustees, to present minimal credit risks. Generally, an Eligible Security is a security: (i) with a remaining maturity of 397 calendar days or less that the Sub-Adviser determines presents minimal credit risks to a Fund, which determination must include an analysis of the capacity of the security's issuer or guarantor (including the provider of a conditional demand feature, when applicable) to meet its financial obligations, and such analysis must include, to the extent appropriate, consideration of specific factors pursuant to procedures, with respect to the security's issuer or guarantor; (ii) that is issued by a registered investment company that is a money market fund; and (iii) that is a government security.

Under the Rule, the Fund may not invest more than 5% of its assets in the securities of any one issuer, other than the U.S. Government, its agencies and instrumentalities.

The Fund cannot acquire any security, other than a "daily liquid asset" if, immediately after the acquisition, the Fund would have less than twenty-five percent (25%) of its total assets invested in daily liquid assets. Daily liquid assets are defined as cash (including demand deposits), direct obligations of the U.S. Government, and securities (including repurchase agreements) for which the Fund has a legal right to receive cash in one business day. The Fund cannot acquire any security, other than a "weekly liquid asset" if, immediately after the acquisition, the Fund would have less than fifty percent (50%) of its total assets invested in weekly liquid assets. Weekly liquid assets are defined as daily liquid assets (except the Fund has the right to receive the cash within five business days) and agency discount notes with remaining maturities of 60 days or less.

In July 2023, the SEC adopted amendments to the rules that govern registered money market funds. The reforms impact money market funds differently depending on the types of investors permitted to invest in a fund, the types of securities in which a fund may invest, and the principal investments of a money market fund. These amendments, among other changes: (i) modify the existing liquidity fee framework for non-government money market funds; (ii) increase required weekly liquid asset and daily liquid asset minimums, effective April 2, 2024; (iii) require institutional prime and institutional tax-exempt money market funds to impose a mandatory liquidity fee when daily net redemptions exceed certain levels unless the amount of the fee determined by the fund is less than 0.01% of the value of the shares redeemed, effective October 2, 2024; and (iv) allow government money market funds and retail money market funds to engage in certain practices in order to maintain a stable net asset value in a negative interest rate environment. When implemented, such amendments could impact the Fund's operations, performance, yields, and operating expenses.

**Mortgage Dollar Rolls and U.S. Treasury Rolls.** A Fund may enter into mortgage dollar rolls in which a Fund sells mortgage-backed securities for delivery in the current month and simultaneously contracts to repurchase substantially similar (same type, coupon and maturity) securities on a specified future date. During the roll period, a Fund foregoes principal and interest paid on the mortgage-backed securities. A Fund is compensated by the interest earned on the cash proceeds of the initial sale and from negotiated fees paid by brokers offered as an inducement to the Fund to "roll over" its purchase commitments. A Fund may only enter into covered rolls. A "covered roll" is a type of dollar roll for which the Fund maintains an offsetting cash or cash equivalent position which matures on or before the forward repurchase settlement date of the dollar roll transaction. Mortgage dollar rolls involve the risk that the market value of the securities the Fund is obligated to repurchase under the agreement may decline below the repurchase price. In the event the buyer of securities under a mortgage dollar roll files for bankruptcy or becomes insolvent, the Fund's use of proceeds of the dollar roll may be restricted pending a determination by the other party, or its trustee or receiver, whether to enforce the Fund's obligation to repurchase the securities. Transactions in mortgage dollar rolls may result in the purchase and sale of the Funds' portfolio securities, which may increase trading costs and portfolio turnover.

In a U.S. Treasury roll, a Fund sells U.S. Treasury securities and buys back "when issued" U.S. Treasury securities of slightly longer maturity for simultaneous settlement on the settlement date of the "when issued" U.S. Treasury security. A Fund might enter into this type of transaction to (i) incrementally adjust the average maturity of its portfolio (which otherwise would constantly decrease with the passage of time), or (ii) increase the interest yield on its portfolio by extending the average maturity of the portfolio. During the period before the settlement date of a U.S. Treasury roll, the Fund continues to earn interest on the securities it is selling, but does not earn interest on the securities it is purchasing until after the settlement date. A Fund could suffer an opportunity loss if the counter-party to the roll transaction failed to perform its obligations on the settlement date, and if market conditions changed adversely between the date of the transaction and the date of settlement. However, to minimize this risk, the Funds intend to enter into U.S. Treasury roll transactions only with government securities dealers recognized by the Federal Reserve Board or with member banks of the Federal Reserve System.

**Mortgage-Related Securities.** A Fund may invest in mortgage-related securities, including to-be-announced securities. Mortgage-related securities are interests in pools of residential or commercial mortgage loans, including mortgage loans made by savings and loan institutions, mortgage bankers, commercial bankers and others. Pools or mortgage loans are assembled as securities for sale to investors by various governmental, government-related and private organizations. The mortgages underlying the mortgage-related securities may be of a variety of types, including adjustable rate, conventional 30-year, fixed-rate, graduated payment, and 15-year. Mortgage-related securities are often sold by "tranche," such that the Funds may purchase a slice or piece of a mortgage pool (e.g. all 2-year variable rate sub-prime mortgages with a fixed-rate 30-year reset). The mortgages underlying the securities may also reflect credit quality differences (e.g., sub-prime mortgages). Principal and interest payments made on the mortgages in the underlying mortgage pool of a mortgage-related security held by a Fund are passed through to the Fund. This is in contrast to traditional bonds where principal is normally paid back at maturity in a lump sum. Unscheduled prepayments of principal shorten the securities' weighted average life and may raise or lower their total return. When a mortgage in the underlying mortgage pool is prepaid, an unscheduled principal prepayment is passed through to the Fund. This principal is returned to the Fund at par. As a result, if a mortgage security were trading at a discount, its total return would be increased by prepayments. Conversely, if a mortgage security is trading at a premium, its total return would be decreased by prepayments. The value of these securities may fluctuate because of changes in the market's perception of the creditworthiness of the issuer. The value of the mortgage-related securities may decline where there are defaults on the underlying mortgages. Mortgage-backed securities may be "subordinated" to other interests in the same pool and a holder of those "subordinated" securities would receive payments only after any obligations to other more "senior" investors have been satisfied. Investments in certain tranches can be speculative and entail a fair amount of risk. The mortgage securities market in general may be adversely affected by changes in governmental regulation or tax policies. In the case of privately issued mortgage-related and asset-backed securities, the Funds take the position that such instruments do not represent interests in any particular industry or group of industries. In addition, certain types of real estate may be adversely affected by changing usage trends, such as office buildings as a result of work-from-home practices and commercial facilities as a result of an increase in online shopping, which could in turn result in defaults and declines in value of mortgage-backed securities secured by such properties.

**Municipal Bonds.** A Fund may invest in securities issued by states, municipalities, and other political subdivisions, agencies, authorities and instrumentalities of states and multi-state agencies or authorities. Municipal bonds carry the credit risk of the issuer, as well as tax and regulatory risk associated with changes in local, state, and federal regulations and tax code requirements. There can be no guarantee that municipal bonds will retain their tax advantaged status. There can be no guarantee that state, municipalities, and other political subdivisions will be able to meet their respective interest and principal payments (e.g., Detroit, Michigan), and a Fund could suffer a loss of principal and interest when investing in municipal bonds.

**Participations and Assignments.** A Fund may invest in fixed- and floating-rate loans arranged through private negotiations between a corporate borrower or a foreign sovereign entity and one or more financial institutions ("Lenders"). A Fund may invest in such loans in the form of participations in loans and participation notes (together, "Participations") and assignments of all or a portion of loans from third parties ("Assignments"). Participations typically will result in a Fund having a contractual relationship only with the Lender, not with the borrower. A Fund will have the right to receive payments of principal, interest and any fees to which it is entitled only from the Lender selling the Participation and only upon receipt by the Lender of the payments from the borrower. In connection with purchasing Participations, a Fund generally will have no right to enforce compliance by the borrower with the terms of the loan agreement relating to the loan, nor any rights of set-off against the borrower, and a Fund may not benefit directly from any collateral supporting the loan in which it has purchased the Participation. As a result, a Fund will assume the credit risk of both the borrower and the Lender that is selling the Participation. In the event of the insolvency of the Lender selling a Participation, a Fund may be treated as a general creditor of the Lender and may not benefit from any set-off between the Lender and the borrower. A Fund will acquire Participations only if the Lender interpositioned between a Fund and the borrower is determined by the Sub-Adviser to be creditworthy. When a Fund purchases Assignments from Lenders, a Fund will acquire direct rights against the borrower on the loan, except that under certain circumstances such rights may be more limited than those held by the assigning Lender.

A Fund may have difficulty disposing of Assignments and Participations, because the market for certain instruments may not be highly liquid, such instruments may be resold only to a limited number of institutional investors. The lack of a highly liquid secondary market for certain Assignments and Participations may have an adverse impact on the value of such instruments and may have an adverse impact on a Fund's ability to dispose of particular Assignments or Participations in response to a specific economic event, such as deterioration in the creditworthiness of the borrower, or a change in market conditions. The Funds may treat investments in Participations and Assignments as liquid securities, however, certain Assignments and Participations may be illiquid, as determined in accordance with the Funds' liquidity risk management program, and may be reviewed for liquidity by the Funds' "Valuation Committee" as well as the Sub-Advisers.

Some loans may represent revolving credit facilities or delayed funding loans, in which a lender agrees to make loans up to a maximum amount upon demand by the borrower during a specified term. These commitments may have the effect of requiring a Fund to increase its investment in a company at a time when it might not otherwise decide to do so (including at a time when the company's financial condition makes it unlikely that such amounts will be repaid). A Fund may make, participate in or acquire debtor-in-possession financings (commonly known as "DIP financings"). DIP financings are arranged when an entity seeks the protections of the bankruptcy court under Chapter 11 of the US Bankruptcy Code. These financings allow the entity to continue its business operations while reorganizing under Chapter 11. Such financings constitute senior liens on unencumbered security (i.e., security not subject to other creditors' claims). There is a risk that the entity will not emerge from Chapter 11 and be forced to liquidate its assets under Chapter 7 of the US Bankruptcy Code. In the event of liquidation, a Fund's only recourse will be against the property securing the DIP financing.

**Participation on Creditors' Committees.** A Fund may from time to time participate on committees formed by creditors to negotiate with the management of financially troubled issuers of securities held by the Fund. Such participation may subject the Fund to expenses such as legal fees and may make the Fund an "insider" of the issuer for purposes of the federal securities laws, and therefore may restrict the Fund's ability to trade in or acquire additional positions in a particular security when it might otherwise desire to do so. Participation by a Fund on such committees also may expose the Fund to potential liabilities under the federal bankruptcy laws or other laws governing the rights of creditors and debtors. A Fund will participate on such committees only when a sub-adviser believes that such participation is necessary or desirable to enforce the Fund's rights as a creditor or to protect the value of securities held by the Fund. A Fund's participation along with participation by an affiliate such as Jackson National, including the sharing of legal expenses or settlement proceeds, could require prior SEC approval.

**Participatory Notes.** A participatory note, as used by a Fund, is an instrument used by investors to obtain exposure to an equity investment, including common stocks and warrants, in a local market where direct ownership is not permitted. In countries, like Saudi Arabia where direct ownership by a foreign investor or a Fund, is not allowed by local law, an investor may gain exposure to the market through a participatory note, which derives its value from a group of underlying equity securities. Disregarding the effect of fees and expenses, a participatory note is intended to reflect the performance of the underlying equity securities on a one-to-one basis so that investors will not normally gain more in absolute terms than they would have made had they invested in the underlying securities directly, and will not normally lose more than they would have lost had they invested in the underlying securities directly.

In addition to providing access to otherwise closed markets, participatory notes can also provide a less expensive option to direct investment, where ownership by foreign investors is permitted, by reducing registration and transaction costs in acquiring and selling local registered shares. The Fund's investment manager also believes that participatory notes can offer greater liquidity in markets that restrict the ability of the Fund to dispose of an investment by either restricting transactions by size or requiring registration and/or regulatory approvals.

Participatory notes are generally structured and sold by a local branch of a bank or broker-dealer that is permitted to purchase equity securities in the local market. Pursuant to the terms of the instrument, a Fund may tender a participatory note for cash payment in an amount that reflects the current market value of the underlying investments, less program expenses, such as trading costs, taxes and duties. The participatory notes represent unsecured, unsubordinated contractual rights of the issuer of the participatory notes. The participatory notes do not confer any right, title or interest in respect to the underlying equity securities or provide rights against the issuer of the underlying securities.

The purchase of participatory notes involves risks that are in addition to the risks normally associated with a direct investment in the underlying securities. A Fund is subject to the risk that the issuer of the participatory note (i.e., the issuing bank or broker-dealer), which is the only responsible party under the note, is unable or refuses to perform under the terms of the participatory note. This is also known as counterparty risk. While the holder of a participatory note is entitled to receive from the bank or broker-dealer any dividends or other distributions paid on the underlying securities, the holder is not entitled to the same rights as an owner of the underlying securities, such as voting rights. Participatory notes are also not traded on exchanges, are privately issued, and may be illiquid. To the extent a participatory note is determined to be illiquid, it would be subject to a Fund's limitation on investments in illiquid securities. There can be no assurance that the trading price or value of participatory notes will equal the value of the underlying value of the equity securities they seek to replicate.

**Passive Foreign Investment Companies.** A Fund may purchase the securities of passive foreign investment companies. A passive foreign investment company, in general, is a foreign corporation where at least 75% of its gross income is passive or at least 50% of its assets on average produce, or are held for the production of, passive income. In addition to bearing their proportionate share of the Trust's annual operating expenses, shareholders will also indirectly bear similar expenses of such passive foreign investment companies.

**Payment-In-Kind Securities.** Payment-in-kind ("PIK") securities may be treated as restricted securities, and may be considered private placements. Subject to its investment policies and restrictions, a Fund may invest in PIK securities. PIK securities contain provisions that allow an issuer, at its discretion, to make current interest payments either in cash or in the form of additional securities. These instruments may be valued at a deep discount from the face amount. Interest received in the form of additional securities is recorded as interest income. Current U.S. federal income tax law requires the holder of certain PIK securities to accrue income with respect to these securities prior to the receipt of cash payments. Accordingly, to avoid liability for federal income and excise taxes, a Fund may be required to distribute cash attributable to income accrued with respect to these securities and may have to dispose of portfolio securities under disadvantageous circumstances in order to generate cash, including when it is not advantageous to do so, to satisfy these distribution requirements.

It is possible that by effectively increasing the principal balance payable to a Fund or deferring cash payment of such interest until maturity, the use of PIK features will increase the risk that such amounts will become uncollectible when due and payable. Prices of PIK securities may be more sensitive to changes in the issuer's financial condition, fluctuations in interest rates and market demand/supply imbalances than cash-paying securities with similar credit ratings, and thus may be more speculative than are securities that pay interest periodically in cash. Investments in PIK securities may be illiquid or restricted, making it difficult for a Fund to dispose of them or to determine their current value.

Restricted securities that have not been registered are generally referred to as private placements and are purchased directly from the issuer or in the secondary market and are usually not listed on an exchange nor traded in other established markets. Generally, such securities are restricted as to disposition and are sold to institutional investors. Certain of the Funds' investments in private placements may consist of direct investments and may include investments in smaller, less-seasoned issuers, which may involve greater risks than investments in the securities of more established companies. These issuers may have limited product lines, markets or financial resources, or they may be dependent on a limited management group.

As a result of the absence of a public trading market, privately placed securities and other restricted securities may be less liquid and more difficult to value than publicly traded securities. As relatively few purchasers of these securities may exist, especially in the event of adverse market or economic conditions or adverse changes in the issuer's financial condition, a Fund could have difficulty selling them when a Sub-Adviser believes it advisable to do so. To the extent that restricted securities may be resold in privately negotiated transactions, the prices realized from the sales, due to illiquidity, could be less than those originally paid by a Fund or less than the fair market value.

In addition, issuers whose securities are not publicly traded may not be subject to the disclosure and other investor protection requirements that may be applicable if the securities were publicly traded. As a result, a Fund may be less able to predict a loss. In making investments in such securities, a Fund may obtain access to material non-public information, which may restrict a Fund's ability to conduct portfolio transactions in such securities. A Fund may also take a minority interest in a privately offered security, which may limit a Fund's ability to protect shareholders interests in connection with corporate actions by the privately held company.

**Portfolio Turnover*.*** Portfolio turnover is the buying and selling of securities held by a Fund. A Fund may engage in short-term transactions if such transactions further its investment objective. A Fund may sell one security and simultaneously purchase another of comparable quality or simultaneously purchase and sell the same security to take advantage of short-term differentials in bond yields or otherwise purchase individual securities in anticipation of relatively short-term price gains. The rate of portfolio turnover will not be a determining factor in the purchase and sale of such securities. Portfolio turnover rates also may be increased by purchases or redemptions of a Fund's shares, because of the need to invest new cash resulting from purchases of shares or the need to sell portfolio securities owned in order to meet redemption requests. Increased portfolio turnover necessarily results in correspondingly higher costs including brokerage commissions, dealer mark-ups and other transaction costs on the sale of securities and reinvestment in other securities to a Fund. Thus, the higher the rate of portfolio turnover of a Fund, the higher these transaction costs borne by the Fund generally will be. Changes in portfolio turnover rates were generally the result of active trading strategies employed by such Funds' portfolio manager(s) in response to market conditions, and not reflective of a material change in investment strategy.

[to be updated by amendment]

**Precious Metal-Related Securities.** Certain Funds may invest in the equity securities of companies that explore for, extract, process or deal in precious metals (i.e., gold, silver and platinum, and in asset-based securities indexed to the value of such metals). Such securities may be purchased when they are believed to be attractively priced in relation to the value of a company's precious metal-related assets or when the values of precious metals are expected to benefit from inflationary pressure or other economic, political or financial uncertainty or instability. Based on historical experience, during periods of economic or financial instability the securities of companies involved in precious metals may be subject to extreme price fluctuations, reflecting the high volatility of precious metal prices during such periods. In addition, the instability of precious metal prices may result in volatile earnings of precious metal-related companies which, in turn, may affect adversely the financial condition of such companies.

Certain Funds may also invest in exchange-traded funds, debt securities, preferred stocks or convertible securities, where the principal amount, redemption terms or conversion terms of which are related to the market price of some precious metals such as gold bullion. These securities are referred to herein as "asset-based securities." While the market prices for an asset-based security and the related natural resource asset generally are expected to move in the same direction, there may not be perfect correlation in the two price movements. Asset-based securities may not be secured by a security interest in or claim on the underlying natural resource asset. The asset-based securities in which a Fund may invest may bear interest or pay preferred dividends at below market, or even at relatively nominal rates. For example, assume gold is selling at a market price of $300 per ounce and an issuer sells a $1,000 face amount gold-related note with a seven-year maturity, payable at maturity at the greater of either $1,000 in cash or the then market price of three ounces of gold. If at maturity, the market price of gold is $400 per ounce, the amount payable on the note would be $1,200. Certain asset-based securities may be payable at maturity in cash at the stated principal amount or, at the option of the holder, directly in a stated amount of the asset to which it is related. In such instance, because a Fund presently does not intend to invest directly in natural resource assets, the Fund would sell the asset-based security in the secondary market, to the extent one exists, prior to maturity if the value of the stated amount of the asset exceeds the stated principal amount and thereby realize the appreciation in the underlying asset.

**Preferred Stocks.** Each Fund may invest in preferred stock. Preferred stock represents an equity interest in a company that generally entitles the holder to receive, in preference to the holders of other stocks such as common stocks, dividends and a fixed share of the proceeds resulting from a liquidation of the company. Some preferred stocks also entitle their holders to receive additional liquidation proceeds on the same basis as holders of a company's common stock, and thus also represent an ownership interest in that company.

Preferred stocks may pay fixed or adjustable rates of return. Preferred stock is subject to issuer-specific and market risks applicable generally to equity securities. Generally, a company's preferred stock pays dividends only after the company makes required payments to holders of its bonds and other debt. For this reason, the value of preferred stock will usually react more strongly than bonds and other debt to actual or perceived changes in the company's financial condition or prospects. Preferred stock of smaller companies may be more vulnerable to adverse developments than preferred stock of larger companies.

**Private Placements.** A Fund may invest in "Private Placements" or "restricted securities," which are securities exempt from registration under the 1933 Act, and state securities laws. Private Placements are typically offered to institutional investors, such as the Funds, and are used by the companies offering such securities to raise capital. Private Placements may be debt or equity securities. There is generally no secondary market for Private Placement securities, and as such, Private Placements are generally treated as illiquid securities and subject to limitations on investments in illiquid securities (see "Illiquid Securities" and "Rule 144A Securities and Section 4(a)(2) Paper" herein). Many companies issuing Private Placements are unseasoned companies and Private Placements involve more risk than investments in the securities of more established companies because unseasoned issuers have only a brief operating history and may have more limited financial resources. There is no guarantee that securities issued through Private Placements will retain their value, and a Fund could lose money investing in such securities. Also, the contractual restrictions on resale might prevent a Fund from reselling the securities acquired in Private Placements at a time when such sale would be desirable. Restricted securities that are traded on foreign markets are often subject to restrictions that prohibit resale to U.S. persons or entities or permit sales only to foreign broker-dealers who agree to limit their resale to such persons or entities. The buyer of such securities must enter into an agreement that, usually for a limited period of time, the buyer will resell such securities subject to such restrictions. Restricted securities in which a Fund seeks to invest need not be listed or admitted to trading on a foreign or U.S. exchange and may be less liquid than listed securities.

**Real Estate Investing.** Investments in securities of issuers engaged in the real estate industry entail special risks and considerations. Real property investments are subject to varying degrees of risk. The yields available from investments in real estate depend on the amount of income and capital appreciation generated by the related properties. Income and real estate values may also be adversely affected by such factors as applicable laws (e.g., Americans with Disabilities Act, environmental and tax laws), interest rate levels and the availability of financing. If the properties do not generate sufficient income to meet operating expenses, including, where applicable, debt service, lease payments, tenant improvements, third-party leasing commissions and other capital expenditures, the income and ability of the real estate company to make payments of any interest and principal on its debt securities will be adversely affected, which could directly or indirectly decrease the value of the Funds' investments. In addition, real property may be subject to the quality of credit extended and defaults by borrowers and tenants. The performance of the economy in each of the regions and countries in which the real estate owned by a portfolio company is located affects occupancy, market rental rates and expenses and, consequently, has an impact on the income from such properties and their underlying values. The financial results of major local employers also may have an impact on the cash flow and value of certain properties. In addition, real estate investments are relatively illiquid and, therefore, the ability of real estate companies to vary their portfolios promptly in response to changes in economic or other conditions is limited. A real estate company also may invest in certain of its properties through joint ventures with unaffiliated parties and, consequently, its ability to control decisions relating to these properties may be limited. Further, certain real estate companies may carry comprehensive liability, fire, flood, earthquake extended coverage and rental loss insurance with various policy specifications, limits and deductibles. In connection with the ownership (direct or indirect), operation, management and development of real properties that may contain hazardous or toxic substances, a portfolio company may be considered an owner, operator or responsible party of such properties and, therefore, may be potentially liable for removal or remediation costs, as well as certain other costs, including governmental fines and liabilities for injuries to persons and property.

**Real Estate Investment Trusts ("REITs") and Foreign Real Estate Companies.** Certain Funds may invest in REITs, including equity, mortgage and hybrid REITs, and/or foreign real estate companies, which are similar to entities organized and operated as REITs in the United States. REITs and foreign real estate companies pool investors' funds for investment primarily in real estate properties or real estate-related loans. REITs and foreign real estate companies generally derive their income from rents on the underlying properties or interest on the underlying loans, and their value is impacted by changes in the value of the underlying property or changes in interest rates affecting the underlying loans owned by the REITs and/or foreign real estate companies. REITs and foreign real estate companies are more susceptible to risks associated with the ownership of real estate and the real estate industry in general. These risks can include fluctuations in the value of underlying properties; defaults by borrowers or tenants; market saturation; changes in general and local economic conditions; decreases in market rates for rents; increases in competition, property taxes, capital expenditures or operating expenses; and other economic, political or regulatory occurrences affecting the real estate industry. In addition, REITs and foreign real estate companies depend upon specialized management skills, may not be diversified (which may increase the volatility of a REIT's and/or foreign real estate company's value), may have less trading volume and may be subject to more abrupt or erratic price movements than the overall securities market. Foreign real estate companies may be subject to laws, rules and regulations governing those entities and their failure to comply with those laws, rules and regulations could negatively impact the performance of those entities. Operating REITs and foreign real estate companies requires specialized management skills and a Fund indirectly bears management expenses along with the direct expenses of the Fund. REITs are not taxed on income distributed to shareholders provided they comply with several requirements of the Code. REITs are subject to the risk of failing to qualify for favorable tax treatment under the Code.

**Repurchase Agreements and Reverse Repurchase Agreements.** A Fund may invest in repurchase or reverse repurchase agreements for the purposes of maintaining liquidity and achieving income. A repurchase agreement involves the purchase of a security by a Fund and a simultaneous agreement by the seller, generally by a bank or broker-dealer, to repurchase that security from the Fund at a specified price and date or upon demand. This technique offers a method of earning income on idle cash. A repurchase agreement may be considered a loan collateralized by the underlying security, which typically is a U.S. Treasury bill or note, or other highly liquid short-term security. A Fund will only enter into repurchase agreements that are fully collateralized. For a repurchase agreement to be considered fully collateralized, the Fund must take physical possession of the security or receive written confirmation of the purchase and a custodial or safekeeping receipt from a third party or be recorded as the owner of the security through the Federal Reserve Book Entry System.

The Fund may invest in open repurchase agreements which vary from the typical agreement in the following respects: (1) the agreement has no set maturity, but instead matures upon 24 hours' notice to the seller; and (2) the repurchase price is not determined at the time the agreement is entered into, but is instead based on a variable interest rate and the duration of the agreement. In addition, a Fund, together with other registered investment companies having management agreements with the Adviser or its affiliates, may transfer uninvested cash balances into a money market fund, the daily aggregate balance of which will be invested in one or more repurchase agreements.

When a Fund invests in a reverse repurchase agreement, it sells a portfolio security to another party, such as a bank or a broker-dealer, in return for cash, and agrees to buy the security back at a future date and price. Reverse repurchase agreements may be used to provide cash to satisfy unusually heavy redemption requests or for other temporary or emergency purposes without selling portfolio securities or to earn additional income on portfolio securities, such as Treasury bills and notes. Reverse repurchase agreements may also be used as a form of a "short sale," because the Fund is effectively selling the security with an agreement to repurchase the security at a later date (see "Short Sales" for additional information). When entering into a reverse repurchase agreement, the Fund may seek to profit on the difference between the initial security sale price and the repurchase price of that security. See "Counterparty and settlement risk" section in this SAI.

**Rule 144A Securities and Section 4(a)(2) Paper.** Rule 144A securities and Section 4(a)(2) Paper are securities which, while privately placed, are eligible for purchase and resale pursuant to Section 4(a)(2) of the 1933 Act and Rule 144A thereunder, and state securities laws. Rule 144A and Section 4(a)(2) permit certain qualified institutional buyers, such as the Funds, to trade in privately placed securities even though such securities are not registered under the 1933 Act. The Sub-Advisers, in accordance with the Funds' liquidity risk management program, will determine whether securities purchased under Rule 144A and/or Section 4(a)(2) are illiquid. The Sub-Advisers will also monitor the liquidity of Rule 144A and Section 4(a)(2) securities and, if as a result of changes in market, trading and investment-specific considerations, the Sub-Advisers determine that a Rule 144A or Section 4(a)(2) security is no longer liquid, the Sub-Advisers will review a Fund's holdings of illiquid securities to determine what, if any, action is required to assure that such Fund complies with the restriction on investment in illiquid securities. Investing in Rule 144A or Section 4(a)(2) securities could increase the amount of each Fund's investments in illiquid securities if qualified institutional buyers are unwilling to purchase such securities.

**Securities Lending.** The Board has approved each Fund's participation in a securities lending program. Under the securities lending program, each Fund has retained its custodian, JPMorgan Chase Bank, N.A. or State Street Bank and Trust Company, as applicable, to serve as the securities lending agent. A Fund will receive amounts equivalent to any dividends, interest or other distributions on the securities loaned. The Board of Trustees will periodically review information on the Funds' securities lending program.

Lending portfolio securities enables a Fund to earn additional income, but could result in a loss or delay in recovering these securities. The borrower of a Fund's portfolio securities must deposit acceptable collateral with the Fund's custodian in an amount, marked to market daily, at least equal to the market value of the securities loaned, plus accrued interest and dividends. Acceptable collateral is limited to cash, U.S. Government securities, including obligations issued or guaranteed by its agencies or instrumentalities, U.S. mortgage backed securities, and irrevocable letters of credit that meet certain guidelines.

A Fund may reinvest any cash collateral in money market investments or other investments subject to guidelines approved by the Adviser and the Board of Trustees. Except as described below, cash collateral is invested in Class SL of the JNL Government Money Market Fund, a series of the JNL Investors Series Trust. The JNL Government Money Market Fund complies with the requirements applicable to a "government money market fund" as defined in Rule 2a-7 under the 1940 Act, including the diversification, quality, and maturity limitations imposed by the Rule.

As an alternative to the JNL Government Money Market Fund, certain Funds (each an "Equity Repo Fund") may reinvest cash collateral in equity repurchase agreements. Reinvestments in equity repurchase agreements will not exceed 10% of an Equity Repo Fund's net assets, shall be collateralized by equity securities equal to not less than 110% of the cash collateral reinvested in such transaction, and shall be marked-to-market daily. The cash collateral investments are not guaranteed, and may lose money. A Fund retains authority to terminate any of its loans at any time. A Fund may terminate a loan and regain record ownership of loaned securities to exercise ownership rights, such as voting and subscription rights, when regaining such rights is considered to be in the Fund's interest.

In the event of bankruptcy or other default of the borrower, a Fund may be unable to recover the loaned securities or could experience delays in liquidating the loan collateral or recovering the loaned securities and incur expenses related to enforcing its rights. In addition, there could be a decline in the value of the collateral or in the fair value of the securities loaned while a Fund seeks to enforce its rights thereto, and the Fund could experience subnormal levels of income or lack of access to income during that period. The Funds also bear the risk of any deficiency in the amount of collateral available for return to a borrower due to a loss in an approved investment.

The net securities lending revenue is shared by the lending agent and the Funds. The Funds retain 100% of their portion after the split. The securities lending revenue "split" between the Funds and the lending agent was determined based on the Adviser's review of competitive industry information. The Adviser and the Funds' Board will periodically review the "split" between the lending agent and the Funds. For the fiscal year ended [December 31, 2025], the income earned by each participating Fund as well as the fees and/or compensation paid by each participating Fund (in dollars) pursuant to the Securities Lending Agreement between the Trust, on behalf of each participating Fund, and JPMorgan Bank were as follows ("JPMorgan Securities Lending Agreement"): [to be updated by amendment]

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| | |
|:---|:---|
| &nbsp;&nbsp;**JNL Multi-Manager Small Cap Growth Fund** | &nbsp;&nbsp;**JNL Multi-Manager Small Cap Growth Fund** |
| &nbsp;&nbsp;**Gross income from securities lending activities** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;816003 |
| &nbsp;&nbsp;*Fees and/or compensation for securities lending activities and related services:* | &nbsp;&nbsp;*Fees and/or compensation for securities lending activities and related services:* |
| &nbsp;&nbsp;Fees paid to securities lending agent from a revenue split | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42502 |
| &nbsp;&nbsp;Fees paid for any cash collateral management services (including fees deducted from a pooled cash collateral reinvestment vehicle) not included in the revenue split | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9505 |
| &nbsp;&nbsp;Administrative fees not included in the revenue split | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 |
| &nbsp;&nbsp;Indemnification fees not included in the revenue split | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 |
| &nbsp;&nbsp;Rebates (paid to borrower) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;483171 |
| &nbsp;&nbsp;Other fees not included in the revenue split | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 |
| &nbsp;&nbsp;**Aggregate fees/compensation for securities lending activities** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;535178 |
| &nbsp;&nbsp;***Net income from securities lending activities*** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;280825 |
| &nbsp;&nbsp;**JNL Multi-Manager Small Cap Value Fund** | &nbsp;&nbsp;**JNL Multi-Manager Small Cap Value Fund** |
| &nbsp;&nbsp;**Gross income from securities lending activities** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;431187 |
| &nbsp;&nbsp;*Fees and/or compensation for securities lending activities and related services:* | &nbsp;&nbsp;*Fees and/or compensation for securities lending activities and related services:* |
| &nbsp;&nbsp;Fees paid to securities lending agent from a revenue split | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22732 |
| &nbsp;&nbsp;Fees paid for any cash collateral management services (including fees deducted from a pooled cash collateral reinvestment vehicle) not included in the revenue split | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5813 |
| &nbsp;&nbsp;Administrative fees not included in the revenue split | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 |
| &nbsp;&nbsp;Indemnification fees not included in the revenue split | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 |
| &nbsp;&nbsp;Rebates (paid to borrower) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;226727 |
| &nbsp;&nbsp;Other fees not included in the revenue split | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 |
| &nbsp;&nbsp;**Aggregate fees/compensation for securities lending activities** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;255272 |
| &nbsp;&nbsp;***Net income from securities lending activities*** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;175915 |
| &nbsp;&nbsp;**JNL Moderate ETF Allocation Fund** | &nbsp;&nbsp;**JNL Moderate ETF Allocation Fund** |
| &nbsp;&nbsp;**Gross income from securities lending activities** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;377942 |
| &nbsp;&nbsp;*Fees and/or compensation for securities lending activities and related services:* | &nbsp;&nbsp;*Fees and/or compensation for securities lending activities and related services:* |
| &nbsp;&nbsp;Fees paid to securities lending agent from a revenue split | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10654 |
| &nbsp;&nbsp;Fees paid for any cash collateral management services (including fees deducted from a pooled cash collateral reinvestment vehicle) not included in the revenue split | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5373 |
| &nbsp;&nbsp;Administrative fees not included in the revenue split | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 |
| &nbsp;&nbsp;Indemnification fees not included in the revenue split | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 |
| &nbsp;&nbsp;Rebates (paid to borrower) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;282344 |
| &nbsp;&nbsp;Other fees not included in the revenue split | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 |
| &nbsp;&nbsp;**Aggregate fees/compensation for securities lending activities** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;298371 |
| &nbsp;&nbsp;***Net income from securities lending activities*** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;79571 |
| &nbsp;&nbsp;**JNL Moderate Growth ETF Allocation Fund** | &nbsp;&nbsp;**JNL Moderate Growth ETF Allocation Fund** |
| &nbsp;&nbsp;**Gross income from securities lending activities** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;530593 |
| &nbsp;&nbsp;*Fees and/or compensation for securities lending activities and related services:* | &nbsp;&nbsp;*Fees and/or compensation for securities lending activities and related services:* |
| &nbsp;&nbsp;Fees paid to securities lending agent from a revenue split | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13290 |
| &nbsp;&nbsp;Fees paid for any cash collateral management services (including fees deducted from a pooled cash collateral reinvestment vehicle) not included in the revenue split | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7641 |
| &nbsp;&nbsp;Administrative fees not included in the revenue split | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 |
| &nbsp;&nbsp;Indemnification fees not included in the revenue split | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 |
| &nbsp;&nbsp;Rebates (paid to borrower) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;410307 |
| &nbsp;&nbsp;Other fees not included in the revenue split | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 |
| &nbsp;&nbsp;**Aggregate fees/compensation for securities lending activities** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;431238 |
| &nbsp;&nbsp;***Net income from securities lending activities*** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;99355 |
| &nbsp;&nbsp;**JNL Growth ETF Allocation Fund** | &nbsp;&nbsp;**JNL Growth ETF Allocation Fund** |
| &nbsp;&nbsp;**Gross income from securities lending activities** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;603680 |
| &nbsp;&nbsp;*Fees and/or compensation for securities lending activities and related services:* | &nbsp;&nbsp;*Fees and/or compensation for securities lending activities and related services:* |
| &nbsp;&nbsp;Fees paid to securities lending agent from a revenue split | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29364 |
| &nbsp;&nbsp;Fees paid for any cash collateral management services (including fees deducted from a pooled cash collateral reinvestment vehicle) not included in the revenue split | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8607 |
| &nbsp;&nbsp;Administrative fees not included in the revenue split | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 |
| &nbsp;&nbsp;Indemnification fees not included in the revenue split | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;Rebates (paid to borrower) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;320378 |
| &nbsp;&nbsp;Other fees not included in the revenue split | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 |
| &nbsp;&nbsp;**Aggregate fees/compensation for securities lending activities** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;358349 |
| &nbsp;&nbsp;***Net income from securities lending activities*** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;245331 |
| &nbsp;&nbsp;**JNL/AB Sustainable Global Thematic Fund** | &nbsp;&nbsp;**JNL/AB Sustainable Global Thematic Fund** |
| &nbsp;&nbsp;**Gross income from securities lending activities** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;412 |
| &nbsp;&nbsp;*Fees and/or compensation for securities lending activities and related services:* | &nbsp;&nbsp;*Fees and/or compensation for securities lending activities and related services:* |
| &nbsp;&nbsp;Fees paid to securities lending agent from a revenue split | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6 |
| &nbsp;&nbsp;Fees paid for any cash collateral management services (including fees deducted from a pooled cash collateral reinvestment vehicle) not included in the revenue split | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8 |
| &nbsp;&nbsp;Administrative fees not included in the revenue split | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 |
| &nbsp;&nbsp;Indemnification fees not included in the revenue split | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 |
| &nbsp;&nbsp;Rebates (paid to borrower) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;356 |
| &nbsp;&nbsp;Other fees not included in the revenue split | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 |
| &nbsp;&nbsp;**Aggregate fees/compensation for securities lending activities** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;370 |
| &nbsp;&nbsp;***Net income from securities lending activities*** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42 |
| &nbsp;&nbsp;**JNL/AQR Large Cap Defensive Style Fund** | &nbsp;&nbsp;**JNL/AQR Large Cap Defensive Style Fund** |
| &nbsp;&nbsp;**Gross income from securities lending activities** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3786 |
| &nbsp;&nbsp;*Fees and/or compensation for securities lending activities and related services:* | &nbsp;&nbsp;*Fees and/or compensation for securities lending activities and related services:* |
| &nbsp;&nbsp;Fees paid to securities lending agent from a revenue split | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;280 |
| &nbsp;&nbsp;Fees paid for any cash collateral management services (including fees deducted from a pooled cash collateral reinvestment vehicle) not included in the revenue split | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1 |
| &nbsp;&nbsp;Administrative fees not included in the revenue split | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 |
| &nbsp;&nbsp;Indemnification fees not included in the revenue split | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 |
| &nbsp;&nbsp;Rebates (paid to borrower) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1911 |
| &nbsp;&nbsp;Other fees not included in the revenue split | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 |
| &nbsp;&nbsp;**Aggregate fees/compensation for securities lending activities** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2192 |
| &nbsp;&nbsp;***Net income from securities lending activities*** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1594 |
| &nbsp;&nbsp;**JNL/BlackRock Global Allocation Fund** | &nbsp;&nbsp;**JNL/BlackRock Global Allocation Fund** |
| &nbsp;&nbsp;**Gross income from securities lending activities** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1167214 |
| &nbsp;&nbsp;*Fees and/or compensation for securities lending activities and related services:* | &nbsp;&nbsp;*Fees and/or compensation for securities lending activities and related services:* |
| &nbsp;&nbsp;Fees paid to securities lending agent from a revenue split | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47179 |
| &nbsp;&nbsp;Fees paid for any cash collateral management services (including fees deducted from a pooled cash collateral reinvestment vehicle) not included in the revenue split | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16481 |
| &nbsp;&nbsp;Administrative fees not included in the revenue split | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 |
| &nbsp;&nbsp;Indemnification fees not included in the revenue split | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 |
| &nbsp;&nbsp;Rebates (paid to borrower) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;738607 |
| &nbsp;&nbsp;Other fees not included in the revenue split | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 |
| &nbsp;&nbsp;**Aggregate fees/compensation for securities lending activities** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;802267 |
| &nbsp;&nbsp;***Net income from securities lending activities*** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;364947 |
| &nbsp;&nbsp;**JNL/BlackRock Global Natural Resources Fund** | &nbsp;&nbsp;**JNL/BlackRock Global Natural Resources Fund** |
| &nbsp;&nbsp;**Gross income from securities lending activities** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;220206 |
| &nbsp;&nbsp;*Fees and/or compensation for securities lending activities and related services:* | &nbsp;&nbsp;*Fees and/or compensation for securities lending activities and related services:* |
| &nbsp;&nbsp;Fees paid to securities lending agent from a revenue split | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8816 |
| &nbsp;&nbsp;Fees paid for any cash collateral management services (including fees deducted from a pooled cash collateral reinvestment vehicle) not included in the revenue split | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2563 |
| &nbsp;&nbsp;Administrative fees not included in the revenue split | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 |
| &nbsp;&nbsp;Indemnification fees not included in the revenue split | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 |
| &nbsp;&nbsp;Rebates (paid to borrower) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;147606 |
| &nbsp;&nbsp;Other fees not included in the revenue split | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 |
| &nbsp;&nbsp;**Aggregate fees/compensation for securities lending activities** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;158985 |
| &nbsp;&nbsp;***Net income from securities lending activities*** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;61221 |
| &nbsp;&nbsp;**JNL/BlackRock Large Cap Select Growth Fund** | &nbsp;&nbsp;**JNL/BlackRock Large Cap Select Growth Fund** |
| &nbsp;&nbsp;**Gross income from securities lending activities** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2668 |
| &nbsp;&nbsp;*Fees and/or compensation for securities lending activities and related services:* | &nbsp;&nbsp;*Fees and/or compensation for securities lending activities and related services:* |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;Fees paid to securities lending agent from a revenue split | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54 |
| &nbsp;&nbsp;Fees paid for any cash collateral management services (including fees deducted from a pooled cash collateral reinvestment vehicle) not included in the revenue split | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11 |
| &nbsp;&nbsp;Administrative fees not included in the revenue split | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 |
| &nbsp;&nbsp;Indemnification fees not included in the revenue split | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 |
| &nbsp;&nbsp;Rebates (paid to borrower) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2294 |
| &nbsp;&nbsp;Other fees not included in the revenue split | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 |
| &nbsp;&nbsp;**Aggregate fees/compensation for securities lending activities** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2359 |
| &nbsp;&nbsp;***Net income from securities lending activities*** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;309 |
| &nbsp;&nbsp;**JNL/Cohen & Steers U.S. Realty Fund** | &nbsp;&nbsp;**JNL/Cohen & Steers U.S. Realty Fund** |
| &nbsp;&nbsp;**Gross income from securities lending activities** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27151 |
| &nbsp;&nbsp;*Fees and/or compensation for securities lending activities and related services:* | &nbsp;&nbsp;*Fees and/or compensation for securities lending activities and related services:* |
| &nbsp;&nbsp;Fees paid to securities lending agent from a revenue split | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1651 |
| &nbsp;&nbsp;Fees paid for any cash collateral management services (including fees deducted from a pooled cash collateral reinvestment vehicle) not included in the revenue split | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;347 |
| &nbsp;&nbsp;Administrative fees not included in the revenue split | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 |
| &nbsp;&nbsp;Indemnification fees not included in the revenue split | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 |
| &nbsp;&nbsp;Rebates (paid to borrower) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11872 |
| &nbsp;&nbsp;Other fees not included in the revenue split | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 |
| &nbsp;&nbsp;**Aggregate fees/compensation for securities lending activities** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13870 |
| &nbsp;&nbsp;***Net income from securities lending activities*** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13281 |
| &nbsp;&nbsp;**JNL/First Sentier Global Infrastructure Fund** | &nbsp;&nbsp;**JNL/First Sentier Global Infrastructure Fund** |
| &nbsp;&nbsp;**Gross income from securities lending activities** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65271 |
| &nbsp;&nbsp;*Fees and/or compensation for securities lending activities and related services:* | &nbsp;&nbsp;*Fees and/or compensation for securities lending activities and related services:* |
| &nbsp;&nbsp;Fees paid to securities lending agent from a revenue split | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2676 |
| &nbsp;&nbsp;Fees paid for any cash collateral management services (including fees deducted from a pooled cash collateral reinvestment vehicle) not included in the revenue split | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;621 |
| &nbsp;&nbsp;Administrative fees not included in the revenue split | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 |
| &nbsp;&nbsp;Indemnification fees not included in the revenue split | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 |
| &nbsp;&nbsp;Rebates (paid to borrower) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41029 |
| &nbsp;&nbsp;Other fees not included in the revenue split | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 |
| &nbsp;&nbsp;**Aggregate fees/compensation for securities lending activities** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44326 |
| &nbsp;&nbsp;***Net income from securities lending activities*** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20945 |
| &nbsp;&nbsp;**JNL/Franklin Templeton Income Fund** | &nbsp;&nbsp;**JNL/Franklin Templeton Income Fund** |
| &nbsp;&nbsp;**Gross income from securities lending activities** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1451766 |
| &nbsp;&nbsp;*Fees and/or compensation for securities lending activities and related services:* | &nbsp;&nbsp;*Fees and/or compensation for securities lending activities and related services:* |
| &nbsp;&nbsp;Fees paid to securities lending agent from a revenue split | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52516 |
| &nbsp;&nbsp;Fees paid for any cash collateral management services (including fees deducted from a pooled cash collateral reinvestment vehicle) not included in the revenue split | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21973 |
| &nbsp;&nbsp;Administrative fees not included in the revenue split | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 |
| &nbsp;&nbsp;Indemnification fees not included in the revenue split | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 |
| &nbsp;&nbsp;Rebates (paid to borrower) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;951799 |
| &nbsp;&nbsp;Other fees not included in the revenue split | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 |
| &nbsp;&nbsp;**Aggregate fees/compensation for securities lending activities** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1026288 |
| &nbsp;&nbsp;***Net income from securities lending activities*** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;425478 |
| &nbsp;&nbsp;**JNL/Goldman Sachs 4 Fund** | &nbsp;&nbsp;**JNL/Goldman Sachs 4 Fund** |
| &nbsp;&nbsp;**Gross income from securities lending activities** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23099 |
| &nbsp;&nbsp;*Fees and/or compensation for securities lending activities and related services:* | &nbsp;&nbsp;*Fees and/or compensation for securities lending activities and related services:* |
| &nbsp;&nbsp;Fees paid to securities lending agent from a revenue split | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;301 |
| &nbsp;&nbsp;Fees paid for any cash collateral management services (including fees deducted from a pooled cash collateral reinvestment vehicle) not included in the revenue split | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;501 |
| &nbsp;&nbsp;Administrative fees not included in the revenue split | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 |
| &nbsp;&nbsp;Indemnification fees not included in the revenue split | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 |
| &nbsp;&nbsp;Rebates (paid to borrower) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20259 |
| &nbsp;&nbsp;Other fees not included in the revenue split | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 |
| &nbsp;&nbsp;**Aggregate fees/compensation for securities lending activities** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21061 |
| &nbsp;&nbsp;***Net income from securities lending activities*** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2038 |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;**JNL/Mellon DowSM Index Fund** | &nbsp;&nbsp;**JNL/Mellon DowSM Index Fund** |
| &nbsp;&nbsp;**Gross income from securities lending activities** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;91 |
| &nbsp;&nbsp;*Fees and/or compensation for securities lending activities and related services:* | &nbsp;&nbsp;*Fees and/or compensation for securities lending activities and related services:* |
| &nbsp;&nbsp;Fees paid to securities lending agent from a revenue split | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1 |
| &nbsp;&nbsp;Fees paid for any cash collateral management services (including fees deducted from a pooled cash collateral reinvestment vehicle) not included in the revenue split | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2 |
| &nbsp;&nbsp;Administrative fees not included in the revenue split | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 |
| &nbsp;&nbsp;Indemnification fees not included in the revenue split | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 |
| &nbsp;&nbsp;Rebates (paid to borrower) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;83 |
| &nbsp;&nbsp;Other fees not included in the revenue split | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 |
| &nbsp;&nbsp;**Aggregate fees/compensation for securities lending activities** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;86 |
| &nbsp;&nbsp;***Net income from securities lending activities*** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 |
| &nbsp;&nbsp;**JNL/Mellon S&P 500 Index Fund** | &nbsp;&nbsp;**JNL/Mellon S&P 500 Index Fund** |
| &nbsp;&nbsp;**Gross income from securities lending activities** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42930473 |
| &nbsp;&nbsp;*Fees and/or compensation for securities lending activities and related services:* | &nbsp;&nbsp;*Fees and/or compensation for securities lending activities and related services:* |
| &nbsp;&nbsp;Fees paid to securities lending agent from a revenue split | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;414792 |
| &nbsp;&nbsp;Fees paid for any cash collateral management services (including fees deducted from a pooled cash collateral reinvestment vehicle) not included in the revenue split | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;64352 |
| &nbsp;&nbsp;Administrative fees not included in the revenue split | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 |
| &nbsp;&nbsp;Indemnification fees not included in the revenue split | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 |
| &nbsp;&nbsp;Rebates (paid to borrower) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40077772 |
| &nbsp;&nbsp;Other fees not included in the revenue split | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 |
| &nbsp;&nbsp;**Aggregate fees/compensation for securities lending activities** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40556916 |
| &nbsp;&nbsp;***Net income from securities lending activities*** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2373557 |
| &nbsp;&nbsp;**JNL/Mellon U.S. Stock Market Index Fund** | &nbsp;&nbsp;**JNL/Mellon U.S. Stock Market Index Fund** |
| &nbsp;&nbsp;**Gross income from securities lending activities** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;313753 |
| &nbsp;&nbsp;*Fees and/or compensation for securities lending activities and related services:* | &nbsp;&nbsp;*Fees and/or compensation for securities lending activities and related services:* |
| &nbsp;&nbsp;Fees paid to securities lending agent from a revenue split | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27721 |
| &nbsp;&nbsp;Fees paid for any cash collateral management services (including fees deducted from a pooled cash collateral reinvestment vehicle) not included in the revenue split | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3932 |
| &nbsp;&nbsp;Administrative fees not included in the revenue split | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 |
| &nbsp;&nbsp;Indemnification fees not included in the revenue split | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 |
| &nbsp;&nbsp;Rebates (paid to borrower) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48308 |
| &nbsp;&nbsp;Other fees not included in the revenue split | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 |
| &nbsp;&nbsp;**Aggregate fees/compensation for securities lending activities** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;79961 |
| &nbsp;&nbsp;***Net income from securities lending activities*** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;233792 |
| &nbsp;&nbsp;**JNL/Mellon Communication Services Sector Fund** | &nbsp;&nbsp;**JNL/Mellon Communication Services Sector Fund** |
| &nbsp;&nbsp;**Gross income from securities lending activities** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;66514 |
| &nbsp;&nbsp;*Fees and/or compensation for securities lending activities and related services:* | &nbsp;&nbsp;*Fees and/or compensation for securities lending activities and related services:* |
| &nbsp;&nbsp;Fees paid to securities lending agent from a revenue split | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19483 |
| &nbsp;&nbsp;Fees paid for any cash collateral management services (including fees deducted from a pooled cash collateral reinvestment vehicle) not included in the revenue split | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;951 |
| &nbsp;&nbsp;Administrative fees not included in the revenue split | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 |
| &nbsp;&nbsp;Indemnification fees not included in the revenue split | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 |
| &nbsp;&nbsp;Rebates (paid to borrower) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(128345) |
| &nbsp;&nbsp;Other fees not included in the revenue split | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 |
| &nbsp;&nbsp;**Aggregate fees/compensation for securities lending activities** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(107911) |
| &nbsp;&nbsp;***Net income from securities lending activities*** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;174425 |
| &nbsp;&nbsp;**JNL/Mellon Consumer Discretionary Sector Fund** | &nbsp;&nbsp;**JNL/Mellon Consumer Discretionary Sector Fund** |
| &nbsp;&nbsp;**Gross income from securities lending activities** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;231592 |
| &nbsp;&nbsp;*Fees and/or compensation for securities lending activities and related services:* | &nbsp;&nbsp;*Fees and/or compensation for securities lending activities and related services:* |
| &nbsp;&nbsp;Fees paid to securities lending agent from a revenue split | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16408 |
| &nbsp;&nbsp;Fees paid for any cash collateral management services (including fees deducted from a pooled cash collateral reinvestment vehicle) not included in the revenue split | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3166 |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;Administrative fees not included in the revenue split | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 |
| &nbsp;&nbsp;Indemnification fees not included in the revenue split | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 |
| &nbsp;&nbsp;Rebates (paid to borrower) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;73072 |
| &nbsp;&nbsp;Other fees not included in the revenue split | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 |
| &nbsp;&nbsp;**Aggregate fees/compensation for securities lending activities** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;92646 |
| &nbsp;&nbsp;***Net income from securities lending activities*** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;138946 |
| &nbsp;&nbsp;**JNL/Mellon Consumer Staples Sector Fund** | &nbsp;&nbsp;**JNL/Mellon Consumer Staples Sector Fund** |
| &nbsp;&nbsp;**Gross income from securities lending activities** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12465 |
| &nbsp;&nbsp;*Fees and/or compensation for securities lending activities and related services:* | &nbsp;&nbsp;*Fees and/or compensation for securities lending activities and related services:* |
| &nbsp;&nbsp;Fees paid to securities lending agent from a revenue split | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;430 |
| &nbsp;&nbsp;Fees paid for any cash collateral management services (including fees deducted from a pooled cash collateral reinvestment vehicle) not included in the revenue split | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;115 |
| &nbsp;&nbsp;Administrative fees not included in the revenue split | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 |
| &nbsp;&nbsp;Indemnification fees not included in the revenue split | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 |
| &nbsp;&nbsp;Rebates (paid to borrower) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9059 |
| &nbsp;&nbsp;Other fees not included in the revenue split | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 |
| &nbsp;&nbsp;**Aggregate fees/compensation for securities lending activities** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9604 |
| &nbsp;&nbsp;***Net income from securities lending activities*** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2861 |
| &nbsp;&nbsp;**JNL/Mellon Energy Sector Fund** | &nbsp;&nbsp;**JNL/Mellon Energy Sector Fund** |
| &nbsp;&nbsp;**Gross income from securities lending activities** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;121185 |
| &nbsp;&nbsp;*Fees and/or compensation for securities lending activities and related services:* | &nbsp;&nbsp;*Fees and/or compensation for securities lending activities and related services:* |
| &nbsp;&nbsp;Fees paid to securities lending agent from a revenue split | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3579 |
| &nbsp;&nbsp;Fees paid for any cash collateral management services (including fees deducted from a pooled cash collateral reinvestment vehicle) not included in the revenue split | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1547 |
| &nbsp;&nbsp;Administrative fees not included in the revenue split | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 |
| &nbsp;&nbsp;Indemnification fees not included in the revenue split | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 |
| &nbsp;&nbsp;Rebates (paid to borrower) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;92734 |
| &nbsp;&nbsp;Other fees not included in the revenue split | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 |
| &nbsp;&nbsp;**Aggregate fees/compensation for securities lending activities** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;97860 |
| &nbsp;&nbsp;***Net income from securities lending activities*** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23325 |
| &nbsp;&nbsp;**JNL/Mellon Financial Sector Fund** | &nbsp;&nbsp;**JNL/Mellon Financial Sector Fund** |
| &nbsp;&nbsp;**Gross income from securities lending activities** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50170 |
| &nbsp;&nbsp;*Fees and/or compensation for securities lending activities and related services:* | &nbsp;&nbsp;*Fees and/or compensation for securities lending activities and related services:* |
| &nbsp;&nbsp;Fees paid to securities lending agent from a revenue split | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3883 |
| &nbsp;&nbsp;Fees paid for any cash collateral management services (including fees deducted from a pooled cash collateral reinvestment vehicle) not included in the revenue split | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;613 |
| &nbsp;&nbsp;Administrative fees not included in the revenue split | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 |
| &nbsp;&nbsp;Indemnification fees not included in the revenue split | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 |
| &nbsp;&nbsp;Rebates (paid to borrower) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14569 |
| &nbsp;&nbsp;Other fees not included in the revenue split | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 |
| &nbsp;&nbsp;**Aggregate fees/compensation for securities lending activities** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19065 |
| &nbsp;&nbsp;***Net income from securities lending activities*** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31105 |
| &nbsp;&nbsp;**JNL/Mellon Healthcare Sector Fund** | &nbsp;&nbsp;**JNL/Mellon Healthcare Sector Fund** |
| &nbsp;&nbsp;**Gross income from securities lending activities** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;96849 |
| &nbsp;&nbsp;*Fees and/or compensation for securities lending activities and related services:* | &nbsp;&nbsp;*Fees and/or compensation for securities lending activities and related services:* |
| &nbsp;&nbsp;Fees paid to securities lending agent from a revenue split | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5859 |
| &nbsp;&nbsp;Fees paid for any cash collateral management services (including fees deducted from a pooled cash collateral reinvestment vehicle) not included in the revenue split | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1167 |
| &nbsp;&nbsp;Administrative fees not included in the revenue split | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 |
| &nbsp;&nbsp;Indemnification fees not included in the revenue split | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 |
| &nbsp;&nbsp;Rebates (paid to borrower) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45472 |
| &nbsp;&nbsp;Other fees not included in the revenue split | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 |
| &nbsp;&nbsp;**Aggregate fees/compensation for securities lending activities** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52498 |
| &nbsp;&nbsp;***Net income from securities lending activities*** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44351 |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;**JNL/Mellon Industrials Sector Fund** | &nbsp;&nbsp;**JNL/Mellon Industrials Sector Fund** |
| &nbsp;&nbsp;**Gross income from securities lending activities** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22948 |
| &nbsp;&nbsp;*Fees and/or compensation for securities lending activities and related services:* | &nbsp;&nbsp;*Fees and/or compensation for securities lending activities and related services:* |
| &nbsp;&nbsp;Fees paid to securities lending agent from a revenue split | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1515 |
| &nbsp;&nbsp;Fees paid for any cash collateral management services (including fees deducted from a pooled cash collateral reinvestment vehicle) not included in the revenue split | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;315 |
| &nbsp;&nbsp;Administrative fees not included in the revenue split | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 |
| &nbsp;&nbsp;Indemnification fees not included in the revenue split | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 |
| &nbsp;&nbsp;Rebates (paid to borrower) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8371 |
| &nbsp;&nbsp;Other fees not included in the revenue split | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 |
| &nbsp;&nbsp;**Aggregate fees/compensation for securities lending activities** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10201 |
| &nbsp;&nbsp;***Net income from securities lending activities*** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12747 |
| &nbsp;&nbsp;**JNL/Mellon Information Technology Sector Fund** | &nbsp;&nbsp;**JNL/Mellon Information Technology Sector Fund** |
| &nbsp;&nbsp;**Gross income from securities lending activities** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;482169 |
| &nbsp;&nbsp;*Fees and/or compensation for securities lending activities and related services:* | &nbsp;&nbsp;*Fees and/or compensation for securities lending activities and related services:* |
| &nbsp;&nbsp;Fees paid to securities lending agent from a revenue split | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18486 |
| &nbsp;&nbsp;Fees paid for any cash collateral management services (including fees deducted from a pooled cash collateral reinvestment vehicle) not included in the revenue split | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6507 |
| &nbsp;&nbsp;Administrative fees not included in the revenue split | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 |
| &nbsp;&nbsp;Indemnification fees not included in the revenue split | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 |
| &nbsp;&nbsp;Rebates (paid to borrower) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;327137 |
| &nbsp;&nbsp;Other fees not included in the revenue split | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 |
| &nbsp;&nbsp;**Aggregate fees/compensation for securities lending activities** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;352130 |
| &nbsp;&nbsp;***Net income from securities lending activities*** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;130039 |
| &nbsp;&nbsp;**JNL/Mellon Materials Sector Fund** | &nbsp;&nbsp;**JNL/Mellon Materials Sector Fund** |
| &nbsp;&nbsp;**Gross income from securities lending activities** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22837 |
| &nbsp;&nbsp;*Fees and/or compensation for securities lending activities and related services:* | &nbsp;&nbsp;*Fees and/or compensation for securities lending activities and related services:* |
| &nbsp;&nbsp;Fees paid to securities lending agent from a revenue split | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;588 |
| &nbsp;&nbsp;Fees paid for any cash collateral management services (including fees deducted from a pooled cash collateral reinvestment vehicle) not included in the revenue split | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;305 |
| &nbsp;&nbsp;Administrative fees not included in the revenue split | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 |
| &nbsp;&nbsp;Indemnification fees not included in the revenue split | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 |
| &nbsp;&nbsp;Rebates (paid to borrower) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18229 |
| &nbsp;&nbsp;Other fees not included in the revenue split | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 |
| &nbsp;&nbsp;**Aggregate fees/compensation for securities lending activities** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19122 |
| &nbsp;&nbsp;***Net income from securities lending activities*** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3715 |
| &nbsp;&nbsp;**JNL/Mellon Real Estate Sector Fund** | &nbsp;&nbsp;**JNL/Mellon Real Estate Sector Fund** |
| &nbsp;&nbsp;**Gross income from securities lending activities** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41970 |
| &nbsp;&nbsp;*Fees and/or compensation for securities lending activities and related services:* | &nbsp;&nbsp;*Fees and/or compensation for securities lending activities and related services:* |
| &nbsp;&nbsp;Fees paid to securities lending agent from a revenue split | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1585 |
| &nbsp;&nbsp;Fees paid for any cash collateral management services (including fees deducted from a pooled cash collateral reinvestment vehicle) not included in the revenue split | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;593 |
| &nbsp;&nbsp;Administrative fees not included in the revenue split | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 |
| &nbsp;&nbsp;Indemnification fees not included in the revenue split | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 |
| &nbsp;&nbsp;Rebates (paid to borrower) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27710 |
| &nbsp;&nbsp;Other fees not included in the revenue split | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 |
| &nbsp;&nbsp;**Aggregate fees/compensation for securities lending activities** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29888 |
| &nbsp;&nbsp;***Net income from securities lending activities*** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12082 |
| &nbsp;&nbsp;**JNL S&P 500 Index Fund** | &nbsp;&nbsp;**JNL S&P 500 Index Fund** |
| &nbsp;&nbsp;**Gross income from securities lending activities** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10856 |
| &nbsp;&nbsp;*Fees and/or compensation for securities lending activities and related services:* | &nbsp;&nbsp;*Fees and/or compensation for securities lending activities and related services:* |
| &nbsp;&nbsp;Fees paid to securities lending agent from a revenue split | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;327 |
| &nbsp;&nbsp;Fees paid for any cash collateral management services (including fees deducted from a pooled cash collateral reinvestment vehicle) not included in the revenue split | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;127 |
| &nbsp;&nbsp;Administrative fees not included in the revenue split | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 |
| &nbsp;&nbsp;Indemnification fees not included in the revenue split | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 |
| &nbsp;&nbsp;Rebates (paid to borrower) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7775 |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;Other fees not included in the revenue split | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 |
| &nbsp;&nbsp;**Aggregate fees/compensation for securities lending activities** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8229 |
| &nbsp;&nbsp;***Net income from securities lending activities*** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2627 |
| &nbsp;&nbsp;**JNL/Mellon Utilities Sector Fund** | &nbsp;&nbsp;**JNL/Mellon Utilities Sector Fund** |
| &nbsp;&nbsp;**Gross income from securities lending activities** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25230 |
| &nbsp;&nbsp;*Fees and/or compensation for securities lending activities and related services:* | &nbsp;&nbsp;*Fees and/or compensation for securities lending activities and related services:* |
| &nbsp;&nbsp;Fees paid to securities lending agent from a revenue split | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;980 |
| &nbsp;&nbsp;Fees paid for any cash collateral management services (including fees deducted from a pooled cash collateral reinvestment vehicle) not included in the revenue split | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;354 |
| &nbsp;&nbsp;Administrative fees not included in the revenue split | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 |
| &nbsp;&nbsp;Indemnification fees not included in the revenue split | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 |
| &nbsp;&nbsp;Rebates (paid to borrower) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16203 |
| &nbsp;&nbsp;Other fees not included in the revenue split | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 |
| &nbsp;&nbsp;**Aggregate fees/compensation for securities lending activities** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17537 |
| &nbsp;&nbsp;***Net income from securities lending activities*** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7693 |
| &nbsp;&nbsp;**JNL/Morningstar PitchBook Listed Private Equity Index Fund** | &nbsp;&nbsp;**JNL/Morningstar PitchBook Listed Private Equity Index Fund** |
| &nbsp;&nbsp;**Gross income from securities lending activities** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7718 |
| &nbsp;&nbsp;*Fees and/or compensation for securities lending activities and related services:* | &nbsp;&nbsp;*Fees and/or compensation for securities lending activities and related services:* |
| &nbsp;&nbsp;Fees paid to securities lending agent from a revenue split | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;193 |
| &nbsp;&nbsp;Fees paid for any cash collateral management services (including fees deducted from a pooled cash collateral reinvestment vehicle) not included in the revenue split | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;108 |
| &nbsp;&nbsp;Administrative fees not included in the revenue split | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 |
| &nbsp;&nbsp;Indemnification fees not included in the revenue split | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 |
| &nbsp;&nbsp;Rebates (paid to borrower) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5916 |
| &nbsp;&nbsp;Other fees not included in the revenue split | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 |
| &nbsp;&nbsp;**Aggregate fees/compensation for securities lending activities** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6217 |
| &nbsp;&nbsp;***Net income from securities lending activities*** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1501 |
| &nbsp;&nbsp;**JNL/Morningstar SMID Moat Focus Index Fund** | &nbsp;&nbsp;**JNL/Morningstar SMID Moat Focus Index Fund** |
| &nbsp;&nbsp;**Gross income from securities lending activities** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21898 |
| &nbsp;&nbsp;*Fees and/or compensation for securities lending activities and related services:* | &nbsp;&nbsp;*Fees and/or compensation for securities lending activities and related services:* |
| &nbsp;&nbsp;Fees paid to securities lending agent from a revenue split | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20912 |
| &nbsp;&nbsp;Fees paid for any cash collateral management services (including fees deducted from a pooled cash collateral reinvestment vehicle) not included in the revenue split | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;112 |
| &nbsp;&nbsp;Administrative fees not included in the revenue split | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 |
| &nbsp;&nbsp;Indemnification fees not included in the revenue split | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 |
| &nbsp;&nbsp;Rebates (paid to borrower) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(187273) |
| &nbsp;&nbsp;Other fees not included in the revenue split | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 |
| &nbsp;&nbsp;**Aggregate fees/compensation for securities lending activities** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(166249) |
| &nbsp;&nbsp;***Net income from securities lending activities*** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;188147 |
| &nbsp;&nbsp;**JNL/Morningstar U.S. Sustainability Index Fund** | &nbsp;&nbsp;**JNL/Morningstar U.S. Sustainability Index Fund** |
| &nbsp;&nbsp;**Gross income from securities lending activities** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10123 |
| &nbsp;&nbsp;*Fees and/or compensation for securities lending activities and related services:* | &nbsp;&nbsp;*Fees and/or compensation for securities lending activities and related services:* |
| &nbsp;&nbsp;Fees paid to securities lending agent from a revenue split | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2622 |
| &nbsp;&nbsp;Fees paid for any cash collateral management services (including fees deducted from a pooled cash collateral reinvestment vehicle) not included in the revenue split | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;126 |
| &nbsp;&nbsp;Administrative fees not included in the revenue split | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 |
| &nbsp;&nbsp;Indemnification fees not included in the revenue split | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 |
| &nbsp;&nbsp;Rebates (paid to borrower) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(15902) |
| &nbsp;&nbsp;Other fees not included in the revenue split | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 |
| &nbsp;&nbsp;**Aggregate fees/compensation for securities lending activities** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(13154) |
| &nbsp;&nbsp;***Net income from securities lending activities*** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23277 |
| &nbsp;&nbsp;**JNL/Morningstar Wide Moat Index Fund** | &nbsp;&nbsp;**JNL/Morningstar Wide Moat Index Fund** |
| &nbsp;&nbsp;**Gross income from securities lending activities** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8882 |
| &nbsp;&nbsp;*Fees and/or compensation for securities lending activities and related services:* | &nbsp;&nbsp;*Fees and/or compensation for securities lending activities and related services:* |
| &nbsp;&nbsp;Fees paid to securities lending agent from a revenue split | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;521 |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;Fees paid for any cash collateral management services (including fees deducted from a pooled cash collateral reinvestment vehicle) not included in the revenue split | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;67 |
| &nbsp;&nbsp;Administrative fees not included in the revenue split | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 |
| &nbsp;&nbsp;Indemnification fees not included in the revenue split | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 |
| &nbsp;&nbsp;Rebates (paid to borrower) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5336 |
| &nbsp;&nbsp;Other fees not included in the revenue split | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 |
| &nbsp;&nbsp;**Aggregate fees/compensation for securities lending activities** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5924 |
| &nbsp;&nbsp;***Net income from securities lending activities*** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2958 |
| &nbsp;&nbsp;**JNL/Newton Equity Income Fund** | &nbsp;&nbsp;**JNL/Newton Equity Income Fund** |
| &nbsp;&nbsp;**Gross income from securities lending activities** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;163164 |
| &nbsp;&nbsp;*Fees and/or compensation for securities lending activities and related services:* | &nbsp;&nbsp;*Fees and/or compensation for securities lending activities and related services:* |
| &nbsp;&nbsp;Fees paid to securities lending agent from a revenue split | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2623 |
| &nbsp;&nbsp;Fees paid for any cash collateral management services (including fees deducted from a pooled cash collateral reinvestment vehicle) not included in the revenue split | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2042 |
| &nbsp;&nbsp;Administrative fees not included in the revenue split | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 |
| &nbsp;&nbsp;Indemnification fees not included in the revenue split | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 |
| &nbsp;&nbsp;Rebates (paid to borrower) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;140144 |
| &nbsp;&nbsp;Other fees not included in the revenue split | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 |
| &nbsp;&nbsp;**Aggregate fees/compensation for securities lending activities** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144809 |
| &nbsp;&nbsp;***Net income from securities lending activities*** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18355 |
| &nbsp;&nbsp;**JNL/PIMCO Income Fund** | &nbsp;&nbsp;**JNL/PIMCO Income Fund** |
| &nbsp;&nbsp;**Gross income from securities lending activities** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;81019 |
| &nbsp;&nbsp;*Fees and/or compensation for securities lending activities and related services:* | &nbsp;&nbsp;*Fees and/or compensation for securities lending activities and related services:* |
| &nbsp;&nbsp;Fees paid to securities lending agent from a revenue split | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1776 |
| &nbsp;&nbsp;Fees paid for any cash collateral management services (including fees deducted from a pooled cash collateral reinvestment vehicle) not included in the revenue split | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1265 |
| &nbsp;&nbsp;Administrative fees not included in the revenue split | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 |
| &nbsp;&nbsp;Indemnification fees not included in the revenue split | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 |
| &nbsp;&nbsp;Rebates (paid to borrower) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;64401 |
| &nbsp;&nbsp;Other fees not included in the revenue split | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 |
| &nbsp;&nbsp;**Aggregate fees/compensation for securities lending activities** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;67442 |
| &nbsp;&nbsp;***Net income from securities lending activities*** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13577 |
| &nbsp;&nbsp;**JNL/PIMCO Investment Grade Credit Bond Fund** | &nbsp;&nbsp;**JNL/PIMCO Investment Grade Credit Bond Fund** |
| &nbsp;&nbsp;**Gross income from securities lending activities** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;182213 |
| &nbsp;&nbsp;*Fees and/or compensation for securities lending activities and related services:* | &nbsp;&nbsp;*Fees and/or compensation for securities lending activities and related services:* |
| &nbsp;&nbsp;Fees paid to securities lending agent from a revenue split | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6070 |
| &nbsp;&nbsp;Fees paid for any cash collateral management services (including fees deducted from a pooled cash collateral reinvestment vehicle) not included in the revenue split | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2733 |
| &nbsp;&nbsp;Administrative fees not included in the revenue split | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 |
| &nbsp;&nbsp;Indemnification fees not included in the revenue split | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 |
| &nbsp;&nbsp;Rebates (paid to borrower) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;123653 |
| &nbsp;&nbsp;Other fees not included in the revenue split | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 |
| &nbsp;&nbsp;**Aggregate fees/compensation for securities lending activities** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;132456 |
| &nbsp;&nbsp;***Net income from securities lending activities*** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49757 |
| &nbsp;&nbsp;**JNL/PIMCO Real Return Fund** | &nbsp;&nbsp;**JNL/PIMCO Real Return Fund** |
| &nbsp;&nbsp;**Gross income from securities lending activities** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1743 |
| &nbsp;&nbsp;*Fees and/or compensation for securities lending activities and related services:* | &nbsp;&nbsp;*Fees and/or compensation for securities lending activities and related services:* |
| &nbsp;&nbsp;Fees paid to securities lending agent from a revenue split | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;84 |
| &nbsp;&nbsp;Fees paid for any cash collateral management services (including fees deducted from a pooled cash collateral reinvestment vehicle) not included in the revenue split | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26 |
| &nbsp;&nbsp;Administrative fees not included in the revenue split | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 |
| &nbsp;&nbsp;Indemnification fees not included in the revenue split | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 |
| &nbsp;&nbsp;Rebates (paid to borrower) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;899 |
| &nbsp;&nbsp;Other fees not included in the revenue split | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 |
| &nbsp;&nbsp;**Aggregate fees/compensation for securities lending activities** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1009 |
| &nbsp;&nbsp;***Net income from securities lending activities*** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;734 |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;**JNL/Vanguard Moderate ETF Allocation Fund** | &nbsp;&nbsp;**JNL/Vanguard Moderate ETF Allocation Fund** |
| &nbsp;&nbsp;**Gross income from securities lending activities** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1280959 |
| &nbsp;&nbsp;*Fees and/or compensation for securities lending activities and related services:* | &nbsp;&nbsp;*Fees and/or compensation for securities lending activities and related services:* |
| &nbsp;&nbsp;Fees paid to securities lending agent from a revenue split | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19296 |
| &nbsp;&nbsp;Fees paid for any cash collateral management services (including fees deducted from a pooled cash collateral reinvestment vehicle) not included in the revenue split | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18905 |
| &nbsp;&nbsp;Administrative fees not included in the revenue split | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 |
| &nbsp;&nbsp;Indemnification fees not included in the revenue split | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 |
| &nbsp;&nbsp;Rebates (paid to borrower) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1131120 |
| &nbsp;&nbsp;Other fees not included in the revenue split | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 |
| &nbsp;&nbsp;**Aggregate fees/compensation for securities lending activities** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1169321 |
| &nbsp;&nbsp;***Net income from securities lending activities*** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;111638 |
| &nbsp;&nbsp;**JNL/Vanguard Moderate Growth ETF Allocation Fund** | &nbsp;&nbsp;**JNL/Vanguard Moderate Growth ETF Allocation Fund** |
| &nbsp;&nbsp;**Gross income from securities lending activities** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1783204 |
| &nbsp;&nbsp;*Fees and/or compensation for securities lending activities and related services:* | &nbsp;&nbsp;*Fees and/or compensation for securities lending activities and related services:* |
| &nbsp;&nbsp;Fees paid to securities lending agent from a revenue split | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32080 |
| &nbsp;&nbsp;Fees paid for any cash collateral management services (including fees deducted from a pooled cash collateral reinvestment vehicle) not included in the revenue split | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25786 |
| &nbsp;&nbsp;Administrative fees not included in the revenue split | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 |
| &nbsp;&nbsp;Indemnification fees not included in the revenue split | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 |
| &nbsp;&nbsp;Rebates (paid to borrower) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1540830 |
| &nbsp;&nbsp;Other fees not included in the revenue split | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 |
| &nbsp;&nbsp;**Aggregate fees/compensation for securities lending activities** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1598696 |
| &nbsp;&nbsp;***Net income from securities lending activities*** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;184508 |
| &nbsp;&nbsp;**JNL/Vanguard Growth ETF Allocation Fund** | &nbsp;&nbsp;**JNL/Vanguard Growth ETF Allocation Fund** |
| &nbsp;&nbsp;**Gross income from securities lending activities** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2338081 |
| &nbsp;&nbsp;*Fees and/or compensation for securities lending activities and related services:* | &nbsp;&nbsp;*Fees and/or compensation for securities lending activities and related services:* |
| &nbsp;&nbsp;Fees paid to securities lending agent from a revenue split | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44704 |
| &nbsp;&nbsp;Fees paid for any cash collateral management services (including fees deducted from a pooled cash collateral reinvestment vehicle) not included in the revenue split | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33127 |
| &nbsp;&nbsp;Administrative fees not included in the revenue split | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 |
| &nbsp;&nbsp;Indemnification fees not included in the revenue split | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 |
| &nbsp;&nbsp;Rebates (paid to borrower) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2001554 |
| &nbsp;&nbsp;Other fees not included in the revenue split | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 |
| &nbsp;&nbsp;**Aggregate fees/compensation for securities lending activities** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2079385 |
| &nbsp;&nbsp;***Net income from securities lending activities*** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;258696 |
| &nbsp;&nbsp;**JNL/WCM China Quality Growth Fund** | &nbsp;&nbsp;**JNL/WCM China Quality Growth Fund** |
| &nbsp;&nbsp;**Gross income from securities lending activities** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500 |
| &nbsp;&nbsp;*Fees and/or compensation for securities lending activities and related services:* | &nbsp;&nbsp;*Fees and/or compensation for securities lending activities and related services:* |
| &nbsp;&nbsp;Fees paid to securities lending agent from a revenue split | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14 |
| &nbsp;&nbsp;Fees paid for any cash collateral management services (including fees deducted from a pooled cash collateral reinvestment vehicle) not included in the revenue split | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8 |
| &nbsp;&nbsp;Administrative fees not included in the revenue split | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 |
| &nbsp;&nbsp;Indemnification fees not included in the revenue split | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 |
| &nbsp;&nbsp;Rebates (paid to borrower) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;373 |
| &nbsp;&nbsp;Other fees not included in the revenue split | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 |
| &nbsp;&nbsp;**Aggregate fees/compensation for securities lending activities** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;395 |
| &nbsp;&nbsp;***Net income from securities lending activities*** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;105 |
| &nbsp;&nbsp;**JNL/WCM Focused International Equity Fund** | &nbsp;&nbsp;**JNL/WCM Focused International Equity Fund** |
| &nbsp;&nbsp;**Gross income from securities lending activities** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;64234 |
| &nbsp;&nbsp;*Fees and/or compensation for securities lending activities and related services:* | &nbsp;&nbsp;*Fees and/or compensation for securities lending activities and related services:* |
| &nbsp;&nbsp;Fees paid to securities lending agent from a revenue split | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1736 |
| &nbsp;&nbsp;Fees paid for any cash collateral management services (including fees deducted from a pooled cash collateral reinvestment vehicle) not included in the revenue split | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1025 |
| &nbsp;&nbsp;Administrative fees not included in the revenue split | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;Indemnification fees not included in the revenue split | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 |
| &nbsp;&nbsp;Rebates (paid to borrower) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47675 |
| &nbsp;&nbsp;Other fees not included in the revenue split | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 |
| &nbsp;&nbsp;**Aggregate fees/compensation for securities lending activities** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50436 |
| &nbsp;&nbsp;***Net income from securities lending activities*** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13798 |
| &nbsp;&nbsp;**JNL/WMC Balanced Fund** | &nbsp;&nbsp;**JNL/WMC Balanced Fund** |
| &nbsp;&nbsp;**Gross income from securities lending activities** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;705549 |
| &nbsp;&nbsp;*Fees and/or compensation for securities lending activities and related services:* | &nbsp;&nbsp;*Fees and/or compensation for securities lending activities and related services:* |
| &nbsp;&nbsp;Fees paid to securities lending agent from a revenue split | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39580 |
| &nbsp;&nbsp;Fees paid for any cash collateral management services (including fees deducted from a pooled cash collateral reinvestment vehicle) not included in the revenue split | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6586 |
| &nbsp;&nbsp;Administrative fees not included in the revenue split | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 |
| &nbsp;&nbsp;Indemnification fees not included in the revenue split | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 |
| &nbsp;&nbsp;Rebates (paid to borrower) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;368510 |
| &nbsp;&nbsp;Other fees not included in the revenue split | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 |
| &nbsp;&nbsp;**Aggregate fees/compensation for securities lending activities** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;414676 |
| &nbsp;&nbsp;***Net income from securities lending activities*** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;290873 |
| &nbsp;&nbsp;**JNL/WMC Equity Income Fund** | &nbsp;&nbsp;**JNL/WMC Equity Income Fund** |
| &nbsp;&nbsp;**Gross income from securities lending activities** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;103898 |
| &nbsp;&nbsp;*Fees and/or compensation for securities lending activities and related services:* | &nbsp;&nbsp;*Fees and/or compensation for securities lending activities and related services:* |
| &nbsp;&nbsp;Fees paid to securities lending agent from a revenue split | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3416 |
| &nbsp;&nbsp;Fees paid for any cash collateral management services (including fees deducted from a pooled cash collateral reinvestment vehicle) not included in the revenue split | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1502 |
| &nbsp;&nbsp;Administrative fees not included in the revenue split | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 |
| &nbsp;&nbsp;Indemnification fees not included in the revenue split | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 |
| &nbsp;&nbsp;Rebates (paid to borrower) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;71502 |
| &nbsp;&nbsp;Other fees not included in the revenue split | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 |
| &nbsp;&nbsp;**Aggregate fees/compensation for securities lending activities** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;76420 |
| &nbsp;&nbsp;***Net income from securities lending activities*** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27478 |
| &nbsp;&nbsp;**JNL/WMC Global Real Estate Fund** | &nbsp;&nbsp;**JNL/WMC Global Real Estate Fund** |
| &nbsp;&nbsp;**Gross income from securities lending activities** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;199472 |
| &nbsp;&nbsp;*Fees and/or compensation for securities lending activities and related services:* | &nbsp;&nbsp;*Fees and/or compensation for securities lending activities and related services:* |
| &nbsp;&nbsp;Fees paid to securities lending agent from a revenue split | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4794 |
| &nbsp;&nbsp;Fees paid for any cash collateral management services (including fees deducted from a pooled cash collateral reinvestment vehicle) not included in the revenue split | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2942 |
| &nbsp;&nbsp;Administrative fees not included in the revenue split | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 |
| &nbsp;&nbsp;Indemnification fees not included in the revenue split | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 |
| &nbsp;&nbsp;Rebates (paid to borrower) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;157764 |
| &nbsp;&nbsp;Other fees not included in the revenue split | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 |
| &nbsp;&nbsp;**Aggregate fees/compensation for securities lending activities** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;165500 |
| &nbsp;&nbsp;***Net income from securities lending activities*** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33972 |
| &nbsp;&nbsp;**JNL/WMC Value Fund** | &nbsp;&nbsp;**JNL/WMC Value Fund** |
| &nbsp;&nbsp;**Gross income from securities lending activities** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;61442 |
| &nbsp;&nbsp;*Fees and/or compensation for securities lending activities and related services:* | &nbsp;&nbsp;*Fees and/or compensation for securities lending activities and related services:* |
| &nbsp;&nbsp;Fees paid to securities lending agent from a revenue split | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2932 |
| &nbsp;&nbsp;Fees paid for any cash collateral management services (including fees deducted from a pooled cash collateral reinvestment vehicle) not included in the revenue split | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;850 |
| &nbsp;&nbsp;Administrative fees not included in the revenue split | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 |
| &nbsp;&nbsp;Indemnification fees not included in the revenue split | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 |
| &nbsp;&nbsp;Rebates (paid to borrower) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31939 |
| &nbsp;&nbsp;Other fees not included in the revenue split | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 |
| &nbsp;&nbsp;**Aggregate fees/compensation for securities lending activities** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35721 |
| &nbsp;&nbsp;***Net income from securities lending activities*** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25721 |
| &nbsp;&nbsp;**JNL Bond Index Fund** | &nbsp;&nbsp;**JNL Bond Index Fund** |
| &nbsp;&nbsp;**Gross income from securities lending activities** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;275976 |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;*Fees and/or compensation for securities lending activities and related services:* | &nbsp;&nbsp;*Fees and/or compensation for securities lending activities and related services:* |
| &nbsp;&nbsp;Fees paid to securities lending agent from a revenue split | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11230 |
| &nbsp;&nbsp;Fees paid for any cash collateral management services (including fees deducted from a pooled cash collateral reinvestment vehicle) not included in the revenue split | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4018 |
| &nbsp;&nbsp;Administrative fees not included in the revenue split | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 |
| &nbsp;&nbsp;Indemnification fees not included in the revenue split | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 |
| &nbsp;&nbsp;Rebates (paid to borrower) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;168832 |
| &nbsp;&nbsp;Other fees not included in the revenue split | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 |
| &nbsp;&nbsp;**Aggregate fees/compensation for securities lending activities** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;184080 |
| &nbsp;&nbsp;***Net income from securities lending activities*** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;91896 |
| &nbsp;&nbsp;**JNL Emerging Markets Index Fund** | &nbsp;&nbsp;**JNL Emerging Markets Index Fund** |
| &nbsp;&nbsp;**Gross income from securities lending activities** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;199684 |
| &nbsp;&nbsp;*Fees and/or compensation for securities lending activities and related services:* | &nbsp;&nbsp;*Fees and/or compensation for securities lending activities and related services:* |
| &nbsp;&nbsp;Fees paid to securities lending agent from a revenue split | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18491 |
| &nbsp;&nbsp;Fees paid for any cash collateral management services (including fees deducted from a pooled cash collateral reinvestment vehicle) not included in the revenue split | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1778 |
| &nbsp;&nbsp;Administrative fees not included in the revenue split | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 |
| &nbsp;&nbsp;Indemnification fees not included in the revenue split | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 |
| &nbsp;&nbsp;Rebates (paid to borrower) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18358 |
| &nbsp;&nbsp;Other fees not included in the revenue split | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 |
| &nbsp;&nbsp;**Aggregate fees/compensation for securities lending activities** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38627 |
| &nbsp;&nbsp;***Net income from securities lending activities*** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;161057 |
| &nbsp;&nbsp;**JNL International Index Fund** | &nbsp;&nbsp;**JNL International Index Fund** |
| &nbsp;&nbsp;**Gross income from securities lending activities** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;523962 |
| &nbsp;&nbsp;*Fees and/or compensation for securities lending activities and related services:* | &nbsp;&nbsp;*Fees and/or compensation for securities lending activities and related services:* |
| &nbsp;&nbsp;Fees paid to securities lending agent from a revenue split | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29582 |
| &nbsp;&nbsp;Fees paid for any cash collateral management services (including fees deducted from a pooled cash collateral reinvestment vehicle) not included in the revenue split | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4992 |
| &nbsp;&nbsp;Administrative fees not included in the revenue split | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 |
| &nbsp;&nbsp;Indemnification fees not included in the revenue split | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 |
| &nbsp;&nbsp;Rebates (paid to borrower) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;263832 |
| &nbsp;&nbsp;Other fees not included in the revenue split | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 |
| &nbsp;&nbsp;**Aggregate fees/compensation for securities lending activities** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;298406 |
| &nbsp;&nbsp;***Net income from securities lending activities*** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;225556 |
| &nbsp;&nbsp;**JNL Mid Cap Index Fund** | &nbsp;&nbsp;**JNL Mid Cap Index Fund** |
| &nbsp;&nbsp;**Gross income from securities lending activities** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;542211 |
| &nbsp;&nbsp;*Fees and/or compensation for securities lending activities and related services:* | &nbsp;&nbsp;*Fees and/or compensation for securities lending activities and related services:* |
| &nbsp;&nbsp;Fees paid to securities lending agent from a revenue split | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26522 |
| &nbsp;&nbsp;Fees paid for any cash collateral management services (including fees deducted from a pooled cash collateral reinvestment vehicle) not included in the revenue split | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6051 |
| &nbsp;&nbsp;Administrative fees not included in the revenue split | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 |
| &nbsp;&nbsp;Indemnification fees not included in the revenue split | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 |
| &nbsp;&nbsp;Rebates (paid to borrower) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;314282 |
| &nbsp;&nbsp;Other fees not included in the revenue split | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 |
| &nbsp;&nbsp;**Aggregate fees/compensation for securities lending activities** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;346855 |
| &nbsp;&nbsp;***Net income from securities lending activities*** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;195356 |
| &nbsp;&nbsp;**JNL Small Cap Index Fund** | &nbsp;&nbsp;**JNL Small Cap Index Fund** |
| &nbsp;&nbsp;**Gross income from securities lending activities** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1786772 |
| &nbsp;&nbsp;*Fees and/or compensation for securities lending activities and related services:* | &nbsp;&nbsp;*Fees and/or compensation for securities lending activities and related services:* |
| &nbsp;&nbsp;Fees paid to securities lending agent from a revenue split | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;91824 |
| &nbsp;&nbsp;Fees paid for any cash collateral management services (including fees deducted from a pooled cash collateral reinvestment vehicle) not included in the revenue split | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23420 |
| &nbsp;&nbsp;Administrative fees not included in the revenue split | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 |
| &nbsp;&nbsp;Indemnification fees not included in the revenue split | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 |
| &nbsp;&nbsp;Rebates (paid to borrower) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;945187 |
| &nbsp;&nbsp;Other fees not included in the revenue split | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 |
| &nbsp;&nbsp;**Aggregate fees/compensation for securities lending activities** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1060431 |
| &nbsp;&nbsp;***Net income from securities lending activities*** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;726341 |

---

For the fiscal year ended [December 31, 2025], the income earned by each participating Fund as well as the fees and/or compensation paid by each participating Fund (in dollars) pursuant to the Securities Lending Agreement between the Trust, on behalf of each participating Fund, and State Street Bank were as follows ("State Street Securities Lending Agreement"): [to be updated by amendment]

---

| | |
|:---|:---|
| &nbsp;&nbsp;**JNL Multi-Manager Alternative Fund** | &nbsp;&nbsp;**JNL Multi-Manager Alternative Fund** |
| &nbsp;&nbsp;**Gross income from securities lending activities** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70390 |
| &nbsp;&nbsp;*Fees and/or compensation for securities lending activities and related services:* | &nbsp;&nbsp;*Fees and/or compensation for securities lending activities and related services:* |
| &nbsp;&nbsp;Fees paid to securities lending agent from a revenue split | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3909 |
| &nbsp;&nbsp;Fees paid for any cash collateral management services (including fees deducted from a pooled cash collateral reinvestment vehicle) not included in the revenue split | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;913 |
| &nbsp;&nbsp;Administrative fees not included in the revenue split | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 |
| &nbsp;&nbsp;Indemnification fees not included in the revenue split | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 |
| &nbsp;&nbsp;Rebates (paid to borrower) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38648 |
| &nbsp;&nbsp;Other fees not included in the revenue split | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 |
| &nbsp;&nbsp;**Aggregate fees/compensation for securities lending activities** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43470 |
| &nbsp;&nbsp;***Net income from securities lending activities*** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26920 |
| &nbsp;&nbsp;**JNL Multi-Manager Emerging Markets Equity Fund** | &nbsp;&nbsp;**JNL Multi-Manager Emerging Markets Equity Fund** |
| &nbsp;&nbsp;**Gross income from securities lending activities** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;131445 |
| &nbsp;&nbsp;*Fees and/or compensation for securities lending activities and related services:* | &nbsp;&nbsp;*Fees and/or compensation for securities lending activities and related services:* |
| &nbsp;&nbsp;Fees paid to securities lending agent from a revenue split | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8483 |
| &nbsp;&nbsp;Fees paid for any cash collateral management services (including fees deducted from a pooled cash collateral reinvestment vehicle) not included in the revenue split | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1348 |
| &nbsp;&nbsp;Administrative fees not included in the revenue split | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 |
| &nbsp;&nbsp;Indemnification fees not included in the revenue split | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 |
| &nbsp;&nbsp;Rebates (paid to borrower) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;67848 |
| &nbsp;&nbsp;Other fees not included in the revenue split | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 |
| &nbsp;&nbsp;**Aggregate fees/compensation for securities lending activities** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;77679 |
| &nbsp;&nbsp;***Net income from securities lending activities*** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53766 |
| &nbsp;&nbsp;**JNL Multi-Manager International Small Cap Fund** | &nbsp;&nbsp;**JNL Multi-Manager International Small Cap Fund** |
| &nbsp;&nbsp;**Gross income from securities lending activities** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;843258 |
| &nbsp;&nbsp;*Fees and/or compensation for securities lending activities and related services:* | &nbsp;&nbsp;*Fees and/or compensation for securities lending activities and related services:* |
| &nbsp;&nbsp;Fees paid to securities lending agent from a revenue split | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;108118 |
| &nbsp;&nbsp;Fees paid for any cash collateral management services (including fees deducted from a pooled cash collateral reinvestment vehicle) not included in the revenue split | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1339 |
| &nbsp;&nbsp;Administrative fees not included in the revenue split | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 |
| &nbsp;&nbsp;Indemnification fees not included in the revenue split | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 |
| &nbsp;&nbsp;Rebates (paid to borrower) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30212 |
| &nbsp;&nbsp;Other fees not included in the revenue split | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 |
| &nbsp;&nbsp;**Aggregate fees/compensation for securities lending activities** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;139669 |
| &nbsp;&nbsp;***Net income from securities lending activities*** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;703589 |
| &nbsp;&nbsp;**JNL Multi-Manager Mid Cap Fund** | &nbsp;&nbsp;**JNL Multi-Manager Mid Cap Fund** |
| &nbsp;&nbsp;**Gross income from securities lending activities** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;131411 |
| &nbsp;&nbsp;*Fees and/or compensation for securities lending activities and related services:* | &nbsp;&nbsp;*Fees and/or compensation for securities lending activities and related services:* |
| &nbsp;&nbsp;Fees paid to securities lending agent from a revenue split | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11078 |
| &nbsp;&nbsp;Fees paid for any cash collateral management services (including fees deducted from a pooled cash collateral reinvestment vehicle) not included in the revenue split | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1900 |
| &nbsp;&nbsp;Administrative fees not included in the revenue split | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 |
| &nbsp;&nbsp;Indemnification fees not included in the revenue split | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 |
| &nbsp;&nbsp;Rebates (paid to borrower) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53103 |
| &nbsp;&nbsp;Other fees not included in the revenue split | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 |
| &nbsp;&nbsp;**Aggregate fees/compensation for securities lending activities** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;66081 |
| &nbsp;&nbsp;***Net income from securities lending activities*** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65330 |
| &nbsp;&nbsp;**JNL Multi-Manager Select Equity Fund** | &nbsp;&nbsp;**JNL Multi-Manager Select Equity Fund** |
| &nbsp;&nbsp;**Gross income from securities lending activities** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;118269 |
| &nbsp;&nbsp;*Fees and/or compensation for securities lending activities and related services:* | &nbsp;&nbsp;*Fees and/or compensation for securities lending activities and related services:* |
| &nbsp;&nbsp;Fees paid to securities lending agent from a revenue split | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5010 |
| &nbsp;&nbsp;Fees paid for any cash collateral management services (including fees deducted from a pooled cash collateral reinvestment vehicle) not included in the revenue split | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1593 |
| &nbsp;&nbsp;Administrative fees not included in the revenue split | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 |
| &nbsp;&nbsp;Indemnification fees not included in the revenue split | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;Rebates (paid to borrower) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;78578 |
| &nbsp;&nbsp;Other fees not included in the revenue split | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 |
| &nbsp;&nbsp;**Aggregate fees/compensation for securities lending activities** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;85181 |
| &nbsp;&nbsp;***Net income from securities lending activities*** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33088 |
| &nbsp;&nbsp;**JNL/Causeway International Value Select Fund** | &nbsp;&nbsp;**JNL/Causeway International Value Select Fund** |
| &nbsp;&nbsp;**Gross income from securities lending activities** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;713163 |
| &nbsp;&nbsp;*Fees and/or compensation for securities lending activities and related services:* | &nbsp;&nbsp;*Fees and/or compensation for securities lending activities and related services:* |
| &nbsp;&nbsp;Fees paid to securities lending agent from a revenue split | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32579 |
| &nbsp;&nbsp;Fees paid for any cash collateral management services (including fees deducted from a pooled cash collateral reinvestment vehicle) not included in the revenue split | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8505 |
| &nbsp;&nbsp;Administrative fees not included in the revenue split | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 |
| &nbsp;&nbsp;Indemnification fees not included in the revenue split | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 |
| &nbsp;&nbsp;Rebates (paid to borrower) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;480787 |
| &nbsp;&nbsp;Other fees not included in the revenue split | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 |
| &nbsp;&nbsp;**Aggregate fees/compensation for securities lending activities** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;521871 |
| &nbsp;&nbsp;***Net income from securities lending activities*** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;191292 |
| &nbsp;&nbsp;**JNL/DFA International Core Equity Fund** | &nbsp;&nbsp;**JNL/DFA International Core Equity Fund** |
| &nbsp;&nbsp;**Gross income from securities lending activities** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;224987 |
| &nbsp;&nbsp;*Fees and/or compensation for securities lending activities and related services:* | &nbsp;&nbsp;*Fees and/or compensation for securities lending activities and related services:* |
| &nbsp;&nbsp;Fees paid to securities lending agent from a revenue split | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14734 |
| &nbsp;&nbsp;Fees paid for any cash collateral management services (including fees deducted from a pooled cash collateral reinvestment vehicle) not included in the revenue split | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2183 |
| &nbsp;&nbsp;Administrative fees not included in the revenue split | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 |
| &nbsp;&nbsp;Indemnification fees not included in the revenue split | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 |
| &nbsp;&nbsp;Rebates (paid to borrower) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;112979 |
| &nbsp;&nbsp;Other fees not included in the revenue split | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 |
| &nbsp;&nbsp;**Aggregate fees/compensation for securities lending activities** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;129896 |
| &nbsp;&nbsp;***Net income from securities lending activities*** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;95091 |
| &nbsp;&nbsp;**JNL/DFA U.S. Core Equity Fund** | &nbsp;&nbsp;**JNL/DFA U.S. Core Equity Fund** |
| &nbsp;&nbsp;**Gross income from securities lending activities** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;123977 |
| &nbsp;&nbsp;*Fees and/or compensation for securities lending activities and related services:* | &nbsp;&nbsp;*Fees and/or compensation for securities lending activities and related services:* |
| &nbsp;&nbsp;Fees paid to securities lending agent from a revenue split | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14418 |
| &nbsp;&nbsp;Fees paid for any cash collateral management services (including fees deducted from a pooled cash collateral reinvestment vehicle) not included in the revenue split | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;617 |
| &nbsp;&nbsp;Administrative fees not included in the revenue split | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 |
| &nbsp;&nbsp;Indemnification fees not included in the revenue split | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 |
| &nbsp;&nbsp;Rebates (paid to borrower) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23727 |
| &nbsp;&nbsp;Other fees not included in the revenue split | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 |
| &nbsp;&nbsp;**Aggregate fees/compensation for securities lending activities** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38762 |
| &nbsp;&nbsp;***Net income from securities lending activities*** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;85215 |
| &nbsp;&nbsp;**JNL/DFA U.S. Small Cap Fund** | &nbsp;&nbsp;**JNL/DFA U.S. Small Cap Fund** |
| &nbsp;&nbsp;**Gross income from securities lending activities** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;194848 |
| &nbsp;&nbsp;*Fees and/or compensation for securities lending activities and related services:* | &nbsp;&nbsp;*Fees and/or compensation for securities lending activities and related services:* |
| &nbsp;&nbsp;Fees paid to securities lending agent from a revenue split | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14524 |
| &nbsp;&nbsp;Fees paid for any cash collateral management services (including fees deducted from a pooled cash collateral reinvestment vehicle) not included in the revenue split | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1930 |
| &nbsp;&nbsp;Administrative fees not included in the revenue split | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 |
| &nbsp;&nbsp;Indemnification fees not included in the revenue split | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 |
| &nbsp;&nbsp;Rebates (paid to borrower) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;85432 |
| &nbsp;&nbsp;Other fees not included in the revenue split | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 |
| &nbsp;&nbsp;**Aggregate fees/compensation for securities lending activities** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;101886 |
| &nbsp;&nbsp;***Net income from securities lending activities*** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;92962 |
| &nbsp;&nbsp;**JNL/DoubleLine® Core Fixed Income Fund** | &nbsp;&nbsp;**JNL/DoubleLine® Core Fixed Income Fund** |
| &nbsp;&nbsp;**Gross income from securities lending activities** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;630981 |
| &nbsp;&nbsp;*Fees and/or compensation for securities lending activities and related services:* | &nbsp;&nbsp;*Fees and/or compensation for securities lending activities and related services:* |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;Fees paid to securities lending agent from a revenue split | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29852 |
| &nbsp;&nbsp;Fees paid for any cash collateral management services (including fees deducted from a pooled cash collateral reinvestment vehicle) not included in the revenue split | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8365 |
| &nbsp;&nbsp;Administrative fees not included in the revenue split | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 |
| &nbsp;&nbsp;Indemnification fees not included in the revenue split | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 |
| &nbsp;&nbsp;Rebates (paid to borrower) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;410523 |
| &nbsp;&nbsp;Other fees not included in the revenue split | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 |
| &nbsp;&nbsp;**Aggregate fees/compensation for securities lending activities** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;448740 |
| &nbsp;&nbsp;***Net income from securities lending activities*** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;182241 |
| &nbsp;&nbsp;**JNL/DoubleLine® Emerging Markets Fixed Income Fund** | &nbsp;&nbsp;**JNL/DoubleLine® Emerging Markets Fixed Income Fund** |
| &nbsp;&nbsp;**Gross income from securities lending activities** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;184033 |
| &nbsp;&nbsp;*Fees and/or compensation for securities lending activities and related services:* | &nbsp;&nbsp;*Fees and/or compensation for securities lending activities and related services:* |
| &nbsp;&nbsp;Fees paid to securities lending agent from a revenue split | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16254 |
| &nbsp;&nbsp;Fees paid for any cash collateral management services (including fees deducted from a pooled cash collateral reinvestment vehicle) not included in the revenue split | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1559 |
| &nbsp;&nbsp;Administrative fees not included in the revenue split | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 |
| &nbsp;&nbsp;Indemnification fees not included in the revenue split | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 |
| &nbsp;&nbsp;Rebates (paid to borrower) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48486 |
| &nbsp;&nbsp;Other fees not included in the revenue split | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 |
| &nbsp;&nbsp;**Aggregate fees/compensation for securities lending activities** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;66299 |
| &nbsp;&nbsp;***Net income from securities lending activities*** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;117734 |
| &nbsp;&nbsp;**JNL/DoubleLine® Total Return Fund** | &nbsp;&nbsp;**JNL/DoubleLine® Total Return Fund** |
| &nbsp;&nbsp;**Gross income from securities lending activities** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;244916 |
| &nbsp;&nbsp;*Fees and/or compensation for securities lending activities and related services:* | &nbsp;&nbsp;*Fees and/or compensation for securities lending activities and related services:* |
| &nbsp;&nbsp;Fees paid to securities lending agent from a revenue split | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8506 |
| &nbsp;&nbsp;Fees paid for any cash collateral management services (including fees deducted from a pooled cash collateral reinvestment vehicle) not included in the revenue split | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3598 |
| &nbsp;&nbsp;Administrative fees not included in the revenue split | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 |
| &nbsp;&nbsp;Indemnification fees not included in the revenue split | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 |
| &nbsp;&nbsp;Rebates (paid to borrower) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;184607 |
| &nbsp;&nbsp;Other fees not included in the revenue split | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 |
| &nbsp;&nbsp;**Aggregate fees/compensation for securities lending activities** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;196711 |
| &nbsp;&nbsp;***Net income from securities lending activities*** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48205 |
| &nbsp;&nbsp;**JNL/Fidelity Institutional Asset Management® Total Bond Fund** | &nbsp;&nbsp;**JNL/Fidelity Institutional Asset Management® Total Bond Fund** |
| &nbsp;&nbsp;**Gross income from securities lending activities** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;508528 |
| &nbsp;&nbsp;*Fees and/or compensation for securities lending activities and related services:* | &nbsp;&nbsp;*Fees and/or compensation for securities lending activities and related services:* |
| &nbsp;&nbsp;Fees paid to securities lending agent from a revenue split | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16124 |
| &nbsp;&nbsp;Fees paid for any cash collateral management services (including fees deducted from a pooled cash collateral reinvestment vehicle) not included in the revenue split | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7496 |
| &nbsp;&nbsp;Administrative fees not included in the revenue split | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 |
| &nbsp;&nbsp;Indemnification fees not included in the revenue split | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 |
| &nbsp;&nbsp;Rebates (paid to borrower) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;372443 |
| &nbsp;&nbsp;Other fees not included in the revenue split | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 |
| &nbsp;&nbsp;**Aggregate fees/compensation for securities lending activities** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;396063 |
| &nbsp;&nbsp;***Net income from securities lending activities*** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;112465 |
| &nbsp;&nbsp;**JNL/GQG Emerging Markets Equity Fund** | &nbsp;&nbsp;**JNL/GQG Emerging Markets Equity Fund** |
| &nbsp;&nbsp;**Gross income from securities lending activities** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;179136 |
| &nbsp;&nbsp;*Fees and/or compensation for securities lending activities and related services:* | &nbsp;&nbsp;*Fees and/or compensation for securities lending activities and related services:* |
| &nbsp;&nbsp;Fees paid to securities lending agent from a revenue split | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8971 |
| &nbsp;&nbsp;Fees paid for any cash collateral management services (including fees deducted from a pooled cash collateral reinvestment vehicle) not included in the revenue split | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2707 |
| &nbsp;&nbsp;Administrative fees not included in the revenue split | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 |
| &nbsp;&nbsp;Indemnification fees not included in the revenue split | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 |
| &nbsp;&nbsp;Rebates (paid to borrower) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;113245 |
| &nbsp;&nbsp;Other fees not included in the revenue split | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 |
| &nbsp;&nbsp;**Aggregate fees/compensation for securities lending activities** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;124923 |
| &nbsp;&nbsp;***Net income from securities lending activities*** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54213 |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;**JNL/Invesco Diversified Dividend Fund** | &nbsp;&nbsp;**JNL/Invesco Diversified Dividend Fund** |
| &nbsp;&nbsp;**Gross income from securities lending activities** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25208 |
| &nbsp;&nbsp;*Fees and/or compensation for securities lending activities and related services:* | &nbsp;&nbsp;*Fees and/or compensation for securities lending activities and related services:* |
| &nbsp;&nbsp;Fees paid to securities lending agent from a revenue split | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;558 |
| &nbsp;&nbsp;Fees paid for any cash collateral management services (including fees deducted from a pooled cash collateral reinvestment vehicle) not included in the revenue split | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;402 |
| &nbsp;&nbsp;Administrative fees not included in the revenue split | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 |
| &nbsp;&nbsp;Indemnification fees not included in the revenue split | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 |
| &nbsp;&nbsp;Rebates (paid to borrower) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21086 |
| &nbsp;&nbsp;Other fees not included in the revenue split | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 |
| &nbsp;&nbsp;**Aggregate fees/compensation for securities lending activities** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22046 |
| &nbsp;&nbsp;***Net income from securities lending activities*** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3162 |
| &nbsp;&nbsp;**JNL/Invesco Global Growth Fund** | &nbsp;&nbsp;**JNL/Invesco Global Growth Fund** |
| &nbsp;&nbsp;**Gross income from securities lending activities** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;402340 |
| &nbsp;&nbsp;*Fees and/or compensation for securities lending activities and related services:* | &nbsp;&nbsp;*Fees and/or compensation for securities lending activities and related services:* |
| &nbsp;&nbsp;Fees paid to securities lending agent from a revenue split | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26462 |
| &nbsp;&nbsp;Fees paid for any cash collateral management services (including fees deducted from a pooled cash collateral reinvestment vehicle) not included in the revenue split | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5084 |
| &nbsp;&nbsp;Administrative fees not included in the revenue split | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 |
| &nbsp;&nbsp;Indemnification fees not included in the revenue split | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 |
| &nbsp;&nbsp;Rebates (paid to borrower) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;210301 |
| &nbsp;&nbsp;Other fees not included in the revenue split | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 |
| &nbsp;&nbsp;**Aggregate fees/compensation for securities lending activities** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;241847 |
| &nbsp;&nbsp;***Net income from securities lending activities*** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;160493 |
| &nbsp;&nbsp;**JNL/Invesco Small Cap Growth Fund** | &nbsp;&nbsp;**JNL/Invesco Small Cap Growth Fund** |
| &nbsp;&nbsp;**Gross income from securities lending activities** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;122976 |
| &nbsp;&nbsp;*Fees and/or compensation for securities lending activities and related services:* | &nbsp;&nbsp;*Fees and/or compensation for securities lending activities and related services:* |
| &nbsp;&nbsp;Fees paid to securities lending agent from a revenue split | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7062 |
| &nbsp;&nbsp;Fees paid for any cash collateral management services (including fees deducted from a pooled cash collateral reinvestment vehicle) not included in the revenue split | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1300 |
| &nbsp;&nbsp;Administrative fees not included in the revenue split | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 |
| &nbsp;&nbsp;Indemnification fees not included in the revenue split | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 |
| &nbsp;&nbsp;Rebates (paid to borrower) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65057 |
| &nbsp;&nbsp;Other fees not included in the revenue split | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 |
| &nbsp;&nbsp;**Aggregate fees/compensation for securities lending activities** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;73419 |
| &nbsp;&nbsp;***Net income from securities lending activities*** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49557 |
| &nbsp;&nbsp;**JNL/JPMorgan Global Allocation Fund** | &nbsp;&nbsp;**JNL/JPMorgan Global Allocation Fund** |
| &nbsp;&nbsp;**Gross income from securities lending activities** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;697372 |
| &nbsp;&nbsp;*Fees and/or compensation for securities lending activities and related services:* | &nbsp;&nbsp;*Fees and/or compensation for securities lending activities and related services:* |
| &nbsp;&nbsp;Fees paid to securities lending agent from a revenue split | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22149 |
| &nbsp;&nbsp;Fees paid for any cash collateral management services (including fees deducted from a pooled cash collateral reinvestment vehicle) not included in the revenue split | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9838 |
| &nbsp;&nbsp;Administrative fees not included in the revenue split | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 |
| &nbsp;&nbsp;Indemnification fees not included in the revenue split | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 |
| &nbsp;&nbsp;Rebates (paid to borrower) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;515840 |
| &nbsp;&nbsp;Other fees not included in the revenue split | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 |
| &nbsp;&nbsp;**Aggregate fees/compensation for securities lending activities** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;547827 |
| &nbsp;&nbsp;***Net income from securities lending activities*** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;149545 |
| &nbsp;&nbsp;**JNL/JPMorgan Hedged Equity Fund** | &nbsp;&nbsp;**JNL/JPMorgan Hedged Equity Fund** |
| &nbsp;&nbsp;**Gross income from securities lending activities** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2936 |
| &nbsp;&nbsp;*Fees and/or compensation for securities lending activities and related services:* | &nbsp;&nbsp;*Fees and/or compensation for securities lending activities and related services:* |
| &nbsp;&nbsp;Fees paid to securities lending agent from a revenue split | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;572 |
| &nbsp;&nbsp;Fees paid for any cash collateral management services (including fees deducted from a pooled cash collateral reinvestment vehicle) not included in the revenue split | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;Administrative fees not included in the revenue split | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 |
| &nbsp;&nbsp;Indemnification fees not included in the revenue split | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 |
| &nbsp;&nbsp;Rebates (paid to borrower) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 |
| &nbsp;&nbsp;Other fees not included in the revenue split | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 |
| &nbsp;&nbsp;**Aggregate fees/compensation for securities lending activities** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;572 |
| &nbsp;&nbsp;***Net income from securities lending activities*** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2364 |
| &nbsp;&nbsp;**JNL/JPMorgan MidCap Growth Fund** | &nbsp;&nbsp;**JNL/JPMorgan MidCap Growth Fund** |
| &nbsp;&nbsp;**Gross income from securities lending activities** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50094 |
| &nbsp;&nbsp;*Fees and/or compensation for securities lending activities and related services:* | &nbsp;&nbsp;*Fees and/or compensation for securities lending activities and related services:* |
| &nbsp;&nbsp;Fees paid to securities lending agent from a revenue split | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5763 |
| &nbsp;&nbsp;Fees paid for any cash collateral management services (including fees deducted from a pooled cash collateral reinvestment vehicle) not included in the revenue split | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;282 |
| &nbsp;&nbsp;Administrative fees not included in the revenue split | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 |
| &nbsp;&nbsp;Indemnification fees not included in the revenue split | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 |
| &nbsp;&nbsp;Rebates (paid to borrower) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10632 |
| &nbsp;&nbsp;Other fees not included in the revenue split | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 |
| &nbsp;&nbsp;**Aggregate fees/compensation for securities lending activities** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16677 |
| &nbsp;&nbsp;***Net income from securities lending activities*** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33417 |
| &nbsp;&nbsp;**JNL/JPMorgan U.S. Government & Quality Bond Fund** | &nbsp;&nbsp;**JNL/JPMorgan U.S. Government & Quality Bond Fund** |
| &nbsp;&nbsp;**Gross income from securities lending activities** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27857 |
| &nbsp;&nbsp;*Fees and/or compensation for securities lending activities and related services:* | &nbsp;&nbsp;*Fees and/or compensation for securities lending activities and related services:* |
| &nbsp;&nbsp;Fees paid to securities lending agent from a revenue split | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;290 |
| &nbsp;&nbsp;Fees paid for any cash collateral management services (including fees deducted from a pooled cash collateral reinvestment vehicle) not included in the revenue split | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 |
| &nbsp;&nbsp;Administrative fees not included in the revenue split | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 |
| &nbsp;&nbsp;Indemnification fees not included in the revenue split | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 |
| &nbsp;&nbsp;Rebates (paid to borrower) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25022 |
| &nbsp;&nbsp;Other fees not included in the revenue split | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 |
| &nbsp;&nbsp;**Aggregate fees/compensation for securities lending activities** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25312 |
| &nbsp;&nbsp;***Net income from securities lending activities*** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2545 |
| &nbsp;&nbsp;**JNL/Lazard International Quality Growth Fund** | &nbsp;&nbsp;**JNL/Lazard International Quality Growth Fund** |
| &nbsp;&nbsp;**Gross income from securities lending activities** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;98648 |
| &nbsp;&nbsp;*Fees and/or compensation for securities lending activities and related services:* | &nbsp;&nbsp;*Fees and/or compensation for securities lending activities and related services:* |
| &nbsp;&nbsp;Fees paid to securities lending agent from a revenue split | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4499 |
| &nbsp;&nbsp;Fees paid for any cash collateral management services (including fees deducted from a pooled cash collateral reinvestment vehicle) not included in the revenue split | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1143 |
| &nbsp;&nbsp;Administrative fees not included in the revenue split | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 |
| &nbsp;&nbsp;Indemnification fees not included in the revenue split | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 |
| &nbsp;&nbsp;Rebates (paid to borrower) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65094 |
| &nbsp;&nbsp;Other fees not included in the revenue split | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 |
| &nbsp;&nbsp;**Aggregate fees/compensation for securities lending activities** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70736 |
| &nbsp;&nbsp;***Net income from securities lending activities*** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27912 |
| &nbsp;&nbsp;**JNL/Loomis Sayles Global Growth Fund** | &nbsp;&nbsp;**JNL/Loomis Sayles Global Growth Fund** |
| &nbsp;&nbsp;**Gross income from securities lending activities** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43239 |
| &nbsp;&nbsp;*Fees and/or compensation for securities lending activities and related services:* | &nbsp;&nbsp;*Fees and/or compensation for securities lending activities and related services:* |
| &nbsp;&nbsp;Fees paid to securities lending agent from a revenue split | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5824 |
| &nbsp;&nbsp;Fees paid for any cash collateral management services (including fees deducted from a pooled cash collateral reinvestment vehicle) not included in the revenue split | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 |
| &nbsp;&nbsp;Administrative fees not included in the revenue split | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 |
| &nbsp;&nbsp;Indemnification fees not included in the revenue split | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 |
| &nbsp;&nbsp;Rebates (paid to borrower) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 |
| &nbsp;&nbsp;Other fees not included in the revenue split | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 |
| &nbsp;&nbsp;**Aggregate fees/compensation for securities lending activities** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5824 |
| &nbsp;&nbsp;***Net income from securities lending activities*** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37415 |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;**JNL/Lord Abbett Short Duration Income Fund** | &nbsp;&nbsp;**JNL/Lord Abbett Short Duration Income Fund** |
| &nbsp;&nbsp;**Gross income from securities lending activities** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;86552 |
| &nbsp;&nbsp;*Fees and/or compensation for securities lending activities and related services:* | &nbsp;&nbsp;*Fees and/or compensation for securities lending activities and related services:* |
| &nbsp;&nbsp;Fees paid to securities lending agent from a revenue split | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1962 |
| &nbsp;&nbsp;Fees paid for any cash collateral management services (including fees deducted from a pooled cash collateral reinvestment vehicle) not included in the revenue split | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1316 |
| &nbsp;&nbsp;Administrative fees not included in the revenue split | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 |
| &nbsp;&nbsp;Indemnification fees not included in the revenue split | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 |
| &nbsp;&nbsp;Rebates (paid to borrower) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;69992 |
| &nbsp;&nbsp;Other fees not included in the revenue split | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 |
| &nbsp;&nbsp;**Aggregate fees/compensation for securities lending activities** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;73270 |
| &nbsp;&nbsp;***Net income from securities lending activities*** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13282 |
| &nbsp;&nbsp;**JNL/Mellon World Index Fund** | &nbsp;&nbsp;**JNL/Mellon World Index Fund** |
| &nbsp;&nbsp;**Gross income from securities lending activities** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;81119 |
| &nbsp;&nbsp;*Fees and/or compensation for securities lending activities and related services:* | &nbsp;&nbsp;*Fees and/or compensation for securities lending activities and related services:* |
| &nbsp;&nbsp;Fees paid to securities lending agent from a revenue split | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8387 |
| &nbsp;&nbsp;Fees paid for any cash collateral management services (including fees deducted from a pooled cash collateral reinvestment vehicle) not included in the revenue split | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;432 |
| &nbsp;&nbsp;Administrative fees not included in the revenue split | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 |
| &nbsp;&nbsp;Indemnification fees not included in the revenue split | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 |
| &nbsp;&nbsp;Rebates (paid to borrower) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19959 |
| &nbsp;&nbsp;Other fees not included in the revenue split | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 |
| &nbsp;&nbsp;**Aggregate fees/compensation for securities lending activities** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28778 |
| &nbsp;&nbsp;***Net income from securities lending activities*** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52341 |
| &nbsp;&nbsp;**JNL/Mellon Nasdaq® 100 Index Fund** | &nbsp;&nbsp;**JNL/Mellon Nasdaq® 100 Index Fund** |
| &nbsp;&nbsp;**Gross income from securities lending activities** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1454004 |
| &nbsp;&nbsp;*Fees and/or compensation for securities lending activities and related services:* | &nbsp;&nbsp;*Fees and/or compensation for securities lending activities and related services:* |
| &nbsp;&nbsp;Fees paid to securities lending agent from a revenue split | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;167592 |
| &nbsp;&nbsp;Fees paid for any cash collateral management services (including fees deducted from a pooled cash collateral reinvestment vehicle) not included in the revenue split | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8375 |
| &nbsp;&nbsp;Administrative fees not included in the revenue split | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 |
| &nbsp;&nbsp;Indemnification fees not included in the revenue split | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 |
| &nbsp;&nbsp;Rebates (paid to borrower) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;323624 |
| &nbsp;&nbsp;Other fees not included in the revenue split | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 |
| &nbsp;&nbsp;**Aggregate fees/compensation for securities lending activities** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;499591 |
| &nbsp;&nbsp;***Net income from securities lending activities*** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;954413 |
| &nbsp;&nbsp;**JNL/MFS Mid Cap Value Fund** | &nbsp;&nbsp;**JNL/MFS Mid Cap Value Fund** |
| &nbsp;&nbsp;**Gross income from securities lending activities** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10949 |
| &nbsp;&nbsp;*Fees and/or compensation for securities lending activities and related services:* | &nbsp;&nbsp;*Fees and/or compensation for securities lending activities and related services:* |
| &nbsp;&nbsp;Fees paid to securities lending agent from a revenue split | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;223 |
| &nbsp;&nbsp;Fees paid for any cash collateral management services (including fees deducted from a pooled cash collateral reinvestment vehicle) not included in the revenue split | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;153 |
| &nbsp;&nbsp;Administrative fees not included in the revenue split | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 |
| &nbsp;&nbsp;Indemnification fees not included in the revenue split | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 |
| &nbsp;&nbsp;Rebates (paid to borrower) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8763 |
| &nbsp;&nbsp;Other fees not included in the revenue split | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 |
| &nbsp;&nbsp;**Aggregate fees/compensation for securities lending activities** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9139 |
| &nbsp;&nbsp;***Net income from securities lending activities*** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1810 |
| &nbsp;&nbsp;**JNL/Neuberger Berman Strategic Income Fund** | &nbsp;&nbsp;**JNL/Neuberger Berman Strategic Income Fund** |
| &nbsp;&nbsp;**Gross income from securities lending activities** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;221583 |
| &nbsp;&nbsp;*Fees and/or compensation for securities lending activities and related services:* | &nbsp;&nbsp;*Fees and/or compensation for securities lending activities and related services:* |
| &nbsp;&nbsp;Fees paid to securities lending agent from a revenue split | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5574 |
| &nbsp;&nbsp;Fees paid for any cash collateral management services (including fees deducted from a pooled cash collateral reinvestment vehicle) not included in the revenue split | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3483 |
| &nbsp;&nbsp;Administrative fees not included in the revenue split | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 |
| &nbsp;&nbsp;Indemnification fees not included in the revenue split | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 |
| &nbsp;&nbsp;Rebates (paid to borrower) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;175335 |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;Other fees not included in the revenue split | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 |
| &nbsp;&nbsp;**Aggregate fees/compensation for securities lending activities** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;184392 |
| &nbsp;&nbsp;***Net income from securities lending activities*** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37191 |
| &nbsp;&nbsp;**JNL/PPM America High Yield Bond Fund** | &nbsp;&nbsp;**JNL/PPM America High Yield Bond Fund** |
| &nbsp;&nbsp;**Gross income from securities lending activities** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3503204 |
| &nbsp;&nbsp;*Fees and/or compensation for securities lending activities and related services:* | &nbsp;&nbsp;*Fees and/or compensation for securities lending activities and related services:* |
| &nbsp;&nbsp;Fees paid to securities lending agent from a revenue split | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;131910 |
| &nbsp;&nbsp;Fees paid for any cash collateral management services (including fees deducted from a pooled cash collateral reinvestment vehicle) not included in the revenue split | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52963 |
| &nbsp;&nbsp;Administrative fees not included in the revenue split | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 |
| &nbsp;&nbsp;Indemnification fees not included in the revenue split | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 |
| &nbsp;&nbsp;Rebates (paid to borrower) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2445951 |
| &nbsp;&nbsp;Other fees not included in the revenue split | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 |
| &nbsp;&nbsp;**Aggregate fees/compensation for securities lending activities** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2630824 |
| &nbsp;&nbsp;***Net income from securities lending activities*** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;872380 |
| &nbsp;&nbsp;**JNL/PPM America Investment Grade Credit Fund** | &nbsp;&nbsp;**JNL/PPM America Investment Grade Credit Fund** |
| &nbsp;&nbsp;**Gross income from securities lending activities** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45711 |
| &nbsp;&nbsp;*Fees and/or compensation for securities lending activities and related services:* | &nbsp;&nbsp;*Fees and/or compensation for securities lending activities and related services:* |
| &nbsp;&nbsp;Fees paid to securities lending agent from a revenue split | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;966 |
| &nbsp;&nbsp;Fees paid for any cash collateral management services (including fees deducted from a pooled cash collateral reinvestment vehicle) not included in the revenue split | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;703 |
| &nbsp;&nbsp;Administrative fees not included in the revenue split | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 |
| &nbsp;&nbsp;Indemnification fees not included in the revenue split | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 |
| &nbsp;&nbsp;Rebates (paid to borrower) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36484 |
| &nbsp;&nbsp;Other fees not included in the revenue split | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 |
| &nbsp;&nbsp;**Aggregate fees/compensation for securities lending activities** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38153 |
| &nbsp;&nbsp;***Net income from securities lending activities*** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7558 |
| &nbsp;&nbsp;**JNL/PPM America Total Return Fund** | &nbsp;&nbsp;**JNL/PPM America Total Return Fund** |
| &nbsp;&nbsp;**Gross income from securities lending activities** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;278467 |
| &nbsp;&nbsp;*Fees and/or compensation for securities lending activities and related services:* | &nbsp;&nbsp;*Fees and/or compensation for securities lending activities and related services:* |
| &nbsp;&nbsp;Fees paid to securities lending agent from a revenue split | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11225 |
| &nbsp;&nbsp;Fees paid for any cash collateral management services (including fees deducted from a pooled cash collateral reinvestment vehicle) not included in the revenue split | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4327 |
| &nbsp;&nbsp;Administrative fees not included in the revenue split | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 |
| &nbsp;&nbsp;Indemnification fees not included in the revenue split | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 |
| &nbsp;&nbsp;Rebates (paid to borrower) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;182321 |
| &nbsp;&nbsp;Other fees not included in the revenue split | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 |
| &nbsp;&nbsp;**Aggregate fees/compensation for securities lending activities** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;197873 |
| &nbsp;&nbsp;***Net income from securities lending activities*** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;80594 |
| &nbsp;&nbsp;**JNL/RAFI® Fundamental U.S. Small Cap Fund** | &nbsp;&nbsp;**JNL/RAFI® Fundamental U.S. Small Cap Fund** |
| &nbsp;&nbsp;**Gross income from securities lending activities** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;113306 |
| &nbsp;&nbsp;*Fees and/or compensation for securities lending activities and related services:* | &nbsp;&nbsp;*Fees and/or compensation for securities lending activities and related services:* |
| &nbsp;&nbsp;Fees paid to securities lending agent from a revenue split | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11211 |
| &nbsp;&nbsp;Fees paid for any cash collateral management services (including fees deducted from a pooled cash collateral reinvestment vehicle) not included in the revenue split | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1088 |
| &nbsp;&nbsp;Administrative fees not included in the revenue split | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 |
| &nbsp;&nbsp;Indemnification fees not included in the revenue split | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 |
| &nbsp;&nbsp;Rebates (paid to borrower) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33002 |
| &nbsp;&nbsp;Other fees not included in the revenue split | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 |
| &nbsp;&nbsp;**Aggregate fees/compensation for securities lending activities** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45301 |
| &nbsp;&nbsp;***Net income from securities lending activities*** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;68005 |
| &nbsp;&nbsp;**JNL/RAFI® Multi-Factor U.S. Equity Fund** | &nbsp;&nbsp;**JNL/RAFI® Multi-Factor U.S. Equity Fund** |
| &nbsp;&nbsp;**Gross income from securities lending activities** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46123 |
| &nbsp;&nbsp;*Fees and/or compensation for securities lending activities and related services:* | &nbsp;&nbsp;*Fees and/or compensation for securities lending activities and related services:* |
| &nbsp;&nbsp;Fees paid to securities lending agent from a revenue split | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2630 |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;Fees paid for any cash collateral management services (including fees deducted from a pooled cash collateral reinvestment vehicle) not included in the revenue split | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;504 |
| &nbsp;&nbsp;Administrative fees not included in the revenue split | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 |
| &nbsp;&nbsp;Indemnification fees not included in the revenue split | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 |
| &nbsp;&nbsp;Rebates (paid to borrower) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26993 |
| &nbsp;&nbsp;Other fees not included in the revenue split | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 |
| &nbsp;&nbsp;**Aggregate fees/compensation for securities lending activities** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30127 |
| &nbsp;&nbsp;***Net income from securities lending activities*** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15996 |
| &nbsp;&nbsp;**JNL/T. Rowe Price Balanced Fund** | &nbsp;&nbsp;**JNL/T. Rowe Price Balanced Fund** |
| &nbsp;&nbsp;**Gross income from securities lending activities** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;156636 |
| &nbsp;&nbsp;*Fees and/or compensation for securities lending activities and related services:* | &nbsp;&nbsp;*Fees and/or compensation for securities lending activities and related services:* |
| &nbsp;&nbsp;Fees paid to securities lending agent from a revenue split | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8575 |
| &nbsp;&nbsp;Fees paid for any cash collateral management services (including fees deducted from a pooled cash collateral reinvestment vehicle) not included in the revenue split | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1958 |
| &nbsp;&nbsp;Administrative fees not included in the revenue split | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 |
| &nbsp;&nbsp;Indemnification fees not included in the revenue split | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 |
| &nbsp;&nbsp;Rebates (paid to borrower) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;92439 |
| &nbsp;&nbsp;Other fees not included in the revenue split | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 |
| &nbsp;&nbsp;**Aggregate fees/compensation for securities lending activities** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;102972 |
| &nbsp;&nbsp;***Net income from securities lending activities*** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53664 |
| &nbsp;&nbsp;**JNL/T. Rowe Price Capital Appreciation Fund** | &nbsp;&nbsp;**JNL/T. Rowe Price Capital Appreciation Fund** |
| &nbsp;&nbsp;**Gross income from securities lending activities** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1808081 |
| &nbsp;&nbsp;*Fees and/or compensation for securities lending activities and related services:* | &nbsp;&nbsp;*Fees and/or compensation for securities lending activities and related services:* |
| &nbsp;&nbsp;Fees paid to securities lending agent from a revenue split | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60732 |
| &nbsp;&nbsp;Fees paid for any cash collateral management services (including fees deducted from a pooled cash collateral reinvestment vehicle) not included in the revenue split | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27049 |
| &nbsp;&nbsp;Administrative fees not included in the revenue split | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 |
| &nbsp;&nbsp;Indemnification fees not included in the revenue split | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 |
| &nbsp;&nbsp;Rebates (paid to borrower) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1310359 |
| &nbsp;&nbsp;Other fees not included in the revenue split | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 |
| &nbsp;&nbsp;**Aggregate fees/compensation for securities lending activities** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1398140 |
| &nbsp;&nbsp;***Net income from securities lending activities*** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;409941 |
| &nbsp;&nbsp;**JNL/T. Rowe Price Capital Appreciation Equity Fund** | &nbsp;&nbsp;**JNL/T. Rowe Price Capital Appreciation Equity Fund** |
| &nbsp;&nbsp;**Gross income from securities lending activities** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2403 |
| &nbsp;&nbsp;*Fees and/or compensation for securities lending activities and related services:* | &nbsp;&nbsp;*Fees and/or compensation for securities lending activities and related services:* |
| &nbsp;&nbsp;Fees paid to securities lending agent from a revenue split | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;237 |
| &nbsp;&nbsp;Fees paid for any cash collateral management services (including fees deducted from a pooled cash collateral reinvestment vehicle) not included in the revenue split | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32 |
| &nbsp;&nbsp;Administrative fees not included in the revenue split | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 |
| &nbsp;&nbsp;Indemnification fees not included in the revenue split | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 |
| &nbsp;&nbsp;Rebates (paid to borrower) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 |
| &nbsp;&nbsp;Other fees not included in the revenue split | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 |
| &nbsp;&nbsp;**Aggregate fees/compensation for securities lending activities** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;269 |
| &nbsp;&nbsp;***Net income from securities lending activities*** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2134 |
| &nbsp;&nbsp;**JNL/T. Rowe Price Growth Stock Fund** | &nbsp;&nbsp;**JNL/T. Rowe Price Growth Stock Fund** |
| &nbsp;&nbsp;**Gross income from securities lending activities** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;117195 |
| &nbsp;&nbsp;*Fees and/or compensation for securities lending activities and related services:* | &nbsp;&nbsp;*Fees and/or compensation for securities lending activities and related services:* |
| &nbsp;&nbsp;Fees paid to securities lending agent from a revenue split | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12976 |
| &nbsp;&nbsp;Fees paid for any cash collateral management services (including fees deducted from a pooled cash collateral reinvestment vehicle) not included in the revenue split | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;684 |
| &nbsp;&nbsp;Administrative fees not included in the revenue split | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 |
| &nbsp;&nbsp;Indemnification fees not included in the revenue split | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 |
| &nbsp;&nbsp;Rebates (paid to borrower) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29523 |
| &nbsp;&nbsp;Other fees not included in the revenue split | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 |
| &nbsp;&nbsp;**Aggregate fees/compensation for securities lending activities** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43183 |
| &nbsp;&nbsp;***Net income from securities lending activities*** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;74012 |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;**JNL/T. Rowe Price Mid-Cap Growth Fund** | &nbsp;&nbsp;**JNL/T. Rowe Price Mid-Cap Growth Fund** |
| &nbsp;&nbsp;**Gross income from securities lending activities** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;190572 |
| &nbsp;&nbsp;*Fees and/or compensation for securities lending activities and related services:* | &nbsp;&nbsp;*Fees and/or compensation for securities lending activities and related services:* |
| &nbsp;&nbsp;Fees paid to securities lending agent from a revenue split | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10401 |
| &nbsp;&nbsp;Fees paid for any cash collateral management services (including fees deducted from a pooled cash collateral reinvestment vehicle) not included in the revenue split | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2498 |
| &nbsp;&nbsp;Administrative fees not included in the revenue split | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 |
| &nbsp;&nbsp;Indemnification fees not included in the revenue split | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 |
| &nbsp;&nbsp;Rebates (paid to borrower) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;116549 |
| &nbsp;&nbsp;Other fees not included in the revenue split | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 |
| &nbsp;&nbsp;**Aggregate fees/compensation for securities lending activities** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;129448 |
| &nbsp;&nbsp;***Net income from securities lending activities*** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;61124 |
| &nbsp;&nbsp;**JNL/T. Rowe Price Short-Term Bond Fund** | &nbsp;&nbsp;**JNL/T. Rowe Price Short-Term Bond Fund** |
| &nbsp;&nbsp;**Gross income from securities lending activities** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;400610 |
| &nbsp;&nbsp;*Fees and/or compensation for securities lending activities and related services:* | &nbsp;&nbsp;*Fees and/or compensation for securities lending activities and related services:* |
| &nbsp;&nbsp;Fees paid to securities lending agent from a revenue split | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8103 |
| &nbsp;&nbsp;Fees paid for any cash collateral management services (including fees deducted from a pooled cash collateral reinvestment vehicle) not included in the revenue split | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6376 |
| &nbsp;&nbsp;Administrative fees not included in the revenue split | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 |
| &nbsp;&nbsp;Indemnification fees not included in the revenue split | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 |
| &nbsp;&nbsp;Rebates (paid to borrower) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;334825 |
| &nbsp;&nbsp;Other fees not included in the revenue split | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 |
| &nbsp;&nbsp;**Aggregate fees/compensation for securities lending activities** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;349304 |
| &nbsp;&nbsp;***Net income from securities lending activities*** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51306 |
| &nbsp;&nbsp;**JNL/T. Rowe Price U.S. High Yield Fund** | &nbsp;&nbsp;**JNL/T. Rowe Price U.S. High Yield Fund** |
| &nbsp;&nbsp;**Gross income from securities lending activities** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;936029 |
| &nbsp;&nbsp;*Fees and/or compensation for securities lending activities and related services:* | &nbsp;&nbsp;*Fees and/or compensation for securities lending activities and related services:* |
| &nbsp;&nbsp;Fees paid to securities lending agent from a revenue split | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39169 |
| &nbsp;&nbsp;Fees paid for any cash collateral management services (including fees deducted from a pooled cash collateral reinvestment vehicle) not included in the revenue split | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13974 |
| &nbsp;&nbsp;Administrative fees not included in the revenue split | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 |
| &nbsp;&nbsp;Indemnification fees not included in the revenue split | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 |
| &nbsp;&nbsp;Rebates (paid to borrower) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;646588 |
| &nbsp;&nbsp;Other fees not included in the revenue split | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 |
| &nbsp;&nbsp;**Aggregate fees/compensation for securities lending activities** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;699731 |
| &nbsp;&nbsp;***Net income from securities lending activities*** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;236298 |
| &nbsp;&nbsp;**JNL/T. Rowe Price Value Fund** | &nbsp;&nbsp;**JNL/T. Rowe Price Value Fund** |
| &nbsp;&nbsp;**Gross income from securities lending activities** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;330139 |
| &nbsp;&nbsp;*Fees and/or compensation for securities lending activities and related services:* | &nbsp;&nbsp;*Fees and/or compensation for securities lending activities and related services:* |
| &nbsp;&nbsp;Fees paid to securities lending agent from a revenue split | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30977 |
| &nbsp;&nbsp;Fees paid for any cash collateral management services (including fees deducted from a pooled cash collateral reinvestment vehicle) not included in the revenue split | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2186 |
| &nbsp;&nbsp;Administrative fees not included in the revenue split | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 |
| &nbsp;&nbsp;Indemnification fees not included in the revenue split | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 |
| &nbsp;&nbsp;Rebates (paid to borrower) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;120248 |
| &nbsp;&nbsp;Other fees not included in the revenue split | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 |
| &nbsp;&nbsp;**Aggregate fees/compensation for securities lending activities** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;153411 |
| &nbsp;&nbsp;***Net income from securities lending activities*** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;176728 |
| &nbsp;&nbsp;**JNL/William Blair International Leaders Fund** | &nbsp;&nbsp;**JNL/William Blair International Leaders Fund** |
| &nbsp;&nbsp;**Gross income from securities lending activities** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;201571 |
| &nbsp;&nbsp;*Fees and/or compensation for securities lending activities and related services:* | &nbsp;&nbsp;*Fees and/or compensation for securities lending activities and related services:* |
| &nbsp;&nbsp;Fees paid to securities lending agent from a revenue split | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3443 |
| &nbsp;&nbsp;Fees paid for any cash collateral management services (including fees deducted from a pooled cash collateral reinvestment vehicle) not included in the revenue split | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3057 |
| &nbsp;&nbsp;Administrative fees not included in the revenue split | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;Indemnification fees not included in the revenue split | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 |
| &nbsp;&nbsp;Rebates (paid to borrower) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;171761 |
| &nbsp;&nbsp;Other fees not included in the revenue split | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 |
| &nbsp;&nbsp;**Aggregate fees/compensation for securities lending activities** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;178261 |
| &nbsp;&nbsp;***Net income from securities lending activities*** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23310 |

---

For the fiscal year ended [December 31, 2025], JPMorgan Bank, acting as agent for certain Funds, provided the following services to the Funds in connection with the Funds' securities lending activities: (i) locating borrowers among an approved list of prospective borrowers; (ii) monitoring applicable minimum spread requirements, lending limits and the value of the loaned securities and collateral received; (iii) seeking additional collateral, as necessary, from borrowers; (iv) receiving and holding collateral from borrowers, and facilitating the investment and reinvestment of all or substantially all cash collateral in an investment vehicle designated by the Funds; (v) returning collateral to borrowers; (vi) facilitating substitute dividend, interest, and other distribution payments to the Funds from borrowers; (vii) negotiating the terms of each loan of securities, including, but not limited to, the amount of any loan premium, and monitoring the terms of securities loan agreements with prospective borrowers for consistency with the requirements of the JPMorgan Securities Lending Agreement; (viii) selecting securities, including amounts (percentages), to be loaned; (ix) recordkeeping and accounting servicing; (x) monitoring dividend activity; (xi) material proxy votes relating to loaned securities as well as recall of securities on loan for Fund to vote proxies; (xii) arranging for return of loaned securities to the Fund as necessary or requested by the Funds; and (xiii) preparation of and modification to ancillary lending documents.

For the fiscal year ended [December 31, 2025], State Street, acting as agent for certain Funds, provided the following services to the Funds in connection with the Funds' securities lending activities: (i) locating borrowers among an approved list of prospective borrowers; (ii) monitoring applicable minimum spread requirements, lending limits and the value of the loaned securities and collateral received; (iii) seeking additional collateral, as necessary, from borrowers; (iv) receiving and holding collateral from borrowers, and facilitating the investment and reinvestment of all or substantially all cash collateral in an investment vehicle designated by the Funds; (v) returning collateral to borrowers; (vi) facilitating substitute dividend, interest, and other distribution payments to the Funds from borrowers; (vii) negotiating the terms of each loan of securities, including, but not limited to, the amount of any loan premium, and monitoring the terms of securities loan agreements with prospective borrowers for consistency with the requirements of the State Street Securities Lending Agreement; (viii) selecting securities, including amounts (percentages), to be loaned; (ix) recordkeeping and accounting servicing; (x) monitoring dividend activity; (xi) material proxy votes relating to loaned securities as well as recall of securities on loan for Fund to vote proxies; (xii) arranging for return of loaned securities to the Fund as necessary or requested by the Funds; and (xiii) preparation of and modification to ancillary lending documents.

**Short Sales.** Certain of the Funds may make short sales of securities: (i) to offset potential declines in long positions in similar securities; (ii) to increase the flexibility of a Fund; (iii) for investment return; (iv) as part of a risk arbitrage strategy; and (v) as part of its overall portfolio management strategies involving the use of derivative instruments. A short sale is a transaction in which a Fund sells a security it does not own in anticipation that the market price of that security will decline.

When a Fund makes a short sale of a security, it must borrow the security sold short and deliver it to the broker-dealer through which it made the short sale as collateral for its obligation to deliver the security upon conclusion of the sale. The Fund may have to pay a fee to borrow particular securities and is often obligated to pay over any accrued interest and dividends on such borrowed securities.

If the price of the security sold short increases between the time of the short sale and the time that the Fund replaces the borrowed security, the Fund will incur a loss; conversely, if the price declines, the Fund will realize a capital gain. Any gain will be decreased, and any loss increased, by the transaction costs described above. The successful use of short selling may be adversely affected by imperfect correlation between movements in the price of the security sold short and the securities being hedged.

The Funds may invest pursuant to a risk arbitrage strategy to take advantage of a perceived relationship between the value of two securities. Frequently, a risk arbitrage strategy involves the short sale of a security.

To the extent that a Fund engages in short sales of securities, it will provide collateral to the broker-dealer. The Funds will engage in short selling to the extent permitted by the federal securities laws and rules and interpretations thereunder. To the extent a Fund engages in short selling in foreign (non-U.S.) jurisdictions, the Fund will do so to the extent permitted by the laws and regulations of such jurisdiction. In response to market events, the SEC and regulatory authorities in other jurisdictions may adopt (and in certain cases, have adopted) reporting requirements for and/or bans on short sales of certain securities, including short positions on such securities acquired through swaps. Bans on short selling and such short positions may limit a Fund's ability to execute certain of its investment strategies.

There can be no assurance that the short positions that a Fund holds will act as an effective hedge against its long positions. Any decrease in negative correlation or increase in positive correlation between the positions the Sub-Adviser anticipated would be offsetting (such as short and long positions in securities or currencies held by a Fund) could result in significant losses for the Fund. A Fund may also take a short position in a derivative instrument, such as a future, forward or swap. A short position on a derivative instrument involves the risk of a theoretically unlimited increase in the value of the underlying instrument.

**Short-Term Corporate Debt Securities.** A Fund may invest in short-term corporate debt securities, which are non-convertible corporate debt securities (*e.g.*, bonds, debentures, money market instruments, notes and other similar instruments and securities) which have one year or less remaining to maturity. Short-term corporate debt securities may have fixed, variable, or floating rates and generally are used by corporations and other issuers to borrow money from investors for such purposes as working capital or capital expenditures. The issuer pays the investor a variable or fixed rate of interest and normally must repay the amount borrowed on or before maturity. Certain bonds are "perpetual" in that they have no maturity date.

The investment return of corporate debt securities reflects interest earnings and changes in the market value of the security. The market value of a corporate debt obligation may be expected to rise and fall inversely with interest rates generally. In addition to interest rate risk, corporate debt securities also involve the risk that the issuers of the securities may not be able to meet their obligations on interest or principal payments at the time called for by an instrument. The rate of return or return of principal on some debt obligations may be linked or indexed to the level of exchange rates between the U.S. dollar and a foreign currency or currencies.

**Short-Term Funding Agreements.** Short-term funding agreements issued by insurance companies are sometimes referred to as Guaranteed Investment Contracts ("GICs"), while those issued by banks are referred to as Bank Investment Contracts ("BICs"). Pursuant to such agreements, a Fund makes cash contributions to a deposit account at a bank or insurance company. The bank or insurance company then credits to the Fund on a monthly basis guaranteed interest at either a fixed, variable or floating rate. These contracts are general obligations of the issuing bank or insurance company (although they may be the obligations of an insurance company separate account) and are paid from the general assets of the issuing entity.

A Fund will purchase short-term funding agreements only from banks and insurance companies which, at the time of purchase, are rated in one of the three highest rating categories and have assets of $1 billion or more. Generally, there is no active secondary market in short-term funding agreements. Therefore, short-term funding agreements may be considered by a Fund to be illiquid investments. To the extent that a short-term funding agreement is determined to be illiquid, such agreements will be acquired by a Fund only if, immediately after the acquisition, no more than 15% of the Fund's net assets will be invested in short-term funding agreements and other illiquid securities that are assets.

**Special Purpose Acquisition Companies.** A Fund may invest in stock, warrants, and other securities of special purpose acquisition companies or similar special purpose entities that pool funds to seek potential acquisition opportunities ("SPACs"). Unless and until an acquisition meeting the SPAC's requirements is completed, a SPAC generally invests its assets (less a portion retained to cover expenses) in U.S. Government securities, money market securities and cash; if an acquisition that meets the requirements for the SPAC is not completed within a pre-established period of time, the invested funds are returned to the entity's shareholders. Because SPACs and similar entities have no operating history or ongoing business other than seeking acquisitions, the value of their securities is particularly dependent on the ability of the entity's management to identify and complete a profitable acquisition. Some SPACs may pursue acquisitions only within certain industries or regions, which may increase the volatility of their prices. In addition, these securities, which are typically traded in the over-the-counter market, may be considered illiquid and/or be subject to restrictions on resale.

An investment in a SPAC is subject to a variety of risks, including that (i) a significant portion of the monies raised by the SPAC for the purpose of identifying and effecting an acquisition or merger may be expended during the search for a target transaction; (ii) an attractive acquisition or merger target may not be identified at all and the SPAC will be required to return any remaining monies to shareholders; (iii) any proposed merger or acquisition may be unable to obtain the requisite approval, if any, of SPAC shareholders; (iv) an acquisition or merger once effected may prove unsuccessful and an investment in the SPAC may lose value; (v) the warrants or other rights with respect to the SPAC held by the Fund may expire worthless or may be repurchased or retired by the SPAC at an unfavorable price; (vi) the Fund will be delayed in receiving any redemption or liquidation proceeds from a SPAC to which it is entitled; (vii) an investment in a SPAC may be diluted by additional later offerings of interests in the SPAC or by other investors exercising existing rights to purchase shares of the SPAC; (viii) no or only a thinly traded market for shares of or interests in a SPAC may develop, leaving the Fund unable to sell its interest in a SPAC or to sell its interest only at a price below what the Fund believes is the SPAC interest's intrinsic value; and (ix) the values of investments in SPACs may be highly volatile and may depreciate significantly over time.

**Special Situations.** A Fund may invest in "special situations." A special situation arises when, in the opinion of the Fund's Sub-Adviser, the securities of a particular company will, within a reasonably estimable period of time, be accorded market recognition at an appreciated value solely by reason of a development applicable to that company, regardless of general business conditions or movements of the market as a whole. Developments creating special situations might include, among others: liquidations, reorganizations, recapitalizations, mergers, material litigation, technical breakthroughs, and new management or management policies. Although large and well-known companies may be involved, special situations more often involve comparatively small or unseasoned companies. Investments in unseasoned companies and special situations often involve much greater risk than is inherent in ordinary investment securities.

**Standard & Poor's Depositary Receipts ("SPDRs").** SPDRs are exchange-traded securities that represent ownership in the SPDR Trust, a trust that has been established to accumulate and hold a portfolio of common stocks that is intended to track the price performance and dividend yield of the Standard & Poor's 500 Composite Stock Price Index ("S&P 500 Index"). The SPDR Trust is sponsored by a subsidiary of the NYSE MKT LLC. SPDRs may be used for several reasons including but not limited to facilitating the handling of cash flows or trading or reducing transaction costs. The use of SPDRs would introduce additional risk to a Fund as the price movement of the instrument does not perfectly correlate with the price action of the underlying index. SPDRs are commonly referred to as ETFs.

**Stripped Mortgage-Backed Securities ("SMBS").** A Fund may purchase SMBS, which may be considered derivative mortgage-backed securities. SMBS are derivative multi-class mortgage securities. SMBS may be issued by agencies or instrumentalities of the U.S. Government, or by private originators of, or investors in, mortgage loans, including savings and loan associations, mortgage banks, commercial banks, investment banks and special purpose entities of the foregoing.

SMBS are usually structured with two classes that receive different proportions of the interest and principal distributions on a pool of mortgage assets. A common type of SMBS will have one class receiving some of the interest and most of the principal from the mortgage assets, while the other class will receive most of the interest and the remainder of the principal. In the most extreme case, one class will receive all of the interest (the interest-only or "IO" class), while the other class will receive the entire principal (the principal-only or "PO" class). The yield to maturity on an IO class is extremely sensitive to the rate of principal payments, including pre-payments, on the related underlying mortgage assets, and a rapid rate of principal payments may have a material adverse effect on a Fund's yield to maturity from these securities. If the underlying mortgage assets experience greater than anticipated pre-payments of principal, a Fund may fail to recoup some or all of its initial investment in these securities even if the security is in one of the highest rating categories.

**Structured Products.** The Funds may invest in structured products, including instruments such as credit-linked securities, commodity-linked notes and structured notes, which are potentially high-risk derivatives. For example, a structured product may combine a traditional stock, bond, or commodity with an option or forward contract. Generally, the principal amount, amount payable upon maturity or redemption, or interest rate of a structured product is tied (positively or negatively) to the price of some commodity, currency or securities index or another interest rate or some other economic factor (each a "benchmark"). The interest rate or (unlike most fixed income securities) the principal amount payable at maturity of a structured product may be increased or decreased, depending on changes in the value of the benchmark. An example of a structured product could be a bond issued by an oil company that pays a small base level of interest with additional interest that accrues in correlation to the extent to which oil prices exceed a certain predetermined level. Such a structured product would be a combination of a bond and a call option on oil.

Structured products can be used as an efficient means of pursuing a variety of investment goals, including currency hedging, duration management, and increased total return. Structured products may not bear interest or pay dividends. The value of a structured product or its interest rate may be a multiple of a benchmark and, as a result, may be leveraged and fluctuate more steeply and rapidly than the benchmark. These benchmarks may be sensitive to economic and political events, such as commodity shortages and currency devaluations, which cannot be readily foreseen by the purchaser of a structured product. Under certain conditions, the redemption value of a structured product could be zero. Thus, an investment in a structured product may entail significant market risks that are not associated with a similar investment in a traditional, U.S. dollar-denominated bond that has a fixed principal amount and pays a fixed rate or floating rate of interest. The purchase of structured products also exposes a Fund to the credit risk of the issuer of the structured product. These risks may cause significant fluctuations in the net asset value of the Fund.

***Credit-Linked Securities*.** Credit-linked securities are issued by a limited purpose trust or other vehicle that, in turn, invests in a basket of derivative instruments, such as credit default swaps, interest rate swaps and other securities, in order to provide exposure to certain high-yield or other fixed-income markets. For example, a Fund may invest in credit-linked securities as a cash management tool in order to gain exposure to the high-yield markets and/or to remain fully invested when more traditional income producing securities are not available. Like an investment in a bond, investments in credit-linked securities represent the right to receive periodic income payments (in the form of distributions) and payment of principal at the end of the term of the security. However, these payments are conditioned on the trust's receipt of payments from, and the trust's potential obligations to, the counterparties to the derivative instruments and other securities in which the trust invests. For instance, the trust may sell one or more credit default swaps, under which the trust would receive a stream of payments over the term of the swap agreements provided that no event of default has occurred with respect to the referenced debt obligation upon which the swap is based. If a default occurs, the stream of payments may stop and the trust would be obligated to pay the counterparty the par (or other agreed upon value) of the referenced debt obligation. This, in turn, would reduce the amount of income and principal that a Fund would receive as an investor in the trust. A Fund's investments in these instruments are indirectly subject to the risks associated with derivative instruments, including, among others, credit risk, default or similar event risk, counterparty risk, interest rate risk, leverage risk and management risk. It is expected that the securities will be exempt from registration under the 1933 Act. Accordingly, there may be no established trading market for the securities and they may constitute illiquid investments.

***Commodity-Linked Notes*.** Certain structured products may provide exposure to the commodities markets. These are derivative securities with one or more commodity-linked components that have payment features similar to commodity futures contracts, commodity options, or similar instruments. Commodity-linked structured products may be either equity or debt securities, leveraged or unleveraged, and have both security and commodity-like characteristics. A portion of the value of these instruments may be derived from the value of a commodity, futures contract, index or other economic variable. The Funds will only invest in commodity-linked structured products that qualify under applicable rules of the CFTC for an exemption from certain provisions of the Commodity Exchange Act.

***Structured Notes and Indexed Securities.*** Structured notes are derivative debt instruments, the interest rate or principal of which is determined by an unrelated underlying indicator such as, a currency, security, commodity or index thereof. The terms of the instrument may be "structured" by the purchaser and the borrower issuing the note. Indexed securities may include structured notes as well as securities other than debt securities, the interest rate or principal of which is determined by an unrelated indicator. Indexed securities may include a multiplier that multiplies the indexed element by a specified factor and, therefore, the value of such securities may be very volatile. The terms of structured notes and indexed securities may provide that in certain circumstances no principal is due at maturity, which may result in a loss of invested capital. Structured notes and indexed securities may be positively or negatively indexed, so that appreciation of the unrelated indicator may produce an increase or a decrease in the interest rate or the value of the structured note or indexed security at maturity may be calculated as a specified multiple of the change in the value of the unrelated indicator. Therefore, the value of such notes and securities may be very volatile. Structured notes and indexed securities may entail a greater degree of market risk than other types of debt securities because the investor bears the risk of the unrelated indicator. Structured notes or indexed securities also may be more volatile, less liquid, and more difficult to accurately price than less complex securities and instruments or more traditional debt securities. To the extent a Fund invests in these notes and securities, however, the Sub-Adviser analyzes these notes and securities in its overall assessment of the effective duration of the Fund's holdings in an effort to monitor the Fund's interest rate risk.

Certain issuers of structured products may be deemed to be investment companies as defined in the 1940 Act. As a result, the Funds' investments in these structured products may be subject to limits applicable to investments in investment companies and may be subject to restrictions contained in the 1940 Act.

**Supranational Agency Securities.** A Fund may invest in securities issued or guaranteed by certain supranational entities, such as the International Development Bank or International Monetary Fund.

**Swap Agreements.** A Fund may enter into interest rate, total return, credit default, indices (including but not limited to credit default, commercial mortgage-backed securities, commodities, and other similar indices), spread-lock, credit-linked notes (with embedded swaps), commodities and, to the extent it may invest in foreign currency-denominated securities, currency exchange rate swap agreements. Each Fund may also enter into options on swap agreements, swaps on futures contracts, swap forwards, and other types of swaps agreements. These transactions are entered into as an attempt to obtain a particular return when it is considered desirable to do so, possibly at a lower cost to the Fund than if the Fund had invested directly in an instrument that yielded that desired return. In addition, the Fund may enter into such transactions to manage certain risks and to implement investment strategies in a more efficient manner.

***Cleared swap agreements.*** Under rules adopted under the Dodd-Frank Wall Street Reform and Consumer Protection Act (referred to herein as the "Dodd-Frank Reform Act"), certain types of swaps are required to be centrally cleared, thereby replacing the over-the-counter mechanisms for certain swaps. Certain other types of swaps are also available for voluntary clearing. Because the Funds are not members of clearing houses and only members of a clearing house ("clearing members") can participate directly in the clearing house, a Fund holds cleared derivatives through accounts at clearing members. The counterparty to a cleared derivatives transaction is the clearing house. As a result, when a Fund enters into a cleared swap, it is subject to the credit risk of the clearing house and the clearing member through which it holds its cleared position.

***Over-the-counter swap agreements.*** Over-the-counter swap agreements are typically two-party contracts entered into primarily by institutional investors for periods ranging from a few weeks to more than one year. In a standard "swap" transaction, two parties agree to exchange the returns (or differentials in rates of return) earned or realized on particular predetermined investments or instruments, which may be adjusted for an interest factor. The gross returns to be exchanged or "swapped" between the parties are generally calculated with respect to a "notional amount," which is a particular dollar amount invested in an asset, at a particular interest rate, in a particular foreign currency, or in a "basket" of securities representing a particular index. Forms of swap agreements include interest rate "caps," under which, in return for premium, one party agrees to make payments to the other to the extent that interest rates rise above a specified rate; interest rate "floors," under which, in return for a premium, one party agrees to make payments to the other to the extent that interest rates fall below a specified rate; and interest rate "collars," under which a party sells a "cap" and purchases a "floor" or vice versa in an attempt to protect itself against interest rate movements exceeding given minimum or maximum values.

Most over-the-counter swap agreements entered into by a Fund would calculate the obligations of the parties to the agreement on a "net basis." Consequently, a Fund's current obligations (or rights) under a swap agreement generally will be equal only to the net amount to be paid or received under the agreement based on the relative values of the positions held by each party to the agreement ("net amount"). A Fund's current obligations under a swap agreement will be accrued daily (offset against any amounts owed to the Fund) and the Fund may collateralize the net amounts under a swap agreement by delivering or receiving cash and securities if exposures exceed certain minimum thresholds.

Whether a Fund's use of over-the-counter swap agreements will be successful in furthering its investment objective of total return will depend on the Sub-Adviser's ability to predict correctly whether certain types of investments are likely to produce greater returns than other investments. Moreover, a Fund bears the risk of loss of the amount expected to be received under a swap agreement in the event of the default or bankruptcy of a swap agreement counterparty. Certain restrictions imposed on the Fund by the Internal Revenue Code of 1986, as amended ("Code") may limit the Fund's ability to use swap agreements. The swaps market was largely unregulated prior to the enactment of the Dodd-Frank Act. It is possible that developments in the swaps market, including government regulations and similar regulations in other jurisdictions could adversely affect a Fund's ability to enter into, or terminate existing, swap agreements or to realize amounts to be received under such agreements.

For purposes of applying the Funds' investment policies and restrictions (as stated in the Prospectuses and this SAI) swap agreements are generally valued by the Funds at market value. In the case of a credit default swap, however, in applying certain of the Funds' investment policies and restrictions the Fund will generally value the credit default swap at its notional or full exposure value (*i.e.,* the sum of the notional amount for the contract plus the market value), but may value the credit default swap at market value for the purposes of applying certain of the Funds' other investment policies and restrictions and for calculating net asset value ("NAV"). For example, a Fund may value credit default swaps at full exposure value for purposes of the Fund's credit quality guidelines because such value reflects the Fund's actual economic exposure during the term of the credit default swap agreement. In this context, both the notional amount and the market value may be positive or negative depending on whether the Fund is selling or buying protection through the credit default swap. The manner in which certain securities or other instruments are valued by the Funds for purposes of applying investment policies and restrictions may differ from the manner in which those investments are valued by other types of investors.

***Credit Default Swaps.*** A Fund may enter into credit default swap agreements. The "buyer" in a credit default contract is obligated to pay the "seller" a periodic stream of payments over the term of the contract provided that no event of default on an underlying reference obligation has occurred. If an event of default occurs, the seller must pay the buyer the full notional value, or "par value," of the reference obligation in exchange for the reference obligation. A Fund may be either the buyer or seller in a credit default swap transaction. If a Fund is a buyer and no event of default occurs, the Fund will lose its investment, which is the premium payment, and recover nothing. However, if an event of default occurs and the counterparty fulfills its payment obligation under the swap agreement, the Fund (if the buyer) will receive the full notional value of the reference obligation that may have little or no value. As a seller, a Fund receives a fixed rate of income throughout the term of the contract, which typically is between six months and three years, provided that there is no default event. If an event of default occurs, the Fund (if the seller) must pay the buyer the full notional value of the reference obligation. Rather than exchange the bonds for the par value, a single cash payment may be due from the protection seller representing the difference between the par value of the bonds and the current market value of the bonds (which may be determined through an auction). Credit default swap transactions involve greater risks than if a Fund had invested in the reference obligation directly.

The JNL/DoubleLine<sup>®</sup> Shiller Enhanced CAPE<sup>®</sup> Fund obtains exposure to the Index (as defined in the Fund's prospectus) through swap transactions with a limited number of counterparties; the Fund will likely continue to enter into swap transactions with a limited number of additional counterparties for the foreseeable future. If Fund is unable to enter into swap transactions based on the Index on what the Adviser considers to be reasonable terms, including, without limitation, cost; the quality, reliability, and responsiveness of a counterparty; the counterparty's creditworthiness, the Fund's performance and its ability to achieve its investment objective would be adversely affected. See also "Derivative Instruments" section in this SAI.

**Tracking stocks.** Tracking stocks are a type of equity security. A tracking stock is a separate class of common stock whose value is linked to a specific business unit or operating division within a larger company and is designed to "track" the financial performance of that unit or division, rather than the larger company as a whole. As a result, if the unit or division does not perform well, the value of the tracking stock may decrease, even if the larger parent company performs well. Tracking stock may pay dividends to shareholders independent of the parent company, which will depend on the performance of the unit or division that the stock tracks. Shareholders of a tracking stock have a financial interest only in that unit or division of the company and typically do not have a legal claim on the larger company's assets.

**Trade claims.** The Funds may purchase trade claims and similar obligations or claims from creditors of companies in financial difficulty that seek to reduce the number of debt obligations they are owed.

Such trade creditors generally sell their claims in an attempt to improve their balance sheets and reduce uncertainty regarding future payments. For buyers, trade claims offer the potential for profits because they are often purchased at a significantly discounted value and, consequently, have the potential for higher income and capital appreciation should the debt issuer's financial position improve. Trade claims are generally liquid, as there is a secondary market. An investment in trade claims is speculative and there can be no guarantee that the debt issuer will be able to satisfy the obligation. Further, trading in trade claims is not regulated by federal securities laws, but primarily by bankruptcy and commercial laws. Because trade claims are unsecured obligations, holders may have a lower priority than secured or preferred creditors. At the present time, however, each Fund intends to limit these investments to no more than 5% of its net assets.

**Trust Preferred Securities.** The Funds may invest in trust preferred securities, which have the characteristics of both subordinated debt and preferred stock. Generally, trust preferred securities are issued by a trust that is wholly owned by a financial institution or other corporate entity, typically a bank holding company. The financial institution creates the trust and owns the trust's common securities. The trust uses the sale proceeds of its common securities to purchase subordinated debt issued by the financial institution. The financial institution uses the proceeds from the subordinated debt sale to increase its capital while the trust receives periodic interest payments from the financial institution for holding the subordinated debt. The trust uses the funds received to make dividend payments to the holders of the trust preferred securities. The primary advantage of this structure is that the trust preferred securities are treated by the financial institution as debt securities for tax purposes and as equity for the calculation of capital requirements.

Trust preferred securities typically bear a market rate coupon comparable to interest rates available on debt of a similarly rated issuer. Typical characteristics include long-term maturities, early redemption by the issuer, periodic fixed or variable interest payments, and maturities at face value. Holders of trust preferred securities have limited voting rights to control the activities of the trust and no voting rights with respect to the financial institution. The market value of trust preferred securities may be more volatile than those of conventional debt securities. Trust preferred securities may be issued in reliance on Rule 144A under the 1933 Act and subject to restrictions on resale. There can be no assurance as to the liquidity of trust preferred securities and the ability of holders, such as a Fund, to sell their holdings. In identifying the risks of the trust preferred securities, the Sub-Adviser will look to the condition of the financial institution as the trust typically has no business operations other than to issue the trust preferred securities. If the financial institution defaults on interest payments to the trust, the trust will not be able to make dividend payments to holders of its securities, such as a Fund.

**Unseasoned Issuers.** Investments in the equity securities of companies having less than three (3) years' continuous operations (including operations of any predecessor) involve more risk than investments in the securities of more established companies because unseasoned issuers have brief operating histories and may have more limited markets and financial resources. As a result, securities of unseasoned issuers tend to be more volatile than securities of more established companies.

**U.S. Government Securities.** A Fund may invest in securities issued or guaranteed by the U.S. Government or its agencies or instrumentalities ("U.S. Government securities") in pursuit of its investment objective, in order to deposit such securities as initial or variation margin, as part of a cash reserve and for liquidity purposes.

U.S. Government securities are high-quality instruments issued or guaranteed as to principal or interest by the U.S. Treasury or by an agency or instrumentality of the U.S. Government. Not all U.S. Government securities are backed by the full faith and credit of the United States. Some are backed by the right of the issuer to borrow from the U.S. Treasury; others are backed by discretionary authority of the U.S. Government to purchase the agencies' obligations; while others are supported only by the credit of the instrumentality. In the case of securities not backed by the full faith and credit of the United States, the investor must look principally to the agency issuing or guaranteeing the obligation for ultimate repayment.

U.S. Government securities include Treasury Bills (which mature within one year of the date they are issued), Treasury Notes (which have maturities of one to ten years) and Treasury Bonds (which generally have maturities of more than 10 years). All such Treasury securities are backed by the full faith and credit of the United States.

U.S. Government agencies and instrumentalities that issue or guarantee securities include the Federal Housing Administration, the Fannie Mae<sup>©</sup>, the Farmers Home Administration, the Export-Import Bank of the United States, the Small Business Administration, the Ginnie Mae<sup>®</sup>, the General Services Administration, the Central Bank for Cooperatives, the Federal Home Loan Banks the Freddie Mac<sup>©</sup>, the Farm Credit Banks, the Maritime Administration, the Tennessee Valley Authority, the Resolution Funding Corporation and the Student Loan Marketing Association ("Sallie Mae<sup>©</sup>").

Fannie Mae<sup>©</sup> ("FNMA") and Freddie Mac<sup>®</sup> ("FHLMC") have been operating as going concerns in a conservatorship overseen by the Federal Housing Finance Agency ("FHFA") since 2008. As the conservator, FHFA succeeded to all rights, titles, powers and privileges of FNMA and FHLMC and of any stockholder, officer or director of FNMA and FHLMC with respect to FNMA and FHLMC and each enterprise's assets. In connection with the conservatorship, the U.S. Treasury entered into a Senior Preferred Stock Purchase Agreement with FNMA and FHLMC. This agreement contains various covenants that severely limit each enterprise's operations. In exchange for entering into these agreements, the U.S. Treasury received senior preferred stock in each enterprise and warrants to purchase each enterprise's comment stock. The U.S. Treasury created a new secured lending facility, which is available to FNMA and FHLMC as a liquidity backstop and created a temporary program to purchase mortgage-backed securities issued by FNMA and FHLMC. However, each remains liable for all of its obligations, including its guarantees associated with its mortgage-backed securities.

FHFA and the White House have made public statements regarding plans to consider ending the conservatorships of FNMA and FHLMC. In the event that FNMA and FHLMC are taken out of conservatorship, it is unclear how the capital structure of FNMA and FHLMC would be constructed and what effects, if any, there may be on FNMA's and FHLMC's creditworthiness and guarantees of certain mortgage-backed securities. It is also unclear whether the U.S. Treasury would continue to enforce its rights or perform its obligations under the Senior Preferred Stock certificate. As of the date of this SAI, FNMA and FHLMC remain in conservatorship. Should FNMA's and FHLMC's conservatorship end, there could be an adverse impact on the value of their securities, which could cause losses to the Funds.

Yields on short-, intermediate- and long-term U.S. Government securities are dependent on a variety of factors, including the general conditions of the money and bond markets, the size of a particular offering and the maturity of the obligation. Debt securities with longer maturities tend to produce higher capital appreciation and depreciation than obligations with shorter maturities and lower yields. The market value of U.S. Government securities generally varies inversely with changes in the market interest rates. An increase in interest rates, therefore, generally would reduce the market value of a Fund's portfolio investments in U.S. Government securities, while a decline in interest rates generally would increase the market value of a Fund's portfolio investments in these securities.

**Variable Rate Securities.** Variable rate securities provide for a periodic adjustment in the interest rate paid on the obligations. The terms of such obligations provide that interest rates are adjusted periodically based upon some appropriate interest rate adjustment index described in the respective obligations. The adjustment intervals may be regular and range from daily up to annually, or may be event based, such as on a change in the prime rate.

A Fund may invest in floating rate debt instruments ("floaters") and engage in credit spread trades. The interest rate on a floater is a variable rate which is tied to another interest rate, such as a money-market index or U.S. Treasury bill rate. The interest rate on a floater resets periodically, typically every six months. Due to the interest rate reset feature, floaters provide a Fund with a certain degree of protection against rises in interest rates, although a Fund will participate in any declines in interest rates as well. A credit spread trade is an investment position relating to a difference in the prices or interest rates of two securities or currencies, where the value of the investment position is determined by changes in the difference between the prices or interest rates, as the case may be, of the respective securities or currencies.

A Fund may also invest in inverse floating rate debt instruments ("inverse floaters"). The interest rate on an inverse floater resets in the opposite direction from the market rate of interest to which the inverse floater is indexed. An inverse floating rate security may exhibit greater price volatility than a fixed rate obligation of similar credit quality. The JNL/PIMCO Investment Grade Credit Bond Fund and JNL/PIMCO Real Return Fund will not invest more than 5% of its respective assets in any combination of mortgage-related and/or other asset-backed interest only, principal only or inverse floater securities. To the extent permitted by each Fund's investment objectives and general investment policies, a Fund may invest in residual interest bonds without limitation. The term "residual interest bonds" generally includes tender option bond trust residual interest certificates and instruments designed to receive residual interest payments or other excess cash flows from collateral pools once other interest holders and expenses have been paid.

The most common benchmark rate for floating rate securities has historically been the London Interbank Offered Rate ("LIBOR"), which was the rate of interest offered on short-term interbank deposits, as determined by trading between major international banks. After the global financial crisis, regulators globally determined that existing interest rate benchmarks should be reformed based on concerns that LIBOR and other benchmark rates were susceptible to manipulation. Replacement rates that have been identified include the Secured Overnight Financing Rate ("SOFR") for U.S. dollar LIBOR and measures the cost of overnight borrowings through repurchase agreement transactions collateralized with U.S. Treasury securities, and the Sterling Overnight Index Average rate ("SONIA") for pound sterling LIBOR and measures the overnight interest rate paid by banks for unsecured transactions in the sterling market. See also "LIBOR Replacement & Other Reference Rates Risk" section in this SAI.

**Warrants.** A Fund may invest in warrants, which are securities that are usually issued together with a debt security or preferred stock and that give the holder the right to buy a proportionate amount of common stock at a specified price. Warrants have no voting rights, pay no dividends and have no rights with respect to the assets of the corporation issuing them. Warrants constitute options to purchase common stock at a specific price, and are valid for a specific period of time. They do not represent ownership of the equity securities, but only the right to buy them. Warrants differ from call options in that warrants are issued by the issuer of the security that may be purchased on their exercise, whereas call options may be issued by anyone. The prices of warrants do not necessarily move parallel to the prices of the underlying securities.

Warrants and rights may entail greater risks than certain other types of investments. Generally, rights and warrants do not carry the right to receive dividends or exercise voting rights with respect to the underlying securities, and they do not represent any rights in the assets of the issuer. In addition, their value does not necessarily change with the value of the underlying securities, and they cease to have value if they are not exercised on or before their expiration date. If the market price of the underlying security does not exceed the exercise price during the life of the warrant or right, the warrant or right will expire worthless. Rights and warrants may increase the potential profit or loss to be realized from the investment as compared with investing the same amount in the underlying securities. Similarly, the percentage increase or decrease in the value of an equity security warrant may be greater than the percentage increase or decrease in the value of the underlying common stock.

Warrants may relate to the purchase of equity or debt securities. Debt obligations with warrants attached to purchase equity securities have many characteristics of convertible securities and their prices may, to some degree, reflect the performance of the underlying stock. Debt obligations also may be issued with warrants attached to purchase additional debt securities at the same coupon rate. A decline in interest rates would permit a Fund to sell such warrants at a profit. If interest rates rise, these warrants would generally expire with no value.

A Fund, except the JNL/Mellon Dow<sup>SM</sup> Index Fund, JNL/Mellon World Index Fund, JNL/Mellon Nasdaq<sup>®</sup> 100 Index Fund, JNL/Mellon Communication Services Sector Fund, JNL/Mellon Consumer Discretionary Sector Fund, JNL/Mellon Financial Sector Fund, JNL/Mellon Healthcare Sector Fund, JNL/Mellon Energy Sector Fund, and JNL/Mellon Information Technology Sector Fund, will not invest more than 5% of its net assets in warrants to purchase securities. Warrants acquired in units or attached to securities, including through corporate actions, will be deemed without value for purposes of this restriction.

**When-Issued Securities and Forward Commitment Contracts.** A Fund may purchase securities on a when-issued or delayed delivery basis ("when-issueds") and may purchase securities on a forward commitment basis, including on a to-be-announced ("TBA") basis and through standby commitments ("forwards"). TBA commitments are forward agreements for the purchase or sale of securities, including mortgage-backed securities, for a fixed price, with payment and delivery on an agreed upon future settlement date. Any or all of a Fund's investments in debt securities may be in the form of when-issueds and forwards. The price of such securities, which may be expressed in yield terms, is fixed at the time the commitment to purchase is made, but delivery and payment take place at a later date. Normally, the settlement date occurs within 90 days of the purchase for when-issueds, but the period may be substantially longer for forwards. During the period between purchase and settlement, no payment is made by the Fund to the issuer and no interest accrues to the Fund. The purchase of these securities will result in a loss if the value of the securities declines prior to the settlement date. This could occur, for example, if interest rates increase prior to settlement. In a TBA transaction, a Fund is subject to this risk whether or not the Fund takes delivery of the securities on the settlement date for a transaction. The longer the period between purchase and settlement, the greater the risk. At the time the Fund makes the commitment to purchase these securities, it will record the transaction and reflect the value of the security in determining its net asset value. Pursuant to recommendations of the Treasury Market Practices Group, which is sponsored by the Federal Reserve Bank of New York, a Fund or its bank dealer counterparty generally will be required to post collateral when entering into certain forward-settling mortgage-backed securities transactions. In addition, rules of the Financial Industry Regulatory Authority, Inc. ("FINRA") impose, with limited exceptions, mandatory margin requirements for certain types of when-issued, delayed delivery, or forward commitment transactions when a Fund enters into such transactions with non-bank broker dealers. Such margin requirements could increase the cost of these transactions and impose added operational complexity.

A Fund may enter into buy/sell back transactions, which are a form of delayed delivery agreements. In a buy/sell back transaction, a Fund enters a trade to sell securities at one price and simultaneously enters a trade to buy the same securities at another price for settlement at a future date.

A Fund may also sell securities on a when-issued or delayed delivery basis. These transactions involve a commitment by the Fund to sell securities at a pre-determined price or yield, with payment taking place beyond the customary settlement date.

**Writing Options on Securities.** A Fund may "write" (sell) covered as well as uncovered call options and put options on optionable securities of the types in which it is permitted to invest from time to time as the Sub-Adviser determines is appropriate in seeking to attain a Fund's investment objective (including for cross-hedging purposes). Call options written by a Fund give the holder the right to buy the underlying security from the Fund at a stated exercise price; put options give the holder the right to sell the underlying security to the Fund at a stated price.

A put option would be considered "covered" if the Fund owns an option to sell the underlying security subject to the option having an exercise price equal to or greater than the exercise price of the "covered" option at all times while the put option is outstanding. A call option is covered if the Fund owns or has the right to acquire the underlying securities subject to the call option (or comparable securities satisfying the cover requirements of securities exchanges) at all times during the option period. A call option is for cross-hedging purposes if it is not covered, but is designed to provide a hedge against another security which the Fund owns or has the right to acquire. A Fund may also write combinations of covered puts and covered calls on the same underlying security.

A Fund will receive a premium from writing an option, which increases the Fund's return in the event the option expires unexercised or is terminated at a profit. The amount of the premium will reflect, among other things, the relationship of the market price of the underlying security to the exercise price of the option, the term of the option, and the volatility of the market price of the underlying security. By writing a call option, a Fund will limit its opportunity to profit from any increase in the market value of the underlying security above the exercise price of the option. By writing a put option, a Fund will assume the risk that it may be required to purchase the underlying security for an exercise price higher than its then current market price, resulting in a potential capital loss if the purchase price exceeds the market price plus the amount of the premium received.

A Fund may terminate an option that it has written prior to its expiration by entering into a closing purchase transaction in which it purchases an option having the same terms as the option written. The Fund will realize a profit (or loss) from such transaction if the cost of such transaction is less (or more) than the premium received from the writing of the option. Because increases in the market price of a call option will generally reflect increases in the market price of the underlying security, any loss resulting from the repurchase of a call option may be offset in whole or in part by unrealized appreciation of the underlying security owned by the Fund. See "Derivative Instruments" and "Options" sections in this SAI.

**Zero Coupon, Stripped and Pay-in-Kind Bonds.** The Funds may invest in zero coupon, stripped, and pay-in kind bonds. Zero coupon bonds do not make regular interest payments; rather, they are sold at a discount from face value. Principal and accreted discounts, representing interest accrued but not paid, are paid at maturity. Strips are debt securities that are stripped of their interest after the securities are issued, but otherwise are comparable to zero coupon bonds. A Fund may also purchase "pay-in-kind" bonds. Pay-in-kind bonds pay all or a portion of their interest in the form of debt or equity securities.

Zero coupon, stripped and pay-in-kind bonds tend to be subject to greater price fluctuations in response to changes in interest rates than are ordinary interest-paying debt securities with similar maturities. The value of zero coupon or stripped securities appreciates more during periods of declining interest rates and depreciates more during periods of rising interest rates than ordinary interest-paying debt securities of similar quality and with similar maturities. Zero coupon securities and pay-in-kind bonds may be issued by a wide variety of corporate and governmental issuers.

Current U.S. federal income tax law requires holders of zero coupon and stripped securities, certain pay-in-kind securities, and certain other securities acquired at a discount, to accrue current interest income with respect to such securities even though no payment of interest is actually received, and a regulated investment company, such as a Fund, may be required to distribute its net income, including the interest income accrued but not actually received, to its shareholders. To avoid income or excise tax, a Fund may be required to distribute income accrued with respect to these discount securities, and may need to dispose of other securities owned, including when it is not advantageous to do so, to generate cash sufficient to make such distributions. The operation of these tax requirements may make such investments less attractive to investment companies and to taxable investors.

**ADDITIONAL RISK CONSIDERATIONS**

**Cybersecurity Risks.** With the increased use of technologies such as the Internet to conduct business, the Funds have become potentially more susceptible to operational and information security risks through breaches in cybersecurity. In general, a breach in cybersecurity can result from either a deliberate attack or an unintentional event. Because technology is frequently changing, new ways to carry out cyber attacks are always developing. Recently, geopolitical tensions have increased the scale and sophistication of deliberate cybersecurity attacks, particularly those from nation-states or from entities with nation-state backing. Cybersecurity breaches may involve, among other things, infection by computer viruses or other malicious software code or unauthorized access to the fund's digital information systems, networks or devices through "hacking" or other means, in each case for the purpose of misappropriating assets or sensitive information (including, for example, personal shareholder information), corrupting data or causing operational disruption or failures in the physical infrastructure or operating systems that support the Funds. Cybersecurity risks also include the risk of losses of service resulting from external attacks that do not require unauthorized access to a Fund's systems, networks or devices. For example, denial-of-service attacks on the investment adviser's or an affiliate's website could effectively render a Fund's network services unavailable to Fund shareholders and other intended end-users. Any such cybersecurity breaches or losses of service may cause a Fund to lose proprietary information, suffer data corruption or lose operational capacity, which, in turn, could cause a Fund to incur regulatory penalties, reputational damage, and additional compliance costs associated with corrective measures and/or financial loss. While the Funds and its investment adviser have established business continuity plans and risk management systems designed to prevent or reduce the impact of cybersecurity attacks, there are inherent limitations in such plans and systems due in part to the ever-changing nature of technology and cybersecurity attack tactics, and there is a possibility that certain risks have not been adequately identified or prepared for. In addition, cybersecurity failures by or breaches of a Fund's third-party service providers (including, but not limited to, the Fund's investment adviser, transfer agent, custodian, administrators and other financial intermediaries) may disrupt the business operations of the service providers and of a Fund, potentially resulting in financial losses, the inability of Fund shareholders to transact business with the Fund and of the Fund to process transactions, the inability of the Fund to calculate its net asset value, violations of applicable privacy and other laws, rules and regulations, regulatory fines, penalties, reputational damage, reimbursement or other compensatory costs and/or additional compliance costs associated with implementation of any corrective measures. The Funds and its shareholders could be negatively impacted as a result of any such cybersecurity breaches, and there can be no assurance that the Funds will not suffer losses relating to cybersecurity attacks or other informational security breaches affecting the Funds' third-party service providers in the future, particularly as the Funds cannot control any cybersecurity plans or systems implemented by such service providers.

Cybersecurity risks may also impact issuers of securities in which a Fund invests, which may cause the Fund's investments in such issuers to lose value.

**Derivatives Regulation.** The U.S. Government has enacted legislation that provides for regulation of the derivatives market, including clearing, margin, reporting, and registration requirements. The EU ("EU"), the United Kingdom (the "U.K."), and some other countries are implementing similar requirements, which will affect a Fund when it enters into a derivatives transaction with a counterparty organized in that country or otherwise subject to that country's derivatives regulations. Because these requirements are evolving, their ultimate impact remains unclear.

Transactions in certain derivatives, including futures, options on futures, and some types of swaps (including interest rate swaps and credit default swaps on North American and European indices) are required to be centrally cleared and certain other types of swaps are available for voluntary clearing. In a transaction involving those derivatives ("cleared derivatives"), a Fund's counterparty is a clearing house rather than a bank or broker. Because the Funds are not members of clearing houses and only members of a clearing house ("clearing members") can participate directly in the clearing house, the Funds hold cleared derivatives through accounts at clearing members. In cleared derivatives positions, the Funds make payments (including margin payments) to and receive payments from a clearing house through their accounts at clearing members. Clearing members guarantee performance of their clients' obligations to the clearing house.

In some ways, cleared derivative arrangements are less favorable to mutual funds than bilateral arrangements, for example, by requiring that funds provide more margin for their cleared derivatives positions. Also, as a general matter, in contrast to a bilateral derivatives position, following a period of notice to a Fund, a clearing member at any time can require termination of an existing cleared derivatives position or an increase in margin requirements above those required at the outset of a transaction. Clearing houses also have broad rights to increase margin requirements for existing positions or to terminate those positions at any time. Any increase in margin requirements or termination of existing cleared derivatives positions by the clearing member or the clearing house could interfere with the ability of a Fund to pursue its investment strategy. Further, any increase in margin requirements by a clearing member could expose a Fund to greater credit risk to its clearing member because margin for cleared derivatives positions in excess of a clearing house's margin requirements typically is held by the clearing member. The costs of cleared derivatives transactions are expected to increase as clearing members raise their fees to cover the costs of additional capital requirements and other regulatory changes applicable to clearing members and their affiliates. Also, a Fund is subject to risk if it enters into a derivatives transaction that is required to be cleared (or that the Adviser or Sub-Adviser expects to be cleared), and no clearing member is willing or able to clear the transaction on the Fund's behalf. While the documentation in place between the Funds and their clearing members generally provides that the clearing members will accept for clearing all cleared derivatives transactions that are within credit limits (specified in advance) for each Fund, the Funds are still subject to the risk that no clearing member will be willing or able to clear a transaction. In those cases, the position might have to be terminated, and the Fund could lose some or all of the benefit of the position, including loss of an increase in the value of the position and loss of hedging protection. In addition, the documentation governing the relationship between the Funds and clearing members is drafted by the clearing members and generally is less favorable to the Funds than typical bilateral derivatives documentation. For example, documentation relating to cleared derivatives generally includes a one-way indemnity by the Funds in favor of the clearing member for losses the clearing member incurs as the Funds' clearing member and typically does not provide the Funds any remedies if the clearing member defaults or becomes insolvent. While futures contracts entail similar risks, the risks likely are more pronounced for cleared derivatives due to their more limited liquidity and market history.

Some types of cleared derivatives are required to be executed on an exchange or on a swap execution facility. A swap execution facility is a trading platform where multiple market participants can execute derivatives by accepting bids and offers made by multiple other participants in the platform. While this execution requirement is designed to increase transparency and liquidity in the cleared derivatives market, trading on a swap execution facility can create additional costs and risks for the Funds. For example, swap execution facilities typically charge fees, and if a Fund executes derivatives on a swap execution facility through a broker intermediary, the intermediary may impose fees as well. Also, a Fund may indemnify a swap execution facility, or a broker intermediary who executes cleared derivatives on a swap execution facility on the Fund's behalf, against any losses or costs that may be incurred as a result of the Fund's transactions on the swap execution facility. If a Fund wishes to execute a package of transactions that include a swap that is required to be executed on a swap execution facility as well as other transactions (for example, a transaction that includes both a security and an interest rate swap that hedges interest rate exposure with respect to such security), the Fund may be unable to execute all components of the package on the swap execution facility. In that case, the Fund would need to trade some components of the package on the swap execution facility and other components in another manner, which could subject the Fund to the risk that some components would be executed successfully and others would not, or that the components would be executed at different times, leaving the Fund with an unhedged position for a period of time.

Regulators in the United States, the EU, the U.K., and certain other jurisdictions have adopted mandatory minimum margin requirements for bilateral derivatives. Such requirements could increase the amount of margin required to be provided by a Fund in connection with its derivatives transactions and, therefore, make derivatives transactions more expensive.

Also, in the event of a counterparty's (or its affiliate's) insolvency, the possibility exists that the Funds' ability to exercise remedies, such as the termination of transactions, netting of obligations and realization on collateral, could be stayed or eliminated under special resolution regimes adopted in the United States, the EU, the U.K., and various other jurisdictions. Such regimes provide government authorities with broad authority to intervene when a financial institution is experiencing financial difficulty. In particular, governmental authorities could reduce, eliminate, or convert to equity the liabilities to the Funds of a counterparty experiencing financial difficulties (sometimes referred to as a "bail in").

The SEC adopted Rule 18f-4 under the 1940 Act ("Rule 18f-4"), related to the use of derivatives, reverse repurchase agreements, and certain other transactions by registered investment companies. In connection with the adoption of Rule 18f-4, the SEC withdrew prior guidance requiring compliance with an asset segregation framework for covering certain derivative instruments and related transactions. Rule 18f-4, like the prior guidance, provides a mechanism by which a Fund is able to engage in derivatives transactions, even if the derivatives are considered to be "senior securities" for purposes of Section 18 of the 1940 Act. Rule 18f-4, among other things, requires a Fund that invests in derivative instruments beyond a specified limited amount to apply value-at-risk ("VaR") based limit to its use of certain derivative instruments and financing transactions and to adopt and implement a derivatives risk management program. Generally, these requirements apply to a Fund unless a Fund satisfies Rule 18f-4's "limited derivatives users" exception, in which case the Fund is not subject to the full requirements of Rule 18f-4. When a Fund invests in reverse repurchase agreements or similar financing transactions, Rule 18f-4 requires the Fund to either aggregate the amount of indebtedness associated with the reverse repurchase agreements or similar financing transactions with the aggregate amount of any other senior securities representing indebtedness when calculating the Fund's asset coverage ratio or treat all such transactions as derivatives transactions. These and other rules and regulations could, among other things, further restrict a Fund's ability to engage in, or increase the cost to the Fund of, derivatives transactions, for example, by making some types of derivatives no longer available to the Fund or otherwise limiting liquidity. The implementation of the clearing requirement has increased the costs of derivatives transactions for the Funds because the Funds have to pay fees to their clearing members and are typically required to post more margin for cleared derivatives than they have historically posted for bilateral derivatives. These rules and regulations are evolving, so their full impact on the Funds and the financial system are not yet known. While these rules and regulations and central clearing of some derivatives transactions are designed to reduce systemic risk (i.e., the risk that the interdependence of large derivatives dealers could cause them to suffer liquidity, solvency or other challenges simultaneously), there is no assurance that they will achieve that result, and, as noted above, central clearing and related requirements expose the Funds to different kinds of costs and risks.

Since 2021, the SEC has proposed and, in some cases, finalized several rules regarding a wide range of topics relevant to the Funds. For example, the SEC has proposed rules requiring the reporting and public disclosure of a manager's positions in security-based swaps, including CDS, equity total return swaps and related positions. The SEC has also finalized rules requiring the central clearing of certain cash and repurchase transactions involving U.S. Treasuries, rules requiring managers to file monthly confidential reports with the SEC regarding equity short sales and related activity, and rules regarding regulatory and public reporting of certain securities lending transactions. These and other proposed rules, whether assessed on an individual or collective basis, could fundamentally change the current regulatory framework for relevant markets and market participants, including having a material impact on activities of investment managers and their funds. While it is currently difficult to predict the full impact of these rules, these rules could make it more difficult for the Fund to execute certain investment strategies and may have an adverse effect on a Fund's ability to generate returns.

Regulatory changes or actions may alter the nature of an investment in bitcoin futures or restrict the use of bitcoin or the operations of the bitcoin network or exchanges on which bitcoin trades in a manner that adversely affects the price of bitcoin futures, which could adversely impact a Fund.

**Emerging and Frontier Markets.** The risk considerations noted below under "Foreign Securities" may be particularly relevant in the case of investments in developing countries. Investments in, or that have exposure to, securities of issuers in emerging markets may involve a high degree of risk and many may be considered speculative. Countries with "emerging market" economies are those with securities markets that are less sophisticated than more developed markets in terms of participation by investors, analyst coverage, liquidity and regulation. Investing in emerging market countries involves certain risks not typically associated with investing in U.S. securities, and imposes risks greater than, or in addition to, risks of investing in non-U.S., developed countries. Emerging market countries are generally located in Asia, Africa, the Middle East, Latin America and Eastern Europe. These investments carry all of the risks of investing in securities of foreign issuers to a heightened degree. These heightened risks include: (i) greater risks of expropriation, confiscatory taxation, nationalization, and less social, political and economic stability; (ii) limitations on daily price changes and the small current size of the markets for securities of emerging markets issuers and the currently low or nonexistent volume of trading, resulting in lack of liquidity and in price volatility; (iii) certain national policies which may restrict a Fund's investment opportunities including limitations on aggregate holdings by foreign investors and restrictions on investing in issuers or industries deemed sensitive to relevant national interests; and (iv) the absence of developed legal structures governing private or foreign investment and private property.

In addition, emerging markets economies may be based on only a few industries, may be highly vulnerable to changes in local or global trade conditions, and may suffer from extreme and volatile debt burdens or inflation rates. In addition, a number of emerging market countries restrict, to various degrees, foreign investment in securities, and high rates of inflation and rapid fluctuations in inflation rates have had, and may continue to have, negative effects on the economies and securities markets of certain emerging market countries. Also, any change in the leadership or politics of emerging market countries, or the countries that exercise a significant influence over those countries, may halt the expansion of or reverse the liberalization of foreign investment policies now occurring and adversely affect existing investment opportunities.

Funds sub-advised by DoubleLine Capital LP define an emerging markets country as a country that, at the time the Fund invests in the related fixed-income instruments, is classified as an emerging or developing economy by any supranational organization such as the International Bank of Reconstruction and Development or any affiliate thereof (the "World Bank") or the United Nations, or related entities, or is considered an emerging market country for purposes of constructing a major emerging market securities index.

The risks associated with investments in frontier market countries include all the risks associated with investments in developing and emerging markets; however, these risks are magnified for frontier market countries. As a result, investments in companies in frontier market countries are generally subject to a higher risk of loss than investments in companies in traditional emerging and developing market countries due to less developed securities markets, different settlement procedures, greater price volatility, less developed governments and economies, more government restrictions, and the limited ability of foreign entities to participate in certain privatization programs. Investments in companies operating in frontier market countries are highly speculative in nature.

**Foreign Securities.** Investments in, or that have exposure to, foreign (i.e., non-U.S.) securities, including those of foreign governments, involve risks that are different in some respects from investments in securities of U.S. issuers, such as the risk of fluctuations in the value of the currencies in which they are denominated, a heightened risk of adverse political and economic developments and, with respect to certain countries, the possibility of expropriation, nationalization or confiscatory taxation or limitations on the removal of funds or other assets of a Fund. Securities of some foreign issuers are less liquid and more volatile than securities of comparable domestic issuers. There also may be less publicly available information about foreign issuers than domestic issuers, and foreign issuers generally are not subject to the uniform accounting, auditing and financial reporting standards, practices and requirements applicable to domestic issuers. Certain markets may require payment for securities before delivery. A Fund may have limited legal recourse against the issuer in the event of a default on a debt instrument. Delays may be encountered in settling securities transactions in certain foreign markets and a Fund will incur costs in converting foreign currencies into U.S. dollars. Bank custody charges are generally higher for foreign securities and the Funds that invest primarily in foreign securities are particularly susceptible to such risks. Investments in ADRs generally involve the same risks as direct investments in foreign securities, except they do not involve the same direct currency and liquidity risks as direct investments in foreign securities.

The share price of a Fund that invests in foreign securities will reflect the movements of both the prices of the portfolio securities and the currencies in which such securities are denominated. A Fund's foreign investments may cause changes in a Fund's share price that have a low correlation with movement in the U.S. markets. Because most of the foreign instruments in which a Fund invests will be denominated in foreign currencies, or otherwise will have values that depend on the performance of foreign currencies relative to the U.S. dollar, the relative strength of the U.S. dollar may be an important factor in the performance of a Fund, depending on the extent of the Fund's foreign investments.

A Fund may employ certain strategies in order to manage currency exchange rate risks. For example, a Fund may hedge some or all of its investments denominated in or exposed to a foreign currency against a decline in the value of that currency. A Fund may enter into contracts to sell that foreign currency for U.S. dollars or by participating in options or futures contracts with respect to such currency (position hedge). A Fund could also hedge that position by selling a second currency, which is expected to perform similarly to the currency in which portfolio investments are denominated, for U.S. dollars (proxy hedge). A Fund may also enter into a forward contract to sell the currency in which the security is denominated for a second currency that is expected to perform better relative to the U.S. dollar if the Sub-Adviser believes there is a reasonable degree of correlation between movements in the two currencies (cross hedge). A Fund may also enter into a forward contract to sell a currency in which portfolio securities are denominated in exchange for a second currency in order to manage its currency exposure to selected countries. In addition, when a Fund anticipates purchasing or selling securities denominated in or exposed to a particular currency, the Fund may enter into a forward contract to purchase or sell such currency in exchange for the dollar or another currency (anticipatory hedge).

These strategies seek to minimize the effect of currency appreciation as well as depreciation, but do not protect against a decline in the underlying value of the hedged security. In addition, such strategies may reduce or eliminate the opportunity to profit from increases in the value of the original currency and may impact adversely a Fund's performance depending on the Sub-Adviser's ability to correctly predict future exchange rates. If the Sub-Adviser employs such strategies based on an incorrect prediction of future exchange rates, the Fund's return may be lower than if such strategies had not been employed at all.

**Fund Mergers, Sub-Adviser Changes, and Transition Managers.** When there is a change in Sub-Advisers, a merger of a Fund, and/or a re-balance of investments in the "Underlying Funds" of a "Fund of Fund," the Adviser and Sub-Advisers may use the services of a "transition manager" to facilitate the purchase or sale of a Fund's portfolio holdings. A transition manager is used to help reduce the transaction costs associated with the purchase and sale of a Fund's portfolio holdings in connection with a transition, merger, and/or re-balance. A transition manager may use cross-trades among Funds, whereby, one Fund sells portfolio securities to another Fund. Such cross-trades are conducted pursuant to Rule 17a-7 under the 1940 Act, and the Funds' Rule 17a-7 Procedures. The transition manager may also facilitate brokerage transactions for a Fund during the course of a Sub-Adviser transition or merger of a Fund. Transitions, mergers, and re-balances may result in substantial inflows and outflows of monies in the Funds. During transitions, mergers, and/or re-balances, the Funds may invest in futures, forwards, and other derivatives instruments to provide market exposure to the Funds' cash positions. During transitions, a Fund may also invest in ETFs, cash, money market instruments, and other short-term investment instruments. Before and after a transition, merger, and/or re-balance, a Fund may not fully comply with its investment restrictions. Fund of Fund allocation changes, as well as changes in Sub-Advisers and investment personnel, re-balances, and reorganizations of a Fund may result in the purchase and sale of the Fund's portfolio securities, which may increase trading costs and portfolio turnover. Furthermore, Funds of Funds may allocate outside of the current investment strategy in advance of the transition, merger, and/or re-balance to minimize the impact of outflows on the Underlying Funds. Allocating outside the current investment strategy may cause the Funds of Funds to exceed investment limitations. Transitions, re-balances, and mergers may also result in higher brokerage commission costs. There can be no guarantees the Funds will experience improved securities allocations during a transition. The Fund may receive poor brokerage execution through the use of a transition manager and the Fund could lose money.

**High-Yield Foreign Sovereign Debt Securities.** Investing in fixed and floating rate high-yield foreign sovereign debt securities will expose the Fund investing in such securities to the direct or indirect consequences of political, social or economic changes in the countries that issue the securities. (See "Foreign Securities.") The ability and willingness of sovereign obligors in developing and emerging market countries or the foreign governmental authorities that control repayment of their external debt to pay principal and interest on such debt when due may depend on general economic and political conditions within the relevant country. Countries such as those in which a Fund may invest have historically experienced, and may continue to experience, high rates of inflation, high interest rates, exchange rate trade difficulties and extreme poverty and unemployment. Many of these countries are also characterized by political uncertainty or instability. Additional factors which may influence the ability or willingness to service debt include, but are not limited to, a country's cash flow situation, the availability of sufficient foreign exchange on the date a payment is due, the relative size of its debt service burden to the economy as a whole, and its government's policy toward the International Monetary Fund, the World Bank and other international agencies.

**High-Yield/High-Risk Bonds.** Lower-rated bonds involve a higher degree of credit risk, which is the risk that the issuer will not make interest or principal payments when due. In the event of an unanticipated default, a Fund would experience a reduction in its income, a decline in the value of the securities so affected and a decline in the value of its shares. More careful analysis of the financial condition of issuers of lower-rated securities is therefore necessary. During an economic downturn or a period of rising interest rates, highly leveraged issuers may experience financial stress which could adversely affect their ability to service principal and interest payment obligations, to meet projected business goals and to obtain additional financing.

The market prices of lower-rated securities are generally less sensitive to interest rate changes than higher-rated investments, but more sensitive to adverse economic or political changes, or individual developments specific to the issuer. Periods of economic or political uncertainty and change can be expected to result in volatility of prices of these securities. Since the previous major U.S. economic recession, there has been a substantial increase in the use of high-yield debt securities to fund highly leveraged corporate acquisitions and restructurings, so past experience with high-yield securities in a prolonged economic downturn may not provide an accurate indication of likely behavior of such investments during such periods. Lower-rated securities also may have less liquid markets than higher-rated securities, and their liquidity as well as their value may be more severely affected by adverse economic conditions. Many high-yield bonds do not trade frequently. When they do trade, their price may be substantially higher or lower than had been expected. A lack of liquidity also means that judgment may play a bigger role in valuing the securities. Adverse publicity and investor perceptions as well as new or proposed laws may also have a greater negative impact on the market for lower rated bonds.

A Fund may also invest in unrated debt securities of foreign and domestic issuers. Unrated debt, while not necessarily of lower quality than rated securities, may not have as broad a market. Sovereign debt of foreign governments is generally rated by country, because these ratings do not take into account individual factors relevant to each issue and may not be updated regularly.

**Investment Strategy Risks.** The common stocks selected for certain Funds generally share attributes that have caused them to have lower prices or higher yields relative to other stocks in their respective index or exchange. The issuers of such common stocks may, for example, be experiencing financial difficulty, or be out of favor in the market because of weak performance, poor earnings forecasts or negative publicity; or they may be reacting to general market cycles. There can be no assurance that the market factors that caused the relatively low prices and high dividend yields of the common stocks selected will or will not change, that any negative conditions adversely affecting the stock prices will not deteriorate, that the dividend rates on the common stocks will be maintained or that share prices will not decline further during the holding period of such stocks in the Funds, or that the common stock will continue to be included in the respective indices or exchanges. Investing in stocks with low share prices or highest dividend yields amounts to a "contrarian" strategy because these shares are often out of favor. Such strategy may be effective in achieving the respective strategy-based Fund's investment objective because regular dividends are common for established companies and dividends have often accounted for a substantial portion of the total return on stocks of the index as a group. However, there is no guarantee that either a Fund's objective will be achieved or that a Fund will achieve capital appreciation of its portfolio holdings in excess of such Fund's expenses. Because of the contrarian nature of the investment strategies of the Funds, and the attributes of the common stock which caused inclusion in their portfolios, such Funds may not be appropriate for investors seeking either preservation of capital or high current income. In addition, the strategies for all of the Funds have underperformed their respective index or indices in certain years.

**Litigation.** At any time, litigation may be instituted on a variety of grounds with respect to the issuer of a common stock held in a Fund's portfolio. It is not possible to predict whether any litigation that has been or will be instituted, might have a material adverse effect on the Funds. Further, the Funds may be subject to litigation, and depending upon the nature of the litigation, the Funds may incur costs associated with the defense and/or settlement of any litigation.

**Liquidity Risk.** Liquidity risk is the risk that a Fund could not meet requests to redeem shares issued by a Fund without significant dilution of remaining investors' interests in the Fund. Liquidity risk exists when a Fund reasonably expects that an investment cannot be sold or disposed of in current market conditions in seven (7) calendar days or less without the sale or disposition significantly changing the market value of the investment. A Fund's investment in a particular security may reduce the returns of the Fund because it may be unable to sell that security at an advantageous time or price. Securities with liquidity risk include those that have small average trading volumes or become subject to trading restrictions. A Fund with principal investment strategies that involve small-cap securities, large positions relative to market capitalization, foreign securities, derivatives, or securities with substantial market and/or credit risk tends to have the greatest exposure to liquidity risk. Further, price movements of securities during the rebalance period could also negatively affect performance.

**Market Disruption, Geopolitical Risk, and Natural and Environmental Disasters.** The Funds are subject to the risk that geopolitical events will disrupt securities markets and adversely affect global economies and markets. Due to the increasing interdependence among global economies and markets, conditions in one country, market, or region might adversely impact markets, issuers and/or foreign exchange rates in other countries, including the U.S. War, terrorism, global health crises and pandemics, and other geopolitical events have led, and in the future may lead, to increased market volatility and may have adverse short- or long-term effects on U.S. and world economies and markets generally. For example, the COVID-19 pandemic resulted in significant market volatility, exchange trading suspensions and closures, declines in global financial markets, higher default rates, and a substantial economic downturn in economies throughout the world. Natural and environmental disasters and systemic market dislocations are also highly disruptive to economies and markets. Those events as well as other changes in non-U.S. and domestic economic, social, and political conditions also could adversely affect individual issuers or related groups of issuers, securities markets, interest rates, credit ratings, inflation, investor sentiment, and other factors affecting the value of the Funds' investments. Any of these occurrences could disrupt the operations of the Funds' and of the Funds' service providers.

**Options.** A Fund may purchase and sell both put and call options on fixed income or other securities, swap agreements or indices in standardized contracts traded on foreign or domestic securities exchanges, boards of trade, or similar entities, or quoted on NASDAQ or on an OTC market, and agreements, sometimes called cash puts, which may accompany the purchase of a new issue of bonds from a dealer.

An option on a security (or index) is a contract that gives the holder (purchaser) of the option, in return for a premium paid, the right to buy a specified security, currency or other instrument (an "underlying instrument") from the writer of the option (in the case of a call option), or to sell a specified underlying instrument to (in the case of a put option) the writer of the option (in the case of a put option) at a designated price during the term of the option. The premium paid by the buyer of an option will reflect, among other things, the relationship of the exercise price to the market price and the volatility of the underlying instrument, the remaining term of the option, supply, demand, interest rates and/or currency exchange rates. The writer of an option (seller) on a security has the obligation upon exercise of the option to deliver the underlying security upon payment of the exercise price or to pay the exercise price upon delivery of the underlying security. Upon exercise, the writer of an option on an index is obligated to pay the difference between the cash value of the index and the exercise price multiplied by a specified multiplier for the index option. (An index is designed to reflect features of a particular financial or securities market, a specific group of financial instruments or securities, or certain economic indicators.) An American style put or call option may be exercised at any time during the option period while a European style put or call option may be exercised only upon expiration or during a fixed period prior thereto. Put and call options that a Fund may purchase or write may be traded on a national securities exchange and in the OTC market.

Options traded on national securities exchanges are within the jurisdiction of the SEC or other appropriate national securities regulator, as are securities traded on such exchanges. As a result, many of the protections provided to traders on organized exchanges will be available with respect to such transactions. In particular, all option positions entered into on a national securities exchange in the United States are cleared and guaranteed by the Options Clearing Corporation, thereby, reducing the risk of counterparty default. Furthermore, a liquid market in options traded on a national securities exchange may be more readily available than in the OTC market, potentially permitting a Fund to liquidate open positions at a profit prior to exercise or expiration, or to limit losses in the event of adverse market movements. There is no assurance, however, that higher than anticipated trading activity or other unforeseen events might not temporarily render the capabilities of the Options Clearing Corporation inadequate, and thereby result in the exchange instituting special procedures which may interfere with the timely execution of a Fund's orders to close out open options positions.

*Purchasing call and put options*. As the buyer of a call option, a Fund has a right to buy the underlying instrument (e.g., a security) at the exercise price at any time during the option period (for American style options). A Fund may enter into closing sale transactions with respect to call options, exercise them, or permit them to expire. For example, a Fund may buy call options on underlying instruments that it intends to buy with the goal of limiting the risk of a substantial increase in their market price before the purchase is effected. Unless the price of the underlying investment changes sufficiently, a call option purchased by a Fund may expire without any value to a Fund, in which case a Fund would experience a loss to the extent of the premium paid for the option plus related transaction costs.

As the buyer of a put option, a Fund has the right to sell the underlying instrument at the exercise price at any time during the option period (for American style options). Like a call option, a Fund may enter into closing sale transactions with respect to put options, exercise them or permit them to expire. A Fund may buy a put option on an underlying instrument owned by a Fund (a protective put) as a hedging technique in an attempt to protect against an anticipated decline in the market value of the underlying instrument. Such hedge protection is provided only during the life of the put option when a Fund, as the buyer of the put option, is able to sell the underlying instrument at the put exercise price, regardless of any decline in the underlying instrument's market price. A Fund may also seek to offset a decline in the value of the underlying instrument through appreciation in the value of the put option. A put option may also be purchased with the intent of protecting unrealized appreciation of an instrument when the manager deems it desirable to continue to hold the instrument because of tax or other considerations. The premium paid for the put option and any transaction costs would reduce any short-term capital gain that may be available for distribution when the instrument is eventually sold. A Fund also may buy put options at a time when it does not own the underlying instrument. By buying put options on an instrument it does not own, a Fund seeks to benefit from a decline in the market price of the underlying instrument. If a put option that a Fund bought were not terminated in a closing sale transaction when it has remaining value, and if the market price of the underlying instrument remains equal to or greater than the exercise price during the exercisable period of the put option, a Fund would not make any gain upon exercise of the option and would experience a loss to the extent of the premium paid for the option plus related transaction costs. In order for the purchase of a put option to be profitable, the market price of the underlying instrument must decline sufficiently below the exercise price to cover the premium and transaction costs.

*Writing call and put options*. A Fund may write options, including to generate additional income and to seek to hedge its portfolio against market or exchange rate movements. As the writer of an option, a Fund may have no control over when the underlying instruments must be sold (in the case of a call option) or purchased (in the case of a put option) because the writer may be notified of exercise at any time prior to the expiration of the option (for American style options). In general, though, options are infrequently exercised prior to expiration. Whether or not an option expires unexercised, the writer retains the amount of the premium. A Fund may write "covered" call options, meaning that a Fund owns the underlying instrument that is subject to the call option or may write call options on instruments that it does not own.

When a Fund writes a call option, that Fund gives up the potential for capital appreciation above the exercise price of the option should the underlying instrument rise in value. If the value of the underlying instrument rises above the exercise price of the call option, the instrument will likely be "called away," requiring a Fund to sell the underlying instrument at the exercise price. In that case, a Fund will sell the underlying instruments to the option buyer for less than its market value, and a Fund will experience a loss (which will be offset by the premium received by a Fund as the writer of such option). If a call option expires unexercised, a Fund will realize a gain in the amount of the premium received. If the market price of the underlying instrument decreases, the call option will not be exercised and a Fund will be able to use the amount of the premium received to hedge against the loss in value of the underlying instrument. The exercise price of a call option will be chosen based upon the expected price movement of the underlying instrument. The exercise price of a call option may be below, equal to (at-the-money), or above the current value of the underlying instrument at the time the option is written.

To the extent that a Fund writes a covered call option on an underlying instrument it holds in its portfolio and intends to use such underlying instrument as the sole means of "covering" its obligation under the call option, the Fund has, in return for the premium on the option, given up the opportunity to profit from a price increase in the underlying instrument above the exercise price during the option period, but, as long as its obligation under such call option continues, has retained the risk of loss should the value of the underlying instrument decline. If a Fund were unable to close out such a covered call option, the Fund would not be able to sell the underlying security unless the option expired without exercise.

Calls written on underlying instruments that the Fund does not hold are generally riskier than calls written on underlying instruments owned by the Fund because there is no underlying instrument held by the Fund that can act as a partial hedge. When such a call is exercised, the Fund must purchase the underlying instrument to meet its call obligation or make a payment equal to the value of its obligation in order to close out the option. Calls written on underlying instruments that the Fund does not hold have speculative characteristics and the potential for loss is theoretically unlimited. There is also a risk, especially with less liquid preferred and debt securities, that the instruments may not be available for purchase.

As the writer of a put option, a Fund has a risk of loss should the underlying instrument decline in value. If the value of the underlying instrument declines below the exercise price of the put option and the put option is exercised, a Fund, as the writer of the put option, will be required to buy the instrument at the exercise price, which will exceed the market value of the underlying instrument at that time. A Fund will incur a loss to the extent that the current market value of the underlying instrument is less than the exercise price of the put option. However, the loss will be offset in part by the premium received from the buyer of the put. If a put option written by a Fund expires unexercised, a Fund will realize a gain in the amount of the premium received.

A Fund may write covered and uncovered straddles consisting of a combination of a call and a put written on the same underlying security. A straddle will be covered when sufficient cash or liquid assets are segregated to meet a Fund's immediate obligations. A Fund may use the same liquid assets to cover both the call and put options where the exercise price of the call and put are the same, or the exercise price of the call is higher than that of the put.

*Closing out options*. As the writer of an option, if a Fund wants to terminate its obligation, that Fund may effect a "closing purchase transaction" by buying an option of the same series as the option previously written. The effect of the purchase is that the clearing corporation or counterparty (with respect to an OTC option) will cancel a Fund's position. However, a writer may not effect a closing purchase transaction after being notified of the exercise of an option. Likewise, the buyer of an option may recover all or a portion of the premium that it paid by effecting a "closing sale transaction" by selling an option of the same series as the option previously purchased and receiving a premium on the sale. There is no guarantee that either a closing purchase or a closing sale transaction may be made at a time desired by a Fund. Closing transactions allows a Fund to terminate its positions in written and purchased options. A Fund will realize a profit from a closing transaction if the price of the transaction is less than the premium received from writing the original option (in the case of written options) or is more than the premium paid by a Fund to buy the option (in the case of purchased options). For example, increases in the market price of a call option sold by a Fund will generally reflect increases in the market price of the underlying instrument. As a result, any loss resulting from a closing transaction on a written call option is likely to be offset in whole or in part by appreciation of the underlying instrument owned by a Fund.

*OTC options*. A Fund may buy and write (sell) both put and call OTC options. Like exchange traded options, OTC options give the holder the right to buy from the writer, in the case of OTC call options, or sell to the writer, in the case of OTC put options, an underlying instrument at a stated exercise price. OTC options, however, differ from exchange traded options in certain material respects.

OTC options are arranged directly with dealers and not with a clearing corporation or exchange. Consequently, there is a risk of non-performance by the dealer, including because of the dealer's bankruptcy or insolvency. While a Fund uses only counterparties, such as dealers, that meet its credit quality standards, in unusual or extreme market conditions, a counterparty's creditworthiness and ability to perform may deteriorate rapidly, and the availability of suitable replacement counterparties may become limited. Because there is no exchange, pricing is typically done based on information from market makers or other dealers. OTC options are available for a greater variety of underlying instruments and in a wider range of expiration dates and exercise prices than exchange traded options.

There can be no assurance that a continuous liquid market will exist for any particular OTC option at any specific time. A Fund may be able to realize the value of an OTC option it has purchased only by exercising it or entering into a closing sale transaction with the dealer that issued it. When a Fund writes an OTC option, it generally can closeout that option prior to its expiration only by entering into a closing purchase transaction with the dealer with which a Fund originally wrote the option. A Fund may suffer a loss if it is not able to exercise (in the case of a purchased option) or enter into a closing sale transaction on a timely basis.

*Additional Risks of options*. A Fund's options investments involve certain risks. There can be no assurance that a liquid market on an exchange or in the OTC market will exist for any particular option, or at any particular time, and a Fund may have difficulty effecting closing transactions in particular options. Therefore, a Fund may have to exercise the options it purchased in order to realize any profit, perhaps taking or making delivery of the underlying instrument when not desired. A Fund could then incur transaction costs upon the sale of the underlying instruments. Similarly, when a Fund cannot effect a closing transaction with respect to a put option it wrote, and the buyer exercises, that Fund may be required to take delivery and would incur transaction costs upon the sale of the underlying instruments purchased. If a Fund, as a covered call option writer, is unable to effect a closing purchase transaction, it will not be able to sell the underlying instrument until the option expires or it delivers the underlying instrument upon exercise. When trading options on foreign exchanges or in the OTC market, many of the protections afforded to exchange participants will not be available. For example, there may be no daily price fluctuation limits, and adverse market movements could therefore continue to an unlimited extent over an indefinite period of time.

The effectiveness of an options strategy for hedging depends on the degree to which price movements in the underlying securities correlate with price movements in the relevant portion of a Fund's portfolio that is being hedged. In addition, a Fund bears the risk that the prices of its portfolio investments will not move in the same amount as the option it has purchased or sold for hedging purposes, or that there may be a negative correlation that would result in a loss on both the investments and the option. If the manager is not successful in using options in managing a Fund's investments, including if the options do not perform as the manager expects, that Fund's performance will be worse than if the manager did not employ such strategies.

**Recent Market Events.** In the past decade, financial markets throughout the world have experienced increased volatility, depressed valuations, decreased liquidity and heightened uncertainty and turmoil. This turmoil resulted in unusual and extreme volatility in the equity and debt markets, in the prices of individual securities and in the world economy. Events that have contributed to these market conditions include, but are not limited to, major cybersecurity events, geopolitical events (including wars, terror attacks and public health emergencies), measures to address budget deficits, downgrading of sovereign debt, declines in oil and commodity prices, dramatic changes in currency exchange rates, and public sentiment. In addition, many governments and quasi-governmental entities throughout the world have responded to the turmoil with a variety of significant fiscal and monetary policy changes, including, but not limited to, direct capital infusions into companies, and new monetary programs.

Federal, state, and other governments, their regulatory agencies, or self-regulatory organizations may take actions that affect the regulation of the instruments in which the Funds invest, or affect the issuers of such instruments, in ways that are unforeseeable. Certain laws and regulations contain provisions limiting the way banks and their holding companies are able to pay dividends, purchase their own common stock and compensate officers. The Dodd-Frank Act established a Financial Services Oversight Council to facilitate information sharing and identify systemic risks. Additionally, the Dodd-Frank Act allows the Federal Deposit Insurance Corporation to "take over" a failing bank in situations when the overall stability of the financial system could be at risk. These regulatory changes could cause business disruptions or result in significant loss of revenue, and there can be no assurance as to the actual impact that these laws and their regulations will have on the financial markets. Such legislation or regulation could limit or preclude a Fund's ability to achieve its investment objective.

Governments or their regulatory agencies may also acquire distressed assets from financial institutions and acquire ownership interests in those institutions. The implications of government ownership and disposition of these assets are unclear, and such ownership or disposition may have positive or negative effects on the liquidity, valuation and performance of the Fund's portfolio holdings.

Following financial crises, such as the global financial crisis fueled by the COVID-19 pandemic, the Federal Reserve has generally attempted to stabilize the U.S. economy and support the U.S. economic recovery by keeping the federal funds rate low. Following such periods, the Federal Reserve may terminate certain of its market support activities and raise interest rates. The withdrawal of this support could negatively affect financial markets generally as well as reduce the value and liquidity of certain securities. Additionally, with continued economic recovery and the cessation of certain market support activities, the Funds may face a heightened level of interest rate risk as a result of a rise or increased volatility in interest rates. These policy changes may reduce liquidity for certain of the Funds' investments, causing the value of the Funds' investments and share price to decline. To the extent a Fund experiences high redemptions because of policy changes, the Fund may experience increased portfolio turnover, which will increase the costs that the Fund incurs and may lower the Fund's performance.

Continuing uncertainty as to the status of the Euro and the European Monetary Union ("EMU") and the potential for certain countries to withdraw from the institution has created significant volatility in currency and financial markets generally. Any partial or complete dissolution of the EMU could have significant adverse effects on currency and financial markets, and on the values of the Funds' portfolio investments.

The United Kingdom ("U.K.") left the European Union ("EU") on January 31, 2020 (commonly referred to as "Brexit"). Following the withdrawal, there was an eleven-month transition period, ending December 31, 2020, during which the U.K. and the EU agreed to a Trade and Cooperation Agreement, which set out the agreement for certain parts of the future relationship between the U.K. and the EU from January 1, 2021. The Trade and Cooperation Agreement does not provide the U.K. with the same level of rights or access to all goods and services in the EU as the U.K. previously maintained as a member of the EU and during the transition period. In particular the Trade and Cooperation Agreement does not include an agreement on financial services which is yet to be agreed. Accordingly, uncertainty remains in certain areas as to the future relationship between the U.K. and EU. From January 1, 2021, EU laws ceased to apply in the U.K. Many EU laws were transposed into English law and these transposed laws continue to apply until such time that they are repealed, replaced or amended. The U.K. government has enacted legislation that will repeal, replace or otherwise make substantial amendments to the EU laws that currently apply in the U.K. It is impossible to predict the consequences of these amendments on a Fund and its investments. Such changes could be materially detrimental to investors.

Although one cannot predict the full effect of Brexit, it could have a significant adverse impact on the U.K., European, and global macroeconomic conditions and could lead to prolonged political, legal, regulatory, tax and economic uncertainty. This uncertainty is likely to continue to impact the global economic climate and may impact opportunities, pricing, availability and cost of bank financing, regulation, values or exit opportunities of companies or assets based, doing business, or having service or other significant relationships in, the U.K. or the EU, including companies or assets held or considered for prospective investment by a Fund.

As a result of political and military actions undertaken by Russia, the U.S. and the EU have instituted sanctions against certain Russian individuals, including politicians, and Russian corporate and banking entities. These countries could also institute broader sanctions on Russia, including banning Russia from global payment systems that facilitate cross-border payments. Retaliatory action by the Russian government could involve the seizure of U.S. and/or European residents' assets, and any such actions are likely to impair the value and liquidity of such assets. Any or all of these potential results could have an adverse/recessionary effect on Russia's economy. All of these factors could have a negative effect on the performance of funds that have significant exposure to Russia.

In addition, Russia also may attempt to assert its influence in the region through economic or even military measures, as it did with Georgia in the summer of 2008 and the Ukraine in 2014 and 2022. Russia launched a large-scale invasion of Ukraine in February 2022, which has resulted in the U.S. Government imposing sanctions on Russia. The extent and duration of the military action, resulting sanctions and the potential for future sanctions, and resulting future market disruptions, including declines in its stock markets and the value of the ruble against the U.S. dollar, are impossible to predict, but could be significant. Any such disruptions caused by Russian military action or other actions (including cyberattacks and espionage) or resulting actual and threatened responses to such activity, including purchasing and financing restrictions, boycotts or changes in consumer or purchaser preferences, sanctions, tariffs or cyberattacks on the Russian government, Russian companies or Russian individuals, including politicians, may negatively impact Russia's economy and Russian issuers of securities in which the Fund invests. Actual and threatened responses to such military action may also impact the markets for certain Russian commodities, such as oil and natural gas, as well as other sectors of the Russian economy, and may likely have collateral impacts on such sectors globally. These and any related events could have significant impact on Fund performance and the value of an investment in the Fund.

While the extreme volatility and disruption that U.S. and global markets experienced for an extended period of time beginning in 2007 and 2008 had, until the COVID-19 pandemic, generally subsided, uncertainty and periods of volatility still remain. Federal Reserve policy, including with respect to certain interest rates, may adversely affect the value, volatility and liquidity of dividend and interest paying securities. Market volatility, dramatic changes to interest rates and/or a return to unfavorable economic conditions may lower a Fund's performance or impair a Fund's ability to achieve its investment objective.

In addition, policy and legislative changes in the U.S. and in other countries are changing many aspects of financial regulation. The impact of these changes on the markets, and the practical implications for market participants, may not be fully known for some time. Widespread disease and virus epidemics, such as the recent coronavirus outbreak, could likewise be highly disruptive, adversely affecting industries, markets, currencies, interest and inflation rates, credit ratings, investor sentiment, and other factors affecting the value of a Fund's investments.

**Sector Funds.**

<u>JNL/Mellon Communication Services Sector Fund</u>. An investment in this Fund should be made with an understanding of the problems and risks inherent in an investment in the communications industry in general.

The market for high-technology communications products and services is characterized by rapidly changing technology, rapid product obsolescence, cyclical market patterns, evolving industry standards and frequent new product introductions.

The success of the issuers of the common stocks in which the Fund may invest depends in substantial part on the timely and successful introduction of new products and services. An unexpected change in one or more of the technologies affecting an issuer's products or in the market for products based on a particular technology could have a material adverse effect on an issuer's operating results. Furthermore, there can be no assurance that the issuer will be able to respond in a timely manner to compete in the rapidly developing marketplace.

The communications industry is subject to governmental regulation. However, as market forces develop, the government may continue to deregulate the communications industry, promoting vigorous economic competition and resulting in rapid development of new communications technologies. The products and services of communications companies may be subject to rapid obsolescence. These factors could affect the value of the stocks held by the Fund. For example, while telephone companies in the United States are subject to both state and federal regulations affecting permitted rates of return and the kinds of services that may be offered, the prohibition against phone companies delivering video services has been lifted. This creates competition between phone companies and cable operators and encourages phone companies to modernize their communications infrastructure. Certain types of companies represented in the Fund's portfolio are engaged in fierce competition for a share of the market for their products. As a result, competitive pressures are intense and the stocks are subject to rapid price volatility.

Many communications companies rely on a combination of patents, copyrights, trademarks and trade secret laws to establish and protect their proprietary rights in their products and technologies. There can be no assurance that the steps taken by the issuers to protect their proprietary rights will be adequate to prevent misappropriation of their technology or that competitors will not independently develop technologies that are substantially equivalent or superior to such issuers' technology.

<u>JNL/Mellon Consumer Discretionary Sector Fund.</u> An investment in this Fund should be made with an understanding of the problems and risks inherent in an investment in the consumer goods industry in general. These include the cyclicality of revenues and earnings, changing consumer demands, regulatory restrictions, product liability litigation and other litigation resulting from accidents, extensive competition (including that of low-cost foreign competition), unfunded pension fund liabilities and employee and retiree benefit costs and financial deterioration resulting from leveraged buy-outs, takeovers or acquisitions. In general, expenditures on consumer goods will be affected by the economic health of consumers, including available disposable household incomes. A weak economy with its consequent effect on consumer spending could have an adverse effect on consumer goods companies. Other factors of particular relevance to the profitability of the industry are the effects of increasing environmental regulation on packaging and on waste disposal, the continuing need to conform with foreign regulations governing packaging and the environment, the outcome of trade negotiations and the effect on foreign subsidies and tariffs, foreign exchange rates, the price of oil and its effect on energy costs, inventory cutbacks by retailers, transportation and distribution costs, health concerns relating to the consumption of certain products, the effect of demographics on consumer demand, the availability and cost of raw materials and the ongoing need to develop new products and to improve productivity.

<u>JNL/Mellon Consumer Staples Sector Fund.</u> An investment in this Fund should be made with an understanding of the problems and risks inherent in an investment in the consumer staples sector in general. The consumer staples sector currently consists of companies representing food and staples retailing, food, beverage, and tobacco companies, and household and personal products companies.

Companies in the consumer staples sector may be adversely affected by changes in **g**eneral economic conditions, commodity production and pricing, consumer confidence and spending, interest rates, product cycles, marketing, demographics, consumer preferences and production spending. Other risks include changes related to global economic, environmental and political events and the depletion of resources. Companies in the consumer staples sector may also be negatively impacted by government regulations affecting their products. For instance, government regulations may affect the permissibility of using various food additives and the production methods of companies that make food products, which could affect company profitability. In addition, certain companies may be adversely affected by new laws, regulations, and litigation. Companies in the consumer staples sector also may be subject to risks pertaining to the supply of, demand for and prices of raw materials. The prices of raw materials fluctuate in response to a number of factors, including, without limitation, changes in government agricultural support programs, exchange rates, import and export controls, changes in international agricultural and trading policies, and seasonal and weather conditions. Companies in the consumer staples sector may be subject to severe competition, which may also have an adverse impact on their profitability.

<u>JNL/Mellon Energy Sector Fund.</u> An investment in this Fund should be made with an understanding of the problems and risks inherent in an investment in the energy industry in general.

The Energy Sector Fund invests in common stock of companies involved in the energy industry. The business activities of companies whose stocks are held in this Fund may include: production, generation, transmission, marketing, control, or measurement of energy or energy fuels; providing component parts or services to companies engaged in the above activities; energy research or experimentation; and environmental activities related to the solution of energy problems, such as energy conservation and pollution control. Companies participating in new activities resulting from technological advances or research discoveries in the energy field are also considered for this Fund.

The securities of companies in the energy field are subject to changes in value and dividend yield that depend, to a large extent, on the price and supply of energy fuels. Swift price and supply fluctuations may be caused by events relating to international politics, energy conservation, the success of exploration projects, and tax and other regulatory policies of various governments. As a result of the foregoing, the common stocks held in this Fund may be subject to rapid price volatility. It is not possible to predict what impact the foregoing factors will have on the common stocks held in this Fund.

According to the U.S. Department of Commerce, the factors which will most likely shape the energy industry include the price and availability of oil from the Middle East, changes in domestic environmental policies and the continued decline in U.S. production of crude oil. Possible effects of these factors may be increased U.S. and world dependence on oil from the Organization of Petroleum Exporting Countries ("OPEC") and highly uncertain and potentially more volatile oil prices. The possibility of war in the Middle East also may affect the cost and supply of oil and oil-related products. The existence of surplus crude oil production capacity and the willingness to adjust production levels are the two principal requirements for stable crude oil markets. Without excess capacity, supply disruptions in some countries cannot be compensated for by others. During the Persian Gulf crisis, surplus capacity in Saudi Arabia and other oil-rich countries prevented and continues to prevent, severe market disruptions. Although unused capacity contributed to market stability in 1990 and 1991, it ordinarily creates pressure to overproduce and contributes to market uncertainty. Formerly, OPEC members attempted to exercise control over production levels in each country through a system of mandatory production quotas. Because of the Persian Gulf crisis, the mandatory system has since been replaced with a voluntary system. Production under the new system has had to be curtailed on at least one occasion as a result of weak prices. The pressure to deviate from mandatory quotas, if they are re-imposed, is likely to be substantial and could lead to a weakening of prices. In the longer term, additional capacity and production will be required to accommodate the expected large increases in world oil demand and to compensate for expected sharp drops in U.S. crude oil production. Only a few OPEC countries, particularly Saudi Arabia, have the petroleum reserves that will allow the required increase in production capacity to be attained. Given the large-scale financing that is required, the prospect that such expansion will occur soon enough to meet the increased demand is uncertain.

Declining U.S. crude oil production likely will lead to increased dependence on OPEC oil, putting refiners at risk of continued and unpredictable supply disruptions. Increasing sensitivity to environmental concerns also will pose serious challenges to the industry over the coming decade. Refiners likely will be required to make heavy capital investments and major production adjustments in order to comply with increasingly stringent environmental legislation, such as the 1990 amendments to the Clean Air Act. If the cost of these changes is substantial enough to cut deeply into profits, smaller refiners may be forced out of the industry entirely. Moreover, lower consumer demand due to increases in energy efficiency and conservation, gasoline reformulations that call for less crude oil, warmer winters or a general slowdown in economic growth in this country and abroad could negatively affect the price of oil and the profitability of oil companies. No assurance can be given that the demand for or prices of oil will increase or that any increases will not be marked by great volatility. Some oil companies may incur large cleanup and litigation costs relating to oil spills and other environmental damages. Oil production and refining operations are subject to extensive federal, state and local environmental laws and regulations governing air emissions and the disposal of hazardous materials. Increasingly stringent environmental laws and regulations are expected to require companies with oil production and refining operations to devote significant financial and managerial resources to pollution control. General problems of the oil and petroleum products industry include the ability of a few influential producers to significantly affect production, the concomitant volatility of crude oil prices, increasing public and governmental concern over air emissions, waste product disposal, fuel quality and the environmental effects of fossil fuel use in general.

In addition, any future scientific advances concerning new sources of alternative energy and fuels or legislative changes relating to the energy industry or the environment could have a negative impact on the petroleum products industry. While legislation has been enacted to deregulate certain aspects of the oil industry, no assurances can be given that new or additional regulations will not be adopted. Each of the problems referred to could adversely affect the financial stability of the issuers of any petroleum industry stocks in this Fund.

<u>JNL/Mellon Financial Sector Fund.</u> An investment in this Fund should be made with an understanding of the problems and risks inherent in the banking and financial services sector in general.

Banks, thrifts and their holding companies are actively subject to the adverse effects of economic recession; volatile interest rates; portfolio concentrations in geographic markets, in commercial and residential real estate loans or any particular segment or industry; and competition from new entrants in their fields of business. Banks and thrifts are highly dependent on net interest margin. Banks and thrifts traditionally receive a significant portion of their revenues from consumer mortgage fee income as a result of activity in mortgage and refinance markets. As initial home purchasing and refinancing activity subsides, this revenue will diminish. Economic conditions in the real estate markets, which have been weak in the past, can have a substantial effect upon banks and thrifts because they generally have a portion of their assets invested in loans secured by real estate.

Difficulties in the mortgage and broader credit markets have resulted in decreases in the availability of funds. Financial performance of many banks and thrifts, especially in securities collateralized by mortgage loans, has deteriorated.

Banks, thrifts and their holding companies are subject to extensive federal regulation and, when such institutions are state-chartered, to state regulation as well. Such regulations impose strict capital requirements and limitations on the nature and extent of business activities that banks and thrifts may pursue. Furthermore, bank regulators have a wide range of discretion in connection with their supervisory and enforcement authority and may substantially restrict the permissible activities of a particular institution if deemed to pose significant risks to the soundness of such institution or the safety of the federal deposit insurance fund. Regulatory actions, such as increases in the minimum capital requirements applicable to banks and thrifts and increases in deposit insurance premiums required to be paid by banks and thrifts to the FDIC, can negatively impact earnings and the ability of a company to pay dividends. Neither federal insurance of deposits nor governmental regulations, however, insures the solvency or profitability of banks or their holding companies, or insures against any risk of investment in the securities issued by such institutions.

In light of credit market difficulties that occurred during the financial crisis of 2007-2008, the U.S. Government enacted the Dodd-Frank Wall Street Reform and Consumer Protection Act in 2010, which provides for broad regulation of financial institutions, consumer financial products and services, broker-dealers, over-the-counter derivatives, investment advisers, credit rating agencies and mortgage lending. More recently, in response to the COVID-19 pandemic, the U.S. government and the Federal Reserve, as well as certain foreign governments and central banks, took extraordinary actions to support local and global economies and their financial markets, including reducing interest rates to record-low levels. The withdrawal of support, a failure of measures put in place in response to such economic uncertainty, or investor perception that such efforts were not sufficient could each negatively affect financial markets generally, and the value and liquidity of specific securities. In addition, policy and legislative changes in the United States and in other countries may continue to impact many aspects of financial regulation.

The statutory requirements applicable to and regulatory supervision of banks, thrifts and their holding companies have increased significantly and have undergone substantial change. To a great extent, these changes are embodied in the Financial Institutions Reform, Recovery and Enforcement Act of 1989, the Federal Deposit Insurance Corporation Improvement Act of 1991, the Resolution Trust Corporation Refinancing, Restructuring, and Improvement Act of 1991, the Riegle-Neal Interstate Banking and Branching Efficiency Act of 1994 and the regulations promulgated under these laws. Their impact on the business, financial condition and prospects of the issuers of the common stock in the Fund's portfolio cannot be predicted with certainty. In 1999, the Gramm-Leach-Bliley Act repealed most of the barriers set up by the 1933 Glass-Steagall Act which separated the banking, insurance and securities industries. Now banks, insurance companies and securities firms can merge to form one-stop financial conglomerates marketing a wide range of financial service products to investors. This legislation has resulted in increased merger activity and heightened competition among existing and new participants in the field. Efforts to expand the ability of federal thrifts to branch on an interstate basis have been successful through promulgation of regulations and legislation to liberalize interstate banking has been signed into law. Under the legislation, banks are able to purchase or establish subsidiary banks in any state. Since mid-1997, banks have been allowed to turn existing banks into branches, thus leading to continued consolidation.

The SEC and the Financial Accounting Standards Board ("FASB") require the expanded use of market value accounting by banks and have imposed rules requiring mark-to-market accounting for investment securities held in trading accounts or available for sale. Adoption of additional such rules may result in increased volatility in the reported health of the industry, and mandated regulatory intervention to correct such problems. Recently, Accounting Standards Codification 820, "Fair Value Measurements," changed the requirements of mark-to-market accounting and determining fair value when the volume and level of activity for the asset or liability has significantly decreased. These changes and other potential changes in financial accounting rules and valuation techniques may have a significant impact on the banking and financial services industries in terms of accurately pricing assets or liabilities.

The Federal Bank Holding Company Act of 1956 ("BHC Act") generally prohibits a bank holding company from (1) acquiring, directly or indirectly, more than 25% of the outstanding shares of any class of voting securities of a bank or bank holding company, (2) acquiring control of a bank or another bank holding company, (3) acquiring all or substantially all the assets of a bank, or (4) merging or consolidating with another bank holding company, without first obtaining FRB approval. In considering an application with respect to any such transaction, the FRB is required to consider a variety of factors, including the potential anti-competitive effects of the transaction, the financial condition and future prospects of the combining and resulting institutions, the managerial resources of the resulting institution, the convenience and needs of the communities the combined organization would serve, the record of performance of each combining organization under the Community Reinvestment Act and the Equal Credit Opportunity Act, and the prospective availability to the FRB of information appropriate to determine ongoing regulatory compliance with applicable banking laws. In addition, the federal Change In Bank Control Act and various state laws impose limitations on the ability of one or more individuals or other entities to acquire control of banks or bank holding companies.

The FRB has issued a policy statement on the payment of cash dividends by bank holding companies in which the FRB expressed its view that a bank holding company experiencing earnings weaknesses should not pay cash dividends which exceed its net income or which could only be funded in ways that would weaken its financial health, such as by borrowing. The FRB also may impose limitations on the payment of dividends as a condition to its approval of certain applications, including applications for approval of mergers and acquisitions. It is not possible to make any prediction as to the effect, if any, such laws will have on the issuers of common stocks held by the Fund or whether such approvals, if necessary, will be obtained.

Companies engaged in investment banking/brokerage and investment management include brokerage firms, broker/dealers, investment banks, finance companies and mutual fund companies. Brokerage firms, broker/dealers, investment banks, finance companies and mutual fund companies are also financial services providers. These companies compete with banks and thrifts to provide traditional financial service products, in addition to their traditional services, such as brokerage and investment advice. In addition, all financial service companies face shrinking profit margins due to new competitors, the cost of new technology and the pressure to compete globally. Earnings and share prices of companies in this industry are volatile and often exceed the volatility levels of the market as a whole. Major determinants of future earnings of these companies are the direction of the stock market, investor confidence, equity transaction volume, the level and direction of long-term and short-term interest rates, and the outlook for emerging markets. Negative trends in any of these earnings determinants could have a serious adverse effect on the financial stability, as well as on the stock prices, of these companies. Negative economic events in the credit markets have led some firms to declare bankruptcy, forced short-notice sales to competing firms, or required government intervention by the FDIC or through an infusion of Troubled Asset Relief Program funds. Consolidation in the industry and the volatility in the stock market have negatively impacted investors.

Additionally, government intervention has required many financial institutions to become bank holding companies under the BHC Act. Under the system of functional regulation established under the BHC Act, the FRB supervises bank holding companies as an umbrella regulator. The BHC Act and regulations generally restrict bank holding companies from engaging in business activities other than the business of banking and certain closely related activities. The FRB and FDIC have also issued substantial risk-based and leverage capital guidelines applicable to U.S. banking organizations. The guidelines define a three-tier framework, requiring depository institutions to maintain certain leverage ratios depending on the type of assets held. If any depository institution controlled by a financial or bank holding company ceases to meet capital or management standards, the FRB may impose corrective capital and/or managerial requirements on the company and place limitations on its ability to conduct broader financial activities. Furthermore, proposed legislation will allow the Treasury and the FDIC to create a resolution regime to "take over" bank and financial holding companies. The "taking over" would be based on whether the firm is in default or in danger of defaulting and whether such a default would have a serious adverse effect on the financial system or the economy. This mechanism would only be used by the government in exceptional circumstances to mitigate these effects. This type of intervention has unknown risks and costs associated with it, which may cause unforeseeable harm in the industry.

Companies involved in the insurance industry are engaged in underwriting, reinsuring, selling, distributing or placing of property and casualty, life or health insurance. Other growth areas within the insurance industry include brokerage, reciprocals, claims processors and multi-line insurance companies. Interest rate levels, general economic conditions and price and marketing competition affect insurance company profits. Property and casualty insurance profits may also be affected by weather catastrophes and other disasters. Life and health insurance profits may be affected by mortality and morbidity rates. Individual companies may be exposed to material risks including reserve inadequacy and the inability to collect from reinsurance carriers. Insurance companies are subject to extensive governmental regulation, including the imposition of maximum rate levels, which may not be adequate for some lines of business. Proposed or potential tax law changes may also adversely affect insurance companies' policy sales, tax obligations, and profitability. In addition to the foregoing, profit margins of these companies continue to shrink due to the commoditization of traditional businesses, new competitors, capital expenditures on new technology and the pressures to compete globally.

In addition to the normal risks of business, companies involved in the insurance industry are subject to significant risk factors, including those applicable to regulated insurance companies, such as: (i) the inherent uncertainty in the process of establishing property-liability loss reserves, particularly reserves for the cost of environmental, asbestos and mass tort claims, and the fact that ultimate losses could materially exceed established loss reserves which could have a material adverse effect on results of operations and financial condition; (ii) the fact that insurance companies have experienced, and can be expected in the future to experience, catastrophe losses resulting from many things, including acts of terrorism, which could have a material adverse impact on their financial condition, results of operations and cash flow; (iii) the inherent uncertainty in the process of establishing property-liability loss reserves due to changes in loss payment patterns caused by new claims settlement practices; (iv) the need for insurance companies and their subsidiaries to maintain appropriate levels of statutory capital and surplus, particularly in light of continuing scrutiny by rating organizations and state insurance regulatory authorities, and in order to maintain acceptable financial strength or claims-paying ability rating; (v) the extensive regulation and supervision to which insurance companies' subsidiaries are subject, various regulatory initiatives that may affect insurance companies, and regulatory and other legal actions; (vi) the adverse impact that increases in interest rates could have on the value of an insurance company's investment portfolio and on the attractiveness of certain of its products; (vii) the need to adjust the effective duration of the assets and liabilities of life insurance operations in order to meet the anticipated cash flow requirements of its policyholder obligations; and (viii) the uncertainty involved in estimating the availability of reinsurance and the collectability of reinsurance recoverables; and (ix) proposed legislation that would establish the Office of National Insurance within the Treasury. This proposed federal agency would gather information, develop expertise, negotiate international agreements, and coordinate policy in the insurance sector. This enhanced oversight into the insurance industry may pose unknown risks to the sector as a whole.

The state insurance regulatory framework has, during recent years, come under increased federal scrutiny, and certain state legislatures have considered or enacted laws that alter and, in many cases, increase state authority to regulate insurance companies and insurance holding company systems. Further, the National Association of Insurance Commissioners and state insurance regulators are re-examining existing laws and regulations, specifically focusing on insurance companies, interpretations of existing laws and the development of new laws. In addition, Congress and certain federal agencies have investigated the condition of the insurance industry in the United States to determine whether to promulgate additional federal regulations. It is difficult to predict whether any state or federal legislation will be enacted to change the nature or scope of regulation of the insurance industry, or what effect, if any, such legislation would have on the industry.

All insurance companies are subject to state laws and regulations that require diversification of their investment portfolios and limit the amount of investments in certain investment categories. Failure to comply with these laws and regulations could cause non-conforming investments to be treated as non-admitted assets for purposes of measuring statutory surplus and, in some instances, would require divestiture.

Environmental pollution clean-up is the subject of both federal and state regulation. By some estimates, there are thousands of potential waste sites subject to clean up. The insurance industry is involved in extensive litigation regarding coverage issues. The Comprehensive Environmental Response Compensation and Liability Act of 1980 ("Superfund") and comparable state statutes ("mini-Superfund") govern the clean-up and restoration by "Potentially Responsible Parties" ("PRPs"). Superfund and the mini-Superfunds establish a mechanism to pay for clean-up of waste sites if PRPs fail to do so, and to assign liability to PRPs. The extent of liability to be allocated to a PRP is dependent on a variety of factors. The extent of clean-up necessary and the assignment of liability has not been fully established. The insurance industry is disputing many such claims. Key coverage issues include whether Superfund response costs are considered damages under the policies, when and how coverage is triggered, applicability of pollution exclusions, the potential for joint and several liability and definition of an occurrence. Similar coverage issues exist for clean up and waste sites not covered under Superfund. To date, courts have been inconsistent in their rulings on these issues. An insurer's exposure to liability with regard to its insureds which have been, or may be, named as PRPs is uncertain. The Superfund Amendments and Reauthorization Act ("SARA") amended Superfund on October 17, 1986. SARA reflected the Environmental Protection Agency's experience in administering the complex Superfund program during its first six years and made several important changes. Among other things, SARA required Superfund actions to consider the standards and requirements found in other state and federal environmental laws and regulations; provided new enforcement authorities and settlement tools; increased state involvement in every phase of the Superfund program; and increased the size of the trust fund to $8.5 billion. Superfund reform proposals have been introduced in Congress, but none have been enacted. There can be no assurance that any Superfund reform legislation will be enacted or that any such legislation will provide for a fair, effective and cost-efficient system for settlement of Superfund related claims.

While current federal income tax law permits the tax-deferred accumulation of earnings on the premiums paid by an annuity owner and holders of certain savings-oriented life insurance products, no assurance can be given that future tax law will continue to allow such tax deferrals. If such deferrals were not allowed, consumer demand for the affected products would be substantially reduced. In addition, proposals to lower the federal income tax rates through a form of flat tax or otherwise could have, if enacted, a negative impact on the demand for such products.

Major determinants of future earnings of companies in the financial services sector are the direction of the stock market, investor confidence, equity transaction volume, the level and direction of long-term and short-term interest rates, and the outlook for emerging markets. Negative trends in any of these earnings determinants could have a serious adverse effect on the financial stability, as well as the stock prices, of these companies. Furthermore, there can be no assurance that the issuers of the securities included in the Fund will be able to respond in a timely manner to compete in the rapidly developing marketplace. In addition to the foregoing, profit margins of these companies continue to shrink due to the commoditization of traditional businesses, new competitors, capital expenditures on new technology and the pressures to compete globally.

Negative developments relating to the subprime mortgage market may adversely affect credit and capital markets worldwide and may reduce the willingness of lenders to extend credit, thus making borrowing on favorable terms more difficult. In addition, the liquidity of certain debt instruments may be reduced or eliminated due to lack of available market makers.

Banks and thrifts face increased competition from nontraditional lending sources as regulatory changes, such as the recently enacted financial- services overhaul legislation, permit new entrants to offer various financial products. Technological advances such as the Internet allow these nontraditional lending sources to cut overhead and permit the more efficient use of customer data.

<u>JNL/Mellon Healthcare Sector Fund.</u> An investment in this Fund should be made with an understanding of the characteristics of the pharmaceutical and healthcare industries and the risks that such investment may entail.

Pharmaceutical and healthcare companies include companies involved in drug development and production services, biotechnology, and advanced medical devices and instruments. Such companies are subject to governmental regulation of their products and services, a factor that could have a significant and possibly unfavorable effect on the price and availability of such products or services. Furthermore, such companies face the risk of increasing competition from new products and services, generic drug sales, the termination of their patent protection for drug or medical supplies products and the risk that technological advances will render their products or services obsolete. The research and development costs of bringing a drug or other medical product to market are substantial and include lengthy government review processes, with no guarantee that the product will ever come to market. Such companies may also have persistent losses during a new product's transition from development to production, and revenue patterns may be erratic. In addition, healthcare facility operators may be affected by events and conditions including, among others, demand for services, the ability of the facility to provide the services required, physicians' confidence in the facility, management capabilities, competition with other hospitals, efforts by insurers and governmental agencies to limit rates, legislation establishing state rate-setting agencies, expenses, government regulation, the cost and possible unavailability of malpractice insurance and the termination or restriction of governmental financial assistance, including that associated with Medicare, Medicaid and other similar third-party payor programs.

As the population of the United States ages, the companies involved in the pharmaceutical field will continue to search for and develop new drugs, medical products and medical services through advanced technologies and diagnostics. On a worldwide basis, such companies are involved in the development and distribution of drugs, vaccines, medical products and services. These activities may make the pharmaceutical and healthcare sectors very attractive for investors seeking the potential for growth in their investment portfolio. However, there are no assurances that the Fund's objectives will be met.

Legislative proposals concerning healthcare are considered from time to time. These proposals span a wide range of topics, including cost and price controls (which might include a freeze on the prices of prescription drugs), national health insurance, incentives for competition in the provision of healthcare services, tax incentives and penalties related to healthcare insurance premiums and promotion of prepaid healthcare plans. The Patient Protection and Affordable Care Act of 2010 ("PPACA") is a broad-reaching piece of legislation, which includes changes to the coverage and reimbursement of drug products under government health care programs, the largest payor of health care services in the United States. The primary goal of the PPACA is to broaden insurance coverage for the uninsured population by expanding Medicaid coverage, creating health insurance exchanges and mandating that uninsured individuals purchase health insurance. There are ongoing federal legislative and administrative efforts to repeal, substantially modify or invalidate some or all of the provisions of the PPACA, which could impact health care coverage and revenues for health care items and services. Further, there has been considerable public and government scrutiny in the U.S. around pharmaceutical pricing and proposals to address the perceived high cost of pharmaceuticals. Adoption of new legislation at the federal or state level could affect demand for, or pricing of, drug products. The Fund cannot predict the ultimate content, timing or effect of any federal and state reform efforts and there is no assurance that federal or state health care reform will not adversely affect future financial results.

<u>JNL/Mellon Industrials Sector Fund.</u> An investment in this Fund should be made with an understanding of the characteristics of the industrials sector in general and the risks such an investment may entail.

Companies in the industrials sector may be affected by general economic conditions, commodity production and pricing, supply and demand fluctuations, environmental and other government regulations, geopolitical events, interest rates, insurance costs, technological developments, liabilities arising from governmental or civil actions, labor relations, import controls and government spending. The value of securities issued by companies in the industrials sector may be adversely affected by supply and demand related to specific products or services and industrials sector products in general. The products of manufacturing companies may face obsolescence due to rapid technological developments and frequent new product introduction. Government regulations, trade disputes, world events and economic conditions may affect the performance of companies in the industrials sector.

The industrials sector may also be adversely affected by changes or trends in commodity prices, which may be influenced by unpredictable factors. For example, aerospace and defense companies, a component of the industrials sector, can be significantly affected by government spending policies because companies involved in this industry rely, to a significant extent, on government demand for their products and services. Thus, the financial condition of, and investor interest in, aerospace and defense companies are heavily influenced by governmental defense spending policies, which are typically under pressure from efforts to control government budgets. Transportation stocks, a component of the industrials sector, are cyclical and can be significantly affected by economic changes, fuel prices, labor relations and insurance costs. Transportation companies may also be subject to government regulation and oversight, which may adversely affect their businesses. For example, commodity price declines and unit volume reductions resulting from an over-supply of materials used in the industrials sector can adversely affect the sector. Furthermore, companies in the industrials sector may be subject to liability for environmental damage, product liability claims, depletion of resources, and mandated expenditures for safety and pollution control.

<u>JNL/Mellon Information Technology Sector Fund.</u> An investment in this Fund should be made with an understanding of the characteristics of the technology industry and the risks such an investment may entail.

Technology companies generally include companies involved in the development, design, manufacture and sale of computers and peripherals, software and services, data networking, communications equipment, Internet access, information providers, semiconductors and semiconductor equipment, and other related products, systems and services. The market for these products, especially those specifically related to the Internet, is characterized by rapidly changing technology, rapid product obsolescence, cyclical market patterns, evolving industry standards and frequent new product introductions. The success of the issuers of the common stocks in which the Fund may invest depends in substantial part on the timely and successful introduction of new products. An unexpected change in one or more of the technologies affecting an issuer's products or in the market for products based on a particular technology could have a material adverse effect on an issuer's operating results. Furthermore, there can be no assurance that the issuers of the common stock in which the Fund may invest will be able to respond in a timely manner to compete in the rapidly developing marketplace.

Based on trading history of common stocks of issuers in the technology sector, factors such as announcements of new products or development of new technologies and general conditions of the industry have caused and are likely to cause the market price of high-technology common stocks to fluctuate substantially. In addition, technology company stocks have experienced extreme price and volume fluctuations that often have been unrelated to the operating performance of such companies. This market volatility may adversely affect the market price of the common stocks in which the Fund invests.

Some key components of certain products of technology issuers are currently available only from single sources. There can be no assurance that in the future suppliers will be able to meet the demand for components in a timely and cost-effective manner. Accordingly, an issuer's operating results and customer relationships could be adversely affected by either an increase in price for, or an interruption or reduction in supply of, any key components. Additionally, many technology issuers are characterized by a highly concentrated customer base consisting of a limited number of large customers who may require product vendors to comply with rigorous industry standards. Any failure to comply with such standards may result in a significant loss or reduction of sales. Because many products and technologies of technology companies are incorporated into other related products, such companies are often highly dependent on the performance of the personal computer, electronics and telecommunications industries. There can be no assurance that these customers will place additional orders, or that an issuer of common stock will obtain orders of similar magnitude such as past orders from other customers. Similarly, the success of certain technology companies is tied to a relatively small concentration of products or technologies. Accordingly, a decline in demand of such products, technologies or from such customers could have a material adverse impact on issuers of common stock owned by the Fund.

Many technology companies rely on a combination of patents, copyrights, trademarks and trade secret laws to establish and protect their proprietary rights in their products and technologies. There can be no assurance that the steps taken by the issuers of the common stocks in which the Fund may invest to protect their proprietary rights will be adequate to prevent misappropriation of their technology or that competitors will not independently develop technologies that are substantially equivalent or superior to such issuers' technology. In addition, due to the increasing public use of the Internet, it is possible that other laws and regulations may be adopted to address issues such as privacy, pricing, characteristics, and quality of Internet products and services. The adoption of any such laws could have a material adverse impact on the common stock in which the Fund may invest.

The semiconductor business environment is highly competitive, notoriously cyclical and subject to rapid and often unanticipated change. Recent industry downturns have resulted, in part, from weak pricing, persistent overcapacity, slow down in Asian demand and a shift in retail personal computer sales toward the low end, or "sub-$1000" segment. Industry growth is dependent upon several factors, including: the rate of global economic expansion; demand for products such as personal computers and networking and communications equipment; excess productive capacity and the resultant effect on pricing; and the rate of growth in the market for low-price personal computers.

<u>JNL/Mellon Materials Sector Fund.</u> An investment in this Fund should be made with an understanding of the characteristics of the materials sector and the risks that such investment may entail.

Companies in the materials sector may be adversely affected by commodity price volatility, exchange rate fluctuations, social and political unrest, import controls, increased competition, depletion of resources, technical progress, labor relations, government regulations, and mandated expenditures for safety and pollution control, among other factors. Companies in the materials sector are also at risk of liability for environmental damage and product liability claims. Production of materials may exceed demand as a result of market imbalances or economic downturns, leading to poor investment returns.

<u>JNL/Mellon Real Estate Sector Fund.</u> An investment in this Fund should be made with an understanding of the characteristics of the real estate sector and the risks that such investment may entail.

An investment in securities of real estate companies may be susceptible to adverse economic or regulatory occurrences affecting the real estate sector. An investment in real estate companies, while not an investment in real estate directly, involves risks associated with the direct ownership of real estate. These risks include: declines in the value of real estate; risks related to general and local economic conditions; possible lack of availability of mortgage funds; overbuilding; extended vacancies of properties; increased competition; increases in property taxes and operating expenses; changes in zoning laws; losses due to costs resulting from the clean-up of environmental problems; liability to third parties for damages resulting from environmental problems; casualty or condemnation losses; limitations on rents; changes in neighborhood values and the appeal of properties to tenants; changes in interest rates; financial condition of tenants, buyers and sellers of real estate; and quality of maintenance, insurance and management services.

An economic downturn could have a material adverse effect on the real estate markets and on real estate companies.

Real property investments are subject to varying degrees of risk. The yields available from investments in real estate depend on the amount of income and capital appreciation generated by the related properties. Income and real estate values may also be adversely affected by such factors as applicable laws (*e.g.*, the Americans with Disabilities Act and tax laws), interest rate levels and the availability of financing. If the properties do not generate sufficient income to meet operating expenses, including, where applicable, debt service, ground lease payments, tenant improvements, third party leasing commissions and other capital expenditures, the income and ability of the real estate company to make payments of any interest and principal on its debt securities will be adversely affected. In addition, real property may be subject to the quality of credit extended and defaults by borrowers and tenants. The performance of the economy in each of the regions in which the real estate owned by a portfolio company is located affects occupancy, market rental rates and expenses and, consequently, has an impact on the income from such properties and their underlying values.

The financial results of major local employers also may have an impact on the cash flow and value of certain properties. In addition, certain real estate investments are relatively illiquid and, therefore, the ability of real estate companies to vary their portfolios promptly in response to changes in economic or other conditions is limited. A real estate company may also have joint venture investments in certain of its properties and, consequently, its ability to control decisions relating to such properties may be limited.

<u>JNL/Mellon Utilities Sector Fund.</u> An investment in this Fund should be made with an understanding of the characteristics of the utilities sector and the risks that such investment may entail.

Companies in the utilities sector may be affected by general economic conditions, supply and demand, financing and operating costs, rate caps, interest rates, liabilities arising from governmental or civil actions, consumer confidence and spending, competition, technological progress, energy prices, resource conservation and depletion, environmental regulations, changing commodity prices, government regulation stipulating rates charged by utilities, increased tariffs, changes in tax laws and changes in the cost of providing specific utility services. The utilities industry is also subject to potential terrorist attacks, natural and man-made disasters and severe weather conditions, as well as regulatory and operational burdens associated with the operation and maintenance of nuclear facilities. Government regulators monitor and control utility revenues and costs, and therefore may limit utility profits.

There are substantial differences among the regulatory practices and policies of various jurisdictions, and any regulatory agency may make major shifts in policy from time to time. Additionally, existing and possible future regulatory legislation may make it even more difficult for utilities to obtain adequate relief. Certain of the issuers of securities held in the Fund's portfolio may own or operate nuclear generating facilities. Governmental authorities may from time to time review existing policies and impose additional requirements governing the licensing, construction and operation of nuclear power plants. Prolonged changes in climate conditions can also have a significant impact on both the revenues of an electric and gas utility as well as the expenses of a utility, particularly a hydro-based electric utility.

The rates that traditional regulated utility companies may charge their customers generally are subject to review and limitation by governmental regulatory commissions. Rate changes may occur only after a prolonged approval period or may not occur at all, which could adversely affect utility companies when costs are rising. There is no assurance that regulatory authorities will, in the future, grant rate increases. The value of regulated utility debt securities (and, to a lesser extent, equity securities) tends to have an inverse relationship to the movement of interest rates.

Certain utility companies have experienced full or partial deregulation in recent years. Deregulation can eliminate restrictions on the profits of certain utility companies, but can simultaneously expose these companies to an increased risk of loss. Deregulation may subject utility companies to increased competition and can negatively affect their profitability as it permits utility companies to diversify outside of their original geographic regions and customary lines of business, causing them to engage in riskier ventures.

**Trading Cost and Rebalance Risk.** Due to certain of the investment strategies of the Fund, a Fund's entire portfolio may be repositioned or rebalanced on or around the Stock Selection Date. A Fund's rebalance of its portfolio may lead to higher transactional costs because the Fund could be trading large volumes in a particular security during a short trading period. In addition, a Fund may pay a higher price for a security, or receive a lesser price for a security it sells due to the timing of the Stock Selection Date. As part of the rebalance process, a Fund may incur significant trading costs and commissions, which could negatively affect performance. The Funds may not be able to effectively transact in certain securities during the rebalance period, which could also negatively affect performance.

**<u>NON-FUNDAMENTAL POLICIES AND RISKS APPLICABLE TO THE AFIS MASTER FUNDS AND JNL/American Funds FEEDER FUNDS</u>**

The investment objective and principal investment strategies for each JNL/American Funds Feeder Fund, and its corresponding Master Fund, are discussed in the Feeder Funds' prospectuses. A further description of certain investment strategies used by the AFIS Master Funds is set forth below. Because each Feeder Fund does not invest directly in securities, but rather invests directly in its corresponding Master Fund, each Feeder Fund is subject to the risks described below indirectly through its investment in the Master Fund, which invests directly in securities. Note, however, that in the event that the Board determines that it is in the best interests of a Feeder Fund to withdraw its entire investment in a Master Fund and instead allow JNAM to direct the investment/reinvestment of the Feeder Fund's assets directly in securities, then the Feeder Fund would directly utilize the following investment instruments and techniques and would be subject to the related risks, as applicable. The percentage limits described in the sections below are based on market value and are determined as of the time securities are purchased.

Certain descriptions in the prospectuses of the JNL/American Funds Feeder Funds and in this SAI of a particular investment practice or technique in which the respective corresponding Master Funds may engage or a financial instrument which the respective corresponding Master Funds may purchase are meant to describe the spectrum of investments that the respective corresponding Master Fund's adviser, in its discretion, might, but is not required to, use in managing a Master Fund's portfolio assets in accordance with the respective corresponding Master Fund's investment objective, policies, and restrictions. It is possible that certain types of financial instruments or techniques may not be available, permissible, or effective for their intended purposes in all markets.

**AFIS MASTER FUNDS**

**<u>Affiliated Investment Companies.</u>** Certain AFIS Master Funds may purchase shares of certain other investment companies managed by the investment adviser or its affiliates ("Central Funds"). The risks of owning another investment company are similar to the risks of investing directly in the securities in which that investment company invests. Investments in other investment companies could allow a fund to obtain the benefits of a more diversified portfolio than might otherwise be available through direct investments in a particular asset class, and will subject the fund to the risks associated with the particular asset class or asset classes in which an underlying fund invests. However, an investment company may not achieve its investment objective or execute its investment strategy effectively, which may adversely affect the fund's performance. Any investment in another investment company will be consistent with the fund's objective(s) and applicable regulatory limitations. Central Funds do not charge management fees. As a result, the fund does not bear additional management fees when investing in Central Funds, but the fund does bear its proportionate share of Central Fund expenses.

**<u>Cash and Cash Equivalents</u>.** The AFIS Master Funds may hold cash or invest in cash equivalents. Cash equivalents include, but are not limited to: (a) shares of money market or similar funds managed by the investment adviser or its affiliates; (b) shares of other money market funds; (c) commercial paper; (d) short-term bank obligations (for example, certificates of deposit, bankers' acceptances (time drafts on a commercial bank where the bank accepts an irrevocable obligation to pay at maturity)) or bank notes; (e) savings association and savings bank obligations (for example, bank notes and certificates of deposit issued by savings banks or savings associations); (f) securities of the U.S. Government, its agencies or instrumentalities that mature, or that may be redeemed, in one year or less; and (g) higher quality corporate bonds and notes that mature, or that may be redeemed, in one year or less.

**<u>Commercial Paper</u>.** The AFIS Master Funds may purchase commercial paper. Commercial paper refers to short-term promissory notes issued by a corporation to finance its current operations. Such securities normally have maturities of thirteen months or less and, though commercial paper is often unsecured, commercial paper may be supported by letters of credit, surety bonds or other forms of collateral. Maturing commercial paper issuances are usually repaid by the issuer from the proceeds of new commercial paper issuances. As a result, investment in commercial paper is subject to rollover risk, or the risk that the issuer cannot issue enough new commercial paper to satisfy its outstanding commercial paper. Like all fixed income securities, commercial paper prices are susceptible to fluctuations in interest rates. If interest rates rise, commercial paper prices will decline and vice versa. However, the short-term nature of a commercial paper investment makes it less susceptible to volatility than many other fixed income securities because interest rate risk typically increases as maturity lengths increase. Commercial paper tends to yield smaller returns than longer-term corporate debt because securities with shorter maturities typically have lower effective yields than those with longer maturities. As with all fixed income securities, there is a chance that the issuer will default on its commercial paper obligations and commercial paper may become illiquid or suffer from reduced liquidity in these or other situations.

Commercial paper in which the AFIS Master Funds may invest includes commercial paper issued in reliance on the exemption from registration afforded by Section 4(a)(2) of the Securities Act of 1933, as amended (the "1933 Act"). Section 4(a)(2) commercial paper has substantially the same price and liquidity characteristics as commercial paper generally, except that the resale of Section 4(a)(2) commercial paper is limited to institutional investors who agree that they are purchasing the paper for investment purposes and not with a view to public distribution. Technically, such a restriction on resale renders Section 4(a)(2) commercial paper a restricted security under the 1933 Act. In practice, however, Section 4(a)(2) commercial paper typically can be resold as easily as any other unrestricted security held by an AFIS Master Funds. Accordingly, Section 4(a)(2) commercial paper has been generally determined to be liquid under procedures adopted by the AFIS Master Funds' board of trustees.

**<u>Currency Transactions</u>**. Certain AFIS Master Funds may enter into currency transactions on a spot (i.e., cash) basis at the prevailing rate in the currency exchange market to provide for the purchase or sale of a currency needed to purchase a security denominated in such currency. In addition, certain AFIS Master Funds may enter into forward currency contracts and may purchase and sell options on currencies to protect against changes in currency exchange rates, to increase exposure to a particular foreign currency, to shift exposure to currency fluctuations from one currency to another or to seek to increase returns. A forward currency contract is an obligation to purchase or sell a specific currency at a future date, which may be any fixed number of days from the date of the contract agreed upon by the parties, at a price set at the time of the contract. Some forward currency contracts, called non-deliverable forwards or NDFs, do not call for physical delivery of the currency and are instead settled through cash payments. Forward currency contracts are typically privately negotiated and traded in the interbank market between large commercial banks (or other currency traders) and their customers. Although forward contracts entered into by the AFIS Master Fund will typically involve the purchase or sale of a currency against the U.S. dollar, the AFIS Master Fund also may purchase or sell a non-U.S. currency against another non-U.S. currency.

The AFIS Master Fund may also purchase or write put and call options on foreign currencies on exchanges or in the over-the-counter ("OTC") market. A put option on a foreign currency gives the purchaser of the option the right to sell a foreign currency at the exercise price until the option expires. A call option on a foreign currency gives the purchaser of the option the right to purchase the currency at the exercise price until the option expires. Currency options, to the extent not exercised, will expire and the AFIS Master Fund, as the purchaser, would experience a loss to the extent of the premium paid for the option. Instead of purchasing a call option to hedge against an anticipated increase in the dollar cost of securities to be acquired, the AFIS Master Fund could write a put option on the relevant currency, which, if exchange rates move in the manner projected, will expire unexercised and allow the AFIS Master Fund to hedge such increased cost up to the amount of the premium. As in the case of other types of options, however, writing a currency option will provide a hedge only up to the amount of the premium, and only if exchange rates move in the expected direction. If this does not occur, the option may be exercised and the AFIS Master Fund would be required to purchase or sell the underlying currency at a loss that may not be offset by the amount of the premium. Through the writing of options on foreign currencies, the AFIS Master Fund also may be required to forego all or a portion of the benefit that might otherwise have been obtained from favorable movements in exchange rates. OTC options are bilateral contracts that are individually negotiated and they are generally less liquid than exchange-traded options. Although this type of arrangement allows the purchaser or writer greater flexibility to tailor an option to its needs, OTC options generally involve credit risk to the counterparty, whereas for exchange-traded options, credit risk is mutualized through the involvement of the applicable clearing house. Currency options traded on exchanges may be subject to position limits, which may limit the ability of the AFIS Master Fund to reduce currency risk using such options. To the extent that the U.S. options markets are closed while the markets for the underlying currencies remain open, substantial price and rate movements may take place in the currency markets that cannot be reflected in the U.S. options markets. See also "Options" for a general description of investment techniques and risks relating to options.

Currency exchange rates generally are determined by forces of supply and demand in the foreign exchange markets and the relative merits of investment in different countries as viewed from an international perspective. Currency exchange rates, as well as foreign currency transactions, can also be affected unpredictably by intervention by U.S. or foreign governments or central banks or by currency controls or political developments in the United States or abroad. Such intervention or other events could prevent an AFIS Master Fund from entering into foreign currency transactions, force the AFIS Master Fund to exit such transactions at an unfavorable time or price or result in penalties to the AFIS Master Fund, any of which may result in losses to the AFIS Master Fund.

Generally, an AFIS Master Fund will not attempt to protect against all potential changes in exchange rates and the use of forward contracts does not eliminate the risk of fluctuations in the prices of the underlying securities. If the value of the underlying securities declines or the amount of the AFIS Master Fund's commitment increases because of changes in exchange rates, the AFIS Master Fund may need to provide additional cash or securities to satisfy its commitment under the forward contract. The AFIS Master Fund is also subject to the risk that it may be delayed or prevented from obtaining payments owed to it under the forward contract as a result of the insolvency or bankruptcy of the counterparty with which it entered into the forward contract or the failure of the counterparty to comply with the terms of the contract.

The realization of gains or losses on foreign currency transactions will usually be a function of the Master Fund's adviser's ability to accurately estimate currency market movements. Entering into forward currency transactions may change the AFIS Master Fund's exposure to currency exchange rates and could result in losses to the AFIS Master Fund if currencies do not perform as expected by the AFIS Master Fund's investment adviser. For example, if the AFIS Master Fund's investment adviser increases an AFIS Master Fund's exposure to a foreign currency using forward contracts and that foreign currency's value declines, the AFIS Master Fund may incur a loss. In addition, while entering into forward currency transactions could minimize the risk of loss due to a decline in the value of the hedged currency, it could also limit any potential gain that may result from an increase in the value of the currency. See also the "Derivatives" section in this section for a general description of investment techniques and risks relating to derivatives, including certain currency forwards and currency options.

Forward currency contracts may give rise to leverage, or exposure to potential gains and losses in excess of the initial amount invested. Leverage magnifies gains and losses and could cause an AFIS Master Fund to be subject to more volatility than if it had not been leveraged, thereby resulting in a heightened risk of loss. Forward currency contracts are considered derivatives. Accordingly, under the SEC's rule applicable to the AFIS Master Fund's use of derivatives, an AFIS Master Fund's obligations with respect to these instruments will depend on the AFIS Master Fund's aggregate usage of and exposure to derivatives, and the AFIS Master Fund's usage of forward currency contracts is subject to written policies and procedures reasonably designed to manage the AFIS Master Fund's derivatives risk.

Forward currency transactions also may affect the character and timing of income, gain, or loss recognized by the AFIS Master Fund for U.S. tax purposes. The use of forward currency contracts could result in the application of the mark-to-market provisions of the Internal Revenue Code of 1986, as amended (the "Code") and may cause an increase (or decrease) in the amount of taxable dividends paid by the AFIS Master Fund.

**<u>Cybersecurity Risks</u>**. With the increased use of technologies such as the Internet to conduct business, the AFIS Master Fund has become potentially more susceptible to operational and information security risks through breaches in cybersecurity. In general, a breach in cybersecurity can result from either a deliberate attack or an unintentional event. Cybersecurity breaches may involve, among other things, "ransomware" attacks, injection of computer viruses or malicious software code, or the use of vulnerabilities in code to gain unauthorized access to digital information systems, networks or devices that are used directly or indirectly by the AFIS Master Funds or its service providers through "hacking" or other means. Cybersecurity risks also include the risk of losses of service resulting from external attacks that do not require unauthorized access to the AFIS Master Fund's systems, networks or devices. For example, denial-of-service attacks on the investment adviser's or an affiliate's website could effectively render the AFIS Master Fund's network services unavailable to AFIS Master Fund shareholders and other intended end-users. Any such cybersecurity breaches or losses of service may, among other things, cause the AFIS Master Fund to lose proprietary information, suffer data corruption or lose operational capacity or may result in the misappropriation, unauthorized release or other misuse of the AFIS Master Fund's assets or sensitive information (including shareholder personal information or other confidential information), the inability of the AFIS Master Fund shareholders to transact business, or the destruction of the AFIS Master Fund's physical infrastructure, equipment or operating systems. These, in turn, could cause the AFIS Master Fund to violate applicable privacy and other laws and incur or suffer regulatory penalties, reputational damage, additional costs (including compliance costs) associated with corrective measures and/or financial loss. While the AFIS Master Fund and CRMC have established business continuity plans and risk management systems designed to prevent or reduce the impact of cybersecurity attacks, there are inherent limitations in such plans and systems due in part to the ever-changing nature of technology and cybersecurity attack tactics, and there is a possibility that certain risks have not been adequately identified or prepared for.

In addition, cybersecurity failures by or breaches of the AFIS Master Fund's third-party service providers (including, but not limited to, the AFIS Master Fund's investment adviser, transfer agent, custodian, administrators and other financial intermediaries) may disrupt the business operations of the service providers and of the AFIS Master Fund, potentially resulting in financial losses, the inability of AFIS Master Fund shareholders to transact business with the AFIS Master Fund and of the AFIS Master Fund to process transactions, the inability of the AFIS Master Fund to calculate its net asset value, violations of applicable privacy and other laws, rules and regulations, regulatory fines, penalties, reputational damage, reimbursement or other compensatory costs and/or additional compliance costs associated with implementation of any corrective measures. The AFIS Master Fund and its shareholders could be negatively impacted as a result of any such cybersecurity breaches, and there can be no assurance that the AFIS Master Fund will not suffer losses relating to cybersecurity attacks or other informational security breaches affecting the AFIS Master Fund's third-party service providers in the future, particularly as the AFIS Master Fund cannot control any cybersecurity plans or systems implemented by such service providers.

Cybersecurity risks may also impact issuers of securities in which the AFIS Master Fund invests, which may cause the AFIS Master Fund's investments in such issuers to lose value.

**<u>Debt Instruments</u>.** Debt securities, also known as "fixed-income securities," are used by issuers to borrow money. Bonds, notes, debentures, asset-backed securities (including those backed by mortgages), and loan participations and assignments are common types of debt securities. Generally, issuers pay investors periodic interest and repay the amount borrowed either periodically during the life of the security and/or at maturity. Some debt securities, such as zero coupon bonds, do not pay current interest, but are purchased at a discount from their face values and their values accrete over time to face value at maturity. Some debt securities bear interest at rates that are not fixed, but that vary with changes in specified market rates or indices. The market prices of debt securities fluctuate depending on such factors as interest rates, credit quality and maturity. In general, market prices of debt securities decline when interest rates rise and increase when interest rates fall. These fluctuations will generally be greater for longer-term debt securities than for shorter-term debt securities. Prices of these securities can also be affected by financial contracts held by the issuer or third parties (such as derivatives) relating to the security or other assets or indices. Borrowers that are in bankruptcy or restructuring may never pay off their indebtedness, or they may pay only a small fraction of the amount owed. Direct indebtedness of countries, particularly emerging markets, also involves a risk that the governmental entities responsible for the repayment of the debt may be unable, or unwilling, to pay interest and repay principal when due.

Lower rated debt securities, rated Ba1/BB+ or below by Nationally Recognized Statistical Rating Organizations, are described by the rating agencies as speculative and involve greater risk of default or price changes due to changes in the issuer's creditworthiness than higher rated debt securities, or they may already be in default. Such securities are sometimes referred to as "junk bonds" or high yield bonds. The market prices of these securities may fluctuate more than higher quality securities and may decline significantly in periods of general economic difficulty. It may be more difficult to dispose of, and to determine the value of, lower rated debt securities. Investment grade bonds in the ratings categories A or Baa/BBB also may be more susceptible to changes in market or economic conditions than bonds rated in the highest rating categories. Certain additional risk factors relating to debt securities are discussed below:

- Sensitivity to Interest Rate and Economic Changes - Debt securities may be sensitive to economic changes, political and corporate developments, and interest rate changes. In addition, during an economic downturn or a period of rising interest rates, issuers that are highly leveraged may experience increased financial stress that could adversely affect their ability to meet projected business goals, to obtain additional financing and to service their principal and interest payment obligations. Periods of economic change and uncertainty also can be expected to result in increased volatility of market prices and yields of certain debt securities and derivative instruments. Governments and quasi-governmental authorities may take actions to support local and global economies and financial markets during periods of economic crisis, including direct capital infusions into companies, new monetary programs and significantly lower interest rates. Such actions may expose fixed-income markets to heightened volatility and may reduce liquidity for certain investments, which could cause the value of the AFIS Master Funds' portfolio to decline.

- Payment Expectations - Debt securities may contain redemption or call provisions. If an issuer exercises these provisions in a lower interest rate market, the AFIS Master Funds would have to replace the security with a lower yielding security, resulting in decreased income to investors. If the issuer of a debt security defaults on its obligations to pay interest or principal or is the subject of bankruptcy proceedings, the AFIS Master Funds may incur losses or expenses in seeking recovery of amounts owed to them.

- Liquidity and Valuation - There may be little trading in the secondary market for particular debt securities, which may affect adversely the AFIS Master Funds' ability to value accurately or dispose of such debt securities. Adverse publicity and investor perceptions, whether or not based on fundamental analysis, may decrease the value and/or liquidity of debt securities.

Credit ratings for debt securities provided by rating agencies reflect an evaluation of the safety of principal and interest payments, not market value risk. The rating of an issuer is a rating agency's view of past and future potential developments related to the issuer and may not necessarily reflect actual outcomes. There can be a lag between the time of developments relating to an issuer and the time a rating is assigned and updated. CRMC considers these ratings of securities as one of many criteria in making its investment decisions.

Bond rating agencies may assign modifiers (such as +/-) to ratings categories to signify the relative position of a credit within the rating category. Investment policies that are based on ratings categories should be read to include any security within that category, without giving consideration to the modifier except where otherwise provided. See Appendix A for more information about credit ratings.

**<u>Depositary Receipts</u>**. Depositary receipts are securities that evidence ownership interests in, and represent the right to receive, a security or a pool of securities that have been deposited with a bank or trust depository. Certain AFIS Master Funds may invest in American Depositary Receipts ("ADRs"), European Depositary Receipts ("EDRs"), Global Depositary Receipts ("GDRs"), and other similar securities. For ADRs, the depository is typically a U.S. financial institution and the underlying securities are issued by a non-U.S. entity. For other depositary receipts, the depository may be a non-U.S. or a U.S. entity, and the underlying securities may be issued by a non-U.S. or a U.S. entity. Depositary receipts will not necessarily be denominated in the same currency as their underlying securities. Generally, ADRs are issued in registered form, denominated in U.S. dollars, and designed for use in the U.S. securities markets. Other depositary receipts, such as EDRs and GDRs, may be issued in bearer form, may be denominated in either U.S. dollars or in non-U.S. currencies, and are primarily designed for use in securities markets outside the United States. ADRs, EDRs and GDRs can be sponsored by the issuing bank or trust company or the issuer of the underlying securities. Although the issuing bank or trust company may impose charges for the collection of dividends and the conversion of such securities into the underlying securities, generally no fees are imposed on the purchase or sale of these securities other than transaction fees ordinarily involved with trading stock. Such securities may be less liquid or may trade at a lower price than the underlying securities of the issuer. Additionally, the issuers of securities underlying depositary receipts may not be obligated to timely disclose information that is considered material under the securities laws of the United States. Therefore, less information may be available regarding these issuers than about the issuers of other securities and there may not be a correlation between such information and the market value of the depositary receipts.

**<u>Derivatives</u>.** In pursuing its investment objective(s), certain AFIS Master Funds may invest in derivative instruments. A derivative is a financial instrument, the value of which depends on, or is otherwise derived from, another underlying variable. Most often, the variable underlying a derivative is the price of a traded asset, such as a traditional cash security (e.g., a stock or bond), a currency or a commodity; however, the value of a derivative can be dependent on almost any variable, from the level of an index or a specified rate to the occurrence (or non-occurrence) of a credit event with respect to a specified reference asset. In addition to investing in forward currency contracts and currency options, as described under "Currency transactions," the AFIS Master Fund may take positions in futures contracts and options on futures contracts and swaps, each of which is a derivative instrument described in greater detail below.

Derivative instruments may be distinguished by the manner in which they trade: some are standardized instruments that trade on an organized exchange while others are individually negotiated and traded in the over-the-counter ("OTC") market. Derivatives also range broadly in complexity, from simple derivatives to more complex instruments. As a general matter, however, all derivatives — regardless of the manner in which they trade or their relative complexities — entail certain risks, some of which are different from, and potentially greater than, the risks associated with investing directly in traditional cash securities.

As is the case with traditional cash securities, derivative instruments are generally subject to counterparty credit risk; however, in some cases, derivatives may pose counterparty risks greater than those posed by cash securities. The use of derivatives involves the risk that a loss may be sustained by the AFIS Master Fund as a result of the failure of the AFIS Master Fund's counterparty to make required payments or otherwise to comply with its contractual obligations. For some derivatives, though, the value of — and, in effect, the return on — the instrument may be dependent on both the individual credit of the AFIS Master Fund's counterparty and on the credit of one or more issuers of any underlying assets. If the AFIS Master Fund does not correctly evaluate the creditworthiness of its counterparty and, where applicable, of issuers of any underlying reference assets, the AFIS Master Fund's investment in a derivative instrument may result in losses. Further, if an AFIS Master Fund's counterparty were to default on its obligations, the AFIS Master Fund's contractual remedies against such counterparty may be subject to applicable bankruptcy and insolvency laws, which could affect the AFIS Master Fund's rights as a creditor and delay or impede the AFIS Master Fund's ability to receive the net amount of payments that it is contractually entitled to receive. Derivative instruments are subject to additional risks, including operational risk (such as documentation issues, settlement issues and systems failures) and legal risk (such as insufficient documentation, insufficient capacity or authority of a counterparty, and issues with the legality or enforceability of a contract).

The value of some derivative instruments in which the AFIS Master Fund invests may be particularly sensitive to changes in prevailing interest rates, currency exchange rates or other market conditions. Like the AFIS Master Fund's other investments, the ability of the AFIS Master Fund to successfully utilize such derivative instruments may depend in part upon the ability of CRMC to accurately forecast interest rates and other economic factors. The success of the AFIS Master Fund's derivative investment strategy will also depend on CRMC's ability to assess and predict the impact of market or economic developments on the derivative instruments in which the AFIS Master Fund invests, in some cases without having had the benefit of observing the performance of a derivative under all possible market conditions. If CRMC incorrectly forecasts such factors and has taken positions in derivative instruments contrary to prevailing market trends, or if CRMC incorrectly predicts the impact of developments on a derivative instrument, the AFIS Master Fund could suffer losses.

Certain derivatives may also be subject to liquidity and valuation risks. The potential lack of a liquid secondary market for a derivative (and, particularly, for an OTC derivative, including swaps and OTC options) may cause difficulty in valuing or selling the instrument. If a derivative transaction is particularly large or if the relevant market is illiquid, as is often the case with many privately negotiated OTC derivatives, the AFIS Master Fund may not be able to initiate a transaction or to liquidate a position at an advantageous time or price. Particularly when there is no liquid secondary market for the AFIS Master Fund's derivative positions, the AFIS Master Fund may encounter difficulty in valuing such illiquid positions. The value of a derivative instrument does not always correlate perfectly with its underlying asset, rate or index, and many derivatives, and OTC derivatives in particular, are complex and often valued subjectively. Improper valuations can result in increased cash payment requirements to counterparties or a loss of value to the AFIS Master Fund.

Because certain derivative instruments may obligate the AFIS Master Fund to make one or more potential future payments, which could significantly exceed the value of the AFIS Master Fund's initial investments in such instruments, derivative instruments may also have a leveraging effect on the AFIS Master Fund's portfolio. Certain derivatives have the potential for unlimited loss, irrespective of the size of the AFIS Master Fund's investment in the instrument. When the AFIS Master Fund leverages its portfolio, investments in that AFIS Master Fund will tend to be more volatile, resulting in larger gains or losses in response to market changes.

The AFIS Master Fund's compliance with the SEC's rule applicable to the AFIS Master Fund's use of derivatives may limit the ability of the AFIS Master Fund to use derivatives as part of its investment strategy. The rule requires that a fund that uses derivatives in more than a limited manner, which is currently the case for the AFIS Master Funds, adopt a derivatives risk management program, appoint a derivatives risk manager and comply with an outer limit on leverage based on value at risk, or "VaR". VaR is an estimate of an instrument's or portfolio's potential losses over a given time horizon (i.e., 20 trading days) and at a specified confidence level (i.e., 99%). VaR will not provide, and is not intended to provide, an estimate of an instrument's or portfolio's maximum potential loss amount. For example, a VaR of 5% with a specified confidence level of 99% would mean that a VaR model estimates that 99% of the time a fund would not be expected to lose more than 5% of its total assets over the given time period. However, 1% of the time, the AFIS Master Fund would be expected to lose more than 5% of its total assets, and in such a scenario the VaR model does not provide an estimate of the extent of this potential loss. The derivatives rule may not be effective in limiting the AFIS Master Fund's risk of loss, as measurements of VaR rely on historical data and may not accurately measure the degree of risk reflected in the AFIS Master Fund's derivatives or other investments. A fund is generally required to satisfy the rule's outer limit on leverage by limiting the AFIS Master Fund's VaR to 200% of the VaR of a designated reference portfolio that does not utilize derivatives each business day. If a fund does not have an appropriate designated reference portfolio in light of the AFIS Master Fund's investments, investment objectives and strategy, a fund must satisfy the rule's outer limit on leverage by limiting the AFIS Master Fund's VaR to 20% of the value of the AFIS Master Fund's net assets each business day.

**Options** — The AFIS Master Fund may invest in option contracts, including options on futures and options on currencies, as described in more detail under "Futures and Options on Futures" and "Currency Transactions," respectively. An option contract is a contract that gives the holder of the option, in return for a premium payment, the right to buy from (in the case of a call) or sell to (in the case of a put) the writer of the option the reference instrument underlying the option (or the cash value of the instrument underlying the option) at a specified exercise price. The writer of an option on a security has the obligation, upon exercise of the option, to cash settle or deliver the underlying currency or instrument upon payment of the exercise price (in the case of a call) or to cash settle or take delivery of the underlying currency or instrument and pay the exercise price (in the case of a put).

By purchasing a put option, the AFIS Master Fund obtains the right (but not the obligation) to sell the currency or instrument underlying the option (or to deliver the cash value of the instrument underlying the option) at a specified exercise price, which is also referred to as the strike price. In return for this right, the AFIS Master Fund pays the current market price, or the option premium, for the option. The AFIS Master Fund may terminate its position in a put option by allowing the option to expire or by exercising the option. If the option is allowed to expire, the AFIS Master Fund will lose the entire amount of the option premium paid. If the option is exercised, the AFIS Master Fund completes the sale of the underlying instrument (or cash settles) at the strike price. The AFIS Master Fund may also terminate a put option position by entering into opposing close-out transactions in advance of the option expiration date.

As a buyer of a put option, the AFIS Master Fund can expect to realize a gain if the price of the underlying currency or instrument falls substantially. However, if the price of the underlying currency or instrument does not fall enough to offset the cost of purchasing the option, the AFIS Master Fund can expect to suffer a loss, albeit a loss limited to the amount of the option premium plus any applicable transaction costs.

The features of call options are essentially the same as those of put options, except that the purchaser of a call option obtains the right (but not the obligation) to purchase, rather than sell, the underlying currency or instrument (or cash settle) at the specified strike price. The buyer of a call option typically attempts to participate in potential price increases of the underlying currency or instrument with risk limited to the cost of the option if the price of the underlying currency or instrument falls. At the same time, the call option buyer can expect to suffer a loss if the price of the underlying currency or instrument does not rise sufficiently to offset the cost of the option.

The writer of a put or call option takes the opposite side of the transaction from the option purchaser. In return for receipt of the option premium, the writer assumes the obligation to pay or receive the strike price for the option's underlying currency or instrument if the other party to the option chooses to exercise it. The writer may seek to terminate a position in a put option before exercise by entering into opposing close-out transactions in advance of the option expiration date. If the market for the relevant put option is not liquid, however, the writer must be prepared to pay the strike price while the option is outstanding, regardless of price changes.

If the price of the underlying currency or instrument rises, a put writer would generally expect to profit, although its gain would be limited to the amount of the premium it received. If the price of the underlying currency or instrument remains the same over time, it is likely that the writer would also profit because it should be able to close out the option at a lower price. This is because an option's value decreases with time as the currency or instrument approaches its expiration date. If the price of the underlying currency or instrument falls, the put writer would expect to suffer a loss. This loss should be less than the loss from purchasing the underlying currency or instrument directly, however, because the premium received for writing the option should mitigate the effects of the decline.

Writing a call option obligates the writer to, upon exercise of the option, deliver the option's underlying currency or instrument in return for the strike price or to make a net cash settlement payment, as applicable. The characteristics of writing call options are similar to those of writing put options, except that writing call options is generally a profitable strategy if prices remain the same or fall. The potential gain for the option seller in such a transaction would be capped at the premium received.

Several risks are associated with transactions in options on currencies, securities and other instruments (referred to as the "underlying instruments"). For example, there may be significant differences between the underlying instruments and options markets that could result in an imperfect correlation between these markets, which could cause a given transaction not to achieve its objectives. When a put or call option on a particular underlying instrument is purchased to hedge against price movements in a related underlying instrument, for example, the price to close out the put or call option may move more or less than the price of the related underlying instrument.

Options prices can diverge from the prices of their underlying instruments for a number of reasons. Options prices are affected by such factors as current and anticipated short-term interest rates, changes in the volatility of the underlying instrument, and the time remaining until expiration of the contract, which may not affect security prices in the same way. Imperfect correlation may also result from differing levels of demand in the options markets and the markets for the underlying instruments, from structural differences in how options and underlying instruments are traded, or from imposition of daily price fluctuation limits or trading halts. The AFIS Master Fund may purchase or sell options contracts with a greater or lesser value than the underlying instruments it wishes to hedge or intends to purchase in order to attempt to compensate for differences in volatility between the contract and the underlying instruments, although this may not be successful. If price changes in the AFIS Master Fund's options positions are less correlated with its other investments, the positions may fail to produce anticipated gains or result in losses that are not offset by gains in other investments.

There is no assurance that a liquid market will exist for any particular options contract at any particular time. Options may have relatively low trading volumes and liquidity if their strike prices are not close to the current prices of the underlying instruments. In addition, exchanges may establish daily price fluctuation limits for exchange-traded options contracts and may halt trading if a contract's price moves upward or downward more than the limit in a given day. On volatile trading days when the price fluctuation limit is reached or a trading halt is imposed, it may be impossible to enter into new positions or to close out existing positions. If the market for a contract is not liquid because of price fluctuation limits or otherwise, it could prevent prompt liquidation of unfavorable positions and could potentially require the AFIS Master Fund to hold a position until delivery or expiration regardless of changes in its value.

Combined positions involve purchasing and writing options in combination with each other, or in combination with futures or forward contracts, in order to adjust the risk and return profile of the AFIS Master Fund's overall position. For example, purchasing a put option and writing a call option on the same underlying instrument could construct a combined position with risk and return characteristics similar to selling a futures contract (but with leverage embedded). Another possible combined position would involve writing a call option at one strike price and buying a call option at a lower strike price to reduce the risk of the written call option in the event of a substantial price increase. Because such combined options positions involve multiple trades, they result in higher transaction costs and may be more difficult to open and close out.

**Futures and Options on Futures** — The AFIS Master Fund may enter into futures contracts and options on futures contracts to seek to manage the AFIS Master Fund's interest rate sensitivity by increasing or decreasing the duration of the AFIS Master Fund or a portion of the AFIS Master Fund's portfolio. A futures contract is an agreement to buy or sell a security or other financial instrument (the "reference asset") for a set price on a future date. An option on a futures contract gives the holder of the option the right to buy or sell a position in a futures contract from or to the writer of the option, at a specified price on or before the specified expiration date. Futures contracts and options on futures contracts are standardized, exchange-traded contracts, and, when such contracts are bought or sold, the AFIS Master Fund will incur brokerage fees and will be required to maintain margin deposits.

Unlike when the AFIS Master Fund purchases or sells a security, such as a stock or bond, no price is paid or received by the AFIS Master Fund upon the purchase or sale of a futures contract. When the AFIS Master Fund enters into a futures contract, the AFIS Master Fund is required to deposit with its futures broker, known as a futures commission merchant (FCM), a specified amount of liquid assets in a segregated account in the name of the FCM at the applicable derivatives clearinghouse or exchange. This amount, known as initial margin, is set by the futures exchange on which the contract is traded and may be significantly modified during the term of the contract. The initial margin is in the nature of a performance bond or good faith deposit on the futures contract, which is returned to the AFIS Master Fund upon termination of the contract, assuming all contractual obligations have been satisfied. Additionally, on a daily basis, the AFIS Master Fund pays or receives cash, or variation margin, equal to the daily change in value of the futures contract. Variation margin does not represent a borrowing or loan by the AFIS Master Fund but is instead a settlement between the AFIS Master Fund and the FCM of the amount one party would owe the other if the futures contract expired. In computing daily net asset value, the AFIS Master Fund will mark-to-market its open futures positions. A fund is also required to deposit and maintain margin with an FCM with respect to put and call options on futures contracts written by the AFIS Master Fund. Such margin deposits will vary depending on the nature of the underlying futures contract (and related initial margin requirements), the current market value of the option, and other futures positions held by the AFIS Master Fund. In the event of the bankruptcy or insolvency of an FCM that holds margin on behalf of the AFIS Master Fund, the AFIS Master Fund may be entitled to return of margin owed to it only in proportion to the amount received by the FCM's other customers, potentially resulting in losses to the AFIS Master Fund. An event of bankruptcy or insolvency at a clearinghouse or exchange holding initial margin could also result in losses for the AFIS Master Fund.

When the AFIS Master Fund invests in futures contracts and options on futures contracts and deposits margin with an FCM, the AFIS Master Fund becomes subject to so-called "fellow customer" risk – that is, the risk that one or more customers of the FCM will default on their obligations and that the resulting losses will be so great that the FCM will default on its obligations and margin posted by one customer, such as the AFIS Master Fund, will be used to cover a loss caused by a different defaulting customer. Applicable CFTC rules generally prohibit the use of one customer's funds to meet the obligations of another customer and limit the ability of an FCM to use margin posed by non-defaulting customers to satisfy losses caused by defaulting customers. As a general matter, an FCM is required to use its own funds to meet a defaulting customer's obligations. While a customer's loss would likely need to be substantial before non-defaulting customers would be exposed to loss on account of fellow customer risk, applicable CFTC rules nevertheless permit the commingling of margin and do not limit the mutualization of customer losses from investment losses, custodial failures, fraud or other causes. If the loss is so great that, notwithstanding the application of an FCM's own funds, there is a shortfall in the amount of customer funds required to be held in segregation, the FCM could default and be placed into bankruptcy. Under these circumstances, bankruptcy law provides that non-defaulting customers will share pro rata in any shortfall. A shortfall in customer segregated funds may also make the transfer of the accounts of non-defaulting customers to another FCM more difficult.

Although certain futures contracts, by their terms, require actual future delivery of and payment for the reference asset, in practice, most futures contracts are usually closed out before the delivery date by offsetting purchases or sales of matching futures contracts. Closing out an open futures contract purchase or sale is effected by entering into an offsetting futures contract sale or purchase, respectively, for the same aggregate amount of the identical reference asset and the same delivery date. If the offsetting purchase price is less than the original sale price (in each case taking into account transaction costs, including brokerage fees), the AFIS Master Fund realizes a gain; if it is more, the AFIS Master Fund realizes a loss. Conversely, if the offsetting sale price is more than the original purchase price (in each case taking into account transaction costs, including brokerage fees), the AFIS Master Fund realizes a gain; if it is less, the AFIS Master Fund realizes a loss.

The AFIS Master Fund may purchase and write call and put options on futures. A futures option gives the holder the right, in return for the premium paid, to assume a long position (call) or short position (put) in a futures contract at a specified exercise price at any time during the period of the option. Upon exercise of a call option, the holder acquires a long position in the futures contract, and the writer is assigned the opposite short position. The opposite is true in the case of a put option. A call option is "in the money" if the value of the futures contract that is the subject of the option exceeds the exercise price. A put option is "in the money" if the exercise price exceeds the value of the futures contract that is the subject of the option. See also "Options" above for a general description of investment techniques and risks relating to options.

The value of a futures contract tends to increase and decrease in tandem with the value of its underlying reference asset. Purchasing futures contracts will, therefore, tend to increase the AFIS Master Fund's exposure to positive and negative price fluctuations in the reference asset, much as if the AFIS Master Fund had purchased the reference asset directly. When the AFIS Master Fund sells a futures contract, by contrast, the value of its futures position will tend to move in a direction contrary to the market for the reference asset. Accordingly, selling futures contracts will tend to offset both positive and negative market price changes, much as if the reference asset had been sold.

There is no assurance that a liquid market will exist for any particular futures or futures options contract at any particular time. Futures exchanges may establish daily price fluctuation limits for futures contracts and may halt trading if a contract's price moves upward or downward more than the limit in a given day. On volatile trading days, when the price fluctuation limit is reached and a trading halt is imposed, it may be impossible to enter into new positions or close out existing positions. If the market for a futures contract is not liquid because of price fluctuation limits or other market conditions, the AFIS Master Fund may be prevented from promptly liquidating unfavorable futures positions and the AFIS Master Fund could be required to continue to hold a position until delivery or expiration regardless of changes in its value, potentially subjecting the AFIS Master Fund to substantial losses. Additionally, the AFIS Master Fund may not be able to take other actions or enter into other transactions to limit or reduce its exposure to the position. Under such circumstances, the AFIS Master Fund would remain obligated to meet margin requirements until the position is cleared. As a result, the AFIS Master Fund's access to other assets posted as margin for its futures positions could also be impaired.

Although futures exchanges generally operate similarly in the United States and abroad, foreign futures exchanges may follow trading, settlement and margin procedures that are different than those followed by futures exchanges in the United States. Futures and futures options contracts traded outside the United States may not involve a clearing mechanism or related guarantees and may involve greater risk of loss than U.S.-traded contracts, including potentially greater risk of losses due to insolvency of a futures broker, exchange member, or other party that may owe initial or variation margin to the AFIS Master Fund. Margin requirements on foreign futures exchanges may be different than those of futures exchanges in the United States, and, because initial and variation margin payments may be measured in foreign currency, a futures or futures options contract traded outside the United States may also involve the risk of foreign currency fluctuations.

**Swaps —** The AFIS Master Fund may enter into swaps, which are two-party contracts entered into primarily by institutional investors for a specified time period. In a typical swap, two parties agree to exchange the returns earned or realized from one or more underlying assets or rates of return.

Swaps can be traded on a swap execution facility (SEF) and cleared through a central clearinghouse (cleared), traded OTC and cleared, or traded bilaterally and not cleared. For example, standardized interest rate swaps and standardized credit default swap indices are traded on SEFs and cleared. Other forms of swaps, such as total return swaps, and certain types of interest rate swaps and credit default swap indices are entered into on a bilateral basis. Because clearing interposes a central clearinghouse as the ultimate counterparty to each participant's swap, and margin is required to be exchanged under the rules of the clearinghouse, central clearing is intended to decrease (but not eliminate) counterparty risk relative to uncleared bilateral swaps. To the extent the AFIS Master Fund enters into bilaterally negotiated swaps, the AFIS Master Fund will enter into swaps only with counterparties that meet certain credit standards and have agreed to specific collateralization procedures; however, if the counterparty's creditworthiness deteriorates rapidly and the counterparty defaults on its obligations under the swap or declares bankruptcy, the AFIS Master Fund may lose any amount it expected to receive from the counterparty. In addition, bilateral swaps are subject to certain regulatory margin requirements that mandate the posting and collection of minimum margin amounts, which may result in the AFIS Master Fund and its counterparties posting higher margin amounts for bilateral swaps than would otherwise be the case.

The term of a swap can be days, months or years and certain swaps may be less liquid than others. If a swap is particularly large or if the relevant market is illiquid, it may not be possible to initiate a transaction or liquidate a position at an advantageous time or price, which may result in significant losses.

Swaps can take different forms. The AFIS Master Fund may enter into the following types of swaps:

**Interest Rate Swaps —** The AFIS Master Fund may enter into interest rate swaps to seek to manage the interest rate sensitivity of the AFIS Master Fund by increasing or decreasing the duration of the AFIS Master Fund or a portion of the AFIS Master Fund's portfolio. An interest rate swap is an agreement between two parties to exchange or swap payments based on changes in an interest rate or rates. Typically, one interest rate is fixed and the other is variable based on a designated short-term interest rate such as the Secured Overnight Financing Rate ("SOFR"), prime rate or other benchmark, or on an inflation index such as the U.S. Consumer Price Index (which is a measure that examines the weighted average of prices of a basket of consumer goods and services and measures changes in the purchasing power of the U.S. dollar and the rate of inflation). In other types of interest rate swaps, known as basis swaps, the parties agree to swap variable interest rates based on different designated short-term interest rates. Interest rate swaps generally do not involve the delivery of securities or other principal amounts. Rather, cash payments are exchanged by the parties based on the application of the designated interest rates to a notional amount, which is the predetermined dollar principal of the trade upon which payment obligations are computed. Accordingly, the AFIS Master Fund's current obligation or right under the swap is generally equal to the net amount to be paid or received under the swap based on the relative value of the position held by each party.

In addition to the risks of entering into swaps discussed above, the use of interest rate swaps involves the risk of losses if interest rates change.

**Total Return Swaps —** The AFIS Master Fund may enter into total return swaps in order to gain exposure to a market or security without owning or taking physical custody of such security or investing directly in such market. A total return swap is an agreement in which one party agrees to make periodic payments to the other party based on the change in market value of the assets underlying the contract during the specified term in exchange for periodic payments based on a fixed or variable interest rate or the total return from other underlying assets. The asset underlying the contract may be a single security, a basket of securities or a securities index. Like other swaps, the use of total return swaps involves certain risks, including potential losses if a counterparty defaults on its payment obligations to the AFIS Master Fund or the underlying assets do not perform as anticipated. There is no guarantee that entering into a total return swap will deliver returns in excess of the interest costs involved and, accordingly, the AFIS Master Fund's performance may be lower than would have been achieved by investing directly in the underlying assets.

**Credit Default Swap Indices —** In order to assume exposure to a diversified portfolio of credits or to hedge against existing credit risks, the AFIS Master Funds may invest in credit default swap indices including CDX and iTraxx indices (collectively referred to as "CDSIs"). A CDSI is based on a portfolio of credit default swaps with similar characteristics, such as credit default swaps on high-yield bonds. A CMBXI is a tradeable index referencing a basket of commercial mortgage-backed securities. In a typical CDSI or CMBXI transaction, one party — the protection buyer — is obligated to pay the other party — the protection seller — a stream of periodic payments over the term of the contract. If a credit event, such as a default or restructuring, occurs with respect to any of the underlying reference obligations, the protection seller must pay the protection buyer the loss on those credits. Also, if a restructuring credit event occurs in an iTraxx index, the AFIS Master Fund as protection buyer may receive a single name credit default swap ("CDS") contract representing the relevant constituent. Additionally, in order to assume exposure to the commercial mortgage-backed security sector or to hedge against existing credit and market risks within such sector, the fund may invest in mortgage-backed security credit default swap indices, including the CMBX index (collectively referred to as "CMBXIs").

The AFIS Master Funds may enter into a CDSI or CMBXI transaction as either protection buyer or protection seller. If the AFIS Master Fund is a protection buyer, it would pay the counterparty a periodic stream of payments over the term of the contract and would not recover any of those payments if no credit events were to occur with respect to any of the underlying reference obligations. However, if a credit event did occur, the AFIS Master Fund, as a protection buyer, would have the right to deliver the referenced debt obligations or a specified amount of cash, depending on the terms of the applicable agreement, and to receive the par value of such debt obligations from the counterparty protection seller. As a protection seller, the AFIS Master Fund would receive fixed payments throughout the term of the contract if no credit events were to occur with respect to any of the underlying reference obligations. If a credit event were to occur, however, the value of any deliverable obligation received by the AFIS Master Funds, coupled with the periodic payments previously received by the AFIS Master Funds, may be less than the full notional value that the AFIS Master Funds, as a protection seller, pay to the counterparty protection buyer, effectively resulting in a loss of value to the AFIS Master Funds. Furthermore, as a protection seller, the AFIS Master Funds would effectively add leverage to their portfolio because they would have investment exposure to the notional amount of the swap.

The use of CDSI or CMBXI, like all other swaps, is subject to certain risks, including the risk that the AFIS Master Funds' counterparties will default on their obligations. If such a default were to occur, any contractual remedies that the AFIS Master Funds might have may be subject to applicable bankruptcy laws, which could delay or limit the AFIS Master Funds' recovery. Thus, if the AFIS Master Funds' counterparties to a CDSI or CMBXI transaction defaults on their obligation to make payments thereunder, the AFIS Master Funds may lose such payments altogether or collect only a portion thereof, which collection could involve substantial costs or delays.

Additionally, when the AFIS Master Funds invest in a CDSI or CMBXI as a protection seller, the AFIS Master Funds will be indirectly exposed to the creditworthiness of issuers of the underlying reference obligations in the index. If CRMC does not correctly evaluate the creditworthiness of issuers of the underlying instruments on which the CDSI or CMBXI is based, the investment could result in losses to the AFIS Master Funds.

**<u>Equity-linked Notes</u>.** The AFIS Master Fund may purchase equity-linked notes to enhance the current income of its portfolio. Equity-linked notes are hybrid instruments that are specially designed to combine the characteristics of one or more reference securities — usually a single stock, a stock index or a basket of stocks — and a related equity derivative, such as a put or call option, in a single note form. For example, an equity-linked note that refers to the stock of an issuer may be the economic equivalent of holding a position in that stock and simultaneously selling a call option on that stock with a strike price greater than the current stock price. The holder of the note would be exposed to decreases in the price of the equity to the same extent as if it held the equity directly. However, if the stock appreciated in value, the noteholder would only benefit from stock price increases up to the strike price (i.e., the point at which the holder of the call option would be expected to exercise its right to buy the underlying stock). Additionally, the terms of an equity-linked note may provide for periodic interest payments to holders at either a fixed or floating rate.

As described in the example above, the return on an equity-linked note is generally tied to the performance of the underlying reference security or securities. In addition to any interest payments made during the term of the note, at maturity, the noteholder usually receives a return of principal based on the capital appreciation of the linked securities. Depending on the terms of the issuance, the maximum principal amount to be repaid on the equity-linked note may be capped. For example, in consideration for greater current income or yield, a noteholder may forego its participation in the capital appreciation of the underlying equity assets above a predetermined price limit. Alternatively, if the linked securities have depreciated in value, or if their price fluctuates outside of a preset range, the noteholder may receive only the principal amount of the note, or may lose the principal invested in the equity-linked note entirely.

The price of an equity-linked note is derived from the value of the underlying linked securities. The level and type of risk involved in the purchase of an equity-linked note by the AFIS Master Fund is similar to the risk involved in the purchase of the underlying linked securities. However, the value of equity-linked notes is also dependent on the individual credit of the issuer of the note, which, in the case of unsecured notes, will generally be a major financial institution, and, in the case of collateralized notes, will generally be a trust or other special purpose vehicle or finance subsidiary established by a major financial institution for the limited purpose of issuing the note. An investment in an equity-linked note bears the risk that the issuer of the note will default or become bankrupt. In such an event, the AFIS Master Fund may have difficulty being repaid, or may fail to be repaid, the principal amount of, or income from, its investment. Like other structured products, equity-linked notes are frequently secured by collateral consisting of a combination of debt or related equity securities to which payments under the notes are linked. If so secured, the AFIS Master Fund would look to this underlying collateral for satisfaction of claims in the event that the issuer of an equity-linked note defaulted under the terms of the note. However, depending on the law of the jurisdictions in which an issuer is organized and in which the note is issued, in the event of default, the AFIS Master Fund may incur substantial expenses in seeking recovery under an equity-linked note, and may have limited legal recourse in attempting to do so.

Equity-linked notes are often privately placed and may not be rated, in which case the AFIS Master Fund will be more dependent than would otherwise be the case on the ability of CRMC to evaluate the creditworthiness of the issuer, the underlying security, any collateral features of the note, and the potential for loss due to market and other factors. Ratings of issuers of equity-linked notes refer only to the creditworthiness of the issuer and strength of related collateral arrangements or other credit supports, and do not take into account, or attempt to rate, any potential risks of the underlying equity securities. The AFIS Master Fund's successful use of equity-linked notes will usually depend on the CRMC's ability to accurately forecast movements in the prices of the underlying securities. Should the prices of the underlying securities move in an unexpected manner, or should the structure of the notes respond to market conditions differently than anticipated, the AFIS Master Fund may not achieve the anticipated benefits of the investment in the equity-linked note, and it may realize losses, which could be significant and could include the AFIS Master Fund's entire principal investment in the note.

Equity-linked notes are generally designed for the over-the-counter institutional investment market, and the secondary market for equity-linked notes may be limited. The lack of a liquid secondary market may have an adverse effect on the ability of the AFIS Master Fund to accurately value and/or sell the equity-linked notes in its portfolio.

**<u>Equity Securities</u>.** Certain AFIS Master Funds are eligible to invest in equity securities.

Equity securities represent an ownership position in a company. Equity securities held by the AFIS Master Funds typically consist of common stocks. The prices of equity securities fluctuate based on, among other things, events specific to their issuers and market, economic and other conditions. For example, prices of these securities can be affected by financial contracts held by the issuer or third parties (such as derivatives) relating to the security or other assets or indices. Holders of equity securities are not creditors of the issuer. If an issuer liquidates, holders of equity securities are entitled to their pro rata share of the issuer's assets, if any, after creditors (including the holders of fixed income securities and senior equity securities) are paid.

There may be little trading in the secondary market for particular equity securities, which may adversely affect the AFIS Master Funds' ability to value accurately or dispose of such equity securities. Adverse publicity and investor perceptions, whether or not based on fundamental analysis, may decrease the value and/or liquidity of equity securities.

The growth-oriented, equity-type securities generally purchased by certain of the AFIS Master Funds may involve large price swings and potential for loss. To the extent the AFIS Master Funds invest in income-oriented, equity-type securities, income provided by the AFIS Master Funds may be reduced by changes in the dividend policies of, and the capital resources available at, the companies in which the AFIS Master Funds invest.

**<u>Forward Commitment, When Issued and Delayed Delivery Transactions</u>.** Certain AFIS Master Funds may enter into commitments to purchase or sell securities at a future date. When an AFIS Master Fund agrees to purchase such securities, it assumes the risk of any decline in value of the security from the date of the agreement, and when an AFIS Master Fund agrees to sell such securities, it assumes the risk of any increase in value of the security. If the other party to such a transaction fails to deliver or pay for the securities, the AFIS Master Fund could miss a favorable price or yield opportunity, or could experience a loss.

Certain AFIS Master Funds may roll such transactions in lieu of taking physical delivery of the contract's underlying assets on the settlement date. When rolling the purchase of these types of transactions, an AFIS Master Fund sells mortgage-backed securities for delivery in the current month and simultaneously contracts to repurchase substantially similar (same type, coupon, and maturity) securities on a specified future date, at a pre-determined price. When rolling the sale of these types of transactions, an AFIS Master Fund purchases mortgage-backed securities for delivery in the current month and simultaneously contracts to sell substantially similar (same type, coupon, and maturity) securities on a specified future date, at a pre-determined price.

When rolling these types of transactions, during the period between the initial sale (or purchase) and subsequent repurchase (or sale) (the "roll period"), an AFIS Master Fund forgoes principal and interest paid on the mortgage-backed securities. The AFIS Master Fund is compensated by the price differential between the original and new contracts (often referred to as the "drop"), if any, as well as by the interest earned on the cash proceeds of any sales. The AFIS Master Fund also takes the risk that market prices or characteristics of the underlying mortgage-backed securities may move unfavorably between the original and new contracts. The AFIS Master Fund could suffer a loss if the contracting party fails to perform the future transaction and an AFIS Master Fund is therefore unable to buy or sell back the mortgage-backed securities it initially either sold or purchased, respectively. These transactions are accounted for as purchase and sale transactions, which contribute to an AFIS Master Fund's portfolio turnover rate.

With TBA transactions, the particular securities (i.e., specified mortgage pools) to be delivered or received are not identified at the trade date, but are "to be announced" at a later settlement date. However, securities to be delivered must meet specified criteria, including face value, coupon rate and maturity, and be within industry-accepted "good delivery" standards. The AFIS Master Fund will not use these transactions for the purpose of leveraging. Although these transactions will not be entered into for leveraging purposes, an AFIS Master Fund temporarily could be in a leveraged position (because it may have an amount greater than its net assets subject to market risk). Should market values of an AFIS Master Fund's portfolio securities decline while an AFIS Master Fund is in a leveraged position, greater depreciation of its net assets would likely occur than if it were not in such a position. After a transaction is entered into, an AFIS Master Fund may still dispose of or renegotiate the transaction. Additionally, prior to receiving delivery of securities as part of a transaction, an AFIS Master Fund may sell such securities.

When an AFIS Master Fund enters into a TBA commitment for the sale of mortgage-backed securities for a fixed price, with payment and delivery on an agreed upon future settlement date (which may be referred to as having a short position in such TBA securities), an AFIS Master Fund may or may not hold the types of mortgage-backed securities required to be delivered. To the extent an AFIS Master Fund has sold such a security on a when-issued, delayed delivery, or forward commitment basis, an AFIS Master Fund would not participate in future gains or losses with respect to the security if an AFIS Master Fund holds such security. If the other party to a transaction fails to pay for the securities, an AFIS Master Fund could suffer a loss. Additionally, when selling a security on a when-issued, delayed delivery or forward commitment basis without owning the security, an AFIS Master Fund will incur a loss if the security's price appreciates in value such that the security's price is above the agreed-upon price on the settlement date.

Under the SEC's rule applicable to the AFIS Master Fund's use of derivatives, when issued, forward-settling and nonstandard settlement cycle securities, as well as TBAs and roll transactions, will be treated as derivatives unless the AFIS Master Fund intends to physically settle these transactions and the transactions will settle within 35 days of their respective trade dates.

**<u>Indirect Exposure to Cryptocurrencies</u>.** Cryptocurrencies are currencies which exist in a digital form and may act as a store of wealth, a medium of exchange or an investment asset. There are thousands of cryptocurrencies, such as bitcoin. Although the AFIS Master Fund has no current intention of directly investing in cryptocurrencies, some issuers have begun to accept cryptocurrency for payment of services, use cryptocurrencies as reserve assets or invest in cryptocurrencies, and certain funds may invest in securities of such issuers. Certain funds may also invest in securities of issuers which provide cryptocurrency-related services.

Cryptocurrencies are subject to fluctuations in value. Cryptocurrencies are not backed by any government, corporation, or other identified body. Rather, the value of a cryptocurrency is determined by other factors, such as the perceived future prospects or the supply and demand for such cryptocurrency in the global market for the trading of cryptocurrency. Such trading markets are unregulated and may be more exposed to operational or technical issues as well as fraud or manipulation in comparison to established, regulated exchanges for securities, derivatives and traditional currencies. The value of a cryptocurrency may decline precipitously (including to zero) for a variety of reasons, including, but not limited to, regulatory changes, a loss of confidence in its network or a change in user preference to other cryptocurrencies. An issuer that owns cryptocurrencies may experience custody issues, and may lose its cryptocurrency holdings through theft, hacking, or technical glitches in the applicable blockchain. Certain funds may experience losses as a result of the decline in value of its securities of issuers that own cryptocurrencies or which provide cryptocurrency-related services. If an issuer that owns cryptocurrencies intends to pay a dividend using such holdings or to otherwise make a distribution of such holdings to its stockholders, such dividends or distributions may face regulatory, operational and technical issues.

Factors affecting the further development of cryptocurrency include, but are not limited to: continued worldwide growth of, or possible cessation of or reversal in, the adoption and use of cryptocurrencies and other digital assets; the developing regulatory environment relating to cryptocurrencies, including the characterization of cryptocurrencies as currencies, commodities, or securities, the tax treatment of cryptocurrencies, and government and quasi-government regulation or restrictions on, or regulation of access to and operation of, cryptocurrency networks and the exchanges on which cryptocurrencies trade, including anti-money laundering regulations and requirements; perceptions regarding the environmental impact of a cryptocurrency; changes in consumer demographics and public preferences; general economic conditions; maintenance and development of open-source software protocols; the availability and popularity of other forms or methods of buying and selling goods and services; the use of the networks supporting digital assets, such as those for developing smart contracts and distributed applications; and general risks tied to the use of information technologies, including cyber risks. A hack or failure of one cryptocurrency may lead to a loss in confidence in, and thus decreased usage and/or value of, other cryptocurrencies.

**<u>Inflation/Deflation Risk</u>.** The AFIS Master Fund may be subject to inflation and deflation risk. Inflation risk is the risk that the present value of assets or income from investments will be less in the future as inflation decreases the value of money. As inflation increases, the present value of the AFIS Master Fund's assets can decline. Deflation risk is the risk that prices throughout the economy decline over time. Deflation or inflation may have an adverse effect on the creditworthiness of issuers and may make issuer default more likely, which may result in a decline in the value of the AFIS Master Fund's assets.

**<u>Inflation-Linked Bonds</u>.** The AFIS Master Funds may invest in inflation-linked bonds issued by governments, their agencies or instrumentalities and corporations.

The principal amount of an inflation-linked bond is adjusted in response to changes in the level of an inflation index, such as the Consumer Price Index for Urban Consumers ("CPURNSA"). If the index measuring inflation falls, the principal value or coupon of these securities will be adjusted downward. Consequently, the interest payable on these securities will be reduced. Also, if the principal value of these securities is adjusted according to the rate of inflation, the adjusted principal value repaid at maturity may be less than the original principal. In the case of U.S. Treasury Inflation-Protected Securities (TIPS), currently the only inflation-linked security that is issued by the U.S Treasury, the principal amounts are adjusted daily based upon changes in the rate of inflation (as currently represented by the non-seasonally adjusted CPURNSA, calculated with a three-month lag). TIPS may pay interest semi-annually, equal to a fixed percentage of the inflation-adjusted principal amount. The interest rate on these bonds is fixed at issuance, but over the life of the bond, this interest may be paid on an increasing or decreasing principal amount that has been adjusted for inflation. The current market value of TIPS is not guaranteed and will fluctuate. However, the U.S. Government guarantees that, at maturity, principal will be repaid at the higher of the original face value of the security (in the event of deflation) or the inflation adjusted value.

Other non-U.S. sovereign governments also issue inflation-linked securities that are tied to their own local consumer price indexes and that offer similar deflationary protection. In certain of these non-U.S. jurisdictions, the repayment of the original bond principal upon the maturity of an inflation-linked bond is not guaranteed, allowing for the amount of the bond repaid at maturity to be less than par. Corporations also periodically issue inflation-linked securities tied to CPURNSA or similar inflationary indexes. While TIPS and non-U.S. sovereign inflation-linked securities are currently the largest part of the inflation-linked market, the AFIS Master Funds may invest in corporate inflation-linked securities.

The value of inflation-linked securities is expected to change in response to the changes in real interest rates. Real interest rates, in turn, are tied to the relationship between nominal interest rates and the rate of inflation. If inflation were to rise at a faster rate than nominal interest rates, real interest rates would decline, leading to an increase in value of the inflation-linked securities. In contrast, if nominal interest rates were to increase at a faster rate than inflation, real interest rates might rise, leading to a decrease in value of inflation-linked securities. There can be no assurance, however, that the value of inflation-linked securities will be directly correlated to the changes in interest rates. If interest rates rise due to reasons other than inflation, investors in these securities may not be protected to the extent that the increase is not reflected in the security's inflation measure.

The interest rate for inflation-linked bonds is fixed at issuance as a percentage of this adjustable principal. Accordingly, the actual interest income may both rise and fall as the principal amount of the bonds adjusts in response to movements of the consumer price index. For example, typically interest income would rise during a period of inflation and fall during a period of deflation.

The market for inflation-linked securities may be less developed or liquid, and more volatile, than certain other securities markets. There is a limited number of inflation-linked securities currently available for the AFIS Master Funds to purchase, making the market less liquid and more volatile than the U.S. Treasury and agency markets.

**<u>Insured Municipal Bonds</u>.** The AFIS Master Fund may invest in municipal bonds that are insured generally as to the timely payment of interest and repayment of principal. The insurance for such bonds may be purchased by the bond issuer, the fund or any other party, and is usually purchased from private, non-governmental insurance companies. Insurance that covers a municipal bond is expected to protect the fund against losses caused by a bond issuer's failure to make interest or principal payments. However, insurance does not guarantee the market value of the bond or the prices of the fund's shares. Also, CRMC cannot be certain that the insurance company will make payments it guarantees. The market value of the bond could drop if a bond's insurer fails to fulfill its obligations. Market conditions or changes to ratings criteria could adversely impact the ratings of municipal bond insurers. When rating agencies lower or withdraw the credit rating of the insurer, the insurance may be providing little or no enhancement of credit or resale value to the municipal bond.

**<u>Interfund Borrowing and Lending</u>.** Pursuant to an exemptive order issued by the U.S. Securities and Exchange Commission, certain AFIS Master Funds may lend money to, and borrow money from, other funds advised by CRMC or its affiliates. Such funds will borrow through the program only when the costs are equal to or lower than the costs of bank loans. Such funds will lend through the program only when the returns are higher than those available from an investment in repurchase agreements. Interfund loans and borrowings normally extend overnight, but can have a maximum duration of seven days. Loans may be called on one day's notice. A fund may have to borrow from a bank at a higher interest rate if an interfund loan is called or not renewed. Any delay in repayment to a lending fund could result in a lost investment opportunity or additional borrowing costs.

**<u>Inverse Floating Rate Notes</u>.** Certain AFIS Master Funds may invest in inverse floating rate notes (a type of derivative instrument). These notes have rates that move in the opposite direction of prevailing interest rates. A change in prevailing interest rates will often result in a greater change in these instruments' interest rates. As a result, these instruments may have a greater degree of volatility than other types of interest-bearing securities.

**<u>Investing in Emerging Markets</u>.** Investing in emerging markets may involve risks in addition to and greater than those generally associated with investing in the securities markets of developed countries. For the AFIS Master Fund New World Fund, investing in emerging markets, the securities markets of which may be referred to as emerging markets or frontier markets, may involve similar risks, and references to "emerging markets" in the AFIS Master Fund statement of additional information also refer to developed countries. For instance, emerging market countries tend to have less developed political, economic, and legal systems than those in developed countries. Accordingly, the governments of these countries may be less stable and more likely to intervene in the market economy, for example, by imposing capital controls, nationalizing a company or industry, placing restrictions on foreign ownership and on withdrawing sale proceeds of securities from the country, and/or imposing punitive taxes that could adversely affect the prices of securities. Information regarding issuers in emerging markets may be limited, incomplete or inaccurate, and such issuers may not be subject to regulatory, accounting, auditing, and financial reporting and recordkeeping standards comparable to those to which issuers in more developed markets are subject. The AFIS Master Fund's rights with respect to its investments in emerging markets, if any, will generally be governed by local law, which may make it difficult or impossible for the AFIS Master Fund to pursue legal remedies or to obtain and enforce judgments in local courts. In addition, the economies of these countries may be dependent on relatively few industries, may have limited access to capital and may be more susceptible to changes in local and global trade conditions and downturns in the world economy. Securities markets in these countries can also be relatively small and have substantially lower trading volumes. As a result, securities issued in these countries may be more volatile and less liquid, more vulnerable to market manipulation, and more difficult to value, than securities issued in countries with more developed economies and/or markets. Less certainty with respect to security valuations may lead to additional challenges and risks in calculating the AFIS Master Fund's net asset value. Additionally, emerging markets are more likely to experience problems with the clearing and settling of trades and the holding of securities by banks, agents and depositories that are less established than those in developed countries.

In countries where direct foreign investment is limited or prohibited, the AFIS Master Fund may invest in operating companies based in such countries through an offshore intermediary entity that, based on contractual agreements, seeks to replicate the rights and obligations of direct equity ownership in such operating company. Because the contractual arrangements do not in fact bestow the AFIS Master Fund with actual equity ownership in the operating company, these investment structures may limit the AFIS Master Fund's rights as an investor and create significant additional risks. For example, local government authorities may determine that such structures do not comply with applicable laws and regulations, including those relating to restrictions on foreign ownership. In such event, the intermediary entity and/or the operating company may be subject to penalties, revocation of business and operating licenses or forfeiture of foreign ownership interests, and the AFIS Master Fund's economic interests in the underlying operating company and its rights as an investor may not be recognized, resulting in a loss to the AFIS Master Fund and its shareholders. In addition, exerting control through contractual arrangements may be less effective than direct equity ownership, and a company may incur substantial costs to enforce the terms of such arrangements, including those relating to the distribution of the AFIS Master Funds among the entities. These special investment structures may also be disregarded for tax purposes by local tax authorities, resulting in increased tax liabilities, and the AFIS Master Fund's control over – and distributions due from – such structures may be jeopardized if the individuals who hold the equity interest in such structures breach the terms of the agreements. While these structures may be widely used to circumvent limits on foreign ownership in certain jurisdictions, there is no assurance that they will be upheld by local regulatory authorities or that disputes regarding the same will be resolved consistently.

Although there is no universally accepted definition, CRMC generally considers an emerging market to be a market that is in the earlier stages of its industrialization cycle with a low per capita gross domestic product ("GDP") and a low market capitalization to GDP ratio relative to those in the United States and the European Union, and would include markets commonly referred to as "frontier markets." For example, the investment adviser currently expects that most countries not designated as developed markets by MSCI Inc. (MSCI) will be treated as emerging markets for equity securities, and that most countries designated as emerging markets by J.P. Morgan or, if not available, Bloomberg will be treated as emerging markets for debt securities; please refer to the AFIS Master Fund New World Fund prospectus for information on the countries the AFIS Master Fund New World Fund considers to be developing countries.

**Certain risk factors related to emerging markets**

- Currency Fluctuations – Certain emerging markets' currencies have experienced and in the future may experience significant declines against the U.S. dollar. For example, if the U.S. dollar appreciates against foreign currencies, the value of the AFIS Master Funds' emerging markets securities holdings would generally depreciate and vice versa. Further, the AFIS Master Fund may lose money due to losses and other expenses incurred in converting various currencies to purchase and sell securities valued in currencies other than the U.S. dollar, as well as from currency restrictions, exchange control regulation, governmental restrictions that limit or otherwise delay the AFIS Master Fund's ability to convert or repatriate currencies and currency devaluations.

- Government Regulation – Certain emerging markets lack uniform accounting, auditing and financial reporting and disclosure standards, have less governmental supervision of financial markets than in the United States, and may not honor legal rights or protections enjoyed by investors in the United States. Certain governments may be more unstable and present greater risks of nationalization or restrictions on foreign ownership of local companies.

Repatriation of investment income, capital and the proceeds of sales by foreign investors may require governmental registration and/or approval in some emerging markets. While the AFIS Master Funds will only invest in markets where these restrictions are considered acceptable by CRMC, a country could impose new or additional repatriation restrictions after the AFIS Master Funds' investment. If this happened, the AFIS Master Funds' response might include, among other things, applying to the appropriate authorities for a waiver of the restrictions or engaging in transactions in other markets designed to offset the risks of decline in that country. Such restrictions will be considered in relation to the AFIS Master Funds' liquidity needs and other factors. Further, some attractive equity securities may not be available to the AFIS Master Funds if foreign shareholders already hold the maximum amount legally permissible.

While government involvement in the private sector varies in degree among emerging markets, such involvement may in some cases include government ownership of companies in certain sectors, wage and price controls or imposition of trade barriers and other protectionist measures. With respect to any emerging market, there is no guarantee that some future economic or political crisis will not lead to price controls, forced mergers of companies, expropriation or creation of government monopolies to the possible detriment of the AFIS Master Fund's investments.

- Fluctuations in inflation rates **–** Rapid fluctuations in inflation rates may have negative impacts on the economies and securities markets of certain emerging market countries.

- Less Developed Securities Markets - Emerging markets may be less well-developed and regulated than other markets. These markets have lower trading volumes than the securities markets of more developed countries and may be unable to respond effectively to increases in trading volume. Consequently, these markets may be substantially less liquid than those of more developed countries and the securities of issuers located in these markets may have limited marketability. These factors may make prompt liquidation of substantial portfolio holdings difficult or impossible at times.

- Settlement Risks - Settlement systems in emerging markets are generally less well organized than those of developed markets. Supervisory authorities may also be unable to apply standards comparable to those in developed markets. Thus, there may be risks that settlement may be delayed and that cash or securities belonging to the AFIS Master Funds may be in jeopardy because of failures of or defects in the systems. In particular, market practice may require that payment be made before receipt of the security being purchased or that delivery of a security be made before payment is received. In such cases, default by a broker or bank (the "counterparty") through which the transaction is effected might cause the AFIS Master Funds to suffer a loss. The AFIS Master Funds will seek, where possible, to use counterparties whose financial status is such that this risk is reduced. However, there can be no certainty that the AFIS Master Funds will be successful in eliminating this risk, particularly as counterparties operating in emerging markets frequently lack the standing or financial resources of those in developed countries. There may also be a danger that, because of uncertainties in the operation of settlement systems in individual markets, competing claims may arise with respect to securities held by or to be transferred to the AFIS Master Funds.

- Limited Market Information - The AFIS Master Funds may encounter problems assessing investment opportunities in certain emerging markets in light of limitations on available information and different accounting, auditing and financial reporting standards. For example, due to jurisdictional limitations, the Public Company Accounting Oversight Board ("PCAOB"), which regulates auditors of U.S. reporting companies, may be unable to inspect the audit work and practices of PCAOB-registered auditing firms in certain emerging markets. As a result, there is greater risk that financial records and information relating to an issuer's operations in emerging markets will be incomplete or misleading, which may negatively impact the AFIS Master Fund's investments in such company. When faced with limited market information, CRMC will seek alternative sources of information, and to the extent CRMC is not satisfied with the sufficiency or accuracy of the information obtained with respect to a particular market or security, the AFIS Master Funds will not invest in such market or security.

- Taxation - Taxation of dividends, interest and capital gains received by the AFIS Master Fund varies among emerging markets and, in some cases, is comparatively high. In addition, emerging markets typically have less well-defined tax laws and procedures and such laws may permit retroactive taxation so that the AFIS Master Funds could in the future become subject to local tax liability that it had not reasonably anticipated in conducting its investment activities or valuing its assets.

- Fraudulent Securities - Securities purchased by the AFIS Master Funds may subsequently be found to be fraudulent or counterfeit, resulting in a loss to the AFIS Master Funds.

- Remedies – Emerging markets may offer less protection to investors than U.S. markets and, in the event of investor harm, there may be substantially less recourse available to the AFIS Master Fund and its shareholders. In addition, as a matter of law or practicality, the AFIS Master Fund and its shareholders - as well as U.S. regulators - may encounter substantial difficulties in obtaining and enforcing judgments and other actions against non-U.S. individuals and companies.

**<u>Investing Outside the United States</u>**. The AFIS Master Funds may invest in securities of issuers domiciled outside the United States and which may be denominated in currencies other than the U.S. dollar. Securities of issuers domiciled outside the United States, or with significant operations or revenues outside the United States, and securities tied economically to countries outside the United States, may lose value because of adverse political, social, economic or market developments (including social instability, regional conflicts, terrorism and war) in the countries or regions in which the issuers are domiciled, operate or generate revenue or to which the securities are tied economically. These issuers may also be more susceptible to actions of foreign governments such as the imposition of price controls, sanctions, or punitive taxes that could adversely impact the value of these securities. To the extent the AFIS Master Funds invest in securities that are denominated in currencies other than the U.S. dollar, these securities may also lose value due to changes in foreign currency exchange rates against the U.S. dollar and/or currencies of other countries. Securities markets in certain countries may be more volatile or less liquid than those in the United States. Investments outside the United States may also be subject to different accounting practices and different regulatory, legal, auditing, financial reporting and recordkeeping standards and practices, and may be more difficult to value, than those in the United States. In addition, the value of investments outside the United States may be reduced by foreign taxes, including foreign withholding taxes on interest and dividends. Further, there may be increased risks of delayed settlement of securities purchased or sold by the AFIS Master Fund, which could impact the liquidity of the AFIS Master Fund's portfolio. The risks of investing outside the United States may be heightened in connection with investments in emerging markets.

Additional costs could be incurred in connection with the AFIS Master Funds' investment activities outside the United States. Brokerage commissions may be higher outside the United States, and the AFIS Master Funds will bear certain expenses in connection with its currency transactions. Furthermore, increased custodian costs may be associated with maintaining assets in certain jurisdictions.

**<u>Investing in Private Companies</u>.** Certain AFIS Master Funds may invest in companies that have not publicly offered their securities. Investing in private companies can involve greater risks than those associated with investing in publicly traded companies. For example, the securities of a private company may be subject to the risk that market conditions, developments within the company, investor perception, or regulatory decisions may delay or prevent the company from ultimately offering its securities to the public. Furthermore, these investments are generally considered to be illiquid until a company's public offering and are often subject to additional contractual restrictions on resale that would prevent the AFIS Master Funds from selling their company shares for a period of time following the public offering. Investments in private companies can offer the AFIS Master Funds significant growth opportunities at attractive prices. However, these investments can pose greater risk, and, consequently, there is no guarantee that positive results can be achieved in the future.

**<u>Investing in Smaller Capitalization Stocks</u>.** Certain AFIS Master Funds may invest in the stocks of smaller capitalization companies. Investing in smaller capitalization stocks can involve greater risk than is customarily associated with investing in stocks of larger, more established companies. For example, smaller companies often have limited product lines, limited operating histories, limited markets or financial resources, may be dependent on one or a few key persons for management and can be more susceptible to losses. Also, their securities may be less liquid or illiquid (and therefore have to be sold at a discount from current prices or sold in small lots over an extended period of time), may be followed by fewer investment research analysts and may be subject to wider price swings, thus creating a greater chance of loss than securities of larger capitalization companies. The AFIS Master Funds determine relative market capitalizations using U.S. standards. Accordingly, the AFIS Master Funds' investments in certain countries outside the United States may have larger market capitalizations relative to other companies within those countries.

**<u>Investing through Bond Connect</u>.** The AFIS Master Funds may invest in onshore China bonds via Bond Connect, the opening up of China's Interbank Bond Market (CIBM) to global investors through the China-Hong Kong mutual access program. The program allows foreign and mainland China investors the ability to trade in each other's bond market through a connection between the mainland and Hong Kong based financial infrastructure institutions. Bond Connect aims to enhance the efficiency and flexibility of investing in the CIBM. This is accomplished by easing the access requirements to enter the market and using the Hong Kong trading infrastructure to connect to China Foreign Exchange Trading System (CFETS). Market volatility and potential lack of liquidity due to low trading volume of certain debt securities in CIBM may result in prices of certain debt securities traded on such market fluctuating significantly. The bid and offer spreads of the prices of such securities may be large, and the fund may therefore incur significant trading, settlement and realization costs and may face counterparty default, liquidity, and volatility risks, resulting in significant losses for the funds and their investors. Bond Connect is a novel concept and, as such, the current regulations are untested and there is no certainty as to how they will be applied. In addition, the current regulations are subject to change which may have potential retrospective effects and there can be no assurance that Bond Connect will not be abolished. New regulations may be issued from time to time by the regulators in the PRC and Hong Kong in connection with operations, legal enforcement and cross-border trades under Bond Connect. The fund may be adversely affected as a result of such changes.

**<u>Investing through Stock Connect</u>.** The AFIS Master Funds may invest in China A-shares of certain Chinese companies listed and traded on the Shanghai Stock Exchange ("SSE") and on the Shenzhen Stock Exchange ("SZSE", and together, the "Exchanges") through the Shanghai-Hong Kong Stock Connect Program and the Shenzhen-Hong Kong Stock Connect Program, respectively (together, "Stock Connect"). Stock Connect is a securities trading and clearing program developed by the Exchange of Hong Kong, the Exchanges and the China Securities Depository and Clearing Corporation Limited. Stock Connect facilitates foreign investment in the People's Republic of China ("PRC") via brokers in Hong Kong. Persons investing through Stock Connect are subject to PRC regulations and Exchange listing rules, among others. These could include limitations on or suspension of trading. These regulations are relatively new and subject to changes which could adversely impact the AFIS Master Funds' rights with respect to the securities. For example, a stock may be recalled from the scope of securities traded on the SSE or SZSE eligible for trading via Stock Connect for various reasons, and in such event the stock can be sold but is restricted from being bought. In such event, the investment adviser's ability to implement the AFIS Master Fund's investment strategies may be adversely affected. As Stock Connect is still relatively new, investments made through Stock Connect are subject to relatively new trading, clearance and settlement procedures and there are no assurances that the necessary systems to run the program will function properly. In addition, Stock Connect is subject to aggregate and daily quota limitations on purchases and permitted price fluctuations. As a result, the AFIS Master Fund may experience delays in transacting via Stock Connect and there can be no assurance that a liquid market on the Exchanges will exist. Since Stock Connect only operates on days when both the Chinese and Hong Kong markets are open for trading, and banking services are available in both markets on the corresponding settlement days, the AFIS Master Fund's ownership interest in securities traded through Stock Connect may not be reflected directly and the AFIS Master Fund may be subject to the risk of price fluctuations in China A-shares when Stock Connect is not open to trading. Changes in Chinese tax rules may also adversely affect the AFIS Master Fund's performance. The AFIS Master Fund's shares are held in an omnibus account and registered in nominee name. Please also see the sections on risks relating to investing outside the United States and investing in emerging markets.

**<u>Loan Assignments and Participations</u>.** The AFIS Master Funds may invest in loans or other forms of indebtedness that represent interests in amounts owed by corporations or other borrowers (collectively "borrowers"). Loans may be originated by the borrower in order to address its working capital needs, as a result of a reorganization of the borrower's assets and liabilities (recapitalizations), to merge with or acquire another company (mergers and acquisitions), to take control of another company (leveraged buy-outs), to provide temporary financing (bridge loans), or for other corporate purposes.

Some loans may be secured in whole or in part by assets or other collateral. The greater the value of the assets securing the loan, the more the lender is protected against loss in the case of nonpayment of principal or interest. Loans made to highly leveraged borrowers may be especially vulnerable to adverse changes in economic or market conditions and may involve a greater risk of default.

Some loans may represent revolving credit facilities or delayed funding loans, in which a lender agrees to make loans up to a maximum amount upon demand by the borrower during a specified term. These commitments may have the effect of requiring the AFIS Master Fund to increase its investment in a company at a time when it might not otherwise decide to do so (including at a time when the company's financial condition makes it unlikely that such amounts will be repaid).

Some loans may represent debtor-in-possession financings (commonly known as "DIP financings"). DIP financings are arranged when an entity seeks the protections of the bankruptcy court under Chapter 11 of the U.S. Bankruptcy Code. These financings allow the entity to continue its business operations while reorganizing under Chapter 11. Such financings constitute senior liens on unencumbered collateral (i.e., collateral not subject to other creditors' claims). There is a risk that the entity will not emerge from Chapter 11 and will be forced to liquidate its assets under Chapter 7 of the U.S. Bankruptcy Code. In the event of liquidation, the AFIS Master Fund's only recourse will be against the collateral securing the DIP financing.

CRMC generally makes investment decisions based on publicly available information but may rely on non-public information if necessary. Borrowers may offer to provide lenders with material, non-public information regarding a specific loan or the borrower in general. CRMC generally chooses not to receive this information. As a result, CRMC may be at a disadvantage compared to other investors that may receive such information. CRMC's decision not to receive material, non-public information may impact CRMC's ability to assess a borrower's requests for amendments or waivers of provisions in the loan agreement. However, CRMC may on a case-by-case basis decide to receive such information when it deems prudent. In these situations CRMC may be restricted from trading the loan or buying or selling other debt and equity securities of the borrower while it is in possession of such material, non-public information, even if such loan or other security is declining in value.

The AFIS Master Funds normally acquire loan obligations through an assignment from another lender, but also may acquire loan obligations by purchasing participation interests from lenders or other holders of the interests. When the AFIS Master Funds purchase assignments they acquire direct contractual rights against the borrower on the loan. The AFIS Master Funds acquire the right to receive principal and interest payments directly from the borrower and to enforce their rights as a lender directly against the borrower. However, because assignments are arranged through private negotiations between potential assignees and potential assignors, the rights and obligations acquired by an AFIS Master Fund as the purchaser of an assignment may differ from, and be more limited than, those held by the assigning lender. Loan assignments are often administered by a financial institution that acts as agent for the holders of the loan, and the AFIS Master Fund may be required to receive approval from the agent and/or borrower prior to the purchase of a loan. Risks may also arise due to the inability of the agent to meet its obligations under the loan agreement.

Loan participations are loans or other direct debt instruments that are interests in amounts owed by the borrower to another party. They may represent amounts owed to lenders or lending syndicates to suppliers of goods or services, or to other parties. The AFIS Master Funds will have the right to receive payments of principal, interest and any fees to which they are entitled only from the lender selling the participation and only upon receipt by the lender of the payments from the borrower. In connection with purchasing participations, the AFIS Master Funds generally will have no right to enforce compliance by the borrower with the terms of the loan agreement relating to the loan, nor any rights of set-off against the borrower. In addition, the AFIS Master Funds may not directly benefit from any collateral supporting the loan in which they have purchased the participation and the AFIS Master Funds will have to rely on the agent bank or other financial intermediary to apply appropriate credit remedies. As a result, the AFIS Master Funds will be subject to the credit risk of both the borrower and the lender that is selling the participation. In the event of the insolvency of the lender selling a participation, an AFIS Master Fund may be treated as a general creditor of the lender and may not benefit from any set-off between the lender and the borrower.

Loan assignments and participations are generally subject to legal or contractual restrictions on resale and are not currently listed on any securities exchange or automatic quotation system. Risks may arise due to delayed settlements of loan assignments and participations. CRMC expects that most loan assignments and participations purchased for the AFIS Master Fund will trade on a secondary market. However, although secondary markets for investments in loans are growing among institutional investors, a limited number of investors may be interested in a specific loan. It is possible that loan participations, in particular, could be sold only to a limited number of institutional investors. If there is no active secondary market for a particular loan, it may be difficult for CRMC to sell the AFIS Master Fund's interest in such loan at a price that is acceptable to it and to obtain pricing information on such loan.

Investments in loan participations and assignments present the possibility that the AFIS Master Funds could be held liable as a co-lender under emerging legal theories of lender liability. In addition, if the loan is foreclosed, the AFIS Master Funds could be part owner of any collateral and could bear the costs and liabilities of owning and disposing of the collateral. The AFIS Master Funds anticipate that loan participations could be sold only to a limited number of institutional investors. In addition, some loan participations and assignments may not be rated by major rating agencies and may not be protected by the securities laws.

**<u>Market Conditions</u>**. The value of, and the income generated by, the securities in which an AFIS Master Fund invests may decline, sometimes rapidly or unpredictably, due to factors affecting certain issuers, particular industries or sectors, or the overall markets. Rapid or unexpected changes in market conditions could cause an AFIS Master Fund to liquidate holdings at inopportune times or at a loss or depressed value. The value of a particular holding may decrease due to developments related to that issuer, but also due to general market conditions, including real or perceived economic developments such as changes in interest rates, credit quality, inflation, or currency rates, or generally adverse investor sentiment, or political events, such as the imposition of trading and tariff arrangements. The value of a holding may also decline due to factors that negatively affect a particular industry or sector, such as labor shortages, increased production costs, or competitive conditions.

Global economies and financial markets are highly interconnected, and conditions and events in one country, region or financial market may adversely impact issuers in a different country, region or financial market. Furthermore, local, regional and global events such as war, acts of terrorism, social unrest, natural disasters, the spread of infectious illness or other public health threats, or bank failures could also adversely impact issuers, markets and economies, including in ways that cannot necessarily be foreseen. An AFIS Master Fund could be negatively impacted if the value of a portfolio holding were harmed by such conditions or events.

Significant market disruptions, such as those caused by pandemics, natural or environmental disasters, war, acts of terrorism, bank failures or other events, can adversely affect local and global markets and normal market operations. Market disruptions may exacerbate political, social, and economic risks. Additionally, market disruptions may result in increased market volatility; regulatory trading halts; closure of domestic or foreign exchanges, markets, or governments; or market participants operating pursuant to business continuity plans for indeterminate periods of time. Such events can be highly disruptive to economies and markets and significantly impact individual companies, sectors, industries, markets, currencies, interest and inflation rates, credit ratings, investor sentiment, and other factors affecting the value of an AFIS Master Fund's investments and operation of an AFIS Master Fund. These events could disrupt businesses that are integral to an AFIS Master Fund's operations or impair the ability of employees of the AFIS Master Funds' service providers to perform essential tasks on behalf of an AFIS Master Fund.

Governmental and quasi-governmental authorities may take a number of actions designed to support local and global economies and the financial markets in response to economic disruptions. Such actions may include a variety of significant fiscal and monetary policy changes, including, for example, direct capital infusions into companies, new monetary programs and significantly lower interest rates. These actions have resulted in significant expansion of public debt and may result in greater market risk. Additionally, an unexpected or quick reversal of these policies, or the ineffectiveness of these policies, could negatively impact overall investor sentiment and further increase volatility in securities markets.

**<u>Maturity</u>.** There are no restrictions on the maturity compositions of the portfolios of certain AFIS Master Funds. Certain AFIS Master Funds invest in debt securities with a wide range of maturities. Under normal market conditions, longer-term securities yield more than shorter term securities, but are subject to greater price fluctuations.

**<u>Municipal Bonds</u>.** Municipal bonds are debt obligations that are exempt from federal, state and/or local income taxes. Opinions relating to the validity of municipal bonds, exclusion of municipal bond interest from an investor's gross income for federal income tax purposes and, where applicable, state and local income tax, are rendered by bond counsel to the issuing authorities at the time of issuance.

The two principal classifications of municipal bonds are general obligation bonds and limited obligation or revenue bonds. General obligation bonds are secured by the issuer's pledge of its full faith and credit including, if available, its taxing power for the payment of principal and interest. Issuers of general obligation bonds include states, counties, cities, towns and various regional or special districts. The proceeds of these obligations are used to fund a wide range of public facilities, such as the construction or improvement of schools, highways and roads, water and sewer systems and facilities for a variety of other public purposes. Lease revenue bonds or certificates of participation in leases are payable from annual lease rental payments from a state or locality. Annual rental payments are payable to the extent such rental payments are appropriated annually.

Typically, the only security for a limited obligation or revenue bond is the net revenue derived from a particular facility or class of facilities financed thereby or, in some cases, from the proceeds of a special tax or other special revenues. Revenue bonds have been issued to fund a wide variety of revenue-producing public capital projects including: electric, gas, water and sewer systems; highways, bridges and tunnels; port and airport facilities; colleges and universities; hospitals; and convention, recreational, tribal gaming and housing facilities. Although the security behind these bonds varies widely, many provide additional security in the form of a debt service reserve fund which may also be used to make principal and interest payments on the issuer's obligations. In addition, some revenue obligations (as well as general obligations) are insured by a bond insurance company or backed by a letter of credit issued by a banking institution.

Revenue bonds also include, for example, pollution control, health care and housing bonds, which, although nominally issued by municipal authorities, are generally not secured by the taxing power of the municipality but by the revenues of the authority derived from payments by the private entity which owns or operates the facility financed with the proceeds of the bonds. Obligations of housing finance authorities have a wide range of security features, including reserve funds and insured or subsidized mortgages, as well as the net revenues from housing or other public projects. Many of these bonds do not generally constitute the pledge of the credit of the issuer of such bonds. The credit quality of such revenue bonds is usually directly related to the credit standing of the user of the facility being financed or of an institution which provides a guarantee, letter of credit or other credit enhancement for the bond issue.

**<u>New Fund Risks</u>.** Although the AFIS Master Funds have been in existence and thus have an operating history, the JNL/American Funds Feeder Funds have limited operating history, which may result in additional risk. There can be no assurance that each JNL/American Funds Feeder Fund will grow to or maintain an economically viable size, in which case the Board may determine to liquidate or otherwise alter a JNL/American Funds Feeder Fund. While shareholder interests will be the paramount consideration, the timing of any action may not be favorable to certain individual shareholders.

**<u>Obligations backed by the "full faith and credit" of the U.S. Government</u>.** U.S. Government obligations include the following types of securities:

- U.S. Treasury Securities - U.S. Treasury securities include direct obligations of the U.S. Treasury, such as Treasury bills, notes and bonds. For these securities, the payment of principal and interest is unconditionally guaranteed by the U.S. Government, and thus they are of high credit quality.

- Federal Agency Securities - The securities of certain U.S. Government agencies and government-sponsored entities are guaranteed as to the timely payment of principal and interest by the full faith and credit of the U.S. Government. Such agencies and entities include, but are not limited to, the Federal Financing Bank (FFB), the Government National Mortgage Association ("Ginnie Mae"), the U.S. Department of Veterans Affairs ("VA"), the Federal Housing Administration ("FHA"), the Export-Import Bank of the United States ("Exim Bank"), U.S. International Development Finance Corporation ("IDFC"), the Commodity Credit Corporation ("CCC") and the U.S. Small Business Administration ("SBA").

Such securities are subject to variations in market value due to fluctuations in interest rates and in government policies, among other things, but, if held to maturity, are expected to be paid in full (either at maturity or thereafter). However, from time to time, a high national debt level, and uncertainty regarding negotiations to increase the U.S. government's debt ceiling and periodic legislation to fund the government, could increase the risk that the U.S. government may default on its obligations and/or lead to a downgrade of the credit rating of the U.S. government. Such an event could adversely affect the value of investments in securities backed by the full faith and credit of the U.S. government, cause the fund to suffer losses and lead to significant disruptions in U.S. and global markets. Regulatory or market changes could increase demand for U.S. government securities and affect the availability of such instruments for investment and the fund's ability to pursue its investment strategies.

**<u>Other Federal Agency Obligations</u>.** Additional federal agency securities are neither direct obligations of, nor guaranteed by, the U.S. Government. These obligations include securities issued by certain U.S. Government agencies and government-sponsored entities. However, they generally involve some form of federal sponsorship: some operate under a congressional charter; some are backed by collateral consisting of "full faith and credit" obligations as described above; some are supported by the issuer's right to borrow from the Treasury; and others are supported only by the credit of the issuing government agency or entity. These agencies and entities include, but are not limited to: the Federal Home Loan Banks, the Federal Home Loan Mortgage Corporation ("Freddie Mac"), the Federal National Mortgage Association ("Fannie Mae"), the Tennessee Valley Authority and the Federal Farm Credit Bank System.

In 2008, Freddie Mac and Fannie Mae were placed into conservatorship by their new regulator, the Federal Housing Finance Agency ("FHFA"). Simultaneously, the U.S. Treasury made a commitment of indefinite duration to maintain the positive net worth of both firms.

As conservator, the FHFA has the authority to repudiate any contract either firm has entered into prior to the FHFA's appointment as conservator (or receiver should either firm go into default) if the FHFA, in its sole discretion determines that performance of the contract is burdensome and repudiation would promote the orderly administration of Fannie Mae's or Freddie Mac's affairs. While the FHFA has indicated that it does not intend to repudiate the guaranty obligations of either entity, doing so could adversely affect holders of their mortgage-backed securities. For example, if a contract were repudiated, the liability for any direct compensatory damages would accrue to the entity's conservatorship estate and could only be satisfied to the extent the estate had available assets. As a result, if interest payments on Fannie Mae or Freddie Mac mortgage-backed securities held by the AFIS Master Funds were reduced because underlying borrowers failed to make payments or such payments were not advanced by a loan servicer, the AFIS Master Funds' only recourse might be against the conservatorship estate, which might not have sufficient assets to offset any shortfalls.

The FHFA, in its capacity as conservator, has the power to transfer or sell any asset or liability of Fannie Mae or Freddie Mac. The FHFA has indicated it has no current intention to do this; however, should it do so a holder of a Fannie Mae or Freddie Mac mortgage-backed security would have to rely on another party for satisfaction of the guaranty obligations and would be exposed to the credit risk of that party.

Certain rights provided to holders of mortgage-backed securities issued by Fannie Mae or Freddie Mac under their operative documents may not be enforceable against the FHFA, or enforcement may be delayed during the course of the conservatorship or any future receivership. For example, the operative documents may provide that upon the occurrence of an event of default by Fannie Mae or Freddie Mac, holders of a requisite percentage of the mortgage-backed security may replace the entity as trustee. However, under the Federal Housing Finance Regulatory Reform Act of 2008, holders may not enforce this right if the event of default arises solely because a conservator or receiver has been appointed.

**<u>Pass-Through Securities</u>.** The AFIS Master Funds may invest in various debt obligations backed by pools of mortgages, corporate loans or other assets including, but not limited to, residential mortgage loans, home equity loans, mortgages on commercial buildings, consumer loans, and equipment leases. Principal and interest payments made on the underlying asset pools backing these obligations are typically passed through to investors, net of any fees paid to any insurer or any guarantor of the securities. Pass-through securities may have either fixed or adjustable coupons. The risks of an investment in these obligations depend in part on the type of the collateral securing the obligations and the class of the instrument in which the AFIS Master Fund invests. These securities include:

- Mortgage-Backed Securities - These securities may be issued by U.S. Government agencies and government-sponsored entities, such as Ginnie Mae, Fannie Mae and Freddie Mac, and by private entities. The payment of interest and principal on mortgage-backed obligations issued by U.S. Government agencies may be guaranteed by the full faith and credit of the U.S. Government (in the case of Ginnie Mae), or may be guaranteed by the issuer (in the case of Fannie Mae and Freddie Mac). However, these guarantees do not apply to the market prices and yields of these securities, which vary with changes in interest rates.

Mortgage-backed securities issued by private entities are structured similarly to those issued by U.S. Government agencies. However, these securities and the underlying mortgages are not guaranteed by any government agencies and the underlying mortgages are not subject to the same underwriting requirements. These securities generally are structured with one or more types of credit enhancements such as insurance or letters of credit issued by private companies. Borrowers on the underlying mortgages are usually permitted to prepay their underlying mortgages. Prepayments can alter the effective maturity of these instruments. In addition, delinquencies, losses or defaults by borrowers can adversely affect the prices and volatility of these securities. Such delinquencies and losses can be exacerbated by declining or flattening housing and property values. This, along with other outside pressures, such as bankruptcies and financial difficulties experienced by mortgage loan originators, decreased investor demand for mortgage loans and mortgage-related securities and increased investor demand for yield, can adversely affect the value and liquidity of mortgage-backed securities.

- Adjustable Rate Mortgage-Backed Securities - Adjustable rate mortgage-backed securities ("ARMS") have interest rates that reset at periodic intervals. Acquiring ARMS permits the AFIS Master Funds to participate in increases in prevailing current interest rates through periodic adjustments in the coupons of mortgages underlying the pool on which ARMS are based. Such ARMS generally have higher current yield and lower price fluctuations than is the case with more traditional fixed income debt securities of comparable rating and maturity. In addition, when prepayments of principal are made on the underlying mortgages during periods of rising interest rates, the AFIS Master Funds can reinvest the proceeds of such prepayments at rates higher than those at which they were previously invested. Mortgages underlying most ARMS, however, have limits on the allowable annual or lifetime increases that can be made in the interest rate that the mortgagor pays. Therefore, if current interest rates rise above such limits over the period of the limitation, the AFIS Master Funds, when holding an ARMS, does not benefit from further increases in interest rates. Moreover, when interest rates are in excess of coupon rates (i.e., the rates being paid by mortgagors) of the mortgages, ARMS behave more like fixed income securities and less like adjustable rate securities and are subject to the risks associated with fixed income securities. In addition, during periods of rising interest rates, increases in the coupon rate of adjustable rate mortgages generally lag current market interest rates slightly, thereby creating the potential for capital depreciation on such securities.

- Collateralized Mortgage Obligations (CMOs) - CMOs are also backed by a pool of mortgages or mortgage loans, which are divided into two or more separate bond issues. CMOs issued by U.S. Government agencies are backed by agency mortgages, while privately issued CMOs may be backed by either government agency mortgages or private mortgages. Payments of principal and interest are passed through to each bond issue at varying schedules resulting in bonds with different coupons, effective maturities and sensitivities to interest rates. Some CMOs may be structured in a way that when interest rates change, the impact of changing prepayment rates on the effective maturities of certain issues of these securities is magnified. CMOs may be less liquid or may exhibit greater price volatility than other types of mortgage or asset-backed securities.

- Commercial Mortgage-Backed Securities - These securities are backed by mortgages on commercial property, such as hotels, office buildings, retail stores, hospitals and other commercial buildings. These securities may have a lower prepayment uncertainty than other mortgage-related securities because commercial mortgage loans generally prohibit or impose penalties on prepayments of principal. In addition, commercial mortgage-related securities often are structured with some form of credit enhancement to protect against potential losses on the underlying mortgage loans. Many of the risks of investing in commercial mortgage-backed securities reflect the risks of investing in the real estate securing the underlying mortgage loans, including the effects of local and other economic conditions on real estate markets, the ability of tenants to make rental payments and the ability of a property to attract and retain tenants. Commercial mortgage-backed securities may be less liquid or exhibit greater price volatility than other types of mortgage or asset-backed securities and may be more difficult to value.

- Asset-Backed Securities - These securities are backed by other assets such as credit card, automobile or consumer loan receivables, retail installment loans or participations in pools of leases. Credit support for these securities may be based on the underlying assets and/or provided through credit enhancements by a third party. The values of these securities are sensitive to changes in the credit quality of the underlying collateral, the credit strength of the credit enhancement, changes in interest rates and at times the financial condition of the issuer. Obligors of the underlying assets also may make prepayments that can change effective maturities of the asset-backed securities. These securities may be less liquid and more difficult to value than other securities.

- Collateralized Bond Obligations (CBOs) and Collateralized Loan Obligations (CLOs) - A CBO is a trust typically backed by a diversified pool of fixed-income securities, which may include high risk, lower rated securities. A CLO is a trust typically collateralized by a pool of loans, which may include, among others, senior secured loans, senior unsecured loans, and subordinate corporate loans, including lower rated loans. CBOs and CLOs may charge management fees and administrative expenses.

For both CBOs and CLOs, the cash flows from the trust are split into two or more portions, called tranches, varying in risk and yield. The riskiest and highest yielding portion is the "equity" tranche which bears the bulk of any default by the bonds or loans in the trust and is constructed to protect the other, more senior tranches from default. Since they are partially protected from defaults, the more senior tranches typically have higher ratings and lower yields than the underlying securities in the trust and can be rated investment grade. Despite the protection from the equity tranche, the more senior tranches can still experience substantial losses due to actual defaults of the underlying assets, increased sensitivity to defaults due to impairment of the collateral or the more junior tranches, market anticipation of defaults, as well as potential general aversions to CBO or CLO securities as a class. Normally, these securities are privately offered and sold, and thus, are not registered under the securities laws. CBOs and CLOs may be less liquid, may exhibit greater price volatility and may be more difficult to value than other securities.

"IOs" and "POs" are issued in portions or tranches with varying maturities and characteristics. Some tranches may only receive the interest paid on the underlying mortgages (IOs) and others may only receive the principal payments (POs). The values of IOs and POs are extremely sensitive to interest rate fluctuations and prepayment rates, and IOs are also subject to the risk of early repayment of the underlying mortgages that will substantially reduce or eliminate interest payments.

**<u>Real Estate Investment Trusts</u>.** Real estate investment trusts ("REITs"), which primarily invest in real estate or real estate-related loans, may issue equity or debt securities. Equity REITs own real estate properties, while mortgage REITs hold construction, development and/or long-term mortgage loans. The values of REITs may be affected by changes in the value of the underlying property of the trusts, the creditworthiness of the issuer, property taxes, interest rates, tax laws and regulatory requirements, such as those relating to the environment. Both types of REITs are dependent upon management skill and the cash flows generated by their holdings, the real estate market in general and the possibility of failing to qualify for any applicable pass-through tax treatment or failing to maintain any applicable exemptive status afforded under relevant laws.

**<u>Repurchase Agreements</u>.** Certain AFIS Master Funds may enter into repurchase agreements, or "repos", under which the AFIS Master Funds buy a security and obtain a simultaneous commitment from the seller to repurchase the security at a specified time and price. Because the security purchased constitutes collateral for the repurchase obligation, a repo may be considered a loan by the AFIS Master Fund that is collateralized by the security purchased. Repos permit the AFIS Master Funds to maintain liquidity and earn income over periods of time as short as overnight.

The seller must maintain with the AFIS Master Funds' custodian collateral equal to at least the repurchase price, including accrued interest. In tri-party repos and centrally cleared or "sponsored" repos, a third party custodian, either a clearing bank in case of tri-party repos or a central clearing counterparty in the case of centrally cleared repos, facilitates repo clearing and settlement, including by providing collateral management services. In bilateral repos, the parties themselves are responsible for settling transactions.

The AFIS Master Funds will only enter into repos involving securities of the type (excluding any maturity limitations) in which they could otherwise invest. If the seller under the repo defaults, the AFIS Master Funds may incur a loss if the value of the collateral securing the repo has declined and may incur disposition costs and delays in connection with liquidating the collateral. If bankruptcy proceedings are commenced with respect to the seller, realization of the collateral by the AFIS Master Funds may be delayed or limited.

**<u>Restricted or Illiquid Securities</u>.** Certain AFIS Master Funds may purchase securities subject to restrictions on resale. Restricted securities may only be sold pursuant to an exemption from registration under the Securities Act of 1933, as amended (the "1933 Act"), or in a registered public offering. Restricted securities held by the fund are often eligible for resale under Rule 144A, an exemption under the 1933 Act allowing for resales to "Qualified Institutional Buyers." Where registration is required, the holder of a registered security may be obligated to pay all or part of the registration expense and a considerable period may elapse between the time it decides to seek registration and the time it may be permitted to sell a security under an effective registration statement. Difficulty in selling such securities may result in a loss to the AFIS Master Funds or cause them to incur additional administrative costs.

Some AFIS Master Funds' holdings (including some restricted securities) may be deemed illiquid if the AFIS Master Fund expects that a reasonable portion of the holding cannot be sold in seven calendar days or less without the sale significantly changing the market value of the investment. The determination of whether a holding is considered illiquid is made by the CRMC under a liquidity risk management program adopted by the AFIS Master Funds' board and administered by CRMC. The AFIS Master Funds may incur significant additional costs in disposing of illiquid securities.

**<u>Securities Lending Activities</u>.** Certain AFIS Master Funds may lend portfolio securities to brokers, dealers or other institutions that provide cash or U.S. Treasury securities as collateral in an amount at least equal to the value of the securities loaned. While portfolio securities are on loan, the AFIS Master Fund will continue to receive the equivalent of the interest and the dividends or other distributions paid by the issuer on the securities, as well as a portion of the interest on the investment of the collateral. Additionally, although the AFIS Master Fund will not have the right to vote on securities while they are on loan, the AFIS Master Fund has a right to consent on corporate actions and a right to recall each loan to vote on proposals, including proposals involving material events affecting securities loaned. The AFIS Master Fund has delegated the decision to lend portfolio securities to CRMC. CRMC also has the discretion to consent on corporate actions and to recall securities on loan to vote. In the event CRMC deems a corporate action or proxy vote material, as determined by the adviser based on factors relevant to the AFIS Master Fund, it will use reasonable efforts to recall the securities and consent to or vote on the matter.

Securities lending involves risks, including the risk that the loaned securities may not be returned in a timely manner or at all, which would interfere with the AFIS Master Fund's ability to vote proxies or settle transactions and/or the risk of a counterparty default. Additionally, the AFIS Master Fund may lose money from the reinvestment of collateral received on loaned securities in investments that decline in value, default or do not perform as expected. The AFIS Master Fund will make loans only to parties deemed by CRMC to be in good standing and when, in CRMC's judgment, the income earned would justify the risks.

Citibank, N.A. ("Citibank") serves as securities lending agent for the AFIS Master Funds that may lend portfolio securities. As the securities lending agent, Citibank administers each such AFIS Master Fund's securities lending program pursuant to the terms of a securities lending agent agreement entered into between the AFIS Master Fund and Citibank. Under the terms of the agreement, Citibank is responsible for making available to approved borrowers securities from the AFIS Master Fund portfolio. Citibank is also responsible for the administration and management of the AFIS Master Fund securities lending program, including the preparation and execution of an agreement with each borrower governing the terms and conditions of any securities loan, ensuring that securities loans are properly coordinated and documented, ensuring that loaned securities are valued daily and that the corresponding required collateral is delivered by the borrowers, arranging for the investment of collateral received from borrowers, and arranging for the return of loaned securities to the AFIS Master Fund in accordance with the fund's instructions or at loan termination. As compensation for its services, Citibank receives a portion of the amount earned by the AFIS Master Fund for lending securities.

The following table sets forth, for the AFIS Master Fund's most recently completed fiscal year, the AFIS Master Fund's dollar amount of income and fees and/or other compensation related to its securities lending activities. Net income from securities lending activities may differ from the amount reported in the AFIS Master Fund's Form N-CSR, which reflects estimated accruals. [to be updated by amendment]

AFIS Global Growth Master Fund

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| | |
|:---|:---|
| &nbsp;&nbsp;**Gross income from securities lending activities** | &nbsp;&nbsp;$58400 |
| &nbsp;&nbsp;Fees paid to securities lending agent from a revenue split | &nbsp;&nbsp;4000 |
| &nbsp;&nbsp;Fees paid for any cash collateral management service (including fees deducted from a pooled cash collateral reinvestment vehicle) not included in the revenue split | &nbsp;&nbsp; 0 |
| &nbsp;&nbsp;Administrative fees not included in the revenue split | &nbsp;&nbsp; 0 |
| &nbsp;&nbsp;Indemnification fees not included in the revenue split | &nbsp;&nbsp; 0 |
| &nbsp;&nbsp;Rebates (paid to borrower) | &nbsp;&nbsp;508000 |
| &nbsp;&nbsp;Other fees not included in the revenue split | &nbsp;&nbsp; 0 |
| &nbsp;&nbsp;Aggregate fees/compensation for securities lending activities | &nbsp;&nbsp;512000 |
| &nbsp;&nbsp;***Net income from securities lending activities*** | &nbsp;&nbsp;73000 |

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AFIS Growth Master Fund

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| | |
|:---|:---|
| &nbsp;&nbsp;**Gross income from securities lending activities** | &nbsp;&nbsp;$2778000 |
| &nbsp;&nbsp;Fees paid to securities lending agent from a revenue split | &nbsp;&nbsp;12000 |
| &nbsp;&nbsp;Fees paid for any cash collateral management service (including fees deducted from a pooled cash collateral reinvestment vehicle) not included in the revenue split | &nbsp;&nbsp; 0 |
| &nbsp;&nbsp;Administrative fees not included in the revenue split | &nbsp;&nbsp; 0 |
| &nbsp;&nbsp;Indemnification fees not included in the revenue split | &nbsp;&nbsp; 0 |
| &nbsp;&nbsp;Rebates (paid to borrower) | &nbsp;&nbsp;2543000 |
| &nbsp;&nbsp;Other fees not included in the revenue split | &nbsp;&nbsp; 0 |
| &nbsp;&nbsp;Aggregate fees/compensation for securities lending activities | &nbsp;&nbsp;2555000 |
| &nbsp;&nbsp;***Net income from securities lending activities*** | &nbsp;&nbsp;223000 |

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AFIS International Master Fund

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| | |
|:---|:---|
| &nbsp;&nbsp;**Gross income from securities lending activities** | &nbsp;&nbsp;$559000 |
| &nbsp;&nbsp;Fees paid to securities lending agent from a revenue split | &nbsp;&nbsp;4000 |
| &nbsp;&nbsp;Fees paid for any cash collateral management service (including fees deducted from a pooled cash collateral reinvestment vehicle) not included in the revenue split | &nbsp;&nbsp; 0 |
| &nbsp;&nbsp;Administrative fees not included in the revenue split | &nbsp;&nbsp; 0 |
| &nbsp;&nbsp;Indemnification fees not included in the revenue split | &nbsp;&nbsp; 0 |
| &nbsp;&nbsp;Rebates (paid to borrower) | &nbsp;&nbsp;474000 |
| &nbsp;&nbsp;Other fees not included in the revenue split | &nbsp;&nbsp; 0 |
| &nbsp;&nbsp;Aggregate fees/compensation for securities lending activities | &nbsp;&nbsp;478000 |
| &nbsp;&nbsp;***Net income from securities lending activities*** | &nbsp;&nbsp;81000 |

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AFIS New World Master Fund

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| | |
|:---|:---|
| &nbsp;&nbsp;**Gross income from securities lending activities** | &nbsp;&nbsp;$348000 |
| &nbsp;&nbsp;Fees paid to securities lending agent from a revenue split | &nbsp;&nbsp;9000 |
| &nbsp;&nbsp;Fees paid for any cash collateral management service (including fees deducted from a pooled cash collateral reinvestment vehicle) not included in the revenue split | &nbsp;&nbsp; 0 |
| &nbsp;&nbsp;Administrative fees not included in the revenue split | &nbsp;&nbsp; 0 |
| &nbsp;&nbsp;Indemnification fees not included in the revenue split | &nbsp;&nbsp; 0 |
| &nbsp;&nbsp;Rebates (paid to borrower) | &nbsp;&nbsp;164000 |
| &nbsp;&nbsp;Other fees not included in the revenue split | &nbsp;&nbsp; 0 |
| &nbsp;&nbsp;Aggregate fees/compensation for securities lending activities | &nbsp;&nbsp;173000 |
| &nbsp;&nbsp;***Net income from securities lending activities*** | &nbsp;&nbsp;175000 |

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AFIS Asset Allocation Master Fund

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| | |
|:---|:---|
| &nbsp;&nbsp;**Gross income from securities lending activities** | &nbsp;&nbsp;$1412000 |
| &nbsp;&nbsp;Fees paid to securities lending agent from a revenue split | &nbsp;&nbsp;15000 |
| &nbsp;&nbsp;Fees paid for any cash collateral management service (including fees deducted from a pooled cash collateral reinvestment vehicle) not included in the revenue split | &nbsp;&nbsp; 0 |
| &nbsp;&nbsp;Administrative fees not included in the revenue split | &nbsp;&nbsp; 0 |
| &nbsp;&nbsp;Indemnification fees not included in the revenue split | &nbsp;&nbsp; 0 |
| &nbsp;&nbsp;Rebates (paid to borrower) | &nbsp;&nbsp;1106000 |
| &nbsp;&nbsp;Other fees not included in the revenue split | &nbsp;&nbsp; 0 |
| &nbsp;&nbsp;Aggregate fees/compensation for securities lending activities | &nbsp;&nbsp;1121000 |
| &nbsp;&nbsp;***Net income from securities lending activities*** | &nbsp;&nbsp;291000 |

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AFIS Washington Mutual Investors Master Fund

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| | |
|:---|:---|
| &nbsp;&nbsp;**Gross income from securities lending activities** | &nbsp;&nbsp;$835000 |
| &nbsp;&nbsp;Fees paid to securities lending agent from a revenue split | &nbsp;&nbsp;9000 |
| &nbsp;&nbsp;Fees paid for any cash collateral management service (including fees deducted from a pooled cash collateral reinvestment vehicle) not included in the revenue split | &nbsp;&nbsp; 0 |
| &nbsp;&nbsp;Administrative fees not included in the revenue split | &nbsp;&nbsp; 0 |
| &nbsp;&nbsp;Indemnification fees not included in the revenue split | &nbsp;&nbsp; 0 |
| &nbsp;&nbsp;Rebates (paid to borrower) | &nbsp;&nbsp;658000 |
| &nbsp;&nbsp;Other fees not included in the revenue split | &nbsp;&nbsp; 0 |
| &nbsp;&nbsp;Aggregate fees/compensation for securities lending activities | &nbsp;&nbsp;667000 |
| &nbsp;&nbsp;***Net income from securities lending activities*** | &nbsp;&nbsp;168000 |

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AFIS Growth-Income Master Fund

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| | |
|:---|:---|
| &nbsp;&nbsp;**Gross income from securities lending activities** | &nbsp;&nbsp;$1945000 |
| &nbsp;&nbsp;Fees paid to securities lending agent from a revenue split | &nbsp;&nbsp;10000 |
| &nbsp;&nbsp;Fees paid for any cash collateral management service (including fees deducted from a pooled cash collateral reinvestment vehicle) not included in the revenue split | &nbsp;&nbsp; 0 |
| &nbsp;&nbsp;Administrative fees not included in the revenue split | &nbsp;&nbsp; 0 |
| &nbsp;&nbsp;Indemnification fees not included in the revenue split | &nbsp;&nbsp; 0 |
| &nbsp;&nbsp;Rebates (paid to borrower) | &nbsp;&nbsp;1736000 |
| &nbsp;&nbsp;Other fees not included in the revenue split | &nbsp;&nbsp; 0 |
| &nbsp;&nbsp;Aggregate fees/compensation for securities lending activities | &nbsp;&nbsp;1746000 |
| &nbsp;&nbsp;***Net income from securities lending activities*** | &nbsp;&nbsp;199000 |

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AFIS Capital Income Builder Master Fund

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| | |
|:---|:---|
| &nbsp;&nbsp;**Gross income from securities lending activities** | &nbsp;&nbsp;$168000 |
| &nbsp;&nbsp;Fees paid to securities lending agent from a revenue split | &nbsp;&nbsp;2000 |
| &nbsp;&nbsp;Fees paid for any cash collateral management service (including fees deducted from a pooled cash collateral reinvestment vehicle) not included in the revenue split | &nbsp;&nbsp; 0 |
| &nbsp;&nbsp;Administrative fees not included in the revenue split | &nbsp;&nbsp; 0 |
| &nbsp;&nbsp;Indemnification fees not included in the revenue split | &nbsp;&nbsp; 0 |
| &nbsp;&nbsp;Rebates (paid to borrower) | &nbsp;&nbsp;134000 |
| &nbsp;&nbsp;Other fees not included in the revenue split | &nbsp;&nbsp; 0 |
| &nbsp;&nbsp;Aggregate fees/compensation for securities lending activities | &nbsp;&nbsp;136000 |
| &nbsp;&nbsp;***Net income from securities lending activities*** | &nbsp;&nbsp;32000 |

---

**<u>Securities With Equity And Debt Characteristics</u>.** The AFIS Master Funds may invest in securities that have a combination of equity and debt characteristics. These securities may at times behave more like equity than debt or vice versa.

***Preferred Stock -*** Preferred stock represents an equity interest in an issuer that generally entitles the holder to receive, in preference to common stockholders and the holders of certain other stocks, dividends and a fixed share of the proceeds resulting from a liquidation of the issuer. Preferred stocks may pay fixed or adjustable rates of return, and preferred stock dividends may be cumulative or non-cumulative and participating or non-participating. Cumulative dividend provisions require all or a portion of prior unpaid dividends to be paid before dividends can be paid to the issuer's common stockholders, while prior unpaid dividends on non-cumulative preferred stock are forfeited. Participating preferred stock may be entitled to a dividend exceeding the issuer's declared dividend in certain cases, while non-participating preferred stock is entitled only to the stipulated dividend. Preferred stock is subject to issuer-specific and market risks applicable generally to equity securities. As with debt securities, the prices and yields of preferred stocks often move with changes in interest rates and the issuer's credit quality. Additionally, a company's preferred stock typically pays dividends only after the company makes required payments to holders of its bonds and other debt. Accordingly, the price of preferred stock will usually react more strongly than bonds and other debt to actual or perceived changes in the issuing company's financial condition or prospects. Preferred stock of smaller companies may be more vulnerable to adverse developments than preferred stock of larger companies.

***Convertible Securities -*** A convertible security is a debt obligation, preferred stock or other security that may be converted, within a specified period of time and at a stated conversion rate, into common stock or other equity securities of the same or a different issuer. The conversion may occur automatically upon the occurrence of a predetermined event or at the option of either the issuer or the security holder. Under certain circumstances, a convertible security may also be called for redemption or conversion by the issuer after a particular date and at predetermined price specified upon issue. If a convertible security held by an AFIS Master Fund is called for redemption or conversion, the AFIS Master Fund could be required to tender the security for redemption, convert it into the underlying common stock, or sell it to a third party.

The holder of a convertible security is generally entitled to participate in the capital appreciation resulting from a market price increase in the issuer's common stock and to receive interest paid or accrued until the convertible security matures or is redeemed, converted or exchanged. Before conversion, convertible securities have characteristics similar to non-convertible debt or preferred securities, as applicable. Convertible securities rank senior to common stock in an issuer's capital structure and, therefore, normally entail less risk than the issuer's common stock. However, convertible securities may also be subordinate to any senior debt obligations of the issuer, and, therefore, an issuer's convertible securities may entail more risk than such senior debt obligations. Convertible securities usually offer lower interest or dividend yields than non-convertible debt securities of similar credit quality because of the potential for capital appreciation. In addition, convertible securities are often lower-rated securities.

Because of the conversion feature, the price of a convertible security will normally fluctuate in some proportion to changes in the price of the underlying asset, and, accordingly, convertible securities are subject to risks relating to the activities of the issuer and/or general market and economic conditions. The income component of a convertible security may cushion the security against declines in the price of the underlying asset but may also cause the price of the security to fluctuate based upon changes in interest rates and the credit quality of the issuer. As with a straight fixed-income security, the price of a convertible security tends to increase when interest rates decline and decrease when interest rates rise. Like the price of a common stock, the price of a convertible security also tends to increase as the price of the underlying stock rises and to decrease as the price of the underlying stock declines.

***Hybrid Securities -*** A hybrid security is a type of security that also has equity and debt characteristics. Like equities, which have no final maturity, a hybrid security may be perpetual. On the other hand, like debt securities, a hybrid security may be callable at the option of the issuer on a date specified at issue. Additionally, like common equities, which may stop paying dividends at virtually any time without violating any contractual terms or conditions, hybrids typically allow for issuers to withhold payment of interest until a later date or to suspend coupon payments entirely without triggering an event of default. Hybrid securities are normally at the bottom of an issuer's debt capital structure because holders of an issuer's hybrid securities are structurally subordinated to the issuer's senior creditors. In bankruptcy, hybrid security holders should only get paid after all senior creditors of the issuer have been paid but before any disbursements are made to the issuer's equity holders. Accordingly, hybrid securities may be more sensitive to economic changes than more senior debt securities. Such securities may also be viewed as more equity-like by the market when the issuer or its parent company experiences financial difficulties.

Contingent convertible securities, which are also known as contingent capital securities, are a form of hybrid security that are intended to either convert into equity or have their principal written down upon the occurrence of certain trigger events. One type of contingent convertible security has characteristics designed to absorb losses, by providing that the liquidation value of the security may be adjusted downward to below the original par value or written off entirely under certain circumstances. For instance, if losses have eroded the issuer's capital level below a specified threshold, the liquidation value of the security may be reduced in whole or in part. The write-down of the security's par value may occur automatically and would not entitle holders to institute bankruptcy proceedings against the issuer. In addition, an automatic write-down could result in a reduced income rate if the dividend or interest payment associated with the security is based on the security's par value. Such securities may, but are not required to, provide for circumstances under which the liquidation value of the security may be adjusted back up to par, such as an improvement in capitalization or earnings. Another type of contingent convertible security provides for mandatory conversion of the security into common shares of the issuer under certain circumstances. The mandatory conversion might relate, for example, to the issuer's failure to maintain a capital minimum. Since the common stock of the issuer may not pay a dividend, investors in such instruments could experience reduced yields (or no yields at all) and conversion would deepen the subordination of the investor, effectively worsening the investor's standing in the case of the issuer's insolvency. An automatic write-down or conversion event with respect to a contingent convertible security will typically be triggered by a reduction in the issuer's capital level, but may also be triggered by regulatory actions, such as a change in regulatory capital requirements, or by other factors.

**<u>Synthetic local access instruments</u>.** Participation notes, market access warrants and other similar structured investment vehicles (collectively, "synthetic local access instruments") are instruments used by investors to obtain exposure to equity investments in local markets, where direct ownership by foreign investors is not permitted or is otherwise restricted by local law. Synthetic local access instruments, which are generally structured and sold over-the-counter by a local branch of a bank or broker-dealer that is permitted to purchase equity securities in the local market, are designed to replicate exposure to one or more underlying equity securities. The price and performance of a synthetic local access instrument are normally intended to track the price and performance of the underlying equity assets as closely as possible. However, there can be no assurance that the results of synthetic local access instruments will replicate exactly the performance of the underlying securities due to transaction costs, taxes and other fees and expenses. The holder of a synthetic local access instrument may also be entitled to receive any dividends paid in connection with the underlying equity assets, but usually does not receive voting rights as it would if such holder directly owned the underlying assets.

Investments in synthetic local access instruments involve the same risks associated with a direct investment in the shares of the companies the instruments seek to replicate, including, in particular, the risks associated with investing outside the United States. Synthetic local access instruments also involve risks that are in addition to the risks normally associated with a direct investment in the underlying equity securities. For instance, synthetic local access instruments represent unsecured, unsubordinated contractual obligations of the banks or broker-dealers that issue them. Consequently, a purchaser of a synthetic local access instrument relies on the creditworthiness of such a bank or broker-dealer counterparty and has no rights under the instrument against the issuer of the underlying equity securities. Additionally, there is no guarantee that a liquid market for a synthetic local access instrument will exist or that the issuer of the instrument will be willing to repurchase the instrument when an investor wishes to sell it.

**<u>Unfunded Commitment Agreements</u>.** The AFIS Master Fund may enter into unfunded commitment agreements to make certain investments, including unsettled bank loan purchase transactions. Under the SEC's rule applicable to the AFIS Master Fund's use of derivatives, unfunded commitment agreements are not derivatives transactions. The AFIS Master Fund will only enter into such unfunded commitment agreements if the AFIS Master Fund reasonably believes, at the time it enters into such agreement, that it will have sufficient cash and cash equivalents to meet its obligations with respect to all of its unfunded commitment agreements as they come due.

**<u>Variable and Floating Rate Obligations.</u>** The interest rates payable on certain securities and other instruments in which certain of the AFIS Master Funds may invest may not be fixed but may fluctuate based upon changes in market interest rates or credit ratings. Variable and floating rate obligations bear coupon rates that are adjusted at designated intervals, based on the then current market interest rates or credit ratings. The rate adjustment features tend to limit the extent to which the market value of the obligations will fluctuate. When the AFIS Master Fund holds variable or floating rate securities, a decrease in market interest rates will adversely affect the income received from such securities and the net asset value of the AFIS Master Fund's shares.

**<u>Warrants and Rights</u>.** Warrants and rights may be acquired by the AFIS Master Funds in connection with other securities or separately. Warrants generally entitle, but do not obligate, their holder to purchase other equity or fixed-income securities at a specified price at a later date. Rights are similar to warrants but typically have a shorter duration and are issued by a company to existing holders of its stock to provide those holders the right to purchase additional shares of stock at a later date. Warrants and rights do not carry with them the right to dividends or voting rights with respect to the securities that they entitle their holder to purchase, and they do not represent any rights in the assets of the issuing company. Additionally, a warrant or right ceases to have value if it is not exercised prior to its expiration date. As a result, warrants and rights may be considered more speculative than certain other types of investments. Changes in the value of a warrant or right do not necessarily correspond to changes in the value of its underlying security. The price of a warrant or right may be more volatile than the price of its underlying security, and they therefore present greater potential for capital appreciation and capital loss. The effective price paid for warrants or rights added to the subscription price of the related security may exceed the value of the subscribed security's market price, such as when there is no movement in the price of the underlying security. The market for warrants or rights may be very limited and it may be difficult to sell them promptly at an acceptable price.

**<u>Washington Mutual Investors Fund and its Investment Policies</u>.** Washington Mutual Investors Fund has an Eligible List of securities considered appropriate for a prudent investor seeking opportunities for income and growth of principal consistent with common stock investing. Numerous criteria govern which securities may be included on the fund's Eligible List. Currently, those criteria include, for example: (a) a security shall be listed on the New York Stock Exchange ("NYSE") or meet the financial listing requirements of the NYSE (the applicable listing requirements are set forth in Section 1 of the Listed Company Manual of the NYSE); (b) most companies must have fully earned their dividends in at least four of the past five years (with the exception of certain banking institutions) and paid a dividend in at least eight of the past ten years; (c) issuing companies must meet both initial and ongoing market capitalization requirements; and (d) the ratio of current assets to liabilities for most individual companies must be at least 1.5 to 1, or their bonds must be rated at least investment grade by S&P Global Ratings. The investment adviser generates and maintains the Eligible List and selects the fund's investments exclusively from the securities on the Eligible List.

Although the fund generally invests in United States companies, the Washington Mutual Investors Master Fund may invest up to 10% of its assets in securities of certain companies domiciled outside the United States. The Washington Mutual Investors Master Fund may also hold securities of companies domiciled outside the U.S. when such companies have merged with or otherwise acquired a company in which the Washington Mutual Investors Master Fund held shares at the time of the merger.

It is believed that in applying the above disciplines and procedures, the fund makes available to pension and profit-sharing trustees and other fiduciaries a prudent stock investment and a continuity of investment quality which it has always been the policy of the fund to provide. However, fiduciary investment responsibility and the Prudent Investor Rule, pursuant to which a fiduciary is generally required to invest and manage trust assets as a prudent investor would, involve a mixed question of law and fact which cannot be conclusively determined in advance. Moreover, recent changes to the Prudent Investor Rule in some jurisdictions speak to an allocation of funds among a variety of investments. Therefore, each fiduciary should examine the common stock portfolio of the Washington Mutual Investors Master Fund to see that it, along with other investments, meets the requirements of the specific trust.

**<u>FUNDAMENTAL AND OPERATING POLICIES</u>**

A. INVESTMENT RESTRICTIONS APPLICABLE TO ALL FUNDS (EXCEPT JNL/AMERICAN FUNDS FEEDER FUNDS)

THIS SECTION DESCRIBES INVESTMENT RESTRICTIONS APPLICABLE TO ALL FUNDS EXCEPT THE FEEDER FUNDS. ACCORDINGLY, ALL REFERENCES TO A "FUND" OR THE "FUNDS" IN THIS SECTION. DO NOT INCLUDE THE JNL/AMERICAN FUNDS FEEDER FUNDS. A DESCRIPTION OF INVESTMENT RESTRICTIONS APPLICABLE TO THE JNL/AMERICAN FUNDS FEEDER FUNDS (AND THE MASTER FUNDS) APPEARS IN SECTION UNDER THE HEADING "INVESTMENT RESTRICTIONS APPLICABLE TO JNL/AMERICAN FUNDS FEEDER FUNDS" BEGINNING ON PAGE 134 OF THIS SAI.

**Fundamental Policies.** Each Fund is subject to certain fundamental policies and restrictions that may not be changed without shareholder approval. Shareholder approval means approval by the lesser of (i) more than 50% of the outstanding voting securities of the Trust (or a particular Fund if a matter affects just that Fund), or (ii) 67% or more of the voting securities present at a meeting if the holders of more than 50% of the outstanding voting securities of the Trust (or the affected Fund) are present or represented by proxy. Unless otherwise indicated, all restrictions apply at the time of investment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1) Each Fund, except the JNL Multi-Manager Select Equity Fund, JNL/BlackRock Global Natural Resources Fund, JNL/Cohen & Steers U.S. Realty Fund, JNL/Fidelity Institutional AM<sup>®</sup> & JPMorgan Large Cap Growth Fund, JNL/GQG Emerging Markets Equity Fund, JNL/JPMorgan Nasdaq<sup>®</sup> Hedged Equity Fund, JNL/Loomis Sayles Global Growth Fund, JNL/Mellon Communication Services Sector Fund, JNL/Mellon Consumer Discretionary Sector Fund, JNL/Mellon Consumer Staples Sector Fund, JNL/Mellon Dow<sup>SM</sup> Index Fund, JNL/Mellon Energy Sector Fund, JNL/Mellon Financial Sector Fund, JNL/Mellon Healthcare Sector Fund, JNL/Mellon Information Technology Sector Fund, JNL/Mellon Nasdaq<sup>®</sup> 100 Index Fund, JNL/Mellon Materials Sector Fund, JNL/Mellon Real Estate Sector Fund, JNL/Mellon Utilities Sector Fund, JNL/Morningstar PitchBook Listed Private Equity Index Fund, JNL/Morningstar U.S. Sustainability Index Fund, JNL/T. Rowe Price Capital Appreciation Equity Fund, JNL/T. Rowe Price Growth Stock Fund, and JNL/WCM China Quality Growth Fund, shall be a "diversified company," as such term is defined under the 1940 Act.

Although the JNL/Mellon S&P 500 Index Fund, JNL S&P 500 Index Fund, and JNL/Morningstar SMID Moat Focus Index Fund are diversified, each Fund may, at times, be invested in a non-diversified manner to the extent that its Index is also invested in a non-diversified manner.

With respect to those Funds that are excepted above, this policy is not a fundamental policy.

With respect to the JNL/Mellon Healthcare Sector Fund, the JNL/Mellon Real Estate Sector Fund, and the JNL/Morningstar U.S. Sustainability Index Fund, each Fund intends to operate as non-diversified but may be diversified in approximately the same proportion as its benchmark index is diversified. For periods of time, the relevant index may become "diversified," as defined under the 1940 Act, solely as a result of changes in the composition of the index (for example, changes in the relative market capitalization or index weighting of one or more securities represented in the index). During those periods, the Fund will retain its non-diversified status.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) No Fund (except for the JNL/BlackRock Global Natural Resources Fund, JNL/Cohen & Steers U.S. Realty Fund, JNL/First Sentier Global Infrastructure Fund, JNL/Mellon World Index Fund, JNL/Mellon Utilities Sector Fund, JNL/Mellon Consumer Staples Sector Fund, JNL/Mellon Communication Services Sector Fund, JNL/Mellon Consumer Discretionary Sector Fund, JNL/Mellon Dow<sup>SM</sup> Index Fund, JNL/Mellon Energy Sector Fund, JNL/Mellon Financial Sector Fund, JNL/Mellon Healthcare Sector Fund, JNL/Mellon Industrials Sector Fund, JNL/Mellon Information Technology Sector Fund, JNL/Mellon Materials Sector Fund, JNL/Mellon Nasdaq<sup>®</sup> 100 Index Fund, JNL/Mellon Real Estate Sector Fund, JNL/Morningstar PitchBook Listed Private Equity Index Fund, JNL/Morningstar SMID Moat Focus Index Fund, JNL/Morningstar U.S. Sustainability Index Fund, JNL/Morningstar Wide Moat Index Fund, JNL/Neuberger Berman Gold Plus Strategy Fund, JNL/WCM Focused International Equity Fund, and JNL/WMC Global Real Estate Fund) will invest more than 25% (for the JNL/WMC Global Real Estate Fund, the percentage limitation is a non-fundamental restriction) of the value of their respective assets in any particular industry (other than U.S. Government securities and/or foreign sovereign debt securities). The term "industry" is broad and may reasonably be interpreted to be classified differently among the Sub-Advisers. It is important to note that industry classification may be very narrow. For example, the telecommunications industry is comprised of several services, which are considered separate industries by the Sub-Advisers. Services can include cellular, long distance, paging and messaging, satellite or data and internet. As the telecommunications industry continues to expand, there may be more service industries created. As another example, within the metals and mining industry, issuers may be classified into several distinct industries that are considered separate industries, including, but not limited to the following: aluminum, diversified metals and mining, gold, precious metals and minerals, steel, copper, and nickel. As different industries continue to expand, new technologies are created, and companies continue to specialize, there may be more industries created. Currency positions are not considered to be an investment in a foreign government for industry concentration purposes, but may be considered an investment in a foreign government for other portfolio compliance testing purposes.

The JNL/BlackRock Global Natural Resources Fund normally invests in a portfolio consisting of companies in a variety of natural resource related sectors, such as energy, chemicals, oil, gas, paper, mining, steel or agricultural products. Under certain circumstances, however, the Fund will concentrate its investments in one or more of these sectors. In addition, the Fund will concentrate its investments in one or more issuers in the natural resources related industries.

The JNL/Cohen & Steers U.S. Realty Fund will concentrate its investments in equity securities issued by real estate companies operating in the United States, including REITs.

The JNL/First Sentier Global Infrastructure Fund will concentrate its investments in publicly traded equity securities of infrastructure companies. The Fund will typically invest in U.S. and non-U.S. (foreign markets), which may include developing and emerging market countries.

The JNL/Lord Abbett Short Duration Income Fund may invest more than 25% of its assets in mortgage-backed securities and, for purposes of this restriction, does not consider mortgage-related securities, including commercial mortgage-backed securities and other privately issued mortgage-related securities, as representing interests in any particular industry or group of industries.

With respect to the JNL/Mellon Communication Services Sector Fund, JNL/Mellon Consumer Discretionary Sector Fund, JNL/Mellon Dow<sup>SM</sup> Index Fund, JNL/Mellon Energy Sector Fund, JNL/Mellon Financial Sector Fund, JNL/Mellon Healthcare Sector Fund, JNL/Mellon Information Technology Sector Fund, JNL/Mellon World Index Fund, and JNL/Mellon Nasdaq<sup>®</sup> 100 Index Fund, there are no limitations on the concentration of the investments held by any Fund in any particular industry or group of industries. However, because each of the JNL/Mellon Consumer Discretionary Sector Fund, JNL/Mellon Energy Sector Fund, JNL/Mellon Financial Sector Fund, JNL/Mellon Healthcare Sector Fund, JNL/Mellon Information Technology Sector Fund, and JNL/Mellon Communication Services Sector Fund invests primarily in common stocks of companies within specific industries, these Sector Funds' performance is closely tied to, and affected by, those specific industries. Companies within an industry are often faced with the same obstacles, issues or regulatory burdens, and their common stocks may react similarly to and move in unison with these and other market conditions. As a result of these factors, stocks in which these Sector Funds invest may be more volatile than a mixture of stocks of companies from a wide variety of industries.

The JNL/Mellon Consumer Staples Sector Fund invests under normal circumstances at least 80% of its assets (net assets plus the amount of any borrowings for investment purposes) in the stocks included in the Morningstar<sup>®</sup> US Consumer Defensive Index<sup>SM</sup> ("Index") in proportion to their market capitalization weighting in the Index. The Fund will concentrate in certain industries in the consumer staples sector to the extent such industries are represented in the Index.

The JNL/Mellon Industrials Sector Fund invests under normal circumstances at least 80% of its assets (net assets plus the amount of any borrowings for investment purposes) in the stocks included in the Morningstar US Industrials Index ("Index") in proportion to their market capitalization weighting in the Index. The Fund will concentrate in certain industries in the industrials sector to the extent such industries are represented in the Index.

The JNL/Mellon Materials Sector Fund invests under normal circumstances at least 80% of its assets (net assets plus the amount of any borrowings for investment purposes) in the stocks included in the Morningstar US Basic Materials Index ("Index") in proportion to their market capitalization weighting in the Index. The Fund will concentrate in certain industries in the materials sector to the extent such industries are represented in the Index.

The JNL/Mellon Real Estate Sector Fund invests under normal circumstances at least 80% of its assets (net assets plus the amount of any borrowings for investment purposes) in the stocks included in the Morningstar US Real Estate Index ("Index") in proportion to their market capitalization weighting in the Index. The Fund will concentrate in certain industries in the real estate sector to the extent such industries are represented in the Index.

The JNL/Mellon Utilities Sector Fund invests under normal circumstances at least 80% of its assets in the stocks included in the Morningstar<sup>®</sup> US Utilities Index<sup>SM</sup> ("Index") in proportion to their market capitalization weighting in the Index. The Fund will concentrate in certain industries in the utilities sector to the extent such industries are represented in the Index.

The JNL/Morningstar PitchBook Listed Private Equity Index Fund seeks to invest under normal circumstances at least 80% of its assets (net assets plus the amount of any borrowings for investment purposes) in the stocks in the Morningstar PitchBook Developed Markets Listed Private Equity Index<sup>SM</sup>. The Fund will concentrate its investments in the capital markets industry to the extent that the Index the Fund is designed to track is also so concentrated. As such, the Fund's investments may be concentrated in the private equity/venture capital industry.

The JNL/Morningstar SMID Moat Focus Index Fund seeks to invest under normal circumstances at least 80% of its assets (net assets plus the amount of any borrowings for investment purposes) in the securities in the Morningstar<sup>®</sup> US Small-Mid Cap Moat Focus Index<sup>SM</sup> ("Index"). The Fund's investments will be concentrated in certain industries to the extent such industries are represented in the Index.

The JNL/Morningstar U.S. Sustainability Index Fund seeks to track the performance of the Morningstar<sup>®</sup> US Sustainability Index℠ (the "Index"), which is designed to provide broad US equity market exposure with lower environmental, social and governance ("ESG") risk. The Fund's investments will be concentrated in certain industries to the extent such industries are represented in the Index.

The JNL/Morningstar Wide Moat Index Fund seeks to invest under normal circumstances at least 80% of its assets (net assets plus the amount of any borrowings for investment purposes) in the securities in the Morningstar<sup>®</sup> Wide Moat Focus Index<sup>SM</sup> ("Index"). The Fund's investments will be concentrated in certain industries to the extent such industries are represented in the Index.

The JNL/Neuberger Berman Gold Plus Strategy Fund concentrates its investments in the metals and mining industry and therefore invests 25% or more of its total assets in such industry.

The JNL/WMC Global Real Estate Fund will concentrate (as such term may be defined or interpreted under the 1940 Act, the rules thereunder, and governing interpretations) its investments in the securities of domestic and foreign real estate and real estate-related companies. For purposes of this fundamental restriction regarding industry concentration, real estate and real estate-related companies shall consist of companies (i) where at least 50% of its assets, gross income or net profits are attributable to ownership, construction, management, or sale of residential, commercial or industrial real estate, including listed equity REITs that own property, and mortgage REITs which make short-term construction and development mortgage loans or which invest in long-term mortgages or mortgage pools, or (ii) whose products and services are related to the real estate industry, such as manufacturers and distributors of building supplies and financial institutions which issue or service mortgages.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) No Fund may invest directly in real estate or interests in real estate (except for the JNL/WMC Global Real Estate Fund); however, the Funds may own debt or equity securities issued by companies engaged in those businesses.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) The JNL/JPMorgan U.S. Value Fund may not invest in oil, gas or other mineral leases, exploration or development programs, including limited partnership interests. Debt or equity securities issued by companies engaged in the oil, gas, or real estate businesses are not considered oil or gas interests or real estate for purposes of this restriction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) With respect to each Fund other than the JNL/Mellon Communication Services Sector Fund\*, JNL/Mellon Consumer Discretionary Sector Fund\*, JNL/Mellon DowSM Index Fund\*, JNL/Mellon Energy Sector Fund\*, JNL/Mellon Financial Sector Fund\*, JNL/Mellon Healthcare Sector Fund\*, JNL/Mellon Information Technology Sector Fund\*, JNL/Mellon Nasdaq® 100 Index Fund\*, and JNL/Mellon World Index Fund\*, no Fund may purchase or sell physical commodities other than foreign currencies unless acquired as a result of ownership of securities (but this limitation shall not prevent the Fund from purchasing or selling options, futures, swaps and forward contracts or from investing in securities or other instruments backed by physical commodities). Such limitations do not apply to any Fund's wholly owned subsidiary or controlled foreign corporation.

*\* With respect to these Funds, each Fund will only purchase or sell physical commodities up to the extent permitted by the 1940 Act.*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6) With respect to each Fund other than the JNL/American Funds Global Growth Fund, JNL/American Funds Growth Fund, JNL Conservative Allocation Fund, JNL/DoubleLine<sup>®</sup> Total Return Fund, JNL/Newton Equity Income Fund, JNL Moderate Allocation Fund, JNL/Neuberger Berman Commodity Strategy Fund, JNL/T. Rowe Price Capital Appreciation Fund, JNL/DFA U.S. Small Cap Fund, JNL Growth ETF Allocation Fund, JNL Moderate ETF Allocation Fund, JNL Moderate Growth ETF Allocation Fund, JNL/Lazard International Quality Growth Fund, JNL/PIMCO Investment Grade Credit Bond Fund, and JNL/WCM Focused International Equity Fund, no Fund may lend any security or make any other loan if, as a result, more than 33 1/3% (for the Invesco sub-advised Funds, the percentage limitation is a non-fundamental restriction) of the Fund's total assets would be lent to other parties (but this limitation does not apply to purchases of commercial paper, debt securities or repurchase agreements).

With respect to the JNL Conservative Allocation Fund, JNL/DoubleLine<sup>®</sup> Total Return Fund, JNL/Newton Equity Income Fund, JNL Moderate Allocation Fund, JNL/Neuberger Berman Commodity Strategy Fund, JNL/T. Rowe Price Capital Appreciation Fund, JNL/DFA U.S. Small Cap Fund, JNL Moderate ETF Allocation Fund, JNL Moderate Growth ETF Allocation Fund, JNL Growth ETF Allocation Fund, JNL/Lazard International Quality Growth Fund, JNL/PIMCO Investment Grade Credit Bond Fund, and JNL/WCM Focused International Equity Fund, no Fund may lend any security or make any other loan, except to the extent permitted by the 1940 Act, the rules and regulations thereunder, and any applicable exemptive relief.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7) No Fund may act as an underwriter of securities issued by others, except to the extent that a Fund may be deemed an underwriter in connection with the disposition of portfolio securities of such Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8) No Fund may invest more than 15% of its net assets (5% in the case of the JNL/Dreyfus Government Money Market Fund and 10% in the case of the JNL/Invesco Global Growth Fund) in illiquid securities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9) With respect to each Fund other than the JNL/Mellon Dow<sup>SM</sup> Index Fund, JNL/Mellon World Index Fund, JNL/Mellon Nasdaq<sup>®</sup> 100 Index Fund, JNL/Mellon Communication Services Sector Fund, JNL/Mellon Consumer Discretionary Sector Fund, JNL/Mellon Financial Sector Fund, JNL/Mellon Healthcare Sector Fund, JNL/Mellon Energy Sector Fund, and JNL/Mellon Information Technology Sector Fund, no Fund may borrow money, except to the extent permitted by the 1940 Act, the rules and regulations thereunder, and any applicable exemptive relief.

With respect to the JNL/Mellon Dow<sup>SM</sup> Index Fund, JNL/Mellon World Index Fund, JNL/Mellon Nasdaq<sup>®</sup> 100 Index Fund, JNL/Mellon Communication Services Sector Fund, JNL/Mellon Consumer Discretionary Sector Fund, JNL/Mellon Financial Sector Fund, JNL/Mellon Healthcare Sector Fund, JNL/Mellon Energy Sector Fund, and JNL/Mellon Information Technology Sector Fund, a Fund will not borrow money, except for temporary or emergency purposes, from banks. The aggregate amount borrowed shall not exceed 25% of the value of a Fund's assets. In the case of any borrowing, a Fund may pledge, mortgage or hypothecate up to 15% of its assets.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(10) With respect to the JNL Conservative Allocation Fund, JNL/DoubleLine<sup>®</sup> Total Return Fund, JNL/Newton Equity Income Fund, JNL Moderate Allocation Fund, JNL/Neuberger Berman Commodity Strategy Fund, JNL/T. Rowe Price Capital Appreciation Fund, JNL/DFA U.S. Small Cap Fund, JNL Growth ETF Allocation Fund, JNL Moderate ETF Allocation Fund, JNL Moderate Growth ETF Allocation Fund, JNL/Lazard International Quality Growth Fund, JNL/PIMCO Investment Grade Credit Bond Fund, and JNL/WCM Focused International Equity Fund, no Fund may issue senior securities, except to the extent permitted by the 1940 Act, the rules and regulations thereunder, and any applicable exemptive relief.

With respect to JNL/Mellon Dow<sup>SM</sup> Index Fund, JNL/Mellon World Index Fund, JNL/Mellon Nasdaq<sup>®</sup> 100 Index Fund, JNL/Mellon Communication Services Sector Fund, JNL/Mellon Consumer Discretionary Sector Fund, JNL/Mellon Financial Sector Fund, JNL/Mellon Healthcare Sector Fund, JNL/Mellon Energy Sector Fund, and JNL/Mellon Information Technology Sector Fund, no Fund may issue senior securities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(11) The JNL/Mellon Dow<sup>SM</sup> Index Fund, JNL/Mellon World Index Fund, JNL/Mellon Nasdaq<sup>®</sup> 100 Index Fund, JNL/Mellon Communication Services Sector Fund, JNL/Mellon Consumer Discretionary Sector Fund, JNL/Mellon Financial Sector Fund, JNL/Mellon Healthcare Sector Fund, JNL/Mellon Energy Sector Fund, and JNL/Mellon Information Technology Sector Fund may invest in repurchase agreements and warrants and engage in futures and options transactions and securities lending.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(12) With respect to each Fund, other than the Funds listed in fundamental policy number 10 (above), no Fund may issue senior securities, except to the extent permitted by the 1940 Act, the rules and regulations thereunder, and any applicable exemptive relief.<sup>\*</sup>

*\* Currently, under the 1940 Act, a "senior security" does not include any promissory note or evidence of indebtedness where the indebtedness is for temporary purposes only and in an amount not exceeding 5% of the value of the total assets of the issuer at the time the loan is made. A loan is presumed to be for temporary purposes if it is repaid within 60 days and is not extended or renewed.*

**Operating Policies.** The Funds also have adopted non-fundamental investment restrictions. These restrictions are operating policies of the Fund and may be changed by the Trustees without shareholder approval. The additional investment restrictions adopted by the Trustees to date include the following:

*For each Fund, to the extent applicable:*

&nbsp;&nbsp;&nbsp;&nbsp;(a) The Fund intends to comply with the CFTC regulations and NFA requirements
limiting the Fund's investments in futures and options for non-hedging purposes, however, this policy does not apply with respect
to satisfying the requirements under CFTC Rule 4.5.

&nbsp;&nbsp;&nbsp;&nbsp;(b) The Fund of Funds will look through to the investment of the Underlying
Funds for purposes of determining diversification requirements.

*For the JNL/Invesco Small Cap Growth Fund:*

&nbsp;&nbsp;&nbsp;&nbsp;(a) The Fund may not deposit or pledge as collateral, more than 10%
of its total assets for short sales ("against the box") at any one time.

&nbsp;&nbsp;&nbsp;&nbsp;(b) The Fund may not invest more than 15% of its net assets in REITs.

&nbsp;&nbsp;&nbsp;&nbsp;(c) The Funds will not write (sell) options if, immediately after
such sale, the aggregate value of securities or obligations underlying the outstanding options exceeds 20% of the Fund's total
assets. The Funds will not purchase options if, at any time of the investment, the aggregate premiums paid for the options will exceed
5% of the Fund's total assets.

&nbsp;&nbsp;&nbsp;&nbsp;(d) The Fund may not purchase additional securities when any borrowings
from banks exceed 5% of the Fund's total assets.

&nbsp;&nbsp;&nbsp;&nbsp;(e) The Funds do not intend to invest more than 5% in futures contracts.
Additionally, they currently do not intend to invest in any security (including futures contracts or options thereon) that are secured
by physical commodities.

*For the JNL/JPMorgan U.S. Government & Quality Bond Fund:*

&nbsp;&nbsp;&nbsp;&nbsp;(a) The Fund may invest up to 20% of its assets in U.S. dollar-denominated
non-U.S. Government securities or debt obligations of corporations, including medium term notes and US dollar issues of foreign corporations
and U.S. dollar denominated foreign government securities rated AAA, AA, A, or BBB by S&P Ratings Services or AAA, AA, A or BAA by
Moody's, or if unrated, determined to be of comparable quality.

&nbsp;&nbsp;&nbsp;&nbsp;(b) The Fund may not invest more than 10% of its total assets in obligations
of foreign issuers.

&nbsp;&nbsp;&nbsp;&nbsp;(c) The Fund may invest up to 20% of its total assets in "zero
coupon" bonds or "strips."

*For the JNL/PPM America High Yield Bond Fund:* 

&nbsp;&nbsp;&nbsp;&nbsp;(a) The Fund may invest up to 20% of its total assets in common stock,
convertible securities, warrants or other equity securities (other than preferred stock, in which the Fund may invest without limit)
when consistent with its objective.

&nbsp;&nbsp;&nbsp;&nbsp;(b) To maintain liquidity, the Fund may invest up to 20% of its assets
in cash and/or U.S. dollar-denominated debt securities (short term investments in securities for the forward settlement of trades shall
not count for purposes of this policy).

&nbsp;&nbsp;&nbsp;&nbsp;(c) There may be times when, in the Sub-Adviser's judgment,
conditions in the securities markets would make pursuing the Fund's basic investment strategy inconsistent with the best interests
of the Fund's shareholders. At such times, the Fund may employ alternative strategies, including investment of a substantial portion
of its assets in securities rated higher than Baa by Moody's or BBB by S&P Ratings Services, or of comparable quality.

&nbsp;&nbsp;&nbsp;&nbsp;(d) In order to maintain liquidity, the Fund may invest up to 20%
of its assets in high-quality short-term money market instruments. Such instruments may include obligations of the U.S. Government or
its agencies or instrumentalities; commercial paper of issuers rated, at the time of purchase, A-2 or better by S&P Ratings Services
or P-2 or better by Moody's or which, in the Sub-Adviser's determination, are of comparable quality; certificates of deposit;
banker's acceptances or time deposits of U.S. banks with total assets of at least $1 billion (including obligations of foreign
branches of such banks) and of the 75 largest foreign commercial banks in terms of total assets (including domestic branches of such
banks); and repurchase agreements with respect to such obligations.

*For the JNL/WMC Value Fund:* 

&nbsp;&nbsp;&nbsp;&nbsp;(a) The Fund may not purchase portfolio securities if its outstanding
borrowings exceed 5% of its total assets or borrow for purposes other than meeting redemptions in an amount exceeding 5% of the value
of its total assets at the time the borrowing is made.

&nbsp;&nbsp;&nbsp;&nbsp;(b) The Fund may not make short sales of securities (except short
sales against the box).

&nbsp;&nbsp;&nbsp;&nbsp;(c) The Fund may not purchase securities on margin except for the
use of short-term credit necessary for the clearance of purchases and sales of portfolio securities but the Fund may make margin deposits
in connection with permitted transactions in options, futures contracts and options on futures contracts.

&nbsp;&nbsp;&nbsp;&nbsp;(d) The Fund may not pledge, mortgage, hypothecate or encumber any
of its securities except to secure permitted borrowings or to secure other permitted transactions. The deposit in escrow of securities
in connection with the writing of put and call options, collateralized loans of securities and collateral arrangements with respect to
margin for futures contracts are not deemed to be pledges or hypothecations for this purpose.

&nbsp;&nbsp;&nbsp;&nbsp;(e) The Fund may not invest in interests in oil or gas or interests
in other mineral exploration or development programs.

&nbsp;&nbsp;&nbsp;&nbsp;(f) The Fund may not purchase any call or put option on a futures
contract if the premiums associated with all such options held by the Fund would exceed 5% of the Fund's total assets as of the
date the option is purchased. The Fund may not sell a put option if the exercise value of all put options written by the Fund would exceed
50% of the Fund's total assets. Likewise, the Fund may not sell a call option if the exercise value of all call options written
by the Fund would exceed the value of the Fund's assets. In addition, the current market value all open futures positions held
by the Fund may not exceed 50% of its total assets.

B. INVESTMENT RESTRICTIONS APPLICABLE TO ALL FUNDS

**Non-Fundamental Investment Restrictions.** Unless otherwise indicated, all limitations applicable to Fund investments apply only at the time a transaction is entered into. Any subsequent change in a rating assigned by any rating service to a security (or, if unrated, deemed to be of comparable quality), or change in the percentage of Fund assets invested in certain securities or other instruments, or change in the average duration of a Fund's investment portfolio, resulting from market fluctuations or other changes in a Fund's total assets will not require a Fund to dispose of an investment. In the event that ratings services assign different ratings to the same security, the Adviser or Sub-Adviser will determine which rating it believes best reflects the security's quality and risk at that time, which may be the higher of the several assigned ratings.

From time to time, a Fund (except a Master Fund or a Feeder Fund) may voluntarily participate in actions (for example, rights offerings, conversion privileges, exchange offers, credit event settlements, corporate actions, restructurings – related to bankruptcy proceedings or otherwise, etc.) where the issuer or counterparty offers securities or instruments to holders or counterparties, such as a Fund, and the acquisition is determined to be beneficial to Fund shareholders ("Voluntary Action"). Notwithstanding any percentage investment limitation listed under this "Investment Restrictions" section or any percentage investment limitation of the 1940 Act or rules thereunder, if a Fund has the opportunity to acquire a permitted security or instrument through a Voluntary Action, and the Fund will exceed a percentage investment limitation following the acquisition, it will not constitute a violation if, prior to the receipt of the securities or instruments and after announcement of the offering, the Fund sells an offsetting amount of assets that are subject to the investment limitation in question at least equal to the value of the securities or instruments to be acquired.

Certain investment restrictions, such as a required minimum or maximum investment in a particular type of security, are measured at the time the Fund purchases a security. The status, market value, maturity, credit quality, or other characteristics of the Fund's securities may change after they are purchased, and this may cause the amount of the Fund's assets invested in such securities to fall outside the parameters described in the first paragraph above. If any of these changes occur, it would not be considered a violation of the investment restriction. However, purchases by the Fund during the time it is above or below the stated percentage restriction would be made in compliance with applicable restrictions.

A Fund may engage in roll-timing strategies where the Fund seeks to extend the expiration or maturity of a position, such as a forward contract, futures contract or to-be-announced (TBA) transaction, on an underlying asset by closing out the position before expiration and contemporaneously opening a new position with respect to the same underlying asset that has substantially similar terms except for a later expiration date. Such "rolls" enable the Fund to maintain continuous investment exposure to an underlying asset beyond the expiration of the initial position without delivery of the underlying asset. Similarly, as certain standardized swap agreements transition from over-the-counter trading to mandatory exchange-trading and clearing due to the implementation of Dodd-Frank Act regulatory requirements, a Fund may "roll" an existing over-the-counter swap agreement by closing out the position before expiration and contemporaneously entering into a new exchange-traded and cleared swap agreement on the same underlying asset with substantially similar terms except for a later expiration date. These types of new positions opened contemporaneous with the closing of an existing position on the same underlying asset with substantially similar terms are collectively referred to as "Roll Transactions." Elective Investment Restrictions (defined in the preceding paragraph), which normally apply at the time of investment, do not apply to Roll Transactions (although Elective Investment Restrictions will apply to the Fund's entry into the initial position). The Funds will test for compliance with Elective Investment Restrictions at the time of a Fund's initial entry into a position, but the percentage limitations and absolute prohibitions set forth in the Elective Investment Restrictions are not applicable to a Fund's subsequent acquisition of securities or instruments through a Roll Transaction.

Certain of the Funds have investment strategies that are applicable "normally" or under "normal circumstances" or "normal market conditions" (as stated above and elsewhere in this SAI or in the Prospectus). These investment policies, limitations, or practices may not apply during periods of abnormal purchase or redemption activity or during periods of unusual or adverse market, economic, political or other conditions. Such market, economic, or political conditions may include periods of abnormal or heightened market volatility, strained credit and/or liquidity conditions, or increased governmental intervention in the markets or industries. It is possible that such unusual or adverse conditions may continue for extended periods of time. See "Temporary defensive positions and large cash positions risk" in the Prospectus.

**Operating Policies.** The Trustees have adopted additional investment restrictions for the Funds. The restrictions or operating policies of the Funds may be changed by the Trustees without shareholder approval. The additional investment restrictions adopted by the Trustees to date include the following:

(a) The Funds (other than the following Funds: JNL Conservative Allocation Fund, JNL Moderate Allocation Fund, JNL Moderate Growth Allocation Fund, JNL Growth Allocation Fund, JNL Aggressive Growth Allocation Fund, JNL/JPMorgan Managed Conservative Fund, JNL/JPMorgan Managed Moderate Fund, JNL/JPMorgan Managed Moderate Growth Fund, JNL/JPMorgan Managed Growth Fund, and JNL/JPMorgan Managed Aggressive Growth Fund) will not acquire any securities of registered open-end investment companies or unit investment trusts in reliance upon paragraphs (F) or (G) of Section 12(d)(1) of the 1940 Act. The Feeder Funds will acquire securities of registered open-end investment companies in reliance upon Section 12(d)(1)(E) of the 1940 Act. The Feeder Funds are JNL/American Funds Balanced Fund, JNL/American Funds Bond Fund of America Fund, JNL/American Funds Capital Income Builder Fund, JNL/American Funds Capital World Bond Fund, JNL/American Funds Global Growth Fund, JNL/American Funds Growth Fund, JNL/American Funds Growth-Income Fund, JNL/American Funds International Fund, JNL/American Funds New World Fund, JNL/American Funds Washington Mutual Investors Fund, JNL/Mellon Bond Index Fund, JNL/Mellon Emerging Markets Index Fund, JNL/Mellon International Index Fund, JNL/Mellon Small Cap Index Fund, and JNL/Mellon S&P 400 MidCap Index Fund.

(b) However, the Funds may invest in investment companies, including unit investment trusts, to the extent permitted under Rule 12d1-1, Rule 12d1-3, and Rule 12d1-4 under the 1940 Act, as applicable.

**Minimum Requirement of Rule 35d-1.** The Fund, as noted in the Prospectus, has adopted non-fundamental operating policies that require at least 80% (or, in the case of certain Funds, an amount greater than 80%) of the Fund's assets (net assets plus the amount of any borrowings for investment purposes) be invested, under normal circumstances, in securities of the type connoted by the name of the Fund.

Although these 80% or greater requirements are non-fundamental operating policies that may be changed by the Board of Trustees without shareholder approval, the Board of Trustees has adopted a policy requiring not less than 60 days' written notice be provided to shareholders, in the manner required by Rule 35d-1 under the 1940 Act, before the effective date of any change in such a policy by a Fund that was adopted pursuant to the requirements of Rule 35d-1.

**Insurance Law Restrictions.** In connection with the Trust's agreement to sell shares in the Funds to the separate accounts of Jackson National and Jackson National NY, JNAM and the insurance companies may enter into agreements, required by certain state insurance departments, under which the Adviser may agree to use its best efforts to assure and to permit insurance companies to monitor that each Fund of the Trust complies with the investment restrictions and limitations prescribed by state insurance laws and regulations applicable to the investment of separate account assets in shares of mutual funds. If a Fund failed to comply with such restrictions or limitations, the insurance company would take appropriate action, which might include ceasing to make investments in the Fund or Trust withdrawing from the state imposing the limitation. Such restrictions and limitations are not expected to have a significant impact on the Trust's operations.

C. INVESTMENT RESTRICTIONS APPLICABLE TO THE JNL/AMERICAN FUNDS FEEDER FUNDS

Percentage limitations on investments described in this SAI or in any prospectus will apply at the time of investment and shall not be considered violated unless an excess or deficiency occurs or exists immediately after and as a result of such investment. Except for the investment restrictions listed below as fundamental or to the extent designated as such in any prospectus, the other investment policies described in this SAI or in any prospectus are not fundamental and may be changed without shareholder approval.

Each JNL/American Funds Feeder Fund has adopted the following fundamental investment restrictions; however, as long as the JNL/American Funds Feeder Funds remain invested in the corresponding AFIS Master Funds, each JNL/American Funds Feeder Fund is subject to such AFIS Master Fund's restrictions as well, even if the AFIS Master Funds' restrictions are more restrictive. If one or more JNL/American Funds Feeder Funds withdraws from its corresponding Master Fund and engages JNAM or a Sub-Adviser to provide portfolio management services to the JNL/American Funds Feeder Fund, that Feeder Fund would no longer be subject to the corresponding Master Fund's investment restrictions and would be subject solely to the following investment restrictions.

All percentage limitations in the following JNL/American Funds Feeder Fund policies are considered at the time securities are purchased and are based on a JNL/American Funds Feeder Fund's net assets unless otherwise indicated. None of the following policies involving a maximum percentage of assets will be considered violated unless the excess occurs immediately after, and is caused by, an acquisition by the applicable JNL/American Funds Feeder Fund. In managing a JNL/American Funds Feeder Fund, the JNL/American Funds Feeder Fund's investment adviser may apply more restrictive policies than those listed below.

1. JNL/AMERICAN FUNDS FEEDER FUND POLICIES

**Fundamental Policies** – The investment objectives and principal investment strategies of the JNL/American Funds Feeder Funds are set forth in the JNL/American Funds Feeder Funds' prospectus. Each JNL/American Funds Feeder Fund has adopted the following policies, which may not be changed without approval by holders of a majority of its outstanding shares. Such majority is currently defined in the 1940 Act, as the vote of the lesser of (a) 67% or more of the voting securities present at a shareholder meeting, if the holders of more than 50% of the outstanding voting securities are present in person or by proxy, or (b) more than 50% of the outstanding voting securities.

a. Except as permitted by (i) the 1940 Act and the rules and regulations thereunder, or other successor law
governing the regulation of registered investment companies, or interpretations or modifications thereof by the SEC, SEC staff or other
authority of competent jurisdiction, or (ii) exemptive or other relief or permission from the SEC, SEC staff or other authority of competent
jurisdiction, each JNL/American Funds Feeder Fund may not:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. Borrow money;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii. Issue senior securities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iii. Underwrite the securities of other issuers;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iv. Purchase or sell real estate or commodities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;v. Make loans; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;vi. Purchase the securities of any issuer if, as a result of such purchase, a JNL/American Funds Feeder Fund's investments would be concentrated in any particular industry.

b. A JNL/American Funds Feeder Fund may not invest in companies for the purpose of exercising control or
management.

**<u>Additional information about fundamental policies</u> —** The information below is not part of the JNL/American Funds Feeder Funds' fundamental policies. This information is intended to provide a summary of what is currently required or permitted by the 1940 Act and the rules and regulations thereunder, or by the interpretive guidance thereof by the SEC or SEC staff, for particular fundamental policies of the JNL/American Funds Feeder Funds.

For purposes of fundamental policy a.i., a JNL/American Funds Feeder Fund may borrow money in amounts of up to 33-1/ 3% of its respective total assets from banks for any purpose, and may borrow up to 5% of its respective total assets from banks or other lender for temporary purposes.

For purposes of fundamental policy a.v., a JNL/American Funds Feeder Fund may not lend more than 33-1/3% of its respective total assets, except through the purchase of debt obligations.

For purposes of fundamental policy a.vi., a JNL/American Funds Feeder Fund may not invest 25% or more of its respective total assets in the securities of issuers in the same industry.

2. AFIS MASTER FUND POLICIES

All percentage limitations in the following AFIS Master Fund policies are considered at the time securities are purchased and are based on an AFIS Master Fund's net assets (excluding, for the avoidance of doubt, collateral held in connection with securities lending activities) unless otherwise indicated. None of the following policies involving a maximum percentage of assets will be considered violated unless the excess occurs immediately after, and is caused by, an acquisition by an AFIS Master Fund. In managing an AFIS Master Fund, CRMC may apply more restrictive policies than those listed below.

**Fundamental policies —** The AFIS Master Funds have adopted the following policies, which may not be changed without approval by holders of a majority of an AFIS Master Fund's outstanding shares. Such majority is currently defined in the 1940 Act, as the vote of the lesser of (a) 67% or more of the voting securities present at a shareholder meeting, if the holders of more than 50% of the outstanding voting securities are present in person or by proxy, or (b) more than 50% of the outstanding voting securities.

a. Except as permitted by (i) the 1940 Act and the rules and regulations thereunder, or other successor law governing the regulation of registered investment companies, or interpretations or modifications thereof by the SEC, SEC staff or other authority of competent jurisdiction, or (ii) exemptive or other relief or permission from the SEC, SEC staff or other authority of competent jurisdiction, an AFIS Master Fund may not:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. Borrow money;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii. Issue senior securities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iii. Underwrite the securities of other issuers;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iv. Purchase or sell real estate or commodities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;v. Make loans; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;vi. Purchase the securities of any issuer if, as a result of such purchase, an AFIS Master Fund's investments would be concentrated in any particular industry.

b. An AFIS Master Fund may not invest in companies for the purpose of exercising control or management.

**<u>Nonfundamental policies</u>** — The following policy may be changed without shareholder approval:

An AFIS Master Fund may not acquire securities of open-end investment companies or unit investment trusts registered under the 1940 Act in reliance on Sections 12(d)(1)(F) or 12(d)(1)(G) of the 1940 Act.

**<u>Additional information about fundamental policies</u> —** The information below is not part of the AFIS Master Funds' fundamental policies. This information is intended to provide a summary of what is currently required or permitted by the 1940 Act and the rules and regulations thereunder, or by the interpretive guidance thereof by the SEC or SEC staff, for particular fundamental policies of the AFIS Master Funds.

For purposes of fundamental policy a.i., the AFIS Master Funds may borrow money in amounts of up to 33 1/3% of their total assets from banks for any purpose, and may borrow up to 5% of their total assets from banks or other lender for temporary purposes (a loan is presumed to be for temporary purposes if it is repaid within 60 days and is not extended or renewed). The percentage limitations in this policy are considered at the time securities are purchased and thereafter.

For purposes of fundamental policy a.v., the AFIS Master Funds may not lend more than 33 1/3% of their total assets, except through the purchase of debt obligations.

For purposes of fundamental policy a.vi., the AFIS Master Funds may not invest 25% or more of their total assets in the securities of issuers in the same industry.

D. NON-FUNDAMENTAL TAX RESTRICTIONS OF ALL FEEDER FUNDS (INCLUDING JNL/MELLON FEEDER FUNDS)

Each Feeder Fund structured as a Regulated Investment Company must:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Maintain its assets so that, at the close of each quarter of its taxable year, it will qualify as a "Regulated Investment Company" under Subchapter M of the Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Distribute taxable net investment income and capital gains to shareholders in amounts that will avoid U.S. federal income and excise tax.

These tax-related limitations are subject to cure provisions under applicable tax laws and may be changed by the Board to the extent appropriate in light of changes to applicable tax law requirements.

E. CLASSIFICATION OF ALL FEEDER FUNDS (INCLUDING JNL/MELLON FEEDER FUNDS)

Each Feeder Fund (except for the JNL/American Funds Capital World Bond Fund), through investments made by its corresponding Master Fund, is a diversified series of an open-end management investment company. As a diversified fund, at least 75% of the value of each Feeder Fund's total assets must consist of cash, cash items, securities of other regulated investment companies, U.S. Government securities and other securities which, with respect to any one issuer, do not represent more than 5% of all of the Feeder Fund's assets nor more than 10% of the outstanding voting securities of such issuer. JNL/American Funds Capital World Bond Fund, through investments made by the American Funds Capital World Bond Fund, has elected to be classified as a non-diversified series of an open-end management investment company.

A non-diversified fund, such as JNL/American Funds Capital World Bond Fund, is not required to comply with the diversification rules of the 1940 Act. Because a non-diversified fund may invest in securities of relatively few issuers, it involves more risk than a diversified fund, since many factors affecting a given company could affect performance of the fund to a greater degree. A fund may not change its classification status from diversified to non-diversified without the prior approval of shareholders but may change its classification status from non-diversified to diversified without such approval.

**<u>Trustees AND OFFICERS OF THE Trust</u>**

The officers of the Trust manage its day-to-day operations and are responsible to the Trust's Board. The Trustees set broad policies for each Fund and choose the Trust's officers. All of the Trustees also serve as Trustees for the other investment companies in the Fund Complex (as defined below). The Officers also serve as Officers for the other investment companies in the Fund Complex (as defined below).

The following is a list of the Trustees and officers of the Trust, a statement of their present positions and principal occupations during the past five years. The following also lists the number of portfolios overseen by the Trustees and other directorships of public companies or other registered investment companies held by the Trustees. Information regarding the board of trustees of the Master Funds is available in the Master Funds' statement of additional information, which is delivered together with this SAI.

For purposes of this section, the term "Fund Complex" includes each of the following investment companies: JNL Series Trust (131 portfolios), JNL Investors Series Trust (1 portfolio), Jackson Credit Opportunities Fund (1 portfolio), and Jackson Real Assets Fund (1 portfolio) (as used in this section, the term Funds refers to all of the portfolios offered by the Fund Complex). [to be updated by amendment]

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| | |
|:---|:---|
| &nbsp;&nbsp;**Name, Address, and (Age)** | &nbsp;&nbsp;**Number of Portfolios in Fund Complex Overseen by Trustee** |
| &nbsp;&nbsp;***Interested Trustee*** | &nbsp;&nbsp;***Interested Trustee*** |
| &nbsp;&nbsp; <br> Mark D. Nerud (58)<sup>1</sup> 1 Corporate Way<br> Lansing, MI 48951<br> &nbsp;&nbsp; <br> Trustee<sup>2</sup> <br> (1/2007 to present)<br>President and Chief Executive Officer<br> (12/2006 to present)<br>Chief Operating Decision Maker<br> (12/2024 to present)<br>| &nbsp;&nbsp; <br> 134 |
| &nbsp;&nbsp; **Principal Occupation(s) During Past 5 Years:**<br> Chief Executive Officer of JNAM (1/2010 to present); President of JNAM (1/2007 to present); Managing Board Member of JNAM (5/2015 to present); President, Chief Executive Officer, and Chief Operating Decision Maker of other investment companies advised by JNAM (11/2023 to present, 6/2023 to present, 12/2006 to present, 12/2006 to 12/2020, and 8/2014 to 12/2020); Principal Executive Officer of an investment company advised by PPM America, Inc. (11/2017 to 12/2024) | &nbsp;&nbsp; **Principal Occupation(s) During Past 5 Years:**<br> Chief Executive Officer of JNAM (1/2010 to present); President of JNAM (1/2007 to present); Managing Board Member of JNAM (5/2015 to present); President, Chief Executive Officer, and Chief Operating Decision Maker of other investment companies advised by JNAM (11/2023 to present, 6/2023 to present, 12/2006 to present, 12/2006 to 12/2020, and 8/2014 to 12/2020); Principal Executive Officer of an investment company advised by PPM America, Inc. (11/2017 to 12/2024) |
| &nbsp;&nbsp; **Other Directorships Held by Trustee During Past 5 Years:**<br> Interested Trustee/Manager of other investment companies advised by JNAM (4/2015 to 12/2020 and 1/2007 to 12/2020) | &nbsp;&nbsp; **Other Directorships Held by Trustee During Past 5 Years:**<br> Interested Trustee/Manager of other investment companies advised by JNAM (4/2015 to 12/2020 and 1/2007 to 12/2020) |
| &nbsp;&nbsp;***Independent Trustees*** | &nbsp;&nbsp;***Independent Trustees*** |
| &nbsp;&nbsp; <br> Eric O. Anyah (57)<br> 1 Corporate Way<br> Lansing, MI 48951<br>&nbsp;&nbsp; Trustee<sup>2</sup><br> (1/2018 to present)<br>| &nbsp;&nbsp; <br> 134 |
| &nbsp;&nbsp; **Principal Occupation(s) During Past 5 Years:**<br> Chief Financial Officer, The Museum of Fine Arts, Houston (10/2013 to present) | &nbsp;&nbsp; **Principal Occupation(s) During Past 5 Years:**<br> Chief Financial Officer, The Museum of Fine Arts, Houston (10/2013 to present) |
| &nbsp;&nbsp; **Other Directorships Held by Trustee During Past 5 Years:**<br> Trustee/Manager of other investment companies advised by JNAM (1/2018 to 12/2020 and 12/2013 to 12/2020) | &nbsp;&nbsp; **Other Directorships Held by Trustee During Past 5 Years:**<br> Trustee/Manager of other investment companies advised by JNAM (1/2018 to 12/2020 and 12/2013 to 12/2020) |
| &nbsp;&nbsp; <br> Michael J. Bouchard (69)<br> 1 Corporate Way<br> Lansing, MI 48951<br>&nbsp;&nbsp; Trustee<sup>2</sup><br> (12/2003 to present)<br>| &nbsp;&nbsp; <br> 134 |
| &nbsp;&nbsp; **Principal Occupation(s) During Past 5 Years:**<br> Sheriff, Oakland County, Michigan (1/1999 to present) | &nbsp;&nbsp; **Principal Occupation(s) During Past 5 Years:**<br> Sheriff, Oakland County, Michigan (1/1999 to present) |
| &nbsp;&nbsp; **Other Directorships Held by Trustee During Past 5 Years:**<br> Trustee/Manager of other investment companies advised by JNAM (1/2018 to 12/2020 and 4/2000 to 12/2020) | &nbsp;&nbsp; **Other Directorships Held by Trustee During Past 5 Years:**<br> Trustee/Manager of other investment companies advised by JNAM (1/2018 to 12/2020 and 4/2000 to 12/2020) |
| &nbsp;&nbsp; <br> Ellen Carnahan (69)<br> 1 Corporate Way<br> Lansing, MI 48951<br>&nbsp;&nbsp; <br> Trustee<sup>2</sup> <br> (12/2013 to present) | &nbsp;&nbsp; <br> 134 |
| &nbsp;&nbsp; **Principal Occupation(s) During Past 5 Years:**<br> Principal, Machrie Enterprises LLC (venture capital firm) (7/2007 to present); Board Member of various corporate boards (see below) | &nbsp;&nbsp; **Principal Occupation(s) During Past 5 Years:**<br> Principal, Machrie Enterprises LLC (venture capital firm) (7/2007 to present); Board Member of various corporate boards (see below) |
| &nbsp;&nbsp; **Other Directorships Held by Trustee During Past 5 Years:**<br> Director and Audit Committee Member (11/2016 to 8/2023) and Compensation Committee Chair (3/2018 to 8/2023), Paylocity Holding Corporation; Director, Audit Committee Member, and Governance Committee Member (5/2015 to present) and Audit Committee Chair (3/2019 to present), ENOVA International Inc.; Trustee/Manager of other investment companies advised by JNAM (1/2018 to 12/2020 and 12/2013 to 12/2020) | &nbsp;&nbsp; **Other Directorships Held by Trustee During Past 5 Years:**<br> Director and Audit Committee Member (11/2016 to 8/2023) and Compensation Committee Chair (3/2018 to 8/2023), Paylocity Holding Corporation; Director, Audit Committee Member, and Governance Committee Member (5/2015 to present) and Audit Committee Chair (3/2019 to present), ENOVA International Inc.; Trustee/Manager of other investment companies advised by JNAM (1/2018 to 12/2020 and 12/2013 to 12/2020) |
| &nbsp;&nbsp; <br> John W. Gillespie (71)<br> 1 Corporate Way<br> Lansing, MI 48951<br>&nbsp;&nbsp; <br> Trustee<sup>2</sup> <br> (12/2013 to present) | &nbsp;&nbsp; <br> 134 |
| &nbsp;&nbsp; **Principal Occupation(s) During Past 5 Years:**<br> Entrepreneur-in-Residence, UCLA Office of Intellectual Property (2/2013 to present); Investor, Business Writer, and Advisor (10/2006 to present) | &nbsp;&nbsp; **Principal Occupation(s) During Past 5 Years:**<br> Entrepreneur-in-Residence, UCLA Office of Intellectual Property (2/2013 to present); Investor, Business Writer, and Advisor (10/2006 to present) |
| &nbsp;&nbsp; **Other Directorships Held by Trustee During Past 5 Years:**<br> Trustee/Manager of other investment companies advised by JNAM (1/2018 to 12/2020 and 12/2013 to 12/2020) | &nbsp;&nbsp; **Other Directorships Held by Trustee During Past 5 Years:**<br> Trustee/Manager of other investment companies advised by JNAM (1/2018 to 12/2020 and 12/2013 to 12/2020) |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Name, Address, and (Age)** | &nbsp;&nbsp;**Number of Portfolios in Fund Complex Overseen by Trustee** |
| &nbsp;&nbsp; <br> William R. Rybak (74)<br> 1 Corporate Way<br> Lansing, MI 48951<br>&nbsp;&nbsp; <br> Trustee<sup>2</sup> <br> (1/2007 to present) | &nbsp;&nbsp; <br> 134 |
| &nbsp;&nbsp; **Principal Occupation(s) During Past 5 Years:**<br> Private investor (5/2000 to present); Board Member of various corporate boards (see below) | &nbsp;&nbsp; **Principal Occupation(s) During Past 5 Years:**<br> Private investor (5/2000 to present); Board Member of various corporate boards (see below) |
| &nbsp;&nbsp; **Other Directorships Held by Trustee During Past 5 Years:**<br> Director (2/2010 to present) and Board Chair (2/2016 to present), Christian Brothers Investment Services, Inc.; Trustee (10/2012 to 5/2024) and Chair Emeritus (5/2009 to 5/2024), Lewis University; Director (2002 to present) and Audit Committee Chair (7/2019 to present), each of the Calamos Mutual Funds and Closed-End Funds; Trustee/Manager of other investment companies advised by JNAM (1/2018 to 12/2020 and 1/2007 to 12/2020) | &nbsp;&nbsp; **Other Directorships Held by Trustee During Past 5 Years:**<br> Director (2/2010 to present) and Board Chair (2/2016 to present), Christian Brothers Investment Services, Inc.; Trustee (10/2012 to 5/2024) and Chair Emeritus (5/2009 to 5/2024), Lewis University; Director (2002 to present) and Audit Committee Chair (7/2019 to present), each of the Calamos Mutual Funds and Closed-End Funds; Trustee/Manager of other investment companies advised by JNAM (1/2018 to 12/2020 and 1/2007 to 12/2020) |
| &nbsp;&nbsp; <br> Mark S. Wehrle (68)<br> 1 Corporate Way<br> Lansing, MI 48951<br>&nbsp;&nbsp; <br> Trustee<sup>2</sup> <br> (1/2018 to present) | &nbsp;&nbsp; <br> 134 |
| &nbsp;&nbsp; **Principal Occupation(s) During Past 5 Years:**<br> Retired Certified Public Accountant (1/2011 to present) | &nbsp;&nbsp; **Principal Occupation(s) During Past 5 Years:**<br> Retired Certified Public Accountant (1/2011 to present) |
| &nbsp;&nbsp; **Other Directorships Held by Trustee During Past 5 Years:**<br> Trustee, Delta Dental of Colorado (1/2012 to 12/2020); Trustee/Manager of other investment companies advised by JNAM and/or an affiliate of JNAM (1/2018 to 12/2020 and 7/2013 to 12/2020) | &nbsp;&nbsp; **Other Directorships Held by Trustee During Past 5 Years:**<br> Trustee, Delta Dental of Colorado (1/2012 to 12/2020); Trustee/Manager of other investment companies advised by JNAM and/or an affiliate of JNAM (1/2018 to 12/2020 and 7/2013 to 12/2020) |
| &nbsp;&nbsp; <br> Edward C. Wood (69)<br> 1 Corporate Way<br> Lansing, MI 48951<br>&nbsp;&nbsp; <br> Chair of the Board<sup>3</sup><br> (1/2020 to present)<br>Trustee<sup>2</sup> <br> (12/2013 to present)<br>| &nbsp;&nbsp; <br> 134 |
| &nbsp;&nbsp; **Principal Occupation(s) During Past 5 Years:**<br> None | &nbsp;&nbsp; **Principal Occupation(s) During Past 5 Years:**<br> None |
| &nbsp;&nbsp; **Other Directorships Held by Trustee During Past 5 Years:**<br> Trustee/Manager of other investment companies advised by JNAM (1/2018 to 12/2020 and 12/2013 to 12/2020) | &nbsp;&nbsp; **Other Directorships Held by Trustee During Past 5 Years:**<br> Trustee/Manager of other investment companies advised by JNAM (1/2018 to 12/2020 and 12/2013 to 12/2020) |
| &nbsp;&nbsp; <br> Patricia A. Woodworth (70)<br> 1 Corporate Way<br> Lansing, MI 48951<br>&nbsp;&nbsp; <br> Trustee<sup>2</sup><br> (1/2007 to present) | &nbsp;&nbsp; <br> 134 |
| &nbsp;&nbsp; **Principal Occupation(s) During Past 5 Years:**<br> Chief Financial Officer, National Trust for Historic Preservation (3/2019 to 8/2020 and 11/2023 to 5/2024) | &nbsp;&nbsp; **Principal Occupation(s) During Past 5 Years:**<br> Chief Financial Officer, National Trust for Historic Preservation (3/2019 to 8/2020 and 11/2023 to 5/2024) |
| &nbsp;&nbsp; **Other Directorships Held by Trustee During Past 5 Years:**<br> Trustee/Manager of other investment companies advised by JNAM (1/2018 to 12/2020 and 1/2007 to 12/2020) | &nbsp;&nbsp; **Other Directorships Held by Trustee During Past 5 Years:**<br> Trustee/Manager of other investment companies advised by JNAM (1/2018 to 12/2020 and 1/2007 to 12/2020) |

---

<sup>1</sup> Mr. Nerud is an "interested person" of the Trust due to his position with JNAM, the Adviser.

<sup>2</sup> The Interested Trustee and the Independent Trustees are elected to serve for an indefinite term.

<sup>3</sup> The Board Chairperson may be reelected for a second three-year term. If the Board Chairperson has served two consecutive terms, he or she may not serve again as the Board Chairperson, unless at least one year has elapsed since the end of his or her second consecutive term as Board Chairperson.

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Name, Address, and (Age)** | &nbsp;&nbsp; **Position(s) Held with Trust**<br> **(Length of Time Served)** |
| &nbsp;&nbsp; <br> **Officers **** | &nbsp;&nbsp; <br> **Officers **** |
| &nbsp;&nbsp; <br> Emily J. Bennett (41)<br> 1 Corporate Way<br> Lansing, MI 48951<br>| &nbsp;&nbsp; <br> Vice President<br> (11/2022 to present)<br>Assistant Secretary<br> (3/2016 to present)<br>|
| &nbsp;&nbsp; **Principal Occupation(s) During Past 5 Years:**<br> Vice President of JNAM (8/2022 to present); Deputy General Counsel of JNAM (8/2021 to present); Assistant Vice President of JNAM (2/2018 to 8/2022); Associate General Counsel of JNAM (3/2016 to 8/2021); Vice President of other investment companies advised by JNAM (11/2023 to present, 6/2023 to present, and 11/2022 to present); Assistant Secretary of other investment companies advised by JNAM (11/2023 to present, 6/2023 to present, 3/2016 to present, 3/2016 to 12/2020, and 5/2012 to 12/2020); Assistant Secretary (1/2021 to 5/2022), Vice President (11/2017 to 12/2024), and Secretary (11/2017 to 2/2021 and 5/2022 to 12/2024) of an investment company advised by PPM America, Inc. | &nbsp;&nbsp; **Principal Occupation(s) During Past 5 Years:**<br> Vice President of JNAM (8/2022 to present); Deputy General Counsel of JNAM (8/2021 to present); Assistant Vice President of JNAM (2/2018 to 8/2022); Associate General Counsel of JNAM (3/2016 to 8/2021); Vice President of other investment companies advised by JNAM (11/2023 to present, 6/2023 to present, and 11/2022 to present); Assistant Secretary of other investment companies advised by JNAM (11/2023 to present, 6/2023 to present, 3/2016 to present, 3/2016 to 12/2020, and 5/2012 to 12/2020); Assistant Secretary (1/2021 to 5/2022), Vice President (11/2017 to 12/2024), and Secretary (11/2017 to 2/2021 and 5/2022 to 12/2024) of an investment company advised by PPM America, Inc. |
| &nbsp;&nbsp; <br> Eric A. Bjornson (50)<br> 1 Corporate Way<br> Lansing, MI 48951<br>| &nbsp;&nbsp; <br> Vice President<br> (8/2025 to present) |
| &nbsp;&nbsp; **Principal Occupation(s) During Past 5 Years:**<br> Vice President of JNAM (8/2022 to present); Deputy General Counsel of JNAM (8/2021 to present); Assistant Vice President of JNAM (2/2018 to 8/2022); Associate General Counsel of JNAM (3/2016 to 8/2021); Vice President of other investment companies advised by JNAM (11/2023 to present, 6/2023 to present, and 11/2022 to present); Assistant Secretary of other investment companies advised by JNAM (11/2023 to present, 6/2023 to present, 3/2016 to present, 3/2016 to 12/2020, and 5/2012 to 12/2020); Assistant Secretary (1/2021 to 5/2022), Vice President (11/2017 to 12/2024), and Secretary (11/2017 to 2/2021 and 5/2022 to 12/2024) of an investment company advised by PPM America, Inc. | &nbsp;&nbsp; **Principal Occupation(s) During Past 5 Years:**<br> Vice President of JNAM (8/2022 to present); Deputy General Counsel of JNAM (8/2021 to present); Assistant Vice President of JNAM (2/2018 to 8/2022); Associate General Counsel of JNAM (3/2016 to 8/2021); Vice President of other investment companies advised by JNAM (11/2023 to present, 6/2023 to present, and 11/2022 to present); Assistant Secretary of other investment companies advised by JNAM (11/2023 to present, 6/2023 to present, 3/2016 to present, 3/2016 to 12/2020, and 5/2012 to 12/2020); Assistant Secretary (1/2021 to 5/2022), Vice President (11/2017 to 12/2024), and Secretary (11/2017 to 2/2021 and 5/2022 to 12/2024) of an investment company advised by PPM America, Inc. |
| &nbsp;&nbsp; <br> Garett J. Childs (46)<br> 1 Corporate Way<br> Lansing, MI 48951<br>| &nbsp;&nbsp; <br> Vice President<br> (2/2019 to present) |
| &nbsp;&nbsp; **Principal Occupation(s) During Past 5 Years:**<br> Senior Vice President of JNAM (8/2025 to present); Chief Financial Officer of JNAM (8/2021 to present); Manager, Board of Managers of Jackson National Life Distributors LLC (8/2025 to present); Vice President, Finance and Risk of JNAM (2/2019 to 8/2025); Controller of JNAM (11/2007 to 8/2021); Vice President of other investment companies advised by JNAM (11/2023 to present, 6/2023 to present, 2/2019 to present, and 2/2019 to 12/2020) | &nbsp;&nbsp; **Principal Occupation(s) During Past 5 Years:**<br> Senior Vice President of JNAM (8/2025 to present); Chief Financial Officer of JNAM (8/2021 to present); Manager, Board of Managers of Jackson National Life Distributors LLC (8/2025 to present); Vice President, Finance and Risk of JNAM (2/2019 to 8/2025); Controller of JNAM (11/2007 to 8/2021); Vice President of other investment companies advised by JNAM (11/2023 to present, 6/2023 to present, 2/2019 to present, and 2/2019 to 12/2020) |
| &nbsp;&nbsp; <br> Kelly L. Crosser (52)<br> 1 Corporate Way<br> Lansing, MI 48951<br>| &nbsp;&nbsp; <br> Assistant Secretary<br> (9/2007 to present) |
| &nbsp;&nbsp; **Principal Occupation(s) During Past 5 Years:**<br> Director, Legal of JNAM (12/2021 to present); Manager, Legal Regulatory Filings and Print of JNAM (1/2018 to 12/2021); Assistant Secretary of other investment companies advised by JNAM (11/2023 to present, 6/2023 to present, 9/2007 to present, 9/2007 to 12/2020, and 10/2011 to 12/2020) | &nbsp;&nbsp; **Principal Occupation(s) During Past 5 Years:**<br> Director, Legal of JNAM (12/2021 to present); Manager, Legal Regulatory Filings and Print of JNAM (1/2018 to 12/2021); Assistant Secretary of other investment companies advised by JNAM (11/2023 to present, 6/2023 to present, 9/2007 to present, 9/2007 to 12/2020, and 10/2011 to 12/2020) |
| &nbsp;&nbsp; <br> Richard J. Gorman (59)<br> 1 Corporate Way<br> Lansing, MI 48951<br>| &nbsp;&nbsp; <br> Chief Compliance Officer<br> (8/2018 to present)<br>Anti-Money Laundering Officer<br> (8/2018 to present)<br>|
| &nbsp;&nbsp; **Principal Occupation(s) During Past 5 Years:**<br> Senior Vice President and Chief Compliance Officer of JNAM (8/2018 to present); Chief Compliance Officer and Anti-Money Laundering Officer of other investment companies advised by JNAM (11/2023 to present, 6/2023 to present, 8/2018 to present, and 8/2018 to 12/2020) | &nbsp;&nbsp; **Principal Occupation(s) During Past 5 Years:**<br> Senior Vice President and Chief Compliance Officer of JNAM (8/2018 to present); Chief Compliance Officer and Anti-Money Laundering Officer of other investment companies advised by JNAM (11/2023 to present, 6/2023 to present, 8/2018 to present, and 8/2018 to 12/2020) |
| &nbsp;&nbsp; <br> William P. Harding (50)<br> 1 Corporate Way<br> Lansing, MI 48951<br>| &nbsp;&nbsp; <br> Vice President<br> (11/2012 to present) |
| &nbsp;&nbsp; **Principal Occupation(s) During Past 5 Years:**<br> Senior Vice President and Chief Investment Officer of JNAM (6/2014 to present); Vice President of other investment companies advised by JNAM (11/2023 to present, 6/2023 to present, 11/2012 to present, 11/2012 to 12/2020, and 5/2014 to 12/2020) | &nbsp;&nbsp; **Principal Occupation(s) During Past 5 Years:**<br> Senior Vice President and Chief Investment Officer of JNAM (6/2014 to present); Vice President of other investment companies advised by JNAM (11/2023 to present, 6/2023 to present, 11/2012 to present, 11/2012 to 12/2020, and 5/2014 to 12/2020) |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Name, Address, and (Age)** | &nbsp;&nbsp; **Position(s) Held with Trust**<br> **(Length of Time Served)** |
| &nbsp;&nbsp; <br> Kristen K. Leeman (49)<br> 1 Corporate Way<br> Lansing, MI 48951<br>| &nbsp;&nbsp; <br> Assistant Secretary<br> (6/2012 to present) |
| &nbsp;&nbsp; **Principal Occupation(s) During Past 5 Years:**<br> Senior Project Manager (10/2023 to present); Senior Regulatory Analyst of JNAM (5/2021 to 10/2023); Regulatory Analyst of JNAM (1/2018 to 5/2021); Assistant Secretary of other investment companies advised by JNAM (11/2023 to present, 6/2023 to present, 6/2012 to present, 6/2012 to 12/2020, and 1/2018 to 12/2020) | &nbsp;&nbsp; **Principal Occupation(s) During Past 5 Years:**<br> Senior Project Manager (10/2023 to present); Senior Regulatory Analyst of JNAM (5/2021 to 10/2023); Regulatory Analyst of JNAM (1/2018 to 5/2021); Assistant Secretary of other investment companies advised by JNAM (11/2023 to present, 6/2023 to present, 6/2012 to present, 6/2012 to 12/2020, and 1/2018 to 12/2020) |
| &nbsp;&nbsp; <br> Adam C. Lueck (42)<br> 1 Corporate Way<br> Lansing, MI 48951<br>| &nbsp;&nbsp; <br> Assistant Secretary<br> (3/2018 to present) |
| &nbsp;&nbsp; **Principal Occupation(s) During Past 5 Years:**<br> Associate General Counsel of JNAM (12/2021 to present); Senior Attorney of JNAM (2/2018 to 12/2021); Assistant Secretary of other investment companies advised by JNAM (11/2023 to present, 6/2023 to present, 3/2018 to present, 3/2018 to 12/2020, and 12/2015 to 12/2020) | &nbsp;&nbsp; **Principal Occupation(s) During Past 5 Years:**<br> Associate General Counsel of JNAM (12/2021 to present); Senior Attorney of JNAM (2/2018 to 12/2021); Assistant Secretary of other investment companies advised by JNAM (11/2023 to present, 6/2023 to present, 3/2018 to present, 3/2018 to 12/2020, and 12/2015 to 12/2020) |
| &nbsp;&nbsp; <br> Mia K. Nelson (42)<br> 1 Corporate Way<br> Lansing, MI 48951<br> **** | &nbsp;&nbsp; ****<br> Vice President<br> (11/2022 to present)<br>Assistant Vice President<br> (8/2017 to 11/2022)<br>|
| &nbsp;&nbsp; **Principal Occupation(s) During Past 5 Years:**<br> Vice President, Tax of JNAM (8/2022 to present); Assistant Vice President, Tax of JNAM (3/2017 to 8/2022); Vice President of other investment companies advised by JNAM (11/2023 to present, 6/2023 to present, and 11/2022 to present); Assistant Vice President of other investment companies advised by JNAM (8/2017 to 11/2022, 8/2017 to 12/2020, and 9/2017 to 12/2020) | &nbsp;&nbsp; **Principal Occupation(s) During Past 5 Years:**<br> Vice President, Tax of JNAM (8/2022 to present); Assistant Vice President, Tax of JNAM (3/2017 to 8/2022); Vice President of other investment companies advised by JNAM (11/2023 to present, 6/2023 to present, and 11/2022 to present); Assistant Vice President of other investment companies advised by JNAM (8/2017 to 11/2022, 8/2017 to 12/2020, and 9/2017 to 12/2020) |
| &nbsp;&nbsp; <br> Joseph B. O'Boyle (62)<br> 1 Corporate Way<br> Lansing, MI 48951<br>| &nbsp;&nbsp; <br> Vice President<br> (1/2018 to present)<br>|
| &nbsp;&nbsp; **Principal Occupation(s) During Past 5 Years:**<br> Vice President of JNAM (8/2015 to present); Vice President of other investment companies advised by JNAM (11/2023 to present, 6/2023 to present, 1/2018 to present, and 1/2018 to 12/2020); Chief Compliance Officer and Anti-Money Laundering Officer of an investment company advised by PPM America, Inc. (2/2018 to 12/2024) | &nbsp;&nbsp; **Principal Occupation(s) During Past 5 Years:**<br> Vice President of JNAM (8/2015 to present); Vice President of other investment companies advised by JNAM (11/2023 to present, 6/2023 to present, 1/2018 to present, and 1/2018 to 12/2020); Chief Compliance Officer and Anti-Money Laundering Officer of an investment company advised by PPM America, Inc. (2/2018 to 12/2024) |
| &nbsp;&nbsp; <br> Susan S. Rhee (53)<br> 1 Corporate Way<br> Lansing, MI 48951<br>| &nbsp;&nbsp; <br> Vice President, Chief Legal Officer, and Secretary<br> (2/2004 to present) |
| &nbsp;&nbsp; **Principal Occupation(s) During Past 5 Years:**<br> Senior Vice President and General Counsel of JNAM (1/2010 to present); Secretary of JNAM (11/2000 to present); Vice President, Chief Legal Officer, and Secretary of other investment companies advised by JNAM (11/2023 to present, 6/2023 to present, 2/2004 to present, 2/2004 to 12/2020, and 10/2011 to 12/2020); Vice President and Assistant Secretary of an investment company advised by PPM America, Inc. (11/2017 to 7/2022) | &nbsp;&nbsp; **Principal Occupation(s) During Past 5 Years:**<br> Senior Vice President and General Counsel of JNAM (1/2010 to present); Secretary of JNAM (11/2000 to present); Vice President, Chief Legal Officer, and Secretary of other investment companies advised by JNAM (11/2023 to present, 6/2023 to present, 2/2004 to present, 2/2004 to 12/2020, and 10/2011 to 12/2020); Vice President and Assistant Secretary of an investment company advised by PPM America, Inc. (11/2017 to 7/2022) |
| &nbsp;&nbsp; <br> Andrew Tedeschi (60)<br> 1 Corporate Way<br> Lansing, MI 48951<br>| &nbsp;&nbsp; <br> Treasurer & Chief Financial Officer<br> (6/2020 to present)<br>|
| &nbsp;&nbsp; **Principal Occupation(s) During Past 5 Years:**<br> Vice President, JNAM (1/2019 to present); Treasurer and Chief Financial Officer of other investment companies advised by JNAM (11/2023 to present, 6/2023 to present, and 6/2020 to present); Principal Financial Officer, Treasurer, and Vice President of an investment company advised by PPM America, Inc. (1/2021 to 12/2024) | &nbsp;&nbsp; **Principal Occupation(s) During Past 5 Years:**<br> Vice President, JNAM (1/2019 to present); Treasurer and Chief Financial Officer of other investment companies advised by JNAM (11/2023 to present, 6/2023 to present, and 6/2020 to present); Principal Financial Officer, Treasurer, and Vice President of an investment company advised by PPM America, Inc. (1/2021 to 12/2024) |

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**Board of Trustees Leadership Structure**

The Board is responsible for oversight of the Trust, including risk oversight and oversight of Trust management. The Board consists of eight Trustees who are not "interested persons" of the Trust ("Independent Trustees") and one interested Trustee. The Independent Trustees have retained outside independent legal counsel and meet at least quarterly with that counsel in executive session without the interested Trustee and management. The Board had five meetings in the last fiscal year.

The Chairman of the Board is a disinterested Trustee. The Chairman presides at all meetings of the Board at which the Chairman is present. The Chairman exercises such powers as are assigned to him or her by the Trust's organizational and operating documents and by the Board, which may include acting as a liaison with service providers, attorneys, the Trust's officers including the Chief Compliance Officer and other Trustees between meetings.

The Board has established a committee structure to assist in overseeing the Trust. The Board has an Audit Committee, a Governance Committee, and three Investment Committees. Each committee is comprised exclusively of Independent Trustees, with the exception of one of the Investment Committees, which has the Interested Trustee as a member, and each is chaired by one or more different Independent Trustees. The independent chairperson(s) of each committee, among other things, facilitates communication among the Independent Trustees, Trust management, service providers, and the full Board. The Trust has determined that the Board's leadership structure is appropriate given the specific characteristics and circumstances of the Trust including, without limitation, the number of Funds that comprise the Trust, the net assets of the Trust and the Trust's business and structure, because it allows the Board to exercise oversight in an orderly and efficient manner.

**Risk Oversight**

Consistent with its general oversight responsibilities, the Board oversees risk management of each Fund. The Board administers its risk oversight function in a number of ways, both at the Board level and through its Committee structure, as deemed necessary and appropriate at the time in light of the specific characteristics or circumstances of the Funds. As part of its oversight of risks, the Board or its Committees receive and consider reports from a number of parties, such as the Adviser, the Sub-Adviser(s), portfolio managers, the Trust's independent auditors, the Trust's officers including the Chief Compliance Officer, Jackson National executives and outside counsel. The Board also adopts and periodically reviews policies and procedures intended to address risks and monitors efforts to assess the effectiveness of the implementation of the policies and procedures in addressing risks. It is possible that, despite the Board's oversight of risk, not all risks will be identified, mitigated or addressed. Further, certain risks may arise that were unforeseen.

**Committees of the Board of Trustees**

The Audit Committee assists the Board of Trustees in fulfilling its oversight responsibilities by providing oversight with respect to the preparation and review of the financial reports and other financial information provided by the Trust to the public or government agencies. The Audit Committee is responsible for the selection, subject to ratification by the Board, of the Trust's independent registered public accounting firm, and for the approval of the auditor's fee. The Audit Committee also reviews the Trust's internal controls regarding finance, accounting, legal compliance and the Trust's auditing, accounting and financial processes generally. The Audit Committee also serves as the Trust's "Qualified Legal Compliance Committee", for the confidential receipt, retention, and consideration of reports of evidence of material violations under rules of the SEC. Messrs. Anyah, Bouchard, Wehrle, and Ms. Woodworth are members of the Audit Committee. Mr. Wehrle serves as Chair of the Audit Committee. Mr. Wood is an ex officio member of the Audit Committee. The Audit Committee had seven meetings in the last fiscal year.

The Governance Committee is responsible for, among other things, the identification, evaluation and nomination of potential candidates to serve on the Board of Trustees. The Governance Committee will accept Trustee nominations from shareholders. Any such nominations should be sent to the Trust's Governance Committee, c/o Chair of the Governance Committee, John W. Gillespie, P.O. Box 30902, Lansing, Michigan 48909-8402. Ms. Carnahan, and Messrs. Gillespie and Rybak are members of the Governance Committee. Mr. Gillespie serves as Chair of the Governance Committee. Mr. Wood is an ex officio member of the Governance Committee. The Governance Committee had three meetings in the last fiscal year.

The two Investment Committees review the performance of the Funds. Each Investment Committee meets at least four times per year and reports the results of its review to the full Board at each regularly scheduled Board meeting. Each Independent Trustee sits on one of the two Committees. Mses. Carnahan and Woodworth and Messrs. Gillespie and Wehrle are members of Investment Committee A. Ms. Carnahan serves as Chair of Investment Committee A. Messrs. Anyah, Bouchard, Nerud, Rybak, and Wood are members of Investment Committee B. Mr. Anyah serves as Chair of Investment Committee B. In the last fiscal year, Investment Committees A and B had five meetings.

**Certain Positions of Independent Trustees and their Family Members**

As of [December 31, 2025], none of the Independent Trustees, nor any member of an Independent Trustee's immediate family, held a position (other than the Independent Trustee's position as such with the Trust) including as officer, employee, director or general partner during the two most recently completed calendar years with (i) any Fund in the Fund Complex; (ii) an investment company, or a person that would be an investment company but for the exclusion provided by sections 3(c)(1) and 3(c)(7) of the 1940 Act, having the same investment adviser or principal underwriter as any Fund in the Fund Complex or having an investment adviser or principal underwriter that directly or indirectly controls, is controlled by, or is under common control with an investment adviser or principal underwriter of any Fund in the Fund Complex; (iii) an investment adviser, principal underwriter or affiliated person of any Fund in the Fund Complex; or (iv) any person directly or indirectly controlling, controlled by, or under common control with an investment adviser or principal underwriter of any Fund in the Fund Complex.

**Ownership of Trustees of Shares in the Funds of the Trust**

As of [December 31, 2025], the Trustees beneficially owned the following interests in shares of the Funds: [to be updated by amendment]

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| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Trustee** | &nbsp;&nbsp;**Dollar Range of Equity Securities in the Fund** | &nbsp;&nbsp;**Aggregate Dollar Range of equity Securities in All Registered Investment Companies Overseen by the Trustee in the Family of Investment Companies** |
| &nbsp;&nbsp;Mark D. Nerud<sup>1</sup> | &nbsp;&nbsp;$1 - $10000 | &nbsp;&nbsp;Over $100,000 |
|  | &nbsp;&nbsp;JNL Multi-Manager Small Cap Value Fund |  |
|  | &nbsp;&nbsp;$10001 - $50000 |  |
|  | &nbsp;&nbsp;JNL/MFS Mid Cap Value Fund |  |
|  | &nbsp;&nbsp;Over $100,000 |  |
| &nbsp;&nbsp;_ | &nbsp;&nbsp;JNL/T. Rowe Price Mid-Cap Growth Fund | &nbsp;&nbsp;_ |
| &nbsp;&nbsp;_ | &nbsp;&nbsp;JNL/WMC Value Fund | &nbsp;&nbsp;_ |
| &nbsp;&nbsp;Eric O. Anyah<sup>3</sup> |  | &nbsp;&nbsp;Over $100,000 |
| &nbsp;&nbsp;Michael Bouchard<sup>3</sup> |  | &nbsp;&nbsp;Over $100,000 |
| &nbsp;&nbsp;Ellen Carnahan<sup>3</sup> |  | &nbsp;&nbsp;Over $100,000 |
| &nbsp;&nbsp;John Gillespie<sup>3</sup> |  | &nbsp;&nbsp;Over $100,000 |
| &nbsp;&nbsp;William R. Rybak<sup>2</sup> | &nbsp;&nbsp;Over $100,000 | &nbsp;&nbsp;Over $100,000 |
| &nbsp;&nbsp;_ | &nbsp;&nbsp;JNL/Mellon S&P 400 MidCap Index Fund | &nbsp;&nbsp;_ |
| &nbsp;&nbsp;_ | &nbsp;&nbsp;JNL/Mellon S&P 500 Index Fund | &nbsp;&nbsp;_ |
| &nbsp;&nbsp;_ | &nbsp;&nbsp;JNL/Mellon Small Cap Index Fund | &nbsp;&nbsp;_ |
| &nbsp;&nbsp;Mark S. Wehrle<sup>3</sup> |  | &nbsp;&nbsp;Over $100,000 |
| &nbsp;&nbsp;Edward Wood<sup>3</sup> |  | &nbsp;&nbsp;Over $100,000 |
| &nbsp;&nbsp;Patricia A. Woodworth<sup>3</sup> |  | &nbsp;&nbsp;Over $100,000 |

---

<sup>1</sup> The beneficial interests of Mr. Nerud in shares of the Funds reflected in the foregoing table are held by him through a qualified retirement plan maintained by Jackson National for its officers and employees.

<sup>2</sup> Mr. Rybak owns a Jackson National variable annuity under which each of his investments is allocated to the investment divisions that invest in the Funds.

<sup>3</sup> These Trustees hold investments through the deferred compensation plan in "clone" retail funds run by Sub-Advisers on the JNL platform, which may include retail clones of each of the strategies of the JNL Multi-Manager Funds. The investments are not in the Funds themselves.

As is described in the Prospectus, shares in the Funds are sold only to separate accounts of Jackson National, 1 Corporate Way, Lansing, Michigan 48951, and Jackson National NY, 2900 Westchester Avenue, Purchase, New York 10577, to fund the benefits under certain variable annuity and variable life contracts ("Contracts") and to non-qualified retirement plans and to other affiliated funds.

**Ownership by Independent Trustees of Interests in Certain Affiliates of the Trust**

As of [December 31, 2025], none of the Independent Trustees, nor any member of an Independent Trustee's immediate family, owned beneficially or of record any securities in an adviser or principal underwriter of any Fund, or a person directly or indirectly controlling or under common control with an investment adviser or principal underwriter of any Fund. [to be updated by amendment]

**Trustee Compensation**

The Trustee who is an "interested person" receives no compensation from the Trust. Effective January 1, 2025, each Independent Trustee is paid by the Fund Complex an annual retainer of $370,000. The fees are allocated to the funds within the Fund Complex on a pro-rata basis based on net assets. The Chairman of the Board of Trustees receives an additional annual retainer of $105,000. The Chair of the Audit Committee receives an additional annual retainer of $30,000 for services in that capacity. The Chair of the Governance Committee receives an additional annual retainer of $25,000 for services in that capacity. The Chair of each Investment Committee receives an additional annual retainer of $25,000 for services in that capacity.

The Independent Trustees receive $2,500 per day plus lodging and travel expenses (including business airfare) when traveling, on behalf of a Fund, out of town on Fund business (which, generally, does not include attending educational sessions or seminars). However, if a Board or Committee meeting is held out of town, the Independent Trustees do not receive the "per diem" fee plus the Board or Committee fee for such out of town meeting, but rather receive the greater of $2,500 or the meeting fee.

The Independent Trustees received the following compensation for their services during the fiscal year ended [December 31, 2025]: [to be updated by amendment]

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Trustee** | **Aggregate Compensation from the Trust<sup>1</sup>** | **Pension or Retirement Benefits Accrued As Part of Trust Expenses** | **Estimated Annual Benefits Upon Retirement** | **Total Compensation from the Trust and Fund Complex** | **Total Compensation from the Trust and Fund Complex** |
|  | &nbsp;&nbsp;Eric O. Anyah | $379610 | $0 | $0 | $385000 | <sup>2</sup> |
|  | &nbsp;&nbsp;Michael Bouchard | $354960 | $0 | $0 | $360000 | <sup>3</sup> |
|  | &nbsp;&nbsp;Ellen Carnahan | $379610 | $0 | $0 | $385000 | |
|  | &nbsp;&nbsp;John Gillespie | $379610 | $0 | $0 | $385000 | |
|  | &nbsp;&nbsp;William R. Rybak | $354960 | $0 | $0 | $360000 | |
|  | &nbsp;&nbsp;Mark S. Wehrle | $384540 | $0 | $0 | $390000 | |
|  | &nbsp;&nbsp;Edward Wood | $458490 | $0 | $0 | $465000 | <sup>4</sup> |
|  | &nbsp;&nbsp;Patricia Woodworth | $354960 | $0 | $0 | $360000 | |
| <sup>1</sup> | The fees paid to the Independent Trustees are paid for combined service on the Boards of the Fund Complex. The fees are allocated to the Fund Complex and affiliated investment companies on a pro-rata basis based on net assets. The total fees paid to all the Independent Trustees is $3,090,000. | The fees paid to the Independent Trustees are paid for combined service on the Boards of the Fund Complex. The fees are allocated to the Fund Complex and affiliated investment companies on a pro-rata basis based on net assets. The total fees paid to all the Independent Trustees is $3,090,000. | The fees paid to the Independent Trustees are paid for combined service on the Boards of the Fund Complex. The fees are allocated to the Fund Complex and affiliated investment companies on a pro-rata basis based on net assets. The total fees paid to all the Independent Trustees is $3,090,000. | The fees paid to the Independent Trustees are paid for combined service on the Boards of the Fund Complex. The fees are allocated to the Fund Complex and affiliated investment companies on a pro-rata basis based on net assets. The total fees paid to all the Independent Trustees is $3,090,000. | The fees paid to the Independent Trustees are paid for combined service on the Boards of the Fund Complex. The fees are allocated to the Fund Complex and affiliated investment companies on a pro-rata basis based on net assets. The total fees paid to all the Independent Trustees is $3,090,000. |  |
| <sup>2</sup> | Amount includes $385,000 deferred by Mr. Anyah. | Amount includes $385,000 deferred by Mr. Anyah. | Amount includes $385,000 deferred by Mr. Anyah. | Amount includes $385,000 deferred by Mr. Anyah. | Amount includes $385,000 deferred by Mr. Anyah. |  |
| <sup>3</sup> | Amount includes $18,000 deferred by Mr. Bouchard. | Amount includes $18,000 deferred by Mr. Bouchard. | Amount includes $18,000 deferred by Mr. Bouchard. | Amount includes $18,000 deferred by Mr. Bouchard. | Amount includes $18,000 deferred by Mr. Bouchard. |  |
| <sup>4</sup> | Amount includes $139,500 deferred by Mr. Wood. | Amount includes $139,500 deferred by Mr. Wood. | Amount includes $139,500 deferred by Mr. Wood. | Amount includes $139,500 deferred by Mr. Wood. | Amount includes $139,500 deferred by Mr. Wood. |  |

---

Neither the Trust nor any of the other investment companies in the Fund Complex have adopted any plan providing pension or retirement benefits for Trustees.

**Selection of Trustee Nominees**

The Board is responsible for considering Trustee nominees at such times as it considers electing new Trustees to the Board. The Governance Committee, on behalf of the Board, leads the Board in its consideration of Trustee candidates. The Board and Governance Committee may consider recommendations by business and personal contacts of current Board members and by executive search firms which the Board or the Governance Committee may engage from time to time and will also consider shareholder recommendations. The Board has not established specific, minimum qualifications that it believes must be met by a Trustee nominee. In evaluating Trustee nominees, the Board and the Governance Committee consider, among other things, an individual's background, skills, and experience; whether the individual is an "interested person" as defined in the 1940 Act; and whether the individual would be deemed an "audit committee financial expert" within the meaning of applicable SEC rules. The Board and the Governance Committee also consider whether the individual's background, skills, and experience will complement the background, skills, and experience of other nominees and will contribute to the diversity of the Board. There are no differences in the manner in which the Board and the Governance Committee evaluate nominees for Trustee based on whether the nominee is recommended by a shareholder.

A shareholder who wishes to recommend a Trustee nominee should submit his or her recommendation in writing to the Chair of the Governance Committee, John W. Gillespie, P.O. Box 30902, Lansing, Michigan 48909-8402. At a minimum, the recommendation should include:

● The name, address, date of birth and business, educational, and/or other pertinent background of the person being recommended;

● A statement concerning whether the person is an "interested person" as defined in the 1940 Act;

● Any other information that the Funds would be required to include in a proxy statement, under applicable SEC rules, concerning the person if he or she was nominated; and

● The name and address of the person submitting the recommendation, together with an affirmation of the person's investment, via insurance products, in the Funds and the period for which the shares have been held.

The recommendation also can include any additional information which the person submitting it believes would assist the Board and the Governance Committee in evaluating the recommendation.

Shareholders should note that a person who owns securities issued by Jackson Financial, Inc. ("Jackson") would be deemed an "interested person" under the 1940 Act. In addition, certain other relationships with Jackson or its subsidiaries, with registered broker-dealers, or with the Funds' outside legal counsel may cause a person to be deemed an "interested person." 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.

Before the Governance Committee decides to nominate an individual as a Trustee, Board members customarily interview the individual in person. In addition, the individual customarily is asked to complete a detailed questionnaire which is designed to elicit information that must be disclosed under SEC and stock exchange rules and to determine whether the individual is subject to any statutory disqualification from serving as a Trustee of a registered investment company.

**Additional Information Concerning The Trustees**

Below is a discussion, for each Trustee, of the particular experience, qualifications, attributes or skills that led to the conclusion that the Trustee should serve as a Trustee. The Board monitors its conclusions in light of information subsequently received throughout the year and considers its conclusions to have continuing validity until the Board makes a contrary determination. In reaching their conclusions, the Trustees considered various facts and circumstances and did not identify any factor as controlling, and individual Trustees may have considered additional factors or weighed the same factors differently.

[to be updated by amendment]

**<u>Interested Trustee</u>**

**Mark D. Nerud.** Mr. Nerud is President and CEO of the Adviser and President and CEO of other investment companies advised by the Adviser. Mr. Nerud also served as Vice President – Fund Accounting & Administration of Jackson National for ten years. Mr. Nerud is the former Chief Financial Officer of the Adviser and of other investment companies advised by the Adviser. Mr. Nerud has a Bachelor of Arts in Economics from St. Olaf College.

The Board considered Mr. Nerud's various roles and executive experience with the Adviser, his financial and accounting experience, academic background, and his approximately 18 years of experience as Trustee of the Fund Complex.

**<u>Independent Trustees</u>**

**Eric O. Anyah.** Mr. Anyah is the Chief Financial Officer of The Museum of Fine Arts, Houston. Mr. Anyah has a Bachelor's degree from University of Illinois at Chicago, where he majored in History of Art and Architecture, and a Master of Science in Accounting also from the University of Illinois at Chicago.

The Board considered Mr. Anyah's executive experience, his accounting and business experience, and his approximately seven years of experience as a Trustee of the Fund Complex.

**Michael Bouchard.** Mr. Bouchard is currently the Sheriff of Oakland County, Michigan. Mr. Bouchard has a Bachelor's degree from Michigan State University, where he majored in criminal justice and police administration.

The Board considered Mr. Bouchard's executive experience, academic background, and his approximately 24 years of experience as a Trustee of the Fund Complex.

**Ellen Carnahan.** Ms. Carnahan is a Principal of Machrie Enterprises LLC. Ms. Carnahan was formerly a Managing Director of William Blair Capital Management LLC. Ms. Carnahan is a board member of several corporate and philanthropic boards. Ms. Carnahan received a Bachelor of Business Administration from the University of Notre Dame and a Master's of Business Administration from the University of Chicago.

The Board considered Ms. Carnahan's executive experience, financial experience, academic background, and board experience with other companies and philanthropic organizations, as well as her approximately 11 years of experience as a Trustee of the Fund Complex.

**John Gillespie.** Mr. Gillespie is an entrepreneur-in-residence at the University of California-Los Angeles Office of Intellectual Property. Mr. Gillespie was formerly the Financial Advisor of Yosi, Inc. and the Financial Officer and Executive Vice President for the Mentor Network. Mr. Gillespie is a board member of several philanthropic boards. Mr. Gillespie received a Bachelor of Arts from Harvard College and a Master's of Business Administration from Harvard Business School.

The Board considered Mr. Gillespie's executive experience, financial experience, academic background, and board experience with philanthropic organizations, as well as his approximately 11 years of experience as a Trustee of the Fund Complex.

**William R. Rybak.** Mr. Rybak formerly served as Chief Financial Officer of Van Kampen Investments and is a Board Member of several corporate boards, including another mutual fund company. Mr. Rybak has a Bachelor of Arts degree in Accounting from Lewis University and a Master's of Business Administration from the University of Chicago.

The Board considered Mr. Rybak's board experience with other companies, financial experience, academic background and his approximately 18 years of experience as a Trustee of the Fund Complex.

**Mark S. Wehrle.** Mr. Wehrle has over 38 years of general business experience, including specific experience with accounting, auditing, internal controls and financial reporting that he gained as an audit partner with Deloitte & Touche serving financial services entities, including mutual funds. Mr. Wehrle also served as a trustee to a previous investment company advised by JNAM from July 2013 to December 2020.

The Board considered Mr. Wehrle's accounting, auditing and business experience and his approximately seven years of experience as a Trustee of the Fund Complex.

**Edward Wood.** Mr. Wood is the Chairperson of the Board beginning in January 2020. Mr. Wood formerly served as Chief Operating Officer of McDonnell Investment Management, LLC. Mr. Wood was also formerly President and Principal Executive Officer of the Van Kampen family of mutual funds, Chief Administrative Officer of Van Kampen Investments and Chief Operating Officer of Van Kampen Funds, Inc. Mr. Wood received a Bachelor of Science from the Wharton School of the University of Pennsylvania.

The Board considered Mr. Wood's executive experience, financial and accounting experience and academic background, as well as his approximately 11 years of experience as a Trustee of the Fund Complex.

**Patricia A. Woodworth.** Ms. Woodworth formerly served as the Chief Financial Officer of the National Trust for Historic Preservation and as the Vice President, Chief Financial Officer, and Chief Operating Officer of The J. Paul Getty Trust. Ms. Woodworth was also formerly Executive Vice President for Finance and Administration and the Chief Financial Officer of the Art Institute of Chicago. Ms. Woodworth has a Bachelor of Arts from the University of Maryland.

The Board considered Ms. Woodworth's executive experience, financial experience, academic background, and approximately 18 years of experience as a Trustee of the Fund Complex.

**<u>PRINCIPAL HOLDERS OF THE Trust'S SHARES</u>**

As of [April 1, 2026], the officers and Trustees of the Trust, as a group, beneficially owned less than 1% of the then outstanding shares of each class of each Fund. Shareholders with a controlling interest could affect the outcome of a proxy vote or the direction of management of a Fund.

Because shares in the Trust are sold only to the separate accounts of Jackson National, Jackson National NY, certain Funds of the Trust and certain investment companies managed by affiliates of the Adviser organized as Fund of Funds, and to certain non-qualified retirement plans, Jackson National, through their separate accounts which hold shares in the Trust as funding vehicles for variable insurance contracts and certain retirement plans, is the owner of record of substantially all of the shares of the Trust. In addition, Jackson National, through its general account, is the beneficial owner of shares in certain of the Funds, in some cases representing the initial capital contributed at the inception of a Fund, and in other cases representing investments made for other corporate purposes.

As may be required by applicable law and interpretations of the staff of the SEC, Jackson National and Jackson National NY will solicit voting instructions from owners of variable insurance contracts regarding matters submitted to shareholder vote, and will vote the shares held by its separate accounts in accordance with the voting instructions received from variable contract owners to whose contracts such shares are attributable. This is sometimes referred to as "pass through" voting. Further, those shares which are owned by Jackson National through its general account, and shares held in the separate accounts for which no voting instructions are received from contract owners, also will be voted by Jackson National in the same proportions as those shares for which voting instructions are received from variable contract owners. This is sometimes referred to as "echo" voting. Master Fund proxies solicited from Feeder Funds are voted in accordance with applicable provisions of Section 12 of the Investment Company Act of 1940.

As of [April 1, 2026], the following persons beneficially owned 5% or more of the shares of the Fund(s) indicated below: [to be updated by amendment]

---

| | | |
|:---|:---|:---|
| **Fund** | **Name and Address** | **Percentage of**<br> **Shares Owned** |

---

Persons who own Variable Contracts may be deemed to have an indirect beneficial interest in the Fund shares owned by the relevant investment divisions. As noted above, 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. As of [April 1, 2026], the following persons were deemed to have an indirect beneficial interest totaling more than 25% of any voting securities of the Fund(s): [to be updated by amendment]

---

| | | |
|:---|:---|:---|
| **Fund** | **Name and Address** | **Percentage of**<br> **Shares Owned** |

---

The JPMorgan Managed Funds noted above are Funds of the Trust. The address for the JPMorgan Managed Funds and Jackson National is 1 Corporate Way, Lansing, Michigan 48951.

**<u>INVESTMENT ADVISER, SUB-ADVISERS AND OTHER SERVICE PROVIDERS</u>**

**Investment Adviser**

**Jackson National Asset Management, LLC**

JNAM, 1 Corporate Way, Lansing, Michigan 48951, is the investment adviser to the Trust. As investment adviser, JNAM provides the Trust with professional investment supervision and management. 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.

JNAM acts as investment adviser to each series of the Trust, other than the JNL/Mellon Master Funds, pursuant to an Investment Advisory and Management Agreement. JNAM acts as investment adviser to the JNL/Mellon Master Funds pursuant to a Unitary Fee Agreement, which took effect when the JNL/Mellon Master Funds commenced operations on April 26, 2021.

The Investment Advisory and Management Agreement and the Unitary Fee Agreement continues in effect for each Fund from year to year after its initial two-year term so long as its continuation is approved at least annually by (i) a majority of the Trustees who are not parties to such agreement or interested persons of any such party except in their capacity as Trustees of the Trust, and (ii) the shareholders of the affected Fund or the Board of Trustees. It may be terminated at any time upon 60 days' notice by the Adviser, or by a majority vote of the outstanding shares of a Fund with respect to that Fund, and will terminate automatically upon assignment. Additional Funds may be subject to a different agreement. The Investment Advisory and Management Agreement and the Unitary Fee Agreement each provide that the Adviser shall not be liable for any error of judgment, or for any loss suffered by any Fund in connection with the matters to which the agreement relates, except a loss resulting from willful misfeasance, bad faith or gross negligence on the part of the Adviser in the performance of its obligations and duties, or by reason of its reckless disregard of its obligations and duties under the agreement. As compensation for its services, the Trust pays the Adviser a fee in respect of each Fund as described in the Prospectus. The net fees paid by the Trust to the Adviser pursuant to the Investment Advisory and Management Agreement for the fiscal years ended [December 31, 2025], December 31, 2024, and December 31, 2023, were $______, $789,178,791, and $738,942,450, respectively. [to be updated by amendment]

For the fiscal years ended [December 31, 2025], December 31, 2024, and December 31, 2023, the fees incurred by each remaining Fund (before any fee waivers) pursuant to the Investment Advisory and Management Agreement are listed below. [to be updated by amendment]

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Fund** | &nbsp;&nbsp;**December 31, 2024** | &nbsp;&nbsp;**December 31, 2023** | &nbsp;&nbsp;**December 31, 2022** |
| &nbsp;&nbsp; JNL/American Funds Balanced Fund | &nbsp;&nbsp; $15698241 | &nbsp;&nbsp; $13459696 | &nbsp;&nbsp; $13157217 |
| &nbsp;&nbsp; JNL/American Funds Bond Fund of America Fund | &nbsp;&nbsp; $1651330 | &nbsp;&nbsp; $1071559 | &nbsp;&nbsp; $483956 |
| &nbsp;&nbsp; JNL/American Funds Capital Income Builder Fund | &nbsp;&nbsp; $2210610 | &nbsp;&nbsp; $1916218 | &nbsp;&nbsp; $1677297 |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp; **Fund** | &nbsp;&nbsp; **December 31, 2024** | &nbsp;&nbsp; **December 31, 2023** | &nbsp;&nbsp; **December 31, 2022** |
| &nbsp;&nbsp; JNL/American Funds Capital World Bond Fund | &nbsp;&nbsp; $1948722 | &nbsp;&nbsp; $2072634 | &nbsp;&nbsp; $2381747 |
| &nbsp;&nbsp; JNL/American Funds Global Growth Fund | &nbsp;&nbsp; $6618027 | &nbsp;&nbsp; $5333393 | &nbsp;&nbsp; $5057387 |
| &nbsp;&nbsp; JNL/American Funds Growth Fund | &nbsp;&nbsp; $35978452 | &nbsp;&nbsp; $25739696 | &nbsp;&nbsp; $22236377 |
| &nbsp;&nbsp; JNL/American Funds Growth-Income Fund | &nbsp;&nbsp; $60950224 | &nbsp;&nbsp; $50616347 | &nbsp;&nbsp; $49034840 |
| &nbsp;&nbsp; JNL/American Funds International Fund | &nbsp;&nbsp; $10677749 | &nbsp;&nbsp; $10499702 | &nbsp;&nbsp; $10963895 |
| &nbsp;&nbsp; JNL/American Funds New World Fund | &nbsp;&nbsp; $13271331 | &nbsp;&nbsp; $12987220 | &nbsp;&nbsp; $13266242 |
| &nbsp;&nbsp; JNL/American Funds® Washington Mutual Investors Fund | &nbsp;&nbsp; $22245789 | &nbsp;&nbsp; $19847238 | &nbsp;&nbsp; $20235845 |
| &nbsp;&nbsp; JNL Multi-Manager Alternative Fund | &nbsp;&nbsp; $9952885 | &nbsp;&nbsp; $12355354 | &nbsp;&nbsp; $13934877 |
| &nbsp;&nbsp; JNL Multi-Manager Emerging Markets Equity Fund | &nbsp;&nbsp; $7107736 | &nbsp;&nbsp; $7069202 | &nbsp;&nbsp; $8428475 |
| &nbsp;&nbsp; JNL Multi-Manager Floating Rate Income Fund | &nbsp;&nbsp; $5469313 | &nbsp;&nbsp; $5555857 | &nbsp;&nbsp; $5946306 |
| &nbsp;&nbsp; JNL Multi-Manager Global Small Cap Fund | &nbsp;&nbsp; $4228720 | &nbsp;&nbsp; $4195366 | &nbsp;&nbsp; $4477420 |
| &nbsp;&nbsp; JNL Multi-Manager International Equity Fund | &nbsp;&nbsp; $5269193 | &nbsp;&nbsp; $4196524 | &nbsp;&nbsp; $4665539 |
| &nbsp;&nbsp; JNL Multi-Manager International Small Cap Fund | &nbsp;&nbsp; $5050462 | &nbsp;&nbsp; $4670833 | &nbsp;&nbsp; $4934381 |
| &nbsp;&nbsp; JNL Multi-Manager Mid Cap Fund | &nbsp;&nbsp; $8632244 | &nbsp;&nbsp; $9221421 | &nbsp;&nbsp; $9716438 |
| &nbsp;&nbsp; JNL Multi-Manager Small Cap Growth Fund | &nbsp;&nbsp; $13211830 | &nbsp;&nbsp; $12407924 | &nbsp;&nbsp; $13340925 |
| &nbsp;&nbsp; JNL Multi-Manager Small Cap Value Fund | &nbsp;&nbsp; $12191622 | &nbsp;&nbsp; $10952276 | &nbsp;&nbsp; $11252599 |
| &nbsp;&nbsp; JNL Multi-Manager Select Equity Fund<sup>1</sup> | &nbsp;&nbsp; $4032318 | &nbsp;&nbsp; $1958896 | &nbsp;&nbsp; $224851 |
| &nbsp;&nbsp; JNL Moderate ETF Allocation Fund | &nbsp;&nbsp; $402438 | &nbsp;&nbsp; $396796 | &nbsp;&nbsp; $396350 |
| &nbsp;&nbsp; JNL Moderate Growth ETF Allocation Fund | &nbsp;&nbsp; $649664 | &nbsp;&nbsp; $619866 | &nbsp;&nbsp; $648707 |
| &nbsp;&nbsp; JNL Growth ETF Allocation Fund | &nbsp;&nbsp; $690568 | &nbsp;&nbsp; $626879 | &nbsp;&nbsp; $618283 |
| &nbsp;&nbsp; JNL/American Funds Moderate Allocation Fund<sup>2</sup> | &nbsp;&nbsp; $511 | &nbsp;&nbsp; N/A | &nbsp;&nbsp; N/A |
| &nbsp;&nbsp; JNL/American Funds Moderate Growth Allocation Fund | &nbsp;&nbsp; $4610384 | &nbsp;&nbsp; $4513802 | &nbsp;&nbsp; $4801490 |
| &nbsp;&nbsp; JNL/American Funds Growth Allocation Fund | &nbsp;&nbsp; $6896292 | &nbsp;&nbsp; $6259399 | &nbsp;&nbsp; $6286916 |
| &nbsp;&nbsp; JNL/AB Sustainable Global Thematic Fund<sup>3</sup> | &nbsp;&nbsp; $134414 | &nbsp;&nbsp; $110425 | &nbsp;&nbsp; $52737 |
| &nbsp;&nbsp; JNL/AQR Large Cap Defensive Style Fund | &nbsp;&nbsp; $1646744 | &nbsp;&nbsp; $1579726 | &nbsp;&nbsp; $1552900 |
| &nbsp;&nbsp; JNL/BlackRock Global Allocation Fund | &nbsp;&nbsp; $15971131 | &nbsp;&nbsp; $16428899 | &nbsp;&nbsp; $19089605 |
| &nbsp;&nbsp; JNL/BlackRock Global Natural Resources Fund | &nbsp;&nbsp; $4543265 | &nbsp;&nbsp; $6667262 | &nbsp;&nbsp; $7121319 |
| &nbsp;&nbsp; JNL/BlackRock Large Cap Select Growth Fund | &nbsp;&nbsp; $22226843 | &nbsp;&nbsp; $18024441 | &nbsp;&nbsp; $17840274 |
| &nbsp;&nbsp; JNL/Causeway International Value Select Fund | &nbsp;&nbsp; $9950921 | &nbsp;&nbsp; $8666539 | &nbsp;&nbsp; $7472540 |
| &nbsp;&nbsp; JNL/Cohen & Steers U.S. Realty Fund | &nbsp;&nbsp; $927196 | &nbsp;&nbsp; $1323269 | &nbsp;&nbsp; $1860418 |
| &nbsp;&nbsp; JNL/DFA International Core Equity Fund | &nbsp;&nbsp; $1471991 | &nbsp;&nbsp; $1202358 | &nbsp;&nbsp; $811342 |
| &nbsp;&nbsp; JNL/DFA U.S. Core Equity Fund | &nbsp;&nbsp; $5509010 | &nbsp;&nbsp; $5120655 | &nbsp;&nbsp; $5301814 |
| &nbsp;&nbsp; JNL/DFA U.S. Small Cap Fund | &nbsp;&nbsp; $3275527 | &nbsp;&nbsp; $2714963 | &nbsp;&nbsp; $2602071 |
| &nbsp;&nbsp; JNL/DoubleLine® Core Fixed Income Fund | &nbsp;&nbsp; $10790863 | &nbsp;&nbsp; $10541952 | &nbsp;&nbsp; $11151642 |
| &nbsp;&nbsp; JNL/DoubleLine® Emerging Markets Fixed Income Fund | &nbsp;&nbsp; $3353557 | &nbsp;&nbsp; $3520002 | &nbsp;&nbsp; $4342012 |
| &nbsp;&nbsp; JNL/DoubleLine® Shiller Enhanced CAPE® Fund | &nbsp;&nbsp; $10410779 | &nbsp;&nbsp; $10523948 | &nbsp;&nbsp; $12277740 |
| &nbsp;&nbsp; JNL/DoubleLine® Total Return Fund | &nbsp;&nbsp; $8683146 | &nbsp;&nbsp; $8896584 | &nbsp;&nbsp; $9640178 |
| &nbsp;&nbsp; JNL/Dreyfus Government Money Market Fund | &nbsp;&nbsp; $4371270 | &nbsp;&nbsp; $4803824 | &nbsp;&nbsp; $4405644 |
| &nbsp;&nbsp; JNL/Fidelity Institutional AM® & JPMorgan Large Cap Growth Fund | &nbsp;&nbsp; $8355998 | &nbsp;&nbsp; $7135275 | &nbsp;&nbsp; $6032503 |
| &nbsp;&nbsp; JNL/Fidelity Institutional Asset Management® Total Bond Fund | &nbsp;&nbsp; $5857048 | &nbsp;&nbsp; $5535143 | &nbsp;&nbsp; $4898745 |
| &nbsp;&nbsp; JNL/First Sentier Global Infrastructure Fund | &nbsp;&nbsp; $4181875 | &nbsp;&nbsp; $5812991 | &nbsp;&nbsp; $6862660 |
| &nbsp;&nbsp; JNL/Franklin Templeton Income Fund | &nbsp;&nbsp; $7917612 | &nbsp;&nbsp; $8301741 | &nbsp;&nbsp; $8802550 |
| &nbsp;&nbsp; JNL/Goldman Sachs 4 Fund | &nbsp;&nbsp; $13175224 | &nbsp;&nbsp; $12547506 | &nbsp;&nbsp; $13842041 |
| &nbsp;&nbsp; JNL/GQG Emerging Markets Equity Fund | &nbsp;&nbsp; $8247285 | &nbsp;&nbsp; $6422872 | &nbsp;&nbsp; $6541328 |
| &nbsp;&nbsp; JNL/Invesco Global Growth Fund | &nbsp;&nbsp; $8628133 | &nbsp;&nbsp; $7809499 | &nbsp;&nbsp; $8868207 |
| &nbsp;&nbsp; JNL/Invesco Small Cap Growth Fund | &nbsp;&nbsp; $11205885 | &nbsp;&nbsp; $10612918 | &nbsp;&nbsp; $11623765 |
| &nbsp;&nbsp; JNL/JPMorgan Global Allocation Fund | &nbsp;&nbsp; $5884922 | &nbsp;&nbsp; $6010247 | &nbsp;&nbsp; $6794973 |
| &nbsp;&nbsp; JNL/JPMorgan Hedged Equity Fund | &nbsp;&nbsp; $4491087 | &nbsp;&nbsp; $4080898 | &nbsp;&nbsp; $3555753 |
| &nbsp;&nbsp; JNL/JPMorgan MidCap Growth Fund | &nbsp;&nbsp; $16118024 | &nbsp;&nbsp; $14412627 | &nbsp;&nbsp; $14560032 |
| &nbsp;&nbsp; JNL/JPMorgan Nasdaq® Hedged Equity Fund<sup>2</sup> | &nbsp;&nbsp; $32529 | &nbsp;&nbsp; N/A | &nbsp;&nbsp; N/A |
| &nbsp;&nbsp; JNL/JPMorgan U.S. Government & Quality Bond Fund | &nbsp;&nbsp; $3878841 | &nbsp;&nbsp; $4478738 | &nbsp;&nbsp; $4169648 |
| &nbsp;&nbsp; JNL/JPMorgan U.S. Value Fund | &nbsp;&nbsp; $8222205 | &nbsp;&nbsp; $7700839 | &nbsp;&nbsp; $7630353 |
| &nbsp;&nbsp; JNL/Lazard International Quality Growth Fund | &nbsp;&nbsp; $3156306 | &nbsp;&nbsp; $3182118 | &nbsp;&nbsp; $3576176 |
| &nbsp;&nbsp; JNL/Loomis Sayles Global Growth Fund | &nbsp;&nbsp; $4014554 | &nbsp;&nbsp; $3476913 | &nbsp;&nbsp; $3613788 |
| &nbsp;&nbsp; JNL/Lord Abbett Short Duration Income Fund | &nbsp;&nbsp; $2394789 | &nbsp;&nbsp; $3325601 | &nbsp;&nbsp; $3208422 |
| &nbsp;&nbsp; JNL/Mellon DowSM Index Fund | &nbsp;&nbsp; $2346200 | &nbsp;&nbsp; $2182149 | &nbsp;&nbsp; $2267925 |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp; **Fund** | &nbsp;&nbsp; **December 31, 2024** | &nbsp;&nbsp; **December 31, 2023** | &nbsp;&nbsp; **December 31, 2022** |
| &nbsp;&nbsp; JNL/Mellon Emerging Markets Index Fund | &nbsp;&nbsp; $2290798 | &nbsp;&nbsp; $2307732 | &nbsp;&nbsp; $2426040 |
| &nbsp;&nbsp; JNL/Mellon World Index Fund | &nbsp;&nbsp; $833772 | &nbsp;&nbsp; $725291 | &nbsp;&nbsp; $711381 |
| &nbsp;&nbsp; JNL/Mellon Nasdaq® 100 Index Fund | &nbsp;&nbsp; $12756603 | &nbsp;&nbsp; $9858536 | &nbsp;&nbsp; $8653776 |
| &nbsp;&nbsp; JNL/Mellon S&P 500 Index Fund | &nbsp;&nbsp; $14698672 | &nbsp;&nbsp; $12251267 | &nbsp;&nbsp; $11760540 |
| &nbsp;&nbsp; JNL/Mellon S&P 400 MidCap Index Fund | &nbsp;&nbsp; $4774008 | &nbsp;&nbsp; $4425529 | &nbsp;&nbsp; $4533595 |
| &nbsp;&nbsp; JNL/Mellon Small Cap Index Fund | &nbsp;&nbsp; $3633016 | &nbsp;&nbsp; $3413365 | &nbsp;&nbsp; $3607261 |
| &nbsp;&nbsp; JNL/Mellon International Index Fund | &nbsp;&nbsp; $3488586 | &nbsp;&nbsp; $3428110 | &nbsp;&nbsp; $3414039 |
| &nbsp;&nbsp; JNL/Mellon Bond Index Fund | &nbsp;&nbsp; $1669132 | &nbsp;&nbsp; $1652298 | &nbsp;&nbsp; $1797001 |
| &nbsp;&nbsp; JNL/Mellon U.S. Stock Market Index Fund | &nbsp;&nbsp; $8023711 | &nbsp;&nbsp; $7405867 | &nbsp;&nbsp; $8107836 |
| &nbsp;&nbsp; JNL/Mellon Communication Services Sector Fund | &nbsp;&nbsp; $1376362 | &nbsp;&nbsp; $722183 | &nbsp;&nbsp; $444048 |
| &nbsp;&nbsp; JNL/Mellon Consumer Discretionary Sector Fund | &nbsp;&nbsp; $2619538 | &nbsp;&nbsp; $2489876 | &nbsp;&nbsp; $2557718 |
| &nbsp;&nbsp; JNL/Mellon Consumer Staples Sector Fund | &nbsp;&nbsp; $769555 | &nbsp;&nbsp; $890773 | &nbsp;&nbsp; $849827 |
| &nbsp;&nbsp; JNL/Mellon Energy Sector Fund | &nbsp;&nbsp; $3400924 | &nbsp;&nbsp; $4072868 | &nbsp;&nbsp; $4367226 |
| &nbsp;&nbsp; JNL/Mellon Financial Sector Fund | &nbsp;&nbsp; $2442079 | &nbsp;&nbsp; $2260192 | &nbsp;&nbsp; $2641577 |
| &nbsp;&nbsp; JNL/Mellon Healthcare Sector Fund | &nbsp;&nbsp; $5763074 | &nbsp;&nbsp; $5854618 | &nbsp;&nbsp; $6375488 |
| &nbsp;&nbsp; JNL/Mellon Industrials Sector Fund | &nbsp;&nbsp; $501661 | &nbsp;&nbsp; $404609 | &nbsp;&nbsp; $381526 |
| &nbsp;&nbsp; JNL/Mellon Information Technology Sector Fund | &nbsp;&nbsp; $10825484 | &nbsp;&nbsp; $7929597 | &nbsp;&nbsp; $7251456 |
| &nbsp;&nbsp; JNL/Mellon Materials Sector Fund | &nbsp;&nbsp; $341335 | &nbsp;&nbsp; $396909 | &nbsp;&nbsp; $424799 |
| &nbsp;&nbsp; JNL/Mellon Real Estate Sector Fund | &nbsp;&nbsp; $388573 | &nbsp;&nbsp; $364651 | &nbsp;&nbsp; $446645 |
| &nbsp;&nbsp; JNL S&P 500 Index Fund | &nbsp;&nbsp; $896051 | &nbsp;&nbsp; $659414 | &nbsp;&nbsp; $557017 |
| &nbsp;&nbsp; JNL/Mellon Utilities Sector Fund | &nbsp;&nbsp; $876769 | &nbsp;&nbsp; $918901 | &nbsp;&nbsp; $971506 |
| &nbsp;&nbsp; JNL/MFS Equity Income Fund | &nbsp;&nbsp; $5217446 | &nbsp;&nbsp; $5362081 | &nbsp;&nbsp; $5510829 |
| &nbsp;&nbsp; JNL/MFS Mid Cap Value Fund | &nbsp;&nbsp; $10895689 | &nbsp;&nbsp; $10564224 | &nbsp;&nbsp; $11392019 |
| &nbsp;&nbsp; JNL/Morningstar PitchBook Listed Private Equity Index Fund | &nbsp;&nbsp; $30090 | &nbsp;&nbsp; $19491 | &nbsp;&nbsp; $15506 |
| &nbsp;&nbsp; JNL/Morningstar SMID Moat Focus Index Fund<sup>4</sup> | &nbsp;&nbsp; $174362 | &nbsp;&nbsp; N/A | &nbsp;&nbsp; N/A |
| &nbsp;&nbsp; JNL/Morningstar U.S. Sustainability Index Fund | &nbsp;&nbsp; $1080402 | &nbsp;&nbsp; $666659 | &nbsp;&nbsp; $673591 |
| &nbsp;&nbsp; JNL/Morningstar Wide Moat Index Fund | &nbsp;&nbsp; $2674103 | &nbsp;&nbsp; $2173173 | &nbsp;&nbsp; $1816692 |
| &nbsp;&nbsp; JNL/Neuberger Berman Commodity Strategy Fund | &nbsp;&nbsp; $264688 | &nbsp;&nbsp; $1089256 | &nbsp;&nbsp; $1164900 |
| &nbsp;&nbsp; JNL/Neuberger Berman Gold Plus Strategy Fund<sup>3</sup> | &nbsp;&nbsp; $376852 | &nbsp;&nbsp; $181566 | &nbsp;&nbsp; $72654 |
| &nbsp;&nbsp; JNL/Neuberger Berman Strategic Income Fund | &nbsp;&nbsp; $3405886 | &nbsp;&nbsp; $3273672 | &nbsp;&nbsp; $3604875 |
| &nbsp;&nbsp; JNL/Newton Equity Income Fund | &nbsp;&nbsp; $9823331 | &nbsp;&nbsp; $7907830 | &nbsp;&nbsp; $4897067 |
| &nbsp;&nbsp; JNL/PIMCO Income Fund | &nbsp;&nbsp; $7377715 | &nbsp;&nbsp; $6768665 | &nbsp;&nbsp; $6868126 |
| &nbsp;&nbsp; JNL/PIMCO Investment Grade Credit Bond Fund | &nbsp;&nbsp; $3367761 | &nbsp;&nbsp; $3171942 | &nbsp;&nbsp; $4364992 |
| &nbsp;&nbsp; JNL/PIMCO Real Return Fund | &nbsp;&nbsp; $4968327 | &nbsp;&nbsp; $5690835 | &nbsp;&nbsp; $6642136 |
| &nbsp;&nbsp; JNL/PPM America Emerging Markets Debt Fund<sup>5</sup> | &nbsp;&nbsp; N/A | &nbsp;&nbsp; N/A | &nbsp;&nbsp; N/A |
| &nbsp;&nbsp; JNL/PPM America High Yield Bond Fund | &nbsp;&nbsp; $4699695 | &nbsp;&nbsp; $4715751 | &nbsp;&nbsp; $5311327 |
| &nbsp;&nbsp; JNL/PPM America Investment Grade Credit Fund<sup>4</sup> | &nbsp;&nbsp; $631618 | &nbsp;&nbsp; N/A | &nbsp;&nbsp; N/A |
| &nbsp;&nbsp; JNL/PPM America Total Return Fund | &nbsp;&nbsp; $6026292 | &nbsp;&nbsp; $5776577 | &nbsp;&nbsp; $5943507 |
| &nbsp;&nbsp; JNL/RAFI® Fundamental U.S. Small Cap Fund | &nbsp;&nbsp; $753250 | &nbsp;&nbsp; $740271 | &nbsp;&nbsp; $819881 |
| &nbsp;&nbsp; JNL/RAFI® Multi-Factor U.S. Equity Fund | &nbsp;&nbsp; $3849316 | &nbsp;&nbsp; $3665864 | &nbsp;&nbsp; $4110057 |
| &nbsp;&nbsp; JNL/T. Rowe Price Balanced Fund | &nbsp;&nbsp; $2727851 | &nbsp;&nbsp; $2548853 | &nbsp;&nbsp; $2678737 |
| &nbsp;&nbsp; JNL/T. Rowe Price Capital Appreciation Fund | &nbsp;&nbsp; $72801147 | &nbsp;&nbsp; $62458283 | &nbsp;&nbsp; $58059242 |
| &nbsp;&nbsp; JNL/T. Rowe Price Capital Appreciation Equity Fund<sup>2</sup> | &nbsp;&nbsp; $547835 | &nbsp;&nbsp; N/A | &nbsp;&nbsp; N/A |
| &nbsp;&nbsp; JNL/T. Rowe Price Growth Stock Fund | &nbsp;&nbsp; $43974572 | &nbsp;&nbsp; $37564319 | &nbsp;&nbsp; $39684525 |
| &nbsp;&nbsp; JNL/T. Rowe Price Mid-Cap Growth Fund | &nbsp;&nbsp; $31058764 | &nbsp;&nbsp; $29457139 | &nbsp;&nbsp; $31362318 |
| &nbsp;&nbsp; JNL/T. Rowe Price Short-Term Bond Fund | &nbsp;&nbsp; $3596567 | &nbsp;&nbsp; $4458609 | &nbsp;&nbsp; $5044667 |
| &nbsp;&nbsp; JNL/T. Rowe Price U.S. High Yield Fund | &nbsp;&nbsp; $2292468 | &nbsp;&nbsp; $2410101 | &nbsp;&nbsp; $2993428 |
| &nbsp;&nbsp; JNL/T. Rowe Price Value Fund | &nbsp;&nbsp; $21884342 | &nbsp;&nbsp; $20555092 | &nbsp;&nbsp; $23504387 |
| &nbsp;&nbsp; JNL/Vanguard Moderate ETF Allocation Fund | &nbsp;&nbsp; $1118316 | &nbsp;&nbsp; $1063445 | &nbsp;&nbsp; $1069286 |
| &nbsp;&nbsp; JNL/Vanguard Moderate Growth ETF Allocation Fund | &nbsp;&nbsp; $1892492 | &nbsp;&nbsp; $1786797 | &nbsp;&nbsp; $1821885 |
| &nbsp;&nbsp; JNL/Vanguard Growth ETF Allocation Fund | &nbsp;&nbsp; $3893545 | &nbsp;&nbsp; $3713914 | &nbsp;&nbsp; $3899835 |
| &nbsp;&nbsp; JNL/WCM China Quality Growth Fund | &nbsp;&nbsp; $47185 | &nbsp;&nbsp; $53451 | &nbsp;&nbsp; $31356 |
| &nbsp;&nbsp; JNL/WCM Focused International Equity Fund | &nbsp;&nbsp; $11428123 | &nbsp;&nbsp; $9632780 | &nbsp;&nbsp; $10923275 |
| &nbsp;&nbsp; JNL/Westchester Capital Event Driven Fund | &nbsp;&nbsp; $629814 | &nbsp;&nbsp; $1213391 | &nbsp;&nbsp; $1427054 |
| &nbsp;&nbsp; JNL/WMC Balanced Fund | &nbsp;&nbsp; $29053943 | &nbsp;&nbsp; $27595810 | &nbsp;&nbsp; $28925799 |
| &nbsp;&nbsp; JNL/WMC Equity Income Fund | &nbsp;&nbsp; $4788877 | &nbsp;&nbsp; $5247146 | &nbsp;&nbsp; $4425947 |
| &nbsp;&nbsp; JNL/WMC Global Real Estate Fund | &nbsp;&nbsp; $3687468 | &nbsp;&nbsp; $3786278 | &nbsp;&nbsp; $4585050 |
| &nbsp;&nbsp; JNL/WMC Value Fund | &nbsp;&nbsp; $4755264 | &nbsp;&nbsp; $5243161 | &nbsp;&nbsp; $5794481 |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Fund** | &nbsp;&nbsp;**December 31, 2024** | &nbsp;&nbsp;**December 31, 2023** | &nbsp;&nbsp;**December 31, 2022** |
| &nbsp;&nbsp; JNL/JPMorgan Managed Conservative Fund | &nbsp;&nbsp; $844229 | &nbsp;&nbsp; $909510 | &nbsp;&nbsp; $1028871 |
| &nbsp;&nbsp; JNL/JPMorgan Managed Moderate Fund | &nbsp;&nbsp; $1722385 | &nbsp;&nbsp; $1799576 | &nbsp;&nbsp; $2044581 |
| &nbsp;&nbsp; JNL/JPMorgan Managed Moderate Growth Fund | &nbsp;&nbsp; $3417006 | &nbsp;&nbsp; $3448905 | &nbsp;&nbsp; $3817514 |
| &nbsp;&nbsp; JNL/JPMorgan Managed Growth Fund | &nbsp;&nbsp; $3660469 | &nbsp;&nbsp; $3574728 | &nbsp;&nbsp; $3853499 |
| &nbsp;&nbsp; JNL/JPMorgan Managed Aggressive Growth Fund | &nbsp;&nbsp; $2032647 | &nbsp;&nbsp; $1921433 | &nbsp;&nbsp; $2019403 |
| &nbsp;&nbsp; JNL Conservative Allocation Fund | &nbsp;&nbsp; $708829 | &nbsp;&nbsp; $723743 | &nbsp;&nbsp; $782813 |
| &nbsp;&nbsp; JNL Moderate Allocation Fund | &nbsp;&nbsp; $1890293 | &nbsp;&nbsp; $1939495 | &nbsp;&nbsp; $2119583 |
| &nbsp;&nbsp; JNL Moderate Growth Allocation Fund | &nbsp;&nbsp; $3201587 | &nbsp;&nbsp; $3231236 | &nbsp;&nbsp; $3543937 |
| &nbsp;&nbsp; JNL Growth Allocation Fund | &nbsp;&nbsp; $2665925 | &nbsp;&nbsp; $2611100 | &nbsp;&nbsp; $2515470 |
| &nbsp;&nbsp; JNL Aggressive Growth Allocation Fund | &nbsp;&nbsp; $1431174 | &nbsp;&nbsp; $1371648 | &nbsp;&nbsp; $1429881 |
| &nbsp;&nbsp; JNL Bond Index Fund | &nbsp;&nbsp; $2086987 | &nbsp;&nbsp; $2053297 | &nbsp;&nbsp; $2251360 |
| &nbsp;&nbsp; JNL Emerging Markets Index Fund | &nbsp;&nbsp; $1670604 | &nbsp;&nbsp; $1686081 | &nbsp;&nbsp; $1803079 |
| &nbsp;&nbsp; JNL International Index Fund | &nbsp;&nbsp; $4538754 | &nbsp;&nbsp; $4444591 | &nbsp;&nbsp; $4419073 |
| &nbsp;&nbsp; JNL Mid Cap Index Fund | &nbsp;&nbsp; $6933459 | &nbsp;&nbsp; $6345534 | &nbsp;&nbsp; $6522324 |
| &nbsp;&nbsp; JNL Small Cap Index Fund | &nbsp;&nbsp; $5103898 | &nbsp;&nbsp; $4759427 | &nbsp;&nbsp; $5054389 |

---

<sup>1</sup> The Fund commenced operations November 15, 2022.

<sup>2</sup> The Fund commenced operations October 21, 2024.

<sup>3</sup> The Fund commenced operations April 25, 2022.

<sup>4</sup> The Fund commenced operations April 29, 2024.

<sup>5</sup> The Fund commenced operations April 27, 2026.

For the fiscal years ended [December 31, 2025], December 31, 2024, and December 31, 2023, for certain Funds, JNAM waived the following fees pursuant to the Management Fee Waiver Agreement or a voluntary management fee waiver, as applicable. [to be updated by amendment]

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp; **Fund** | &nbsp;&nbsp; **December 31, 2024** | &nbsp;&nbsp; **December 31, 2023** | &nbsp;&nbsp; **December 31, 2022** |
| &nbsp;&nbsp; JNL/American Funds Balanced Fund | &nbsp;&nbsp; $9276113 | &nbsp;&nbsp; $7925852 | &nbsp;&nbsp; $7744364 |
| &nbsp;&nbsp; JNL/American Funds Bond Fund of America Fund | &nbsp;&nbsp; $825665 | &nbsp;&nbsp; $535785 | &nbsp;&nbsp; $241980 |
| &nbsp;&nbsp; JNL/American Funds Capital Income Builder Fund | &nbsp;&nbsp; $1052669 | &nbsp;&nbsp; $912480 | &nbsp;&nbsp; $798709 |
| &nbsp;&nbsp; JNL/American Funds Capital World Bond Fund | &nbsp;&nbsp; $1396584 | &nbsp;&nbsp; $1485381 | &nbsp;&nbsp; $1706911 |
| &nbsp;&nbsp; JNL/American Funds Global Growth Fund | &nbsp;&nbsp; $4082159 | &nbsp;&nbsp; $3282090 | &nbsp;&nbsp; $3390383 |
| &nbsp;&nbsp; JNL/American Funds Growth Fund | &nbsp;&nbsp; $26064509 | &nbsp;&nbsp; $19022039 | &nbsp;&nbsp; $16349801 |
| &nbsp;&nbsp; JNL/American Funds Growth-Income Fund | &nbsp;&nbsp; $33764174 | &nbsp;&nbsp; $27915027 | &nbsp;&nbsp; $27019829 |
| &nbsp;&nbsp; JNL/American Funds International Fund | &nbsp;&nbsp; $7269818 | &nbsp;&nbsp; $7142638 | &nbsp;&nbsp; $7474204 |
| &nbsp;&nbsp; JNL/American Funds New World Fund | &nbsp;&nbsp; $9223750 | &nbsp;&nbsp; $9018541 | &nbsp;&nbsp; $9220057 |
| &nbsp;&nbsp; JNL/American Funds® Washington Mutual Investors Fund | &nbsp;&nbsp; $11914314 | &nbsp;&nbsp; $10581817 | &nbsp;&nbsp; $10797711 |
| &nbsp;&nbsp; JNL Multi-Manager Floating Rate Income Fund | &nbsp;&nbsp; N/A | &nbsp;&nbsp; $792837 | &nbsp;&nbsp; $414904 |
| &nbsp;&nbsp; JNL Multi-Manager Global Small Cap Fund | &nbsp;&nbsp; $3036287 | &nbsp;&nbsp; $2969022 | &nbsp;&nbsp; $3269221 |
| &nbsp;&nbsp; JNL/BlackRock Large Cap Select Growth Fund | &nbsp;&nbsp; $1547423 | &nbsp;&nbsp; $1076670 | &nbsp;&nbsp; N/A |
| &nbsp;&nbsp; JNL/DFA U.S. Small Cap Fund | &nbsp;&nbsp; N/A | &nbsp;&nbsp; N/A | &nbsp;&nbsp; $14990 |
| &nbsp;&nbsp; JNL/DoubleLine® Shiller Enhanced CAPE® Fund | &nbsp;&nbsp; $214766 | &nbsp;&nbsp; N/A | &nbsp;&nbsp; N/A |
| &nbsp;&nbsp; JNL/Dreyfus Government Money Market Fund | &nbsp;&nbsp; N/A | &nbsp;&nbsp; N/A | &nbsp;&nbsp; $2181392 |
| &nbsp;&nbsp; JNL/Fidelity Institutional AM® & JPMorgan Large Cap Growth Fund | &nbsp;&nbsp; $7643 | &nbsp;&nbsp; $1014 | &nbsp;&nbsp; N/A |
| &nbsp;&nbsp; JNL/First Sentier Global Infrastructure Fund | &nbsp;&nbsp; $27347 | &nbsp;&nbsp; $30821 | &nbsp;&nbsp; N/A |
| &nbsp;&nbsp; JNL/Franklin Templeton Income Fund | &nbsp;&nbsp; $48770 | &nbsp;&nbsp; $37808 | &nbsp;&nbsp; N/A |
| &nbsp;&nbsp; JNL/GQG Emerging Markets Equity Fund | &nbsp;&nbsp; $87009 | &nbsp;&nbsp; $74817 | &nbsp;&nbsp; N/A |
| &nbsp;&nbsp; JNL/Invesco Small Cap Growth Fund | &nbsp;&nbsp; $113976 | &nbsp;&nbsp; $154290 | &nbsp;&nbsp; $50142 |
| &nbsp;&nbsp; JNL/JPMorgan Global Allocation Fund | &nbsp;&nbsp; $29744 | &nbsp;&nbsp; N/A | &nbsp;&nbsp; N/A |
| &nbsp;&nbsp; JNL/Lazard International Quality Growth Fund | &nbsp;&nbsp; N/A | &nbsp;&nbsp; $78571 | &nbsp;&nbsp; $79334 |
| &nbsp;&nbsp; JNL/Mellon Emerging Markets Index Fund | &nbsp;&nbsp; $1207691 | &nbsp;&nbsp; $1219975 | &nbsp;&nbsp; $1305870 |
| &nbsp;&nbsp; JNL/Mellon S&P 400 MidCap Index Fund | &nbsp;&nbsp; $2766015 | &nbsp;&nbsp; $2534062 | &nbsp;&nbsp; $2606573 |
| &nbsp;&nbsp; JNL/Mellon Small Cap Index Fund | &nbsp;&nbsp; $2035711 | &nbsp;&nbsp; $1900564 | &nbsp;&nbsp; $2019892 |
| &nbsp;&nbsp; JNL/Mellon International Index Fund | &nbsp;&nbsp; $2146705 | &nbsp;&nbsp; $2105649 | &nbsp;&nbsp; $2096101 |
| &nbsp;&nbsp; JNL/Mellon Bond Index Fund | &nbsp;&nbsp; $722081 | &nbsp;&nbsp; $713647 | &nbsp;&nbsp; $785998 |
| &nbsp;&nbsp; JNL S&P 500 Index Fund | &nbsp;&nbsp; $761639 | &nbsp;&nbsp; $560493 | &nbsp;&nbsp; $473457 |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Fund** | &nbsp;&nbsp;**December 31, 2024** | &nbsp;&nbsp;**December 31, 2023** | &nbsp;&nbsp;**December 31, 2022** |
| &nbsp;&nbsp; JNL/MFS Equity Income Fund | &nbsp;&nbsp; N/A | &nbsp;&nbsp; N/A | &nbsp;&nbsp; $8203 |
| &nbsp;&nbsp; JNL/Newton Equity Income Fund | &nbsp;&nbsp; $66951 | &nbsp;&nbsp; $45867 | &nbsp;&nbsp; N/A |
| &nbsp;&nbsp; JNL/T. Rowe Price Balanced Fund | &nbsp;&nbsp; $32511 | &nbsp;&nbsp; $62770 | &nbsp;&nbsp; $15085 |
| &nbsp;&nbsp; JNL/T. Rowe Price Capital Appreciation Fund | &nbsp;&nbsp; $4664 | &nbsp;&nbsp; $49791 | &nbsp;&nbsp; $19253 |
| &nbsp;&nbsp; JNL/T. Rowe Price Mid-Cap Growth Fund | &nbsp;&nbsp; N/A | &nbsp;&nbsp; N/A | &nbsp;&nbsp; $280806 |
| &nbsp;&nbsp; JNL/T. Rowe Price U.S. High Yield Fund | &nbsp;&nbsp; N/A | &nbsp;&nbsp; $49314 | &nbsp;&nbsp; $80314 |
| &nbsp;&nbsp; JNL/WCM Focused International Equity Fund | &nbsp;&nbsp; $120436 | &nbsp;&nbsp; N/A | &nbsp;&nbsp; N/A |
| &nbsp;&nbsp; JNL/JPMorgan Managed Conservative Fund | &nbsp;&nbsp; $147124 | &nbsp;&nbsp; $25203 | &nbsp;&nbsp; N/A |
| &nbsp;&nbsp; JNL/JPMorgan Managed Moderate Fund | &nbsp;&nbsp; $147124 | &nbsp;&nbsp; $25203 | &nbsp;&nbsp; N/A |
| &nbsp;&nbsp; JNL/JPMorgan Managed Moderate Growth Fund | &nbsp;&nbsp; $147124 | &nbsp;&nbsp; $25203 | &nbsp;&nbsp; N/A |
| &nbsp;&nbsp; JNL/JPMorgan Managed Growth Fund | &nbsp;&nbsp; $147124 | &nbsp;&nbsp; $25203 | &nbsp;&nbsp; N/A |
| &nbsp;&nbsp; JNL/JPMorgan Managed Aggressive Growth Fund | &nbsp;&nbsp; $147124 | &nbsp;&nbsp; $25203 | &nbsp;&nbsp; N/A |
| &nbsp;&nbsp; JNL Bond Index Fund | &nbsp;&nbsp; $1356532 | &nbsp;&nbsp; $1334615 | &nbsp;&nbsp; $1463353 |
| &nbsp;&nbsp; JNL Emerging Markets Index Fund | &nbsp;&nbsp; $459405 | &nbsp;&nbsp; $463653 | &nbsp;&nbsp; $495826 |
| &nbsp;&nbsp; JNL International Index Fund | &nbsp;&nbsp; $2382877 | &nbsp;&nbsp; $2333380 | &nbsp;&nbsp; $2319983 |
| &nbsp;&nbsp; JNL Mid Cap Index Fund | &nbsp;&nbsp; $4160075 | &nbsp;&nbsp; $3807320 | &nbsp;&nbsp; $3913395 |
| &nbsp;&nbsp; JNL Small Cap Index Fund | &nbsp;&nbsp; $3062339 | &nbsp;&nbsp; $2855656 | &nbsp;&nbsp; $3032633 |

---

For the years ended December 31, 2024 and December 31, 2023, for the JNL/Dreyfus Government Money Market Fund, there were no fees waived. For the year ended December 31, 2024, pursuant to the Expense Limitation Agreement, the JNL/Dreyfus Government Money Market Fund incurred recaptured fees in the amount of $4,517,660. These waived and recaptured fees includes both management and administrative fees. [to be updated by amendment]

**Investment Sub-Advisers and Portfolio Managers**

In addition to providing the services described above, the Adviser may, subject to the approval of the Trustees of the Trust, select, contract with and compensate Sub-Advisers to manage the investment and reinvestment of the assets of the Funds of the Trust. The Adviser monitors the compliance of Sub-Advisers with the investment objectives and related policies of each Fund and reviews the performance of Sub-Advisers and reports periodically on such performance to the Trustees of the Trust.

**AllianceBernstein L.P.**

AllianceBernstein L.P. ("AB") is located at 501 Commerce Street, Nashville, Tennessee 37203 and serves as Sub-Adviser to the JNL/AB Sustainable Global Thematic Fund. AB is a global investment management firm that offers high-quality research and diversified investment services to institutional investors, individuals and private wealth clients in major world markets.

Portfolio Manager Compensation Structure

Compensation for AB's investment professionals – portfolio managers, analysts, and traders -- is designed to align with AB's mission and values: generating better investment outcomes for AB's clients while promoting responsibility and stewardship.

<u>Incentive Compensation Significant Component</u>: Portfolio managers, analysts and traders receive base compensation, incentive compensation and retirement contributions. While both overall compensation levels and the splits between base and incentive compensation vary from year to year, incentive compensation is a significant part of overall compensation. For example, for AB's portfolio managers, the bonus component averages approximately 60-80% of their total compensation each year. Part of each professional's annual incentive compensation is normally paid through an award under the firm's Incentive Compensation Award Plan (ICAP). The ICAP awards vest over a three-year period. AB believes this helps AB's investment professionals focus appropriately on long-term client objectives and results.

<u>Determined by Both Quantitative and Qualitative Factors</u>: Total compensation for AB's investment professionals is determined by both quantitative and qualitative factors. For portfolio managers, the most significant quantitative component focuses on measures of absolute and relative investment performance in client portfolios. Relative returns are evaluated using both the Strategy's primary benchmark and peers over one-, three- and five-year periods, with more weight given to longer time periods. AB also assesses the risk pattern of performance, both absolute and relative to peers.

*Qualitative Component Includes Responsibility-Related Objectives:* The qualitative component of compensation for portfolio managers incorporates the manager's broader contributions to overall investment processes and AB's clients' success. Because AB deeply believes as a firm that ESG factors present both investment risks and opportunities, every AB portfolio manager has goals that promote the integration of ESG and sustainability in AB's investment processes. The exact goals will vary depending on the individual's role and responsibilities, but typical goals for portfolio managers include discussion of ESG or sustainability risks and opportunities at research reviews and the integration of these factors in portfolio decision making.

Other aspects of qualitative objectives for AB's portfolio managers include thought leadership, collaboration with other investment professionals at the firm, contributions to risk-adjusted returns in other portfolios, building a strong, diverse, and inclusive talent pool, mentoring newer investment professionals, being a good corporate citizen, and the achievement of personal goals. The qualitative portion is determined by individual goals set at the beginning of the year, with measurement and feedback on how those goals are being achieved provided at regular intervals. Other factors that can play a part in determining portfolio managers' compensation include complexity of investment strategies managed.

<u>Research Analysts:</u> At AB, research professionals have compensation and career opportunities that reflect a stature equivalent to their portfolio manager peers. Compensation for AB's research analysts is also heavily incentive-based and aligned with results generated for client portfolios. Criteria used include how well the analyst's research recommendations performed, the breadth and depth of his or her research knowledge, the level of attentiveness to forecasts and market movements, and the analyst's willingness to collaborate and contribute to the overall intellectual capital of the firm.

*Responsibility-Related Objectives for AB's Research Analysts:* Like AB's portfolio managers, AB's fundamental research analysts also have goals related to ESG analysis and integration. For AB's analysts, these typically focus on providing assessments of ESG and sustainability factors in their research and recommendations, engaging with issuers for insight and action on ESG and sustainability topics, and documenting these engagements in AB's ESIGHT platform.

<u>Traders</u>: Traders are critically important to generating results in client accounts. As such, compensation for AB's traders is highly competitive and heavily incentive-based. AB's portfolio managers and Heads of Trading evaluate traders on their ability to achieve best execution and add value to client portfolios through trading. AB also incentivizes AB's fixed income traders to continually innovate for clients, encouraging them to continue developing and refining new trading technologies to enable AB to effectively address liquidity conditions in the fixed income markets for AB's clients.

Assessments of all investment professionals are formalized in a year-end review process that includes 360-degree feedback from other professionals from across the investment teams and firm. AB has designed AB's compensation program to attract and retain the highest-caliber employees while aligning with AB's firm's deeply held values of responsibility and stewardship. AB incorporates multiple sources of industry benchmarking data to ensure its compensation is highly competitive and fully reflects each individual's contributions in achieving client objectives.

*Other Accounts Managed by the Portfolio Managers and Potential Conflicts of Interest*

The following table reflects information as of [December 31, 2025]: [to be updated by amendment]

JNL/AB Sustainable Global Thematic Fund

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |  |  |  | &nbsp;&nbsp;**Performance Fee Accounts** | &nbsp;&nbsp;**Performance Fee Accounts** |
| &nbsp;&nbsp;**Portfolio Manager** | &nbsp;&nbsp;**Category of Account** | &nbsp;&nbsp;**# of Accounts** | &nbsp;&nbsp;**AUM** | &nbsp;&nbsp;**# of Accounts** | &nbsp;&nbsp;**AUM** |
| &nbsp;&nbsp;Daniel C. Roarty, CFA | &nbsp;&nbsp;Other Registered Investment Companies |  |  |  |  |
| &nbsp;&nbsp;Daniel C. Roarty, CFA | &nbsp;&nbsp;Other Pooled Vehicles |  |  |  |  |
| &nbsp;&nbsp;Daniel C. Roarty, CFA | &nbsp;&nbsp;Other Accounts |  |  |  |  |
| &nbsp;&nbsp;Benjamin Ruegsegger, CFA | &nbsp;&nbsp;Other Registered Investment Companies |  |  |  |  |
| &nbsp;&nbsp;Benjamin Ruegsegger, CFA | &nbsp;&nbsp;Other Pooled Vehicles |  |  |  |  |
| &nbsp;&nbsp;Benjamin Ruegsegger, CFA | &nbsp;&nbsp;Other Accounts |  |  |  |  |

---

Conflicts of Interest

As an investment adviser and fiduciary, AB owes its clients and shareholders an undivided duty of loyalty. AB recognizes that conflicts of interest are inherent in its business and accordingly has developed policies and procedures (including oversight monitoring) reasonably designed to detect, manage and mitigate the effects of actual or potential conflicts of interest in the area of employee personal trading, managing multiple accounts for multiple clients, and allocating investment opportunities. Investment professionals, including portfolio managers and research analysts, are subject to the above-mentioned policies and oversight monitoring to ensure that all clients are treated equitably. AB places the interests of its clients first and expects all of its employees to meet their fiduciary duties.

When acting as a fiduciary, AB owes our investment advisory clients a duty of loyalty. This includes the duty to address – or at least disclose – conflicts of interest which may exist between different clients, between the firm and clients, or between our employees and clients. Where our activities do not involve fiduciary obligations – such as the level of client servicing we offer through each client channel – we reserve the right to act in accordance with our business judgment.

Conflicts arising from fiduciary activities that we cannot avoid (or choose not to avoid) are mitigated through written policies that we believe protect the interests of our clients. In these cases, regulators have generally prescribed detailed rules or principles for investment firms to follow. By complying with these rules and using robust compliance practices, we believe we address these conflicts appropriately.

Some potential conflicts are outside the scope of compliance monitoring. Identifying these conflicts requires careful and continuing consideration of the interaction of different products, business lines, operational processes and incentive structures. Changes in the firm's activities and personnel can lead to new potential conflicts.

Conflicts Committee: To assist in this area, AB has appointed a Conflicts Committee, which is chaired by our firm's Conflicts Officer. The Committee is comprised of compliance directors, senior firm counsel and experienced business leaders, who review areas of change and assess the adequacy of controls. The work of our Conflicts Committee is overseen by our Code of Ethics Oversight Committee.

Written Policies and Procedures: AB has an "Approach to Potential Conflicts" disclosure which summarizes our firm's conflicts management plan. It is meant to provide our employees, clients, and prospective clients with a summary description of the conflicts and potential conflicts we may encounter, and outlines the policies and procedures the firm maintains for managing those conflicts. For a more detailed account of the conflicts and our approaches to handling those conflicts please refer to AB Form ADV Part 2A ("the ADV"). Both our ADV and our Code of Ethics are available at www.AB.com.

**Employee Personal Trading**

AB has adopted a Code of Business Conduct and Ethics that is designed to detect and prevent conflicts of interest when investment professionals and other personnel of AB own, buy or sell securities which may be owned by, or bought or sold for, clients. Personal securities transactions by an employee may raise a potential conflict of interest when an employee owns or trades in a security that is owned or considered for purchase or sale by a client, or recommended for purchase or sale by an employee to a client. Subject to the reporting requirements and other limitations of its Code of Business Conduct and Ethics, AB permits its employees to engage in personal securities transactions, and also allows them to acquire investments in the AB Mutual

Funds. AB's Code of Business Conduct and Ethics requires disclosure of all personal accounts and maintenance of brokerage accounts with designated broker-dealers approved by AB. The Code of Business Conduct and Ethics also requires preclearance of all securities transactions (except transactions in U.S. Treasuries and open-end mutual funds) and imposes a 60-day holding period for securities purchased by employees to discourage short-term trading.

AB generally discourages personal investments by employees in individual securities, instead encouraging personal investments in managed collective vehicles, such as mutual funds. Our firm's policies and procedures adhere strictly to sound business principles and the highest ethical standards: they are based on the fundamental principle that the financial interests of the firm's clients come first and must be placed ahead of the individual interests of staff members. Our policies are intended to ensure full conformity with the laws, rules, and regulations of the many governmental bodies and self-regulatory organizations that oversee our business activities.

The following is a summary of the major requirements and restrictions that apply to personal trading by employees, their immediate family members, and other financial dependents:

● Employees must disclose all their securities accounts to the Legal and Compliance department.

● Absent an exception, U.S. employees may maintain securities accounts only at specified designated broker-dealers.

● Employees must pre-clear all securities trades with the Legal and Compliance department prior to placing trades with their broker-dealer (prior supervisory approval is required for portfolio managers, research analysts, traders, persons with access to AB research, and others designated by the Legal and Compliance department).

● Employees may make 20 trades in individual securities during any rolling thirty calendar-day period.

● Employee purchases of individual securities, ETFs and closed-end mutual funds are subject to a 60- day holding period.

● Employees may not engage in short-term trading of a mutual fund in violation of that fund's short-term trading policies.

● Employees may not participate in initial public offerings.

● Employees are prohibited from conducting transactions in the publicly-traded equity units of AB in the weeks leading up to the firm's quarterly earnings announcements.

● Employees must get written approval, and make certain representations, to participate in limited or private offerings.

● Employees must submit initial and annual holding reports, disclosing all securities and holdings in mutual funds managed by AB held in personal accounts.

● Employees must, on a quarterly basis, submit or confirm reports identifying all transactions in securities (and mutual funds managed by AB) in personal accounts.

The Legal and Compliance department has the authority to deny:

● Any personal trade by an employee if the security is being considered for purchase or sale in a client account, if there are open orders for the security on a trading desk, or the security appears on any AB restricted list.

● Any short sale by an employee for a personal account if the security is being held long in AB-managed portfolios.

● Any personal trade by a portfolio manager or research analyst in a security that is subject to a blackout period as a result of client portfolio trading or recommendations to clients.

In addition, research analysts will not be permitted to buy for his or her personal account, a security that is in his/her sector of coverage. Similarly, portfolio managers are not permitted to buy for a personal account, a security that is an eligible portfolio investment in that manager's product group (e.g., Large Cap Growth), and buy-side equity traders are prohibited from purchasing, for their personal account, a security that is among the eligible portfolio investments traded on their client trading desks.

The policies and procedures for personal trading are set forth in full detail in our Personal Trading Policies and Procedures

**Managing Multiple Accounts for Multiple Clients**

AB has compliance policies and oversight monitoring in place to address conflicts of interest relating to the management of multiple accounts for multiple clients. Conflicts of interest may arise when an investment professional has responsibilities for the investments of more than one account because the investment professional may be unable to devote equal time and attention to each account. The investment professional or investment professional teams for each client may have responsibilities for managing all or a portion of the investments of multiple accounts with a common investment strategy, including other registered investment companies, unregistered investment vehicles, such as hedge funds, pension plans, separate accounts, collective trusts and charitable foundations. Among other things, AB's policies and procedures provide for the prompt dissemination to investment professionals of initial or changed investment recommendations by analysts so that investment professionals are better able to develop investment strategies for all accounts they manage. In addition, investment decisions by investment professionals are reviewed for the purpose of maintaining uniformity among similar accounts and ensuring that accounts are treated equitably. Investment professional compensation reflects a broad contribution in multiple dimensions to long-term investment success for our clients and is generally not tied specifically to the performance of any particular client's account, nor is it generally tied directly to the level or change in level of assets under management.

AB provides investment management advice to a variety of different clients including mutual funds sponsored by ourselves and our affiliates, special portfolios on a sub-advisory basis, institutional accounts, ERISA accounts, private investment funds (such as hedge funds and private equity funds), and high-net-worth individuals.

Certain types of clients, investment strategies and fee arrangements may create potential conflicts of interest for AB. For example, our employees or affiliates may have an economic interest in some of the accounts we manage. We may also recommend to clients securities in which a related person has established an interest independent of AB. Some accounts pay performance fees to AB, and some client accounts can sell securities short that are held long in other client accounts. The beneficial owners of some accounts may have the ability to influence the placement of additional assets with AB. Some investment professionals at AB manage accounts with these potential conflicts on a "side by side" basis with accounts that do not have such characteristics. These investment professionals may have an incentive to favor "conflicted" accounts over other accounts. Variations in performance compensation structures among clients may create an incentive for AB to direct the best investment ideas to, or to allocate or sequence trades in favor of, clients that pay or allocate performance compensation or clients that pay a greater level of performance compensation than other clients.

Steps to Treat Clients Fairly: We are conscious of these potential conflicts. When we are providing fiduciary services, the goal of our policies and procedures is to act in good faith and to treat all client accounts in a fair and equitable manner over time, regardless of their strategy, fee arrangements or the influence of their owners or beneficiaries. These policies include those addressing the fair allocation of investment opportunities across client accounts, the best execution of all client transactions, and the voting of proxies, among others. AB has adopted various written policies to address the fair allocation of investment opportunities for different investment categories (e.g., equities, fixed income, private securities, etc.).

**Allocating Investment Opportunities**

The investment professionals at AB routinely are required to select and allocate investment opportunities among accounts. AB has policies and procedures intended to address conflicts of interest relating to the allocation of investment opportunities. These policies and procedures are designed to ensure that information relevant to investment decisions is disseminated promptly within its portfolio management teams and investment opportunities are allocated equitably among different clients. AB's policies and procedures require, among other things, objective allocation for limited investment opportunities (e.g., on a rotational basis) and documentation and review of justifications for any decisions to make investments only for select accounts or in a manner disproportionate to the size of the account. Portfolio holdings, position sizes, and industry and sector exposures tend to be similar across similar accounts which minimizes the potential for conflicts of interest relating to the allocation of investment opportunities. Nevertheless, access to portfolio funds or other investment opportunities may be allocated differently among accounts due to the particular characteristics of an account, such as size of the account, cash position, tax status, risk tolerance and investment restrictions or for other reasons.

AB's procedures are also designed to address potential conflicts of interest that may arise when AB has a particular financial incentive, such as a performance-based management fee, relating to an account. An investment professional may perceive that he or she has an incentive to devote more time to developing and analyzing investment strategies and opportunities or allocating securities preferentially to accounts for which AB could share in investment gains.

As an investment adviser, we owe a fiduciary duty to each of our clients, requiring us to act in their best interests and to treat each client fairly, whether they are clients in a separate account or clients within a commingled trust fund or mutual fund. It is this fiduciary duty that is the basic principle behind our trade allocation procedures for all accounts.

Investment ideas and/or research analyst recommendations are widely disseminated among all appropriate investment professionals responsible for selecting investments to ensure that the accounts for all portfolio management groups have an equal opportunity to act on the information.

Allocation between Proposed Account and Other Clients at the Firm: We make investment decisions for each client in accordance with the investment objectives, guidelines and restrictions governing their individual account, and these decisions are independent of investment decisions made for other clients or accounts. However, because investment decisions frequently affect more than one account, it is inevitable that, at times, we will wish to purchase or sell the same securities for more than one client account at the same time. As part of our duty to ensure that each client receives fair treatment in the investment process, we must ensure the allocation of such trades fairly among these client accounts.

These concerns are increased when there are some accounts for which we receive performance-based compensation. Our trading and compliance monitoring processes afford heightened levels of scrutiny to transactions in such accounts, to help ensure that there is no appearance of having favored such a client over others. Our procedures also seek to ensure reasonable efficiency in client transactions and to provide portfolio managers with flexibility to use allocation methodologies appropriate to their investment disciplines and client base.

We Aggregate Trades to Facilitate Best Execution: Where possible when trading, we aggregate ("bundle") contemporaneous orders transacted on behalf of more than one client to facilitate best execution and achieve economies of scale. When possible, securities bought or sold in execution of an aggregated order will be allocated on a pro-rata basis among the participating client accounts in proportion to the size of the orders placed for each account.

Having said this, we also note that if a trade in a single security is executed with more than one dealer at different prices, it is not always possible to ensure that all accounts who are trading in that security receive the same execution price. In such cases, our trading desk is responsible for ensuring that the order of allocation to clients is fair and equitable over time.

● Policy on Non-Pro Rata Allocations: In certain situations, other methods of trade allocation are permissible provided that the approach is based on objective criteria, all accounts receive fair and equitable treatment over time, and the reason for the different allocation is explained and approved in writing by a Head of Investment and the Chief Compliance Officer (or a designee) prior to the completion of the order.

● Rotation: In situations where investment opportunities are too limited to be effectively allocated among all accounts, or aggregated trades have been filled with multiple brokers at different prices, such investment opportunities may be allocated by rotation, provided that the rotation system implemented results in fair access to such investment opportunities for all accounts over time.

● Random: A random approach may be used if, due to the quantity of securities received, some number of accounts would need to be excluded in order to complete a reasonably sized allocation to accounts. The randomization methodology must ensure that all accounts have the same probability of being selected each time it is used.

● Other Methods: In certain situations, a pro rata allocation may not result in an allocation that is fair to all accounts involved and the use of a rotational or random basis is neither appropriate nor practical. In such situations, another method of allocation may be applied if it is based on objective criteria, all accounts receive fair and equitable treatment over time using the method, and the reason for the different allocation is explained and approved in writing by a Head of Investment and the Chief Compliance Officer (or a designee). An example of such an allocation policy, is where we manage a portfolio that is focused on specific security types and such portfolio received a priority allocation to enable it to meet its fiduciary and regulatory obligation to invest in such securities.

● Priority of Orders. When the liquidity in a market is not sufficient to fill all client orders, we may give priority to certain orders over others. This prioritization is based solely on objective factors driving the order. Under such circumstances, we will aggregate orders by these factors and subject each aggregated order to the trade allocation algorithms discussed above. The factors used, in order of priority, are (1) correction of guideline breaches; (2) avoidance of guideline breaches; (3) investing significant new funding and completing tax strategy implementations; (4) avoidance of tracking error on the service/product level; and (5) portfolio rebalancing and optimization.

● Short Sales: Conflicting investment opportunities between short selling and long investing are properly addressed. When our trading desk is handling short sell orders at the same time as long liquidation orders, the desk will use its discretion to execute the orders in a manner that will limit the market impact to both.

● Primary Offerings: Primary offerings are only allocated to accounts when the issuer meets the investment objectives of participating accounts as well as a review process for allocations. Securities may be first distributed internally by investment service or strategy and then allocated on a pro-rata basis to participating accounts within their respective service or strategy. Because of securities law restrictions or client-imposed restrictions, not all accounts can participate in primary offerings.

[to be updated by amendment]

Security Ownership of Portfolio Managers for the JNL/AB Sustainable Global Thematic Fund as of [December 31, 2025]

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Security Ownership of Portfolio Manager** | &nbsp;&nbsp; $1-<br> $10000 | &nbsp;&nbsp; $10001-<br> $50000 | &nbsp;&nbsp; $50001-<br> $100000 | &nbsp;&nbsp; $100001-<br> $500000 | &nbsp;&nbsp; $500001-<br> $1000000 | &nbsp;&nbsp;Over $1,000,000 |
| &nbsp;&nbsp;Daniel C. Roarty, CFA |  |  |  |  |  |  |
| &nbsp;&nbsp;Benjamin Ruegsegger, CFA |  |  |  |  |  |  |

---

**AQR Capital Management, LLC**

AQR Capital Management, LLC ("AQR") is located at One Greenwich Plaza, Suite 130, Greenwich, Connecticut 06830 and serves as Sub-Adviser to the JNL/AQR Large Cap Defensive Style Fund. AQR, a Delaware limited liability company founded in 1998, is a wholly owned subsidiary of AQR Capital Management Holdings, LLC ("AQR Holdings"), which has no activities other than holding the interests of AQR. Clifford Asness, Ph.D., M.B.A, may be deemed to control AQR through his voting control of the Board of Members of AQR Holdings.

Portfolio Manager Compensation Structure

The compensation for each of the portfolio managers that is a Principal of AQR is in the form of distributions based on the net income generated by AQR and each Principal's relative ownership in AQR. A Principal's relative ownership in AQR is based on a number of factors including contribution to the research process, leadership and other contributions to AQR. There is no direct linkage between assets under management, performance and compensation. However, there is an indirect linkage in that superior performance tends to attract assets and thus increase revenues and presumably net income allocable to the Principal. Each portfolio manager is also eligible to participate in AQR's 401(k) retirement plan which is offered to all employees of AQR.

*Other Accounts Managed by the Portfolio Managers and Potential Conflicts of Interest*

The following table reflects information as of [December 31, 2025]: [to be updated by amendment]

JNL/AQR Large Cap Defensive Style Fund

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |  |  |  | &nbsp;&nbsp;**Performance Fee Accounts** | &nbsp;&nbsp;**Performance Fee Accounts** |
| &nbsp;&nbsp;**Portfolio Manager** | &nbsp;&nbsp;**Category of Account** | &nbsp;&nbsp;**# of Accounts** | &nbsp;&nbsp;**AUM** | &nbsp;&nbsp;**# of Accounts** | &nbsp;&nbsp;**AUM** |
| &nbsp;&nbsp; Clifford S. Asness, Ph.D., M.B.A. | &nbsp;&nbsp;Other Registered Investment Companies |  |  |  |  |
| &nbsp;&nbsp; Clifford S. Asness, Ph.D., M.B.A. | &nbsp;&nbsp;Other Pooled Vehicles |  |  |  |  |
| &nbsp;&nbsp; Clifford S. Asness, Ph.D., M.B.A. | &nbsp;&nbsp;Other Accounts |  |  |  |  |
| &nbsp;&nbsp;Michele L. Aghassi, Ph.D. | &nbsp;&nbsp;Other Registered Investment Companies |  |  |  |  |
| &nbsp;&nbsp;Michele L. Aghassi, Ph.D. | &nbsp;&nbsp;Other Pooled Vehicles |  |  |  |  |
| &nbsp;&nbsp;Michele L. Aghassi, Ph.D. | &nbsp;&nbsp;Other Accounts |  |  |  |  |
| &nbsp;&nbsp;Andrea Frazzini, Ph.D., M.S. | &nbsp;&nbsp;Other Registered Investment Companies |  |  |  |  |
| &nbsp;&nbsp;Andrea Frazzini, Ph.D., M.S. | &nbsp;&nbsp;Other Pooled Vehicles |  |  |  |  |
| &nbsp;&nbsp;Andrea Frazzini, Ph.D., M.S. | &nbsp;&nbsp;Other Accounts |  |  |  |  |
| &nbsp;&nbsp;John J. Huss | &nbsp;&nbsp;Other Registered Investment Companies |  |  |  |  |
| &nbsp;&nbsp;John J. Huss | &nbsp;&nbsp;Other Pooled Vehicles |  |  |  |  |
| &nbsp;&nbsp;John J. Huss | &nbsp;&nbsp;Other Accounts |  |  |  |  |

---

Conflicts of Interest

Each of the portfolio managers is also responsible for managing other accounts in addition to the Fund, including other accounts of AQR or its affiliates. Other accounts may include, without limitation, separately managed accounts for foundations, endowments, pension plans, and high net-worth families; registered investment companies; unregistered investment companies relying on either Section 3(c)(1) or Section 3(c)(7) of the 1940 Act (such companies are commonly referred to as "hedge funds"); foreign investment companies; and may also include accounts or investments managed or made by the portfolio managers in a personal or other capacity ("Proprietary Accounts"). Management of other accounts in addition to the Fund can present certain conflicts of interest, as described below.

From time to time, potential conflicts of interest may arise between a portfolio manager's management of the investments of the Fund, on the one hand, and the management of other accounts (including, for purposes of this discussion, other funds and Proprietary Accounts), on the other. The other accounts might have similar investment objectives or strategies as the Fund, or otherwise hold, purchase, or sell securities that are eligible to be held, purchased or sold by the Fund. Because of their positions with the Fund, the portfolio managers know the size, timing and possible market impact of the Fund's trades. A potential conflict of interest exists where portfolio managers could use this information to the advantage of other accounts they manage and to the possible detriment of the Fund.

A number of potential conflicts of interest may arise as a result of AQR's or portfolio manager's management of a number of accounts with similar investment strategies. Often, an investment opportunity may be suitable for both the Fund and other accounts, but may not be available in sufficient quantities for both the Fund and the other accounts to participate fully. Similarly, there may be limited opportunity to sell an investment held by the Fund and another account. In circumstances where the amount of total exposure to a strategy or investment type across accounts is, in the opinion of AQR, capacity constrained, the availability of the strategy or investment type for the Fund and other accounts may be reduced in AQR's discretion. The Fund may therefore have reduced exposure to a capacity constrained strategy or investment type, which could adversely affect the Fund's return. AQR is not obligated to allocate capacity pro rata and may take its financial interests into account when allocating capacity among the Fund and other accounts.

Another conflict could arise where different account guidelines and/or differences within particular investment strategies lead to the use of different investment practices for portfolios with a similar investment strategy. AQR will not necessarily purchase or sell the same instruments at the same time or in the same direction (particularly if different accounts have different strategies), or in the same proportionate amounts for all eligible accounts (particularly if different accounts have materially different amounts of capital under management, different amounts of investable cash available, different investment restrictions, or different risk tolerances). As a result, although AQR manages numerous accounts and/or portfolios with similar or identical investment objectives, or may manage accounts with different objectives that trade in the same instruments, the portfolio decisions relating to these accounts, and the performance resulting from such decisions, may differ from account to account. AQR may, from time to time, implement new trading strategies or participate in new trading strategies for some but not all accounts, including the Fund. Strategies may not be implemented in the same manner among accounts where they are employed, even if the strategy is consistent with the objectives of such accounts. In certain circumstances, investment opportunities that are in limited supply and/or have limited return potential in light of administrative costs of pursuing such investments (e.g., IPOs) are only allocated to accounts where the given opportunity is more closely aligned with the applicable strategy and/or trading approach.

Whenever decisions are made to buy or sell investments by the Fund and one or more other accounts simultaneously, AQR or portfolio manager may aggregate the purchases and sales of the investments and will allocate the transactions in a manner that it believes to be equitable under the circumstances. To this end, AQR has adopted policies and procedures that are intended to ensure that investment opportunities are allocated equitably among accounts over time. As a result of the allocations, there may be instances where the Fund will not participate in a transaction that is allocated among other accounts or the Fund may not be allocated the full amount of the investments sought to be traded. These aggregation and allocation policies could have a detrimental effect on the price or amount of the investments available to the Fund from time to time. Subject to applicable laws and/or account restrictions, AQR may buy, sell or hold securities for other accounts while entering into a different or opposite investment decision for the Fund.

To the extent that the Fund holds interests in an issuer that are different (or more senior or junior) than, or potentially adverse to, those held by other accounts, AQR may be presented with investment decisions where the outcome would benefit one account and would not benefit or would harm the other account. This may include, but is not limited to, an account investing in a different security of an issuer's capital structure than another account, an account investing in the same security but on different terms than another account, an account obtaining exposure to an investment using different types of securities or instruments than another account, an account engaging in short selling of securities that another account holds long, an account voting securities in a different manner than another account, and/or an account acquiring or disposing of its interests at different times than another account. This could have a material adverse effect on, or in some instances could benefit, one or more of such accounts, including accounts that are affiliates of AQR, accounts in which AQR has an interest, or accounts which pay AQR higher fees or a performance fee. These transactions or investments by one or more accounts could dilute or otherwise disadvantage the values, prices, or investment strategies of such accounts. When AQR, on behalf of an account, manages or implements a portfolio decision ahead of, or contemporaneously with, portfolio decisions of another account, market impact, liquidity constraints, or other factors could result in such other account receiving less favorable pricing or trading results, paying higher transaction costs, or being otherwise disadvantaged. In addition, in connection with the foregoing, AQR, on behalf of an account, is permitted to pursue or enforce rights or actions, or refrain from pursuing or enforcing rights or actions, with respect to a particular issuer in which action could materially adversely affect such other account.

In addition, when the Fund and other accounts hold investments in the same issuer (including at the same place in the capital structure), the Fund may be prohibited by applicable law from participating in restructurings, work- outs or other activities related to its investment in the issuer. As a result, the Fund may not be permitted by law to make the same investment decisions as other accounts in the same or similar situations even if AQR believes it would be in the Fund's best economic interests to do so. The Fund may be prohibited by applicable law from investing in an issuer (or an affiliate) that other accounts are also investing in or currently invest in even if AQR believes it would be in the best economic interests of the Fund to do so. Furthermore, entering into certain transactions that are not deemed prohibited by law when made may potentially lead to a condition that raises regulatory or legal concerns in the future. This may be the case, for example, with issuers that AQR considers to be at risk of default and restructuring or work-outs with debt holders, which may include the Fund and other accounts. In some cases, to avoid the potential of future prohibited transactions, AQR may avoid allocating an investment opportunity to the Fund that it would otherwise recommend, subject to AQR's then-current allocation policy and any applicable exemptions. In certain circumstances, AQR may be restricted from transacting in a security or instrument because of material non-public information received in connection with an investment opportunity that is offered to AQR or an affiliate of AQR. In other circumstances, AQR will not participate in an investment opportunity to avoid receiving material non-public information that would restrict AQR from transacting in a security or instrument. These restrictions may adversely impact the Fund's performance.

AQR and the Fund's portfolio managers may also face a conflict of interest where some accounts pay higher fees to AQR than others, as they may have an incentive to favor accounts with the potential for greater fees. For instance, the entitlement to a performance fee in managing one or more accounts may create an incentive for AQR to take risks in managing assets that it would not otherwise take in the absence of such arrangements. Additionally, since performance fees reward AQR for performance in accounts which are subject to such fees, AQR may have an incentive to favor these accounts over those that have only fixed asset-based fees, with respect to areas such as trading opportunities, trade allocation, and allocation of new investment opportunities.

AQR has implemented specific policies and procedures (e.g., a code of ethics and trade allocation policies) that seek to address potential conflicts of interest that may arise in connection with the management of the Fund and other accounts and that are designed to ensure that all accounts, including the Fund, are treated fairly and equitably over time.

[to be updated by amendment]

Security Ownership of Portfolio Managers for the JNL/AQR Large Cap Defensive Style Fund as of [December 31, 2025]

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Security Ownership of Portfolio Managers** | &nbsp;&nbsp; $1-<br> $10000 | &nbsp;&nbsp; $10001-<br> $50000 | &nbsp;&nbsp; $50001-<br> $100000 | &nbsp;&nbsp; $100001-<br> $500000 | &nbsp;&nbsp; $500001-<br> $1000000 | &nbsp;&nbsp;Over $1,000,000 |
| &nbsp;&nbsp;Clifford S. Asness, Ph.D., M.B.A. |  |  |  |  |  |  |
| &nbsp;&nbsp;Michele L. Aghassi, Ph.D. |  |  |  |  |  |  |
| &nbsp;&nbsp;Andrea Frazzini, Ph.D., M.S. |  |  |  |  |  |  |
| &nbsp;&nbsp;John J. Huss |  |  |  |  |  |  |

---

**BAMCO, Inc.**

BAMCO, Inc. ("BAMCO") is located at 767 Fifth Avenue, New York, NY 10153. BAMCO serves as a Co-Sub-Adviser to the JNL Multi-Manager Small Cap Growth Fund.

Portfolio Manager Compensation Structure

The compensation for Mr. Bieger and Mr. Gwirtzman includes a base salary and an annual bonus that is based, in part, on the amount of assets they manage, as well as their individual long-term investment performance, their overall contribution to BAMCO and the BAMCO's profitability.

*Other Accounts Managed by the Portfolio Managers and Potential Conflicts of Interest*

The following table reflects information as of [December 31, 2025]: [to be updated by amendment]

JNL Multi-Manager Small Cap Growth Fund

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |  |  |  | &nbsp;&nbsp;**Performance Fee Accounts** | &nbsp;&nbsp;**Performance Fee Accounts** |
| &nbsp;&nbsp;**Portfolio Manager** | &nbsp;&nbsp;**Category of Account** | &nbsp;&nbsp;**# of Accounts** | &nbsp;&nbsp;**AUM** | &nbsp;&nbsp;**# of Accounts** | &nbsp;&nbsp;**AUM** |
| &nbsp;&nbsp;Laird Bieger | &nbsp;&nbsp;Other Registered Investment Companies |  |  |  |  |
| &nbsp;&nbsp;Laird Bieger | &nbsp;&nbsp;Other Pooled Vehicles |  |  |  |  |
| &nbsp;&nbsp;Laird Bieger | &nbsp;&nbsp;Other Accounts |  |  |  |  |
| &nbsp;&nbsp;Randolph Gwirtzman | &nbsp;&nbsp;Other Registered Investment Companies |  |  |  |  |
| &nbsp;&nbsp;Randolph Gwirtzman | &nbsp;&nbsp;Other Pooled Vehicles |  |  |  |  |
| &nbsp;&nbsp;Randolph Gwirtzman | &nbsp;&nbsp;Other Accounts |  |  |  |  |

---

Conflicts of Interest

Conflicts of interest could arise in connection with managing the Fund along with the Baron Capital Management, Inc. Funds ("Baron Fund") and the accounts of other clients of BAMCO and of clients of BAMCO's affiliated investment adviser, Baron Capital Management, Inc. Because of market conditions, client investment restrictions, sub-adviser imposed investment guidelines and the consideration of factors such as cash availability and diversification considerations, not all investment opportunities will be available to the Fund and all clients at all times. BAMCO has joint trading policies and procedures designed to ensure that no Baron Fund or client is systematically given preferential treatment over time. BAMCO's Chief Compliance Officer monitors allocations for consistency with this policy. Because an investment opportunity may be suitable for multiple accounts, the Fund may not be able to take full advantage of that opportunity because the opportunity may be allocated among many or all of the Baron Funds and accounts of clients managed by BAMCO and its affiliate.

To the extent that the Fund's Fund manager has responsibilities for managing other client accounts, the Fund manager may have conflicts of interest with respect to his time and attention among relevant accounts. In addition, differences in the investment restrictions or strategies among a Baron Fund and other accounts may cause the Fund manager to take action with respect to another account that differs from the action taken with respect to the Fund. In some cases, another account managed by the Fund manager may provide more revenue to BAMCO. While this may create additional conflicts of interest for the Fund manager in the allocation of management time, resources and investment opportunities, BAMCO takes all necessary steps to ensure that the Fund manager endeavors to exercise his discretion in a manner that is equitable to the Fund and other accounts.

BAMCO believes that it has policies and procedures in place that address the Fund's potential conflicts of interest. Such policies and procedures address, among other things, trading practices (*e.g*., brokerage commissions, cross trading, aggregation and allocation of transactions, sequential transactions, allocations of orders for execution to brokers and Fund performance dispersion review), disclosure of confidential information and employee trading.

[to be updated by amendment]

Security Ownership of Portfolio Managers for the JNL Multi-Manager Small Cap Growth Fund as of [December 31, 2025]

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Security Ownership of Portfolio Managers** | &nbsp;&nbsp; $1-<br> $10000 | &nbsp;&nbsp; $10001-<br> $50000 | &nbsp;&nbsp; $50001-<br> $100000 | &nbsp;&nbsp; $100001-<br> $500000 | &nbsp;&nbsp; $500001-<br> $1000000 | &nbsp;&nbsp;Over $1,000,000 |
| &nbsp;&nbsp;Laird Bieger |  |  |  |  |  |  |
| &nbsp;&nbsp;Randolph Gwirtzman |  |  |  |  |  |  |

---

**BlackRock Investment Management, LLC ("BIM") and BlackRock International Limited ("BIL")**

BIM is located at 1 University Square Drive, Princeton, New Jersey 08540-6455 and serves as the Sub-Adviser to the JNL/BlackRock Global Allocation Fund and the JNL/BlackRock Large Cap Select Growth Fund. BIL is located at Exchange Place One, 1 Semple Street, Edinburgh, United Kingdom, EH3 8BL. BIL is the Sub-Adviser to the JNL/BlackRock Global Natural Resources Fund and Sub-Sub-Adviser to the JNL/BlackRock Global Allocation Fund. BIM and BIL are wholly owned subsidiaries of BlackRock, Inc. ("BlackRock").

Portfolio Manager Compensation Structure

The discussion below describes the portfolio managers' compensation as of [December 31, 2025].

BlackRock's financial arrangements with its portfolio managers, its competitive compensation and its career path emphasis at all levels reflect the value senior management places on key resources. Compensation may include a variety of components and may vary from year to year based on a number of factors. The principal components of compensation include a base salary, a performance-based discretionary bonus, participation in various benefits programs and one or more of the incentive compensation programs established by BlackRock.

**Base Compensation.** Generally, portfolio managers receive base compensation based on their position with the firm.

**Discretionary Incentive Compensation – Messrs. Bishop, Holl and Ruvinsky and Ms. Bottinelli**

Generally, discretionary incentive compensation for Fundamental Equities portfolio managers is based on a formulaic compensation program. BlackRock's formulaic portfolio manager compensation program is based on team revenue and pre-tax investment performance relative to appropriate competitors or benchmarks over 1-, 3- and 5-year performance periods, as applicable. In most cases, these benchmarks are the same as the benchmark or benchmarks against which the performance of the Funds or other accounts managed by the portfolio managers are measured. BlackRock's Chief Investment Officers determine the benchmarks or rankings against which the performance of funds and other accounts managed by each portfolio management team is compared and the period of time over which performance is evaluated. With respect to these portfolio managers, such benchmarks for the Funds and other accounts are:

---

| | |
|:---|:---|
| &nbsp;&nbsp;<u>Portfolio Manager</u> | &nbsp;&nbsp;<u>Benchmarks</u> |
| &nbsp;&nbsp;Alastair Bishop<br> Thomas Holl | &nbsp;&nbsp;Bloomberg Commodity Index Total Return; FTSE Gold Mines Index (Gross Total Return); FTSE Gold Mining Index - expressed in JPY; FTSE Gold Mining Index - GBP Price; SOFR 3 Month Index; MSCI 10/40 DW Energy (Net); MSCI ACWI Metals & Mining 30% Buffer 10/40 (1994) GBP Net TR; MSCI ACWI Metals & Mining 30% Buffer 10/40 (1994) USD Net TR; MSCI World Energy Net Daily TR Index; NYSE Arca Gold Miners Index EUR Net Total Return; S&P Global Natural Resources Index; S&P Global Natural Resources Index - In GBP; S&P Global Natural Resources Net Return. |
| &nbsp;&nbsp;Caroline Bottinelli<br> Phil Ruvinsky | &nbsp;&nbsp;Russell 1000 Growth Custom Index; Russell 1000 Growth Index; Russell 2500 Growth Index; Russell MidCap Growth Index. |

---

A smaller element of portfolio manager discretionary compensation may include consideration of: financial results, expense control, profit margins, strategic planning and implementation, quality of client service, market share, corporate reputation, capital allocation, compliance and risk control, leadership, technology and innovation. These factors are considered collectively by BlackRock management and the relevant Chief Investment Officers.

**Discretionary Incentive Compensation – Messrs. Koesterich and Rieder**

Discretionary incentive compensation is a function of several components: the performance of BlackRock, Inc., the performance of the portfolio manager's group within BlackRock, the investment performance, including risk-adjusted returns, of the firm's assets under management or supervision by that portfolio manager relative to predetermined benchmarks, and the individual's performance and contribution to the overall performance of these portfolios and BlackRock. In most cases, these benchmarks are the same as the benchmark or benchmarks against which the performance of the Funds or other accounts managed by the portfolio managers are measured. Among other things, BlackRock's Chief Investment Officers make a subjective determination with respect to each portfolio manager's compensation based on the performance of the Funds and other accounts managed by each portfolio manager relative to the various benchmarks. Performance is generally assessed over trailing 1-,3-, and 5-year periods relative to benchmarks plus an alpha target as well as against peer groups. With respect to these portfolio managers, such benchmarks for the Fund and other accounts are S&P 500 Index, FTSE World ex-US Index, ICE BofA Current 5-Year Treasury Index, FTSE Non-US Dollar World Government Bond Index, MSCI World Net TR Index and MSCI ACWI Minimum Volatility (USD) Index (USD).

**Distribution of Discretionary Incentive Compensation.** Discretionary incentive compensation is distributed to portfolio managers in a combination of cash, deferred BlackRock, Inc. stock awards, and/or deferred cash awards that notionally track the return of certain BlackRock investment products.

Portfolio managers receive their annual discretionary incentive compensation in the form of cash. Portfolio managers whose total compensation is above a specified threshold also receive deferred BlackRock, Inc. stock awards annually as part of their discretionary incentive compensation. Paying a portion of discretionary incentive compensation in the form of deferred BlackRock, Inc. stock puts compensation earned by a portfolio manager for a given year "at risk" based on BlackRock's ability to sustain and improve its performance over future periods. In some cases, additional deferred BlackRock, Inc. stock may be granted to certain key employees as part of a long-term incentive award to aid in retention, align interests with long-term shareholders and motivate performance. Deferred BlackRock, Inc. stock awards are generally granted in the form of BlackRock, Inc. restricted stock units that vest pursuant to the terms of the applicable plan and, once vested, settle in BlackRock, Inc. common stock. The portfolio managers of these Funds have deferred BlackRock, Inc. stock awards.

For certain portfolio managers, a portion of the discretionary incentive compensation is also distributed in the form of deferred cash awards that notionally track the returns of select BlackRock investment products they manage, which provides direct alignment of portfolio manager discretionary incentive compensation with investment product results. Deferred cash awards vest ratably over a number of years and, once vested, settle in the form of cash. Only portfolio managers who manage specified products and whose total compensation is above a specified threshold are eligible to participate in the deferred cash award program.

**Other Compensation Benefits.** In addition to base salary and discretionary incentive compensation, portfolio managers may be eligible to receive or participate in one or more of the following:

*Incentive Savings Plans —* BlackRock, Inc. has created a variety of incentive savings plans in which BlackRock employees are eligible to participate, including a 401(k) plan, the BlackRock Retirement Savings Plan (RSP), and the BlackRock Employee Stock Purchase Plan (ESPP). The employer contribution components of the RSP include a company match equal to 50% of the first 8% of eligible pay contributed to the plan capped at $5,000 per year, and a company retirement contribution equal to 3-5% of eligible compensation up to the Internal Revenue Service limit ($345,000 for 2024). The RSP offers a range of investment options, including registered investment companies and collective investment funds managed by the firm. BlackRock contributions follow the investment direction set by participants for their own contributions or, absent participant investment direction, are invested into a target date fund that corresponds to, or is closest to, the year in which the participant attains age 65. The ESPP allows for investment in BlackRock common stock at a 5% discount on the fair market value of the stock on the purchase date. Annual participation in the ESPP is limited to the purchase of 1,000 shares of common stock or a dollar value of $25,000 based on its fair market value on the purchase date. Ms. Bottinelli and Messrs. Koesterich, Rieder and Ruvinsky are eligible to participate in these plans.

United Kingdom-based portfolio managers are also eligible to participate in broad-based plans offered generally to BlackRock employees, including broad-based retirement, health and other employee benefit plans. For example, BlackRock has created a variety of incentive savings plans in which BlackRock employees are eligible to participate, including the BlackRock Retirement Savings Plan (RSP) and the BlackRock Employee Stock Purchase Plan (ESPP). The employer contribution to the RSP is between 10% and 15% of eligible pay capped at £160,000 per annum. The RSP offers a range of investment options, including several collective investment funds managed by the firm. BlackRock contributions follow the investment direction set by participants for their own contributions or, in the absence of an investment election being made, are invested into a target date fund that corresponds to, or is closest to, the year in which the participant attains age 65. The ESPP allows for investment in BlackRock common stock at a 5% discount on the fair market value of the stock on the purchase date. Annual participation in the ESPP is limited to the purchase of 1,000 shares of common stock or a US dollar value of $25,000 based on its fair market value on the purchase date. Messrs. Bishop and Holl are eligible to participate in these plans.

Other Accounts Managed by the Portfolio Managers and Potential Conflicts of Interest

The following tables reflect information as of [December 31, 2025]:[to be updated by amendment]

JNL/BlackRock Global Allocation Fund

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |  |  |  | &nbsp;&nbsp;**Performance Fee Accounts** | &nbsp;&nbsp;**Performance Fee Accounts** |
| &nbsp;&nbsp;**Portfolio Manager** | &nbsp;&nbsp;**Category of Account** | &nbsp;&nbsp;**# of Accounts** | &nbsp;&nbsp;**AUM** | &nbsp;&nbsp;**# of Accounts** | &nbsp;&nbsp;**AUM** |
| &nbsp;&nbsp;Rick Rieder | &nbsp;&nbsp;Other Registered Investment Companies |  |  |  |  |
| &nbsp;&nbsp;Rick Rieder | &nbsp;&nbsp;Other Pooled Vehicles |  |  |  |  |
| &nbsp;&nbsp;Rick Rieder | &nbsp;&nbsp;Other Accounts |  |  |  |  |
| &nbsp;&nbsp;Russ Koesterich, CFA | &nbsp;&nbsp;Other Registered Investment Companies |  |  |  |  |
| &nbsp;&nbsp;Russ Koesterich, CFA | &nbsp;&nbsp;Other Pooled Vehicles |  |  |  |  |
| &nbsp;&nbsp;Russ Koesterich, CFA | &nbsp;&nbsp;Other Accounts |  |  |  |  |

---

JNL/BlackRock Global Natural Resources Fund

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |  |  |  | &nbsp;&nbsp;**Performance Fee Accounts** | &nbsp;&nbsp;**Performance Fee Accounts** |
| &nbsp;&nbsp;**Portfolio Manager** | &nbsp;&nbsp;**Category of Account** | &nbsp;&nbsp;**# of Accounts** | &nbsp;&nbsp;**AUM** | &nbsp;&nbsp;**# of Accounts** | &nbsp;&nbsp;**AUM** |
| &nbsp;&nbsp;Alastair Bishop | &nbsp;&nbsp;Other Registered Investment Companies |  |  |  |  |
| &nbsp;&nbsp;Alastair Bishop | &nbsp;&nbsp;Other Pooled Vehicles |  |  |  |  |
| &nbsp;&nbsp;Alastair Bishop | &nbsp;&nbsp;Other Accounts |  |  |  |  |
| &nbsp;&nbsp;Tom Holl, CFA | &nbsp;&nbsp;Other Registered Investment Companies |  |  |  |  |
| &nbsp;&nbsp;Tom Holl, CFA | &nbsp;&nbsp;Other Pooled Vehicles |  |  |  |  |
| &nbsp;&nbsp;Tom Holl, CFA | &nbsp;&nbsp;Other Accounts |  |  |  |  |

---

JNL/BlackRock Large Cap Select Growth Fund

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |  |  |  | &nbsp;&nbsp;**Performance Fee Accounts** | &nbsp;&nbsp;**Performance Fee Accounts** |
| &nbsp;&nbsp;**Portfolio Manager** | &nbsp;&nbsp;**Category of Account** | &nbsp;&nbsp;**# of Accounts** | &nbsp;&nbsp;**AUM** | &nbsp;&nbsp;**# of Accounts** | &nbsp;&nbsp;**AUM** |
| &nbsp;&nbsp;Reid Menge | &nbsp;&nbsp;Other Registered Investment Companies |  |  |  |  |
| &nbsp;&nbsp;Reid Menge | &nbsp;&nbsp;Other Pooled Vehicles |  |  |  |  |
| &nbsp;&nbsp;Reid Menge | &nbsp;&nbsp;Other Accounts |  |  |  |  |
| &nbsp;&nbsp;Sally Du | &nbsp;&nbsp;Other Registered Investment Companies |  |  |  |  |
| &nbsp;&nbsp;Sally Du | &nbsp;&nbsp;Other Pooled Vehicles |  |  |  |  |
| &nbsp;&nbsp;Sally Du | &nbsp;&nbsp;Other Accounts |  |  |  |  |

---

Conflicts of Interest

BlackRock has built a professional working environment, firm-wide compliance culture and compliance procedures and systems designed to protect against potential incentives that may favor one account over another. BlackRock has adopted policies and procedures that address the allocation of investment opportunities, execution of portfolio transactions, personal trading by employees and other potential conflicts of interest that are designed to ensure that all client accounts are treated equitably over time. Nevertheless, BlackRock furnishes investment management and advisory services to numerous clients in addition to the Fund, and BlackRock may, consistent with applicable law, make investment recommendations to other clients or accounts (including accounts which are hedge funds or have performance or higher fees paid to BlackRock, or in which portfolio managers have a personal interest in the receipt of such fees), which may be the same as or different from those made to the Fund. In addition, BlackRock, its affiliates and significant shareholders and any officer, director, shareholder or employee may or may not have an interest in the securities whose purchase and sale BlackRock recommends to the Fund. BlackRock, or any of its affiliates or significant shareholders, or any officer, director, shareholder, employee or any member of their families may take different actions than those recommended to the Fund by BlackRock with respect to the same securities. Moreover, BlackRock may refrain from rendering any advice or services concerning securities of companies of which any of BlackRock's (or its affiliates' or significant shareholders') officers, directors or employees are directors or officers, or companies as to which BlackRock or any of its affiliates or significant shareholders or the officers, directors and employees of any of them has any substantial economic interest or possesses material non-public information. Certain portfolio managers also may manage accounts whose investment strategies may at times be opposed to the strategy utilized for the Fund. It should also be noted that Messrs. Bishop, Holl, Koesterich and Rieder may be managing hedge fund and/or long only accounts, or may be part of a team managing hedge fund and/or long only accounts, subject to incentive fees. Messrs. Bishop, Holl, Koesterich and Rieder may therefore be entitled to receive a portion of any incentive fees earned on such accounts.

As a fiduciary, BlackRock owes a duty of loyalty to its clients and must treat each client fairly. When BlackRock purchases or sells securities for more than one account, the trades must be allocated in a manner consistent with its fiduciary duties. BlackRock attempts to allocate investments in a fair and equitable manner among client accounts, with no account receiving preferential treatment. To this end, BlackRock has adopted policies that are intended to ensure reasonable efficiency in client transactions and provide BlackRock with sufficient flexibility to allocate investments in a manner that is consistent with the particular investment discipline and client base, as appropriate.

[to be updated by amendment]

Security Ownership of Portfolio Managers for the JNL/BlackRock Global Allocation Fund as of [December 31, 2025]

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Security Ownership of Portfolio Managers** | &nbsp;&nbsp; $1-<br> $10000 | &nbsp;&nbsp; $10001-<br> $50000 | &nbsp;&nbsp; $50001-<br> $100000 | &nbsp;&nbsp; $100001-<br> $500000 | &nbsp;&nbsp; $500001-<br> $1000000 | &nbsp;&nbsp;Over $1,000,000 |
| &nbsp;&nbsp;Rick Rieder |  |  |  |  |  |  |
| &nbsp;&nbsp;Russ Koesterich, CFA |  |  |  |  |  |  |

---

Security Ownership of Portfolio Managers for the JNL/BlackRock Global Natural Resources Fund as of [December 31, 2025]

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Security Ownership of Portfolio Managers** | &nbsp;&nbsp; $1-<br> $10000 | &nbsp;&nbsp; $10001-<br> $50000 | &nbsp;&nbsp; $50001-<br> $100000 | &nbsp;&nbsp; $100001-<br> $500000 | &nbsp;&nbsp; $500001-<br> $1000000 | &nbsp;&nbsp;Over $1,000,000 |
| &nbsp;&nbsp;Alastair Bishop |  |  |  |  |  |  |
| &nbsp;&nbsp;Tom Holl, CFA |  |  |  |  |  |  |

---

Security Ownership of Portfolio Managers for the JNL/BlackRock Large Cap Select Growth Fund as of [December 31, 2025]

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Security Ownership of Portfolio Managers** | &nbsp;&nbsp; $1-<br> $10000 | &nbsp;&nbsp; $10001-<br> $50000 | &nbsp;&nbsp; $50001-<br> $100000 | &nbsp;&nbsp; $100001-<br> $500000 | &nbsp;&nbsp; $500001-<br> $1000000 | &nbsp;&nbsp;Over $1,000,000 |
| &nbsp;&nbsp;Reid Menge |  |  |  |  |  |  |
| &nbsp;&nbsp;Sally Du |  |  |  |  |  |  |

---

**BlackRock (Singapore) Limited ("BSL")**

BSL, located at 20 Anson Road #18-01, Singapore, 079912 serves as a sub-sub-adviser to the JNL/BlackRock Global Allocation Fund. BSL is a wholly owned indirect subsidiary of BlackRock, Inc. ("BlackRock").

**Boston Partners Global Investors, Inc.** 

Boston Partners Global Investors, Inc. ("Boston Partners") is an SEC-registered investment adviser consisting of two investment divisions: Boston Partners and Weiss, Peck & Greer. Boston Partners is the Co-Sub-Adviser to the JNL Multi-Manager Alternative Fund. Boston Partners maintains offices in Boston (MA), Greenbrae (CA), New York (NY), Los Angeles (CA) and London (UK). Each of the divisions that comprise the firm manages investments independently to ensure continuity of investment philosophy, process and investment teams while sharing distribution, marketing, client service, legal and compliance, and back-office support. Boston Partners believes in having compensation, work environment and other incentives in place which reflect the value Boston Partners places in its primary asset – its people.

Portfolio Manager Compensation Structure

All investment professionals receive a compensation package comprised of an industry competitive base salary, a discretionary bonus and long-term incentives. Through the bonus program, key investment professionals are rewarded primarily for strong investment performance. This aligns the Boston Partners team firmly with our clients' objectives.

Typically, bonuses are based upon a combination of one or more of the following four criteria:

● Individual Contribution: an evaluation of the professional's individual contribution based on the expectations established at the beginning of each year;

● Product Investment Performance: performance of the investment product(s) with which the individual is involved versus the pre-designed index, based on the excess return;

● Investment Team Performance: the financial results of the investment group with our client's assets;

● Firm-wide Performance: the overall financial performance of Boston Partners.

● Our long-term incentive program effectively confers a significant 20-30% ownership interest in the value of the business to key employees. Annual awards are made by the Compensation Committee and are meant to equate to an additional 10-20% of the participants cash bonus awards.

Boston Partners retains professional compensation consultants with asset management expertise to periodically review their practices to ensure that Boston Partners remains highly competitive.

Other Accounts Managed by the Portfolio Managers and Potential Conflicts of Interest

The following table reflects information as of [December 31, 2025]: [to be updated by amendment]

JNL Multi-Manager Alternative Fund

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |  |  |  | &nbsp;&nbsp;**Performance Fee Accounts** | &nbsp;&nbsp;**Performance Fee Accounts** |
| &nbsp;&nbsp;**Portfolio Manager** | &nbsp;&nbsp;**Category of Account** | &nbsp;&nbsp;**# of Accounts** | &nbsp;&nbsp;**AUM** | &nbsp;&nbsp;**# of Accounts** | &nbsp;&nbsp;**AUM** |
| &nbsp;&nbsp;Joseph F. Feeney, Jr., CFA | &nbsp;&nbsp;Other Registered Investment Companies |  |  |  |  |
| &nbsp;&nbsp;Joseph F. Feeney, Jr., CFA | &nbsp;&nbsp;Other Pooled Vehicles |  |  |  |  |
| &nbsp;&nbsp;Joseph F. Feeney, Jr., CFA | &nbsp;&nbsp;Other Accounts |  |  |  |  |
| &nbsp;&nbsp;David Kim | &nbsp;&nbsp;Other Registered Investment Companies |  |  |  |  |
| &nbsp;&nbsp;David Kim | &nbsp;&nbsp;Other Pooled Vehicles |  |  |  |  |
| &nbsp;&nbsp;David Kim | &nbsp;&nbsp;Other Accounts |  |  |  |  |

---

Conflicts of Interest

As a fiduciary, Boston Partners has an affirmative duty of care, loyalty, honesty to its clients and a duty of utmost good faith to act in the best interests of Boston Partners' clients. Compliance with this fiduciary responsibility can be accomplished by avoiding conflicts of interest and by fully, adequately, and fairly disclosing all material facts concerning any conflict which arises with respect to any client.

The following specific guidelines should not be viewed as all-encompassing and are not intended to be exclusive of others:

● No Supervised Person shall take inappropriate advantage of their position with respect to a client, advancing their position for self-gain.

● No Supervised Person shall use knowledge about pending or currently considered client securities transactions to profit personally as a result of such transactions.

● All securities transactions affected for the benefit of a client account shall avoid inappropriate favoritism of one client over another client.

● All securities transactions affected for the benefit of a Supervised Person shall be conducted in such a manner as to avoid abuse of that individual's position of trust and responsibility.

Boston Partners maintains a Code of Ethics designed to identify and mitigate conflicts of interest. The Code of Ethics includes policies regarding personal securities trading, political and charitable contributions, gifts and entertainment, outside business activities and inside information. In addition, Boston Partners reviews employee connections with other securities industry companies and with any clients or vendors. This information is reviewed with regard to possible conflict of interest.

[to be updated by amendment]

Security Ownership of Portfolio Managers for the JNL Multi-Manager Alternative Fund as of [December 31, 2025]

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Security Ownership of Portfolio Managers** | &nbsp;&nbsp; $1-<br> $10000 | &nbsp;&nbsp; $10001-<br> $50000 | &nbsp;&nbsp; $50001-<br> $100000 | &nbsp;&nbsp; $100001-<br> $500000 | &nbsp;&nbsp; $500001-<br> $1000000 | &nbsp;&nbsp;Over $1,000,000 |
| &nbsp;&nbsp;Joseph F. Feeney, Jr., CFA |  |  |  |  |  |  |
| &nbsp;&nbsp;David Kim |  |  |  |  |  |  |

---

**Causeway Capital Management LLC** 

Causeway Capital Management LLC ("Causeway") located at 11111 Santa Monica Boulevard, 15th Floor, Los Angeles, California 90025 serves as Sub-Adviser to the JNL/Causeway International Value Select Fund ("Causeway Select Fund") and Co-Sub-Adviser to the JNL Multi-Manager International Equity Fund ("Causeway International Equity Fund") and JNL Multi-Manager International Small Cap Fund ("Causeway Small Cap Fund"). Causeway is a Delaware limited liability company which is a wholly owned subsidiary of Causeway Capital Holdings LLC.

Portfolio Manager Compensation Structure

Sarah Ketterer and Harry Hartford, the chief executive officer and president of Causeway, respectively, receive annual salaries and are entitled, as controlling owners of Causeway's parent holding company, to distributions of the holding company's profit based on their ownership interests. They do not receive incentive compensation. Messrs. Eng, Muldoon, Valentini, Nguyen, Cho, Jayaraman, Kuhnert, Gubler, Myers and Ms. Lee receive salary and may receive incentive compensation (including potential cash, awards of growth units, or awards of equity units). Messrs. Eng, Muldoon, Valentini, Nguyen, Cho, Jayaraman, Kuhnert, Gubler, Myers and Ms. Lee also receive, directly or through estate planning vehicles, distributions of the holding company's profit based on their minority ownership interests in Causeway's holding company. Causeway's Compensation Committee, weighing a variety of objective and subjective factors, determines salary and incentive compensation and, subject to approval of the holding company's Board of Managers, may award equity units. Portfolios are team managed and salary and incentive compensation are not based on the specific performance of any single client account managed by Causeway but takes into account the performance of the individual portfolio manager, the relevant team and Causeway's overall performance and financial results. For "fundamental" portfolio managers (i.e., those who are not members of the quantitative research team), the performance of stocks selected for Causeway Select Fund and client portfolios within a particular industry or sector over a multi-year period relative to appropriate benchmarks will be relevant for portfolio managers assigned to that industry or sector. Causeway takes into account both quantitative and qualitative factors when determining the amount of incentive compensation awarded, including the following factors: individual research contribution, portfolio and team management contribution, group research contribution, client service, mentoring and recruiting contribution, and other contributions to client satisfaction and firm development. The assessment of these factors takes into account both current and future risks and different factors can be weighted differently.

Other Accounts Managed by the Portfolio Managers and Potential Conflicts of Interest

Causeway's portfolio managers who sub-advise the Causeway Fund and the Causeway Small Cap Fund also provide investment management services to other accounts, including accounts for corporations, pension plans, sovereign wealth funds, superannuation plans, public retirement plans, Taft-Hartley pension plans, endowments and foundations, mutual funds and other collective investment vehicles, charities, private trusts and funds, SMA programs, other institutions and their personal accounts (collectively, "Other Accounts"). In managing the Other Accounts, the portfolio managers employ investment strategies similar to those used in managing the Causeway Select Fund and the Causeway Small Cap Fund, subject to certain variations in investment restrictions. The portfolio managers purchase and sell securities for the Causeway Select Fund or the Causeway Small Cap Fund that they may also recommend to Other Accounts. The portfolio managers at times give advice or take action with respect to certain accounts that differs from the advice given other accounts with similar investment strategies. Certain of the Other Accounts pay higher management fee rates than the Causeway Select Fund or the Causeway Small Cap Fund or pay performance-based fees to Causeway. All of the portfolio managers have personal investments in one or more mutual funds managed and sponsored by Causeway or similarly managed collective investment trusts. Ms. Ketterer and Mr. Hartford each holds (through estate planning vehicles) a controlling voting interest in Causeway's parent holding company equity and Messrs. Eng, Muldoon, Valentini, Nguyen, Cho, Jayaraman, Kuhnert, Gubler, Myers and Ms. Lee (directly or through estate planning vehicles) have minority interests in Causeway's parent holding company equity.

Actual or potential conflicts of interest arise from the portfolio managers' management responsibilities with respect to Other Accounts. These responsibilities may cause portfolio managers to devote unequal time and attention across client accounts and the differing fees, incentives and relationships with the various accounts provide incentives to favor certain accounts. Causeway has written compliance policies and procedures designed to mitigate or manage these conflicts of interest. These include policies and procedures to seek fair and equitable allocation of investment opportunities (including IPOs and new issues) and trade allocations among all client accounts and policies and procedures concerning the disclosure and use of portfolio transaction information. Causeway has a policy that it will not enter into a short position in a security on behalf of any client account if, at the time of entering into the short position, any other client account managed by Causeway holds a long position in a security of the issuer. Causeway also has a Code of Ethics which, among other things, limits personal trading by portfolio managers and other employees of Causeway. There is no guarantee that any such policies or procedures will cover every situation in which a conflict of interest arises.

The following tables reflect information as of [December 31, 2025]: [to be updated by amendment]

JNL Multi-Manager International Equity Fund

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |  |  |  | &nbsp;&nbsp; **Performance Fee Accounts** | &nbsp;&nbsp; **Performance Fee Accounts** |
| &nbsp;&nbsp; **Portfolio Manager** | &nbsp;&nbsp; **Category of Account** | &nbsp;&nbsp; **# of Accounts** | &nbsp;&nbsp; **AUM** | &nbsp;&nbsp; **# of Accounts** | &nbsp;&nbsp; **AUM** |
| &nbsp;&nbsp; Joe Gubler, CFA | &nbsp;&nbsp; Other Registered Investment Companies |  |  |  |  |
| &nbsp;&nbsp; Joe Gubler, CFA | &nbsp;&nbsp; Other Pooled Vehicles |  |  |  |  |
| &nbsp;&nbsp; Joe Gubler, CFA | &nbsp;&nbsp; Other Accounts |  |  |  |  |
| &nbsp;&nbsp; Arjun Jayaraman, PhD, CFA | &nbsp;&nbsp; Other Registered Investment Companies |  |  |  |  |
| &nbsp;&nbsp; Arjun Jayaraman, PhD, CFA | &nbsp;&nbsp; Other Pooled Vehicles |  |  |  |  |
| &nbsp;&nbsp; Arjun Jayaraman, PhD, CFA | &nbsp;&nbsp; Other Accounts |  |  |  |  |
| &nbsp;&nbsp; MacDuff Kuhnert, CFA | &nbsp;&nbsp; Other Registered Investment Companies |  |  |  |  |
| &nbsp;&nbsp; MacDuff Kuhnert, CFA | &nbsp;&nbsp; Other Pooled Vehicles |  |  |  |  |
| &nbsp;&nbsp; MacDuff Kuhnert, CFA | &nbsp;&nbsp; Other Accounts |  |  |  |  |
| &nbsp;&nbsp; Mozaffar Khan, PhD | &nbsp;&nbsp; Other Registered Investment Companies |  |  |  |  |
| &nbsp;&nbsp; Mozaffar Khan, PhD | &nbsp;&nbsp; Other Pooled Vehicles |  |  |  |  |
| &nbsp;&nbsp; Mozaffar Khan, PhD | &nbsp;&nbsp; Other Accounts |  |  |  |  |
| &nbsp;&nbsp; Ryan Myers | &nbsp;&nbsp; Other Registered Investment Companies |  |  |  |  |
| &nbsp;&nbsp; Ryan Myers | &nbsp;&nbsp; Other Pooled Vehicles |  |  |  |  |
| &nbsp;&nbsp; Ryan Myers | &nbsp;&nbsp; Other Accounts |  |  |  |  |

---

JNL Multi-Manager International Small Cap Fund

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |  |  |  | &nbsp;&nbsp; **Performance Fee Accounts** | &nbsp;&nbsp; **Performance Fee Accounts** |
| &nbsp;&nbsp; **Portfolio Manager** | &nbsp;&nbsp; **Category of Account** | &nbsp;&nbsp; **# of Accounts** | &nbsp;&nbsp; **AUM** | &nbsp;&nbsp; **# of Accounts** | &nbsp;&nbsp; **AUM** |
| &nbsp;&nbsp; Arjun Jayaraman, PhD, CFA | &nbsp;&nbsp; Other Registered Investment Companies |  |  |  |  |
| &nbsp;&nbsp; Arjun Jayaraman, PhD, CFA | &nbsp;&nbsp; Other Pooled Vehicles |  |  |  |  |
| &nbsp;&nbsp; Arjun Jayaraman, PhD, CFA | &nbsp;&nbsp; Other Accounts |  |  |  |  |
| &nbsp;&nbsp; MacDuff Kuhnert, CFA | &nbsp;&nbsp; Other Registered Investment Companies |  |  |  |  |
| &nbsp;&nbsp; MacDuff Kuhnert, CFA | &nbsp;&nbsp; Other Pooled Vehicles |  |  |  |  |
| &nbsp;&nbsp; MacDuff Kuhnert, CFA | &nbsp;&nbsp; Other Accounts |  |  |  |  |
| &nbsp;&nbsp;Joe Gubler, CFA | &nbsp;&nbsp;Other Registered Investment Companies |  |  |  |  |
| &nbsp;&nbsp;Joe Gubler, CFA | &nbsp;&nbsp;Other Pooled Vehicles |  |  |  |  |
| &nbsp;&nbsp;Joe Gubler, CFA | &nbsp;&nbsp;Other Accounts |  |  |  |  |
| &nbsp;&nbsp;Ryan Myers | &nbsp;&nbsp;Other Registered Investment Companies |  |  |  |  |
| &nbsp;&nbsp;Ryan Myers | &nbsp;&nbsp;Other Pooled Vehicles |  |  |  |  |
| &nbsp;&nbsp;Ryan Myers | &nbsp;&nbsp;Other Accounts |  |  |  |  |

---

JNL/Causeway International Value Select Fund

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |  |  |  | &nbsp;&nbsp;**Performance Fee Accounts** | &nbsp;&nbsp;**Performance Fee Accounts** |
| &nbsp;&nbsp;**Portfolio Manager** | &nbsp;&nbsp;**Category of Account** | &nbsp;&nbsp;**# of Accounts** | &nbsp;&nbsp;**AUM** | &nbsp;&nbsp;**# of Accounts** | &nbsp;&nbsp;**AUM** |
| &nbsp;&nbsp;Sarah Ketterer | &nbsp;&nbsp;Other Registered Investment Companies |  |  |  |  |
| &nbsp;&nbsp;Sarah Ketterer | &nbsp;&nbsp;Other Pooled Vehicles |  |  |  |  |
| &nbsp;&nbsp;Sarah Ketterer | &nbsp;&nbsp;Other Accounts |  |  |  |  |
| &nbsp;&nbsp;Harry Hartford | &nbsp;&nbsp;Other Registered Investment Companies |  |  |  |  |
| &nbsp;&nbsp;Harry Hartford | &nbsp;&nbsp;Other Pooled Vehicles |  |  |  |  |
| &nbsp;&nbsp;Harry Hartford | &nbsp;&nbsp;Other Accounts |  |  |  |  |
| &nbsp;&nbsp;Jonathan P. Eng | &nbsp;&nbsp;Other Registered Investment Companies |  |  |  |  |
| &nbsp;&nbsp;Jonathan P. Eng | &nbsp;&nbsp;Other Pooled Vehicles |  |  |  |  |
| &nbsp;&nbsp;Jonathan P. Eng | &nbsp;&nbsp;Other Accounts |  |  |  |  |
| &nbsp;&nbsp;Conor S. Muldoon, CFA | &nbsp;&nbsp;Other Registered Investment Companies |  |  |  |  |
| &nbsp;&nbsp;Conor S. Muldoon, CFA | &nbsp;&nbsp;Other Pooled Vehicles |  |  |  |  |
| &nbsp;&nbsp;Conor S. Muldoon, CFA | &nbsp;&nbsp;Other Accounts |  |  |  |  |
| &nbsp;&nbsp;Alessandro Valentini, CFA | &nbsp;&nbsp;Other Registered Investment Companies |  |  |  |  |
| &nbsp;&nbsp;Alessandro Valentini, CFA | &nbsp;&nbsp;Other Pooled Vehicles |  |  |  |  |
| &nbsp;&nbsp;Alessandro Valentini, CFA | &nbsp;&nbsp;Other Accounts |  |  |  |  |
| &nbsp;&nbsp;Ellen Lee | &nbsp;&nbsp;Other Registered Investment Companies |  |  |  |  |
| &nbsp;&nbsp;Ellen Lee | &nbsp;&nbsp;Other Pooled Vehicles |  |  |  |  |
| &nbsp;&nbsp;Ellen Lee | &nbsp;&nbsp;Other Accounts |  |  |  |  |
| &nbsp;&nbsp;Steven Nguyen, CFA | &nbsp;&nbsp;Other Registered Investment Companies |  |  |  |  |
| &nbsp;&nbsp;Steven Nguyen, CFA | &nbsp;&nbsp;Other Pooled Vehicles |  |  |  |  |
| &nbsp;&nbsp;Steven Nguyen, CFA | &nbsp;&nbsp;Other Accounts |  |  |  |  |
| &nbsp;&nbsp;Brian Cho | &nbsp;&nbsp;Other Registered Investment Companies |  |  |  |  |
| &nbsp;&nbsp;Brian Cho | &nbsp;&nbsp;Other Pooled Vehicles |  |  |  |  |
| &nbsp;&nbsp;Brian Cho | &nbsp;&nbsp;Other Accounts |  |  |  |  |

---

Conflicts of Interest

Please see "Other Accounts Managed by the Portfolio Managers and Potential Conflicts of Interest" above.

[to be updated by amendment]

Security Ownership of Portfolio Managers for the JNL Multi-Manager International Equity Fund as of [December 31, 2025]

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp; **Security Ownership of Portfolio Managers** | &nbsp;&nbsp; $1- <br> $10000  | &nbsp;&nbsp; $10001- <br> $50000  | &nbsp;&nbsp; $50001- <br> $100000  | &nbsp;&nbsp; $100001- <br> $500000  | &nbsp;&nbsp; $500001- <br> $1000000  | &nbsp;&nbsp; Over $1,000,000 |
| &nbsp;&nbsp; Joe Gubler, CFA |  |  |  |  |  |  |
| &nbsp;&nbsp; Arjun Jayaraman, PhD, CFA |  |  |  |  |  |  |
| &nbsp;&nbsp; MacDuff Kuhnert, CFA |  |  |  |  |  |  |
| &nbsp;&nbsp; Mozaffar Khan, PhD |  |  |  |  |  |  |
| &nbsp;&nbsp; Ryan Myers |  |  |  |  |  |  |

---

Security Ownership of Portfolio Managers for the JNL Multi-Manager International Small Cap Fund as of [December 31, 2025]

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp; **Security Ownership of Portfolio Managers** | &nbsp;&nbsp; $1- <br> $10000  | &nbsp;&nbsp; $10001- <br> $50000  | &nbsp;&nbsp; $50001- <br> $100000  | &nbsp;&nbsp; $100001- <br> $500000  | &nbsp;&nbsp; $500001- <br> $1000000  | &nbsp;&nbsp; Over $1,000,000 |
| &nbsp;&nbsp; Arjun Jayaraman, PhD, CFA |  |  |  |  |  |  |
| &nbsp;&nbsp; MacDuff Kuhnert, CFA |  |  |  |  |  |  |
| &nbsp;&nbsp; Joe Gubler, CFA |  |  |  |  |  |  |
| &nbsp;&nbsp; Ryan Myers |  |  |  |  |  |  |

---

Security Ownership of Portfolio Managers for the JNL/Causeway International Value Select Fund as of [December 31, 2025]

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp; **Security Ownership of Portfolio Managers** | &nbsp;&nbsp; $1- <br> $10000  | &nbsp;&nbsp; $10001- <br> $50000  | &nbsp;&nbsp; $50001- <br> $100000  | &nbsp;&nbsp; $100001- <br> $500000  | &nbsp;&nbsp; $500001- <br> $1000000  | &nbsp;&nbsp; Over $1,000,000 |
| &nbsp;&nbsp; Sarah Ketterer |  |  |  |  |  |  |
| &nbsp;&nbsp; Harry Hartford |  |  |  |  |  |  |
| &nbsp;&nbsp; Jonathan P. Eng |  |  |  |  |  |  |
| &nbsp;&nbsp; Conor S. Muldoon, CFA |  |  |  |  |  |  |
| &nbsp;&nbsp; Alessandro Valentini, CFA |  |  |  |  |  |  |
| &nbsp;&nbsp; Ellen Lee |  |  |  |  |  |  |
| &nbsp;&nbsp; Steven Nguyen, CFA |  |  |  |  |  |  |
| &nbsp;&nbsp; Brian Cho |  |  |  |  |  |  |

---

**Champlain Investment Partners, LLC** 

Champlain Investment Partners, LLC ("Champlain") located at 180 Battery Street, Burlington, VT 05401 serves as Co-Sub-Adviser to the JNL Multi-Manager Mid Cap Fund.

Portfolio Manager Compensation Structure

Champlain compensates the Funds' portfolio managers for their management of the Fund. Compensation consists of a cash base salary and a discretionary performance bonus paid in cash that is based on overall profitability, and therefore in part based on the value of the Fund's net assets and other client accounts they manage. The portfolio managers also receive benefits standard for all Champlain's employees, including health care and other insurance benefits. In addition, the portfolio managers may have an ownership stake in Champlain which would entitle them to a portion of the pre-tax profitability of the firm. Further, some portfolio managers may participate in a long-term incentive plan.

Other Accounts Managed by the Portfolio Managers and Potential Conflicts of Interest

The following table reflects information as of [December 31, 2025]: [to be updated by amendment]

JNL Multi-Manager Mid Cap Fund

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |  |  |  | &nbsp;&nbsp;**Performance Fee Accounts** | &nbsp;&nbsp;**Performance Fee Accounts** |
| &nbsp;&nbsp;**Portfolio Manager** | &nbsp;&nbsp;**Category of Account** | &nbsp;&nbsp;**# of Accounts** | &nbsp;&nbsp;**AUM** | &nbsp;&nbsp;**# of Accounts** | &nbsp;&nbsp;**AUM** |
| &nbsp;&nbsp;Scott Brayman, CFA | &nbsp;&nbsp;Other Registered Investment Companies |  |  |  |  |
| &nbsp;&nbsp;Scott Brayman, CFA | &nbsp;&nbsp;Other Pooled Vehicles |  |  |  |  |
| &nbsp;&nbsp;Scott Brayman, CFA | &nbsp;&nbsp;Other Accounts |  |  |  |  |
| &nbsp;&nbsp;Corey Bronner, CFA | &nbsp;&nbsp;Other Registered Investment Companies |  |  |  |  |
| &nbsp;&nbsp;Corey Bronner, CFA | &nbsp;&nbsp;Other Pooled Vehicles |  |  |  |  |
| &nbsp;&nbsp;Corey Bronner, CFA | &nbsp;&nbsp;Other Accounts |  |  |  |  |
| &nbsp;&nbsp;Joseph Caligiuri, CFA | &nbsp;&nbsp;Other Registered Investment Companies |  |  |  |  |
| &nbsp;&nbsp;Joseph Caligiuri, CFA | &nbsp;&nbsp;Other Pooled Vehicles |  |  |  |  |
| &nbsp;&nbsp;Joseph Caligiuri, CFA | &nbsp;&nbsp;Other Accounts |  |  |  |  |
| &nbsp;&nbsp;Joseph Farley | &nbsp;&nbsp;Other Registered Investment Companies |  |  |  |  |
| &nbsp;&nbsp;Joseph Farley | &nbsp;&nbsp;Other Pooled Vehicles |  |  |  |  |
| &nbsp;&nbsp;Joseph Farley | &nbsp;&nbsp;Other Accounts |  |  |  |  |
| &nbsp;&nbsp;Robert D. Hallisey | &nbsp;&nbsp;Other Registered Investment Companies |  |  |  |  |
| &nbsp;&nbsp;Robert D. Hallisey | &nbsp;&nbsp;Other Pooled Vehicles |  |  |  |  |
| &nbsp;&nbsp;Robert D. Hallisey | &nbsp;&nbsp;Other Accounts |  |  |  |  |
| &nbsp;&nbsp;Jacqueline Williams, CFA | &nbsp;&nbsp;Other Registered Investment Companies |  |  |  |  |
| &nbsp;&nbsp;Jacqueline Williams, CFA | &nbsp;&nbsp;Other Pooled Vehicles |  |  |  |  |
| &nbsp;&nbsp;Jacqueline Williams, CFA | &nbsp;&nbsp;Other Accounts |  |  |  |  |

---

The advisory fee for 10 of the Other Accounts is based on the performance of the account. As of [December 31, 2025], these 10 accounts had total assets of $[__________] million.

Conflicts of Interest

Champlain serves as the Adviser or Sub-Adviser to several registered investment companies, unregistered pooled investment vehicles, and separate accounts, which could raise potential conflicts of interest in the areas described below. Champlain has policies and procedures in place that are reasonably designed to mitigate these conflicts of interest, which are described below.

**Compensation.** Compensation for all employees and partners consists of a cash base salary, and a discretionary performance bonus paid in cash that is based on overall profitability. Partners also receive benefits standard for all Champlain's employees, including health care and other insurance benefits. In addition, partners also participate in pre-tax profit distributions. The majority of compensation for partners is the distribution of profits and the discretionary performance bonus. All key professionals are eligible to become partners. Equity ownership is determined by the firm's two managing partners.

**Research.** Champlain obtains research and information services in exchange for client brokerage commissions; these services include third party research, Champlain attendance at broker-sponsored industry conferences, corporate access, and soft dollar payments for data feeds and other analytical services. Clients may pay commissions higher than obtainable from other brokers in return for these products and services. All clients receive the benefit of these services and all trading is done under best execution protocols. Client accounts generate varying amounts of commissions and soft dollar credits based on account size, cash flows, and other factors that arise in the management of individual accounts. There may be some clients that receive soft dollar benefits that, during certain periods, do not generate any soft dollar credits themselves.

**Trade Allocation.** Champlain will seek to manage potential conflicts of interest in the following specific respects: (i) When a potential transaction would benefit more than one client, trades will be bunched where advantageous and allocated pro rata until all participating accounts have been satisfied, or by some other means deemed fair under the circumstances; the firm's trading system facilitates the automated accomplishment of this fair allocation. Allocations may not be pro-rata due to individual account restrictions or guidelines. This will result in a slightly larger allocation in permitted securities to those accounts than would otherwise be warranted by the account assets or no allocation at all if the security violates account guidelines. Also, cash flows in particular accounts are often considered when allocating investment opportunities; and (ii) Champlain ensures that the firm's Code of Ethics provisions on personal securities trading are followed so that personal trading by employees does not interfere with trading on behalf of clients.

[to be updated by amendment]

Security Ownership of Portfolio Managers for the JNL Multi-Manager Mid Cap Fund as of [December 31, 2025]

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Security Ownership of Portfolio Managers** | &nbsp;&nbsp; $1-<br> $10000 | &nbsp;&nbsp; $10001-<br> $50000 | &nbsp;&nbsp; $50001-<br> $100000 | &nbsp;&nbsp; $100001-<br> $500000 | &nbsp;&nbsp; $500001-<br> $1000000 | &nbsp;&nbsp;Over $1,000,000 |
| &nbsp;&nbsp;Scott Brayman, CFA |  |  |  |  |  |  |
| &nbsp;&nbsp;Corey Bronner, CFA |  |  |  |  |  |  |
| &nbsp;&nbsp;Joseph Caligiuri, CFA |  |  |  |  |  |  |
| &nbsp;&nbsp;Joseph Farley |  |  |  |  |  |  |
| &nbsp;&nbsp;Robert D. Hallisey |  |  |  |  |  |  |
| &nbsp;&nbsp;Jacqueline Williams, CFA |  |  |  |  |  |  |

---

**Cohen & Steers Capital Management, Inc.**

Cohen & Steers Capital Management, Inc. ("C&S"), located at 1166 Avenue of the Americas, New York, New York 10036, serves as a Sub-Adviser to the JNL/Cohen & Steers U.S. Realty Fund. C&S is a wholly-owned subsidiary of Cohen & Steers, Inc., a publicly traded company whose shares are listed on the NYSE under the symbol "CNS."

C&S was formed in 1986 and its current clients include pension plans of leading corporations, endowment funds and investment companies, including each of the open-end and closed-end Cohen & Steers funds.

*Portfolio Manager Compensation Structure*

Compensation of portfolio managers and other investment professionals is comprised of: (1) a base salary, (2) an annual cash bonus and (3) long-term stock-based compensation consisting generally of restricted stock units of CNS, the parent company of C&S. All employees, including the portfolio managers and other investment professionals, also receive certain retirement, insurance and other benefits. Compensation is reviewed on an annual basis. Cash bonuses, stock-based compensation awards, and adjustments in base salary are effective the January following the fiscal year-end of CNS.

Compensation for the portfolio managers is determined by evaluating four primary components, in order of emphasis: (1) investment performance, (2) leadership and collaboration, (3) team level revenue changes and (4) the firm's financial results.

The investment performance evaluation is based on the team's excess returns versus a representative benchmark and, where available, on the percentile rankings relative to an institutional peer group and percentile rankings relative to a retail peer group. The performance metrics are on a pre-tax and pre-expense basis and are reviewed for both the one- and three-year periods, with a greater weight given to the three-year period. The benchmark and peers which most represent the investment strategy are used in evaluating performance. For portfolio managers responsible for multiple funds and other accounts, performance is evaluated on an aggregate basis. Leadership and collaboration are evaluated through a qualitative assessment. The qualitative factors considered for evaluating leadership include, among others, process and innovation, team development, thought leadership, client service and cross team cooperation. A final factor is based on portfolio managers' ownership level in the Funds they manage.

On an annual basis, the performance metrics and leadership factors are aggregated to produce a quantitative assessment of the portfolio manager and investment team. This assessment is considered alongside calendar year over year changes in a strategy's advisory fees earned, the operating performance of C&S and CNS, and market factors to determine appropriate levels for salaries, bonuses and stock-based compensation. Base compensation for portfolio managers are fixed and vary in line with the portfolio manager's seniority and position with the firm. Cash bonuses and stock based compensation may fluctuate significantly from year-to-year, based on this framework.

C&S has a negligible number of accounts with performance based fees, and although portfolio managers do not directly receive a portion of these fees, performance based fees may contribute to the overall profitability of C&S.

*Other Accounts Managed by the Portfolio Managers and Potential Conflicts of Interest*

The following table reflects information as of [December 31, 2025]: [to be updated by amendment]

JNL/Cohen & Steers U.S. Realty Fund

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |  |  |  | &nbsp;&nbsp;**Performance Fee Accounts** | &nbsp;&nbsp;**Performance Fee Accounts** |
| &nbsp;&nbsp;**Portfolio Manager** | &nbsp;&nbsp;**Category of Account** | &nbsp;&nbsp;**# of Accounts** | &nbsp;&nbsp;**AUM** | &nbsp;&nbsp;**# of Accounts** | &nbsp;&nbsp;**AUM** |
| &nbsp;&nbsp;Jon Cheigh | &nbsp;&nbsp;Other Registered Investment Companies |  |  |  |  |
| &nbsp;&nbsp;Jon Cheigh | &nbsp;&nbsp;Other Pooled Vehicles |  |  |  |  |
| &nbsp;&nbsp;Jon Cheigh | &nbsp;&nbsp;Other Accounts |  |  |  |  |
| &nbsp;&nbsp;Jason A. Yablon | &nbsp;&nbsp;Other Registered Investment Companies |  |  |  |  |
| &nbsp;&nbsp;Jason A. Yablon | &nbsp;&nbsp;Other Pooled Vehicles |  |  |  |  |
| &nbsp;&nbsp;Jason A. Yablon | &nbsp;&nbsp;Other Accounts |  |  |  |  |
| &nbsp;&nbsp;Mathew Kirschner, CFA | &nbsp;&nbsp;Other Registered Investment Companies |  |  |  |  |
| &nbsp;&nbsp;Mathew Kirschner, CFA | &nbsp;&nbsp;Other Pooled Vehicles |  |  |  |  |
| &nbsp;&nbsp;Mathew Kirschner, CFA | &nbsp;&nbsp;Other Accounts |  |  |  |  |

---

*Conflicts of Interest*

Although the potential for conflicts of interest exists when an investment adviser and portfolio managers manage other accounts that invest in securities in which the Fund may invest or that may pursue a strategy similar to one of the Fund's strategies, C&S has procedures in place that are designed to ensure that all accounts are treated fairly and that the Fund is not disadvantaged.

For example, a portfolio manager may have conflicts of interest in allocating management time, resources and investment opportunities among the Fund and the other accounts or vehicles he or she advises. In addition, due to differences in the investment strategies or restrictions among the Fund and the other accounts, a portfolio manager may take action with respect to another account that differs from the action taken with respect to the Fund. In some cases, another account managed by a portfolio manager may provide more revenue to C&S. While this may appear to create additional conflicts of interest for the portfolio manager in the allocation of management time, resources and investment opportunities, C&S strives to ensure that portfolio managers endeavor to exercise their discretion in a manner that is equitable to all interested persons. In this regard, in the absence of specific account-related limitations (such as client-imposed restrictions or lack of available cash), for equity strategies it is the general policy of C&S to allocate investment ideas pro rata to all accounts with the same primary investment strategy, except where an allocation would not produce a meaningful position size. C&S generally attempts to allocate orders for the same fixed-income security on a pro rata basis among participating eligible accounts. Purchases and sales of fixed-income securities, including new issues and other limited investment opportunities may differ from a pro-rata allocation based on the investment objective, guideline restrictions, the benchmark and characteristics of the particular account. When determining which accounts will participate in a block trade, C&S also takes into consideration factors that may include duration, sector and/or issuer weights relative to benchmark, cash flows / liquidity needs, style, maturity and credit quality. In addition, if the allocation process results in a very small allocation, or if there are minimum security requirements that are not achieved at our targeted position size, these amounts can be reallocated to other clients. To reach desired outcomes with regards to portfolio characteristics, certain portfolios may hold different securities with substantially similar investment characteristics to achieve its investment objective, such that comparable risk positioning, in accordance with guidelines and mandates, is realized over time. In addition, the Fund, as a registered investment company, is subject to different regulations than certain of the other accounts, and, consequently, may not be permitted to engage in all the investment techniques or transactions, or to engage in such techniques or transactions to the same degree, as the other accounts.

Certain of the portfolio managers may from time to time manage one or more accounts in which C&S holds a substantial interest (the "CNS Accounts"). Certain securities held and traded in the CNS Accounts also may be held and traded in one or more client accounts. It is the policy of C&S, however, not to put the interests of the CNS Accounts ahead of the interests of client accounts. C&S may aggregate orders of client accounts with those of the CNS Accounts; however, under no circumstances will preferential treatment be given to the CNS Accounts. For all orders involving the CNS Accounts, purchases or sales will be allocated prior to trade placement, and orders that are only partially filled will be allocated across all accounts in proportion to the shares each account, including the CNS Accounts, was designated to receive prior to trading. As a result, it is expected that the CNS Accounts will receive the same average price as other accounts included in the aggregated order. Shares will not normally be allocated or re-allocated to the CNS Accounts after trade execution or after the average price is known. However, in the event so few shares of an order are executed that a pro-rata allocation is not practical, a rotational system of allocation may be used; however, the CNS Accounts will never be part of that rotation or receive shares of a partially filled order other than on a pro-rata basis.

Because certain CNS Accounts are managed with a cash management objective, it is possible that a security will be sold out of the CNS Accounts but continue to be held for one or more client accounts. In situations when this occurs, such security will remain in a client account only if C&S, acting in its reasonable judgment and consistent with its fiduciary duties, believes this is appropriate for, and consistent with the objectives and profile of, the client account.

Certain accounts managed by C&S may compensate C&S using performance based fees. Orders for these accounts will be aggregated, to the extent possible, with any other account managed by C&S, regardless of the method of compensation. In the event such orders are aggregated, allocation of partially-filled orders will be made on a pro-rata basis in accordance with pre-trade indications. An account's fee structure is not considered when making allocation decisions.

Certain of the portfolio managers may from time to time manage portfolios used in a unified managed account programs or other model portfolio arrangements (collectively, "Model Portfolios") offered by various sponsors and/or other non-C&S investment advisors. In connection with these Model Portfolios, portfolio managers provide investment recommendations in the form of model portfolios to a third party, who is responsible for executing trades for participating client accounts. C&S maintains procedures designed to deliver portfolios on a fair and equitable basis. Trades for C&S discretionary managed accounts, including the Fund, are worked contemporaneously with the delivery of updated model information. The Model Portfolios may achieve a security weighting ahead of or after the weighting achieved in the Fund.

Finally, the structure of a portfolio manager's compensation may give rise to potential conflicts of interest. A portfolio manager's base pay and bonus tend to increase with additional and more complex responsibilities that include increased assets under management. As such, there may be an indirect relationship between a portfolio manager's marketing or sales efforts and his or her bonus compensation.

C&S has adopted certain compliance procedures that are designed to address the above conflicts as well as other types of conflicts of interests. However, there is no guarantee that such procedures will detect each and every situation where a conflict arises.

 *[to be updated by amendment]*

 *Security Ownership of Portfolio Managers for the JNL/Cohen & Steers U.S. Realty Fund as of [December 31, 2025]*

 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Security Ownership of Portfolio Managers** | &nbsp;&nbsp; $1-<br> $10000 | &nbsp;&nbsp; $10001-<br> $50000 | &nbsp;&nbsp; $50001-<br> $100000 | &nbsp;&nbsp; $100001-<br> $500000 | &nbsp;&nbsp; $500001-<br> $1000000 | &nbsp;&nbsp;Over $1,000,000 |
| &nbsp;&nbsp;Jon Cheigh |  |  |  |  |  |  |
| &nbsp;&nbsp;Jason A. Yablon |  |  |  |  |  |  |
| &nbsp;&nbsp;Mathew Kirschner, CFA |  |  |  |  |  |  |

---

**Congress Asset Management Company, LLP**

Congress Asset Management Company, LLP ("Congress") serves as Co-Sub-Adviser to the JNL Multi-Manager Small Cap Value Fund. Congress is located at 2 Seaport Lane, Boston, Massachusetts 02210. Congress was founded in 1985 and serves as an investment adviser to registered investment companies, high net worth individuals and institutions.

Portfolio Manager Compensation Structure

The portfolio manager's compensation includes a base salary and annual bonus. The portfolio manager's base salary is determined annually and reflects the portfolio manager's level of experience and his responsibilities and tenure at the firm. Jeff Kerrigan receives a discretionary bonus; his bonus is also based, in part, on a percentage of total revenues received by Congress from the Fund and all other accounts managed by Mr. Kerrigan using the Small Cap Value Strategy. The bonus is linked to the performance of the strategy during the prior year, as measured by an independent ranking service. The portion of the bonus related to the performance of the Fund is based on the gross pre-tax performance of the Fund's investments managed by Congress. All employees, including the portfolio manager, are eligible to participate in the firm's 401(k) plan. The firm's annual contribution to the plan is discretionary and based primarily on the firm's profitability.

*Other Accounts Managed by the Portfolio Manager and Potential Conflicts of Interest*

The following table reflects information as of [December 31, 2025]: [to be updated by amendment]

JNL Multi-Manager Small Cap Value Fund

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |  |  |  | &nbsp;&nbsp;**Performance Fee Accounts** | &nbsp;&nbsp;**Performance Fee Accounts** |
| &nbsp;&nbsp;**Portfolio Manager** | &nbsp;&nbsp;**Category of Account** | &nbsp;&nbsp;**# of Accounts** | &nbsp;&nbsp;**AUM** | &nbsp;&nbsp;**# of Accounts** | &nbsp;&nbsp;**AUM** |
| &nbsp;&nbsp;Jeff Kerrigan, CFA | &nbsp;&nbsp;Other Registered Investment Companies |  |  |  |  |
| &nbsp;&nbsp;Jeff Kerrigan, CFA | &nbsp;&nbsp;Other Pooled Vehicles |  |  |  |  |
| &nbsp;&nbsp;Jeff Kerrigan, CFA | &nbsp;&nbsp;Other Accounts |  |  |  |  |

---

Conflicts of Interest

Because Congress performs investment management services for various clients, certain conflicts of interest could arise. The Advisor may give advice and take action with respect to its other clients and/or funds that may differ from advice given or the timing or nature of action taken with respect to the Funds. The Advisor will have no obligation to purchase or sell for the Fund, or to recommend for purchase or sale by the Fund, any security that the Advisor, its principals, its affiliates, or its employees may purchase for themselves or for other clients and/or funds at the same time or the same price. Where the Advisor buys or sells the same security for two or more clients, it may place concurrent orders with a single broker, to be executed together as a single "block" in order to facilitate orderly and efficient execution.

[to be updated by amendment]

Security Ownership of Portfolio Manager for the JNL Multi-Manager Small Cap Value Fund as of [December 31, 2025]

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Security Ownership of Portfolio Manager** | &nbsp;&nbsp; $1-<br> $10000 | &nbsp;&nbsp; $10001-<br> $50000 | &nbsp;&nbsp; $50001-<br> $100000 | &nbsp;&nbsp; $100001-<br> $500000 | &nbsp;&nbsp; $500001-<br> $1000000 | &nbsp;&nbsp;Over $1,000,000 |
| &nbsp;&nbsp;Jeff Kerrigan |  |  |  |  |  |  |

---

**Cooke & Bieler, L.P.**

Cooke & Bieler, L.P. ("C&B") located at Two Commerce Square, 2001 Market Street, Suite 4000, Philadelphia, PA 19103 serves as Co-Sub-Adviser to the JNL Multi-Manager Small Cap Value Fund.

Portfolio Manager Compensation Structure

The C&B Portfolio Managers are compensated using substantially identical compensation structures for all accounts managed. Compensation is divided between base salary, performance-based bonuses and profit distributions from equity ownership. The firm seeks to balance individual incentives with portfolio and firm-level incentives. C&B measures performance of securities against the Russell 2000<sup>®</sup> Value Index for the Small Cap Value strategy accounts. The team participates in an annual bonus pool with allocations determined by a peer review process. Allocations vary depending upon individual contributions to the firm's investment success. Among other considerations C&B measures the four-year rolling investment results attributed to each team-members' stock selections. Partners receive distributions based on their percentage ownership and the profitability of the firm.

Other Accounts Managed by the Portfolio Managers and Potential Conflicts of Interest

The following table reflects information as of [December 31, 2025]: [to be updated by amendment]

JNL Multi-Manager Small Cap Value Fund

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |  |  |  | &nbsp;&nbsp;**Performance Fee Accounts** | &nbsp;&nbsp;**Performance Fee Accounts** |
| &nbsp;&nbsp;**Portfolio Manager** | &nbsp;&nbsp;**Category of Account** | &nbsp;&nbsp;**# of Accounts** | &nbsp;&nbsp;**AUM** | &nbsp;&nbsp;**# of Accounts** | &nbsp;&nbsp;**AUM** |
| &nbsp;&nbsp;Steve Lyons, CFA | &nbsp;&nbsp;Other Registered Investment Companies |  |  |  |  |
| &nbsp;&nbsp;Steve Lyons, CFA | &nbsp;&nbsp;Other Pooled Vehicles |  |  |  |  |
| &nbsp;&nbsp;Steve Lyons, CFA | &nbsp;&nbsp;Other Accounts |  |  |  |  |
| &nbsp;&nbsp;Michael Meyer, CFA | &nbsp;&nbsp;Other Registered Investment Companies |  |  |  |  |
| &nbsp;&nbsp;Michael Meyer, CFA | &nbsp;&nbsp;Other Pooled Vehicles |  |  |  |  |
| &nbsp;&nbsp;Michael Meyer, CFA | &nbsp;&nbsp;Other Accounts |  |  |  |  |
| &nbsp;&nbsp;Edward O'Connor, CFA | &nbsp;&nbsp;Other Registered Investment Companies |  |  |  |  |
| &nbsp;&nbsp;Edward O'Connor, CFA | &nbsp;&nbsp;Other Pooled Vehicles |  |  |  |  |
| &nbsp;&nbsp;Edward O'Connor, CFA | &nbsp;&nbsp;Other Accounts |  |  |  |  |
| &nbsp;&nbsp;R. James O'Neil, CFA | &nbsp;&nbsp;Other Registered Investment Companies |  |  |  |  |
| &nbsp;&nbsp;R. James O'Neil, CFA | &nbsp;&nbsp;Other Pooled Vehicles |  |  |  |  |
| &nbsp;&nbsp;R. James O'Neil, CFA | &nbsp;&nbsp;Other Accounts |  |  |  |  |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |  |  |  | &nbsp;&nbsp;**Performance Fee Accounts** | &nbsp;&nbsp;**Performance Fee Accounts** |
| &nbsp;&nbsp;**Portfolio Manager** | &nbsp;&nbsp;**Category of Account** | &nbsp;&nbsp;**# of Accounts** | &nbsp;&nbsp;**AUM** | &nbsp;&nbsp;**# of Accounts** | &nbsp;&nbsp;**AUM** |
| &nbsp;&nbsp;Mehul Trivedi, CFA | &nbsp;&nbsp;Other Registered Investment Companies |  |  |  |  |
| &nbsp;&nbsp;Mehul Trivedi, CFA | &nbsp;&nbsp;Other Pooled Vehicles |  |  |  |  |
| &nbsp;&nbsp;Mehul Trivedi, CFA | &nbsp;&nbsp;Other Accounts |  |  |  |  |
| &nbsp;&nbsp;William Weber, CFA | &nbsp;&nbsp;Other Registered Investment Companies |  |  |  |  |
| &nbsp;&nbsp;William Weber, CFA | &nbsp;&nbsp;Other Pooled Vehicles |  |  |  |  |
| &nbsp;&nbsp;William Weber, CFA | &nbsp;&nbsp;Other Accounts |  |  |  |  |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;Andrew Armstrong, CFA | &nbsp;&nbsp;Other Registered Investment Companies |
| &nbsp;&nbsp;Andrew Armstrong, CFA | &nbsp;&nbsp;Other Pooled Vehicles |
| &nbsp;&nbsp;Andrew Armstrong, CFA | &nbsp;&nbsp;Other Accounts |
| &nbsp;&nbsp;Wesley Lim, CFA | &nbsp;&nbsp;Other Registered Investment Companies |
| &nbsp;&nbsp;Wesley Lim, CFA | &nbsp;&nbsp;Other Pooled Vehicles |
| &nbsp;&nbsp;Wesley Lim, CFA | &nbsp;&nbsp;Other Accounts |

---

Conflicts of Interest

The Portfolio Managers face inherent conflicts of interest in their day-to-day management of the Fund and other accounts because the Fund may have different investment objectives, strategies and risk profiles than the other accounts managed by the Portfolio Managers. For instance, to the extent that the Portfolio Managers manage accounts with different investment strategies than the Fund, they may from time to time be inclined to purchase securities for one account but not for a Fund. Additionally, some of the accounts managed by the Portfolio Managers may have different fee structures, including performance fees, which are or have the potential to be higher or lower, in some cases significantly higher or lower, than the fees paid by the Fund. The differences in fee structures may provide an incentive to the Portfolio Managers to allocate more favorable trades to the higher-paying accounts.

To minimize the effects of these inherent conflicts of interest, the Sub-Adviser has adopted and implemented policies and procedures, including brokerage and trade allocation policies and procedures, that they believe address the potential conflicts associated with managing portfolios for multiple clients and are designed to ensure that all clients are treated fairly and equitably. Accordingly, security block purchases are allocated to all accounts with similar objectives in a fair and equitable manner. Furthermore, the Sub-Advisers have adopted a Code of Ethics under Rule 17j-1 under the 1940 Act and Rule 204A-1 under the Investment Advisers Act of 1940 (the "Advisers Act") to address potential conflicts associated with managing the Funds and any personal accounts the Portfolio Managers may maintain.

In the case of Cooke & Bieler, the Portfolio Managers manage accounts on a team basis so the Portfolio Managers may be subject to the potential conflicts of interests described above. Accordingly, performance and allocation of securities are closely monitored to ensure equal treatment and C&B has implemented policies and procedures to ensure that clients are treated fairly and that potential conflicts of interest are minimized.

[to be updated by amendment]

Security Ownership of Portfolio Managers for the JNL Multi-Manager Small Cap Value Fund as of [December 31, 2025]

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Security Ownership of Portfolio Managers** | &nbsp;&nbsp; $1-<br> $10000 | &nbsp;&nbsp; $10001-<br> $50000 | &nbsp;&nbsp; $50001-<br> $100000 | &nbsp;&nbsp; $100001-<br> $500000 | &nbsp;&nbsp; $500001-<br> $1000000 | &nbsp;&nbsp;Over $1,000,000 |
| &nbsp;&nbsp;Steve Lyons, CFA |  |  |  |  |  |  |
| &nbsp;&nbsp;Michael Meyer, CFA |  |  |  |  |  |  |
| &nbsp;&nbsp;Edward O'Connor, CFA |  |  |  |  |  |  |
| &nbsp;&nbsp;R. James O'Neil, CFA |  |  |  |  |  |  |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Security Ownership of Portfolio Managers** | &nbsp;&nbsp; $1-<br> $10000 | &nbsp;&nbsp; $10001-<br> $50000 | &nbsp;&nbsp; $50001-<br> $100000 | &nbsp;&nbsp; $100001-<br> $500000 | &nbsp;&nbsp; $500001-<br> $1000000 | &nbsp;&nbsp;Over $1,000,000 |
| &nbsp;&nbsp;Mehul Trivedi, CFA |  |  |  |  |  |  |
| &nbsp;&nbsp;William Weber, CFA |  |  |  |  |  |  |
| &nbsp;&nbsp;Andrew Armstrong, CFA |  |  |  |  |  |  |
| &nbsp;&nbsp;Wesley Lim, CFA |  |  |  |  |  |  |

---

**Dimensional Fund Advisors LP**

Dimensional Fund Advisors LP ("DFA"), 6300 Bee Cave Road, Building One, Austin, Texas 78746, serves as Sub-Adviser to the JNL/DFA International Core Equity Fund, JNL/DFA U.S. Core Equity Fund, and JNL/DFA U.S. Small Cap Fund. DFA has been engaged in the business of providing investment management services since May 1981. DFA is organized as a Delaware limited partnership and is controlled and operated by its general partner, Dimensional Holdings Inc., a Delaware corporation.

Portfolio Manager Compensation Structure

Portfolio managers receive a base salary and bonus. Compensation of a portfolio manager is determined at the discretion of DFA and is based on a portfolio manager's experience, responsibilities, the perception of the quality of his or her work efforts and other subjective factors. The compensation of portfolio managers is not directly based upon the performance of the JNL/DFA International Core Equity Fund, JNL/DFA U.S. Core Equity Fund, and JNL/DFA U.S. Small Cap Fund or other accounts that they manage. DFA reviews the compensation of each portfolio manager annually and may make modifications in compensation as its Compensation Committee deems necessary to reflect changes in the market. Each portfolio manager's compensation consists of the following:

● BASE SALARY. Each portfolio manager is paid a base salary. DFA considers the factors described above to determine each portfolio manager's base salary.

● SEMI-ANNUAL BONUS. Each portfolio manager may receive a semi-annual bonus. The amount of the bonus paid to each portfolio manager is based upon the factors described above.

● RESTRICTED STOCK. Portfolio managers may be awarded the right to purchase restricted shares of DFA's stock as determined from time to time by the Board of Directors of DFA or its delegates. Portfolio managers also participate in benefit and retirement plans and other programs available generally to all employees. In addition, portfolio managers may be given the option of participating in DFA's Long Term Incentive Plan. The level of participation for eligible employees may be dependent on overall level of compensation, among other considerations. Participation in this program is not based on or related to the performance of any individual strategies or any particular client accounts.

Other Accounts Managed by the Portfolio Managers and Potential Conflicts of Interest

The following tables reflect information as of [December 31, 2025]: [to be updated by amendment]

JNL/DFA International Core Equity Fund

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |  |  |  | &nbsp;&nbsp;**Performance Fee Accounts** | &nbsp;&nbsp;**Performance Fee Accounts** |
| &nbsp;&nbsp;**Portfolio Manager** | &nbsp;&nbsp;**Category of Account** | &nbsp;&nbsp;**# of Accounts** | &nbsp;&nbsp;**AUM** | &nbsp;&nbsp;**# of Accounts** | &nbsp;&nbsp;**AUM** |
| &nbsp;&nbsp;William B. Collins-Dean | &nbsp;&nbsp;Other Registered Investment Companies |  |  |  |  |
| &nbsp;&nbsp;William B. Collins-Dean | &nbsp;&nbsp;Other Pooled Vehicles |  |  |  |  |
| &nbsp;&nbsp;William B. Collins-Dean | &nbsp;&nbsp;Other Accounts |  |  |  |  |
| &nbsp;&nbsp;Jed S. Fogdall | &nbsp;&nbsp;Other Registered Investment Companies |  |  |  |  |
| &nbsp;&nbsp;Jed S. Fogdall | &nbsp;&nbsp;Other Pooled Vehicles |  |  |  |  |
| &nbsp;&nbsp;Jed S. Fogdall | &nbsp;&nbsp;Other Accounts |  |  |  |  |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |  |  |  | &nbsp;&nbsp;**Performance Fee Accounts** | &nbsp;&nbsp;**Performance Fee Accounts** |
| &nbsp;&nbsp;**Portfolio Manager** | &nbsp;&nbsp;**Category of Account** | &nbsp;&nbsp;**# of Accounts** | &nbsp;&nbsp;**AUM** | &nbsp;&nbsp;**# of Accounts** | &nbsp;&nbsp;**AUM** |
| &nbsp;&nbsp;Mary T. Phillips | &nbsp;&nbsp;Other Registered Investment Companies |  |  |  |  |
| &nbsp;&nbsp;Mary T. Phillips | &nbsp;&nbsp;Other Pooled Vehicles |  |  |  |  |
| &nbsp;&nbsp;Mary T. Phillips | &nbsp;&nbsp;Other Accounts |  |  |  |  |

---

JNL/DFA U.S. Core Equity Fund

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |  |  |  | &nbsp;&nbsp;**Performance Fee Accounts** | &nbsp;&nbsp;**Performance Fee Accounts** |
| &nbsp;&nbsp;**Portfolio Manager** | &nbsp;&nbsp;**Category of Account** | &nbsp;&nbsp;**# of Accounts** | &nbsp;&nbsp;**AUM** | &nbsp;&nbsp;**# of Accounts** | &nbsp;&nbsp;**AUM** |
| &nbsp;&nbsp;Jed S. Fogdall | &nbsp;&nbsp;Other Registered Investment Companies |  |  |  |  |
| &nbsp;&nbsp;Jed S. Fogdall | &nbsp;&nbsp;Other Pooled Vehicles |  |  |  |  |
| &nbsp;&nbsp;Jed S. Fogdall | &nbsp;&nbsp;Other Accounts |  |  |  |  |
| &nbsp;&nbsp;Allen Pu | &nbsp;&nbsp;Other Registered Investment Companies |  |  |  |  |
| &nbsp;&nbsp;Allen Pu | &nbsp;&nbsp;Other Pooled Vehicles |  |  |  |  |
| &nbsp;&nbsp;Allen Pu | &nbsp;&nbsp;Other Accounts |  |  |  |  |
| &nbsp;&nbsp;John A. Hertzer | &nbsp;&nbsp;Other Registered Investment Companies |  |  |  |  |
| &nbsp;&nbsp;John A. Hertzer | &nbsp;&nbsp;Other Pooled Vehicles |  |  |  |  |
| &nbsp;&nbsp;John A. Hertzer | &nbsp;&nbsp;Other Accounts |  |  |  |  |

---

JNL/DFA U.S. Small Cap Fund

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |  |  |  | &nbsp;&nbsp;**Performance Fee Accounts** | &nbsp;&nbsp;**Performance Fee Accounts** |
| &nbsp;&nbsp;**Portfolio Manager** | &nbsp;&nbsp;**Category of Account** | &nbsp;&nbsp;**# of Accounts** | &nbsp;&nbsp;**AUM** | &nbsp;&nbsp;**# of Accounts** | &nbsp;&nbsp;**AUM** |
| &nbsp;&nbsp;Jed S. Fogdall | &nbsp;&nbsp;Other Registered Investment Companies |  |  |  |  |
| &nbsp;&nbsp;Jed S. Fogdall | &nbsp;&nbsp;Other Pooled Vehicles |  |  |  |  |
| &nbsp;&nbsp;Jed S. Fogdall | &nbsp;&nbsp;Other Accounts |  |  |  |  |
| &nbsp;&nbsp;Joel P. Schneider | &nbsp;&nbsp;Other Registered Investment Companies |  |  |  |  |
| &nbsp;&nbsp;Joel P. Schneider | &nbsp;&nbsp;Other Pooled Vehicles |  |  |  |  |
| &nbsp;&nbsp;Joel P. Schneider | &nbsp;&nbsp;Other Accounts |  |  |  |  |
| &nbsp;&nbsp;Marc C. Leblond | &nbsp;&nbsp;Other Registered Investment Companies |  |  |  |  |
| &nbsp;&nbsp;Marc C. Leblond | &nbsp;&nbsp;Other Pooled Vehicles |  |  |  |  |
| &nbsp;&nbsp;Marc C. Leblond | &nbsp;&nbsp;Other Accounts |  |  |  |  |

---

Conflicts of Interest

Actual or apparent conflicts of interest may arise when a portfolio manager has the primary day-to-day responsibilities with respect to multiple accounts. In addition to the JNL/DFA International Core Equity Fund, JNL/DFA U.S. Core Equity Fund, and JNL/DFA U.S. Small Cap Fund, other accounts may include registered mutual funds, exchange traded funds, unregistered pooled investment vehicles, and accounts managed for organizations and individuals ("Accounts"). An Account may have similar investment objectives to a Fund, or may purchase, sell or hold securities that are eligible to be purchased, sold or held by the Fund. Actual or apparent conflicts of interest include:

● TIME MANAGEMENT. The management of multiple Accounts may result in a portfolio manager devoting unequal time and attention to the management of the Funds and/or Accounts. DFA seeks to manage such competing interests for the time and attention of portfolio managers by having portfolio managers focus on a particular investment discipline. Most Accounts managed by a portfolio manager are managed using the same investment approaches that are used in connection with the management of the Funds.

● INVESTMENT OPPORTUNITIES. It is possible that at times identical securities will be held by both a Fund and one or more Accounts. However, positions in the same security may vary and the length of time that a Fund or an Account may choose to hold its investment in the same security may likewise vary. If a portfolio manager identifies a limited investment opportunity that may be suitable for a Fund and one or more Accounts, the Fund may not be able to take full advantage of that opportunity due to an allocation of filled purchase or sale orders across all eligible Accounts. To deal with these situations, DFA has adopted procedures for allocating portfolio transactions across the Funds and Accounts.

● BROKER SELECTION. With respect to securities transactions for the Funds, DFA determines which broker to use to execute each order, consistent with its duty to seek best execution of the transaction. However, with respect to certain Accounts (such as separately managed accounts), DFA may be limited by the client with respect to the selection of brokers or may be instructed to direct trades through a particular broker. In these cases, DFA or its affiliates may place separate, non-simultaneous, transactions for a Fund and an Account that may temporarily affect the market price of the security or the execution of the transaction, or both, to the detriment of the Fund or the Account.

● PERFORMANCE-BASED FEES. For some Accounts, DFA may be compensated based on the profitability of the Account, such as by a performance-based management fee. These incentive compensation structures may create a conflict of interest for DFA with regard to Accounts where DFA is paid based on a percentage of assets because the portfolio manager may have an incentive to allocate securities preferentially to the Accounts where DFA might share in investment gains.

● INVESTMENT IN AN ACCOUNT. A portfolio manager or his/her relatives may invest in an Account that he or she manages and a conflict may arise where he or she may therefore have an incentive to treat the Account in which the portfolio manager or his/her relatives invest preferentially as compared to the Funds or other Accounts for which the portfolio manager has portfolio management responsibilities.

DFA has adopted certain compliance procedures that are reasonably designed to address these types of conflicts. However, there is no guarantee that such procedures will detect each and every situation in which a conflict arises.

[to be updated by amendment]

Security Ownership of Portfolio Managers for the JNL/DFA International Core Equity Fund as of [December 31, 2025]

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Security Ownership of Portfolio Managers** | &nbsp;&nbsp; $1-<br> $10000 | &nbsp;&nbsp; $10001-<br> $50000 | &nbsp;&nbsp; $50001-<br> $100000 | &nbsp;&nbsp; $100001-<br> $500000 | &nbsp;&nbsp; $500001-<br> $1000000 | &nbsp;&nbsp;Over $1,000,000 |
| &nbsp;&nbsp;William B. Collins-Dean |  |  |  |  |  |  |
| &nbsp;&nbsp;Jed S. Fogdall |  |  |  |  |  |  |
| &nbsp;&nbsp;Mary T. Phillips |  |  |  |  |  |  |

---

Security Ownership of Portfolio Managers for the JNL/DFA U.S. Core Equity Fund as of [December 31, 2025]

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Security Ownership of Portfolio Managers** | &nbsp;&nbsp; $1-<br> $10000 | &nbsp;&nbsp; $10001-<br> $50000 | &nbsp;&nbsp; $50001-<br> $100000 | &nbsp;&nbsp; $100001-<br> $500000 | &nbsp;&nbsp; $500001-<br> $1000000 | &nbsp;&nbsp;Over $1,000,000 |
| &nbsp;&nbsp;Jed S. Fogdall |  |  |  |  |  |  |
| &nbsp;&nbsp;Allen Pu |  |  |  |  |  |  |
| &nbsp;&nbsp;John A. Hertzer |  |  |  |  |  |  |

---

Security Ownership of Portfolio Managers for the JNL/DFA U.S. Small Cap Fund as of [December 31, 2025]

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Security Ownership of Portfolio Managers** | &nbsp;&nbsp; $1-<br> $10000 | &nbsp;&nbsp; $10001-<br> $50000 | &nbsp;&nbsp; $50001-<br> $100000 | &nbsp;&nbsp; $100001-<br> $500000 | &nbsp;&nbsp; $500001-<br> $1000000 | &nbsp;&nbsp;Over $1,000,000 |
| &nbsp;&nbsp;Jed S. Fogdall |  |  |  |  |  |  |
| &nbsp;&nbsp;Joel P. Schneider |  |  |  |  |  |  |
| &nbsp;&nbsp;Marc C. Leblond |  |  |  |  |  |  |

---

**DoubleLine Capital LP** 

DoubleLine Capital LP ("DoubleLine"), located at 2002 North Tampa Street, Suite 200, Tampa, Florida 33602, serves as Sub-Adviser to the JNL/DoubleLine<sup>®</sup> Core Fixed Income Fund, JNL/DoubleLine<sup>®</sup> Emerging Markets Fixed Income Fund, JNL/DoubleLine<sup>®</sup> Shiller Enhanced CAPE<sup>®</sup> Fund, and JNL/DoubleLine<sup>®</sup> Total Return Fund. DoubleLine is also Co-Sub-Adviser to the JNL Multi-Manager Alternative Fund. DoubleLine is an independent, employee-owned money management firm, founded in 2009. DoubleLine provides investment management and sub-advisory services to public as well as various institutional and sub-advised accounts.

Portfolio Manager Compensation Structure

The overall objective of the compensation program for portfolio managers is for DoubleLine to attract competent and expert investment professionals and to retain them over the long-term. Compensation is comprised of several components which, in the aggregate are designed to achieve these objectives and to reward the portfolio managers for their contribution to the success of their clients and DoubleLine. Portfolio managers are generally compensated through a combination of base salary, discretionary bonus and, in some cases, equity participation in DoubleLine.

*Salary*. Salary is agreed to with managers at time of employment and is reviewed from time to time. It does not change significantly and often does not constitute a significant part of a portfolio manager's compensation.

*Discretionary Bonus/Guaranteed Minimums*. Portfolio managers receive discretionary bonuses. However, in some cases, pursuant to contractual arrangements, some portfolio managers may be entitled to a mandatory minimum bonus if the sum of their salary and profit sharing does not reach certain levels.

*Equity Incentives*. Portfolio managers participate in equity incentives based on overall firm performance of DoubleLine, through direct ownership interests in DoubleLine. These ownership interests or participation interests provide eligible portfolio managers the opportunity to participate in the financial performance of DoubleLine as a whole. Participation is generally determined in the discretion of DoubleLine, taking into account factors relevant to the portfolio manager's contribution to the success of DoubleLine.

*Other Plans and Compensation Vehicles*. Portfolio managers may elect to participate in DoubleLine's 401(k) plan, to which they may contribute a portion of their pre- and post-tax compensation to the plan for investment on a tax-deferred basis. DoubleLine may also choose, from time to time to offer certain other compensation plans and vehicles, such as a deferred compensation plan, to portfolio managers.

*Summary*. As described above, an investment professional's total compensation is determined through a subjective process that evaluates numerous quantitative and qualitative factors, including the contribution made to the overall investment process. Not all factors apply to each investment professional and there is no particular weighting or formula for considering certain factors. Among the factors considered are: relative investment performance of portfolios (although there are no specific benchmarks or periods of time used in measuring performance); complexity of investment strategies; participation in the investment team's dialogue; contribution to business results and overall business strategy; success of marketing/business development efforts and client servicing; seniority/length of service with the firm; management and supervisory responsibilities; and fulfillment of DoubleLine's leadership criteria.

Other Accounts Managed by the Portfolio Managers and Potential Conflicts of Interest

The following tables reflect information as of [December 31, 2025]: [to be updated by amendment]

JNL Multi-Manager Alternative Fund, JNL/DoubleLine<sup>®</sup> Core Fixed Income Fund, and JNL/DoubleLine<sup>®</sup> Shiller Enhanced CAPE<sup>®</sup> Fund

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |  |  |  | &nbsp;&nbsp;**Performance Fee Accounts** | &nbsp;&nbsp;**Performance Fee Accounts** |
| &nbsp;&nbsp;**Portfolio Manager** | &nbsp;&nbsp;**Category of Account** | &nbsp;&nbsp;**# of Accounts** | &nbsp;&nbsp;**AUM** | &nbsp;&nbsp;**# of Accounts** | &nbsp;&nbsp;**AUM** |
| &nbsp;&nbsp;Jeffrey E. Gundlach | &nbsp;&nbsp;Other Registered Investment Companies |  | &nbsp;&nbsp; <br>|  |  |
| &nbsp;&nbsp;Jeffrey E. Gundlach | &nbsp;&nbsp;Other Pooled Vehicles |  |  |  |  |
| &nbsp;&nbsp;Jeffrey E. Gundlach | &nbsp;&nbsp;Other Accounts |  |  |  |  |

---

<u>Jeffrey J. Sherman</u> Other Registered Investment Companies <br> Other Pooled Vehicles <br> <u>Other Accounts</u>        

JNL/DoubleLine<sup>®</sup> Emerging Markets Fixed Income Fund

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |  |  |  | &nbsp;&nbsp;**Performance Fee Accounts** | &nbsp;&nbsp;**Performance Fee Accounts** |
| &nbsp;&nbsp;**Portfolio Manager** | &nbsp;&nbsp;**Category of Account** | &nbsp;&nbsp;**# of Accounts** | &nbsp;&nbsp;**AU million** | &nbsp;&nbsp;**# of Accounts** | &nbsp;&nbsp;**AU million** |
| &nbsp;&nbsp;Luz Padilla | &nbsp;&nbsp;Other Registered Investment Companies |  |  |  |  |
| &nbsp;&nbsp;Luz Padilla | &nbsp;&nbsp;Other Pooled Vehicles |  |  |  |  |
| &nbsp;&nbsp;Luz Padilla | &nbsp;&nbsp;Other Accounts |  |  |  |  |
| &nbsp;&nbsp; Mark Christensen | &nbsp;&nbsp;Other Registered Investment Companies |  |  |  |  |
| &nbsp;&nbsp; Mark Christensen | &nbsp;&nbsp;Other Pooled Vehicles |  |  |  |  |
| &nbsp;&nbsp; Mark Christensen | &nbsp;&nbsp;Other Accounts |  |  |  |  |
| &nbsp;&nbsp;Su Fei Koo | &nbsp;&nbsp;Other Registered Investment Companies |  |  |  |  |
| &nbsp;&nbsp;Su Fei Koo | &nbsp;&nbsp;Other Pooled Vehicles |  |  |  |  |
| &nbsp;&nbsp;Su Fei Koo | &nbsp;&nbsp;Other Accounts |  |  |  |  |

---

JNL/DoubleLine<sup>®</sup> Total Return Fund

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |  |  |  | &nbsp;&nbsp;**Performance Fee Accounts** | &nbsp;&nbsp;**Performance Fee Accounts** |
| &nbsp;&nbsp;**Portfolio Manager** | &nbsp;&nbsp;**Category of Account** | &nbsp;&nbsp;**# of Accounts** | &nbsp;&nbsp;**AUM** | &nbsp;&nbsp;**# of Accounts** | &nbsp;&nbsp;**AUM** |
| &nbsp;&nbsp;Jeffrey E. Gundlach | &nbsp;&nbsp;Other Registered Investment Companies |  |  |  |  |
| &nbsp;&nbsp;Jeffrey E. Gundlach | &nbsp;&nbsp;Other Pooled Vehicles |  |  |  |  |
| &nbsp;&nbsp;Jeffrey E. Gundlach | &nbsp;&nbsp;Other Accounts |  |  |  |  |
| &nbsp;&nbsp;Ken Shinoda, CFA | &nbsp;&nbsp;Other Registered Investment Companies |  |  |  |  |
| &nbsp;&nbsp;Ken Shinoda, CFA | &nbsp;&nbsp;Other Pooled Vehicles |  |  |  |  |
| &nbsp;&nbsp;Ken Shinoda, CFA | &nbsp;&nbsp;Other Accounts |  |  |  |  |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |  |  |  | &nbsp;&nbsp;**Performance Fee Accounts** | &nbsp;&nbsp;**Performance Fee Accounts** |
| &nbsp;&nbsp;**Portfolio Manager** | &nbsp;&nbsp;**Category of Account** | &nbsp;&nbsp;**# of Accounts** | &nbsp;&nbsp;**AUM** | &nbsp;&nbsp;**# of Accounts** | &nbsp;&nbsp;**AUM** |
| &nbsp;&nbsp;Andrew Hsu, CFA | &nbsp;&nbsp;Other Registered Investment Companies |  |  |  |  |
| &nbsp;&nbsp;Andrew Hsu, CFA | &nbsp;&nbsp;Other Pooled Vehicles |  |  |  |  |
| &nbsp;&nbsp;Andrew Hsu, CFA | &nbsp;&nbsp;Other Accounts |  |  |  |  |

---

Conflicts of Interest

From time to time, potential and actual conflicts of interest may arise between a portfolio manager's management of the investments of the Fund, on the one hand, and the management of other accounts, on the other. Potential and actual conflicts of interest also may result because of DoubleLine's other business activities. Other accounts managed by a portfolio manager might have similar investment objectives or strategies as the Fund, be managed (benchmarked) against the same index the Fund tracks, or otherwise hold, purchase, or sell securities that are eligible to be held, purchased or sold by the Fund. The other accounts might also have different investment objectives or strategies than the Fund.

Knowledge and Timing of Fund Trades. A potential conflict of interest may arise as a result of the portfolio manager's management of the Fund. Because of their positions with the Fund, the portfolio managers know the size, timing and possible market impact of the Fund's trades. It is theoretically possible that a portfolio manager could use this information to the advantage of other accounts under management, and also theoretically possible that actions could be taken (or not taken) to the detriment of the Fund.

Investment Opportunities. A potential conflict of interest may arise as a result of the portfolio manager's management of a number of accounts with varying investment guidelines. Often, an investment opportunity may be suitable for both the Fund and other accounts managed by the portfolio manager, but securities may not be available in sufficient quantities for both the Fund and the other accounts to participate fully. Similarly, there may be limited opportunity to sell an investment held by the Fund and another account. DoubleLine has adopted policies and procedures reasonably designed to allocate investment opportunities on a fair and equitable basis over time.

Under DoubleLine's allocation procedures, investment opportunities are allocated among various investment strategies based on individual account investment guidelines, DoubleLine's investment outlook, cash availability and a series of other factors. DoubleLine has also adopted additional internal practices to complement the general trade allocation policy that are designed to address potential conflicts of interest due to the side-by-side management of the Fund and certain pooled investment vehicles, including investment opportunity allocation issues.

Conflicts potentially limiting the Fund's investment opportunities may also arise when the Fund and other clients of DoubleLine invest in, or even conduct research relating to, different parts of an issuer's capital structure, such as when the Fund owns senior debt obligations of an issuer and other clients own junior tranches of the same issuer. In such circumstances, decisions over whether to trigger an event of default, over the terms of any workout, or how to exit an investment may result in conflicts of interest. In order to minimize such conflicts, a portfolio manager may avoid certain investment opportunities that would potentially give rise to conflicts with other clients of DoubleLine or result in DoubleLine receiving material, non-public information, or DoubleLine may enact internal procedures designed to minimize such conflicts, which could have the effect of limiting the Fund's investment opportunities. Additionally, if DoubleLine acquires material non-public confidential information in connection with its business activities for other clients, a portfolio manager or other investment personnel may be restricted from purchasing securities or selling certain securities for the Fund or other clients. When making investment decisions where a conflict of interest may arise, DoubleLine will endeavor to act in a fair and equitable manner between the Fund and other clients; however, in certain instances the resolution of the conflict may result in DoubleLine acting on behalf of another client in a manner that may not be in the best interest, or may be opposed to the best interest, of the Fund.

Investors in the Fund may also be advisory clients of DoubleLine. Accordingly, DoubleLine may in the course of its business provide advice to advisory clients whose interests may conflict with those of the Fund. For example, DoubleLine may advise a client who has invested in the Fund to redeem its investment in the Fund, which may cause the Fund to incur transaction costs and/or have to sell assets at a time when it would not otherwise do so.

Affiliates and advisory clients of DoubleLine may provide initial funding to or otherwise invest in a Fund. DoubleLine could face a conflict if an account it advises is invested in the Fund and that account's interests diverge from those of the Fund. When an affiliate or advisory client invests in the Fund, it may do so with the intention of redeeming all or part of its interest in the Fund at a future point in time or when it deems that sufficient additional capital has been invested in the Fund. The timing of a redemption by an affiliate could benefit the affiliate. For example, the affiliate may choose to redeem its shares at a time when the Fund's portfolio is more liquid than at times when other investors may wish to redeem all or part of their interests. In addition, a consequence of any redemption of a significant amount, including by an affiliate, is that investors remaining in the Fund will bear a proportionately higher share of Fund expenses following the redemption.

Broad and Wide-Ranging Activities. The portfolio managers, DoubleLine and its affiliates engage in a broad spectrum of activities. In the ordinary course of their business activities, the portfolio managers, DoubleLine and its affiliates may engage in activities where the interests of certain divisions of DoubleLine and its affiliates or the interests of their clients may conflict with the interests of the shareholders of the Fund.

Possible Future Activities. DoubleLine and its affiliates may expand the range of services that it provides over time. Except as provided herein, DoubleLine and its affiliates will not be restricted in the scope of its business or in the performance of any such services (whether now offered or undertaken in the future) even if such activities could give rise to conflicts of interest, and whether or not such conflicts are described herein. DoubleLine and its affiliates have, and will continue to develop, relationships with a significant number of companies, financial sponsors and their senior managers, including relationships with clients who may hold or may have held investments similar to those intended to be made by the Fund. These clients may themselves represent appropriate investment opportunities for the Fund or may compete with the Fund for investment opportunities.

Performance Fees and Personal Investments. A portfolio manager may advise certain accounts with respect to which the advisory fee is based entirely or partially on performance or in respect of which the portfolio manager may have made a significant personal investment. Such circumstances may create a conflict of interest for the portfolio manager in that the portfolio manager may have an incentive to allocate the investment opportunities that he or she believes might be the most profitable to such other accounts instead of allocating them to the Fund. DoubleLine has adopted policies and procedures reasonably designed to allocate investment opportunities between the Fund and performance fee based accounts on a fair and equitable basis over time.

 *[to be updated by amendment]*

 *Security Ownership of Portfolio Managers for the JNL Multi-Manager Alternative Fund, JNL/DoubleLine<sup>®</sup> Core Fixed Income Fund, and JNL/DoubleLine<sup>®</sup> Shiller Enhanced CAPE<sup>®</sup> Fund and as of [December 31, 2025]*

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Security Ownership of Portfolio Managers** | &nbsp;&nbsp; $1-<br> $10000 | &nbsp;&nbsp; $10001-<br> $50000 | &nbsp;&nbsp; $50001-<br> $100000 | &nbsp;&nbsp; $100001-<br> $500000 | &nbsp;&nbsp; $500001-<br> $1000000 | &nbsp;&nbsp;Over $1,000,000 |
| &nbsp;&nbsp;Jeffrey E. Gundlach |  |  |  |  |  |  |
| &nbsp;&nbsp;Jeffrey J. Sherman |  |  |  |  |  |  |

---

Security Ownership of Portfolio Managers for the JNL/DoubleLine<sup>®</sup> Emerging Markets Fixed Income Fund as of [December 31, 2025]

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Security Ownership of Portfolio Managers** | &nbsp;&nbsp; $1-<br> $10000 | &nbsp;&nbsp; $10001-<br> $50000 | &nbsp;&nbsp; $50001-<br> $100000 | &nbsp;&nbsp; $100001-<br> $500000 | &nbsp;&nbsp; $500001-<br> $1000000 | &nbsp;&nbsp;Over $1,000,000 |
| &nbsp;&nbsp;Luz Padilla |  |  |  |  |  |  |
| &nbsp;&nbsp;Mark Christensen |  |  |  |  |  |  |
| &nbsp;&nbsp;Su Fei Koo |  |  |  |  |  |  |

---

 

 

Security Ownership of Portfolio Managers for the JNL/DoubleLine<sup>®</sup> Total Return Fund as of [December 31, 2025]

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Security Ownership of Portfolio Managers** | &nbsp;&nbsp; $1-<br> $10000 | &nbsp;&nbsp; $10001-<br> $50000 | &nbsp;&nbsp; $50001-<br> $100000 | &nbsp;&nbsp; $100001-<br> $500000 | &nbsp;&nbsp; $500001-<br> $1000000 | &nbsp;&nbsp;Over $1,000,000 |
| &nbsp;&nbsp;Jeffrey E. Gundlach |  |  |  |  |  |  |
| &nbsp;&nbsp;Ken Shinoda, CFA |  |  |  |  |  |  |
| &nbsp;&nbsp;Andrew Hsu, CFA |  |  |  |  |  |  |

---

**Driehaus Capital Management LLC**

Driehaus Capital Management LLC, located at 25 East Erie Street, Chicago, Illinois 60611, serves as Co-Sub-Adviser to the JNL Multi-Manager Small Cap Growth Fund.

*Portfolio Manager Compensation Structure*

The lead portfolio manager, portfolio manager and assistant portfolio manager are paid a fixed salary plus a bonus. Bonuses are determined based on the terms of a Revenue Sharing Plan for the team and include a base amount calculated as a percentage of management fees paid by the accounts managed. In addition, if the performance of the strategy exceeds certain percentile benchmarks when compared to its peer group (primarily using Morningstar rankings) and/or certain risk adjusted return formulas, the bonus pool increases as a percentage of the management fees paid by the accounts managed within the strategy. Messrs. Buck and Vijayan, also receive a bonus based on a percentage of their salary, which has both subjective and objective components.

If Driehaus declares a profit sharing plan contribution, the lead portfolio manager, portfolio manager and assistant portfolio manager also would receive such contribution. The lead portfolio manager, portfolio manager and assistant portfolio manager participates in a deferred compensation plan.

*Other Accounts Managed and Potential Conflicts of Interest*

The following tables reflect information as of [December 31, 2025]: [to be updated by amendment]

JNL Multi-Manager Small Cap Growth Fund

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |  |  |  | &nbsp;&nbsp;**Performance Fee Accounts** | &nbsp;&nbsp;**Performance Fee Accounts** |
| &nbsp;&nbsp;**Portfolio Manager** | &nbsp;&nbsp;**Category of Account** | &nbsp;&nbsp;**# of Accounts** | &nbsp;&nbsp;**AUM** | &nbsp;&nbsp;**# of Accounts** | &nbsp;&nbsp;**AUM** |
| &nbsp;&nbsp;Jeffrey James | &nbsp;&nbsp;Other Registered Investment Companies |  |  |  |  |
| &nbsp;&nbsp;Jeffrey James | &nbsp;&nbsp;Other Pooled Vehicles |  |  |  |  |
| &nbsp;&nbsp;Jeffrey James | &nbsp;&nbsp;Other Accounts |  |  |  |  |
| &nbsp;&nbsp;Michael Buck | &nbsp;&nbsp;Other Registered Investment Companies |  |  |  |  |
| &nbsp;&nbsp;Michael Buck | &nbsp;&nbsp;Other Pooled Vehicles |  |  |  |  |
| &nbsp;&nbsp;Michael Buck | &nbsp;&nbsp;Other Accounts |  |  |  |  |
| &nbsp;&nbsp;Prakash Vijayan | &nbsp;&nbsp;Other Registered Investment Companies |  |  |  |  |
| &nbsp;&nbsp;Prakash Vijayan | &nbsp;&nbsp;Other Pooled Vehicles |  |  |  |  |
| &nbsp;&nbsp;Prakash Vijayan | &nbsp;&nbsp;Other Accounts |  |  |  |  |

---

 

 

*Conflicts of Interest*

Conflicts of Interest. The portfolio managers may manage the assets of more than one registered investment company (for this section only, each a "Fund"), other pooled investment vehicles and/or other accounts (collectively, the "Accounts") for Driehaus. Both clients and affiliated persons of Driehaus, including the portfolio managers, may own interests in these Accounts. The same or related securities may be appropriate and desirable investments for both a Fund and the Accounts (including another fund) and they may compete in the marketplace for the same investment opportunities, which may be limited. In addition, transactions by the Accounts in securities held by a Fund or that a Fund is seeking to buy or sell (or transactions in related securities) may have an adverse impact on the prices that a Fund pays for those securities or can realize upon sale, or on the ability of Driehaus to buy or sell the desired amount of such securities for a Fund at favorable prices. This is particularly true when the Accounts' transactions occur at a point in time close to when trades in the same or related securities are effected for a Fund. This presents a conflict between the interests of the Fund and the interests of the Accounts as well as the affiliates of Driehaus who invest in the Accounts.

Conflicts also may arise between the interests of a Fund and the interests of Driehaus and its affiliates, including the portfolio managers. These conflicts can occur as one or more of the Accounts pay advisory fees to Driehaus, including performance-based compensation, at a higher rate than the rate of fees paid by the Fund. In addition, Driehaus' affiliates, including the Fund's portfolio managers, may personally own interests in the Accounts or have other financial incentives (including that a portfolio manager's compensation is based, in part, on assets under management). For example, portfolio managers could favor an Account over a Fund when dividing their time and attention between them or when presented with limited investment opportunities that would be desirable and suitable for both a Fund and the Accounts or when making trading decisions.

Driehaus, through trade allocation and other policies and procedures, seeks to manage these conflicts of interest to reduce any adverse effects on either a Fund or the Accounts. These policies and procedures include requirements that transactions by a Fund and the Accounts in the same securities that occur on the same day are average priced when feasible and allocated on a fair and equitable basis. In addition, Driehaus conducts periodic reviews of transactions in and holdings of the same or related securities by a Fund and the Accounts for compliance with the Driehaus' policies and procedures.

 *[to be updated by amendment]*

 *Security Ownership of Portfolio Managers for the JNL Multi-Manager Small Cap Growth Fund and as of [December 31, 2025]*

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;Security Ownership of Portfolio Managers | &nbsp;&nbsp; $1-<br> $10000 | &nbsp;&nbsp; $10001-<br> $50000 | &nbsp;&nbsp; $50001-<br> $100000 | &nbsp;&nbsp; $100001-<br> $500000 | &nbsp;&nbsp; $500001-<br> $1000000 | &nbsp;&nbsp;Over $1,000,000 |
| &nbsp;&nbsp;Jeffery James |  |  |  |  |  |  |
| &nbsp;&nbsp;Michael Buck |  |  |  |  |  |  |
| &nbsp;&nbsp;Prakash Vijayan |  |  |  |  |  |  |

---

**FIAM LLC**

FIAM LLC ("FIAM"), 900 Salem Street, Smithfield, Rhode Island 02917, is a Sub-Adviser to the JNL/Fidelity Institutional Asset Management<sup>®</sup> Total Bond Fund, JNL/Fidelity Institutional AM<sup>®</sup> & JPMorgan Large Cap Growth Fund, and Co-Sub-Adviser to the JNL Multi-Manager Floating Rate Income Fund and JNL Multi-Manager International Small Cap Fund. FIAM is an indirectly held, wholly owned, subsidiary of FMR LLC.

Portfolio Manager Compensation Structure

Ford O'Neil is lead portfolio manager of Fidelity Institutional Asset Management<sup>®</sup> Total Bond Fund and receives compensation for his services. Celso Munoz is co-manager of Fidelity Institutional Asset Management<sup>®</sup> Total Bond Fund and receives compensation for his services. Brian Day is co-manager of Fidelity Institutional Asset Management<sup>®</sup> Total Bond Fund and receives compensation for his services. Stacie Ware is co-manager of Fidelity Institutional Asset Management<sup>®</sup> Total Bond Fund and receives compensation for his services. Michael Plage is co-manager of Fidelity Institutional Asset Management<sup>®</sup> Total Bond Fund and receives compensation for his services. Benjamin Harrison is co-manager for the Fidelity Institutional Asset Management<sup>®</sup> Total Bond Fund and receives compensation for his services. Franco Castagliuolo is co-manager of Fidelity Institutional Asset Management<sup>®</sup> Total Bond Fund and receives compensation for managing the MBS subportfolio of the fund.. Eric Mollenhauer is co-manager of JNL Multi-Manager Floating Rate Income Fund and receives compensation for those services. Kevin Nielsen is co-manager of JNL Multi-Manager Floating Rate Income Fund and receives compensation for those services. Chandler Perine is co-manager of JNL Multi-Manager Floating Rate Income Fund and receives compensation for those services. As of December 31, 2024, portfolio manager compensation generally consists of a fixed base salary determined periodically (typically annually), a bonus, in certain cases, and participation in several types of equity-based compensation plans. A portion of each portfolio manager's compensation may be deferred based on criteria established by FIAM or at the election of the portfolio manager.

 

 

Mr. O'Neil's, Mr. Munoz's, Mr. Day, Mr. Plage, Ms. Ware and Mr. Castagliuolo's base salaries are determined by level of responsibility and tenure at FIAM or its affiliates. The primary components of each portfolio manager's bonus are based on (i) the pre-tax investment performance of the portfolio manager's fund(s) and account(s) measured against a benchmark index assigned to each fund or account, and (ii) the investment performance of other taxable bond funds and accounts. The pre-tax investment performance of each portfolio manager's fund(s) and account(s) is weighted according to his tenure on those fund(s) and account(s) and the average asset size of those fund(s) and account(s) over his tenure. Each component is calculated separately over the portfolio manager's tenure on those fund(s) and account(s) over a measurement period that initially is contemporaneous with his tenure, but that eventually encompasses rolling periods of up to three years for the comparison to a benchmark index. A smaller, subjective component of each portfolio manager's bonus is based on the portfolio manager's overall contribution to management of FIAM or its affiliates. The portion of Mr. O'Neil's, and Mr. Munoz's bonus that is linked to the investment performance of Fidelity Institutional Asset Management<sup>®</sup> Total Bond Fund is based on the pre-tax investment performance of the fund measured against the Bloomberg U.S. Aggregate Bond Index.

The portion of Mr. Castagliuolo's bonus that is linked to the investment performance of Fidelity Institutional Asset Management<sup>®</sup> Total Bond Fund is based on the pre-tax investment performance of the fund's assets he manages measured against the Bloomberg US MBS Index.

Mr. Harrison's, Mr. Mollenhauer's, Mr. Nielsen's, and Mr. Perine's base salaries are determined by level of responsibility and tenure at FIAM or its affiliates. The primary components of each portfolio manager's bonus are based on (i) the pre-tax investment performance of each portfolio manager's fund(s) and account(s) measured against a benchmark index or within a defined peer group assigned to each fund or account, and (ii) the investment performance of other high yield funds and accounts. The pre-tax investment performance of each portfolio manager's fund(s) and account(s) is weighted according to his tenure on those fund(s) and account(s) and the average asset size of those fund(s) and account(s) over his tenure. Each component is calculated separately over each portfolio manager's tenure on those fund(s) and account(s) over a measurement period that initially is contemporaneous with his tenure, but that eventually encompasses rolling periods of up to five years for the comparison to a benchmark index or a peer group. A smaller, subjective component of each portfolio manager's bonus is based on each portfolio manager's overall contribution to management of FIAM or its affiliates. The portion of Mr. Harrison's bonus that is linked to the investment performance of Fidelity Institutional Asset Management<sup>®</sup> Total Bond Fund is based on the pre-tax investment performance of the fund's assets allocated to the high income asset class of the fund within the eVestment High Yield.

The portion of Mr. Mollenhauer's, Mr. Nielsen's and Mr. Perine's bonus that is linked to the investment performance of JNL Multi-Manager Floating Rate Income Fund is based on the fund's pre-tax investment performance within the Lipper<sup>SM</sup> Loan Participation Funds.

Each portfolio manager also is compensated under equity-based compensation plans linked to increases or decreases in the net asset value of the stock of FMR LLC, FIAM's ultimate parent company. FMR LLC is a diverse financial services company engaged in various activities that include fund management, brokerage, retirement and employer administrative services.

 

 

Other Accounts Managed by the Portfolio Managers and Potential Conflicts of Interest

The following tables reflect information as of [December 31, 2025]: [to be updated by amendment]

JNL Multi-Manager Floating Rate Income Fund

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |  |  |  | &nbsp;&nbsp;**Performance Fee Accounts** | &nbsp;&nbsp;**Performance Fee Accounts** |
| &nbsp;&nbsp;**Portfolio Manager** | &nbsp;&nbsp;**Category of Account** | &nbsp;&nbsp;**# of Accounts** | &nbsp;&nbsp;**AUM** | &nbsp;&nbsp;**# of Accounts** | &nbsp;&nbsp;**AUM** |
| &nbsp;&nbsp;Eric Mollenhauer | &nbsp;&nbsp;Other Registered Investment Companies |  |  |  |  |
| &nbsp;&nbsp;Eric Mollenhauer | &nbsp;&nbsp;Other Pooled Vehicles |  |  |  |  |
| &nbsp;&nbsp;Eric Mollenhauer | &nbsp;&nbsp;Other Accounts |  |  |  |  |
| &nbsp;&nbsp;Kevin Nielsen | &nbsp;&nbsp;Other Registered Investment Companies |  |  |  |  |
| &nbsp;&nbsp;Kevin Nielsen | &nbsp;&nbsp;Other Pooled Vehicles |  |  |  |  |
| &nbsp;&nbsp;Kevin Nielsen | &nbsp;&nbsp;Other Accounts |  |  |  |  |
| &nbsp;&nbsp;Chandler Perine | &nbsp;&nbsp;Other Registered Investment Companies |  |  |  |  |
| &nbsp;&nbsp;Chandler Perine | &nbsp;&nbsp;Other Pooled Vehicles |  |  |  |  |
| &nbsp;&nbsp;Chandler Perine | &nbsp;&nbsp;Other Accounts |  |  |  |  |

---

JNL Multi-Manager International Small Cap Fund

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |  |  |  | &nbsp;&nbsp; **Performance Fee Accounts** | &nbsp;&nbsp; **Performance Fee Accounts** |
| &nbsp;&nbsp; **Portfolio Manager** | &nbsp;&nbsp; **Category of Account** | &nbsp;&nbsp; **# of Accounts** | &nbsp;&nbsp; **AUM** | &nbsp;&nbsp; **# of Accounts** | &nbsp;&nbsp; **AUM** |
| &nbsp;&nbsp; Jed Weiss | &nbsp;&nbsp; Other Registered Investment Companies |  |  |  |  |
| &nbsp;&nbsp; Jed Weiss | &nbsp;&nbsp; Other Pooled Vehicles |  |  |  |  |
| &nbsp;&nbsp; Jed Weiss | &nbsp;&nbsp; Other Accounts |  |  |  |  |
| &nbsp;&nbsp; Patrick Drouot | &nbsp;&nbsp; Other Registered Investment Companies |  |  |  |  |
| &nbsp;&nbsp; Patrick Drouot | &nbsp;&nbsp; Other Pooled Vehicles |  |  |  |  |
| &nbsp;&nbsp; Patrick Drouot | &nbsp;&nbsp; Other Accounts |  |  |  |  |

---

JNL/Fidelity Institutional AM<sup>®</sup> & JPMorgan Large Cap Growth Fund

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |  |  |  | &nbsp;&nbsp; **Performance Fee Accounts** | &nbsp;&nbsp; **Performance Fee Accounts** |
| &nbsp;&nbsp; **Portfolio Manager** | &nbsp;&nbsp; **Category of Account** | &nbsp;&nbsp; **# of Accounts** | &nbsp;&nbsp; **AUM** | &nbsp;&nbsp; **# of Accounts** | &nbsp;&nbsp; **AUM** |
| &nbsp;&nbsp; Sonu Kalra | &nbsp;&nbsp; Other Registered Investment Companies |  |  |  |  |
| &nbsp;&nbsp; Sonu Kalra | &nbsp;&nbsp; Other Pooled Vehicles |  |  |  |  |
| &nbsp;&nbsp; Sonu Kalra | &nbsp;&nbsp; Other Accounts |  |  |  |  |
| &nbsp;&nbsp; Adam Benjamin | &nbsp;&nbsp; Other Registered Investment Companies |  |  |  |  |
| &nbsp;&nbsp; Adam Benjamin | &nbsp;&nbsp; Other Pooled Vehicles |  |  |  |  |
| &nbsp;&nbsp; Adam Benjamin | &nbsp;&nbsp; Other Accounts |  |  |  |  |

---

JNL/Fidelity Institutional Asset Management<sup>®</sup> Total Bond Fund

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |  |  |  | &nbsp;&nbsp;**Performance Fee Accounts** | &nbsp;&nbsp;**Performance Fee Accounts** |
| &nbsp;&nbsp;**Portfolio Manager** | &nbsp;&nbsp;**Category of Account** | &nbsp;&nbsp;**# of Accounts** | &nbsp;&nbsp;**AUM** | &nbsp;&nbsp;**# of Accounts** | &nbsp;&nbsp;**AUM** |
| &nbsp;&nbsp;Franco Castagliuolo | &nbsp;&nbsp;Other Registered Investment Companies |  |  |  |  |
| &nbsp;&nbsp;Franco Castagliuolo | &nbsp;&nbsp;Other Pooled Vehicles |  |  |  |  |
| &nbsp;&nbsp;Franco Castagliuolo | &nbsp;&nbsp;Other Accounts |  |  |  |  |
| &nbsp;&nbsp;Benjamin Harrison | &nbsp;&nbsp;Other Registered Investment Companies |  |  |  |  |
| &nbsp;&nbsp;Benjamin Harrison | &nbsp;&nbsp;Other Pooled Vehicles |  |  |  |  |
| &nbsp;&nbsp;Benjamin Harrison | &nbsp;&nbsp;Other Accounts |  |  |  |  |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;Celso Muñoz | &nbsp;&nbsp;Other Registered Investment Companies |
| &nbsp;&nbsp;Celso Muñoz | &nbsp;&nbsp;Other Pooled Vehicles |
| &nbsp;&nbsp;Celso Muñoz | &nbsp;&nbsp;Other Accounts |
| &nbsp;&nbsp;Ford O'Neil | &nbsp;&nbsp;Other Registered Investment Companies |
| &nbsp;&nbsp;Ford O'Neil | &nbsp;&nbsp;Other Pooled Vehicles |
| &nbsp;&nbsp;Ford O'Neil | &nbsp;&nbsp;Other Accounts |
| &nbsp;&nbsp;Michael Plage, CFA | &nbsp;&nbsp;Other Registered Investment Companies |
| &nbsp;&nbsp;Michael Plage, CFA | &nbsp;&nbsp;Other Pooled Vehicles |
| &nbsp;&nbsp;Michael Plage, CFA | &nbsp;&nbsp;Other Accounts |
| &nbsp;&nbsp;Brian Day, CFA | &nbsp;&nbsp;Other Registered Investment Companies |
| &nbsp;&nbsp;Brian Day, CFA | &nbsp;&nbsp;Other Pooled Vehicles |
| &nbsp;&nbsp;Brian Day, CFA | &nbsp;&nbsp;Other Accounts |
| &nbsp;&nbsp;Stacie Ware, PhD | &nbsp;&nbsp;Other Registered Investment Companies |
| &nbsp;&nbsp;Stacie Ware, PhD | &nbsp;&nbsp;Other Pooled Vehicles |
| &nbsp;&nbsp;Stacie Ware, PhD | &nbsp;&nbsp;Other Accounts |

---

Conflicts of Interest

A portfolio manager's compensation plan may give rise to potential conflicts of interest. The portfolio manager's compensation is linked to the pre-tax performance of the fund, rather than its after-tax performance. A portfolio manager's base pay tends to increase with additional and more complex responsibilities that include increased assets under management and a portion of the bonus relates to marketing efforts, which together indirectly link compensation to sales. When a portfolio manager takes over a fund or an account, the time period over which performance is measured may be adjusted to provide a transition period in which to assess the portfolio. The management of multiple funds and accounts (including proprietary accounts) may give rise to potential conflicts of interest if the funds and accounts have different objectives, benchmarks, time horizons, and fees as a portfolio manager must allocate his time and investment ideas across multiple funds and accounts. In addition, a fund's trade allocation policies and procedures may give rise to conflicts of interest if the fund's orders do not get fully executed due to being aggregated with those of other accounts managed by FIAM or an affiliate. A portfolio manager may execute transactions for another fund or account that may adversely impact the value of securities held by a fund. Securities selected for other funds or accounts may outperform the securities selected for the fund. Portfolio managers may be permitted to invest in the funds they manage, even if a fund is closed to new investors. Trading in personal accounts, which may give rise to potential conflicts of interest, is restricted by the Code of Ethics applicable to the portfolio manager.

 

 

Portfolio managers may receive interests in certain funds or accounts managed by FMR or one of its affiliated advisers (collectively, "Proprietary Accounts"). A conflict of interest situation is presented where a portfolio manager considers investing a client account in securities of an issuer in which FMR, its affiliates or their (or their fund clients') respective directors, officers or employees already hold a significant position for their own account, including positions held indirectly through Proprietary Accounts. Because the 1940 Act, as well as other applicable laws and regulations, restricts certain transactions between affiliated entities or between an advisor and its clients, client accounts managed by FIAM or its affiliates, including accounts sub-advised by third parties, are, in certain circumstances, prohibited from participating in offerings of such securities (including initial public offerings and other offerings occurring before or after an issuer's initial public offering) or acquiring such securities in the secondary market. For example, ownership of a company by Proprietary Accounts has, in certain situations, resulted in restrictions on FMR's and its affiliates' client accounts' ability to acquire securities in the company's initial public offering and subsequent public offerings, private offerings, and in the secondary market, and additional restrictions could arise in the future; to the extent such client accounts acquire the relevant securities after such restrictions are subsequently lifted, the delay could affect the price at which the securities are acquired.

A conflict of interest situation is presented when FIAM or its affiliates acquire, on behalf of their client accounts, securities of the same issuers whose securities are already held in Proprietary Accounts, because such investments could have the effect of increasing or supporting the value of the Proprietary Accounts. A conflict of interest situation also arises when FIAM investment advisory personnel consider whether client accounts they manage should invest in an investment opportunity that they know is also being considered by an affiliate of FIAM for a Proprietary Account, to the extent that not investing on behalf of such client accounts improves the ability of the Proprietary Account to take advantage of the opportunity. FIAM and its affiliates have adopted policies and procedures and maintain a compliance program designed to help manage such actual and potential conflicts of interest.

 

 

 *[to be updated by amendment]*

 

 *Security Ownership of Portfolio Managers for the JNL Multi-Manager Floating Rate Income Fund as of [December 31, 2025]*

 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Security Ownership of Portfolio Managers** | &nbsp;&nbsp; $1-<br> $10000 | &nbsp;&nbsp; $10001-<br> $50000 | &nbsp;&nbsp; $50001-<br> $100000 | &nbsp;&nbsp; $100001-<br> $500000 | &nbsp;&nbsp; $500001-<br> $1000000 | &nbsp;&nbsp;Over $1,000,000 |
| &nbsp;&nbsp;Eric Mollenhauer |  |  |  |  |  |  |
| &nbsp;&nbsp;Kevin Nielsen |  |  |  |  |  |  |
| &nbsp;&nbsp;Chandler Perine |  |  |  |  |  |  |

---

Security Ownership of Portfolio Managers for the JNL Multi-Manager International Small Cap Fund as of December 31, 2025

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp; **Security Ownership of Portfolio Managers** | &nbsp;&nbsp; $1- <br> $10000  | &nbsp;&nbsp; $10001- <br> $50000  | &nbsp;&nbsp; $50001- <br> $100000  | &nbsp;&nbsp; $100001- <br> $500000  | &nbsp;&nbsp; $500001- <br> $1000000  | &nbsp;&nbsp; Over $1,000,000 |
| &nbsp;&nbsp; Jed Weiss |  |  |  |  |  |  |
| &nbsp;&nbsp; Patrick Drouot |  |  |  |  |  |  |

---

Security Ownership of Portfolio Managers for the JNL/Fidelity Institutional AM<sup>®</sup> & JPMorgan Large Cap Growth Fund as of December 31, 2025

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp; **Security Ownership of Portfolio Managers** | &nbsp;&nbsp; $1- <br> $10000  | &nbsp;&nbsp; $10001- <br> $50000  | &nbsp;&nbsp; $50001- <br> $100000  | &nbsp;&nbsp; $100001- <br> $500000  | &nbsp;&nbsp; $500001- <br> $1000000  | &nbsp;&nbsp; Over $1,000,000 |
| &nbsp;&nbsp; Sonu Kalra |  |  |  |  |  |  |
| &nbsp;&nbsp; Adam Benjamin |  |  |  |  |  |  |

---

Security Ownership of Portfolio Managers for the JNL/Fidelity Institutional Asset Management<sup>®</sup> Total Bond Fund as of [December 31, 2025]

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Security Ownership of Portfolio Managers** | &nbsp;&nbsp; $1-<br> $10000 | &nbsp;&nbsp; $10001-<br> $50000 | &nbsp;&nbsp; $50001-<br> $100000 | &nbsp;&nbsp; $100001-<br> $500000 | &nbsp;&nbsp; $500001-<br> $1000000 | &nbsp;&nbsp;Over $1,000,000 |
| &nbsp;&nbsp;Franco Castagliuolo |  |  |  |  |  |  |
| &nbsp;&nbsp;Benjamin Harrison |  |  |  |  |  |  |
| &nbsp;&nbsp;Celso Muñoz |  |  |  |  |  |  |
| &nbsp;&nbsp;Ford O'Neil |  |  |  |  |  |  |
| &nbsp;&nbsp;Michael Plage, CFA |  |  |  |  |  |  |
| &nbsp;&nbsp;Brian Day, CFA |  |  |  |  |  |  |
| &nbsp;&nbsp;Stacie Ware, PhD |  |  |  |  |  |  |

---

 **FMR Investment Management (UK) Limited** 

FMR Investment Management (UK) Limited (FMR UK) located at 1 St. Martin's Le Grand, London, EC1A 4AS, United Kingdom, serves as Sub-Sub-Adviser to the FIAM strategy of the JNL Multi-Manager International Small Cap Fund.

**First Pacific Advisors, LP**

First Pacific Advisors, LP ("FPA") located in Los Angeles, California serves as Co-Sub-Adviser to the JNL Multi-Manager Alternative Fund.

Portfolio Manager Compensation Structure

Compensation of the portfolio managers consists of: (i) a base salary; (ii) an annual bonus; and (iii) because the portfolio managers are equity owners of the firm, participation in residual profits of the firm.

 

 

The bonus calculation has both variable and fixed components and is primarily based on the revenues received on the assets managed by the portfolio managers, including the relevant account's assets. The most significant portion of the variable component is based upon the firm's assessment of the portfolio managers' performance in three key areas: long-term performance, team building, and succession planning. The firm assesses long-term performance over a full market cycle, which generally lasts between five and ten years. Other considerations include portfolio manager and strategy recognition, client engagement and retention, and business development. The portfolio managers can receive 100% of their variable participation even if the strategy is closed to investors. In addition, the value of a portfolio manager's equity ownership interest in the firm is dependent upon his ability to effectively manage the business over the long term, which includes the three main components discussed above: long-term performance, team-building and succession planning.

We believe this compensation structure aligns the interests of the portfolio managers with those of investors by reducing conflicts such as disparate compensation structures, establishing appropriate fee rates for accounts in the strategy and keeping the portfolio managers incentivized in areas such as long-term performance, team building and succession.

Other Accounts Managed by the Portfolio Managers and Potential Conflicts of Interest

The following tables reflect information as of [December 31, 2025]: [to be updated by amendment]

JNL Multi-Manager Alternative Fund

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |  |  |  | &nbsp;&nbsp;**Performance Fee Accounts** | &nbsp;&nbsp;**Performance Fee Accounts** |
| &nbsp;&nbsp;**Portfolio Manager** | &nbsp;&nbsp;**Category of Account** | &nbsp;&nbsp;**# of Accounts** | &nbsp;&nbsp;**AUM** | &nbsp;&nbsp;**# of Accounts** | &nbsp;&nbsp;**AUM** |
| &nbsp;&nbsp;Mark Landecker, CFA | &nbsp;&nbsp;Other Registered Investment Companies |  |  |  |  |
| &nbsp;&nbsp;Mark Landecker, CFA | &nbsp;&nbsp;Other Pooled Vehicles |  |  |  |  |
| &nbsp;&nbsp;Mark Landecker, CFA | &nbsp;&nbsp;Other Accounts |  |  |  |  |
| &nbsp;&nbsp;Steven Romick, CFA | &nbsp;&nbsp;Other Registered Investment Companies |  |  |  |  |
| &nbsp;&nbsp;Steven Romick, CFA | &nbsp;&nbsp;Other Pooled Vehicles |  |  |  |  |
| &nbsp;&nbsp;Steven Romick, CFA | &nbsp;&nbsp;Other Accounts |  |  |  |  |
| &nbsp;&nbsp;Brian A. Selmo, CFA | &nbsp;&nbsp;Other Registered Investment Companies |  |  |  |  |
| &nbsp;&nbsp;Brian A. Selmo, CFA | &nbsp;&nbsp;Other Pooled Vehicles |  |  |  |  |
| &nbsp;&nbsp;Brian A. Selmo, CFA | &nbsp;&nbsp;Other Accounts |  |  |  |  |
| &nbsp;&nbsp; Mark Landecker, CFA<br> Brian Selmo, CFA | &nbsp;&nbsp;Other Registered Investment Companies |  |  |  |  |
| &nbsp;&nbsp; Mark Landecker, CFA<br> Brian Selmo, CFA | &nbsp;&nbsp;Other Pooled Vehicles |  |  |  |  |
| &nbsp;&nbsp; Mark Landecker, CFA<br> Brian Selmo, CFA | &nbsp;&nbsp;Other Accounts |  |  |  |  |

---

<u> Steven Romick, CFA Brian Selmo, CFA Mark Landecker, CFA</u> Other Registered Investment Companies <br> Other Pooled Vehicles <br> <u>Other Accounts</u>        

Conflicts of Interest

FPA has potential conflicts of interest in connection its investment activities. For example, FPA manages multiple client accounts with similar investment objectives and guidelines, and with different fee structures. FPA receives both asset-based fees and performance-based fees as compensation for its investment advisory services. Performance-based fees create an incentive for FPA to favor those accounts over asset-based fee accounts or make investments that are riskier or more speculative than would be the case in the absence of performance-based fee clients. To mitigate potential conflicts of interest when managing performance-based fee clients side-by-side with asset-based fee clients, FPA has developed a policy in which portfolio managers attempt to allocate investment opportunities among eligible accounts on a pro rata basis if that is practical; or if a pro rata allocation is not practical, to allocate the investment opportunities among FPA advisory clients on a basis that over time is fair and equitable to each advisory client relative to other clients.

 

 

FPA has also implemented other policies and procedures (e.g., a code of ethics) that seek to address other potential conflicts of interest that may arise in connection with FPA's business and that are designed to ensure that all client accounts are treated fairly and equitably over time.

[to be updated by amendment]

Security Ownership of Portfolio Managers for the JNL Multi-Manager Alternative Fund as of [December 31, 2025]

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Security Ownership of Portfolio Managers** | &nbsp;&nbsp; $1-<br> $10000 | &nbsp;&nbsp; $10001-<br> $50000 | &nbsp;&nbsp; $50001-<br> $100000 | &nbsp;&nbsp; $100001-<br> $500000 | &nbsp;&nbsp; $500001-<br> $1000000 | &nbsp;&nbsp;Over $1,000,000 |
| &nbsp;&nbsp;Mark Landecker, CFA |  |  |  |  |  |  |
| &nbsp;&nbsp;Steven Romick, CFA |  |  |  |  |  |  |
| &nbsp;&nbsp;Brian A. Selmo, CFA |  |  |  |  |  |  |

---

**First Sentier Investors (Australia) IM Ltd** 

First Sentier Investors (Australia) IM Ltd ("First Sentier"), which is located at Level 5, Tower 3, International Towers, 300 Barangaroo Avenue, Barangaroo NSW 2000 Australia, is the Sub-Adviser to the JNL/First Sentier Global Infrastructure Fund. First Sentier is a global asset management group. The firm has focused on providing high quality, long-term investment capabilities to clients for over 30 years, and has been engaged as Sub-Adviser to manage the investments of the Fund since August 2018. First Sentier is an Australian-domiciled investment adviser regulated by the Australian Securities and Investments Commission and registered with the SEC. First Sentier is ultimately owned by Mitsubishi UFJ Financial Group, Inc, (MUFG), a leading global financial services group and one of the largest banking institutions in Japan.

Portfolio Manager Compensation Structure

The Global Listed Infrastructure team is structured to provide managers and analysts with a strong sense of portfolio ownership by way of team focused incentives. First Sentier believes this promotes commitment and intellectual engagement, aligning their interests and success with those of their clients.

The team's base salary is positioned at market median to be competitive, and is regularly reviewed using specialized market data providers and industry contacts.

Short Term Incentives (STI) are paid as an annual cash bonus. First Sentier rewards its Investment Professionals for outcomes based on Investment performance, behaviours and risk management. Assessment varies by role and may include:

● Fund performance vs benchmarks

● Fund performance vs competitors

● Performance of analyst sector coverage

● Collaboration with other investment and support teams

● Interactions with clients and consultants

● Values/Behaviours and Risk Assessment

The majority of STI assessment is linked to fund performance.

There is also a Profit Share Scheme (Long Term Incentive) in place which is designed to retain and directly align employees' interests with the long term success of the clients' interests. A percentage of the profit that the Global Listed Infrastructure team produces is used to create a pool. That pool is allocated amongst the team, based upon individual performance. Allocations are deferred into Listed Infrastructure funds managed by the team, and paid in full after at least three years. All members of the investment team are eligible to participate.

Other Accounts Managed by the Portfolio Managers and Potential Conflicts of Interest

The following tables reflect information as of [December 31, 2025]: [to be updated by amendment]

JNL/First Sentier Global Infrastructure Fund

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |  |  |  | &nbsp;&nbsp;**Performance Fee Accounts** | &nbsp;&nbsp;**Performance Fee Accounts** |
| &nbsp;&nbsp;**Portfolio Manager** | &nbsp;&nbsp;**Category of Account** | &nbsp;&nbsp;**# of Accounts** | &nbsp;&nbsp;**AUM** | &nbsp;&nbsp;**# of Accounts** | &nbsp;&nbsp;**AUM** |
| &nbsp;&nbsp;Peter Meany | &nbsp;&nbsp;Other Registered Investment Companies |  |  |  |  |
| &nbsp;&nbsp;Peter Meany | &nbsp;&nbsp;Other Pooled Vehicles |  |  |  |  |
| &nbsp;&nbsp;Peter Meany | &nbsp;&nbsp;Other Accounts |  |  |  |  |
| &nbsp;&nbsp;Andrew Greenup | &nbsp;&nbsp;Other Registered Investment Companies |  |  |  |  |
| &nbsp;&nbsp;Andrew Greenup | &nbsp;&nbsp;Other Pooled Vehicles |  |  |  |  |
| &nbsp;&nbsp;Andrew Greenup | &nbsp;&nbsp;Other Accounts |  |  |  |  |
| &nbsp;&nbsp;Edmund Leung | &nbsp;&nbsp;Other Registered Investment Companies |  |  |  |  |
| &nbsp;&nbsp;Edmund Leung | &nbsp;&nbsp;Other Pooled Vehicles |  |  |  |  |
| &nbsp;&nbsp;Edmund Leung | &nbsp;&nbsp;Other Accounts |  |  |  |  |

---

Conflicts of Interest

All employees are required to understand conflicts of interest, how they may arise and what should be done when conflicts are identified.

In the discharge of its fiduciary duties to clients, First Sentier has in place policies and procedures to manage conflicts of interest. In summary conflicts are managed by:

● Controlling/managing – conflicts of interest can be controlled in a variety of ways depending upon the nature of the conflict. First Sentier may implement one or more controls to manage the risk of the conflict of interest; and/or

● Disclosure – disclosing sufficient detail in a timely, prominent and meaningful way before or at the time of the actual or potential conflict; or

● Avoiding – if an actual or potential conflict cannot be satisfactorily managed by disclosure and/or control, or by using other means, then the situation giving rise to the conflict will be avoided.

Actual or apparent conflicts of interest may arise such as when a portfolio manager has primary day-to-day responsibilities with respect to multiple accounts. First Sentier seeks to aggregate and allocate trade orders in a manner that is consistent with its duty to: (1) seek best execution of client orders; (2) treat all clients fairly and equitably over time; and (3) not systematically advantage or disadvantage any single client or group of clients.

First Sentier follows policies and procedures pursuant to which it may combine or aggregate purchase or sale orders for the same security for multiple client accounts (also known as a bunched order) so that the orders can be executed at the same time. First Sentier aggregates orders when First Sentier considers doing so appropriate and in the interests of its clients. First Sentier's client accounts may be included in the aggregated orders.

When orders are aggregated, the orders may be placed with one or more brokers for execution. When a bunched order is filled, First Sentier generally will allocate the securities purchased or proceeds of sale pro rata among the participating client accounts based on the pre-trade allocation. Adjustments or changes may be made under certain circumstances, such as to avoid small allocations or to satisfy cash flows and guidelines. If an order at a particular broker is filled at several different prices, through multiple trades, generally all participating client accounts will receive the average price.

 

 

Although allocating orders among First Sentier clients may create potential conflicts of interest because First Sentier may receive greater fees or overall compensation from some clients than received from other clients, allocation decisions will not be made based on such greater fees or compensation. When an investment opportunity is suitable for two or more clients, allocations will be made in a fair and equitable manner, and will take the following factors, among others, into consideration: the relative size of the client account, available cash for investment, investment objectives and restrictions, liquidity considerations, legal and regulatory restrictions, portfolio risk/return objectives, investment horizons, and client instruction.

In addition, all employees are subject to First Sentier's Global Personal Dealing Policy which contains the following requirements:

● Employees must obtain prior approval before transacting in many security types. This includes listed single-stock securities and private placements.

● Additional restrictions apply for Investment Team Members with funds management responsibilities.\*

● Black-lists of securities are maintained. In all instances approval to transact in a particular 'reportable security' will be denied if it is black-listed.

\* Our Global Personal Dealing Policy prohibits Global Listed Infrastructure investment professionals from investing in their universe. While the Global Listed Infrastructure team are prohibited from investing in their universe, they are permitted to invest in the pooled unit trust.

[to be updated by amendment]

Security Ownership of Portfolio Managers for the JNL/First Sentier Global Infrastructure Fund as of [December 31, 2025]

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Security Ownership of Portfolio Managers** | &nbsp;&nbsp; $1-<br> $10000 | &nbsp;&nbsp; $10001-<br> $50000 | &nbsp;&nbsp; $50001-<br> $100000 | &nbsp;&nbsp; $100001-<br> $500000 | &nbsp;&nbsp; $500001-<br> $1000000 | &nbsp;&nbsp;Over $1,000,000 |
| &nbsp;&nbsp;Peter Meany |  |  |  |  |  |  |
| &nbsp;&nbsp;Andrew Greenup |  |  |  |  |  |  |
| &nbsp;&nbsp;Edmund Leung |  |  |  |  |  |  |

---

**Franklin Advisers, Inc.**

Franklin Advisers, Inc. ("Franklin Advisers") is located at One Franklin Parkway, San Mateo, California 94403, serves as Sub-Adviser to the JNL/Franklin Templeton Income Fund. Franklin Advisers is an indirect wholly owned subsidiary of Franklin Resources, Inc., a publicly owned company engaged in the financial services industry through its subsidiaries. Charles B. Johnson and Gregory E. Johnson are the principal shareholders of Franklin Resources, Inc.

Portfolio Manager Compensation Structure

Franklin Advisers, Inc. seeks to maintain a compensation program that is competitively positioned to attract, retain and motivate top-quality investment professionals. Portfolio managers receive a base salary, a cash incentive bonus opportunity, an equity compensation opportunity, and a benefits package. Portfolio manager compensation is reviewed annually and the level of compensation is based on individual performance, the salary range for a portfolio manager's level of responsibility and Franklin Templeton guidelines. Portfolio managers are provided no financial incentive to favor one fund or account over another. Each portfolio manager's compensation consists of the following three elements:

**Base salary.** Each portfolio manager is paid a base salary.

**Annual bonus.** Annual bonuses are structured to align the interests of the portfolio manager with those of the Fund's shareholders. Each portfolio manager is eligible to receive an annual bonus. Bonuses generally are split between cash (50% to 65%) and restricted shares of Resources stock (17.5% to 25%) and mutual fund shares (17.5% to 25%). The deferred equity-based compensation is intended to build a vested interest of the portfolio manager in the financial performance of both Resources and mutual funds advised by the investment manager. The bonus plan is intended to provide a competitive level of annual bonus compensation that is tied to the portfolio manager achieving consistently strong investment performance, which aligns the financial incentives of the portfolio manager and Fund shareholders. The Chief Investment Officer of the investment manager and/or other officers of the investment manager, with responsibility for the Fund, have discretion in the granting of annual bonuses to portfolio managers in accordance with Franklin Templeton guidelines. The following factors are generally used in determining bonuses under the plan:

 

 

*Investment performance*. Primary consideration is given to the historic investment performance of all accounts managed by the portfolio manager over the 1, 3 and 5 preceding years measured against risk benchmarks developed by the fixed income management team. The pre- tax performance of each fund managed is measured relative to a relevant peer group and/or applicable benchmark as appropriate.

*Non-investment performance*. The more qualitative contributions of the portfolio manager to the investment manager's business and the investment management team, including business knowledge, productivity, customer service, creativity, and contribution to team goals, are evaluated in determining the amount of any bonus award.

*Responsibilities*. The characteristics and complexity of funds managed by the portfolio manager are factored in the investment manager's appraisal.

**Additional long-term equity-based compensation.** Portfolio managers may also be awarded restricted shares or units of Resources stock or restricted shares or units of one or more mutual funds. Awards of such deferred equity-based compensation typically vest over time, so as to create incentives to retain key talent. Portfolio managers also participate in benefit plans and programs available generally to all employees of the investment manager.

Other Accounts Managed by the Portfolio Managers and Potential Conflicts of Interest

The following tables reflect information as of [December 31, 2025]: [to be updated by amendment]

JNL/Franklin Templeton Income Fund

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |  |  |  | &nbsp;&nbsp;**Performance Fee Accounts** | &nbsp;&nbsp;**Performance Fee Accounts** |
| &nbsp;&nbsp;**Portfolio Manager** | &nbsp;&nbsp;**Category of Account** | &nbsp;&nbsp;**# of Accounts** | &nbsp;&nbsp;**AUM** | &nbsp;&nbsp;**# of Accounts** | &nbsp;&nbsp;**AUM** |
| &nbsp;&nbsp;Edward D. Perks, CFA | &nbsp;&nbsp;Other Registered Investment Companies |  |  |  |  |
| &nbsp;&nbsp;Edward D. Perks, CFA | &nbsp;&nbsp;Other Pooled Vehicles |  |  |  |  |
| &nbsp;&nbsp;Edward D. Perks, CFA | &nbsp;&nbsp;Other Accounts |  |  |  |  |
| &nbsp;&nbsp;Brendan Circle, CFA | &nbsp;&nbsp;Other Registered Investment Companies |  |  |  |  |
| &nbsp;&nbsp;Brendan Circle, CFA | &nbsp;&nbsp;Other Pooled Vehicles |  |  |  |  |
| &nbsp;&nbsp;Brendan Circle, CFA | &nbsp;&nbsp;Other Accounts |  |  |  |  |
| &nbsp;&nbsp;Todd Brighton, CFA | &nbsp;&nbsp;Other Registered Investment Companies |  |  |  |  |
| &nbsp;&nbsp;Todd Brighton, CFA | &nbsp;&nbsp;Other Pooled Vehicles |  |  |  |  |
| &nbsp;&nbsp;Todd Brighton, CFA | &nbsp;&nbsp;Other Accounts |  |  |  |  |

---

Conflicts of Interest

The management of multiple funds, including the Fund, and accounts may also give rise to potential conflicts of interest if the funds and other accounts have different objectives, benchmarks, time horizons, and fees as the portfolio manager must allocate his or her time and investment ideas across multiple funds and accounts. The investment manager seeks to manage such competing interests for the time and attention of portfolio managers by having portfolio managers focus on a particular investment discipline. Most other accounts managed by a portfolio manager are managed using the same investment strategies that are used in connection with the management of the Fund. Accordingly, portfolio holdings, position sizes, and industry and sector exposures tend to be similar across similar portfolios, which may minimize the potential for conflicts of interest. As noted above, the separate management of the trade execution and valuation functions from the portfolio management process also helps to reduce potential conflicts of interest.

However, securities selected for funds or accounts other than the Fund may outperform the securities selected for the Fund. Moreover, if a portfolio manager identifies a limited investment opportunity that may be suitable for more than one fund or other account, the Fund may not be able to take full advantage of that opportunity due to an allocation of that opportunity across all eligible funds and other accounts. The investment manager seeks to manage such potential conflicts by using procedures intended to provide a fair allocation of buy and sell opportunities among funds and other accounts.

The structure of a portfolio manager's compensation may give rise to potential conflicts of interest. A portfolio manager's base pay and bonus tend to increase with additional and more complex responsibilities that include increased assets under management. As such, there may be an indirect relationship between a portfolio manager's marketing or sales efforts and his or her bonus.

Finally, the management of personal accounts by a portfolio manager may give rise to potential conflicts of interest. While the funds and the investment manager have adopted a code of ethics which they believe contains provisions designed to prevent a wide range of prohibited activities by portfolio managers and others with respect to their personal trading activities, there can be no assurance that the code of ethics addresses all individual conduct that could result in conflicts of interest.

The investment manager and the Fund have adopted certain compliance procedures that are designed to address these, and other, types of conflicts. However, there is no guarantee that such procedures will detect each and every situation where a conflict arises.

[to be updated by amendment]

Security Ownership of Portfolio Managers for the JNL/Franklin Templeton Income Fund as of [December 31, 2025]

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Security Ownership of Portfolio Managers** | &nbsp;&nbsp; $1-<br> $10000 | &nbsp;&nbsp; $10001-<br> $50000 | &nbsp;&nbsp; $50001-<br> $100000 | &nbsp;&nbsp; $100001-<br> $500000 | &nbsp;&nbsp; $500001-<br> $1000000 | &nbsp;&nbsp;Over $1,000,000 |
| &nbsp;&nbsp;Edward D. Perks, CFA |  |  |  |  |  |  |
| &nbsp;&nbsp;Brendan Circle, CFA |  |  |  |  |  |  |
| &nbsp;&nbsp;Todd Brighton, CFA |  |  |  |  |  |  |

---

**GQG Partners LLC**

GQG Partners LLC ("GQG"), a Delaware limited liability company founded in 2016, is the Sub-Adviser to the JNL/GQG Emerging Markets Equity Fund and the Co-Sub-Adviser to the JNL Multi-Manager Emerging Markets Equity Fund and JNL Multi-Manager Select Equity Fund. GQG is an SEC registered investment adviser. GQG's principal place of business is located at 350 East Las Olas Boulevard, 18th Floor, Fort Lauderdale, Florida 33301. GQG is a subsidiary of GQG Partners Inc., a Delaware corporation that is listed on the Australian Securities Exchange. The majority owner of GQG Partners Inc. is QVFT, LLC, which is controlled by Rajiv Jain, GQG's Chairman and Chief Investment Officer. GQG provides investment management services for institutions, mutual funds and other investors using emerging markets, global, international and US equity investment strategies.

In rendering investment advisory services to the Funds, GQG may use personnel employed by one or more foreign (non-US) affiliates ("Non-US Affiliate") to provide portfolio management, research, and other services to the Funds. The Non-US Affiliates are not registered under the Investment Advisers Act of 1940, as amended. Such services are provided pursuant to a participating affiliate agreement between GQG and the Non-US Affiliate under which the Non-US Affiliate is considered to be a participating affiliate of GQG in accordance with applicable guidance of the staff of the SEC that allows investment advisors registered in the United States to use investment advisory and other resources of advisory affiliates subject to the supervision of the registered adviser. Investment professionals from a Non-US Affiliate may render portfolio management, research and other services to the Funds under the participating affiliate agreement and are subject to supervision by GQG.

Portfolio Manager Compensation Structure

Each GQG portfolio manager receives a fixed salary, retirement benefits, investment management services from GQG, and, in the case of Messrs. Kersmanc, Murthy and S. Jain, variable compensation, which includes a discretionary annual bonus that is based on both a qualitative and quantitative evaluation of the portfolio manager's performance and the GQG's overall performance and profitability. A portion of the discretionary annual bonus is typically paid in cash each year, and the remainder of the bonus is normally allocated to a deferred compensation plan, subject to a vesting schedule and paid out over time (e.g., 3 years). Amounts deferred under the plan earn the rate of return earned by the Institutional Shares class of the proprietary mutual fund advised by GQG, calculated gross of management fees but net of other operating expenses. No portfolio manager's compensation is directly based on the value of assets in a Fund's portfolio. In addition, from time-to-time, employees of GQG, including Messrs. Kersmanc, Murthy and S. Jain, may receive an award of restricted stock units in GQG's parent company, GQG Partners Inc. The grant of any such award is subject to the discretion of the Board of Directors of GQG Partners Inc.

Other Accounts Managed by the Portfolio Manager and Potential Conflicts of Interest

In addition to the Fund, the portfolio manager is responsible for the day-to-day management of certain other accounts, as listed below.

The following table reflects information as of [December 31, 2025]: [to be updated by amendment]

JNL Multi-Manager Emerging Markets Equity Fund, JNL Multi-Manager Select Equity Fund and JNL/GQG Emerging Markets Equity Fund

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | | | | &nbsp;&nbsp;**Performance Fee Accounts** | &nbsp;&nbsp;**Performance Fee Accounts** |
| <br>&nbsp;&nbsp;**Portfolio Manager** | <br>&nbsp;&nbsp;**Category of Account** | <br>&nbsp;&nbsp;**# of Accounts** | <br>&nbsp;&nbsp;**AUM** | &nbsp;&nbsp;**# of Accounts** | &nbsp;&nbsp;**AUM** |
| &nbsp;&nbsp;Rajiv Jain | &nbsp;&nbsp;Other Registered Investment Companies |  |  |  |  |
| &nbsp;&nbsp;Rajiv Jain | &nbsp;&nbsp;Other Pooled Vehicles |  |  |  |  |
| &nbsp;&nbsp;Rajiv Jain | &nbsp;&nbsp;Other Accounts |  |  |  |  |
| &nbsp;&nbsp;Sudarshan Murthy, CFA | &nbsp;&nbsp;Other Registered Investment Companies |  |  |  |  |
| &nbsp;&nbsp;Sudarshan Murthy, CFA | &nbsp;&nbsp;Other Pooled Vehicles |  |  |  |  |
| &nbsp;&nbsp;Sudarshan Murthy, CFA | &nbsp;&nbsp;Other Accounts |  |  |  |  |
| &nbsp;&nbsp;Brian Kersmanc | &nbsp;&nbsp;Other Registered Investment Companies |  |  |  |  |
| &nbsp;&nbsp;Brian Kersmanc | &nbsp;&nbsp;Other Pooled Vehicles |  |  |  |  |
| &nbsp;&nbsp;Brian Kersmanc | &nbsp;&nbsp;Other Accounts |  |  |  |  |
| &nbsp;&nbsp;Siddharth Jain<sup>1</sup> | &nbsp;&nbsp;Other Registered Investment Companies |  |  |  |  |
| &nbsp;&nbsp;Siddharth Jain<sup>1</sup> | &nbsp;&nbsp;Other Pooled Vehicles |  |  |  |  |
| &nbsp;&nbsp;Siddharth Jain<sup>1</sup> | &nbsp;&nbsp;Other Accounts |  |  |  |  |

---

<sup>1</sup> Siddharth Jain does not have decision making authority over any accounts.

Conflicts of Interest

GQG portfolio managers are also responsible for managing other account portfolios in addition to the Funds, including account portfolios in which they and/or other employees of GQG have an ownership interest.

GQG portfolio managers' management of other accounts may give rise to potential conflicts of interest in connection with his management of the Funds' investments on the one hand and the investments of the other accounts, on the other. The side-by-side management of a Fund and other accounts presents a variety of potential conflicts of interests. For example, a portfolio manager may purchase or sell securities for one portfolio and not another. The performance of securities within one portfolio may differ from the performance of securities in another portfolio.

In some cases, another account managed by the portfolio manager may compensate GQG based on performance of the portfolio held by that account. Performance-based fee arrangements may create an incentive for GQG to favor higher fee paying accounts over other accounts, including accounts that are charged no performance-based fees, in the allocation of investment opportunities. GQG has adopted policies and procedures that seek to mitigate such conflicts and to ensure that all clients are treated fairly and equitably.

Another potential conflict could arise in instances in which securities considered as investments for a Fund are also appropriate investments for other investment accounts managed by GQG. When a decision is made to buy or sell a security by a Fund and one or more of the other accounts, GQG may aggregate the purchase or sale of the securities and will allocate the securities transactions in a manner it believes to be equitable under the circumstances. However, a variety of factors can determine whether a particular account may participate in a particular aggregated transaction. Because of such differences, there may be differences in invested positions and securities held in accounts managed according to similar strategies. When aggregating orders, GQG employs procedures designed to ensure accounts will be treated in a fair and equitable manner and no account will be favored over any other. GQG has implemented specific policies and procedures to address any potential conflicts.

GQG may invest in securities of companies issued by broker-dealers (or their affiliates) used by GQG to effect transactions for client accounts, including the Funds. In addition, from time to time, GQG directs trades to broker-dealers that are clients of GQG (or are affiliated with clients of GQG) that provide investment banking or other financial services to GQG and/or its affiliates (or are affiliated with companies that provide such services) and/or that sponsor pooled vehicles to which GQG provides investment advisory services (or are affiliated with such sponsors). These various business relationships with other companies give rise to rise to conflicts of interest and incentives to favor the interests of these companies when GQG provides services to a Fund and its other clients. GQG has adopted policies and procedures that are designed to address such conflicts of interest to help ensure that it acts in a manner that is consistent with its fiduciary obligations to all clients.

Subject to its duty to seek best execution, GQG often selects broker-dealers that furnish GQG with proprietary and/or third-party research and brokerage services (collectively, "Services") that provide, in GQG's view, appropriate assistance in the investment decision-making process. These Services may be bundled with the trade execution, clearing, or settlement services provided by a particular broker-dealer and/or, subject to applicable law, GQG may pay for such Services with client commissions (or "soft dollars"). Services received by GQG may include, for example, proprietary and third-party research reports on markets, companies, industries and securities, access to broker-dealer analysts and issuer representatives, and trading software to route orders to market centers. As a result, the Fund may pay a commission that is higher than the commission another qualified broker-dealer might charge to effect the same transaction. Use of soft dollars may create a conflict of interest in executing trades for client accounts. Services may be used in servicing any or all of GQG's clients, and may benefit certain accounts more than others. GQG receives such Services in a manner consistent with the "safe harbor" requirements of Section 28(e) of the Securities Exchange Act of 1934 and has adopted policies and procedures to mitigate conflicts.

[to be updated by amendment]

Security Ownership of Portfolio Manager for the JNL Multi-Manager Emerging Markets Equity Fund, JNL Multi-Manager Select Equity Fund and JNL/GQG Emerging Markets Equity Fund as of [December 31, 2025]

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Security Ownership of Portfolio Manager** | &nbsp;&nbsp; $1-<br> $10000 | &nbsp;&nbsp; $10001-<br> $50000 | &nbsp;&nbsp; $50001-<br> $100000 | &nbsp;&nbsp; $100001-<br> $500000 | &nbsp;&nbsp; $500001-<br> $1000000 | &nbsp;&nbsp;Over $1,000,000 |
| &nbsp;&nbsp;Rajiv Jain |  |  |  |  |  |  |
| &nbsp;&nbsp;Sudarshan Murthy, CFA |  |  |  |  |  |  |
| &nbsp;&nbsp;Brian Kersmanc |  |  |  |  |  |  |
| &nbsp;&nbsp;Siddharth Jain |  |  |  |  |  |  |

---

**Goldman Sachs Asset Management, L.P.**

Goldman Sachs Asset Management, L.P. ("GSAM<sup>®</sup>"), which is located at 200 West Street, New York, New York, 10282 serves as Sub-Adviser to the JNL/Goldman Sachs 4 Fund. GSAM has been registered as an investment adviser since 1990 and is an affiliate of Goldman Sachs & Co. LLC ("Goldman Sachs").

Portfolio Manager Compensation Structure

Compensation for GSAM portfolio managers is comprised of a base salary and year-end discretionary variable compensation. The base salary is fixed from year to year. Year-end discretionary variable compensation is primarily a function of each portfolio manager's individual performance; his or her contribution to the overall team performance; the performance of GSAM and Goldman Sachs; the team's net revenues for the past year which in part is derived from advisory fees, and for certain accounts, performance-based fees; and anticipated compensation levels among competitor firms. Portfolio managers are rewarded in part for their delivery of investment performance, which is reasonably expected to meet or exceed the expectations of clients and fund shareholders in terms of: excess return over an applicable benchmark, peer group ranking, risk management and factors specific to certain funds such as yield or regional focus. Performance is judged over 1-, 3- and 5-year time horizons.

For compensation purposes, the benchmark for the JNL/Goldman Sachs 4 Fund is the S&P 500. The discretionary variable compensation for portfolio managers is also significantly influenced by various factors, including: (1) effective participation in team research discussions and process; and (2) management of risk in alignment with the targeted risk parameters and investment objective(s) of the fund. Other factors may also be considered, including: (1) general client/shareholder orientation and (2) teamwork and leadership.

As part of their year-end discretionary variable compensation and subject to certain eligibility requirements, portfolio managers may receive deferred equity-based and similar awards, in the form of: (1) shares of The Goldman Sachs Group, Inc. (restricted stock units); and, (2) for certain portfolio managers, performance-tracking (or "phantom") shares of the GSAM mutual funds that they oversee or service. Performance-tracking shares are designed to provide a rate of return (net of fees) equal to that of the fund(s) that a portfolio manager manages, or one or more other eligible funds, as determined by senior management, thereby aligning portfolio manager compensation with fund shareholder interests. The awards are subject to vesting requirements, deferred payment and clawback and forfeiture provisions. GSAM, Goldman Sachs or their affiliates expect, but are not required to, hedge the exposure of the performance-tracking shares of a fund by, among other things, purchasing shares of the relevant fund(s).

<u>Other Compensation</u> – In addition to base salary and year-end discretionary variable compensation, GSAM has a number of additional benefits in place including (1) a 401(k) program that enables employees to direct a percentage of their base salary and bonus income into a tax-qualified retirement plan; and (2) investment opportunity programs in which certain professionals may participate subject to certain eligibility requirements.

Other Accounts Managed by the Portfolio Managers and Potential Conflicts of Interest

The following tables reflect information as of [December 31, 2025]: [to be updated by amendment]

JNL/Goldman Sachs 4 Fund

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |  |  |  | &nbsp;&nbsp;**Performance Fee Accounts** | &nbsp;&nbsp;**Performance Fee Accounts** |
| &nbsp;&nbsp;**Portfolio Manager** | &nbsp;&nbsp;**Category of Account** | &nbsp;&nbsp;**# of Accounts** | &nbsp;&nbsp;**AUM** | &nbsp;&nbsp;**# of Accounts** | &nbsp;&nbsp;**AUM** |
| &nbsp;&nbsp;Marcus Ng, CFA | &nbsp;&nbsp;Other Registered Investment Companies |  |  |  |  |
| &nbsp;&nbsp;Marcus Ng, CFA | &nbsp;&nbsp;Other Pooled Vehicles |  |  |  |  |
| &nbsp;&nbsp;Marcus Ng, CFA | &nbsp;&nbsp;Other Accounts |  |  |  |  |
| &nbsp;&nbsp;Len Ioffe | &nbsp;&nbsp;Other Registered Investment Companies |  |  |  |  |
| &nbsp;&nbsp;Len Ioffe | &nbsp;&nbsp;Other Pooled Vehicles |  |  |  |  |
| &nbsp;&nbsp;Len Ioffe | &nbsp;&nbsp;Other Accounts |  |  |  |  |

---

Conflicts of Interest

GSAM is part of The Goldman Sachs Group, Inc. (together with its affiliates, directors, partners, trustees, managers, members, officers and employees, "Goldman Sachs"), a financial holding company. The involvement of GSAM, Goldman Sachs and their affiliates in the management of, or their interest in, other accounts and other activities of Goldman Sachs will present conflicts of interest with respect to the Fund and will, under certain circumstances, limit the Fund's investment activities. Goldman Sachs is a worldwide, full service investment banking, broker dealer, asset management and financial services organization and a major participant in global financial markets that provides a wide range of financial services to a substantial and diversified client base that includes corporations, financial institutions, governments and individuals. Goldman Sachs acts as a broker-dealer, investment adviser, investment banker, underwriter, research provider, administrator, financier, adviser, market maker, trader, prime broker, derivatives dealer, clearing agent, lender, counterparty, agent, principal, distributor, investor or in other commercial capacities (including portfolio companies) for accounts or companies or affiliated or unaffiliated investment funds (including pooled investment vehicles and private funds). In those and other capacities, Goldman Sachs and its affiliates advise and deal with clients and third parties in all markets and transactions and purchase, sell, hold and recommend a broad array of investments, including securities, derivatives, loans, commodities, currencies, credit default swaps, indices, baskets and other financial instruments and products for their own accounts or for the accounts of their customers and have other direct and indirect interests in the global fixed income, currency, commodity, equities, bank loans and other markets and the securities and issuers in which the Fund may directly and indirectly invest. Thus, it is expected that the Fund will have multiple business relationships with and will invest in, engage in transactions with, make voting decisions with respect to, or obtain services from entities for which Goldman Sachs and its affiliates perform or seek to perform investment banking or other services. As a Sub-Adviser of the Fund, GSAM receives sub-advisory fees from the Adviser. In addition, GSAM's affiliates may earn fees from relationships with the Fund. Although these fees are generally based on asset levels, the fees are not directly contingent on Fund performance, and Goldman Sachs would still receive significant compensation from the Fund even if shareholders lose money. Goldman Sachs and its affiliates engage in proprietary trading and advise accounts and funds which have investment objectives similar to those of the Fund and/or which engage in and compete for transactions in the same types of securities, currencies and instruments as the Fund. Goldman Sachs and its affiliates will not have any obligation to make available any information regarding their proprietary activities or strategies, or the activities or strategies used for other accounts managed by them, for the benefit of the management of the Fund. The results of the Fund's investment activities, therefore, will likely differ from those of Goldman Sachs, its affiliates, and other accounts managed by Goldman Sachs, and it is possible that the Fund could sustain losses during periods in which Goldman Sachs and its affiliates and other accounts achieve significant profits on their trading for proprietary or other accounts. In addition, the Fund may enter into transactions in which Goldman Sachs and its affiliates or their other clients have an adverse interest. For example, the Fund may take a long position in a security at the same time that Goldman Sachs and its affiliates or other accounts managed by GSAM or its affiliates take a short position in the same security (or vice versa). These and other transactions undertaken by Goldman Sachs, its affiliates or Goldman Sachs advised clients may, individually or in the aggregate, adversely impact the Fund. In some cases, such adverse impacts may result from differences in timing of transactions by accounts relative to when the Fund executes transactions in the same securities. Transactions by one or more Goldman Sachs-advised clients or GSAM may have the effect of diluting or otherwise disadvantaging the values, prices or investment strategies of the Fund. The Fund's activities will, under certain circumstances, be limited because of regulatory restrictions applicable to Goldman Sachs and its affiliates, and/or their internal policies designed to comply with such restrictions. As a global financial services firm, Goldman Sachs and its affiliates also provide a wide range of investment banking and financial services to issuers of securities and investors in securities. Goldman Sachs, its affiliates and others associated with it are expected to create markets or specialize in, have positions in and/or effect transactions in, securities of issuers held by the Fund, and will likely also perform or seek to perform investment banking and financial services for one or more of those issuers. Goldman Sachs and its affiliates are expected to have business relationships with and purchase or distribute or sell services or products from or to distributors, consultants or others who recommend the Fund or who engage in transactions with or for the Fund.

[to be updated by amendment]

Security Ownership of Portfolio Managers for the JNL/Goldman Sachs 4 Fund as of [December 31, 2025]

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Security Ownership of Portfolio Managers** | &nbsp;&nbsp; $1-<br> $10000 | &nbsp;&nbsp; $10001-<br> $50000 | &nbsp;&nbsp; $50001-<br> $100000 | &nbsp;&nbsp; $100001-<br> $500000 | &nbsp;&nbsp; $500001-<br> $1000000 | &nbsp;&nbsp;Over $1,000,000 |
| &nbsp;&nbsp;Marcus Ng, CFA |  |  |  |  |  |  |
| &nbsp;&nbsp;Len Ioffe |  |  |  |  |  |  |

---

Due to GSAM internal policies, GSAM portfolio managers are generally prohibited from purchasing shares of sub-advised funds for which they have primary responsibility.

**Granahan Investment Management, LLC**

Granahan Investment Management, LLC ("GIM"), located at 404 Wyman St., Suite 460, Waltham, MA 02451, serves as Co-Sub-Adviser to the JNL Multi-Manager Small Cap Growth Fund.

Portfolio Manager Compensation Structure

Assets with GIM are managed by the portfolio team of Andrew Beja, CFA, David Rose, CFA and Jeffrey A. Harrison, CFA. The portfolio managers' compensation consists of i) a base salary and ii) a performance bonus or fee sharing arrangement, depending on the account. Base salary for portfolio managers varies depending on qualitative and quantitative factors such as salary levels in the industry, experience, length of employment, and the nature and number of other duties for which he has responsibility. The performance bonus is based on the level of assets managed and the relative return of those assets over both 1 year and 3-year time frames versus the benchmark Russell 2000 Growth Index. Additionally, some portfolio managers are compensated through a fee-sharing arrangement for certain accounts under their management. Additionally, portfolio managers who are also equity owners in the firm may receive an annual dividend based on the firm-wide profit.

Other Accounts Managed by the Portfolio Managers and Potential Conflicts of Interest

The following table reflects information as of [December 31, 2025]: [to be updated by amendment]

JNL Multi-Manager Small Cap Growth Fund

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |  |  |  | &nbsp;&nbsp;**Performance Fee Accounts** | &nbsp;&nbsp;**Performance Fee Accounts** |
| &nbsp;&nbsp;**Portfolio Manager** | &nbsp;&nbsp;**Category of Account** | &nbsp;&nbsp;**# of Accounts** | &nbsp;&nbsp;**AUM** | &nbsp;&nbsp;**# of Accounts** | &nbsp;&nbsp;**AUM** |
| &nbsp;&nbsp;Andrew L. Beja, CFA | &nbsp;&nbsp;Other Registered Investment Companies |  |  |  |  |
| &nbsp;&nbsp;Andrew L. Beja, CFA | &nbsp;&nbsp;Other Pooled Vehicles |  |  |  |  |
| &nbsp;&nbsp;Andrew L. Beja, CFA | &nbsp;&nbsp;Other Accounts |  |  |  |  |
| &nbsp;&nbsp;David Rose, CFA | &nbsp;&nbsp;Other Registered Investment Companies |  |  |  |  |
| &nbsp;&nbsp;David Rose, CFA | &nbsp;&nbsp;Other Pooled Vehicles |  |  |  |  |
| &nbsp;&nbsp;David Rose, CFA | &nbsp;&nbsp;Other Accounts |  |  |  |  |
| &nbsp;&nbsp;Jeffrey A. Harrison, CFA | &nbsp;&nbsp;Other Registered Investment Companies |  |  |  |  |
| &nbsp;&nbsp;Jeffrey A. Harrison, CFA | &nbsp;&nbsp;Other Pooled Vehicles |  |  |  |  |
| &nbsp;&nbsp;Jeffrey A. Harrison, CFA | &nbsp;&nbsp;Other Accounts |  |  |  |  |

---

Conflicts of Interest

The portfolio management team responsible for managing the Fund has similar responsibilities to other clients of GIM. The firm has established policies and procedures to address the potential conflicts of interest inherent in managing portfolios for multiple clients. These policies and procedures are designed to prevent and detect favorable treatment of one account over another, and include policies for allocating trades equitably across multiple accounts, monitoring the composition of client portfolios to ensure that each reflects the investment profile of that client, and reviewing the performance of accounts of similar styles. Additionally, each employee of GIM is bound by its Code of Ethics, which establishes policies and procedures designed to ensure that clients' interests are placed before those of an individual or the firm.

[to be updated by amendment]

Security Ownership of Portfolio Managers for the JNL Multi-Manager Small Cap Growth Fund as of [December 31, 2025]

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Security Ownership of Portfolio Managers** | &nbsp;&nbsp; $1-<br> $10000 | &nbsp;&nbsp; $10001-<br> $50000 | &nbsp;&nbsp; $50001-<br> $100000 | &nbsp;&nbsp; $100001-<br> $500000 | &nbsp;&nbsp; $500001-<br> $1000000 | &nbsp;&nbsp;Over $1,000,000 |
| &nbsp;&nbsp;Andrew L. Beja, CFA |  |  |  |  |  |  |
| &nbsp;&nbsp;David Rose, CFA |  |  |  |  |  |  |
| &nbsp;&nbsp;Jeffrey A. Harrison, CFA |  |  |  |  |  |  |

---

**Invesco Advisers, Inc. and its Affiliates**

Invesco Advisers, Inc. ("Invesco"), located at 1331 Spring Street NW, Suite 2500, Atlanta, Georgia 30309, serves as Sub-Adviser to the JNL/Invesco Global Growth Fund and JNL/Invesco Small Cap Growth Fund. Invesco, as successor in interest to multiple investment advisers, is an indirect wholly owned subsidiary of Invesco Ltd., a publicly traded company that, through its subsidiaries, engages in the business of investment management on an international basis.

Portfolio Manager Compensation Structure

Invesco seeks to maintain a compensation program that is competitively positioned to attract and retain high-caliber investment professionals. Portfolio manager compensation is reviewed and may be modified each year as appropriate to reflect changes in the market, as well as to adjust the factors used to determine bonuses to promote competitive Fund performance. Invesco evaluates competitive market compensation by reviewing compensation survey results conducted by an independent third party of investment industry compensation. Each portfolio manager's compensation consists of the following three elements:

● *Base salary*. Each portfolio manager is paid a base salary. In setting the base salary, Invesco's intention is to be competitive in light of the particular portfolio manager's experience and responsibilities.

● *Annual bonus*. The portfolio managers are eligible, along with other employees of Invesco, to participate in a discretionary year-end bonus pool. The Compensation Committee of Invesco Ltd. reviews and approves the firm-wide bonus pool based upon progress against strategic objectives and annual operating plan, including investment performance and financial results. In addition, while having no direct impact on individual bonuses, assets under management are considered when determining the starting bonus funding levels. Each portfolio manager is eligible to receive an annual cash bonus which is based on quantitative (i.e. investment performance) and non-quantitative factors (which may include, but are not limited to, individual performance, risk management and teamwork).

● Each portfolio manager's compensation is linked to the pre-tax investment performance of the funds/accounts managed by the portfolio manager as described in the table below.

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Sub-Adviser** | &nbsp;&nbsp;**Performance time period<sup>1</sup>** |
| &nbsp;&nbsp;Invesco<sup>2</sup> | &nbsp;&nbsp;One-, Three- and Five-year performance against Fund peer group |

---

<sup>1</sup> Rolling time periods based on calendar year end.

<sup>2</sup> Portfolio managers may be granted an annual deferral award that vests on a pro-rata basis over a four-year period.

High investment performance (against applicable peer group and/or benchmarks) would deliver compensation generally associated with top pay in the industry (determined by reference to the third-party provided compensation survey information) and poor investment performance (versus applicable peer group) would result in low bonus compared to the applicable peer group or no bonus at all. These decisions are reviewed and approved collectively by senior leadership which has responsibility for executing the compensation approach across the organization.

● *Deferred/Long Term compensation*. Portfolio managers may be granted a deferred compensation award based on a firm-wide bonus pool approved by the Compensation Committee of Invesco Ltd. Deferred compensation awards may take the form of annual fund deferral awards or long-term equity awards. Annual fund deferral awards are notionally invested in certain Invesco funds selected by the Portfolio Manager and are settled in cash. Long-term equity awards are settled in Invesco Ltd. common shares. Both fund deferral awards and long-term equity awards have a four-year ratable vesting schedule. The vesting period aligns the interests of the Portfolio Managers with the long-term interests of clients and shareholders and encourages retention.

● *Retirement and health and welfare arrangements.* Portfolio managers are eligible to participate in retirement and health and welfare plans and programs that are available generally to all employees.

Other Accounts Managed by the Portfolio Managers and Potential Conflicts of Interest

Invesco's portfolio managers develop investment models which are used in connection with the management of certain Invesco funds as well as other mutual funds for which Invesco or an affiliate act as sub-advisor, other pooled investment vehicles that are not registered mutual funds, and other accounts managed for organizations and individuals. The following chart reflects information regarding accounts other than the Fund for which each portfolio manager has day-to-day management responsibilities. Accounts are grouped into three categories: (i) other registered investment companies, (ii) other pooled investment vehicles, and (iii) other accounts. To the extent that any of these accounts pay advisory fees that are based on account performance ("performance-based fees"), information on those accounts is specifically broken out. In addition, any assets denominated in foreign currencies have been converted into U.S. Dollars using the exchange rates as of the applicable date.

The following tables reflect information as of [December 31, 2025]: [to be updated by amendment]

JNL/Invesco Global Growth Fund

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | | | | &nbsp;&nbsp;**Performance Fee Accounts** | &nbsp;&nbsp;**Performance Fee Accounts** |
| <br>&nbsp;&nbsp;**Portfolio Manager** | <br>&nbsp;&nbsp;**Category of Account** | <br>&nbsp;&nbsp;**# of Accounts** | <br>&nbsp;&nbsp;**AUM** | &nbsp;&nbsp;**# of Accounts** | &nbsp;&nbsp;**AUM** |
| &nbsp;&nbsp;John Delano, CFA | &nbsp;&nbsp;Other Registered Investment Companies |  |  |  |  |
| &nbsp;&nbsp;John Delano, CFA | &nbsp;&nbsp;Other Pooled Vehicles |  |  |  |  |
| &nbsp;&nbsp;John Delano, CFA | &nbsp;&nbsp;Other Accounts<sup>1</sup> |  |  |  |  |

---

JNL/Invesco Small Cap Growth Fund

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |  |  |  | &nbsp;&nbsp;**Performance Fee Accounts** | &nbsp;&nbsp;**Performance Fee Accounts** |
| &nbsp;&nbsp;**Portfolio Manager** | &nbsp;&nbsp;**Category of Account** | &nbsp;&nbsp;**# of Accounts** | &nbsp;&nbsp;**AUM** | &nbsp;&nbsp;**# of Accounts** | &nbsp;&nbsp;**AUM** |
| &nbsp;&nbsp;Juan Hartsfield, CFA | &nbsp;&nbsp;Other Registered Investment Companies |  |  |  |  |
| &nbsp;&nbsp;Juan Hartsfield, CFA | &nbsp;&nbsp;Other Pooled Vehicles |  |  |  |  |
| &nbsp;&nbsp;Juan Hartsfield, CFA | &nbsp;&nbsp;Other Accounts |  |  |  |  |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |  |  |  | &nbsp;&nbsp;**Performance Fee Accounts** | &nbsp;&nbsp;**Performance Fee Accounts** |
| &nbsp;&nbsp;**Portfolio Manager** | &nbsp;&nbsp;**Category of Account** | &nbsp;&nbsp;**# of Accounts** | &nbsp;&nbsp;**AUM** | &nbsp;&nbsp;**# of Accounts** | &nbsp;&nbsp;**AUM** |
| &nbsp;&nbsp;Clay Manley, CFA | &nbsp;&nbsp;Other Registered Investment Companies |  |  |  |  |
| &nbsp;&nbsp;Clay Manley, CFA | &nbsp;&nbsp;Other Pooled Vehicles |  |  |  |  |
| &nbsp;&nbsp;Clay Manley, CFA | &nbsp;&nbsp;Other Accounts |  |  |  |  |
| &nbsp;&nbsp;Justin Sander, CFA | &nbsp;&nbsp;Other Registered Investment Companies |  |  |  |  |
| &nbsp;&nbsp;Justin Sander, CFA | &nbsp;&nbsp;Other Pooled Vehicles |  |  |  |  |
| &nbsp;&nbsp;Justin Sander, CFA | &nbsp;&nbsp;Other Accounts |  |  |  |  |

---

<sup>1</sup> These are accounts of individual investors for which Invesco provides investment advice. Invesco offers separately managed accounts that are managed according to the investment models developed by its portfolio managers and used in connection with the management of certain Invesco Funds. These accounts may be invested in accordance with one or more of those investment models and investments held in those accounts are traded in accordance with the applicable models.

Conflicts of Interest

Actual or apparent conflicts of interest may arise when a portfolio manager has day-to-day management responsibilities with respect to more than one fund or other account. More specifically, portfolio managers who manage multiple funds and/or other accounts may be presented with one or more of the following potential conflicts:

● The management of multiple funds and/or other accounts may result in a portfolio manager devoting unequal time and attention to the management of each fund and/or other account. Invesco seeks to manage such competing interests for the time and attention of portfolio managers by having portfolio managers focus on a particular investment discipline. Most other accounts managed by a portfolio manager are managed using the same investment models that are used in connection with the management of the funds.

● If a portfolio manager identifies a limited investment opportunity which may be suitable for more than one fund or other account, a fund may not be able to take full advantage of that opportunity due to an allocation of filled purchase or sale orders across all eligible funds and other accounts. To deal with these situations, Invesco has adopted procedures for allocating portfolio transactions across multiple accounts.

● Invesco determines which broker to use to execute each order, for securities transactions for the funds, consistent with its duty to seek best execution of the transaction. However, for certain funds and/or accounts (such as mutual funds for which Invesco or an affiliate acts as sub-advisor, other pooled investment vehicles that are not registered mutual funds, and other accounts managed for organizations and individuals), Invesco may be limited by the client with respect to the selection of brokers or may be instructed to direct trades through a particular broker. In these cases, trades for a fund and/or other account in a particular security may be placed separately from, rather than aggregated with, other funds and/or accounts. Having separate transactions with respect to a security may temporarily affect the market price of the security or the execution of the transaction, or both, to the possible detriment of the fund(s) or other account(s) involved.

● The appearance of a conflict of interest may arise where Invesco has an incentive, such as a performance-based management fee, which relates to the management of one fund or account but not all funds and accounts for which a portfolio manager has day-to-day management responsibilities.

● In the case of a fund-of-funds arrangement, including where a portfolio manager manages both the investing fund and an affiliated underlying fund in which the investing fund invests or may invest, a conflict of interest may arise if the portfolio manager of the investing fund receives material nonpublic information about the underlying fund. For example, such a conflict may restrict the ability of the portfolio manager to buy or sell securities of the underlying fund, potentially for a prolonged period of time, which may adversely affect the investing fund.

Invesco has adopted certain compliance procedures which are designed to address these types of conflicts. However, there is no guarantee that such procedures will detect each and every situation in which a conflict arises.

[to be updated by amendment]

Security Ownership of Portfolio Managers for the JNL/Invesco Global Growth Fund as of [December 31, 2025]<sup>1</sup>

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Security Ownership of Portfolio Managers** | &nbsp;&nbsp; $1-<br> $10000 | &nbsp;&nbsp; $10001-<br> $50000 | &nbsp;&nbsp; $50001-<br> $100000 | &nbsp;&nbsp; $100001-<br> $500000 | &nbsp;&nbsp; $500001-<br> $1000000 | &nbsp;&nbsp;Over $1,000,000 |
| &nbsp;&nbsp;John Delano, CFA |  |  |  |  |  |  |

---

Security Ownership of Portfolio Managers for the JNL/Invesco Small Cap Growth Fund as of [December 31, 2025]<sup>1</sup>

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Security Ownership of Portfolio Managers** | &nbsp;&nbsp; $1-<br> $10000 | &nbsp;&nbsp; $10001-<br> $50000 | &nbsp;&nbsp; $50001-<br> $100000 | &nbsp;&nbsp; $100001-<br> $500000 | &nbsp;&nbsp; $500001-<br> $1000000 | &nbsp;&nbsp;Over $1,000,000 |
| &nbsp;&nbsp;Juan Hartsfield, CFA |  |  |  |  |  |  |
| &nbsp;&nbsp;Clay Manley, CFA |  |  |  |  |  |  |
| &nbsp;&nbsp;Justin Sander, CFA |  |  |  |  |  |  |

---

<sup>1</sup> Shares of the Funds may only be purchased by insurance company separate accounts and certain qualified retirement plans. Accordingly, no portfolio manager may invest in Funds directly.

**Jackson National Asset Management, LLC**

Jackson National Asset Management, LLC ("JNAM"), located at 225 West Wacker Drive, Chicago, Illinois 60606, makes the allocations to JNL Multi-Manager Alternative Fund, JNL Multi-Manager Emerging Markets Equity Fund, JNL Multi-Manager Floating Rate Income Fund, JNL Multi-Manager Global Small Cap Fund, JNL Multi-Manager International Equity Fund, JNL Multi-Manager International Small Cap Fund, JNL Multi-Manager Mid Cap Fund, JNL Multi-Manager Small Cap Growth Fund, JNL Multi-Manager Small Cap Value Fund, JNL Multi-Manager Select Equity Fund, JNL Moderate ETF Allocation Fund, JNL Moderate Growth ETF Allocation Fund, JNL Growth ETF Allocation Fund, JNL/American Funds Moderate Allocation Fund, JNL/American Funds Moderate Growth Allocation Fund, JNL/American Funds Growth Allocation Fund, JNL/JPMorgan Managed Conservative Fund, JNL/JPMorgan Managed Moderate Fund, JNL/JPMorgan Managed Moderate Growth Fund, JNL/JPMorgan Managed Growth Fund, JNL/JPMorgan Managed Aggressive Growth Fund, JNL/JPMorgan Global Allocation Fund, JNL/Vanguard Growth ETF Allocation Fund, JNL/Vanguard Moderate ETF Allocation Fund, JNL/Vanguard Moderate Growth ETF Allocation Fund, JNL Conservative Allocation Fund, JNL Moderate Allocation Fund, JNL Moderate Growth Allocation Fund, JNL Growth Allocation Fund, and JNL Aggressive Growth Allocation Fund. 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.

Portfolio Manager Compensation Structure

Assets of JNL Multi-Manager Alternative Fund, JNL Multi-Manager Emerging Markets Equity Fund, JNL Multi-Manager Floating Rate Income Fund, JNL Multi-Manager Global Small Cap Fund, JNL Multi-Manager International Small Cap Fund, JNL Multi-Manager Mid Cap Fund, JNL Multi-Manager Small Cap Growth Fund, JNL Multi-Manager Small Cap Value Fund, JNL Multi-Manager Select Equity Fund, JNL Moderate ETF Allocation Fund, JNL Moderate Growth ETF Allocation Fund, JNL Growth ETF Allocation Fund, JNL/American Funds Moderate Allocation Fund, JNL/American Funds Moderate Growth Allocation Fund, JNL/American Funds Growth Allocation Fund, JNL/JPMorgan Global Allocation Fund, JNL/Vanguard Growth ETF Allocation Fund, JNL/Vanguard Moderate ETF Allocation Fund,JNL/Vanguard Moderate Growth ETF Allocation Fund, JNL Conservative Allocation Fund, JNL Moderate Allocation Fund, JNL Moderate Growth Allocation Fund, JNL Growth Allocation Fund, and JNL Aggressive Growth Allocation Fund ("Funds") are invested in a combination of mutual funds ("Underlying Funds") or ETFs ("Underlying ETFs"). JNAM manages the Funds according to asset allocation limits. In this context, the term "portfolio manager" refers to development and oversight of the asset allocation process. The portfolio managers will determine allocations to the Underlying Funds or Underlying ETFs and apply those allocations. The portfolio managers are paid their regular base salary, receive an incentive bonus opportunity, and receive a benefits package commensurate with all other JNAM employees.

Jackson's policy is to reward professional staff according to competitive industry scales, personal effort and performance. This is accomplished through three primary compensation elements: Base salary and an annual bonus are the primary compensation arrangements. Certain individuals may participate in Jackson's long-term incentive program ("LTIP"). Base salary is evaluated for each professional at least annually based on tenure, performance, and market factors. The Jackson LTIP program is based on the overall performance of the operations of Jackson and other U.S. based affiliates. To help in retaining its investment professionals, the LTIP has a three-year cliff vesting schedule. The mix of base, discretionary bonus, and LTIP varies by level, with more senior employees having a greater percentage of their pay at risk through annual bonus and LTIP.

Other Accounts Managed by the Portfolio Managers and Potential Conflicts of Interest

The following tables reflect information as of [December 31, 2025]: [to be updated by amendment]

JNL Multi-Manager Alternative Fund, JNL Multi-Manager Emerging Markets Equity Fund, JNL Multi-Manager Floating Rate Income Fund, JNL Multi-Manager Global Small Cap Fund, JNL Multi-Manager International Equity Fund, JNL Multi-Manager International Small Cap Fund, JNL Multi-Manager Mid Cap Fund, JNL Multi-Manager Small Cap Growth Fund, JNL Multi-Manager Small Cap Value Fund, JNL Multi-Manager Select Equity Fund, JNL/JPMorgan Global Allocation Fund, JNL Moderate ETF Allocation Fund, JNL Moderate Growth ETF Allocation Fund, JNL Growth ETF Allocation Fund, JNL/American Funds Moderate Allocation Fund, JNL/American Funds Moderate Growth Allocation Fund, JNL/American Funds Growth Allocation Fund, JPMorgan Managed Growth Fund, JNL/JPMorgan Managed Conservative Fund, JNL/JPMorgan Managed Moderate Fund, JNL/JPMorgan Managed Moderate Growth Fund, JNL/JPMorgan Managed Growth Fund, JNL/JPMorgan Managed Aggressive Growth Fund, JNL/Vanguard Growth ETF Allocation Fund, JNL/Vanguard Moderate ETF Allocation Fund, JNL/Vanguard Moderate Growth ETF Allocation Fund, JNL Conservative Allocation Fund, JNL Moderate Allocation Fund, JNL Moderate Growth Allocation Fund, JNL Growth Allocation Fund, and JNL Aggressive Growth Allocation Fund

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |  |  |  | &nbsp;&nbsp;**Performance Fee Accounts** | &nbsp;&nbsp;**Performance Fee Accounts** |
| &nbsp;&nbsp;**Portfolio Manager** | &nbsp;&nbsp;**Category of Account** | &nbsp;&nbsp;**# of Accounts** | &nbsp;&nbsp;**AUM** | &nbsp;&nbsp;**# of Accounts** | &nbsp;&nbsp;**AUM** |
| &nbsp;&nbsp;William Harding, CFA | &nbsp;&nbsp;Other Registered Investment Companies |  |  |  |  |
| &nbsp;&nbsp;William Harding, CFA | &nbsp;&nbsp;Other Pooled Vehicles |  |  |  |  |
| &nbsp;&nbsp;William Harding, CFA | &nbsp;&nbsp;Other Accounts |  |  |  |  |
| &nbsp;&nbsp;Sean Hynes, CFA, CAIA | &nbsp;&nbsp;Other Registered Investment Companies |  |  |  |  |
| &nbsp;&nbsp;Sean Hynes, CFA, CAIA | &nbsp;&nbsp;Other Pooled Vehicles |  |  |  |  |
| &nbsp;&nbsp;Sean Hynes, CFA, CAIA | &nbsp;&nbsp;Other Accounts |  |  |  |  |
| &nbsp;&nbsp;Mark Pliska, CFA | &nbsp;&nbsp;Other Registered Investment Companies |  |  |  |  |
| &nbsp;&nbsp;Mark Pliska, CFA | &nbsp;&nbsp;Other Pooled Vehicles |  |  |  |  |
| &nbsp;&nbsp;Mark Pliska, CFA | &nbsp;&nbsp;Other Accounts |  |  |  |  |
| &nbsp;&nbsp;Kyle Ottwell, CFA, CAIA | &nbsp;&nbsp;Other Registered Investment Companies |  |  |  |  |
| &nbsp;&nbsp;Kyle Ottwell, CFA, CAIA | &nbsp;&nbsp;Other Pooled Vehicles |  |  |  |  |
| &nbsp;&nbsp;Kyle Ottwell, CFA, CAIA | &nbsp;&nbsp;Other Accounts |  |  |  |  |

---

Conflicts of Interest

As discussed herein, the Funds are invested in the Underlying Funds according to a pre-determined allocation in the Underlying Funds. Daily cash flows will require the allocation of Fund assets among the Underlying Funds. Consequently, the portfolio managers may have access to purchase and sale information related to the Underlying Funds, which may create a conflict of interest should the portfolio managers attempt to trade in shares of the Underlying Funds. Shares of the Funds and the Underlying Funds may only be acquired through the Jackson National variable contracts. Pursuant to JNAM's and the Funds' Code of Ethics, purchases and sales of Jackson National and Jackson National NY variable contracts must be reported by all "Access Persons," including the portfolio managers, and consequently, all transactions in the Funds and Underlying Funds are monitored for compliance with the Code of Ethics. In addition, JNAM and the Funds have adopted certain compliance policies and procedures, which are reasonably designed to maintain compliance with federal and state regulatory requirements, and to prevent conflicts of interests. However, there is no guarantee that such policies and policies and procedures will detect every situation in which a conflict arises.

[to be updated by amendment]

Security Ownership of Portfolio Managers for the JNL Multi-Manager Alternative Fund, JNL Multi-Manager Emerging Markets Equity Fund, JNL Multi-Manager Floating Rate Income Fund, JNL Multi-Manager Global Small Cap Fund, JNL Multi-Manager International Equity Fund, JNL Multi-Manager International Small Cap Fund, JNL Multi-Manager Mid Cap Fund, JNL Multi-Manager Small Cap Growth Fund, JNL Multi-Manager Small Cap Value Fund, JNL Multi-Manager Select Equity Fund, JNL/JPMorgan Global Allocation Fund, JNL Moderate ETF Allocation Fund, JNL Moderate Growth ETF Allocation Fund, JNL Growth ETF Allocation Fund, JNL/American Funds Moderate Allocation Fund, JNL/American Funds Moderate Growth Allocation Fund, JNL/American Funds Growth Allocation Fund, JNL/JPMorgan Managed Conservative Fund, JNL/JPMorgan Managed Moderate Fund, JNL/JPMorgan Managed Moderate Growth Fund, JNL/JPMorgan Managed Growth Fund, JNL/JPMorgan Managed Aggressive Growth Fund, JNL/Vanguard Growth ETF Allocation Fund, JNL/Vanguard Moderate ETF Allocation Fund, JNL/Vanguard Moderate Growth ETF Allocation Fund, JNL Conservative Allocation Fund, JNL Moderate Allocation Fund, JNL Moderate Growth Allocation Fund, JNL Growth Allocation Fund, and JNL Aggressive Growth Allocation Fund as of [December 31, 2025]

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Security Ownership of Portfolio Managers** | &nbsp;&nbsp; $1-<br> $10000 | &nbsp;&nbsp; $10001-<br> $50000 | &nbsp;&nbsp; $50001-<br> $100000 | &nbsp;&nbsp; $100001-<br> $500000 | &nbsp;&nbsp; $500001-<br> $1000000 | &nbsp;&nbsp;Over $1,000,000 |
| &nbsp;&nbsp;William Harding, CFA |  |  |  |  |  |  |
| &nbsp;&nbsp;Sean Hynes, CFA, CAIA |  |  |  |  |  |  |
| &nbsp;&nbsp;Mark Pliska, CFA |  |  |  |  |  |  |
| &nbsp;&nbsp;Kyle Ottwell, CFA, CAIA |  |  |  |  |  |  |

---

**J.P. Morgan Investment Management Inc.**

J.P. Morgan Investment Management Inc. ("JP Morgan"), with principal offices at 270 Park Avenue, New York, New York 10017-2014, serves as Sub-Adviser to the JNL/JPMorgan Global Allocation Fund, JNL/JPMorgan Hedged Equity Fund, JNL/JPMorgan MidCap Growth Fund, JNL/JPMorgan Nasdaq<sup>®</sup> Hedged Equity Fund, JNL/JPMorgan U.S. Government & Quality Bond Fund, JNL/JPMorgan U.S. Value Fund, JNL/JPMorgan Managed Conservative Fund, JNL/JPMorgan Managed Moderate Fund, JNL/JPMorgan Managed Moderate Growth Fund, JNL/JPMorgan Managed Growth Fund, JNL/JPMorgan Managed Aggressive Growth Fund, and Co-Sub-Adviser to the JNL/Fidelity Institutional AM<sup>®</sup> & JPMorgan Large Cap Growth Fund. JP Morgan is an indirect subsidiary of JPMorgan Chase & Co., a publicly-traded bank holding company. JP Morgan and its affiliates offer a wide range of services to governmental, institutional, corporate and individual customers and act as investment adviser to individual and institutional customers.

*Portfolio Manager Compensation Structure*

JPMIM's compensation programs are designed to align the behavior of employees with the achievement of its short- and long-term strategic goals, which revolve around client investment objectives. This is accomplished in part, through a balanced performance assessment process and total compensation program, as well as a clearly defined culture that rigorously and consistently promotes adherence to the highest ethical standards.

The compensation framework for JPMIM Portfolio Managers participating in public market investing activities is based on several factors that drive alignment with client objectives, the primary of which is investment performance, alongside of the firm-wide performance dimensions. The framework focuses on Total Compensation – base salary and variable compensation. Variable compensation is in the form of cash incentives, and/or long-term incentives in the form of fund-tracking incentives (referred to as the "Mandatory Investment Plan" or "MIP") and/or equity-based JPMorgan Chase Restricted Stock Units ("RSUs") with defined vesting schedules and corresponding terms and conditions. Long-term incentive awards may comprise up to 60% of overall incentive compensation, depending on an employee's pay level.

The performance dimensions for Portfolio Managers are evaluated annually based on several factors that drive investment outcomes and value—aligned with client objectives—including, but not limited to:

● Investment performance, generally weighted more to the long-term, with specific consideration for Portfolio Managers of investment performance relative to competitive indices or peers over one-, three-, five- and ten-year periods, or, in the case of funds designed to track the performance of a particular index, the Portfolio Managers success in tracking such index; The scale and complexity of their investment responsibilities; Individual contribution relative to the client's risk and return objectives;

● Business results, as informed by investment performance; risk, controls and conduct objectives; client/customer/stakeholder objectives, teamwork and leadership objectives; and

● Adherence with JPMorgan's compliance, risk, regulatory and client fiduciary responsibilities, including, as applicable, adherence to the JPMorgan Asset Management Sustainability Risk Integration Policy, which contains relevant financially material Environmental, Social and Corporate Governance ("ESG") factors that are intended to be assessed in investment decision- making.

In addition to the above performance dimensions, the firm-wide pay-for-per performance framework is integrated into the final assessment of incentive compensation for an individual Portfolio Manager. Feedback from JPMorgan's risk and control professionals is considered in assessing performance and compensation.

Portfolio Managers are subject to a mandatory deferral of long-term incentive compensation under JPMorgan's "MIP". In general, the MIP provides for a rate of return equal to that of the particular fund(s), thereby aligning the Portfolio Manager's pay with that of the client's experience/return.

For Portfolio Managers participating in public market investing activities, 50% of their long-term incentives are subject to a mandatory deferral in the MIP, and the remaining 50% can be granted in the form of RSUs or additional participation in MIP at the election of the Portfolio Manager.

For the portion of long-term incentives subject to mandatory deferral in the MIP (50%), the incentives are allocated to the fund(s) the Portfolio Manager manages, as determined by the employee's respective manager and reviewed by senior management.).

In addition, named Portfolio Managers on a sustainable fund(s) are required to allocate at least 25% of their mandatory deferral in at least one dedicated sustainable fund(s).

To hold individuals responsible for taking risks inconsistent with JPMorgan's risk appetite and to discourage future imprudent behavior, we have policies and procedures that enable us to take prompt and proportionate actions with respect to accountable individuals, including:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Reducing or altogether eliminating annual incentive compensation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Canceling unvested awards (in full or in part);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Clawback/recovery of previously paid compensation (cash and / or equity);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Demotion, negative performance rating or other appropriate employment actions; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Termination of employment.

The precise actions we take with respect to accountable individuals are based on circumstances, including the nature of their involvement, the magnitude of the event and the impact on JPMorgan.

In evaluating each portfolio manager's performance with respect to the accounts he or she manages, JPMorgan uses the following indices as benchmarks to evaluate the performance of the portfolio manager with respect to the accounts: [to be updated by amendment]

---

| | |
|:---|:---|
| &nbsp;&nbsp; **Name of Fund** | &nbsp;&nbsp; **Benchmark** |
| &nbsp;&nbsp; JNL/JPMorgan Global Allocation Fund | &nbsp;&nbsp; 60% Morningstar Global Markets NR /40% Bloomberg Global Agg Ex-CNY Total Return in USD Index |
| &nbsp;&nbsp; JNL/JPMorgan Hedged Equity Fund | &nbsp;&nbsp; S&P 500 Total Return Index |
| &nbsp;&nbsp; JNL/JPMorgan Midcap Growth Fund <br>| &nbsp;&nbsp; Russell Midcap Growth Index |
| &nbsp;&nbsp; JNL/JPMorgan Nasdaq® Hedged Equity Fund | &nbsp;&nbsp; Nasdaq<sup>®</sup> 100 Index |
| &nbsp;&nbsp; JNL/JPMorgan U.S. Government & Quality Bond Fund | &nbsp;&nbsp; Bloomberg US Government Bond Index |
| &nbsp;&nbsp; JNL/JPMorgan U.S. Value Fund | &nbsp;&nbsp; Russell 1000 Value Index |
| &nbsp;&nbsp; JNL/JPMorgan Managed Conservative Fund | &nbsp;&nbsp; 80% Bloomberg U.S. Aggregate Index, 14.30% S&P 500 Index, 5.70% Morningstar Developed Markets ex-North America Target Market Exposure Index (Net) (reflects no deduction for fees, expenses, or taxes) |
| &nbsp;&nbsp; JNL/JPMorgan Managed Moderate Fund | &nbsp;&nbsp; 60% Bloomberg U.S. Aggregate Index, 28% S&P 500 Index, 12% Morningstar Developed Markets ex-North America Target Market Exposure Index (Net) (reflects no deduction for fees, expenses, or taxes) |
| &nbsp;&nbsp; JNL/JPMorgan Managed Moderate Growth Fund | &nbsp;&nbsp; 42% S&P 500 Index, 40% Bloomberg U.S. Aggregate Index, 18% Morningstar Developed Markets ex-North America Target Market Exposure Index (Net) (reflects no deduction for fees, expenses, or taxes) |
| &nbsp;&nbsp; JNL/JPMorgan Managed Growth Fund | &nbsp;&nbsp; 56% S&P 500 Index, 20% Bloomberg U.S. Aggregate Index, 24% Morningstar Developed Markets ex-North America Target Market Exposure Index (Net) (reflects no deduction for fees, expenses, or taxes) |
| &nbsp;&nbsp; JNL/JPMorgan Managed Aggressive Growth Fund | &nbsp;&nbsp; 63% S&P 500 Index, 27% Morningstar Developed Markets ex-North America Target Market Exposure Index (Net), 10% Bloomberg U.S. Aggregate Index (reflects no deduction for fees, expenses, or taxes) |
| &nbsp;&nbsp; JNL/Fidelity Institutional AM<sup>®</sup> & JPMorgan Large Cap Growth Fund |  |

---

Other Accounts Managed by the Portfolio Managers and Potential Conflicts of Interest

The following tables reflect information as of [December 31, 2025]: [to be updated by amendment]

JNL/Fidelity Institutional AM<sup>®</sup> & JPMorgan Large Cap Growth Fund

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |  |  |  | &nbsp;&nbsp; **Performance Fee Accounts** | &nbsp;&nbsp; **Performance Fee Accounts** |
| &nbsp;&nbsp; **Portfolio Manager** | &nbsp;&nbsp; **Category of Account** | &nbsp;&nbsp; **# of Accounts** | &nbsp;&nbsp; **AUM** | &nbsp;&nbsp; **# of Accounts** | &nbsp;&nbsp; **AUM** |
| &nbsp;&nbsp; Giri Devulapally | &nbsp;&nbsp; Other Registered Investment Companies |  |  |  |  |
| &nbsp;&nbsp; Giri Devulapally | &nbsp;&nbsp; Other Pooled Vehicles |  |  |  |  |
| &nbsp;&nbsp; Giri Devulapally | &nbsp;&nbsp; Other Accounts |  |  |  |  |
| &nbsp;&nbsp; Holly Morris | &nbsp;&nbsp; Other Registered Investment Companies |  |  |  |  |
| &nbsp;&nbsp; Holly Morris | &nbsp;&nbsp; Other Pooled Vehicles |  |  |  |  |
| &nbsp;&nbsp; Holly Morris | &nbsp;&nbsp; Other Accounts |  |  |  |  |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |  |  |  | &nbsp;&nbsp; **Performance Fee Accounts** | &nbsp;&nbsp; **Performance Fee Accounts** |
| &nbsp;&nbsp; **Portfolio Manager** | &nbsp;&nbsp; **Category of Account** | &nbsp;&nbsp; **# of Accounts** | &nbsp;&nbsp; **AUM** | &nbsp;&nbsp; **# of Accounts** | &nbsp;&nbsp; **AUM** |
| &nbsp;&nbsp; Larry Lee | &nbsp;&nbsp; Other Registered Investment Companies |  |  |  |  |
| &nbsp;&nbsp; Larry Lee | &nbsp;&nbsp; Other Pooled Vehicles |  |  |  |  |
| &nbsp;&nbsp; Larry Lee | &nbsp;&nbsp; Other Accounts |  |  |  |  |
| &nbsp;&nbsp; Joseph Wilson | &nbsp;&nbsp; Other Registered Investment Companies |  |  |  |  |
| &nbsp;&nbsp; Joseph Wilson | &nbsp;&nbsp; Other Pooled Vehicles |  |  |  |  |
| &nbsp;&nbsp; Joseph Wilson | &nbsp;&nbsp; Other Accounts |  |  |  |  |
| &nbsp;&nbsp; Robert Maloney | &nbsp;&nbsp; Other Registered Investment Companies |  |  |  |  |
| &nbsp;&nbsp; Robert Maloney | &nbsp;&nbsp; Other Pooled Vehicles |  |  |  |  |
| &nbsp;&nbsp; Robert Maloney | &nbsp;&nbsp; Other Accounts |  |  |  |  |

---

JNL/JPMorgan Global Allocation Fund

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |  |  |  | &nbsp;&nbsp;**Performance Fee Accounts** | &nbsp;&nbsp;**Performance Fee Accounts** |
| &nbsp;&nbsp;**Portfolio Manager** | &nbsp;&nbsp;**Category of Account** | &nbsp;&nbsp;**# of Accounts** | &nbsp;&nbsp;**AUM** | &nbsp;&nbsp;**# of Accounts** | &nbsp;&nbsp;**AUM** |
| &nbsp;&nbsp;Jeffrey A. Geller, CFA | &nbsp;&nbsp;Other Registered Investment Companies |  |  |  |  |
| &nbsp;&nbsp;Jeffrey A. Geller, CFA | &nbsp;&nbsp;Other Pooled Vehicles |  |  |  |  |
| &nbsp;&nbsp;Jeffrey A. Geller, CFA | &nbsp;&nbsp;Other Accounts |  |  |  |  |
| &nbsp;&nbsp;Grace Koo | &nbsp;&nbsp;Other Registered Investment Companies |  |  |  |  |
| &nbsp;&nbsp;Grace Koo | &nbsp;&nbsp;Other Pooled Vehicles |  |  |  |  |
| &nbsp;&nbsp;Grace Koo | &nbsp;&nbsp;Other Accounts |  |  |  |  |
| &nbsp;&nbsp;Michael Feser | &nbsp;&nbsp;Other Registered Investment Companies |  |  |  |  |
| &nbsp;&nbsp;Michael Feser | &nbsp;&nbsp;Other Pooled Vehicles |  |  |  |  |
| &nbsp;&nbsp;Michael Feser | &nbsp;&nbsp;Other Accounts |  |  |  |  |
| &nbsp;&nbsp;Phil Camporeale | &nbsp;&nbsp;Other Registered Investment Companies |  |  |  |  |
| &nbsp;&nbsp;Phil Camporeale | &nbsp;&nbsp;Other Pooled Vehicles |  |  |  |  |
| &nbsp;&nbsp;Phil Camporeale | &nbsp;&nbsp;Other Accounts |  |  |  |  |
| &nbsp;&nbsp;Daniel Bloomgarden, CFA | &nbsp;&nbsp;Other Registered Investment Companies |  |  |  |  |
| &nbsp;&nbsp;Daniel Bloomgarden, CFA | &nbsp;&nbsp;Other Pooled Vehicles |  |  |  |  |
| &nbsp;&nbsp;Daniel Bloomgarden, CFA | &nbsp;&nbsp;Other Accounts |  |  |  |  |

---

JNL/JPMorgan Hedged Equity Fund

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |  |  |  | &nbsp;&nbsp;**Performance Fee Accounts** | &nbsp;&nbsp;**Performance Fee Accounts** |
| &nbsp;&nbsp;**Portfolio Manager** | &nbsp;&nbsp;**Category of Account** | &nbsp;&nbsp;**# of Accounts** | &nbsp;&nbsp;**AUM** | &nbsp;&nbsp;**# of Accounts** | &nbsp;&nbsp;**AUM** |
| &nbsp;&nbsp;Hamilton Reiner | &nbsp;&nbsp;Other Registered Investment Companies |  |  |  |  |
| &nbsp;&nbsp;Hamilton Reiner | &nbsp;&nbsp;Other Pooled Vehicles |  |  |  |  |
| &nbsp;&nbsp;Hamilton Reiner | &nbsp;&nbsp;Other Accounts |  |  |  |  |
| &nbsp;&nbsp;Raffaele Zingone | &nbsp;&nbsp;Other Registered Investment Companies |  |  |  |  |
| &nbsp;&nbsp;Raffaele Zingone | &nbsp;&nbsp;Other Pooled Vehicles |  |  |  |  |
| &nbsp;&nbsp;Raffaele Zingone | &nbsp;&nbsp;Other Accounts |  |  |  |  |

---

JNL/JPMorgan MidCap Growth Fund

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |  |  |  | &nbsp;&nbsp;**Performance Fee Accounts** | &nbsp;&nbsp;**Performance Fee Accounts** |
| &nbsp;&nbsp;**Portfolio Manager** | &nbsp;&nbsp;**Category of Account** | &nbsp;&nbsp;**# of Accounts** | &nbsp;&nbsp;**AUM** | &nbsp;&nbsp;**# of Accounts** | &nbsp;&nbsp;**AUM** |
| &nbsp;&nbsp;Felise Agranoff | &nbsp;&nbsp;Other Registered Investment Companies |  |  |  |  |
| &nbsp;&nbsp;Felise Agranoff | &nbsp;&nbsp;Other Pooled Vehicles |  |  |  |  |
| &nbsp;&nbsp;Felise Agranoff | &nbsp;&nbsp;Other Accounts |  |  |  |  |
| &nbsp;&nbsp;Michael Stein | &nbsp;&nbsp;Other Registered Investment Companies |  |  |  |  |
| &nbsp;&nbsp;Michael Stein | &nbsp;&nbsp;Other Pooled Vehicles |  |  |  |  |
| &nbsp;&nbsp;Michael Stein | &nbsp;&nbsp;Other Accounts |  |  |  |  |

---

JNL/JPMorgan Nasdaq<sup>®</sup> Hedged Equity Fund

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |  |  |  | &nbsp;&nbsp;**Performance Fee Accounts** | &nbsp;&nbsp;**Performance Fee Accounts** |
| &nbsp;&nbsp;**Portfolio Manager** | &nbsp;&nbsp;**Category of Account** | &nbsp;&nbsp;**# of Accounts** | &nbsp;&nbsp;**AUM** | &nbsp;&nbsp;**# of Accounts** | &nbsp;&nbsp;**AUM** |
| &nbsp;&nbsp;Hamilton Reiner | &nbsp;&nbsp;Other Registered Investment Companies |  |  |  |  |
| &nbsp;&nbsp;Hamilton Reiner | &nbsp;&nbsp;Other Pooled Vehicles |  |  |  |  |
| &nbsp;&nbsp;Hamilton Reiner | &nbsp;&nbsp;Other Accounts |  |  |  |  |
| &nbsp;&nbsp;Eric Moreau | &nbsp;&nbsp;Other Registered Investment Companies |  |  |  |  |
| &nbsp;&nbsp;Eric Moreau | &nbsp;&nbsp;Other Pooled Vehicles |  |  |  |  |
| &nbsp;&nbsp;Eric Moreau | &nbsp;&nbsp;Other Accounts |  |  |  |  |
| &nbsp;&nbsp;Matthew Bensen | &nbsp;&nbsp;Other Registered Investment Companies |  |  |  |  |
| &nbsp;&nbsp;Matthew Bensen | &nbsp;&nbsp;Other Pooled Vehicles |  |  |  |  |
| &nbsp;&nbsp;Matthew Bensen | &nbsp;&nbsp;Other Accounts |  |  |  |  |
| &nbsp;&nbsp;Judith Jansen | &nbsp;&nbsp;Other Registered Investment Companies |  |  |  |  |
| &nbsp;&nbsp;Judith Jansen | &nbsp;&nbsp;Other Pooled Vehicles |  |  |  |  |
| &nbsp;&nbsp;Judith Jansen | &nbsp;&nbsp;Other Accounts |  |  |  |  |

---

JNL/JPMorgan U.S. Government & Quality Bond Fund

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |  |  |  | &nbsp;&nbsp;**Performance Fee Accounts** | &nbsp;&nbsp;**Performance Fee Accounts** |
| &nbsp;&nbsp;**Portfolio Manager** | &nbsp;&nbsp;**Category of Account** | &nbsp;&nbsp;**# of Accounts** | &nbsp;&nbsp;**AUM** | &nbsp;&nbsp;**# of Accounts** | &nbsp;&nbsp;**AUM** |
| &nbsp;&nbsp;Michael Sais | &nbsp;&nbsp;Other Registered Investment Companies |  |  |  |  |
| &nbsp;&nbsp;Michael Sais | &nbsp;&nbsp;Other Pooled Vehicles |  |  |  |  |
| &nbsp;&nbsp;Michael Sais | &nbsp;&nbsp;Other Accounts |  |  |  |  |
| &nbsp;&nbsp;Robert Manning | &nbsp;&nbsp;Other Registered Investment Companies |  |  |  |  |
| &nbsp;&nbsp;Robert Manning | &nbsp;&nbsp;Other Pooled Vehicles |  |  |  |  |
| &nbsp;&nbsp;Robert Manning | &nbsp;&nbsp;Other Accounts |  |  |  |  |
| &nbsp;&nbsp;Edward Fitzpatrick, III | &nbsp;&nbsp;Other Registered Investment Companies |  |  |  |  |
| &nbsp;&nbsp;Edward Fitzpatrick, III | &nbsp;&nbsp;Other Pooled Vehicles |  |  |  |  |
| &nbsp;&nbsp;Edward Fitzpatrick, III | &nbsp;&nbsp;Other Accounts |  |  |  |  |

---

JNL/JPMorgan U.S. Value Fund

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |  |  |  | &nbsp;&nbsp;**Performance Fee Accounts** | &nbsp;&nbsp;**Performance Fee Accounts** |
| &nbsp;&nbsp;**Portfolio Manager** | &nbsp;&nbsp;**Category of Account** | &nbsp;&nbsp;**# of Accounts** | &nbsp;&nbsp;**AUM** | &nbsp;&nbsp;**# of Accounts** | &nbsp;&nbsp;**AUM** |
| &nbsp;&nbsp;Andrew Brandon | &nbsp;&nbsp;Other Registered Investment Companies |  |  |  |  |
| &nbsp;&nbsp;Andrew Brandon | &nbsp;&nbsp;Other Pooled Vehicles |  |  |  |  |
| &nbsp;&nbsp;Andrew Brandon | &nbsp;&nbsp;Other Accounts |  |  |  |  |
| &nbsp;&nbsp;David Silberman | &nbsp;&nbsp;Other Registered Investment Companies |  |  |  |  |
| &nbsp;&nbsp;David Silberman | &nbsp;&nbsp;Other Pooled Vehicles |  |  |  |  |
| &nbsp;&nbsp;David Silberman | &nbsp;&nbsp;Other Accounts |  |  |  |  |

---

JNL/JPMorgan Managed Conservative Fund, JNL/JPMorgan Managed Moderate Fund, JNL/JPMorgan Managed Moderate Growth Fund, JNL/JPMorgan Managed Growth Fund, and JNL/JPMorgan Managed Aggressive Growth Fund

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |  |  |  | &nbsp;&nbsp;**Performance Fee Accounts** | &nbsp;&nbsp;**Performance Fee Accounts** |
| &nbsp;&nbsp;**Portfolio Manager** | &nbsp;&nbsp;**Category of Account** | &nbsp;&nbsp;**# of Accounts** | &nbsp;&nbsp;**AUM** | &nbsp;&nbsp;**# of Accounts** | &nbsp;&nbsp;**AUM** |
| &nbsp;&nbsp;Gary Herbert, CFA | &nbsp;&nbsp;Other Registered Investment Companies |  |  |  |  |
| &nbsp;&nbsp;Gary Herbert, CFA | &nbsp;&nbsp;Other Pooled Vehicles |  |  |  |  |
| &nbsp;&nbsp;Gary Herbert, CFA | &nbsp;&nbsp;Other Accounts |  |  |  |  |
| &nbsp;&nbsp;Morgan Moriarty, CFA | &nbsp;&nbsp;Other Registered Investment Companies |  |  |  |  |
| &nbsp;&nbsp;Morgan Moriarty, CFA | &nbsp;&nbsp;Other Pooled Vehicles |  |  |  |  |
| &nbsp;&nbsp;Morgan Moriarty, CFA | &nbsp;&nbsp;Other Accounts |  |  |  |  |

---

Conflicts of Interest

The potential for conflicts of interest exists when portfolio managers manage other accounts with similar investment objectives and strategies as the fund ("Similar Accounts"). Potential conflicts may include, for example, conflicts between investment strategies and conflicts in the allocation of investment opportunities.

Responsibility for managing J.P. Morgan Investment Management Inc. (JP Morgan)'s and its affiliates clients' portfolios is organized according to investment strategies within asset classes. Generally, client portfolios with similar strategies are managed by portfolio managers in the same portfolio management group using the same objectives, approach and philosophy. Underlying sectors or strategy allocations within a larger portfolio are likewise managed by portfolio managers who use the same approach and philosophy as similarly managed portfolios. Therefore, portfolio holdings, relative position sizes and industry and sector exposures tend to be similar across similar portfolios and strategies, which minimize the potential for conflicts of interest.

JPMorgan and/or its affiliates ("JPMorgan Chase") perform investment services, including rendering investment advice, to varied clients. JPMorgan, JPMorgan Chase and its or their directors, officers, agents, and/or employees may render similar or differing investment advisory services to clients and may give advice or exercise investment responsibility and take such other action with respect to any of its other clients that differs from the advice given or the timing or nature of action taken with respect to another client or group of clients. It is JPMorgan's policy, to the extent practicable, to allocate, within its reasonable discretion, investment opportunities among clients over a period of time on a fair and equitable basis. One or more of JPMorgan's other client accounts may at any time hold, acquire, increase, decrease, dispose, or otherwise deal with positions in investments in which another client account may have an interest from time-to-time.

**Acting for Multiple Clients**. In general, JPMIM faces conflicts of interest when it renders investment advisory services to several clients and, from time to time, provides dissimilar investment advice to different clients. For example, when funds or accounts managed by JPMIM ("Other Accounts") engage in short sales of the same securities held by a Fund, JPMIM could be seen as harming the performance of a Fund for the benefit of the Other Accounts engaging in short sales, if the short sales cause the market value of the securities to fall. In addition, a conflict could arise when one or more Other Accounts invest in different instruments or classes of securities of the same issuer than those in which a Fund invests. In certain circumstances, Other Accounts have different investment objectives or could pursue or enforce rights with respect to a particular issuer in which a Fund has also invested and these activities could have an adverse effect on the Fund. For example, if a Fund holds debt instruments of an issuer and an Other Account holds equity securities of the same issuer, then if the issuer experiences financial or operational challenges, the Fund (which holds the debt instrument) may seek a liquidation of the issuer, whereas the Other Account (which holds the equity securities) may prefer a reorganization of the issuer. In addition, an issuer in which the Fund invests may use the proceeds of the Fund's investment to refinance or reorganize its capital structure which could result in repayment of debt held by JPMorgan or an Other Account. If the issuer performs poorly following such refinancing or reorganization, the Fund's results will suffer whereas the Other Account's performance will not be affected because the Other Account no longer has an investment in the issuer. Conflicts are magnified with respect to issuers that become insolvent. It is possible that in connection with an insolvency, bankruptcy, reorganization, or similar proceeding, a Fund will be limited (by applicable law, courts or otherwise) in the positions or actions it will be permitted to take due to other interests held or actions or positions taken by JPMorgan or Other Accounts JPMorgan, JPMorgan Chase, and any of its or their directors, partners, officers, agents or employees, may also buy, sell, or trade securities for their own accounts or the proprietary accounts of JPMorgan and/or JPMorgan Chase. JPMorgan and/or JPMorgan Chase, within their discretion, may make different investment decisions and other actions with respect to their own proprietary accounts than those made for client accounts, including the timing or nature of such investment decisions or actions. Further, JPMorgan is not required to purchase or sell for any client account securities that it, JPMorgan Chase, and any of its or their employees, principals, or agents may purchase or sell for their own accounts or the proprietary accounts of JPMorgan, or JPMorgan Chase or its clients. JP Morgan and/or its affiliates may receive more compensation with respect to certain Similar Accounts than that received with respect to the fund or may receive compensation based in part on the performance of certain Similar Accounts. This may create a potential conflict of interest for JP Morgan and its affiliates or its portfolio managers by providing an incentive to favor these Similar Accounts when, for example, placing securities transactions. In addition, JP Morgan or its affiliates could be viewed as having a conflict of interest to the extent that JP Morgan or an affiliate has a proprietary investment in Similar Accounts, the portfolio managers have personal investments in Similar Accounts or the Similar Accounts are investment options in JP Morgan's or its affiliate's employee benefit plans. Potential conflicts of interest may arise with both the aggregation and allocation of securities transactions and allocation of investment opportunities because of market factors or investment restrictions imposed upon JP Morgan and its affiliates by law, regulation, contract or internal policies. Allocations of aggregated trades, particularly trade orders that were only partially completed due to limited availability and allocation of investment opportunities generally, could raise a potential conflict of interest, as JP Morgan or its affiliates may have an incentive to allocate securities that are expected to increase in value to favored accounts. Initial public offerings, in particular, are frequently of very limited availability. JP Morgan and its affiliates may be perceived as causing accounts they manages to participate in an offering to increase JP Morgan's or its affiliates' overall allocation of securities in that offering.

A potential conflict of interest also may be perceived to arise if transactions in one account closely follow related transactions in a different account, such as when a purchase increases the value of securities previously purchased by another account, or when a sale in one account lowers the sale price received in a sale by a second account. If JP Morgan or its affiliates manage accounts that engage in short sales of securities of the type in which the fund invests, JP Morgan or its affiliates could be seen as harming the performance of the fund for the benefit of the accounts engaging in short sales if the short sales cause the market value of the securities to fall.

As an internal policy matter, JP Morgan may from time to time maintain certain overall investment limitations on the securities positions or positions in other financial instruments JP Morgan or its affiliates will take on behalf of its various clients due to, among other things, liquidity concerns and regulatory restrictions. Such policies may preclude a fund from purchasing particular securities or financial instruments, even if such securities or financial instruments would otherwise meet the fund's objectives.

The goal of JP Morgan and its affiliates is to meet their fiduciary obligation with respect to all clients. JP Morgan and its affiliates have policies and procedures that seek to manage conflicts. JP Morgan and its affiliates monitor a variety of areas, including compliance with fund guidelines, review of allocation decisions and compliance with JP Morgan's Codes of Ethics and JPMC's Code of Conduct. With respect to the allocation of investment opportunities, JP Morgan and its affiliates also have certain policies designed to achieve fair and equitable allocation of investment opportunities among its clients over time. For example:

Orders received in the same security and within a reasonable time period from a market event (e.g., a change in a security rating) are continuously aggregated on the appropriate trading desk so that new orders are aggregated with current outstanding orders, consistent with JPMorgan's duty of best execution for its clients. However, there are circumstances when it may be appropriate to execute the second order differently due to other constraints or investment objectives. Such exceptions often depend on the asset class. Examples of these exceptions, particularly in the fixed-income area, are sales to meet redemption deadlines or orders related to less liquid assets.

If aggregated trades are fully executed, accounts participating in the trade will typically be allocated their pro rata share on an average price basis. Partially filled orders generally will be allocated among the participating accounts on a pro-rata average price basis, subject to certain limited exceptions. Use of average price for execution of aggregated trade orders is particularly true in the equity area. However, certain investment strategies, such as the use of derivatives, or asset classes, such as fixed-income that use individual trade executions due to the nature of the strategy or supply of the security, may not be subject to average execution price policy and would receive the actual execution price of the transaction. Additionally, some accounts may be excluded from pro rata allocations. Accounts that would receive a de minimis allocation relative to their size may be excluded from the order. Another exception may occur when thin markets or price volatility require that an aggregated order be completed in multiple executions over several days. Deviations from pro rata allocations are documented by the business. JPMorgan attempts to mitigate any potential unfairness by basing non-pro-rata allocations traded through a single trading desk or system upon an objective predetermined criteria for the selection of investments and a disciplined process for allocating securities with similar duration, credit quality and liquidity in the good faith judgment of JPMorgan so that fair and equitable allocation will occur over time.

Purchases of money market instruments and fixed income securities cannot always be allocated pro-rata across the accounts with the same investment strategy and objective. However, the Adviser and its affiliates attempt to mitigate any potential unfairness by basing non-pro rata allocations traded through a single trading desk or system upon objective predetermined criteria for the selection of investments and a disciplined process for allocating securities with similar duration, credit quality and liquidity in the good faith judgment of the Adviser or its affiliates so that fair and equitable allocation will occur over time.

[to be updated by amendment]

Security Ownership of Portfolio Managers for the JNL/Fidelity Institutional AM<sup>®</sup> & JPMorgan Large Cap Growth Fund as of [December 31, 2025]

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp; **Security Ownership of Portfolio Managers** | &nbsp;&nbsp; $1- <br> $10000  | &nbsp;&nbsp; $10001- <br> $50000  | &nbsp;&nbsp; $50001- <br> $100000  | &nbsp;&nbsp; $100001- <br> $500000  | &nbsp;&nbsp; $500001- <br> $1000000  | &nbsp;&nbsp; Over $1,000,000 |
| &nbsp;&nbsp; Giri Devulapally |  |  |  |  |  |  |
| &nbsp;&nbsp; Holly Morris |  |  |  |  |  |  |
| &nbsp;&nbsp; Larry Lee |  |  |  |  |  |  |
| &nbsp;&nbsp; Joseph Wilson |  |  |  |  |  |  |
| &nbsp;&nbsp; Robert Maloney |  |  |  |  |  |  |

---

Security Ownership of Portfolio Managers for the JNL/JPMorgan Global Allocation Fund as of [December 31, 2025]

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Security Ownership of Portfolio Managers** | &nbsp;&nbsp; $1-<br> $10000 | &nbsp;&nbsp; $10001-<br> $50000 | &nbsp;&nbsp; $50001-<br> $100000 | &nbsp;&nbsp; $100001-<br> $500000 | &nbsp;&nbsp; $500001-<br> $1000000 | &nbsp;&nbsp;Over $1,000,000 |
| &nbsp;&nbsp;Jeffrey A. Geller |  |  |  |  |  |  |
| &nbsp;&nbsp;Grace Koo |  |  |  |  |  |  |
| &nbsp;&nbsp;Michael Feser |  |  |  |  |  |  |
| &nbsp;&nbsp;Phil Camporeale |  |  |  |  |  |  |
| &nbsp;&nbsp;Daniel Bloomgarden, CFA |  |  |  |  |  |  |

---

Security Ownership of Portfolio Managers for the JNL/JPMorgan Hedged Equity Fund as of [December 31, 2025]

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Security Ownership of Portfolio Managers** | &nbsp;&nbsp; $1-<br> $10000 | &nbsp;&nbsp; $10001-<br> $50000 | &nbsp;&nbsp; $50001-<br> $100000 | &nbsp;&nbsp; $100001-<br> $500000 | &nbsp;&nbsp; $500001-<br> $1000000 | &nbsp;&nbsp;Over $1,000,000 |
| &nbsp;&nbsp;Hamilton Reiner |  |  |  |  |  |  |
| &nbsp;&nbsp;Raffaele Zingone |  |  |  |  |  |  |

---

Security Ownership of Portfolio Managers for the JNL/JPMorgan MidCap Growth Fund as of [December 31, 2025]

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Security Ownership of Portfolio Managers** | &nbsp;&nbsp; $1-<br> $10000 | &nbsp;&nbsp; $10001-<br> $50000 | &nbsp;&nbsp; $50001-<br> $100000 | &nbsp;&nbsp; $100001-<br> $500000 | &nbsp;&nbsp; $500001-<br> $1000000 | &nbsp;&nbsp;Over $1,000,000 |
| &nbsp;&nbsp;Felise Agranoff |  |  |  |  |  |  |
| &nbsp;&nbsp;Michael Stein |  |  |  |  |  |  |

---

Security Ownership of Portfolio Managers for the JNL/JPMorgan Nasdaq<sup>®</sup> Hedged Equity Fund as of [December 31, 2025]

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Security Ownership of Portfolio Managers** | &nbsp;&nbsp; $1-<br> $10000 | &nbsp;&nbsp; $10001-<br> $50000 | &nbsp;&nbsp; $50001-<br> $100000 | &nbsp;&nbsp; $100001-<br> $500000 | &nbsp;&nbsp; $500001-<br> $1000000 | &nbsp;&nbsp;Over $1,000,000 |
| &nbsp;&nbsp;Hamilton Reiner |  |  |  |  |  |  |
| &nbsp;&nbsp;Eric Moreau |  |  |  |  |  |  |
| &nbsp;&nbsp;Matthew Bensen |  |  |  |  |  |  |
| &nbsp;&nbsp;Judith Jansen |  |  |  |  |  |  |

---

Security Ownership of Portfolio Managers for the JNL/JPMorgan U.S. Government & Quality Bond Fund as of [December 31, 2025]

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Security Ownership of Portfolio Managers** | &nbsp;&nbsp; $1-<br> $10000 | &nbsp;&nbsp; $10001-<br> $50000 | &nbsp;&nbsp; $50001-<br> $100000 | &nbsp;&nbsp; $100001-<br> $500000 | &nbsp;&nbsp; $500001-<br> $1000000 | &nbsp;&nbsp;Over $1,000,000 |
| &nbsp;&nbsp;Michael Sais |  |  |  |  |  |  |
| &nbsp;&nbsp;Robert Manning |  |  |  |  |  |  |
| &nbsp;&nbsp;Edward Fitzpatrick, III |  |  |  |  |  |  |

---

Security Ownership of Portfolio Managers for the JNL/JPMorgan U.S. Value Fund as of [December 31, 2025]

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Security Ownership of Portfolio Managers** | &nbsp;&nbsp; $1-<br> $10000 | &nbsp;&nbsp; $10001-<br> $50000 | &nbsp;&nbsp; $50001-<br> $100000 | &nbsp;&nbsp; $100001-<br> $500000 | &nbsp;&nbsp; $500001-<br> $1000000 | &nbsp;&nbsp;Over $1,000,000 |
| &nbsp;&nbsp;Andrew Brandon |  |  |  |  |  |  |
| &nbsp;&nbsp;David Silberman |  |  |  |  |  |  |

---

Security Ownership of Portfolio Managers for the JNL/JPMorgan Managed Conservative Fund, JNL/JPMorgan Managed Moderate Fund, JNL/JPMorgan Managed Moderate Growth Fund, JNL/JPMorgan Managed Growth Fund, and JNL/JPMorgan Managed Aggressive Growth Fund as of [December 31, 2025]

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Security Ownership of Portfolio Managers** | &nbsp;&nbsp; $1-<br> $10000 | &nbsp;&nbsp; $10001-<br> $50000 | &nbsp;&nbsp; $50001-<br> $100000 | &nbsp;&nbsp; $100001-<br> $500000 | &nbsp;&nbsp; $500001-<br> $1000000 | &nbsp;&nbsp;Over $1,000,000 |
| &nbsp;&nbsp;Gary Herbert, CFA |  |  |  |  |  |  |
| &nbsp;&nbsp;Morgan Moriarty, CFA |  |  |  |  |  |  |

---

**Kayne Anderson Rudnick Investment Management, LLC**

Kayne Anderson Rudnick Investment Management, LLC ("KAR") is located at 2000 Avenue of the Stars, Ste. 1110, Los Angeles, CA 90067 and serves as Co-Sub-Adviser to the JNL Multi-Manager Alternative Fund, JNL Multi-Manager Emerging Markets Equity Fund, JNL Multi-Manager Mid Cap Fund and JNL Multi-Manager Small Cap Growth Fund. KAR acts as sub-adviser to mutual funds and as investment adviser to institutions and individuals.

Portfolio Manager Compensation Structure

KAR's incentive compensation plan for its portfolio managers is comprised of a base salary, an incentive bonus, and equity grants from KAR's parent company, Virtus Investment Partners, Inc. ("Virtus"). The equity grants are in the form of Virtus Restricted Stock Units with multi-year vesting. KAR's PMs also receive a portion of their compensation in deferred compensation that appreciates or depreciates in value based on the rate of return of one or more mutual funds managed or advised by the PM. For the bonus component, compensation is materially tied to the long-term risk-adjusted performance of the strategies for which the portfolio managers are responsible. Specifically, 75% of the bonus is determined by quantitative factors and 25% of the bonus is determined by qualitative factors. The quantitative factors are calculated with 50% based upon the equal weighted average of 1-year, 3-year, and 5-year alpha and 50% based upon the equal weighted average of 1-year, 3-year, and 5-year annualized returns relative to the respective peer group. The bonus can equal or exceed the base salary and is tied to a bonus pool that is dependent on firm profitability.

KAR's Portfolio Managers are also able to participate in broad-based plans offered generally to KAR's employees by its parent company, Virtus, including 401(k), health and other employee benefit plans.

Other Accounts Managed by the Portfolio Managers and Potential Conflicts of Interest

The following tables reflect information as of [December 31, 2025]: [to be updated by amendment]

JNL Multi-Manager Alternative Fund

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |  |  |  | &nbsp;&nbsp;**Performance Fee Accounts** | &nbsp;&nbsp;**Performance Fee Accounts** |
| &nbsp;&nbsp;**Portfolio Manager** | &nbsp;&nbsp;**Category of Account** | &nbsp;&nbsp;**# of Accounts** | &nbsp;&nbsp;**AUM** | &nbsp;&nbsp;**# of Accounts** | &nbsp;&nbsp;**AUM** |
| &nbsp;&nbsp;Chris Wright, CFA | &nbsp;&nbsp;Other Registered Investment Companies |  |  |  |  |
| &nbsp;&nbsp;Chris Wright, CFA | &nbsp;&nbsp;Other Pooled Vehicles |  |  |  |  |
| &nbsp;&nbsp;Chris Wright, CFA | &nbsp;&nbsp;Other Accounts |  |  |  |  |
| &nbsp;&nbsp;Julie Biel, CFA | &nbsp;&nbsp;Other Registered Investment Companies |  |  |  |  |
| &nbsp;&nbsp;Julie Biel, CFA | &nbsp;&nbsp;Other Pooled Vehicles |  |  |  |  |
| &nbsp;&nbsp;Julie Biel, CFA | &nbsp;&nbsp;Other Accounts |  |  |  |  |

---

JNL Multi-Manager Emerging Markets Equity Fund

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |  |  |  | &nbsp;&nbsp;**Performance Fee Accounts** | &nbsp;&nbsp;**Performance Fee Accounts** |
| &nbsp;&nbsp;**Portfolio Manager** | &nbsp;&nbsp;**Category of Account** | &nbsp;&nbsp;**# of Accounts** | &nbsp;&nbsp;**AUM** | &nbsp;&nbsp;**# of Accounts** | &nbsp;&nbsp;**AUM** |
| &nbsp;&nbsp;Hyung Kim | &nbsp;&nbsp;Other Registered Investment Companies |  |  |  |  |
| &nbsp;&nbsp;Hyung Kim | &nbsp;&nbsp;Other Pooled Vehicles |  |  |  |  |
| &nbsp;&nbsp;Hyung Kim | &nbsp;&nbsp;Other Accounts |  |  |  |  |
| &nbsp;&nbsp;Craig Thrasher, CFA | &nbsp;&nbsp;Other Registered Investment Companies |  |  |  |  |
| &nbsp;&nbsp;Craig Thrasher, CFA | &nbsp;&nbsp;Other Pooled Vehicles |  |  |  |  |
| &nbsp;&nbsp;Craig Thrasher, CFA | &nbsp;&nbsp;Other Accounts |  |  |  |  |

---

JNL Multi-Manager Mid Cap Fund

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |  |  |  | &nbsp;&nbsp;**Performance Fee Accounts** | &nbsp;&nbsp;**Performance Fee Accounts** |
| &nbsp;&nbsp;**Portfolio Manager** | &nbsp;&nbsp;**Category of Account** | &nbsp;&nbsp;**# of Accounts** | &nbsp;&nbsp;**AUM** | &nbsp;&nbsp;**# of Accounts** | &nbsp;&nbsp;**AUM** |
| &nbsp;&nbsp;Chris Armbruster, CFA | &nbsp;&nbsp;Other Registered Investment Companies |  |  |  |  |
| &nbsp;&nbsp;Chris Armbruster, CFA | &nbsp;&nbsp;Other Pooled Vehicles |  |  |  |  |
| &nbsp;&nbsp;Chris Armbruster, CFA | &nbsp;&nbsp;Other Accounts |  |  |  |  |
| &nbsp;&nbsp;Noran Eid | &nbsp;&nbsp;Other Registered Investment Companies |  |  |  |  |
| &nbsp;&nbsp;Noran Eid | &nbsp;&nbsp;Other Pooled Vehicles |  |  |  |  |
| &nbsp;&nbsp;Noran Eid | &nbsp;&nbsp;Other Accounts |  |  |  |  |

---

JNL Multi-Manager Small Cap Growth Fund

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |  |  |  | &nbsp;&nbsp;**Performance Fee Accounts** | &nbsp;&nbsp;**Performance Fee Accounts** |
| &nbsp;&nbsp;**Portfolio Manager** | &nbsp;&nbsp;**Category of Account** | &nbsp;&nbsp;**# of Accounts** | &nbsp;&nbsp;**AUM** | &nbsp;&nbsp;**# of Accounts** | &nbsp;&nbsp;**AUM** |
| &nbsp;&nbsp;Todd Beiley, CFA | &nbsp;&nbsp;Other Registered Investment Companies |  |  |  |  |
| &nbsp;&nbsp;Todd Beiley, CFA | &nbsp;&nbsp;Other Pooled Vehicles |  |  |  |  |
| &nbsp;&nbsp;Todd Beiley, CFA | &nbsp;&nbsp;Other Accounts |  |  |  |  |
| &nbsp;&nbsp;Jon Christensen, CFA | &nbsp;&nbsp;Other Registered Investment Companies |  |  |  |  |
| &nbsp;&nbsp;Jon Christensen, CFA | &nbsp;&nbsp;Other Pooled Vehicles |  |  |  |  |
| &nbsp;&nbsp;Jon Christensen, CFA | &nbsp;&nbsp;Other Accounts |  |  |  |  |
| &nbsp;&nbsp;Julie Biel, CFA | &nbsp;&nbsp;Other Registered Investment Companies |  |  |  |  |
| &nbsp;&nbsp;Julie Biel, CFA | &nbsp;&nbsp;Other Pooled Vehicles |  |  |  |  |
| &nbsp;&nbsp;Julie Biel, CFA | &nbsp;&nbsp;Other Accounts |  |  |  |  |
| &nbsp;&nbsp;Chris Wright, CFA | &nbsp;&nbsp;Other Registered Investment Companies |  |  |  |  |
| &nbsp;&nbsp;Chris Wright, CFA | &nbsp;&nbsp;Other Pooled Vehicles |  |  |  |  |
| &nbsp;&nbsp;Chris Wright, CFA | &nbsp;&nbsp;Other Accounts |  |  |  |  |

---

Conflicts of Interest

There can be certain inherent conflicts of interest that arise in connection with the portfolio managers' management of a Fund's investments and the investments of any other accounts they manage. Such conflicts could include the aggregation of orders for all accounts managed by a particular portfolio manager, the allocation of purchases across all such accounts, the allocation of IPOs, participation or interest in client transactions that can result from personal trading by KAR's employees, performance-based fees and side-by-side management, proxy voting, and any soft dollar arrangements that the relevant Sub-Adviser may have in place that could benefit the Funds and/or such other accounts. KAR has policies and procedures designed to address any such conflicts of interest to ensure that all transactions are executed in the best interest of its clients. Additionally, any conflicts of interest between the investment strategies of a Fund and the investment strategies of other accounts managed by portfolio managers are not expected to be material because portfolio managers generally manage funds and other accounts having similar investment strategies.

[to be updated by amendment]

Security Ownership of Portfolio Managers for the JNL Multi-Manager Alternative Fund as of [December 31, 2025]

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Security Ownership of Portfolio Manager** | &nbsp;&nbsp; $1-<br> $10000 | &nbsp;&nbsp; $10001-<br> $50000 | &nbsp;&nbsp; $50001-<br> $100000 | &nbsp;&nbsp; $100001-<br> $500000 | &nbsp;&nbsp; $500001-<br> $1000000 | &nbsp;&nbsp;Over $1,000,000 |
| &nbsp;&nbsp;Chris Wright, CFA |  |  |  |  |  |  |
| &nbsp;&nbsp;Julie Biel, CFA |  |  |  |  |  |  |

---

Security Ownership of Portfolio Managers for the JNL Multi-Manager Emerging Markets Equity Fund as of [December 31, 2025]

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Security Ownership of Portfolio Managers** | &nbsp;&nbsp; $1-<br> $10000 | &nbsp;&nbsp; $10001-<br> $50000 | &nbsp;&nbsp; $50001-<br> $100000 | &nbsp;&nbsp; $100001-<br> $500000 | &nbsp;&nbsp; $500001-<br> $1000000 | &nbsp;&nbsp;Over $1,000,000 |
| &nbsp;&nbsp;Hyung Kim |  |  |  |  |  |  |
| &nbsp;&nbsp;Craig Thrasher, CFA |  |  |  |  |  |  |

---

Security Ownership of Portfolio Managers for the JNL Multi-Manager Mid Cap Fund as of [December 31, 2025]

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Security Ownership of Portfolio Managers** | &nbsp;&nbsp; $1-<br> $10000 | &nbsp;&nbsp; $10001-<br> $50000 | &nbsp;&nbsp; $50001-<br> $100000 | &nbsp;&nbsp; $100001-<br> $500000 | &nbsp;&nbsp; $500001-<br> $1000000 | &nbsp;&nbsp;Over $1,000,000 |
| &nbsp;&nbsp;Chris Armbruster, CFA |  |  |  |  |  |  |
| &nbsp;&nbsp;Noran Eid |  |  |  |  |  |  |

---

Security Ownership of Portfolio Managers for the JNL Multi-Manager Small Cap Growth Fund as of [December 31, 2025]

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Security Ownership of Portfolio Managers** | &nbsp;&nbsp; $1-<br> $10000 | &nbsp;&nbsp; $10001-<br> $50000 | &nbsp;&nbsp; $50001-<br> $100000 | &nbsp;&nbsp; $100001-<br> $500000 | &nbsp;&nbsp; $500001-<br> $1000000 | &nbsp;&nbsp;Over $1,000,000 |
| &nbsp;&nbsp;Todd Beiley, CFA |  |  |  |  |  |  |
| &nbsp;&nbsp;Jon Christensen, CFA |  |  |  |  |  |  |
| &nbsp;&nbsp;Julie Biel, CFA |  |  |  |  |  |  |
| &nbsp;&nbsp;Chris Wright, CFA |  |  |  |  |  |  |

---

**Lazard Asset Management LLC**

Lazard Asset Management LLC ("Lazard"), 30 Rockefeller Plaza, New York, New York 10112, serves as Sub-Adviser to the JNL/Lazard International Quality Growth Fund and Co-Sub-Adviser to the JNL Multi-Manager Alternative Fund and JNL Multi-Manager International Equity Fund. Lazard is a subsidiary of Lazard Frères & Co. LLC, a New York limited liability company, which provides its clients with a wide variety of investment banking, brokerage and related services. Lazard and its affiliates provide investment management services to client discretionary accounts of both individuals and institutions.

*Team Management and Model Portfolios.* Portfolio managers at Lazard manage multiple accounts for a diverse client base, including private clients, institutions and investment funds. Lazard manages all portfolios on a team basis. The team is involved at all levels of the investment process. This team approach allows for every portfolio manager to benefit from his/her peers, and for clients to receive the firm's best thinking, not that of a single portfolio manager. Lazard manages all like investment mandates against a model portfolio. Specific client objectives, guidelines or limitations then are applied against the model, and any necessary adjustments are made.

Portfolio Manager Compensation Structure

Lazard's portfolio managers are generally responsible for managing multiple types of accounts that may, or may not, have similar investment objectives, strategies, risks and fees to those managed on behalf of the Funds. Portfolio managers responsible for managing the Funds may also manage sub-advised registered investment companies, collective investmenttrusts, unregistered funds and/or other pooled investment vehicles, separate accounts, separately managed account programs (often referred to as "wrap accounts") and model portfolios.

Lazard compensates portfolio managers by a competitive salary and bonus structure, which is determined both quantitatively and qualitatively.

Salary and bonus are paid in cash, stock and restricted interests in funds managed by Lazard or its affiliates. Portfolio managers are compensated on the performance of the aggregate group of portfolios managed by them rather than for a specific fund or account. Various factors are considered in the determination of a portfolio manager's compensation. All of the portfolios managed by a portfolio manager are comprehensively evaluated to determine his or her positive and consistent performance contribution over time. Further factors include the amount of assets in the portfolios as well as qualitative aspects that reinforce Lazard's investment philosophy.

Total compensation is generally not fixed, but rather is based on the following factors: (i) leadership, teamwork and commitment, (ii) maintenance of current knowledge and opinions on companies owned in the portfolio; (iii) generation and development of new investment ideas, including the quality of security analysis and identification of appreciation catalysts; (iv) ability and willingness to develop and share ideas on a team basis; and (v) the performance results of the portfolios managed by the investment team(s) of which the portfolio manager is a member.

Variable bonus is based on the portfolio manager's quantitative performance as measured by his or her ability to make investment decisions that contribute to the pre-tax absolute and relative returns of the accounts managed by the teams of which the portfolio manager is a member, by comparison of each account to a predetermined benchmark (as set forth in the prospectus or other governing document) over the current fiscal year and the longer-term performance of such account, as well as performance of the account relative to peers. In addition, the portfolio manager's bonus can be influenced by subjective measurement of the manager's ability to help others make investment decisions. A portion of a portfolio manager's variable bonus is awarded under a deferred compensation arrangement pursuant to which the portfolio manager may allocate certain amounts awarded among certain accounts in shares that vest in two to three years. Certain portfolio managers' bonus compensation may be tied to a fixed percentage of revenue or assets generated by the accounts managed by such portfolio management team(s).

Other Accounts Managed by the Portfolio Managers and Potential Conflicts of Interest

The following tables reflect information as of [December 31, 2025]: [to be updated by amendment]

JNL Multi-Manager Alternative Fund

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |  |  |  | &nbsp;&nbsp;**Performance Fee Accounts** | &nbsp;&nbsp;**Performance Fee Accounts** |
| &nbsp;&nbsp;**Portfolio Manager** | &nbsp;&nbsp;**Category of Account** | &nbsp;&nbsp;**# of Accounts** | &nbsp;&nbsp;**AUM** | &nbsp;&nbsp;**# of Accounts** | &nbsp;&nbsp;**AUM** |
| &nbsp;&nbsp;Sean H. Reynolds | &nbsp;&nbsp;Other Registered Investment Companies |  |  |  |  |
| &nbsp;&nbsp;Sean H. Reynolds | &nbsp;&nbsp;Other Pooled Vehicles |  |  |  |  |
| &nbsp;&nbsp;Sean H. Reynolds | &nbsp;&nbsp;Other Accounts |  |  |  |  |
| &nbsp;&nbsp;Frank Bianco, CFA | &nbsp;&nbsp;Other Registered Investment Companies |  |  |  |  |
| &nbsp;&nbsp;Frank Bianco, CFA | &nbsp;&nbsp;Other Pooled Vehicles |  |  |  |  |
| &nbsp;&nbsp;Frank Bianco, CFA | &nbsp;&nbsp;Other Accounts |  |  |  |  |

---

JNL Multi-Manager International Equity Fund and JNL/Lazard International Quality Growth Fund

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |  |  |  | &nbsp;&nbsp;**Performance Fee Accounts** | &nbsp;&nbsp;**Performance Fee Accounts** |
| &nbsp;&nbsp;**Portfolio Manager** | &nbsp;&nbsp;**Category of Account** | &nbsp;&nbsp;**# of Accounts** | &nbsp;&nbsp;**AUM** | &nbsp;&nbsp;**# of Accounts** | &nbsp;&nbsp;**AUM** |
| &nbsp;&nbsp;Louis Florentin-Lee | &nbsp;&nbsp;Other Registered Investment Companies |  |  |  |  |
| &nbsp;&nbsp;Louis Florentin-Lee | &nbsp;&nbsp;Other Pooled Vehicles |  |  |  |  |
| &nbsp;&nbsp;Louis Florentin-Lee | &nbsp;&nbsp;Other Accounts |  |  |  |  |
| &nbsp;&nbsp;Barnaby Wilson, CFA | &nbsp;&nbsp;Other Registered Investment Companies |  |  |  |  |
| &nbsp;&nbsp;Barnaby Wilson, CFA | &nbsp;&nbsp;Other Pooled Vehicles |  |  |  |  |
| &nbsp;&nbsp;Barnaby Wilson, CFA | &nbsp;&nbsp;Other Accounts |  |  |  |  |
| &nbsp;&nbsp;Robert Failla, CFA | &nbsp;&nbsp;Other Registered Investment Companies |  |  |  |  |
| &nbsp;&nbsp;Robert Failla, CFA | &nbsp;&nbsp;Other Pooled Vehicles |  |  |  |  |
| &nbsp;&nbsp;Robert Failla, CFA | &nbsp;&nbsp;Other Accounts |  |  |  |  |

---

Conflicts of Interest

Material Conflicts Related to Management of Similar Accounts. Although the potential for conflicts of interest exist when an investment adviser and portfolio managers manage other accounts that invest in securities in which a Fund may invest or that may pursue a strategy similar to a Fund's investment strategies implemented by Lazard (collectively, "Similar Accounts"), Lazard has procedures in place that are designed to ensure that all accounts are treated fairly and that the Funds are not disadvantaged, including procedures regarding trade allocations and "conflicting trades" (e.g., long and short positions in the same or similar securities). In addition, the Funds are subject to different regulations than certain of the Similar Accounts, and, consequently, may not be permitted to engage in all the investment techniques or transactions, or to engage in such techniques or transactions to the same degree, as the Similar Accounts.

Potential conflicts of interest may arise because of Lazard's management of the Funds and Similar Accounts, including the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Similar Accounts may have investment objectives, strategies and risks that differ from those of the Funds. In addition, the Funds are subject to different regulations than certain of the Similar Accounts and, consequently, may not be permitted to invest in the same securities, exercise rights to exchange or convert securities or engage in all the investment techniques or transactions, or to invest, exercise or engage to the same degree, as the Similar Accounts. For these or other reasons, the portfolio managers may purchase different securities for the Funds and the corresponding Similar Accounts, and the performance of securities purchased for the Funds may vary from the performance of securities purchased for Similar Accounts, perhaps materially.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Conflicts of interest may arise with both the aggregation and allocation of securities transactions and allocation of limited investment opportunities. Lazard may be perceived as causing accounts it manages to participate in an offering to increase Lazard's overall allocation of securities in that offering, or to increase Lazard's ability to participate in future offerings by the same underwriter or issuer. Allocations of bunched trades, particularly trade orders that were only partially filled due to limited availability, and allocation of investment opportunities generally, could raise a potential conflict of interest, as Lazard may have an incentive to allocate securities that are expected to increase in value to preferred accounts. Initial public offerings, in particular, are frequently of very limited availability. A potential conflict of interest may be perceived to arise if transactions in one account closely follow related transactions in a different account, such as when a purchase increases the value of securities previously purchased by the other account, or when a sale in one account lowers the sale price received in a sale by a second account.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Portfolio managers may be perceived to have a conflict of interest because of the large number of Similar Accounts, in addition to the Funds, that they are managing on behalf of Lazard. Although Lazard does not track each individual portfolio manager's time dedicated to each account, Lazard periodically reviews each portfolio manager's overall responsibilities to ensure that he or she is able to allocate the necessary time and resources to effectively manage the Funds. As illustrated in the table above, most of the portfolio managers manage a significant number of Similar Accounts in addition to the Funds.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Generally, Lazard and/or its portfolio managers have investments in Similar Accounts. This could be viewed as creating a potential conflict of interest, since certain of the portfolio managers do not invest in the Funds.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. The table above notes the portfolio managers who manage Similar Accounts with respect to which the advisory fee is based on the performance of the account, which could give the portfolio managers and Lazard an incentive to favor such Similar Accounts over the Funds.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. Portfolio managers may place transactions on behalf of Similar Accounts that are directly or indirectly contrary to investment decisions made for a Fund, which could have the potential to adversely impact a Fund, depending on market conditions. In addition, if a Fund's investment in an issuer is at a different level of the issuer's capital structure than an investment in the issuer by Similar Accounts, in the event of credit deterioration of the issuer, there may be a conflict of interest between the Fund's and such Similar Accounts' investments in the issuer. If Lazard sells securities short, including on behalf of a Similar Account, it may be seen as harmful to the performance of a Fund to the extent it invests "long" in the same or similar securities whose market values fall as a result of short-selling activities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. Investment decisions are made independently from those of the Similar Accounts. If, however, such Similar Accounts desire to invest in, or dispose of, the same securities as a Fund, available investments or opportunities for sales will be allocated equitably to each. In some cases, this procedure may adversely affect the size of the position obtained for or disposed of by a Fund or the price paid or received by a Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. Under Lazard's trade allocation procedures applicable to domestic and foreign initial and secondary public offerings and Rule 144A transactions (collectively herein a "Limited Offering"), Lazard will generally allocate Limited Offering shares among client accounts, including the Fund, pro rata based upon the aggregate asset size (excluding leverage) of the account. Lazard may also allocate Limited Offering shares on a random basis, as selected electronically, or other basis. It is often difficult for the Adviser to obtain a sufficient number of Limited Offering shares to provide a full allocation to each account. Lazard's allocation procedures are designed to allocate Limited Offering securities in a fair and equitable manner.

[to be updated by amendment]

Security Ownership of Portfolio Managers for the JNL Multi-Manager Alternative Fund as of [December 31, 2025]

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Security Ownership of Portfolio Managers** | &nbsp;&nbsp; $1-<br> $10000 | &nbsp;&nbsp; $10001-<br> $50000 | &nbsp;&nbsp; $50001-<br> $100000 | &nbsp;&nbsp; $100001-<br> $500000 | &nbsp;&nbsp; $500001-<br> $1000000 | &nbsp;&nbsp;Over $1,000,000 |
| &nbsp;&nbsp;Sean H. Reynolds |  |  |  |  |  |  |
| &nbsp;&nbsp;Frank Bianco, CFA |  |  |  |  |  |  |

---

Security Ownership of Portfolio Managers for the JNL Multi-Manager International Equity Fund and JNL/Lazard International Quality Growth Fund as of [December 31, 2025]

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Security Ownership of Portfolio Managers** | &nbsp;&nbsp; $1-<br> $10000 | &nbsp;&nbsp; $10001-<br> $50000 | &nbsp;&nbsp; $50001-<br> $100000 | &nbsp;&nbsp; $100001-<br> $500000 | &nbsp;&nbsp; $500001-<br> $1000000 | &nbsp;&nbsp;Over $1,000,000 |
| &nbsp;&nbsp;Louis Florentin-Lee |  |  |  |  |  |  |
| &nbsp;&nbsp;Barnaby Wilson, CFA |  |  |  |  |  |  |
| &nbsp;&nbsp;Robert Failla, CFA |  |  |  |  |  |  |

---

**Loomis, Sayles & Company, L.P.**

Loomis, Sayles & Company, L.P. ("Loomis Sayles") is located at One Financial Center, Boston, MA 02111 and serves as Co-Sub-Adviser to the JNL Multi-Manager Alternative Fund and sub-adviser to the JNL/Loomis Sayles Global Growth Fund. Loomis Sayles is a Delaware limited partnership, registered as an investment adviser that provides investment advice to retirement and pension plans, institutional and corporate clients, insurance companies, mutual funds and high net worth individuals. Loomis Sayles is a global asset management firm founded in 1926. Loomis Sayles' sole general partner, Loomis, Sayles & Company, Inc. is directly owned by Natixis Investment Managers, LLC. ("Natixis LLC"). Natixis LLC is a direct subsidiary of Natixis Investment Managers, an international asset management group based in Paris, France, that is in turn owned by Natixis, a French investment banking and financial services firm. Natixis is wholly-owned by Groupe BPCE, France's second largest banking group. Groupe BPCE is owned by banks comprising two autonomous and complementary retail banking networks consisting of the Caisse d'Epargne regional savings banks and the Banque Populaire regional cooperative banks. The registered address of Natixis is 30, avenue Pierre Mendès France, 75013 Paris, France. The registered address of BPCE is 50, avenue Pierre Mendès France, 75013 Paris, France.

Portfolio Manager Compensation Structure

Loomis Sayles believes that Portfolio Manager compensation should be driven primarily by the delivery of consistent and superior long-term performance for its clients. Mr. Hamzaogullari's compensation has four components: a competitive base salary, an annual incentive bonus driven by investment performance, participation in long-term incentive plans (annual and a post-retirement payout), and a revenue sharing bonus if certain revenue thresholds and performance hurdles are met. Maximum variable compensation potential is a multiple of base salary and reflects performance achievements relative to peers with similar disciplines. The performance review considers the asset class, manager experience, and maturity of the product. The incentive compensation is based on trailing strategy performance and is weighted at one third for the three-year period, one third for the five-year period and one third for the ten-year period. He is compensated according to the overall performance of the strategy. He also receives performance based compensation as portfolio manager for a private investment fund. The firm's senior management review the components annually.

In addition, Mr. Hamzaogullari participates in the Loomis Sayles profit sharing plan, in which Loomis Sayles makes a contribution to the retirement plan of each employee based on a percentage of base salary (up to a maximum amount). He may also participate in the Loomis Sayles deferred compensation plan which requires all employees to defer 50% of their annual bonus if in excess of a certain dollar amount, except for those employees who will be age 61 or older on the date the bonus is awarded. These amounts are deferred over a two year period with 50% being paid out one year from the bonus anniversary date and the second 50% being paid out two years from the bonus anniversary date. These deferrals are deposited into an investment account on the employee's behalf, but the employee must be here on the vesting dates in order to receive the deferred bonus.

Other Accounts Managed by the Portfolio Managers and Potential Conflicts of Interest

Mr. Hamzaogullari also receives additional compensation based on revenue and performance hurdles for his strategies, and performance fee based compensation as Portfolio Manager for a private investment fund.

The following table reflects information as of [December 31, 2025]: [to be updated by amendment]

JNL Multi-Manager Alternative Fund and JNL/Loomis Sayles Global Growth Fund

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |  |  |  | &nbsp;&nbsp;**Performance Fee Accounts** | &nbsp;&nbsp;**Performance Fee Accounts** |
| &nbsp;&nbsp;**Portfolio Manager** | &nbsp;&nbsp;**Category of Account** | &nbsp;&nbsp;**# of Accounts** | &nbsp;&nbsp;**AUM** | &nbsp;&nbsp;**# of Accounts** | &nbsp;&nbsp;**AUM** |
| &nbsp;&nbsp;Aziz V. Hamzaogullari, CFA | &nbsp;&nbsp;Other Registered Investment Companies |  |  |  |  |
| &nbsp;&nbsp;Aziz V. Hamzaogullari, CFA | &nbsp;&nbsp;Other Pooled Vehicles |  |  |  |  |
| &nbsp;&nbsp;Aziz V. Hamzaogullari, CFA | &nbsp;&nbsp;Other Accounts |  |  |  |  |

---

Conflicts of Interest

Conflicts of interest may arise in the allocation of investment opportunities and the allocation of aggregated orders among the fund and other accounts managed by the Portfolio Managers. A Portfolio Manager potentially could give favorable treatment to some accounts for a variety of reasons, including favoring larger accounts, accounts that pay higher fees, accounts that pay performance-based fees, accounts of affiliated companies and accounts in which the Portfolio Manager has an interest. In addition, due to differences in the investment strategies or restrictions among the Fund(s) and a Portfolio Manager's other accounts, the Portfolio Manager may take action with respect to another account that differs from the action taken with respect to the Fund(s). Although such favorable treatment could lead to more favorable investment opportunities or allocations for some accounts and may appear to create additional conflicts of interest for the Portfolio Manager in the allocation of management time and resources, Loomis Sayles strives to ensure that Portfolio Managers endeavor to exercise their discretion in a manner that is equitable to all interested persons. Furthermore, Loomis Sayles makes investment decisions for all accounts (including institutional accounts, mutual funds, hedge funds and affiliated accounts) based on each account's investment objective, investment guidelines and restrictions, the availability of other comparable investment opportunities and Loomis Sayles' desire to treat all accounts fairly and equitably over time. Loomis Sayles maintains Trade Allocation and Aggregation Policies and Procedures to mitigate the effects of these potential conflicts as well as other types of conflicts of interest. However, there is no guarantee that such procedures will detect each and every situation where a conflict arises or that Loomis Sayles will treat all accounts identically. Conflicts of interest also may arise to the extent a Portfolio Manager short sells a stock or otherwise takes a short position in one client account but holds that stock long in other accounts, including the Fund(s), or sells a stock for some accounts while buying the stock for others, and through the use of "soft dollar arrangements," which are discussed in Loomis Sayles' Brokerage Allocation Policies and Procedures and Loomis Sayles' Trade Aggregation and Allocation Policies and Procedures.

[to be updated by amendment]

Security Ownership of Portfolio Manager for the JNL Multi-Manager Alternative Fund and JNL/Loomis Sayles Global Growth Fund as of [December 31, 2025]

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Security Ownership of Portfolio Manager** | &nbsp;&nbsp; $1-<br> $10000 | &nbsp;&nbsp; $10001-<br> $50000 | &nbsp;&nbsp; $50001-<br> $100000 | &nbsp;&nbsp; $100001-<br> $500000 | &nbsp;&nbsp; $500001-<br> $1000000 | &nbsp;&nbsp;Over $1,000,000 |
| &nbsp;&nbsp;Aziz V. Hamzaogullari, CFA |  |  |  |  |  |  |

---

**Lord, Abbett & Co. LLC**

Lord, Abbett & Co. LLC ("Lord Abbett") is located at 30 Hudson Street, Jersey City, NJ 07302-4804 and serves as a Sub-Adviser to the JNL/Lord Abbett Short Duration Income Fund. Lord Abbett is a Delaware limited liability company.

Portfolio Manager Compensation Structure

When used in this section, the term "fund" refers to the JNL/Lord Abbett Short Duration Income Fund, as well as any other registered investment companies, pooled investment vehicles, and accounts managed or sub-advised by a Lord Abbett portfolio manager. Each portfolio manager receives compensation from Lord Abbett consisting of a salary, bonus, and profit-sharing plan contributions. The level of base compensation takes into account the portfolio manager's experience, reputation, and competitive market rates, as well as the portfolio manager's leadership and management of the investment team.

Fiscal year-end bonuses, which can be a substantial percentage of overall compensation, are determined after an evaluation of various factors. These factors include the portfolio manager's investment results and style consistency, the dispersion among funds with similar objectives, the risk taken to achieve the returns, and similar factors. In considering the portfolio manager's investment results, Lord Abbett's senior leaders may evaluate a fund's performance against one or more benchmarks from among a fund's primary benchmark and any supplemental benchmarks as disclosed in the prospectuses, indices disclosed as performance benchmarks by the portfolio manager's other accounts, and other indices within one or more of a fund's peer groups (as defined from time to time by third party investment research companies), as well as a fund's peer group. In particular, investment results are evaluated based on an assessment of the portfolio manager's one-, three-, and five-year investment returns on a pre-tax basis versus the benchmark. Finally, there is a component of the bonus that rewards leadership and management of the investment team. The evaluation does not follow a formulaic approach, but rather is reached following a review of these factors. No part of the bonus payment is based on the portfolio manager's assets under management, the revenues generated by those assets, or the profitability of the portfolio manager's team. In addition, Lord Abbett may designate a bonus payment of a manager for participation in the firm's deferred compensation plan. Depending on the employee's level they will receive either an award under the Managing Director Award Plan or the Investment Capital Appreciation Plan. Both of these plans, following a three-year qualification period provide for a deferred payout over a five-year period. The plan's earnings are based on the overall average net asset growth of the firm as a whole or percentile performance of Lord Abbett's funds against benchmarks as a whole. Lord Abbett believes these incentives focus portfolio managers on the impact their fund's performance has on the overall reputation of the firm as a whole and encourages exchanges of investment ideas among investment professionals managing different mandates.

Lord Abbett provides a 401(k) profit-sharing plan for all eligible employees. Contributions to a portfolio manager's profit-sharing account are based on a percentage of the portfolio manager's total base and bonus paid during the fiscal year, subject to a specified maximum amount.

Other Accounts Managed by the Portfolio Managers and Potential Conflicts of Interest

The following table reflects information as of [December 31, 2025]: [to be updated by amendment]

JNL/Lord Abbett Short Duration Income Fund

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |  |  |  | &nbsp;&nbsp;**Performance Fee Accounts** | &nbsp;&nbsp;**Performance Fee Accounts** |
| &nbsp;&nbsp;**Portfolio Manager** | &nbsp;&nbsp;**Category of Account** | &nbsp;&nbsp;**# of Accounts** | &nbsp;&nbsp;**AUM** | &nbsp;&nbsp;**# of Accounts** | &nbsp;&nbsp;**AUM** |
| &nbsp;&nbsp;Andrew H. O'Brien, CFA | &nbsp;&nbsp;Other Registered Investment Companies |  |  |  |  |
| &nbsp;&nbsp;Andrew H. O'Brien, CFA | &nbsp;&nbsp;Other Pooled Vehicles |  |  |  |  |
| &nbsp;&nbsp;Andrew H. O'Brien, CFA | &nbsp;&nbsp;Other Accounts |  |  |  |  |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |  |  |  | &nbsp;&nbsp;**Performance Fee Accounts** | &nbsp;&nbsp;**Performance Fee Accounts** |
| &nbsp;&nbsp;**Portfolio Manager** | &nbsp;&nbsp;**Category of Account** | &nbsp;&nbsp;**# of Accounts** | &nbsp;&nbsp;**AUM** | &nbsp;&nbsp;**# of Accounts** | &nbsp;&nbsp;**AUM** |
| &nbsp;&nbsp;Robert A. Lee | &nbsp;&nbsp;Other Registered Investment Companies |  |  |  |  |
| &nbsp;&nbsp;Robert A. Lee | &nbsp;&nbsp;Other Pooled Vehicles |  |  |  |  |
| &nbsp;&nbsp;Robert A. Lee | &nbsp;&nbsp;Other Accounts |  |  |  |  |
| &nbsp;&nbsp;Steven F. Rocco, CFA | &nbsp;&nbsp;Other Registered Investment Companies |  |  |  |  |
| &nbsp;&nbsp;Steven F. Rocco, CFA | &nbsp;&nbsp;Other Pooled Vehicles |  |  |  |  |
| &nbsp;&nbsp;Steven F. Rocco, CFA | &nbsp;&nbsp;Other Accounts |  |  |  |  |
| &nbsp;&nbsp;Adam C. Castle, CFA | &nbsp;&nbsp;Other Registered Investment Companies |  |  |  |  |
| &nbsp;&nbsp;Adam C. Castle, CFA | &nbsp;&nbsp;Other Pooled Vehicles |  |  |  |  |
| &nbsp;&nbsp;Adam C. Castle, CFA | &nbsp;&nbsp;Other Accounts |  |  |  |  |
| &nbsp;&nbsp;Harris A. Trifon | &nbsp;&nbsp;Other Registered Investment Companies |  |  |  |  |
| &nbsp;&nbsp;Harris A. Trifon | &nbsp;&nbsp;Other Pooled Vehicles |  |  |  |  |
| &nbsp;&nbsp;Harris A. Trifon | &nbsp;&nbsp;Other Accounts |  |  |  |  |
| &nbsp;&nbsp;Yoana N. Koleva, CFA | &nbsp;&nbsp;Other Registered Investment Companies |  |  |  |  |
| &nbsp;&nbsp;Yoana N. Koleva, CFA | &nbsp;&nbsp;Other Pooled Vehicles |  |  |  |  |
| &nbsp;&nbsp;Yoana N. Koleva, CFA | &nbsp;&nbsp;Other Accounts |  |  |  |  |
| &nbsp;&nbsp;Gregory Benz, CFA | &nbsp;&nbsp;Other Registered Investment Companies |  |  |  |  |
| &nbsp;&nbsp;Gregory Benz, CFA | &nbsp;&nbsp;Other Pooled Vehicles |  |  |  |  |
| &nbsp;&nbsp;Gregory Benz, CFA | &nbsp;&nbsp;Other Accounts |  |  |  |  |
| &nbsp;&nbsp;Ty J. Kern | &nbsp;&nbsp;Other Registered Investment Companies |  |  |  |  |
| &nbsp;&nbsp;Ty J. Kern | &nbsp;&nbsp;Other Pooled Vehicles |  |  |  |  |
| &nbsp;&nbsp;Ty J. Kern | &nbsp;&nbsp;Other Accounts |  |  |  |  |

---

Conflicts of Interest

Conflicts of interest may arise in connection with Lord Abbett portfolio managers' management of the investments of the JNL/Lord Abbett Short Duration Income Fund and the investments of the other accounts included in the table above. Such conflicts may arise with respect to the allocation of investment opportunities among the Fund and other accounts with similar investment objectives and policies. A portfolio manager potentially could use information concerning the Fund's transactions to the advantage of other accounts and to the detriment of that Fund. To address these potential conflicts of interest, Lord Abbett has adopted and implemented a number of policies and procedures relating to brokerage commissions, soft dollars, and investment allocation. Lord Abbett has adopted Policies and Procedures Relating to Client Brokerage and Soft Dollars, as well as Evaluation of Proprietary Research Policy and Procedures. The objective of these policies and procedures is to ensure the fair and equitable treatment of transactions and allocation of investment opportunities on behalf of all accounts managed by Lord Abbett. In addition, Lord Abbett's Personal Trading Policy sets forth general principles for the conduct of employee personal securities transactions in a manner that avoids any actual or potential conflicts of interest with the interests of Lord Abbett's clients, including the Fund. Moreover, Lord Abbett's Insider Trading Policy sets forth procedures for personnel to follow when they have or believe they may have material non-public information. Lord Abbett is not affiliated with a full service broker-dealer and, therefore, does not execute any portfolio transactions through such an entity, a structure that could give rise to additional conflicts. Lord Abbett does not conduct any investment banking functions and does not manage any hedge funds. Lord Abbett does not believe that any material conflicts of interest exist in connection with the portfolio managers' management of the investments of the Fund and the investments of the other accounts in the table referenced above.

[to be updated by amendment]

Security Ownership of Portfolio Managers for the JNL/Lord Abbett Short Duration Income Fund as of [December 31, 2025]

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Security Ownership of Portfolio Managers** | &nbsp;&nbsp; $1-<br> $10000 | &nbsp;&nbsp; $10001-<br> $50000 | &nbsp;&nbsp; $50001-<br> $100000 | &nbsp;&nbsp; $100001-<br> $500000 | &nbsp;&nbsp; $500001-<br> $1000000 | &nbsp;&nbsp;Over $1,000,000 |
| &nbsp;&nbsp;Andrew H. O'Brien, CFA |  |  |  |  |  |  |
| &nbsp;&nbsp;Robert A. Lee |  |  |  |  |  |  |
| &nbsp;&nbsp;Steven F. Rocco, CFA |  |  |  |  |  |  |
| &nbsp;&nbsp;Adam C. Castle, CFA |  |  |  |  |  |  |
| &nbsp;&nbsp;Harris A. Trifon |  |  |  |  |  |  |
| &nbsp;&nbsp;Yoana N. Koleva, CFA |  |  |  |  |  |  |
| &nbsp;&nbsp;Gregory Benz, CFA |  |  |  |  |  |  |
| &nbsp;&nbsp;Ty J. Kern |  |  |  |  |  |  |

---

**Massachusetts Financial Services Company (dba MFS Investment Management)**

Massachusetts Financial Services Company (dba MFS Investment Management) ("MFS"), located at 111 Huntington Avenue, Boston, MA 02199, is the Sub-Adviser to the JNL/MFS Equity Income Fund and JNL/MFS Mid Cap Value Fund. MFS and its predecessor organizations have a history of money management dating from 1924. MFS is a subsidiary of Sun Life of Canada (U.S.) Financial Services Holdings, Inc., which in turn is an indirect majority-owned subsidiary of Sun Life Financial Inc. (a diversified financial services company).

Portfolio Manager Compensation Structure

MFS' philosophy is to align portfolio manager compensation with the goal to provide shareholders with long-term value through a collaborative investment process. Therefore, MFS uses long-term investment performance as well as contribution to the overall investment process and collaborative culture as key factors in determining portfolio manager compensation. In addition, MFS seeks to maintain total compensation programs that are competitive in the asset management industry in each geographic market where it has employees. MFS uses competitive compensation data to ensure that compensation practices are aligned with its goals of attracting, retaining, and motivating the highest-quality professionals.

MFS reviews portfolio manager compensation annually. In determining portfolio manager compensation, MFS uses quantitative means and qualitative means to help ensure a durable investment process. As of [December 31, 2025], portfolio manager total cash compensation is a combination of base salary and performance bonus:

*Base Salary* – Base salary generally represents a smaller percentage of portfolio manager total cash compensation than performance bonus.

*Performance Bonus* – Generally, the performance bonus represents more than a majority of portfolio manager total cash compensation.

The performance bonus is based on a combination of quantitative and qualitative factors, generally with more weight given to the former and less weight given to the latter.

The quantitative portion is primarily based on the pre-tax performance of accounts managed by the portfolio manager over a range of fixed-length time periods, intended to provide the ability to assess performance over time periods consistent with a full market cycle and a strategy's investment horizon. The fixed-length time periods include the portfolio manager's full tenure on each fund/strategy and, when available, 10-, 5-, and 3-year periods. For portfolio managers who have served for less than three years, shorter-term periods, including the one-year period, will also be considered, as will performance in previous roles, if any, held at the firm. Emphasis is generally placed on longer performance periods when multiple performance periods are available. Performance is evaluated across the full set of strategies and portfolios managed by a given portfolio manager, relative to appropriate peer group universes and/or representative indices ("benchmarks"). As of [December 31, 2025], the following benchmarks were used to measure the following portfolio managers' performance for the following Funds: [to be updated by amendment]

---

| | |
|:---|:---|
| &nbsp;&nbsp; **Fund/Portfolio Managers** | &nbsp;&nbsp; **Benchmark(s)** |
| &nbsp;&nbsp; JNL/MFS Equity Income Fund |  |
| &nbsp;&nbsp; Jonathan Sage |  |
| &nbsp;&nbsp; Jim Fallon |  |
| &nbsp;&nbsp; Matt Krummell |  |
| &nbsp;&nbsp; Jed Stocks |  |
| &nbsp;&nbsp; JNL/MFS Mid Cap Value Fund |  |
| &nbsp;&nbsp; Kevin Schmitz | &nbsp;&nbsp; Morningstar US Mid Cap Broad Value Index (gross div) |
| &nbsp;&nbsp; Brooks Taylor | &nbsp;&nbsp; Morningstar US Mid Cap Broad Value Index (gross div) |
| &nbsp;&nbsp; Richard Offen | &nbsp;&nbsp; Morningstar US Mid Cap Broad Value Index (gross div) |

---

Benchmarks may include versions and components of indices, custom indices, and linked indices that combine performance of different indices for different portions of the time period, where appropriate.

The qualitative portion is based on the results of an annual internal peer review process (where portfolio managers are evaluated by other portfolio managers, analysts, and traders) and management's assessment of overall portfolio manager contributions to the MFS investment process and the client experience (distinct from fund and other account performance).

The performance bonus may be in the form of cash and/or a deferred cash award, at the discretion of management. A deferred cash award is issued for a cash value and becomes payable over a three-year vesting period if the portfolio manager remains in the continuous employ of MFS or its affiliates. During the vesting period, the value of the unfunded deferred cash award will fluctuate as though the portfolio manager had invested the cash value of the award in an MFS fund(s) selected by the portfolio manager. A selected fund may, but is not required to, be a fund that is managed by the portfolio manager.

*MFS Equity Plan –* Portfolio managers also typically benefit from the opportunity to participate in the MFS Equity Plan. Equity interests are awarded by management, on a discretionary basis, taking into account tenure at MFS, contribution to the investment process, and other factors.

Finally, portfolio managers also participate in benefit plans (including a defined contribution plan and health and other insurance plans) and programs available generally to other employees of MFS. The percentage such benefits represent of any portfolio manager's compensation depends upon the length of the individual's tenure at MFS and salary level, as well as other factors.

Other Accounts Managed by the Portfolio Managers and Potential Conflicts of Interest

The following table reflects information as of [December 31, 2025]: [to be updated by amendment]

JNL/MFS Equity Income Fund

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |  |  |  | &nbsp;&nbsp; **Performance Fee Accounts** | &nbsp;&nbsp; **Performance Fee Accounts** |
| &nbsp;&nbsp; **Portfolio Manager** | &nbsp;&nbsp; **Category of Account** | &nbsp;&nbsp; **# of Accounts** | &nbsp;&nbsp; **AUM** | &nbsp;&nbsp; **# of Accounts** | &nbsp;&nbsp; **AUM** |
| &nbsp;&nbsp; Jonathan Sage | &nbsp;&nbsp; Other Registered Investment Companies |  |  |  |  |
| &nbsp;&nbsp; Jonathan Sage | &nbsp;&nbsp; Other Pooled Vehicles |  |  |  |  |
| &nbsp;&nbsp; Jonathan Sage | &nbsp;&nbsp; Other Accounts |  |  |  |  |
| &nbsp;&nbsp; Jim Fallon | &nbsp;&nbsp; Other Registered Investment Companies |  |  |  |  |
| &nbsp;&nbsp; Jim Fallon | &nbsp;&nbsp; Other Pooled Vehicles |  |  |  |  |
| &nbsp;&nbsp; Jim Fallon | &nbsp;&nbsp; Other Accounts |  |  |  |  |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |  |  |  | &nbsp;&nbsp; **Performance Fee Accounts** | &nbsp;&nbsp; **Performance Fee Accounts** |
| &nbsp;&nbsp; **Portfolio Manager** | &nbsp;&nbsp; **Category of Account** | &nbsp;&nbsp; **# of Accounts** | &nbsp;&nbsp; **AUM** | &nbsp;&nbsp; **# of Accounts** | &nbsp;&nbsp; **AUM** |
| &nbsp;&nbsp; Matt Krummell | &nbsp;&nbsp; Other Registered Investment Companies |  |  |  |  |
| &nbsp;&nbsp; Matt Krummell | &nbsp;&nbsp; Other Pooled Vehicles |  |  |  |  |
| &nbsp;&nbsp; Matt Krummell | &nbsp;&nbsp; Other Accounts |  |  |  |  |
| &nbsp;&nbsp; Jed Stocks | &nbsp;&nbsp; Other Registered Investment Companies |  |  |  |  |
| &nbsp;&nbsp; Jed Stocks | &nbsp;&nbsp; Other Pooled Vehicles |  |  |  |  |
| &nbsp;&nbsp; Jed Stocks | &nbsp;&nbsp; Other Accounts |  |  |  |  |

---

JNL/MFS Mid Cap Value Fund

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |  |  |  | &nbsp;&nbsp;**Performance Fee Accounts** | &nbsp;&nbsp;**Performance Fee Accounts** |
| &nbsp;&nbsp;**Portfolio Manager** | &nbsp;&nbsp;**Category of Account** | &nbsp;&nbsp;**# of Accounts** | &nbsp;&nbsp;**AUM** | &nbsp;&nbsp;**# of Accounts** | &nbsp;&nbsp;**AUM** |
| &nbsp;&nbsp;Kevin Schmitz | &nbsp;&nbsp;Other Registered Investment Companies |  |  |  |  |
| &nbsp;&nbsp;Kevin Schmitz | &nbsp;&nbsp;Other Pooled Vehicles |  |  |  |  |
| &nbsp;&nbsp;Kevin Schmitz | &nbsp;&nbsp;Other Accounts |  |  |  |  |
| &nbsp;&nbsp;Brooks Taylor | &nbsp;&nbsp;Other Registered Investment Companies |  |  |  |  |
| &nbsp;&nbsp;Brooks Taylor | &nbsp;&nbsp;Other Pooled Vehicles |  |  |  |  |
| &nbsp;&nbsp;Brooks Taylor | &nbsp;&nbsp;Other Accounts |  |  |  |  |
| &nbsp;&nbsp;Richard Offen | &nbsp;&nbsp;Other Registered Investment Companies |  |  |  |  |
| &nbsp;&nbsp;Richard Offen | &nbsp;&nbsp;Other Pooled Vehicles |  |  |  |  |
| &nbsp;&nbsp;Richard Offen | &nbsp;&nbsp;Other Accounts |  |  |  |  |

---

Conflicts of Interest

MFS seeks to identify potential conflicts of interest resulting from a portfolio manager's management of both the Fund and other accounts, and has adopted policies and procedures reasonably designed to address such potential conflicts. There is no guarantee that MFS will be successful in identifying or mitigating conflicts of interest.

The management of multiple funds and accounts (including accounts in which MFS, an affiliate, an employee, an officer, or a director has an interest) gives rise to conflicts of interest if the funds and accounts have different objectives and strategies, benchmarks, time horizons, and fees, as a portfolio manager must allocate his or her time and investment ideas across multiple funds and accounts. In certain instances, there are securities which are suitable for the Fund's portfolio as well as for one or more other accounts advised by MFS or its subsidiaries (including accounts in which MFS, an affiliate, an employee, an officer, or a director has an interest). MFS' trade allocation policies could have a detrimental effect on the Fund if the Fund's orders do not get fully executed or are delayed in getting executed due to being aggregated with those of other accounts advised by MFS or its subsidiaries. A portfolio manager may execute transactions for another fund or account that may adversely affect the value of the Fund's investments. Investments selected for funds or accounts other than the Fund may outperform investments selected for the Fund.

When two or more accounts are simultaneously engaged in the purchase or sale of the same security, the securities are allocated among clients in a manner believed by MFS to be fair and equitable to each over time. Allocations may be based on many factors and may not always be pro rata based on assets managed. The allocation methodology could have a detrimental effect on the price or availability of a security with respect to the Fund.

MFS and/or a portfolio manager may have a financial incentive to allocate favorable or limited opportunity investments or structure the timing of investments to favor accounts other than the Fund; for instance, those that pay a higher advisory fee and/or have a performance adjustment, those that include an investment by the portfolio manager, and/or those in which MFS, its affiliates, its employees, its officers, and/or its directors own or have an interest.

To the extent permitted by applicable law, certain accounts may invest their assets in other accounts advised by MFS or its affiliates, including accounts that are advised by one or more of the same portfolio manager(s), which could result in conflicts of interest relating to asset allocation, timing of purchases and redemptions, and increased profitability for MFS, its affiliates, and/or its personnel, including portfolio managers.

[to be updated by amendment]

Security Ownership of Portfolio Managers for the JNL/MFS Equity Income Fund as of [December 31, 2025]

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp; **Security Ownership of Portfolio Managers** | &nbsp;&nbsp; $1- <br> $10000  | &nbsp;&nbsp; $10001- <br> $50000  | &nbsp;&nbsp; $50001- <br> $100000  | &nbsp;&nbsp; $100001- <br> $500000  | &nbsp;&nbsp; $500001- <br> $1000000  | &nbsp;&nbsp; Over $1,000,000 |
| &nbsp;&nbsp; Jonathan Sage |  |  |  |  |  |  |
| &nbsp;&nbsp; Jim Fallon |  |  |  |  |  |  |
| &nbsp;&nbsp; Matt Krummell |  |  |  |  |  |  |
| &nbsp;&nbsp; Jed Stocks |  |  |  |  |  |  |

---

Security Ownership of Portfolio Managers for the JNL/MFS Mid Cap Value Fund as of [December 31, 2025]

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Security Ownership of Portfolio Managers** | &nbsp;&nbsp; $1-<br> $10000 | &nbsp;&nbsp; $10001-<br> $50000 | &nbsp;&nbsp; $50001-<br> $100000 | &nbsp;&nbsp; $100001-<br> $500000 | &nbsp;&nbsp; $500001-<br> $1000000 | &nbsp;&nbsp;Over $1,000,000 |
| &nbsp;&nbsp;Kevin Schmitz |  |  |  |  |  |  |
| &nbsp;&nbsp;Brooks Taylor |  |  |  |  |  |  |
| &nbsp;&nbsp;Richard Offen |  |  |  |  |  |  |

---

**Mellon Investments Corporation**

Mellon Investments Corporation ("Mellon") is a corporation organized under the laws of the State of Delaware and is an indirect subsidiary of The Bank of New York Mellon Corporation ("BNY"). BNY is a publicly traded financial holding company. Mellon is headquartered at 500 Ross Street, Pittsburgh, Pennsylvania 15258.

Mellon serves as Sub-Adviser to the JNL Moderate ETF Allocation Fund, JNL Moderate Growth ETF Allocation Fund, JNL Growth ETF Allocation Fund, JNL Bond Index Fund, JNL Emerging Markets Index Fund, JNL/Dreyfus Government Money Market Fund, JNL/Mellon Emerging Markets Index Fund, JNL/Mellon Bond Index Fund, JNL/Mellon S&P 500 Index Fund, JNL/Mellon S&P 400 MidCap Index Fund, JNL/Mellon Small Cap Index Fund, JNL/Mellon International Index Fund, JNL Mid Cap Index Fund, JNL Small Cap Index Fund, JNL International Index Fund, JNL/Mellon U.S. Stock Market Index Fund, JNL/Mellon Dow<sup>SM</sup> Index Fund, JNL/Mellon World Index Fund, JNL/Mellon Nasdaq® 100 Index Fund, JNL/Mellon Communication Services Sector Fund, JNL/Mellon Consumer Discretionary Sector Fund, JNL/Mellon Consumer Staples Sector Fund, JNL/Mellon Energy Sector Fund, JNL/Mellon Financial Sector Fund, JNL/Mellon Healthcare Sector Fund, JNL/Mellon Industrials Sector Fund, JNL/Mellon Information Technology Sector Fund, JNL/Mellon Materials Sector Fund, JNL/Mellon Real Estate Sector Fund, JNL S&P 500 Index Fund, JNL/Mellon Utilities Sector Fund, JNL/Morningstar PitchBook Listed Private Equity Index Fund, JNL/Morningstar SMID Moat Focus Index Fund, JNL/Morningstar U.S. Sustainability Index Fund, JNL/Morningstar Wide Moat Index Fund, JNL/RAFI® Fundamental U.S. Small Cap Fund, JNL/RAFI® Multi-Factor U.S. Equity Fund, JNL/Vanguard Growth ETF Allocation Fund, JNL/Vanguard Moderate ETF Allocation Fund, and JNL/Vanguard Moderate Growth ETF Allocation Fund. Mellon is a wholly owned indirect subsidiary of The Bank of New York Mellon Corporation, a publicly traded financial holding company.

Portfolio Manager Compensation Structure

**Passively Managed Mutual Fund Portfolio Manager Compensation**

Mellon's rewards program is designed to be market-competitive and align our compensation with the goals of our clients. Our incentive model is designed to compensate for quantitative and qualitative objectives achieved during the performance year. An individual's final annual incentive award is tied to the firm's overall performance, the team's performance, as well as individual performance. Awards are paid in cash on an annual basis; however, some senior individuals may receive a portion of their annual incentive award in deferred vehicles.

The following factors encompass our rewards program:

● Base salary

● Annual cash incentive

● Long-Term Incentive Plan (applicable only to select senior individuals)

● BNY Mellon restricted stock units

Other Accounts Managed by the Portfolio Managers and Potential Conflicts of Interest

The following tables reflect information as of [December 31, 2025]: [to be updated by amendment]

JNL Moderate ETF Allocation Fund, JNL Moderate Growth ETF Allocation Fund, JNL Growth ETF Allocation Fund, JNL Emerging Markets Index Fund, JNL/Mellon Emerging Markets Index Fund, JNL/Mellon S&P 500 Index Fund, JNL/Mellon S&P 400 MidCap Index Fund, JNL/Mellon Small Cap Index Fund, JNL/Mellon International Index Fund, JNL Mid Cap Index Fund, JNL Small Cap Index Fund, JNL International Index Fund, JNL/Mellon U.S. Stock Market Index Fund, JNL/Mellon DowSM Index Fund, JNL/Mellon World Index Fund, JNL/Mellon Nasdaq® 100 Index Fund, JNL/Mellon Communication Services Sector Fund, JNL/Mellon Consumer Discretionary Sector Fund, JNL/Mellon Consumer Staples Sector Fund, JNL/Mellon Energy Sector Fund, JNL/Mellon Financial Sector Fund, JNL/Mellon Healthcare Sector Fund, JNL/Mellon Industrials Sector Fund, JNL/Mellon Information Technology Sector Fund, JNL/Mellon Materials Sector Fund, JNL/Mellon Real Estate Sector Fund, JNL S&P 500 Index Fund, JNL/Mellon Utilities Sector Fund, JNL/Morningstar PitchBook Listed Private Equity Index Fund, JNL/Morningstar SMID Moat Focus Index Fund, JNL/Morningstar U.S. Sustainability Index Fund, JNL/Morningstar Wide Moat Index Fund, JNL/RAFI®

Fundamental U.S. Small Cap Fund, JNL/RAFI® Multi-Factor U.S. Equity Fund, JNL/Vanguard Growth ETF Allocation Fund, JNL/Vanguard Moderate ETF Allocation Fund, and JNL/Vanguard Moderate Growth ETF Allocation Fund

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |  |  |  | &nbsp;&nbsp;**Performance Fee Accounts** | &nbsp;&nbsp;**Performance Fee Accounts** |
| &nbsp;&nbsp;**Portfolio Manager** | &nbsp;&nbsp;**Category of Account** | &nbsp;&nbsp;**# of Accounts** | &nbsp;&nbsp;**AUM** | &nbsp;&nbsp;**# of Accounts** | &nbsp;&nbsp;**AUM** |
| &nbsp;&nbsp;Marlene Walker Smith | &nbsp;&nbsp;Other Registered Investment Companies |  |  |  |  |
| &nbsp;&nbsp;Marlene Walker Smith | &nbsp;&nbsp;Other Pooled Vehicles |  |  |  |  |
| &nbsp;&nbsp;Marlene Walker Smith | &nbsp;&nbsp;Other Accounts |  |  |  |  |
| &nbsp;&nbsp;David France, CFA | &nbsp;&nbsp;Other Registered Investment Companies |  |  |  |  |
| &nbsp;&nbsp;David France, CFA | &nbsp;&nbsp;Other Pooled Vehicles |  |  |  |  |
| &nbsp;&nbsp;David France, CFA | &nbsp;&nbsp;Other Accounts |  |  |  |  |
| &nbsp;&nbsp;Todd Frysinger, CFA | &nbsp;&nbsp;Other Registered Investment Companies |  |  |  |  |
| &nbsp;&nbsp;Todd Frysinger, CFA | &nbsp;&nbsp;Other Pooled Vehicles |  |  |  |  |
| &nbsp;&nbsp;Todd Frysinger, CFA | &nbsp;&nbsp;Other Accounts |  |  |  |  |
| &nbsp;&nbsp;Vlasta Sheremeta, CFA | &nbsp;&nbsp;Other Registered Investment Companies |  |  |  |  |
| &nbsp;&nbsp;Vlasta Sheremeta, CFA | &nbsp;&nbsp;Other Pooled Vehicles |  |  |  |  |
| &nbsp;&nbsp;Vlasta Sheremeta, CFA | &nbsp;&nbsp;Other Accounts |  |  |  |  |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |  |  |  | &nbsp;&nbsp;**Performance Fee Accounts** | &nbsp;&nbsp;**Performance Fee Accounts** |
| &nbsp;&nbsp;**Portfolio Manager** | &nbsp;&nbsp;**Category of Account** | &nbsp;&nbsp;**# of Accounts** | &nbsp;&nbsp;**AUM** | &nbsp;&nbsp;**# of Accounts** | &nbsp;&nbsp;**AUM** |
| &nbsp;&nbsp;Michael Stoll | &nbsp;&nbsp;Other Registered Investment Companies |  |  |  |  |
| &nbsp;&nbsp;Michael Stoll | &nbsp;&nbsp;Other Pooled Vehicles |  |  |  |  |
| &nbsp;&nbsp;Michael Stoll | &nbsp;&nbsp;Other Accounts |  |  |  |  |

---

JNL/Mellon Bond Index Fund and JNL Bond Index Fund

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |  |  |  | &nbsp;&nbsp;**Performance Fee Accounts** | &nbsp;&nbsp;**Performance Fee Accounts** |
| &nbsp;&nbsp;**Portfolio Manager** | &nbsp;&nbsp;**Category of Account** | &nbsp;&nbsp;**# of Accounts** | &nbsp;&nbsp;**AUM** | &nbsp;&nbsp;**# of Accounts** | &nbsp;&nbsp;**AUM** |
| &nbsp;&nbsp;Marlene Walker Smith | &nbsp;&nbsp;Other Registered Investment Companies |  |  |  |  |
| &nbsp;&nbsp;Marlene Walker Smith | &nbsp;&nbsp;Other Pooled Vehicles |  |  |  |  |
| &nbsp;&nbsp;Marlene Walker Smith | &nbsp;&nbsp;Other Accounts |  |  |  |  |
| &nbsp;&nbsp;Gregg A. Lee | &nbsp;&nbsp;Other Registered Investment Companies |  |  |  |  |
| &nbsp;&nbsp;Gregg A. Lee | &nbsp;&nbsp;Other Pooled Vehicles |  |  |  |  |
| &nbsp;&nbsp;Gregg A. Lee | &nbsp;&nbsp;Other Accounts |  |  |  |  |

---

Conflicts of Interest

It is the policy of Mellon to make business decisions free from conflicting outside influences. Mellon's objective is to recognize potential conflicts of interest and work to eliminate or control and disclose such conflicts as they are identified. Mellon's business decisions are based on its duty to its clients, and not driven by any personal interest or gain. As an asset manager operating in several different jurisdictions with a diverse client and strategy base, conflicts of interest are inherent. Furthermore, as an indirect subsidiary of The Bank of New York Mellon Corporation ("BNY"), potential conflicts may also arise between Mellon and other BNY companies.

Mellon will take steps to provide reasonable assurance that no client or group of clients is advantaged at the expense of any other client. As such, Mellon has adopted a Code of Ethics (the "Code") and compliance policy manual to address such conflicts. These potential and inherent conflicts include but are not limited to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The allocation of investment opportunities

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Execution of portfolio transactions

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Brokerage conflicts

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Compensation conflicts

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Related party arrangements

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Personal interests

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Other investment and operational conflicts of interest

Our compliance policies are designed to ensure that all client accounts are treated equitably over time. Additionally, Mellon has structured compensation of investment personnel to reasonably safeguard client accounts from being adversely impacted by any potential or related conflicts.

All material conflicts of interest are presented in greater detail within Part 2A of our Form ADV.

The following table reflects information as of [December 31, 2025]. [to be updated by amendment]

Security Ownership of Portfolio Managers for the JNL Moderate ETF Allocation Fund, JNL Moderate Growth ETF Allocation Fund, JNL Growth ETF Allocation Fund, JNL Emerging Markets Index Fund, JNL/Mellon Emerging Markets Index Fund, JNL/Mellon S&P 500 Index Fund, JNL/Mellon S&P 400 MidCap Index Fund, JNL/Mellon Small Cap Index Fund, JNL/Mellon International Index Fund, JNL Mid Cap Index Fund, JNL Small Cap Index Fund, JNL International Index Fund, JNL/Mellon U.S. Stock Market Index Fund, JNL/Mellon DowSM Index Fund, JNL/Mellon World Index Fund, JNL/Mellon Nasdaq® 100 Index Fund, JNL/Mellon Communication Services Sector Fund, JNL/Mellon Consumer Discretionary Sector Fund, JNL/Mellon Consumer Staples Sector Fund, JNL/Mellon Energy Sector Fund, JNL/Mellon Financial Sector Fund, JNL/Mellon Healthcare Sector Fund, JNL/Mellon Industrials Sector Fund, JNL/Mellon Information Technology Sector Fund, JNL/Mellon Materials Sector Fund, JNL/Mellon Real Estate Sector Fund, JNL S&P 500 Index Fund, JNL/Mellon Utilities Sector Fund, JNL/Morningstar PitchBook Listed Private Equity Index Fund, JNL/Morningstar SMID Moat Focus Index Fund, JNL/Morningstar U.S. Sustainability Index Fund, JNL/Morningstar Wide Moat Index Fund, JNL/RAFI® Fundamental U.S. Small Cap Fund, JNL/RAFI® Multi-Factor U.S. Equity Fund, JNL/Vanguard Growth ETF Allocation Fund, JNL/Vanguard Moderate ETF Allocation Fund, and JNL/Vanguard Moderate Growth ETF Allocation Fund

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Security Ownership of Portfolio Managers** | &nbsp;&nbsp; $1-<br> $10000 | &nbsp;&nbsp; $10001-<br> $50000 | &nbsp;&nbsp; $50001-<br> $100000 | &nbsp;&nbsp; $100001-<br> $500000 | &nbsp;&nbsp; $500001-<br> $1000000 | &nbsp;&nbsp;Over $1,000,000 |
| &nbsp;&nbsp;Marlene Walker Smith |  |  |  |  |  |  |
| &nbsp;&nbsp;David France, CFA |  |  |  |  |  |  |
| &nbsp;&nbsp;Todd Frysinger, CFA |  |  |  |  |  |  |
| &nbsp;&nbsp;Vlasta Sheremeta, CFA |  |  |  |  |  |  |
| &nbsp;&nbsp;Michael Stoll |  |  |  |  |  |  |

---

Security Ownership of Portfolio Managers for the JNL/Mellon Bond Index Fund and JNL Bond Index Fund as of [December 31, 2025]

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Security Ownership of Portfolio Managers** | &nbsp;&nbsp; $1-<br> $10000 | &nbsp;&nbsp; $10001-<br> $50000 | &nbsp;&nbsp; $50001-<br> $100000 | &nbsp;&nbsp; $100001-<br> $500000 | &nbsp;&nbsp; $500001-<br> $1000000 | &nbsp;&nbsp;Over $1,000,000 |
| &nbsp;&nbsp;Marlene Walker Smith |  |  |  |  |  |  |
| &nbsp;&nbsp;Gregg A. Lee, CFA |  |  |  |  |  |  |

---

**Neuberger Berman Investment Advisers LLC** 

Neuberger Berman Investment Advisers LLC ("NBIA"), 1290 Avenue of the Americas, New York, New York 10104, serves as Sub-Adviser to the JNL/Neuberger Berman Commodity Strategy Fund, JNL/Neuberger Berman Gold Plus Strategy Fund, and JNL/Neuberger Berman Strategic Income Fund. NBIA is responsible for choosing the Fund's investments and handling its day-to-day business.

Portfolio Manager Compensation Structure

NBIA's compensation philosophy is one that focuses on rewarding performance and incentivizing NBIA's employees. NBIA is also focused on creating a compensation process that it believes is fair, transparent, and competitive with the market.

Compensation for Portfolio Managers consists of either (i) fixed (salary) and variable (discretionary bonus) compensation but is more heavily weighted on the variable portion of total compensation (ii) on a production model, whereby formulaic compensation is paid from the team compensation pool on a fixed schedule (typically monthly) or (iii) a combination of salary, bonus and/or production compensation. Compensation is paid from a team compensation pool made available to the portfolio management team with which the Portfolio Manager is associated. The size of the team compensation pool is determined based on a formula that takes into consideration a number of factors including the pre-tax revenue that is generated by that particular portfolio management team, less certain adjustments. The amount allocated to individual Portfolio Managers is determined on the basis of a variety of criteria, including investment performance (including the aggregate multi-year track record), utilization of central resources (including research, sales and operations/support), business building to further the longer term sustainable success of the investment team, effective team/people management, and overall contribution to the success of NBIA. Certain Portfolio Managers may manage products other than mutual funds, such as high net worth separate accounts. The share of pre-tax revenue a Portfolio Manager receives pursuant to any such arrangement will vary based on certain revenue thresholds.

The terms of NBIA's long-term retention incentives are as follows:

*Employee-Owned Equity.* Certain employees (primarily senior leadership and investment professionals) participate in Neuberger Berman organization's ("NB") equity ownership structure, which was launched as part of the firm's management buyout in 2009 and designed to incentivize and retain key personnel. NBIA also offers an equity acquisition program which allows employees a more direct opportunity to invest in NB. For confidentiality and privacy reasons, NBIA cannot disclose individual equity holdings or program participation.

*Contingent Compensation*. Certain employees may participate in the NB's Contingent Compensation Plan (the "CCP") to serve as a means to further align the interests of NBIA's employees with the success of the firm and the interests of NBIA's clients, and to reward continued employment. Under the CCP, up to 20% of a participant's annual total compensation in excess of $500,000 is contingent and subject to vesting. The contingent amounts are maintained in a notional account that is tied to the performance of a portfolio of NB investment strategies as specified by the firm on an employee-by-employee basis. By having a participant's contingent compensation tied to NB investment strategies, each employee is given further incentive to operate as a prudent risk manager and to collaborate with colleagues to maximize performance across all business areas. In the case of members of investment teams, including Portfolio Managers, the CCP is currently structured so that such employees have exposure to the investment strategies of their respective teams as well as the broader NB portfolio.

*Restrictive Covenants*. Most investment professionals, including Portfolio Managers, are subject to notice periods and restrictive covenants which include employee and client non-solicit restrictions as well as restrictions on the use of confidential information. In addition, depending on participation levels, certain senior professionals who have received equity grants have also agreed to additional notice and transition periods and, in some cases, non-compete restrictions. For confidentiality and privacy reasons, NBIA cannot disclose individual restrictive covenant arrangements.

Other Accounts Managed by the Portfolio Managers and Potential Conflicts of Interest

The following table reflects information as of [December 31, 2025]: [to be updated by amendment]

JNL/Neuberger Berman Commodity Strategy Fund and JNL/Neuberger Berman Gold Plus Strategy Fund

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |  |  |  | &nbsp;&nbsp;**Performance Fee Accounts** | &nbsp;&nbsp;**Performance Fee Accounts** |
| &nbsp;&nbsp;**Portfolio Manager** | &nbsp;&nbsp;**Category of Account** | &nbsp;&nbsp;**# of Accounts** | &nbsp;&nbsp;**AUM** | &nbsp;&nbsp;**# of Accounts** | &nbsp;&nbsp;**AUM** |
| &nbsp;&nbsp;Hakan Kaya | &nbsp;&nbsp;Other Registered Investment Companies |  |  |  |  |
| &nbsp;&nbsp;Hakan Kaya | &nbsp;&nbsp;Other Pooled Vehicles |  |  |  |  |
| &nbsp;&nbsp;Hakan Kaya | &nbsp;&nbsp;Other Accounts |  |  |  |  |
| &nbsp;&nbsp;David Yi Wan | &nbsp;&nbsp;Other Registered Investment Companies |  |  |  |  |
| &nbsp;&nbsp;David Yi Wan | &nbsp;&nbsp;Other Pooled Vehicles |  |  |  |  |
| &nbsp;&nbsp;David Yi Wan | &nbsp;&nbsp;Other Accounts |  |  |  |  |
| &nbsp;&nbsp;Michael Foster | &nbsp;&nbsp;Other Registered Investment Companies |  |  |  |  |
| &nbsp;&nbsp;Michael Foster | &nbsp;&nbsp;Other Pooled Vehicles |  |  |  |  |
| &nbsp;&nbsp;Michael Foster | &nbsp;&nbsp;Other Accounts |  |  |  |  |

---

JNL/Neuberger Berman Strategic Income Fund

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |  |  |  | &nbsp;&nbsp;**Performance Fee Accounts** | &nbsp;&nbsp;**Performance Fee Accounts** |
| &nbsp;&nbsp;**Portfolio Manager** | &nbsp;&nbsp;**Category of Account** | &nbsp;&nbsp;**# of Accounts** | &nbsp;&nbsp;**AUM** | &nbsp;&nbsp;**# of Accounts** | &nbsp;&nbsp;**AUM** |
| &nbsp;&nbsp;Thanos Bardas, PhD | &nbsp;&nbsp;Other Registered Investment Companies |  |  |  |  |
| &nbsp;&nbsp;Thanos Bardas, PhD | &nbsp;&nbsp;Other Pooled Vehicles |  |  |  |  |
| &nbsp;&nbsp;Thanos Bardas, PhD | &nbsp;&nbsp;Other Accounts |  |  |  |  |
| &nbsp;&nbsp;David M. Brown, CFA | &nbsp;&nbsp;Other Registered Investment Companies |  |  |  |  |
| &nbsp;&nbsp;David M. Brown, CFA | &nbsp;&nbsp;Other Pooled Vehicles |  |  |  |  |
| &nbsp;&nbsp;David M. Brown, CFA | &nbsp;&nbsp;Other Accounts |  |  |  |  |
| &nbsp;&nbsp;Ashok Bhatia, CFA | &nbsp;&nbsp;Other Registered Investment Companies |  |  |  |  |
| &nbsp;&nbsp;Ashok Bhatia, CFA | &nbsp;&nbsp;Other Pooled Vehicles |  |  |  |  |
| &nbsp;&nbsp;Ashok Bhatia, CFA | &nbsp;&nbsp;Other Accounts |  |  |  |  |
| &nbsp;&nbsp;Robert Dishner | &nbsp;&nbsp;Other Registered Investment Companies |  |  |  |  |
| &nbsp;&nbsp;Robert Dishner | &nbsp;&nbsp;Other Pooled Vehicles |  |  |  |  |
| &nbsp;&nbsp;Robert Dishner | &nbsp;&nbsp;Other Accounts |  |  |  |  |
| &nbsp;&nbsp;Thomas Sobanski, CFA | &nbsp;&nbsp;Other Registered Investment Companies |  |  |  |  |
| &nbsp;&nbsp;Thomas Sobanski, CFA | &nbsp;&nbsp;Other Pooled Vehicles |  |  |  |  |
| &nbsp;&nbsp;Thomas Sobanski, CFA | &nbsp;&nbsp;Other Accounts |  |  |  |  |

---

Conflicts of Interest

NBIA and each Fund have adopted certain compliance procedures which are designed to address these types of conflicts. However, there is no guarantee that such procedures will detect each and every situation in which a conflict arises.

[to be updated by amendment]

Security Ownership of Portfolio Managers for the JNL/Neuberger Berman Commodity Strategy Fund and JNL/Neuberger Berman Gold Plus Strategy as of [December 31, 2025]

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Security Ownership of Portfolio Managers** | &nbsp;&nbsp; $1-<br> $10000 | &nbsp;&nbsp; $10001-<br> $50000 | &nbsp;&nbsp; $50001-<br> $100000 | &nbsp;&nbsp; $100001-<br> $500000 | &nbsp;&nbsp; $500001-<br> $1000000 | &nbsp;&nbsp;Over $1,000,000 |
| &nbsp;&nbsp;Hakan Kaya |  |  |  |  |  |  |
| &nbsp;&nbsp;David Yi Wan |  |  |  |  |  |  |
| &nbsp;&nbsp;Michael Foster |  |  |  |  |  |  |

---

Security Ownership of Portfolio Managers for the JNL/Neuberger Berman Strategic Income Fund as of [December 31, 2025]

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Security Ownership of Portfolio Managers** | &nbsp;&nbsp; $1-<br> $10000 | &nbsp;&nbsp; $10001-<br> $50000 | &nbsp;&nbsp; $50001-<br> $100000 | &nbsp;&nbsp; $100001-<br> $500000 | &nbsp;&nbsp; $500001-<br> $1000000 | &nbsp;&nbsp;Over $1,000,000 |
| &nbsp;&nbsp;Thanos Bardas, PhD |  |  |  |  |  |  |
| &nbsp;&nbsp;David M. Brown, CFA |  |  |  |  |  |  |
| &nbsp;&nbsp;Ashok Bhatia, CFA |  |  |  |  |  |  |
| &nbsp;&nbsp;Robert Dishner |  |  |  |  |  |  |
| &nbsp;&nbsp;Thomas Sobanski, CFA |  |  |  |  |  |  |

---

**Newton Investment Management North America, LLC**

Newton Investment Management North America, LLC ("Newton") is located at BNY Mellon Center, One Boston Place, Boston, Massachusetts 02108, and serves as Sub-Adviser to the JNL/Newton Equity Income Fund. Newton is a limited liability company organized under the laws of the State of Delaware and is a wholly owned indirect subsidiary of BNY Mellon. BNY Mellon is a publicly traded financial holding company.

Portfolio Manager Compensation Structure

Our employees are remunerated using a combination of base salary and discretionary annual incentive which is delivered in a mix of cash and deferred incentive depending on the level of incentive and appropriateness for the role.

Discretionary deferred incentive arrangements can include a mix of a long-term incentive plan (LTIP), which has Newton real equity, and awards made under a deferred cash plan linked to the performance of a basket of Newton-managed portfolios (pooled vehicles). This approach aligns us closely with clients and provides employees with an appropriately balance discretionary incentive arrangement. Most discretionary incentive-eligible employees now receive 100% of their deferred awards in the deferred cash plan linked to the performance of a basket of Newton-managed portfolios (pooled vehicles), with members of the executive team receiving a portion of their incentive award in the Newton real equity plan and a portion in the deferred cash plan linked to the performance of a basket of Newton-managed portfolios (pooled vehicles).

For portfolio managers, a portion of the deferred cash award is linked to the performance of a portfolio (pooled vehicle) where they form part of the portfolio management team, and the remaining portion is linked to the performance of the Newton-wide basket of portfolios, providing and tangible and direct link between compensation and the performance of the fund they are responsible for.

For awards made under the Newton equity plan the value of Newton equity is calculated twice a year. The valuation is based on current and future forecasted financial performance of the Newton business. The class of shares, which the participants hold, is non-voting and non-dividend-bearing and the parent company (holding dividend-bearing NIM shares with voting rights) retains 100% control of Newton.

It is intended that discretionary incentive awards will be made annually with deferred elements having a three-year vesting period. For the Newton equity awards, the vesting period will be followed by a minimum further six-month and one-day holding period.

Other Accounts Managed by the Portfolio Managers and Potential Conflicts of Interest

The following table reflects information as of [December 31, 2025]: [to be updated by amendment]

JNL/Newton Equity Income Fund

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |  |  |  | &nbsp;&nbsp;**Performance Fee Accounts** | &nbsp;&nbsp;**Performance Fee Accounts** |
| &nbsp;&nbsp;**Portfolio Manager** | &nbsp;&nbsp;**Category of Account** | &nbsp;&nbsp;**# of Accounts** | &nbsp;&nbsp;**AUM** | &nbsp;&nbsp;**# of Accounts** | &nbsp;&nbsp;**AUM** |
| &nbsp;&nbsp;John C. Bailer | &nbsp;&nbsp;Other Registered Investment Companies |  |  |  |  |
| &nbsp;&nbsp;John C. Bailer | &nbsp;&nbsp;Other Pooled Vehicles |  |  |  |  |
| &nbsp;&nbsp;John C. Bailer | &nbsp;&nbsp;Other Accounts |  |  |  |  |

---

Conflicts of Interest

It is the policy of Newton Investment Management North America LLC to make business decisions free from conflict. The Firm's objective is to recognize potential conflicts of interest and work to eliminate or control and disclose such conflicts as they are identified. The Firm's business decisions are based on its duty to its clients, and not driven by any personal interest or gain.

As an asset manager with a diverse client base in a variety of strategies, conflicts of interest are inherent. Furthermore, as an indirect subsidiary of The Bank of New York Mellon Corporation ("BNY Mellon"), potential conflicts may also arise between NIMNA and other BNY Mellon companies. NIMNA will take steps to provide reasonable assurance that no client or group of clients is advantaged at the expense of any other client.

[to be updated by amendment]

Security Ownership of Portfolio Manager for the JNL/Newton Equity Income Fund as of [December 31, 2025]

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Security Ownership of Portfolio Manager** | &nbsp;&nbsp; $1-<br> $10000 | &nbsp;&nbsp; $10001-<br> $50000 | &nbsp;&nbsp; $50001-<br> $100000 | &nbsp;&nbsp; $100001-<br> $500000 | &nbsp;&nbsp; $500001-<br> $1000000 | &nbsp;&nbsp;Over $1,000,000 |
| &nbsp;&nbsp;John C. Bailer |  |  |  |  |  |  |

---

**Pacific Investment Management Company LLC ("PIMCO")**

PIMCO, located at 650 Newport Center Drive, Newport Beach, California 92660 serves as Sub-Adviser to the JNL/PIMCO Income Fund, JNL/PIMCO Investment Grade Credit Bond Fund, and JNL/PIMCO Real Return Fund. PIMCO is an investment management firm founded in 1971.

PIMCO is a majority owned subsidiary of Allianz Asset Management of America LLC ("Allianz Asset Management") with a minority interest held by Allianz Asset Management U.S. Holding II LLC, each, a Delaware limited liability company, and by certain current and former officers of PIMCO. Allianz Asset Management was organized as a limited liability company under Delaware law in 2000. Allianz Asset Management of America LP merged with Allianz Asset Management, with the latter being the surviving entity, effective January 1, 2023. Following the merger, Allianz Asset Management is PIMCO LLC's managing member and direct parent entity. Through various holding company structures, Allianz Asset Management is majority owned by Allianz SE. Allianz SE is a European based, multinational insurance and financial services holding company and a publicly traded German company. The management and operational oversight of Allianz Asset Management is carried out by its Management Board, the sole member of which is currently Tucker J. Fitzpatrick.

Portfolio Manager Compensation

PIMCO's and its affiliates' approach to compensation seeks to provide professionals with a compensation process that is driven by values of collaboration, openness, responsibility and excellence.

Generally, compensation packages consist of three components. The compensation program for portfolio managers is designed to align with clients' interests, emphasizing each portfolio manager's ability to generate long-term investment success for clients, among other factors. A portfolio manager's compensation is not based solely on the performance of the Fund or any other account managed by that portfolio manager:

*Base Salary –* Base salary is determined based on core job responsibilities, positions/levels and market factors. Base salary levels are reviewed annually, when there is a significant change in job responsibilities or position, or a significant change in market levels.

*Variable Compensation –* In addition to a base salary, portfolio managers have a variable component of their compensation, which is based on a combination of individual and company performance and includes both qualitative and quantitative factors. The following non-exhaustive list of qualitative and quantitative factors is considered when determining total compensation for portfolio managers:

● performance measured over a variety of longer- and shorter-term periods, including 5- year, 4-year, 3-year, 2- year and 1-year dollar-weighted and account-weighted, pre-tax total and risk-adjusted investment performance as judged against the applicable benchmarks (which may include internal investment performance-related benchmarks) for each account managed by a portfolio manager (including the Fund(s)) and relative to applicable industry peer groups; and

● amount and nature of assets managed by the portfolio manager.

The variable compensation component of an employee's compensation may include a deferred component. The deferred portion will generally be subject to vesting and may appreciate or depreciate based on the performance of PIMCO and/or its affiliates. PIMCO's Long-Term Incentive Plan provides participants with deferred cash awards that appreciate or depreciate based on PIMCO's operating earnings over a rolling three-year period. Additionally, PIMCO's Carried Interest Plan provides eligible participants (i.e. those who provide services to PIMCO's alternative funds) a percentage of the carried interest otherwise payable to PIMCO if the applicable performance measurements described in the alternative fund's partnership agreements are achieved.

Portfolio managers who are Managing Directors of PIMCO receive compensation from a non-qualified profit sharing plan consisting of a portion of PIMCO's net profits. Portfolio managers who are Managing Directors receive an amount determined by the Compensation Committee, based upon an individual's overall contribution to the firm.

Other Accounts Managed by the Portfolio Managers and Potential Conflicts of Interest

The following tables reflect information as of [December 31, 2025]: [to be updated by amendment]

JNL/PIMCO Income Fund

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |  |  |  | &nbsp;&nbsp;**Performance Fee Accounts** | &nbsp;&nbsp;**Performance Fee Accounts** |
| &nbsp;&nbsp;**Portfolio Manager** | &nbsp;&nbsp;**Category of Account** | &nbsp;&nbsp;**# of Accounts** | &nbsp;&nbsp;**AUM** | &nbsp;&nbsp;**# of Accounts** | &nbsp;&nbsp;**AUM** |
| &nbsp;&nbsp;Daniel J. Ivascyn | &nbsp;&nbsp;Other Registered Investment Companies |  |  |  |  |
| &nbsp;&nbsp;Daniel J. Ivascyn | &nbsp;&nbsp;Other Pooled Vehicles |  |  |  |  |
| &nbsp;&nbsp;Daniel J. Ivascyn | &nbsp;&nbsp;Other Accounts |  |  |  |  |
| &nbsp;&nbsp;Alfred T. Murata | &nbsp;&nbsp;Other Registered Investment Companies |  |  |  |  |
| &nbsp;&nbsp;Alfred T. Murata | &nbsp;&nbsp;Other Pooled Vehicles |  |  |  |  |
| &nbsp;&nbsp;Alfred T. Murata | &nbsp;&nbsp;Other Accounts |  |  |  |  |
| &nbsp;&nbsp;Josh Anderson | &nbsp;&nbsp;Other Registered Investment Companies |  |  |  |  |
| &nbsp;&nbsp;Josh Anderson | &nbsp;&nbsp;Other Pooled Vehicles |  |  |  |  |
| &nbsp;&nbsp;Josh Anderson | &nbsp;&nbsp;Other Accounts |  |  |  |  |

---

JNL/PIMCO Investment Grade Credit Bond Fund

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |  |  |  | &nbsp;&nbsp;**Performance Fee Accounts** | &nbsp;&nbsp;**Performance Fee Accounts** |
| &nbsp;&nbsp;**Portfolio Manager** | &nbsp;&nbsp;**Category of Account** | &nbsp;&nbsp;**# of Accounts** | &nbsp;&nbsp;**AUM** | &nbsp;&nbsp;**# of Accounts** | &nbsp;&nbsp;**AUM** |
| &nbsp;&nbsp;Amit Arora. CFA. FRM | &nbsp;&nbsp;Other Registered Investment Companies |  |  |  |  |
| &nbsp;&nbsp;Amit Arora. CFA. FRM | &nbsp;&nbsp;Other Pooled Vehicles |  |  |  |  |
| &nbsp;&nbsp;Amit Arora. CFA. FRM | &nbsp;&nbsp;Other Accounts |  |  |  |  |
| &nbsp;&nbsp;Mohit Mittal | &nbsp;&nbsp;Other Registered Investment Companies |  |  |  |  |
| &nbsp;&nbsp;Mohit Mittal | &nbsp;&nbsp;Other Pooled Vehicles |  |  |  |  |
| &nbsp;&nbsp;Mohit Mittal | &nbsp;&nbsp;Other Accounts |  |  |  |  |
| &nbsp;&nbsp;Jelle Brons, CFA, FRM | &nbsp;&nbsp;Other Registered Investment Companies |  |  |  |  |
| &nbsp;&nbsp;Jelle Brons, CFA, FRM | &nbsp;&nbsp;Other Pooled Vehicles |  |  |  |  |
| &nbsp;&nbsp;Jelle Brons, CFA, FRM | &nbsp;&nbsp;Other Accounts |  |  |  |  |
| &nbsp;&nbsp;Saurabh Sud, CFA | &nbsp;&nbsp;Other Registered Investment Companies |  |  |  |  |
| &nbsp;&nbsp;Saurabh Sud, CFA | &nbsp;&nbsp;Other Pooled Vehicles |  |  |  |  |
| &nbsp;&nbsp;Saurabh Sud, CFA | &nbsp;&nbsp;Other Accounts |  |  |  |  |

---

JNL/PIMCO Real Return Fund

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |  |  |  | &nbsp;&nbsp;**Performance Fee Accounts** | &nbsp;&nbsp;**Performance Fee Accounts** |
| &nbsp;&nbsp;**Portfolio Manager** | &nbsp;&nbsp;**Category of Account** | &nbsp;&nbsp;**# of Accounts** | &nbsp;&nbsp;**AUM** | &nbsp;&nbsp;**# of Accounts** | &nbsp;&nbsp;**AUM** |
| &nbsp;&nbsp;Stephen Rodosky | &nbsp;&nbsp;Other Registered Investment Companies |  |  |  |  |
| &nbsp;&nbsp;Stephen Rodosky | &nbsp;&nbsp;Other Pooled Vehicles |  |  |  |  |
| &nbsp;&nbsp;Stephen Rodosky | &nbsp;&nbsp;Other Accounts |  |  |  |  |
| &nbsp;&nbsp;Daniel He | &nbsp;&nbsp;Other Registered Investment Companies |  |  |  |  |
| &nbsp;&nbsp;Daniel He | &nbsp;&nbsp;Other Pooled Vehicles |  |  |  |  |
| &nbsp;&nbsp;Daniel He | &nbsp;&nbsp;Other Accounts |  |  |  |  |
| &nbsp;&nbsp;Mike Cudzil | &nbsp;&nbsp;Other Registered Investment Companies |  |  |  |  |
| &nbsp;&nbsp;Mike Cudzil | &nbsp;&nbsp;Other Pooled Vehicles |  |  |  |  |
| &nbsp;&nbsp;Mike Cudzil | &nbsp;&nbsp;Other Accounts |  |  |  |  |

---

*Conflicts of Interest*

From time to time, potential and actual conflicts of interest may arise between a portfolio manager's management of the investments of a Fund, on the one hand, and the management of other accounts, on the other. Potential and actual conflicts of interest may also arise as a result of PIMCO's other business activities and PIMCO's possession of material non-public information ("MNPI") about an issuer. Other accounts managed by a portfolio manager might have similar investment objectives or strategies as the Funds, track the same index a Fund tracks or otherwise hold, purchase, or sell securities that are eligible to be held, purchased or sold by the Funds. The other accounts might also have different investment objectives or strategies than the Funds. Investors should be aware that investments made by a Fund and the results achieved by a Fund at any given time are not expected to be the same as those made by other funds for which PIMCO acts as investment adviser, including funds with names, investment objectives and policies, and/or portfolio management teams, similar to a Fund. This may be attributable to a wide variety of factors, including, but not limited to, the use of a different strategy or portfolio management team, when a particular fund commenced operations or the size of a particular fund, in each case as compared to other similar funds. Potential and actual conflicts of interest may also arise as a result of PIMCO serving as investment adviser to accounts that invest in the Funds or to accounts in which a Fund invests. In this case, such conflicts of interest could in theory give rise to incentives for PIMCO to, among other things, vote proxies, purchase or redeem shares of the underlying account, or take other actions with respect to the underlying account, in a manner beneficial to the investing account and/or PIMCO but detrimental to the underlying account. Such conflicts of interest could similarly in theory give rise to incentives for PIMCO to, among other things, vote proxies or purchase or redeem shares of the underlying account, or take other actions with respect to the underlying account, in a manner beneficial to the underlying account and/or PIMCO and that may or may not be detrimental to the investing account. For example, even if there is a fee waiver or reimbursement in place relating to a Fund's investment in an underlying account, or relating to an investing account's investment in a Fund, this will not necessarily eliminate all conflicts of interest, as PIMCO could nevertheless have a financial incentive to favor investments in PIMCO-affiliated funds and managers (for example, to increase the assets under management of PIMCO or a fund, product or line of business, or otherwise provide support to, certain funds, products or lines of business), which could also impact the manner in which certain transaction fees are set. Conversely, PIMCO's duties to the Funds, as well as regulatory or other limitations applicable to the Funds, may affect the courses of action available to PIMCO-advised accounts (including certain Funds) that invest in the Funds in a manner that is detrimental to such investing accounts. In addition, regulatory restrictions, actual or potential conflicts of interest or other considerations may cause PIMCO to restrict or prohibit participation in certain investments. To the extent portfolio managers of a Fund or other PIMCO-sponsored account acting as investing account come into possession of MNPI regarding a Fund that is a current or potential underlying account in connection with their official duties (including potentially serving as portfolio manager of one or more such underlying accounts), portfolio managers of the Fund (or other PIMCO-sponsored account) acting as investing account may not base trading decisions for such investing accounts on MNPI relating to any Fund acting as underlying account.

Because PIMCO is affiliated with Allianz SE, a large multi-national financial institution (together with its affiliates, "Allianz"), conflicts similar to those described below may occur between the Funds or other accounts managed by PIMCO and PIMCO's affiliates or accounts managed by those affiliates. Those affiliates (or their clients), which generally operate autonomously from PIMCO, may take actions that are adverse to the Funds or other accounts managed by PIMCO. In many cases, PIMCO will not be in a position to mitigate those actions or address those conflicts, which could adversely affect the performance of the Funds or other accounts managed by PIMCO (each, a "Client," and collectively, the "Clients"). In addition, because certain Clients are affiliates of PIMCO or have investors who are affiliates or employees of PIMCO, PIMCO may have incentives to resolve conflicts of interest in favor of these Clients over other Clients.

***Knowledge and Timing of Fund Trades***. A potential conflict of interest may arise as a result of a portfolio manager's day-to-day management of a Fund. Because of their positions with the Funds, the portfolio managers know the size, timing and possible market impact of a Fund's trades. It is theoretically possible that the portfolio managers could use this information to the advantage of other accounts they manage and to the possible detriment of a Fund.

***Cross Trades.*** A potential conflict of interest may arise in instances where a Fund buys an instrument from a Client or sells an instrument to a Client (each, a "cross trade"). Such conflicts of interest may arise, among other reasons, as a result of PIMCO representing the interests of both the buying party and the selling party in the cross trade or because the price at which the instrument is bought or sold through a cross trade may not be as favorable as the price that might have been obtained had the trade been executed in the open market. PIMCO effects cross trades when appropriate pursuant to procedures adopted under applicable rules and SEC guidance. Among other things, such procedures require that the cross trade is consistent with the respective investment policies and investment restrictions of both parties and is in the best interests of both the buying and selling accounts.

***Selection of Service Providers.*** PIMCO, its affiliates and its employees may have relationships with service providers that recommend, or engage in transactions with or for, a Fund, and these relationships may influence PIMCO's selection of these service providers for a Fund. Additionally, as a result of these relationships, service providers may have conflicts that create incentives for them to promote the Fund over other funds or financial products. In such circumstances, there is a conflict of interest between PIMCO and a Fund if the Funds determine not to engage or continue to engage these service providers.

***Investment Opportunities.*** A potential conflict of interest may arise as a result of a portfolio manager's management of a number of accounts with varying investment guidelines. Often, an investment opportunity may be suitable for one or more Clients, but may not be available in sufficient quantities for all accounts to participate fully. In addition, regulatory issues applicable to PIMCO or one or more Funds or other accounts may result in certain Funds not receiving securities that may otherwise be appropriate for them. Similarly, there may be limited opportunity to sell an investment held by a Fund and another Client. PIMCO has adopted policies and procedures reasonably designed to allocate investment opportunities on a fair and equitable basis over time.

PIMCO seeks to allocate orders across eligible Client accounts with similar investment guidelines and investment styles fairly and equitably, taking into consideration relevant factors including, among others, applicable investment restrictions and guidelines, including regulatory restrictions; Client account-specific investment objectives, restrictions and other Client instructions, as applicable; risk tolerances; amounts of available cash; the need to rebalance a Client account's portfolio (e.g., due to investor contributions and redemptions); whether the allocation would result in a Client account receiving a trivial amount or an amount below the established minimum quantity; regulatory requirements; the origin of the investment; the bases for an issuer's allocation to PIMCO; and other Client account-specific factors. As part of PIMCO's trade allocation process, portions of new fixed income investment opportunities are distributed among Client account categories where the relevant portfolio managers seek to participate in the investment. Those portions are then further allocated among the Client accounts within such categories pursuant to PIMCO's trade allocation policy. Portfolio managers managing quantitative strategies and specialized accounts, such as those focused on international securities, mortgage-backed securities, bank loans, or other specialized asset classes, will likely receive an increased distribution of new fixed income investment opportunities where the investment involves a quantitative strategy or specialized asset class that matches the investment objective or focus of the Client account category. PIMCO seeks to allocate fixed income investments to Client accounts with the general purpose of maintaining consistent concentrations across similar accounts and achieving, as nearly as possible, portfolio characteristic parity among such accounts. Client accounts furthest from achieving portfolio characteristic parity typically receive priority in allocations. With respect to an order to buy or sell an equity security in the secondary market, PIMCO seeks to allocate the order across Client accounts with similar investment guidelines and investment styles fairly and equitably over time, taking into consideration the relevant factors discussed above.

Any particular allocation decision among Client accounts may be more or less advantageous to any one Client or group of Clients, and certain allocations will, to the extent consistent with PIMCO's fiduciary obligations, deviate from a pro rata basis among Clients in order to address for example, differences in legal, tax, regulatory, risk management, concentration, exposure, Client guideline limitations and/or mandate or strategy considerations for the relevant Clients. PIMCO may determine that an investment opportunity or particular purchases or sales are appropriate for one or more Clients, but not appropriate for other Clients, or are appropriate or suitable for, or available to, Clients but in different sizes, terms, or timing than is appropriate or suitable for other Clients. For example, some Clients have higher risk tolerances than other Clients, such as private funds, which, in turn, allows PIMCO to allocate a wider variety and/or greater percentage of certain types of investments (which may or may not outperform other types of investments) to such Clients. Further, the respective risk tolerances of different types of Clients may change over time as market conditions change. Those Clients receiving an increased allocation as a result of the effect of their respective risk tolerance may be Clients that pay higher investment management fees or that pay incentive fees. In addition, certain Client account categories focusing on certain types of investments or asset classes will be given priority in new issue distribution and allocation with respect to the investments or asset classes that are the focus of their investment mandate. PIMCO may also take into account the bases for an issuer's allocation to PIMCO, for example, by giving priority allocations to Client accounts holding existing positions in the issuer's debt if the issuer's allocation to PIMCO is based on such holdings. PIMCO also may determine not to allocate to or purchase or sell for certain Clients all investments for which all Clients may be eligible. Legal, contractual, or regulatory issues and/or related expenses applicable to PIMCO or one or more Clients may result in certain Clients not receiving securities that may otherwise be appropriate for them or may result in PIMCO selling securities out of Client accounts even if it might otherwise be beneficial to continue to hold them. Additional factors that are taken into account in the distribution and allocation of investment opportunities to Client accounts include, without limitation: ability to utilize leverage and risk tolerance of the Client account; the amount of discretion and trade authority given to PIMCO by the Client; availability of other similar investment opportunities; the Client account's investment horizon and objectives; hedging, cash and liquidity needs of the portfolio; minimum increments and lot sizes; and underlying benchmark factors. Given all of the foregoing factors, the amount, timing, structuring, or terms of an investment by a Client, including a Fund, may differ from, and performance may be lower than, investments and performance of other Clients, including those that may provide greater fees or other compensation (including performance-based fees or allocations) to PIMCO. PIMCO has also adopted additional procedures to complement the general trade allocation policy that are designed to address potential conflicts of interest due to the side-by-side management of the Funds and certain pooled investment vehicles, including investment opportunity allocation issues.

From time to time, PIMCO may take an investment position or action for one or more Clients that may be different from, or inconsistent with, an action or position taken for one or more other Clients having similar or differing investment objectives. These positions and actions may adversely impact, or in some instances may benefit, one or more affected Clients (including Clients that are PIMCO affiliates) in which PIMCO has an interest, or which pays PIMCO higher fees or a performance fee. For example, a Client may buy a security and another Client may establish a short position in that same security. The subsequent short sale may result in a decrease in the price of the security that the other Client holds. Similarly, transactions or investments by one or more Clients may have the effect of diluting or otherwise disadvantaging the values, prices or investment strategies of another Client.

When PIMCO implements for one Client a portfolio decision or strategy ahead of, or contemporaneously with, similar portfolio decisions or strategies of another Client, market impact, liquidity constraints or other factors could result in one or more Clients receiving less favorable trading results, the costs of implementing such portfolio decisions or strategies could be increased or such Clients could otherwise be disadvantaged. On the other hand, potential conflicts may also arise because portfolio decisions regarding a Client may benefit other Clients. For example, the sale of a long position or establishment of a short position for a Client may decrease the price of the same security sold short by (and therefore benefit) other Clients, and the purchase of a security or covering of a short position in a security for a Client may increase the price of the same security held by (and therefore benefit) other Clients.

Under certain circumstances, a Client may invest in a transaction in which one or more other Clients are expected to participate, or already have made or will seek to make, an investment. In addition, to the extent permitted by applicable law, a Client may also engage in investment transactions that may result in other Clients being relieved of obligations, or that may cause other Clients to divest certain investments (e.g., a Client may make a loan to, or directly or indirectly acquire securities or indebtedness of, a company that uses the proceeds to refinance or reorganize its capital structure, which could result in repayment of debt held by another Client). Such Clients (or groups of Clients) may have conflicting interests and objectives in connection with such investments, including with respect to views on the operations or activities of the issuer involved, the targeted returns from the investment and the timeframe for, and method of, exiting the investment. When making such investments, PIMCO may do so in a way that favors one Client over another Client, even if both Clients are investing in the same security at the same time. Certain Clients may invest on a "parallel" basis (i.e., proportionately in all transactions at substantially the same time and on substantially the same terms and conditions). In addition, other accounts may expect to invest in many of the same types of investments as another account. However, there may be investments in which one or more of such accounts does not invest (or invests on different terms or on a non-pro rata basis) due to factors such as legal, tax, regulatory, business, contractual or other similar considerations or due to the provisions of a Client's governing documents. Decisions as to the allocation of investment opportunities among such Clients present numerous conflicts of interest, which may not be resolved in a manner that is favorable to a Client's interests. To the extent an investment is not allocated pro rata among such entities, a Client could incur a disproportionate amount of income or loss related to such investment relative to such other Client.

In addition, Clients may invest alongside one another in the same underlying investments or otherwise pursuant to a substantially similar investment strategy as one or more other Clients. In such cases, certain Clients may have preferential liquidity and information rights relative to other Clients holding the same investments, with the result that such Clients will be able to withdraw/redeem their interests in underlying investments in priority to Clients who may have more limited access to information or more restrictive withdrawal/redemption rights. Clients with more limited information rights or more restrictive liquidity may therefore be adversely affected in the event of a downturn in the markets.

Further, potential conflicts may be inherent in PIMCO's use of multiple strategies. For example, conflicts will arise in cases where different Clients invest in different parts of an issuer's capital structure, including circumstances in which one or more Clients may own private securities or obligations of an issuer and other Clients may own or seek to acquire private securities of the same issuer. For example, a Client may acquire a loan, loan participation or a loan assignment of a particular borrower in which one or more other Clients have an equity investment, or may invest in senior debt obligations of an issuer for one Client and junior debt obligations or equity of the same issuer for another Client.

PIMCO may also, for example, direct a Client to invest in a tranche of a structured finance vehicle, such as a CLO or CDO, where PIMCO is also, at the same or different time, directing another Client to make investments in a different tranche of the same vehicle, which tranche's interests may be adverse to other tranches. PIMCO may also cause a Client to purchase from, or sell assets to, an entity, such as a structured finance vehicle, in which other Clients may have an interest, potentially in a manner that will have an adverse effect on the other Clients. There may also be conflicts where, for example, a Client holds certain debt or equity securities of an issuer, and that same issuer has issued other debt, equity or other instruments that are owned by other Clients or by an entity, such as a structured finance vehicle, in which other Clients have an interest.

In each of the situations described above, PIMCO may take actions with respect to the assets held by one Client that are adverse to the other Clients, for example, by foreclosing on loans, by putting an issuer into default, or by exercising rights to purchase or sell to an issuer, causing an issuer to take actions adverse to certain classes of securities, or otherwise. In negotiating the terms and conditions of any such investments, or any subsequent amendments or waivers or taking any other actions, PIMCO may find that the interests of a Client and the interests of one or more other Clients could conflict. In these situations, decisions over items such as whether to make the investment or take an action, proxy voting, corporate reorganization, how to exit an investment, or bankruptcy or similar matters (including, for example, whether to trigger an event of default or the terms of any workout) may result in conflicts of interest. Similarly, if an issuer in which a Client and one or more other Clients directly or indirectly hold different classes of securities (or other assets, instruments or obligations issued by such issuer or underlying investments of such issuer) encounters financial problems, decisions over the terms of any workout will raise conflicts of interests (including, for example, conflicts over proposed waivers and amendments to debt covenants). For example, a debt holder may be better served by a liquidation of the issuer in which it may be paid in full, whereas an equity or junior bond holder might prefer a reorganization that holds the potential to create value for the equity holders. In some cases PIMCO may refrain from taking certain actions or making certain investments on behalf of Clients in order to avoid or mitigate certain conflicts of interest or to prevent adverse regulatory or other effects on PIMCO, or may sell investments for certain Clients (in each case potentially disadvantaging the Clients on whose behalf the actions are not taken, investments not made, or investments sold). In other cases, PIMCO may not refrain from taking actions or making investments on behalf of certain Clients that have the potential to disadvantage other Clients. In addition, PIMCO may take actions or refrain from taking actions in order to mitigate legal risks to PIMCO or its affiliates or its Clients even if disadvantageous to a Client's account. Moreover, a Client may invest in a transaction in which one or more other Clients are expected to participate, or already have made or will seek to make, an investment.

Additionally, certain conflicts may exist with respect to portfolio managers who make investment decisions on behalf of several different types of Clients. Such portfolio managers may have an incentive to allocate trades, time or resources to certain Clients, including those Clients who pay higher investment management fees or that pay incentive fees or allocations, over other Clients. These conflicts may be heightened with respect to portfolio managers who are eligible to receive a performance allocation under certain circumstances as part of their compensation.

From time to time, PIMCO personnel may come into possession of MNPI which, if disclosed, might affect an investor's decision to buy, sell or hold a security. Should a PIMCO employee come into possession of MNPI with respect to an issuer, he or she generally will be prohibited from communicating such information to, or using such information for the benefit of, Clients, which could limit the ability of Clients to buy, sell or hold certain investments, thereby limiting the investment opportunities or exit strategies available to Clients. In addition, holdings in the securities or other instruments of an issuer by PIMCO or its affiliates may affect the ability of a Client to make certain acquisitions of or enter into certain transactions with such issuer. PIMCO has no obligation or responsibility to disclose such information to, or use such information for the benefit of, any person (including Clients). Moreover, restrictions imposed by or through third-party automated trading platforms could affect a Client's ability to transact through, or the quality of execution achieved through, such platforms.

PIMCO maintains one or more restricted lists of companies whose securities are subject to certain trading prohibitions due to PIMCO's business activities. PIMCO may restrict trading in an issuer's securities if the issuer is on a restricted list or if PIMCO has MNPI about that issuer. In some situations, PIMCO may restrict Clients from trading in a particular issuer's securities in order to allow PIMCO to receive MNPI on behalf of other Clients. A Client may be unable to buy or sell certain securities until the restriction is lifted, which could disadvantage the Client. PIMCO may also be restricted from making (or divesting of) investments in respect of some Clients but not others. In some cases PIMCO may not initiate or recommend certain types of transactions, or may otherwise restrict or limit its advice relating to certain securities if a security is restricted due to MNPI or if PIMCO is seeking to limit receipt of MNPI.

PIMCO may conduct litigation or engage in other legal actions on behalf of one or more Clients. In such cases, Clients may be required to bear certain fees, costs, expenses and liabilities associated with the litigation. Other Clients that are or were investors in, or otherwise involved with, the subject investments may or may not (depending on the circumstances) be parties to such litigation actions, with the result that certain Clients may participate in litigation actions in which not all Clients with similar investments may participate, and such non-participating Clients may benefit from the results of such litigation actions without bearing or otherwise being subject to the associated fees, costs, expenses and liabilities. PIMCO, for example, typically does not pursue legal claims on behalf of its separate accounts. Furthermore, in certain situations, litigation or other legal actions pursued by PIMCO on behalf of a Client may be brought against or be otherwise adverse to a portfolio company or other investment held by a Client.

The foregoing is not a complete list of conflicts to which PIMCO or Clients may be subject. PIMCO seeks to review conflicts on a case-by-case basis as they arise. Any review will take into consideration the interests of the relevant Clients, the circumstances giving rise to the conflict, applicable PIMCO policies and procedures, and applicable laws. Clients (and investors in the Funds) should be aware that conflicts will not necessarily be resolved in favor of their interests and may in fact be resolved in a manner adverse to their interests. PIMCO will attempt to resolve such matters fairly, but even so, matters may be resolved in favor of other Clients which pay PIMCO higher fees or performance fees or in which PIMCO or its affiliates have a significant proprietary interest. Clients (and investors in the Funds) should also be aware that a Fund may experience losses associated with decisions or actions directly or indirectly attributable to PIMCO, and PIMCO may determine whether compensation to the Fund for such losses is appropriate in view of its standard of care. PIMCO will attempt to resolve such matters fairly subject to applicable PIMCO policies and procedures, and applicable laws, but even so, such matters may not be resolved in favor of Clients' (and Fund investors') interests and may in fact be resolved in a manner adverse to their interests. There can be no assurance that any actual or potential conflicts of interest will not result in a particular Client or group of Clients receiving less favorable investment terms in or returns from certain investments than if such conflicts of interest did not exist.

Conflicts like those described above may also occur between Clients, on the one hand, and PIMCO or its affiliates, on the other. These conflicts will not always be resolved in favor of the Client. In addition, because PIMCO is affiliated with Allianz, a large multi-national financial institution, conflicts similar to those described above may occur between clients of PIMCO and PIMCO's affiliates or accounts managed by those affiliates. Those affiliates (or their clients), which generally operate autonomously from PIMCO, may take actions that are adverse to PIMCO's Clients. In many cases PIMCO will have limited or no ability to mitigate those actions or address those conflicts, which could adversely affect Client performance. In addition, certain regulatory or internal restrictions may prohibit PIMCO from using certain brokers or investing in certain companies (even if such companies are not affiliated with Allianz) because of the applicability of certain laws and regulations or internal Allianz policies applicable to PIMCO, Allianz SE or their affiliates. An account's willingness to negotiate terms or take actions with respect to an investment may also be, directly or indirectly, constrained or otherwise impacted to the extent Allianz SE, PIMCO, and/or their affiliates, directors, partners, managers, members, officers or personnel are also invested therein or otherwise have a connection to the subject investment (e.g., serving as a trustee or board member thereof).

Certain service providers to the Funds are expected to be owned by or otherwise related to or affiliated with a Client, and in certain cases, such service providers are expected to be, or are owned by, employed by, or otherwise related to, PIMCO, Allianz SE, their affiliates and/or their respective employees, consultants and other personnel. PIMCO may, in its sole discretion, determine to provide, or engage or recommend an affiliate of PIMCO to provide certain services to the Funds, instead of engaging or recommending one or more third parties to provide such services. Subject to the governance requirements of a particular fund and applicable law, PIMCO or its affiliates, as applicable, will receive compensation in connection with the provision of such services. As a result, PIMCO faces a conflict of interest when selecting or recommending service providers for the Funds. Fees paid to an unaffiliated service provider will be determined in PIMCO's commercially reasonable discretion, taking into account the relevant facts and circumstances, and consistent with PIMCO's responsibilities. Although PIMCO has adopted various policies and procedures intended to mitigate or otherwise manage conflicts of interest with respect to affiliated service providers, there can be no guarantee that such policies and procedures (which may be modified or terminated at any time in PIMCO's sole discretion) will be successful.

***Performance Fees.*** A portfolio manager may advise certain accounts with respect to which the advisory fee is based entirely or partially on performance. Performance fee arrangements may create a conflict of interest for the portfolio manager in that the portfolio manager may have an incentive to allocate the investment opportunities that he or she believes might be the most profitable to such other accounts instead of allocating them to a Fund. PIMCO has adopted policies and procedures reasonably designed to allocate investment opportunities between the Funds and such other accounts on a fair and equitable basis over time.

PIMCO has implemented policies and procedures relating to, among other things, portfolio management and trading practices, personal investment transactions, insider trading, gifts and entertainment, and political contributions that seek to identify, manage and/or mitigate actual or potential conflicts of interest and resolve such conflicts appropriately if they occur. PIMCO seeks to resolve any actual or potential conflicts in each client's best interest. For more information regarding PIMCO's actual or potential conflicts of interest, please refer to Item 10 and Item 11 in PIMCO's Form ADV, Part 2A.

[to be updated by amendment]

Security Ownership of Portfolio Managers for the JNL/PIMCO Income Fund as of [December 31, 2025]

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Security Ownership of Portfolio Managers** | &nbsp;&nbsp; $1-<br> $10000 | &nbsp;&nbsp; $10001-<br> $50000 | &nbsp;&nbsp; $50001-<br> $100000 | &nbsp;&nbsp; $100001-<br> $500000 | &nbsp;&nbsp; $500001-<br> $1000000 | &nbsp;&nbsp;Over $1,000,000 |
| &nbsp;&nbsp;Daniel J. Ivascyn |  |  |  |  |  |  |
| &nbsp;&nbsp;Alfred T. Murata |  |  |  |  |  |  |
| &nbsp;&nbsp;Josh Anderson |  |  |  |  |  |  |

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Security Ownership of Portfolio Managers for the JNL/PIMCO Investment Grade Credit Bond Fund as of [December 31, 2025]

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Security Ownership of Portfolio Managers** | &nbsp;&nbsp; $1-<br> $10000 | &nbsp;&nbsp; $10001-<br> $50000 | &nbsp;&nbsp; $50001-<br> $100000 | &nbsp;&nbsp; $100001-<br> $500000 | &nbsp;&nbsp; $500001-<br> $1000000 | &nbsp;&nbsp;Over $1,000,000 |
| &nbsp;&nbsp;Amit Arora, CFA, FRM |  |  |  |  |  |  |
| &nbsp;&nbsp;Mohit Mittal |  |  |  |  |  |  |
| &nbsp;&nbsp;Jelle Brons, CFA, FRM |  |  |  |  |  |  |
| &nbsp;&nbsp;Saurabh Sud , CFA |  |  |  |  |  |  |

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Security Ownership of Portfolio Managers for the JNL/PIMCO Real Return Fund as of [December 31, 2025]

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Security Ownership of Portfolio Managers** | &nbsp;&nbsp; $1-<br> $10000 | &nbsp;&nbsp; $10001-<br> $50000 | &nbsp;&nbsp; $50001-<br> $100000 | &nbsp;&nbsp; $100001-<br> $500000 | &nbsp;&nbsp; $500001-<br> $1000000 | &nbsp;&nbsp;Over $1,000,000 |
| &nbsp;&nbsp;Stephen Rodosky |  |  |  |  |  |  |
| &nbsp;&nbsp;Daniel He |  |  |  |  |  |  |
| &nbsp;&nbsp;Mike Cudzil |  |  |  |  |  |  |

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**PPM America, Inc.**

PPM America, Inc. ("PPM"), which is located at 225 West Wacker Drive, Suite 1200, Chicago, Illinois 60606, serves as Sub-Adviser to the JNL/PPM America Emerging Markets Debt Fund, JNL/PPM America High Yield Bond Fund, JNL/PPM America Investment Grade Credit Fund, and JNL/PPM America Total Return Fund and Co-Sub-Adviser to the JNL Multi-Manager Floating Rate Income Fund. PPM, an affiliate of the Adviser, 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.

Portfolio Manager Compensation Structure

**PPM's compensation and incentive programs are designed to engage and retain high-quality professionals**

PPM rewards professional staff according to competitive industry benchmarks, quality of work, and performance through three primary compensation elements:

● **Fixed base salary**, which is evaluated and subject to merit increases annually.

● **Discretionary bonuses**, which are evaluated annually, and based primarily on individual results. Investment results are PPM's primary consideration, but PPM also considers firm-wide results to encourage cross-team collaboration.

● **Long-Term Incentive Programs**, including PPM's Long-Term Incentive Program (LTIP), and Performance Incentive Award (PIA):

○ LTIP: For most mid- and senior level professionals, LTIP has been the primary long-term incentive program. The LTIP may take the form of several awards, depending on an individual's level within the organization:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ Performance-based awards: Contingent on meeting pre-determined
financial metrics at the Jackson Holding company level over a three-year period, and are granted in the form of Performance Share Units
(PSUs) of Jackson Financial Inc. If the performance criteria are met at the end of the three-year period, participants would cliff
vest in the PSUs at the end of three years.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ Time-based awards: Do not have a performance goal, but fully
vest solely after passage of a specific time, usually three years, and are granted in the form of Restricted Stock Units (RSUs) of Jackson
Financial Inc. 1/3 of an RSU award will vest on each of the 1<sup>st</sup>, 2<sup>nd</sup>, and 3<sup>rd</sup> anniversaries of
the grant date.

○ PIA: Certain senior executives, portfolio managers, analysts, and traders participate in this program, where PPM will invest an amount of deferred compensation in products aligned with the strategies offered to institutional clients. This program is designed to further align individual long-term compensation with the investment performance PPM delivers to clients. The PIA program has a three-year cliff vesting schedule participants in the PIA are paid in cash at the end of the vesting period.

The mix of base, discretionary bonus, and long-term incentives (LTIP and PIA) varies by level, with more senior employees having a greater percentage of their pay at risk through discretionary bonus and long-term incentives.

Other Accounts Managed by the Portfolio Managers and Potential Conflicts of Interest

The following tables reflect information as of [December 31, 2025]: [to be updated by amendment]

JNL Multi-Manager Floating Rate Income Fund

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |  |  |  | &nbsp;&nbsp;**Performance Fee Accounts** | &nbsp;&nbsp;**Performance Fee Accounts** |
| &nbsp;&nbsp;**Portfolio Manager** | &nbsp;&nbsp;**Category of Account** | &nbsp;&nbsp;**# of Accounts** | &nbsp;&nbsp;**AUM** | &nbsp;&nbsp;**# of Accounts** | &nbsp;&nbsp;**AUM** |
| &nbsp;&nbsp;Adam Spielman | &nbsp;&nbsp;Other Registered Investment Companies |  |  |  |  |
| &nbsp;&nbsp;Adam Spielman | &nbsp;&nbsp;Other Pooled Vehicles |  |  |  |  |
| &nbsp;&nbsp;Adam Spielman | &nbsp;&nbsp;Other Accounts |  |  |  |  |
| &nbsp;&nbsp;John Broz | &nbsp;&nbsp;Other Registered Investment Companies |  |  |  |  |
| &nbsp;&nbsp;John Broz | &nbsp;&nbsp;Other Pooled Vehicles |  |  |  |  |
| &nbsp;&nbsp;John Broz | &nbsp;&nbsp;Other Accounts |  |  |  |  |

---

JNL/PPM America Emerging Markets Debt Fund

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |  |  |  | &nbsp;&nbsp; **Performance Fee Accounts** | &nbsp;&nbsp; **Performance Fee Accounts** |
| &nbsp;&nbsp; **Portfolio Manager** | &nbsp;&nbsp; **Category of Account** | &nbsp;&nbsp; **# of Accounts** | &nbsp;&nbsp; **AUM** | &nbsp;&nbsp; **# of Accounts** | &nbsp;&nbsp; **AUM** |
| &nbsp;&nbsp; Mark Hughes, CFA | &nbsp;&nbsp; Other Registered Investment Companies |  |  |  |  |
| &nbsp;&nbsp; Mark Hughes, CFA | &nbsp;&nbsp; Other Pooled Vehicles |  |  |  |  |
| &nbsp;&nbsp; Mark Hughes, CFA | &nbsp;&nbsp; Other Accounts |  |  |  |  |
| &nbsp;&nbsp; Kevin Ritter, CFA | &nbsp;&nbsp; Other Registered Investment Companies |  |  |  |  |
| &nbsp;&nbsp; Kevin Ritter, CFA | &nbsp;&nbsp; Other Pooled Vehicles |  |  |  |  |
| &nbsp;&nbsp; Kevin Ritter, CFA | &nbsp;&nbsp; Other Accounts |  |  |  |  |

---

JNL/PPM America High Yield Bond Fund

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |  |  |  | &nbsp;&nbsp;**Performance Fee Accounts** | &nbsp;&nbsp;**Performance Fee Accounts** |
| &nbsp;&nbsp;**Portfolio Manager** | &nbsp;&nbsp;**Category of Account** | &nbsp;&nbsp;**# of Accounts** | &nbsp;&nbsp;**AUM** | &nbsp;&nbsp;**# of Accounts** | &nbsp;&nbsp;**AUM** |
| &nbsp;&nbsp;Adam Spielman | &nbsp;&nbsp;Other Registered Investment Companies |  |  |  |  |
| &nbsp;&nbsp;Adam Spielman | &nbsp;&nbsp;Other Pooled Vehicles |  |  |  |  |
| &nbsp;&nbsp;Adam Spielman | &nbsp;&nbsp;Other Accounts |  |  |  |  |
| &nbsp;&nbsp;John Broz | &nbsp;&nbsp;Other Registered Investment Companies |  |  |  |  |
| &nbsp;&nbsp;John Broz | &nbsp;&nbsp;Other Pooled Vehicles |  |  |  |  |
| &nbsp;&nbsp;John Broz | &nbsp;&nbsp;Other Accounts |  |  |  |  |
| &nbsp;&nbsp;Karl Petrovich | &nbsp;&nbsp;Other Registered Investment Companies |  |  |  |  |
| &nbsp;&nbsp;Karl Petrovich | &nbsp;&nbsp;Other Pooled Vehicles |  |  |  |  |
| &nbsp;&nbsp;Karl Petrovich | &nbsp;&nbsp;Other Accounts |  |  |  |  |

---

JNL/PPM America Investment Grade Credit Fund

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |  |  |  | &nbsp;&nbsp;**Performance Fee Accounts** | &nbsp;&nbsp;**Performance Fee Accounts** |
| &nbsp;&nbsp;**Portfolio Manager** | &nbsp;&nbsp;**Category of Account** | &nbsp;&nbsp;**# of Accounts** | &nbsp;&nbsp;**AUM** | &nbsp;&nbsp;**# of Accounts** | &nbsp;&nbsp;**AUM** |
| &nbsp;&nbsp;Mark Redfearn, CFA | &nbsp;&nbsp;Other Registered Investment Companies |  |  |  |  |
| &nbsp;&nbsp;Mark Redfearn, CFA | &nbsp;&nbsp;Other Pooled Vehicles |  |  |  |  |
| &nbsp;&nbsp;Mark Redfearn, CFA | &nbsp;&nbsp;Other Accounts |  |  |  |  |
| &nbsp;&nbsp;Andrew Brunks, CFA | &nbsp;&nbsp;Other Registered Investment Companies |  |  |  |  |
| &nbsp;&nbsp;Andrew Brunks, CFA | &nbsp;&nbsp;Other Pooled Vehicles |  |  |  |  |
| &nbsp;&nbsp;Andrew Brunks, CFA | &nbsp;&nbsp;Other Accounts |  |  |  |  |
| &nbsp;&nbsp;Calvin Walker | &nbsp;&nbsp;Other Registered Investment Companies |  |  |  |  |
| &nbsp;&nbsp;Calvin Walker | &nbsp;&nbsp;Other Pooled Vehicles |  |  |  |  |
| &nbsp;&nbsp;Calvin Walker | &nbsp;&nbsp;Other Accounts |  |  |  |  |

---

JNL/PPM America Total Return Fund

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |  |  |  | &nbsp;&nbsp;**Performance Fee Accounts** | &nbsp;&nbsp;**Performance Fee Accounts** |
| &nbsp;&nbsp;**Portfolio Manager** | &nbsp;&nbsp;**Category of Account** | &nbsp;&nbsp;**# of Accounts** | &nbsp;&nbsp;**AUM** | &nbsp;&nbsp;**# of Accounts** | &nbsp;&nbsp;**AUM** |
| &nbsp;&nbsp;Josh Settle, CFA | &nbsp;&nbsp;Other Registered Investment Companies |  |  |  |  |
| &nbsp;&nbsp;Josh Settle, CFA | &nbsp;&nbsp;Other Pooled Vehicles |  |  |  |  |
| &nbsp;&nbsp;Josh Settle, CFA | &nbsp;&nbsp;Other Accounts |  |  |  |  |
| &nbsp;&nbsp;John Nelson, CFA | &nbsp;&nbsp;Other Registered Investment Companies |  |  |  |  |
| &nbsp;&nbsp;John Nelson, CFA | &nbsp;&nbsp;Other Pooled Vehicles |  |  |  |  |
| &nbsp;&nbsp;John Nelson, CFA | &nbsp;&nbsp;Other Accounts |  |  |  |  |

---

Conflicts of Interest

The management of multiple funds and accounts gives rise to potential and actual conflicts of interest. PPM has adopted certain compliance procedures which are designed to address conflicts; however, there is no guarantee that such procedures will detect each and every situation in which a conflict arises.

*Allocation of Time and Ideas*

Portfolio managers must divide time and investment ideas across multiple funds and accounts. Portfolio managers generally focus on a particular investment discipline; therefore, other funds and/or accounts are in most cases managed using the same or substantially similar investment strategies that are used in connection with the management of the Funds. As a result, portfolio holdings, relative position sizes, and industry and sector exposures tend to be similar across similar portfolios, which may minimize the potential for conflicts of interest. However, securities selected for similarly managed funds or accounts other than one of the Funds may outperform the securities selected for the respective Fund.

*Investment Opportunities*

Other funds and accounts may have similar or different objectives, benchmarks, time horizons, and fees. The other accounts and funds may invest in the same instruments as the Funds, which may create potential conflicts, particularly where investment opportunities in securities or markets are limited or where the liquidity of certain instruments is limited. Further, the majority of accounts managed by PPM represent assets of, or accounts sponsored by, its affiliates. The allocation of investment opportunities generally, could raise a potential conflict of interest, as PPM may have an incentive to provide favorable treatment to certain accounts, including those of clients affiliated with PPM. Additionally, conflicts may arise with both the aggregation and allocation of trade orders that were only partially filled due to limited availability. Also, each Fund, as a registered investment company, is subject to different regulations than certain of the accounts managed by PPM, and, consequently, there may be differences in the allowable investments and investment techniques between accounts of clients managed by PPM. PPM seeks to manage such potential conflicts through the adoption of a variety of policies and procedures, including procedures intended to provide a fair allocation of buy and sell opportunities among the Funds and other accounts.

Conflicts may also arise in cases where client and/or affiliate client accounts are invested in or conduct research relating to different parts of an issuer's capital structure, such as when a Fund owns senior debt obligations of an issuer and other clients own junior tranches or equities of the same issuer. In such circumstances, decisions over whether to trigger an event of default, over the terms of any workout, or how to exit an investment may result in conflicts of interest. In order to minimize such conflicts, a portfolio manager may avoid certain investment opportunities that would potentially give rise to conflicts with other clients or result in PPM receiving material, non-public information, or PPM may enact internal procedures designed to minimize such conflicts, which could have the effect of limiting a Fund's investment opportunities. Additionally, if PPM acquires material non-public confidential information in connection with its business activities for other clients, a portfolio manager or other investment personnel may be restricted from purchasing securities or selling certain securities for a Fund or other clients. When making investment decisions where a conflict of interest may arise, PPM will endeavor to act in a fair and equitable manner between a Fund and other clients; however, in certain instances the resolution of the conflict may result in PPM acting on behalf of another client in a manner that may not be in the best interest, or may be opposed to the best interest, of a Fund.

*Related Party Investments*

Related parties to PPM may provide initial funding to or otherwise invest in a Fund. When a related party provides "seed capital" or other capital for a Fund, it may do so with the intention of redeeming all or part of its interest in the Fund at a future point in time or when it deems that sufficient additional capital has been invested in that Fund. The timing of a redemption by a related party could benefit the related party. For example, the related party may choose to redeem its shares at a time when the Fund's portfolio is more liquid than at times when other investors may wish to redeem all or part of their interests. In addition, a consequence of any redemption of a significant amount, including by a related party, is that investors remaining in the Fund will bear a proportionately higher share of Fund expenses following the redemption.

*Fees*

A portfolio manager may advise certain accounts subject to performance-based fees. Such circumstances give rise to a potential conflict, in that the portfolio manager may have an incentive to favor performance-based fee accounts over a Fund. As noted above, PPM has policies and procedures in place to mitigate such conflicts, including procedures intended to provide a fair allocation of buy and sell opportunities among the Funds and other accounts.

*Personal Investments*

A portfolio manager may invest in a Fund that he or she advises. Also, a portfolio manager's management of personal accounts may give rise to potential conflicts of interest, including conflicts of interest related to the knowledge and timing and potential market impact of trades placed on behalf of clients, as well as current or potential investment opportunities under consideration. While PPM has adopted a variety of procedures, including a code of ethics which PPM believes contains provisions reasonably necessary to prevent a wide range of prohibited activities by portfolio managers and others with respect to their personal trading activities, there can be no assurance that the code of ethics addresses all individual conduct that could result in conflicts of interest.

[to be updated by amendment]

Security Ownership of Portfolio Managers for the JNL Multi-Manager Floating Rate Income Fund as of [December 31, 2025]

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Security Ownership of Portfolio Managers** | &nbsp;&nbsp; $1-<br> $10000 | &nbsp;&nbsp; $10001-<br> $50000 | &nbsp;&nbsp; $50001-<br> $100000 | &nbsp;&nbsp; $100001-<br> $500000 | &nbsp;&nbsp; $500001-<br> $1000000 | &nbsp;&nbsp;Over $1,000,000 |
| &nbsp;&nbsp;Adam Spielman |  |  |  |  |  |  |
| &nbsp;&nbsp;John Broz |  |  |  |  |  |  |

---

Security Ownership of Portfolio Managers for the JNL/PPM America Emerging Markets Debt Fund as of [December 31, 2025]

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp; **Security Ownership of Portfolio Managers** | &nbsp;&nbsp; $1- <br> $10000  | &nbsp;&nbsp; $10001- <br> $50000  | &nbsp;&nbsp; $50001- <br> $100000  | &nbsp;&nbsp; $100001- <br> $500000  | &nbsp;&nbsp; $500001- <br> $1000000  | &nbsp;&nbsp; Over $1,000,000 |
| &nbsp;&nbsp; Mark Hughes, CFA |  |  |  |  |  |  |
| &nbsp;&nbsp; Kevin Ritter, CFA |  |  |  |  |  |  |

---

Security Ownership of Portfolio Managers for the JNL/PPM America High Yield Bond Fund as of [December 31, 2025]

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Security Ownership of Portfolio Managers** | &nbsp;&nbsp; $1-<br> $10000 | &nbsp;&nbsp; $10001-<br> $50000 | &nbsp;&nbsp; $50001-<br> $100000 | &nbsp;&nbsp; $100001-<br> $500000 | &nbsp;&nbsp; $500001-<br> $1000000 | &nbsp;&nbsp;Over $1,000,000 |
| &nbsp;&nbsp;Adam Spielman |  |  |  |  |  |  |
| &nbsp;&nbsp;John Broz |  |  |  |  |  |  |
| &nbsp;&nbsp;Karl Petrovich |  |  |  |  |  |  |

---

Security Ownership of Portfolio Managers for the JNL/PPM America Investment Grade Credit Fund as of [December 31, 2025]

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Security Ownership of Portfolio Managers** | &nbsp;&nbsp; $1-<br> $10000 | &nbsp;&nbsp; $10001-<br> $50000 | &nbsp;&nbsp; $50001-<br> $100000 | &nbsp;&nbsp; $100001-<br> $500000 | &nbsp;&nbsp; $500001-<br> $1000000 | &nbsp;&nbsp;Over $1,000,000 |
| &nbsp;&nbsp;Mark Redfearn, CFA |  |  |  |  |  |  |
| &nbsp;&nbsp;Andrew Brunks, CFA |  |  |  |  |  |  |
| &nbsp;&nbsp;Calvin Walker |  |  |  |  |  |  |

---

Security Ownership of Portfolio Managers for the JNL/PPM America Total Return Fund as of [December 31, 2025]

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Security Ownership of Portfolio Managers** | &nbsp;&nbsp; $1-<br> $10000 | &nbsp;&nbsp; $10001-<br> $50000 | &nbsp;&nbsp; $50001-<br> $100000 | &nbsp;&nbsp; $100001-<br> $500000 | &nbsp;&nbsp; $500001-<br> $1000000 | &nbsp;&nbsp;Over $1,000,000 |
| &nbsp;&nbsp;Josh Settle, CFA |  |  |  |  |  |  |
| &nbsp;&nbsp;Jon Nelson |  |  |  |  |  |  |

---

**Reinhart Partners, LLC** 

Reinhart Partners, LLC ("Reinhart"), located at 11090 N. Weston Drive, Mequon, Wisconsin 53092, serves as a Co-Sub-Adviser to the JNL Multi-Manager Small Cap Value Fund. Established in 1991, Reinhart is an SEC-registered investment adviser that provides investment advisory services to private clients and institutions.

Portfolio Manager Compensation Structure

The Portfolio Managers' management of "other accounts" may give rise to potential conflicts of interest in connection with the management of a Fund's investments, on the one hand, and the investments of the other accounts, on the other. The other accounts may have the same investment objective as a Fund. Therefore, a potential conflict of interest may arise as a result of the identical investment objectives, whereby a Portfolio Manager could favor one account over another. Another potential conflict could include a Portfolio Manager's knowledge about the size, timing and possible market impact of Fund trades, whereby the Portfolio Manager could use this information to the advantage of other accounts and to the disadvantage of a Fund. However, the Adviser has established policies and procedures to ensure that the purchase and sale of securities among all accounts it manages are fairly and equitably allocated.

Reinhart compensates the Portfolio Managers for their management of the Funds. The Portfolio Managers' compensation is based on a combination of competitive base salary and additional compensation based upon the amount of assets managed. The Portfolio Managers' entire compensation package is paid by the Reinhart and not by any client account.

Other Accounts Managed and Potential Conflicts of Interest

The following table reflects information as of [December 31, 2025]: [to be updated by amendment]

JNL Multi-Manager Small Cap Value Fund

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |  |  |  | &nbsp;&nbsp;**Performance Fee Accounts** | &nbsp;&nbsp;**Performance Fee Accounts** |
| &nbsp;&nbsp;**Portfolio Manager** | &nbsp;&nbsp;**Category of Account** | &nbsp;&nbsp;**# of Accounts** | &nbsp;&nbsp;**AUM** | &nbsp;&nbsp;**# of Accounts** | &nbsp;&nbsp;**AUM** |
| &nbsp;&nbsp;Matthew Martinek, CFA | &nbsp;&nbsp;Other Registered Investment Companies |  |  |  |  |
| &nbsp;&nbsp;Matthew Martinek, CFA | &nbsp;&nbsp;Other Pooled Vehicles |  |  |  |  |
| &nbsp;&nbsp;Matthew Martinek, CFA | &nbsp;&nbsp;Other Accounts |  |  |  |  |
| &nbsp;&nbsp;Josh Wheeler, CFA | &nbsp;&nbsp;Other Registered Investment Companies |  |  |  |  |
| &nbsp;&nbsp;Josh Wheeler, CFA | &nbsp;&nbsp;Other Pooled Vehicles |  |  |  |  |
| &nbsp;&nbsp;Josh Wheeler, CFA | &nbsp;&nbsp;Other Accounts |  |  |  |  |

---

Conflicts of Interest

Please see "*Portfolio Manager Compensation Structure*" above.

 *[to be updated by amendment]*

 *Security Ownership of the Portfolio Managers for the JNL Multi-Manager Small Cap Value Fund as of [December 31, 2025]*

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Security Ownership of Portfolio Managers** | &nbsp;&nbsp; $1-<br> $10000 | &nbsp;&nbsp; $10001-<br> $50000 | &nbsp;&nbsp; $50001-<br> $100000 | &nbsp;&nbsp; $100001-<br> $500000 | &nbsp;&nbsp; $500001-<br> $1000000 | &nbsp;&nbsp;Over $1,000,000 |
| &nbsp;&nbsp;Matthew Martinek, CFA |  |  |  |  |  |  |
| &nbsp;&nbsp;Josh Wheeler, CFA |  |  |  |  |  |  |

---

 

**River Road Asset Management, LLC**

River Road Asset Management, LLC ("River Road") is located at Meidinger Tower, 462 South Fourth Street, Suite 2000, Louisville, Kentucky 40202, serves as Co-Sub-Adviser to the JNL Multi-Manager Mid Cap Fund, JNL Multi-Manager Small Cap Value Fund and JNL Multi-Manager Select Equity Fund. River Road was founded in 2005. River Road is indirectly majority owned by Affiliated Managers Group, Inc., and members of River Road's senior management team hold a substantial minority equity interest in the firm.

Portfolio Manager Compensation Structure

Compensation for portfolio managers includes an annual fixed base salary and a potential performance-based bonus. All portfolio managers also own equity in River Road, which entitles them to a portion of the firm's profits.

Other Accounts Managed by the Portfolio Managers and Potential Conflicts of Interest

The following table reflects information as of [December 31, 2025]: [to be updated by amendment]

JNL Multi-Manager Mid Cap Fund and JNL Multi-Manager Select Equity Fund

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |  |  |  | &nbsp;&nbsp;**Performance Fee Accounts** | &nbsp;&nbsp;**Performance Fee Accounts** |
| &nbsp;&nbsp;**Portfolio Manager** | &nbsp;&nbsp;**Category of Account** | &nbsp;&nbsp;**# of Accounts** | &nbsp;&nbsp;**AUM** | &nbsp;&nbsp;**# of Accounts** | &nbsp;&nbsp;**AUM** |
| &nbsp;&nbsp;Matthew W. Moran, CFA | &nbsp;&nbsp;Other Registered Investment Companies |  |  |  |  |
| &nbsp;&nbsp;Matthew W. Moran, CFA | &nbsp;&nbsp;Other Pooled Vehicles |  |  |  |  |
| &nbsp;&nbsp;Matthew W. Moran, CFA | &nbsp;&nbsp;Other Accounts |  |  |  |  |
| &nbsp;&nbsp;Daniel R. Johnson, CFA, CPA | &nbsp;&nbsp;Other Registered Investment Companies |  |  |  |  |
| &nbsp;&nbsp;Daniel R. Johnson, CFA, CPA | &nbsp;&nbsp;Other Pooled Vehicles |  |  |  |  |
| &nbsp;&nbsp;Daniel R. Johnson, CFA, CPA | &nbsp;&nbsp;Other Accounts |  |  |  |  |

---

JNL Multi-Manager Small Cap Value Fund

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |  |  |  | &nbsp;&nbsp;**Performance Fee Accounts** | &nbsp;&nbsp;**Performance Fee Accounts** |
| &nbsp;&nbsp;**Portfolio Manager** | &nbsp;&nbsp;**Category of Account** | &nbsp;&nbsp;**# of Accounts** | &nbsp;&nbsp;**AUM** | &nbsp;&nbsp;**# of Accounts** | &nbsp;&nbsp;**AUM** |
| &nbsp;&nbsp;J. Justin Akin | &nbsp;&nbsp;Other Registered Investment Companies |  |  |  |  |
| &nbsp;&nbsp;J. Justin Akin | &nbsp;&nbsp;Other Pooled Vehicles |  |  |  |  |
| &nbsp;&nbsp;J. Justin Akin | &nbsp;&nbsp;Other Accounts |  |  |  |  |
| &nbsp;&nbsp;R. Andrew Beck | &nbsp;&nbsp;Other Registered Investment Companies |  |  |  |  |
| &nbsp;&nbsp;R. Andrew Beck | &nbsp;&nbsp;Other Pooled Vehicles |  |  |  |  |
| &nbsp;&nbsp;R. Andrew Beck | &nbsp;&nbsp;Other Accounts |  |  |  |  |
| &nbsp;&nbsp;Todd Mayberry, CFA | &nbsp;&nbsp;Other Registered Investment Companies |  |  |  |  |
| &nbsp;&nbsp;Todd Mayberry, CFA | &nbsp;&nbsp;Other Pooled Vehicles |  |  |  |  |
| &nbsp;&nbsp;Todd Mayberry, CFA | &nbsp;&nbsp;Other Accounts |  |  |  |  |

---

Accounts with performance fees and corresponding assets also included in total accounts/assets managed.

Conflicts of Interest

The portfolio managers for the Fund manage multiple accounts, including the Fund. The portfolio managers make decisions for each account based on the investment objectives, policies, practices and other relevant investment considerations that the portfolio managers believe are applicable to that account. Consequently, the portfolio managers may purchase securities for one account and not another account, and the performance of securities purchased for one account may vary from the performance of securities purchased for other accounts. A portfolio manager may place transactions on behalf of other accounts that are contrary to investment decisions made on behalf of the Fund, or make investment decisions that are similar to those made for the Fund, both of which have the potential to adversely affect the price paid or received by the Fund or the size of the security position obtainable for the Fund. River Road has adopted policies and procedures that it believes are reasonably designed to address the conflicts associated with managing multiple

accounts for multiple clients although there can be no assurance that such policies and procedures will adequately address such conflicts.

[to be updated by amendment]

Security Ownership of Portfolio Managers for the JNL Multi-Manager Mid Cap Fund and JNL Multi-Manager Select Equity Fund as of [December 31, 2025]

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Security Ownership of Portfolio Managers** | &nbsp;&nbsp; $1-<br> $10000 | &nbsp;&nbsp; $10001-<br> $50000 | &nbsp;&nbsp; $50001-<br> $100000 | &nbsp;&nbsp; $100001-<br> $500000 | &nbsp;&nbsp; $500001-<br> $1000000 | &nbsp;&nbsp;Over $1,000,000 |
| &nbsp;&nbsp;Matthew W. Moran, CFA |  |  |  |  |  |  |
| &nbsp;&nbsp;Daniel R. Johnson, CFA, CPA |  |  |  |  |  |  |

---

Security Ownership of Portfolio Managers for the JNL Multi-Manager Small Cap Value Fund as of [December 31, 2025]

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Security Ownership of Portfolio Managers** | &nbsp;&nbsp; $1-<br> $10000 | &nbsp;&nbsp; $10001-<br> $50000 | &nbsp;&nbsp; $50001-<br> $100000 | &nbsp;&nbsp; $100001-<br> $500000 | &nbsp;&nbsp; $500001-<br> $1000000 | &nbsp;&nbsp;Over $1,000,000 |
| &nbsp;&nbsp;J. Justin Akin |  |  |  |  |  |  |
| &nbsp;&nbsp;R. Andrew Beck |  |  |  |  |  |  |
| &nbsp;&nbsp;Todd Mayberry, CFA |  |  |  |  |  |  |

---

**Segall Bryant & Hamill, LLC**

Segall Bryant & Hamill, LLC ("SBH") is located at 10 S. Wacker Drive, Suite 3100, Chicago, IL 60606 and serves as Co-Sub-Adviser to the JNL Multi-Manager Small Cap Growth Fund.

Portfolio Manager Compensation Structure

SBH's goal is to create an environment that promotes stability and ensures the alignment of employee incentives with clients' interests. Compensation for investment professionals generally consists of base salary, profit sharing, and potential incentive compensation. Investment professionals are paid a salary that is competitive with industry standards, along with a team-based incentive bonus based on revenues derived from SBH's strategies. Individual incentive allocation is merit based as determined by the portfolio manager, with final approval from the President of SBH.

Portfolio managers may also participate in SBH's defined contribution retirement plan, which includes normal matching provisions in accordance with applicable tax regulations.

Other Accounts Managed by the Portfolio Managers and Potential Conflicts of Interest

The following table reflects information as of [December 31, 2025]: [to be updated by amendment]

JNL Multi-Manager Small Cap Growth Fund

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |  |  |  | &nbsp;&nbsp;**Performance Fee Accounts** | &nbsp;&nbsp;**Performance Fee Accounts** |
| &nbsp;&nbsp;**Portfolio Manager** | &nbsp;&nbsp;**Category of Account** | &nbsp;&nbsp;**# of Accounts** | &nbsp;&nbsp;**AUM** | &nbsp;&nbsp;**# of Accounts** | &nbsp;&nbsp;**AUM** |
| &nbsp;&nbsp;Brian C. Fitzsimons, CFA | &nbsp;&nbsp;Other Registered Investment Companies |  |  |  |  |
| &nbsp;&nbsp;Brian C. Fitzsimons, CFA | &nbsp;&nbsp;Other Pooled Vehicles |  |  |  |  |
| &nbsp;&nbsp;Brian C. Fitzsimons, CFA | &nbsp;&nbsp;Other Accounts |  |  |  |  |
| &nbsp;&nbsp;Mitch S. Begun, CFA | &nbsp;&nbsp;Other Registered Investment Companies |  |  |  |  |
| &nbsp;&nbsp;Mitch S. Begun, CFA | &nbsp;&nbsp;Other Pooled Vehicles |  |  |  |  |
| &nbsp;&nbsp;Mitch S. Begun, CFA | &nbsp;&nbsp;Other Accounts |  |  |  |  |

---

Conflicts of Interest

SBH has adopted policies and procedures that address potential conflicts of interest that may arise when a portfolio manager has day-to-day management responsibilities with respect to more than one account, such as conflicts relating to the allocation of limited investment opportunities, the order of executing transactions when the aggregation of the order is not possible, may use brokerage commissions generated from securities transactions to obtain research and/or brokerage services from broker-dealers rather than paying for execution only, personal investing activities, structure of portfolio manager compensation, conflicting investment strategies and proxy voting of portfolio securities. While there is no guarantee that such policies and procedures will be effective in all cases, SBH believes that its policies and procedures and associated controls relating to potential material conflicts of interest have been reasonably designed.

 *[to be updated by amendment]*

 *Security Ownership of Portfolio Managers for the JNL Multi-Manager Small Cap Growth Fund as of [December 31, 2025]*

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Security Ownership of Portfolio Managers** | &nbsp;&nbsp; $1-<br> $10000 | &nbsp;&nbsp; $10001-<br> $50000 | &nbsp;&nbsp; $50001-<br> $100000 | &nbsp;&nbsp; $100001-<br> $500000 | &nbsp;&nbsp; $500001-<br> $1000000 | &nbsp;&nbsp;Over $1,000,000 |
| &nbsp;&nbsp;Brian C. Fitzsimmons, CFA |  |  |  |  |  |  |
| &nbsp;&nbsp;Mitch S. Begun, CFA |  |  |  |  |  |  |

---

T. Rowe Price Associates, Inc.

T. Rowe Price Associates, Inc. ("T. Rowe"), located at 100 East Pratt Street, Baltimore, Maryland 21202, serves as Sub-Adviser to the JNL/T. Rowe Price Balanced Fund, JNL/T. Rowe Price Capital Appreciation Fund, JNL/T. Rowe Price Capital Appreciation Equity 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 U.S. High Yield Fund, and JNL/T. Rowe Price Value Fund. T. Rowe is also Co-Sub-Adviser to JNL Multi-Manager Emerging Markets Equity Fund. T. Rowe was founded in 1937 by the late Thomas Rowe Price, Jr., and is a wholly owned subsidiary of T. Rowe Price Group, Inc., a publicly traded company the principal business of which is investment management services.

Portfolio Manager Compensation Structure

Portfolio manager compensation consists primarily of a base salary, a cash bonus, and an equity incentive that usually comes in the form of restricted stock grants. Compensation is variable and is determined based on the following factors.

Investment performance over 1-, 3-, 5-, and 10-year periods is the most important input. The weightings for these time periods are generally balanced and are applied consistently across similar strategies. T. Rowe Price (and T. Rowe Price Australia, T. Rowe Price Hong Kong, T. Rowe Price Singapore, T. Rowe Price Japan, T. Rowe Price International and T. Rowe Price Investment Management, as appropriate) evaluates performance in absolute, relative, and risk-adjusted terms. Relative performance and risk-adjusted performance are typically determined with reference to the broad-based index (e.g., S&P 500 Index) and the Lipper average or index (e.g., Large-Cap Growth Index) set forth in the total returns table in the fund's prospectus, although other benchmarks may be used as well. Investment results are also measured against comparably managed funds of competitive investment management firms. The selection of comparable funds is approved by the applicable investment steering committee and is the same as the selection presented to the directors of the T. Rowe Price Funds in their regular review of fund performance. Performance is primarily measured on a pretax basis, although tax efficiency is considered.

Compensation is viewed with a long-term time horizon. The more consistent a portfolio manager's performance over time, the higher the compensation opportunity. The increase or decrease in a fund's assets due to the purchase or sale of fund shares is not considered a material factor. In reviewing relative performance for fixed income funds, a fund's expense ratio is usually taken into account. Contribution to T. Rowe Price's overall investment process is an important consideration as well. Leveraging ideas and investment insights across applicable investment platforms; working effectively with and mentoring others; and other contributions to T. Rowe Price's clients, the firm, or its culture are important components of T. Rowe Price's long-term success and are generally taken into consideration.

All employees of T. Rowe Price, including portfolio managers, can participate in a 401(k) plan sponsored by T. Rowe Price Group. In addition, all employees are eligible to purchase T. Rowe Price common stock through an employee stock purchase plan that features a limited corporate matching contribution. Eligibility for and participation in these plans is on the same basis for all employees. Finally, all vice presidents of T. Rowe Price Group, including all portfolio managers, are eligible to participate in a supplemental savings plan sponsored by T. Rowe Price Group, and certain vice presidents of T. Rowe Price Group receive supplemental medical/hospital reimbursement benefits.

This compensation structure is used when evaluating the performance of all portfolios (including the Price Funds) managed by the portfolio manager.

Other Accounts Managed by the Portfolio Managers and Potential Conflicts of Interest

The following tables reflect information as of [December 31, 2025]: [to be updated by amendment]

JNL Multi-Manager Emerging Markets Equity Fund

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |  |  |  | &nbsp;&nbsp;**Performance Fee Accounts** | &nbsp;&nbsp;**Performance Fee Accounts** |
| &nbsp;&nbsp;**Portfolio Manager** | &nbsp;&nbsp;**Category of Account** | &nbsp;&nbsp;**# of Accounts** | &nbsp;&nbsp;**AUM** | &nbsp;&nbsp;**# of Accounts** | &nbsp;&nbsp;**AUM** |
| &nbsp;&nbsp;Ernest Yeung, CFA, IMC | &nbsp;&nbsp;Other Registered Investment Companies |  |  |  |  |
| &nbsp;&nbsp;Ernest Yeung, CFA, IMC | &nbsp;&nbsp;Other Pooled Vehicles |  |  |  |  |
| &nbsp;&nbsp;Ernest Yeung, CFA, IMC | &nbsp;&nbsp;Other Accounts |  |  |  |  |

---

JNL/T. Rowe Price Balanced Fund

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |  |  |  | &nbsp;&nbsp;**Performance Fee Accounts** | &nbsp;&nbsp;**Performance Fee Accounts** |
| &nbsp;&nbsp;**Portfolio Manager** | &nbsp;&nbsp;**Category of Account** | &nbsp;&nbsp;**# of Accounts** | &nbsp;&nbsp;**AUM** | &nbsp;&nbsp;**# of Accounts** | &nbsp;&nbsp;**AUM** |
| &nbsp;&nbsp;Charles M. Shriver, CFA | &nbsp;&nbsp;Other Registered Investment Companies |  |  |  |  |
| &nbsp;&nbsp;Charles M. Shriver, CFA | &nbsp;&nbsp;Other Pooled Vehicles |  |  |  |  |
| &nbsp;&nbsp;Charles M. Shriver, CFA | &nbsp;&nbsp;Other Accounts |  |  |  |  |
| &nbsp;&nbsp;Toby M. Thompson, CFA, CAIA | &nbsp;&nbsp;Other Registered Investment Companies |  |  |  |  |
| &nbsp;&nbsp;Toby M. Thompson, CFA, CAIA | &nbsp;&nbsp;Other Pooled Vehicles |  |  |  |  |
| &nbsp;&nbsp;Toby M. Thompson, CFA, CAIA | &nbsp;&nbsp;Other Accounts |  |  |  |  |
| &nbsp;&nbsp;Christina Dove Noonan, CFA | &nbsp;&nbsp;Other Registered Investment Companies |  |  |  |  |
| &nbsp;&nbsp;Christina Dove Noonan, CFA | &nbsp;&nbsp;Other Pooled Vehicles |  |  |  |  |
| &nbsp;&nbsp;Christina Dove Noonan, CFA | &nbsp;&nbsp;Other Accounts |  |  |  |  |

---

JNL/T. Rowe Price Capital Appreciation Fund and JNL/T. Rowe Price Capital Appreciation Equity Fund

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |  |  |  | &nbsp;&nbsp;**Performance Fee Accounts** | &nbsp;&nbsp;**Performance Fee Accounts** |
| &nbsp;&nbsp;**Portfolio Manager** | &nbsp;&nbsp;**Category of Account** | &nbsp;&nbsp;**# of Accounts** | &nbsp;&nbsp;**AUM** | &nbsp;&nbsp;**# of Accounts** | &nbsp;&nbsp;**AUM** |
| &nbsp;&nbsp;David R. Giroux, CFA | &nbsp;&nbsp;Other Registered Investment Companies |  |  |  |  |
| &nbsp;&nbsp;David R. Giroux, CFA | &nbsp;&nbsp;Other Pooled Vehicles |  |  |  |  |
| &nbsp;&nbsp;David R. Giroux, CFA | &nbsp;&nbsp;Other Accounts |  |  |  |  |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;Vivek Rajeswaran | &nbsp;&nbsp;Other Registered Investment Companies |
| &nbsp;&nbsp;Vivek Rajeswaran | &nbsp;&nbsp;Other Pooled Vehicles |
| &nbsp;&nbsp;Vivek Rajeswaran | &nbsp;&nbsp;Other Accounts |
| &nbsp;&nbsp;Mike Signore | &nbsp;&nbsp;Other Registered Investment Companies |
| &nbsp;&nbsp;Mike Signore | &nbsp;&nbsp;Other Pooled Vehicles |
| &nbsp;&nbsp;Mike Signore | &nbsp;&nbsp;Other Accounts |
| &nbsp;&nbsp;Brian Soloman | &nbsp;&nbsp;Other Registered Investment Companies |
| &nbsp;&nbsp;Brian Soloman | &nbsp;&nbsp;Other Pooled Vehicles |
| &nbsp;&nbsp;Brian Soloman | &nbsp;&nbsp;Other Accounts |

---

JNL/T. Rowe Price Growth Stock Fund

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |  |  |  | &nbsp;&nbsp;**Performance Fee Accounts** | &nbsp;&nbsp;**Performance Fee Accounts** |
| &nbsp;&nbsp;**Portfolio Manager** | &nbsp;&nbsp;**Category of Account** | &nbsp;&nbsp;**# of Accounts** | &nbsp;&nbsp;**AUM** | &nbsp;&nbsp;**# of Accounts** | &nbsp;&nbsp;**AUM** |
| &nbsp;&nbsp;James Stillwagon | &nbsp;&nbsp;Other Registered Investment Companies |  |  |  |  |
| &nbsp;&nbsp;James Stillwagon | &nbsp;&nbsp;Other Pooled Vehicles |  |  |  |  |
| &nbsp;&nbsp;James Stillwagon | &nbsp;&nbsp;Other Accounts |  |  |  |  |

---

JNL/T. Rowe Price Mid-Cap Growth Fund

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |  |  |  | &nbsp;&nbsp;**Performance Fee Accounts** | &nbsp;&nbsp;**Performance Fee Accounts** |
| &nbsp;&nbsp;**Portfolio Manager** | &nbsp;&nbsp;**Category of Account** | &nbsp;&nbsp;**# of Accounts** | &nbsp;&nbsp;**AUM** | &nbsp;&nbsp;**# of Accounts** | &nbsp;&nbsp;**AUM** |
| &nbsp;&nbsp;Brian W.H. Berghuis, CFA | &nbsp;&nbsp;Other Registered Investment Companies |  |  |  |  |
| &nbsp;&nbsp;Brian W.H. Berghuis, CFA | &nbsp;&nbsp;Other Pooled Vehicles |  |  |  |  |
| &nbsp;&nbsp;Brian W.H. Berghuis, CFA | &nbsp;&nbsp;Other Accounts |  |  |  |  |
| &nbsp;&nbsp;Donald J. Easley, CFA | &nbsp;&nbsp;Other Registered Investment Companies |  |  |  |  |
| &nbsp;&nbsp;Donald J. Easley, CFA | &nbsp;&nbsp;Other Pooled Vehicles |  |  |  |  |
| &nbsp;&nbsp;Donald J. Easley, CFA | &nbsp;&nbsp;Other Accounts |  |  |  |  |
| &nbsp;&nbsp;Ashley R. Woodruff, CFA | &nbsp;&nbsp;Other Registered Investment Companies |  |  |  |  |
| &nbsp;&nbsp;Ashley R. Woodruff, CFA | &nbsp;&nbsp;Other Pooled Vehicles |  |  |  |  |
| &nbsp;&nbsp;Ashley R. Woodruff, CFA | &nbsp;&nbsp;Other Accounts |  |  |  |  |

---

JNL/T. Rowe Price Short-Term Bond Fund

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |  |  |  | &nbsp;&nbsp;**Performance Fee Accounts** | &nbsp;&nbsp;**Performance Fee Accounts** |
| &nbsp;&nbsp;**Portfolio Manager** | &nbsp;&nbsp;**Category of Account** | &nbsp;&nbsp;**# of Accounts** | &nbsp;&nbsp;**AUM** | &nbsp;&nbsp;**# of Accounts** | &nbsp;&nbsp;**AUM** |
| &nbsp;&nbsp;Michael F. Reinartz, CFA | &nbsp;&nbsp;Other Registered Investment Companies |  |  |  |  |
| &nbsp;&nbsp;Michael F. Reinartz, CFA | &nbsp;&nbsp;Other Pooled Vehicles |  |  |  |  |
| &nbsp;&nbsp;Michael F. Reinartz, CFA | &nbsp;&nbsp;Other Accounts |  |  |  |  |
| &nbsp;&nbsp;Steven M. Kohlenstein | &nbsp;&nbsp;Other Registered Investment Companies |  |  |  |  |
| &nbsp;&nbsp;Steven M. Kohlenstein | &nbsp;&nbsp;Other Pooled Vehicles |  |  |  |  |
| &nbsp;&nbsp;Steven M. Kohlenstein | &nbsp;&nbsp;Other Accounts |  |  |  |  |

---

JNL/T. Rowe Price U.S. High Yield Fund

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |  |  |  | &nbsp;&nbsp;**Performance Fee Accounts** | &nbsp;&nbsp;**Performance Fee Accounts** |
| &nbsp;&nbsp;**Portfolio Manager** | &nbsp;&nbsp;**Category of Account** | &nbsp;&nbsp;**# of Accounts** | &nbsp;&nbsp;**AUM** | &nbsp;&nbsp;**# of Accounts** | &nbsp;&nbsp;**AUM** |
| &nbsp;&nbsp;Kevin Loome, CFA | &nbsp;&nbsp;Other Registered Investment Companies |  |  |  |  |
| &nbsp;&nbsp;Kevin Loome, CFA | &nbsp;&nbsp;Other Pooled Vehicles |  |  |  |  |
| &nbsp;&nbsp;Kevin Loome, CFA | &nbsp;&nbsp;Other Accounts |  |  |  |  |

---

JNL/T. Rowe Price Value Fund

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |  |  |  | &nbsp;&nbsp;**Performance Fee Accounts** | &nbsp;&nbsp;**Performance Fee Accounts** |
| &nbsp;&nbsp;**Portfolio Manager** | &nbsp;&nbsp;**Category of Account** | &nbsp;&nbsp;**# of Accounts** | &nbsp;&nbsp;**AUM** | &nbsp;&nbsp;**# of Accounts** | &nbsp;&nbsp;**AUM** |
| &nbsp;&nbsp;Ryan Hedrick, CFA | &nbsp;&nbsp;Other Registered Investment Companies |  |  |  |  |
| &nbsp;&nbsp;Ryan Hedrick, CFA | &nbsp;&nbsp;Other Pooled Vehicles |  |  |  |  |
| &nbsp;&nbsp;Ryan Hedrick, CFA | &nbsp;&nbsp;Other Accounts |  |  |  |  |

---

 *\*Please note the information above does not include any of the funds for which T. Rowe Price serves as Sub-Adviser for JNAM. The Portfolio Managers named above did not manage any accounts for which advisory fees are based on performance. Total assets are based on T. Rowe Price internal records as of [December 31, 2025].*

Conflicts of Interest

Portfolio managers at T. Rowe and its affiliates may manage multiple accounts. These accounts may include, among others, mutual funds, exchange-traded funds, business development companies, separate accounts (assets managed on behalf of institutions such as pension funds, colleges and universities, and foundations), offshore funds, private funds, and common trust funds. T. Rowe also provides non-discretionary advice to institutional investors in the form of delivery of model portfolios. Portfolio managers make investment decisions for each portfolio based on the investment objectives, policies, practices, and other relevant investment considerations that they believe are applicable to that portfolio. Consequently, portfolio managers may purchase (or sell) securities for one portfolio and not another portfolio. T. Rowe and its affiliates have adopted brokerage and trade allocation policies and procedures that they believe are reasonably designed to address any potential conflicts associated with managing multiple accounts. Investments made by a fund and the results achieved by a fund at any given time are not expected to be the same as those made by other funds for which T. Rowe Price acts as investment adviser, including funds with names, investment objectives and policies, and/or portfolio management teams, similar to a fund. This may be attributable to a wide variety of factors, including, but not limited to, large shareholder purchases or redemptions or specific investment restrictions. Please see the "Portfolio Transactions" section of this SAI for more information about our brokerage and trade allocation policies. Also, as disclosed under the "Portfolio Manager Compensation Structure" section above, the portfolio managers' compensation is determined in the same manner with respect to all portfolios managed by the portfolio manager.

The T. Rowe Funds may, from time to time, own shares of Morningstar, Inc. Morningstar is a provider of investment research to individual and institutional investors, and publishes ratings on funds, including the T. Rowe Funds. T. Rowe acts as sub-adviser to two mutual funds offered by Morningstar. T. Rowe and its affiliates pay Morningstar for a variety of products and services. Morningstar may provide investment consulting and investment management services to clients of T. Rowe or its affiliates. The T. Rowe Funds may generally not purchase shares of stock issued by T. Rowe Group, Inc. However, a T. Rowe Index Fund is permitted to make such purchases to the extent T. Rowe Group, Inc. is represented in the benchmark index the fund is designed to track.

T. Rowe Price and its affiliates furnish investment management and advisory services to numerous clients in addition to the Price Funds, and T. Rowe Price or its affiliates may, consistent with applicable law, make investment recommendations to other clients or accounts (including accounts which have performance or higher fees paid to T. Rowe Price), which may be the same as or different from those made to the Fund. In addition, T. Rowe Price, its affiliates and significant shareholders and any officer, director, shareholder or employee may or may not have an interest in the securities whose purchase and sale T. Rowe Price recommends to the Price Funds. In addition, T. Rowe Price may refrain from rendering any advice or services concerning securities of companies of which any of T. Rowe Price's (or its affiliates' or significant shareholders') officers, directors or employees are directors or officers, or companies as to which T. Rowe Price or any of its affiliates or significant shareholders or the officers, directors and employees of any of them has any substantial economic interest or possesses material nonpublic information. Additional potential conflicts may be inherent in T. Rowe's use of multiple strategies. For example, conflicts will arise in cases where different clients invest in different parts of an issuer's capital structure, including circumstances in which one or more clients may own private securities or obligations of an issuer and other clients may own or seek to acquire securities of the same issuer. For example, a client may acquire a loan, loan participation or a loan assignment of a particular borrower in which one or more other clients have an equity investment or may invest in senior debt obligations of an issuer for one client and junior debt obligations or equity of the same issuer for another client. Similarly, if an issuer in which a client and one or more other clients directly or indirectly hold different classes of securities (or other assets, instruments or obligations issued by such issuer or underlying investments of such issuer) encounters financial problems, is involved in a merger or acquisition or a going private transaction, decisions over the terms of any workout or transaction will raise conflicts of interests. While it is appropriate for different clients to hold investments in different parts of the same issuer's capital structure under normal circumstances, the interests of stockholders and debt holders may conflict, as the securities they hold will likely have different voting rights, dividend or repayment priorities or other features that could be in conflict with one another. Clients should be aware that conflicts will not necessarily be resolved in favor of their interests.

In some cases, T. Rowe or its affiliates may refrain from taking certain actions or making certain investments on behalf of clients in order to avoid or mitigate certain conflicts of interest or to prevent adverse regulatory actions or other implications for T. Rowe or its affiliates, or may sell investments for certain clients, in such case potentially disadvantaging the clients on whose behalf the actions are not taken, investments not made, or investments sold. In other cases, T. Rowe or its affiliates may take actions in order to mitigate legal risks to T. Rowe or its affiliates, even if disadvantageous to a client.

Conflicts such as those described above may also occur between clients on the one hand, and T. Rowe or its affiliates, on the other. These conflicts will not always be resolved in the favor of the client. In addition, conflicts may exist between different clients of T. Rowe or its affiliates. T. Rowe and one or more of its affiliates may operate autonomously from each other and may take actions that are adverse to other clients managed by an affiliate. In some cases, T. Rowe or its affiliates will have limited or no ability to mitigate those actions or address those conflicts, which could adversely affect T. Rowe or its affiliates' clients. Additional potential conflicts may be inherent in our use of multiple strategies. Regulatory requirements may prohibit T. Rowe Price or its affiliates from investing in certain companies on behalf of some of their clients, including the T. Rowe Price funds, while at the same time not prohibiting T. Rowe or its affiliates from making those same investments on behalf of other clients that are not subject to such requirements. T. Rowe or its affiliates' ability to negotiate certain rights, remedies, or take other actions on behalf of the T. Rowe Price funds with respect to an investment also may be limited in situations in which an affiliate of the Price Funds (or certain other interested persons) have a direct or indirect interest in the same issuer. When permitted by applicable law, other clients of T. Rowe or its affiliates, on the one hand, and one or more T. Rowe Price funds, on the other hand, may invest in or extend credit to different classes of securities or different parts of the capital structure of a single issuer. T. Rowe or its affiliates may pursue rights, provide advice or engage in other activities, or refrain from pursuing rights, providing advice or engaging in other activities, on behalf of themselves or one or more clients other than the T. Rowe Price funds with respect to an issuer in which a T. Rowe Price fund has invested, and such actions (or refraining from action) may have a material adverse effect on such T. Rowe Price fund. In addition, as a result of regulatory requirements or otherwise, in situations in which T. Rowe clients (including the T. Rowe Price funds) hold positions in multiple parts of the capital structure of an issuer, T. Rowe or its affiliates may not pursue certain actions that may otherwise be available. T. Rowe and its affiliates address these and other potential conflicts of interest based on the facts and circumstances of particular situations. For example, T. Rowe may determine to rely on one or more information barriers between different advisers, business units, or portfolio management teams, or to rely on the actions of similarly situated holders of loans or securities rather than, or in connection with, taking such actions itself on behalf of a client. In these situations, investment personnel are mindful of potentially conflicting interests of our clients with investments in different parts of an issuer's capital structure and seek to take appropriate measures to ensure that the interests of all clients are fairly represented. As a result of the various conflicts and related issues described in this paragraph, a T. Rowe Price fund could sustain losses during periods in which T. Rowe or its affiliates and other clients of T. Rowe or its affiliates achieve profits generally or with respect to particular holdings, or could achieve lower profits or higher losses than would have been the case had the conflicts described above not existed.

[to be updated by amendment]

Security Ownership of Portfolio Manager for the JNL Multi-Manager Emerging Markets Equity Fund as of [December 31, 2025]

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Security Ownership of Portfolio Manager** | &nbsp;&nbsp; $1-<br> $10000 | &nbsp;&nbsp; $10001-<br> $50000 | &nbsp;&nbsp; $50001-<br> $100000 | &nbsp;&nbsp; $100001-<br> $500000 | &nbsp;&nbsp; $500001-<br> $1000000 | &nbsp;&nbsp;Over $1,000,000 |
| &nbsp;&nbsp;Ernest Yeung, CFA, IMC |  |  |  |  |  |  |

---

Security Ownership of Portfolio Managers for the JNL/T. Rowe Price Balanced Fund as of [December 31, 2025]

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Security Ownership of Portfolio Managers** | &nbsp;&nbsp; $1-<br> $10000 | &nbsp;&nbsp; $10001-<br> $50000 | &nbsp;&nbsp; $50001-<br> $100000 | &nbsp;&nbsp; $100001-<br> $500000 | &nbsp;&nbsp; $500001-<br> $1000000 | &nbsp;&nbsp;Over $1,000,000 |
| &nbsp;&nbsp;Charles M. Shriver, CFA |  |  |  |  |  |  |
| &nbsp;&nbsp;Toby M. Thompson, CFA, CAIA |  |  |  |  |  |  |
| &nbsp;&nbsp;Christina Dove Noonan, CFA |  |  |  |  |  |  |

---

Security Ownership of Portfolio Manager for the JNL/T. Rowe Price Capital Appreciation Fund and JNL/T. Rowe Price Capital Appreciation Equity Fund as of [December 31, 2025]

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Security Ownership of Portfolio Manager** | &nbsp;&nbsp; $1-<br> $10000 | &nbsp;&nbsp; $10001-<br> $50000 | &nbsp;&nbsp; $50001-<br> $100000 | &nbsp;&nbsp; $100001-<br> $500000 | &nbsp;&nbsp; $500001-<br> $1000000 | &nbsp;&nbsp;Over $1,000,000 |
| &nbsp;&nbsp;David R. Giroux, CFA |  |  |  |  |  |  |
| &nbsp;&nbsp;Vivek Rajeswaran |  |  |  |  |  |  |
| &nbsp;&nbsp;Mike Signore |  |  |  |  |  |  |
| &nbsp;&nbsp;Brian Soloman |  |  |  |  |  |  |

---

Security Ownership of Portfolio Manager for the JNL/T. Rowe Price Growth Stock Fund as of [December 31, 2025]

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Security Ownership of Portfolio Manager** | &nbsp;&nbsp; $1-<br> $10000 | &nbsp;&nbsp; $10001-<br> $50000 | &nbsp;&nbsp; $50001-<br> $100000 | &nbsp;&nbsp; $100001-<br> $500000 | &nbsp;&nbsp; $500001-<br> $1000000 | &nbsp;&nbsp;Over $1,000,000 |
| &nbsp;&nbsp;James Stillwagon |  |  |  |  |  |  |

---

Security Ownership of Portfolio Manager for JNL/T. Rowe Price Mid-Cap Growth Fund as of [December 31, 2025]

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Security Ownership of Portfolio Manager** | &nbsp;&nbsp; $1-<br> $10000 | &nbsp;&nbsp; $10001-<br> $50000 | &nbsp;&nbsp; $50001-<br> $100000 | &nbsp;&nbsp; $100001-<br> $500000 | &nbsp;&nbsp; $500001-<br> $1000000 | &nbsp;&nbsp;Over $1,000,000 |
| &nbsp;&nbsp;Brian W.H. Berghuis, CFA |  |  |  |  |  |  |
| &nbsp;&nbsp;Donald J. Easley, CFA |  |  |  |  |  |  |
| &nbsp;&nbsp;Ashley R. Woodruff, CFA |  |  |  |  |  |  |

---

Security Ownership of Portfolio Manager for the JNL/T. Rowe Price Short-Term Bond Fund as of [December 31, 2025]

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Security Ownership of Portfolio Manager** | &nbsp;&nbsp; $1-<br> $10000 | &nbsp;&nbsp; $10001-<br> $50000 | &nbsp;&nbsp; $50001-<br> $100000 | &nbsp;&nbsp; $100001-<br> $500000 | &nbsp;&nbsp; $500001-<br> $1000000 | &nbsp;&nbsp;Over $1,000,000 |
| &nbsp;&nbsp;Michael F. Reinartz, CFA |  |  |  |  |  |  |
| &nbsp;&nbsp;Steven M. Kohlenstein |  |  |  |  |  |  |

---

Security Ownership of Portfolio Manager for the JNL/T. Rowe Price U.S. High Yield Fund as of [December 31, 2025]

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Security Ownership of Portfolio Manager** | &nbsp;&nbsp; $1-<br> $10000 | &nbsp;&nbsp; $10001-<br> $50000 | &nbsp;&nbsp; $50001-<br> $100000 | &nbsp;&nbsp; $100001-<br> $500000 | &nbsp;&nbsp; $500001-<br> $1000000 | &nbsp;&nbsp;Over $1,000,000 |
| &nbsp;&nbsp;Kevin Loome, CFA |  |  |  |  |  |  |

---

Security Ownership of Portfolio Manager for the JNL/T. Rowe Price Value Fund as of [December 31, 2025]

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Security Ownership of Portfolio Manager** | &nbsp;&nbsp; $1-<br> $10000 | &nbsp;&nbsp; $10001-<br> $50000 | &nbsp;&nbsp; $50001-<br> $100000 | &nbsp;&nbsp; $100001-<br> $500000 | &nbsp;&nbsp; $500001-<br> $1000000 | &nbsp;&nbsp;Over $1,000,000 |
| &nbsp;&nbsp;Ryan Hedrick, CFA |  |  |  |  |  |  |

---

T. Rowe Price Australia Limited

T. Rowe Price Australia Limited ("T. Rowe Price Australia") services as a Sub-Sub-Adviser to the JNL/T. Rowe Price Balanced Fund. T. Rowe Price Australia is a wholly owned subsidiary T. Rowe Price International Ltd which itself is a wholly owned subsidiary of the T. Rowe Price and an Australian public company limited by shares organized and existing under the laws of Australia with its principal office at Level 28, Governor Phillip Tower, 1 Farrer Place, Sydney NSW 2000, Australia.

T. Rowe Price Hong Kong Limited

T. Rowe Price Hong Kong Limited ("T. Rowe Price Hong Kong"), located at 6/F Chater House 8 Connaught Place, Central Hong Kong, serves as a Sub-Sub-Adviser to the T. Rowe Price Emerging Markets Discovery Stock Strategy of the JNL Multi-Manager Emerging Markets Equity Fund and as a Sub-Sub-Adviser to the JNL/T. Rowe Price Short-Term Bond Fund. T. Rowe Price Hong Kong is a wholly owned subsidiary of T. Rowe Price and T. Rowe Price International Ltd. T. Rowe Price Hong Kong serves as a sub-sub-adviser to registered investment companies and other commingled products for which T. Rowe serves as sub-adviser and provides investment management services for other clients who seek to primarily invest in securities markets of the Asia-Pacific region (excluding Japan and Australia).

T. Rowe Price International Ltd

T. Rowe Price International Ltd ("T. Rowe Price International"), located at 60 Queen Victoria Street, London, England EC4N 4TZ. T. Rowe Price International is a wholly owned subsidiary of T. Rowe Price. T. Rowe Price International serves as a Sub-Sub-Adviser to the JNL/T. Rowe Price Balanced Fund and the JNL/T. Rowe Price Short-Term Bond Fund.

T. Rowe Price Investment Management, Inc.

T. Rowe Price Investment Management, Inc. ("T. Rowe Price Investment Management"), located at 100 East Pratt Street, Baltimore, Maryland 21202, serves as a Sub-Sub-Adviser to the JNL/T. Rowe Price Balanced Fund, JNL/T. Rowe Price Capital Appreciation Fund, JNL/T. Rowe Price Capital Appreciation Equity Fund, JNL/T. Rowe Price Mid-Cap Growth Fund, and JNL/T. Rowe Price U.S. High Yield Fund. T. Rowe Price Investment Management is a wholly-owned subsidiary of T. Rowe Price.

**Victory Capital Management Inc.**

Victory Capital Management Inc. ("Victory Capital"), located at 15935 La Cantera Parkway, San Antonio, Texas 78256, serves as a Co-Sub-Adviser to the JNL Multi-Manager Mid Cap Fund. Victory Capital is a diversified global asset manager comprised of multiple investment teams, referred to as investment franchises, each of which utilizes an independent approach to investing. The portfolio managers responsible for the day to day management of Victory Capital's portion of the JNL Multi-Manager Mid Cap Fund are members of Victory Capital's investment franchise, Sycamore Capital. Victory Capital is an indirect wholly-owned subsidiary of Victory Capital Holdings, Inc. ("VCH"), a publicly traded Delaware corporation.

Portfolio Manager Compensation Structure

Victory Capital has designed the structure of its portfolio managers' compensation to (1) align portfolio managers' interests with those of Victory Capital's clients with an emphasis on long-term, risk-adjusted investment performance, (2) help Victory Capital attract and retain high-quality investment professionals, and (3) contribute to Victory Capital's overall financial success. Each of the Victory Capital portfolio managers receives a base salary plus an annual incentive bonus for managing the JNL Multi-Manager Small Cap Growth Fund and JNL Multi-Manager Mid Cap Fund, separate accounts, other investment companies and pooled investment vehicles and other accounts (including any accounts for which Victory Capital receives a performance fee) (together, "Accounts"). A portfolio manager's base salary is dependent on the manager's level of experience and expertise. Victory Capital monitors each manager's base salary relative to salaries paid for similar positions with peer firms by reviewing data provided by various independent third-party consultants that specialize in competitive salary information. Such data, however, is not considered to be a definitive benchmark.

Each of the investment teams, or "franchises," employed by Victory Capital (including RS Investments and Sycamore Capital) may earn incentive compensation based on a percentage of Victory Capital's revenue attributable to fees paid by Accounts managed by the team. The chief investment officer or a senior member of each team, in coordination with Victory Capital, determines the allocation of the incentive compensation earned by the team among the team's portfolio managers by establishing a "target" incentive for each portfolio manager based on the manager's level of experience and expertise in the manager's investment style. Individual performance is based on objectives established annually using performance metrics such as portfolio structure and positioning, research, stock selection, asset growth, client retention, presentation skills, marketing to prospective clients and contribution to Victory Capital's philosophy and values, such as leadership, risk management and teamwork. The annual incentive bonus also factors in individual investment performance of each portfolio manager's portfolio or client accounts relative to a selected peer group(s). The overall performance results for a manager are based on the composite performance of all Accounts managed by that manager on a combination of one-, three- and five-year rolling performance periods as compared to the performance information of a peer group of similarly-managed competitors.

Victory Capital's portfolio managers may participate in the equity ownership plan of Victory Capital's parent company. There is an ongoing annual equity pool granted to certain employees based on their contribution to the firm. Eligibility for participation in these incentive programs depends on the manager's performance and seniority.

Other Accounts Managed by the Portfolio Managers and Potential Conflicts of Interest

The following tables reflect information as of [December 31, 2025]: [to be updated by amendment]

JNL Multi-Manager Mid Cap Fund

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |  |  |  | &nbsp;&nbsp;**Performance Fee Accounts** | &nbsp;&nbsp;**Performance Fee Accounts** |
| &nbsp;&nbsp;**Portfolio Manager** | &nbsp;&nbsp;**Category of Account** | &nbsp;&nbsp;**# of Accounts** | &nbsp;&nbsp;**AUM** | &nbsp;&nbsp;**# of Accounts** | &nbsp;&nbsp;**AUM** |
| &nbsp;&nbsp;Gary H. Miller | &nbsp;&nbsp;Other Registered Investment Companies |  |  |  |  |
| &nbsp;&nbsp;Gary H. Miller | &nbsp;&nbsp;Other Pooled Vehicles |  |  |  |  |
| &nbsp;&nbsp;Gary H. Miller | &nbsp;&nbsp;Other Accounts |  |  |  |  |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;Gregory M. Conners | &nbsp;&nbsp;Other Registered Investment Companies |
| &nbsp;&nbsp;Gregory M. Conners | &nbsp;&nbsp;Other Pooled Vehicles |
| &nbsp;&nbsp;Gregory M. Conners | &nbsp;&nbsp;Other Accounts |
| &nbsp;&nbsp;Jeffrey M. Graff, CFA | &nbsp;&nbsp;Other Registered Investment Companies |
| &nbsp;&nbsp;Jeffrey M. Graff, CFA | &nbsp;&nbsp;Other Pooled Vehicles |
| &nbsp;&nbsp;Jeffrey M. Graff, CFA | &nbsp;&nbsp;Other Accounts |
| &nbsp;&nbsp;James M. Albers, CFA | &nbsp;&nbsp;Other Registered Investment Companies |
| &nbsp;&nbsp;James M. Albers, CFA | &nbsp;&nbsp;Other Pooled Vehicles |
| &nbsp;&nbsp;James M. Albers, CFA | &nbsp;&nbsp;Other Accounts |
| &nbsp;&nbsp;Michael F. Rodarte, CFA | &nbsp;&nbsp;Other Registered Investment Companies |
| &nbsp;&nbsp;Michael F. Rodarte, CFA | &nbsp;&nbsp;Other Pooled Vehicles |
| &nbsp;&nbsp;Michael F. Rodarte, CFA | &nbsp;&nbsp;Other Accounts |

---

Conflicts of Interest

Victory Capital's portfolio managers are often responsible for managing one or more mutual funds as well as other accounts, such as separate accounts, and other pooled investment vehicles, such as collective trust funds or unregistered hedge funds. A portfolio manager may manage other accounts which have materially higher fee arrangements than the JNL Multi-Manager Small Cap Growth Fund or the JNL Multi-Manager Mid Cap Fund and may, in the future, manage other accounts which have a performance-based fee. A portfolio manager also may make personal investments in accounts they manage or support. The side-by-side management of the Funds along with other accounts may raise potential conflicts of interest by incenting a portfolio manager to direct a disproportionate amount of: (1) their attention; (2) limited investment opportunities, such as less liquid securities or initial public offerings; and/or (3) desirable trade allocations, to such other accounts. In addition, to assist in the Investment decision-making process for its clients, including the Fund, Victory Capital may use brokerage commissions generated from securities transactions to obtain research and/or brokerage services from broker-dealers. Thus, Victory Capital may have an incentive to select a broker that provides research through the use of brokerage, rather than paying for execution only. Certain other trading practices, such as cross-trading between the Fund and another account, raise conflict of interest issues. Victory Capital has adopted numerous compliance policies and procedures, including a Code of Ethics, and brokerage and trade allocation policies and procedures, which seek to address the conflicts associated with managing multiple accounts for multiple clients. In addition, Victory Capital has a designated Chief Compliance Officer (selected in accordance with the federal securities laws) and compliance staff whose activities are focused on monitoring the activities of Victory Capital's investment franchises and employees in order to detect and address potential and actual conflicts of interest. However, there can be no assurance that Victory Capital's compliance program will achieve its intended result.

[to be updated by amendment]

Security Ownership of Portfolio Managers for the JNL Multi-Manager Mid Cap Fund as of [December 31, 2025]

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Security Ownership of Portfolio Managers** | &nbsp;&nbsp; $1-<br> $10000 | &nbsp;&nbsp; $10001-<br> $50000 | &nbsp;&nbsp; $50001-<br> $100000 | &nbsp;&nbsp; $100001-<br> $500000 | &nbsp;&nbsp; $500001-<br> $1000000 | &nbsp;&nbsp;Over $1,000,000 |
| &nbsp;&nbsp;Gary H. Miller |  |  |  |  |  |  |
| &nbsp;&nbsp;Gregory M. Conners |  |  |  |  |  |  |
| &nbsp;&nbsp;Jeffrey M. Graff, CFA |  |  |  |  |  |  |
| &nbsp;&nbsp;James M. Albers, CFA |  |  |  |  |  |  |
| &nbsp;&nbsp;Michael F. Rodarte, CFA |  |  |  |  |  |  |

---

**WCM Investment Management, LLC** 

WCM Investment Management, LLC ("WCM") is located at 281 Brooks Street, Laguna Beach, California 92651 and serves as Co-Sub-Adviser to the JNL Multi-Manager Emerging Markets Equity Fund, JNL Multi-Manager International Equity Fund, JNL Multi-Manager International Small Cap Fund, JNL Multi-Manager Small Cap Growth Fund, JNL Multi-Manager Small Cap Value Fund, JNL Multi-Manager Select Equity Fund and Sub-Adviser to JNL/WCM Focused International Equity Fund, and JNL/WCM China Quality Growth Fund. WCM provides investment management and sub-advisory services to public as well as various institutional and sub-advised accounts.

Portfolio Manager Compensation Structure

Compensation for WCM portfolio management personnel is determined by research team leaders in conjunction with WCM's Leadership Team, and consists of 1) a salary with 2) a possible bonus, 3) a possible revenue-share, and 4) a possible equity component.

Base Salary. Salary levels are based on the individual's degree of industry tenure, experience, and responsibilities at the firm.

Discretionary bonus. The bonus component is discretionary, and is based on qualitative employee performance measures, such as our "return on time" evaluation, contribution to the portfolio team, management of their portfolios, and other responsibilities (e.g., personnel management) at the firm. Furthermore, the overall performance of WCM (e.g., total assets under management, company profitability) will also impact this compensation component.

Revenue share. Portfolio managers may share in the revenue generated by the investment strategy for which they are responsible.

Equity ownership. Finally, portfolio managers may also receive compensation in the form of offers of equity ownership and the consequent distributions therefrom.

Portfolio managers are also eligible to participate in the company's "401(k)" Employee Savings Plan, which includes an annual company contribution based on the profitability of the firm.

Other Accounts Managed by the Portfolio Managers and Potential Conflicts of Interest

The following tables reflect information as of [December 31, 2025]: [to be updated by amendment]

JNL Multi-Manager Emerging Markets Equity Fund

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |  |  |  | &nbsp;&nbsp;**Performance Fee Accounts** | &nbsp;&nbsp;**Performance Fee Accounts** |
| &nbsp;&nbsp;**Portfolio Manager** | &nbsp;&nbsp;**Category of Account** | &nbsp;&nbsp;**# of Accounts** | &nbsp;&nbsp;**AUM** | &nbsp;&nbsp;**# of Accounts** | &nbsp;&nbsp;**AUM** |
| &nbsp;&nbsp;Sanjay Ayer, CFA | &nbsp;&nbsp;Other Registered Investment Companies |  |  |  |  |
| &nbsp;&nbsp;Sanjay Ayer, CFA | &nbsp;&nbsp;Other Pooled Vehicles |  |  |  |  |
| &nbsp;&nbsp;Sanjay Ayer, CFA | &nbsp;&nbsp;Other Accounts |  |  |  |  |
| &nbsp;&nbsp;Gregory S. Ise, CFA | &nbsp;&nbsp;Other Registered Investment Companies |  |  |  |  |
| &nbsp;&nbsp;Gregory S. Ise, CFA | &nbsp;&nbsp;Other Pooled Vehicles |  |  |  |  |
| &nbsp;&nbsp;Gregory S. Ise, CFA | &nbsp;&nbsp;Other Accounts |  |  |  |  |
| &nbsp;&nbsp;Mike Tian, CFA | &nbsp;&nbsp;Other Registered Investment Companies |  |  |  |  |
| &nbsp;&nbsp;Mike Tian, CFA | &nbsp;&nbsp;Other Pooled Vehicles |  |  |  |  |
| &nbsp;&nbsp;Mike Tian, CFA | &nbsp;&nbsp;Other Accounts |  |  |  |  |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;Michael B. Trigg | &nbsp;&nbsp;Other Registered Investment Companies |
| &nbsp;&nbsp;Michael B. Trigg | &nbsp;&nbsp;Other Pooled Vehicles |
| &nbsp;&nbsp;Michael B. Trigg | &nbsp;&nbsp;Other Accounts |

---

JNL Multi-Manager International Equity Fund

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |  |  |  | &nbsp;&nbsp; **Performance Fee Accounts** | &nbsp;&nbsp; **Performance Fee Accounts** |
| &nbsp;&nbsp; **Portfolio Manager** | &nbsp;&nbsp; **Category of Account** | &nbsp;&nbsp; **# of Accounts** | &nbsp;&nbsp; **AUM** | &nbsp;&nbsp; **# of Accounts** | &nbsp;&nbsp; **AUM** |
| &nbsp;&nbsp; Andrew Wiechert | &nbsp;&nbsp; Other Registered Investment Companies |  |  |  |  |
| &nbsp;&nbsp; Andrew Wiechert | &nbsp;&nbsp; Other Pooled Vehicles |  |  |  |  |
| &nbsp;&nbsp; Andrew Wiechert | &nbsp;&nbsp; Other Accounts |  |  |  |  |
| &nbsp;&nbsp; Drew French | &nbsp;&nbsp; Other Registered Investment Companies |  |  |  |  |
| &nbsp;&nbsp; Drew French | &nbsp;&nbsp; Other Pooled Vehicles |  |  |  |  |
| &nbsp;&nbsp; Drew French | &nbsp;&nbsp; Other Accounts |  |  |  |  |
| &nbsp;&nbsp; Rob Quirk, CFA | &nbsp;&nbsp; Other Registered Investment Companies |  |  |  |  |
| &nbsp;&nbsp; Rob Quirk, CFA | &nbsp;&nbsp; Other Pooled Vehicles |  |  |  |  |
| &nbsp;&nbsp; Rob Quirk, CFA | &nbsp;&nbsp; Other Accounts |  |  |  |  |

---

JNL Multi-Manager International Small Cap Fund

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |  |  |  | &nbsp;&nbsp;**Performance Fee Accounts** | &nbsp;&nbsp;**Performance Fee Accounts** |
| &nbsp;&nbsp;**Portfolio Manager** | &nbsp;&nbsp;**Category of Account** | &nbsp;&nbsp;**# of Accounts** | &nbsp;&nbsp;**AUM** | &nbsp;&nbsp;**# of Accounts** | &nbsp;&nbsp;**AUM** |
| &nbsp;&nbsp;Sanjay Ayer, CFA | &nbsp;&nbsp;Other Registered Investment Companies |  |  |  |  |
| &nbsp;&nbsp;Sanjay Ayer, CFA | &nbsp;&nbsp;Other Pooled Vehicles |  |  |  |  |
| &nbsp;&nbsp;Sanjay Ayer, CFA | &nbsp;&nbsp;Other Accounts |  |  |  |  |
| &nbsp;&nbsp;Gregory S. Ise | &nbsp;&nbsp;Other Registered Investment Companies |  |  |  |  |
| &nbsp;&nbsp;Gregory S. Ise | &nbsp;&nbsp;Other Pooled Vehicles |  |  |  |  |
| &nbsp;&nbsp;Gregory S. Ise | &nbsp;&nbsp;Other Accounts |  |  |  |  |

---

JNL Multi-Manager Small Cap Growth Fund

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |  |  |  | &nbsp;&nbsp;**Performance Fee Accounts** | &nbsp;&nbsp;**Performance Fee Accounts** |
| &nbsp;&nbsp;**Portfolio Manager** | &nbsp;&nbsp;**Category of Account** | &nbsp;&nbsp;**# of Accounts** | &nbsp;&nbsp;**AUM** | &nbsp;&nbsp;**# of Accounts** | &nbsp;&nbsp;**AUM** |
| &nbsp;&nbsp;John Rackers | &nbsp;&nbsp;Other Registered Investment Companies |  |  |  |  |
| &nbsp;&nbsp;John Rackers | &nbsp;&nbsp;Other Pooled Vehicles |  |  |  |  |
| &nbsp;&nbsp;John Rackers | &nbsp;&nbsp;Other Accounts |  |  |  |  |

---

<u>Chad E. Hoffman</u> Other Registered Investment Companies <br> Other Pooled Vehicles <br> <u>Other Accounts</u>        

JNL Multi-Manager Small Cap Value Fund

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |  |  |  | &nbsp;&nbsp;**Performance Fee Accounts** | &nbsp;&nbsp;**Performance Fee Accounts** |
| &nbsp;&nbsp;**Portfolio Manager** | &nbsp;&nbsp;**Category of Account** | &nbsp;&nbsp;**# of Accounts** | &nbsp;&nbsp;**AUM** | &nbsp;&nbsp;**# of Accounts** | &nbsp;&nbsp;**AUM** |
| &nbsp;&nbsp;Jon Detter | &nbsp;&nbsp;Other Registered Investment Companies |  |  |  |  |
| &nbsp;&nbsp;Jon Detter | &nbsp;&nbsp;Other Pooled Vehicles |  |  |  |  |
| &nbsp;&nbsp;Jon Detter | &nbsp;&nbsp;Other Accounts |  |  |  |  |
| &nbsp;&nbsp;Anthony Glickhouse | &nbsp;&nbsp;Other Registered Investment Companies |  |  |  |  |
| &nbsp;&nbsp;Anthony Glickhouse | &nbsp;&nbsp;Other Pooled Vehicles |  |  |  |  |
| &nbsp;&nbsp;Anthony Glickhouse | &nbsp;&nbsp;Other Accounts |  |  |  |  |
| &nbsp;&nbsp;Patrick F. McGee | &nbsp;&nbsp;Other Registered Investment Companies |  |  |  |  |
| &nbsp;&nbsp;Patrick F. McGee | &nbsp;&nbsp;Other Pooled Vehicles |  |  |  |  |
| &nbsp;&nbsp;Patrick F. McGee | &nbsp;&nbsp;Other Accounts |  |  |  |  |

---

JNL Multi-Manager Select Equity Fund

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |  |  |  | &nbsp;&nbsp;**Performance Fee Accounts** | &nbsp;&nbsp;**Performance Fee Accounts** |
| &nbsp;&nbsp;**Portfolio Manager** | &nbsp;&nbsp;**Category of Account** | &nbsp;&nbsp;**# of Accounts** | &nbsp;&nbsp;**AUM** | &nbsp;&nbsp;**# of Accounts** | &nbsp;&nbsp;**AUM** |
| &nbsp;&nbsp;Michael B. Trigg | &nbsp;&nbsp;Other Registered Investment Companies |  |  |  |  |
| &nbsp;&nbsp;Michael B. Trigg | &nbsp;&nbsp;Other Pooled Vehicles |  |  |  |  |
| &nbsp;&nbsp;Michael B. Trigg | &nbsp;&nbsp;Other Accounts |  |  |  |  |
| &nbsp;&nbsp;Sanjay Ayer, CFA | &nbsp;&nbsp;Other Registered Investment Companies |  |  |  |  |
| &nbsp;&nbsp;Sanjay Ayer, CFA | &nbsp;&nbsp;Other Pooled Vehicles |  |  |  |  |
| &nbsp;&nbsp;Sanjay Ayer, CFA | &nbsp;&nbsp;Other Accounts |  |  |  |  |
| &nbsp;&nbsp;Michael Hayward | &nbsp;&nbsp;Other Registered Investment Companies |  |  |  |  |
| &nbsp;&nbsp;Michael Hayward | &nbsp;&nbsp;Other Pooled Vehicles |  |  |  |  |
| &nbsp;&nbsp;Michael Hayward | &nbsp;&nbsp;Other Accounts |  |  |  |  |
| &nbsp;&nbsp;Ross Bendetson | &nbsp;&nbsp;Other Registered Investment Companies |  |  |  |  |
| &nbsp;&nbsp;Ross Bendetson | &nbsp;&nbsp;Other Pooled Vehicles |  |  |  |  |
| &nbsp;&nbsp;Ross Bendetson | &nbsp;&nbsp;Other Accounts |  |  |  |  |

---

JNL/WCM China Quality Growth Fund

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |  |  |  | &nbsp;&nbsp;**Performance Fee Accounts** | &nbsp;&nbsp;**Performance Fee Accounts** |
| &nbsp;&nbsp;**Portfolio Manager** | &nbsp;&nbsp;**Category of Account** | &nbsp;&nbsp;**# of Accounts** | &nbsp;&nbsp;**AUM** | &nbsp;&nbsp;**# of Accounts** | &nbsp;&nbsp;**AUM** |
| &nbsp;&nbsp;Mike Tian, CFA | &nbsp;&nbsp;Other Registered Investment Companies |  |  |  |  |
| &nbsp;&nbsp;Mike Tian, CFA | &nbsp;&nbsp;Other Pooled Vehicles |  |  |  |  |
| &nbsp;&nbsp;Mike Tian, CFA | &nbsp;&nbsp;Other Accounts |  |  |  |  |
| &nbsp;&nbsp;Dave Heng | &nbsp;&nbsp;Other Registered Investment Companies |  |  |  |  |
| &nbsp;&nbsp;Dave Heng | &nbsp;&nbsp;Other Pooled Vehicles |  |  |  |  |
| &nbsp;&nbsp;Dave Heng | &nbsp;&nbsp;Other Accounts |  |  |  |  |

---

JNL/WCM Focused International Equity Fund

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |  |  |  | &nbsp;&nbsp;**Performance Fee Accounts** | &nbsp;&nbsp;**Performance Fee Accounts** |
| &nbsp;&nbsp;**Portfolio Manager** | &nbsp;&nbsp;**Category of Account** | &nbsp;&nbsp;**# of Accounts** | &nbsp;&nbsp;**AUM** | &nbsp;&nbsp;**# of Accounts** | &nbsp;&nbsp;**AUM** |
| &nbsp;&nbsp;Paul R. Black | &nbsp;&nbsp;Other Registered Investment Companies |  |  |  |  |
| &nbsp;&nbsp;Paul R. Black | &nbsp;&nbsp;Other Pooled Vehicles |  |  |  |  |
| &nbsp;&nbsp;Paul R. Black | &nbsp;&nbsp;Other Accounts |  |  |  |  |
| &nbsp;&nbsp;Michael B. Trigg | &nbsp;&nbsp;Other Registered Investment Companies |  |  |  |  |
| &nbsp;&nbsp;Michael B. Trigg | &nbsp;&nbsp;Other Pooled Vehicles |  |  |  |  |
| &nbsp;&nbsp;Michael B. Trigg | &nbsp;&nbsp;Other Accounts |  |  |  |  |
| &nbsp;&nbsp;Sanjay Ayer, CFA | &nbsp;&nbsp;Other Registered Investment Companies |  |  |  |  |
| &nbsp;&nbsp;Sanjay Ayer, CFA | &nbsp;&nbsp;Other Pooled Vehicles |  |  |  |  |
| &nbsp;&nbsp;Sanjay Ayer, CFA | &nbsp;&nbsp;Other Accounts |  |  |  |  |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |  |  |  | &nbsp;&nbsp;**Performance Fee Accounts** | &nbsp;&nbsp;**Performance Fee Accounts** |
| &nbsp;&nbsp;**Portfolio Manager** | &nbsp;&nbsp;**Category of Account** | &nbsp;&nbsp;**# of Accounts** | &nbsp;&nbsp;**AUM** | &nbsp;&nbsp;**# of Accounts** | &nbsp;&nbsp;**AUM** |
| &nbsp;&nbsp;Jon Tringale | &nbsp;&nbsp;Other Registered Investment Companies |  |  |  |  |
| &nbsp;&nbsp;Jon Tringale | &nbsp;&nbsp;Other Pooled Vehicles |  |  |  |  |
| &nbsp;&nbsp;Jon Tringale | &nbsp;&nbsp;Other Accounts |  |  |  |  |

---

Conflicts of Interest

The management of multiple funds and accounts may give rise to potential conflicts of interest if the funds and other accounts have different objectives, benchmarks, time horizons, and fees as the portfolio manager must allocate his time and investment ideas across multiple funds and accounts. The firm seeks to manage such competing interests for the time and attention of portfolio managers by having portfolio managers focus on a particular investment discipline. Most other accounts managed by a portfolio manager are managed using the same investment strategies that are used in connection with the management of the Fund. Accordingly, portfolio holdings, position sizes, and industry and sector exposures tend to be similar across similar portfolios, which may minimize the potential for conflicts of interest. The separate management of the trade execution and valuation functions from the portfolio management process also helps to reduce potential conflicts of interest. However, securities selected for funds or accounts other than the Fund may outperform the securities selected for the Fund. Moreover, if a portfolio manager identifies a limited investment opportunity that may be suitable for more than one fund or other account, the Fund may not be able to take full advantage of that opportunity due to an allocation of that opportunity across all eligible funds and other accounts. The firm seeks to manage such potential conflicts by using procedures intended to provide a fair allocation of buy and sell opportunities among funds and other accounts.

The management of personal accounts by a portfolio manager may give rise to potential conflicts of interest. While WCM has adopted a code of ethics which it believes contains provisions reasonably necessary to prevent a wide range of prohibited activities by portfolio managers and others with respect to their personal trading activities, there can be no assurance that the code of ethics addresses all individual conduct that could result in conflicts of interest.

In addition, WCM has adopted certain compliance procedures that are designed to address these, and other, types of conflicts. However, there is no guarantee that such procedures will detect each and every situation where a conflict arises.

[to be updated by amendment]

Security Ownership of Portfolio Managers for the JNL Multi-Manager Emerging Markets Equity Fund as of [December 31, 2025]

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Security Ownership of Portfolio Managers** | &nbsp;&nbsp; $1-<br> $10000 | &nbsp;&nbsp; $10001-<br> $50000 | &nbsp;&nbsp; $50001-<br> $100000 | &nbsp;&nbsp; $100001-<br> $500000 | &nbsp;&nbsp; $500001-<br> $1000000 | &nbsp;&nbsp;Over $1,000,000 |
| &nbsp;&nbsp;Sanjay Ayer, CFA |  |  |  |  |  |  |
| &nbsp;&nbsp;Gregory S. Ise, CFA |  |  |  |  |  |  |
| &nbsp;&nbsp;Mike Tian, CFA |  |  |  |  |  |  |
| &nbsp;&nbsp;Michael B. Trigg |  |  |  |  |  |  |

---

 

Security Ownership of Portfolio Managers for the JNL Multi-Manager International Equity Fund as of [December 31, 2025]

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp; **Security Ownership of Portfolio Managers** | &nbsp;&nbsp; $1- <br> $10000  | &nbsp;&nbsp; $10001- <br> $50000  | &nbsp;&nbsp; $50001- <br> $100000  | &nbsp;&nbsp; $100001- <br> $500000  | &nbsp;&nbsp; $500001- <br> $1000000  | &nbsp;&nbsp; Over $1,000,000 |
| &nbsp;&nbsp; Andrew Wiechert |  |  |  |  |  |  |
| &nbsp;&nbsp; Drew French |  |  |  |  |  |  |
| &nbsp;&nbsp; Rob Quirk, CFA |  |  |  |  |  |  |

---

 

Security Ownership of Portfolio Managers for the JNL Multi-Manager International Small Cap Fund as of [December 31, 2025]

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Security Ownership of Portfolio Managers** | &nbsp;&nbsp; $1-<br> $10000 | &nbsp;&nbsp; $10001-<br> $50000 | &nbsp;&nbsp; $50001-<br> $100000 | &nbsp;&nbsp; $100001-<br> $500000 | &nbsp;&nbsp; $500001-<br> $1000000 | &nbsp;&nbsp;Over $1,000,000 |
| &nbsp;&nbsp;Sanjay Ayer, CFA |  |  |  |  |  |  |
| &nbsp;&nbsp;Gregory S. Ise |  |  |  |  |  |  |

---

 

Security Ownership of Portfolio Managers for the JNL Multi-Manager Small Cap Growth Fund as of [December 31, 2025]

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Security Ownership of Portfolio Managers** | &nbsp;&nbsp; $1-<br> $10000 | &nbsp;&nbsp; $10001-<br> $50000 | &nbsp;&nbsp; $50001-<br> $100000 | &nbsp;&nbsp; $100001-<br> $500000 | &nbsp;&nbsp; $500001-<br> $1000000 | &nbsp;&nbsp;Over $1,000,000 |
| &nbsp;&nbsp;John Rackers |  |  |  |  |  |  |
| &nbsp;&nbsp;Chad E. Hoffman |  |  |  |  |  |  |

---

Security Ownership of Portfolio Managers for the JNL Multi-Manager Small Cap Value Fund as of [December 31, 2025]

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Security Ownership of Portfolio Managers** | &nbsp;&nbsp; $1-<br> $10000 | &nbsp;&nbsp; $10001-<br> $50000 | &nbsp;&nbsp; $50001-<br> $100000 | &nbsp;&nbsp; $100001-<br> $500000 | &nbsp;&nbsp; $500001-<br> $1000000 | &nbsp;&nbsp;Over $1,000,000 |
| &nbsp;&nbsp;Jon Detter |  |  |  |  |  |  |
| &nbsp;&nbsp;Anthony Glickhouse |  |  |  |  |  |  |
| &nbsp;&nbsp;Patrick F. McGee |  |  |  |  |  |  |

---

Security Ownership of Portfolio Managers for the JNL Multi-Manager Select Equity Fund as of [December 31, 2025]

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Security Ownership of Portfolio Managers** | &nbsp;&nbsp; $1-<br> $10000 | &nbsp;&nbsp; $10001-<br> $50000 | &nbsp;&nbsp; $50001-<br> $100000 | &nbsp;&nbsp; $100001-<br> $500000 | &nbsp;&nbsp; $500001-<br> $1000000 | &nbsp;&nbsp;Over $1,000,000 |
| &nbsp;&nbsp;Michael B. Trigg |  |  |  |  |  |  |
| &nbsp;&nbsp;Sanjay Ayer, CFA |  |  |  |  |  |  |
| &nbsp;&nbsp;Michael Hayward |  |  |  |  |  |  |
| &nbsp;&nbsp;Ross Bendetson |  |  |  |  |  |  |

---

Security Ownership of Portfolio Managers for the JNL/WCM China Quality Growth Fund as of [December 31, 2025]

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Security Ownership of Portfolio Managers** | &nbsp;&nbsp; $1-<br> $10000 | &nbsp;&nbsp; $10001-<br> $50000 | &nbsp;&nbsp; $50001-<br> $100000 | &nbsp;&nbsp; $100001-<br> $500000 | &nbsp;&nbsp; $500001-<br> $1000000 | &nbsp;&nbsp;Over $1,000,000 |
| &nbsp;&nbsp;Mike Tian, CFA |  |  |  |  |  |  |
| &nbsp;&nbsp;Dave Heng |  |  |  |  |  |  |

---

Security Ownership of Portfolio Managers for the JNL/WCM Focused International Equity Fund as of [December 31, 2025]

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Security Ownership of Portfolio Managers** | &nbsp;&nbsp; $1-<br> $10000 | &nbsp;&nbsp; $10001-<br> $50000 | &nbsp;&nbsp; $50001-<br> $100000 | &nbsp;&nbsp; $100001-<br> $500000 | &nbsp;&nbsp; $500001-<br> $1000000 | &nbsp;&nbsp;Over $1,000,000 |
| &nbsp;&nbsp;Paul R. Black |  |  |  |  |  |  |
| &nbsp;&nbsp;Michael B. Trigg |  |  |  |  |  |  |
| &nbsp;&nbsp;Sanjay Ayer, CFA |  |  |  |  |  |  |
| &nbsp;&nbsp;Jon Tringale |  |  |  |  |  |  |

---

**Wellington Management Company LLP**

Wellington Management Company LLP ("Wellington Management") serves as Sub-Adviser to the JNL/WMC Balanced Fund, JNL/WMC Equity Income Fund, JNL/WMC Global Real Estate Fund, and JNL/WMC Value Fund. Wellington Management is a Delaware limited liability partnership, with principal offices at 280 Congress Street, Boston, Massachusetts 02210. Wellington Management is a professional investment counseling firm which provides investment services to investment companies, employee benefit plans, endowments, foundations, and other institutions. Wellington Management and its predecessor organizations have provided investment advisory services for over 90 years. Wellington Management is owned by the partners of Wellington Management Group LLP, a Massachusetts limited liability partnership.

Portfolio Manager Compensation Structure

Wellington Management receives a fee based on the assets under management of each Fund as set forth in the Investment Sub-Advisory Agreement between Wellington Management and JNAM on behalf of the Funds. Wellington Management pays its investment professionals out of its total revenues, including the advisory fees earned with respect to each Fund. The following information relates to the fiscal year ended [December 31, 2025].

Wellington Management's compensation structure is designed to attract and retain high-caliber investment professionals necessary to deliver high quality investment management services to its clients. Wellington Management's compensation of each Fund's managers listed in the prospectus who are primarily responsible for the day-to-day management of the Funds ("Investment Professionals") includes a base salary and incentive components. The base salary for each Investment Professional who is a partner (a "Partner") of Wellington Management Group LLP, the ultimate holding company of Wellington Management, is generally a fixed amount that is determined by the managing partners of Wellington Management Group LLP. The base salary for each other Investment Professional is determined by the Investment Professional's experience and performance in his role as an Investment Professional. Base salaries for Wellington Management's employees are reviewed annually and may be adjusted based on the recommendation of an Investment Professional's manager, using guidelines established by Wellington Management's Compensation Committee, which has final oversight responsibility for base salaries of employees of the firm. Each Investment Professional is eligible to receive an incentive payment based on the revenues earned by Wellington Management from the Fund managed by the Investment Professional and generally each other account managed by such Investment Professional. Each Investment Professional's incentive payment relating to the relevant Fund is linked to the gross pre-tax performance of the portion of the relevant Fund managed by the Investment Professionals compared to the benchmark index and/or peer group identified below over one, three and five year periods, with an emphasis on five year results. Wellington Management applies similar incentive compensation structures (although the benchmarks or peer groups, time periods and rates may differ) to other accounts managed by the Investment Professionals, including accounts with performance fees.

Portfolio-based incentives across all accounts managed by an investment professional can, and typically do, represent a significant portion of an investment professional's overall compensation; incentive compensation varies significantly by individual and can vary significantly from year to year. The Investment Professionals may also be eligible for bonus payments based on their overall contribution to Wellington Management's business operations. Senior management at Wellington Management may reward individuals as it deems appropriate based on other factors. Each Partner is eligible to participate in a Partner-funded tax qualified retirement plan, the contributions to which are made pursuant to an actuarial formula. Ms. Moran and Messrs. Hand, Illfelder, Pozen, and Stoesser are Partners.

---

| | |
|:---|:---|
| &nbsp;&nbsp;**<u>Fund</u>** | &nbsp;&nbsp;**<u>Incentive Benchmark(s) / Peer Groups</u>** |
| &nbsp;&nbsp;JNL/WMC Balanced Fund | &nbsp;&nbsp;S&P 500 Index (Pozen) and Bloomberg Capital US Aggregate Bond Index (Moran) |
| &nbsp;&nbsp;JNL/WMC Equity Income Fund | &nbsp;&nbsp;FTSE US High Dividend Yield Index |
| &nbsp;&nbsp;JNL/WMC Global Real Estate Fund | &nbsp;&nbsp;FTSE EPRA/Nareit Developed Index |
| &nbsp;&nbsp;JNL/WMC Value Fund | &nbsp;&nbsp;Russell 1000 Value Index |

---

Other Accounts Managed by the Portfolio Managers and Potential Conflicts of Interest

The following tables reflect information as of [December 31, 2025]: [to be updated by amendment]

JNL/WMC Balanced Fund

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |  |  |  | &nbsp;&nbsp;**Performance Fee Accounts** | &nbsp;&nbsp;**Performance Fee Accounts** |
| &nbsp;&nbsp;**Portfolio Manager** | &nbsp;&nbsp;**Category of Account** | &nbsp;&nbsp;**# of Accounts** | &nbsp;&nbsp;**AUM** | &nbsp;&nbsp;**# of Accounts** | &nbsp;&nbsp;**AUM** |
| &nbsp;&nbsp;Loren L. Moran, CFA | &nbsp;&nbsp;Other Registered Investment Companies |  |  |  |  |
| &nbsp;&nbsp;Loren L. Moran, CFA | &nbsp;&nbsp;Other Pooled Vehicles |  |  |  |  |
| &nbsp;&nbsp;Loren L. Moran, CFA | &nbsp;&nbsp;Other Accounts |  |  |  |  |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |  |  |  | &nbsp;&nbsp;**Performance Fee Accounts** | &nbsp;&nbsp;**Performance Fee Accounts** |
| &nbsp;&nbsp;**Portfolio Manager** | &nbsp;&nbsp;**Category of Account** | &nbsp;&nbsp;**# of Accounts** | &nbsp;&nbsp;**AUM** | &nbsp;&nbsp;**# of Accounts** | &nbsp;&nbsp;**AUM** |
| &nbsp;&nbsp;Daniel J. Pozen | &nbsp;&nbsp;Other Registered Investment Companies |  |  |  |  |
| &nbsp;&nbsp;Daniel J. Pozen | &nbsp;&nbsp;Other Pooled Vehicles |  |  |  |  |
| &nbsp;&nbsp;Daniel J. Pozen | &nbsp;&nbsp;Other Accounts |  |  |  |  |

---

JNL/WMC Equity Income Fund

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |  |  |  | &nbsp;&nbsp;**Performance Fee Accounts** | &nbsp;&nbsp;**Performance Fee Accounts** |
| &nbsp;&nbsp;**Portfolio Manager** | &nbsp;&nbsp;**Category of Account** | &nbsp;&nbsp;**# of Accounts** | &nbsp;&nbsp;**AUM** | &nbsp;&nbsp;**# of Accounts** | &nbsp;&nbsp;**AUM** |
| &nbsp;&nbsp;Adam H. Illfelder, CFA | &nbsp;&nbsp;Other Registered Investment Companies |  |  |  |  |
| &nbsp;&nbsp;Adam H. Illfelder, CFA | &nbsp;&nbsp;Other Pooled Vehicles |  |  |  |  |
| &nbsp;&nbsp;Adam H. Illfelder, CFA | &nbsp;&nbsp;Other Accounts |  |  |  |  |
| &nbsp;&nbsp;Matthew C. Hand, CFA | &nbsp;&nbsp;Other Registered Investment Companies |  |  |  |  |
| &nbsp;&nbsp;Matthew C. Hand, CFA | &nbsp;&nbsp;Other Pooled Vehicles |  |  |  |  |
| &nbsp;&nbsp;Matthew C. Hand, CFA | &nbsp;&nbsp;Other Accounts |  |  |  |  |

---

JNL/WMC Global Real Estate Fund

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |  |  |  | &nbsp;&nbsp;**Performance Fee Accounts** | &nbsp;&nbsp;**Performance Fee Accounts** |
| &nbsp;&nbsp;**Portfolio Manager** | &nbsp;&nbsp;**Category of Account** | &nbsp;&nbsp;**# of Accounts** | &nbsp;&nbsp;**AUM** | &nbsp;&nbsp;**# of Accounts** | &nbsp;&nbsp;**AUM** |
| &nbsp;&nbsp;Bradford Stoesser | &nbsp;&nbsp;Other Registered Investment Companies |  |  |  |  |
| &nbsp;&nbsp;Bradford Stoesser | &nbsp;&nbsp;Other Pooled Vehicles |  |  |  |  |
| &nbsp;&nbsp;Bradford Stoesser | &nbsp;&nbsp;Other Accounts |  |  |  |  |

---

JNL/WMC Value Fund

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |  |  |  | &nbsp;&nbsp;**Performance Fee Accounts** | &nbsp;&nbsp;**Performance Fee Accounts** |
| &nbsp;&nbsp;**Portfolio Manager** | &nbsp;&nbsp;**Category of Account** | &nbsp;&nbsp;**# of Accounts** | &nbsp;&nbsp;**AUM** | &nbsp;&nbsp;**# of Accounts** | &nbsp;&nbsp;**AUM** |
| &nbsp;&nbsp;Adam H. Illfelder, CFA | &nbsp;&nbsp;Other Registered Investment Companies |  |  |  |  |
| &nbsp;&nbsp;Adam H. Illfelder, CFA | &nbsp;&nbsp;Other Pooled Vehicles |  |  |  |  |
| &nbsp;&nbsp;Adam H. Illfelder, CFA | &nbsp;&nbsp;Other Accounts |  |  |  |  |
| &nbsp;&nbsp;Matthew C. Hand, CFA | &nbsp;&nbsp;Other Registered Investment Companies |  |  |  |  |
| &nbsp;&nbsp;Matthew C. Hand, CFA | &nbsp;&nbsp;Other Pooled Vehicles |  |  |  |  |
| &nbsp;&nbsp;Matthew C. Hand, CFA | &nbsp;&nbsp;Other Accounts |  |  |  |  |

---

Conflicts of Interest

Individual investment professionals at Wellington Management manage multiple accounts for multiple clients. These accounts may include mutual funds, separate accounts (assets managed on behalf of institutions such as pension funds, insurance companies, foundations, or separately managed account programs sponsored by financial intermediaries), bank common trust accounts, and hedge funds. Each Fund's managers listed in the prospectus who are primarily responsible for the day-to-day management of the Funds ("Investment Professionals") generally manage accounts in several different investment styles. These accounts may have investment objectives, strategies, time horizons, tax considerations and risk profiles that differ from those of the Funds. The Investment Professionals make investment decisions for each account, including the relevant Fund, based on the investment objectives, policies, practices, benchmarks, cash flows, tax and other relevant investment considerations applicable to that account. Consequently, the Investment Professionals may purchase or sell securities, including IPOs, for one account and not another account, and the performance of securities purchased for one account may vary from the performance of securities purchased for other accounts. Alternatively, these accounts may be managed in a similar fashion to the relevant Fund and thus the accounts may have similar, and in some cases nearly identical, objectives, strategies and/or holdings to that of the relevant Fund.

An Investment Professional or other investment professionals at Wellington Management may place transactions on behalf of other accounts that are directly or indirectly contrary to investment decisions made on behalf of the relevant Fund, or make investment decisions that are similar to those made for the relevant Fund, both of which have the potential to adversely impact the relevant Fund depending on market conditions. For example, an investment professional may purchase a security in one account while appropriately selling that same security in another account. Similarly, an Investment Professional may purchase the same security for the relevant Fund and one or more other accounts at or about the same time. In those instances, the other accounts will have access to their respective holdings prior to the public disclosure of the relevant Fund's holdings. In addition, some of these accounts have fee structures, including performance fees, which are or have the potential to be higher, in some cases significantly higher, than the fees Wellington Management receives for managing the Funds. Ms. Moran and Messrs. Pozen, and Stoesser also manage accounts which pay performance allocations to Wellington Management or its affiliates. Because incentive payments paid by Wellington Management to the Investment Professionals are tied to revenues earned by Wellington Management and, where noted, to the performance achieved by the manager in each account, the incentives associated with any given account may be significantly higher or lower than those associated with other accounts managed by a given Investment Professional. Finally, the Investment Professionals may hold shares or investments in the other pooled investment vehicles and/or other accounts identified above.

Wellington Management's goal is to meet its fiduciary obligation to treat all clients fairly and provide high quality investment services to all of its clients. Wellington Management has adopted and implemented policies and procedures, including brokerage and trade allocation policies and procedures, which it believes address the conflicts associated with managing multiple accounts for multiple clients. In addition, Wellington Management monitors a variety of areas, including compliance with primary account guidelines, the allocation of IPOs, and compliance with the firm's Code of Ethics, and places additional investment restrictions on investment professionals who manage hedge funds and certain other accounts. Furthermore, senior investment and business personnel at Wellington Management periodically review the performance of Wellington Management's investment professionals. Although Wellington Management does not track the time an investment professional spends on a single account, Wellington Management does periodically assess whether an investment professional has adequate time and resources to effectively manage the investment professional's various client mandates.

[to be updated by amendment]

Security Ownership of Portfolio Managers for the JNL/WMC Balanced Fund as of [December 31, 2025]

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Security Ownership of Portfolio Managers** | &nbsp;&nbsp; $1-<br> $10000 | &nbsp;&nbsp; $10001-<br> $50000 | &nbsp;&nbsp; $50001-<br> $100000 | &nbsp;&nbsp; $100001-<br> $500000 | &nbsp;&nbsp; $500001-<br> $1000000 | &nbsp;&nbsp;Over $1,000,000 |
| &nbsp;&nbsp;Loren L. Moran, CFA |  |  |  |  |  |  |
| &nbsp;&nbsp;Daniel J. Pozen |  |  |  |  |  |  |

---

Security Ownership of Portfolio Managers for the JNL/WMC Equity Income Fund as of [December 31, 2025]

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Security Ownership of Portfolio Managers** | &nbsp;&nbsp; $1-<br> $10000 | &nbsp;&nbsp; $10001-<br> $50000 | &nbsp;&nbsp; $50001-<br> $100000 | &nbsp;&nbsp; $100001-<br> $500000 | &nbsp;&nbsp; $500001-<br> $1000000 | &nbsp;&nbsp;Over $1,000,000 |
| &nbsp;&nbsp;Adam H. Illfelder, CFA |  |  |  |  |  |  |
| &nbsp;&nbsp;Matthew C. Hand, CFA |  |  |  |  |  |  |

---

Security Ownership of Portfolio Managers for the JNL/WMC Global Real Estate Fund as of [December 31, 2025]

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Security Ownership of Portfolio Managers** | &nbsp;&nbsp; $1-<br> $10000 | &nbsp;&nbsp; $10001-<br> $50000 | &nbsp;&nbsp; $50001-<br> $100000 | &nbsp;&nbsp; $100001-<br> $500000 | &nbsp;&nbsp; $500001-<br> $1000000 | &nbsp;&nbsp;Over $1,000,000 |
| &nbsp;&nbsp;Bradford Stoesser |  |  |  |  |  |  |

---

Security Ownership of Portfolio Managers for the JNL/WMC Value Fund as of [December 31, 2025]

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Security Ownership of Portfolio Manager** | &nbsp;&nbsp; $1-<br> $10000 | &nbsp;&nbsp; $10001-<br> $50000 | &nbsp;&nbsp; $50001-<br> $100000 | &nbsp;&nbsp; $100001-<br> $500000 | &nbsp;&nbsp; $500001-<br> $1000000 | &nbsp;&nbsp;Over $1,000,000 |
| &nbsp;&nbsp;Adam H. Illfelder, CFA |  |  |  |  |  |  |
| &nbsp;&nbsp;Matthew C. Hand, CFA |  |  |  |  |  |  |

---

**Westchester Capital Management, LLC**

Westchester Capital Management, LLC ("Westchester") located at 100 Summit Lake Drive, Valhalla, New York 10595, serves as Sub-Advisor to the JNL/Westchester Capital Event Driven Fund and Co-Sub-Adviser to the JNL Multi-Manager Alternative Fund. Westchester is a wholly owned subsidiary of Virtus Investment Partners, Inc. ("Virtus").

Portfolio Manager Compensation Structure

Westchester's incentive compensation plan for its investment professionals is comprised of a base salary, an incentive bonus, and equity grants from the parent company, Virtus. The equity grants are in the form of Virtus Restricted Stock Units with multi-year vesting. Portfolio managers also receive a portion of their compensation in deferred compensation that appreciates or depreciates in value based on the rate of return of one or more mutual funds managed or advised by the portfolio manager. For the bonus component, compensation is materially tied to the long-term risk-adjusted performance of the strategies for which the portfolio managers are responsible. Bonus is determined using both quantitative factors and qualitative factors. The bonus can equal or exceed the base salary and is tied to a bonus pool that is dependent on firm profitability.

Portfolio managers are also able to participate in broad-based plans offered generally to other employees by its parent company, Virtus, including 401(k), health and other employee benefit plans.

Other Accounts Managed by the Portfolio Managers and Potential Conflicts of Interest

The following table reflects information as of [December 31, 2025]: [to be updated by amendment]

JNL Multi-Manager Alternative Fund and JNL/Westchester Capital Event Driven Fund

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |  |  |  | &nbsp;&nbsp;**Performance Fee Accounts** | &nbsp;&nbsp;**Performance Fee Accounts** |
| &nbsp;&nbsp;**Portfolio Manager** | &nbsp;&nbsp;**Category of Account** | &nbsp;&nbsp;**# of Accounts** | &nbsp;&nbsp;**AUM** | &nbsp;&nbsp;**# of Accounts** | &nbsp;&nbsp;**AUM** |
| &nbsp;&nbsp;Roy D. Behren | &nbsp;&nbsp;Other Registered Investment Companies |  |  |  |  |
| &nbsp;&nbsp;Roy D. Behren | &nbsp;&nbsp;Other Pooled Vehicles |  |  |  |  |
| &nbsp;&nbsp;Roy D. Behren | &nbsp;&nbsp;Other Accounts |  |  |  |  |
| &nbsp;&nbsp;Michael T. Shannon | &nbsp;&nbsp;Other Registered Investment Companies |  |  |  |  |
| &nbsp;&nbsp;Michael T. Shannon | &nbsp;&nbsp;Other Pooled Vehicles |  |  |  |  |
| &nbsp;&nbsp;Michael T. Shannon | &nbsp;&nbsp;Other Accounts |  |  |  |  |

---

Conflicts of Interest

The fact that Messrs. Behren and Shannon serve as portfolio managers of JNL/Westchester Capital Event Driven Fund and JNL Multi-Manager Alternative Fund, other registered funds, and as portfolio managers of other non-registered investment accounts creates the potential for a conflict of interest, since receipt of a portion of any profits realized by the accounts that are charged a performance-based fee could, in theory, create an incentive to favor such accounts (e.g., by allocating to them the most favorable investment opportunities or by allocating more resources and time to managing those accounts). However, Westchester believes that any conflicts of interest are mitigated, at least in part, for the following reasons: (i) JNL/Westchester Capital Event Driven Fund, JNL Multi-Manager Alternative Fund and the other accounts all engage in merger arbitrage and other event-driven strategies and, in many respects, are managed in a similar fashion; (ii) Westchester follows written allocation procedures designed to allocate securities purchases and sales among JNL/Westchester Capital Event Driven Fund, JNL Multi-Manager Alternative Fund, the other registered accounts and the other non-registered investment accounts in a fair and equitable manner over time; and (iii) all allocations are subject to review by Westchester's Chief Compliance Officer.

[to be updated by amendment]

Security Ownership of Portfolio Managers for the JNL/Westchester Capital Event Driven Fund and JNL Multi-Manager Alternative Fund as of [December 31, 2025]

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Security Ownership of Portfolio Managers** | &nbsp;&nbsp; $1-<br> $10000 | &nbsp;&nbsp; $10001-<br> $50000 | &nbsp;&nbsp; $50001-<br> $100000 | &nbsp;&nbsp; $100001-<br> $500000 | &nbsp;&nbsp; $500001-<br> $1000000 | &nbsp;&nbsp;Over $1,000,000 |
| &nbsp;&nbsp;Roy D. Behren |  |  |  |  |  |  |
| &nbsp;&nbsp;Michael T. Shannon |  |  |  |  |  |  |

---

**William Blair Investment Management, LLC**

William Blair Investment Management, LLC ("William Blair"), located at 150 North Riverside Plaza, Chicago, Illinois 60606 serves as Co-Sub-Adviser to the JNL Multi-Manager International Equity Fund. William Blair is a global investment firm registered as an investment adviser with the SEC. William Blair is affiliated with William Blair & Company, L.L.C. ("William Blair & Company"), a firm that was founded in 1935 and is registered with the SEC as both an investment adviser and a securities broker-dealer. William Blair and William Blair & Company (each of which is a privately held company) are wholly owned subsidiaries of WBC Holdings, L.P., which is wholly owned by certain William Blair and William Blair & Company employees.

Portfolio Manager Compensation Structure

The compensation of William Blair's portfolio managers is based on the firm's mission: "Empower Colleagues, Deliver Client Success and Engage in our Communities." Messrs. Fennell and McAtamney and Ms. Anderson are Partners of William Blair. As of December 31, 2021, compensation for Partners of William Blair consists of a fixed base salary, a share of the firm's profits and, in most instances, a discretionary bonus. The discretionary bonus as well as any potential changes to the Partners' ownership stakes are determined by the head of William Blair's Investment Management Department and William Blair & Company's Executive Committee, and are based on both quantitative and qualitative factors, rather than a formula. The discretionary bonus rewards the specific accomplishments in the prior year, including short-term and long-term investment performance, quality of research ideas, and other contributions to William Blair and its clients. Changes in ownership stake are based on an individual's sustained, multi-year contribution to long-term investment performance, and to William Blair's revenue, profitability, intellectual capital and brand reputation. The compensation process is a subjective one (albeit with many checks and balances and quantitative inputs) that takes into account the factors described above. Portfolio managers do not receive any direct compensation based upon the performance of any individual client account. In addition, there is no formula for evaluating the factors.

Other Accounts Managed by the Portfolio Managers and Potential Conflicts of Interest

The following table reflects information as of [December 31, 2025]: [to be updated by amendment]

JNL Multi-Manager International Equity Fund

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |  |  |  | &nbsp;&nbsp;**Performance Fee Accounts** | &nbsp;&nbsp;**Performance Fee Accounts** |
| &nbsp;&nbsp;**Portfolio Manager** | &nbsp;&nbsp;**Category of Account** | &nbsp;&nbsp;**# of Accounts** | &nbsp;&nbsp;**AUM** | &nbsp;&nbsp;**# of Accounts** | &nbsp;&nbsp;**AUM** |
| &nbsp;&nbsp;Alaina Anderson, CFA | &nbsp;&nbsp;Other Registered Investment Companies |  |  |  |  |
| &nbsp;&nbsp;Alaina Anderson, CFA | &nbsp;&nbsp;Other Pooled Vehicles |  |  |  |  |
| &nbsp;&nbsp;Alaina Anderson, CFA | &nbsp;&nbsp;Other Accounts |  |  |  |  |
| &nbsp;&nbsp;Simon Fennell | &nbsp;&nbsp;Other Registered Investment Companies |  |  |  |  |
| &nbsp;&nbsp;Simon Fennell | &nbsp;&nbsp;Other Pooled Vehicles |  |  |  |  |
| &nbsp;&nbsp;Simon Fennell | &nbsp;&nbsp;Other Accounts |  |  |  |  |
| &nbsp;&nbsp;Kenneth J. McAtamney | &nbsp;&nbsp;Other Registered Investment Companies |  |  |  |  |
| &nbsp;&nbsp;Kenneth J. McAtamney | &nbsp;&nbsp;Other Pooled Vehicles |  |  |  |  |
| &nbsp;&nbsp;Kenneth J. McAtamney | &nbsp;&nbsp;Other Accounts |  |  |  |  |

---

Conflicts of Interest

William Blair manages accounts for clients such as corporations, pension and profit-sharing plans, Taft-Hartley plans, governments and public agencies, endowments and foundations, registered investment companies, other pooled funds and other U.S. and non-U.S. institutions. Since the portfolio managers manage other accounts in addition to the Fund, conflicts of interest may arise in connection with the portfolio managers' management of the Fund's investments on the one hand and the investments of such other accounts on the other hand. Management of multiple accounts can give rise to potential conflicts of interest. A portfolio manager potentially could give favorable treatment to some accounts for a variety of reasons, including favoring accounts that pay higher fees, favoring larger accounts or favoring accounts based on investment strategy. Such favorable treatment could lead to more favorable investment opportunities or allocations for some accounts. However, William Blair seeks to aggregate and allocate securities across all client accounts in a fair and equitable manner and has adopted policies and procedures designed to address such conflicts, including, among others, policies and procedures relating to allocation of investment opportunities and aggregation of trades. Conflicts of interest also may arise when portfolio managers transact personally in securities recommended for client accounts including the Fund. To help manage these conflicts, William Blair has adopted a written code of ethics designed to prevent and detect personal trading activities that may conflict with clients' interests.

[to be updated by amendment]

Security Ownership of Portfolio Managers for the JNL Multi-Manager International Equity Fund as of [December 31, 2025]

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Security Ownership of Portfolio Managers** | &nbsp;&nbsp; $1-<br> $10000 | &nbsp;&nbsp; $10001-<br> $50000 | &nbsp;&nbsp; $50001-<br> $100000 | &nbsp;&nbsp; $100001-<br> $500000 | &nbsp;&nbsp; $500001-<br> $1000000 | &nbsp;&nbsp;Over $1,000,000 |
| &nbsp;&nbsp;Alaina Anderson, CFA |  |  |  |  |  |  |
| &nbsp;&nbsp;Simon Fennell |  |  |  |  |  |  |
| &nbsp;&nbsp;Kenneth J. McAtamney |  |  |  |  |  |  |

---

**Sub-Advisory Fees**

As compensation for their services, the Sub-Advisers receive fees from the Adviser computed separately for each Fund. The fee for each Fund is stated as an annual percentage of the net assets of such Fund, and is calculated based on the average net assets of the Fund.

There are certain Funds of the Trust that have Co-Sub-Advisers. The Adviser has entered into separate investment sub-advisory agreements with each Co-Sub-Adviser. Each Co-Sub-Adviser independently selects the investments for the portion of the Fund that is allocated to it and is responsible for the day-to-day management of the Fund's assets allocated to it. Pursuant to each sub-advisory agreement, the Adviser pays each Co-Sub-Adviser for providing services to the Adviser with respect to the Fund at a monthly fee at an annual rate equal to a percentage of the Fund's assets allocated to it. The following table shows the management fees the Adviser has paid in aggregate to the Co-Sub-Advisers out of the advisory fees it receives from the Funds, as described elsewhere in this SAI and the Prospectus, for the fiscal year ended [December 31, 2025]. [to be updated by amendment]

---

| | | | |
|:---|:---|:---|:---|
| | | &nbsp;&nbsp; **Aggregate Fees Paid to Sub-Advisers** | &nbsp;&nbsp; **Aggregate Fees Paid to Sub-Advisers** |
| <br>&nbsp;&nbsp; **Fund** | <br>&nbsp;&nbsp; **Co-Sub-Advisers** | &nbsp;&nbsp; **Dollar Amount** | &nbsp;&nbsp; **As a percentage of Average Daily Net Assets<br> as of December 31, 2024** |
| &nbsp;&nbsp; JNL Multi-Manager Alternative Fund | &nbsp;&nbsp; FPA | &nbsp;&nbsp; $7296041 | &nbsp;&nbsp; 0.88% |
|  | &nbsp;&nbsp; Lazard |  |  |
|  | &nbsp;&nbsp; Westchester |  |  |
|  | &nbsp;&nbsp; Loomis Sayles |  |  |
|  | &nbsp;&nbsp; DoubleLine<sup>1</sup> |  |  |
|  | &nbsp;&nbsp; KAR |  |  |
|  | &nbsp;&nbsp; Boston Partners |  |  |
| &nbsp;&nbsp; JNL Multi-Manager Emerging Markets Equity Fund | &nbsp;&nbsp; KAR | &nbsp;&nbsp; $4849815 | &nbsp;&nbsp; 0.52% |
|  | &nbsp;&nbsp; T. Rowe<sup>2,3</sup> |  |  |
|  | &nbsp;&nbsp; WCM<sup>4</sup> |  |  |
|  | &nbsp;&nbsp; GQG<sup>5,6</sup> |  |  |
| &nbsp;&nbsp; JNL Multi-Manager Floating Rate Income Fund | &nbsp;&nbsp; PPM | &nbsp;&nbsp; $3094964 | &nbsp;&nbsp; 0.26% |
|  | &nbsp;&nbsp; FIAM<sup>7,14</sup> |  |  |
| &nbsp;&nbsp; JNL Multi-Manager International Equity Fund | &nbsp;&nbsp; Causeway<sup>13</sup> | &nbsp;&nbsp; $2777861 | &nbsp;&nbsp; 0.27% |
|  | &nbsp;&nbsp; Lazard<sup>13</sup> |  |  |
|  | &nbsp;&nbsp; WCM<sup>4,13</sup> |  |  |
|  | &nbsp;&nbsp; William Blair<sup>13</sup> |  |  |
| &nbsp;&nbsp; JNL Multi-Manager International Small Cap Fund | &nbsp;&nbsp; Causeway | &nbsp;&nbsp; $3785962 | &nbsp;&nbsp; 0.56% |
|  | &nbsp;&nbsp; WCM<sup>4</sup> |  |  |
|  | &nbsp;&nbsp; FIAM<sup>13,14</sup> |  |  |
| &nbsp;&nbsp; JNL Multi-Manager Mid Cap Fund | &nbsp;&nbsp; Champlain | &nbsp;&nbsp; $5517494 | &nbsp;&nbsp; 0.40% |
|  | &nbsp;&nbsp; Victory Capital |  |  |
|  | &nbsp;&nbsp; KAR<sup>8</sup> |  |  |
| &nbsp;&nbsp; JNL Multi-Manager Small Cap Growth Fund | &nbsp;&nbsp; GIM | &nbsp;&nbsp; $9553264 | &nbsp;&nbsp; 0.41% |
|  | &nbsp;&nbsp; KAR |  |  |
|  | &nbsp;&nbsp; Victory Capital<sup>11</sup> |  |  |
|  | &nbsp;&nbsp; WCM<sup>4</sup> |  |  |
|  | &nbsp;&nbsp; BAMCO<sup>8</sup> |  |  |
|  | &nbsp;&nbsp; SBH<sup>8</sup> |  |  |
|  | &nbsp;&nbsp; Driehaus<sup>9</sup> |  |  |
| &nbsp;&nbsp; JNL Multi-Manager Small Cap Value Fund | &nbsp;&nbsp; C&B | &nbsp;&nbsp; $7582205 | &nbsp;&nbsp; 0.41% |
|  | &nbsp;&nbsp; Congress |  |  |
|  | &nbsp;&nbsp; WCM<sup>4</sup> |  |  |
|  | &nbsp;&nbsp; Reinhart |  |  |
|  | &nbsp;&nbsp; River Road |  |  |
| &nbsp;&nbsp; JNL Multi-Manager Select Equity Fund<sup>10</sup> | &nbsp;&nbsp; GQG | &nbsp;&nbsp; $2104460 | &nbsp;&nbsp; 0.28% |
|  | &nbsp;&nbsp; River Road<sup>12</sup> |  |  |
| &nbsp;&nbsp; _ | &nbsp;&nbsp; WCM<sup>4</sup> | &nbsp;&nbsp; _ | &nbsp;&nbsp; _ |
| &nbsp;&nbsp; JNL/Fidelity Institutional AM<sup>®</sup> & JPMorgan Large Cap Growth Fund | &nbsp;&nbsp; FIAM<sup>13,14</sup> | &nbsp;&nbsp; $3897362 | &nbsp;&nbsp; 0.22% |
|  | &nbsp;&nbsp; JPMorgan<sup>13,15</sup> |  |  |
| &nbsp;&nbsp; _ |  | &nbsp;&nbsp; _ | &nbsp;&nbsp; _ |

---

<sup>1</sup> A fee discount shall apply when DoubleLine<sup>®</sup> is providing sub-advisory services to JNAM for at least two separate and distinct funds. The Sub-Adviser provides sub-advisory services for the JNL Multi-Manager Alternative Fund (for the discrete portion of Average Daily Net Assets managed by DoubleLine<sup>®</sup>), JNL/DoubleLine<sup>®</sup> Core Fixed Income Fund, JNL/DoubleLine<sup>®</sup> Emerging Markets Fixed Income Fund, JNL/DoubleLine<sup>®</sup> Shiller Enhanced CAPE<sup>®</sup> Fund, and the JNL/DoubleLine<sup>®</sup> Total Return Fund (together known as the "Sub-Advised Funds"). For the purpose of calculating the sub-advisory fee discounts, DoubleLine<sup>®</sup> applies discounts based on the combined assets of the Sub-Advised Funds.

<sup>2</sup> The Sub-Adviser will provide the Adviser a transitional fee credit to eliminate any discontinuity between the tiered fee schedule and the fee schedule that takes effect once the Fund's assets exceed a specific amount.

<sup>3</sup> For the purpose of calculating the sub-advisory fee for the JNL Multi-Manager Emerging Markets Equity (for the portion of assets managed by T. Rowe), the JNL/T. Rowe Price Balanced Fund, the JNL/T. Rowe Price Capital Appreciation Fund, the JNL/T. Rowe Price Capital Appreciation Equity Fund, the JNL/T. Rowe Price Growth Stock Fund, the JNL/T. Rowe Price Mid-Cap Growth Fund, the JNL/T. Rowe Price Short-Term Bond Fund, the JNL/T. Rowe Price U.S. High Yield Fund, and the JNL/T. Rowe Price Value Fund, the Sub-Adviser applies a fee discount to all eligible assets based on the average daily aggregate net assets of the listed funds.

<sup>4</sup> Effective September 1, 2024, for the purpose of calculating the sub-advisory fee for the JNL Multi-Manager Emerging Markets Equity Fund, the JNL Multi-Manager International Equity Fund, the JNL Multi-Manager International Small Cap Fund, the JNL Multi-Manager Small Cap Growth Fund, the JNL Multi-Manager Small Cap Value Fund, the JNL Multi-Manager Select Equity Fund (for each Fund's portion of assets managed by WCM), the JNL/WCM China Quality Growth Fund, and the JNL/WCM Focused International Equity Fund, the Sub-Adviser applies a fee discount to all eligible assets based on the average daily aggregate net assets of the listed funds.

<sup>5</sup> Commenced as a Sub-Adviser to the Fund on April 29, 2024.

<sup>6</sup> Assets for the JNL Multi-Manager Emerging Markets Equity Fund (for the portion of assets managed by GQG) and the JNL/GQG Emerging Markets Equity Fund are aggregated in calculating the GQG sub-advisory fee.

<sup>7</sup> Commenced as a Sub-Adviser to the Fund on September 1, 2022.

<sup>8</sup> Commenced as a Sub-Adviser to the Fund on April 25, 2022.

<sup>9</sup> Commenced as a Sub-Adviser to the Fund on October 21, 2024.

<sup>10</sup> The Fund commenced operations November 15, 2022.

<sup>11</sup> Effective August 28, 2025, no longer a Sub-Adviser to the Fund.

<sup>12</sup> Commenced as a Sub-Adviser to the Fund on August 29, 2025.

<sup>13</sup> Commenced as a Sub-Adviser to the Fund on April 27, 2026.

<sup>14</sup> For the purpose of calculating the sub-advisory fee for the JNL Multi-Manager Floating Rate Income Fund, the JNL Multi-Manager International Small Cap Fund, the JNL/Fidelity Institutional AM<sup>®</sup> & JPMorgan Large Cap Growth Fund (for each Fund's portion of assets managed by FIAM), and the JNL/Fidelity Institutional Asset Management<sup>®</sup> Total Bond Fund the Sub-Adviser applies a fee discount to all eligible assets when combined assets under management exceed $2.5 billion of the listed funds.

<sup>15</sup> For the purpose of calculating the sub-advisory fee for the JNL/Fidelity Institutional AM<sup>®</sup> & JPMorgan Large Cap Growth Fund (for the portion of assets managed by JPMorgan), the JNL/JPMorgan Hedged Equity Fund, the JNL/JPMorgan Global Allocation Fund, the JNL/JPMorgan MidCap Growth Fund, the JNL/JPMorgan Nasdaq<sup>®</sup> Hedged Equity Fund, and the JNL/JPMorgan U.S. Value Fund, the Sub-Adviser applies a fee discount based on the combined average daily net assets of the listed funds.

The following shows the management fees the Adviser has paid the unaffiliated Sub-Advisers out of the advisory fees it receives from the Funds, as described elsewhere in this SAI and the Prospectus, for the fiscal year ended [December 31, 2025]: [to be updated by amendment]

---

| | | |
|:---|:---|:---|
| | &nbsp;&nbsp; **Aggregate Fees Paid to Sub-Advisers** | &nbsp;&nbsp; **Aggregate Fees Paid to Sub-Advisers** |
| <br>&nbsp;&nbsp; **Fund** | &nbsp;&nbsp; **Dollar Amount** | &nbsp;&nbsp; **As a percentage of Average Daily Net Assets<br> as of December 31, 2024** |
| &nbsp;&nbsp; JNL/American Funds Balanced Fund<sup>1</sup> | &nbsp;&nbsp; N/A | &nbsp;&nbsp; N/A |
| &nbsp;&nbsp; JNL/American Funds Bond Fund of America Fund<sup>1</sup> | &nbsp;&nbsp; N/A | &nbsp;&nbsp; N/A |
| &nbsp;&nbsp; JNL/American Funds Capital Income Builder Fund<sup>1</sup> | &nbsp;&nbsp; N/A | &nbsp;&nbsp; N/A |
| &nbsp;&nbsp; JNL/American Funds Capital World Bond Fund<sup>1</sup> | &nbsp;&nbsp; N/A | &nbsp;&nbsp; N/A |
| &nbsp;&nbsp; JNL/American Funds Global Growth Fund<sup>1</sup> | &nbsp;&nbsp; N/A | &nbsp;&nbsp; N/A |
| &nbsp;&nbsp; JNL/American Funds Growth Fund<sup>1</sup> | &nbsp;&nbsp; N/A | &nbsp;&nbsp; N/A |
| &nbsp;&nbsp; JNL/American Funds Growth-Income Fund<sup>1</sup> | &nbsp;&nbsp; N/A | &nbsp;&nbsp; N/A |
| &nbsp;&nbsp; JNL/American Funds International Fund<sup>1</sup> | &nbsp;&nbsp; N/A | &nbsp;&nbsp; N/A |
| &nbsp;&nbsp; JNL/American Funds New World Fund<sup>1</sup> | &nbsp;&nbsp; N/A | &nbsp;&nbsp; N/A |
| &nbsp;&nbsp; JNL/American Funds<sup>®</sup> Washington Mutual Investors Fund<sup>1</sup> | &nbsp;&nbsp; N/A | &nbsp;&nbsp; N/A |
| &nbsp;&nbsp; <sup>®</sup>JNL Multi-Manager Global Small Cap Fund<sup>1</sup> | &nbsp;&nbsp; N/A | &nbsp;&nbsp; N/A |
| &nbsp;&nbsp; JNL Moderate ETF Allocation Fund | &nbsp;&nbsp; $60365 | &nbsp;&nbsp; 0.03% |
| &nbsp;&nbsp; JNL Moderate Growth ETF Allocation Fund | &nbsp;&nbsp; $97449 | &nbsp;&nbsp; 0.03% |
| &nbsp;&nbsp; JNL Growth ETF Allocation Fund | &nbsp;&nbsp; $103585 | &nbsp;&nbsp; 0.03% |
| &nbsp;&nbsp; JNL/American Funds Moderate Allocation Fund<sup>1,2</sup> | &nbsp;&nbsp; N/A | &nbsp;&nbsp; N/A |
| &nbsp;&nbsp; JNL/American Funds Moderate Growth Allocation Fund<sup>1</sup> | &nbsp;&nbsp; N/A | &nbsp;&nbsp; N/A |
| &nbsp;&nbsp; JNL/American Funds Growth Allocation Fund<sup>1</sup> | &nbsp;&nbsp; N/A | &nbsp;&nbsp; N/A |
| &nbsp;&nbsp; JNL/AB Sustainable Global Thematic Fund<sup>3</sup> | &nbsp;&nbsp; $62037 | &nbsp;&nbsp; 0.30% |
| &nbsp;&nbsp; JNL/AQR Large Cap Defensive Style Fund | &nbsp;&nbsp; $791032 | &nbsp;&nbsp; 0.19% |
| &nbsp;&nbsp; JNL/BlackRock Global Allocation Fund | &nbsp;&nbsp; $9241430 | &nbsp;&nbsp; 0.33% |
| &nbsp;&nbsp; JNL/BlackRock Global Natural Resources Fund | &nbsp;&nbsp; $2167326 | &nbsp;&nbsp; 0.26% |
| &nbsp;&nbsp; JNL/BlackRock Large Cap Select Growth Fund | &nbsp;&nbsp; $7349452 | &nbsp;&nbsp; 0.15% |
| &nbsp;&nbsp; JNL/Causeway International Value Select Fund | &nbsp;&nbsp; $6790074 | &nbsp;&nbsp; 0.35% |
| &nbsp;&nbsp; JNL/Cohen & Steers U.S. Realty Fund | &nbsp;&nbsp; $606004 | &nbsp;&nbsp; 0.42% |
| &nbsp;&nbsp; JNL/DFA International Core Equity Fund | &nbsp;&nbsp; $586085 | &nbsp;&nbsp; 0.18% |
| &nbsp;&nbsp; JNL/DFA U.S. Core Equity Fund | &nbsp;&nbsp; $1341921 | &nbsp;&nbsp; 0.10% |
| &nbsp;&nbsp; JNL/DFA U.S. Small Cap Fund | &nbsp;&nbsp; $1389650 | &nbsp;&nbsp; 0.22% |
| &nbsp;&nbsp; JNL/DoubleLine<sup>®</sup> Core Fixed Income Fund<sup>5</sup> | &nbsp;&nbsp; $5278577 | &nbsp;&nbsp; 0.18% |
| &nbsp;&nbsp; JNL/DoubleLine<sup>®</sup> Emerging Markets Fixed Income Fund<sup>5</sup> | &nbsp;&nbsp; $2018738 | &nbsp;&nbsp; 0.37% |
| &nbsp;&nbsp; JNL/DoubleLine<sup>®</sup> Shiller Enhanced CAPE<sup>®</sup> Fund<sup>5</sup> | &nbsp;&nbsp; $5652287 | &nbsp;&nbsp; 0.30% |
| &nbsp;&nbsp; JNL/DoubleLine<sup>®</sup> Total Return Fund<sup>5</sup> | &nbsp;&nbsp; $5237167 | &nbsp;&nbsp; 0.26% |
| &nbsp;&nbsp; JNL/Dreyfus Government Money Market Fund | &nbsp;&nbsp; $787378 | &nbsp;&nbsp; 0.03% |
| &nbsp;&nbsp; JNL/Fidelity Institutional Asset Management<sup>®</sup> Total Bond Fund<sup>16</sup> | &nbsp;&nbsp; $1893034 | &nbsp;&nbsp; 0.12% |
| &nbsp;&nbsp; JNL/First Sentier Global Infrastructure Fund | &nbsp;&nbsp; $2255700 | &nbsp;&nbsp; 0.38% |
| &nbsp;&nbsp; JNL/Franklin Templeton Income Fund | &nbsp;&nbsp; $4787126 | &nbsp;&nbsp; 0.32% |
| &nbsp;&nbsp; JNL/Goldman Sachs 4 Fund<sup>6</sup> | &nbsp;&nbsp; $3863097 | &nbsp;&nbsp; 0.07% |
| &nbsp;&nbsp; JNL/GQG Emerging Markets Equity Fund<sup>7</sup> | &nbsp;&nbsp; $5731972 | &nbsp;&nbsp; 0.61% |
| &nbsp;&nbsp; JNL/Invesco Global Growth Fund<sup>8</sup> | &nbsp;&nbsp; $3860908 | &nbsp;&nbsp; 0.22% |
| &nbsp;&nbsp; JNL/Invesco Small Cap Growth Fund<sup>8</sup> | &nbsp;&nbsp; $7473029 | &nbsp;&nbsp; 0.42% |
| &nbsp;&nbsp; JNL/JPMorgan Global Allocation Fund<sup>9</sup> | &nbsp;&nbsp; $3376254 | &nbsp;&nbsp; 0.34% |
| &nbsp;&nbsp; JNL/JPMorgan Hedged Equity Fund<sup>9</sup> | &nbsp;&nbsp; $1862602 | &nbsp;&nbsp; 0.21% |
| &nbsp;&nbsp; JNL/JPMorgan MidCap Growth Fund<sup>9</sup> | &nbsp;&nbsp; $11411569 | &nbsp;&nbsp; 0.34% |
| &nbsp;&nbsp; JNL/JPMorgan Nasdaq<sup>®</sup> Hedged Equity Fund<sup>2,9</sup> | &nbsp;&nbsp; $19169 | &nbsp;&nbsp; 0.06% |
| &nbsp;&nbsp; JNL/JPMorgan U.S. Government & Quality Bond Fund | &nbsp;&nbsp; $1471538 | &nbsp;&nbsp; 0.11% |
| &nbsp;&nbsp; JNL/JPMorgan U.S. Value Fund<sup>9</sup> | &nbsp;&nbsp; $2935833 | &nbsp;&nbsp; 0.17% |
| &nbsp;&nbsp; JNL/Lazard International Quality Growth Fund | &nbsp;&nbsp; $1899036 | &nbsp;&nbsp; 0.39% |
| &nbsp;&nbsp; JNL/Loomis Sayles Global Growth Fund | &nbsp;&nbsp; $2040784 | &nbsp;&nbsp; 0.28% |
| &nbsp;&nbsp; JNL/Lord Abbett Short Duration Income Fund | &nbsp;&nbsp; $902652 | &nbsp;&nbsp; 0.13% |
| &nbsp;&nbsp; JNL/Mellon DowSM Index Fund | &nbsp;&nbsp; $271432 | &nbsp;&nbsp; 0.02% |
| &nbsp;&nbsp; JNL/Mellon Emerging Markets Index Fund<sup>1</sup> | &nbsp;&nbsp; N/A | &nbsp;&nbsp; N/A |
| &nbsp;&nbsp; JNL/Mellon World Index Fund | &nbsp;&nbsp; $131462 | &nbsp;&nbsp; 0.03% |
| &nbsp;&nbsp; JNL/Mellon Nasdaq<sup>®</sup> 100 Index Fund | &nbsp;&nbsp; $666827 | &nbsp;&nbsp; 0.01% |
| &nbsp;&nbsp; JNL/Mellon S&P 500 Index Fund | &nbsp;&nbsp; $879093 | &nbsp;&nbsp; 0.01% |
| &nbsp;&nbsp; JNL/Mellon S&P 400 MidCap Index Fund<sup>1</sup> | &nbsp;&nbsp; N/A | &nbsp;&nbsp; N/A |
| &nbsp;&nbsp; JNL/Mellon Small Cap Index Fund<sup>1</sup> | &nbsp;&nbsp; N/A | &nbsp;&nbsp; N/A |
| &nbsp;&nbsp; JNL/Mellon International Index Fund<sup>1</sup> | &nbsp;&nbsp; N/A | &nbsp;&nbsp; N/A |

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| | | |
|:---|:---|:---|
| | &nbsp;&nbsp; **Aggregate Fees Paid to Sub-Advisers** | &nbsp;&nbsp; **Aggregate Fees Paid to Sub-Advisers** |
| <br>&nbsp;&nbsp; **Fund** | &nbsp;&nbsp; **Dollar Amount** | &nbsp;&nbsp; **As a percentage of Average Daily Net Assets<br> as of December 31, 2024** |
| &nbsp;&nbsp; JNL/Mellon Bond Index Fund<sup>1</sup> | &nbsp;&nbsp; N/A | &nbsp;&nbsp; N/A |
| &nbsp;&nbsp; JNL/Mellon U.S. Stock Market Index Fund | &nbsp;&nbsp; $464681 | &nbsp;&nbsp; 0.01% |
| &nbsp;&nbsp; JNL/Mellon Communication Services Sector Fund | &nbsp;&nbsp; $186212 | &nbsp;&nbsp; 0.03% |
| &nbsp;&nbsp; JNL/Mellon Consumer Discretionary Sector Fund | &nbsp;&nbsp; $241404 | &nbsp;&nbsp; 0.02% |
| &nbsp;&nbsp; JNL/Mellon Consumer Staples Sector Fund | &nbsp;&nbsp; $120759 | &nbsp;&nbsp; 0.03% |
| &nbsp;&nbsp; JNL/Mellon Energy Sector Fund | &nbsp;&nbsp; $192996 | &nbsp;&nbsp; 0.01% |
| &nbsp;&nbsp; JNL/Mellon Financial Sector Fund | &nbsp;&nbsp; $256647 | &nbsp;&nbsp; 0.02% |
| &nbsp;&nbsp; JNL/Mellon Healthcare Sector Fund | &nbsp;&nbsp; $325407 | &nbsp;&nbsp; 0.01% |
| &nbsp;&nbsp; JNL/Mellon Industrials Sector Fund | &nbsp;&nbsp; $76110 | &nbsp;&nbsp; 0.03% |
| &nbsp;&nbsp; JNL/Mellon Information Technology Sector Fund | &nbsp;&nbsp; $570272 | &nbsp;&nbsp; 0.01% |
| &nbsp;&nbsp; JNL/Mellon Materials Sector Fund | &nbsp;&nbsp; $49389 | &nbsp;&nbsp; 0.03% |
| &nbsp;&nbsp; JNL/Mellon Real Estate Sector Fund | &nbsp;&nbsp; $57262 | &nbsp;&nbsp; 0.03% |
| &nbsp;&nbsp; JNL S&P 500 Index Fund | &nbsp;&nbsp; $44802 | &nbsp;&nbsp; 0.01% |
| &nbsp;&nbsp; JNL/Mellon Utilities Sector Fund | &nbsp;&nbsp; $135284 | &nbsp;&nbsp; 0.03% |
| &nbsp;&nbsp; JNL/MFS Equity Income Fund | &nbsp;&nbsp; $3138546 | &nbsp;&nbsp; 0.31% |
| &nbsp;&nbsp; JNL/MFS Mid Cap Value Fund | &nbsp;&nbsp; $6819833 | &nbsp;&nbsp; 0.34% |
| &nbsp;&nbsp; JNL/Morningstar PitchBook Listed Private Equity Index Fund | &nbsp;&nbsp; $4513 | &nbsp;&nbsp; 0.03% |
| &nbsp;&nbsp; JNL/Morningstar SMID Moat Focus Index Fund<sup>10</sup> | &nbsp;&nbsp; $26154 | &nbsp;&nbsp; 0.02% |
| &nbsp;&nbsp; JNL/Morningstar U.S. Sustainability Index Fund | &nbsp;&nbsp; $129629 | &nbsp;&nbsp; 0.03% |
| &nbsp;&nbsp; JNL/Morningstar Wide Moat Index Fund | &nbsp;&nbsp; $282781 | &nbsp;&nbsp; 0.02% |
| &nbsp;&nbsp; JNL/Neuberger Berman Commodity Strategy Fund | &nbsp;&nbsp; $170577 | &nbsp;&nbsp; 0.29% |
| &nbsp;&nbsp; JNL/Neuberger Berman Gold Plus Strategy Fund<sup>3</sup> | &nbsp;&nbsp; $200988 | &nbsp;&nbsp; 0.40% |
| &nbsp;&nbsp; JNL/Neuberger Berman Strategic Income Fund | &nbsp;&nbsp; $1151963 | &nbsp;&nbsp; 0.16% |
| &nbsp;&nbsp; JNL/Newton Equity Income Fund | &nbsp;&nbsp; $3489991 | &nbsp;&nbsp; 0.15% |
| &nbsp;&nbsp; JNL/PIMCO Income Fund<sup>11</sup> | &nbsp;&nbsp; $5106628 | &nbsp;&nbsp; 0.33% |
| &nbsp;&nbsp; JNL/PIMCO Investment Grade Credit Bond Fund<sup>11</sup> | &nbsp;&nbsp; $2403843 | &nbsp;&nbsp; 0.25% |
| &nbsp;&nbsp; JNL/PIMCO Real Return Fund<sup>11</sup> | &nbsp;&nbsp; $3069782 | &nbsp;&nbsp; 0.24% |
| &nbsp;&nbsp; JNL/RAFI<sup>®</sup> Fundamental U.S. Small Cap Fund | &nbsp;&nbsp; $125543 | &nbsp;&nbsp; 0.03% |
| &nbsp;&nbsp; JNL/RAFI<sup>®</sup> Multi-Factor U.S. Equity Fund | &nbsp;&nbsp; $222019 | &nbsp;&nbsp; 0.01% |
| &nbsp;&nbsp; JNL/T. Rowe Price Balanced Fund<sup>12,13</sup> | &nbsp;&nbsp; $1340020 | &nbsp;&nbsp; 0.25% |
| &nbsp;&nbsp; JNL/T. Rowe Price Capital Appreciation Fund<sup>12,13</sup> | &nbsp;&nbsp; $42051844 | &nbsp;&nbsp; 0.30% |
| &nbsp;&nbsp; JNL/T. Rowe Price Capital Appreciation Equity Fund<sup>2,12,13</sup> | &nbsp;&nbsp; $236676 | &nbsp;&nbsp; 0.05% |
| &nbsp;&nbsp; JNL/T. Rowe Price Growth Stock Fund<sup>12,13</sup> | &nbsp;&nbsp; $24177120 | &nbsp;&nbsp; 0.24% |
| &nbsp;&nbsp; JNL/T. Rowe Price Mid-Cap Growth Fund<sup>12,13</sup> | &nbsp;&nbsp; $18759830 | &nbsp;&nbsp; 0.35% |
| &nbsp;&nbsp; JNL/T. Rowe Price Short-Term Bond Fund<sup>12,13</sup> | &nbsp;&nbsp; $983723 | &nbsp;&nbsp; 0.09% |
| &nbsp;&nbsp; JNL/T. Rowe Price U.S. High Yield Fund<sup>12,13</sup> | &nbsp;&nbsp; $1275220 | &nbsp;&nbsp; 0.26% |
| &nbsp;&nbsp; JNL/T. Rowe Price Value Fund<sup>12,13</sup> | &nbsp;&nbsp; $9158744 | &nbsp;&nbsp; 0.20% |
| &nbsp;&nbsp; JNL/Vanguard Moderate ETF Allocation Fund | &nbsp;&nbsp; $158875 | &nbsp;&nbsp; 0.03% |
| &nbsp;&nbsp; JNL/Vanguard Moderate Growth ETF Allocation Fund | &nbsp;&nbsp; $216938 | &nbsp;&nbsp; 0.02% |
| &nbsp;&nbsp; JNL/Vanguard Growth ETF Allocation Fund | &nbsp;&nbsp; $208203 | &nbsp;&nbsp; 0.01% |
| &nbsp;&nbsp; JNL/WCM China Quality Growth Fund<sup>3,14</sup> | &nbsp;&nbsp; $24546 | &nbsp;&nbsp; 0.44% |
| &nbsp;&nbsp; JNL/WCM Focused International Equity Fund<sup>14</sup> | &nbsp;&nbsp; $6208587 | &nbsp;&nbsp; 0.36% |
| &nbsp;&nbsp; JNL/Westchester Capital Event Driven Fund<sup>15</sup> | &nbsp;&nbsp; $509850 | &nbsp;&nbsp; 0.85% |
| &nbsp;&nbsp; JNL/WMC Balanced Fund | &nbsp;&nbsp; $16516282 | &nbsp;&nbsp; 0.18% |
| &nbsp;&nbsp; JNL/WMC Equity Income Fund | &nbsp;&nbsp; $2558987 | &nbsp;&nbsp; 0.23% |
| &nbsp;&nbsp; JNL/WMC Global Real Estate Fund | &nbsp;&nbsp; $2307045 | &nbsp;&nbsp; 0.36% |
| &nbsp;&nbsp; JNL/WMC Value Fund | &nbsp;&nbsp; $2838724 | &nbsp;&nbsp; 0.23% |
| &nbsp;&nbsp; JNL/JPMorgan Managed Conservative Fund | &nbsp;&nbsp; $51311 | &nbsp;&nbsp; 0.01% |
| &nbsp;&nbsp; JNL/JPMorgan Managed Moderate Fund | &nbsp;&nbsp; $127198 | &nbsp;&nbsp; 0.01% |
| &nbsp;&nbsp; JNL/JPMorgan Managed Moderate Growth Fund | &nbsp;&nbsp; $277254 | &nbsp;&nbsp; 0.01% |
| &nbsp;&nbsp; JNL/JPMorgan Managed Growth Fund | &nbsp;&nbsp; $299525 | &nbsp;&nbsp; 0.01% |
| &nbsp;&nbsp; JNL/JPMorgan Managed Aggressive Growth Fund | &nbsp;&nbsp; $153007 | &nbsp;&nbsp; 0.01% |
| &nbsp;&nbsp; JNL Conservative Allocation Fund<sup>1</sup> | &nbsp;&nbsp; N/A | &nbsp;&nbsp; N/A |
| &nbsp;&nbsp; JNL Moderate Allocation Fund<sup>1</sup> | &nbsp;&nbsp; N/A | &nbsp;&nbsp; N/A |
| &nbsp;&nbsp; JNL Moderate Growth Allocation Fund<sup>1</sup> | &nbsp;&nbsp; N/A | &nbsp;&nbsp; N/A |
| &nbsp;&nbsp; JNL Growth Allocation Fund<sup>1</sup> | &nbsp;&nbsp; N/A | &nbsp;&nbsp; N/A |

---

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| | | | |
|:---|:---|:---|:---|
|  | | &nbsp;&nbsp;**Aggregate Fees Paid to Sub-Advisers** | &nbsp;&nbsp;**Aggregate Fees Paid to Sub-Advisers** |
|  | &nbsp;&nbsp;<br>&nbsp;&nbsp;**Fund** | &nbsp;&nbsp;**Dollar Amount** | &nbsp;&nbsp;**As a percentage of Average Daily Net Assets<br> as of December 31, 2024** |
|  | &nbsp;&nbsp; JNL Aggressive Growth Allocation Fund<sup>1</sup> | &nbsp;&nbsp; N/A | &nbsp;&nbsp; N/A |
|  | &nbsp;&nbsp; JNL Bond Index Fund | &nbsp;&nbsp; $231525 | &nbsp;&nbsp; 0.02% |
|  | &nbsp;&nbsp; JNL Emerging Markets Index Fund | &nbsp;&nbsp; $200296 | &nbsp;&nbsp; 0.02% |
|  | &nbsp;&nbsp; JNL International Index Fund | &nbsp;&nbsp; $226937 | &nbsp;&nbsp; 0.01% |
|  | &nbsp;&nbsp; JNL Mid Cap Index Fund | &nbsp;&nbsp; $323335 | &nbsp;&nbsp; 0.01% |
|  | &nbsp;&nbsp; JNL Small Cap Index Fund | &nbsp;&nbsp; $255194 | &nbsp;&nbsp; 0.01% |
| <sup>1</sup> | This Fund does not have a Sub-Adviser. | This Fund does not have a Sub-Adviser. | This Fund does not have a Sub-Adviser. |
| <sup>2</sup> | The Fund commenced operations October 21, 2024. | The Fund commenced operations October 21, 2024. | The Fund commenced operations October 21, 2024. |
| <sup>3</sup> | The Fund commenced operations April 25, 2022. | The Fund commenced operations April 25, 2022. | The Fund commenced operations April 25, 2022. |
| <sup>4</sup> | [To be updated by amendment] | [To be updated by amendment] | [To be updated by amendment] |
| <sup>5</sup> | A fee discount shall apply when DoubleLine is providing sub-advisory services to JNAM for at least two separate and distinct funds. The Sub-Adviser provides sub-advisory services for the JNL Multi-Manager Alternative Fund (for the discrete portion of Average Daily Net Assets managed by DoubleLine), the JNL/DoubleLine<sup>®</sup> Core Fixed Income Fund, the JNL/DoubleLine<sup>®</sup> Emerging Markets Fixed Income Fund, the JNL/DoubleLine<sup>®</sup> Shiller Enhanced CAPE<sup>®</sup> Fund, and the JNL/DoubleLine<sup>®</sup> Total Return Fund (together known as the "Sub-Advised Funds"). For the purpose of calculating the sub-advisory fee discounts, DoubleLine applies discounts based on the combined assets of the Sub-Advised Funds. | A fee discount shall apply when DoubleLine is providing sub-advisory services to JNAM for at least two separate and distinct funds. The Sub-Adviser provides sub-advisory services for the JNL Multi-Manager Alternative Fund (for the discrete portion of Average Daily Net Assets managed by DoubleLine), the JNL/DoubleLine<sup>®</sup> Core Fixed Income Fund, the JNL/DoubleLine<sup>®</sup> Emerging Markets Fixed Income Fund, the JNL/DoubleLine<sup>®</sup> Shiller Enhanced CAPE<sup>®</sup> Fund, and the JNL/DoubleLine<sup>®</sup> Total Return Fund (together known as the "Sub-Advised Funds"). For the purpose of calculating the sub-advisory fee discounts, DoubleLine applies discounts based on the combined assets of the Sub-Advised Funds. | A fee discount shall apply when DoubleLine is providing sub-advisory services to JNAM for at least two separate and distinct funds. The Sub-Adviser provides sub-advisory services for the JNL Multi-Manager Alternative Fund (for the discrete portion of Average Daily Net Assets managed by DoubleLine), the JNL/DoubleLine<sup>®</sup> Core Fixed Income Fund, the JNL/DoubleLine<sup>®</sup> Emerging Markets Fixed Income Fund, the JNL/DoubleLine<sup>®</sup> Shiller Enhanced CAPE<sup>®</sup> Fund, and the JNL/DoubleLine<sup>®</sup> Total Return Fund (together known as the "Sub-Advised Funds"). For the purpose of calculating the sub-advisory fee discounts, DoubleLine applies discounts based on the combined assets of the Sub-Advised Funds. |
| <sup>6</sup> | Effective November 14, 2022, Mellon is no longer a Co-Sub-Adviser to the Fund. | Effective November 14, 2022, Mellon is no longer a Co-Sub-Adviser to the Fund. | Effective November 14, 2022, Mellon is no longer a Co-Sub-Adviser to the Fund. |
| <sup>7</sup> | The assets for the JNL Multi-Manager Emerging Markets Equity Fund (for the portion of assets managed by GQG) and the JNL/GQG Emerging Markets Equity Fund are aggregated in calculating the GQG sub-advisory fee. | The assets for the JNL Multi-Manager Emerging Markets Equity Fund (for the portion of assets managed by GQG) and the JNL/GQG Emerging Markets Equity Fund are aggregated in calculating the GQG sub-advisory fee. | The assets for the JNL Multi-Manager Emerging Markets Equity Fund (for the portion of assets managed by GQG) and the JNL/GQG Emerging Markets Equity Fund are aggregated in calculating the GQG sub-advisory fee. |
| <sup>8</sup> | For the purpose of calculating the sub-advisory fee for the JNL/Invesco Global Growth Fund and the JNL/Invesco Small Cap Growth Fund, a fee discount will be applied to total sub-advisory fees based on the average daily aggregate net assets of the Funds. | For the purpose of calculating the sub-advisory fee for the JNL/Invesco Global Growth Fund and the JNL/Invesco Small Cap Growth Fund, a fee discount will be applied to total sub-advisory fees based on the average daily aggregate net assets of the Funds. | For the purpose of calculating the sub-advisory fee for the JNL/Invesco Global Growth Fund and the JNL/Invesco Small Cap Growth Fund, a fee discount will be applied to total sub-advisory fees based on the average daily aggregate net assets of the Funds. |
| <sup>9</sup> | For the purpose of calculating the sub-advisory fee for the JNL/Fidelity Institutional AM<sup>®</sup> & JPMorgan Large Cap Growth Fund (for the portion of assets managed by JPMorgan), the JNL/JPMorgan Hedged Equity Fund, the JNL/JPMorgan Global Allocation Fund, the JNL/JPMorgan MidCap Growth Fund, the JNL/JPMorgan Nasdaq<sup>®</sup> Hedged Equity Fund, and the JNL/JPMorgan U.S. Value Fund, the Sub-Adviser applies a fee discount based on the combined average daily net assets of the listed funds. | For the purpose of calculating the sub-advisory fee for the JNL/Fidelity Institutional AM<sup>®</sup> & JPMorgan Large Cap Growth Fund (for the portion of assets managed by JPMorgan), the JNL/JPMorgan Hedged Equity Fund, the JNL/JPMorgan Global Allocation Fund, the JNL/JPMorgan MidCap Growth Fund, the JNL/JPMorgan Nasdaq<sup>®</sup> Hedged Equity Fund, and the JNL/JPMorgan U.S. Value Fund, the Sub-Adviser applies a fee discount based on the combined average daily net assets of the listed funds. | For the purpose of calculating the sub-advisory fee for the JNL/Fidelity Institutional AM<sup>®</sup> & JPMorgan Large Cap Growth Fund (for the portion of assets managed by JPMorgan), the JNL/JPMorgan Hedged Equity Fund, the JNL/JPMorgan Global Allocation Fund, the JNL/JPMorgan MidCap Growth Fund, the JNL/JPMorgan Nasdaq<sup>®</sup> Hedged Equity Fund, and the JNL/JPMorgan U.S. Value Fund, the Sub-Adviser applies a fee discount based on the combined average daily net assets of the listed funds. |
| <sup>10</sup> | The Fund commenced operations April 29, 2024. | The Fund commenced operations April 29, 2024. | The Fund commenced operations April 29, 2024. |
| <sup>11</sup> | For purposes of calculating the sub-advisory fee for the JNL/PIMCO Income Fund, JNL/PIMCO Real Return Fund, and the JNL/PIMCO Investment Grade Credit Bond Fund, a fee discount is applied based on the combined average daily net assets of the portfolios. | For purposes of calculating the sub-advisory fee for the JNL/PIMCO Income Fund, JNL/PIMCO Real Return Fund, and the JNL/PIMCO Investment Grade Credit Bond Fund, a fee discount is applied based on the combined average daily net assets of the portfolios. | For purposes of calculating the sub-advisory fee for the JNL/PIMCO Income Fund, JNL/PIMCO Real Return Fund, and the JNL/PIMCO Investment Grade Credit Bond Fund, a fee discount is applied based on the combined average daily net assets of the portfolios. |
| <sup>12</sup> | The Sub-Adviser will provide the Adviser a transitional fee credit to eliminate any discontinuity between the tiered fee schedule and the fee schedule that takes effect once the Fund's assets exceed a specific amount. | The Sub-Adviser will provide the Adviser a transitional fee credit to eliminate any discontinuity between the tiered fee schedule and the fee schedule that takes effect once the Fund's assets exceed a specific amount. | The Sub-Adviser will provide the Adviser a transitional fee credit to eliminate any discontinuity between the tiered fee schedule and the fee schedule that takes effect once the Fund's assets exceed a specific amount. |
| <sup>13</sup> | For the purpose of calculating the sub-advisory fee for the JNL Multi-Manager Emerging Markets Equity (for the portion of assets managed by T. Rowe), the JNL/T. Rowe Price Balanced Fund, the JNL/T. Rowe Price Capital Appreciation Fund, the JNL/T. Rowe Price Capital Appreciation Equity Fund, the JNL/T. Rowe Price Growth Stock Fund, the JNL/T. Rowe Price Mid-Cap Growth Fund, the JNL/T. Rowe Price Short-Term Bond Fund, the JNL/T. Rowe Price U.S. High Yield Fund, and the JNL/T. Rowe Price Value Fund, the Sub-Adviser applies a fee discount to all eligible assets based on the average daily aggregate net assets of the listed funds. | For the purpose of calculating the sub-advisory fee for the JNL Multi-Manager Emerging Markets Equity (for the portion of assets managed by T. Rowe), the JNL/T. Rowe Price Balanced Fund, the JNL/T. Rowe Price Capital Appreciation Fund, the JNL/T. Rowe Price Capital Appreciation Equity Fund, the JNL/T. Rowe Price Growth Stock Fund, the JNL/T. Rowe Price Mid-Cap Growth Fund, the JNL/T. Rowe Price Short-Term Bond Fund, the JNL/T. Rowe Price U.S. High Yield Fund, and the JNL/T. Rowe Price Value Fund, the Sub-Adviser applies a fee discount to all eligible assets based on the average daily aggregate net assets of the listed funds. | For the purpose of calculating the sub-advisory fee for the JNL Multi-Manager Emerging Markets Equity (for the portion of assets managed by T. Rowe), the JNL/T. Rowe Price Balanced Fund, the JNL/T. Rowe Price Capital Appreciation Fund, the JNL/T. Rowe Price Capital Appreciation Equity Fund, the JNL/T. Rowe Price Growth Stock Fund, the JNL/T. Rowe Price Mid-Cap Growth Fund, the JNL/T. Rowe Price Short-Term Bond Fund, the JNL/T. Rowe Price U.S. High Yield Fund, and the JNL/T. Rowe Price Value Fund, the Sub-Adviser applies a fee discount to all eligible assets based on the average daily aggregate net assets of the listed funds. |
| <sup>14</sup> | Effective September 1, 2024, for the purpose of calculating the sub-advisory fee for the JNL Multi-Manager Emerging Markets Equity Fund, the JNL Multi-Manager International Equity Fund, the JNL Multi-Manager International Small Cap Fund, the JNL Multi-Manager Small Cap Growth Fund, the JNL Multi-Manager Small Cap Value Fund, the JNL Multi-Manager Select Equity Fund (for each Fund's portion of assets managed by WCM), the JNL/WCM China Quality Growth Fund, and the JNL/WCM Focused International Equity Fund, the Sub-Adviser applies a fee discount to all eligible assets based on the average daily aggregate net assets of the listed funds. | Effective September 1, 2024, for the purpose of calculating the sub-advisory fee for the JNL Multi-Manager Emerging Markets Equity Fund, the JNL Multi-Manager International Equity Fund, the JNL Multi-Manager International Small Cap Fund, the JNL Multi-Manager Small Cap Growth Fund, the JNL Multi-Manager Small Cap Value Fund, the JNL Multi-Manager Select Equity Fund (for each Fund's portion of assets managed by WCM), the JNL/WCM China Quality Growth Fund, and the JNL/WCM Focused International Equity Fund, the Sub-Adviser applies a fee discount to all eligible assets based on the average daily aggregate net assets of the listed funds. | Effective September 1, 2024, for the purpose of calculating the sub-advisory fee for the JNL Multi-Manager Emerging Markets Equity Fund, the JNL Multi-Manager International Equity Fund, the JNL Multi-Manager International Small Cap Fund, the JNL Multi-Manager Small Cap Growth Fund, the JNL Multi-Manager Small Cap Value Fund, the JNL Multi-Manager Select Equity Fund (for each Fund's portion of assets managed by WCM), the JNL/WCM China Quality Growth Fund, and the JNL/WCM Focused International Equity Fund, the Sub-Adviser applies a fee discount to all eligible assets based on the average daily aggregate net assets of the listed funds. |
| <sup>15</sup> | Assets for the JNL Multi-Manager Alternative Fund (for the portion of assets managed by Westchester) and the JNL/Westchester Capital Event Driven Fund are aggregated in calculating the Westchester sub-advisory fee. | Assets for the JNL Multi-Manager Alternative Fund (for the portion of assets managed by Westchester) and the JNL/Westchester Capital Event Driven Fund are aggregated in calculating the Westchester sub-advisory fee. | Assets for the JNL Multi-Manager Alternative Fund (for the portion of assets managed by Westchester) and the JNL/Westchester Capital Event Driven Fund are aggregated in calculating the Westchester sub-advisory fee. |
| <sup>16</sup> | For the purpose of calculating the sub-advisory fee for the JNL Multi-Manager Floating Rate Income Fund, the JNL Multi-Manager International Small Cap Fund, the JNL/Fidelity Institutional AM<sup>®</sup> & JPMorgan Large Cap Growth Fund (for each Fund's portion of assets managed by FIAM), and the JNL/Fidelity Institutional Asset Management<sup>®</sup> Total Bond Fund the Sub-Adviser applies a fee discount to all eligible assets when combined assets under management exceed $2.5 billion of the listed funds. | For the purpose of calculating the sub-advisory fee for the JNL Multi-Manager Floating Rate Income Fund, the JNL Multi-Manager International Small Cap Fund, the JNL/Fidelity Institutional AM<sup>®</sup> & JPMorgan Large Cap Growth Fund (for each Fund's portion of assets managed by FIAM), and the JNL/Fidelity Institutional Asset Management<sup>®</sup> Total Bond Fund the Sub-Adviser applies a fee discount to all eligible assets when combined assets under management exceed $2.5 billion of the listed funds. | For the purpose of calculating the sub-advisory fee for the JNL Multi-Manager Floating Rate Income Fund, the JNL Multi-Manager International Small Cap Fund, the JNL/Fidelity Institutional AM<sup>®</sup> & JPMorgan Large Cap Growth Fund (for each Fund's portion of assets managed by FIAM), and the JNL/Fidelity Institutional Asset Management<sup>®</sup> Total Bond Fund the Sub-Adviser applies a fee discount to all eligible assets when combined assets under management exceed $2.5 billion of the listed funds. |

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The following shows the management fees the Adviser has paid to PPM America, Inc., an affiliate of the Adviser, out of the advisory fees it receives from the Funds sub-advised by PPM America, Inc., as described elsewhere in this SAI and the Prospectus, for the fiscal year ended [December 31, 2025]: [to be updated by amendment]

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| | | | |
|:---|:---|:---|:---|
|  | | &nbsp;&nbsp; **Aggregate Fees Paid to Sub-Advisers** | &nbsp;&nbsp; **Aggregate Fees Paid to Sub-Advisers** |
|  | &nbsp;&nbsp;<br>&nbsp;&nbsp; **Fund** | &nbsp;&nbsp; **Dollar Amount** | &nbsp;&nbsp; **As a percentage of Average Daily Net Assets<br> as of December 31, 2024** |
|  | &nbsp;&nbsp; JNL Multi-Manager Floating Rate Income Fund<sup>2</sup> | &nbsp;&nbsp; $2230494 | &nbsp;&nbsp; 0.19% |
|  | &nbsp;&nbsp; JNL/PPM America Emerging Markets Debt Fund<sup>3</sup> | &nbsp;&nbsp; N/A | &nbsp;&nbsp; N/A |
|  | &nbsp;&nbsp; JNL/PPM America High Yield Bond Fund | &nbsp;&nbsp; $2843090 | &nbsp;&nbsp; 0.21% |
|  | &nbsp;&nbsp; JNL/PPM America Investment Grade Credit Fund<sup>1</sup> | &nbsp;&nbsp; $320006 | &nbsp;&nbsp; 0.13% |
|  | &nbsp;&nbsp; JNL/PPM America Total Return Fund | &nbsp;&nbsp; $2480907 | &nbsp;&nbsp; 0.16% |
| <sup>1</sup> | &nbsp;&nbsp; The Fund commenced operations on April 29, 2024. |  |  |
| <sup>2</sup> | &nbsp;&nbsp; Amount excludes Sub-Advisory fees paid by FIAM. |  |  |
| <sup>3</sup> | &nbsp;&nbsp; The Fund commenced operations on April 27, 2026. |  |  |

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Subject to the supervision of the Adviser and the Trustees pursuant to investment sub-advisory agreements entered into between the Adviser and each of the Sub-Advisers, the Sub-Advisers invest and reinvest or make recommendations to invest and reinvest the Fund's assets consistent with the Fund's respective investment objectives and policies. With respect to the foregoing, it should be noted that subject to the supervision of the Adviser and Trustees pursuant to the investment sub-advisory agreements, JPMorgan develops recommendations and allocations consistent with each of its sub-advised Fund's investment objectives and policies, but does not trade securities or invest and reinvest assets on behalf of those Funds. Each investment sub-advisory agreement continues in effect for each Fund from year to year after its initial two-year term so long as its continuation is approved at least annually by a majority of the Trustees who are not parties to such agreement or interested persons of any such party except in their capacity as Trustees of the Fund and by the shareholders of the affected Fund or the Board. A sub-advisory agreement may be terminated at any time upon 60 days' notice by either party or under certain sub-advisory agreements, upon 60 days' notice of the Trust and the Adviser and 90 days' notice of the Sub-Adviser, or by a majority vote of the outstanding shares of the Fund to which such agreement relates, and will terminate automatically upon assignment or upon the termination of the investment management agreement between the Adviser and the Fund. Additional Funds may be subject to a different agreement. Except with respect to certain Funds sub-advised by JPMorgan, Sub-Advisers are responsible for compliance with or have agreed to use their best efforts to manage the Fund to comply with the provisions of Section 817(h) of the Code applicable to each Fund (relating to the diversification requirements applicable to investments in underlying variable annuity contracts). With respect to the Funds sub-advised by JPMorgan, the Adviser and the Sub-Adviser jointly are responsible for compliance of the Funds with Section 817(h).

**Licensing Agreements.**

"JNL<sup>®</sup>," "Jackson National<sup>®</sup>," "Jackson**<sup>®</sup>**," "Jackson of NY<sup>®</sup>" and "Jackson National Life Insurance Company of New York<sup>®</sup>" are trademarks of Jackson National Life Insurance Company<sup>®</sup>.

Goldman Sachs is a registered service mark of Goldman, Sachs & Co.

Fidelity Institutional Asset Management is a registered service mark of FMR LLC. Used with permission.

The "S&P 500<sup>®</sup>," "S&P MidCap 400<sup>®</sup>," "S&P SmallCap 600<sup>®</sup>," and the "Dow Jones Industrial Average<sup>®</sup>" (collectively, the "Indices") are products of S&P Dow Jones Indices LLC ("SPDJI"), and have been licensed for use by Jackson National Life Insurance Company and its Affiliates (collectively, "Licensee"). S&P<sup>®</sup>, S&P 500<sup>®</sup>, S&P MidCap 400<sup>®</sup> and S&P SmallCap 600<sup>®</sup>, SPX<sup>®</sup>, SPY<sup>®</sup>, US 500™, The 500™, iBoxx<sup>®</sup>, iTraxx<sup>®</sup>, CDX<sup>®</sup>, The Dow<sup>®</sup>, DJIA<sup>®</sup>, and Dow Jones Industrial Average<sup>®</sup> are trademarks of S&P Global, Inc. or its affiliates ("S&P"); Dow Jones<sup>®</sup> is a registered trademark of Dow Jones Trademark Holdings, LLC ("Dow Jones").It is not possible to invest directly in an index. The JNL/Mellon Dow<sup>SM</sup> Index Fund, JNL/Mellon S&P 500 Index Fund, JNL/Mellon S&P 400 MidCap Index Fund, JNL/Mellon Small Cap Index Fund, JNL S&P 500 Index Fund, JNL Mid Cap Index Fund, JNL Small Cap Index Fund (collectively, the "JNL Funds") are not sponsored, endorsed, sold or promoted by SPDJI, Dow Jones, S&P, or any of their respective affiliates (collectively, "S&P Dow Jones Indices"). S&P Dow Jones Indices does not make any representation or warranty, expressed or implied, to the owners of the JNL Funds or any member of the public regarding the advisability of investing in securities generally or in the JNL Funds particularly or the ability of the Indices to track general market performance. Past performance of an index is not an indication or guarantee of future results. S&P Dow Jones Indices' only relationship to Licensee with respect to the Indices is the licensing of the Indices and certain trademarks, service marks and/or trade names of S&P Dow Jones Indices or its licensors.

The Indices are determined, composed and calculated by S&P Dow Jones Indices without regard to Licensee or the JNL Funds. S&P Dow Jones Indices has no obligation to take the needs of Licensee, or the owners of the JNL Funds into consideration in determining, composing or calculating the Indices. S&P Dow Jones Indices has no obligation or liability in connection with the administration, marketing or trading of the JNL Funds. There is no assurance that investment products based on the Indices will accurately track index performance or provide positive investment returns. S&P Dow Jones Indices LLC is not an investment adviser, commodity trading advisory, commodity pool operator, broker dealer, fiduciary, promoter" (as defined in the Investment Company Act of 1940, as amended), "expert" as enumerated within 15 U.S.C. § 77k(a) or tax advisor. Inclusion of a security, commodity, crypto currency or other asset within an index is not a recommendation by S&P Dow Jones Indices to buy, sell, or hold such security, commodity, crypto currency or other asset, nor is it considered to be investment advice or commodity trading advice. SPDJI provides indices that use environmental, social and/or governance (ESG) indicators (including, without limit, business involvement screens, conformance to voluntary corporate standards, GHG emissions data, and ESG scores) to select, weight and/or exclude constituents. ESG indicators seek to measure a company's, or an asset's performance, with respect to E, S and/or G criteria. ESG indicators are derived from publicly reported data, modelled data, or a combination of reported and modelled data. ESG indicators are based on a qualitative assessment due to the absence of well-defined uniform market standards and the use of multiple methodologies to assess ESG factors. No single clear, definitive test or framework (legal, regulatory, or otherwise) exists to determine labels such as, 'ESG', 'sustainable', 'good governance', 'no adverse environmental, social and/or other impacts', or other equivalently labelled objectives. Therefore, the exercise of subjective judgment is necessary. Different persons may classify the same investment, products and/or strategy differently regarding the foregoing labels.

S&P DOW JONES INDICES DOES NOT GUARANTEE THE ADEQUACY, ACCURACY, TIMELINESS AND/OR THE COMPLETENESS OF THE INDICES OR ANY DATA RELATED THERETO OR ANY COMMUNICATION, INCLUDING BUT NOT LIMITED TO, ORAL OR WRITTEN COMMUNICATION (INCLUDING ELECTRONIC COMMUNICATIONS) WITH RESPECT THERETO. S&P DOW JONES INDICES SHALL NOT BE SUBJECT TO ANY DAMAGES OR LIABILITY FOR ANY ERRORS, OMISSIONS, OR DELAYS THEREIN. S&P DOW JONES INDICES MAKES NO EXPRESS OR IMPLIED WARRANTIES, AND EXPRESSLY DISCLAIMS ALL WARRANTIES, OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE OR USE OR AS TO RESULTS TO BE OBTAINED BY LICENSEE, OWNERS OF THE JNL FUNDS, OR ANY OTHER PERSON OR ENTITY FROM THE USE OF THE INDICES OR WITH RESPECT TO ANY DATA RELATED THERETO. WITHOUT LIMITING ANY OF THE FOREGOING, IN NO EVENT WHATSOEVER SHALL S&P DOW JONES INDICES BE LIABLE FOR ANY INDIRECT, SPECIAL, INCIDENTAL, PUNITIVE, OR CONSEQUENTIAL DAMAGES INCLUDING BUT NOT LIMITED TO, LOSS OF PROFITS, TRADING LOSSES, LOST TIME OR GOODWILL, EVEN IF THEY HAVE BEEN ADVISED OF THE POSSIBLITY OF SUCH DAMAGES, WHETHER IN CONTRACT, TORT, STRICT LIABILITY, OR OTHERWISE. S&P DOW JONES INDICES HAS NOT REVIEWED, PREPARED AND/OR CERTIFIED ANY PORTION OF, NOR DOES S&P DOW JONES INDICES HAVE ANY CONTROL OVER, THE LICENSEE PRODUCT REGISTRATION STATEMENT, PROSPECTUS OR OTHER OFFERING MATERIALS.THERE ARE NO THIRD PARTY BENEFICIARIES OF ANY AGREEMENTS OR ARRANGEMENTS BETWEEN S&P DOW JONES INDICES AND LICENSEE, OTHER THAN THE LICENSORS OF S&P DOW JONES INDICES.

The JNL/Mellon Nasdaq<sup>®</sup> 100 Index Fund and JNL/JPMorgan Nasdaq<sup>®</sup> Hedged Equity Fund (together, the "JNL Funds") are not sponsored, endorsed, sold or promoted by Nasdaq, Inc. or its affiliates (Nasdaq, with its affiliates, are referred to as the "Corporations"). The Corporations have not passed on the legality or suitability of, or the accuracy or adequacy of descriptions and disclosures relating to, the JNL Funds. The Corporations make no representation or warranty, express or implied to the owners of the JNL Funds or any member of the public regarding the advisability of investing in securities generally or in the JNL Funds particularly, or the ability of the Nasdaq-100 Index<sup>®</sup> to track general stock market performance. The Corporations' only relationship to Jackson National Life Insurance Company ("Licensee") is in the licensing of the Nasdaq<sup>®</sup>, and Nasdaq-100 Index<sup>®</sup> registered trademarks, and certain trade names of the Corporations and the use of the Nasdaq-100 Index<sup>®</sup> which is determined, composed and calculated by Nasdaq without regard to Licensee or the JNL Funds. Nasdaq has no obligation to take the needs of the Licensee or the owners of the JNL Funds into consideration in determining, composing or calculating the Nasdaq-100 Index<sup>®</sup>. The Corporations are not responsible for and have not participated in the determination of the timing of, prices at, or quantities of the JNL Funds to be issued or in the determination or calculation of the equation by which the JNL Funds are to be converted into cash. The Corporations have no liability in connection with the administration, marketing or trading of the JNL Funds.

THE CORPORATIONS DO NOT GUARANTEE THE ACCURACY AND/OR UNINTERRUPTED CALCULATION OF THE NASDAQ-100 INDEX<sup>®</sup> OR ANY DATA INCLUDED THEREIN. THE CORPORATIONS MAKE NO WARRANTY, EXPRESS OR IMPLIED, AS TO RESULTS TO BE OBTAINED BY LICENSEE, OWNERS OF THE JNL FUNDS, OR ANY OTHER PERSON OR ENTITY FROM THE USE OF THE NASDAQ-100 INDEX<sup>®</sup> OR ANY DATA INCLUDED THEREIN. THE CORPORATIONS MAKE NO EXPRESS OR IMPLIED WARRANTIES, AND EXPRESSLY DISCLAIM ALL WARRANTIES OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE OR USE WITH RESPECT TO THE NASDAQ-100 INDEX<sup>®</sup> OR ANY DATA INCLUDED THEREIN. WITHOUT LIMITING ANY OF THE FOREGOING, IN NO EVENT SHALL THE CORPORATIONS HAVE ANY LIABILITY FOR ANY LOST PROFITS OR SPECIAL, INCIDENTAL, PUNITIVE, INDIRECT, OR CONSEQUENTIAL DAMAGES, EVEN IF NOTIFIED OF THE POSSIBILITY OF SUCH DAMAGES.

Morningstar<sup>®</sup> and the Morningstar Indices (as defined below) are trademarks or service marks of Morningstar, Inc. ("Morningstar") and have been licensed for use for certain purposes by Jackson National Asset Management, LLC ("JNAM"). The JNL Funds (as defined below) are not sponsored, endorsed, sold or promoted by Morningstar, or any of its affiliated companies (all such entities, collectively, ''Morningstar Entities") or the Loan Syndications and Trading Association ("LSTA"). The Morningstar Entities and LSTA make no representation or warranty, express or implied, to the owners of the JNL Funds or any member of the public regarding the advisability of investing in securities generally or in the JNL Funds in particular or the ability of the Morningstar Indices to track general stock market performance. The Morningstar Entities' only relationship to JNAM is the licensing of: (i) certain service marks and service names of Morningstar and LSTA; and (ii) of the Morningstar Indices which is determined, composed and calculated by the Morningstar Entities without regard to JNAM or the JNL Funds. The Morningstar Entities have no obligation to take the needs of JNAM or the owners of the JNL Funds into consideration in determining, composing or calculating the Morningstar Indices. The Morningstar Entities and LSTA are not responsible for and have not participated in the determination of the prices and amount of the JNL Funds or the timing of the issuance or sale of the JNL Funds or in the determination or calculation of the equation by which the JNL Funds are converted into cash. The Morningstar Entities and LSTA have no obligation or liability in connection with the administration, marketing or trading of the JNL Funds.

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| | |
|:---|:---|
| &nbsp;&nbsp; Index (collectively, the "Morningstar Indices") | &nbsp;&nbsp; Fund (collectively, the "JNL Funds") |
| &nbsp;&nbsp; Morningstar<sup>®</sup> Aggressive Target Risk Index℠ | &nbsp;&nbsp; JNL Aggressive Growth Allocation Fund <br> JNL/JPMorgan Managed Aggressive Growth Fund  |
| &nbsp;&nbsp; Morningstar<sup>®</sup> China Index℠ | &nbsp;&nbsp; JNL/WCM China Quality Growth Fund |
| &nbsp;&nbsp; Morningstar<sup>®</sup> Conservative Target Risk Index℠ | &nbsp;&nbsp; JNL Conservative Allocation Fund <br> JNL/JPMorgan Managed Conservative Fund  |
| &nbsp;&nbsp; Morningstar<sup>®</sup> Developed Markets ex-North America Target Market Exposure Index℠ | &nbsp;&nbsp; JNL International Index Fund <br> JNL/Causeway International Value Select Fund <br> JNL/JPMorgan Managed Aggressive Growth Fund <br> JNL/JPMorgan Managed Conservative Fund <br> JNL/JPMorgan Managed Growth Fund <br> JNL/JPMorgan Managed Moderate Fund <br> JNL/JPMorgan Managed Moderate Growth Fund <br> JNL/Mellon International Index Fund <br> JNL/T. Rowe Price Balanced Fund  |
| &nbsp;&nbsp; Morningstar<sup>®</sup> Developed Markets ex-North America Value Target Market Exposure Index℠ | &nbsp;&nbsp; JNL/Causeway International Value Select Fund |
| &nbsp;&nbsp; Morningstar<sup>®</sup> Developed Markets ex-US Target Market Exposure Index℠ | &nbsp;&nbsp; JNL/DFA International Core Equity Fund |
| &nbsp;&nbsp; Morningstar<sup>®</sup> Developed Markets Target Market Exposure Index℠ | &nbsp;&nbsp; JNL/BlackRock Global Allocation Fund <br> JNL/Mellon World Index Fund <br> JNL/Morningstar PitchBook Listed Private Equity Index Fund  |
| &nbsp;&nbsp; Morningstar<sup>®</sup> Dividend Composite Index℠ | &nbsp;&nbsp; JNL/Franklin Templeton Income Fund <br> JNL/WMC Equity Income Fund  |
| &nbsp;&nbsp; Morningstar<sup>®</sup> Emerging Markets Index℠ | &nbsp;&nbsp; JNL Multi-Manager Emerging Markets Equity Fund |
| &nbsp;&nbsp; Morningstar<sup>®</sup> Emerging Markets Target Market Exposure Index℠ | &nbsp;&nbsp; JNL/Mellon Emerging Markets Index Fund <br> JNL Emerging Markets Index Fund <br> JNL/GQG Emerging Markets Equity Fund <br> JNL/WCM China Quality Growth Fund  |
| &nbsp;&nbsp; Morningstar<sup>®</sup> Global ex-US Small Cap Target Market Exposure Index ℠ | &nbsp;&nbsp; JNL Multi-Manager International Small Cap Fund |
| &nbsp;&nbsp; Morningstar<sup>®</sup> Global ex-US Target Market Exposure Index℠ | &nbsp;&nbsp; JNL Multi-Manager International Equity Fund <br> JNL Multi-Manager International Small Cap Fund JNL/American Funds International Fund <br> JNL/Lazard International Quality Growth Fund <br> JNL/WCM Focused International Equity Fund <br>|
| &nbsp;&nbsp; Morningstar<sup>®</sup> Global Small Cap Target Market Exposure Index℠ | &nbsp;&nbsp; JNL Multi-Manager Global Small Cap Fund |

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| | |
|:---|:---|
| &nbsp;&nbsp; Index (collectively, the "Morningstar Indices") | &nbsp;&nbsp; Fund (collectively, the "JNL Funds") |
| &nbsp;&nbsp; Morningstar<sup>®</sup> Global Target Market Exposure Index℠ | &nbsp;&nbsp; JNL Aggressive Growth Allocation Fund <br> JNL Conservative Allocation Fund <br> JNL Growth Allocation Fund <br> JNL Growth ETF Allocation Fund <br> JNL Moderate Allocation Fund <br> JNL Moderate ETF Allocation Fund <br> JNL Moderate Growth Allocation Fund <br> JNL Moderate Growth ETF Allocation Fund <br> JNL Multi-Manager Global Small Cap Fund <br> JNL/AB Sustainable Global Thematic Fund <br> JNL/American Funds Capital Income Builder Fund <br> JNL/American Funds Global Growth Fund <br> JNL/American Funds Growth Allocation Fund <br> JNL/American Funds Moderate Allocation Fund <br> JNL/American Funds Moderate Growth Allocation Fund <br> JNL/American Funds New World Fund <br> JNL/BlackRock Global Natural Resources Fund <br> JNL/First Sentier Global Infrastructure Fund <br> JNL/Invesco Global Growth Fund <br> JNL/JPMorgan Global Allocation Fund <br> JNL/JPMorgan Managed Aggressive Growth Fund <br> JNL/JPMorgan Managed Growth Fund <br> JNL/JPMorgan Managed Moderate Growth Fund <br> JNL/Loomis Sayles Global Growth Fund <br> JNL/Neuberger Berman Commodity Strategy Fund <br> JNL/Neuberger Berman Gold Plus Strategy Fund <br> JNL/T. Rowe Price Balanced Fund <br> JNL/Vanguard Growth ETF Allocation Fund <br> JNL/Vanguard Moderate ETF Allocation Fund <br> JNL/Vanguard Moderate Growth ETF Allocation Fund <br> JNL/WMC Global Real Estate Fund  |
| &nbsp;&nbsp; Morningstar<sup>®</sup> LSTA US Leveraged Loan Index℠ | &nbsp;&nbsp; JNL Multi-Manager Floating Rate Income Fund |
| &nbsp;&nbsp; Morningstar<sup>®</sup> Moderate Target Risk Index℠ | &nbsp;&nbsp; JNL Moderate Growth Allocation Fund <br> JNL Moderate Growth ETF Allocation Fund <br> JNL/American Funds Moderate Growth Allocation Fund <br> JNL/JPMorgan Managed Moderate Growth Fund <br> JNL/T. Rowe Price Balanced Fund <br> JNL/Vanguard Moderate Growth ETF Allocation Fund  |
| &nbsp;&nbsp; Morningstar<sup>®</sup> Moderately Aggressive Target Risk Index℠ | &nbsp;&nbsp; JNL Growth Allocation Fund <br> JNL Growth ETF Allocation Fund <br> JNL/American Funds Growth Allocation Fund <br> JNL/JPMorgan Managed Growth Fund <br> JNL/Vanguard Growth ETF Allocation Fund  |
| &nbsp;&nbsp; Morningstar<sup>®</sup> Moderately Conservative Target Risk Index℠ | &nbsp;&nbsp; JNL Moderate Allocation Fund <br> JNL Moderate ETF Allocation Fund <br> JNL/American Funds Moderate Allocation Fund <br> JNL/JPMorgan Managed Moderate Fund <br> JNL/Vanguard Moderate ETF Allocation Fund  |
| &nbsp;&nbsp; Morningstar<sup>®</sup> PitchBook Developed Markets Listed Private Equity Index℠ | &nbsp;&nbsp; JNL/Morningstar PitchBook Listed Private Equity Index Fund |
| &nbsp;&nbsp; Morningstar<sup>®</sup> US Basic Materials Index℠ | &nbsp;&nbsp; JNL/Mellon Materials Sector Fund |
| &nbsp;&nbsp; Morningstar<sup>®</sup> US Communication Services Index℠ | &nbsp;&nbsp; JNL/Mellon Communication Services Sector Fund |
| &nbsp;&nbsp; Morningstar<sup>®</sup> US Consumer Cyclical Index℠ | &nbsp;&nbsp; JNL/Mellon Consumer Discretionary Sector Fund |
| &nbsp;&nbsp; Morningstar<sup>®</sup> US Consumer Defensive Index℠ | &nbsp;&nbsp; JNL/Mellon Consumer Staples Sector Fund |
| &nbsp;&nbsp; Morningstar<sup>®</sup> US Energy Index℠ | &nbsp;&nbsp; JNL/Mellon Energy Sector Fund |
| &nbsp;&nbsp; Morningstar<sup>®</sup> US Financial Services Index℠ | &nbsp;&nbsp; JNL/Mellon Financial Sector Fund |
| &nbsp;&nbsp; Morningstar<sup>®</sup> US Healthcare Index℠ | &nbsp;&nbsp; JNL/Mellon Healthcare Sector Fund |
| &nbsp;&nbsp; Morningstar<sup>®</sup> US Industrials Index℠ | &nbsp;&nbsp; JNL/Mellon Industrials Sector Fund |
| &nbsp;&nbsp; Morningstar<sup>®</sup> US Large-Mid Cap Index℠ | &nbsp;&nbsp; JNL/Morningstar U.S. Sustainability Index Fund |
| &nbsp;&nbsp; Morningstar<sup>®</sup> US Large-Mid Cap Broad Growth Index℠ | &nbsp;&nbsp; JNL/BlackRock Large Cap Select Growth Fund <br> JNL/Fidelity Institutional AM<sup>®</sup> & JPMorgan Large Cap Growth Fund <br> JNL/T. Rowe Price Growth Stock Fund  |

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| | |
|:---|:---|
| &nbsp;&nbsp; Index (collectively, the "Morningstar Indices") | &nbsp;&nbsp; Fund (collectively, the "JNL Funds") |
| &nbsp;&nbsp; Morningstar<sup>®</sup> US Large-Mid Cap Broad Value Index℠ | &nbsp;&nbsp; JNL/JPMorgan U.S. Value Fund <br> JNL/MFS Equity Income Fund <br> JNL/Newton Equity Income Fund <br> JNL/T. Rowe Price Value Fund <br> JNL/WMC Value Fund  |
| &nbsp;&nbsp; Morningstar<sup>®</sup> US Market Index℠ | &nbsp;&nbsp; JNL/Mellon U.S. Stock Market Index Fund |
| &nbsp;&nbsp; Morningstar<sup>®</sup> US Market Extended Index℠ | &nbsp;&nbsp; JNL Mid Cap Index Fund <br> JNL Multi-Manager Mid Cap Fund <br> JNL Multi-Manager Small Cap Growth Fund <br> JNL Multi-Manager Small Cap Value Fund <br> JNL Small Cap Index Fund <br> JNL/DFA U.S. Core Equity Fund <br> JNL/DFA U.S. Small Cap Fund <br> JNL/Invesco Small Cap Growth Fund <br> JNL/JPMorgan MidCap Growth Fund <br> JNL/Mellon Communication Services Sector Fund <br> JNL/Mellon Consumer Discretionary Sector Fund <br> JNL/Mellon Consumer Staples Sector Fund <br> JNL/Mellon Energy Sector Fund <br> JNL/Mellon Financial Sector Fund <br> JNL/Mellon Healthcare Sector Fund <br> JNL/Mellon Industrials Sector Fund <br> JNL/Mellon Information Technology Sector Fund <br> JNL/Mellon Materials Sector Fund <br> JNL/Mellon Real Estate Sector Fund <br> JNL/Mellon S&P 400 MidCap Index Fund <br> JNL/Mellon Small Cap Index Fund <br> JNL/Mellon U.S. Stock Market Index Fund <br> JNL/Mellon Utilities Sector Fund <br> JNL/MFS Mid Cap Value Fund <br> JNL/Morningstar SMID Moat Focus Index Fund <br> JNL/RAFI<sup>®</sup> Fundamental U.S. Small Cap Fund <br> JNL/RAFI<sup>®</sup> Multi-Factor U.S. Equity Fund <br> JNL/T. Rowe Price Mid-Cap Growth Fund  |
| &nbsp;&nbsp; Morningstar<sup>®</sup> US Mid Cap Broad Growth Index℠ | &nbsp;&nbsp; JNL/JPMorgan MidCap Growth Fund <br> JNL/T. Rowe Price Mid-Cap Growth Fund  |
| &nbsp;&nbsp; Morningstar<sup>®</sup> US Mid Cap Broad Value Index℠ | &nbsp;&nbsp; JNL/MFS Mid Cap Value Fund |
| &nbsp;&nbsp; Morningstar<sup>®</sup> US Mid Cap Index℠ | &nbsp;&nbsp; JNL Multi-Manager Mid Cap Fund |
| &nbsp;&nbsp; Morningstar<sup>®</sup> US Real Estate Index℠ | &nbsp;&nbsp; JNL/Mellon Real Estate Sector Fund |
| &nbsp;&nbsp; Morningstar<sup>®</sup> US REIT Index℠ | &nbsp;&nbsp; JNL/Cohen & Steers U.S. Realty Fund |
| &nbsp;&nbsp; Morningstar<sup>®</sup> US Small Cap Broad Growth Extended Index℠ | &nbsp;&nbsp; JNL Multi-Manager Small Cap Growth Fund <br> JNL/Invesco Small Cap Growth Fund  |
| &nbsp;&nbsp; Morningstar<sup>®</sup> US Small Cap Broad Value Extended Index℠ | &nbsp;&nbsp; JNL Multi-Manager Small Cap Value Fund |
| &nbsp;&nbsp; Morningstar<sup>®</sup> US Small Cap Extended Index℠ | &nbsp;&nbsp; JNL/DFA U.S. Small Cap Fund <br> JNL/RAFI<sup>®</sup> Fundamental U.S. Small Cap Fund  |
| &nbsp;&nbsp; Morningstar<sup>®</sup> US Small-Mid Cap Index℠ | &nbsp;&nbsp; JNL/Morningstar SMID Moat Focus Index Fund |
| &nbsp;&nbsp; Morningstar<sup>®</sup> US Small-Mid Cap Moat Focus Index℠ | &nbsp;&nbsp; JNL/Morningstar SMID Moat Focus Index Fund |
| &nbsp;&nbsp; Morningstar<sup>®</sup> US Sustainability Index℠ | &nbsp;&nbsp; JNL/Morningstar U.S. Sustainability Index Fund |
| &nbsp;&nbsp; Morningstar<sup>®</sup> US Technology Index℠ | &nbsp;&nbsp; JNL/Mellon Information Technology Sector Fund |
| &nbsp;&nbsp; Morningstar<sup>®</sup> US Target Market Exposure Index℠ | &nbsp;&nbsp; JNL Multi-Manager Select Equity Fund <br> JNL/AQR Large Cap Defensive Style Fund <br> JNL/BlackRock Large Cap Select Growth Fund <br> JNL/Cohen & Steers U.S. Realty Fund <br> JNL/Fidelity Institutional AM<sup>®</sup> & JPMorgan Large Cap Growth Fund <br> JNL/JPMorgan Nasdaq<sup>®</sup> Hedged Equity Fund <br> JNL/JPMorgan U.S. Value Fund <br> JNL/Mellon Dow<sup>SM</sup> Index Fund <br> JNL/Mellon Nasdaq<sup>®</sup> 100 Index Fund <br> JNL/Morningstar U.S. Sustainability Index Fund <br> JNL/Newton Equity Income Fund <br> JNL/T. Rowe Price Value Fund <br> JNL/WMC Equity Income Fund <br> JNL/WMC Value Fund  |
| &nbsp;&nbsp; Morningstar<sup>®</sup> US Utilities Index℠ | &nbsp;&nbsp; JNL/Mellon Utilities Sector Fund |
| &nbsp;&nbsp; Morningstar<sup>®</sup> Wide Moat Focus Index℠ | &nbsp;&nbsp; JNL/Morningstar Wide Moat Index Fund |

---

THE MORNINGSTAR ENTITIES AND LSTA DO NOT GUARANTEE THE ACCURACY AND/OR THE COMPLETENESS OF THE MORNINGSTAR INDICES OR ANY DATA INCLUDED THEREIN AND SHALL HAVE NO LIABILITY FOR ANY ERRORS, OMISSIONS, OR INTERRUPTIONS THEREIN. THE MORNINGSTAR ENTITIES AND LSTA MAKE NO WARRANTY, EXPRESS OR IMPLIED, AS TO RESULTS TO BE OBTAINED BY JNAM, OWNERS OR USERS OF THE JNL FUNDS, OR ANY OTHER PERSON OR ENTITY FROM THE USE OF THE MORNINGSTAR INDICES OR ANY DATA INCLUDED THEREIN. THE MORNINGSTAR ENTITIES AND LSTA MAKE NO EXPRESS OR IMPLIED WARRANTIES, AND EXPRESSLY DISCLAIMS ALL WARRANTIES OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE OR USE WITH RESPECT TO THE MORNINGSTAR INDICES OR ANY DATA INCLUDED THEREIN. WITHOUT LIMITING ANY OF THE FOREGOING, IN NO EVENT SHALL THE MORNINGSTAR ENTITIES OR LSTA HAVE ANY LIABILITY FOR ANY SPECIAL, PUNITIVE, INDIRECT, OR CONSEQUENTIAL DAMAGES (INCLUDING LOST PROFITS), EVEN IF NOTIFIED OF THE POSSIBILITY OF SUCH DAMAGES.

The JNL/RAFI<sup>®</sup> Fundamental U.S. Small Cap Fund and JNL/RAFI<sup>®</sup> Multi-Factor U.S. Equity Fund (the "JNL/RAFI Funds") are not sponsored, offered, or sold in any manner by RAFI Indices, LLC or any of its affiliates, licensors or contractors (the "RAFI Parties") nor do any of the RAFI Parties offer to any person purchasing a product that uses or incorporates a product based on an Index any express or implicit guarantee, warranty or assurance either with regard to the results of using the RAFI Multi-Factor<sup>®</sup> US Index and RAFI Fundamental US Small Company Index (each an "Index") or the Index Price at any time or in any other respect. Each Index is calculated and published by the RAFI Parties. The RAFI Parties use commercially reasonable efforts to ensure that the Index is calculated correctly. None of the RAFI Parties shall be liable to any person purchasing a product that uses or incorporates a product based on the Index for any error, omission, inaccuracy, incompleteness, delay, or interruption in the Index or any data related thereto or have any obligation to point out errors in the Index to any person. Neither publication of each Index by the RAFI Parties nor the licensing of the Index or Index trademark for the purpose of use in connection with the JNL/RAFI Funds constitutes a recommendation by any of the RAFI Parties to invest in nor does it in any way represent an assurance, endorsement or opinion of any of the RAFI Parties with regard to any investment in the JNL/RAFI Funds. The trade names Fundamental Index<sup>®</sup> and RAFI<sup>®</sup> are registered trademarks of Research Affiliates, LLC in the US and other countries.

"Bloomberg<sup>®</sup>" and the Bloomberg Indices (as defined below) are trademarks or service marks of Bloomberg Finance L.P. and its affiliates, including Bloomberg Index Services Limited ("BISL"), the administrator of the Bloomberg Indices (collectively, "Bloomberg"), and/or one or more third-party providers (each such provider, a "Third-Party Provider,") and have been licensed for use for certain purposes by Jackson National Asset Management, LLC ("JNAM"). To the extent a Third-Party Provider contributes intellectual property in connection with the Bloomberg Indices, such third-party products, company names and logos are trademarks or service marks, and remain the property of such Third-Party Provider.

The JNL Funds (as defined below) are not sponsored, endorsed, sold or promoted by Bloomberg or any Third-Party Provider. Neither Bloomberg nor any Third-Party Provider makes any representation or warranty, express or implied, to the owners of or counterparties to the JNL Funds or any member of the public regarding the advisability of investing in securities generally or in the JNL Funds particularly. The only relationship between Bloomberg, Third Party Providers, and JNAM is the licensing of certain trademarks, trade names and service marks and of the Bloomberg Indices, which is determined, composed and calculated by BISL without regard to JNAM or the JNL Funds. Bloomberg has no obligation to take the needs of JNAM or the owners of the JNL Funds into consideration in determining, composing or calculating the Bloomberg Indices. Bloomberg is not responsible for and has not participated in the determination of the timing of, prices at, or quantities of the JNL Funds to be issued. Neither Bloomberg nor any Third-Party Provider shall have any obligation or liability, including, without limitation, to the customers of the JNL Funds, or in connection with the administration, marketing or trading of the JNL Funds.

---

| | |
|:---|:---|
| &nbsp;&nbsp; **Index (collectively, the "Bloomberg Indices")** | &nbsp;&nbsp; **Fund (collectively, the "JNL Funds")** |
| &nbsp;&nbsp; Bloomberg 1-3 Yr Gov/Credit Index | &nbsp;&nbsp; JNL/T. Rowe Price Short-Term Bond Fund |
| &nbsp;&nbsp; Bloomberg Commodity Index | &nbsp;&nbsp; JNL/Neuberger Berman Commodity Strategy Fund |
| &nbsp;&nbsp; Bloomberg Gold Subindex | &nbsp;&nbsp; JNL/Neuberger Berman Gold Plus Strategy Fund |
| &nbsp;&nbsp; Bloomberg EM USD Aggregate Index | &nbsp;&nbsp; JNL/DoubleLine<sup>®</sup> Emerging Markets Fixed Income Fund <br> JNL/PPM America Emerging Markets Debt Fund  |
| &nbsp;&nbsp; Bloomberg Global Aggregate Index | &nbsp;&nbsp; JNL/American Funds Capital World Bond Fund <br> JNL/DoubleLine<sup>®</sup> Emerging Markets Fixed Income Fund <br> JNL/PPM America Emerging Markets Debt Fund  |
| &nbsp;&nbsp; Bloomberg Global Aggregate ex-China Index | &nbsp;&nbsp; JNL/JPMorgan Global Allocation Fund |
| &nbsp;&nbsp; Bloomberg U.S. High Yield – 2% Issuer Cap Index | &nbsp;&nbsp; JNL/PPM America High Yield Bond Fund <br> JNL/T. Rowe Price U.S. High Yield Fund  |
| &nbsp;&nbsp; Bloomberg U.S. Aggregate Index | &nbsp;&nbsp; JNL Aggressive Growth Allocation Fund <br> JNL Bond Index Fund <br> JNL Conservative Allocation Fund <br> JNL Growth Allocation Fund <br> JNL Growth ETF Allocation Fund <br> JNL Moderate Allocation Fund <br> JNL Moderate ETF Allocation Fund <br> JNL Moderate Growth Allocation Fund <br> JNL Moderate Growth ETF Allocation Fund <br> JNL Multi-Manager Alternative Fund <br> JNL Multi-Manager Floating Rate Income Fund <br> JNL/American Funds Balanced Fund <br> JNL/American Funds Bond Fund of America Fund <br> JNL/American Funds Capital Income Builder Fund <br> JNL/American Funds Growth Allocation Fund <br> JNL/American Funds Moderate Allocation Fund <br> JNL/American Funds Moderate Growth Allocation Fund <br> JNL/DoubleLine<sup>®</sup> Core Fixed Income Fund <br> JNL/DoubleLine<sup>®</sup> Total Return Fund <br> JNL/Dreyfus Government Money Market Fund <br> JNL/Fidelity Institutional Asset Management<sup>®</sup> Total Bond Fund <br> JNL/Franklin Templeton Income Fund <br> JNL/JPMorgan Managed Aggressive Growth Fund <br> JNL/JPMorgan Managed Conservative Fund <br> JNL/JPMorgan Managed Growth Fund <br> JNL/JPMorgan Managed Moderate Fund <br> JNL/JPMorgan Managed Moderate Growth Fund <br> JNL/JPMorgan U.S. Government & Quality Bond Fund <br> JNL/Lord Abbett Short Duration Income Fund <br> JNL/Mellon Bond Index Fund <br> JNL/Neuberger Berman Strategic Income Fund <br> JNL/PIMCO Income Fund <br> JNL/PIMCO Investment Grade Credit Bond Fund <br> JNL/PIMCO Real Return Fund <br> JNL/PPM America High Yield Bond Fund <br> JNL/PPM America Investment Grade Credit Fund <br> JNL/PPM America Total Return Fund <br> JNL/T. Rowe Price Balanced Fund <br> JNL/T. Rowe Price Capital Appreciation Fund <br> JNL/T. Rowe Price Short-Term Bond Fund <br> JNL/T. Rowe Price U.S. High Yield Fund <br> JNL/Vanguard Growth ETF Allocation Fund <br> JNL/Vanguard Moderate ETF Allocation Fund <br> JNL/Vanguard Moderate Growth ETF Allocation Fund <br> JNL/Westchester Capital Event Driven Fund <br> JNL/WMC Balanced Fund  |
| &nbsp;&nbsp; Bloomberg U.S. Credit Index | &nbsp;&nbsp; JNL/PIMCO Investment Grade Credit Bond Fund <br> JNL/PPM America Investment Grade Credit Fund  |
| &nbsp;&nbsp; Bloomberg U.S. Government Index | &nbsp;&nbsp; JNL/JPMorgan U.S. Government & Quality Bond Fund |
| &nbsp;&nbsp; Bloomberg U.S. Treasury: U.S. TIPS Index | &nbsp;&nbsp; JNL/PIMCO Real Return Fund |
| &nbsp;&nbsp; Bloomberg USD 1 Month Swap Rate Cash Deposit Index | &nbsp;&nbsp; JNL/Dreyfus Government Money Market Fund |

---

NEITHER BLOOMBERG NOR ANY THIRD-PARTY PROVIDER GUARANTEES THE ACCURACY AND/OR THE COMPLETENESS OF THE BLOOMBERG INDICES OR ANY DATA RELATED THERETO AND SHALL NOT HAVE ANY LIABILITY FOR ANY ERRORS, OMISSIONS OR INTERRUPTIONS THEREIN. NEITHER BLOOMBERG NOR ANY THIRD-PARTY PROVIDER MAKES ANY WARRANTY, EXPRESS OR IMPLIED, AS TO RESULTS TO BE OBTAINED BY JNAM, OWNERS OF THE JNL FUNDS OR ANY OTHER PERSON OR ENTITY FROM THE USE OF THE BLOOMBERG INDICES OR ANY DATA RELATED THERETO. NEITHER BLOOMBERG NOR ANY THIRD-PARTY PROVIDER MAKES ANY EXPRESS OR IMPLIED WARRANTIES AND EACH EXPRESSLY DISCLAIMS ALL WARRANTIES OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE OR USE WITH RESPECT TO THE BLOOMBERG INDICES OR ANY DATA RELATED THERETO. WITHOUT LIMITING ANY OF THE FOREGOING, TO THE MAXIMUM EXTENT ALLOWED BY LAW, BLOOMBERG, ITS LICENSORS, THIRD-PARTY PROVIDERS, AND ITS AND THEIR RESPECTIVE EMPLOYEES, CONTRACTORS, AGENTS, SUPPLIERS, AND VENDORS SHALL HAVE NO LIABILITY OR RESPONSIBILITY WHATSOEVER FOR ANY INJURY OR DAMAGES—WHETHER DIRECT, INDIRECT, CONSEQUENTIAL, INCIDENTAL, PUNITIVE OR OTHERWISE—ARISING IN CONNECTION WITH THE JNL FUNDS OR BLOOMBERG INDICES AND BLOOMBERG, ANY THIRD-PARTY PROVIDER, THEIR LICENSORS, AND THEIR RESPECTIVE EMPLOYEES, CONTRACTORS, AGENTS, SUPPLIERS, AND VENDORS SHALL HAVE NO LIABILITY OR RESPONSIBILITY WHATSOEVER FOR ANY INJURY OR DAMAGES—WHETHER DIRECT, INDIRECT, CONSEQUENTIAL, INCIDENTAL, PUNITIVE OR OTHERWISE—ARISING IN CONNECTION WITH THE INDEX OR ANY DATA OR VALUES RELATING THERETO—WHETHER ARISING FROM THEIR NEGLIGENCE OR OTHERWISE, EVEN IF NOTIFIED OF THE POSSIBILITY THEREOF.

Barclays Capital Inc. and its affiliates ("Barclays") is not the issuer or producer of JNL/DoubleLine<sup>®</sup> Shiller Enhanced CAPE<sup>®</sup> Fund and Barclays has no responsibilities, obligations or duties to investors in JNL/DoubleLine<sup>®</sup> Shiller Enhanced CAPE<sup>®</sup> Fund. The Shiller Barclays CAPE™ US Sector II ER USD Index is a trademark owned by Barclays Bank PLC and licensed for use by JNL Series Trust ("JNLST") as the Issuer of JNL/DoubleLine<sup>®</sup> Shiller Enhanced CAPE<sup>®</sup> Fund. Barclays only relationship with the Issuer in respect of Shiller Barclays CAPE™ US Sector II ER USD Index is the licensing of the Shiller Barclays CAPE™ US Sector II ER USD Index which is determined, composed and calculated by Barclays without regard to the Issuer or the JNL/DoubleLine® Shiller Enhanced CAPE<sup>®</sup> Fund or the owners of the JNL/DoubleLine<sup>®</sup> Shiller Enhanced CAPE<sup>®</sup> Fund. Additionally, JNLST or JNL/DoubleLine<sup>®</sup> Shiller Enhanced CAPE<sup>®</sup> Fund may for itself execute transaction(s) with Barclays in or relating to the Shiller Barclays CAPE™ US Sector II ER USD Index in connection with JNL/DoubleLine<sup>®</sup> Shiller Enhanced CAPE<sup>®</sup> Fund investors acquire JNL/DoubleLine<sup>®</sup> Shiller Enhanced CAPE<sup>®</sup> Fund from JNLST and investors neither acquire any interest in Shiller Barclays CAPE™ US Sector II ER USD Index nor enter into any relationship of any kind whatsoever with Barclays upon making an investment in JNL/DoubleLine<sup>®</sup> Shiller Enhanced CAPE<sup>®</sup> Fund. The JNL/DoubleLine<sup>®</sup> Shiller Enhanced CAPE<sup>®</sup> Fund is not sponsored, endorsed, sold or promoted by Barclays. Barclays does not make any representation or warranty, express or implied regarding the advisability of investing in the JNL/DoubleLine<sup>®</sup> Shiller Enhanced CAPE<sup>®</sup> Fund or the advisability of investing in securities generally or the ability of the Shiller Barclays CAPE™ US Sector II ER USD Index to track corresponding or relative market performance. Barclays has not passed on the legality or suitability of the JNL/DoubleLine<sup>®</sup> Shiller Enhanced CAPE<sup>®</sup> Fund with respect to any person or entity. Barclays is not responsible for and has not participated in the determination of the timing of, prices at, or quantities of the JNL/DoubleLine<sup>®</sup> Shiller Enhanced CAPE<sup>®</sup> Fund to be issued. Barclays has no obligation to take the needs of the Issuer or the owners of the JNL/DoubleLine<sup>®</sup> Shiller Enhanced CAPE<sup>®</sup> Fund or any other third party into consideration in determining, composing or calculating the Shiller Barclays CAPE™ US Sector II ER USD Index Barclays has no obligation or liability in connection with administration, marketing or trading of the JNL/DoubleLine<sup>®</sup> Shiller Enhanced CAPE<sup>®</sup> Fund.

The licensing agreement between JNLST and Barclays is solely for the benefit of JNLST and Barclays and not for the benefit of the owners of the JNL/DoubleLine<sup>®</sup> Shiller Enhanced CAPE<sup>®</sup> Fund, investors or other third parties.

BARCLAYS SHALL HAVE NO LIABILITY TO THE ISSUER, INVESTORS OR TO OTHER THIRD PARTIES FOR THE QUALITY, ACCURACY AND/OR COMPLETENESS OF THE SHILLER BARCLAYS CAPE™ US SECTOR II ER USD INDEX OR ANY DATA INCLUDED THEREIN OR FOR INTERRUPTIONS IN THE DELIVERY OF THE SHILLER BARCLAYS CAPE™ US SECTOR II ER USD INDEX. BARCLAYS MAKES NO WARRANTY, EXPRESS OR IMPLIED, AS TO RESULTS TO BE OBTAINED BY THE ISSUER, THE INVESTORS OR ANY OTHER PERSON OR ENTITY FROM THE USE OF THE SHILLER BARCLAYS CAPE™ US SECTOR II ER USD INDEX OR ANY DATA INCLUDED THEREIN. BARCLAYS MAKES NO EXPRESS OR IMPLIED WARRANTIES, AND HEREBY EXPRESSLY DISCLAIMS ALL WARRANTIES OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE OR USE WITH RESPECT TO THE SHILLER BARCLAYS CAPE™ US SECTOR II ER USD INDEX OR ANY DATA INCLUDED THEREIN. BARCLAYS RESERVES THE RIGHT TO CHANGE THE METHODS OF CALCULATION OR PUBLICATION, OR TO CEASE THE CALCULATION OR PUBLICATION OF THE SHILLER BARCLAYS CAPE™ US SECTOR II ER USD INDEX, AND BARCLAYS SHALL NOT BE LIABLE FOR ANY MISCALCULATION OF OR ANY INCORRECT, DELAYED OR INTERRUPTED PUBLICATION WITH RESPECT TO ANY OF THE SHILLER BARCLAYS CAPE™ US SECTOR II ER USD INDEX BARCLAYS SHALL NOT BE LIABLE FOR ANY DAMAGES, INCLUDING, WITHOUT LIMITATION, ANY SPECIAL, INDIRECT OR CONSEQUENTIAL DAMAGES, OR ANY LOST PROFITS AND EVEN IF ADVISED OF THE POSSIBILITY OF SUCH, RESULTING FROM THE USE OF THE SHILLER BARCLAYS CAPE™ US SECTOR II ER USD INDEX OR ANY DATA INCLUDED THEREIN OR WITH RESPECT TO THE JNL/DOUBLELINE<sup>®</sup> SHILLER ENHANCED CAPE<sup>®</sup> FUND.

None of the information supplied by Barclays Bank PLC and used in this publication may be reproduced in any manner without the prior written permission of Barclays Capital, the investment banking division of Barclays Bank PLC. Barclays Bank PLC is registered in England No. 1026167. Registered office 1 Churchill Place London E l 4 5HP.

Wilshire<sup>®</sup>, the Wilshire Indexes<sup>SM</sup>, Wilshire Liquid Alternative Index<sup>SM</sup>, and Wilshire Liquid Alternative Event Driven Index<sup>SM</sup> are service marks of Wilshire Advisors LLC ("Wilshire") and have been licensed for use by Jackson National Asset Management, LLC. All copyrightable subject matter in the Indexes and Index Data is© 2025 Wilshire Advisors LLC, all rights reserved. The JNL Multi-Manager Alternative Fund and JNL/Westchester Capital Event Driven Fund (together, the "JNL Funds") are not sponsored, endorsed, sold or promoted by Wilshire, and Wilshire makes no representations, warranties or other commitments with respect to the JNL Funds. Wilshire does not accept any liability to any person for any loss or damage arising out of any error or omission in the Indexes or the Index Data.

**Investment Management Arrangement Applicable to the JNL/American Funds Feeder Funds.** JNAM has entered into a contractual agreement with the Trust under which it will waive a portion, as outlined below, of its advisory fee for each JNL/American Funds Feeder Fund for such time as the JNL/American Funds Feeder Fund is operated as a feeder fund, because during that time it will not be providing the portfolio management portion of the advisory and management services to be provided under its investment management agreement with the Trust. This fee waiver will continue as long as the JNL/American Funds Feeder Funds are part of a master-feeder fund structure unless the Board of Trustees approves a change in or elimination of the waiver. The JNL/American Funds Feeder Funds commenced operations on or about May 1, 2010, with the exception of JNL/American Funds Growth Fund, which commenced operations on February 6, 2012, JNL/American Funds Global Growth Fund, which commenced operations on September 16, 2013, JNL/American Funds Balanced Fund, which converted to a master-feeder fund structure on April 24, 2017, JNL/American Funds Capital Income Builder Fund, which commenced operations on August 13, 2018, and JNL/American Funds Bond Fund of America Fund, which commenced operations on April 26, 2021. As of the date of this SAI, the following management fee waivers were reported for the periods ended below: [to be updated by amendment]

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**JNL/American Funds Feeder Fund** | &nbsp;&nbsp;**December 31, 2024** | &nbsp;&nbsp;**December 31, 2023** | &nbsp;&nbsp;**December 31, 2022** |
| &nbsp;&nbsp;JNL/American Funds Balanced Fund | &nbsp;&nbsp;$9276113 | &nbsp;&nbsp;$7925852 | &nbsp;&nbsp;$7744364 |
| &nbsp;&nbsp;JNL/American Funds Bond Fund of America Fund | &nbsp;&nbsp;$825665 | &nbsp;&nbsp;$535785 | &nbsp;&nbsp;$241980 |
| &nbsp;&nbsp;JNL/American Funds Capital Income Builder Fund | &nbsp;&nbsp;$1052669 | &nbsp;&nbsp;$912480 | &nbsp;&nbsp;$798709 |
| &nbsp;&nbsp;JNL/American Funds Capital World Bond Fund | &nbsp;&nbsp;$1396584 | &nbsp;&nbsp;$1485381 | &nbsp;&nbsp;$1706911 |
| &nbsp;&nbsp;JNL/American Funds Global Growth Fund | &nbsp;&nbsp;$4082159 | &nbsp;&nbsp;$3282090 | &nbsp;&nbsp;$3390383 |
| &nbsp;&nbsp;JNL/American Funds Growth Fund | &nbsp;&nbsp;$26064509 | &nbsp;&nbsp;$19022039 | &nbsp;&nbsp;$16349801 |
| &nbsp;&nbsp;JNL/American Funds Growth-Income Fund | &nbsp;&nbsp;$33764174 | &nbsp;&nbsp;$27915027 | &nbsp;&nbsp;$27019829 |
| &nbsp;&nbsp;JNL/American Funds International Fund | &nbsp;&nbsp;$7269818 | &nbsp;&nbsp;$7142638 | &nbsp;&nbsp;$7474204 |
| &nbsp;&nbsp;JNL/American Funds New World Fund | &nbsp;&nbsp;$9223750 | &nbsp;&nbsp;$9018541 | &nbsp;&nbsp;$9220057 |
| &nbsp;&nbsp;JNL/American Funds® Washington Mutual Investors Fund | &nbsp;&nbsp;$11914314 | &nbsp;&nbsp;$10581817 | &nbsp;&nbsp;$10797711 |

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In addition, the Agreement provides that CRMC may delegate all, or a portion of, its investment management responsibilities to one or more subsidiary advisers that is approved by the AFIS Master Funds' board, pursuant to an agreement between CRMC and such subsidiary. Any such subsidiary adviser will be paid solely by CRMC out of its fees. [to be updated by amendment]

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| | |
|:---|:---|
| &nbsp;&nbsp; **JNL/American Funds Feeder Fund** | &nbsp;&nbsp; **Amount of Waiver** <br> **as of [December 31, 2025]**  |
| &nbsp;&nbsp;JNL/American Funds Balanced Fund | &nbsp;&nbsp;0.30% |
| &nbsp;&nbsp;JNL/American Funds Bond Fund of America Fund | &nbsp;&nbsp;0.20% |
| &nbsp;&nbsp;JNL/American Funds Capital Income Builder Fund | &nbsp;&nbsp;0.25% |
| &nbsp;&nbsp;JNL/American Funds Capital World Bond Fund | &nbsp;&nbsp;0.43% |
| &nbsp;&nbsp;JNL/American Funds Global Growth Fund | &nbsp;&nbsp;0.40% |
| &nbsp;&nbsp;JNL/American Funds Growth Fund | &nbsp;&nbsp;0.43% |
| &nbsp;&nbsp;JNL/American Funds Growth-Income Fund | &nbsp;&nbsp;0.30% |
| &nbsp;&nbsp;JNL/American Funds International Fund | &nbsp;&nbsp;0.50% |
| &nbsp;&nbsp;JNL/American Funds New World Fund | &nbsp;&nbsp;0.65% |
| &nbsp;&nbsp;JNL/American Funds Washington Mutual Investors Fund | &nbsp;&nbsp;0.30% |

---

Effective [April 27, 2026], the following management fee waivers apply: [to be updated by amendment]

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| | |
|:---|:---|
| &nbsp;&nbsp; **JNL/American Funds Feeder Fund** | &nbsp;&nbsp; **Amount of Waiver** <br> **as of [April 27, 2026]**  |
| &nbsp;&nbsp;JNL/American Funds Balanced Fund | &nbsp;&nbsp;0.30% |
| &nbsp;&nbsp;JNL/American Funds Bond Fund of America Fund | &nbsp;&nbsp;0.20% |
| &nbsp;&nbsp;JNL/American Funds Capital Income Builder Fund | &nbsp;&nbsp;0.25% |
| &nbsp;&nbsp;JNL/American Funds Capital World Bond Fund | &nbsp;&nbsp;0.43% |
| &nbsp;&nbsp;JNL/American Funds Global Growth Fund | &nbsp;&nbsp;0.40% |
| &nbsp;&nbsp;JNL/American Funds Growth Fund | &nbsp;&nbsp;0.43% |
| &nbsp;&nbsp;JNL/American Funds Growth-Income Fund | &nbsp;&nbsp;0.30% |
| &nbsp;&nbsp;JNL/American Funds International Fund | &nbsp;&nbsp;0.50% |
| &nbsp;&nbsp;JNL/American Funds New World Fund | &nbsp;&nbsp;0.65% |
| &nbsp;&nbsp;JNL/American Funds Washington Mutual Investors Fund | &nbsp;&nbsp;0.30% |

---

**Investment Management Agreement of the AFIS Master Funds.** Each AFIS Master Fund has entered into an Investment Advisory and Service Agreement (collectively, the "Agreements") with CRMC. The Agreements will continue in effect until April 30, 2025, unless sooner terminated, and may be renewed from year to year thereafter, provided that any such renewal has been specifically approved at least annually by (a) the board of trustees, or by the vote of a majority (as defined in the 1940 Act) of the outstanding voting securities of the applicable AFIS Master Fund, and (b) the vote of a majority of Trustees who are not parties to the Agreements or interested persons (as defined in the 1940 Act) of any such party, as required by applicable law. The Agreements provide that CRMC has no liability to the AFIS Master Funds for its acts or omissions in the performance of its obligations to the AFIS Master Funds not involving willful misconduct, bad faith, gross negligence or reckless disregard of its obligations under the Agreements. The Agreements also provide that either party has the right to terminate them, without penalty, upon 60 days' written notice to the other party, and that the Agreements automatically terminate in the event of their assignment, as defined in the 1940 Act.

As compensation for its services, CRMC receives a management fee based on the following annualized rates and daily net asset levels: [to be updated by amendment]

AFIS Master Asset Allocation Fund

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| | |
|:---|:---|
| **Average Daily Net Assets** | &nbsp;&nbsp;**Annual Rate** |
| &nbsp;&nbsp;$0 to $600 million | &nbsp;&nbsp;0.50% |
| &nbsp;&nbsp;$600 million to $1.2 billion | &nbsp;&nbsp;0.42% |
| &nbsp;&nbsp;$1.2 billion to $2 billion | &nbsp;&nbsp;0.36% |
| &nbsp;&nbsp;$2 billion to $3 billion | &nbsp;&nbsp;0.32% |
| &nbsp;&nbsp;$3 billion to $5 billion | &nbsp;&nbsp;0.28% |
| &nbsp;&nbsp;$5 billion to $8 billion | &nbsp;&nbsp;0.26% |
| &nbsp;&nbsp;$8 billion to $13 billion | &nbsp;&nbsp;0.25% |
| &nbsp;&nbsp;$13 billion to $21 billion | &nbsp;&nbsp;0.244% |
| &nbsp;&nbsp;$21 billion to $34 billion | &nbsp;&nbsp;0.24% |
| &nbsp;&nbsp;Amount over $34 billion | &nbsp;&nbsp;0.236% |

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AFIS Master The Bond Fund of America

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| | |
|:---|:---|
| **Average Daily Net Assets** | &nbsp;&nbsp;**Annual Rate** |
| &nbsp;&nbsp;$0 to $15 billion | &nbsp;&nbsp;0.352% |
| &nbsp;&nbsp;Over $15 billion | &nbsp;&nbsp;0.32% |

---

AFIS Master Capital Income Builder

---

| | |
|:---|:---|
| **Average Daily Net Assets** | &nbsp;&nbsp;**Annual Rate** |
| &nbsp;&nbsp;$0 to $15 billion | &nbsp;&nbsp;0.357% |
| &nbsp;&nbsp;Over $15 billion | &nbsp;&nbsp;0.33% |

---

AFIS Master Capital World Bond Fund

---

| | |
|:---|:---|
| **Average Daily Net Assets** | &nbsp;&nbsp;**Annual Rate** |
| &nbsp;&nbsp;$0 to $15 billion | &nbsp;&nbsp;0.431% |
| &nbsp;&nbsp;Over $15 billion | &nbsp;&nbsp;0.36% |

---

 

AFIS Master Global Growth Fund

---

| | |
|:---|:---|
| **Average Daily Net Assets** | &nbsp;&nbsp;**Annual Rate** |
| $0 to $15 billion | &nbsp;&nbsp;0.475% |
| Over $15 billion | &nbsp;&nbsp;0.435% |

---

AFIS Master Growth Fund

---

| | |
|:---|:---|
| **Average Daily Net Assets** | &nbsp;&nbsp;**Annual Rate** |
| $0 to $600 million | &nbsp;&nbsp;0.50% |
| $600 million to $1 billion | &nbsp;&nbsp;0.45% |
| $1 billion to $2 billion | &nbsp;&nbsp;0.42% |
| $2 billion to $3 billion | &nbsp;&nbsp;0.37% |
| $3 billion to $5 billion | &nbsp;&nbsp;0.35% |
| $5 billion to $8 billion | &nbsp;&nbsp;0.33% |
| $8 billion to $13 billion | &nbsp;&nbsp;0.315% |
| $13 billion to $21 billion | &nbsp;&nbsp;0.30% |
| $21 billion to $27 billion | &nbsp;&nbsp;0.29% |
| $27 billion to $34 billion | &nbsp;&nbsp;0.285% |
| $34 billion to $44 billion | &nbsp;&nbsp;0.28% |
| Over $44 billion | &nbsp;&nbsp;0.275% |

---

AFIS Master Growth-Income Fund

---

| | |
|:---|:---|
| **Average Daily Net Assets** | &nbsp;&nbsp;**Annual Rate** |
| &nbsp;&nbsp;$0 to $600 million | &nbsp;&nbsp;0.50% |
| &nbsp;&nbsp;$600 million to $1.5 billion | &nbsp;&nbsp;0.45% |
| &nbsp;&nbsp;$1.5 billion to $2.5 billion | &nbsp;&nbsp;0.40% |
| &nbsp;&nbsp;$2.5 billion to $4 billion | &nbsp;&nbsp;0.32% |
| &nbsp;&nbsp;$4 billion to $6.5 billion | &nbsp;&nbsp;0.285% |
| &nbsp;&nbsp;$6.5 billion to $10.5 billion | &nbsp;&nbsp;0.256% |
| &nbsp;&nbsp;$10.5 billion to $13 billion | &nbsp;&nbsp;0.242% |
| &nbsp;&nbsp;$13 billion to $17 billion | &nbsp;&nbsp;0.235% |
| &nbsp;&nbsp;$17 billion to $21 billion | &nbsp;&nbsp;0.23% |
| &nbsp;&nbsp;$21 billion to $27 billion | &nbsp;&nbsp;0.225% |
| &nbsp;&nbsp;$27 billion to $34 billion | &nbsp;&nbsp;0.222% |
| &nbsp;&nbsp;$34 billion to $44 billion | &nbsp;&nbsp;0.219% |
| &nbsp;&nbsp;Amount over $44 billion | &nbsp;&nbsp;0.217% |

---

 

AFIS Master International Fund

---

| | |
|:---|:---|
| **Average Daily Net Assets** | &nbsp;&nbsp;**Annual Rate** |
| &nbsp;&nbsp;$0 to $15 billion | &nbsp;&nbsp;0.478% |
| &nbsp;&nbsp;$15 billion to $17 billion | &nbsp;&nbsp;0.45% |
| &nbsp;&nbsp;$17 billion to $21 billion | &nbsp;&nbsp;0.44% |
| &nbsp;&nbsp;Amount over $21 billion | &nbsp;&nbsp;0.43% |

---

 

AFIS Master New World Fund

---

| | |
|:---|:---|
| **Average Daily Net Assets** | &nbsp;&nbsp;**Annual Rate** |
| &nbsp;&nbsp;$0 to $15 billion | &nbsp;&nbsp;0.577% |
| &nbsp;&nbsp;Over $15 billion | &nbsp;&nbsp;0.51% |

---

AFIS Master Washington Mutual Investors Fund

---

| | |
|:---|:---|
| **Average Daily Net Assets** | &nbsp;&nbsp;**Annual Rate** |
| &nbsp;&nbsp;$0 to $15 billion | &nbsp;&nbsp;0.374% |
| &nbsp;&nbsp;Over $15 billion | &nbsp;&nbsp;0.35% |

---

In addition to providing investment advisory services, CRMC furnishes the services and pays the compensation and travel expenses of qualified persons to perform the executive and related administrative functions of the AFIS Master Funds, and provides necessary office space, office equipment and utilities, and general purpose accounting forms, supplies and postage used at the office of the AFIS Master Funds relating to the services furnished by CRMC. Subject to the expense agreement described below, the AFIS Master Funds will pay all expenses not expressly assumed by CRMC, including, but not limited to: registration and filing fees of federal and state agencies; blue sky expenses (if any); expenses of shareholders' meetings; the expense of reports to existing shareholders; expenses of printing proxies and prospectuses; insurance premiums; legal and auditing fees; dividend disbursement expenses; the expense of the issuance, transfer and redemption of its shares; custodian fees; printing and preparation of registration statements; taxes; compensation, fees and expenses paid to Trustees unaffiliated with CRMC; association dues; and costs of stationary and forms prepared exclusively for the AFIS Master Funds.

CRMC's total fees for the fiscal years ended [December 31, 2025], December 31, 2024, and December 31, 2023, were: [to be updated by amendment]

---

| | | | |
|:---|:---|:---|:---|
| **Fund Name** | &nbsp;&nbsp;**2024** | &nbsp;&nbsp;**2023** | &nbsp;&nbsp;**2022** |
| Master Asset Allocation Fund | &nbsp;&nbsp;$70955000 | &nbsp;&nbsp;$66138000 | &nbsp;&nbsp;$70034000 |
| Master The Bond Fund of America | &nbsp;&nbsp;39385000 | &nbsp;&nbsp;37190000 | &nbsp;&nbsp;39380000 |
| Master Capital Income Builder | &nbsp;&nbsp;4747000 | &nbsp;&nbsp;4183000 | &nbsp;&nbsp;4443000 |
| Master Capital World Bond Fund | &nbsp;&nbsp;6524000 | &nbsp;&nbsp;6294000 | &nbsp;&nbsp;7727000 |
| Master Global Growth Fund | &nbsp;&nbsp;38556000 | &nbsp;&nbsp;34394000 | &nbsp;&nbsp;36131000 |
| Master Growth Fund | &nbsp;&nbsp;134091000 | &nbsp;&nbsp;109748000 | &nbsp;&nbsp;109146000 |
| Master Growth-Income Fund | &nbsp;&nbsp;100186000 | &nbsp;&nbsp;88400000 | &nbsp;&nbsp;89899000 |
| Master International Fund | &nbsp;&nbsp;34662000 | &nbsp;&nbsp;33259000 | &nbsp;&nbsp;35444000 |
| Master New World Fund | &nbsp;&nbsp;20199000 | &nbsp;&nbsp;18755000 | &nbsp;&nbsp;21012000 |
| Master Washington Mutual Investors Fund | &nbsp;&nbsp;40700000 | &nbsp;&nbsp;36236000 | &nbsp;&nbsp;37367000 |

---

For additional information regarding the AFIS Master Funds investment management agreements, please see the applicable AFIS Master Funds' SAI, which is delivered together with this SAI.

**AFIS Master Fund Portfolio Managers.** CRMC uses a system of multiple portfolio managers in managing AFIS Master Fund assets and, for certain funds, individual managers may allocate a portion of their segment of the fund to fixed-income managers in the fund. Under this approach, the AFIS Master Fund's portfolio is divided into segments managed by individual managers who decide how their respective segments will be invested. In addition, CRMC's investment analysts may make investment decisions with respect to a portion of an AFIS Master Fund's portfolio within their research coverage. Portfolio managers and investment analysts may also make investment decisions for other mutual funds advised by CRMC. Because each JNL/American Funds Feeder Fund invests all or substantially all of its assets in a corresponding AFIS Master Fund, the information below summarizes the information applicable to the AFIS Master Funds' portfolio managers and investment analysts.

 **Other Accounts Managed by AFIS Master Fund Portfolio Managers.** The following tables list the number and types of other accounts managed by the AFIS Master Funds' portfolio managers and assets under management in those accounts as of the end of the AFIS Master Funds' most recently completed fiscal year ended [December 31, 2025]. [to be updated by amendment]

*AFIS Master Asset Allocation Fund*

 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Portfolio Manager** | &nbsp;&nbsp; **Registered**<br> **Investment**<br> **Company**<br> **Accounts<sup>1</sup>** | &nbsp;&nbsp;**AUM**<br> **($ bil)<sup>1</sup>** | &nbsp;&nbsp;**Pooled**<br> **Accounts<sup>1</sup>** | &nbsp;&nbsp;**AUM**<br> **($ bil)<sup>1</sup>** | &nbsp;&nbsp;**Other**<br> **Accounts<sup>1, 2</sup>** | &nbsp;&nbsp;**AUM**<br> **($ bil)<sup>1, 2</sup>** |
| &nbsp;&nbsp;Alan N. Berro | &nbsp;&nbsp;4 | &nbsp;&nbsp;$437.9 | &nbsp;&nbsp;3 | &nbsp;&nbsp;$7.27 | &nbsp;&nbsp;0 | &nbsp;&nbsp;$0 |
| &nbsp;&nbsp;Tom Chow | &nbsp;&nbsp;2 | &nbsp;&nbsp;$23.6 | &nbsp;&nbsp;1 | &nbsp;&nbsp;$0.12 | &nbsp;&nbsp;0 | &nbsp;&nbsp;$0 |
| &nbsp;&nbsp;Emme Kozzloff | &nbsp;&nbsp;3 | &nbsp;&nbsp;$201.9 | &nbsp;&nbsp;2 | &nbsp;&nbsp;$12.19 | &nbsp;&nbsp;0 | &nbsp;&nbsp;$0 |
| &nbsp;&nbsp;Jin Lee | &nbsp;&nbsp;6 | &nbsp;&nbsp;$564.3 | &nbsp;&nbsp;5 | &nbsp;&nbsp;$9.52 | &nbsp;&nbsp;0 | &nbsp;&nbsp;$0 |
| &nbsp;&nbsp;John R. Queen | &nbsp;&nbsp;25 | &nbsp;&nbsp;$587.7 | &nbsp;&nbsp;4 | &nbsp;&nbsp;$6.16 | &nbsp;&nbsp;150 | &nbsp;&nbsp;$0.29 |
| &nbsp;&nbsp;Justin Toner | &nbsp;&nbsp;7 | &nbsp;&nbsp;$130.9 | &nbsp;&nbsp;0 | &nbsp;&nbsp;$0 | &nbsp;&nbsp;0 | &nbsp;&nbsp;$0 |

---

*AFIS Master The Bond Fund of America* 

 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Portfolio Manager** | &nbsp;&nbsp; **Registered**<br> **Investment**<br> **Company**<br> **Accounts<sup>1</sup>** | &nbsp;&nbsp;**AUM**<br> **($ bil)<sup>1</sup>** | &nbsp;&nbsp;**Pooled**<br> **Accounts<sup>1</sup>** | &nbsp;&nbsp;**AUM**<br> **($ bil)<sup>1</sup>** | &nbsp;&nbsp;**Other**<br> **Accounts<sup>1, 2</sup>** | &nbsp;&nbsp;**AUM**<br> **($ bil)<sup>1, 2</sup>** |
| &nbsp;&nbsp;Pramod Atluri | &nbsp;&nbsp;5 | &nbsp;&nbsp;$452.8 | &nbsp;&nbsp;3 | &nbsp;&nbsp;$5.60 | &nbsp;&nbsp;0 | &nbsp;&nbsp;$0 |
| &nbsp;&nbsp;David A. Hoag | &nbsp;&nbsp;8 | &nbsp;&nbsp;$537.1 | &nbsp;&nbsp;4 | &nbsp;&nbsp;$25.59 | &nbsp;&nbsp;0 | &nbsp;&nbsp;$0 |
| &nbsp;&nbsp;Fergus N. MacDonald | &nbsp;&nbsp;9 | &nbsp;&nbsp;$258.1 | &nbsp;&nbsp;6 | &nbsp;&nbsp;$3.95 | &nbsp;&nbsp;0 | &nbsp;&nbsp;$0 |
| &nbsp;&nbsp;Chitrang Purani | &nbsp;&nbsp;4 | &nbsp;&nbsp;$328.4 | &nbsp;&nbsp;3 | &nbsp;&nbsp;$5.60 | &nbsp;&nbsp;0 | &nbsp;&nbsp;$0 |
| &nbsp;&nbsp;John Queen | &nbsp;&nbsp;25 | &nbsp;&nbsp;$603.7 | &nbsp;&nbsp;4 | &nbsp;&nbsp;$6.16 | &nbsp;&nbsp;150 | &nbsp;&nbsp;$0.29 |

---

 

*AFIS Master Capital Income Builder* 

 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Portfolio Manager** | &nbsp;&nbsp; **Registered**<br> **Investment**<br> **Company**<br> **Accounts<sup>1</sup>** | &nbsp;&nbsp;**AUM**<br> **($ bil)<sup>1</sup>** | &nbsp;&nbsp;**Pooled**<br> **Accounts<sup>1</sup>** | &nbsp;&nbsp;**AUM**<br> **($ bil)<sup>1</sup>** | &nbsp;&nbsp;**Other**<br> **Accounts<sup>1, 2</sup>** | &nbsp;&nbsp;**AUM**<br> **($ bil)<sup>1,2</sup>** |
| &nbsp;&nbsp;Aline Avzaradel | &nbsp;&nbsp;5 | &nbsp;&nbsp;$461.0 | &nbsp;&nbsp;6 | &nbsp;&nbsp;$5.07 | &nbsp;&nbsp;0 | &nbsp;&nbsp;$0 |
| &nbsp;&nbsp;Alfonso Barroso | &nbsp;&nbsp;5 | &nbsp;&nbsp;$257.4 | &nbsp;&nbsp;5 | &nbsp;&nbsp;$3.15 | &nbsp;&nbsp;0 | &nbsp;&nbsp;$0 |
| &nbsp;&nbsp;Grant L. Cambridge | &nbsp;&nbsp;5 | &nbsp;&nbsp;$362.0 | &nbsp;&nbsp;11 | &nbsp;&nbsp;$6.31 | &nbsp;&nbsp;2 | &nbsp;&nbsp;$0.24 |
| &nbsp;&nbsp;Charles E. Ellwein | &nbsp;&nbsp;5 | &nbsp;&nbsp;$252.6 | &nbsp;&nbsp;3 | &nbsp;&nbsp;$2.45 | &nbsp;&nbsp;0 | &nbsp;&nbsp;$0 |
| &nbsp;&nbsp;David A. Hoag | &nbsp;&nbsp;8 | &nbsp;&nbsp;$546.9 | &nbsp;&nbsp;4 | &nbsp;&nbsp;$25.59 | &nbsp;&nbsp;0 | &nbsp;&nbsp;$0 |
| &nbsp;&nbsp;Saurav Jain | &nbsp;&nbsp;4 | &nbsp;&nbsp;$110.1 | &nbsp;&nbsp;5 | &nbsp;&nbsp;$1.36 | &nbsp;&nbsp;2 | &nbsp;&nbsp;$0.24 |
| &nbsp;&nbsp;Winnie Kwan | &nbsp;&nbsp;6 | &nbsp;&nbsp;$196.4 | &nbsp;&nbsp;3 | &nbsp;&nbsp;$1.26 | &nbsp;&nbsp;0 | &nbsp;&nbsp;$0 |
| &nbsp;&nbsp;James B. Lovelace | &nbsp;&nbsp;5 | &nbsp;&nbsp;$372.7 | &nbsp;&nbsp;6 | &nbsp;&nbsp;$4.25 | &nbsp;&nbsp;0 | &nbsp;&nbsp;$0 |
| &nbsp;&nbsp;Fergus N. MacDonald | &nbsp;&nbsp;9 | &nbsp;&nbsp;$267.9 | &nbsp;&nbsp;6 | &nbsp;&nbsp;$3.95 | &nbsp;&nbsp;0 | &nbsp;&nbsp;$0 |
| &nbsp;&nbsp;Caroline Randall | &nbsp;&nbsp;2 | &nbsp;&nbsp;$229.9 | &nbsp;&nbsp;2 | &nbsp;&nbsp;$0.74 | &nbsp;&nbsp;0 | &nbsp;&nbsp;$0 |
| &nbsp;&nbsp;William L. Robbins | &nbsp;&nbsp;6 | &nbsp;&nbsp;$542.4 | &nbsp;&nbsp;4 | &nbsp;&nbsp;$26.43 | &nbsp;&nbsp;0 | &nbsp;&nbsp;$0 |
| &nbsp;&nbsp;Steven T. Watson | &nbsp;&nbsp;9 | &nbsp;&nbsp;$280.1 | &nbsp;&nbsp;11 | &nbsp;&nbsp;$22.77 | &nbsp;&nbsp;728 | &nbsp;&nbsp;$35.32 |
| &nbsp;&nbsp;Brian Wong | &nbsp;&nbsp;1 | &nbsp;&nbsp;$105.6 | &nbsp;&nbsp;2 | &nbsp;&nbsp;$0.74 | &nbsp;&nbsp;0 | &nbsp;&nbsp;$0 |

---

*AFIS Master Capital World Bond Fund*

 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Portfolio Manager** | &nbsp;&nbsp; **Registered**<br> **Investment**<br> **Company**<br> **Accounts<sup>1</sup>** | &nbsp;&nbsp;**AUM**<br> **($ bil)<sup>1</sup>** | &nbsp;&nbsp;**Pooled**<br> **Accounts<sup>1</sup>** | &nbsp;&nbsp;**AUM**<br> **($ bil)<sup>1</sup>** | &nbsp;&nbsp;**Other**<br> **Accounts<sup>1, 2</sup>** | &nbsp;&nbsp;**AUM**<br> **($ bil)<sup>1,2</sup>** |
| &nbsp;&nbsp;Philip Chitty | &nbsp;&nbsp;4 | &nbsp;&nbsp;$35.7 | &nbsp;&nbsp;8 | &nbsp;&nbsp;$2.76 | &nbsp;&nbsp;1 | &nbsp;&nbsp;$1.00 |
| &nbsp;&nbsp;Andrew A. Cormack | &nbsp;&nbsp;4 | &nbsp;&nbsp;$35.7 | &nbsp;&nbsp;6 | &nbsp;&nbsp;$2.52 | &nbsp;&nbsp;1 | &nbsp;&nbsp;$1.00 |
| &nbsp;&nbsp;Thomas Reithinger | &nbsp;&nbsp;2 | &nbsp;&nbsp;$10.3 | &nbsp;&nbsp;5 | &nbsp;&nbsp;$1.72 | &nbsp;&nbsp;0 | &nbsp;&nbsp;$0 |

---

*AFIS Master Global Growth Fund* 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Portfolio Manager** | &nbsp;&nbsp; **Registered**<br> **Investment**<br> **Company**<br> **Accounts<sup>1</sup>** | &nbsp;&nbsp;**AUM**<br> **($ bil)<sup>1</sup>** | &nbsp;&nbsp;**Pooled**<br> **Accounts<sup>1</sup>** | &nbsp;&nbsp;**AUM**<br> **($ bil)<sup>1</sup>** | &nbsp;&nbsp;**Other**<br> **Accounts<sup>1, 2</sup>** | &nbsp;&nbsp;**AUM**<br> **($ bil)<sup>1,2</sup>** |
| &nbsp;&nbsp;Patrice Collette | &nbsp;&nbsp;5 | &nbsp;&nbsp;$162.2 | &nbsp;&nbsp;5 | &nbsp;&nbsp;$20.33 | &nbsp;&nbsp;1 | &nbsp;&nbsp;$0.14 |
| &nbsp;&nbsp;Matt Hochstetler | &nbsp;&nbsp;7 | &nbsp;&nbsp;$70.2 | &nbsp;&nbsp;2 | &nbsp;&nbsp;$0.52 | &nbsp;&nbsp;0 | &nbsp;&nbsp;$0 |
| &nbsp;&nbsp;Piyada Phanaphat | &nbsp;&nbsp;5 | &nbsp;&nbsp;$144.35 | &nbsp;&nbsp;2 | &nbsp;&nbsp;$0.52 | &nbsp;&nbsp;0 | &nbsp;&nbsp;$0 |
| &nbsp;&nbsp;Barbara Burtin | &nbsp;&nbsp;5 | &nbsp;&nbsp;$172.0 | &nbsp;&nbsp;4 | &nbsp;&nbsp;$22.90 | &nbsp;&nbsp;0 | &nbsp;&nbsp;$0 |
| &nbsp;&nbsp;Jason B. Smith | &nbsp;&nbsp;1 | &nbsp;&nbsp;$5.8 | &nbsp;&nbsp;0 | &nbsp;&nbsp;$0 | &nbsp;&nbsp;0 | &nbsp;&nbsp;$0 |

---

*AFIS Master Growth Fund* 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Portfolio Manager** | &nbsp;&nbsp; **Registered**<br> **Investment**<br> **Company**<br> **Accounts<sup>1</sup>** | &nbsp;&nbsp;**AUM**<br> **($ bil)<sup>1</sup>** | &nbsp;&nbsp;**Pooled**<br> **Accounts<sup>1</sup>** | &nbsp;&nbsp;**AUM**<br> **($ bil)<sup>1</sup>** | &nbsp;&nbsp;**Other**<br> **Accounts<sup>1, 2</sup>** | &nbsp;&nbsp;**AUM**<br> **($ bil)<sup>1,2</sup>** |
| &nbsp;&nbsp;Julian N. Abdey | &nbsp;&nbsp;4 | &nbsp;&nbsp;$521.7 | &nbsp;&nbsp;2 | &nbsp;&nbsp;$6.64 | &nbsp;&nbsp;0 | &nbsp;&nbsp;$0 |
| &nbsp;&nbsp;Paul Benjamin | &nbsp;&nbsp;4 | &nbsp;&nbsp;$422.0 | &nbsp;&nbsp;5 | &nbsp;&nbsp;$8.13 | &nbsp;&nbsp;0 | &nbsp;&nbsp;$0 |
| &nbsp;&nbsp;Mark L. Casey | &nbsp;&nbsp;6 | &nbsp;&nbsp;$884.2 | &nbsp;&nbsp;5 | &nbsp;&nbsp;$13.9 | &nbsp;&nbsp;0 | &nbsp;&nbsp;$0 |
| &nbsp;&nbsp;Irfan M. Furniturewala | &nbsp;&nbsp;5 | &nbsp;&nbsp;$586.6 | &nbsp;&nbsp;5 | &nbsp;&nbsp;$9.18 | &nbsp;&nbsp;6 | &nbsp;&nbsp;$3.57 |
| &nbsp;&nbsp;Anne-Marie Peterson | &nbsp;&nbsp;3 | &nbsp;&nbsp;$449.1 | &nbsp;&nbsp;4 | &nbsp;&nbsp;$24.95 | &nbsp;&nbsp;0 | &nbsp;&nbsp;$0 |
| &nbsp;&nbsp;Andraz Razen | &nbsp;&nbsp;7 | &nbsp;&nbsp;$523.2 | &nbsp;&nbsp;4 | &nbsp;&nbsp;$24.95 | &nbsp;&nbsp;0 | &nbsp;&nbsp;$0 |
| &nbsp;&nbsp;Alan J. Wilson | &nbsp;&nbsp;3 | &nbsp;&nbsp;$542.9 | &nbsp;&nbsp;3 | &nbsp;&nbsp;49.66 | &nbsp;&nbsp;0 | &nbsp;&nbsp;$0 |

---

*AFIS Master Growth-Income Fund*

 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Portfolio Manager** | &nbsp;&nbsp; **Registered**<br> **Investment**<br> **Company**<br> **Accounts<sup>1</sup>** | &nbsp;&nbsp;**AUM**<br> **($ bil)<sup>1</sup>** | &nbsp;&nbsp;**Pooled**<br> **Accounts<sup>1</sup>** | &nbsp;&nbsp;**AUM**<br> **($ bil)<sup>1</sup>** | &nbsp;&nbsp;**Other**<br> **Accounts<sup>1, 2</sup>** | &nbsp;&nbsp;**AUM**<br> **($ bil)<sup>1,2</sup>** |
| &nbsp;&nbsp;Charles E. Ellwein | &nbsp;&nbsp;5 | &nbsp;&nbsp;$212.7 | &nbsp;&nbsp;3 | &nbsp;&nbsp;$2.45 | &nbsp;&nbsp;0 | &nbsp;&nbsp;$0 |
| &nbsp;&nbsp;J. Blair Frank | &nbsp;&nbsp;3 | &nbsp;&nbsp;$391.1 | &nbsp;&nbsp;3 | &nbsp;&nbsp;$6.70 | &nbsp;&nbsp;0 | &nbsp;&nbsp;$0 |
| &nbsp;&nbsp;Caroline Jones | &nbsp;&nbsp;2 | &nbsp;&nbsp;$40.2 | &nbsp;&nbsp;2 | &nbsp;&nbsp;$1.68 | &nbsp;&nbsp;0 | &nbsp;&nbsp;$0 |
| &nbsp;&nbsp;Keiko McKibben | &nbsp;&nbsp;2 | &nbsp;&nbsp;$16.5 | &nbsp;&nbsp;0 | &nbsp;&nbsp;$0 | &nbsp;&nbsp;0 | &nbsp;&nbsp;$0 |

---

*AFIS Master International Fund*

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Portfolio Manager** | &nbsp;&nbsp; **Registered**<br> **Investment**<br> **Company**<br> **Accounts<sup>1</sup>** | &nbsp;&nbsp;**AUM**<br> **($ bil)<sup>1</sup>** | &nbsp;&nbsp;**Pooled**<br> **Accounts<sup>1</sup>** | &nbsp;&nbsp;**AUM**<br> **($ bil)<sup>1</sup>** | &nbsp;&nbsp;**Other**<br> **Accounts<sup>1, 2</sup>** | &nbsp;&nbsp;**AUM**<br> **($ bil)<sup>1,2</sup>** |
| &nbsp;&nbsp;Nicholas J. Grace | &nbsp;&nbsp;4 | &nbsp;&nbsp;$255.0 | &nbsp;&nbsp;4 | &nbsp;&nbsp;$15.75 | &nbsp;&nbsp;0 | &nbsp;&nbsp;$0 |
| &nbsp;&nbsp;Sung Lee | &nbsp;&nbsp;4 | &nbsp;&nbsp;$255.0 | &nbsp;&nbsp;3 | &nbsp;&nbsp;$15.6 | &nbsp;&nbsp;0 | &nbsp;&nbsp;$0 |
| &nbsp;&nbsp;Renaud H. Samyn | &nbsp;&nbsp;3 | &nbsp;&nbsp;$129.5 | &nbsp;&nbsp;2 | &nbsp;&nbsp;$2.26 | &nbsp;&nbsp;0 | &nbsp;&nbsp;$0 |
| &nbsp;&nbsp;Christopher Thomsen | &nbsp;&nbsp;5 | &nbsp;&nbsp;$194.0 | &nbsp;&nbsp;32 | &nbsp;&nbsp;$13.86 | &nbsp;&nbsp;0 | &nbsp;&nbsp;$0 |

---

 

*AFIS Master New World Fund*

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Portfolio Manager** | &nbsp;&nbsp; **Registered**<br> **Investment**<br> **Company**<br> **Accounts<sup>1</sup>** | &nbsp;&nbsp;**AUM**<br> **($ bil)<sup>1</sup>** | &nbsp;&nbsp;**Pooled**<br> **Accounts<sup>1</sup>** | &nbsp;&nbsp;**AUM**<br> **($ bil)<sup>1</sup>** | &nbsp;&nbsp;**Other**<br> **Accounts<sup>1, 2</sup>** | &nbsp;&nbsp;**AUM**<br> **($ bil)<sup>1,2</sup>** |
| &nbsp;&nbsp;Bradford F. Freer | &nbsp;&nbsp;6 | &nbsp;&nbsp;$164.4 | &nbsp;&nbsp;2 | &nbsp;&nbsp;$0.52 | &nbsp;&nbsp;0 | &nbsp;&nbsp;$0 |
| &nbsp;&nbsp;Matt Hochstetler | &nbsp;&nbsp;7 | &nbsp;&nbsp;$74.9 | &nbsp;&nbsp;2 | &nbsp;&nbsp;$0.52 | &nbsp;&nbsp;0 | &nbsp;&nbsp;$0 |
| &nbsp;&nbsp;Dawid Justus | &nbsp;&nbsp;2 | &nbsp;&nbsp;$62.0 | &nbsp;&nbsp;3 | &nbsp;&nbsp;$10.18 | &nbsp;&nbsp;0 | &nbsp;&nbsp;$0 |
| &nbsp;&nbsp;Carl M. Kawaja | &nbsp;&nbsp;4 | &nbsp;&nbsp;$485.2 | &nbsp;&nbsp;5 | &nbsp;&nbsp;$28.44 | &nbsp;&nbsp;0 | &nbsp;&nbsp;$0 |
| &nbsp;&nbsp;Winnie Kwan | &nbsp;&nbsp;6 | &nbsp;&nbsp;$194.4 | &nbsp;&nbsp;4 | &nbsp;&nbsp;$1.26 | &nbsp;&nbsp;0 | &nbsp;&nbsp;$0 |
| &nbsp;&nbsp;Robert W. Lovelace | &nbsp;&nbsp;3 | &nbsp;&nbsp;$204.2 | &nbsp;&nbsp;5 | &nbsp;&nbsp;$20.55 | &nbsp;&nbsp;0 | &nbsp;&nbsp;$0 |
| &nbsp;&nbsp;Piyada Phanaphat | &nbsp;&nbsp;5 | &nbsp;&nbsp;$148.9 | &nbsp;&nbsp;2 | &nbsp;&nbsp;$0.52 | &nbsp;&nbsp;0 | &nbsp;&nbsp;$0 |
| &nbsp;&nbsp;Akira Shiraishi | &nbsp;&nbsp;2 | &nbsp;&nbsp;$62.0 | &nbsp;&nbsp;4 | &nbsp;&nbsp;$1.58 | &nbsp;&nbsp;8 | &nbsp;&nbsp;$2.48 |
| &nbsp;&nbsp;Kirstie Spence | &nbsp;&nbsp;2 | &nbsp;&nbsp;$64.6 | &nbsp;&nbsp;5 | &nbsp;&nbsp;$4.87 | &nbsp;&nbsp;5 | &nbsp;&nbsp;$1.49 |
| &nbsp;&nbsp;Tomonori Tani | &nbsp;&nbsp;3 | &nbsp;&nbsp;$187.5 | &nbsp;&nbsp;3 | &nbsp;&nbsp;$13.86 | &nbsp;&nbsp;0 | &nbsp;&nbsp;$0 |
| &nbsp;&nbsp;Lisa Thompson | &nbsp;&nbsp;6 | &nbsp;&nbsp;$78.9 | &nbsp;&nbsp;11 | &nbsp;&nbsp;$4.95 | &nbsp;&nbsp;15 | &nbsp;&nbsp;$5.65 |
| &nbsp;&nbsp;Christopher Thomsen | &nbsp;&nbsp;5 | &nbsp;&nbsp;$197.5 | &nbsp;&nbsp;3 | &nbsp;&nbsp;$13.86 | &nbsp;&nbsp;0 | &nbsp;&nbsp;$0 |

---

 

*AFIS Master Washington Mutual Investors Fund*

 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Portfolio Manager** | &nbsp;&nbsp; **Registered**<br> **Investment**<br> **Company**<br> **Accounts<sup>1</sup>** | &nbsp;&nbsp;**AUM**<br> **($ bil)<sup>1</sup>** | &nbsp;&nbsp;**Pooled**<br> **Accounts<sup>1</sup>** | &nbsp;&nbsp;**AUM**<br> **($ bil)<sup>1</sup>** | &nbsp;&nbsp;**Other**<br> **Accounts<sup>1, 2</sup>** | &nbsp;&nbsp;**AUM**<br> **($ bil)<sup>1,2</sup>** |
| &nbsp;&nbsp;Aline Avzaradel | &nbsp;&nbsp;4 | &nbsp;&nbsp;$449.8 | &nbsp;&nbsp;6 | &nbsp;&nbsp;45.07 | &nbsp;&nbsp;0 | &nbsp;&nbsp;$0 |
| &nbsp;&nbsp;Alan N. Berro | &nbsp;&nbsp;4 | &nbsp;&nbsp;$454.0 | &nbsp;&nbsp;3 | &nbsp;&nbsp;$7.27 | &nbsp;&nbsp;0 | &nbsp;&nbsp;$0 |
| &nbsp;&nbsp;Mark L. Casey | &nbsp;&nbsp;6 | &nbsp;&nbsp;$920.9 | &nbsp;&nbsp;5 | &nbsp;&nbsp;$13.9 | &nbsp;&nbsp;0 | &nbsp;&nbsp;$0 |
| &nbsp;&nbsp;Irfan M. Furniturewala | &nbsp;&nbsp;5 | &nbsp;&nbsp;$623.2 | &nbsp;&nbsp;5 | &nbsp;&nbsp;$9.18 | &nbsp;&nbsp;6 | &nbsp;&nbsp;43.57 |
| &nbsp;&nbsp;Emme Kozloff | &nbsp;&nbsp;3 | &nbsp;&nbsp;$217.9 | &nbsp;&nbsp;2 | &nbsp;&nbsp;$12.19 | &nbsp;&nbsp;0 | &nbsp;&nbsp;$0 |
| &nbsp;&nbsp;Jin Lee | &nbsp;&nbsp;6 | &nbsp;&nbsp;$580.3 | &nbsp;&nbsp;5 | &nbsp;&nbsp;$9.52 | &nbsp;&nbsp;0 | &nbsp;&nbsp;$0 |
| &nbsp;&nbsp;Eric H. Stern | &nbsp;&nbsp;3 | &nbsp;&nbsp;$576.2 | &nbsp;&nbsp;5 | &nbsp;&nbsp;$9.42 | &nbsp;&nbsp;4 | &nbsp;&nbsp;$3.02 |
| &nbsp;&nbsp;Diana Wagner | &nbsp;&nbsp;4 | &nbsp;&nbsp;$456.6 | &nbsp;&nbsp;4 | &nbsp;&nbsp;$6.5 | &nbsp;&nbsp;0 | &nbsp;&nbsp;$0 |

---

 

<sup>1</sup> Indicates other RIC(s), PIV(s) or other accounts managed by Capital Research and Management Company or its affiliates for which the portfolio manager also has significant day to day management responsibilities. Assets noted are the total net assets of the RIC(s), PIV(s) or other accounts and are not the total assets managed by the individual, which is a substantially lower amount. No RIC, PIV or other account has an advisory fee that is based on the performance of the RIC, PIV or other account, unless otherwise noted.

<sup>2</sup> Personal brokerage accounts of portfolio managers and their families are not reflected.

<sup>3</sup> The advisory fee of three of these accounts (representing $2.79 billion in total assets) is based partially on their investment results.

<sup>4</sup> The advisory fee of three of these accounts (representing $2.88 billion in total assets) is based partially on their investment results.

<sup>5</sup> The advisory fee of two of these accounts (representing $0.24 billion in total assets) is partially based on their investment results.

CRMC's investment adviser has adopted policies and procedures to mitigate material conflicts of interest that may arise in connection with a portfolio manager's management of the Master Fund, on the one hand, and investments in the other pooled investment vehicles and other accounts, on the other hand, such as material conflicts relating to the allocation of investment opportunities that may be suitable for both the Master Fund and such other accounts.

**Conflicts of Interest between the AFIS Master Funds and Other Accounts**

CRMC has adopted policies and procedures that address issues that may arise as a result of an investment professional's management of one or more AFIS Master Funds and his or her management of other funds and accounts. Potential issues could involve allocation of investment opportunities and trades among funds and accounts, use of information regarding the timing of fund trades, investment professional compensation and voting relating to portfolio securities. CRMC believes that its policies and procedures are reasonably designed to address these issues.

**Compensation of AFIS Master Fund Portfolio Managers**

Portfolio managers and investment analysts are paid competitive salaries by CRMC. In addition, they may receive bonuses based on their individual portfolio results. Investment professionals also may participate in profit-sharing plans. The relative mix of compensation represented by bonuses, salary and profit-sharing will vary depending on the individual's portfolio results, contributions to the organization and other factors. To encourage a long-term focus, bonuses based on investment results are calculated by comparing pretax total investment returns to relevant benchmarks over the most recent year, a four-year rolling average and an eight-year rolling average with greater weight placed on the four-year and eight-year rolling averages. Bonuses for investment results generated in 2016 and thereafter will be based on the most recent year, a three-year rolling average, a five-year rolling average and an eight-year rolling average, with increasing weight placed on each succeeding measurement period. Bonuses for investment results generated in 2015 will be calculated using both methods referenced above, and the payment for individual managers and analysts will be the higher of the two calculations. For portfolio managers, benchmarks may include measures of the marketplaces in which the relevant AFIS Master Fund invests and measures of the results of comparable mutual funds. For investment analysts, benchmarks may include relevant market measures and appropriate industry or sector indexes reflecting their areas of expertise. CRMC makes periodic subjective assessments of analysts' contributions to the investment process and this is an element of their overall compensation. The AFIS Master Funds' portfolio managers may be measured against one or more of the following benchmarks, depending on their investment focus:

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| | |
|:---|:---|
| **AFIS Master Fund** | **Benchmark** |
| AFIS Master Asset Allocation Fund | S&P 500 Index, Bloomberg U.S. Aggregate Index and Bloomberg U.S. Corporate High Yield Index 2% Issuer Cap and a custom average consisting of funds that disclose investment objectives and strategies comparable to those of the fund. |
| AFIS Master The Bond Fund of America | Bloomberg U.S. Aggregate Index, a custom average consisting of funds that disclose investment objectives and strategies comparable to those of the fund. |
| AFIS Master Capital Income Builder | Bloomberg U.S. Aggregate Index, a custom index of global securities screened by yield that align to the investment objectives and strategies of the fund, Bloomberg U.S. Corporate Index and a custom average consisting of funds that disclose investment objectives and strategies comparable to those of the fund. |
| AFIS Master Capital World Bond Fund | Bloomberg Global Aggregate Index and a custom average consisting of funds that disclose investment objectives and strategies comparable to those of the fund. |
| AFIS Master Global Growth Fund | MSCI All Country World Index (Net to US) and a custom average consisting of funds that disclose investment objectives and strategies comparable to those of the fund. |
| AFIS Master Growth Fund | S&P 500 Index, Russell 1000 Growth Index with 6.5% Issuer Cap and a custom average consisting of funds that disclose investment objectives and strategies comparable to those of the fund. |

---

---

| | |
|:---|:---|
| **AFIS Master Fund** | **Benchmark** |
| AFIS Master Growth-Income Fund | S&P 500 Index and a custom average consisting of funds that disclose investment objectives and strategies comparable to those of the fund. |
| AFIS Master International Fund | MSCI All Country World ex USA Index (Net to US) and a custom average consisting of funds that disclose investment objectives and strategies comparable to those of the fund. |
| AFIS Master New World Fund | MSCI All Country World Index, Qualified Developing Countries (MSCI Emerging Markets ex South Korea & Taiwan) Net to US, and a custom average consisting of funds that disclose investment objectives and strategies comparable to those of the fund. |
| AFIS Master Washington Mutual Investors Fund | S&P 500 Index, securities that are eligible to be purchased by the fund Index and a custom average consisting of funds that disclose investment objectives and strategies comparable to those of the fund. |

---

From time to time, CRMC may adjust these benchmarks to better reflect the universe of comparably managed funds of competitive investment management firms.

**Fund Securities Beneficially Owned by AFIS Master Fund Portfolio Managers**

Shares of the AFIS Master Funds may only be owned by purchasing variable annuity and variable life insurance contracts. Each portfolio manager's needs for variable annuity or variable life insurance contracts and the role those contracts would play in their comprehensive investment portfolio will vary and depend on a number of factors including tax, estate planning, life insurance, alternative retirement plans or other considerations. The portfolio managers have determined that variable annuity products are not needed for their individual retirement planning, and, as a result, as of the end of the AFIS Master Funds' most recent fiscal year period, they did not hold shares of the AFIS Master Funds.

**Investment Management Arrangement Applicable to the JNL/Mellon Feeder Funds.** JNAM has entered into a contractual agreement with the Trust under which it will waive a portion, as outlined below, of its advisory fee for each JNL/Mellon Feeder Fund for such time as the JNL/Mellon Feeder Fund is operated as a feeder fund, because during that time it will not be providing the portfolio management portion of the advisory and management services to be provided under its investment management agreement with the Trust. This fee waiver will continue as long as the JNL/Mellon Feeder Funds are part of a master-feeder fund structure unless the Board of Trustees approves a change in or elimination of the waiver. The JNL/Mellon Feeder Funds converted to a master-feeder fund structure on April 26, 2021, and as such, the fee waiver took effect on that date.

Effective [April 27, 2026], the following management fee waivers will apply to the JNL/Mellon Feeder Funds: [to be updated by amendment]

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| | |
|:---|:---|
| &nbsp;&nbsp; **JNL/Mellon Feeder Fund** | &nbsp;&nbsp; **Amount of Waiver<br> as of [April 27, 2026]**  |
| &nbsp;&nbsp;JNL/Mellon Emerging Markets Index Fund | &nbsp;&nbsp;0.145% |
| &nbsp;&nbsp;JNL/Mellon S&P 400 MidCap Index Fund | &nbsp;&nbsp;0.08% |
| &nbsp;&nbsp;JNL/Mellon Small Cap Index Fund | &nbsp;&nbsp;0.08% |
| &nbsp;&nbsp;JNL/Mellon International Index Fund | &nbsp;&nbsp;0.095% |
| &nbsp;&nbsp;JNL/Mellon Bond Index Fund | &nbsp;&nbsp;0.07% |

---

**Investment Management Agreement of the JNL/Mellon Master Funds.** Each JNL/Mellon Master Fund has entered into a Unitary Fee Agreement (the "Agreement") with JNAM. The Agreement will continue in effect until September 30, 2024, unless sooner terminated, and may be renewed from year to year thereafter, so long as its continuation is approved at least annually by (i) a majority of the Trustees who are not parties to such agreement or interested persons of any such party except in their capacity as Trustees of the Trust, and (ii) the shareholders of the affected Fund or the Board of Trustees. It may be terminated at any time upon 60 days' notice by the Adviser, or by a majority vote of the outstanding shares of a Fund with respect to that Fund, and will terminate automatically upon assignment. The Unitary Fee Agreement provides that JNAM shall not be liable for any error of judgment, or for any loss suffered by any Fund in connection with the matters to which the agreement relates, except a loss resulting from willful misfeasance, bad faith or gross negligence on the part of JNAM in the performance of its obligations and duties, or by reason of its reckless disregard of its obligations and duties under the agreement.

The advisory fee JNAM charges to the JNL/Mellon Master Funds is a unitary fee. Under the JNL/Mellon Master Funds' unitary fee structure, JNAM pays all of the JNL/Mellon Master Funds' expenses, except the fees payable under the Unitary Fee Agreement, anti-money laundering service fees, borrowing expenses, brokerage commissions, licensing costs, registration fees, Rule 12b-1 fees, short sales costs, taxes, expenses related to these Funds' Chief Compliance Officer, Trustee insurance premiums and other Trustee insurance expenses, fees and expenses of the Independent Trustees and of independent legal counsel to the Independent Trustees, and nonrecurring and extraordinary expenses.

As compensation for its services, JNAM charges an annual unitary fee rate of 0.20% based on average daily net assets of each JNL/Mellon Master Fund. The JNL/Mellon Master Funds commenced operations on April 26, 2021, and as such, this advisory fee rate took effect on that date.

Effective [April 27, 2026], the following fee waivers apply to the JNL/Mellon Master Funds: [to be updated by amendment]

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| | |
|:---|:---|
| &nbsp;&nbsp; **JNL/Mellon Master Fund** | &nbsp;&nbsp; **Amount of Waiver<br> as of [April 27, 2026]**  |
| &nbsp;&nbsp;JNL Emerging Markets Index Fund | &nbsp;&nbsp;0.055% |
| &nbsp;&nbsp;JNL Mid Cap Index Fund | &nbsp;&nbsp;0.12% |
| &nbsp;&nbsp;JNL Small Cap Index Fund | &nbsp;&nbsp;0.12% |
| &nbsp;&nbsp;JNL International Index Fund | &nbsp;&nbsp;0.105% |
| &nbsp;&nbsp;JNL Bond Index Fund | &nbsp;&nbsp;0.13% |

---

Each JNL/Mellon Master Fund is sub-advised by Mellon. Additional information about Mellon and the portfolio managers primarily responsible for the day-to-day management of the JNL/Mellon Master Funds is included earlier in this SAI under the heading "Investment Sub-Advisers and Portfolio Managers" in the sub-section titled "Mellon Investments Corporation."

 **Administrative Fee.** In addition to the investment advisory fee, each Fund pays to JNAM ("Administrator") an Administrative Fee as an annual percentage of the average daily net assets of the Fund as set forth below. [to be updated by amendment]

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| | | |
|:---|:---|:---|
| &nbsp;&nbsp; **FUND** | &nbsp;&nbsp; **ASSETS** | &nbsp;&nbsp; **FEES** |
| &nbsp;&nbsp; JNL/American Funds Balanced Fund | &nbsp;&nbsp; $0 to $3 billion | &nbsp;&nbsp; .100% |
|  | &nbsp;&nbsp; Assets over $3 billion | &nbsp;&nbsp; .080% |
| &nbsp;&nbsp; JNL/American Funds Bond Fund of America Fund | &nbsp;&nbsp; $0 to $3 billion | &nbsp;&nbsp; .100% |
|  | &nbsp;&nbsp; Assets over $3 billion | &nbsp;&nbsp; .080% |
| &nbsp;&nbsp; JNL/American Funds Capital Income Builder Fund | &nbsp;&nbsp; $0 to $3 billion | &nbsp;&nbsp; .100% |
|  | &nbsp;&nbsp; Assets over $3 billion | &nbsp;&nbsp; .080% |
| &nbsp;&nbsp; JNL/American Funds Capital World Bond Fund | &nbsp;&nbsp; $0 to $3 billion | &nbsp;&nbsp; .100% |
|  | &nbsp;&nbsp; Assets over $3 billion | &nbsp;&nbsp; .080% |
| &nbsp;&nbsp; JNL/American Funds Global Growth Fund | &nbsp;&nbsp; $0 to $3 billion | &nbsp;&nbsp; .100% |
|  | &nbsp;&nbsp; Assets over $3 billion | &nbsp;&nbsp; .080% |
| &nbsp;&nbsp; JNL/American Funds Growth Fund | &nbsp;&nbsp; $0 to $3 billion | &nbsp;&nbsp; .100% |
|  | &nbsp;&nbsp; Assets over $3 billion | &nbsp;&nbsp; .080% |
| &nbsp;&nbsp; JNL/American Funds Growth-Income Fund | &nbsp;&nbsp; $0 to $3 billion | &nbsp;&nbsp; .100% |
|  | &nbsp;&nbsp; Assets over $3 billion | &nbsp;&nbsp; .080% |
| &nbsp;&nbsp; JNL/American Funds International Fund | &nbsp;&nbsp; $0 to $3 billion | &nbsp;&nbsp; .100% |
|  | &nbsp;&nbsp; Assets over $3 billion | &nbsp;&nbsp; .080% |
| &nbsp;&nbsp; JNL/American Funds New World Fund | &nbsp;&nbsp; $0 to $3 billion | &nbsp;&nbsp; .100% |
|  | &nbsp;&nbsp; Assets over $3 billion | &nbsp;&nbsp; .080% |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp; **FUND** | &nbsp;&nbsp; **ASSETS** | &nbsp;&nbsp; **FEES** |
| &nbsp;&nbsp; JNL/American Funds<sup>®</sup> Washington Mutual Investors Fund | &nbsp;&nbsp; $0 to $3 billion | &nbsp;&nbsp; .100% |
|  | &nbsp;&nbsp; Assets over $3 billion | &nbsp;&nbsp; .080% |
| &nbsp;&nbsp; JNL Multi-Manager Alternative Fund | &nbsp;&nbsp; $0 to $3 billion | &nbsp;&nbsp; .200% |
|  | &nbsp;&nbsp; Assets over $3 billion | &nbsp;&nbsp; .180% |
| &nbsp;&nbsp; JNL Multi-Manager Emerging Markets Equity Fund | &nbsp;&nbsp; $0 to $3 billion | &nbsp;&nbsp; .150% |
|  | &nbsp;&nbsp; Assets over $3 billion | &nbsp;&nbsp; .130% |
| &nbsp;&nbsp; JNL Multi-Manager Floating Rate Income Fund | &nbsp;&nbsp; $0 to $3 billion | &nbsp;&nbsp; .150% |
|  | &nbsp;&nbsp; Assets over $3 billion | &nbsp;&nbsp; .130% |
| &nbsp;&nbsp; JNL Multi-Manager Global Small Cap Fund | &nbsp;&nbsp; $0 to $3 billion | &nbsp;&nbsp; .050% |
|  | &nbsp;&nbsp; Assets over $3 billion | &nbsp;&nbsp; .045% |
| &nbsp;&nbsp; JNL Multi-Manager International Equity Fund | &nbsp;&nbsp; $0 to $3 billion | &nbsp;&nbsp; .150% |
|  | &nbsp;&nbsp; Assets over $3 billion | &nbsp;&nbsp; .130% |
| &nbsp;&nbsp; JNL Multi-Manager International Small Cap Fund | &nbsp;&nbsp; $0 to $3 billion | &nbsp;&nbsp; .150% |
|  | &nbsp;&nbsp; Assets over $3 billion | &nbsp;&nbsp; .130% |
| &nbsp;&nbsp; JNL Multi-Manager Mid Cap Fund | &nbsp;&nbsp; $0 to $3 billion | &nbsp;&nbsp; .150% |
|  | &nbsp;&nbsp; Assets over $3 billion | &nbsp;&nbsp; .130% |
| &nbsp;&nbsp; JNL Multi-Manager Small Cap Growth Fund | &nbsp;&nbsp; $0 to $3 billion | &nbsp;&nbsp; .100% |
|  | &nbsp;&nbsp; Assets over $3 billion | &nbsp;&nbsp; .090% |
| &nbsp;&nbsp; JNL Multi-Manager Small Cap Value Fund | &nbsp;&nbsp; $0 to $3 billion | &nbsp;&nbsp; .100% |
|  | &nbsp;&nbsp; Assets over $3 billion | &nbsp;&nbsp; .090% |
| &nbsp;&nbsp; JNL Multi-Manager Select Equity Fund | &nbsp;&nbsp; $0 to $3 billion | &nbsp;&nbsp; .150% |
|  | &nbsp;&nbsp; Assets over $3 billion | &nbsp;&nbsp; .130% |
| &nbsp;&nbsp; JNL Moderate ETF Allocation Fund | &nbsp;&nbsp; $0 to $3 billion | &nbsp;&nbsp; .150% |
|  | &nbsp;&nbsp; Assets over $3 billion | &nbsp;&nbsp; .130% |
| &nbsp;&nbsp; JNL Moderate Growth ETF Allocation Fund | &nbsp;&nbsp; $0 to $3 billion | &nbsp;&nbsp; .150% |
|  | &nbsp;&nbsp; Assets over $3 billion | &nbsp;&nbsp; .130% |
| &nbsp;&nbsp; JNL Growth ETF Allocation Fund | &nbsp;&nbsp; $0 to $3 billion | &nbsp;&nbsp; .150% |
|  | &nbsp;&nbsp; Assets over $3 billion | &nbsp;&nbsp; .130% |
| &nbsp;&nbsp; JNL/American Funds Moderate Allocation Fund<sup>1</sup> | &nbsp;&nbsp; $0 to $3 billion | &nbsp;&nbsp; .150% |
|  | &nbsp;&nbsp; Assets over $3 billion | &nbsp;&nbsp; .130% |
| &nbsp;&nbsp; JNL/American Funds Moderate Growth Allocation Fund | &nbsp;&nbsp; $0 to $3 billion | &nbsp;&nbsp; .150% |
|  | &nbsp;&nbsp; Assets over $3 billion | &nbsp;&nbsp; .130% |
| &nbsp;&nbsp; JNL/American Funds Growth Allocation Fund | &nbsp;&nbsp; $0 to $3 billion | &nbsp;&nbsp; .150% |
|  | &nbsp;&nbsp; Assets over $3 billion | &nbsp;&nbsp; .130% |
| &nbsp;&nbsp; JNL/AB Sustainable Global Thematic Fund | &nbsp;&nbsp; $0 to $3 billion | &nbsp;&nbsp; .150% |
|  | &nbsp;&nbsp; Assets over $3 billion | &nbsp;&nbsp; .130% |
| &nbsp;&nbsp; JNL/AQR Large Cap Defensive Style Fund | &nbsp;&nbsp; $0 to $3 billion | &nbsp;&nbsp; .150% |
|  | &nbsp;&nbsp; Assets over $3 billion | &nbsp;&nbsp; .130% |
| &nbsp;&nbsp; JNL/BlackRock Global Allocation Fund | &nbsp;&nbsp; $0 to $3 billion | &nbsp;&nbsp; .150% |
|  | &nbsp;&nbsp; Assets over $3 billion | &nbsp;&nbsp; .130% |

---

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| | | |
|:---|:---|:---|
| &nbsp;&nbsp; **FUND** | &nbsp;&nbsp; **ASSETS** | &nbsp;&nbsp; **FEES** |
| &nbsp;&nbsp; JNL/BlackRock Global Natural Resources Fund | &nbsp;&nbsp; $0 to $3 billion | &nbsp;&nbsp; .150% |
|  | &nbsp;&nbsp; Assets over $3 billion | &nbsp;&nbsp; .130% |
| &nbsp;&nbsp; JNL/BlackRock Large Cap Select Growth Fund | &nbsp;&nbsp; $0 to $3 billion | &nbsp;&nbsp; .100% |
|  | &nbsp;&nbsp; Assets over $3 billion | &nbsp;&nbsp; .090% |
| &nbsp;&nbsp; JNL/Causeway International Value Select Fund | &nbsp;&nbsp; $0 to $3 billion | &nbsp;&nbsp; .150% |
|  | &nbsp;&nbsp; Assets over $3 billion | &nbsp;&nbsp; .130% |
| &nbsp;&nbsp; JNL/Cohen & Steers U.S. Realty Fund | &nbsp;&nbsp; $0 to $3 billion | &nbsp;&nbsp; .150% |
|  | &nbsp;&nbsp; Assets over $3 billion | &nbsp;&nbsp; .130% |
| &nbsp;&nbsp; JNL/DFA International Core Equity Fund | &nbsp;&nbsp; $0 to $3 billion | &nbsp;&nbsp; .150%<sup>2</sup> |
|  | &nbsp;&nbsp; Assets over $3 billion | &nbsp;&nbsp; .130%<sup>2</sup> |
| &nbsp;&nbsp; JNL/DFA U.S. Core Equity Fund | &nbsp;&nbsp; $0 to $3 billion | &nbsp;&nbsp; .100%<sup>2</sup> |
|  | &nbsp;&nbsp; Assets over $3 billion | &nbsp;&nbsp; .090%<sup>2</sup> |
| &nbsp;&nbsp; JNL/DFA U.S. Small Cap Fund | &nbsp;&nbsp; $0 to $3 billion | &nbsp;&nbsp; .150%<sup>2</sup> |
|  | &nbsp;&nbsp; Assets over $3 billion | &nbsp;&nbsp; .130%<sup>2</sup> |
| &nbsp;&nbsp; JNL/DoubleLine<sup>®</sup> Core Fixed Income Fund | &nbsp;&nbsp; $0 to $3 billion | &nbsp;&nbsp; .100% |
|  | &nbsp;&nbsp; Assets over $3 billion | &nbsp;&nbsp; .090% |
| &nbsp;&nbsp; JNL/DoubleLine<sup>®</sup> Emerging Markets Fixed Income Fund | &nbsp;&nbsp; $0 to $3 billion | &nbsp;&nbsp; .150% |
|  | &nbsp;&nbsp; Assets over $3 billion | &nbsp;&nbsp; .130% |
| &nbsp;&nbsp; JNL/DoubleLine<sup>®</sup> Shiller Enhanced CAPE<sup>®</sup> Fund | &nbsp;&nbsp; $0 to $3 billion | &nbsp;&nbsp; .150% |
|  | &nbsp;&nbsp; Assets over $3 billion | &nbsp;&nbsp; .130% |
| &nbsp;&nbsp; JNL/DoubleLine<sup>®</sup> Total Return Fund | &nbsp;&nbsp; $0 to $3 billion | &nbsp;&nbsp; .100% |
|  | &nbsp;&nbsp; Assets over $3 billion | &nbsp;&nbsp; .080% |
| &nbsp;&nbsp; JNL/Dreyfus Government Money Market Fund | &nbsp;&nbsp; $0 to $3 billion | &nbsp;&nbsp; .100% |
|  | &nbsp;&nbsp; Assets over $3 billion | &nbsp;&nbsp; .090% |
| &nbsp;&nbsp; JNL/Fidelity Institutional AM<sup>®</sup> & JPMorgan Large Cap Growth Fund | &nbsp;&nbsp; $0 to $3 billion | &nbsp;&nbsp; .150% |
|  | &nbsp;&nbsp; Assets over $3 billion | &nbsp;&nbsp; .130% |
| &nbsp;&nbsp; JNL/Fidelity Institutional Asset Management® Total Bond Fund | &nbsp;&nbsp; $0 to $3 billion | &nbsp;&nbsp; .100% |
|  | &nbsp;&nbsp; Assets over $3 billion | &nbsp;&nbsp; .090% |
| &nbsp;&nbsp; JNL/First Sentier Global Infrastructure Fund | &nbsp;&nbsp; $0 to $3 billion | &nbsp;&nbsp; .150% |
|  | &nbsp;&nbsp; Assets over $3 billion | &nbsp;&nbsp; .130% |
| &nbsp;&nbsp; JNL/Franklin Templeton Income Fund | &nbsp;&nbsp; $0 to $3 billion | &nbsp;&nbsp; .100% |
|  | &nbsp;&nbsp; Assets over $3 billion | &nbsp;&nbsp; .090% |
| &nbsp;&nbsp; JNL/Goldman Sachs 4 Fund | &nbsp;&nbsp; $0 to $3 billion | &nbsp;&nbsp; .150% |
|  | &nbsp;&nbsp; Assets over $3 billion | &nbsp;&nbsp; .130% |
| &nbsp;&nbsp; JNL/GQG Emerging Markets Equity Fund | &nbsp;&nbsp; $0 to $3 billion | &nbsp;&nbsp; .150% |
|  | &nbsp;&nbsp; Assets over $3 billion | &nbsp;&nbsp; .130% |
| &nbsp;&nbsp; JNL/Invesco Global Growth Fund | &nbsp;&nbsp; $0 to $3 billion | &nbsp;&nbsp; .150% |
|  | &nbsp;&nbsp; Assets over $3 billion | &nbsp;&nbsp; .130% |
| &nbsp;&nbsp; JNL/Invesco Small Cap Growth Fund | &nbsp;&nbsp; $0 to $3 billion | &nbsp;&nbsp; .100% |
|  | &nbsp;&nbsp; Assets over $3 billion | &nbsp;&nbsp; .090% |

---

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| | | |
|:---|:---|:---|
| &nbsp;&nbsp; **FUND** | &nbsp;&nbsp; **ASSETS** | &nbsp;&nbsp; **FEES** |
| &nbsp;&nbsp; JNL/JPMorgan Global Allocation Fund | &nbsp;&nbsp; $0 to $3 billion | &nbsp;&nbsp; .150% |
|  | &nbsp;&nbsp; Assets over $3 billion | &nbsp;&nbsp; .130% |
| &nbsp;&nbsp; JNL/JPMorgan Hedged Equity Fund | &nbsp;&nbsp; $0 to $3 billion | &nbsp;&nbsp; .150% |
|  | &nbsp;&nbsp; Assets over $3 billion | &nbsp;&nbsp; .130% |
| &nbsp;&nbsp; JNL/JPMorgan MidCap Growth Fund | &nbsp;&nbsp; $0 to $3 billion | &nbsp;&nbsp; .100% |
|  | &nbsp;&nbsp; Assets over $3 billion | &nbsp;&nbsp; .090% |
| &nbsp;&nbsp; JNL/JPMorgan Nasdaq<sup>®</sup> Hedged Equity Fund<sup>1</sup> | &nbsp;&nbsp; $0 to $3 billion | &nbsp;&nbsp; .150% |
|  | &nbsp;&nbsp; Assets over $3 billion | &nbsp;&nbsp; .130% |
| &nbsp;&nbsp; JNL/JPMorgan U.S. Government & Quality Bond Fund | &nbsp;&nbsp; $0 to $3 billion | &nbsp;&nbsp; .100% |
|  | &nbsp;&nbsp; Assets over $3 billion | &nbsp;&nbsp; .090% |
| &nbsp;&nbsp; JNL/JPMorgan U.S. Value Fund | &nbsp;&nbsp; $0 to $3 billion | &nbsp;&nbsp; .100% |
|  | &nbsp;&nbsp; Assets over $3 billion | &nbsp;&nbsp; .090% |
| &nbsp;&nbsp; JNL/Lazard International Quality Growth Fund | &nbsp;&nbsp; $0 to $3 billion | &nbsp;&nbsp; .150% |
|  | &nbsp;&nbsp; Assets over $3 billion | &nbsp;&nbsp; .130% |
| &nbsp;&nbsp; JNL/Loomis Sayles Global Growth Fund | &nbsp;&nbsp; $0 to $3 billion | &nbsp;&nbsp; .150% |
|  | &nbsp;&nbsp; Assets over $3 billion | &nbsp;&nbsp; .130% |
| &nbsp;&nbsp; JNL/Lord Abbett Short Duration Income Fund | &nbsp;&nbsp; $0 to $3 billion | &nbsp;&nbsp; .150% |
|  | &nbsp;&nbsp; Assets over $3 billion | &nbsp;&nbsp; .130% |
| &nbsp;&nbsp; JNL/Mellon DowSM Index Fund | &nbsp;&nbsp; $0 to $3 billion | &nbsp;&nbsp; .150%<sup>2</sup> |
|  | &nbsp;&nbsp; Assets over $3 billion | &nbsp;&nbsp; .130%<sup>2</sup> |
| &nbsp;&nbsp; JNL/Mellon Emerging Markets Index Fund | &nbsp;&nbsp; $0 to $3 billion | &nbsp;&nbsp; .150%<sup>2</sup> |
|  | &nbsp;&nbsp; Assets over $3 billion | &nbsp;&nbsp; .130%<sup>2</sup> |
| &nbsp;&nbsp; JNL/Mellon World Index Fund | &nbsp;&nbsp; $0 to $3 billion | &nbsp;&nbsp; .150%<sup>2</sup> |
|  | &nbsp;&nbsp; Assets over $3 billion | &nbsp;&nbsp; .130%<sup>2</sup> |
| &nbsp;&nbsp; JNL/Mellon Nasdaq<sup>®</sup> 100 Index Fund | &nbsp;&nbsp; $0 to $3 billion | &nbsp;&nbsp; .150%<sup>2</sup> |
|  | &nbsp;&nbsp; Assets over $3 billion | &nbsp;&nbsp; .130%<sup>2</sup> |
| &nbsp;&nbsp; JNL/Mellon S&P 500 Index Fund | &nbsp;&nbsp; $0 to $3 billion | &nbsp;&nbsp; .100% |
|  | &nbsp;&nbsp; Assets over $3 billion | &nbsp;&nbsp; .090% |
| &nbsp;&nbsp; JNL/Mellon S&P 400 MidCap Index Fund | &nbsp;&nbsp; $0 to $3 billion | &nbsp;&nbsp; .100% |
|  | &nbsp;&nbsp; Assets over $3 billion | &nbsp;&nbsp; .090% |
| &nbsp;&nbsp; JNL/Mellon Small Cap Index Fund | &nbsp;&nbsp; $0 to $3 billion | &nbsp;&nbsp; .100% |
|  | &nbsp;&nbsp; Assets over $3 billion | &nbsp;&nbsp; .090% |
| &nbsp;&nbsp; JNL/Mellon International Index Fund | &nbsp;&nbsp; $0 to $3 billion | &nbsp;&nbsp; .150% |
|  | &nbsp;&nbsp; Assets over $3 billion | &nbsp;&nbsp; .130% |
| &nbsp;&nbsp; JNL/Mellon Bond Index Fund | &nbsp;&nbsp; $0 to $3 billion | &nbsp;&nbsp; .100% |
|  | &nbsp;&nbsp; Assets over $3 billion | &nbsp;&nbsp; .090% |
| &nbsp;&nbsp; JNL/Mellon U.S. Stock Market Index Fund | &nbsp;&nbsp; $0 to $3 billion | &nbsp;&nbsp; .150% |
|  | &nbsp;&nbsp; Assets over $3 billion | &nbsp;&nbsp; .130% |
| &nbsp;&nbsp; JNL/Mellon Communication Services Sector Fund | &nbsp;&nbsp; $0 to $3 billion | &nbsp;&nbsp; .150%<sup>2</sup> |
|  | &nbsp;&nbsp; Assets over $3 billion | &nbsp;&nbsp; .130%<sup>2</sup> |

---

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| | | |
|:---|:---|:---|
| &nbsp;&nbsp; **FUND** | &nbsp;&nbsp; **ASSETS** | &nbsp;&nbsp; **FEES** |
| &nbsp;&nbsp; JNL/Mellon Consumer Discretionary Sector Fund | &nbsp;&nbsp; $0 to $3 billion | &nbsp;&nbsp; .150%<sup>2</sup> |
|  | &nbsp;&nbsp; Assets over $3 billion | &nbsp;&nbsp; .130%<sup>2</sup> |
| &nbsp;&nbsp; JNL/Mellon Consumer Staples Sector Fund | &nbsp;&nbsp; $0 to $3 billion | &nbsp;&nbsp; .150%<sup>2</sup> |
|  | &nbsp;&nbsp; Assets over $3 billion | &nbsp;&nbsp; .130%<sup>2</sup> |
| &nbsp;&nbsp; JNL/Mellon Energy Sector Fund | &nbsp;&nbsp; $0 to $3 billion | &nbsp;&nbsp; .150%<sup>2</sup> |
|  | &nbsp;&nbsp; Assets over $3 billion | &nbsp;&nbsp; .130%<sup>2</sup> |
| &nbsp;&nbsp; JNL/Mellon Financial Sector Fund | &nbsp;&nbsp; $0 to $3 billion | &nbsp;&nbsp; .150%<sup>2</sup> |
|  | &nbsp;&nbsp; Assets over $3 billion | &nbsp;&nbsp; .130%<sup>2</sup> |
| &nbsp;&nbsp; JNL/Mellon Healthcare Sector Fund | &nbsp;&nbsp; $0 to $3 billion | &nbsp;&nbsp; .150%<sup>2</sup> |
|  | &nbsp;&nbsp; Assets over $3 billion | &nbsp;&nbsp; .130%<sup>2</sup> |
| &nbsp;&nbsp; JNL/Mellon Industrials Sector Fund | &nbsp;&nbsp; $0 to $3 billion | &nbsp;&nbsp; .150%<sup>2</sup> |
|  | &nbsp;&nbsp; Assets over $3 billion | &nbsp;&nbsp; .130%<sup>2</sup> |
| &nbsp;&nbsp; JNL/Mellon Information Technology Sector Fund | &nbsp;&nbsp; $0 to $3 billion | &nbsp;&nbsp; .150%<sup>2</sup> |
|  | &nbsp;&nbsp; Assets over $3 billion | &nbsp;&nbsp; .130%<sup>2</sup> |
| &nbsp;&nbsp; JNL/Mellon Materials Sector Fund | &nbsp;&nbsp; $0 to $3 billion | &nbsp;&nbsp; .150%<sup>2</sup> |
|  | &nbsp;&nbsp; Assets over $3 billion | &nbsp;&nbsp; .130%<sup>2</sup> |
| &nbsp;&nbsp; JNL/Mellon Real Estate Sector Fund | &nbsp;&nbsp; $0 to $3 billion | &nbsp;&nbsp; .150%<sup>2</sup> |
|  | &nbsp;&nbsp; Assets over $3 billion | &nbsp;&nbsp; .130%<sup>2</sup> |
| &nbsp;&nbsp; JNL S&P 500 Index Fund | &nbsp;&nbsp; $0 to $3 billion | &nbsp;&nbsp; .100%<sup>3</sup> |
|  | &nbsp;&nbsp; Assets over $3 billion | &nbsp;&nbsp; .090%<sup>3</sup> |
| &nbsp;&nbsp; JNL/Mellon Utilities Sector Fund | &nbsp;&nbsp; $0 to $3 billion | &nbsp;&nbsp; .150%<sup>2</sup> |
|  | &nbsp;&nbsp; Assets over $3 billion | &nbsp;&nbsp; .130%<sup>2</sup> |
| &nbsp;&nbsp; JNL/MFS Equity Income Fund | &nbsp;&nbsp; $0 to $3 billion | &nbsp;&nbsp; .150% |
|  | &nbsp;&nbsp; Assets over $3 billion | &nbsp;&nbsp; .130% |
| &nbsp;&nbsp; JNL/MFS Mid Cap Value Fund | &nbsp;&nbsp; $0 to $3 billion | &nbsp;&nbsp; .100% |
|  | &nbsp;&nbsp; Assets over $3 billion | &nbsp;&nbsp; .090% |
| &nbsp;&nbsp; JNL/Morningstar PitchBook Listed Private Equity Index Fund | &nbsp;&nbsp; $0 to $3 billion | &nbsp;&nbsp; .150% |
|  | &nbsp;&nbsp; Assets over $3 billion | &nbsp;&nbsp; .130% |
| &nbsp;&nbsp; JNL/Morningstar SMID Moat Focus Index Fund | &nbsp;&nbsp; $0 to $3 billion | &nbsp;&nbsp; .150% |
|  | &nbsp;&nbsp; Assets over $3 billion | &nbsp;&nbsp; .130% |
| &nbsp;&nbsp; JNL/Morningstar U.S. Sustainability Index Fund | &nbsp;&nbsp; $0 to $3 billion | &nbsp;&nbsp; .150%<sup>2</sup> |
|  | &nbsp;&nbsp; Assets over $3 billion | &nbsp;&nbsp; .130%<sup>2</sup> |
| &nbsp;&nbsp; JNL/Morningstar Wide Moat Index Fund | &nbsp;&nbsp; $0 to $3 billion | &nbsp;&nbsp; .150% |
|  | &nbsp;&nbsp; Assets over $3 billion | &nbsp;&nbsp; .130% |
| &nbsp;&nbsp; JNL/Neuberger Berman Commodity Strategy Fund | &nbsp;&nbsp; $0 to $3 billion | &nbsp;&nbsp; .150% |
|  | &nbsp;&nbsp; Assets over $3 billion | &nbsp;&nbsp; .130% |
| &nbsp;&nbsp; JNL/Neuberger Berman Gold Plus Strategy Fund | &nbsp;&nbsp; $0 to $3 billion | &nbsp;&nbsp; .150% |
|  | &nbsp;&nbsp; Assets over $3 billion | &nbsp;&nbsp; .130% |
| &nbsp;&nbsp; JNL/Neuberger Berman Strategic Income Fund | &nbsp;&nbsp; $0 to $3 billion | &nbsp;&nbsp; .150% |
|  | &nbsp;&nbsp; Assets over $3 billion | &nbsp;&nbsp; .130% |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp; **FUND** | &nbsp;&nbsp; **ASSETS** | &nbsp;&nbsp; **FEES** |
| &nbsp;&nbsp; JNL/Newton Equity Income Fund | &nbsp;&nbsp; $0 to $3 billion | &nbsp;&nbsp; .150% |
|  | &nbsp;&nbsp; Assets over $3 billion | &nbsp;&nbsp; .130% |
| &nbsp;&nbsp; JNL/PIMCO Income Fund | &nbsp;&nbsp; $0 to $3 billion | &nbsp;&nbsp; .150% |
|  | &nbsp;&nbsp; Assets over $3 billion | &nbsp;&nbsp; .130% |
| &nbsp;&nbsp; JNL/PIMCO Investment Grade Credit Bond Fund | &nbsp;&nbsp; $0 to $3 billion | &nbsp;&nbsp; .100% |
|  | &nbsp;&nbsp; Assets over $3 billion | &nbsp;&nbsp; .080% |
| &nbsp;&nbsp; JNL/PIMCO Real Return Fund | &nbsp;&nbsp; $0 to $3 billion | &nbsp;&nbsp; .100% |
|  | &nbsp;&nbsp; Assets over $3 billion | &nbsp;&nbsp; .090% |
| &nbsp;&nbsp; JNL/PPM America Emerging Markets Debt Fund<sup>6</sup> | &nbsp;&nbsp; $0 to $3 billion | &nbsp;&nbsp; .150% |
|  | &nbsp;&nbsp; Assets over $3 billion | &nbsp;&nbsp; .130% |
| &nbsp;&nbsp; JNL/PPM America High Yield Bond Fund | &nbsp;&nbsp; $0 to $3 billion | &nbsp;&nbsp; .100% |
|  | &nbsp;&nbsp; Assets over $3 billion | &nbsp;&nbsp; .090% |
| &nbsp;&nbsp; JNL/PPM America Investment Grade Credit Fund | &nbsp;&nbsp; $0 to $3 billion | &nbsp;&nbsp; .150% |
|  | &nbsp;&nbsp; Assets over $3 billion | &nbsp;&nbsp; .130% |
| &nbsp;&nbsp; JNL/PPM America Total Return Fund | &nbsp;&nbsp; $0 to $3 billion | &nbsp;&nbsp; .100% |
|  | &nbsp;&nbsp; Assets over $3 billion | &nbsp;&nbsp; .090% |
| &nbsp;&nbsp; JNL/RAFI<sup>®</sup> Fundamental U.S. Small Cap Fund | &nbsp;&nbsp; $0 to $3 billion | &nbsp;&nbsp; .150%<sup>2</sup> |
|  | &nbsp;&nbsp; Assets over $3 billion | &nbsp;&nbsp; .130%<sup>2</sup> |
| &nbsp;&nbsp; JNL/RAFI<sup>®</sup> Multi-Factor U.S. Equity Fund | &nbsp;&nbsp; $0 to $3 billion | &nbsp;&nbsp; .150% |
|  | &nbsp;&nbsp; Assets over $3 billion | &nbsp;&nbsp; .130% |
| &nbsp;&nbsp; JNL/T. Rowe Price Balanced Fund | &nbsp;&nbsp; $0 to $3 billion | &nbsp;&nbsp; .150% |
|  | &nbsp;&nbsp; Assets over $3 billion | &nbsp;&nbsp; .130% |
| &nbsp;&nbsp; JNL/T. Rowe Price Capital Appreciation Fund | &nbsp;&nbsp; $0 to $3 billion | &nbsp;&nbsp; .150% |
|  | &nbsp;&nbsp; Assets over $3 billion | &nbsp;&nbsp; .130% |
| &nbsp;&nbsp; JNL/T. Rowe Price Capital Appreciation Equity Fund<sup>1</sup> | &nbsp;&nbsp; $0 to $3 billion | &nbsp;&nbsp; .150% |
|  | &nbsp;&nbsp; Assets over $3 billion | &nbsp;&nbsp; .130% |
| &nbsp;&nbsp; JNL/T. Rowe Price Growth Stock Fund | &nbsp;&nbsp; $0 to $3 billion | &nbsp;&nbsp; .100% |
|  | &nbsp;&nbsp; Assets over $3 billion | &nbsp;&nbsp; .090% |
| &nbsp;&nbsp; JNL/T. Rowe Price Mid-Cap Growth Fund | &nbsp;&nbsp; $0 to $3 billion | &nbsp;&nbsp; .100% |
|  | &nbsp;&nbsp; Assets over $3 billion | &nbsp;&nbsp; .090% |
| &nbsp;&nbsp; JNL/T. Rowe Price Short-Term Bond Fund | &nbsp;&nbsp; $0 to $3 billion | &nbsp;&nbsp; .100% |
|  | &nbsp;&nbsp; Assets over $3 billion | &nbsp;&nbsp; .090% |
| &nbsp;&nbsp; JNL/T. Rowe Price U.S. High Yield Fund | &nbsp;&nbsp; $0 to $3 billion | &nbsp;&nbsp; .150% |
|  | &nbsp;&nbsp; Assets over $3 billion | &nbsp;&nbsp; .130% |
| &nbsp;&nbsp; JNL/T. Rowe Price Value Fund | &nbsp;&nbsp; $0 to $3 billion | &nbsp;&nbsp; .100% |
|  | &nbsp;&nbsp; Assets over $3 billion | &nbsp;&nbsp; .090% |
| &nbsp;&nbsp; JNL/Vanguard Moderate ETF Allocation Fund | &nbsp;&nbsp; $0 to $3 billion | &nbsp;&nbsp; .150%<sup>4</sup> |
|  | &nbsp;&nbsp; Assets over $3 billion | &nbsp;&nbsp; .130%<sup>4</sup> |
| &nbsp;&nbsp; JNL/Vanguard Moderate Growth ETF Allocation Fund | &nbsp;&nbsp; $0 to $3 billion | &nbsp;&nbsp; .150%<sup>5</sup> |
|  | &nbsp;&nbsp; Assets over $3 billion | &nbsp;&nbsp; .130%<sup>5</sup> |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**FUND** | &nbsp;&nbsp;**ASSETS** | &nbsp;&nbsp;**FEES** |
| &nbsp;&nbsp; JNL/Vanguard Growth ETF Allocation Fund | &nbsp;&nbsp; $0 to $3 billion | &nbsp;&nbsp; .150%<sup>5</sup> |
|  | &nbsp;&nbsp; Assets over $3 billion | &nbsp;&nbsp; .130%<sup>5</sup> |
| &nbsp;&nbsp; JNL/WCM China Quality Growth Fund | &nbsp;&nbsp; $0 to $3 billion | &nbsp;&nbsp; .150% |
|  | &nbsp;&nbsp; Assets over $3 billion | &nbsp;&nbsp; .130% |
| &nbsp;&nbsp; JNL/WCM Focused International Equity Fund | &nbsp;&nbsp; $0 to $3 billion | &nbsp;&nbsp; .150% |
|  | &nbsp;&nbsp; Assets over $3 billion | &nbsp;&nbsp; .130% |
| &nbsp;&nbsp; JNL/Westchester Capital Event Driven Fund | &nbsp;&nbsp; $0 to $3 billion | &nbsp;&nbsp; .100% |
|  | &nbsp;&nbsp; Assets over $3 billion | &nbsp;&nbsp; .080% |
| &nbsp;&nbsp; JNL/WMC Balanced Fund | &nbsp;&nbsp; $0 to $3 billion | &nbsp;&nbsp; .100% |
|  | &nbsp;&nbsp; Assets over $3 billion | &nbsp;&nbsp; .090% |
| &nbsp;&nbsp; JNL/WMC Equity Income Fund | &nbsp;&nbsp; $0 to $3 billion | &nbsp;&nbsp; .150% |
|  | &nbsp;&nbsp; Assets over $3 billion | &nbsp;&nbsp; .130% |
| &nbsp;&nbsp; JNL/WMC Global Real Estate Fund | &nbsp;&nbsp; $0 to $3 billion | &nbsp;&nbsp; .150% |
|  | &nbsp;&nbsp; Assets over $3 billion | &nbsp;&nbsp; .130% |
| &nbsp;&nbsp; JNL/WMC Value Fund | &nbsp;&nbsp; $0 to $3 billion | &nbsp;&nbsp; .100% |
|  | &nbsp;&nbsp; Assets over $3 billion | &nbsp;&nbsp; .090% |
| &nbsp;&nbsp; JNL/JPMorgan Managed Conservative Fund | &nbsp;&nbsp; $0 to $3 billion | &nbsp;&nbsp; .050% |
|  | &nbsp;&nbsp; Assets over $3 billion | &nbsp;&nbsp; .045% |
| &nbsp;&nbsp; JNL/JPMorgan Managed Moderate Fund | &nbsp;&nbsp; $0 to $3 billion | &nbsp;&nbsp; .050% |
|  | &nbsp;&nbsp; Assets over $3 billion | &nbsp;&nbsp; .045% |
| &nbsp;&nbsp; JNL/JPMorgan Managed Moderate Growth Fund | &nbsp;&nbsp; $0 to $3 billion | &nbsp;&nbsp; .050% |
|  | &nbsp;&nbsp; Assets over $3 billion | &nbsp;&nbsp; .045% |
| &nbsp;&nbsp; JNL/JPMorgan Managed Growth Fund | &nbsp;&nbsp; $0 to $3 billion | &nbsp;&nbsp; .050% |
|  | &nbsp;&nbsp; Assets over $3 billion | &nbsp;&nbsp; .045% |
| &nbsp;&nbsp; JNL/JPMorgan Managed Aggressive Growth Fund | &nbsp;&nbsp; $0 to $3 billion | &nbsp;&nbsp; .050% |
|  | &nbsp;&nbsp; Assets over $3 billion | &nbsp;&nbsp; .045% |
| &nbsp;&nbsp; JNL Conservative Allocation Fund | &nbsp;&nbsp; $0 to $3 billion | &nbsp;&nbsp; .050% |
|  | &nbsp;&nbsp; Assets over $3 billion | &nbsp;&nbsp; .045% |
| &nbsp;&nbsp; JNL Moderate Allocation Fund | &nbsp;&nbsp; $0 to $3 billion | &nbsp;&nbsp; .050% |
|  | &nbsp;&nbsp; Assets over $3 billion | &nbsp;&nbsp; .045% |
| &nbsp;&nbsp; JNL Moderate Growth Allocation Fund | &nbsp;&nbsp; $0 to $3 billion | &nbsp;&nbsp; .050% |
|  | &nbsp;&nbsp; Assets over $3 billion | &nbsp;&nbsp; .045% |
| &nbsp;&nbsp; JNL Growth Allocation Fund | &nbsp;&nbsp; $0 to $3 billion | &nbsp;&nbsp; .050% |
|  | &nbsp;&nbsp; Assets over $3 billion | &nbsp;&nbsp; .045% |
| &nbsp;&nbsp; JNL Aggressive Growth Allocation Fund | &nbsp;&nbsp; $0 to $3 billion | &nbsp;&nbsp; .050% |
|  | &nbsp;&nbsp; Assets over $3 billion | &nbsp;&nbsp; .045% |
| &nbsp;&nbsp; JNL Bond Index Fund | &nbsp;&nbsp; All Assets |  |
| &nbsp;&nbsp; JNL Emerging Markets Index Fund | &nbsp;&nbsp; All Assets |  |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp; **FUND** | &nbsp;&nbsp; **FUND** | &nbsp;&nbsp; **ASSETS** | &nbsp;&nbsp; **FEES** |
| &nbsp;&nbsp; JNL International Index Fund | &nbsp;&nbsp; JNL International Index Fund | &nbsp;&nbsp; All Assets |  |
| &nbsp;&nbsp; JNL Mid Cap Index Fund | &nbsp;&nbsp; JNL Mid Cap Index Fund | &nbsp;&nbsp; All Assets |  |
| &nbsp;&nbsp; JNL Small Cap Index Fund | &nbsp;&nbsp; JNL Small Cap Index Fund | &nbsp;&nbsp; All Assets |  |
| <sup>1</sup> | The Fund commenced operations October 21, 2024. | The Fund commenced operations October 21, 2024. | The Fund commenced operations October 21, 2024. |
| <sup>2</sup> | Jackson National Asset Management, LLC has contractually agreed to waive 0.05% of the administrative fees of the Class I shares of the Fund. The fee waiver will continue for at least one year from the date of the current Prospectus, unless the Board of Trustees approves a change in or elimination of the waiver. This fee waiver is subject to yearly review and approval by the Board of Trustees. | Jackson National Asset Management, LLC has contractually agreed to waive 0.05% of the administrative fees of the Class I shares of the Fund. The fee waiver will continue for at least one year from the date of the current Prospectus, unless the Board of Trustees approves a change in or elimination of the waiver. This fee waiver is subject to yearly review and approval by the Board of Trustees. | Jackson National Asset Management, LLC has contractually agreed to waive 0.05% of the administrative fees of the Class I shares of the Fund. The fee waiver will continue for at least one year from the date of the current Prospectus, unless the Board of Trustees approves a change in or elimination of the waiver. This fee waiver is subject to yearly review and approval by the Board of Trustees. |
| <sup>3</sup> | Jackson National Asset Management, LLC has contractually agreed to waive 0.06% of the administrative fees of the Class I shares of the Fund. The fee waiver will continue for at least one year from the date of the current Prospectus, unless the Board of Trustees approves a change in or elimination of the waiver. This fee waiver is subject to yearly review and approval by the Board of Trustees. | Jackson National Asset Management, LLC has contractually agreed to waive 0.06% of the administrative fees of the Class I shares of the Fund. The fee waiver will continue for at least one year from the date of the current Prospectus, unless the Board of Trustees approves a change in or elimination of the waiver. This fee waiver is subject to yearly review and approval by the Board of Trustees. | Jackson National Asset Management, LLC has contractually agreed to waive 0.06% of the administrative fees of the Class I shares of the Fund. The fee waiver will continue for at least one year from the date of the current Prospectus, unless the Board of Trustees approves a change in or elimination of the waiver. This fee waiver is subject to yearly review and approval by the Board of Trustees. |
| <sup>4</sup> | Jackson National Asset Management, LLC has contractually agreed to waive 0.13% of the administrative fees of the Class I shares of the Fund. The fee waiver will continue for at least one year from the date of the current Prospectus, unless the Board of Trustees approves a change in or elimination of the waiver. This fee waiver is subject to yearly review and approval by the Board of Trustees. | Jackson National Asset Management, LLC has contractually agreed to waive 0.13% of the administrative fees of the Class I shares of the Fund. The fee waiver will continue for at least one year from the date of the current Prospectus, unless the Board of Trustees approves a change in or elimination of the waiver. This fee waiver is subject to yearly review and approval by the Board of Trustees. | Jackson National Asset Management, LLC has contractually agreed to waive 0.13% of the administrative fees of the Class I shares of the Fund. The fee waiver will continue for at least one year from the date of the current Prospectus, unless the Board of Trustees approves a change in or elimination of the waiver. This fee waiver is subject to yearly review and approval by the Board of Trustees. |
| <sup>5</sup> | Jackson National Asset Management, LLC has contractually agreed to waive 0.12% of the administrative fees of the Class I shares of the Fund. The fee waiver will continue for at least one year from the date of the current Prospectus, unless the Board of Trustees approves a change in or elimination of the waiver. This fee waiver is subject to yearly review and approval by the Board of Trustees. | Jackson National Asset Management, LLC has contractually agreed to waive 0.12% of the administrative fees of the Class I shares of the Fund. The fee waiver will continue for at least one year from the date of the current Prospectus, unless the Board of Trustees approves a change in or elimination of the waiver. This fee waiver is subject to yearly review and approval by the Board of Trustees. | Jackson National Asset Management, LLC has contractually agreed to waive 0.12% of the administrative fees of the Class I shares of the Fund. The fee waiver will continue for at least one year from the date of the current Prospectus, unless the Board of Trustees approves a change in or elimination of the waiver. This fee waiver is subject to yearly review and approval by the Board of Trustees. |
| <sup>6</sup> | The Fund commenced operations on April 27, 2026. | The Fund commenced operations on April 27, 2026. | The Fund commenced operations on April 27, 2026. |

---

In return for the Administrative Fee, the Administrator provides or procures all necessary administrative functions and services for the operation of the Funds. In addition, the Administrator, at its own expense, arranges and pays for routine legal, audit, fund accounting, custody (except overdraft and interest expense), printing and mailing, a portion of the Chief Compliance Officer costs and all other services necessary for the operation of each Fund. Each Fund is responsible for trading expenses including brokerage commissions, interest and taxes, and other non-operating expenses. Each Fund is also responsible for nonrecurring and extraordinary legal fees, interest expenses, registration fees, licensing costs, directors and officers insurance, expenses related to the Funds' Chief Compliance Officer, and the fees and expenses of the Independent Trustees and of independent legal counsel to the Independent Trustees (categorized as "Other Expenses" in the fee tables).

The fees paid by the Trust to the Administrator (before any fee waivers) for the fiscal year ended [December 31, 2025], December 31, 2024, and December 31, 2023, were $[______], $283,825,229, and $259,487,549, respectively. The Administrator waived $[______], $728,961, and $599,876 of its Administrative Fee for the fiscal years ended December 31, 2025, December 31, 2024, and December 31, 2023, respectively. [to be updated by amendment]

For the fiscal years ended [December 31, 2025], December 31, 2024, and December 31, 2023, the fees paid to JNAM by each remaining Fund (before any fee waivers) pursuant to the Administrative Fee Agreement are listed below. A table outlining any fee waivers that reduced the administrative fee a Fund incurred immediately follows this table. [to be updated by amendment]

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| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp; **FUND** | &nbsp;&nbsp; **December 31, 2024** | &nbsp;&nbsp; **December 31, 2023** | &nbsp;&nbsp; **December 31, 2022** |
| &nbsp;&nbsp; JNL/American Funds Balanced Fund | &nbsp;&nbsp; $3068039 | &nbsp;&nbsp; $2641919 | &nbsp;&nbsp; $2581423 |
| &nbsp;&nbsp; JNL/American Funds Bond Fund of America Fund | &nbsp;&nbsp; $412825 | &nbsp;&nbsp; $267887 | &nbsp;&nbsp; $120988 |
| &nbsp;&nbsp; JNL/American Funds Capital Income Builder Fund | &nbsp;&nbsp; $421061 | &nbsp;&nbsp; $364989 | &nbsp;&nbsp; $319481 |
| &nbsp;&nbsp; JNL/American Funds Capital World Bond Fund | &nbsp;&nbsp; $324783 | &nbsp;&nbsp; $345435 | &nbsp;&nbsp; $396953 |
| &nbsp;&nbsp; JNL/American Funds Global Growth Fund | &nbsp;&nbsp; $1020521 | &nbsp;&nbsp; $820515 | &nbsp;&nbsp; $778064 |
| &nbsp;&nbsp; JNL/American Funds Growth Fund | &nbsp;&nbsp; $5383209 | &nbsp;&nbsp; $3981667 | &nbsp;&nbsp; $3506599 |
| &nbsp;&nbsp; JNL/American Funds Growth-Income Fund | &nbsp;&nbsp; $9603782 | &nbsp;&nbsp; $8044003 | &nbsp;&nbsp; $7805282 |
| &nbsp;&nbsp; JNL/American Funds International Fund | &nbsp;&nbsp; $1453942 | &nbsp;&nbsp; $1428517 | &nbsp;&nbsp; $1494830 |
| &nbsp;&nbsp; JNL/American Funds New World Fund | &nbsp;&nbsp; $1419015 | &nbsp;&nbsp; $1387456 | &nbsp;&nbsp; $1418458 |
| &nbsp;&nbsp; JNL/American Funds® Washington Mutual Investors Fund | &nbsp;&nbsp; $3777117 | &nbsp;&nbsp; $3421786 | &nbsp;&nbsp; $3479358 |
| &nbsp;&nbsp; JNL Multi-Manager Alternative Fund | &nbsp;&nbsp; $1664475 | &nbsp;&nbsp; $2090681 | &nbsp;&nbsp; $2391099 |
| &nbsp;&nbsp; JNL Multi-Manager Emerging Markets Equity Fund | &nbsp;&nbsp; $1396561 | &nbsp;&nbsp; $1381465 | &nbsp;&nbsp; $1671168 |
| &nbsp;&nbsp; JNL Multi-Manager Floating Rate Income Fund | &nbsp;&nbsp; $1753891 | &nbsp;&nbsp; $1789924 | &nbsp;&nbsp; $1916732 |
| &nbsp;&nbsp; JNL Multi-Manager Global Small Cap Fund | &nbsp;&nbsp; $650561 | &nbsp;&nbsp; $645435 | &nbsp;&nbsp; $688828 |
| &nbsp;&nbsp; JNL Multi-Manager International Equity Fund | &nbsp;&nbsp; $1543271 | &nbsp;&nbsp; $1221459 | &nbsp;&nbsp; $1350453 |
| &nbsp;&nbsp; JNL Multi-Manager International Small Cap Fund | &nbsp;&nbsp; $1010102 | &nbsp;&nbsp; $932446 | &nbsp;&nbsp; $988597 |
| &nbsp;&nbsp; JNL Multi-Manager Mid Cap Fund | &nbsp;&nbsp; $2064331 | &nbsp;&nbsp; $2211008 | &nbsp;&nbsp; $2353634 |
| &nbsp;&nbsp; JNL Multi-Manager Small Cap Growth Fund | &nbsp;&nbsp; $2347574 | &nbsp;&nbsp; $2180599 | &nbsp;&nbsp; $2388191 |

---

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| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp; **FUND** | &nbsp;&nbsp; **December 31, 2024** | &nbsp;&nbsp; **December 31, 2023** | &nbsp;&nbsp; **December 31, 2022** |
| &nbsp;&nbsp; JNL Multi-Manager Small Cap Value Fund | &nbsp;&nbsp; $1835604 | &nbsp;&nbsp; $1644700 | &nbsp;&nbsp; $1701162 |
| &nbsp;&nbsp; JNL Multi-Manager Select Equity Fund<sup>1</sup> | &nbsp;&nbsp; $1144111 | &nbsp;&nbsp; $555540 | &nbsp;&nbsp; $63638 |
| &nbsp;&nbsp; JNL Moderate ETF Allocation Fund | &nbsp;&nbsp; $301830 | &nbsp;&nbsp; $297595 | &nbsp;&nbsp; $297261 |
| &nbsp;&nbsp; JNL Moderate Growth ETF Allocation Fund | &nbsp;&nbsp; $487251 | &nbsp;&nbsp; $464896 | &nbsp;&nbsp; $486527 |
| &nbsp;&nbsp; JNL Growth ETF Allocation Fund | &nbsp;&nbsp; $517929 | &nbsp;&nbsp; $470156 | &nbsp;&nbsp; $463710 |
| &nbsp;&nbsp; JNL/American Funds Moderate Allocation Fund<sup>2</sup> | &nbsp;&nbsp; $383 | &nbsp;&nbsp; N/A | &nbsp;&nbsp; N/A |
| &nbsp;&nbsp; JNL/American Funds Moderate Growth Allocation Fund | &nbsp;&nbsp; $3737512 | &nbsp;&nbsp; $3654691 | &nbsp;&nbsp; $3900959 |
| &nbsp;&nbsp; JNL/American Funds Growth Allocation Fund | &nbsp;&nbsp; $5600154 | &nbsp;&nbsp; $5098324 | &nbsp;&nbsp; $5120003 |
| &nbsp;&nbsp; JNL/AB Sustainable Global Thematic Fund<sup>3</sup> | &nbsp;&nbsp; $31019 | &nbsp;&nbsp; $25483 | &nbsp;&nbsp; $12170 |
| &nbsp;&nbsp; JNL/AQR Large Cap Defensive Style Fund | &nbsp;&nbsp; $617533 | &nbsp;&nbsp; $592399 | &nbsp;&nbsp; $582339 |
| &nbsp;&nbsp; JNL/BlackRock Global Allocation Fund | &nbsp;&nbsp; $4147240 | &nbsp;&nbsp; $4268638 | &nbsp;&nbsp; $4920539 |
| &nbsp;&nbsp; JNL/BlackRock Global Natural Resources Fund | &nbsp;&nbsp; $1273006 | &nbsp;&nbsp; $1918554 | &nbsp;&nbsp; $2057771 |
| &nbsp;&nbsp; JNL/BlackRock Large Cap Select Growth Fund | &nbsp;&nbsp; $4642092 | &nbsp;&nbsp; $3782252 | &nbsp;&nbsp; $3744686 |
| &nbsp;&nbsp; JNL/Causeway International Value Select Fund | &nbsp;&nbsp; $2910482 | &nbsp;&nbsp; $2524971 | &nbsp;&nbsp; $2166770 |
| &nbsp;&nbsp; JNL/Cohen & Steers U.S. Realty Fund | &nbsp;&nbsp; $217295 | &nbsp;&nbsp; $305371 | &nbsp;&nbsp; $429329 |
| &nbsp;&nbsp; JNL/DFA International Core Equity Fund | &nbsp;&nbsp; $490668 | &nbsp;&nbsp; $400778 | &nbsp;&nbsp; $270455 |
| &nbsp;&nbsp; JNL/DFA U.S. Core Equity Fund | &nbsp;&nbsp; $1402378 | &nbsp;&nbsp; $1298829 | &nbsp;&nbsp; $1347137 |
| &nbsp;&nbsp; JNL/DFA U.S. Small Cap Fund | &nbsp;&nbsp; $927043 | &nbsp;&nbsp; $768390 | &nbsp;&nbsp; $727449 |
| &nbsp;&nbsp; JNL/DoubleLine® Core Fixed Income Fund | &nbsp;&nbsp; $2914061 | &nbsp;&nbsp; $2844920 | &nbsp;&nbsp; $3005355 |
| &nbsp;&nbsp; JNL/DoubleLine® Emerging Markets Fixed Income Fund | &nbsp;&nbsp; $808480 | &nbsp;&nbsp; $848752 | &nbsp;&nbsp; $1054254 |
| &nbsp;&nbsp; JNL/DoubleLine® Shiller Enhanced CAPE® Fund | &nbsp;&nbsp; $2808421 | &nbsp;&nbsp; $2841047 | &nbsp;&nbsp; $3346949 |
| &nbsp;&nbsp; JNL/DoubleLine® Total Return Fund | &nbsp;&nbsp; $2045751 | &nbsp;&nbsp; $2099124 | &nbsp;&nbsp; $2285020 |
| &nbsp;&nbsp; JNL/Dreyfus Government Money Market Fund | &nbsp;&nbsp; $2814117 | &nbsp;&nbsp; $3098288 | &nbsp;&nbsp; $2834402 |
| &nbsp;&nbsp; JNL/Fidelity Institutional AM® & JPMorgan Large Cap Growth Fund | &nbsp;&nbsp; $2624462 | &nbsp;&nbsp; $2211766 | &nbsp;&nbsp; $1844175 |
| &nbsp;&nbsp; JNL/Fidelity Institutional Asset Management® Total Bond Fund | &nbsp;&nbsp; $1559135 | &nbsp;&nbsp; $1467170 | &nbsp;&nbsp; $1285343 |
| &nbsp;&nbsp; JNL/First Sentier Global Infrastructure Fund | &nbsp;&nbsp; $901057 | &nbsp;&nbsp; $1252827 | &nbsp;&nbsp; $1483118 |
| &nbsp;&nbsp; JNL/Franklin Templeton Income Fund | &nbsp;&nbsp; $1503747 | &nbsp;&nbsp; $1560336 | &nbsp;&nbsp; $1660497 |
| &nbsp;&nbsp; JNL/Goldman Sachs 4 Fund | &nbsp;&nbsp; $7453411 | &nbsp;&nbsp; $7102390 | &nbsp;&nbsp; $7831063 |
| &nbsp;&nbsp; JNL/GQG Emerging Markets Equity Fund | &nbsp;&nbsp; $1407006 | &nbsp;&nbsp; $1070483 | &nbsp;&nbsp; $1090226 |
| &nbsp;&nbsp; JNL/Invesco Global Growth Fund | &nbsp;&nbsp; $2588465 | &nbsp;&nbsp; $2342861 | &nbsp;&nbsp; $2660475 |
| &nbsp;&nbsp; JNL/Invesco Small Cap Growth Fund | &nbsp;&nbsp; $1769137 | &nbsp;&nbsp; $1629126 | &nbsp;&nbsp; $1773593 |
| &nbsp;&nbsp; JNL/JPMorgan Global Allocation Fund | &nbsp;&nbsp; $1471348 | &nbsp;&nbsp; $1504771 | &nbsp;&nbsp; $1716982 |
| &nbsp;&nbsp; JNL/JPMorgan Hedged Equity Fund | &nbsp;&nbsp; $1332339 | &nbsp;&nbsp; $1224275 | &nbsp;&nbsp; $1066731 |
| &nbsp;&nbsp; JNL/JPMorgan MidCap Growth Fund | &nbsp;&nbsp; $3279766 | &nbsp;&nbsp; $2922730 | &nbsp;&nbsp; $2948088 |
| &nbsp;&nbsp; JNL/JPMorgan Nasdaq® Hedged Equity Fund<sup>2</sup> | &nbsp;&nbsp; $9759 | &nbsp;&nbsp; N/A | &nbsp;&nbsp; N/A |
| &nbsp;&nbsp; JNL/JPMorgan U.S. Government & Quality Bond Fund | &nbsp;&nbsp; $1361517 | &nbsp;&nbsp; $1601482 | &nbsp;&nbsp; $1477847 |
| &nbsp;&nbsp; JNL/JPMorgan U.S. Value Fund | &nbsp;&nbsp; $1716019 | &nbsp;&nbsp; $1600172 | &nbsp;&nbsp; $1584509 |
| &nbsp;&nbsp; JNL/Lazard International Quality Growth Fund | &nbsp;&nbsp; $739271 | &nbsp;&nbsp; $716206 | &nbsp;&nbsp; $766325 |
| &nbsp;&nbsp; JNL/Loomis Sayles Global Growth Fund | &nbsp;&nbsp; $1094891 | &nbsp;&nbsp; $948251 | &nbsp;&nbsp; $985581 |
| &nbsp;&nbsp; JNL/Lord Abbett Short Duration Income Fund | &nbsp;&nbsp; $1026352 | &nbsp;&nbsp; $1431413 | &nbsp;&nbsp; $1378648 |
| &nbsp;&nbsp; JNL/Mellon DowSM Index Fund | &nbsp;&nbsp; $1964319 | &nbsp;&nbsp; $1819552 | &nbsp;&nbsp; $1895238 |
| &nbsp;&nbsp; JNL/Mellon Emerging Markets Index Fund | &nbsp;&nbsp; $1249363 | &nbsp;&nbsp; $1262048 | &nbsp;&nbsp; $1350905 |
| &nbsp;&nbsp; JNL/Mellon World Index Fund | &nbsp;&nbsp; $657317 | &nbsp;&nbsp; $566911 | &nbsp;&nbsp; $555319 |
| &nbsp;&nbsp; JNL/Mellon Nasdaq® 100 Index Fund | &nbsp;&nbsp; $10858375 | &nbsp;&nbsp; $8350549 | &nbsp;&nbsp; $7318760 |
| &nbsp;&nbsp; JNL/Mellon S&P 500 Index Fund | &nbsp;&nbsp; $13423579 | &nbsp;&nbsp; $10976256 | &nbsp;&nbsp; $10485530 |
| &nbsp;&nbsp; JNL/Mellon S&P 400 MidCap Index Fund | &nbsp;&nbsp; $3410914 | &nbsp;&nbsp; $3149870 | &nbsp;&nbsp; $3230923 |
| &nbsp;&nbsp; JNL/Mellon Small Cap Index Fund | &nbsp;&nbsp; $2544592 | &nbsp;&nbsp; $2375661 | &nbsp;&nbsp; $2524809 |
| &nbsp;&nbsp; JNL/Mellon International Index Fund | &nbsp;&nbsp; $3389603 | &nbsp;&nbsp; $3324769 | &nbsp;&nbsp; $3309692 |
| &nbsp;&nbsp; JNL/Mellon Bond Index Fund | &nbsp;&nbsp; $1031512 | &nbsp;&nbsp; $1019490 | &nbsp;&nbsp; $1122849 |
| &nbsp;&nbsp; JNL/Mellon U.S. Stock Market Index Fund | &nbsp;&nbsp; $7354522 | &nbsp;&nbsp; $6801917 | &nbsp;&nbsp; $7443327 |
| &nbsp;&nbsp; JNL/Mellon Communication Services Sector Fund | &nbsp;&nbsp; $1112119 | &nbsp;&nbsp; $564321 | &nbsp;&nbsp; $332540 |
| &nbsp;&nbsp; JNL/Mellon Consumer Discretionary Sector Fund | &nbsp;&nbsp; $2205503 | &nbsp;&nbsp; $2091079 | &nbsp;&nbsp; $2150941 |
| &nbsp;&nbsp; JNL/Mellon Consumer Staples Sector Fund | &nbsp;&nbsp; $603803 | &nbsp;&nbsp; $704813 | &nbsp;&nbsp; $670691 |
| &nbsp;&nbsp; JNL/Mellon Energy Sector Fund | &nbsp;&nbsp; $2894969 | &nbsp;&nbsp; $3487851 | &nbsp;&nbsp; $3746569 |
| &nbsp;&nbsp; JNL/Mellon Financial Sector Fund | &nbsp;&nbsp; $2048919 | &nbsp;&nbsp; $1888415 | &nbsp;&nbsp; $2224934 |
| &nbsp;&nbsp; JNL/Mellon Healthcare Sector Fund | &nbsp;&nbsp; $4941008 | &nbsp;&nbsp; $5015649 | &nbsp;&nbsp; $5438847 |
| &nbsp;&nbsp; JNL/Mellon Industrials Sector Fund | &nbsp;&nbsp; $380554 | &nbsp;&nbsp; $299675 | &nbsp;&nbsp; $280439 |

---

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| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **FUND** | &nbsp;&nbsp; **December 31, 2024** | &nbsp;&nbsp; **December 31, 2023** | &nbsp;&nbsp; **December 31, 2022** |
|  | &nbsp;&nbsp; JNL/Mellon Information Technology Sector Fund | &nbsp;&nbsp; $9184761 | &nbsp;&nbsp; $6709484 | &nbsp;&nbsp; $6155174 |
|  | &nbsp;&nbsp; JNL/Mellon Materials Sector Fund | &nbsp;&nbsp; $246947 | &nbsp;&nbsp; $293258 | &nbsp;&nbsp; $316500 |
|  | &nbsp;&nbsp; JNL/Mellon Real Estate Sector Fund | &nbsp;&nbsp; $286313 | &nbsp;&nbsp; $266376 | &nbsp;&nbsp; $334705 |
|  | &nbsp;&nbsp; JNL S&P 500 Index Fund | &nbsp;&nbsp; $448017 | &nbsp;&nbsp; $329701 | &nbsp;&nbsp; $278504 |
|  | &nbsp;&nbsp; JNL/Mellon Utilities Sector Fund | &nbsp;&nbsp; $693149 | &nbsp;&nbsp; $728253 | &nbsp;&nbsp; $772091 |
|  | &nbsp;&nbsp; JNL/MFS Equity Income Fund | &nbsp;&nbsp; $1494961 | &nbsp;&nbsp; $1536787 | &nbsp;&nbsp; $1581015 |
|  | &nbsp;&nbsp; JNL/MFS Mid Cap Value Fund | &nbsp;&nbsp; $1989914 | &nbsp;&nbsp; $1928542 | &nbsp;&nbsp; $2081836 |
|  | &nbsp;&nbsp; JNL/Morningstar PitchBook Listed Private Equity Index Fund | &nbsp;&nbsp; $22568 | &nbsp;&nbsp; $14618 | &nbsp;&nbsp; $11629 |
|  | &nbsp;&nbsp; JNL/Morningstar SMID Moat Focus Index Fund<sup>4</sup> | &nbsp;&nbsp; $130772 | &nbsp;&nbsp; N/A | &nbsp;&nbsp; N/A |
|  | &nbsp;&nbsp; JNL/Morningstar U.S. Sustainability Index Fund | &nbsp;&nbsp; $648247 | &nbsp;&nbsp; $399997 | &nbsp;&nbsp; $404156 |
|  | &nbsp;&nbsp; JNL/Morningstar Wide Moat Index Fund | &nbsp;&nbsp; $2077819 | &nbsp;&nbsp; $1655800 | &nbsp;&nbsp; $1362859 |
|  | &nbsp;&nbsp; JNL/Neuberger Berman Commodity Strategy Fund | &nbsp;&nbsp; $88230 | &nbsp;&nbsp; $363085 | &nbsp;&nbsp; $388300 |
|  | &nbsp;&nbsp; JNL/Neuberger Berman Gold Plus Strategy Fund<sup>3</sup> | &nbsp;&nbsp; $75371 | &nbsp;&nbsp; $36313 | &nbsp;&nbsp; $13531 |
|  | &nbsp;&nbsp; JNL/Neuberger Berman Strategic Income Fund | &nbsp;&nbsp; $1051972 | &nbsp;&nbsp; $1004894 | &nbsp;&nbsp; $1118296 |
|  | &nbsp;&nbsp; JNL/Newton Equity Income Fund | &nbsp;&nbsp; $3560177 | &nbsp;&nbsp; $2777940 | &nbsp;&nbsp; $1668062 |
|  | &nbsp;&nbsp; JNL/PIMCO Income Fund | &nbsp;&nbsp; $2292593 | &nbsp;&nbsp; $2089563 | &nbsp;&nbsp; $2122716 |
|  | &nbsp;&nbsp; JNL/PIMCO Investment Grade Credit Bond Fund | &nbsp;&nbsp; $963919 | &nbsp;&nbsp; $906264 | &nbsp;&nbsp; $1289665 |
|  | &nbsp;&nbsp; JNL/PIMCO Real Return Fund | &nbsp;&nbsp; $1284872 | &nbsp;&nbsp; $1477544 | &nbsp;&nbsp; $1731221 |
|  | &nbsp;&nbsp; JNL/PPM America Emerging Markets Debt Fund<sup>5</sup> | &nbsp;&nbsp; N/A | &nbsp;&nbsp; N/A | &nbsp;&nbsp; N/A |
|  | &nbsp;&nbsp; JNL/PPM America High Yield Bond Fund | &nbsp;&nbsp; $1384500 | &nbsp;&nbsp; $1389451 | &nbsp;&nbsp; $1572703 |
|  | &nbsp;&nbsp; JNL/PPM America Investment Grade Credit Fund<sup>4</sup> | &nbsp;&nbsp; $252650 | &nbsp;&nbsp; N/A | &nbsp;&nbsp; N/A |
|  | &nbsp;&nbsp; JNL/PPM America Total Return Fund | &nbsp;&nbsp; $1578916 | &nbsp;&nbsp; $1507582 | &nbsp;&nbsp; $1555276 |
|  | &nbsp;&nbsp; JNL/RAFI® Fundamental U.S. Small Cap Fund | &nbsp;&nbsp; $627719 | &nbsp;&nbsp; $616895 | &nbsp;&nbsp; $683237 |
|  | &nbsp;&nbsp; JNL/RAFI® Multi-Factor U.S. Equity Fund | &nbsp;&nbsp; $3330323 | &nbsp;&nbsp; $3168433 | &nbsp;&nbsp; $3560372 |
|  | &nbsp;&nbsp; JNL/T. Rowe Price Balanced Fund | &nbsp;&nbsp; $795904 | &nbsp;&nbsp; $712961 | &nbsp;&nbsp; $733066 |
|  | &nbsp;&nbsp; JNL/T. Rowe Price Capital Appreciation Fund | &nbsp;&nbsp; $18975789 | &nbsp;&nbsp; $16274849 | &nbsp;&nbsp; $15112538 |
|  | &nbsp;&nbsp; JNL/T. Rowe Price Capital Appreciation Equity Fund<sup>2</sup> | &nbsp;&nbsp; $149411 | &nbsp;&nbsp; N/A | &nbsp;&nbsp; N/A |
|  | &nbsp;&nbsp; JNL/T. Rowe Price Growth Stock Fund | &nbsp;&nbsp; $9460537 | &nbsp;&nbsp; $8087080 | &nbsp;&nbsp; $8498421 |
|  | &nbsp;&nbsp; JNL/T. Rowe Price Mid-Cap Growth Fund | &nbsp;&nbsp; $5162965 | &nbsp;&nbsp; $4905614 | &nbsp;&nbsp; $5166679 |
|  | &nbsp;&nbsp; JNL/T. Rowe Price Short-Term Bond Fund | &nbsp;&nbsp; $1157175 | &nbsp;&nbsp; $1450369 | &nbsp;&nbsp; $1652974 |
|  | &nbsp;&nbsp; JNL/T. Rowe Price U.S. High Yield Fund | &nbsp;&nbsp; $731647 | &nbsp;&nbsp; $753445 | &nbsp;&nbsp; $889848 |
|  | &nbsp;&nbsp; JNL/T. Rowe Price Value Fund | &nbsp;&nbsp; $4515813 | &nbsp;&nbsp; $4250010 | &nbsp;&nbsp; $4843936 |
|  | &nbsp;&nbsp; JNL/Vanguard Moderate ETF Allocation Fund | &nbsp;&nbsp; $838742 | &nbsp;&nbsp; $797579 | &nbsp;&nbsp; $801960 |
|  | &nbsp;&nbsp; JNL/Vanguard Moderate Growth ETF Allocation Fund | &nbsp;&nbsp; $1419378 | &nbsp;&nbsp; $1340089 | &nbsp;&nbsp; $1366629 |
|  | &nbsp;&nbsp; JNL/Vanguard Growth ETF Allocation Fund | &nbsp;&nbsp; $3123070 | &nbsp;&nbsp; $2969068 | &nbsp;&nbsp; $3128430 |
|  | &nbsp;&nbsp; JNL/WCM China Quality Growth Fund<sup>3</sup> | &nbsp;&nbsp; $8327 | &nbsp;&nbsp; $9433 | &nbsp;&nbsp; $5533 |
|  | &nbsp;&nbsp; JNL/WCM Focused International Equity Fund | &nbsp;&nbsp; $2579587 | &nbsp;&nbsp; $2165263 | &nbsp;&nbsp; $2463071 |
|  | &nbsp;&nbsp; JNL/Westchester Capital Event Driven Fund | &nbsp;&nbsp; $59981 | &nbsp;&nbsp; $115560 | &nbsp;&nbsp; $135909 |
|  | &nbsp;&nbsp; JNL/WMC Balanced Fund | &nbsp;&nbsp; $8559689 | &nbsp;&nbsp; $8129567 | &nbsp;&nbsp; $8522028 |
|  | &nbsp;&nbsp; JNL/WMC Equity Income Fund | &nbsp;&nbsp; $1656757 | &nbsp;&nbsp; $1820417 | &nbsp;&nbsp; $1526359 |
|  | &nbsp;&nbsp; JNL/WMC Global Real Estate Fund | &nbsp;&nbsp; $961957 | &nbsp;&nbsp; $987729 | &nbsp;&nbsp; $1196124 |
|  | &nbsp;&nbsp; JNL/WMC Value Fund | &nbsp;&nbsp; $1244345 | &nbsp;&nbsp; $1383750 | &nbsp;&nbsp; $1541269 |
|  | &nbsp;&nbsp; JNL/JPMorgan Managed Conservative Fund | &nbsp;&nbsp; $371389 | &nbsp;&nbsp; $412209 | &nbsp;&nbsp; $486811 |
|  | &nbsp;&nbsp; JNL/JPMorgan Managed Moderate Fund | &nbsp;&nbsp; $920226 | &nbsp;&nbsp; $968510 | &nbsp;&nbsp; $1121641 |
|  | &nbsp;&nbsp; JNL/JPMorgan Managed Moderate Growth Fund | &nbsp;&nbsp; $1960171 | &nbsp;&nbsp; $1979386 | &nbsp;&nbsp; $2202349 |
|  | &nbsp;&nbsp; JNL/JPMorgan Managed Growth Fund | &nbsp;&nbsp; $2106246 | &nbsp;&nbsp; $2054880 | &nbsp;&nbsp; $2224607 |
|  | &nbsp;&nbsp; JNL/JPMorgan Managed Aggressive Growth Fund | &nbsp;&nbsp; $1114137 | &nbsp;&nbsp; $1044672 | &nbsp;&nbsp; $1105904 |
|  | &nbsp;&nbsp; JNL Conservative Allocation Fund | &nbsp;&nbsp; $286765 | &nbsp;&nbsp; $296102 | &nbsp;&nbsp; $333022 |
|  | &nbsp;&nbsp; JNL Moderate Allocation Fund | &nbsp;&nbsp; $1025167 | &nbsp;&nbsp; $1055961 | &nbsp;&nbsp; $1168518 |
|  | &nbsp;&nbsp; JNL Moderate Growth Allocation Fund | &nbsp;&nbsp; $1830922 | &nbsp;&nbsp; $1848782 | &nbsp;&nbsp; $2036427 |
|  | &nbsp;&nbsp; JNL Growth Allocation Fund | &nbsp;&nbsp; $1509357 | &nbsp;&nbsp; $1476228 | &nbsp;&nbsp; $1414399 |
|  | &nbsp;&nbsp; JNL Aggressive Growth Allocation Fund | &nbsp;&nbsp; $738223 | &nbsp;&nbsp; $701050 | &nbsp;&nbsp; $737447 |
|  | &nbsp;&nbsp; JNL Bond Index Fund | &nbsp;&nbsp; N/A | &nbsp;&nbsp; N/A | &nbsp;&nbsp; N/A |
|  | &nbsp;&nbsp; JNL Emerging Markets Index Fund | &nbsp;&nbsp; N/A | &nbsp;&nbsp; N/A | &nbsp;&nbsp; N/A |
|  | &nbsp;&nbsp; JNL International Index Fund | &nbsp;&nbsp; N/A | &nbsp;&nbsp; N/A | &nbsp;&nbsp; N/A |
|  | &nbsp;&nbsp; JNL Mid Cap Index Fund | &nbsp;&nbsp; N/A | &nbsp;&nbsp; N/A | &nbsp;&nbsp; N/A |
|  | &nbsp;&nbsp; JNL Small Cap Index Fund | &nbsp;&nbsp; N/A | &nbsp;&nbsp; N/A | &nbsp;&nbsp; N/A |
| <sup>1</sup> | &nbsp;&nbsp;The Fund commenced operations November 15, 2022. | &nbsp;&nbsp;The Fund commenced operations November 15, 2022. | &nbsp;&nbsp; _ | &nbsp;&nbsp; _ |
| <sup>2</sup> | &nbsp;&nbsp;The Fund commenced operations October 21, 2024. | &nbsp;&nbsp;The Fund commenced operations October 21, 2024. | &nbsp;&nbsp; _ | &nbsp;&nbsp; _ |
| <sup>3</sup> | &nbsp;&nbsp;The Fund commenced operations April 25, 2022. | &nbsp;&nbsp;The Fund commenced operations April 25, 2022. | &nbsp;&nbsp; _ | &nbsp;&nbsp; _ |
| <sup>4</sup> | &nbsp;&nbsp;The Fund commenced operations April 29, 2024. | &nbsp;&nbsp;The Fund commenced operations April 29, 2024. | &nbsp;&nbsp; _ | &nbsp;&nbsp; _ |
| <sup>5</sup> | &nbsp;&nbsp; The Fund commenced operations April 27, 2026. | &nbsp;&nbsp; The Fund commenced operations April 27, 2026. |  |  |

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For the fiscal years ended [December 31, 2025], December 31, 2024, and December 31, 2023, the fees waived by JNAM by each remaining Fund pursuant to the Administrative Fee Waiver Agreement are listed below. [to be updated by amendment]

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| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**FUND** | &nbsp;&nbsp;**December 31, 2024** | &nbsp;&nbsp;**December 31, 2023** | &nbsp;&nbsp;**December 31, 2022** |
| &nbsp;&nbsp;JNL/DFA International Core Equity Fund | &nbsp;&nbsp;$10250 | &nbsp;&nbsp;$8010 | &nbsp;&nbsp;$4967 |
| &nbsp;&nbsp;JNL/DFA U.S. Core Equity Fund | &nbsp;&nbsp;$47201 | &nbsp;&nbsp;$49496 | &nbsp;&nbsp;$51393 |
| &nbsp;&nbsp;JNL/DFA U.S. Small Cap Fund | &nbsp;&nbsp;$12997 | &nbsp;&nbsp;$10098 | &nbsp;&nbsp;$8775 |
| &nbsp;&nbsp;JNL/Dreyfus Government Money Market Fund | &nbsp;&nbsp;N/A | &nbsp;&nbsp;N/A | &nbsp;&nbsp;$787573 |
| &nbsp;&nbsp;JNL/Mellon DowSM Index Fund | &nbsp;&nbsp;$12802 | &nbsp;&nbsp;$11849 | &nbsp;&nbsp;$11294 |
| &nbsp;&nbsp;JNL/Mellon Emerging Markets Index Fund | &nbsp;&nbsp;$9606 | &nbsp;&nbsp;$8675 | &nbsp;&nbsp;$8449 |
| &nbsp;&nbsp;JNL/Mellon World Index Fund | &nbsp;&nbsp;$5586 | &nbsp;&nbsp;$4501 | &nbsp;&nbsp;$4091 |
| &nbsp;&nbsp;JNL/Mellon Nasdaq® 100 Index Fund | &nbsp;&nbsp;$69784 | &nbsp;&nbsp;$53741 | &nbsp;&nbsp;$46330 |
| &nbsp;&nbsp;JNL/Mellon Communication Services Sector Fund | &nbsp;&nbsp;$5724 | &nbsp;&nbsp;$3319 | &nbsp;&nbsp;$2183 |
| &nbsp;&nbsp;JNL/Mellon Consumer Discretionary Sector Fund | &nbsp;&nbsp;$8589 | &nbsp;&nbsp;$7414 | &nbsp;&nbsp;$6853 |
| &nbsp;&nbsp;JNL/Mellon Consumer Staples Sector Fund | &nbsp;&nbsp;$4348 | &nbsp;&nbsp;$5647 | &nbsp;&nbsp;$5228 |
| &nbsp;&nbsp;JNL/Mellon Energy Sector Fund | &nbsp;&nbsp;$13915 | &nbsp;&nbsp;$14758 | &nbsp;&nbsp;$13434 |
| &nbsp;&nbsp;JNL/Mellon Financial Sector Fund | &nbsp;&nbsp;$11430 | &nbsp;&nbsp;$9573 | &nbsp;&nbsp;$10969 |
| &nbsp;&nbsp;JNL/Mellon Healthcare Sector Fund | &nbsp;&nbsp;$18912 | &nbsp;&nbsp;$17304 | &nbsp;&nbsp;$17603 |
| &nbsp;&nbsp;JNL/Mellon Industrials Sector Fund | &nbsp;&nbsp;$3614 | &nbsp;&nbsp;$2471 | &nbsp;&nbsp;$2476 |
| &nbsp;&nbsp;JNL/Mellon Information Technology Sector Fund | &nbsp;&nbsp;$54895 | &nbsp;&nbsp;$36152 | &nbsp;&nbsp;$31643 |
| &nbsp;&nbsp;JNL/Mellon Materials Sector Fund | &nbsp;&nbsp;$2275 | &nbsp;&nbsp;$2496 | &nbsp;&nbsp;$2701 |
| &nbsp;&nbsp;JNL/Mellon Real Estate Sector Fund | &nbsp;&nbsp;$5694 | &nbsp;&nbsp;$5508 | &nbsp;&nbsp;$6556 |
| &nbsp;&nbsp;JNL S&P 500 Index Fund | &nbsp;&nbsp;$268807 | &nbsp;&nbsp;$197818 | &nbsp;&nbsp;$167100 |
| &nbsp;&nbsp;JNL/Mellon Utilities Sector Fund | &nbsp;&nbsp;$4607 | &nbsp;&nbsp;$4477 | &nbsp;&nbsp;$4459 |
| &nbsp;&nbsp;JNL/Morningstar U.S. Sustainability Index Fund | &nbsp;&nbsp;$8138 | &nbsp;&nbsp;$5947 | &nbsp;&nbsp;$5064 |
| &nbsp;&nbsp;JNL/RAFI® Fundamental U.S. Small Cap Fund | &nbsp;&nbsp;$2924 | &nbsp;&nbsp;$2547 | &nbsp;&nbsp;$3036 |
| &nbsp;&nbsp;JNL/Vanguard Moderate ETF Allocation Fund | &nbsp;&nbsp;$28942 | &nbsp;&nbsp;$23905 | &nbsp;&nbsp;$24127 |
| &nbsp;&nbsp;JNL/Vanguard Moderate Growth ETF Allocation Fund | &nbsp;&nbsp;$46782 | &nbsp;&nbsp;$48359 | &nbsp;&nbsp;$47542 |
| &nbsp;&nbsp;JNL/Vanguard Growth ETF Allocation Fund | &nbsp;&nbsp;$71138 | &nbsp;&nbsp;$65811 | &nbsp;&nbsp;$66124 |

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**Custodian and Transfer Agent.** The custodian has custody of all securities and cash of the Trust maintained in the United States and attends to the collection of principal and income and payment for and collection of proceeds of securities bought and sold by the Trust.

JPMorgan Chase Bank, N.A ("JPMorgan Bank"), 270 Park Avenue, New York, New York 10017, acts as custodian for the Funds listed below. The custodian is an affiliate of J.P. Morgan Investment Management Inc., which acts as Sub-Adviser to certain Funds. JPMorgan Bank is an indirect subsidiary of JPMorgan Chase & Co. JPMorgan Chase Bank, N.A. is an indirect subsidiary of JPMorgan Chase & Co.

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| | |
|:---|:---|
| JNL/American Funds Balanced Fund <br> JNL/American Funds Bond Fund of America Fund <br> JNL/American Funds Capital Income Builder Fund <br> JNL/American Funds Capital World Bond Fund <br> JNL/American Funds Global Growth Fund <br> JNL/American Funds Growth Fund <br> JNL/American Funds Growth-Income Fund <br> JNL/American Funds International Fund <br> JNL/American Funds New World Fund <br> JNL/American Funds Washington Mutual Investors Fund <br> JNL Moderate ETF Allocation Fund <br> JNL Moderate Growth ETF Allocation Fund <br> JNL Growth ETF Allocation Fund <br> JNL Multi-Manager Global Small Cap Fund <br> JNL Multi-Manager Small Cap Growth Fund <br> JNL Multi-Manager Small Cap Value Fund <br> JNL/American Funds Moderate Allocation Fund <br> JNL/American Funds Moderate Growth Allocation Fund <br> JNL/American Funds Growth Allocation Fund <br> JNL/AB Sustainable Global Thematic Fund <br> JNL/AQR Large Cap Defensive Style Fund <br> JNL/BlackRock Global Allocation Fund <br> JNL/BlackRock Global Natural Resources Fund <br> JNL/BlackRock Large Cap Select Growth Fund <br> JNL/Dreyfus Government Money Market Fund <br> JNL/First Sentier Global Infrastructure Fund <br> JNL/Franklin Templeton Income Fund <br> JNL/Mellon Emerging Markets Index Fund <br> JNL/Mellon S&P 500 Index Fund <br> JNL/Mellon S&P 400 MidCap Index Fund <br> JNL/Mellon Small Cap Index Fund <br> JNL/Mellon International Index Fund <br> JNL/Mellon Bond Index Fund <br> JNL/Mellon U.S. Stock Market Index Fund <br> JNL/Mellon Dow<sup>SM</sup> Index Fund <br> JNL/Mellon Communication Services Sector Fund <br> JNL/Mellon Consumer Discretionary Sector Fund <br> JNL/Mellon Consumer Staples Sector Fund  | &nbsp;&nbsp; JNL/Mellon Energy Sector Fund <br> JNL/Mellon Financial Sector Fund <br> JNL/Mellon Healthcare Sector Fund <br> JNL/Mellon Industrials Sector Fund <br> JNL/Mellon Information Technology Sector Fund <br> JNL/Mellon Materials Sector Fund <br> JNL/Mellon Real Estate Sector Fund <br> JNL S&P 500 Index Fund <br> JNL/Mellon Utilities Sector Fund <br> JNL/Morningstar PitchBook Listed Private Equity Index Fund <br> JNL/Morningstar SMID Moat Focus Index Fund <br> JNL/Morningstar U.S. Sustainability Index Fund <br> JNL/Morningstar Wide Moat Index Fund <br> JNL/Newton Equity Income Fund <br> JNL/PIMCO Income Fund <br> JNL/PIMCO Investment Grade Credit Bond Fund <br> JNL/PIMCO Real Return Fund <br> JNL/Vanguard Moderate ETF Allocation Fund <br> JNL/Vanguard Moderate Growth ETF Allocation Fund <br> JNL/Vanguard Growth ETF Allocation Fund <br> JNL/WCM China Quality Growth Fund <br> JNL/WCM Focused International Equity Fund <br> JNL/WMC Balanced Fund <br> JNL/WMC Equity Income Fund <br> JNL/WMC Global Real Estate Fund <br> JNL/WMC Value Fund <br> JNL/Goldman Sachs 4 Fund <br> JNL Conservative Allocation Fund <br> JNL Moderate Allocation Fund <br> JNL Moderate Growth Allocation Fund <br> JNL Growth Allocation Fund <br> JNL Aggressive Growth Allocation Fund <br> JNL Bond Index Fund <br> JNL Emerging Markets Index Fund <br> JNL International Index Fund <br> JNL Mid Cap Index Fund <br> JNL Small Cap Index Fund  |

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State Street Bank & Trust Company ("State Street"), One Congress Street, Suite 1, Boston, Massachusetts 02114-2016, acts as custodian for the following funds:

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| | |
|:---|:---|
| JNL Multi-Manager Alternative Fund <br> JNL Multi-Manager Emerging Markets Equity Fund <br> JNL Multi-Manager Floating Rate Income Fund <br> JNL Multi-Manager International Equity Fund <br> JNL Multi-Manager International Small Cap Fund <br> JNL Multi-Manager Mid Cap Fund <br> JNL Multi-Manager Select Equity Fund <br> JNL/Causeway International Select Value Fund <br> JNL/Cohen & Steers U.S. Realty Fund <br> JNL/DFA International Core Equity Fund <br> JNL/DFA U.S. Core Equity Fund <br> JNL/DFA U.S. Small Cap Fund <br> JNL/DoubleLine<sup>®</sup> Core Fixed Income Fund_ <br> JNL/DoubleLine<sup>®</sup> Emerging Markets Fixed Income Fund_ <br> JNL/DoubleLine<sup>®</sup> Shiller Enhanced CAPE<sup>®</sup> Fund_ <br> JNL/DoubleLine<sup>®</sup> Total Return Fund <br> JNL/Fidelity Institutional AM® & JPMorgan Large Cap Growth Fund <br> JNL/Fidelity Institutional Asset Management<sup>®</sup> Total Bond Fund_ <br> JNL/GQG Emerging Markets Equity Fund <br> JNL/Invesco Global Growth Fund <br> JNL/JPMorgan Global Allocation Fund\* <br> JNL/JPMorgan Hedged Equity Fund <br> JNL/JPMorgan MidCap Growth Fund <br> JNL/JPMorgan Nasdaq<sup>®</sup> Hedged Equity Fund <br> JNL/JPMorgan U.S. Government & Quality Bond Fund <br> JNL/JPMorgan U.S. Value Fund <br> JNL/Lazard International Quality Growth Fund <br> JNL/Loomis Sayles Global Growth Fund  | &nbsp;&nbsp; JNL/Lord Abbett Short Duration Income Fund <br> JNL/Mellon World Index Fund <br> JNL/Mellon Nasdaq<sup>®</sup> 100 Index Fund <br> JNL/MFS Equity Income Fund <br> JNL/MFS Mid Cap Value Fund <br> JNL/Neuberger Berman Commodity Strategy Fund <br> JNL/Neuberger Berman Gold Plus Strategy Fund <br> JNL/Neuberger Berman Strategic Income Fund <br> JNL/PPM America <br> Emerging Markets Debt Fund <br> JNL/PPM America High Yield Bond Fund <br> JNL/PPM America Investment Grade Credit Fund <br> JNL/PPM America Total Return Fund <br> JNL/RAFI<sup>®</sup> Fundamental U.S. Small Cap Fund_ <br> JNL/RAFI<sup>®</sup> Multi-Factor U.S. Equity Fund_ <br> JNL/T. Rowe Price Balanced Fund <br> JNL/T. Rowe Price Capital Appreciation Fund <br> JNL/T. Rowe Price Capital Appreciation Equity Fund <br> JNL/T. Rowe Price Growth Stock Fund <br> JNL/T. Rowe Price Mid-Cap Growth Fund <br> JNL/T. Rowe Price Short-Term Bond Fund <br> JNL/T. Rowe Price U.S. High Yield Fund <br> JNL/T. Rowe Price Value Fund <br> JNL/Westchester Capital Event Driven Fund <br> JNL/JPMorgan Managed Conservative Fund <br> JNL/JPMorgan Managed Moderate Fund <br> JNL/JPMorgan Managed Moderate Growth Fund <br> JNL/JPMorgan Managed Growth Fund <br> JNL/JPMorgan Managed Aggressive Growth Fund  |

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\* The assets of the JNL/JPMorgan Global Allocation Fund, JNL/JPMorgan Managed Conservative Fund, JNL/JPMorgan Managed Moderate Fund, JNL/JPMorgan Managed Moderate Growth Fund, JNL/JPMorgan Managed Growth Fund, and JNL/JPMorgan Managed Aggressive Growth Fund that are sub-advised by JPMorgan are held by State Street. There is also a custody account with JPMorgan Bank for the private investments held by the Fund managed by JNAM.

JNAM provides transfer agent and dividend-paying services to each Fund of the Trust. In providing these services, JNAM assists in the preparation of Fund regulatory reports and reports to the management of the Trust, processes purchase orders and redemption requests, furnishes confirmations and disburses redemption proceeds, acts as income disbursing agent, provides periodic statements of account to shareholders, and prepares and files tax returns, among other things. JNAM is compensated for these services through its advisory fee.

**Independent Registered Public Accounting Firm***.* The Board has appointed KPMG LLP as the Trust's independent registered public accounting firm. KPMG LLP, 200 E. Randolph Street, Chicago, Illinois 60601, will audit and report on the Trust's annual financial statements and will perform other professional accounting, auditing, tax and advisory services when engaged to do so by the Trust.

**The Distributor.** Jackson National Life Distributors LLC ("Distributor" or "JNLD"), 300 Innovation Drive, Franklin, Tennessee 37067, is the statutory underwriter and facilitates the registration and distribution of shares of the Funds on a continuous basis. The Distributor is not obligated to sell any specific amount of Fund shares. JNLD 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.

The Distributor also has the following relationships with the Sub-Advisers and their affiliates. The Distributor receives payments from certain of the Sub-Advisers to assist in defraying the costs of certain promotional and marketing meetings in which they participate. The amounts paid depend on the nature of the meetings, the number of meetings attended, the costs expected to be incurred, and the level of the Sub-Adviser's participation. In addition, the Distributor acts as distributor of variable annuity contracts and variable life insurance policies ("Contracts") issued by Jackson National and its subsidiary Jackson National NY.

Capital Client Group, Inc. ("CCG") is the distributor of the AFIS Master Funds' shares. CCG is located at 333 South Hope Street, Los Angeles, CA 90071; 6455 Irvine Center Drive, Irvine, CA 92618; 3500 Wiseman Boulevard, San Antonio, TX 78251; 8332 Woodfield Crossing Boulevard, Indianapolis, IN 46240; and 5300 Robin Hood Road, Norfolk, VA 23513.

**Distribution Plan**. The Board of Trustees of the Trust, including all of the Independent Trustees, has approved an Amended and Restated Distribution Plan pursuant to Rule 12b-1 under the 1940 Act ("Plan") with respect to the Class A shares of each Fund. In adopting the Plan, the Board of Trustees, including all of the Independent Trustees, concluded in accordance with the requirements of Rule 12b-1 that there is a reasonable likelihood that the Plan will benefit each Fund and its shareholders. All of the Independent Trustees also unanimously approved that the Plan be submitted to shareholders holding Class A shares of each Fund of the Trust. Under the Plan, each Fund's Class A shares are charged a shareholder services and distribution fee ("12b-1 fee") at the annual rate of 0.30% of the average daily net assets attributable to the Class A shares of the Fund.

The Board, including all of the Independent Trustees, also approved an amended and restated distribution agreement between the Trust and JNLD ("Distribution Agreement"). The Distribution Agreement reflects the provisions of the Plan and provides for the payment of the 12b-1 fee with respect to Class A shares of each Fund.

Under the Plan with respect to each applicable Fund, the 12b-1 fee is calculated and accrued daily and paid to JNLD within forty-five (45) days of the end of each month or at such other intervals as the Board determines. The fee is computed at an annual rate of 0.30% of the average daily net assets attributable to the Class A shares of the Fund. To the extent consistent with the Plan and applicable law, JNLD may use the 12b-1 fees to finance certain distribution and related service expenses that are primarily intended to result in the sale of such Class A Shares of the Funds or compensate broker-dealers, administrators, financial intermediaries or others for providing or assisting in providing distribution and related additional services.

The fee compensates JNLD and its affiliates for providing distribution and other services and paying certain distribution and other service expenses. The activities covered under the Plan include, but are not limited to, the following:

● Developing, preparing, printing, and mailing of Fund sales literature and other promotional material describing and/or relating to the Funds, including materials intended for use by Jackson National Life Insurance Company and its affiliates, or for broker-dealer only use or retail use;

● Holding or participating in seminars and sales meetings for registered representatives designed to promote the distribution of Fund shares;

● Paying compensation to and expenses, including overhead, of employees of JNLD that engage in the distribution of variable insurance products that offer the Funds ("Insurance Contracts");

● Paying compensation to broker-dealers or other financial intermediaries that engage in the distribution of Insurance Contracts, including, but not limited to, certain commissions, servicing fees and marketing fees;

● Providing services, related to the Funds, to Insurance Contract owners; such services will include, but not be limited to, assisting the Funds with proxy solicitations, obtaining information, answering questions, providing explanations to Insurance Contract owners regarding the Funds' investment objectives and policies and other information about the Funds, including the performance of the Funds, and developing and providing electronic capabilities or information technology platforms to assist in providing any of the foregoing services to Insurance Contract owners;

● Printing and mailing of Fund prospectuses, statements of additional information, supplements, and annual and semiannual reports for prospective owners of Insurance Contracts;

● Training sales personnel regarding sales of Insurance Contracts on matters related to the Funds;

● Compensating sales personnel in connection with the allocation of cash values and premiums of the Insurance Contracts to the Funds;

● Providing periodic reports to the Funds and regarding the Funds to third-party reporting services;

● Reconciling and balancing separate account investments in the Funds;

● Reconciling and providing notice to the Funds of net cash flow and cash requirements for net redemption orders;

● Confirming transactions; and

● Financing other activities that the Board determines are primarily intended to result, directly or indirectly, in the servicing or sale of Fund shares.

The Plan provides (1) that it is subject to annual approval of continuance by the Trustees and the Independent Trustees; (2) that the Distributor must provide the Board with a quarterly written report of payments made under the Plan and the purpose of the payments; and (3) that the Plan may be terminated at any time by the vote of a majority of the Independent Trustees, or a majority of the outstanding voting securities of the Trust entitled to vote. The Plan may not be amended to increase materially the amount to be spent for distribution without shareholder approval, and all material Plan amendments must be approved by a vote of the Independent Trustees.

For the fiscal year ended [December 31, 2025], the 12b-1 fees paid by the Funds with respect to the Class A shares were as follows: [to be updated by amendment]

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| | |
|:---|:---|
| &nbsp;&nbsp; **Fund** | &nbsp;&nbsp; **December 31, 2024** |
| &nbsp;&nbsp; JNL/American Funds Balanced Fund | &nbsp;&nbsp; $9106057 |
| &nbsp;&nbsp; JNL/American Funds Bond Fund of America Fund | &nbsp;&nbsp; $1188710 |
| &nbsp;&nbsp; JNL/American Funds Capital Income Builder Fund | &nbsp;&nbsp; $1236721 |
| &nbsp;&nbsp; JNL/American Funds Capital World Bond Fund | &nbsp;&nbsp; $960228 |
| &nbsp;&nbsp; JNL/American Funds Global Growth Fund | &nbsp;&nbsp; $2979453 |
| &nbsp;&nbsp; JNL/American Funds Growth Fund | &nbsp;&nbsp; $17574592 |
| &nbsp;&nbsp; JNL/American Funds Growth-Income Fund | &nbsp;&nbsp; $33283880 |
| &nbsp;&nbsp; JNL/American Funds International Fund | &nbsp;&nbsp; $4304652 |
| &nbsp;&nbsp; JNL/American Funds New World Fund | &nbsp;&nbsp; $4163106 |
| &nbsp;&nbsp; JNL/American Funds® Washington Mutual Investors Fund | &nbsp;&nbsp; $11742523 |
| &nbsp;&nbsp; JNL Multi-Manager Alternative Fund | &nbsp;&nbsp; $597142 |
| &nbsp;&nbsp; JNL Multi-Manager Emerging Markets Equity Fund | &nbsp;&nbsp; $1811792 |
| &nbsp;&nbsp; JNL Multi-Manager Floating Rate Income Fund | &nbsp;&nbsp; $3456819 |
| &nbsp;&nbsp; JNL Multi-Manager Global Small Cap Fund | &nbsp;&nbsp; $1916787 |
| &nbsp;&nbsp; JNL Multi-Manager International Equity Fund | &nbsp;&nbsp; $1775582 |
| &nbsp;&nbsp; JNL Multi-Manager International Small Cap Fund | &nbsp;&nbsp; $1258357 |
| &nbsp;&nbsp; JNL Multi-Manager Mid Cap Fund | &nbsp;&nbsp; $1411580 |
| &nbsp;&nbsp; JNL Multi-Manager Small Cap Growth Fund | &nbsp;&nbsp; $5851665 |
| &nbsp;&nbsp; JNL Multi-Manager Small Cap Value Fund | &nbsp;&nbsp; $4000873 |
| &nbsp;&nbsp; JNL Multi-Manager Select Equity Fund | &nbsp;&nbsp; $5246 |
| &nbsp;&nbsp; JNL Moderate ETF Allocation Fund | &nbsp;&nbsp; $578177 |
| &nbsp;&nbsp; JNL Moderate Growth ETF Allocation Fund | &nbsp;&nbsp; $947056 |
| &nbsp;&nbsp; JNL Growth ETF Allocation Fund | &nbsp;&nbsp; $1007550 |
| &nbsp;&nbsp; JNL/American Funds Moderate Allocation Fund<sup>1</sup> | &nbsp;&nbsp; $766 |
| &nbsp;&nbsp; JNL/American Funds Moderate Growth Allocation Fund | &nbsp;&nbsp; $7400928 |
| &nbsp;&nbsp; JNL/American Funds Growth Allocation Fund | &nbsp;&nbsp; $11386208 |
| &nbsp;&nbsp; JNL/AB Sustainable Global Thematic Fund | &nbsp;&nbsp; $60223 |
| &nbsp;&nbsp; JNL/AQR Large Cap Defensive Style Fund | &nbsp;&nbsp; $1212327 |
| &nbsp;&nbsp; JNL/BlackRock Global Allocation Fund | &nbsp;&nbsp; $8231302 |
| &nbsp;&nbsp; JNL/BlackRock Global Natural Resources Fund | &nbsp;&nbsp; $2457447 |
| &nbsp;&nbsp; JNL/BlackRock Large Cap Select Growth Fund | &nbsp;&nbsp; $12242488 |
| &nbsp;&nbsp; JNL/Causeway International Value Select Fund | &nbsp;&nbsp; $2154841 |
| &nbsp;&nbsp; JNL/Cohen & Steers U.S. Realty Fund | &nbsp;&nbsp; $302511 |
| &nbsp;&nbsp; JNL/DFA International Core Equity Fund | &nbsp;&nbsp; $919821 |
| &nbsp;&nbsp; JNL/DFA U.S. Core Equity Fund | &nbsp;&nbsp; $3923975 |
| &nbsp;&nbsp; JNL/DFA U.S. Small Cap Fund | &nbsp;&nbsp; $1776082 |
| &nbsp;&nbsp; JNL/DoubleLine® Core Fixed Income Fund | &nbsp;&nbsp; $5333930 |
| &nbsp;&nbsp; JNL/DoubleLine® Emerging Markets Fixed Income Fund | &nbsp;&nbsp; $391066 |
| &nbsp;&nbsp; JNL/DoubleLine® Shiller Enhanced CAPE® Fund | &nbsp;&nbsp; $5000578 |
| &nbsp;&nbsp; JNL/DoubleLine® Total Return Fund | &nbsp;&nbsp; $2195531 |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp; **Fund** | &nbsp;&nbsp; **December 31, 2024** |
| &nbsp;&nbsp; JNL/Dreyfus Government Money Market Fund | &nbsp;&nbsp; $8046394 |
| &nbsp;&nbsp; JNL/Fidelity Institutional AM® & JPMorgan Large Cap Growth Fund | &nbsp;&nbsp; $2470786 |
| &nbsp;&nbsp; JNL/Fidelity Institutional Asset Management® Total Bond Fund | &nbsp;&nbsp; $2401048 |
| &nbsp;&nbsp; JNL/First Sentier Global Infrastructure Fund | &nbsp;&nbsp; $1604419 |
| &nbsp;&nbsp; JNL/Franklin Templeton Income Fund | &nbsp;&nbsp; $4487804 |
| &nbsp;&nbsp; JNL/Goldman Sachs 4 Fund | &nbsp;&nbsp; $15712680 |
| &nbsp;&nbsp; JNL/GQG Emerging Markets Equity Fund | &nbsp;&nbsp; $1434557 |
| &nbsp;&nbsp; JNL/Invesco Global Growth Fund | &nbsp;&nbsp; $4408237 |
| &nbsp;&nbsp; JNL/Invesco Small Cap Growth Fund | &nbsp;&nbsp; $5234344 |
| &nbsp;&nbsp; JNL/JPMorgan Global Allocation Fund | &nbsp;&nbsp; $2932679 |
| &nbsp;&nbsp; JNL/JPMorgan Hedged Equity Fund | &nbsp;&nbsp; $2497173 |
| &nbsp;&nbsp; JNL/JPMorgan MidCap Growth Fund | &nbsp;&nbsp; $9237120 |
| &nbsp;&nbsp; JNL/JPMorgan Nasdaq® Hedged Equity Fund<sup>1</sup> | &nbsp;&nbsp; $4290 |
| &nbsp;&nbsp; JNL/JPMorgan U.S. Government & Quality Bond Fund | &nbsp;&nbsp; $2721670 |
| &nbsp;&nbsp; JNL/JPMorgan U.S. Value Fund | &nbsp;&nbsp; $2973902 |
| &nbsp;&nbsp; JNL/Lazard International Quality Growth Fund | &nbsp;&nbsp; $390223 |
| &nbsp;&nbsp; JNL/Loomis Sayles Global Growth Fund | &nbsp;&nbsp; $1287537 |
| &nbsp;&nbsp; JNL/Lord Abbett Short Duration Income Fund | &nbsp;&nbsp; $1272409 |
| &nbsp;&nbsp; JNL/Mellon DowSM Index Fund | &nbsp;&nbsp; $3851778 |
| &nbsp;&nbsp; JNL/Mellon Emerging Markets Index Fund | &nbsp;&nbsp; $2441061 |
| &nbsp;&nbsp; JNL/Mellon World Index Fund | &nbsp;&nbsp; $1281101 |
| &nbsp;&nbsp; JNL/Mellon Nasdaq® 100 Index Fund | &nbsp;&nbsp; $23254355 |
| &nbsp;&nbsp; JNL/Mellon S&P 500 Index Fund | &nbsp;&nbsp; $43717454 |
| &nbsp;&nbsp; JNL/Mellon S&P 400 MidCap Index Fund | &nbsp;&nbsp; $10135615 |
| &nbsp;&nbsp; JNL/Mellon Small Cap Index Fund | &nbsp;&nbsp; $7430499 |
| &nbsp;&nbsp; JNL/Mellon International Index Fund | &nbsp;&nbsp; $6598472 |
| &nbsp;&nbsp; JNL/Mellon Bond Index Fund | &nbsp;&nbsp; $3025815 |
| &nbsp;&nbsp; JNL/Mellon U.S. Stock Market Index Fund | &nbsp;&nbsp; $15367338 |
| &nbsp;&nbsp; JNL/Mellon Communication Services Sector Fund | &nbsp;&nbsp; $2189867 |
| &nbsp;&nbsp; JNL/Mellon Consumer Discretionary Sector Fund | &nbsp;&nbsp; $4359415 |
| &nbsp;&nbsp; JNL/Mellon Consumer Staples Sector Fund | &nbsp;&nbsp; $1181500 |
| &nbsp;&nbsp; JNL/Mellon Energy Sector Fund | &nbsp;&nbsp; $5706375 |
| &nbsp;&nbsp; JNL/Mellon Financial Sector Fund | &nbsp;&nbsp; $4029205 |
| &nbsp;&nbsp; JNL/Mellon Healthcare Sector Fund | &nbsp;&nbsp; $9905239 |
| &nbsp;&nbsp; JNL/Mellon Industrials Sector Fund | &nbsp;&nbsp; $739415 |
| &nbsp;&nbsp; JNL/Mellon Information Technology Sector Fund | &nbsp;&nbsp; $19481502 |
| &nbsp;&nbsp; JNL/Mellon Materials Sector Fund | &nbsp;&nbsp; $480238 |
| &nbsp;&nbsp; JNL/Mellon Real Estate Sector Fund | &nbsp;&nbsp; $538456 |
| &nbsp;&nbsp; JNL S&P 500 Index Fund | &nbsp;&nbsp; N/A |
| &nbsp;&nbsp; JNL/Mellon Utilities Sector Fund | &nbsp;&nbsp; $1358641 |
| &nbsp;&nbsp; JNL/MFS Equity Income Fund | &nbsp;&nbsp; $1144555 |
| &nbsp;&nbsp; JNL/MFS Mid Cap Value Fund | &nbsp;&nbsp; $5762809 |
| &nbsp;&nbsp; JNL/Morningstar PitchBook Listed Private Equity Index Fund | &nbsp;&nbsp; $26309 |
| &nbsp;&nbsp; JNL/Morningstar SMID Moat Focus Index Fund<sup>2</sup> | &nbsp;&nbsp; $779 |
| &nbsp;&nbsp; JNL/Morningstar U.S. Sustainability Index Fund | &nbsp;&nbsp; $1247651 |
| &nbsp;&nbsp; JNL/Morningstar Wide Moat Index Fund | &nbsp;&nbsp; $2481114 |
| &nbsp;&nbsp; JNL/Neuberger Berman Commodity Strategy Fund | &nbsp;&nbsp; $119956 |
| &nbsp;&nbsp; JNL/Neuberger Berman Gold Plus Strategy Fund | &nbsp;&nbsp; $150737 |
| &nbsp;&nbsp; JNL/Neuberger Berman Strategic Income Fund | &nbsp;&nbsp; $1868969 |
| &nbsp;&nbsp; JNL/Newton Equity Income Fund | &nbsp;&nbsp; $5881421 |
| &nbsp;&nbsp; JNL/PIMCO Income Fund | &nbsp;&nbsp; $2939559 |
| &nbsp;&nbsp; JNL/PIMCO Investment Grade Credit Bond Fund | &nbsp;&nbsp; $1444842 |
| &nbsp;&nbsp; JNL/PIMCO Real Return Fund | &nbsp;&nbsp; $2954784 |
| &nbsp;&nbsp; JNL/PPM America Emerging Markets Debt Fund<sup>3</sup> | &nbsp;&nbsp; N/A |
| &nbsp;&nbsp; JNL/PPM America High Yield Bond Fund | &nbsp;&nbsp; $3615639 |
| &nbsp;&nbsp; JNL/PPM America Investment Grade Credit Fund<sup>2</sup> | &nbsp;&nbsp; $371 |
| &nbsp;&nbsp; JNL/PPM America Total Return Fund | &nbsp;&nbsp; $1775773 |
| &nbsp;&nbsp; JNL/RAFI® Fundamental U.S. Small Cap Fund | &nbsp;&nbsp; $1237876 |

---

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp; **Fund** | &nbsp;&nbsp; **December 31, 2024** |
|  | &nbsp;&nbsp; JNL/RAFI® Multi-Factor U.S. Equity Fund | &nbsp;&nbsp; $6583926 |
|  | &nbsp;&nbsp; JNL/T. Rowe Price Balanced Fund | &nbsp;&nbsp; $1575111 |
|  | &nbsp;&nbsp; JNL/T. Rowe Price Capital Appreciation Fund | &nbsp;&nbsp; $40447982 |
|  | &nbsp;&nbsp; JNL/T. Rowe Price Capital Appreciation Equity Fund<sup>1</sup> | &nbsp;&nbsp; $21170 |
|  | &nbsp;&nbsp; JNL/T. Rowe Price Growth Stock Fund | &nbsp;&nbsp; $26428512 |
|  | &nbsp;&nbsp; JNL/T. Rowe Price Mid-Cap Growth Fund | &nbsp;&nbsp; $15408878 |
|  | &nbsp;&nbsp; JNL/T. Rowe Price Short-Term Bond Fund | &nbsp;&nbsp; $3367343 |
|  | &nbsp;&nbsp; JNL/T. Rowe Price U.S. High Yield Fund | &nbsp;&nbsp; $580863 |
|  | &nbsp;&nbsp; JNL/T. Rowe Price Value Fund | &nbsp;&nbsp; $9426563 |
|  | &nbsp;&nbsp; JNL/Vanguard Moderate ETF Allocation Fund | &nbsp;&nbsp; $1610673 |
|  | &nbsp;&nbsp; JNL/Vanguard Moderate Growth ETF Allocation Fund | &nbsp;&nbsp; $2721767 |
|  | &nbsp;&nbsp; JNL/Vanguard Growth ETF Allocation Fund | &nbsp;&nbsp; $6068220 |
|  | &nbsp;&nbsp; JNL/WCM China Quality Growth Fund | &nbsp;&nbsp; $16651 |
|  | &nbsp;&nbsp; JNL/WCM Focused International Equity Fund | &nbsp;&nbsp; $2322758 |
|  | &nbsp;&nbsp; JNL/Westchester Capital Event Driven Fund | &nbsp;&nbsp; $163443 |
|  | &nbsp;&nbsp; JNL/WMC Balanced Fund | &nbsp;&nbsp; $27285502 |
|  | &nbsp;&nbsp; JNL/WMC Equity Income Fund | &nbsp;&nbsp; $2139740 |
|  | &nbsp;&nbsp; JNL/WMC Global Real Estate Fund | &nbsp;&nbsp; $1909482 |
|  | &nbsp;&nbsp; JNL/WMC Value Fund | &nbsp;&nbsp; $2273640 |
|  | &nbsp;&nbsp; JNL/JPMorgan Managed Conservative Fund | &nbsp;&nbsp; $2220830 |
|  | &nbsp;&nbsp; JNL/JPMorgan Managed Moderate Fund | &nbsp;&nbsp; $5512262 |
|  | &nbsp;&nbsp; JNL/JPMorgan Managed Moderate Growth Fund | &nbsp;&nbsp; $12047472 |
|  | &nbsp;&nbsp; JNL/JPMorgan Managed Growth Fund | &nbsp;&nbsp; $12970547 |
|  | &nbsp;&nbsp; JNL/JPMorgan Managed Aggressive Growth Fund | &nbsp;&nbsp; $6645321 |
|  | &nbsp;&nbsp; JNL Conservative Allocation Fund | &nbsp;&nbsp; $1698813 |
|  | &nbsp;&nbsp; JNL Moderate Allocation Fund | &nbsp;&nbsp; $6118817 |
|  | &nbsp;&nbsp; JNL Moderate Growth Allocation Fund | &nbsp;&nbsp; $11165359 |
|  | &nbsp;&nbsp; JNL Growth Allocation Fund | &nbsp;&nbsp; $9003459 |
|  | &nbsp;&nbsp; JNL Aggressive Growth Allocation Fund | &nbsp;&nbsp; $4380288 |
|  | &nbsp;&nbsp; JNL Bond Index Fund | &nbsp;&nbsp; N/A |
|  | &nbsp;&nbsp; JNL Emerging Markets Index Fund | &nbsp;&nbsp; N/A |
|  | &nbsp;&nbsp; JNL International Index Fund | &nbsp;&nbsp; N/A |
|  | &nbsp;&nbsp; JNL Mid Cap Index Fund | &nbsp;&nbsp; N/A |
|  | &nbsp;&nbsp; JNL Small Cap Index Fund | &nbsp;&nbsp; N/A |
| <sup>1</sup> | The Fund commenced operations October 21, 2024. | The Fund commenced operations October 21, 2024. |
| <sup>2</sup> | The Fund commenced operations April 29, 2024. | The Fund commenced operations April 29, 2024. |
| <sup>3</sup> | The Fund commenced operations April 27, 2026. | The Fund commenced operations April 27, 2026. |

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**Distribution Plan of the Master Funds.**

Each AFIS Master Fund does not charge a 12b-1 fee for the Class 1 shares into which the JNL/American Funds Feeder Funds invest. For additional information regarding the distribution of the AFIS Master Funds, please see the AFIS Master Fund's SAI, which is delivered together with this SAI.

The JNL/Mellon Master Funds do not charge a 12b-1 fee on the shares in which the JNL/Mellon Feeder Funds invest.

**Fund Transactions and Brokerage.** *Because the Feeder Funds invest their assets in the Master Funds, JNAM does not currently execute portfolio transactions on behalf of the Feeder Funds. However, if JNAM or a Sub-Adviser begins to provide portfolio management services to a Feeder Fund, JNAM or the Sub-Adviser would execute portfolio transactions for the Feeder Fund pursuant to the policies and procedures described below. Because the Feeder Funds do not invest directly in portfolio securities, the Feeder Funds do not pay any brokerage commissions. For information about the brokerage commissions paid by each Master Fund for the last three fiscal years ended December 31, see the applicable Master Funds' SAI, which was provided with this SAI and is available upon request.*

Pursuant to the Investment Sub-Advisory Agreements, the Sub-Advisers are responsible for placing all orders for the purchase and sale of portfolio securities of the Trust. Except as provided under the Trust's Directed Brokerage Guidelines, which are described below, the Sub-Advisers may place portfolio securities orders with broker-dealers selected in their discretion. The Sub-Advisers are obliged to place orders for the purchase and sale of securities with the objective of obtaining the most favorable overall results in commission rates and prices paid for securities for the Trust ("best execution"), and each Sub-Adviser has adopted policies and procedures intended to assist it in fulfilling that obligation. In doing so, a Fund may pay higher commission rates than the lowest available when a Sub-Adviser believes it is reasonable to do so in light of the value of the brokerage and research services provided by the broker-dealer effecting the transaction, as discussed below.

The cost of securities transactions for each portfolio consists not only of brokerage commissions (for transactions in exchange-traded equities, OTC equities, and certain derivative instruments) and/or dealer or underwriter spreads for other types of securities, but also may include the market price impact of the Funds' transactions. Bonds and money market instruments are generally traded on a net basis and do not normally involve brokerage commissions.

Occasionally, securities may be purchased directly from the issuer. For securities traded primarily in the OTC market, the Sub-Adviser may deal directly with dealers who make a market in the securities. Such dealers usually act as principals for their own account. Securities may also be purchased from various market centers.

In selecting broker-dealers through which to effect transactions, each applicable Sub-Adviser considers a number of factors described in its policy and procedures. The Sub-Advisers' policies and procedures generally include as factors for consideration such matters as price, confidentiality, broker-dealer spread or commission (if any) the reliability, integrity and financial condition of the broker-dealer, size of the transaction and difficulty of execution. The Sub-Adviser's selection of a broker-dealer based on one or more of these factors, either in terms of a particular transaction or the Sub-Adviser's overall responsibilities with respect to the Trust and any other accounts managed by the Sub-Adviser, could result in the Trust paying a commission or spread on a transaction that is in excess of the amount of commission or spread another broker-dealer might have charged for executing the same transaction.

Under the terms of the Investment Sub-Advisory Agreements, and subject to best execution, the Sub-Advisers also expressly are permitted to consider the value and quality of any "brokerage and research services" (as defined under Section 28(e) of the Securities Exchange Act of 1934, as amended, and typically referred to as "soft dollars"), including securities research, or statistical, quotation, or valuation services provided to the Sub-Adviser by the broker-dealer. In placing a purchase or sale order, a Sub-Adviser may use a broker-dealer whose commission for effecting the transaction is higher than that another broker-dealer might have charged for the same transaction, if the Sub-Adviser determines in good faith that the amount of the higher commission is reasonable in relation to the value of the brokerage and research services provided by such broker-dealer, viewed in terms of either the particular transaction or the Sub-Adviser's overall responsibilities with respect to the Trust and any other accounts managed by the Sub-Adviser. Research services provided by broker-dealers include advice, either directly or through publications or writings, as to the value of securities, the advisability of purchasing or selling securities, the availability of securities or purchasers or sellers of securities, and analyses and reports concerning issuers, industries, securities, economic factors and trends and portfolio strategy. A Sub-Adviser may use research services provided by broker-dealers through which the Sub-Adviser effects Fund transactions in serving any or all of its accounts, and the Sub-Adviser may not use all such services in connection with its' services to the Trust.

Where new issues of securities are purchased by a Fund in underwritten fixed price offerings, the underwriter or another selling group member may provide research services to a Sub-Adviser in addition to selling the securities to the Fund or other advisory clients of the Sub-Adviser.

During the fiscal year ended [December 31, 2025], the following Funds directed the following amounts of portfolio securities transactions, and commissions paid thereon, to broker-dealers which may have provided research services to the Funds' Sub-Advisers: [to be updated by amendment]

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| | | |
|:---|:---|:---|
| &nbsp;&nbsp; **FUND** | &nbsp;&nbsp; **Estimated Gross Dollar Value of Purchases/Sales Directed to Broker/Dealers Providing Research And Brokerage Services As Defined by Section 28(E) Of The Securities Exchange Act of 1934** | &nbsp;&nbsp; **Estimated Commissions on Purchases/Sales Directed to Broker/Dealers Providing Research and Brokerage Services as Defined by Section 28(E) Of The Securities Exchange Act of 1934.** |
| &nbsp;&nbsp; JNL Multi-Manager Alternative Fund | &nbsp;&nbsp; $367103717 | &nbsp;&nbsp; $305583 |
| &nbsp;&nbsp; JNL Multi-Manager Emerging Markets Equity Fund | &nbsp;&nbsp; $395376587 | &nbsp;&nbsp; $669258 |
| &nbsp;&nbsp; JNL Multi-Manager International Equity Fund | &nbsp;&nbsp; $96420511 | &nbsp;&nbsp; $120008 |
| &nbsp;&nbsp; JNL Multi-Manager International Small Cap Fund | &nbsp;&nbsp; $205763354 | &nbsp;&nbsp; $282318 |
| &nbsp;&nbsp; JNL Multi-Manager Mid Cap Fund | &nbsp;&nbsp; $505286499 | &nbsp;&nbsp; $213008 |
| &nbsp;&nbsp; JNL Multi-Manager Small Cap Growth Fund | &nbsp;&nbsp; $2478193556 | &nbsp;&nbsp; $1770843 |
| &nbsp;&nbsp; JNL Multi-Manager Small Cap Value Fund | &nbsp;&nbsp; $669307113 | &nbsp;&nbsp; $449161 |
| &nbsp;&nbsp; JNL Multi-Manager Select Equity Fund | &nbsp;&nbsp; $349150285 | &nbsp;&nbsp; $111118 |
| &nbsp;&nbsp; JNL/AB Sustainable Global Thematic Fund | &nbsp;&nbsp; $3459751 | &nbsp;&nbsp; $2363 |
| &nbsp;&nbsp; JNL/BlackRock Global Allocation Fund | &nbsp;&nbsp; $1843994991 | &nbsp;&nbsp; $526253 |
| &nbsp;&nbsp; JNL/BlackRock Global Natural Resources Fund | &nbsp;&nbsp; $114957302 | &nbsp;&nbsp; $96173 |
| &nbsp;&nbsp; JNL/BlackRock Large Cap Select Growth Fund | &nbsp;&nbsp; $2369932369 | &nbsp;&nbsp; $317188 |
| &nbsp;&nbsp; JNL/Causeway International Value Select Fund | &nbsp;&nbsp; $666169657 | &nbsp;&nbsp; $647088 |
| &nbsp;&nbsp; JNL/Cohen & Steers U.S. Realty Fund | &nbsp;&nbsp; $508916021 | &nbsp;&nbsp; $294104 |
| &nbsp;&nbsp; JNL/DFA U.S. Core Equity Fund | &nbsp;&nbsp; $194390 | &nbsp;&nbsp; $549 |
| &nbsp;&nbsp; JNL/DFA U.S. Small Cap Fund | &nbsp;&nbsp; $115196 | &nbsp;&nbsp; $215 |
| &nbsp;&nbsp; JNL/Fidelity Institutional AM® & JPMorgan Large Cap Growth Fund | &nbsp;&nbsp; $320575523 | &nbsp;&nbsp; $91843 |
| &nbsp;&nbsp; JNL/First Sentier Global Infrastructure Fund | &nbsp;&nbsp; $333915617 | &nbsp;&nbsp; $99878 |
| &nbsp;&nbsp; JNL/Franklin Templeton Income Fund | &nbsp;&nbsp; $192337293 | &nbsp;&nbsp; $99544 |
| &nbsp;&nbsp; JNL/GQG Emerging Markets Equity Fund | &nbsp;&nbsp; $146731244 | &nbsp;&nbsp; $123862 |
| &nbsp;&nbsp; JNL/Invesco Global Growth Fund | &nbsp;&nbsp; $715098323 | &nbsp;&nbsp; $365371 |
| &nbsp;&nbsp; JNL/Invesco Small Cap Growth Fund | &nbsp;&nbsp; $1885424342 | &nbsp;&nbsp; $960921 |
| &nbsp;&nbsp; JNL/JPMorgan Global Allocation Fund | &nbsp;&nbsp; $61079287 | &nbsp;&nbsp; $48021 |
| &nbsp;&nbsp; JNL/JPMorgan Hedged Equity Fund | &nbsp;&nbsp; $60729339 | &nbsp;&nbsp; $14539 |
| &nbsp;&nbsp; JNL/JPMorgan MidCap Growth Fund | &nbsp;&nbsp; $1495091881 | &nbsp;&nbsp; $385809 |
| &nbsp;&nbsp; JNL/JPMorgan U.S. Value Fund | &nbsp;&nbsp; $272671745 | &nbsp;&nbsp; $59197 |
| &nbsp;&nbsp; JNL/Lazard International Quality Growth Fund | &nbsp;&nbsp; $306962745 | &nbsp;&nbsp; $298613 |
| &nbsp;&nbsp; JNL/Loomis Sayles Global Growth Fund | &nbsp;&nbsp; $159704312 | &nbsp;&nbsp; $90609 |
| &nbsp;&nbsp; JNL/Mellon Industrials Sector Fund | &nbsp;&nbsp; $103201 | &nbsp;&nbsp; $21 |
| &nbsp;&nbsp; JNL/Mellon Materials Sector Fund | &nbsp;&nbsp; $66381 | &nbsp;&nbsp; $13 |
| &nbsp;&nbsp; JNL/MFS Equity Income Fund | &nbsp;&nbsp; $624227114 | &nbsp;&nbsp; $258287 |
| &nbsp;&nbsp; JNL/MFS Mid Cap Value Fund | &nbsp;&nbsp; $85195293 | &nbsp;&nbsp; $45332 |
| &nbsp;&nbsp; JNL/Morningstar PitchBook Listed Private Equity Index Fund | &nbsp;&nbsp; $11247 | &nbsp;&nbsp; $2 |
| &nbsp;&nbsp; JNL/Neuberger Berman Gold Plus Strategy Fund | &nbsp;&nbsp; $1187202 | &nbsp;&nbsp; $699 |
| &nbsp;&nbsp; JNL/Newton Equity Income Fund | &nbsp;&nbsp; $810308163 | &nbsp;&nbsp; $389013 |
| &nbsp;&nbsp; JNL/PIMCO Income Fund | &nbsp;&nbsp; $6985 | &nbsp;&nbsp; $6 |
| &nbsp;&nbsp; JNL/T. Rowe Price Balanced Fund | &nbsp;&nbsp; $85260476 | &nbsp;&nbsp; $35067 |
| &nbsp;&nbsp; JNL/T. Rowe Price Capital Appreciation Fund | &nbsp;&nbsp; $2198209225 | &nbsp;&nbsp; $571328 |
| &nbsp;&nbsp; JNL/T. Rowe Price Growth Stock Fund | &nbsp;&nbsp; $2028792169 | &nbsp;&nbsp; $516397 |
| &nbsp;&nbsp; JNL/T. Rowe Price Mid-Cap Growth Fund | &nbsp;&nbsp; $1419557854 | &nbsp;&nbsp; $514052 |
| &nbsp;&nbsp; JNL/T. Rowe Price Value Fund | &nbsp;&nbsp; $2879394618 | &nbsp;&nbsp; $947132 |
| &nbsp;&nbsp; JNL/WCM China Quality Growth Fund | &nbsp;&nbsp; $3590757 | &nbsp;&nbsp; $7293 |
| &nbsp;&nbsp; JNL/WCM Focused International Equity Fund | &nbsp;&nbsp; $683018476 | &nbsp;&nbsp; $639302 |
| &nbsp;&nbsp; JNL/Westchester Capital Event Driven Fund | &nbsp;&nbsp; $89031237 | &nbsp;&nbsp; $70671 |
| &nbsp;&nbsp; JNL/WMC Balanced Fund | &nbsp;&nbsp; $3731381817 | &nbsp;&nbsp; $1142837 |
| &nbsp;&nbsp; JNL/WMC Equity Income Fund | &nbsp;&nbsp; $576998394 | &nbsp;&nbsp; $257795 |
| &nbsp;&nbsp; JNL/WMC Global Real Estate Fund | &nbsp;&nbsp; $376294272 | &nbsp;&nbsp; $418331 |
| &nbsp;&nbsp; JNL/WMC Value Fund | &nbsp;&nbsp; $384465408 | &nbsp;&nbsp; $188808 |
| &nbsp;&nbsp; JNL Emerging Markets Index Fund | &nbsp;&nbsp; $2314783 | &nbsp;&nbsp; $5570 |

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The estimates above are based upon custody data provided to Capital Institutional Services, Inc., a third-party transaction cost analysis provider, using the following methodology: Total Commissions minus transactions executed at discounted rates and/or directed to the funds' commission recapture program equals total research commissions. U.S. dollar ("USD") transactions executed at commission rates below $0.02 per share, non-USD developed market transactions executed at 8 basis points and below, and non-USD emerging market transactions executed at 12 basis points and below are considered to be executed at discounted rates. For example, Commission paid on USD transactions at rates at or above $0.02 per share and not directed for commission recapture are assumed to be paid to brokers that provide research and brokerage services within the scope of Section 28(e) of the Securities and Exchange Act of 1934. Commissions paid on fixed price offerings and transactions in futures and options are not included in this analysis.

Pursuant to the Trust's Directed Brokerage Guidelines, the Trust is authorized to enter into agreements or arrangements pursuant to which the Trust may direct JNAM, in its capacity as the Trust's investment adviser, and each of the Sub-Advisers retained by JNAM (and approved by the Trust) to manage certain of the Funds (each a "Sub-Adviser"), acting as agents for the Trust or its Funds to execute orders for the purchase or sale of portfolio securities with broker-dealers that have agreed to direct a portion of the brokerage commissions paid by the Funds back to the Funds.

In addition, in selecting broker-dealers to execute orders for the purchase or sale of portfolio securities for a Fund, JNAM and the Sub-Advisers, may not take into account the broker-dealers' promotion or sale of variable contracts that invest in Fund shares. The Trust, JNAM, the Sub-Advisers and JNLD, the principal underwriter for the Trust, may not enter into any agreement (whether oral or written) or other understanding under which the Trust directs or is expected to direct to a broker-dealer, in consideration for the promotion or sale of shares issued by the Trust or any other registered investment company, portfolio securities transactions, or any remuneration, including but not limited to any commission, mark-up, mark-down, or other fee (or portion thereof) received or to be received from the Trust's portfolio transactions effected through any other broker-dealer.

From time to time, the Board will review whether the Sub-Adviser's use of the recapture program for the benefit of the Funds, and the portion of the compensation paid by the Fund on the portfolio transactions is legally permissible and advisable. The Board intends to continue to review whether recapture opportunities are legally permissible and, if so, to determine in the exercise of its business judgment whether it would be advisable for the Funds to participate, or continue to participate, in the commission recapture program.

Subject to Rule 17e-1 under the 1940 Act, portfolio transactions for a Fund may be executed on an agency basis through broker-dealers that are affiliated with the Trust, the Adviser, or a Sub-Adviser, if, in the Sub-Adviser's judgment, the use of such affiliated broker-dealer is likely to result in price and execution at least as favorable as those of other qualified broker-dealers, and if, in the transaction, the affiliated broker-dealer charges the Fund a commission rate consistent with those charged by the affiliated broker-dealer to comparable unaffiliated customers in similar transactions. The Board has adopted procedures and such transactions are reported to the Board on a regular basis.

Subject to compliance with Rule 10f-3 under the 1940 Act, Sub-Advisers are permitted to purchase securities from an underwriting syndicate in which an affiliate of the Sub-Adviser is a member. The Board has adopted procedures and all such transactions are reported to the Board on a regular basis.

Subject to compliance with Rule 17a-7 under the 1940 Act, Sub-Advisers are permitted to cause a Fund to purchase securities from or sell securities to another account, including another investment company, advised by the Sub-Adviser. The Board has adopted procedures and all such transactions are reported to the Board on a regular basis.

There are occasions when portfolio transactions for a Fund are executed as part of concurrent authorizations to purchase or sell the same security for the Fund and for other accounts served by the Adviser or a Sub-Adviser, or an affiliated company. Although such concurrent authorizations potentially could be either advantageous or disadvantageous to a Fund, they are effected only when the Adviser or the Sub-Adviser believes that to do so is in the interest of a Fund and the other accounts participating. When such concurrent authorizations occur, the executions will be allocated in an equitable manner.

During the past three fiscal years, the following Funds paid the following amounts in brokerage commissions for portfolio transactions: [to be updated by amendment]

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| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp; **Fund** | &nbsp;&nbsp; **December 31, 2024** | &nbsp;&nbsp; **December 31, 2023** | &nbsp;&nbsp; **December 31, 2022** |
| &nbsp;&nbsp; JNL/American Funds Balanced Fund | &nbsp;&nbsp; N/A | &nbsp;&nbsp; N/A | &nbsp;&nbsp; N/A |
| &nbsp;&nbsp; JNL/American Funds Bond Fund of America Fund | &nbsp;&nbsp; N/A | &nbsp;&nbsp; N/A | &nbsp;&nbsp; N/A |
| &nbsp;&nbsp; JNL/American Funds Capital Income Builder Fund | &nbsp;&nbsp; N/A | &nbsp;&nbsp; N/A | &nbsp;&nbsp; N/A |
| &nbsp;&nbsp; JNL/American Funds Capital World Bond Fund | &nbsp;&nbsp; N/A | &nbsp;&nbsp; N/A | &nbsp;&nbsp; N/A |
| &nbsp;&nbsp; JNL/American Funds Global Growth Fund | &nbsp;&nbsp; N/A | &nbsp;&nbsp; N/A | &nbsp;&nbsp; N/A |
| &nbsp;&nbsp; JNL/American Funds Growth Fund | &nbsp;&nbsp; N/A | &nbsp;&nbsp; N/A | &nbsp;&nbsp; N/A |
| &nbsp;&nbsp; JNL/American Funds Growth-Income Fund | &nbsp;&nbsp; N/A | &nbsp;&nbsp; N/A | &nbsp;&nbsp; N/A |
| &nbsp;&nbsp; JNL/American Funds International Fund | &nbsp;&nbsp; N/A | &nbsp;&nbsp; N/A | &nbsp;&nbsp; N/A |
| &nbsp;&nbsp; JNL/American Funds New World Fund | &nbsp;&nbsp; N/A | &nbsp;&nbsp; N/A | &nbsp;&nbsp; N/A |
| &nbsp;&nbsp; JNL/American Funds® Washington Mutual Investors Fund | &nbsp;&nbsp; N/A | &nbsp;&nbsp; N/A | &nbsp;&nbsp; N/A |
| &nbsp;&nbsp; JNL Multi-Manager Alternative Fund | &nbsp;&nbsp; $689108 | &nbsp;&nbsp; $945316 | &nbsp;&nbsp; $1223989 |
| &nbsp;&nbsp; JNL Multi-Manager Emerging Markets Equity Fund | &nbsp;&nbsp; $1485785 | &nbsp;&nbsp; $912576 | &nbsp;&nbsp; $1243646 |
| &nbsp;&nbsp; JNL Multi-Manager Floating Rate Income Fund | &nbsp;&nbsp; N/A | &nbsp;&nbsp; N/A | &nbsp;&nbsp; $35875 |
| &nbsp;&nbsp; JNL Multi-Manager Global Small Cap Fund | &nbsp;&nbsp; N/A | &nbsp;&nbsp; N/A | &nbsp;&nbsp; N/A |
| &nbsp;&nbsp; JNL Multi-Manager International Equity Fund | &nbsp;&nbsp; $762051 | &nbsp;&nbsp; $417411 | &nbsp;&nbsp; $1267591 |
| &nbsp;&nbsp; JNL Multi-Manager International Small Cap Fund | &nbsp;&nbsp; $651835 | &nbsp;&nbsp; $496406 | &nbsp;&nbsp; $546310 |
| &nbsp;&nbsp; JNL Multi-Manager Mid Cap Fund | &nbsp;&nbsp; $504307 | &nbsp;&nbsp; $449929 | &nbsp;&nbsp; $525790 |
| &nbsp;&nbsp; JNL Multi-Manager Small Cap Growth Fund | &nbsp;&nbsp; $2116727 | &nbsp;&nbsp; $1999906 | &nbsp;&nbsp; $2815124 |
| &nbsp;&nbsp; JNL Multi-Manager Small Cap Value Fund | &nbsp;&nbsp; $614043 | &nbsp;&nbsp; $555542 | &nbsp;&nbsp; $710592 |
| &nbsp;&nbsp; JNL Multi-Manager Select Equity Fund<sup>1</sup> | &nbsp;&nbsp; $306357 | &nbsp;&nbsp; $91152 | &nbsp;&nbsp; $64294 |
| &nbsp;&nbsp; JNL Moderate ETF Allocation Fund | &nbsp;&nbsp; $9788 | &nbsp;&nbsp; $4478 | &nbsp;&nbsp; $5321 |
| &nbsp;&nbsp; JNL Moderate Growth ETF Allocation Fund | &nbsp;&nbsp; $15324 | &nbsp;&nbsp; $5499 | &nbsp;&nbsp; $8688 |
| &nbsp;&nbsp; JNL Growth ETF Allocation Fund | &nbsp;&nbsp; $17226 | &nbsp;&nbsp; $5944 | &nbsp;&nbsp; $8340 |
| &nbsp;&nbsp; JNL/American Funds Moderate Allocation Fund<sup>2</sup> | &nbsp;&nbsp; N/A | &nbsp;&nbsp; N/A | &nbsp;&nbsp; N/A |
| &nbsp;&nbsp; JNL/American Funds Moderate Growth Allocation Fund | &nbsp;&nbsp; N/A | &nbsp;&nbsp; N/A | &nbsp;&nbsp; N/A |
| &nbsp;&nbsp; JNL/American Funds Growth Allocation Fund | &nbsp;&nbsp; N/A | &nbsp;&nbsp; N/A | &nbsp;&nbsp; N/A |
| &nbsp;&nbsp; JNL/AB Sustainable Global Thematic Fund<sup>3</sup> | &nbsp;&nbsp; $7052 | &nbsp;&nbsp; $5134 | &nbsp;&nbsp; $3774 |
| &nbsp;&nbsp; JNL/AQR Large Cap Defensive Style Fund | &nbsp;&nbsp; $2272 | &nbsp;&nbsp; $3111 | &nbsp;&nbsp; $3359 |
| &nbsp;&nbsp; JNL/BlackRock Global Allocation Fund | &nbsp;&nbsp; $2698585 | &nbsp;&nbsp; $2577521 | &nbsp;&nbsp; $2567436 |
| &nbsp;&nbsp; JNL/BlackRock Global Natural Resources Fund | &nbsp;&nbsp; $401907 | &nbsp;&nbsp; $315841 | &nbsp;&nbsp; $617955 |
| &nbsp;&nbsp; JNL/BlackRock Large Cap Select Growth Fund | &nbsp;&nbsp; $354534 | &nbsp;&nbsp; $368373 | &nbsp;&nbsp; $806425 |
| &nbsp;&nbsp; JNL/Causeway International Value Select Fund | &nbsp;&nbsp; $1296678 | &nbsp;&nbsp; $1153370 | &nbsp;&nbsp; $1169521 |
| &nbsp;&nbsp; JNL/Cohen & Steers U.S. Realty Fund | &nbsp;&nbsp; $357625 | &nbsp;&nbsp; $358636 | &nbsp;&nbsp; $604344 |
| &nbsp;&nbsp; JNL/DFA International Core Equity Fund | &nbsp;&nbsp; $34995 | &nbsp;&nbsp; $53350 | &nbsp;&nbsp; $42784 |
| &nbsp;&nbsp; JNL/DFA U.S. Core Equity Fund | &nbsp;&nbsp; $27281 | &nbsp;&nbsp; $23211 | &nbsp;&nbsp; $24644 |
| &nbsp;&nbsp; JNL/DFA U.S. Small Cap Fund | &nbsp;&nbsp; $49561 | &nbsp;&nbsp; $66361 | &nbsp;&nbsp; $54188 |
| &nbsp;&nbsp; JNL/DoubleLine® Core Fixed Income Fund | &nbsp;&nbsp; $201884 | &nbsp;&nbsp; $10 | &nbsp;&nbsp; $128 |
| &nbsp;&nbsp; JNL/DoubleLine® Emerging Markets Fixed Income Fund | &nbsp;&nbsp; N/A | &nbsp;&nbsp; N/A | &nbsp;&nbsp; N/A |
| &nbsp;&nbsp; JNL/DoubleLine® Shiller Enhanced CAPE® Fund | &nbsp;&nbsp; N/A | &nbsp;&nbsp; N/A | &nbsp;&nbsp; $102 |
| &nbsp;&nbsp; JNL/DoubleLine® Total Return Fund | &nbsp;&nbsp; $148769 | &nbsp;&nbsp; N/A | &nbsp;&nbsp; N/A |
| &nbsp;&nbsp; JNL/Dreyfus Government Money Market Fund | &nbsp;&nbsp; N/A | &nbsp;&nbsp; N/A | &nbsp;&nbsp; N/A |
| &nbsp;&nbsp; JNL/Fidelity Institutional AM® & JPMorgan Large Cap Growth Fund | &nbsp;&nbsp; $126354 | &nbsp;&nbsp; $97845 | &nbsp;&nbsp; $107653 |
| &nbsp;&nbsp; JNL/Fidelity Institutional Asset Management® Total Bond Fund | &nbsp;&nbsp; $23077 | &nbsp;&nbsp; $15686 | &nbsp;&nbsp; $5434 |
| &nbsp;&nbsp; JNL/First Sentier Global Infrastructure Fund | &nbsp;&nbsp; $284376 | &nbsp;&nbsp; $313823 | &nbsp;&nbsp; $380379 |
| &nbsp;&nbsp; JNL/Franklin Templeton Income Fund | &nbsp;&nbsp; $135443 | &nbsp;&nbsp; $194723 | &nbsp;&nbsp; $213677 |
| &nbsp;&nbsp; JNL/Goldman Sachs 4 Fund | &nbsp;&nbsp; $160144 | &nbsp;&nbsp; $211980 | &nbsp;&nbsp; $244614 |
| &nbsp;&nbsp; JNL/GQG Emerging Markets Equity Fund | &nbsp;&nbsp; $822630 | &nbsp;&nbsp; $641568 | &nbsp;&nbsp; $928550 |
| &nbsp;&nbsp; JNL/Invesco Global Growth Fund | &nbsp;&nbsp; $531942 | &nbsp;&nbsp; $310018 | &nbsp;&nbsp; $441945 |
| &nbsp;&nbsp; JNL/Invesco Small Cap Growth Fund | &nbsp;&nbsp; $1149989 | &nbsp;&nbsp; $1176947 | &nbsp;&nbsp; $895975 |
| &nbsp;&nbsp; JNL/JPMorgan Global Allocation Fund | &nbsp;&nbsp; $338734 | &nbsp;&nbsp; $346393 | &nbsp;&nbsp; $486070 |
| &nbsp;&nbsp; JNL/JPMorgan Hedged Equity Fund | &nbsp;&nbsp; $216900 | &nbsp;&nbsp; $215111 | &nbsp;&nbsp; $226101 |
| &nbsp;&nbsp; JNL/JPMorgan MidCap Growth Fund | &nbsp;&nbsp; $888206 | &nbsp;&nbsp; $645065 | &nbsp;&nbsp; $572311 |

---

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| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp; **Fund** | &nbsp;&nbsp; **December 31, 2024** | &nbsp;&nbsp; **December 31, 2023** | &nbsp;&nbsp; **December 31, 2022** |
| &nbsp;&nbsp; JNL/JPMorgan Nasdaq® Hedged Equity Fund<sup>2</sup> | &nbsp;&nbsp; $5236 | &nbsp;&nbsp; N/A | &nbsp;&nbsp; N/A |
| &nbsp;&nbsp; JNL/JPMorgan U.S. Government & Quality Bond Fund | &nbsp;&nbsp; N/A | &nbsp;&nbsp; N/A | &nbsp;&nbsp; N/A |
| &nbsp;&nbsp; JNL/JPMorgan U.S. Value Fund | &nbsp;&nbsp; $150408 | &nbsp;&nbsp; $121907 | &nbsp;&nbsp; $91991 |
| &nbsp;&nbsp; JNL/Lazard International Quality Growth Fund | &nbsp;&nbsp; $680414 | &nbsp;&nbsp; $342819 | &nbsp;&nbsp; $346082 |
| &nbsp;&nbsp; JNL/Loomis Sayles Global Growth Fund | &nbsp;&nbsp; $141584 | &nbsp;&nbsp; $153845 | &nbsp;&nbsp; $166025 |
| &nbsp;&nbsp; JNL/Lord Abbett Short Duration Income Fund | &nbsp;&nbsp; $19659 | &nbsp;&nbsp; $27704 | &nbsp;&nbsp; $26539 |
| &nbsp;&nbsp; JNL/Mellon DowSM Index Fund | &nbsp;&nbsp; $12272 | &nbsp;&nbsp; $6866 | &nbsp;&nbsp; $6684 |
| &nbsp;&nbsp; JNL/Mellon Emerging Markets Index Fund | &nbsp;&nbsp; N/A | &nbsp;&nbsp; N/A | &nbsp;&nbsp; N/A |
| &nbsp;&nbsp; JNL/Mellon World Index Fund | &nbsp;&nbsp; $2665 | &nbsp;&nbsp; $3540 | &nbsp;&nbsp; $3778 |
| &nbsp;&nbsp; JNL/Mellon Nasdaq® 100 Index Fund | &nbsp;&nbsp; $26978 | &nbsp;&nbsp; $15937 | &nbsp;&nbsp; $23378 |
| &nbsp;&nbsp; JNL/Mellon S&P 500 Index Fund | &nbsp;&nbsp; $39977 | &nbsp;&nbsp; $20298 | &nbsp;&nbsp; $26540 |
| &nbsp;&nbsp; JNL/Mellon S&P 400 MidCap Index Fund | &nbsp;&nbsp; N/A | &nbsp;&nbsp; N/A | &nbsp;&nbsp; N/A |
| &nbsp;&nbsp; JNL/Mellon Small Cap Index Fund | &nbsp;&nbsp; N/A | &nbsp;&nbsp; N/A | &nbsp;&nbsp; N/A |
| &nbsp;&nbsp; JNL/Mellon International Index Fund | &nbsp;&nbsp; N/A | &nbsp;&nbsp; N/A | &nbsp;&nbsp; N/A |
| &nbsp;&nbsp; JNL/Mellon Bond Index Fund | &nbsp;&nbsp; N/A | &nbsp;&nbsp; N/A | &nbsp;&nbsp; N/A |
| &nbsp;&nbsp; JNL/Mellon U.S. Stock Market Index Fund | &nbsp;&nbsp; $41522 | &nbsp;&nbsp; $32819 | &nbsp;&nbsp; $37687 |
| &nbsp;&nbsp; JNL/Mellon Communication Services Sector Fund | &nbsp;&nbsp; $29925 | &nbsp;&nbsp; $21562 | &nbsp;&nbsp; $5448 |
| &nbsp;&nbsp; JNL/Mellon Consumer Discretionary Sector Fund | &nbsp;&nbsp; $17705 | &nbsp;&nbsp; $13966 | &nbsp;&nbsp; $16731 |
| &nbsp;&nbsp; JNL/Mellon Consumer Staples Sector Fund | &nbsp;&nbsp; $12092 | &nbsp;&nbsp; $17532 | &nbsp;&nbsp; $26246 |
| &nbsp;&nbsp; JNL/Mellon Energy Sector Fund | &nbsp;&nbsp; $60260 | &nbsp;&nbsp; $90667 | &nbsp;&nbsp; $147819 |
| &nbsp;&nbsp; JNL/Mellon Financial Sector Fund | &nbsp;&nbsp; $22095 | &nbsp;&nbsp; $23024 | &nbsp;&nbsp; $27936 |
| &nbsp;&nbsp; JNL/Mellon Healthcare Sector Fund | &nbsp;&nbsp; $26381 | &nbsp;&nbsp; $26266 | &nbsp;&nbsp; $20502 |
| &nbsp;&nbsp; JNL/Mellon Industrials Sector Fund | &nbsp;&nbsp; $6506 | &nbsp;&nbsp; $5919 | &nbsp;&nbsp; $6416 |
| &nbsp;&nbsp; JNL/Mellon Information Technology Sector Fund | &nbsp;&nbsp; $37875 | &nbsp;&nbsp; $18977 | &nbsp;&nbsp; $37467 |
| &nbsp;&nbsp; JNL/Mellon Materials Sector Fund | &nbsp;&nbsp; $6066 | &nbsp;&nbsp; $11019 | &nbsp;&nbsp; $13648 |
| &nbsp;&nbsp; JNL/Mellon Real Estate Sector Fund | &nbsp;&nbsp; $6866 | &nbsp;&nbsp; $5608 | &nbsp;&nbsp; $11736 |
| &nbsp;&nbsp; JNL S&P 500 Index Fund | &nbsp;&nbsp; $2293 | &nbsp;&nbsp; $2358 | &nbsp;&nbsp; $2543 |
| &nbsp;&nbsp; JNL/Mellon Utilities Sector Fund | &nbsp;&nbsp; $28924 | &nbsp;&nbsp; $24260 | &nbsp;&nbsp; $41171 |
| &nbsp;&nbsp; JNL/MFS Equity Income Fund | &nbsp;&nbsp; $371137 | &nbsp;&nbsp; $264943 | &nbsp;&nbsp; $208257 |
| &nbsp;&nbsp; JNL/MFS Mid Cap Value Fund | &nbsp;&nbsp; $218033 | &nbsp;&nbsp; $230421 | &nbsp;&nbsp; $248340 |
| &nbsp;&nbsp; JNL/Morningstar PitchBook Listed Private Equity Index Fund | &nbsp;&nbsp; $2279 | &nbsp;&nbsp; $2357 | &nbsp;&nbsp; $2379 |
| &nbsp;&nbsp; JNL/Morningstar SMID Moat Focus Index Fund<sup>4</sup> | &nbsp;&nbsp; $2499 | &nbsp;&nbsp; N/A | &nbsp;&nbsp; N/A |
| &nbsp;&nbsp; JNL/Morningstar U.S. Sustainability Index Fund | &nbsp;&nbsp; $7160 | &nbsp;&nbsp; $4056 | &nbsp;&nbsp; $11218 |
| &nbsp;&nbsp; JNL/Morningstar Wide Moat Index Fund | &nbsp;&nbsp; $19242 | &nbsp;&nbsp; $23982 | &nbsp;&nbsp; $10210 |
| &nbsp;&nbsp; JNL/Neuberger Berman Commodity Strategy Fund | &nbsp;&nbsp; $47171 | &nbsp;&nbsp; $203348 | &nbsp;&nbsp; $183841 |
| &nbsp;&nbsp; JNL/Neuberger Berman Gold Plus Strategy Fund<sup>3</sup> | &nbsp;&nbsp; $9523 | &nbsp;&nbsp; $5696 | &nbsp;&nbsp; $3667 |
| &nbsp;&nbsp; JNL/Neuberger Berman Strategic Income Fund | &nbsp;&nbsp; $66305 | &nbsp;&nbsp; $74631 | &nbsp;&nbsp; $81232 |
| &nbsp;&nbsp; JNL/Newton Equity Income Fund | &nbsp;&nbsp; $985444 | &nbsp;&nbsp; $839577 | &nbsp;&nbsp; $864914 |
| &nbsp;&nbsp; JNL/PIMCO Income Fund | &nbsp;&nbsp; $37483 | &nbsp;&nbsp; $19461 | &nbsp;&nbsp; $22155 |
| &nbsp;&nbsp; JNL/PIMCO Investment Grade Credit Bond Fund | &nbsp;&nbsp; $13911 | &nbsp;&nbsp; $6375 | &nbsp;&nbsp; $3923 |
| &nbsp;&nbsp; JNL/PIMCO Real Return Fund | &nbsp;&nbsp; $78472 | &nbsp;&nbsp; $84923 | &nbsp;&nbsp; $75353 |
| &nbsp;&nbsp; JNL/PPM America Emerging Markets Debt Fund<sup>5</sup> | &nbsp;&nbsp; N/A | &nbsp;&nbsp; N/A | &nbsp;&nbsp; N/A |
| &nbsp;&nbsp; JNL/PPM America High Yield Bond Fund | &nbsp;&nbsp; N/A | &nbsp;&nbsp; N/A | &nbsp;&nbsp; N/A |
| &nbsp;&nbsp; JNL/PPM America Investment Grade Credit Fund<sup>4</sup> | &nbsp;&nbsp; $3317 | &nbsp;&nbsp; N/A | &nbsp;&nbsp; N/A |
| &nbsp;&nbsp; JNL/PPM America Total Return Fund | &nbsp;&nbsp; $61997 | &nbsp;&nbsp; $46579 | &nbsp;&nbsp; $57578 |
| &nbsp;&nbsp; JNL/RAFI® Fundamental U.S. Small Cap Fund | &nbsp;&nbsp; $8911 | &nbsp;&nbsp; $8693 | &nbsp;&nbsp; $10673 |
| &nbsp;&nbsp; JNL/RAFI® Multi-Factor U.S. Equity Fund | &nbsp;&nbsp; $20789 | &nbsp;&nbsp; $16908 | &nbsp;&nbsp; $20701 |
| &nbsp;&nbsp; JNL/T. Rowe Price Balanced Fund | &nbsp;&nbsp; $60648 | &nbsp;&nbsp; $61611 | &nbsp;&nbsp; $85600 |
| &nbsp;&nbsp; JNL/T. Rowe Price Capital Appreciation Fund | &nbsp;&nbsp; $1427671 | &nbsp;&nbsp; $1132031 | &nbsp;&nbsp; $1486108 |
| &nbsp;&nbsp; JNL/T. Rowe Price Capital Appreciation Equity Fund<sup>2</sup> | &nbsp;&nbsp; $51802 | &nbsp;&nbsp; N/A | &nbsp;&nbsp; N/A |
| &nbsp;&nbsp; JNL/T. Rowe Price Growth Stock Fund | &nbsp;&nbsp; $1016474 | &nbsp;&nbsp; $687078 | &nbsp;&nbsp; $770530 |
| &nbsp;&nbsp; JNL/T. Rowe Price Mid-Cap Growth Fund | &nbsp;&nbsp; $696935 | &nbsp;&nbsp; $635709 | &nbsp;&nbsp; $950759 |
| &nbsp;&nbsp; JNL/T. Rowe Price Short-Term Bond Fund | &nbsp;&nbsp; $43113 | &nbsp;&nbsp; $29546 | &nbsp;&nbsp; $27452 |

---

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| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **Fund** | &nbsp;&nbsp; **December 31, 2024** | &nbsp;&nbsp; **December 31, 2023** | &nbsp;&nbsp; **December 31, 2022** |
|  | &nbsp;&nbsp; JNL/T. Rowe Price U.S. High Yield Fund | &nbsp;&nbsp; N/A | &nbsp;&nbsp; N/A | &nbsp;&nbsp; $50 |
|  | &nbsp;&nbsp; JNL/T. Rowe Price Value Fund | &nbsp;&nbsp; $1256889 | &nbsp;&nbsp; $1159847 | &nbsp;&nbsp; $3437679 |
|  | &nbsp;&nbsp; JNL/Vanguard Moderate ETF Allocation Fund | &nbsp;&nbsp; $13879 | &nbsp;&nbsp; $13551 | &nbsp;&nbsp; $10084 |
|  | &nbsp;&nbsp; JNL/Vanguard Moderate Growth ETF Allocation Fund | &nbsp;&nbsp; $21009 | &nbsp;&nbsp; $18193 | &nbsp;&nbsp; $10777 |
|  | &nbsp;&nbsp; JNL/Vanguard Growth ETF Allocation Fund | &nbsp;&nbsp; $55200 | &nbsp;&nbsp; $33583 | &nbsp;&nbsp; $18238 |
|  | &nbsp;&nbsp; JNL/WCM China Quality Growth Fund | &nbsp;&nbsp; $13611 | &nbsp;&nbsp; $16032 | &nbsp;&nbsp; $11927 |
|  | &nbsp;&nbsp; JNL/WCM Focused International Equity Fund | &nbsp;&nbsp; $1087895 | &nbsp;&nbsp; $726606 | &nbsp;&nbsp; $969106 |
|  | &nbsp;&nbsp; JNL/Westchester Capital Event Driven Fund | &nbsp;&nbsp; $161663 | &nbsp;&nbsp; $352253 | &nbsp;&nbsp; $313630 |
|  | &nbsp;&nbsp; JNL/WMC Balanced Fund | &nbsp;&nbsp; $1459018 | &nbsp;&nbsp; $917552 | &nbsp;&nbsp; $751824 |
|  | &nbsp;&nbsp; JNL/WMC Equity Income Fund | &nbsp;&nbsp; $351511 | &nbsp;&nbsp; $383648 | &nbsp;&nbsp; $255951 |
|  | &nbsp;&nbsp; JNL/WMC Global Real Estate Fund | &nbsp;&nbsp; $667215 | &nbsp;&nbsp; $1181450 | &nbsp;&nbsp; $1004813 |
|  | &nbsp;&nbsp; JNL/WMC Value Fund | &nbsp;&nbsp; $321568 | &nbsp;&nbsp; $261926 | &nbsp;&nbsp; $259171 |
|  | &nbsp;&nbsp; JNL/JPMorgan Managed Conservative Fund | &nbsp;&nbsp; N/A | &nbsp;&nbsp; N/A | &nbsp;&nbsp; N/A |
|  | &nbsp;&nbsp; JNL/JPMorgan Managed Moderate Fund | &nbsp;&nbsp; N/A | &nbsp;&nbsp; N/A | &nbsp;&nbsp; N/A |
|  | &nbsp;&nbsp; JNL/JPMorgan Managed Moderate Growth Fund | &nbsp;&nbsp; N/A | &nbsp;&nbsp; N/A | &nbsp;&nbsp; N/A |
|  | &nbsp;&nbsp; JNL/JPMorgan Managed Growth Fund | &nbsp;&nbsp; N/A | &nbsp;&nbsp; N/A | &nbsp;&nbsp; N/A |
|  | &nbsp;&nbsp; JNL/JPMorgan Managed Aggressive Growth Fund | &nbsp;&nbsp; N/A | &nbsp;&nbsp; N/A | &nbsp;&nbsp; N/A |
|  | &nbsp;&nbsp; JNL Conservative Allocation Fund | &nbsp;&nbsp; N/A | &nbsp;&nbsp; N/A | &nbsp;&nbsp; N/A |
|  | &nbsp;&nbsp; JNL Moderate Allocation Fund | &nbsp;&nbsp; N/A | &nbsp;&nbsp; N/A | &nbsp;&nbsp; N/A |
|  | &nbsp;&nbsp; JNL Moderate Growth Allocation Fund | &nbsp;&nbsp; N/A | &nbsp;&nbsp; N/A | &nbsp;&nbsp; N/A |
|  | &nbsp;&nbsp; JNL Growth Allocation Fund | &nbsp;&nbsp; N/A | &nbsp;&nbsp; $175 | &nbsp;&nbsp; N/A |
|  | &nbsp;&nbsp; JNL Aggressive Growth Allocation Fund | &nbsp;&nbsp; N/A | &nbsp;&nbsp; N/A | &nbsp;&nbsp; N/A |
|  | &nbsp;&nbsp; JNL Bond Index Fund | &nbsp;&nbsp; N/A | &nbsp;&nbsp; N/A | &nbsp;&nbsp; N/A |
|  | &nbsp;&nbsp; JNL Emerging Markets Index Fund | &nbsp;&nbsp; $102613 | &nbsp;&nbsp; $153717 | &nbsp;&nbsp; $118944 |
|  | &nbsp;&nbsp; JNL International Index Fund | &nbsp;&nbsp; $66526 | &nbsp;&nbsp; $59611 | &nbsp;&nbsp; $42766 |
|  | &nbsp;&nbsp; JNL Mid Cap Index Fund | &nbsp;&nbsp; $26839 | &nbsp;&nbsp; $11781 | &nbsp;&nbsp; $14313 |
|  | &nbsp;&nbsp; JNL Small Cap Index Fund | &nbsp;&nbsp; $56286 | &nbsp;&nbsp; $42527 | &nbsp;&nbsp; $31414 |
| <sup>1</sup> | The Fund commenced operations November 15, 2022. | The Fund commenced operations November 15, 2022. | &nbsp;&nbsp; _ | &nbsp;&nbsp; _ |
| <sup>2</sup> | The Fund commenced operations October 21, 2024. | The Fund commenced operations October 21, 2024. | &nbsp;&nbsp; _ | &nbsp;&nbsp; _ |
| <sup>3</sup> | The Fund commenced operations April 25, 2022. | The Fund commenced operations April 25, 2022. | &nbsp;&nbsp; _ | &nbsp;&nbsp; _ |
| <sup>4</sup> | The Fund commenced operations April 29, 2024. | The Fund commenced operations April 29, 2024. | &nbsp;&nbsp; _ | &nbsp;&nbsp;_ |
| <sup>5</sup> | The Fund commenced operations April 27, 2026. | The Fund commenced operations April 27, 2026. |  |  |

---

Differences in the amount of brokerage commissions paid by a Fund during a Fund's three most recent fiscal years (as disclosed in the table above) could be the result of (i) active trading strategies employed by the Sub-Adviser when responding to changes in market conditions; (ii) management of cash flows into and out of a Fund as a result of shareholder purchases and redemptions; (iii) rebalancing portfolios to reflect the results of the Sub-Adviser's portfolio management models; (iv) changes in commission rates in the relevant markets; or (v) a material increase in a Fund's asset size. Changes in the amount of brokerage commissions paid by a Fund do not reflect material changes in the Fund's investment objective or strategies.

During the past three fiscal years, the Funds paid the following amounts in brokerage commissions to affiliated broker-dealers:[to be updated by amendment]

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Name of Broker/Dealer** | &nbsp;&nbsp; **Period Ended December 31,** <br> **<u>2024</u>** | &nbsp;&nbsp; **Period Ended December 31,** <br> **<u>2023</u>** | &nbsp;&nbsp; **Period Ended December 31,** <br> **<u>2022</u>** |
| &nbsp;&nbsp;Goldman Sachs & Co. | &nbsp;&nbsp;$0 | &nbsp;&nbsp;$0 | &nbsp;&nbsp;$15550 |
| &nbsp;&nbsp;Invesco Capital Markets, Inc. | &nbsp;&nbsp;121913 | &nbsp;&nbsp;156147 | &nbsp;&nbsp;0 |
| &nbsp;&nbsp;J.P. Morgan | &nbsp;&nbsp;0 | &nbsp;&nbsp;0 | &nbsp;&nbsp;0 |
| &nbsp;&nbsp;Pershing, LLC | &nbsp;&nbsp;0 | &nbsp;&nbsp;0 | &nbsp;&nbsp;0 |
| &nbsp;&nbsp;T. Rowe Price Investment Services | &nbsp;&nbsp;0 | &nbsp;&nbsp;0 | &nbsp;&nbsp;0 |

---

The broker-dealer(s) listed above is affiliated with the Funds through a Sub-Adviser.

The percentage of the Fund's aggregate brokerage commissions paid to affiliated broker-dealers during the fiscal year ended [December 31, 2025] is as follows: [to be updated by amendment]

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Fund** | &nbsp;&nbsp;**Broker/Dealer** | &nbsp;&nbsp;**Percentage of Aggregate Commissions** | &nbsp;&nbsp; **Aggregate Amount of Transactions**<br> **(unrounded)** |
| &nbsp;&nbsp;JNL/Invesco Diversified Dividend Fund | &nbsp;&nbsp;Invesco Capital Markets, Inc. | &nbsp;&nbsp;0.12% | &nbsp;&nbsp;441 |
| &nbsp;&nbsp;JNL/Invesco Global Growth Fund | &nbsp;&nbsp;Invesco Capital Markets, Inc. | &nbsp;&nbsp;1.26% | &nbsp;&nbsp;6701 |
| &nbsp;&nbsp;JNL/Invesco Small Cap Growth Fund | &nbsp;&nbsp;Invesco Capital Markets, Inc. | &nbsp;&nbsp;9.89% | &nbsp;&nbsp;114771 |

---

As of [December 31, 2025], the following Funds owned securities of one of each Fund's regular broker-dealers, or a publicly traded parent company of such broker-dealer: [to be updated by amendment]

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Fund** | &nbsp;&nbsp;**Broker-Dealer** | &nbsp;&nbsp; **Value Of Securities Owned** <br> **(In Thousands)** |
| &nbsp;&nbsp;JNL Bond Index Fund | &nbsp;&nbsp;Bank of America Corp. | &nbsp;&nbsp;5685 |
| &nbsp;&nbsp;JNL Bond Index Fund | &nbsp;&nbsp;Barclays Capital Inc. | &nbsp;&nbsp;1507 |
| &nbsp;&nbsp;JNL Bond Index Fund | &nbsp;&nbsp;Citigroup Inc. | &nbsp;&nbsp;5021 |
| &nbsp;&nbsp;JNL Bond Index Fund | &nbsp;&nbsp;Goldman Sachs & Co. | &nbsp;&nbsp;3739 |
| &nbsp;&nbsp;JNL Bond Index Fund | &nbsp;&nbsp;J.P. Morgan | &nbsp;&nbsp;5707 |
| &nbsp;&nbsp;JNL Bond Index Fund | &nbsp;&nbsp;Morgan Stanley & Co., Inc. | &nbsp;&nbsp;5469 |
| &nbsp;&nbsp;JNL Bond Index Fund | &nbsp;&nbsp;Nomura Holdings Inc. | &nbsp;&nbsp;608 |
| &nbsp;&nbsp;JNL Bond Index Fund | &nbsp;&nbsp;Wells Fargo Securities, Inc. | &nbsp;&nbsp;5906 |
| &nbsp;&nbsp;JNL International Index Fund | &nbsp;&nbsp;Nomura Holdings Inc. | &nbsp;&nbsp;2208 |
| &nbsp;&nbsp;JNL International Index Fund | &nbsp;&nbsp;Macquarie Group Ltd. | &nbsp;&nbsp;6372 |
| &nbsp;&nbsp;JNL International Index Fund | &nbsp;&nbsp;Sanford C. Bernstein & Co. | &nbsp;&nbsp;8021 |
| &nbsp;&nbsp;JNL International Index Fund | &nbsp;&nbsp;Societe Generale SA | &nbsp;&nbsp;2650 |
| &nbsp;&nbsp;JNL S&P 500 Index Fund | &nbsp;&nbsp;Citigroup Inc. | &nbsp;&nbsp;1292 |
| &nbsp;&nbsp;JNL S&P 500 Index Fund | &nbsp;&nbsp;Goldman Sachs & Co. | &nbsp;&nbsp;1749 |
| &nbsp;&nbsp;JNL S&P 500 Index Fund | &nbsp;&nbsp;J.P. Morgan | &nbsp;&nbsp;6608 |
| &nbsp;&nbsp;JNL S&P 500 Index Fund | &nbsp;&nbsp;Bank of America Corp. | &nbsp;&nbsp;2865 |
| &nbsp;&nbsp;JNL S&P 500 Index Fund | &nbsp;&nbsp;Morgan Stanley & Co., Inc. | &nbsp;&nbsp;1530 |
| &nbsp;&nbsp;JNL Small Cap Index Fund | &nbsp;&nbsp;Piper Jaffray Cos. | &nbsp;&nbsp;8878 |
| &nbsp;&nbsp;JNL Small Cap Index Fund | &nbsp;&nbsp;Virtu Financial Inc. | &nbsp;&nbsp;5397 |
| &nbsp;&nbsp;JNL/AB Sustainable Global Thematic Fund | &nbsp;&nbsp;Jefferies & Company, Inc. | &nbsp;&nbsp;443 |
| &nbsp;&nbsp;JNL/AQR Large Cap Defensive Style Fund | &nbsp;&nbsp;J.P. Morgan | &nbsp;&nbsp;1845 |
| &nbsp;&nbsp;JNL/BlackRock Global Allocation Fund | &nbsp;&nbsp;J.P. Morgan | &nbsp;&nbsp;(48) |
| &nbsp;&nbsp;JNL/Causeway International Value Select Fund | &nbsp;&nbsp;Barclays Capital Inc. | &nbsp;&nbsp;77988 |
| &nbsp;&nbsp;JNL/Causeway International Value Select Fund | &nbsp;&nbsp;Societe Generale SA | &nbsp;&nbsp;10811 |
| &nbsp;&nbsp;JNL/DFA International Core Equity Fund | &nbsp;&nbsp;Nomura Holdings Inc. | &nbsp;&nbsp;360 |
| &nbsp;&nbsp;JNL/DFA International Core Equity Fund | &nbsp;&nbsp;Societe Generale SA | &nbsp;&nbsp;442 |
| &nbsp;&nbsp;JNL/DFA U.S. Core Equity Fund | &nbsp;&nbsp;Citigroup Inc. | &nbsp;&nbsp;2476 |
| &nbsp;&nbsp;JNL/DFA U.S. Core Equity Fund | &nbsp;&nbsp;Goldman Sachs & Co. | &nbsp;&nbsp;3314 |
| &nbsp;&nbsp;JNL/DFA U.S. Core Equity Fund | &nbsp;&nbsp;Jefferies & Company, Inc. | &nbsp;&nbsp;837 |
| &nbsp;&nbsp;JNL/DFA U.S. Core Equity Fund | &nbsp;&nbsp;State Street Corp. | &nbsp;&nbsp;897 |
| &nbsp;&nbsp;JNL/DoubleLine Core Fixed Income Fund | &nbsp;&nbsp;Barclays Capital Inc. | &nbsp;&nbsp;8260 |
| &nbsp;&nbsp;JNL/DoubleLine Core Fixed Income Fund | &nbsp;&nbsp;BMO Financial Group | &nbsp;&nbsp;6977 |
| &nbsp;&nbsp;JNL/DoubleLine Core Fixed Income Fund | &nbsp;&nbsp;Citigroup Inc. | &nbsp;&nbsp;19377 |
| &nbsp;&nbsp;JNL/DoubleLine Core Fixed Income Fund | &nbsp;&nbsp;Goldman Sachs & Co. | &nbsp;&nbsp;19469 |
| &nbsp;&nbsp;JNL/DoubleLine Core Fixed Income Fund | &nbsp;&nbsp;J.P. Morgan | &nbsp;&nbsp;10681 |
| &nbsp;&nbsp;JNL/DoubleLine Core Fixed Income Fund | &nbsp;&nbsp;Bank of America Corp. | &nbsp;&nbsp;9967 |
| &nbsp;&nbsp;JNL/DoubleLine Core Fixed Income Fund | &nbsp;&nbsp;Morgan Stanley & Co., Inc. | &nbsp;&nbsp;12126 |
| &nbsp;&nbsp;JNL/DoubleLine Core Fixed Income Fund | &nbsp;&nbsp;Wells Fargo Securities, Inc. | &nbsp;&nbsp;20593 |
| &nbsp;&nbsp;JNL/DoubleLine Shiller Enhanced CAPE Fund | &nbsp;&nbsp;Barclays Capital Inc. | &nbsp;&nbsp;1078 |
| &nbsp;&nbsp;JNL/DoubleLine Shiller Enhanced CAPE Fund | &nbsp;&nbsp;Citigroup Inc. | &nbsp;&nbsp;19955 |
| &nbsp;&nbsp;JNL/DoubleLine Shiller Enhanced CAPE Fund | &nbsp;&nbsp;Goldman Sachs & Co. | &nbsp;&nbsp;4016 |
| &nbsp;&nbsp;JNL/DoubleLine Shiller Enhanced CAPE Fund | &nbsp;&nbsp;J.P. Morgan | &nbsp;&nbsp;9689 |
| &nbsp;&nbsp;JNL/DoubleLine Shiller Enhanced CAPE Fund | &nbsp;&nbsp;Bank of America Corp. | &nbsp;&nbsp;2786 |
| &nbsp;&nbsp;JNL/DoubleLine Shiller Enhanced CAPE Fund | &nbsp;&nbsp;Morgan Stanley & Co., Inc. | &nbsp;&nbsp;10668 |
| &nbsp;&nbsp;JNL/DoubleLine Shiller Enhanced CAPE Fund | &nbsp;&nbsp;Wells Fargo Securities, Inc. | &nbsp;&nbsp;14824 |
| &nbsp;&nbsp;JNL/DoubleLine Total Return Fund | &nbsp;&nbsp;BMO Financial Group | &nbsp;&nbsp;1861 |
| &nbsp;&nbsp;JNL/DoubleLine Total Return Fund | &nbsp;&nbsp;Citigroup Inc. | &nbsp;&nbsp;3659 |
| &nbsp;&nbsp;JNL/DoubleLine Total Return Fund | &nbsp;&nbsp;Deutsche Bank AG | &nbsp;&nbsp;17331 |
| &nbsp;&nbsp;JNL/DoubleLine Total Return Fund | &nbsp;&nbsp;Goldman Sachs & Co. | &nbsp;&nbsp;14687 |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Fund** | &nbsp;&nbsp;**Broker-Dealer** | &nbsp;&nbsp; **Value Of Securities Owned** <br> **(In Thousands)** |
| &nbsp;&nbsp;JNL/DoubleLine Total Return Fund | &nbsp;&nbsp;J.P. Morgan | &nbsp;&nbsp;36252 |
| &nbsp;&nbsp;JNL/DoubleLine Total Return Fund | &nbsp;&nbsp;Bank of America Corp. | &nbsp;&nbsp;2097 |
| &nbsp;&nbsp;JNL/DoubleLine Total Return Fund | &nbsp;&nbsp;Morgan Stanley & Co., Inc. | &nbsp;&nbsp;19129 |
| &nbsp;&nbsp;JNL/Dreyfus Government Money Market Fund | &nbsp;&nbsp;Royal Bank Of Canada | &nbsp;&nbsp;400000 |
| &nbsp;&nbsp;JNL/Fidelity Institutional Asset Management Total Bond Fund | &nbsp;&nbsp;Bank of America Corp. | &nbsp;&nbsp;16531 |
| &nbsp;&nbsp;JNL/Fidelity Institutional Asset Management Total Bond Fund | &nbsp;&nbsp;Barclays Capital Inc. | &nbsp;&nbsp;8426 |
| &nbsp;&nbsp;JNL/Fidelity Institutional Asset Management Total Bond Fund | &nbsp;&nbsp;BNP Paribas Securities | &nbsp;&nbsp;1107 |
| &nbsp;&nbsp;JNL/Fidelity Institutional Asset Management Total Bond Fund | &nbsp;&nbsp;Citigroup Inc. | &nbsp;&nbsp;9038 |
| &nbsp;&nbsp;JNL/Fidelity Institutional Asset Management Total Bond Fund | &nbsp;&nbsp;Goldman Sachs & Co. | &nbsp;&nbsp;17837 |
| &nbsp;&nbsp;JNL/Fidelity Institutional Asset Management Total Bond Fund | &nbsp;&nbsp;J.P. Morgan | &nbsp;&nbsp;19543 |
| &nbsp;&nbsp;JNL/Fidelity Institutional Asset Management Total Bond Fund | &nbsp;&nbsp;Morgan Stanley & Co., Inc. | &nbsp;&nbsp;15579 |
| &nbsp;&nbsp;JNL/Fidelity Institutional Asset Management Total Bond Fund | &nbsp;&nbsp;Wells Fargo Securities, Inc. | &nbsp;&nbsp;15103 |
| &nbsp;&nbsp;JNL/Franklin Templeton Income Fund | &nbsp;&nbsp;Bank of America Corp. | &nbsp;&nbsp;9889 |
| &nbsp;&nbsp;JNL/Franklin Templeton Income Fund | &nbsp;&nbsp;Barclays Capital Inc. | &nbsp;&nbsp;43825 |
| &nbsp;&nbsp;JNL/Franklin Templeton Income Fund | &nbsp;&nbsp;BNP Paribas Securities | &nbsp;&nbsp;19364 |
| &nbsp;&nbsp;JNL/Franklin Templeton Income Fund | &nbsp;&nbsp;Citigroup Inc. | &nbsp;&nbsp;31823 |
| &nbsp;&nbsp;JNL/Franklin Templeton Income Fund | &nbsp;&nbsp;Goldman Sachs & Co. | &nbsp;&nbsp;12373 |
| &nbsp;&nbsp;JNL/Franklin Templeton Income Fund | &nbsp;&nbsp;J.P. Morgan | &nbsp;&nbsp;31824 |
| &nbsp;&nbsp;JNL/Franklin Templeton Income Fund | &nbsp;&nbsp;Royal Bank Of Canada | &nbsp;&nbsp;16272 |
| &nbsp;&nbsp;JNL/Franklin Templeton Income Fund | &nbsp;&nbsp;Wells Fargo Securities, Inc. | &nbsp;&nbsp;31367 |
| &nbsp;&nbsp;JNL/GQG Emerging Markets Equity Fund | &nbsp;&nbsp;Itau Unibanco Holding SA | &nbsp;&nbsp;13225 |
| &nbsp;&nbsp;JNL/Invesco Diversified Dividend Fund | &nbsp;&nbsp;J.P. Morgan | &nbsp;&nbsp;26678 |
| &nbsp;&nbsp;JNL/Invesco Diversified Dividend Fund | &nbsp;&nbsp;Morgan Stanley & Co., Inc. | &nbsp;&nbsp;12781 |
| &nbsp;&nbsp;JNL/Invesco Diversified Dividend Fund | &nbsp;&nbsp;Wells Fargo Securities, Inc. | &nbsp;&nbsp;14428 |
| &nbsp;&nbsp;JNL/JPMorgan Hedged Equity Fund | &nbsp;&nbsp;Bank of America Corp. | &nbsp;&nbsp;10509 |
| &nbsp;&nbsp;JNL/JPMorgan Hedged Equity Fund | &nbsp;&nbsp;Citigroup Inc. | &nbsp;&nbsp;2819 |
| &nbsp;&nbsp;JNL/JPMorgan Hedged Equity Fund | &nbsp;&nbsp;Goldman Sachs & Co. | &nbsp;&nbsp;6537 |
| &nbsp;&nbsp;JNL/JPMorgan Hedged Equity Fund | &nbsp;&nbsp;Wells Fargo Securities, Inc. | &nbsp;&nbsp;8432 |
| &nbsp;&nbsp;JNL/JPMorgan MidCap Growth Fund | &nbsp;&nbsp;Jefferies & Company, Inc. | &nbsp;&nbsp;26130 |
| &nbsp;&nbsp;JNL/JPMorgan U.S. Government & Quality Bond Fund | &nbsp;&nbsp;Citigroup Inc. | &nbsp;&nbsp;7694 |
| &nbsp;&nbsp;JNL/JPMorgan U.S. Government & Quality Bond Fund | &nbsp;&nbsp;Morgan Stanley & Co., Inc. | &nbsp;&nbsp;3858 |
| &nbsp;&nbsp;JNL/JPMorgan U.S. Government & Quality Bond Fund | &nbsp;&nbsp;Nomura Holdings Inc. | &nbsp;&nbsp;866 |
| &nbsp;&nbsp;JNL/JPMorgan U.S. Value Fund | &nbsp;&nbsp;Bank of America Corp. | &nbsp;&nbsp;39233 |
| &nbsp;&nbsp;JNL/JPMorgan U.S. Value Fund | &nbsp;&nbsp;Goldman Sachs & Co. | &nbsp;&nbsp;11025 |
| &nbsp;&nbsp;JNL/JPMorgan U.S. Value Fund | &nbsp;&nbsp;Morgan Stanley & Co., Inc. | &nbsp;&nbsp;32763 |
| &nbsp;&nbsp;JNL/Lord Abbett Short Duration Income Fund | &nbsp;&nbsp;Bank of America Corp. | &nbsp;&nbsp;3530 |
| &nbsp;&nbsp;JNL/Lord Abbett Short Duration Income Fund | &nbsp;&nbsp;Barclays Capital Inc. | &nbsp;&nbsp;4004 |
| &nbsp;&nbsp;JNL/Lord Abbett Short Duration Income Fund | &nbsp;&nbsp;Citigroup Inc. | &nbsp;&nbsp;5069 |
| &nbsp;&nbsp;JNL/Lord Abbett Short Duration Income Fund | &nbsp;&nbsp;Goldman Sachs & Co. | &nbsp;&nbsp;7434 |
| &nbsp;&nbsp;JNL/Lord Abbett Short Duration Income Fund | &nbsp;&nbsp;J.P. Morgan | &nbsp;&nbsp;2336 |
| &nbsp;&nbsp;JNL/Lord Abbett Short Duration Income Fund | &nbsp;&nbsp;Morgan Stanley & Co., Inc. | &nbsp;&nbsp;3933 |
| &nbsp;&nbsp;JNL/Lord Abbett Short Duration Income Fund | &nbsp;&nbsp;Wells Fargo Securities, Inc. | &nbsp;&nbsp;12513 |
| &nbsp;&nbsp;JNL/Mellon Dow Index Fund | &nbsp;&nbsp;Goldman Sachs & Co. | &nbsp;&nbsp;107311 |
| &nbsp;&nbsp;JNL/Mellon Dow Index Fund | &nbsp;&nbsp;J.P. Morgan | &nbsp;&nbsp;44923 |
| &nbsp;&nbsp;JNL/Mellon Financial Sector Fund | &nbsp;&nbsp;Bank of America Corp. | &nbsp;&nbsp;60634 |
| &nbsp;&nbsp;JNL/Mellon Financial Sector Fund | &nbsp;&nbsp;Citigroup Inc. | &nbsp;&nbsp;27518 |
| &nbsp;&nbsp;JNL/Mellon Financial Sector Fund | &nbsp;&nbsp;Goldman Sachs & Co. | &nbsp;&nbsp;37192 |
| &nbsp;&nbsp;JNL/Mellon Financial Sector Fund | &nbsp;&nbsp;J.P. Morgan | &nbsp;&nbsp;139493 |
| &nbsp;&nbsp;JNL/Mellon Financial Sector Fund | &nbsp;&nbsp;Morgan Stanley & Co., Inc. | &nbsp;&nbsp;32352 |
| &nbsp;&nbsp;JNL/Mellon MSCI KLD 400 Social Index Fund | &nbsp;&nbsp;Morgan Stanley & Co., Inc. | &nbsp;&nbsp;3087 |
| &nbsp;&nbsp;JNL/Mellon MSCI KLD 400 Social Index Fund | &nbsp;&nbsp;Sanford C. Bernstein & Co. | &nbsp;&nbsp;276 |
| &nbsp;&nbsp;JNL/Mellon S&P 500 Index Fund | &nbsp;&nbsp;Bank of America Corp. | &nbsp;&nbsp;89979 |
| &nbsp;&nbsp;JNL/Mellon S&P 500 Index Fund | &nbsp;&nbsp;Citigroup Inc. | &nbsp;&nbsp;41029 |
| &nbsp;&nbsp;JNL/Mellon S&P 500 Index Fund | &nbsp;&nbsp;Goldman Sachs & Co. | &nbsp;&nbsp;54978 |
| &nbsp;&nbsp;JNL/Mellon S&P 500 Index Fund | &nbsp;&nbsp;J.P. Morgan | &nbsp;&nbsp;206976 |
| &nbsp;&nbsp;JNL/Mellon S&P 500 Index Fund | &nbsp;&nbsp;Morgan Stanley & Co., Inc. | &nbsp;&nbsp;47830 |
| &nbsp;&nbsp;JNL/Mellon U.S. Stock Market Index Fund | &nbsp;&nbsp;Bank of America Corp. | &nbsp;&nbsp;27019 |
| &nbsp;&nbsp;JNL/Mellon U.S. Stock Market Index Fund | &nbsp;&nbsp;Goldman Sachs & Co. | &nbsp;&nbsp;16605 |
| &nbsp;&nbsp;JNL/Mellon U.S. Stock Market Index Fund | &nbsp;&nbsp;J.P. Morgan | &nbsp;&nbsp;62291 |
| &nbsp;&nbsp;JNL/Mellon U.S. Stock Market Index Fund | &nbsp;&nbsp;Morgan Stanley & Co., Inc. | &nbsp;&nbsp;14397 |
| &nbsp;&nbsp;JNL/Mellon World Index Fund | &nbsp;&nbsp;Barclays Capital Inc. | &nbsp;&nbsp;325 |
| &nbsp;&nbsp;JNL/Mellon World Index Fund | &nbsp;&nbsp;Goldman Sachs & Co. | &nbsp;&nbsp;1171 |
| &nbsp;&nbsp;JNL/Mellon World Index Fund | &nbsp;&nbsp;HSBC Holdings Plc | &nbsp;&nbsp;1211 |
| &nbsp;&nbsp;JNL/Mellon World Index Fund | &nbsp;&nbsp;J.P. Morgan | &nbsp;&nbsp;4391 |
| &nbsp;&nbsp;JNL/Mellon World Index Fund | &nbsp;&nbsp;Macquarie Group Ltd. | &nbsp;&nbsp;318 |
| &nbsp;&nbsp;JNL/Mellon World Index Fund | &nbsp;&nbsp;Bank of America Corp. | &nbsp;&nbsp;1907 |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Fund** | &nbsp;&nbsp;**Broker-Dealer** | &nbsp;&nbsp; **Value Of Securities Owned** <br> **(In Thousands)** |
| &nbsp;&nbsp;JNL/Mellon World Index Fund | &nbsp;&nbsp;Morgan Stanley & Co., Inc. | &nbsp;&nbsp;1020 |
| &nbsp;&nbsp;JNL/Mellon World Index Fund | &nbsp;&nbsp;Royal Bank Of Canada | &nbsp;&nbsp;1108 |
| &nbsp;&nbsp;JNL/Mellon World Index Fund | &nbsp;&nbsp;Sanford C. Bernstein & Co. | &nbsp;&nbsp;495 |
| &nbsp;&nbsp;JNL/Mellon World Index Fund | &nbsp;&nbsp;Societe Generale SA | &nbsp;&nbsp;124 |
| &nbsp;&nbsp;JNL/Neuberger Berman Gold Plus Strategy Fund | &nbsp;&nbsp;Bank of America Corp. | &nbsp;&nbsp;1242 |
| &nbsp;&nbsp;JNL/Neuberger Berman Gold Plus Strategy Fund | &nbsp;&nbsp;Citigroup Inc. | &nbsp;&nbsp;1456 |
| &nbsp;&nbsp;JNL/Neuberger Berman Gold Plus Strategy Fund | &nbsp;&nbsp;Goldman Sachs & Co. | &nbsp;&nbsp;1411 |
| &nbsp;&nbsp;JNL/Neuberger Berman Gold Plus Strategy Fund | &nbsp;&nbsp;J.P. Morgan | &nbsp;&nbsp;1401 |
| &nbsp;&nbsp;JNL/Neuberger Berman Gold Plus Strategy Fund | &nbsp;&nbsp;Bank of New York Mellon Corp. | &nbsp;&nbsp;439 |
| &nbsp;&nbsp;JNL/Neuberger Berman Gold Plus Strategy Fund | &nbsp;&nbsp;Royal Bank Of Canada | &nbsp;&nbsp;899 |
| &nbsp;&nbsp;JNL/Neuberger Berman Gold Plus Strategy Fund | &nbsp;&nbsp;Wells Fargo Securities, Inc. | &nbsp;&nbsp;955 |
| &nbsp;&nbsp;JNL/PIMCO Income Fund | &nbsp;&nbsp;Barclays Capital Inc. | &nbsp;&nbsp;10299 |
| &nbsp;&nbsp;JNL/PIMCO Income Fund | &nbsp;&nbsp;Citigroup Inc. | &nbsp;&nbsp;12845 |
| &nbsp;&nbsp;JNL/PIMCO Income Fund | &nbsp;&nbsp;Deutsche Bank AG | &nbsp;&nbsp;9306 |
| &nbsp;&nbsp;JNL/PIMCO Income Fund | &nbsp;&nbsp;Goldman Sachs & Co. | &nbsp;&nbsp;12736 |
| &nbsp;&nbsp;JNL/PIMCO Income Fund | &nbsp;&nbsp;J.P. Morgan | &nbsp;&nbsp;26127 |
| &nbsp;&nbsp;JNL/PIMCO Income Fund | &nbsp;&nbsp;Bank of America Corp. | &nbsp;&nbsp;2467 |
| &nbsp;&nbsp;JNL/PIMCO Income Fund | &nbsp;&nbsp;Morgan Stanley & Co., Inc. | &nbsp;&nbsp;12840 |
| &nbsp;&nbsp;JNL/PIMCO Income Fund | &nbsp;&nbsp;Societe Generale SA | &nbsp;&nbsp;204 |
| &nbsp;&nbsp;JNL/PIMCO Income Fund | &nbsp;&nbsp;Wells Fargo Securities, Inc. | &nbsp;&nbsp;12938 |
| &nbsp;&nbsp;JNL/PIMCO Real Return Fund | &nbsp;&nbsp;Barclays Capital Inc. | &nbsp;&nbsp;1111 |
| &nbsp;&nbsp;JNL/PIMCO Real Return Fund | &nbsp;&nbsp;Citigroup Inc. | &nbsp;&nbsp;7317 |
| &nbsp;&nbsp;JNL/PIMCO Real Return Fund | &nbsp;&nbsp;Goldman Sachs & Co. | &nbsp;&nbsp;130 |
| &nbsp;&nbsp;JNL/PIMCO Real Return Fund | &nbsp;&nbsp;J.P. Morgan | &nbsp;&nbsp;458 |
| &nbsp;&nbsp;JNL/PIMCO Real Return Fund | &nbsp;&nbsp;Bank of America Corp. | &nbsp;&nbsp;1229 |
| &nbsp;&nbsp;JNL/PIMCO Real Return Fund | &nbsp;&nbsp;Morgan Stanley & Co., Inc. | &nbsp;&nbsp;2588 |
| &nbsp;&nbsp;JNL/PIMCO Real Return Fund | &nbsp;&nbsp;Nomura Holdings Inc. | &nbsp;&nbsp;1700 |
| &nbsp;&nbsp;JNL/PIMCO Real Return Fund | &nbsp;&nbsp;Wells Fargo Securities, Inc. | &nbsp;&nbsp;597 |
| &nbsp;&nbsp;JNL/PPM America High Yield Bond Fund | &nbsp;&nbsp;Barclays Capital Inc. | &nbsp;&nbsp;2597 |
| &nbsp;&nbsp;JNL/PPM America High Yield Bond Fund | &nbsp;&nbsp;Goldman Sachs & Co. | &nbsp;&nbsp;8379 |
| &nbsp;&nbsp;JNL/PPM America Investment Grade Credit Fund | &nbsp;&nbsp;Bank of America Corp. | &nbsp;&nbsp;7353 |
| &nbsp;&nbsp;JNL/PPM America Investment Grade Credit Fund | &nbsp;&nbsp;Barclays Capital Inc. | &nbsp;&nbsp;2146 |
| &nbsp;&nbsp;JNL/PPM America Investment Grade Credit Fund | &nbsp;&nbsp;Goldman Sachs & Co. | &nbsp;&nbsp;5927 |
| &nbsp;&nbsp;JNL/PPM America Investment Grade Credit Fund | &nbsp;&nbsp;J.P. Morgan | &nbsp;&nbsp;14533 |
| &nbsp;&nbsp;JNL/PPM America Investment Grade Credit Fund | &nbsp;&nbsp;Morgan Stanley & Co., Inc. | &nbsp;&nbsp;11614 |
| &nbsp;&nbsp;JNL/PPM America Investment Grade Credit Fund | &nbsp;&nbsp;Bank of New York Mellon Corp. | &nbsp;&nbsp;1729 |
| &nbsp;&nbsp;JNL/PPM America Investment Grade Credit Fund | &nbsp;&nbsp;Wells Fargo Securities, Inc. | &nbsp;&nbsp;2362 |
| &nbsp;&nbsp;JNL/PPM America Total Return Fund | &nbsp;&nbsp;Bank of America Corp. | &nbsp;&nbsp;19461 |
| &nbsp;&nbsp;JNL/PPM America Total Return Fund | &nbsp;&nbsp;Barclays Capital Inc. | &nbsp;&nbsp;9516 |
| &nbsp;&nbsp;JNL/PPM America Total Return Fund | &nbsp;&nbsp;Citigroup Inc. | &nbsp;&nbsp;10674 |
| &nbsp;&nbsp;JNL/PPM America Total Return Fund | &nbsp;&nbsp;Deutsche Bank AG | &nbsp;&nbsp;2710 |
| &nbsp;&nbsp;JNL/PPM America Total Return Fund | &nbsp;&nbsp;Goldman Sachs & Co. | &nbsp;&nbsp;11062 |
| &nbsp;&nbsp;JNL/PPM America Total Return Fund | &nbsp;&nbsp;J.P. Morgan | &nbsp;&nbsp;46777 |
| &nbsp;&nbsp;JNL/PPM America Total Return Fund | &nbsp;&nbsp;Morgan Stanley & Co., Inc. | &nbsp;&nbsp;35712 |
| &nbsp;&nbsp;JNL/PPM America Total Return Fund | &nbsp;&nbsp;Wells Fargo Securities, Inc. | &nbsp;&nbsp;8558 |
| &nbsp;&nbsp;JNL/RAFI Multi-Factor U.S. Equity Fund | &nbsp;&nbsp;Bank of America Corp. | &nbsp;&nbsp;6644 |
| &nbsp;&nbsp;JNL/RAFI Multi-Factor U.S. Equity Fund | &nbsp;&nbsp;Goldman Sachs & Co. | &nbsp;&nbsp;9493 |
| &nbsp;&nbsp;JNL/RAFI Multi-Factor U.S. Equity Fund | &nbsp;&nbsp;J.P. Morgan | &nbsp;&nbsp;14831 |
| &nbsp;&nbsp;JNL/RAFI Multi-Factor U.S. Equity Fund | &nbsp;&nbsp;Morgan Stanley & Co., Inc. | &nbsp;&nbsp;3430 |
| &nbsp;&nbsp;JNL/T. Rowe Price Balanced Fund | &nbsp;&nbsp;Barclays Capital Inc. | &nbsp;&nbsp;514 |
| &nbsp;&nbsp;JNL/T. Rowe Price Balanced Fund | &nbsp;&nbsp;BMO Financial Group | &nbsp;&nbsp;813 |
| &nbsp;&nbsp;JNL/T. Rowe Price Balanced Fund | &nbsp;&nbsp;BNP Paribas Securities | &nbsp;&nbsp;241 |
| &nbsp;&nbsp;JNL/T. Rowe Price Balanced Fund | &nbsp;&nbsp;Citigroup Inc. | &nbsp;&nbsp;1064 |
| &nbsp;&nbsp;JNL/T. Rowe Price Balanced Fund | &nbsp;&nbsp;Goldman Sachs & Co. | &nbsp;&nbsp;1624 |
| &nbsp;&nbsp;JNL/T. Rowe Price Balanced Fund | &nbsp;&nbsp;J.P. Morgan | &nbsp;&nbsp;5193 |
| &nbsp;&nbsp;JNL/T. Rowe Price Balanced Fund | &nbsp;&nbsp;Bank of America Corp. | &nbsp;&nbsp;2934 |
| &nbsp;&nbsp;JNL/T. Rowe Price Balanced Fund | &nbsp;&nbsp;Morgan Stanley & Co., Inc. | &nbsp;&nbsp;1622 |
| &nbsp;&nbsp;JNL/T. Rowe Price Balanced Fund | &nbsp;&nbsp;Nomura Holdings Inc. | &nbsp;&nbsp;27 |
| &nbsp;&nbsp;JNL/T. Rowe Price Balanced Fund | &nbsp;&nbsp;T. Rowe Price Investment Services, Inc. | &nbsp;&nbsp;5693 |
| &nbsp;&nbsp;JNL/T. Rowe Price Balanced Fund | &nbsp;&nbsp;Wells Fargo Securities, Inc. | &nbsp;&nbsp;1087 |
| &nbsp;&nbsp;JNL/T. Rowe Price Capital Appreciation Equity Fund | &nbsp;&nbsp;T. Rowe Price Investment Services, Inc. | &nbsp;&nbsp;3 |
| &nbsp;&nbsp;JNL/T. Rowe Price Capital Appreciation Fund | &nbsp;&nbsp;T. Rowe Price Investment Services, Inc. | &nbsp;&nbsp;761995 |
| &nbsp;&nbsp;JNL/T. Rowe Price Growth Stock Fund | &nbsp;&nbsp;T. Rowe Price Investment Services, Inc. | &nbsp;&nbsp;38079 |
| &nbsp;&nbsp;JNL/T. Rowe Price Mid-Cap Growth Fund | &nbsp;&nbsp;T. Rowe Price Investment Services, Inc. | &nbsp;&nbsp;119773 |
| &nbsp;&nbsp;JNL/T. Rowe Price Short-Term Bond Fund | &nbsp;&nbsp;Bank of America Corp. | &nbsp;&nbsp;4738 |
| &nbsp;&nbsp;JNL/T. Rowe Price Short-Term Bond Fund | &nbsp;&nbsp;Barclays Capital Inc. | &nbsp;&nbsp;2893 |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Fund** | &nbsp;&nbsp;**Broker-Dealer** | &nbsp;&nbsp; **Value Of Securities Owned** <br> **(In Thousands)** |
| &nbsp;&nbsp;JNL/T. Rowe Price Short-Term Bond Fund | &nbsp;&nbsp;BMO Financial Group | &nbsp;&nbsp;4572 |
| &nbsp;&nbsp;JNL/T. Rowe Price Short-Term Bond Fund | &nbsp;&nbsp;Citigroup Inc. | &nbsp;&nbsp;4709 |
| &nbsp;&nbsp;JNL/T. Rowe Price Short-Term Bond Fund | &nbsp;&nbsp;Goldman Sachs & Co. | &nbsp;&nbsp;4734 |
| &nbsp;&nbsp;JNL/T. Rowe Price Short-Term Bond Fund | &nbsp;&nbsp;J.P. Morgan | &nbsp;&nbsp;14229 |
| &nbsp;&nbsp;JNL/T. Rowe Price Short-Term Bond Fund | &nbsp;&nbsp;Morgan Stanley & Co., Inc. | &nbsp;&nbsp;7633 |
| &nbsp;&nbsp;JNL/T. Rowe Price Short-Term Bond Fund | &nbsp;&nbsp;T. Rowe Price Investment Services, Inc. | &nbsp;&nbsp;10451 |
| &nbsp;&nbsp;JNL/T. Rowe Price U.S. High Yield Fund | &nbsp;&nbsp;T. Rowe Price Investment Services, Inc. | &nbsp;&nbsp;17798 |
| &nbsp;&nbsp;JNL/T. Rowe Price Value Fund | &nbsp;&nbsp;Citigroup Inc. | &nbsp;&nbsp;25256 |
| &nbsp;&nbsp;JNL/T. Rowe Price Value Fund | &nbsp;&nbsp;Goldman Sachs & Co. | &nbsp;&nbsp;26545 |
| &nbsp;&nbsp;JNL/T. Rowe Price Value Fund | &nbsp;&nbsp;J.P. Morgan | &nbsp;&nbsp;155946 |
| &nbsp;&nbsp;JNL/T. Rowe Price Value Fund | &nbsp;&nbsp;Bank of America Corp. | &nbsp;&nbsp;100414 |
| &nbsp;&nbsp;JNL/T. Rowe Price Value Fund | &nbsp;&nbsp;T. Rowe Price Investment Services, Inc. | &nbsp;&nbsp;18285 |
| &nbsp;&nbsp;JNL/WMC Balanced Fund | &nbsp;&nbsp;Bank of America Corp. | &nbsp;&nbsp;27952 |
| &nbsp;&nbsp;JNL/WMC Balanced Fund | &nbsp;&nbsp;J.P. Morgan | &nbsp;&nbsp;151507 |
| &nbsp;&nbsp;JNL/WMC Balanced Fund | &nbsp;&nbsp;Morgan Stanley & Co., Inc. | &nbsp;&nbsp;41593 |
| &nbsp;&nbsp;JNL/WMC Balanced Fund | &nbsp;&nbsp;Wells Fargo Securities, Inc. | &nbsp;&nbsp;205848 |
| &nbsp;&nbsp;JNL/WMC Equity Income Fund | &nbsp;&nbsp;Bank of America Corp. | &nbsp;&nbsp;21516 |
| &nbsp;&nbsp;JNL/WMC Equity Income Fund | &nbsp;&nbsp;J.P. Morgan | &nbsp;&nbsp;49211 |
| &nbsp;&nbsp;JNL/WMC Equity Income Fund | &nbsp;&nbsp;Morgan Stanley & Co., Inc. | &nbsp;&nbsp;15558 |
| &nbsp;&nbsp;JNL/WMC Equity Income Fund | &nbsp;&nbsp;Royal Bank Of Canada | &nbsp;&nbsp;9119 |
| &nbsp;&nbsp;JNL/WMC Value Fund | &nbsp;&nbsp;J.P. Morgan | &nbsp;&nbsp;42746 |
| &nbsp;&nbsp;JNL/WMC Value Fund | &nbsp;&nbsp;Morgan Stanley & Co., Inc. | &nbsp;&nbsp;16351 |

---

**Code of Ethics.** To mitigate the possibility that a Fund will be adversely affected by personal trading of employees, the Trust, the Adviser, the Sub-Advisers, the Funds and JNLD have adopted Codes of Ethics under Rule 17j-1 of the 1940 Act and Rule 204A-1 under the Investment Advisers Act of 1940, as amended. These Codes of Ethics contain policies restricting securities trading in personal accounts of the portfolio managers and others who normally come into possession of information regarding portfolio transactions of the Funds of the Trust. The Trust's and the Adviser's Codes of Ethics comply, in all material respects, with the recommendations of the Investment Company Institute. Subject to the requirements of the Codes of Ethics, employees may invest in securities for their own investment accounts, including securities that may be purchased or held by the Trust.

**Proxy Voting for Securities held by the Funds.**

*This section applies to all Funds except Feeder Funds that are investing in a master-feeder arrangement. For proxy voting policies and procedures applicable to Feeder Funds investing in a master-feeder arrangement, please see the section below entitled, "Proxy Voting Policies and Procedures for Feeder Funds."*

The Board has approved the proxy voting policy and procedures ("Policy") of the Funds' Adviser, pursuant to which the Board has delegated proxy voting responsibility to the Adviser, and pursuant to which the Adviser has delegated proxy voting responsibility to each of the Sub-Advisers, where applicable. The Trust has adopted each of the Sub-Adviser's proxy voting policies and procedures ("Procedures").

The Sub-Advisers generally review each matter on a case-by-case basis in order to make a determination of how to vote in a manner that best serves the interests of Fund shareholders. The Sub-Advisers may abstain from voting from time to time where it determines that the costs associated with voting a proxy outweigh the benefits derived from exercising the right to vote. For example, JNAM shall permit a Sub-Adviser to abstain from voting a proxy for securities that have been loaned by the Fund and would have to be recalled in order to submit a proxy vote. In addition, the Sub-Advisers will monitor situations that may result in a conflict of interest in accordance with their Procedures. A description of the policies and procedures used by the Funds to vote proxies relating to the portfolio securities and information on how the Funds voted proxies relating to portfolio securities during the 12 month period ended June 30 are available (1) without charge, upon request by calling 1-800-644-4565 (Jackson National Customer Care) or 1-800-599-5651 (Jackson National NY Customer Care), (2) by writing JNL Series Trust, P.O. Box 30314, Lansing, Michigan 48909-7814 (3) on Jackson National Life Insurance Company's or Jackson National Life Insurance Company of New York's website at <u>www.jackson.com</u>, and (4) on the SEC's website at <u>www.sec.gov</u>.

**Proxy Voting Policies and Procedures for Feeder Funds.**

When a Fund is a Feeder Fund in a master/feeder structure, it will either (1) pass votes requested by the applicable Master Fund to its shareholders and seek instructions from its own shareholders with regard to the voting of all proxies with respect to such security and vote such proxies only in accordance with such instruction, or (2) vote the shares held by it in the same proportion as the vote of all other holders of such security. However, the procedures described above (under the heading "Proxy Voting for Securities held by the Funds") apply if a Fund is removed from the master/feeder structure.

Proxies for the portfolio securities of the AFIS Master Funds will be voted pursuant to the AFIS Master Funds' proxy voting policies and procedures, which are described in the applicable AFIS Master Funds' SAI or, with respect to the JNL/Mellon Master Funds, above under the heading "Proxy Voting for Securities held by the Funds."

**<u>DISCLOSURE OF PORTFOLIO INFORMATION</u>**

This section describes the Policies and Procedures for Disclosure of Portfolio Information for all Funds except the Feeder Funds. Under the master-feeder structure, each Feeder Fund's sole portfolio holding, other than cash or cash equivalents, is shares of its corresponding Master Fund, and so long as each Feeder Fund operates under the master-feeder structure, each Feeder Fund will only disclose its holdings of its corresponding Master Fund. As long as a Feeder Fund invests all of its assets in a Master Fund, it will be subject to the Master Fund's policies and procedures regarding the disclosure of portfolio holdings. For information regarding the AFIS Master Funds' policies and procedures regarding disclosure of portfolio holdings, please see the applicable AFIS Master Funds' SAI, or, with respect to the JNL/Mellon Master Funds, please see below. If a Feeder Fund withdraws from the master/feeder structure, the Feeder Fund will be subject to the following policies and procedures regarding the disclosure of portfolio holdings, which currently apply to all other Funds of the Trust.

I. Statement of Policy

JNAM and the Funds' Board have approved and adopted policies and procedures governing the disclosure of information regarding the Funds' portfolio holdings. In adopting these policies and procedures, the Funds' Board assessed the use of Fund portfolio information, and the manner in which such information is conveyed to other parties, including the shareholders. The procedures are designed to control the disclosure of Fund portfolio information. The Funds and JNAM may share portfolio information with their affiliates as necessary to provide services to the Funds. These policies and procedures are intended to balance the interests of the Funds' shareholders and their access to portfolio information, with the interests of JNAM, JNLD (the "Distributor"), and other service providers or vendors to the Funds in the administration and management of the Funds. The Funds' Board may amend these policies and procedures from time to time, as it may deem appropriate in the interests of the Funds and their shareholders, and/or in response to changes in the Federal Securities Laws.

As a general matter, it is the policy that public disclosure of information concerning the Funds' portfolio holdings should allow all relevant parties consistent and equal access to portfolio information. In applying these principles, the Funds' portfolio disclosures shall be made at times and in circumstances under which it may promptly become generally available to the brokerage community and the investing public.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**A. Policy Requirements.** Without limiting any Disclosures provided for in Section II, the procedures generally provide that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Information about the Funds' complete portfolio holdings may not, except as set forth herein, be disclosed sooner than thirty (30) days following quarter end and provided that the portfolio holdings are posted on the Funds' website prior to their use in any marketing materials;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Pursuant to applicable law, each Fund (other than a Fund that is a money market fund in accordance with Rule 2a-7) publicly discloses its complete portfolio holdings on the Funds' website at www.jackson.com within 60 days following quarter end. Each Fund also discloses a complete list of its holdings in its financial statements on Form N-CSR (the financial statements are available online and/or are distributed to shareholders) and in publicly available quarterly holdings reports on Form N-PORT. Forms N-PORT and N-CSR are filed with the SEC and available online at www.sec.gov.;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) Pursuant to applicable law, the JNL/Dreyfus Government Money Market Fund and JNL Government Money Market Fund (collectively, "Money Market Funds") publicly discloses their complete portfolio holdings on the Funds' website at www.jackson.com no later than the fifth business day of a month. The Money Market Funds also disclose a complete list of their holdings in their financial statements on Form N-CSR (the financial statements are available online and/or are distributed to shareholders). Forms N-MFP and N-CSR are filed with the SEC and available online at www.sec.gov.;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) Portfolio holdings information that is solely available in regulatory reports or filings (such as U.S. Treasury Department filings) that is not available to the public may not be disclosed, except as expressly authorized by the Funds' President in consultation with the Funds' Chief Compliance Officer;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) As set forth herein, portfolio holdings information that is more current than that in reports or other filings filed electronically with the SEC, and is not considered confidential, may be disclosed on the Jackson website and in certain printed materials. These materials include but are not limited to: (i) descriptions of allocations among asset classes, regions, countries, industries or sectors; (ii) aggregated data such as average or median ratios, market capitalization, credit quality or duration; (iii) performance attributions by asset class, country, industry or sector; (iv) aggregated risk statistics, analysis and simulations, such as stress testing; (v) the characteristics of the stock and bond components of a Fund's portfolio holdings and other investment positions; (vi) the volatility characteristics of a Fund; (vii) information on how various weightings and factors contributed to Fund performance; (viii) various financial characteristics of a Fund or its underlying portfolio investments; and (ix) other information where, in the reasonable belief of the Funds' Chief Compliance Officer (or a designee), the release of such information would not present risks of dilution, arbitrage, market timing, insider trading or other inappropriate trading for the applicable Fund; and

Information about the Funds' portfolio holdings shall not be disclosed by the Funds, JNAM, the Distributor, and personnel at the Distributor or any service provider or vendor of the Funds or JNAM, to obtain compensation or consideration.

The foregoing, general policy requirements may not apply to certain of the Funds, including, but not limited, to the money market portfolios.

II. Disclosures

In addition to the foregoing, the Funds and the Distributor may periodically disclose portfolio holdings information as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**A.** **Portfolio Overviews.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)  ***Actively Managed Funds.*** The Funds and the Distributor may disclose a partial list of portfolio
holdings in monthly overviews in connection with the distribution of actively managed Fund shares. The monthly overview updates may not
be released earlier than thirty (30) days after the end of the relevant month and shall not be provided to any broker-dealer on a preferential
basis. The Distributor may disclose a partial list of the largest portfolio holdings on the Funds' website at <u>www.jackson.com</u> or in other marketing or printed materials.

If the Funds and the Distributor disclose only a partial list of portfolio holdings, then the Funds and/or the Distributor shall provide sufficient disclosure that the portfolio holdings provided represent a partial list. The Distributor may disclose such portfolio holdings in other marketing or printed materials; provided, however, that the information is posted on the Funds' website one (1) day prior to its use in any printed material.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)  ***Passive Funds.*** For Passive Funds, including Index, Target and Sector Funds, the Funds and
the Distributor may periodically disclose complete or partial portfolio holdings, and/or allocations, one (1) day after any of the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) The relevant reporting periods;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) The "Stock Selection Date;" or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(C) The effective date of new money allocations and/or rebalances.

If the Funds and the Distributor disclose only a partial list of portfolio holdings, then the Funds and/or the Distributor shall provide sufficient disclosure that the portfolio holdings provided represent a partial list. Provided that such portfolio holdings disclosures are not provided to any broker-dealers on a preferential basis, the Distributor may disclose such portfolio holdings on the Funds' website at <u>www.jackson.com</u>. The Distributor may disclose such portfolio holdings in other marketing or printed materials; provided, however, that the information is posted on the Funds' website one (1) day prior to its use in any printed material.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) ***Fund of Funds.*** For the Fund of Funds (generally includes those Funds advised by JNAM, and those Funds sub-advised by J.P. Morgan Investment Management, Inc. and/or Mellon Investments Corporation), the Funds and the Distributor may periodically disclose complete or partial portfolio holdings, and/or allocations one (1) day after any of the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) The relevant reporting periods; or

 ****

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) The effective date of new money allocations and/or rebalances.

If the Funds and the Distributor disclose only a partial list of portfolio holdings, then the Funds and/or the Distributor shall provide sufficient disclosure that the portfolio holdings provided represent a partial list. Provided that such portfolio holding disclosures are not provided to any broker-dealers on a preferential basis, the Distributor may disclose such portfolio holdings on the Funds' website at <u>www.jackson.com</u>. The Distributor may disclose such portfolio holdings in other marketing or printed materials; provided, however, that the information is posted on the Funds' website one (1) day prior to its use in any printed materials.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) ***ETF Funds.*** For the ETF Funds, the Funds and the Distributor may periodically disclose complete or partial portfolio holdings, and/or allocations, one (1) day after any of the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) The relevant reporting periods; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) The effective date of new money allocations and/or rebalances.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) ***Money Market Fund Information***. In accordance with Rule 2a-7 of the Investment Company Act, the Money Market Funds shall disclose on the Funds' website at <u>www.jackson.com</u>, for a period of not less than six months, beginning no later than the fifth business day of a month, a schedule of the Money Market Funds' investments, as of the last business day or subsequent calendar day of the prior month, including the following security-specific information:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) Name of the issuer;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) Category of investment;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(C) CUSIP number;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(D) Principal amount;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(E) Maturity date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(F) Final maturity date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(G) Coupon or yield;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(H) Value;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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) A chart which must be updated each business day as of the end of the preceding business day, showing,
as of the end of each business day during the preceding six months:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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. The percentage of the Money Market Funds' total assets invested in
daily liquid assets;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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. The percentage of the Money Market Funds' total assets invested in weekly liquid assets;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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. The Money Market Funds' net inflows or outflows; 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iv. The Money Market Funds' net asset value per share.

A link to the SEC website is also included so a user may obtain the most recent twelve (12) months of publicly available information filed by the Money Market Funds.

Provided that such disclosures are not provided to any broker-dealers on a preferential basis, the Distributor may disclose such portfolio holdings on the Funds' website at www.jackson.com, or in other marketing or printed materials. The Distributor may disclose such portfolio holdings in other marketing or printed materials; provided, however, that the information is posted on the Funds' website one (1) day prior to its use in any printed materials.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**B. Service Providers.** The Funds may disclose their portfolio holdings to mutual fund databases and rating services (including, but not limited to, service providers such as Lipper and Morningstar):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) On a quarterly basis, however, such holdings information shall be released to the public not sooner than thirty (30) days after the end of the relevant reporting period;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) At such time as those service providers may request; and/or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) As necessary for JNAM and the Funds to obtain materials and information from the service providers and/or rating services.

The disclosure of portfolio holdings to service providers is generally made for the purpose of obtaining ratings for the Funds and enabling such service providers to provide such portfolio holding information to the public as they typically provide for other rated mutual funds. Any disclosure to mutual fund databases and rating services shall be made subject to a confidentiality agreement or confidentiality provisions limiting the use of such information to the approved purposes. Although the Adviser cannot require the service providers to adopt a Code of Ethics to monitor and limit employee trading, any such trading would violate the confidentiality agreements JNAM has in place.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**C. Other Disclosures.** The Funds periodically provide portfolio holdings and other portfolio information to certain entities in connection with transactions/services provided to, or on behalf of, the Funds, including, but not limited to, sub-advisers, potential sub-advisers and service providers, the Adviser's consultants, the Distributor, senior management and personnel at Jackson Financial, Inc. ("Jackson") and/or Jackson National Life Insurance Company ("Jackson National"), the custodian, the transfer agent(s), broker-dealers, and counterparties, pricing vendors, and the Funds' Board. In addition to the Adviser, these service providers may include, but are not limited to, any sub-adviser, transition manager (for mergers and sub-adviser transitions), Distributor, auditor, legal counsel to the funds, the trustees, and/or the Funds' other service providers. Any disclosure to service providers shall be made subject to a confidentiality agreement or confidentiality provisions limiting the use of such information for approved purposes. Although the confidentiality agreement does not explicitly limit or restrict personal securities transactions, JNAM and the Funds may, from time-to-time, limit or restrict personal securities transactions to prevent violations of these policies and procedures, the Code of Ethics, and JNAM's Insider Trading Policies and procedures. The Funds may also disclose portfolio holding information to any person who expressly agrees in writing to keep the disclosed information in confidence (agreements shall contain confidentiality provisions), and to use it only for purposes expressly authorized by the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**D. Exceptions.** From time-to-time, the Funds may need to disclose portfolio holdings and other information. The Funds' Chief Compliance Officer, in consultation with the President, shall examine appropriateness of any such disclosure(s). Any such disclosure(s) will be kept confidential and will be subject to applicable SEC and FINRA requirements related to personal trading and access monitoring. Upon review and authorization by the Funds' President, in writing, and upon his/her determination that such disclosures would be in the interests of the relevant Fund(s) and its shareholders, a Fund(s) may disclose portfolio holdings information.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**E. Regulatory and Legal Disclosures.** The Funds may also disclose portfolio holdings information to any regulator in response to any regulatory requirement, as part of a legal proceeding or criminal investigation, or any regulatory inquiry or proceeding, and to any person, to the extent required by order or other judicial process.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**F. Monitoring Personal Trading.** JNAM and the Funds will review the personal securities transactions of their Access Persons, pursuant to the Code of Ethics. The sub-advisers and Distributor have each, individually adopted a Code of Ethics and are responsible for monitoring the personal trading activities of their respective personnel.

III. Recordkeeping and Reporting

As part of the Rule 38a-1 Annual Review, the Funds' Board shall also receive reports concerning the operation of these policies and procedures. The Funds' Board may amend these policies and procedures from time to time, as it may deem appropriate in the interests of the Funds and their shareholders, and/or in response to changes in the Federal Securities Laws. All disclosures made pursuant to these policies and procedures, for both JNAM and the Funds, must be preserved for a period of not less than six (6) years, the first (2) years in an appropriate office of JNAM.

**<u>PURCHASES, REDEMPTIONS AND PRICING OF SHARES</u>**

Insurance company plans and the JNL Conservative Allocation Fund, JNL Moderate Allocation Fund, JNL Moderate Growth Allocation Fund, JNL Growth Allocation Fund, JNL Aggressive Growth Allocation Fund, and JNL/JPMorgan Managed Funds may purchase shares of the Funds at their respective net asset values, using premiums received with respect to Contracts issued by the insurance company's separate accounts. These separate accounts are funded by shares of the Trust. Shares of the Trust may also be sold directly to non-qualified retirement plans, other affiliated funds and to Jackson National Life Insurance Company.

All investments in the Trust are credited to the shareholder's account in the form of full and fractional shares of the designated Fund (rounded to the nearest 1/1000 of a share). The Trust does not issue share certificates.

As stated in the Prospectus, the NAV of a Fund's shares is generally determined once each day on which the New York Stock Exchange ("NYSE") is open (a "Business Day") at the close of the regular trading session of the NYSE (normally 4:00 p.m., Eastern Time, Monday through Friday). The NAV of a Fund's shares is not determined on the days the NYSE is closed, which days generally are New Year's Day, Martin Luther King Jr. holiday, President's Day, Good Friday, Memorial Day, Juneteenth, Independence Day, Labor Day, Thanksgiving and Christmas. The Funds will not calculate a NAV on the days the NYSE is expected to be closed.

The NAV of a Fund's shares may also not be determined on days designated by the Board or on days designated by the SEC. Consistent with legal requirements, calculation of a Fund's NAV may be suspended on days determined by the Board during times of NYSE market closure, which may include times during which the SEC issues policies or protocols associated with such closure pursuant to Section 22(e) of the 1940 Act. In the event that the NYSE is closed unexpectedly or opens for trading but closes earlier than scheduled, the Funds' valuation committee will evaluate if trading activity on other U.S. exchanges and markets for equity securities is considered reflective of normal market activity. To the extent an NYSE closure is determined to be accompanied by a disruption of normal market activity, the valuation committee may utilize the time the NYSE closed for purposes of measuring and calculating the Funds' NAVs. To the extent an NYSE closure is determined to not have resulted in a disruption of normal market activity, the valuation committee may utilize the time the NYSE was scheduled to close for purposes of measuring and calculating the Funds' NAVs.

The NAV per share of each Fund is calculated by adding the value of all securities and other assets of a Fund, deducting its liabilities, and dividing by the number of shares outstanding. Equity securities are generally valued at the official closing price of the exchange where the security is principally traded. If there is no official closing price for the security on the valuation date, the security may be valued at the most recent sale or quoted bid price prior to close. Investments in mutual funds are valued at the NAV per share determined as of the close of the NYSE on each valuation date. The Adviser typically uses independent pricing services to value debt securities. Term loans are generally valued at the composite bid prices provided by approved pricing services. Futures contracts traded on an exchange are generally valued at the exchange's settlement price. If the settlement price is not available, exchange traded futures are valued at the last sales price as of the close of business on the primary exchange. Exchange-traded options are valued by approved pricing sources at the last traded price prior to the close of business on the local exchange. In the event that current day trades are unavailable, or the trade price falls outside of the current day bid ask spread, exchange traded options are valued at the current day's mid-price. Forward foreign currency contracts are generally valued at the foreign currency exchange rate as of the close of the NYSE, unless an unexpected disruption on the NYSE and the Funds' valuation policies require the Adviser to determine the "fair value" of the contracts. Pricing services utilized to value debt instruments may use various pricing techniques which take into account appropriate factors such as: yield; credit quality; coupon rate; maturity; type of issue; trading characteristics; call features; credit ratings; broker quotes; and other relevant data. To the extent circumstances prevent the use of the primary calculation methodology previously described, the Adviser may use alternative methods to calculate the NAV.

The Board, on behalf of each Fund, has designated to the Adviser the responsibility for carrying out certain functions relating to the valuation of portfolio securities for the purpose of determining the NAV of each Fund. Further, the Board has designated JNAM as the Valuation Designee. As the Valuation Designee, the Adviser has established a valuation committee and adopted valuation procedures and guidelines pursuant to which the Adviser determines the "fair value" of a security for which market quotations are not readily available, or are determined to be not reflective of market value.

Certain of the Funds invest in foreign securities and other assets that are priced in a currency other than U.S. dollars. For foreign securities and other assets that are priced in a currency other than U.S. dollars, a Fund will convert the security or asset from the local currency into U.S. dollars using the relevant current exchange rate. Foreign securities may trade in their primary markets on weekends or other days when the Funds do not price their shares and, therefore, the value of portfolio securities of a Fund may change on days when shareholders will be unable to purchase or redeem the Fund's shares.

A Fund calculates its NAV per share, and effects sales, redemptions and repurchases of its shares at that NAV per share, as of the close of the NYSE once on each Business Day. Because the calculation of a Fund's NAV does not take place contemporaneously with the determination of the closing prices of the majority of the foreign portfolio equity securities used in such calculation, the Trust's procedures for valuing of such securities authorize the Adviser to determine the "fair value" of such foreign equity securities for purposes of calculating a Fund's net asset value. When fair valuing such foreign equity securities, the Adviser adjusts the closing prices of foreign portfolio equity securities based upon pricing models provided by a third party vendor in order to reflect the "fair value" of such securities for purposes of determining a Fund's NAV. Foreign equity securities traded in North America and South America may be fair valued utilizing international adjustment factors in response to local market holidays, exchange closures, or other events as deemed necessary, in order to reflect the "fair value" of such securities for purposes of determining a Fund's NAV.

Securities that have halted trading will be fair valued based on the facts and circumstances available at the time of each NAV calculation. The fair valuation of securities halted for an extended period may include liquidity discounts as considered appropriate.

For the JNL/Dreyfus Government Money Market Fund, securities are valued at amortized cost, which approximates market value, in accordance with Rule 2a-7. The net income of the JNL/Dreyfus Government Money Market Fund is determined once each day, on which the NYSE is open, at the close of the regular trading session of the NYSE (normally 4:00 p.m., Eastern time, Monday through Friday). All the net income of the Fund, so determined, is declared as a dividend to shareholders of record at the time of such determination. Shares purchased become entitled to dividends declared as of the first day following the date of investment. Dividends are distributed in the form of additional shares of the Fund on the last business day of each month at the rate of one share (and fraction thereof) of the Fund for each one dollar (and fraction thereof) of dividend income.

For this purpose, the net income of the JNL/Dreyfus Government Money Market Fund (from the time of the immediately preceding determination thereof) shall consist of: (a) all interest income accrued on the portfolio assets of the Fund, (b) less all actual and accrued expenses, and (c) plus or minus net realized gains and losses on the assets of the Fund determined in accord with generally accepted accounting principles. Interest income includes discount earned (including both original issue and market discount) on discount paper accrued ratably to the date of maturity. Securities are valued at amortized cost which approximates market, which the Adviser has determined in good faith constitutes fair value for the purposes of complying with the 1940 Act.

Because the net income of the JNL/Dreyfus Government Money Market Fund is declared as a dividend payable in additional shares each time the Fund's net income is determined, the net asset value per share (i.e., the value of the net assets of the Fund divided by the number of shares outstanding) is expected to remain at one dollar per share immediately after each such determination and dividend declaration. Any increase in the value of a shareholder's investment in the Fund, representing the reinvestment of dividend income, is reflected by an increase in the number of shares of the Fund in the shareholder's account.

The Trust may suspend the right of redemption for any Fund only under the following unusual circumstances: (a) when the NYSE is closed (other than weekends and holidays) or trading is restricted; (b) when an emergency exists, making disposal of portfolio securities or the valuation of net assets not reasonably practicable; or (c) during any period when the SEC has by order permitted a suspension of redemption for the protection of shareholders.

The Funds typically expect that a Fund will hold cash or cash equivalents to meet redemption requests. The Funds may also use the proceeds of orders to purchase Fund shares or the proceeds from the sale of portfolio securities to meet redemption requests, if consistent with the management of the Fund. These redemption methods will be used regularly and may also be used in stressed market conditions. The Funds have in place a line of credit intended to provide short-term financing, if necessary, subject to certain conditions, in connection with stressed market conditions or atypical redemption activity. The Funds, pursuant to an exemptive order issued by the SEC and a master Interfund Lending agreement, also have the ability to lend or borrow money for temporary purposes directly to or from one another.

In the case of a liquidity event, a Fund's share price and/or returns may be negatively impacted. If a liquidity event occurs, the Adviser will promptly notify the Board of the liquidity event and take corrective action. Corrective action may include, among other things, use of the Fund's line of credit or Interfund Lending Program.

A Fund may pay the redemption price in whole or in part by a distribution in kind of securities from the investment portfolio of a Fund to another Fund or other an unaffiliated fund, in lieu of cash, in conformity with applicable rules of the SEC and procedures adopted by the Board. Any securities redeemed in kind will be readily marketable and will be valued in accordance with the Funds' valuation policy. If a Fund redeems shares in kind from or to another Fund or an unaffiliated fund, the Fund would incur transaction costs in converting the assets into cash.

**Net Asset Value Calculations Applicable to AFIS Master Funds.** All portfolio securities of the AFIS Master Funds are valued, and the net asset value per share for each share class is determined, as follows:

Equity securities, including depositary receipts, exchange-traded funds, and certain convertible preferred stocks that trade on an exchange market, are generally valued at the official closing price of, or the last reported sale price on, the exchange or market on which such securities are traded, as of the close of business on the day the securities are being valued or, lacking any sales, at the last available bid price. Prices for each security are taken from the principal exchange or market in which the security trades.

Fixed-income securities are generally valued at evaluated prices obtained from third-party pricing vendors. Vendors value such securities based on one or more inputs that may include, among other things, benchmark yields, transactions, bids, offers, quotations from dealers and trading systems, new issues, underlying equity of the issuer, interest rate volatilities, spreads and other relationships observed in the markets among comparable securities and proprietary pricing models such as yield measures calculated using factors such as cash flows, prepayment information, default rates, delinquency and loss assumptions, financial or collateral characteristics or performance, credit enhancements, liquidation value calculations, specific deal information and other reference data.

Securities with original maturities of one year or less having 60 days or less to maturity are amortized to maturity based on their cost if acquired within 60 days of maturity, or if already held on the 60th day, based on the value determined on the 61st day. Forward currency contracts are valued at the mean of representative quoted bid and asked prices.

Assets or liabilities initially expressed in terms of non-U.S. currencies are translated prior to the next determination of the net asset value of each AFIS Master Fund's shares into U.S. dollars at the prevailing market rates.

Securities and other assets for which representative market quotations are not readily available or are considered unreliable by the investment adviser are valued at fair value as determined in good faith under fair value guidelines adopted by CRMC and approved by the Master Funds' board. Subject to board oversight, the Master Funds' board has designated the CRMC to make fair valuation determinations, which are directed by a valuation committee established by CRMC. The board receives regular reports describing fair-valued securities and the valuation methods used.

As a general principle, these guidelines consider relevant company, market and other data and considerations to determine the price that the AFIS Master Fund might reasonably expect to receive if such fair valued securities were sold in an orderly transaction. Fair valuations may differ materially from valuations that would have been used had greater market activity occurred. CRMC's valuation committee considers relevant indications of value that are reasonably and timely available to it in determining the fair value to be assigned to a particular security, such as the type and cost of the security, contractual or legal restrictions on resale of the security, relevant financial or business developments of the issuer, actively traded similar or related securities and transactions, dealer or broker quotes, conversion or exchange rights on the security, related corporate actions, significant events occurring after the close of trading in the security and changes in overall market conditions. The valuation committee employs additional fair value procedures to address issues related to equity securities that trade principally in markets outside the United States. Such securities may trade in markets that open and close at different times, reflecting time zone differences. If significant events occur after the close of a market (and before the AFIS Master Fund's net asset values are next determined) which affect the value of equity securities held in the AFIS Master Fund's portfolio, appropriate adjustments from closing market prices may be made to reflect these events. Events of this type could include, for example, earthquakes and other natural disasters or significant price changes in other markets (e.g., U.S. stock markets).

Assets and liabilities, including investment securities, denominated in currencies other than U.S. dollars are translated into U.S. dollars, prior to the next determination of the net asset value of the AFIS Master Fund's shares, at the exchange rates obtained from a third-party pricing vendor.

Each class of shares represents interests in the same portfolio of investments and is identical in all respects to each other class, except for differences relating to distribution, service and other charges and expenses, certain voting rights, differences relating to eligible investors, the designation of each class of shares, conversion features and exchange privileges. Expenses attributable to the AFIS Master Fund, but not to a particular class of shares, are borne by each class pro rata based on the relative aggregate net assets of the classes. Expenses directly attributable to a class of shares are borne by that class of shares. Liabilities attributable to particular share classes, such as liabilities for repurchases of fund shares, are deducted from total assets attributable to such share classes.

Net assets so obtained for each share class are then divided by the total number of shares outstanding of that share class, and the result, rounded to the nearest cent, is the net asset value per share for that class.

**Net Asset Value Calculations Applicable to JNL/Mellon Master Funds.** All portfolio securities of the JNL/Mellon Master Funds are valued, and the net asset value per share for Class I shares is determined, as described above under the heading "Purchases, Redemptions and Pricing of Shares."

**Dividends.**

The JNL/Dreyfus Government Money Market Fund intends to declare as dividends substantially all of the net investment income, if any. Dividends from the net investment income and the net capital gain, if any, will be declared not less frequently than annually and reinvested in additional full and fractional shares of the fund or paid in cash.

The Fund seeks to maintain constant per share NAV of $1.00. Dividends from net investment income and net capital gain, if any, for the Fund will be declared and reinvested, or paid in cash, as to a class daily so long as class income exceeds class expenses on each day. If class expenses exceed class income on any day, the fund will not pay a dividend on the class on that day. The Fund will resume paying dividends on that class only when, on a future date, the accumulated net investment income of the class is positive. The accumulated net investment income for a class on any day is equal to the accumulated income attributable to that class less the accumulated expenses attributable to that class since the last payment of a dividend on that class. When the Fund resumes paying a dividend on a class, the amount of the initial dividend will be the accumulated net investment income for the class on the date of payment. As a result of this policy, the Fund: (1) on any given day, may pay a dividend on all of its classes, on none of its classes or on some but not all of its classes; (2) may not pay a dividend on one or more classes for one or more indeterminate periods which may be as short as a day or quite lengthy; and (3) may, during a period in which it does not pay a dividend on a class, have days on which the net investment income for that class is positive but is not paid as a dividend because the accumulated net investment income for the class continues to be negative. In addition, a shareholder who purchases shares of a class with a negative accumulated net investment income could hold those shares during a period of positive net investment income and never receive a dividend unless and until that accumulated positive net investment income exceeded the negative accumulated net investment income at the time of purchase.

**<u>DESCRIPTION OF SHARES; VOTING RIGHTS; SHAREHOLDER INQUIRIES</u>**

**Description of Shares.** The Declaration of Trust permits the Trustees to issue an unlimited number of full and fractional shares of beneficial interest of each Fund and to divide or combine such shares into a greater or lesser number of shares without thereby changing the proportionate beneficial interests in the Trust. Each share of a Fund represents an equal proportionate interest in that Fund with each other share. The Trust reserves the right to create and issue any number of Fund shares. In that case, the shares of each Fund would participate equally in the earnings, dividends, and assets of the particular Fund. Upon liquidation of a Fund, shareholders are entitled to share pro rata in the net assets of such Fund available for distribution to shareholders.

**Voting Rights.** Shareholders are entitled to one vote for each share held. Except for matters affecting a particular Fund or Class of shares of a Fund, as described below, all shares of the Trust have equal voting rights and may be voted in the election of Trustees and on other matters submitted to the vote of the shareholders. Shareholders' meetings ordinarily will not be held unless required by the 1940 Act. As permitted by Massachusetts law, there normally will be no shareholders' meetings for the purpose of electing Trustees unless and until such time as fewer than a two-thirds majority of the Trustees holding office have been elected by shareholders. At that time, the Trustees then in office will call a shareholders' meeting for the election of Trustees. The Trustees must call a meeting of shareholders for the purpose of voting upon the removal of any Trustee when requested to do so by the record holders of 10% of the outstanding shares of the Trust. A Trustee may be removed after the holders of record of not less than two-thirds of the outstanding shares have declared that the Trustee be removed either by declaration in writing or by votes cast in person or by proxy. Except as set forth above, the Trustees shall continue to hold office and may appoint additional or successor Trustees, provided that immediately after the appointment of any additional or successor Trustee, at least two-thirds of the Trustees have been elected by the shareholders. Shares do not have cumulative voting rights. Thus, holders of a majority of the shares voting for the election of Trustees can elect all the Trustees.

In matters affecting only a particular Fund or Class of shares of a Fund, the matter shall have been effectively acted upon by a majority vote of the shares of only that Fund or Class of shares of a Fund even though (1) the matter has not been approved by a majority vote of the shares of any other Fund or Class of shares of a Fund; or (2) the matter has not been approved by a majority vote of the shares of the Trust.

Because shares in the Trust are sold only to Jackson National, to certain qualified and non-qualified retirement plans and to regulated investment companies, Jackson National and the regulated investment companies, through its separate accounts which hold shares in the Trust as funding vehicles for variable insurance contracts, is the owner of record of substantially all of the shares of the Trust. In addition, Jackson National, through its general account, is the beneficial owner of shares in certain of the Funds, in some cases representing the initial capital contributed at the inception of a Fund, and in other cases representing investments made for other corporate purposes. As may be required by applicable law and interpretations of the staff of the SEC, Jackson National generally will solicit voting instructions from owners of variable insurance contracts regarding matters submitted to shareholder vote, and will vote the shares held by its separate accounts in accordance with the voting instructions received from variable contract owners to whose contracts such shares are attributable. This is sometimes referred to as "pass through" voting. Further, those shares which are owned by Jackson National through its general account, as well as shares held by its separate accounts for which no voting instructions are received from contract owners, also will be voted by Jackson National in the same proportions as those shares for which voting instructions are received from variable contract owners. This is sometimes referred to as "echo" voting. As described above, pursuant to Section 12 of the 1940 Act, when a Fund is a Feeder Fund in a master/feeder structure, it will either (1) pass votes requested by the applicable Master Fund to its shareholders and seek instructions from its own shareholders with regard to the voting of all proxies with respect to such security and vote such proxies only in accordance with such instruction, or (2) vote the shares held by it in the same proportion as the vote of all other holders of such security. The Amended and Restated Bylaws provide that a majority of the shares entitled to vote shall be a quorum for the transaction of business at a shareholders' meeting. As a result of proportional voting the vote of a small number of contract owners could determine the outcome of a proposal subject to shareholder vote.

Shareholders of a Massachusetts business trust may, under certain circumstances, be held personally liable as partners for the obligations of the Trust. The risk of a shareholder incurring any financial loss on account of shareholder liability is limited to circumstances in which the Trust itself would be unable to meet its obligations. The Declaration of Trust contains an express disclaimer of shareholder liability for acts or obligations of the Trust and provides that notice of the disclaimer must be given in each agreement, obligation or instrument entered into or executed by the Trust or Trustees. The Declaration of Trust provides for indemnification of any shareholder held personally liable for the obligations of the Trust and also provides for the Trust to reimburse the shareholder for all legal and other expenses reasonably incurred in connection with any such claim or liability.

No amendment may be made to the Declaration of Trust without the affirmative vote of a majority of the outstanding shares of the Trust. The Trustees may, however, amend the Declaration of Trust without the vote or consent of shareholders to:

● Designate a Fund of the Trust;

● Change the name of the Trust; or

● Supply any omission, cure, correct, or supplement any ambiguous, defective, or inconsistent provision to conform the Declaration of Trust to the requirements of applicable federal or state regulations if they deem it necessary.

If not terminated by the vote or written consent of a majority of its outstanding shares, the Trust will continue indefinitely. Shares have no pre-emptive or conversion rights. Shares are fully paid and non-assessable when issued.

**Shareholder Inquiries.** All inquiries regarding the Trust should be directed to the Trust at the telephone number or address shown on the back cover page of the Prospectus.

**Information Regarding AFIS Master Funds.** For information regarding the AFIS Master Funds' shares, voting rights and policies regarding shareholder inquiries, please see the applicable AFIS Master Funds' SAI, which is delivered together with this SAI.

**<u>TAX STATUS</u>**

The following discussion of U.S. federal income tax consequences of investing in a Fund is based on the Internal Revenue Code of 1986, as amended ("Code"), U.S. Treasury Regulations, and other applicable authority, as of the date of this SAI. These authorities are subject to change by legislative or administrative action, possibly with retroactive effect. The following discussion is only a summary of some of the important U.S. federal income tax considerations generally applicable to investments in a Fund and it does not address any state, local or foreign tax matters. The following discussion is generally based on the assumption that the shares of each Fund will be respected as owned by insurance companies through their separate accounts, qualified pension and retirement plans ("Qualified Plans") and other eligible persons or plans permitted to hold shares of a Fund pursuant to the applicable Treasury Regulations without impairing the ability of the insurance company separate accounts to satisfy the diversification requirements of Section 817(h) of the Code ("Other Eligible Investors").

**<u>General</u>**

The Trust consists of Funds that are either treated for U.S. federal income tax purposes as corporations that intend to qualify and be eligible for treatment each year as a regulated investment companies ("Regulated Investment Company Funds") or partnerships ("Partnership Funds").

Each Fund automatically reinvests all income dividends and capital gain distributions, if any, in additional shares of the distributing Fund, unless otherwise requested by a shareholder. The reinvestment is made at the NAV determined on the ex-dividend date, which is generally the first business day following the record date.

**<u>Regulated Investment Company Funds</u>**

**<u>Qualification as a Regulated Investment Company</u>**

Each Regulated Investment Company Fund (for purposes of this section, a "Fund") has elected or intends to elect, and intends to qualify and be eligible for treatment each year as a "regulated investment company" under Subchapter M of the Code. Each Fund is treated as a separate corporation for purposes of the Code. Therefore, the assets, income, gains, losses, expenses and distributions of each Fund are considered separately from other series of the Trust for purposes of determining whether or not a Fund qualifies and is eligible for treatment as a regulated investment company.

To qualify as a regulated investment company, a Fund must meet certain requirements with respect to the nature and sources of its income (the "qualifying income requirement") and certain requirements regarding the nature and diversification of its investment assets (the "asset diversification requirement"). In order to meet the qualifying income requirement, each Fund must derive at least 90% of its gross income each taxable year generally from (i) dividends, interest, payments with respect to certain securities loans, gains from the sale or other disposition of stock, securities or foreign currencies, or other income attributable to its business of investing in such stock, securities or foreign currencies (including, but not limited to, gains from options, futures or forward contracts) and (ii) net income derived from an interest in a qualified publicly traded partnership, as defined below. In general, for purposes of this qualifying income requirement, income derived from a partnership (other than a qualified publicly traded partnership) will be treated as qualifying income only to the extent such income is attributable to items of income of the partnership which would be qualifying income if realized directly by the regulated investment company. However, 100% of the net income derived from an interest in a qualified publicly traded partnership (generally, defined as a partnership (x) the interests in which are traded on an established securities market or readily tradable on a secondary market or the substantial equivalent thereof, and (y) that derives less than 90% of its gross income from the qualifying income described in clause (i) above) will be treated as qualifying income. In general, such entities will be treated as partnerships for U.S. federal income tax purposes if they meet the passive income requirement under Code Section 7704(c)(2). In addition, although in general the passive loss rules of the Code do not apply to regulated investment companies, such rules do apply to a regulated investment company with respect to items attributable to an interest in a qualified publicly traded partnership. Certain of a Fund's investments in ETFs and master limited partnerships ("MLPs"), if any, may qualify as interests in qualified publicly traded partnerships.

In order to meet the asset diversification requirement, a Fund must diversify its holdings so that, at the end of each quarter of the Fund's taxable year: (i) at least 50% of the fair market value of its total assets consists of (A) cash and cash items (including receivables), U.S. Government securities and securities of other regulated investment companies, and (B) other securities, of any one issuer (other than those described in clause (A)) to the extent such securities do not exceed 5% of the value of the Fund's total assets and are not more than 10% of the outstanding voting securities of such issuer, and (ii) not more than 25% of the value of the Fund's total assets consists of, including through corporations in which the Fund owns a 20% or more voting stock interest, the securities of any one issuer (other than those described in clause (i)(A)), the securities (other than securities of other regulated investment companies) of two or more issuers the Fund controls and which are engaged in the same, similar, or related trades or businesses, or the securities of one or more qualified publicly traded partnerships.

For purposes of the asset diversification test above, the term "outstanding voting securities of such issuer" will include the equity securities of a qualified publicly traded partnership. Also, for purposes of the asset diversification test above, the identification of the issuer (or, in some cases, issuers) of a particular Fund investment can depend on the terms and conditions of that investment. In some cases, identification of the issuer (or issuers) is uncertain under current law, and an adverse determination or future guidance by the IRS with respect to issuer identification for a particular type of investment may adversely affect the Fund's ability to meet the diversification test above.

Each Fund must also distribute annually at least 90% of its investment company taxable income, which generally includes its ordinary income and the excess of any net short-term capital gain over net long-term capital loss, and at least 90% of its net exempt-interest income, if any, in order to maintain its eligibility for treatment as a regulated investment company.

If a Fund qualifies as a regulated investment company that is accorded special tax treatment, it generally will not be subject to U.S. federal income tax on any of the investment company taxable income and net capital gain (i.e., the excess of net long-term capital gain over net short-term capital loss) it distributes to its shareholders. Each Fund generally intends to distribute at least annually substantially all of its investment company taxable income (computed without regard to the dividends-paid deduction) and its net capital gain. However, no assurance can be given that a Fund will not be subject to U.S. federal income taxation. Any investment company taxable income or net capital gain retained by a Fund will be subject to tax at regular corporate rates.

If a Fund were to fail to comply with the qualifying income, asset diversification or distribution requirements described above, the Fund could in some cases cure such failure, including by paying a fund-level tax or interest, making additional distributions, or disposing of certain assets. If a Fund were ineligible to cure such failure, or otherwise failed to qualify and be eligible for treatment as a regulated investment company for any taxable year, (1) it would be taxed in the same manner as an ordinary corporation that year without being able to deduct the distributions it makes to its shareholders and (2) each insurance company separate account invested in the Fund would fail to satisfy the "look-through rules" (as discussed below) and the variable annuity and variable life insurance contracts supported by that account would no longer be eligible for tax deferral. In addition, the Fund could be required to recognize net unrealized gains, pay substantial taxes and interest and make substantial distributions before requalifying as a regulated investment company.

Amounts not distributed on a timely basis by regulated investment companies in accordance with a calendar year distribution requirement are subject to a nondeductible 4% excise tax at the Fund level. In order to avoid this excise tax, a Fund must distribute by the end of each calendar year: (a) at least 98% of its ordinary income for the calendar year; (b) at least 98.2% of its capital gain net income for the one-year period ending, as a general rule, on October 31 of each year; and (c) 100% of the undistributed ordinary income and capital gain net income from the preceding calendar years (if any). This excise tax, however, is inapplicable to any regulated investment company whose sole shareholders are tax-exempt pension trusts, separate accounts of life insurance companies funding variable contracts, certain other permitted tax-exempt investors, or other regulated investment companies that are also exempt from the excise tax. In determining whether these investors are the sole shareholders of a regulated investment company for purposes of this exception to the excise tax, shares attributable to an investment in the regulated investment company (not exceeding $250,000) made in connection with the organization of the regulated investment company are not taken into account.

Each Fund intends to meet these requirements in order to qualify and be eligible for treatment as a regulated investment company and avoid paying any income or excise tax on its taxable income and gain. However, no assurance can be given that a Fund will not be subject to U.S. federal income or excise taxation.

**<u>Capital Loss Carryforwards</u>**

For U.S. federal income tax purposes, potentially subject to certain limitations, a Fund is generally permitted to carry forward a net capital loss incurred in any taxable year to offset net capital gains, if any, realized during subsequent taxable years. Net capital losses can be carried forward without expiration and any such carryover losses will retain their character as short-term or long-term. To the extent subsequent net capital gains are offset by such losses, they would not result in U.S. federal income tax liability to a Fund, regardless of whether such net capital gains are distributed to shareholders.

As of [December 31, 2025], the following Funds had net capital loss carryforwards (in thousands) available for U.S. federal income tax purposes to offset future net realized capital gains. Details of the capital loss carryforwards are listed in the table below. [to be updated by amendment]

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| | | | |
|:---|:---|:---|:---|
|  | **Capital Loss<br> Carryforwards<br> with No Expiration** | | |
|  | **Short Term<br> ($)** | <br>**Long Term<br> ($)** | <br>**Total ($)** |
| &nbsp;&nbsp;JNL Multi-Manager Emerging Markets Equity Fund | 30317 | 55266 | 85583 |
| &nbsp;&nbsp;JNL Multi-Manager International Small Cap Fund | 32320 | 71064 | 103384 |
| &nbsp;&nbsp;JNL/Cohen & Steers U.S. Realty Fund | 902 | 19149 | 20051 |
| &nbsp;&nbsp;JNL/DFA International Core Equity Fund | 7648 | 2635 | 10283 |
| &nbsp;&nbsp;JNL/Loomis Sayles Global Growth Fund | 2813 |  | 2813 |
| &nbsp;&nbsp;JNL/Lord Abbett Short Duration Income Fund | 17250 | 36277 | 53527 |
| &nbsp;&nbsp;JNL/WCM China Quality Growth Fund | 235 | 1435 | 1670 |
| &nbsp;&nbsp;JNL/William Blair International Leaders Fund | 30715 |  | 30715 |

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**<u>Partnership Funds</u>**

***Fund Status***

Effective January 1, 2022, the Board of Trustees approved the following Funds to change their U.S. federal income tax status from a regulated investment company to a partnership:

JNL/Mellon Emerging Markets Index Fund

JNL/Mellon World Index Fund

JNL Emerging Markets Index Fund

Effective January 1, 2023, the Board of Trustees approved the following Funds to change their U.S. federal income tax status from a regulated investment company to a partnership:

JNL/JPMorgan Hedged Equity Fund

JNL/Mellon International Index Fund

For U.S. federal income tax purposes, each Partnership Fund (for purposes of this section, a "Fund") expects to be treated as a partnership and not as an association taxable as a corporation, and does not expect to be a "publicly traded partnership" as defined in Section 7704 of the Code. Each Fund considers itself to be a separate entity for U.S. federal income tax purposes. Thus, each Fund and its partners should not be required to take into account the assets, operations, or partners of other series of the Trust for U.S. federal income tax purposes (*e.g.*, for purposes of determining possible characterization as a publicly traded partnership). If a Fund were determined to be a publicly traded partnership taxable as a corporation, (i) it generally would be subject to tax at the Fund level on its earnings and profits at regular corporate income tax rates and (ii) each insurance company separate account invested in the Fund would fail to satisfy the separate diversification requirements described below (See "Tax Status – Special Tax Considerations for Separate Accounts of Insurance Companies (*all Funds*)", below), with the result that the Contracts supported by that account would no longer be eligible for tax deferral.

As a partnership, a Fund is generally not itself subject to U.S. federal income tax. Instead, each partner will be required to take into account for U.S. federal income tax purposes its allocable share of a Fund's income, gains, losses, deductions, credits, and other tax items, without regard to whether such partner has received or will receive corresponding distributions from the Fund. Allocations of these tax items, for U.S. federal income tax purposes, generally will be made in accordance with the economics of the Funds. Such items when allocated to a partner will generally retain their character as qualifying for particular tax treatment (*e.g.,* eligibility for dividends-received deduction) when received by a taxable partner such as an insurance company; this "pass-through" of tax characteristics will generally not affect holders of Contracts funded by a Fund or participants in Qualified Plans investing in a Fund.

**<u>Taxation of Fund Investments</u>**

Partnership Funds may not be eligible for beneficial withholding rates, available to Regulated Investment Company Funds, in certain foreign jurisdictions. JNAM has agreed to reimburse the Partnership Funds for an amount equal to the additional tax withheld. These amounts are included in Foreign taxes withheld on the Statements of Operations. The Partnership Funds could also experience delays in receipt of tax reclaim payments due to their partnership status, as compared to the timing experienced by Regulated Investment Company Funds. JNAM has agreed to contribute to the Partnership Funds an amount equal to the outstanding tax reclaims, within the timeframe the Partnership Funds would have received payment under Regulated Investment Company status. The Partnership Funds will then reimburse JNAM once the reclaim payments are received from the foreign tax authorities. Amounts paid to the Partnership Funds by JNAM due to delayed tax reclaim receipts are included in Payable to affiliates on the Statements of Assets and Liabilities.

A Fund's transactions in securities and certain types of derivatives (e.g., options, futures contracts, forward contracts, and swap agreements), as well as any of its hedging, short sale, securities loan or similar transactions, may be subject to special tax rules, such as the notional principal contract, straddle, constructive sale, wash-sale, mark-to-market, or short-sale rules. Rules governing the U.S. federal income tax aspects of certain of these transactions, including certain commodity-linked investments and cryptocurrency investments, are not entirely clear in certain respects. Accordingly, while each Fund intends to account for such transactions in a manner it deems to be appropriate, an adverse determination or future guidance by the IRS with respect to these rules (which determination or guidance could be retroactive) may affect whether a Regulated Investment Company Fund has made sufficient distributions, and otherwise satisfied the relevant requirements to maintain its qualification as a regulated investment company and avoid fund-level tax. Certain requirements that must be met under the Code in order for a Regulated Investment Company Fund to qualify as a regulated investment company may limit the extent to which a Regulated Investment Company Fund will be able to engage in certain derivatives or commodity-linked transactions.

A U.S. person, including a Fund, who owns, directly or indirectly, 10% or more of the total combined voting power of all classes of stock of a foreign corporation or 10% or more of the total value of shares of all classes of stock of a foreign corporation is a "U.S. Shareholder" for purposes of the controlled foreign corporation ("CFC") provisions of the Code. A CFC is a foreign corporation that, on any day of its taxable year, is owned (directly, indirectly, or constructively) more than 50% (measured by voting power or value) by U.S. Shareholders. A Cayman subsidiary of a Fund would be CFC in which the Fund would be a U.S. Shareholder. As a U.S. Shareholder, the Fund (or, in the case of a Partnership Fund, its shareholders that are treated as U.S. Shareholders) is required to include in gross income for U.S. federal income tax purposes all of a CFC's "subpart F income," whether or not such income is actually distributed by the CFC. Subpart F income generally includes interest, OID, dividends, net gains from the disposition of stocks or securities, receipts with respect to securities loans, net gains from transactions (including futures, forward, and similar transactions) in commodities, and net payments received with respect to equity swaps and similar derivatives. Subpart F income is treated as ordinary income, regardless of the character of the CFC's underlying income. Net losses incurred by a CFC during a tax year do not flow through to a Fund and thus will not be available to offset income or capital gain generated from a Fund's other investments. In addition, net losses incurred by a CFC during a tax year generally cannot be carried forward by the CFC to offset gains realized by it in subsequent taxable years.

Certain Regulated Investment Company Funds may invest up to 25% of their assets in a subsidiary to gain exposure to commodities without violating the qualifying income requirement applicable to Regulated Investment Company Funds, as described above. The IRS has issued final regulations that generally treat a Fund's income inclusion with respect to a CFC as "qualifying income" for purposes of determining the Fund's ability to be subject to tax as a regulated investment company either if (i) there is a distribution out of the earnings and profits of the CFC that are attributable to such income inclusion or (ii) such inclusion is derived with respect to the Fund's business of investing in stock, securities, or currencies.

Amounts realized by a Fund from sources within foreign countries (e.g., dividends or interest paid on foreign securities) may be subject to withholding and other taxes imposed by such countries; such taxes would reduce the Fund's return on those investments. Tax conventions between certain countries and the United States may reduce or eliminate such taxes.

Any investment by a Partnership Fund in foreign securities may subject the Partnership Fund and/or its partners (whether or not the partners receive any distributions with respect to such investments), directly or indirectly, to taxation, including withholding or other taxes on dividends, interest, or capital gains, and/or tax filing obligations in foreign jurisdictions. A Partnership Fund and/or its partners may otherwise be subject to foreign taxation on repatriation proceeds generated from those securities or to other transaction-based foreign taxes on those securities.

"Passive foreign investment companies" ("PFICs") are generally defined as foreign corporations where at least 75% of their gross income for their taxable year is passive income (such as certain interest, dividends, rents and royalties, or capital gains) or at least 50% of their assets on average produce or are held for the production of such passive income. If a Regulated Investment Company Fund acquires any equity interest in a PFIC, the Regulated Investment Company Fund could be subject to U.S. federal income tax and interest charges on "excess distributions" received from the PFIC or on gain from the sale of such equity interest in the PFIC, even if all income or gain actually received by the Regulated Investment Company Fund is timely distributed to its shareholders.

Elections may be available that would ameliorate these adverse tax consequences, but such elections would require a Fund to include its share of the PFIC's income and net capital gains annually, regardless of whether it receives any distribution from the PFIC (in the case of a "QEF election"), or to mark the gains (and to a limited extent losses) in its interests in the PFIC "to the market" as though the Fund had sold and repurchased such interests on the last day of the Fund's taxable year, treating such gains and losses as ordinary income and loss (in the case of a "mark-to-market election"). Each Fund may attempt to limit and/or manage its holdings in PFICs to minimize tax liability and/or maximize returns from these investments but there can be no assurance that it will be able to do so. Moreover, because it is not always possible to identify a foreign corporation as a PFIC, a Fund may incur the tax and interest charges described above in some instances.

A Partnership Fund may also invest in PFICs, which are subject to special tax rules. Partners in a Partnership Fund that invests in a CFC or PFIC may be subject to special reporting and filing requirements in respect of their indirect investment in such instruments. Partners should consult their tax advisors in this regard.

A Fund may invest directly or indirectly in residual interests in real estate mortgage investment conduits ("REMICs") or equity interests in taxable mortgage pools ("TMPs"). Under an IRS notice, and U.S. Treasury Regulations that have yet to be issued but may apply retroactively, a portion of a Fund's income (including income allocated to the Fund from a pass-through entity) that is attributable to a residual interest in a REMIC or an equity interest in a TMP (referred to in the Code as an "excess inclusion") will be subject to U.S. federal income tax in all events. This notice also provides, and the Treasury Regulations are expected to provide, that excess inclusion income of a Fund will be allocated with the same consequences as if the investment were held directly. As a result, a life insurance company separate account funding a variable contract may be taxed currently to the extent of its share of the Fund's excess inclusion income, as described below.

In general, excess inclusion income allocated to shareholders of a Fund (i) cannot be offset by net operating losses (subject to a limited exception for certain thrift institutions), (ii) will constitute unrelated business taxable income ("UBTI") to entities (including a qualified pension plan, an individual retirement account, a 401(k) plan, a Keogh plan or certain other tax-exempt entities) subject to tax on UBTI, thereby potentially requiring such an entity that is allocated excess inclusion income, and otherwise might not be required to file a tax return, to file a tax return and pay tax on such income, and (iii) in the case of a foreign shareholder or partner, will not qualify for any reduction in U.S. federal withholding tax, and (iv) in the case of an insurance company separate account supporting a Contract, cannot be offset by an adjustment to the reserves and thus is currently taxed notwithstanding the more general tax deferral available to insurance company separate accounts funding Contracts.

In addition, to the extent that a shareholder or partner has borrowed to finance shares of a Fund or a Partnership Fund holds property that constitutes debt-financed property (*e.g.,* securities purchased on margin), income attributable to such shares or property may constitute UBTI. Certain of a Partnership Fund's other investments or activities may also generate UBTI. Furthermore, the IRS may take the position that certain of a Partnership Fund's investments in derivative instruments should be reclassified in a manner that gives rise to UBTI. In addition, reverse repurchase agreements may, under certain conditions, be characterized as secured loans, the proceeds of which could be used to acquire assets that would, therefore, give rise to debt-financed income. If a Partnership Fund generates UBTI, a tax-exempt partner in the Partnership Fund generally would be required to file a tax return and could incur tax liability on such partner's allocable share of that UBTI.

Qualified Plans and other tax-exempt partners should consult their own tax advisors concerning the possible effects of UBTI on their own tax situation as well as the general tax implications of an investment in a Fund.

**<u>Special Considerations for Separate Accounts of Insurance Companies *(all Funds)*</u>**

The shares of each Fund are owned by one or more separate accounts of Jackson National and Jackson National NY that hold such shares in connection with variable annuity and variable life insurance contracts, and/or by various funds of JNL Series Trust. Under Section 817(h) of the Code, if the investments of a segregated asset account, such as the separate accounts of Jackson National and Jackson National NY, are "adequately diversified," and certain other requirements are met, a holder of a Contract supported by the account generally will receive favorable tax treatment in the form of deferral of tax until a distribution is made under the Contract.

Generally, a segregated asset account will be deemed adequately diversified if as of the close of each calendar quarter (or within 30 days thereafter), (i) no more than 55% of the value of its total assets is represented by any one investment; (ii) no more than 70% of such value is represented by any two investments; (iii) no more than 80% of such value is represented by any three investments; and (iv) no more than 90% of such value is represented by any four investments. Section 817(h)(2) and the Treasury Regulations thereunder provide as a safe harbor that a segregated asset account that funds contracts such as the variable annuity or variable life insurance policies is treated as meeting the diversification requirements if, as of the close of each calendar quarter (or within 30 days thereafter), the assets in the account meet the asset diversification requirement for a regulated investment company described in Section 851(b)(3) and no more than 55% of the total assets of the account consist of cash, cash items, U.S. Government securities and securities of other regulated investment companies. Under Treasury guidance, a special rule for satisfying the diversification requirement is available to insurance company separate accounts investing in funds that qualify as "government money market funds" under Rule 2a-7(a)(14) under the 1940 Act, pending the issuance of revised Treasury Regulations.

In general, all securities of the same issuer are treated as a single investment for these purposes, and each U.S. Government agency or instrumentality is treated as a separate issuer. However, Treasury Regulations provide a "look-through rule" with respect to a segregated asset account's investments in a regulated investment company or partnership for purposes of the applicable diversification requirements, provided certain conditions are satisfied by the regulated investment company or partnership. Under this look-through rule, if a Fund limits its shareholders to (i) life insurance companies whose separate accounts invest in the Fund for purposes of funding variable annuity and variable life insurance contracts, (ii) trustees of qualified pension and retirement plans, and (iii) other funds having similar shareholders, each insurance company separate account investing in the Fund will be treated as owning (as a separate investment) its proportionate share of each asset of the Fund for purposes of meeting its own diversification requirements under Code Section 817(h), provided that the Fund qualifies as a regulated investment company or a partnership that is not a "publicly traded partnership."

Each Fund is managed with the intention of complying with the diversification requirements imposed by Section 817(h) of the Code but may not satisfy the look-through rule. It is possible that, in order to comply with these requirements, less desirable investment decisions may be made which could affect the investment performance of a Fund.

Failure by a Fund to satisfy the Code Section 817(h) requirements by failing to comply with the "55%-70%-80%-90%" diversification test or the safe harbor described above, or by failing to satisfy the look-through rule, could cause the Contracts to lose their favorable tax status and require a Contract owner to include currently in ordinary income any income accrued under the Contracts for the current and all prior taxable years. Under certain circumstances described in the applicable Treasury Regulations, inadvertent failure to satisfy the Code Section 817(h) diversification requirements may be corrected; such a correction would require a payment to the IRS. Any such failure could also result in adverse tax consequences for the insurance company issuing the Contracts.

The IRS has indicated that a degree of investor control over the investment options underlying a Contract may interfere with the tax-deferred treatment of such Contracts. The IRS has issued rulings addressing the circumstances in which a Contract owner's control of the investments of the separate account may cause the holder, rather than the insurance company, to be treated as the owner of the assets held by the separate account. If the holder is considered the owner of the securities underlying the separate account, income and gains produced by those securities would be included currently in the holder's gross income.

In determining whether an impermissible level of investor control is present, one factor the IRS considers is whether a Fund's investment strategies are sufficiently broad to prevent a Contract owner from being deemed to be making particular investment decisions through its investment in the separate account. For this purpose, current IRS guidance indicates that typical fund investment strategies, even those with a specific sector or geographical focus, are generally considered sufficiently broad. Most, although not necessarily all, of the Funds have objectives and strategies that are not materially narrower than the investment strategies held not to constitute an impermissible level of investor control in IRS rulings (such as large company stocks, international stocks, small company stocks, mortgage-backed securities, money market securities, telecommunications stocks and financial services stocks).

The above discussion addresses only one of several factors that the IRS considers in determining whether a Contract owner has an impermissible level of investor control over a separate account. Contract owners should consult the insurance companies issuing their Contracts and their own tax advisors, as well as the prospectus relating to their particular Contract, for more information concerning this investor control issue.

In the event that additional rules, regulations or other guidance is issued by the IRS or the Treasury Department concerning this issue, such guidance could affect the treatment of a Fund as described above, including retroactively. In addition, there can be no assurance that a Fund will be able to continue to operate as currently described, or that a Fund will not have to change its investment objective or investment policies in order to prevent, on a prospective basis, any such rules and regulations from causing Contract owners to be considered the owners of the shares of the Fund.

***Tax Shelter Reporting Regulations***

Under U.S. Treasury Regulations, if (i) an individual shareholder recognizes a loss of at least $2 million in any single taxable year or $4 million in any combination of taxable years, or (ii) a corporate shareholder, including an insurance company holding separate accounts, recognizes a loss of at least $10 million in any taxable year or $20 million in any combination of taxable years, the shareholder must file with the IRS a disclosure statement on IRS Form 8886. Direct shareholders of portfolio securities are in many cases excepted from this reporting requirement, but under current guidance, shareholders of a regulated investment company, such as insurance companies that own shares in a Regulated Investment Company Fund through their separate accounts, are not excepted. This filing requirement applies even though, as a practical matter, any such loss would not, for example, reduce the taxable income of an insurance company. Future guidance may extend the current exception from this reporting requirement to shareholders of most or all regulated investment companies. The fact that a loss is reportable under these Treasury Regulations does not affect the legal determination of whether the taxpayer's treatment of the loss is proper. Shareholders should consult with their tax advisors to determine the applicability of these Regulations in light of their individual circumstances.

A Partnership Fund may engage in transactions or make investments that would subject the Partnership Fund, its partners, and/or its "material advisors," as defined in Treasury Regulations Section 301.6112-1(c)(1), to special rules requiring such transactions or investments by the Partnership Fund or investments in the Partnership Fund to be reported and/or otherwise disclosed to the IRS, including to the IRS's Office of Tax Shelter Analysis (the "Tax Shelter Rules"). A transaction may be subject to reporting or disclosure if it is described in any of several categories of "reportable transactions", which include, among others, transactions that result in the incurrence of a loss or losses exceeding certain thresholds or that are offered under conditions of confidentiality. Although each Partnership Fund does not expect to engage in transactions solely or principally for the purpose of achieving a particular tax consequence, there can be no assurance that a Partnership Fund will not engage in transactions that trigger the Tax Shelter Rules. In addition, a partner may have disclosure obligations with respect to its shares in a Partnership Fund if the partner (or the Partnership Fund in certain cases) participates in a reportable transaction.

**Contract Owners** 

The foregoing discussion does not address the tax consequences to Contract owners of an investment in a Contract. Contract owners investing in a Fund through an insurance company separate account or persons investing in a Fund through Other Eligible Investors are urged to consult with their insurance company or Other Eligible Investor, as applicable, and their own tax advisors, for more information regarding the U.S. federal income tax consequences to them of an investment in a Fund. Additional information relating to the tax treatment of the variable annuity and life insurance policies for which the Funds serve as underlying funding alternatives is contained in the prospectuses for those policies.

**<u>Financial Statements</u>**

The audited financial statements and financial highlights, including notes thereto, and the report of the Trust's Independent Registered Public Accounting Firm, KPMG LLP, as of and for each of the periods presented through [December 31, 2025], included in the Trust's Form N-CSR are incorporated by reference into (which means they legally are a part of) this SAI. The financial statements are available at no charge upon written or telephone request to the Trust at the address and telephone number set forth on the front page of this SAI.

**<u>APPENDIX A — RATINGS OF INVESTMENTS</u>**

**Moody's Investors Service ("Moody's") Global Short-Term Rating Scale**

*<u>P-1</u>*: Issuers (or supporting institutions) rated Prime-1 have a superior ability to repay short-term debt obligations.

*<u>P-2</u>*: Issuers (or supporting institutions) rated Prime-2 have a strong ability to repay short-term debt obligations.

*<u>P-3</u>*: Issuers (or supporting institutions) rated Prime-3 have an acceptable ability to repay short-term obligations.

*<u>NP</u>*: Issuers (or supporting institutions) rated Not Prime do not fall within any of the Prime rating categories.

**Moody's Global Long-Term Rating Scale**

*<u>Aaa</u>*: Obligations rated Aaa are judged to be of the highest quality, subject to the lowest level of credit risk.

*<u>Aa</u>*: Obligations rated Aa are judged to be of high quality and are subject to very low credit risk.

*<u>A</u>*: Obligations rated A are judged to be upper-medium grade and are subject to low credit risk.

*<u>Baa</u>:* Obligations rated Baa are judged to be medium-grade and subject to moderate credit risk and as such may possess certain speculative characteristics.

*<u>Ba</u>:* Obligations rated Ba are judged to be speculative and are subject to substantial credit risk.

*<u>B</u>:* Obligations rated B are considered speculative and are subject to high credit risk.

*<u>Caa</u>:* Obligations rated Caa are judged to be speculative of poor standing and are subject to very high credit risk.

*<u>Ca</u>:* Obligations rated Ca are highly speculative and are likely in, or very near, default, with some prospect of recovery of principal and interest.

*<u>C</u>:* Obligations rated C are the lowest rated and are typically in default, with little prospect for recovery of principal or interest.

*<u>Note</u>:* Moody's appends numerical modifiers 1, 2, and 3 to each generic rating classification from Aa through Caa. The modifier 1 indicates that the obligation ranks in the higher end of its generic rating category; the modifier 2 indicates a mid-range ranking; and the modifier 3 indicates a ranking in the lower end of that generic rating category. Additionally, a "(hyb)" indicator is appended to all ratings of hybrid securities issued by banks, insurers, finance companies, and securities firms. By their terms, hybrid securities allow for the omission of scheduled dividends, interest, or principal payments, which can potentially result in impairment if such an omission occurs. Hybrid securities may also be subject to contractually allowable write-downs of principal that could result in impairment. Together with the hybrid security indicator, the long-term obligation rating assigned to a hybrid security is an expression of the relative credit risk associated with that security.

**S&P Global Ratings ("S&P") Short-Term Issue Credit Ratings**

*<u>A-1</u>:* A short-term obligation rated 'A-1' is rated in the highest category by S&P. The obligor's capacity to meet its financial commitments on the obligation is strong. Within this category, certain obligations are designated with a plus sign (+). This indicates that the obligor's capacity to meet its financial commitments on these obligations is extremely strong.

*<u>A-2</u>:* A short-term obligation rated 'A-2' is somewhat more susceptible to the adverse effects of changes in circumstances and economic conditions than obligations in higher rating categories. However, the obligor's capacity to meet its financial commitments on the obligation is satisfactory.

*<u>A-3</u>:* A short-term obligation rated 'A-3' exhibits adequate protection parameters. However, adverse economic conditions or changing circumstances are more likely to weaken an obligor's capacity to meet its financial commitments on the obligation.

*<u>B</u>:* A short-term obligation rated 'B' is regarded as vulnerable and has significant speculative characteristics. The obligor currently has the capacity to meet its financial commitments; however, it faces major ongoing uncertainties that could lead to the obligor's inadequate capacity to meet its financial commitments.

*<u>C</u>:* A short-term obligation rated 'C' is currently vulnerable to nonpayment and is dependent upon favorable business, financial, and economic conditions for the obligor to meet its financial commitments on the obligation.

*<u>D</u>:* A short-term obligation rated 'D' is in default or in breach of an imputed promise. For non-hybrid capital instruments, the 'D' rating category is used when payments on an obligation are not made on the date due, unless S&P believes that such payments will be made within any stated grace period. However, any stated grace period longer than five business days will be treated as five business days. The 'D' rating also will be used upon the filing of a bankruptcy petition or the taking of a similar action and where default on an obligation is a virtual certainty, for example due to automatic stay provisions. A rating on an obligation is lowered to 'D' if it is subject to a distressed exchange offer.

**S&P Long-Term Issue Credit Ratings**

Issue credit ratings are based, in varying degrees, on S&P's analysis of the following considerations:

● The likelihood of payment – the capacity and willingness of the obligor to meet its financial commitments on an obligation in accordance with the terms of the obligation;

● The nature and provisions of the financial obligation, and the promise we impute; and

● The protection afforded by, and relative position of, the financial obligation in the event of a bankruptcy, reorganization, or other arrangement under the laws of bankruptcy and other laws affecting creditors' rights.

An issue rating is an assessment of default risk, but may incorporate an assessment of relative seniority or ultimate recovery in the event of default. Junior obligations are typically rated lower than senior obligations, to reflect lower priority in bankruptcy, as noted above. (Such differentiation may apply when an entity has both senior and subordinated obligations, secured and unsecured obligations, or operating company and holding company obligations.)

*<u>AAA</u>:* An obligation rated 'AAA' has the highest rating assigned by S&P. The obligor's capacity to meet its financial commitments on the obligation is extremely strong.

*<u>AA</u>:* An obligation rated 'AA' differs from the highest rated obligations only to a small degree. The obligor's capacity to meet its financial commitments on the obligation is very strong.

*<u>A</u>:* An obligation rated 'A' is somewhat more susceptible to the adverse effects of changes in circumstances and economic conditions than obligations in higher rated categories. However, the obligor's capacity to meet its financial commitments on the obligation is still strong.

*<u>BBB</u>:* An obligation rated 'BBB' exhibits adequate protection parameters. However, adverse economic conditions or changing circumstances are more likely to lead to weaken the obligor's capacity to meet its financial commitments on the obligation.

*<u>BB; B; CCC; CC; and C</u>:* Obligations rated 'BB', 'B', 'CCC', 'CC', and 'C' are regarded as having significant speculative characteristics. 'BB' indicates the least degree of speculation and 'C' the highest. While such obligations will likely have some quality and protective characteristics, these may be outweighed by large uncertainties or major exposure to adverse conditions.

*<u>BB</u>:* An obligation rated 'BB' is less vulnerable to nonpayment than other speculative issues. However, it faces major ongoing uncertainties or exposure to adverse business, financial, or economic conditions that could lead to the obligor's inadequate capacity to meet its financial commitments on the obligation.

*<u>B</u>:* An obligation rated 'B' is more vulnerable to nonpayment than obligations rated BB, but the obligor currently has the capacity to meet its financial commitments on the obligation. Adverse business, financial, or economic conditions will likely impair the obligor's capacity or willingness to meet its financial commitments on the obligation.

*<u>CCC</u>:* An obligation rated 'CCC' is currently vulnerable to nonpayment, and is dependent upon favorable business, financial, and economic conditions for the obligor to meet its financial commitments on the obligation. In the event of adverse business, financial, or economic conditions, the obligor is not likely to have the capacity to meet its financial commitments on the obligation.

*<u>CC</u>:* An obligation rated 'CC' is currently highly vulnerable to nonpayment. The 'CC' rating is used when a default has not yet occurred, but S&P expects default to be a virtual certainty, regardless of the anticipated time to default.

*<u>C</u>:* An obligation rated 'C' is currently highly vulnerable to nonpayment, and the obligation is expected to have lower relative seniority or lower ultimate recovery compared with obligations that are rated higher.

*<u>D</u>:* An obligation rated 'D' is in default or in breach of an imputed promise. For non-hybrid capital instruments, the 'D' rating category is used when payments on an obligation are not made on the date due, unless S&P believes that such payments will be made within five business days in the absence of a stated grace period or within the earlier of the stated grace period or 30 calendar days. The 'D' rating also will be used upon the filing of a bankruptcy petition or the taking of similar action and where default on an obligation is a virtual certainty, for example due to automatic stay provisions. A rating on an obligation is lowered to 'D' if it is subject to a distressed exchange offer.

*<u>NR</u>* indicates that a rating has not been assigned or is no longer assigned.

<u>Ratings</u>: The ratings from 'AA' to 'CCC' may be modified by the addition of a plus (+) or minus (-) sign to show relative standing within the rating categories.

**Fitch Ratings Inc. ("Fitch") National Short-Term Credit Ratings**

*<u>F1(xxx):</u>* Indicates the strongest capacity for timely payment of financial commitments relative to other issuers or obligations in the same country. Under the agency's National Rating scale, this rating is assigned to the lowest default risk relative to others in the same country or monetary union. Where the liquidity profile is particularly strong, a "+" is added to the assigned rating.

*<u>F2(xxx):</u>* Indicates a good capacity for timely payment of financial commitments relative to other issuers or obligations in the same country or monetary union. However, the margin of safety is not as great as in the case of the higher ratings.

*<u>F3(xxx):</u>* Indicates an adequate capacity for timely payment of financial commitments relative to other issuers or obligations in the same country or monetary union.

*<u>B(xxx):</u>* Indicates an uncertain capacity for timely payment of financial commitments relative to other issuers or obligations in the same country or monetary union.

*<u>C(xxx):</u>* Indicates a highly uncertain capacity for timely payment of financial commitments relative to other issuers or obligations in the same country or monetary union.

*<u>RD(xxx):</u>* Restricted default. Indicates an entity that has defaulted on one or more of its financial commitments, although it continues to meet other financial obligations. Applicable to entity ratings only.

*<u>D(xxx):</u>* Indicates a broad-based default event for an entity, or the default of a short-term obligation.

*<u>Note</u>*<u>:</u> The ISO International Country Code is placed in parentheses immediately following the rating letters to indicate the identity of the National market within which the rating applies. For illustrative purposes, (xxx) has been used.

**Fitch National Long-Term Credit Ratings**

*<u>AAA(xxx):</u>* 'AAA' National Ratings denote the highest rating assigned by the agency in its National Rating scale for that country. This rating is assigned to issuers or obligations with the lowest expectation of default risk relative to all other issuers or obligations in the same country or monetary union.

*<u>AA(xxx):</u>* 'AA' National Ratings denote expectations of a very low level of default risk relative to other issuers or obligations in the same country or monetary union. The default risk inherent differs only slightly from that of the country's highest rated issuers or obligations.

*<u>A(xxx):</u>* 'A' National Ratings denote expectations of a low level of default risk relative to other issuers or obligations in the same country or monetary union.

*<u>BBB(xxx):</u>* 'BBB' National Ratings denote a moderate level of default risk relative to other issuers or obligations in the same country or monetary union.

*<u>BB(xxx):</u>* 'BB' National Ratings denote an elevated default risk relative to other issuers or obligations in the same country or monetary union.

*<u>B(xxx):</u>* 'B' National Ratings denote a significantly elevated level of default risk relative to other issuers or obligations in the same country or monetary union.

*<u>CCC(xxx):</u>* 'CCC' National Ratings denote a very high level of default risk relative to other issuers or obligations in the same country or monetary union.

*<u>CC(xxx):</u>* 'CC' National Ratings denote the level of default risk is among the highest relative to other issuers or obligations in the same country or monetary union.

*<u>C(xxx):</u>* A default or default-like process has begun, or the issuer is in standstill, or for a closed funding vehicle, payment capacity is irrevocably impaired. Conditions that are indicative of a 'C' category rating for an issuer include:

the issuer has entered into a grace or cure period following non-payment of a material financial obligation;

the issuer has entered into a temporary negotiated waiver or standstill agreement following a payment default on a material financial obligation;

the formal announcement by the issuer or their agent of a distressed debt exchange; and

a closed financing vehicle where payment capacity is irrevocably impaired such that it is not expected to pay interest and/or principal in full during the life of the transaction, but where no payment default is imminent

*<u>RD(xxx):</u>* Restricted default. 'RD' ratings indicate an issuer that, in Fitch's opinion, has experienced an uncured payment default on a bond, loan or other material financial obligation but that has not entered into bankruptcy filings, administration, receivership, liquidation or other formal winding-up procedure and has not otherwise ceased business. This would include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. the selective payment default on a specific class or currency of debt;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. the uncured expiry of any applicable grace period, cure period or default forbearance period following
a payment default on a bank loan, capital markets security or other material financial obligation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. the extension of multiple waivers or forbearance periods upon a payment default on one or more material
financial obligations, either in series or in parallel; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. execution of a distressed debt exchange on one or more material financial obligations.

*<u>D(xxx):</u>* 'D' National Ratings denote an issuer that has entered into bankruptcy filings, administration, receivership, liquidation or other formal winding-up procedure or that has otherwise ceased business.

*<u>Note:</u>* The ISO International Country Code is placed in parentheses immediately following the rating letters to indicate the identity of the National market within which the rating applies. For illustrative purposes, (xxx) has been used.

**Fitch Issuer Default Ratings**

Rated entities in a number of sectors, including financial and non-financial corporations, sovereigns, insurance companies and certain sectors within public finance, are generally assigned Issuer Default Ratings (IDRs). IDRs are also assigned to certain entities or enterprises in global infrastructure, project finance and public finance. IDRs opine on an entity's relative vulnerability to default (including by the way of a distressed debt exchange) on financial obligations. The threshold default risk addressed by the IDR is generally that of the financial obligations whose non-payment would best reflect the uncured failure of that entity. As such, IDRs also address relative vulnerability to bankruptcy, administrative receivership or similar concepts.

In aggregate, IDRs provide an ordinal ranking of issuers based on the agency's view of their relative vulnerability to default, rather than a prediction of a specific percentage likelihood of default.

*<u>AAA</u>*: **Highest credit quality.** 'AAA' ratings denote the lowest expectation of default risk. They are assigned only in cases of exceptionally strong capacity for payment of financial commitments. This capacity is highly unlikely to be adversely affected by foreseeable events.

*<u>AA:</u>* **Very high credit quality.** 'AA' ratings denote expectations of very low default risk. They indicate very strong capacity for payment of financial commitments. This capacity is not significantly vulnerable to foreseeable events.

*<u>A:</u>* **High credit quality.** 'A' ratings denote expectations of low default risk. The capacity for payment of financial commitments is considered strong. This capacity may, nevertheless, be more vulnerable to adverse business or economic conditions than is the case for higher ratings.

*<u>BBB:</u>* **Good credit quality.** 'BBB' ratings indicate that expectations of default risk are currently low. The capacity for payment of financial commitments is considered adequate, but adverse business or economic conditions are more likely to impair this capacity.

*<u>BB:</u>* **Speculative.** 'BB' ratings indicate an elevated vulnerability to default risk, particularly in the event of adverse changes in business or economic conditions over time; however, business or financial flexibility exists that supports the servicing of financial commitments.

*<u>B:</u>* **Highly speculative.** 'B' ratings indicate that material default risk is present, but a limited margin of safety remains. Financial commitments are currently being met; however, capacity for continued payment is vulnerable to deterioration in the business and economic environment.

*<u>CCC:</u>* **Substantial credit risk.** Default is a real possibility.

*<u>CC:</u>* **Very high levels of credit risk.** Default of some kind appears probable.

*<u>C:</u>* **Near default.** A default or default-like process has begun, or the issuer is in standstill, or for a closed funding vehicle, payment capacity is irrevocably impaired. Conditions that are indicative of a 'C' category rating for an issuer include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. the issuer has entered into a grace or cure period following non-payment of a material financial obligation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. the issuer has entered into a temporary negotiated waiver or standstill agreement following a payment
default on a material financial obligation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. the formal announcement by the issuer or their agent of a distressed debt exchange;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. a closed financing vehicle where payment capacity is irrevocably impaired such that it is not expected
to pay interest and/or principal in full during the life of the transaction, but where no payment default is imminent.

*<u>RD:</u>* **Restricted default.** 'RD' ratings indicate an issuer that in Fitch's opinion has experienced:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. an uncured payment default or distressed debt exchange on a bond, loan or other material financial obligation,
but

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. has not entered into bankruptcy filings, administration, receivership, liquidation, or other formal winding-up
procedure, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. has not otherwise ceased operating.

This would include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. the selective payment default on a specific class or currency of debt;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii. the uncured expiry of any applicable grace period, cure period or default forbearance period following
a payment default on a bank loan, capital markets security or other material financial obligation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iii. the extension of multiple waivers or forbearance periods upon a payment default on one or more material
financial obligations, either in series or in parallel; ordinary execution of a distressed debt exchange on one or more material financial
obligations.

*<u>D:</u>* **Default.** 'D' ratings indicate an issuer that in Fitch's opinion has entered into bankruptcy filings, administration, receivership, liquidation or other formal winding-up procedure or that has otherwise ceased business.

Default ratings are not assigned prospectively to entities or their obligations; within this context, non-payment on an instrument that contains a deferral feature or grace period will generally not be considered a default until after the expiration of the deferral or grace period, unless a default is otherwise driven by bankruptcy or other similar circumstance, or by a distressed debt exchange.

In all cases, the assignment of a default rating reflects the agency's opinion as to the most appropriate rating category consistent with the rest of its universe of ratings and may differ from the definition of default under the terms of an issuer's financial obligations or local commercial practice.

**DBRS Limited Commercial Paper and Short-Term Debt Ratings**

The DBRS<sup>®</sup> short-term debt rating scale provides an opinion on the risk that an issuer will not meet its short-term financial obligations in a timely manner. Ratings are based on quantitative and qualitative considerations relevant to the issuer and the relative ranking of claims. The R-1 and R-2 rating categories are further denoted by the subcategories "(high)", "(middle)", and "(low)".

*<u>R-1 (high):</u>* **Highest credit quality.** The capacity for the payment of short-term financial obligations as they fall due is exceptionally high. Unlikely to be adversely affected by future events.

*<u>R-1 (middle):</u>* **Superior credit quality.** The capacity for the payment of short-term financial obligations as they fall due is very high. Differs from R-1 (high) by a relatively modest degree. Unlikely to be significantly vulnerable to future events.

*<u>R-1 (low):</u>* **Good credit quality.** The capacity for the payment of short-term financial obligations as they fall due is substantial. Overall strength is not as favorable as higher rating categories. May be vulnerable to future events, but qualifying negative factors are considered manageable.

*<u>R-2 (high):</u>* **Upper end of adequate credit quality.** The capacity for the payment of short-term financial obligations as they fall due is acceptable. May be vulnerable to future events.

*<u>R-2 (middle):</u>* **Adequate credit quality.** The capacity for the payment of short-term financial obligations as they fall due is acceptable. May be vulnerable to future events or may be exposed to other factors that could reduce credit quality.

*<u>R-2 (low):</u>* **Lower end of adequate credit quality.** The capacity for the payment of short-term financial obligations as they fall due is acceptable. May be vulnerable to future events. A number of challenges are present that could affect the issuer's ability to meet such obligations.

*<u>R-3:</u>* **Lowest end of adequate credit quality.** There is a capacity for the payment of short-term financial obligations as they fall due. May be vulnerable to future events and the certainty of meeting such obligations could be impacted by a variety of developments.

*<u>R-4:</u>* **Speculative credit quality.** The capacity for the payment of short-term financial obligations as they fall due is uncertain.

*<u>R-5:</u>* **Highly speculative credit quality.** There is a high level of uncertainty as to the capacity to meet short-term financial obligations as they fall due.

*<u>D:</u>* When the issuer has filed under any applicable bankruptcy, insolvency or winding up statute or there is a failure to satisfy an obligation after the exhaustion of grace periods, a downgrade to D may occur. DBRS may also use SD (Selective Default) in cases where only some securities are impacted, such as the case of a "distressed exchange."

**IV.X**

**Jackson National Asset Management, LLC**

**PROXY VOTING POLICIES AND PROCEDURES** 

**JNL Series Trust, JNL Investors Series Trust, Interval Funds**

**LAST REVISION DATE: August 27, 2025**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**I.** **Introduction** 

While JNAM is the investment adviser to the Funds, certain affiliated and non-affiliated sub- advisers ("Sub-Advisers") conduct the day-to-day investment management of the Funds. Pursuant to the Sub-Advisers' respective "Sub-Advisory Agreements" with JNAM, the Sub-Advisers make the investment decisions for the Funds, including determinations as to the purchase and sale of securities for the Funds and the disposition of the assets for the Funds. JNAM, pursuant to exemptive relief granted by the SEC, is a "Manager of Managers," and monitors and reviews the performance of the Sub-Advisers and the Funds. JNAM does not make individual investment decisions on behalf of the sub-advised Funds, and its trading and portfolio management functions are limited to private funds, the "Fund of Funds," which invest in registered investment Companies ("Underlying Funds") or the Multi Manager Funds, which invest in various Sleeves of the Multi Manager Funds. JNAM does not have a traditional portfolio management department and does not operate a traditional trading desk. JNAM provides the Funds with various services, including, but not limited to, compliance, fund accounting, transfer agency services, due diligence, and administrative services.

JNAM views the proxy voting process as a component of the investment process and, as such, seeks to ensure that all proxy proposals are voted with the primary goal of seeking the optimal benefit for its clients. JNAM maintains a policy of seeking to protect the best interests of its clients should a proxy issue potentially implicate a conflict of interest between its clients and JNAM or its affiliates. Schedule A lists the Funds to which this policy relates.

Also, the Funds are required to file an annual record of their respective proxy votes with the SEC by August 31st of each year on Form N-PX. The period covered by the Funds' Form N-PX filing with the SEC is July 1st through June 30th of the following year.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**II.** **Delegation to the Sub-Advisers** 

The Funds have delegated proxy voting responsibilities to JNAM, as the investment adviser to the Funds, and JNAM is authorized to delegate, in whole or in part, its proxy voting authority to the Funds' Sub-Advisers, consistent with the policies set forth below. The Sub-Advisers are expected to identify and seek to obtain the optimal benefit for the Funds. JNAM believes that the Sub-Advisers generally are also best suited to evaluate and vote proxies for the securities they acquire for the Funds. Therefore, except as provided herein, and as delegated to JNAM by the Funds' Board, it is JNAM's policy to delegate its proxy voting responsibility, primarily to the Sub-Advisers of each Fund. JNAM intends to maintain substantial oversight to ensure that each Fund's Sub-Adviser has written policies that meet certain minimum standards, as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. The policies are expected to be reasonably designed to protect the best interests of the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. JNAM expects that a Sub-Adviser's proxy voting guidelines will be set forth in sufficient detail. The proxy voting guidelines (or the Sub-Adviser's, through separate written means) should address at least the following issues:

&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. Procedures on how the Sub-Adviser demonstrates its voting determinations in the Fund's best interest and in accordance with the Funds' proxy voting policies and procedures;

&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. Procedures the Sub-Adviser considers when it becomes aware of potential factual errors, potential incompleteness, or potential weaknesses in methodologies in a proxy advisory firm's analysis that may materially affect one or more of the Sub-Adviser's voting determinations;

&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. The extent to which the Sub-Adviser delegates its proxy voting decisions to a third party, or relies on the recommendations of a third party;

&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. Procedures for the Sub-Adviser's evaluation of the services of a proxy advisory firm that it retains, including evaluating any material changes in services or operations by the proxy advisory firm;

**IV.X**

&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. Policies and procedures describing the factors the Sub-Adviser assesses when engaging the services of a proxy advisory firm;

&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. Policies and procedures relating to matters that may affect substantially the rights or privileges of the holders of securities to be voted; 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;vii. Policies regarding the extent to which the Sub-Adviser will support or give weight to the views of management of a portfolio company.

The policies are expected to delineate procedures to be followed when a proxy vote presents a conflict between the interests of a Fund and the interests of its Sub-Adviser and/or its affiliates, and to resolve any conflicts of interest based on the best interests of the Fund. If the matter involves an issue that is specifically addressed in the Sub-Adviser's proxy voting policies, the proxy shall be cast in accordance with those policies.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C. To the extent that a Sub-Adviser identifies a material conflict of interest between itself and the interests of a Fund, the Sub-Adviser shall notify JNAM and confirm how the conflict was resolved.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;D. JNAM shall periodically report to the Funds' Board, on the Funds' proxy voting during that year, including the resolution of any conflicts of interest during that period, any votes cast in contravention of the Sub-Advisers' proxy voting policy, and any recommended changes in the Funds' proxy voting policies. JNAM may also provide the Funds' Board with information related to any third-party vendors used to facilitate proxy voting.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**III.** **Reservation of JNAM's Authority and Conflicts of Interest** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. JNAM may periodically review the proxy voting policies of each Sub-Adviser. JNAM seeks to insure that the Sub- Advisers seek the best interests of the Funds in voting proxies for the Funds, as described herein.

In addition, JNAM recognizes that in certain circumstances, Sub-Advisers may wish to abstain from a proxy vote based on a cost benefit analysis that casting a vote would not be in the overall best interests of the Fund it sub- advises. In cases where the operational or other costs involved in voting a proxy outweigh potential benefits, JNAM may permit a Sub-Adviser to abstain from voting. In particular, JNAM recognizes the following circumstances where voting might not be in the best interests of a Fund (these circumstances apply to ESG funds and non- ESG funds):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. Voting a proxy for securities held in a passively managed index fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii. Voting a proxy for certain foreign securities with "block out" or other restrictive features associated with proxy voting or which involve additional costs such as hiring a translator or traveling to the foreign country to vote the security in person; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iii. Voting a proxy for securities that have been loaned by the Fund and would have to be recalled in order to submit a proxy vote.

Sub-Advisers may abstain from voting proxies in other circumstances where it determined that such a vote may not be in the best interests of the Fund(s) and its shareholders, or there is a material conflict of interest.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. In cases where the Funds' may have securities on loan at the time that proxies are to be voted, the Sub-Adviser may call loaned securities back to vote the proxies. If the request to call back the securities is not successful for any reason, the counterparty retains the right to vote the proxies.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C. For a Fund that is operated as a "Fund of Funds" pursuant to Section 12(d)(1)(G) of the Investment Company Act (i.e., the Fund invests solely in shares of other Funds (each, an "Underlying Fund")), JNAM shall vote the Fund of Funds' proxies on the shares of the Underlying Fund in the same proportion as the vote of all the other holders of that Underlying Fund's shares or utilize pass-through voting when the Fund of Funds are the only shareholders of an acquired fund.

**IV.X**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**IV.** **Other Conflicts of Interest** 

For purposes of other conflicts of interests within the larger Jackson Financial Inc. to which JNAM is subject, it is noted that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. Jackson Financial Inc. and its affiliates do not, and will not, interfere by giving direct or indirect instructions or in any other way in the exercise of the voting rights attached to the Funds' securities in respect of which JNAM and/or the Sub-Advisers will vote proxies in such securities on behalf the Funds' ("Voting Rights");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. JNAM and/or the Sub-Advisers are free in all situations to exercise the Voting Rights independently of Jackson Financial Inc.; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C. JNAM and/or the Sub-Advisers disregard and will disregard the interests of Jackson Financial Inc. or its affiliates whenever conflicts of interest arise in the exercise of the Voting Rights.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**V.** **Recordkeeping** 

Rule 30b1-4 under the Investment Company Act requires each Fund to file its complete proxy voting record on an annual basis (for each reporting period ending June 30th) on Form N-PX no later than August 31st of each year. JNAM will prepare and file Form N-PX on behalf of the Funds based on proxy voting data collected by a third-party service provider retained by JNAM and the Funds.

In addition, JNAM will post this data on a public website, the address of which will be disclosed for

the benefit of shareholders (contract holders) in the statement of additional information of any Fund filing its annual registration statement update.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**VI.** **Reporting** 

<u>There is not a formal Board reporting requirement, however, where there is a conflict of interest, JNAM may report such incident and resolution to the Funds' Board.</u>

**IV.X**

**Schedule A**

---

| |
|:---|
| &nbsp;&nbsp;**JNAM Clients** |
| &nbsp;&nbsp;**JNL Series Trust** |
| &nbsp;&nbsp;**JNL Investors Series Trust** |
| &nbsp;&nbsp;**Jackson Credit Opportunities Fund** |
| &nbsp;&nbsp;**Jackson Real Assets Fund** |

---

---

| | |
|:---|:---|
| ![](graphicsimage_001.jpg) | March 2025 |

---

![](graphicsimage_002.jpg)

&nbsp;&nbsp;&nbsp; <br>![](graphicsimage_003.jpg)<br>

**Table of Contents**

---

| | |
|:---|:---|
| **Introduction** | **3** |
| &nbsp;&nbsp;&nbsp;Research Underpins Decision Making | 3 |
| &nbsp;&nbsp;&nbsp;Research Services | 3 |
| &nbsp;&nbsp;&nbsp;Engagement | 4 |
| &nbsp;&nbsp;&nbsp;Escalation Strategies | 4 |
| **Proxy Voting Guidelines** | **4** |
| &nbsp;&nbsp;&nbsp;Shareholder Proposal Assessment Framework | 4 |
| **Director Elections** | **5** |
| &nbsp;&nbsp;&nbsp;Majority Vote Standard | 5 |
| &nbsp;&nbsp;&nbsp;Board Leadership | 6 |
| &nbsp;&nbsp;&nbsp;Classified Board | 6 |
| &nbsp;&nbsp;&nbsp;Board Capacity | 6 |
| &nbsp;&nbsp;&nbsp;Board Diversity | 6 |
| **Compensation** | **7** |
| &nbsp;&nbsp;&nbsp;Executive Compensation | 7 |
| &nbsp;&nbsp;&nbsp;Equity Compensation Plans | 8 |
| &nbsp;&nbsp;&nbsp;Director Compensation | 8 |
| **Auditors** | **8** |
| **Transactions and Special Situations** | **8** |
| &nbsp;&nbsp;&nbsp;Transactions, Restructurings, Mergers and Acquisitions | 8 |
| &nbsp;&nbsp;&nbsp;Shareholder Rights Plans | 9 |
| **Shareholder Rights** | **9** |
| &nbsp;&nbsp;&nbsp;Capital Structure | 9 |
| &nbsp;&nbsp;&nbsp;Proxy Access | 9 |
| &nbsp;&nbsp;&nbsp;Majority Vote Standard for Charter & Bylaw Amendments | 9 |
| &nbsp;&nbsp;&nbsp;Special Meetings | 10 |
| &nbsp;&nbsp;&nbsp;Written Consent | 10 |
| **Material Environmental and Social Issues** | **10** |
| &nbsp;&nbsp;&nbsp;Climate | 10 |
| &nbsp;&nbsp;&nbsp;Biodiversity | 11 |
| &nbsp;&nbsp;&nbsp;Political Spending | 11 |

---

&nbsp;&nbsp;&nbsp; <br>![](graphicsimage_003.jpg)<br>

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;Human Capital Management | 11 |
| **Conflicts of Interest** | **12** |
| &nbsp;&nbsp;&nbsp;Introduction | 12 |
| &nbsp;&nbsp;&nbsp;Adherence to Stated Proxy Voting Policies | 12 |
| &nbsp;&nbsp;&nbsp;Disclosure of Conflicts | 12 |
| &nbsp;&nbsp;&nbsp;Potential Conflicts | 13 |
| &nbsp;&nbsp;&nbsp;Handling Potential Conflicts of Interest | 13 |
| &nbsp;&nbsp;&nbsp;Review of Third-Party Proxy Service Vendors | 13 |
| &nbsp;&nbsp;&nbsp;Confidential Voting | 14 |
| &nbsp;&nbsp;&nbsp;A Note Regarding AB's Structure | 14 |
| **Voting Transparency** | **14** |
| **Record Keeping** | **15** |
| &nbsp;&nbsp;&nbsp;Proxy Voting and Governance Policy | 15 |
| &nbsp;&nbsp;&nbsp;Proxy Statements Received Regarding Clients' Securities | 15 |
| &nbsp;&nbsp;&nbsp;Records of Votes Cast on Behalf of Clients | 15 |
| &nbsp;&nbsp;&nbsp;Pre-Disclosure of Vote Intentions on Select Proposals | 15 |
| &nbsp;&nbsp;&nbsp;Documents Prepared by AB that Are Material to Voting Decisions | 15 |
| **Proxy Voting Procedures** | **15** |
| &nbsp;&nbsp;&nbsp;Voting Administration | 15 |
| &nbsp;&nbsp;&nbsp;Share Blocking and Abstaining from Voting Client Securities | 16 |
| &nbsp;&nbsp;&nbsp;Loaned Securities | 16 |

---

**Introduction**

AllianceBernstein L.P.'s ("AB," "we," "us," "our" and similar terms) mission is to work in our clients' best financial interests to deliver better investment outcomes through differentiated research insights and innovative portfolio solutions. As a fiduciary and investment adviser, we place the interests of our clients first and treat all our clients fairly and equitably, and we have an obligation to responsibly allocate, manage and oversee their investments to seek sustainable, long-term shareholder value.

AB has authority to vote proxies relating to securities in certain client portfolios and, accordingly, AB's fiduciary obligations extend to AB's exercise of such proxy voting authority for each client AB has agreed to exercise that duty. AB's general policy is to vote proxy proposals, amendments, consents or resolutions relating to client securities, including interests in private investment funds, if any (collectively, "proxies"), in a manner that serves the best financial interests of each respective client as determined by AB in its discretion, after consideration of the relevant clients' investment strategies, and in accordance with this Proxy Voting and Governance Policy ("Proxy Voting and Governance Policy" or "Policy") and the operative agreements governing the relationship with each respective client ("Governing Agreements"). This Policy outlines our principles for proxy voting, includes a wide range of issues that often appear on voting ballots, and applies to all of AB's internally managed assets, globally. It is intended for use by those involved in the proxy voting decision-making process and those responsible for the administration of proxy voting ("Investment Stewardship Team"), to ensure that this Policy and its procedures are implemented consistently.1

This Policy forms part of a suite of policies and frameworks including **<u>AB's Stewardship Statement</u>** that outline our approach to investment stewardship. Proxy voting is an integral part of this process, enabling us to support sound corporate governance practices, strong shareholder rights, transparent disclosures, and encourage effective oversight of material issues.

This Policy is overseen by the Proxy Voting and Governance Committee ("Proxy Voting and Governance Committee" or "Committee"), which provides oversight and includes senior representatives from Investments, Legal and Operations. It is the responsibility of the Committee to evaluate and maintain proxy voting procedures and guidelines, to evaluate proposals and issues not covered by these guidelines, to consider changes in the Policy, and to review the Policy no less frequently than annually. In addition, the Committee meets at least three times a year and as necessary to address special situations.

**Research Underpins Decision Making**

As a research-driven firm, we approach proxy voting with the same commitment to rigorous research and engagement that we apply to all our investment activities. The different investment philosophies applied by our investment teams may occasionally result in different conclusions being drawn for certain proposals. In turn, our votes for some proposals may vary from issuer to issuer, while still aligning with our goal of maximizing the long-term value of securities in our clients' portfolios.

For accounts where proxy voting is directed by clients or newly acquired subsidiary companies, voting decisions may deviate from this Policy. To the extent there are any inconsistencies between this Policy and a client's Governing Agreements, the Governing Agreements shall supersede this Policy. We do not offer different versions of our Proxy Voting and Governance Policy.

**Research Services**

To facilitate the efficient and accurate voting of our client's securities, we subscribe to research services from vendors such as Institutional Shareholder Services Inc. ("ISS") and Glass Lewis. These research materials are used for informational purposes alongside company filings, and AB's voting decisions are always guided by AB's Proxy Voting and Governance Policy. Our investment professionals can access these research and informational materials at any time.

**1** Please note that while this Policy is intended to be applied globally, in certain jurisdictions in which we operate, a limited number of votes may vary due to local rules and regulations.

**Engagement**

In evaluating proxy issues and determining our votes, we seek the perspective and expertise of various relevant parties. Internally, the Investment Stewardship Team may consult the Committee, Chief Investment Officers, Portfolio Managers, and/or Research Analysts across our equities platform. By partnering with investment professionals, we are empowered to incorporate company-specific fundamental insights into our vote decisions.

Externally, we may engage with companies in advance of their Annual General Meeting, and throughout the year. We believe engagement provides the opportunity to share our philosophy, and more importantly, affect positive changes which we believe will drive shareholder value. In addition, we may engage with shareholder proposal proponents and other stakeholders to understand different viewpoints and objectives.

**Escalation Strategies**

Proxy voting and engagements work in conjunction to raise and escalate investor concerns to companies. In cases where we determine that the issuer's behavior isn't aligned with our clients' best financial interests, we may escalate our voting and engagement by taking actions such as voting against the relevant directors. The materiality of the issue and the responsiveness of management will guide our approach which is outlined in the AB Stewardship Statement.

**Proxy Voting Guidelines**

Our proxy voting guidelines are both principles-based and rules-based. Subject to client guidelines, we adhere to a core set of principles described in this Policy. We assess each proxy proposal within the framework of these principles, with our ultimate "litmus test" being what we view as most likely to maximize long-term shareholder value. We believe that authority and accountability for setting and executing corporate policies, goals and compensation should generally rest with a company's board of directors and senior management. In return, we support strong investor rights that allow shareholders to hold directors and management accountable should they fail to act in the best interests of shareholders.

We generally vote proposals in accordance with these guidelines; however, we may deviate from these guidelines if we believe that deviating from our stated Policy is necessary to maximize long-term shareholder value or as otherwise warranted by the specific facts and circumstances of an investment. While our Policy is broadly applicable, we may make exceptions to these guidelines for non-operating companies such as closed-end funds. We will evaluate on a case-by-case basis any proposal not specifically addressed by these guidelines, whether submitted by management or shareholders, always keeping in mind our fiduciary duty to make voting decisions that are in our clients' best interests.

**Shareholder Proposal Assessment Framework**

AB's commitment to maximizing the long-term value of clients' portfolios drives how we analyze shareholder proposals. Shareholder proposals often address environmental, social and governance ("ESG") disclosures, which we believe can in some cases help improve the accuracy of our valuation of companies. We think it is in our clients' best interests to incorporate a comprehensive set of risks and opportunities, including but not limited to material ESG issues, from a long-term shareholder value perspective. The evaluation of a proposal that addresses an ESG issue will consider (among other things) the following core factors, as necessary:

- The materiality of the mentioned ESG issue for the company's business

- The company's current practice, policy, and framework

- The prescriptiveness of the proposal—does the shareholder make a request that unreasonably burdens management?

- The context of the shareholder proposal—is the proponent tied to any particular interest group(s)? Does the proposal aim to promote the interest of the shareholders or group that they are associated with?

- How does the proposal add value for the shareholders?

We do not vote in favor of all ESG-related proposals. This shareholder proposal assessment framework applies to all proposals slated by shareholders, globally.

**Director Elections**

AB's approach to voting on director elections is grounded in the belief that directors should represent shareholder interests and ensure management is maximizing long-term shareholder value. We generally vote in favor of the management-proposed slate of directors, but we consider a number of factors, including local market best practice, when making our decision. Each company's board of directors has a duty to act in the best interest of the company's shareholders at all times. These interests are best served by having directors who bring objectivity to the company and are free from potential conflicts of interests. Accordingly, we believe that companies should have a majority of independent directors and independent key committees. We will incorporate local market regulation and corporate governance codes into our decision making, though we may support requirements that surpass market regulation and corporate governance codes if we believe they will improve corporate governance practices.

We consider a director to be independent if they meet the criteria for independence set forth by the primary exchange or the best practice code in the country where the company is domiciled. We also take into account affiliations, related party transactions, and prior service to the company.

We believe that directors have a duty to respond to shareholder actions that have received significant shareholder support. We may vote against directors who fail to act on key issues. We oppose directors who fail to attend at least 75% of board meetings within a given year without a reasonable excuse. We prioritize transparency and disclosure in our analysis of director elections. If there is insufficient information about nominees disclosed in the proxy statement, we may abstain or vote against.

We also take into account compensation, audit, and governance practices when evaluating directors. If a company lacks a formal key committee or has demonstrated poor practices in these areas, we may vote against relevant directors, which may include committee chairs, committees as a whole, or the full board in cases of multi-year concerns.

Finally, we are committed to engaging with company management to resolve issues that arise. We may do so through phone, written, virtual or in-person communication until a satisfactory resolution is reached.

**Majority Vote Standard**

Sound corporate governance requires that shareholders have a meaningful say in the company's affairs. We believe that electing directors by a majority of votes cast at an annual meeting is a better method than plurality voting. Under plurality voting standards, a director could be elected by a single affirmative vote even if a majority of shareholders withheld support.

AB also views majority voting provisions as beneficial to director accountability. Therefore, we generally support companies amending their by-laws to require director nominees be elected by an affirmative vote of a majority of the votes cast. However, we recognize that in contested elections where the number of nominees exceeds the number of board seats, a carve-out should be provided to allow for plurality voting. While we generally prefer a majority vote standard, we may take a case-by-case approach if the issuer is a non-operating company such as closed-end funds.

**Board Leadership**

We believe there can be benefits to an executive chairman and to having the positions of chairman and CEO combined as well as split. When the chair is non-independent, the company must have sufficient counter-balancing governance in place, generally through a strong lead independent director. AB therefore generally supports the establishment of a lead independent director if the chairman is non- independent. We believe that having a robust lead independent director role with clearly defined duties and responsibilities, such as the authority to call meetings and approve agendas, is an effective way to balance governance.

If a company already has a lead independent director in place with robust responsibilities, we will generally oppose proposals that require an independent board chairman, unless there are additional concerns regarding board leadership or broader corporate governance.

**Classified Board**

Typically, a classified board is divided into three classes, each holding office for a term of three years, with only a portion of the board being elected or replaced each year. We generally favor declassified boards, but we may take a case-by-case approach if certain conditions are met, such as an adequate sunset provision, a justifiable financial reason, or if the issuer is a non-operating company such as closed- end funds.

**Board Capacity**

We believe that assessing each nominee's capacity for a board seat is essential for ensuring meaningful board oversight of management. Nominees who are "over-boarded", or have too many outside board commitments, may be unable to dedicate sufficient time toward their board oversight responsibilities.

● **Non-Executive Directors:** AB generally votes against the appointment of non-executive directors who serve on more than four public company boards.

● **Active CEOs:** AB generally votes against the appointment of active CEOs who serve on more than two public company boards.

● **Active CEO of the Company Under Voting Consideration:** For CEOs of the company under consideration, AB generally votes against their appointment if they serve on more than three public company boards.

**Board Diversity**

Diversity is an important element of assessing a board's composition, as it promotes a wider range of perspectives to be considered for companies to both strategize and mitigate risks. In line with this view, several European countries legally require board-level gender diversity at publicly listed companies. We recommend boards develop, as part of their regular refreshment process, a framework for identifying qualified diverse candidates for all open board positions. We believe diversity is multi-faceted and should incorporate a broad range of factors in order to promote diversity of thought, such as gender, ethnicity, nationality, professional experience, age, and tenure.

Taking into account a board's size as well as regional considerations, AB may vote against the nominating committee chair, or a relevant incumbent board member such as a nominating committee member if the chair is not up for election, when the board lacks sufficient diversity, unless there are mitigating factors (e.g. the board has articulated plans to diversify board membership, or has made recent improvements). AB generally looks to gender representation and racial/ethnic representation as indicators of board-level diversity, given these are well disclosed and standardized metrics.

**Compensation**

Compensation policies play a critical role in attracting, retaining, and motivating executives, directors, and employees. Incentives should be aligned with shareholder interests to facilitate long-term value creation and sustainable performance.

**Executive Compensation**

It is crucial to establish a direct correlation between variable pay and the company's operational and financial performance, through metrics that are challenging and align with the company's strategy. Compensation plans are often complex and are a major corporate expense, so we evaluate them carefully and on a case-by-case basis. In all cases, however, we assess each proposed executive compensation plan within the framework of four guiding principles, each of which ensures a company's compensation plan helps to align the long-term interests of management with shareholders:

● Valid measures of business performance tied to the firm's strategy and shareholder value creation, which are clearly articulated and incorporate appropriate time periods, should be utilized;

● Compensation costs should be managed in the same way as any other expense;

● Compensation should reflect management's handling, or failure to handle, any recent social, environmental, governance, ethical or legal issue that had a material adverse financial or reputational effect on the company and;

● In granting awards, management should clearly exhibit integrity and a rigorous decision-making process.

Further, we believe that compensation plans should be sufficiently long-term oriented. Long-term incentive plans should adhere to a minimum of three-year vesting periods and clearly target long-term financial goals. We are generally unsupportive of special bonuses that are not explicitly tied to a company's financial performance or lack multi-year vesting periods. If a retention grant is awarded, we expect companies to provide a rationale detailing how the award aligns with business needs and overall strategy. In cases where the compensation committee has exercised discretion to adjust pay outcomes, we expect a detailed justification and explanation of the method used to determine the adjustment.

Additionally, we expect disclosure on how the revised outcome is consistent with the shareholders' interests.

We believe that compensation plans should include clawback provisions that require executives to relinquish their awards if their compensation was based on erroneous financial statements or deceitful business practices.

We may oppose plans which include, and directors who establish, compensation plan provisions deemed to be poor practice such as automatic acceleration of equity, or single-triggered, in the event of a change in control. Although votes on compensation plans are by nature only broad indications of shareholder views, they do lead to more compensation-related dialogue between management and shareholders and help ensure that management and shareholders meet their common objective: maximizing shareholder value.

**Equity Compensation Plans**

Equity compensation plans (or "omnibus stock plans") are intended to align the interests of employees and executives with those of shareholders by providing stock-based incentives. While we generally support the use of equity in compensation plans, we assess each plan on a case-by-case basis. Our evaluation criteria include the overall cost of the plan, potential dilution to shareholders, historical burn rates, and the specific design features of the plan. We may vote against equity compensation plans that contain provisions that are misaligned with shareholder interests, such as the ability to reprice options without shareholder approval or the inclusion of evergreen provisions.

**Director Compensation**

For non-executive directors, we believe that compensation should be structured in such a way that it does not compromise their independence. We will generally oppose performance-based variable remuneration for non-executive directors.

**Auditors**

We believe that the company is in the best position to choose its accounting firm, and we generally support management's recommendation. We recognize that there may be potential conflicts when a company's independent auditors perform substantial non-audit related services for the company. Therefore, we consider the proportion of non-audit fees to total fees and other factors like auditor tenure to assess independence. Excessive non-audit fees may lead us to vote against the auditor and/or audit committee members. In determining what is excessive we exclude non-audit fees related to extraordinary events such as IPOs, bankruptcy emergence, and spin-offs. Additionally, we may vote against or abstain if the audit firm is not disclosed, considering local market practices.

In some markets, companies are required to submit their financial statements for shareholder approval. We generally approve financial statements unless there are reasons to vote otherwise, such as if the information is not made available prior to the meeting. In markets requiring the election of internal statutory auditors (e.g., Japan), we generally support management's nominees if they meet regulatory requirements. However, we may vote against nominees who are designated independent statutory auditors but serve as executives of a subsidiary or affiliate of the issuer, or if there are other reasons to question their independence. We review proposals to limit auditor liability on a case-by-case basis, considering whether such a provision is necessary to secure appointment and whether it helps to maximize long-term shareholder value.

**Transactions and Special Situations**

**Transactions, Restructurings, Mergers and Acquisitions**

Proposals requesting shareholder approval for corporate restructurings, merger and acquisitions, and spin-offs are evaluated on a case-by-case basis. Our primary objective in assessing and voting on these proposals is to maximize long-term shareholder value. We consider a multitude of factors that could impact the company's future performance and shareholder returns, including the board's rationale behind the transaction, the potential financial benefits and risks, the alignment with the company's long-term strategic goals, and the overall integrity of the transaction process. We may abstain from voting on transactions in instances where there is insufficient information.

**Shareholder Rights Plans**

Our approach to voting on shareholder rights plans, or poison pills, is grounded in our commitment to protecting shareholder rights and maximizing long-term value. Accordingly, we assess these proposals on a case-by-case basis. We will oppose poison pills that unreasonably seek to impede takeovers or entrench management. We may support proposals which protect shareholders' right to consider and potentially accept a compelling offer. Additionally, we may support net operating loss rights plans when the protection of a company's tax assets is material to its financial health and future value. We generally support shareholder proposals that require the company to submit a shareholder rights plan to a shareholder vote, though may take a case-by-case approach if the issuer is a non-operating company such as closed-end funds.

**Shareholder Rights**

**Capital Structure**

The one share, one vote principle—that voting power is proportional to an one's economic interest— is preferred to ensure the board is accountable to shareholders. AB's general expectation of companies with multi-class equity structures carrying unequal voting rights (or "supervoting shares") is to attach safeguards for minority shareholders when appropriate and in a cost-effective manner, which may include a sunset provision or periodic shareholder reauthorizations. We expect boards to routinely review existing multi-class share structures and articulate why the structure is beneficial for long-term shareholders. If a multi-class share structure is in place without adequate safeguards, AB will generally vote against relevant directors.

With that backdrop, we acknowledge that multi-class structures may be beneficial for a period of time for certain companies, allowing management to focus on longer-term value creation which benefits all shareholders. Accordingly, AB may refrain from voting against relevant directors if the multi-class capital structure is subject to a formal sunset provision, or if company-specific conditions warrant it.

**Proxy Access**

Proxy access allows "qualified shareholders" to nominate directors. Our voting stance typically favors proposals for proxy access that adhere to the 2010 SEC proposal (since vacated) which allowed a single shareholder, or group of shareholders, who hold at least 3% of the voting power for at least three years continuously to nominate up to 25% of the current board seats, or two directors, for inclusion in the subject company's annual proxy statement alongside management nominees. We may vote against proposals that include requirements that are stricter than the SEC's framework including implementation restrictions and against individual board members, or entire boards, who exclude from their ballot properly submitted shareholder proxy access proposals or compete against shareholder proxy access proposals with stricter management proposals on the same ballot. We will generally vote in favor of proposals that seek to amend an existing right to more closely align with the SEC framework. We will evaluate on a case-by-case basis proposals with less stringent requirements than the vacated SEC framework.

**Majority Vote Standard for Charter & Bylaw Amendments**

We generally favor the implementation of simple majority vote requirements for charter and bylaw amendments. This means that a proposal would only need to receive a majority of votes cast in order to be approved. We believe that this approach promotes greater shareholder accountability and ensures that the will of the majority is reflected in important decisions affecting the company. As such, we will generally vote for proposals to reduce supermajority voting requirements, though may take a case-by- case approach if the issuer is a non-operating company such as closed-end funds.

**Special Meetings**

We are generally supportive of the right for shareholders to call special meetings, which allows shareholders to take action on certain matters that arise between regularly scheduled annual meetings. This right may apply only if a shareholder, or a group of shareholders, owns a specified percentage as defined by the relevant company bylaws.

We recognize the importance of the right of shareholders to remove poorly performing directors, respond to takeover offers and take other actions without having to wait for the next annual meeting. However, we also believe it is important to protect companies and shareholders from nuisance proposals. We further believe that striking a balance between these competing interests will maximize shareholder value. We believe that encouraging active share ownership among shareholders generally is beneficial to shareholders and helps maximize shareholder value. Accordingly, we will generally support proposals to establish shareholders' right to call a special meeting if one is not already in place. When evaluating proposals to reduce the existing special meeting right threshold, we will assess the potential abuse of the right based on the company's current share ownership structure, and whether the request goes beyond market practice.

**Written Consent**

Action by written consent enables a large shareholder or group of shareholders to initiate votes on corporate matters prior to the annual meeting. We believe this is a fundamental shareholder right and, accordingly, will generally support shareholder proposals seeking to restore this right. However, in cases where a company has a majority shareholder or group of related majority shareholders with majority economic interest, we may oppose proposals seeking to restore this right as there is a potential risk of abuse by the majority shareholder or group of majority shareholders. We may also vote against the proposal if the company provides shareholders a right to call special meetings with an ownership threshold of 15% or below in absence of material restrictions, as we believe that shareholder access rights should be considered from a holistic view rather than promoting all possible access rights that may impede one another in contrast to long-term shareholder value.

**Material Environmental and Social Issues**

**Climate**

Proposals addressing climate change concerns are plentiful and their scope varies. Climate change increasingly receives investor attention as a potential material risk to the sustainability of a wide range of business activities. These proposals may include emissions standards or reduction targets, quantitative goals, and impact assessments. We evaluate these proposals on a case-by-case basis, taking into account the materiality of the issue to the business and whether the proposal is of added benefit to shareholders. We will additionally consider company specific context as well as our ongoing research and engagements for evaluating the company's existing policies and practices.

For proposals related to climate change, we will carefully assess the company's current policies/disclosures and its incorporation of national standards and best practices. In addition, we will evaluate the potential enactment of new regulations, as well as any investment risk related to the specific issue.

For issuers with material exposure to climate risk, AB assesses the climate risk management strategy by considering factors such as, but not limited to:

**Emissions Metrics and Targets**

- Does the company have emissions metrics and targets in place for Scopes 1 and 2 emissions?

**Climate Risk Management**

- Does the company perform scenario analysis that includes the use of a widely recognized, scientifically based 1.5 degree scenario?

**Governance**

- Does the board provide oversight on the issuer's climate change strategy?

- Has the company incurred any recent material failures, or been involved in any controversies, related to managing climate-related risk?

**Disclosure**

- Does the company disclose its exposure to climate risk via the framework developed by the Taskforce on Climate related Financial Disclosure?

**Biodiversity**

Companies are increasingly recognizing the importance of managing biodiversity and nature-related factors to generate long-term financial returns for shareholders. This can be achieved by implementing appropriate risk oversight and establishing relevant metrics and targets to manage their reliance on, impact on, and use of natural capital. Companies—particularly those that have significant impacts on local environments or have supply chains exposed to locations with biodiversity-related risk—should disclose how they integrate these factors into their strategy and how they manage material risks and opportunities relating to biodiversity. Additionally, companies should consider engaging with stakeholders, including local communities and conservation organizations, to ensure that their activities do not have a negative impact on biodiversity, which could potentially cause negative reputational or financial risks.

Accordingly, we will vote on proposals related to biodiversity on a case-by-case basis.

**Political Spending**

We believe that increased transparency in political contributions and lobbying expenses is essential for ensuring accountability and promoting responsible corporate citizenship. As such, we generally vote in favor of proposals that request increased disclosure of these expenses, including those paid to trade organizations and political action committees at the federal, state, or local level. By doing so, we can better understand how a company is using its resources to influence political decisions and ensure that these activities align with its stated values and principles and are in the best interests of shareholders. Increased transparency can also help to mitigate reputational risks and promote public trust in the company. We believe that companies have a responsibility to disclose their political contributions and lobbying expenses to their shareholders and the public.

**Human Capital Management**

Human capital management is a critical component of a company's long-term success. Best practices in this area include considering diversity, equity, and inclusion in different aspects of the business, from hiring and promotion to training and development. Companies should also provide fair compensation and benefits, as well as opportunities for career growth and advancement. Additionally, companies should prioritize employee health and safety, both physical and mental, and provide a supportive work environment that fosters collaboration and innovation. Effective communication and engagement with employees is also essential for building a strong corporate culture and ensuring that employees feel valued and heard. By prioritizing human capital management, companies can attract and retain top talent, foster innovation and creativity, and ultimately drive long-term value for shareholders. We will vote case- by-case on proposals related to human capital management considering a company's current practices, policies and disclosures.

**Conflicts of Interest**

**Introduction**

As a fiduciary, we must always act in our clients' best financial interests. We strive to avoid even the appearance of a conflict that may compromise the trust our clients have placed in us, and we insist on strict adherence to fiduciary standards and compliance with all applicable federal and state securities laws. We have adopted a comprehensive Code of Business Conduct and Ethics ("Code") to help us meet these obligations. As part of this responsibility and as expressed throughout the Code, we place the interests of our clients first and attempt to mitigate any perceived or actual conflicts of interest.

AB recognizes that potentially material conflicts of interest arise when we engage with a company or vote a proxy solicited by an issuer that sponsors a retirement plan we manage (or administer), that distributes AB-sponsored mutual funds, or with which AB or one or more of our employees have another business or personal relationship, and that such conflicts could affect how we vote on the issuer's proxy. Similarly, potentially material conflicts of interest arise when engaging with and deciding how to vote on a proposal sponsored or supported by a shareholder group that is a client. In order to address any perceived or actual conflict of interest, the procedures set forth below (see Handling Potential Conflicts of Interest section below) have been established for use when we encounter a potential conflict to ensure that our engagement activities and voting decisions are in our clients' best interest consistent with our fiduciary duties and seek to maximize shareholder value.

**Adherence to Stated Proxy Voting Policies**

Subject to client guidelines, votes generally are cast in accordance with this Policy. In situations where our Policy involves a case-by-case assessment, the following sections provide criteria that will guide our decision. In situations where our Policy on a particular issue involves a case-by-case assessment and the vote cannot be clearly decided by an application of our stated Policy, a member of the Committee or his/her designee will make the voting decision in accordance with the basic principle of our Policy to vote proxies with the intention of maximizing the value of the securities in our client accounts. In these situations, the voting rationale must be documented either on the voting platform of our proxy services vendor, by retaining relevant emails or another appropriate method. Where appropriate, the views of investment professionals are considered. All votes cast contrary to our stated voting Policy on specific issues must be documented. If a proxy vote involves a potential conflict of interest, the voting decision will be determined in accordance with the processes outlined in the Handing Potential Conflicts of Interest section of the Policy below. On an annual basis, the Committee will receive and review a report of all such votes so as to confirm adherence with the Policy.

**Disclosure of Conflicts**

When considering a proxy proposal, members of the Committee or investment professionals involved in the decision-making process must disclose to the Committee any potential conflict (including personal relationships) of which they are aware and any substantive contact that they have had with any interested outside party (including the issuer or shareholder group sponsoring a proposal) regarding the proposal. Any previously unknown conflict will be recorded on the Potential Conflicts List (discussed below). If a member of the Committee has a material conflict of interest, he or she generally must recuse himself or herself from the decision-making process.

**Potential Conflicts**

Potential conflicts related to proxy voting may include, but are not limited to, the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Votes involving publicly traded clients of AB;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Votes involving publicly traded companies that distribute AB mutual funds;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Votes where investment teams have different views;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Votes involving any clients that try to advocate for proxy voting support;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Voting contrary to the Policy; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Any other company subject to a material conflict of which a Committee member becomes aware.

We determine our votes for all meetings of companies that may present a conflict by applying the processes described in the Handling Potential Conflicts of Interest section below. We document all instances when the Conflicts Officer determines our vote.

**Handling Potential Conflicts of Interest**

When we encounter a potential conflict of interest, we review our proposed vote using the following analysis to ensure our voting decision is in the best interest of our clients:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• If our proposed vote is consistent with the Policy, no further review is necessary.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• If our proposed vote is contrary to the Policy, the vote will be presented to AB's Conflicts Officer. The Conflicts Officer's review and determination will be documented and presented to the Proxy Voting and Governance Committee. The Conflicts Officer will determine whether the proposed vote is reasonable and in line with our fiduciary duties to clients. If the Conflicts Officer cannot determine that the proposed vote is reasonable, the Conflicts Officer may instruct AB to refer the votes back to the client(s) or take other actions as the Conflicts Officer deems appropriate in light of the facts and circumstances of the particular potential conflict. The Conflicts Officer may take or recommend that AB take the following steps:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;◦ Recuse or "wall-off" certain personnel from the proxy voting process;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;◦ Confirm whether AB's proposed vote is consistent with the voting recommendations of our proxy research services vendor; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;◦ Take other actions as the Conflicts Officer deems appropriate.

**Review of Third-Party Proxy Service Vendors**

AB engages one or more Proxy Service Vendors to provide voting research and voting execution services. From time to time, AB will evaluate each Proxy Service Vendor's services to assess that they are consistent with this Policy and the best interest of our clients. This evaluation may include: (i) a review of pre-populated votes on the Proxy Service Vendor's electronic voting platform before such votes are cast, and (ii) a review of policies that address the consideration of additional information that becomes available regarding a proposal before the vote is cast. AB will also periodically review whether Proxy Service Vendors have the capacity and competency to adequately analyze proxy issues and provide the necessary services to AB. AB will consider, among other things, the adequacy and quality of the Proxy Service Vendor's staffing, personnel and/or technology, as well as whether the Proxy Service Vendor has adequate disclosures regarding its methodologies in formulating voting recommendations. If applicable, we will also review whether any potential factual errors, incompleteness or methodological weaknesses materially affected the Proxy Service Vendor's services and the effectiveness of the Proxy Service Vendor's procedures for obtaining current and accurate information relevant to matters included in its research.

The Committee also takes reasonable steps to review the Proxy Service Vendor's policies and procedures addressing conflicts of interest and verify that AB's primary Proxy Service Vendor(s) is, in fact, independent based on all of the relevant facts and circumstances. This includes reviewing each Proxy Service Vendor's conflict management procedures on an annual basis. When reviewing these conflict management procedures, we will consider, among other things, (i) whether the Proxy Service Vendor has adequate policies and procedures to identify, disclose, and address actual and potential conflicts of interest; and (ii) whether the Proxy Service Vendor provides adequate disclosure of actual and potential conflicts of interest with respect to the services provided to AB by the Proxy Service Vendor and (iii) whether the Proxy Service Vendor's policies and procedures utilize technology in delivering conflicts disclosure; and (iv) can offer research in an impartial manner and in the best interests of our clients.

**Confidential Voting**

It is AB's policy to support confidentiality before the actual vote has been cast. Employees are prohibited from revealing how we intend to vote except to (i) members of the Committee; (ii) Portfolio Managers who hold the security in their managed accounts; (iii) the Research Analyst(s) who cover(s) the security; (iv) clients, upon request, for the securities held in their portfolios; (v) clients who do not hold the security or for whom AB does not have proxy voting authority, but who provide AB with a signed a Non-Disclosure Agreement; or (vi) declare our stance on a shareholder proposal(s) that is (are) deemed material for the issuer's business for generating long-term value in our clients' best interests. Once the votes have been cast for our mutual fund clients, they are made public in accordance with mutual fund proxy vote disclosures required by the SEC, and we generally post all votes to our public website one business day after the meeting date.

We may participate in proxy surveys conducted by shareholder groups or consultants so long as such participation does not compromise our confidential voting policy. Specifically, prior to our required SEC disclosures each year, we may respond to surveys asking about our proxy voting policies, but not any specific votes. After our mutual fund proxy vote disclosures required by the SEC each year have been made public and/or votes have been posted to our public website, we may respond to surveys that cover specific votes in addition to our voting policies.

On occasion, clients for whom we do not have proxy voting authority may ask us how AB's Policy would be implemented. A member of the Committee or one or more Investment Stewardship Team may provide the results of a potential implementation of the AB policy to the client's account subject to an understanding with the client that the implementation shall remain confidential.

Any substantive contact regarding proxy issues from the issuer, the issuer's agent or a shareholder group sponsoring a proposal must be reported to the Committee if such contact was material to a decision to vote contrary to this Policy. Routine administrative inquiries from proxy solicitors need not be reported.

**A Note Regarding AB's Structure**

AB and AllianceBernstein Holding L.P. ("AB Holding") are Delaware limited partnerships. As limited partnerships, neither company is required to produce an annual proxy statement or hold an annual shareholder meeting. In addition, the general partner of AB and AB Holding, AllianceBernstein Corporation is an indirect wholly owned subsidiary of Equitable Holdings, Inc.

As a result, most of the positions we express in this Proxy Voting Policy are inapplicable to our business. For example, although units in AB Holding are publicly traded on the New York Stock Exchange ("NYSE"), the NYSE Listed Company Manual exempts limited partnerships and controlled companies from compliance with various listing requirements, including the requirement that our board have a majority of independent directors.

**Voting Transparency**

We publish our voting records on our website one business day after the shareholder meeting date for each issuer company.

Many clients have requested that we provide them with periodic reports on how we voted their proxies. Clients may obtain information about how we voted proxies on their behalf by contacting their Advisor.

**Record Keeping**

All of the records referenced below will be kept in an easily accessible place for at least the length of time required by local regulation and custom, and, if such local regulation requires that records are kept for less than six (6) years from the end of the fiscal year during which the last entry was made on such record, we will follow the US rule of six (6) or more years. If the local regulation requires that records are kept for more than six or more years, we will comply with the local regulation. We maintain the vast majority of these records electronically.

**Proxy Voting and Governance Policy**

The Policy shall be maintained in the Legal and Compliance Department and posted on our company intranet and on the AB website.

**Proxy Statements Received Regarding Clients' Securities**

For US Securities, AB relies on the SEC to maintain copies of each proxy statement we receive regarding client securities. For Non-US Securities, we rely on ISS, our proxy voting agent, to retain such proxy statements.

**Records of Votes Cast on Behalf of Clients**

Records of votes cast by AB are retained electronically by our proxy research service vendor.

**Pre-Disclosure of Vote Intentions on Select Proposals**

As part of our engagement and stewardship efforts, AB may publish our vote intentions on certain proposals in advance of select shareholder meetings, with an emphasis on issuers where our discretionary managed accounts have significant economic exposure. The selected proposals are chosen because they impact a range of key topics where AB may have expressed our viewpoints publicly, through prior engagement or proxy voting. We do not pre-disclose our vote intentions on mergers and acquisition activity. The published vote intentions are available on our website.

**Documents Prepared by AB that Are Material to Voting Decisions**

The Investment Stewardship Team is responsible for maintaining documents prepared by the Committee or any AB employee that were material to a voting decision. Therefore, where an investment professional's opinion is essential to the voting decision, the recommendation from investment professionals must be made in writing to a member of Investment Stewardship Team.

**Proxy Voting Procedures**

**Voting Administration**

To efficiency execute proxy voting for clients' holdings, AB uses ISS to submit votes electronically.

Issuers initially send proxy information to the custodians of our client accounts. We instruct these custodian banks to direct proxy related materials to ISS's offices. ISS provides us with research related to each resolution and pre-populates certain ballots based on the guidelines contained in this Policy. AB's Investment Stewardship Team assesses the proposals via ISS's web platform, Proxy Exchange, and submits all votes electronically. ISS then returns the proxy ballot forms to the designated returnee for tabulation. In addition, AB's proxy votes are double-checked in a two-tiered approach. All votes are reviewed real-time by an offshore proxy review team to verify that the executed votes are aligned with our Policy. Votes for significant holdings, as defined by our stake, are additionally reviewed on a monthly basis by the Investment Stewardship Team to ensure their compliance with our Policy.

If necessary, any paper ballots we receive will be voted electronically or via mail or fax.

**Share Blocking and Abstaining from Voting Client Securities**

Proxy voting in certain countries requires "share blocking." Shareholders wishing to vote their proxies must deposit their shares shortly before the date of the meeting (usually one week) with a designated depositary. During this blocking period, shares that will be voted at the meeting cannot be sold until the meeting has taken place and the shares are returned to the clients' custodian banks. We may determine that the value of exercising the vote is outweighed by the detriment of not being able to sell the shares during this period. In cases where we want to retain the ability to trade shares, we may determine to not vote those shares.

We seek to vote all proxies for securities held in client accounts for which we have proxy voting authority. However, in some markets administrative issues beyond our control may sometimes prevent us from voting such proxies. For example, we may receive meeting notices after the cut-off date for voting or without enough time to fully consider the proxy. Similarly, proxy materials for some issuers may not contain disclosure sufficient to arrive at a voting decision, in which cases we may abstain from voting. Some markets outside the US require periodic renewals of powers of attorney that local agents must have from our clients prior to implementing our voting instructions.

AB will abstain from voting (which generally requires submission of a proxy voting card) or affirmatively decide not to vote if AB determines that abstaining or not voting would be in the applicable client's best interest. In making such a determination, AB will consider various factors, including, but not limited to: (i) the costs associated with exercising the proxy (e.g., translation or travel costs); (ii) any legal restrictions on trading resulting from the exercise of a proxy (e.g., share-blocking jurisdictions); (iii) whether AB's clients have sold the underlying securities since the record date for the proxy; and (iv) whether casting a vote would not reasonably be expected to have a material effect on the value of the client's investment.

**Loaned Securities**

Many of our clients have entered into securities lending arrangements with agent lenders to generate additional revenue. We will not be able to vote securities that are on loan under these types of arrangements. However, for AB managed funds, the agent lenders have standing instructions to recall all securities on loan systematically in a timely manner on a best effort basis in order for AB to vote the proxies on those previously loaned shares.

If you have questions or desire additional information about this Policy, please contact <u>ProxyTeam@alliancebernstein.com</u>

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| ![](aqr_proxy0324-img002.jpg) | ***AQR Capital Management, LLC \|*** *Proxy Voting Policy and Procedures*<sub>1</sub> |

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I. Statement of Policy

Proxy voting is an important right of shareholders and reasonable care and diligence must be undertaken to seek to ensure that such rights are properly and timely exercised. AQR Capital Management, LLC ("AQR")<sup>1</sup> manages a variety of products and AQR's proxy voting authority may vary depending on the type of product or specific client preferences. AQR retains full proxy voting discretion for accounts comprised of comingled client assets. However, AQR's proxy voting authority may vary for accounts that AQR manages on behalf of individual clients. These clients may retain full proxy voting authority for themselves, grant AQR full discretion to vote proxies on their behalf, or provide AQR with proxy voting authority along with specific instructions and/or custom proxy voting guidelines. Where AQR has been granted discretion to vote proxies on behalf of managed account clients this authority must be explicitly defined in the relevant Investment Management Agreement, or other document governing the relationship between AQR and the client.

AQR's authority to vote proxies for its Clients is not a material component of any of AQR's investments or strategies. AQR typically follows a systematic, research-driven approach, applying quantitative tools to process fundamental information and manage risk, significantly reducing the importance and usefulness of the proxies AQR receives and votes, or causes to be voted, on behalf of its Clients. In exercising its proxy voting authority, AQR is mindful of the fact that the value of proxy voting to a client's investments may vary depending on the nature of an individual voting matter and the strategy in which a client is invested. Some proxy votes may have heightened importance for clients (e.g., mergers, acquisitions, spinoffs, etc.) for those clients invested in AQR strategies involving the purchase of securities around corporate events. These differences may result in varying levels of AQR engagement in proxy votes, but in all cases where AQR retains proxy voting authority, it will seek to vote proxies in the best interest of its clients and in accordance with this Proxy Voting Policy and Procedures (the "Policy").

AQR's Stewardship Committee is responsible for the implementation of this Policy, including the oversight and use of third-party proxy advisers, the manner in which AQR votes its proxies, and fulfilling AQR's obligation to vote proxies in the best interest of its clients.

II. Use of Third-Party Proxy Advisors

AQR has retained an independent third-party Proxy Advisory firm for a variety of services including, but not limited to, receiving proxy ballots, working with custodian banks, proxy voting research and recommendations, and executing votes. AQR may consider other Proxy Advisory firms as appropriate for proxy voting research and other services.

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<sup>1</sup> The term "AQR" includes AQR Capital Management, LLC and AQR Arbitrage, LLC and their respective investment advisory affiliates.

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| ![](aqr_proxy0324-img002.jpg) | ***AQR Capital Management, LLC \|*** *Proxy Voting Policy and Procedures*<sub>2</sub> |

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The AQR Stewardship Committee periodically assesses the performance of its Proxy Advisory firm(s).

III. Considerations When Assessing or Considering a Proxy Advisory Firm

When considering the engagement of a new, or the performance and retention of an existing, Proxy Advisory firm to provide research, voting recommendations, or other proxy voting related services, AQR will, as part of its assessment, consider:

● *The capacity and competency of the Proxy Advisory firm to adequately analyze the matters up for a vote;* 

● *Whether the Proxy Advisory firm has an effective process for obtaining current and accurate information including from issuers and clients (e.g., engagement with issuers, efforts to correct deficiencies, disclosure about sources of information and methodologies, etc.);* 

● *How the Proxy Advisory firm incorporates appropriate input in formulating its methodologies and construction of issuer peer groups, including unique characteristics regarding an issuer;* 

● *Whether the Proxy Advisory firm has adequately disclosed its methodologies and application in formulating specific voting recommendations;* 

● *The nature of third-party information sources used as a basis for voting recommendations;* 

● *When and how the Proxy Advisory firm would expect to engage with issuers and other third parties;* 

● *Whether the Proxy Advisory firm has established adequate policies and procedures on how it identifies and addresses conflicts of interests;* 

● *Information regarding any errors, deficiencies, or weaknesses that may materially affect the Proxy Advisory firm's research or ultimate recommendation;* 

● *Whether the Proxy Advisory firm appropriately and regularly updates methodologies, guidelines, and recommendations, including in response to feedback from issuers and their shareholders;* 

● *Whether the Proxy Advisory firm adequately discloses any material business changes taking into account any potential conflicts of interests that may arise from such changes.* 

AQR also undertakes periodic sampling of proxy votes as part of its assessment of a Proxy Advisory firm and in order to reasonably determine that proxy votes are being cast on behalf of its clients consistent with this Policy.

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| ![](aqr_proxy0324-img002.jpg) | ***AQR Capital Management, LLC \|*** *Proxy Voting Policy and Procedures*<sub>3</sub> |

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IV. Potential Conflicts of Interest of the Proxy Advisor

AQR requires any Proxy Advisory firm it engages with to identify and provide information regarding any material business changes or conflicts of interest on an ongoing basis. Where a conflict of interest may exist, AQR requires information on how said conflict is being addressed. If AQR determines that a material conflict of interest exists and is not sufficiently mitigated, AQR's Stewardship Committee will determine whether the conflict has an impact on the Proxy Advisory firm's voting recommendations, research, or other services and determine if any action should be taken.

V. Voting Procedures and Approach

In relation to stocks held in AQR funds and managed accounts where AQR has proxy voting discretion, AQR will, as a general rule, seek to vote in accordance with this Policy and the applicable guidelines AQR has developed to govern voting recommendations ("AQR Voting Guidelines"). In instances where a client has provided AQR with specific instructions and/or custom proxy voting guidelines, AQR will seek to vote proxies in line with such instructions or custom guidelines. Otherwise, AQR will seek to vote in accordance with voting recommendations of the Proxy Advisory firm's applicable Benchmark Guidelines<sup>2</sup> in managed accounts. For AQR-sponsored commingled funds, AQR takes a sustainable approach to proxy voting and has adopted the Proxy Advisory firm's applicable Sustainable Guidelines<sup>3</sup>. In certain commingled funds, investors may choose Voting Guidelines that do not take a sustainable approach to proxy voting [ i.e., Benchmark Guidelines].

AQR may refrain from voting in certain situations unless otherwise agreed to with a client. These situations include, but are not limited to, when:

&nbsp;&nbsp;&nbsp;&nbsp;*1.* *AQR has agreed with the client in advance of the vote not to vote in certain situations or on specific issues in a managed account;* 

&nbsp;&nbsp;&nbsp;&nbsp;*2.* *Voting would cause an undue burden to AQR (e.g., votes occurring in jurisdictions with beneficial ownership disclosure, share blocking, and/or Power of Attorney requirements);* 

&nbsp;&nbsp;&nbsp;&nbsp;*3.* *The cost of voting a proxy outweighs the benefit of voting;* 

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<sup>2</sup> Benchmark Guidelines are offered by Institutional Shareholder Services Inc. and are available at https://www.issgovernance.com/policy-gateway/voting-policies/.

<sup>3</sup> Sustainable Guidelines are offered by Institutional Shareholder Services Inc. and are available at https://www.issgovernance.com/policy-gateway/voting-policies/.

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| ![](aqr_proxy0324-img002.jpg) | ***AQR Capital Management, LLC \|*** *Proxy Voting Policy and Procedures*<sub>4</sub> |

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&nbsp;&nbsp;&nbsp;&nbsp;*4.* *AQR has insufficient information or time to process and submit a vote or other related logistical or administrative issues;* 

&nbsp;&nbsp;&nbsp;&nbsp;*5.* *AQR has an outstanding sell order or intends to sell the applicable security prior to the voting date; or* 

&nbsp;&nbsp;&nbsp;&nbsp;*6.* *There are restrictions on trading resulting from the exercise of a proxy; AQR generally does not notify clients of non-voted proxy ballots.* 

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| ![](aqr_proxy0324-img002.jpg) | ***AQR Capital Management, LLC \|*** *Proxy Voting Policy and Procedures*<sub>5</sub> |

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Some of AQR's strategies primarily focus on portfolio management and research related to macro trading strategies which are implemented through the use of derivatives. These strategies typically do not hold equity securities with voting rights, but may, in certain circumstances, hold an exchange traded fund ("ETF") for the purposes of managing market exposure. For AQR funds and managed accounts that only have exposure to equities via an ETF, AQR will generally not vote proxies.

VI. Issuer Specific Ballot Evaluations

AQR may review individual ballots (for example, in relation to specific corporate events such as mergers or acquisitions) using a more detailed analysis than is generally applied through the AQR Voting Guidelines. This analysis may, but does not always, result in a deviation from the voting recommendation assigned to a given AQR fund or managed account. When determining whether to conduct an issuer-specific analysis, AQR will consider the potential effect of the vote on the value of the investment. To the extent that issuer- specific analysis results in a deviation from the recommendation, AQR will be required to vote proxies in a way that, in AQR's reasonable judgment, is in the best interest of AQR's clients.

Unless prior approval is obtained from the Chief Compliance Officer, or designee, or Stewardship Committee, the following principles will generally be adhered to when deviating from the voting recommendation:

&nbsp;&nbsp;&nbsp;&nbsp;1. *AQR will not engage in conduct that involves an attempt to change or influence the control of a public company. In addition, all communications regarding proxy issues or corporate actions between companies or their agents, or with fellow shareholders, shall be for the sole purpose of expressing and addressing AQR's concerns consistent with the best interests of its clients;* 

&nbsp;&nbsp;&nbsp;&nbsp;2. *AQR will not announce its voting intentions and the reasons therefore; and* 

&nbsp;&nbsp;&nbsp;&nbsp;3. *AQR will not initiate a proxy solicitation or otherwise seek proxy-voting authority from any other public company shareholder.* 

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| ![](aqr_proxy0324-img002.jpg) | ***AQR Capital Management, LLC \|*** *Proxy Voting Policy and Procedures*<sub>6</sub> |

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VII. Potential Conflicts of Interest of the Advisor

AQR mitigates potential conflicts of interest by generally voting in accordance with the AQR Voting Guidelines and/or specific voting guidelines provided by clients. However, from time to time, AQR may determine to vote contrary to AQR Voting Guidelines with respect to AQR funds or accounts for which AQR has voting discretion, which itself could give rise to potential conflicts of interest.

If AQR intends to directly vote a proxy in a manner that is inconsistent with the AQR Voting Guidelines, the Compliance Department will examine any potential conflicts of interest. This examination includes, but is not limited to, a review of any material economic interest, including outside business activities, of AQR's employees with the issuer of the security in question. If the Compliance Department determines a potential material conflict of interest exists, it may instruct AQR and the Stewardship Committee to not deviate from the AQR Voting Guidelines.

VIII. Ballot Materials and Processing

The Proxy Advisory firm is responsible for coordinating with AQR's clients' custodians to seek to ensure that proxy materials received by custodians relating to a client's securities are processed in a timely fashion. Proxies relating to securities held in client accounts will typically be sent directly to the Proxy Advisory firm. In the event that proxy materials are sent to AQR directly instead of the Proxy Advisory firm, AQR will use reasonable efforts to coordinate with the Proxy Advisory firm for processing.

IX. Disclosure

Upon request, AQR will provide clients with a copy of this Policy and how the relevant client's proxies have been voted. In relation to the latter, AQR will prepare a written response that lists, with respect to each voted proxy:

&nbsp;&nbsp;&nbsp;&nbsp;*1.* *The name of the issuer;* 

&nbsp;&nbsp;&nbsp;&nbsp;*2.* *The proposal voted upon; and* 

&nbsp;&nbsp;&nbsp;&nbsp;*3.* *The election made for the proposal.* 

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| ![](aqr_proxy0324-img002.jpg) | ***AQR Capital Management, LLC \|*** *Proxy Voting Policy and Procedures*<sub>7</sub> |

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Clients may contact AQR's Client Administration team by calling 203-742-3700 or via e-mail at <u>ClientAdmin@aqr.com</u> to obtain a record of how proxies were voted for their account.

X. Proxy Reporting

On an annual basis, each of AQR Capital Management, LLC and AQR Arbitrage, LLC will provide, or cause the Proxy Advisory firm to provide, any and all reports and information necessary for the preparation and filing of Form N-PX with the U.S. Securities and Exchange Commission ("SEC") reporting all relevant voted proxies relating to executive compensation (or "say-on-pay") matters. In addition, on an annual basis, the AQR Funds will provide, or cause the Proxy Advisory firm to provide, to the AQR Funds' administrator or other designee on a timely basis, any and all reports and information necessary to prepare and file Form N- PX with the SEC reporting all voted proxies.<sup>4</sup>

XI. Proxy Recordkeeping

AQR and its Proxy Advisory firm (where applicable) will maintain the following records with respect to this Policy for a period of no less than five (5) years as required by SEC Rule 204-2 under the Investment Advisers Act of 1940:

&nbsp;&nbsp;&nbsp;&nbsp;*1.* *A copy of the Policy, and any amendments thereto; and* 

&nbsp;&nbsp;&nbsp;&nbsp;*2.* *A copy of any document that was material to making a decision how to vote proxies, or that memorializes that decision.* 

XII. Review of Policy and Procedures

As a general principle, the Stewardship Committee, with the involvement from the Compliance Department, reviews, on an annual basis, the adequacy of this Policy to reasonably ensure it has been implemented effectively, including whether it continues to be reasonably designed to ensure that AQR's approach to voting proxies is in the best interests of its clients.

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<sup>4</sup> *Form N-PX is required to contain an AQR Fund's complete proxy voting record for the most recent 12-month period ended June 30 and must be filed no later than August 31 of each year.*

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Our Stewardship Principles and Guidelines

**Risk factors**

The views expressed should not be considered as advice or a recommendation to buy, sell or hold a particular investment. They reflect opinion and should not be taken as statements of fact nor should any reliance be placed on them when making investment decisions.

This communication was produced and approved in December 2023 and has not been updated subsequently. It represents views held at the time of writing and may not reflect current thinking.

**Potential for profit and loss**

All investment strategies have the potential for profit and loss. Past performance is not a guide to future returns.

This communication contains information on investments which does not constitute independent research. Accordingly, it is not subject to the protections afforded to independent research, but is classified as advertising under Art 68 of the Financial Services Act ('FinSA') and Baillie Gifford and its staff may have dealt in the investments concerned.

All information is sourced from Baillie Gifford & Co and is current unless otherwise stated.

The images used in this article are for illustrative purposes only.

**bailliegifford.com**

IC52 Our principles and guidelines 2024 full version.indd Ref: 62524 10037374

Our Stewardship Principles and Guidelines

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| **Contents** | Stewardship principles | 2 |
|  | ESG integration approach | 5 |
|  | Proxy voting guidelines | 14 |
|  | Exclusion policy | 20 |
|  | Sustainable Finance Disclosure Regulation (SFDR) approach | 25 |

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Baillie<br> Gifford's<br> stewardship<br> principles

Baillie Gifford's overarching ethos is that we are 'Actual' investors. That means we seek to invest for the long term. Our role as an engaged owner is core to our mission to be effective stewards for our clients. As an active manager, we invest in companies at different stages of their evolution across many industries and geographies, and focus on their unique circumstances and opportunities. Our approach favours a small number of simple principles rather than overly prescriptive policies. This helps shape our interactions with holdings and ensures our investment teams have the freedom and retain the responsibility to act in clients' best interests.

Where possible we consider all asset classes within the framework of our stewardship activities. We seek to apply the most appropriate ownership tools to each holding in delivering our objectives.

For more information about how we live these principles please see our

**ESG integration approach.**

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**Long-term value creation**

We believe that companies that are run for the long term are more likely to be better investments over our clients' time horizons. We encourage our holdings to be ambitious, focusing on long-term value creation and capital deployment for growth. We know events will not always run according to plan. In these instances we expect management to act deliberately and to provide appropriate transparency. We think helping management to resist short-term demands from shareholders often protects returns. We regard it as our responsibility to encourage holdings away from destructive financial engineering towards activities that create genuine value over the long run. Our value will often be in supporting management when others don't.

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**Alignment in vision and practice**

Alignment is at the heart of our stewardship approach. We seek the fair and equitable treatment of all shareholders alongside the interests of management. While assessing alignment with management often comes down to intangible factors and an understanding built over time, we look for clear evidence of alignment in everything from capital allocation decisions in moments of stress to the details of executive remuneration plans and committed share ownership. We expect companies to deepen alignment with us, rather than weaken it, where the opportunity presents itself.

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**Governance fit for purpose**

Corporate governance is a combination of structures and behaviours; a careful balance between systems, processes and people. Good governance is the essential foundation for long-term company success. We firmly believe that there is no single governance model that delivers the best long-term outcomes. We therefore strive to push back against one-dimensional global governance principles in favour of a deep understanding of each company we invest in. We look, very simply, for structures, people and processes which we think can maximise the likelihood of long-term success. We expect to trust the boards and management teams of the companies we select, but demand accountability if that trust is broken.

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**Sustainable business practices**

A company's ability to grow and generate value for our clients relies on a network of interdependencies between the company and the economy, society and environment in which it operates. We expect holdings to consider how their actions impact and rely on these relationships. We believe long-term success depends on maintaining a social licence to operate and look for holdings to work within the spirit and not just the letter of the laws and regulations that govern them. Material factors should be addressed at the board level as appropriate.

Back to contents Our Stewardship Principles and Guidelines

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ESG<br> integration<br> approach

**Our Stewardship Principles (long-term value creation, alignment in vision and practice, governance fit for purpose, sustainable business practices) reﬂect what we expect of the holdings we invest in on behalf of our clients.**

**This document sets out our general approach to integrating these principles into the management and stewardship of client assets, including:**

• **The integration of environmental, social and governance (ESG) considerations into our investment research and decision-making activities** 

• **The resourcing, governance and oversight of our stewardship activities** 

• **Our approach to transparency and reporting, and** 

• **How we contribute to well-functioning markets and systems for the ultimate benefit of our clients and their returns.** 

Some regulators may impose additional requirements for products sold in their jurisdiction. More information about how we address this can be found in the relevant sections on our website. In addition, as agents for our clients, we may follow instructions for client portfolios which differ from the approach set out in this document.

**ESG integration and exercise of stewardship responsibilities**

Our long-term, active approach to investment means looking beyond the narrow scope of traditional financial analysis to consider the range of factors that may affect our holdings' ability to thrive over the long term. We aim to add value for clients by broadening our perspective to understand better what the future might bring and which investments stand the best chance of succeeding.

We observe that, over the long run, financial performance and appropriate management of ESG factors are often intertwined. For example, companies that act as sustainable operators are less likely to face regulatory action, which could harm financial returns. Therefore, we integrate analysis of material ESG factors into our investment process because it strengthens our ability to deliver long-term returns.

Our investment strategies operate with a high degree of autonomy. This document sets out the characteristics that are broadly shared across strategies, but differences may exist between strategies and asset classes. In addition, some of our strategies or funds go beyond consideration and integration of ESG factors and make specific sustainability-related commitments.

For the majority of our strategies, the focus is on material ESG factors. We define these factors as those that we believe are likely to affect the financial condition or operating performance of a holding or a portfolio, with a positive or negative impact on long-term investment returns. For strategies which have made explicit sustainability-related commitments, we may adopt a broader materiality definition that goes beyond the strictly financially material. Where this is the case, this is clearly set out in relevant client and product documentation.

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**Research**

As an active manager, we conduct deliberate and thoughtful ESG research. Our ESG research is materiality-led. Each holding is invariably different, but most of our efforts will focus on the one or two critical issues with significant relevance to the investment case. Investment cases for a given holding can differ between strategies, but our research aims to contribute to client returns over the long term. Our ESG research considers both the risks of value-destruction and how the ESG characteristics of a holding might contribute to its growth if our investment case proves to be correct. We also look to identify how a changing physical environment, shifting policy or emerging social expectations will likely impact our holdings' performance (positively and negatively) over our investment horizon. The holding-specific factors that we consider are broadly encapsulated within our **Stewardship principles**.

**How do we conduct research?**

Our investors undertake fundamental research. They use a variety of information sources, from company reports and meetings to third-party research and insights generated by academic partners and industry experts. Investors also have access to various third-party data tools, including ESG data sources. Many of our investment teams have an embedded ESG analyst who understands specific client mandates and supports the integration of material ESG factors into the relevant stages of the investment process.

Regardless of who leads the research (an investor or an ESG analyst), we seek to identify material ESG factors which may inform our portfolio allocations, priority engagements and, where relevant, proxy voting decisions.

Our multi-asset investment processes start by taking a top-down, macroeconomic view to forecast expected asset class return profiles and inform portfolio asset allocation. This includes considering material ESG factors, complemented by bottom-up company, fund and sovereign investment research and stewardship.

The investment teams also work closely with our dedicated Climate Team. The team provides our investors with thematic and company-specific research and supports the firmwide Climate Audit process. More information about this and our approach to climate change can be found in our annual **Climate report**.

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**Our principles in practice – how we consider ESG opportunities and risks<sup>1</sup>** 

Our **Stewardship principles** are deliberately broad, not only to accommodate the differing processes and objectives of our investment teams but also to acknowledge the evolving nature of the opportunities and risks that face the investments we make.

The following provides an overview of the issues we may consider in our assessment of ESG factors. Should our research suggest concerns about a holding's practices or opportunities for improvement, we will engage and escalate, including using voting rights, where appropriate.

**Governance arrangements**

As a long-term growth investor, our interests are largely delegated to the board. The board's purpose is to ensure the company's prosperity.

As a minimum, we expect the board to effectively fulfil its responsibilities, which include board composition and succession planning, capital allocation parameters, executive remuneration, and its audit and control function. It should provide support and oversight of the executive management team in implementing the business strategy, bringing different views, perspectives and challenge. At the same time, it should protect the interests and investments of the company's shareholders and ensure a business' sustainability.

**Human rights and labour rights**

Violation of labour and human rights, in addition to the harm this causes, can damage the reputation and value of our holdings.

Consequently, we expect our holdings to respect internationally accepted human and labour rights in line with the United Nations Guiding Principles for Business and Human Rights. At a minimum, this should include maintaining health and safety systems, particularly in high-risk sectors; managing exposure to labour and human rights risks, especially modern slavery; and encouraging positive relationships with local communities.

**Compliance with the Principles of the United Nations Global Compact** 

The principles and standards set out in the United Nations Global Compact (UNGC) are an appropriate framework for considering a business' long-term sustainability. Where we determine that a company's failure to meet the UNGC results in a material risk to the long-term performance of the business, we will take appropriate action.

We have several funds that make a binding commitment not to invest in companies that are non-compliant with the UNGC. Further details of how this and other norms or sector-based exclusions are applied can be found in the **Exclusion policy**.

<sup>1</sup> Material ESG risk is, in some jurisdictions, referred to as Sustainability Risk. As noted, ESG risk means an environmental, social or governance event or condition that, if it occurs, could cause an actual or a potential material negative impact on the value of the investment. For purposes of

this document, we use the term ESG risk to also cover Sustainability Risk.

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**Diversity and inclusion**

We believe that board diversity is an important issue for all businesses, potentially impacting the ability of a company to generate returns over the long term. We consider diversity broadly to include gender and ethnic diversity, diversity of thought, background, skillset, time horizon and risk appetite. We therefore expect our holdings to take steps to understand and, where necessary, improve board-level diversity.

We also expect businesses to manage their organisation's culture to ensure all employees are treated fairly and with respect in the workplace. Suitable policies and procedures should be in place to ensure that inappropriate behaviour and discrimination are identified and addressed accordingly.

**Climate change**

We believe a successful transition that keeps increases in global temperatures to well below 2C, and ideally to 1.5C, this century offers our clients a better opportunity for strong long-term investment returns than a failed transition. Entities not making enough progress in mitigating climate risks or accessing opportunities are a potential source of risk to our client returns. More information about our approach to climate change and our climate-related expectations of our holdings can be found in our

**Statement of climate-related intent and ambition** and our **Climate report**, available on our website.

In response to client demand, we have several funds that limit exposure to fossil fuel holdings. Further details of how this and other norms or sector-based exclusions are applied can be found in the **Exclusion policy**.

**Nature and biodiversity**

Nature and biodiversity loss pose a significant risk to long-term business functioning and the well-being of economies. Sources of risk may include increased raw material or resource costs, regulation and taxation, resource availability and supply chain disruption. The protection of biodiversity should be a priority for businesses and governments, and entities should take steps to limit the destruction of the natural environment as far as possible. We aim to integrate the assessment of such issues into our fundamental research. Our ability to do so improves as we access more data sources and engage with more holdings on these topics. We are working with initiatives such as the Taskforce on Nature-related Financial Disclosures and exploring the usefulness of structured frameworks for investors and our clients.

**Respect for legal and regulatory guidelines and consideration of stakeholder perspectives**

We expect all our holdings to operate their businesses in a way that takes account of all relevant legal and regulatory guidelines and supports good stakeholder relations. Relevant practice areas include:

• Responsible marketing

• Data privacy and security governance

• Responsible taxation approaches

• How the company manages product and service issues, such as product quality and integrity, complaint handling, safety recalls and compensation.

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**Engagement**

Engaging with the assets we hold on behalf of our clients is core to our role as effective stewards of our clients' capital and is an extension of our research process.

**Why do we engage?**

01. To learn and to monitor: As investors, our responsibility does not begin and end with the investment decision. Before allocating our clients' capital, we must decide whether a particular investment meets our criteria and will continue to do so over our investment horizons. We may meet with a leadership team many times before we decide to take a position. Once we have invested, we will continue to monitor our holdings to ensure we remain aligned and decide if we need to course-correct.

02. To support: Over our investment time horizons, our holdings will likely encounter challenges. On these occasions, it may be helpful (and even necessary) for us to communicate our support to the leadership of the investments we've made. We may encourage them to remain focused on the long term and occasionally offer the chance to learn from other investments that have faced similar challenges. Sometimes, this will include public support for a holding, eg through pre-declaring voting intentions.

03. To influence: There will be instances when our reason for engaging is to seek change. We have high expectations of the assets we invest in. When they do not live up to these, or where we have identified a specific objective for change, our starting point is to see if the leadership team is willing and able to address the issues we believe may impact the ability to deliver long-term returns for our clients. Sometimes, the influence we seek to have is to encourage a holding to be more ambitious in seizing new opportunities. Where strategies have specific sustainability commitments, engagement may be integral to meeting that commitment.

Engaging to achieve a defined set of outcomes can be a time consuming and resource-intensive exercise. Even though we run relatively concentrated portfolios, we recognise the need to prioritise and, where appropriate, coordinate engagements across our investment teams. We are likely to do this when:

• We consider the issues to be particularly material to a holding's long-term investment performance and of a nature where more concerted engagement is required

• We are a major shareholder or lender

• We believe we can offer particular insight and guidance.

We believe that this approach maximises our chance of success.

There may be instances where engagement will be lighter touch. While our strong preference is always to engage directly, we may occasionally communicate expectations via email.

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**How do we engage?**

Our patient approach, focused on building long-term relationships, means we often occupy a privileged position in terms of our access to leadership. We do not take this privilege lightly. We aim to ensure that our engagements are research-led and, particularly when the intention is to influence, focus on the one or two issues we think are most material to a holding's long-term success.

We generally prefer to engage one-to-one with our holdings. However, we recognise that, at times, working with like-minded investors and broader stakeholder groups has benefits. Collaborative approaches can increase the influence that we bring to bear on our clients' behalf and may, in some instances, be necessary to achieve our engagement objectives. For some asset classes (such as sovereign bonds) collaborative engagements are our primary means of influence.

**Voting**

Voting is an integral part of our responsibility to act as responsible stewards of our clients' capital. Our voting analysis and decisions are driven by what we consider will promote the company's long-term prospects and, therefore, support the long-term financial outcomes for our clients. In line with our investment philosophy, our voting analysis is bottom-up and led by the investment case. This means we assess every resolution on a case-by-case basis.

For more details about our voting approach, see our **Voting guidelines**.

**Escalation**

If we fail to see meaningful improvement in what we believe is a material issue, we will escalate through various means. We may take voting action or suggest changes ranging from minor process improvements to a change in senior leadership.

Ultimately, we will divest if improvements are not made in areas of material importance.

A pathway for escalation may include some or all of the following:

• Engagement with management, Investor Relations or board members

• No progress – voting action against appropriate AGM resolution

• Escalation to the Chair or Senior Independent Director

• Collaboration with other investors or relevant industry initiatives

• No progress and no reasonable prospect of progress – divest.

There are additional escalation options, such as filing or co-sponsoring shareholder proposals, attending AGMs, or articulating views publicly via different media outlets, which we may use if circumstances require.

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**Resourcing, monitoring and oversight**

Effective ESG integration and stewardship of client assets require appropriate resourcing and oversight. Responsibility for ESG integration sits with the investment teams (supported, in many cases, by an embedded ESG analyst). Dedicated central teams, such as our Voting Team and our Climate Team, provide technical support across the firm and assist us in meeting client and regulatory requirements, including monitoring ESG risk. The diagram following shows how our dedicated ESG resource is structured and its integration and oversight within the firm.

**Monitoring of ESG Risk**

ESG risk metrics are incorporated into investment risk reports periodically provided to investment managers. These metrics help investment managers identify emerging risks across the portfolio. Additionally, our ESG Assurance Group (ESGAG) monitors ESG risk metrics via exceptions-based reporting. The ESGAG, in consultation with the ESG Oversight Group as appropriate, can escalate concerns to either the Equity or Multi Asset and Fixed Income Investment Risk committees, who will then escalate issues to the Group Risk Committee. A purely quantitative approach does not fully capture the underlying complexities faced by our holdings or provide a complete picture of risks and opportunities across portfolios. Still, it can indicate a need for deeper assessment. Therefore we supplement metrics with bottom-up, qualitative information from our investment research and stewardship activities to provide a richer, more accurate picture.

**Transparency and reporting**

We make detailed voting and engagement reporting available to institutional clients. We also disclose voting and engagement activity on our website and prepare an annual Investment Stewardship Activities Report (as per the UK Stewardship Code) and Climate Report (in line with the recommendations of the Task Force on Climate-Related Financial Disclosures, per Financial Conduct Authority regulation). Additional regulatory reporting is available on our website.

**Contributing to well-functioning markets**

We aim to uphold and promote the highest standards of service and professional behaviours and to enhance the reputation of the investment industry. This encompasses a responsibility to encourage well-functioning financial markets.

To support this, in addition to responding to relevant regulatory and other consultations, we are a member of several groups and industry bodies aimed at supporting well-functioning financial markets and improvements in corporate governance and sustainability. It is important to note, however, that where membership of these groups involves commitments, as agents of our clients, our ability to meet these commitments will always be dependent on client mandates. More information about our memberships and activity can be found in our annual stewardship reporting on our website.

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**Baillie Gifford ESG<br> organisational structure**

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| Corporate governance |
| Voting |
| Projects, policy, and regulation |
| Operations |
| Data |
| Client communication |

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Proxy voting<br> guidelines

Voting is integral to our role as responsible stewards of our clients' capital. Our voting analysis and decisions are driven by what we consider will promote the long-term prospects of the company, thereby supporting the outcomes we aim to deliver to our clients. In line with our investment philosophy, our voting analysis is bottom-up and led by each investment case. Rather than applying prescriptive policies, we assess every resolution on a case-by-case basis. We believe that a prescriptive approach can lead to unwarranted and, in some cases, perverse outcomes which may not be in the best interests of a particular company, given its stage of development and the wider geographical and industrial context.

These guidelines are aligned with our **Stewardship principles**. They provide some insight into our voting process and approach to matters routinely presented for a vote at shareholder meetings. They do not indicate how we will vote on specific topics.

**Our Stewardship principles**

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**How we exercise voting rights**

We prefer to take direct voting responsibility for our clients to strengthen our stewardship effectiveness. We do not outsource voting analysis or recommendations, using proxy advisors for information only. Instead, voting analysis and execution is carried out in-house by our central Voting Team in conjunction with investment teams. This allows us to improve the integration of voting into our investment process. Most votes are submitted electronically using our proprietary in-house system, which enhances efficiency and accuracy.

**Reporting**

Being transparent about how we vote on behalf of our clients is a vital aspect of our stewardship responsibility. Each quarter, we provide all institutional clients with reports detailing voting activity. We also publish high-level voting information on our website.

**Split voting**

Occasionally, our investment teams will vote differently on the same general meeting resolution. This aligns with our decentralised and autonomous investment culture: investment teams make decisions in clients' best interests, according to the aims of their investment strategy. Split votes are reported accordingly in the proxy voting disclosure on our website. They are clearly communicated to the company, along with the rationale for the different voting decisions.

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**Refraining from voting**

We endeavour to vote all our clients' holdings in every market. However, this may occasionally be impossible for regulatory reasons or operational constraints:

01. Share blocking – in certain markets, voting shares can prevent us from trading for a period of time, which may not always be in our clients' best interests

02. Share lending – we cannot vote on a client's shares if they have lent the shares. If we deem a meeting significant or contentious, we may request that the client recalls any stock on loan so we can vote

03. Conflicts of interest – we have processes in place to identify, prevent and manage potential proxy voting-related conflicts of interest to ensure that the firm always acts in clients' best interests. In some cases, the appropriate resolution is not to vote. Baillie Gifford's firmwide conflict of interest disclosure is on our website.

**Significant votes**

In response to disclosure requirements for UK and European pension scheme clients under the Shareholders' Rights Directive II, we have created our Significant Vote framework. Whether a vote is considered significant is necessarily subjective. Here is a non-exhaustive list of potentially significant voting situations:

• Baillie Gifford's voting decision had a material impact on the outcome of the meeting

• Management resolutions that receive 20 per cent or more opposition

• Misaligned remuneration

• Contentious equity issuance

• Shareholder resolutions that received 20 per cent or more support from shareholders

• Where there has been a significant reported audit failing

• Mergers and acquisitions

• Where we have opposed the financial statements/annual report

• Where we have opposed the ratification or election of directors

• Where we identify material<sup>2</sup> environmental, social or governance (ESG) factors that result in Baillie Gifford opposing management.

<sup>2</sup> Per our **ESG Integration Approach**, we define material ESG factors as those that we believe are likely to affect the financial condition or operating performance of a holding, with a consequent positive or negative impact on long-term investment returns.

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Voting guidance

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**Governance fit for purpose**

**Board**

A board which is fit for purpose is fundamental to long-term value creation. As long-term growth investors, we have a responsibility to play an active role, via our stewardship activities, in the proper functioning of boards.

We seek unique leadership styles and are open to unconventional governance structures. There is no global standard for the size or structure of a board of directors. Each board must consider the needs of the business, which will be influenced by the industry and region it operates in, its scale and level of maturity, its ownership structure and the expectations of its shareholders.

**Board composition**

We expect board composition to underpin the board's effectiveness. Our key expectations of board members relate to independence, qualification and diversity.

**Independent**

We expect a meaningful proportion of the board to be independent, which varies by market practice. We discourage non-executive directors from receiving performance-based remuneration, but support them having some share ownership to align with shareholders' interests. We expect disclosure of how the directors are paid and whether there are any material related party transactions. We also expect other demonstrations of independence, including considerations such as tenure and other affiliations of non-executive directors.

**Qualified**

We expect directors to be qualified to set a credible, purposeful strategy while providing appropriate oversight and constructive challenge to management. Different sectors, geographies, and stages of growth all require different skills and backgrounds. We expect comprehensive director biographies to be disclosed, so we can consider whether the board has the necessary range of skills and industry expertise. We also expect directors to have sufficient time to dedicate to their role at the company, considering their other commitments.

**Diverse**

We believe a diverse board is less likely to fall into the trap of groupthink. We expect a balance of experience, backgrounds and points of view that give the best chance for the company to succeed in the long term.

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**Alignment in vision and practice**

**Remuneration**

We recognise that effective remuneration plans help to recruit, retain and motivate employees. Our principal consideration when reviewing executive remuneration is that the structure and outcomes should provide alignment between management, particularly executives, and shareholders. For this reason, we favour simple, transparent remuneration structures with a long-term focus. We are prepared to support structures which do not necessarily fit within conventional practices when they are appropriate for a company's circumstances and underpin the delivery of long-term shareholder value.

The appropriate remuneration structure will depend on factors including the company's size, stage of development, market and industry. As well as this, we consider matters such as the proportion of fixed to variable remuneration, the use of equity awards, the relevance and ambition of performance conditions, and alignment with the wider workforce.

Companies should not implement certain pay practices that do not align with our priority of outperformance over the long term, such as:

• Repricing of equity awards

• Retesting of performance conditions

• Vesting of incentive awards for below-median performance

• Severance agreements that (i) are excessive relative to market practice and/or (ii) allow accelerated vesting of variable pay awards without pro-rating for time and performance

• Frequent changes to performance metrics or adjustment of in-flight performance targets

• Unjustified or inappropriate use of discretion, such as one-off awards.

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**Long-term value creation**

**Anti-takeover devices**

Anti-takeover devices are designed to defend companies from a hostile takeover. These devices can potentially entrench management, so we generally prefer that companies do not create them. However, we recognise that there may be certain growth-oriented companies and sectors where some protection from short-term market priorities can support long-term shareholder value creation.

**Multi-class share structures**

There is no optimum ownership structure. While the one share, one vote principle aligns voting rights and economic rights for all holders, multiple share structures and differential voting rights can also be a strength. Different voting rights can enhance long-termism, protect the culture and offer greater strategic certainty for some organisations. Our primary consideration when reviewing a company with a multi-class structure is whether it has worked to the long-term benefit of all shareholders and is likely to continue to do so over time.

**Equity issuances/repurchases, mergers and acquisitions**

Matters relating to equity and corporate restructurings, such as additional equity issuances and mergers or acquisitions, can significantly impact shareholder value. When executed appropriately and successfully, they can accelerate a company's growth prospects.

However, they can also be destructive to long-term value creation. When reviewing these matters, we consider whether the request is aligned with the company's long-term strategy and offers shareholders fairness.

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**Sustainable business practices**

We consider ESG risks and opportunities in the context of our overall focus on long-term investment performance (see our **ESG integration approach** for more information). Where we think a company is not adequately managing material ESG factors, we may use voting action to escalate matters. On climate, we exercise our voting rights in support of the commitments and expectations set out in our **Statement of climate-related intent and ambition** and **Task force on Climate-related Financial disclosures** report.

**Shareholder proposals**

Shareholder proposals are a mechanism permitted in some markets which enable shareholders to submit resolutions at company general meetings. They can be a valuable tool to highlight companies' wider impact on stakeholders. When reviewing shareholder proposals we consider:

• Whether we believe implementation of the requested action would further strengthen the long-term prospects of the business

• Relevance and materiality of the issue to the investment case

• How impactful the requested action would be, if passed, in making progress on the issue

• Whether we believe that the proponent's intention in submitting the proposal is aligned with our priority to promote the company's long-term prospects.

We do not support proposals designed to frustrate or distract a company.

**Routine shareholder matters**

At a minimum, we expect companies to comply with applicable local laws and regulations about routine matters such as timely publication of shareholder reports. More than this, we consider whether companies are acting in the best long-term interests of shareholders, even where this may mean going further than local market practice. For example, in some markets, companies may not be required to disclose the fees paid to the external auditor. We nonetheless expect that they should, as this best serves the long-term interests of shareholders.

**External auditors**

The external audit is integral to well-functioning financial markets and the corporate governance framework. We expect external auditors to be independent and avoid conflicts of interest such as the provision of, and payment for, corporate services other than the audit, and length of tenure.

**Political donations**

We do not expect our holdings to make political donations or contributions to 'politically exposed' charitable organisations.

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Exclusion policy

This policy sets out Baillie Gifford's approach to key exclusions at a firmwide, strategy and fund level. Full details of strategy- and fund-level restrictions can be found in relevant strategy and fund-level materials on Baillie Gifford's website.

**Firmwide exclusions**

**Controversial weapons**

Certain types of military weapons are considered controversial because of their potentially disproportionate or indiscriminate effects. International treaties and conventions exist to limit their production and use, though this is an inherently complex area that continues to evolve.

Baillie Gifford seeks to avoid investment in companies with direct involvement in producing controversial weapons, or the components or services that are essential to and tailor-made for them. This policy applies specifically to the following types of weapons:

• Anti-personnel mines

• Biological and chemical weapons

• Cluster munitions

• Depleted uranium weapons

• White phosphorus incendiary weapons

• Nuclear weapons (where such weapons are likely to be in breach of the objectives of the Treaty on the Non-Proliferation of Nuclear Weapons).

We aim to apply these exclusions on a firm-wide basis to all direct investments we make in companies on behalf of our clients. We use external research providers to help us identify excluded companies and, where appropriate, supplement this with our own research to determine our position on individual companies.

**Cannabis**

As cannabis products are increasingly legalised worldwide, there is a growing number of investable opportunities in the sector. UK authorised investment management firms may not receive benefits from the sale of recreational cannabis (for example, from the receipt of dividends) due to the Proceeds of Crime Act, regardless of legality in the jurisdiction where the cannabis product is being sold. As a UK-domiciled, Financial Conduct Authority-regulated investment manager, we may be restricted from investing in companies operating in the cannabis sector due to the potential illegality of benefits derived in the UK.

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**Strategy and/or fund-specific exclusions**

Some of our investment strategies and funds apply an exclusionary approach to specific sectors or business practices. High-level details are provided in the section below, with full details available in relevant strategy and fund-level materials on Baillie Gifford's website.

**United Nations Global Compact**

We have several strategies and funds which have made a binding commitment not to invest in companies that are determined to be non-compliant with the United Nations

Global Compact Principles (UNGC) and related standards, including the Organisation for Economic Co-operation and Development (OECD) Guidelines for Multinational Enterprises and the United Nations Guiding Principles on Business and Human Rights.

Where this commitment has been made:

• With new purchases, if a company is identified as non-compliant with the principles based on our judgement, which is informed by our internal research alongside data feeds from third-party sources, then we will not proceed with the purchase. If we determine there are prospects for improvement, the company may be purchased, but a formal engagement and monitoring process will be implemented.

• For existing holdings, a formal engagement and monitoring process will be implemented if we believe a company has breached the principles, based on our internal research alongside data feeds from third-party sources.

We expect to see material improvement within a reasonable timeframe (a maximum of three years). Should a company fail to demonstrate progress, we will divest.

**UN Global Compact Principles**

**Human rights**

Principle 1: Businesses should support and respect the protection of internationally proclaimed human rights; and

Principle 2: make sure that they are not complicit in human rights abuses.

**Labour**

Principle 3: Businesses should uphold

the freedom of association and the effective recognition of the right to collective bargaining;

Principle 4: the elimination of all forms of forced and compulsory labour;

Principle 5: the effective abolition of child labour; and

Principle 6: the elimination of discrimination in respect of employment and occupation.

**Environment**

Principle 7: Businesses should support a precautionary approach to environmental challenges;

Principle 8: undertake initiatives to promote greater environmental responsibility; and

Principle 9: encourage the development and diffusion of environmentally friendly technologies.

**Anti-corruption**

Principle 10: Businesses should work against corruption in all forms, including extortion and bribery.

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**Controversial business activities**

We have several strategies and funds which have a binding commitment not to invest in companies that generate revenues from certain business activities that may be considered controversial.

The restricted revenue type and the amount depends on the strategy or fund approach.

The relevant strategy- and fund-level materials on the Baillie Gifford website contain full details of the restrictions. Upon request and agreement, segregated clients may place additional mandate restrictions.

**Divestment approach – Baillie Gifford funds**

Baillie Gifford's long-term investment approach means that environmental, social and governance (ESG) considerations are integrated throughout the investment process. This policy outlines our divestment approach should an existing holding breach our sector-based exclusions and norms- based evaluations.

This policy applies to those funds within the Irish UCITS, UK OEICs, US Mutual Funds, Collective Investment Trusts, Canadian Pooled Funds and Investment Trusts (together the 'Baillie Gifford Funds'), which apply specific sector-based exclusions and norms-based evaluations, at the time of purchasing an investment. This policy applies to the Baillie Gifford Funds only and does not relate to segregated mandates.

Should there be any conflict with the rules of a particular jurisdiction in which a Baillie Gifford Fund is established and this policy, the rules of that specific jurisdiction will prevail.

To ensure that we adhere to the sector-based exclusions and norms-based evaluations set for our portfolios via the various governing documents (eg prospectuses, offering memorandums, etc.) of the Baillie Gifford Funds, while remaining responsible stewards of our clients' capital, we follow several guidelines.

These guidelines ensure compliance and detail the actions we will take if an existing holding is found to be in breach of our sector-based exclusions and norms-based evaluations.

**Monitoring compliance through research and third-party sources**

We periodically monitor third-party data sources (eg Sustainalytics, MSCI) for (i) any flags against our various sector-based exclusions, which are limits on companies that derive percentage levels of revenue from certain activities as detailed in the relevant Baillie Gifford Fund governing documents (the 'Threshold') and (ii) compliance with the UNGC Principles and related standards (the 'Principles'). Our Mandate Compliance Team does daily post-trade compliance checks to ensure that market movements or data changes do not move portfolios near to or beyond restriction guidelines. Breaches to ESG fund restrictions are monitored by the relevant groups internally.

We think it is important not to rely solely on third-party data. If a third-party data source has flagged an issue, we may conduct further analysis to ensure that we have a detailed understanding of both the company's current position and the likely future trajectory. We may also engage with said company to seek clarification.

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As a result, the decision to divest from a company due to the breach of a threshold and/or the Principles will be determined based on a combination of third-party data, our internal research and potential company engagement.

**Threshold breaches**

If the percentage levels of revenue are approaching the threshold, we will engage with the company where appropriate to discuss the reason for the change and the likely direction of travel over time.

If, using our internal research as described above, we conclude that there is a breach of the threshold, and no clear change is anticipated, we will divest from the company:

• At the first opportunity where it is possible to do so without material financial detriment to clients and taking due account of their interests.

• At a maximum within one month from the date upon which we identified the threshold as being breached, based on our internal research.

**Principles breaches**

Funds that apply a norms-based evaluation process will not invest in securities (equities and/or corporate bonds) that, in the investment manager's judgment, severely breach the Principles and/or do not have a positive trajectory following identification of a historical issue (ie not showing clear time-bound intent and evidence to improve behaviour against such breach). If we determine a holding has breached the Principles (which is informed by our internal research alongside data feeds from third-party sources) we implement a formal engagement and monitoring process. We would expect to see material improvement within a reasonable timeframe (a maximum of three years), and should a company fail to demonstrate progress, then we would divest. Where we are required to sell, we will divest from the company:

• At the first opportunity where it is possible to do so without material financial detriment to clients and taking due account of their interests.

• At the maximum, within one month from the date the formal engagement process is deemed to have failed based on our internal research.

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Sustainable Finance<br> Disclosure Regulation<br> (SFDR) approach

SFDR requires asset managers to disclose how they integrate and measure sustainability risk in the investment process for products sold in the European Union. Our **ESG integration approach** sets out how we consider and manage sustainability risks, and opportunities, as part of our investment process. That document serves as our Sustainability Risk Policy. Under SFDR, investment products can disclose under:

• Article 6 (mainstream products which may or may not integrate environmental, social and governance (ESG) criteria)

• Article 8 (products that promote environmental or social characteristics)

• Or Article 9 (products with sustainable investments as an objective).

Baillie Gifford has a range of funds disclosing pursuant to Articles 6, 8 and 9 of SFDR. Please see the fund selector on the Baillie Gifford website for more details.

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| **Good Governance Indicator** | &nbsp;&nbsp;**SFDR element** | &nbsp;&nbsp;**Minimum standard** |
| Accurate Financial <br> Statement Reporting | &nbsp;&nbsp;Sound Management Structures | &nbsp;&nbsp;We will not own companies that have been found guilty of fraudulent financial statement reporting unless the company has taken appropriate steps to rectify an issue where it has occurred. |
| Corruption | &nbsp;&nbsp;Sound Management Structures | &nbsp;&nbsp;Compliance with Principle 10 of the UN Global Compact in line with the Baillie Gifford UN Global Compact approach outlined in the Exclusion Policy. |
| Employee Relations | &nbsp;&nbsp;Employee Relations | &nbsp;&nbsp;Compliance with Principle 3 of the UN Global Compact in line with the Baillie Gifford UN Global Compact approach outlined in the Exclusion Policy. |
| Remuneration Concerns | &nbsp;&nbsp;Remuneration | &nbsp;&nbsp;The company does not have ongoing remuneration concerns that Baillie Gifford believes undermine the investment case. |
| Tax Behaviour | &nbsp;&nbsp;Tax Compliance | &nbsp;&nbsp;The company has not been found guilty of tax evasion, or has taken appropriate action to rectify concerns and prevent these convictions. |

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**Good Governance for the purposes of SFDR** 

SFDR requires that Article 8 or Article 9 products do not invest in companies that do not follow good governance practices. This policy describes how we determine good governance in the context of SFDR and for those funds and segregated accounts that fall under the scope of the regulation. The policy covers the areas of sound management structures, employee relations, remuneration of staff and tax compliance.

In assessing investee companies against this definition, both third-party and internal research are used. Companies are monitored periodically to ensure ongoing compliance. The table above sets out the minimum expectations of good governance as required under SFDR; however, all holdings are subject to other governance and stewardship elements set out in other Baillie Gifford policies.

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**Defining sustainable investments within Baillie Gifford**

For SFDR purposes, this section outlines our approach to determining whether a holding can be classified as 'sustainable' under Article 2 (17) of SFDR. This definition is relevant for both our Article 9 products and those Article 8 products which commit to investing a proportion of assets in sustainable investments.

A sustainable investment is defined under SFDR as:

An investment in an economic activity that contributes to an environmental objective, as measured, for example, by key resource efficiency indicators on the use of energy, renewable energy, raw materials, water and land, on the production of waste and greenhouse gas emissions, or on its impact on biodiversity and the circular economy, or an investment in an economic activity that contributes to a social objective, in particular an investment that contributes to tackling inequality or that fosters social cohesion, social integration and labour relations, or an investment in human capital or economically or socially disadvantaged communities, provided that such investments do not significantly harm any of those objectives and that the investee companies follow good governance practices, in particular with respect to sound management structures, employee relations, remuneration of staff and tax compliance.

To arrive at a firmwide definition, the above definition is broken down into various elements, outlined below:

• Investment in economic activity that contributes to an environmental objective or a social objective

• Do not significantly harm any of those objectives

• Investee companies follow good governance practices.

The proportion of sustainable investments, including the level of taxonomy alignment, will be disclosed in annual reports.

**Investment in economic activity that contributes to an environmental objective or a social objective**

We define this as one, or a combination, of the following activities which, in our opinion:

• Are aligned with the broader sustainable objectives of society as currently best defined by the UN Sustainable Development Goals, evidenced through third-party data or internal research frameworks; and/or,

• Are aligned with the EU Taxonomy<sup>3</sup> or other regional taxonomies as appropriate; and/or,

• Contributes to reducing absolute greenhouse gas emissions with a view to achieving the long-term global warming objectives of the Paris Agreement as evidenced through internal research frameworks.

<sup>3</sup> The EU Taxonomy is a classification system that helps companies and investors identify "environmentally sustainable" economic activities to make sustainable investment decisions.

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**Do not significantly harm any of those objectives** Of the investments that meet the environmental or social objective, these holdings do not significantly harm either objective. Demonstrated as follows:

• Alignment with responsible business codes and internationally recognised standards, including the United Nations Global Compact principles and related standards, including the Organisation for Economic Co-operation and Development (OECD) Guidelines for Multinational Enterprises and the UN Guiding Principles on Business and Human Rights; and

• Principal adverse impacts on sustainability factors taken into account through:

&nbsp;&nbsp;&nbsp;&nbsp;a. Revenue-based exclusions associated with certain activities that can materially cause principal adverse impacts at the issuer level<sup>4</sup>, which may be assessed through set thresholds against relevant third-party indicators or through proprietary research frameworks

&nbsp;&nbsp;&nbsp;&nbsp;b. Communication with the management and other key representatives of investee companies in person, virtually or in written format addressing adverse impacts

&nbsp;&nbsp;&nbsp;&nbsp;c. Setting up engagement in actions or shareholder dialogue with specific sustainability objectives (eg, reducing or mitigating adverse impacts)

&nbsp;&nbsp;&nbsp;&nbsp;d. Exercising voting rights as a shareholder

&nbsp;&nbsp;&nbsp;&nbsp;e. Controversies monitoring

&nbsp;&nbsp;&nbsp;&nbsp;f. Documented escalation measures should those objectives not be achieved.

**Investee companies follow good governance practices**

Good governance practices apply to all holdings in Article 8 and Article 9 funds. How holdings align with a good governance approach is referred to under 'Good governance for the purposes of SFDR' above. Further details of how we consider governance factors beyond these minimum standards can be found in our principles and guidelines documents, including our **stewardship principles**, **ESG integration approach**, **proxy voting guidelines** and **our exclusion policy**.

While 'sustainable investments' are defined within SFDR, the definition is very broad. As such, financial market participants may interpret it differently. The definition of sustainable investments is also evolving, and the framework reflected here is based on our understanding of the SFDR definition. Clients should exercise caution when comparing the level of sustainable investments between investment products.

<sup>4</sup> Details of revenue-based exclusions can be found in relevant fund documentation.

Back to contents Our Stewardship Principles and Guidelines

![](graphicsimage_017.jpg)

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**Important information**

Baillie Gifford & Co and Baillie Gifford & Co Limited are authorised and regulated by the Financial Conduct Authority (FCA).

Baillie Gifford & Co Limited is an Authorised Corporate Director of OEICs.

Baillie Gifford Overseas Limited provides investment management and advisory services to non-UK Professional/Institutional clients only. Baillie Gifford Overseas Limited is wholly owned by Baillie Gifford & Co. Baillie Gifford & Co and Baillie Gifford Overseas Limited are authorised and regulated by the FCA in the UK.

Persons resident or domiciled outside the UK should consult with their professional advisers as to whether they require any governmental or other consents in order to enable them to invest, and with their tax advisers for advice relevant to their own particular circumstances.

**Financial Intermediaries**

This communication is suitable for use of financial intermediaries. Financial intermediaries are solely responsible for any further distribution and Baillie Gifford takes no responsibility for the reliance on this document by any other person who did not receive this document directly from Baillie Gifford.

**Europe**

Baillie Gifford Investment Management (Europe) Limited provides investment management and advisory services to European (excluding UK) clients. It was incorporated in Ireland in May 2018. Baillie Gifford Investment Management (Europe) Limited is authorised by the Central Bank of Ireland as an AIFM under the AIFM Regulations and as a UCITS management company under the UCITS Regulation.

Baillie Gifford Investment Management (Europe) Limited is also authorised in accordance with Regulation 7 of the AIFM Regulations, to provide management of portfolios of investments, including Individual Portfolio Management ('IPM') and Non-Core Services. Baillie Gifford Investment Management (Europe) Limited has been appointed as UCITS management company to the following UCITS umbrella company; Baillie Gifford Worldwide Funds plc. Through passporting

it has established Baillie Gifford Investment Management (Europe) Limited (Frankfurt Branch) to market its investment management and advisory services and distribute Baillie Gifford Worldwide Funds plc in Germany. Similarly,

it has established Baillie Gifford Investment Management (Europe) Limited (Amsterdam Branch) to market its investment management and advisory services and distribute

Baillie Gifford Worldwide Funds plc in The Netherlands. Baillie Gifford Investment Management (Europe) Limited also has a representative office in Zurich, Switzerland pursuant to Art. 58 of the Federal Act on Financial Institutions ("FinIA"). The representative office is authorised by the Swiss Financial Market Supervisory Authority (FINMA). The representative office does not constitute a branch and therefore does not have authority to commit Baillie Gifford Investment Management (Europe) Limited. Baillie Gifford Investment Management (Europe) Limited is a wholly owned subsidiary of Baillie Gifford Overseas Limited, which is wholly owned by Baillie Gifford & Co.

Baillie Gifford Overseas Limited and Baillie Gifford & Co are authorised and regulated in the UK by the Financial Conduct Authority.

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| ![](graphicsimage_008.jpg) | Back to contents | Our Stewardship Principles and Guidelines |

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**China**

Baillie Gifford Investment Management (Shanghai) Limited 柏基投资管理(上海)有限公司('BGIMS') is wholly owned by Baillie Gifford Overseas Limited and may provide investment research to the Baillie Gifford Group pursuant to applicable laws. BGIMS is incorporated in Shanghai in the People's Republic of China ('PRC') as a wholly foreign-owned limited liability company with a unified social credit code of 91310000MA1FL6KQ30. BGIMS is a registered Private Fund Manager with the Asset Management Association of China ('AMAC') and manages private security investment fund in the PRC, with a registration code of P1071226.

Baillie Gifford Overseas Investment Fund Management (Shanghai) Limited 柏基海外投资基金管理(上海)有限公司('BGQS') is a wholly owned subsidiary of BGIMS incorporated in Shanghai as a limited liability company with its unified social credit code of 91310000MA1FL7JFXQ. BGQS is a registered Private Fund Manager with AMAC with a registration code of P1071708. BGQS has been approved by Shanghai Municipal Financial Regulatory Bureau for the Qualified Domestic Limited Partners (QDLP) Pilot Program, under which it may raise funds from PRC investors for making overseas investments.

**Hong Kong**

Baillie Gifford Asia (Hong Kong) Limited 柏基亞洲(香港)有限公司 is wholly owned by Baillie Gifford Overseas Limited and holds a Type 1 and a Type 2 license from the Securities & Futures Commission of Hong Kong to market and distribute Baillie Gifford's range of collective investment schemes to professional investors in Hong Kong. Baillie Gifford Asia (Hong Kong) Limited 柏基亞洲(香港)有限公司 can be contacted at Suites 2713-2715, Two International Finance Centre, 8 Finance Street, Central, Hong Kong. Telephone +852 3756 5700.

**South Korea**

Baillie Gifford Overseas Limited is licensed with the Financial Services Commission in South Korea as a cross border Discretionary Investment Manager and Non-discretionary Investment Adviser.

**Japan**

Mitsubishi UFJ Baillie Gifford Asset Management Limited ('MUBGAM') is a joint venture company between Mitsubishi UFJ Trust & Banking Corporation and Baillie Gifford Overseas Limited. MUBGAM is authorised and regulated by the Financial Conduct Authority.

**Australia**

Baillie Gifford Overseas Limited (ARBN 118 567 178) is registered as a foreign company under the Corporations Act 2001 (Cth) and holds Foreign Australian Financial Services Licence No 528911. This material is provided to you on the basis that you are a "wholesale client" within the meaning of section 761G of the Corporations Act 2001 (Cth) ("Corporations Act"). Please advise Baillie Gifford Overseas Limited immediately if you are not a wholesale client. In no circumstances may this material be made available to a "retail client" within the meaning of section 761G of the Corporations Act.

This material contains general information only. It does not take into account any person's objectives, financial situation or needs.

**South Africa**

Baillie Gifford Overseas Limited is registered as a Foreign Financial Services Provider with the Financial Sector Conduct Authority in South Africa.

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| ![](graphicsimage_008.jpg) | Back to contents | Our Stewardship Principles and Guidelines |

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**North America**

Baillie Gifford International LLC is wholly owned by Baillie Gifford Overseas Limited; it was formed in Delaware in 2005 and is registered with the SEC. It is the legal entity through which Baillie Gifford Overseas Limited provides client service and marketing functions in North America. Baillie Gifford Overseas Limited is registered with the SEC in the United States of America.

The Manager is not resident in Canada, its head office and principal place of business is in Edinburgh, Scotland. Baillie Gifford Overseas Limited is regulated in Canada as a portfolio manager and exempt market dealer with the Ontario Securities Commission ('OSC'). Its portfolio manager licence is currently passported into Alberta, Quebec, Saskatchewan, Manitoba and Newfoundland & Labrador whereas the exempt market dealer licence is passported across all Canadian provinces and territories.

Baillie Gifford International LLC is regulated by the OSC as an exempt market and its licence is passported across all Canadian provinces and territories. Baillie Gifford Investment Management (Europe) Limited ('BGE') relies on the International Investment Fund Manager Exemption in the provinces of Ontario and Quebec.

**Israel**

Baillie Gifford Overseas Limited is not licensed under Israel's Regulation of Investment Advising, Investment Marketing and Portfolio Management Law, 5755-1995 (the Advice Law) and does not carry insurance pursuant to the Advice Law. This material is only intended for those categories of Israeli residents who are qualified clients listed on the First Addendum to the Advice Law.

**bailliegifford.com/esg**

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Copyright© Baillie Gifford & Co 2023.

BAMCO, Inc.

Baron Capital Management, Inc.

Proxy Voting Policies and Procedures

Baron Capital Management, Inc. and BAMCO, Inc. (each an "Adviser" and collectively referred to as the "Advisers" or as "we" below) have adopted the following proxy voting policies and procedures (the "Policies and Procedures") in order to fulfill our fiduciary duty to vote client proxies in the best interest of our clients. The Policies and Procedures are intended to comply with the standards set forth in Rule 206(4)-6 under the Investment Advisers Act of 1940 and apply to client accounts for which we have authority to vote proxies.

In general, it is our policy in voting proxies to consider and vote each proposal with the objective of maximizing long-term investment returns for our clients. To ensure consistency in voting proxies on

behalf of our clients, we utilize the guidelines set forth in Exhibit I (the "Proxy Voting Guidelines"). The Adviser reviews research provided by Institutional Shareholder Services ("ISS"), however, the Adviser does not vote proxies based on ISS' recommendations.

The Advisers use guidelines that are reviewed quarterly by the Proxy Review Committee established by the Advisers. The Proxy Review Committee addresses all questions relating to the Advisers' Proxy Voting Guidelines, which may include:

&nbsp;&nbsp;&nbsp;&nbsp;1. a general review of proposals being put forth at shareholder meetings of portfolio companies;

&nbsp;&nbsp;&nbsp;&nbsp;2. adopting changes to the Proxy Voting Guidelines;

&nbsp;&nbsp;&nbsp;&nbsp;3. determining whether matters present material conflicts of interest;

&nbsp;&nbsp;&nbsp;&nbsp;4. determining how to vote matters for which specific direction has not been provided in the Proxy Voting Guidelines (i.e., "case by case" matters); and

&nbsp;&nbsp;&nbsp;&nbsp;5. reviewing instances in which the Advisers have voted against the Proxy Voting Guidelines.

If a portfolio manager wishes to recommend voting against the Proxy Voting Guidelines, he or his designee must provide the rationale for that request to the General Counsel in writing. The President, in consultation with the General Counsel, will make the final decision with respect to how the matter will be voted.

In providing investment advisory services to our clients, we try to avoid material conflicts of interest. However, a material conflict of interest may arise in cases where:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) we have a direct or indirect investment advisory relationship with portfolio companies or individual executives of portfolio companies the management for which is soliciting proxies and where the revenue earned from such a direct or indirect advisory relationship is greater than 0.10% of the Advisers' total revenues.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) we manage assets or administer employee benefit plans for companies whose management is soliciting proxies;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) we manage money for an employee group who is the proponent of a proxy proposal;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) we have a personal relationship with participants in a proxy solicitation or a director or candidate for director of one of our portfolio companies; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) we otherwise have a personal interest in the outcome in a particular proxy vote.

The categories above are not exhaustive and the determination of whether a material conflict exists depends on all of the facts and circumstances of the particular situation. If it is determined that there is a material conflict of interest between the interests of the Advisers' and the interests of a client, the Proxy Review Committee will review the matter and may either (i) request that the client consent to the Advisers' vote, (ii) vote in accordance with the published recommendations of an independent proxy voting service or (iii) appoint an independent third party to vote.

We acknowledge that the authority to vote proxies is part of our fiduciary duty to our clients. There may be cases in which the cost of doing so would exceed the expected benefits to the client. This may be particularly true in the case of non-U.S. securities. Voting proxies of non-US companies located in certain jurisdictions, particularly in emerging markets, may involve a number of logistical issues that may negatively affect the Advisers' ability to vote such proxies. Accordingly, the Advisers will not vote client proxies if the Advisers determine that the costs associated with a vote outweigh the benefits to the clients.

<u>Client Disclosure</u>

The Policies and Procedures are available online at www.BaronFunds.com.

Clients of Baron Capital Management, Inc. and BAMCO, Inc. can obtain a report of how their respective proxies were voted by sending a written request to the Legal Department.

The proxy record for Baron Investment Funds Trust and Baron Select Funds (the "Baron Funds") for the most recent 12-month period ended June 30<sup>th</sup> is available online at www.BaronFunds.com and through the SEC's website on Form N-PX. The Legal Department will file Form N-PX with the SEC no later than August 31<sup>st</sup> for each year ended June 30<sup>th</sup>. BAMCO, Inc., the adviser to the Baron Funds, will provide a quarterly proxy voting report to the Board of Trustees of the Baron Funds.

<u>Exhibit I</u>

Proxy Voting Guidelines

These guidelines are divided into proposal themes that group together the issues that frequently appear on the agenda of annual and extraordinary meetings of shareholders. We generally vote proposals in accordance with these guidelines.

In addition, these guidelines are not intended to address all issues that may appear on the agenda of annual and extraordinary meetings of shareholders. We will evaluate on a case-by-case basis any proposal not specifically addressed by these guidelines, whether submitted by management or shareholders, always keeping in mind our fiduciary duty to make voting decisions that, by maximizing long-term shareholder value, are in our clients' best interests.

The proposal themes are:

&nbsp;&nbsp;&nbsp;&nbsp;A. Board and Director Proposals;

&nbsp;&nbsp;&nbsp;&nbsp;B. Auditors Proposals;

&nbsp;&nbsp;&nbsp;&nbsp;C. Capital Structure, Anti-Takeover, and Corporate Transaction Proposals;

&nbsp;&nbsp;&nbsp;&nbsp;D. Compensation Proposals;

&nbsp;&nbsp;&nbsp;&nbsp;E. Corporate Governance Proposals; and

&nbsp;&nbsp;&nbsp;&nbsp;F. Social, Ethical and Environmental Proposals

A. Board and Director Proposals

1. Director elections

We generally support management's nominees for directors in most uncontested elections. We may withhold votes from certain directors or members of particular board committees (or prior members, as the case may be) in certain situations, including, but not limited to:

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| ![](graphicsimage_018.jpg) | <u><u>Failure to implement shareholder proposals that receive a majority of votes</u></u> |

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We believe that directors have a duty to respond to shareholder actions that have received significant shareholder support. We may withhold votes from members of the governance committee where the board fails to implement shareholder proposals that receive a majority of votes cast at a prior shareholder meeting, and the proposals, in our view, have a direct and substantial impact on shareholders' fundamental rights or long-term economic interests.

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| ![](graphicsimage_018.jpg) | <u><u>Adoption of certain charter or bylaw provisions</u></u> |

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The board may adopt or amend certain charter and/or bylaw provisions that have the effect of entrenching directors or adversely impacting shareholder rights. In such cases, we may withhold votes from members of the governance committee (except new nominees, who should be considered case-by-case).

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| ![](graphicsimage_018.jpg) | <u><u>Ineffective internal control over financial reporting</u></u> |

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We may withhold votes from members of the audit committee when a material weakness under Section 404 of the Sarbanes-Oxley Act rises to a level of serious concern, there are chronic internal control weaknesses, or when the audit committee has demonstrated ineffective internal control over financial reporting.

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| ![](graphicsimage_018.jpg) | <u><u>Hedging and/or pledging of company stock</u></u> |

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We support full disclosure of the policies of the company regarding pledging and/or hedging of company stock by executives and directors. We may withhold votes from members of the audit committee if it is determined that significant pledging and/or hedging of company stock in the aggregate by the officers and directors of a company has occurred, and the audit committee has failed to adequately oversee this risk.

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| ![](graphicsimage_018.jpg) | <u><u>Pay-for-performance misalignments</u></u> |

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We may withhold votes from members of the compensation committee during a period in which executive compensation appears excessive relative to performance and peers, and where we believe the compensation committee has not already substantially addressed this issue.

To the extent an executive compensation ("Say on Pay") proposal is not presented for voting due to the board's adoption of a triennial say-on-pay voting system, we may express our concern with executive compensation through our vote on the members of the compensation committee.

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| ![](graphicsimage_018.jpg) | <u><u>Over-boarding</u></u> |

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We may withhold votes from certain directors who commit themselves to service on many boards, such that we deem it unlikely that the director will be able to commit sufficient focus and time to a particular company (commonly referred to as "over-boarding"). While each situation will be reviewed on a case-by-case basis, we are most likely to withhold votes for over- boarding where a director is: 1) serving on more than five public company boards; or 2) is a chief executive officer at a public company and is serving on more than two additional public company boards (withhold only at their outside boards).

2. Board and Committee independence

We believe companies should have a majority of independent directors and independent key committees. However, we will incorporate local market regulation and corporate governance codes into our decision making. We will generally regard a director as independent if the director satisfies the criteria for independence:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) espoused by the primary exchange on which the company's shares are traded; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) set forth in the code we determine to be best practice in the country where the subject company is domiciled.

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| ![](graphicsimage_018.jpg) | For controlled companies, notwithstanding whether their board composition complies with the criteria for independence espoused by the primary exchange on which the company's shares are traded, we expect that at least 51% of the company's board members be comprised of independent directors. |

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| ![](graphicsimage_018.jpg) | We consider the election of directors who are "bundled" on a single slate on a case-by-case basis, considering the amount of information available and an assessment of the group's qualifications. |

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3. Qualification of directors

We believe that the nominating committee of a board has the ability to ensure that the board remains qualified and effective. While we encourage boards to routinely refresh their membership, we are not opposed to long-tenured directors nor do we believe that long board tenure is necessarily an impediment to director independence. We generally defer to the board's determination in setting age limits, term limits and stock ownership requirements for ensuring the board remains qualified.

4. Classified board of directors/staggered terms

Where boards are classified, director entrenchment is more likely because review of board service generally only occurs every three years. Therefore:

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| ![](graphicsimage_018.jpg) | We generally oppose efforts to adopt classified board structures and generally support proposals which attempt to declassify boards. |

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5. Majority vote requirements

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| ![](graphicsimage_018.jpg) | We generally support proposals seeking to require director election by majority vote. |

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We note that majority voting is not appropriate in all circumstances, for example, in the context of a contested election. We also recognize that some companies with a plurality voting standard have adopted a resignation policy for directors who do not receive support from at least a majority of votes cast.

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| ![](graphicsimage_018.jpg) | Where we believe that the company already has a sufficiently robust majority voting process in place, we may not support a shareholder proposal seeking an alternative mechanism. |

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6. Cumulative voting for directors

A cumulative voting structure is not consistent with a majority voting requirement, as it may further the candidacy of minority shareholders whose interests do not coincide with our fiduciary responsibility. Therefore:

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| ![](graphicsimage_018.jpg) | We generally support any proposal to eliminate cumulative voting. |

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7. Liability and/or indemnification of directors and officers

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| ![](graphicsimage_018.jpg) | We evaluate proposals to limit directors' liability and to broaden the indemnification of directors on a case-by-case basis. |

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8. Separation of Chairman and CEO positions

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| ![](graphicsimage_018.jpg) | We generally oppose proposals requiring separate Chairman and CEO positions. |

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9. Proxy Access

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| ![](graphicsimage_018.jpg) | We evaluate management and shareholder proposals to adopt proxy access and to amend proxy access bylaw provisions on a case-by-case basis. |

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B. Auditor Proposals

1. Ratification of auditors

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| ![](graphicsimage_018.jpg) | We believe that the company is in the best position to choose its accounting firm, and we generally support management's recommendation absent evidence that auditors have not performed their duties adequately. |

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2. Approval of financial statements

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| ![](graphicsimage_018.jpg) | In some markets, companies are required to submit their financial statements for shareholder approval. This is generally a routine item and, as such, we will generally vote for the approval of financial statements unless there are appropriate reasons to vote otherwise. |

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3. Auditor indemnification and limitation of liability

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| ![](graphicsimage_018.jpg) | We generally oppose auditor indemnification and limitation of liability proposals. |

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C. Capital Structure, Anti-Takeover, and Corporate Transaction Proposals

1. Increase authorized common stock

We consider specific industry best practices in our analysis of these proposals, as well as a company's history with respect to the use of its common stock. Generally, we will support a company's proposed increase if:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) a clear and legitimate business purpose is stated; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the number of shares requested is reasonable in relation to the purpose for which authorization is requested.

That said, we generally oppose a particular proposed increase where there is evidence that the shares are to be used to implement a "poison pill" or another form of anti-takeover device, or if the issuance of new shares would, in our judgment, excessively dilute the value of the outstanding shares upon issuance.

2. Increase or issuance of preferred stock

Preferred stock may be used to provide management with the flexibility to consummate beneficial acquisitions, combinations or financings on terms not necessarily available via other means of financing. We generally support these proposals in cases where the company specifies the voting, dividend, conversion and other rights or terms appear reasonable.

That said, we will also consider the impact of an issuance or increase of preferred stock on the current and future rights of shareholders and may oppose a particular proposed increase or issuance where the rights or terms appear unreasonable.

3. Blank check preferred stock

Blank check preferred stock proposals authorize the issuance of a class of preferred stock with unspecified voting, conversion, dividend distribution and other rights at some future point in time and may be used as a potential anti-takeover device. Accordingly, we generally oppose these types of proposals unless the company expressly states that the stock will not be used for anti-takeover purposes and will not be issued without shareholder approval.

4. Stock splits and reverse stock splits

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| ![](graphicsimage_018.jpg) | We generally support stock splits if a legitimate business purpose is set forth and the split is in shareholders' best interests. |

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| ![](graphicsimage_018.jpg) | We generally support reverse splits if management proportionately reduces the number of authorized shares or if the effective increase in authorized shares (relative to outstanding shares) complies with the guidelines set forth herein for common stock increases. |

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5. Share repurchases

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| ![](graphicsimage_018.jpg) | We generally support share repurchase proposals that are part of a well-articulated and well- conceived capital strategy. |

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6. Elimination of preemptive rights

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| ![](graphicsimage_018.jpg) | Preemptive rights can be prohibitively expensive to widely-held companies. Therefore, we generally support proposals to eliminate preemptive rights. |

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7. Issuance of equity with and without preemptive rights

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| ![](graphicsimage_018.jpg) | We generally support issuances of equity without preemptive rights unless there is concern that the issuance will be used in a manner that could hurt shareholder value. Conversely, we generally oppose issuances of equity which carry preemptive rights or super voting rights. |

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8. Reduce or eliminate number of authorized shares

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|:---|:---|
| ![](graphicsimage_018.jpg) | We generally support proposals to reduce the number of authorized shares of common or preferred stock, or to eliminate classes of preferred stock, provided such proposals have a legitimate business purpose. |

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9. Capitalization changes

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| ![](graphicsimage_018.jpg) | We generally oppose proposals relating to changes in capitalization by 100% or more, where management does not offer an appropriate rationale or where it is contrary to the best interests of existing shareholders. |

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10. Poison pill plans

Also known as shareholder rights plans, these plans are often adopted by the board without being subject to shareholder vote. We believe that poison pill plans not only infringe on the rights of shareholders but also may have a detrimental effect on the value of the company.

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|:---|:---|
| ![](graphicsimage_018.jpg) | We generally support proposals that require the company to submit a poison pill plan to a shareholder vote or to rescind a poison pill plan. |

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Where a poison pill is put to a shareholder vote, our policy is to examine these plans individually.

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|:---|:---|
| ![](graphicsimage_018.jpg) | We generally oppose proposals to adopt a poison pill plan which allows appropriate offers to shareholders to be blocked by the board or trigger provisions which prevent legitimate offers from proceeding. |

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|:---|:---|
| ![](graphicsimage_018.jpg) | We may support plans that include a reasonable 'qualifying offer clause.' Such clauses typically require shareholder ratification of the pill, and stipulate a sunset provision whereby the pill expires unless it is renewed. |

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11. Mergers, acquisitions and other special corporate transactions

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|:---|:---|
| ![](graphicsimage_018.jpg) | Proposals requesting shareholder approval of mergers, acquisitions and other special corporate transactions (i.e., takeovers, spin-offs, sales of assets, reorganizations, restructurings and recapitalizations) are determined on a case-by-case basis. |

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D. Compensation Proposals

1. Advisory resolutions on executive compensation ("Say on Pay")

It is challenging applying a rules-based framework when evaluating executive compensation plans because every pay program is a unique reflection of the company's performance, industry, size, geographic mix and competitive landscape. For these reasons, we take a case-by-case approach to executive compensation ("Say on Pay") proposals. Although we expect proxy disclosures to be the primary mechanism for companies to explain their executive compensation practices, we may engage with members of management and/or the compensation committee of the board, where concerns are identified or where we seek to understand a company's approach to executive compensation better. We may also decline opportunities to engage with companies where we do not have any questions or concerns or believe that these guidelines already cover the issues at hand.

We assess each plan on a case-by-case basis while considering the following beliefs and expectations related to executive compensation plans:

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| ![](graphicsimage_018.jpg) | Companies should have compensation plans that are reasonable and that align shareholder and management interests over the longer term. |

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| ![](graphicsimage_018.jpg) | Disclosure of compensation programs should provide absolute transparency to shareholders regarding the sources and amounts of, and the factors influencing, executive compensation. |

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|:---|:---|
| ![](graphicsimage_018.jpg) | We expect companies to select peers that are broadly comparable to the company in question, based on objective criteria that are directly relevant to setting competitive compensation; we evaluate peer group selection based on factors including, but not limited to, business size, relevance, complexity, risk profile, and/or geography. |

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|:---|:---|
| ![](graphicsimage_018.jpg) | We expect compensation committees to consider and respond to the shareholder voting results of relevant proposals at previous years' annual meetings, and other feedback received from shareholders, as they evaluate compensation plans. At the same time, compensation committees should ultimately be focused on incentivizing long-term shareholder value creation and not necessarily on achieving a certain level of support on Say on Pay at any particular shareholder meeting. |

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We may determine to vote against the election of compensation committee members and/or Say on Pay proposals in certain instances, including but not limited to when:

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| ![](graphicsimage_018.jpg) | We identify a misalignment over time between target pay and/or realizable compensation and company performance; |

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|:---|:---|
| ![](graphicsimage_018.jpg) | We determine that compensation is excessive relative to peers without appropriate rationale or explanation, including the appropriateness of the company's selected peers; |

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|:---|:---|
| ![](graphicsimage_018.jpg) | We observe an overreliance on discretion or extraordinary pay decisions to reward executives, without clearly demonstrating how these decisions are aligned with shareholders' interests; |

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|:---|:---|
| ![](graphicsimage_018.jpg) | We determine that company disclosure is insufficient to undertake our pay analysis; and/or |

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|:---|:---|
| ![](graphicsimage_018.jpg) | We observe a lack of board responsiveness to significant investor concern on executive compensation issues. |

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2. Elimination of single-trigger change in control agreements

Companies sometimes include single trigger change in control provisions (e.g., a provision stipulating that an employee's unvested equity awards or cash severance becomes fully vested upon a change in control of the company without any additional requirement) in employment agreements, severance agreements, and compensation plans.

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| ![](graphicsimage_018.jpg) | We may oppose directors who establish these provisions and we generally oppose compensation plans that include them. |

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|:---|:---|
| ![](graphicsimage_018.jpg) | We generally support shareholder proposals calling for future employment agreements, severance agreements, and compensation plans to include double trigger change in control provisions (e.g., a provision stipulating that an employee's unvested equity awards or cash severance becomes fully vested only after a change in control of the company and termination of employment). |

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3. Elimination of excise tax gross-up agreements

When severance payments exceed a certain amount based on the executive's previous compensation, the payments may be subject to an excise tax. Some compensation plans provide for full excise tax

gross-ups, which means that the company pays the executive sufficient additional amounts to cover the cost of the excise tax. We believe that the benefits of providing full excise tax gross-ups to executives are outweighed by the cost to the company of the gross-up payments. Accordingly:

---

| | |
|:---|:---|
| ![](graphicsimage_018.jpg) | We may oppose directors who establish these provisions and we generally oppose compensation plans that include them. |

---

---

| | |
|:---|:---|
| ![](graphicsimage_018.jpg) | We generally support shareholder proposals calling to curtail excise tax gross-up payments. |

---

---

| | |
|:---|:---|
| ![](graphicsimage_018.jpg) | We generally oppose compensation plans that provide for excise tax gross-up payments for perquisites. |

---

4. Advisory votes on the frequency of Say on Pay resolutions

---

| | |
|:---|:---|
| ![](graphicsimage_018.jpg) | We generally opt for an annual vote on Say on Pay, which provides the most consistent and clear communication channel for shareholder concern about a company's executive compensation plan. |

---

5. Approve remuneration for Directors and Auditors

---

| | |
|:---|:---|
| ![](graphicsimage_018.jpg) | We generally support remuneration for directors or auditors, unless disclosure relating to the details of such remuneration is inadequate, or remuneration is excessive relative to local market practice. |

---

6. Employee stock purchase plans

An employee stock purchase plan ("ESPP") gives the issuer's employees the opportunity to purchase stock in the issuer, typically at a discount to market value. We believe these plans can provide performance incentives and help align employees' interests with those of shareholders.

---

| | |
|:---|:---|
| ![](graphicsimage_018.jpg) | We generally support the establishment of ESPPs and other employee ownership plans. |

---

---

| | |
|:---|:---|
| ![](graphicsimage_018.jpg) | We generally support ESPPs that permit discounts up to 15%, but only for grants that are part of a broad-based employee plan, including all non-executive employees, and are fair, reasonable, and in the best interest of shareholders. |

---

7. Equity compensation plans

We support equity plans that are incentive based and align the economic interests of directors, managers and other employees with those of shareholders. The total number of shares reserved under a company's equity plan should be reasonable and not excessively dilutive. We believe that boards should establish policies prohibiting use of equity awards in a manner that could disrupt the intended alignment with shareholder interests. Our evaluation of equity compensation plans is based on a

company's executive pay and performance relative to peers and whether the plan plays a significant role in a pay-for-performance disconnect.

---

| | |
|:---|:---|
| ![](graphicsimage_018.jpg) | We generally oppose plans that contain "evergreen" provisions allowing for the unlimited increase of shares reserved without requiring further shareholder approval after a reasonable time period. |

---

---

| | |
|:---|:---|
| ![](graphicsimage_018.jpg) | We generally oppose plans that allow for repricing without shareholder approval. |

---

---

| | |
|:---|:---|
| ![](graphicsimage_018.jpg) | We generally oppose plans that provide for the acceleration of vesting of equity awards even in situations where an actual change in control may not occur. We encourage companies to structure their change in control provisions to require the termination of the covered employee before acceleration or special payments are triggered. |

---

---

| | |
|:---|:---|
| ![](graphicsimage_018.jpg) | We support plans that allow a company to receive a business expense deduction due to favorable tax treatment attributable to Section 162(m) of the Internal Revenue Code. |

---

8. Golden parachutes

Golden Parachutes assure key officers of a company lucrative compensation packages if the company is acquired and/or if the new owners terminate such officers. We recognize that offering generous compensation packages that are triggered by a change in control may help attract qualified officers.

However, such compensation packages cannot be so excessive that they are unfair to shareholders or make the company unattractive to potential bidders, thereby serving as a constructive anti-takeover mechanism.

---

| | |
|:---|:---|
| ![](graphicsimage_018.jpg) | We generally support shareholder proposals requesting that implementation of such arrangements require shareholder approval. |

---

When determining whether to support or oppose an advisory vote on a golden parachute plan, we normally support the plan unless it appears to result in payments that are excessive or detrimental to shareholders. In evaluating golden parachute plans, we may consider several factors, including:

---

| | |
|:---|:---|
| ![](graphicsimage_018.jpg) | Whether excessively large excise tax gross up payments are part of the payout; |

---

---

| | |
|:---|:---|
| ![](graphicsimage_018.jpg) | Whether single trigger change in control provisions are part of the plan; and |

---

---

| | |
|:---|:---|
| ![](graphicsimage_018.jpg) | Whether payments exceed three times the executive's total compensation (salary plus bonus). |

---

9. Pay-for-Superior Performance

These are typically shareholder proposals requesting that compensation committees adopt policies under which a portion of equity compensation requires the achievement of performance goals as a prerequisite to vesting.

---

| | |
|:---|:---|
| ![](graphicsimage_018.jpg) | We generally oppose such proposals, as we believe these matters are best left to the compensation committee of the board and that shareholders should not set executive compensation or dictate the terms thereof. |

---

10. Supplemental executive retirement plans

---

| | |
|:---|:---|
| ![](graphicsimage_018.jpg) | We evaluate shareholder proposals requesting to put extraordinary benefits contained in Supplemental Executive Retirement Plans ("SERP") agreements to a shareholder vote on a case- by-case basis. |

---

---

| | |
|:---|:---|
| ![](graphicsimage_018.jpg) | We evaluate shareholder proposals limiting benefits under SERP agreements on a case-by-case basis. |

---

E. Corporate Governance Proposals

1. Amendments to charter/articles/by-laws

When voting on a management or shareholder proposal to make changes to charter/articles/by-laws, we will consider in part the company's and/or proponent's publicly stated rationale for the changes, the company's governance profile and history, relevant jurisdictional laws, and situational or contextual circumstances which may have motivated the proposed changes, among other factors.

---

| | |
|:---|:---|
| ![](graphicsimage_018.jpg) | We will typically support changes to the charter/articles/by-laws where the benefits to shareholders, including the costs of failing to make those changes, demonstrably outweigh the costs or risks of making such changes. |

---

---

| | |
|:---|:---|
| ![](graphicsimage_018.jpg) | We evaluate shareholder proposals requiring shareholder approval for bylaw or charter amendments on a case-by-case basis. |

---

2. Shareholders' right to call a special meeting

---

| | |
|:---|:---|
| ![](graphicsimage_018.jpg) | We believe that shareholders should have the right to call a special meeting in cases where a reasonably high percentage of shareholders are required to agree to such a meeting before it is called, in order to avoid the waste of corporate resources in addressing narrowly supported interests. We may oppose this right in cases where the proposal is structured for the benefit of a dominant shareholder to the exclusion of others. |

---

---

| | |
|:---|:---|
| ![](graphicsimage_018.jpg) | We generally oppose proposals to eliminate/restrict the right of shareholders to call a special meeting. |

---

3. Shareholders' right to act by written consent

---

| | |
|:---|:---|
| ![](graphicsimage_018.jpg) | We believe that shareholders should have the right to act by written consent, however, we may oppose shareholder proposals requesting this right in cases where the proposal is structured for the benefit of a dominant shareholder to the exclusion of others. |

---

---

| | |
|:---|:---|
| ![](graphicsimage_018.jpg) | We may oppose shareholder proposals requesting the right to act by written consent if the company already provides a shareholder right to call a special meeting that we believe offers shareholders a reasonable opportunity to raise issues of substantial importance without having to wait for management to schedule a meeting. |

---

4. Supermajority voting requirements

We generally favor a simple majority voting requirement to pass proposals. Therefore:

---

| | |
|:---|:---|
| ![](graphicsimage_018.jpg) | We will support the reduction or the elimination of supermajority voting requirements. |

---

---

| | |
|:---|:---|
| ![](graphicsimage_018.jpg) | We generally oppose amendments to bylaws that would require anything other than a simple majority vote requirement to pass or repeal certain provisions. |

---

5. Exclusive forum provisions

---

| | |
|:---|:---|
| ![](graphicsimage_018.jpg) | We will generally support proposals mandating an exclusive forum for shareholder lawsuits and will generally oppose proposals that ask the board to repeal the company's exclusive forum bylaw. The courts within the state of incorporation are considered best suited to interpret that state's laws. |

---

6. Other business

---

| | |
|:---|:---|
| ![](graphicsimage_018.jpg) | We generally oppose "Other Business" proposals that allow shareholders to raise and discuss other issues at the meeting. As the content of these issues cannot be known prior to the meeting, we are unable to make an informed decision. |

---

7. Conduct of the annual meeting

---

| | |
|:---|:---|
| ![](graphicsimage_018.jpg) | We generally support proposals relating to the conduct of the annual meeting (meeting time, place, etc.) as these are considered routine administrative proposals. |

---

8. Adjourn meeting

---

| | |
|:---|:---|
| ![](graphicsimage_018.jpg) | We generally support such proposals unless the agenda contains items that we judge to be detrimental to shareholders' best long-term economic interests. |

---

F. Environmental, Social and Disclosure Proposals

It is our policy to analyze every shareholder proposal of an environmental and social nature on a case- by-case basis. Generally speaking, we support proposals targeting issues that are either a significant potential threat or realized harm to shareholders' interests that have not yet been adequately addressed by management. In deciding our course of action, we will assess whether there is a clear and material economic disadvantage to the company if the issue is not addressed.

Baron believes that climate change represents a material risk for all businesses and that every company may be impacted by climate-related risks and opportunities. We believe it is imperative that both the public and private sector play a key role in aligning greenhouse gas (GHG) reduction efforts with science- based targets to 1) achieve a scenario in which the global temperature rise is limited to below 2ᵒC by 2100 and 2) is consistent with global goals, as conveyed by the 2016 Paris Agreement, to reach net zero GHG emissions by 2050. As such, we are broadly supportive of the work of the Task Force on Climate- related Financial Disclosure (TCFD) and the Sustainability Accounting Standards Board (SASB). Issuers can look to those frameworks as leading best practices for disclosure and reporting of material climate and other ESG-related issues. We expect executives and directors to be familiar with those recommendations and be able to discuss how they relate to the risk assessment for their business.

In analyzing requests for additional disclosure, we will assess whether the request: 1) is costly to provide; 2) would require duplicative efforts or expenditures that are of a non-business nature; or 3) would provide no pertinent information from the perspective of institutional shareholders.

1. Climate Change

---

| | |
|:---|:---|
| ![](graphicsimage_018.jpg) | We generally support shareholder proposals asking companies to disclose the identification, assessment, management, and oversight of climate-related risks in accordance with the four key pillars of the TCFD. |

---

---

| | |
|:---|:---|
| ![](graphicsimage_018.jpg) | We generally support shareholder proposals calling for the reduction of GHG emissions. |

---

---

| | |
|:---|:---|
| ![](graphicsimage_018.jpg) | We generally support shareholder proposals requesting that companies establish and disclose goals and/or science-based targets for GHG emission reductions from company operations and/or products. |

---

---

| | |
|:---|:---|
| ![](graphicsimage_018.jpg) | We generally support shareholder proposals that ask a company to incorporate life-cycle design in their business processes, addressing such issues as energy efficiency, renewable fuels, pollution prevention, waste minimization, and recycling and reuse. |

---

2. Lobbying and Political Spending

---

| | |
|:---|:---|
| ![](graphicsimage_018.jpg) | We generally support shareholder proposals requesting increased disclosure of political contributions and lobbying expenses, including those paid to trade organizations and political action committees, whether at the federal, state, or local level. |

---

---

| | |
|:---|:---|
| ![](graphicsimage_018.jpg) | We generally support shareholder proposals asking companies to disclose the budgets dedicated to public policy lobbying activities. |

---

---

| | |
|:---|:---|
| ![](graphicsimage_018.jpg) | We generally support shareholder proposals asking companies to support public policy activities, including lobbying or political spending that are consistent with shareholder or other stakeholder efforts to strengthen policies that protect workers, communities, the environment, and public safety. |

---

---

| | |
|:---|:---|
| ![](graphicsimage_018.jpg) | We generally oppose restrictions related to social, political or special interest issues that impact the ability of the company to do business or be competitive and that have a significant financial or best-interest impact to the shareholders. |

---

3. Work Place: Diversity

---

| | |
|:---|:---|
| ![](graphicsimage_018.jpg) | We generally support shareholder proposals calling for disclosure and/or implementation of diversity policies and practices, taking into account existing policies and practices of the company and whether the proposed information is of added benefit to shareholders. |

---

---

| | |
|:---|:---|
| ![](graphicsimage_018.jpg) | We generally support shareholder proposals asking companies to report on efforts to comply with federal Equal Employment Opportunity (EEO) mandates. |

---

---

| | |
|:---|:---|
| ![](graphicsimage_018.jpg) | We generally support shareholder proposals that request disclosure of a company's workforce diversity data, pay ratios by demographic categories and those that request that companies expand their EEO statement to include sexual orientation, gender identity and/or expression. |

---

4. Gender Equality

---

| | |
|:---|:---|
| ![](graphicsimage_018.jpg) | We generally support shareholder proposals that seek increased disclosure of policies and programs aimed at promoting gender equality and empowerment. |

---

---

| | |
|:---|:---|
| ![](graphicsimage_018.jpg) | We generally support shareholder proposals that would require the board to consider women and minority candidates in director searches. |

---

5. Human Rights

---

| | |
|:---|:---|
| ![](graphicsimage_018.jpg) | We generally support shareholder proposals that request companies to operate in accordance with the principles and standards set out in the United Nations Global Compact. |

---

---

| | |
|:---|:---|
| ![](graphicsimage_018.jpg) | We generally support shareholder proposals that request companies to increase reporting around any involvement with repressive regimes or conflict zones. |

---

---

| | |
|:---|:---|
| ![](graphicsimage_018.jpg) | We generally support shareholder proposals that request companies to adopt policies to prohibit human trafficking or programs to educate employees and consumers about related risks. |

---

---

| | |
|:---|:---|
| ![](graphicsimage_018.jpg) | We generally support shareholder proposals that request companies to develop policies governing the use of images of indigenous peoples, women or other identifiable group in their advertising, brand, or mascots. |

---

6. Other

---

| | |
|:---|:---|
| ![](graphicsimage_018.jpg) | We generally support shareholder proposals that request companies to develop policies or programs to prevent or mitigate harm to indigenous peoples, or that request that companies report on their impacts to indigenous peoples. |

---

---

| | |
|:---|:---|
| ![](graphicsimage_018.jpg) | We generally support shareholder proposals that request companies take steps to improve product-related safety performance or report on product safety and integrity uses. These issues may include privacy and data security, toxicity, animal welfare, nanomaterials, and product recalls. |

---

---

| | |
|:---|:---|
| ![](graphicsimage_018.jpg) | We generally support shareholder proposals that request companies to adopt policies to address workplace health and safety and increase disclosure of workplace safety practices and performance. |

---

---

| | |
|:---|:---|
| ![](graphicsimage_018.jpg) | We generally support shareholder proposals that request companies to adopt policies or report on practices that govern community engagement. |

---

---

| | |
|:---|:---|
| ![](graphicsimage_018.jpg) | We may vote against a chair of a committee responsible for providing oversight of ESG matters and/or risk where we believe the company is lagging peers in terms of disclosure, business practices, or targets. |

---

---

| | |
|:---|:---|
| ![](graphicsimage_018.jpg) | We may also vote against committee members, lead independent director(s) and/or board chair of companies that have lagged over several years. |

---

**Contents**

---

| | |
|:---|:---|
| [**Overview**](#blackrockproxya001) | **3** |
| [**Introduction to BlackRock**](#blackrockproxya002) | **4** |
| [**About BlackRock Active Investment Stewardship**](#blackrockproxya003) | **4** |
| [**Our approach to stewardship within active equities**](#blackrockproxya004) | **5** |
| [**Our approach to stewardship within fixed income**](#blackrockproxya005) | **5** |
| [**Boards of Directors**](#blackrockproxya006) | **6** |
| [**Executive compensation**](#blackrockproxya007) | **9** |
| [**Non-executive director compensation**](#blackrockproxya008) | **10** |
| [**Capital structure**](#blackrockproxya009) | **10** |
| [**Transactions and special situations**](#blackrockproxya010) | **11** |
| [**Corporate reporting, risk management and audit**](#blackrockproxya011) | **12** |
| [**Shareholder rights and protections**](#blackrockproxya012) | **14** |
| [**Shareholder proposals**](#blackrockproxya013) | **15** |
| [**Corporate political activities**](#blackrockproxya014) | **15** |
| [**Sustainability, or environmental and social, considerations**](#blackrockproxya015) | **16** |
| [**Key stakeholders**](#blackrockproxya016) | **16** |
| [**Climate and decarbonization investment objectives**](#blackrockproxya017) | **17** |
| [**Appendix 1: How we fulfil and oversee our active investment stewardship responsibilities**](#blackrockproxya018) | **18** |

---

---

| | |
|:---|:---|
| **BlackRock Active Investment Stewardship** | Global Engagement and Voting Guidelines \| **2** |

---

**Overview**

This document provides high level guidance on how BlackRock Active Investment Stewardship (BAIS) views corporate governance matters that are commonly put to a shareholder vote, or on which investors engage with issuers. BAIS works in partnership with BlackRock's investment teams, excluding index equity, providing expertise on investment stewardship, engaging with companies on behalf of those teams when appropriate, and assisting in recommending, operationalizing and reporting on voting decisions. The guidance informs BAIS' voting recommendations to BlackRock's active portfolio managers. It applies to active equity holdings in BlackRock's fundamental equity, systematic equity and multi-asset solutions strategies. It also may apply to holdings in BlackRock's index and active fixed income strategies, to the extent those strategies hold voting securities or conduct issuer engagements. The guidelines are not prescriptive as active portfolio managers have discretion as to how they integrate these guidelines within their investment processes in light of their clients' or funds' investment objectives. There are separate, independently developed principles and voting policies that are applied to BlackRock's index equity investments by a distinct and independent function, BlackRock Investment Stewardship.

---

| | |
|:---|:---|
| **BlackRock Active Investment Stewardship** | Global Engagement and Voting Guidelines \| **3** |

---

**Introduction to BlackRock**

BlackRock's purpose is to help more and more people experience financial well-being. We manage assets on behalf of institutional and individual clients, across a full spectrum of investment strategies, asset classes, and regions. Our client base includes pension plans, endowments, foundations, charities, official institutions, insurers, and other financial institutions, as well as individuals around the world.

**About BlackRock Active Investment Stewardship**

BlackRock Active Investment Stewardship (BAIS) is a specialist team within the Portfolio Management Group and manages BlackRock's stewardship engagement and voting on behalf of clients invested in active strategies globally. BAIS is also responsible for engagement with issuers in index fixed income strategies, where appropriate. Our activities are informed by these Global Engagement and Voting Guidelines ("the Guidelines") and insights from active investment analysts and portfolio managers, with whom we work closely in engaging companies and voting at shareholder meetings.

Engagement with public companies is the foundation of our approach to stewardship within fundamental active investing. Through direct dialogue with company leadership, we seek to understand their businesses and how they manage risks and opportunities to deliver durable, risk adjusted financial returns. Generally, portfolio managers and stewardship specialists engage jointly on substantive matters. Our discussions focus on topics relevant to a company's success over time including governance and leadership, corporate strategy, capital structure and financial performance, operations and sustainability- related risks, as well as macro-economic, geopolitical and sector dynamics. We aim to be constructive investors and are generally supportive of management teams that have a track record of financial value creation. We aim to build and maintain strong relationships with company leadership based on open dialogue and mutual respect.

Different active equity strategies may implement these voting guidelines differently, as a result of the latitude the portfolio manager has to make independent voting decisions aligned with their portfolio objectives and investment strategy. For example, BAIS will generally vote the holdings in Systematic Active Equity portfolios in accordance with these guidelines. We provide voting recommendations to fundamental equity portfolio managers, who may determine to vote differently based on their portfolio investment objectives and strategy.

These guidelines discuss corporate governance topics on which we may engage with management teams and board directors<sup>1</sup> and matters that routinely come to a shareholder vote. We recognize that accepted corporate governance norms can differ across markets, and believe these guidelines represent globally applicable elements of governance that support a company's ability to manage material risks and opportunities and deliver financial returns to investors. Generally, we believe companies should observe accepted corporate governance norms within their local markets or, particularly in markets without well- established norms, aspire to widely recognized international best practices. As one of many minority shareholders, BlackRock cannot – and does not try to – direct a company's strategy or its implementation. We look to companies to provide disclosures that explain how their approach to corporate governance best aligns with the financial interests of their investors.

<sup>1</sup> References to the board, board directors or non-executive directors should be understood to include supervisory boards and their members, where relevant.

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| | |
|:---|:---|
| **BlackRock Active Investment Stewardship** | Global Engagement and Voting Guidelines \| **4** |

---

**Our approach to stewardship within active equities**

As shareholders of public companies, BlackRock's clients have certain fundamental rights, including the right to vote on proposals put forth by a company's management or its shareholders. The voting rights attached to these clients' holdings are an important mechanism for investors to express support for, or concern about, a company's performance. As a fiduciary, BlackRock is legally required to make proxy voting determinations, on behalf of clients who have delegated voting authority to us, in a manner that is consistent with their investment objectives.

In general, we tend to support the recommendations of the board of directors and management. As indicated below, we may vote against management recommendations when we have concerns about how companies are serving the financial interests of our clients as their shareholders. We take a globally consistent approach to voting but consider the different corporate governance regulations and norms in various markets. Votes are determined on a case-by-case basis, in the context of a company's situation and the investment mandate we have from clients. Please see page 16 for more information about how we fulfil and oversee BlackRock's non-index equity investment stewardship responsibilities.

**Our approach to stewardship within fixed income**

Although fixed income investors do not have the right to vote at shareholder meetings, issuer engagement is a component of fixed income investment strategies at BlackRock, particularly those with sustainability objectives in addition to financial objectives. Most corporate governance-related fixed income engagements are undertaken in conjunction with the active investment stewardship team, and often active equity investors. In addition to the topics listed below, engagement with fixed income investment teams can help inform an issuer's approach to structuring specialist issuances, such as green bonds, and the standard terms and information in bond documentation.

---

| | |
|:---|:---|
| **BlackRock Active Investment Stewardship** | Global Engagement and Voting Guidelines \| **5** |

---

**Boards of Directors**

**Roles and responsibilities**

There is widespread consensus that the foundation of good corporate governance is an effective board of directors that is able to advise and supervise management in an independent and objective manner.<sup>2</sup>

We look to the board of directors (hereafter 'the board') to have an oversight role in the establishment and realization of a company's strategy, purpose and culture. These constructs are interdependent and, when aligned, can better position a company to be resilient in the face of a changing business environment, help reduce the risks of corporate or employee misconduct, and attract and retain the caliber of workers necessary to deliver financial performance over time.

In promoting the success of the company, the board ensures the necessary resources, policies and procedures are in place to help management meet its strategic objectives within an agreed risk tolerance.

One of the most important responsibilities of the board is to appoint, and remove as necessary, the chief executive officer (CEO). In addition, the board plays a meaningful role in monitoring the performance of the CEO and other key executives, determining executive compensation, ensuring a rigorous audit, overseeing strategy execution and risk management and engaging with shareholders, and other stakeholders, as necessary.

**Composition and effectiveness**

**Appointment process**

A formal and transparent process for identifying and appointing director candidates is critical to ensuring the board is composed of directors with the appropriate mix of skills and experience. The board or a sub- committee should determine the general criteria given the company's circumstances (e.g., sector, maturity, geographic footprint) and any additional criteria for a specific role being filled (e.g., financial expertise, industry track record). To inform the process, we encourage companies to review the skills and experience of incumbent directors to identify any gaps and whether a director candidate's characteristics would be additive. We welcome disclosures that explain how the board considered different skills, backgrounds and experience to ensure the directors collectively can be effective in fulfilling their responsibilities. We assess a company's board composition against that of its peer group and local market requirements.

Shareholders periodically vote to elect, remove and nominate directors to serve on the board. We may vote against the election of the most senior independent director, or the chair of the relevant committee, where a company has not demonstrated it has an appointment process that results in a high functioning board with the appropriate complement of skills, backgrounds and experience amongst the directors to support strong financial performance over time. We may vote against newly nominated directors who do not seem to have the appropriate skills or experience to contribute to the board's effectiveness.

**Independence**

Director independence from management, significant shareholders or other stakeholders (e.g., government or employees) is of paramount importance to the protection of the interests of minority shareholders such as BlackRock's clients. At least half of the directors should be independent and free from conflicts of interest or undue influence.<sup>3</sup> This ensures sufficient independent directors to have appropriately independent board committees. Companies domiciled in markets with a higher threshold for board independence should meet those requirements.

<sup>2</sup> See the Corporate Governance Codes of <u>Germany</u>, <u>Japan</u>, and the <u>UK</u>, as well as the corporate governance principles of the US <u>Business Roundtable</u> as examples.

<sup>3</sup> Common impediments to independence may include but are not limited to: current or recent employment at the company or a subsidiary; being, or representing, a shareholder with a substantial shareholding in the company; interlocking directorships; lengthy tenure, and having any other interest, business, or other relationship which could, or could reasonably be perceived to, materially interfere with a director's ability to act in the best interests of the company and shareholders.

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| | |
|:---|:---|
| **BlackRock Active Investment Stewardship** | Global Engagement and Voting Guidelines \| **6** |

---

We may vote against the election of non-independent directors if the board does not have a sufficient balance of independence. We may also vote against the election of the chair of the committee responsible for board composition if this is a perennial issue.

**Independent board leadership**

Practices across markets differ, as do board structures, but we observe two main approaches to independent board leadership. One is a non-executive, independent chair of the board who is responsible for leading the board in the effective exercise of its duties. The other is a lead or senior independent director, who is responsible for coordinating with the other non-executive directors and working closely with the executive chair on the board agenda and other board procedures. In this case, the executive chair and the lead independent director work together to ensure the board is effectively fulfilling its responsibilities. In our view, the independent leader of the board, and/or the chair of a relevant committee, should be available to investors to discuss board governance matters such as CEO succession, executive pay, and board performance. We look to boards to explain their independent board leadership model and how it serves the interests of shareholders.

We may vote against the election of the chair of the committee responsible for board composition if there is not an identified independent leader of the board with clear responsibilities for board performance. We may vote against the most senior independent director if the board has a policy of not engaging with shareholders.

**Tenure and succession**

Boards should establish the length of time a director would normally be expected to serve, in line with market norms where those exist. In such markets, we find it helpful when companies disclose their approach to director tenure particularly around the contributions of directors who have served for longer periods than provided for in local practices. In our experience, long-serving directors could become less independent given their relationship with management and involvement in past board decisions.

Succession planning for board roles helps achieve the appropriate cadence of turnover that balances renewal through the regular introduction of directors with fresh perspectives and expertise with continuity through the retention of directors with long-term knowledge of the board and company.

In markets where there is not specific director tenure guidance, we may vote against the election of the chair of the committee responsible for board composition if there is not a clearly disclosed approach to director tenure and board renewal. We may vote against the election of directors who have served for longer duration than typical in markets with specific guidance, where the case for their continued service is not evident.

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| | |
|:---|:---|
| **BlackRock Active Investment Stewardship** | Global Engagement and Voting Guidelines \| **7** |

---

**Capacity**

To be effective and engaged, directors must commit appropriate time and energy to the role. A board should assess the ability of its members to maintain an appropriate focus on board matters and the company taking into consideration competing responsibilities. We recognize that board leadership roles vary across markets in responsibilities and required time commitment but note that they are generally more intensive than a standard directorship. We will take local norms and practices into consideration when making our voting determinations across markets.

We may vote against the election of directors who do not seem to have sufficient capacity to effectively fulfil their duties to the board and company.

**Director elections**

In support of director accountability to shareholders, directors should stand for election on a regular basis, ideally annually. A classified board structure may be justified by a company when it needs consistency and stability during a time of transition, or on the basis of its business model, e.g., a non- operating company such as closed-end funds.

Shareholders should have the opportunity to evaluate nominated directors individually rather than in bundled slates. We look to companies to provide sufficient information on each director standing for election so that shareholders can assess their capabilities and suitability. We will not support the election of directors whose names and biographical details have not been disclosed sufficiently in advance of the shareholder meeting.

Each director's appointment should be dependent on receiving a simple majority of the votes cast at the shareholder meeting. Where a company's practices differ, we look to the board to provide a detailed explanation as to how its approach best serves investors' interests.

We may vote for shareholder or management proposals seeking to establish annual election of directors and/or a simple majority vote standard for director elections. We may vote against all the directors standing for election as part of a single slate if we have concerns about the profile or performance of an individual director.

**Committees**

Many boards establish committees to focus on specific responsibilities of the board such as audit and risk, governance and human capital, and executive compensation, amongst other matters. We do not prescribe to companies what committees they should establish but we seek to understand the board's rationale for the committee structure it determines is appropriate. We note that, in some markets, regulation requires such committees. The responsibilities of each committee should be clear, and the board should ensure that all critical matters are assigned either to the full board or to one of the committees. The board should disclose to shareholders the structure, membership, proportion of independent directors, and responsibilities of each committee. The responsibilities we typically see assigned to the three most common committees include:

● Audit and risk – oversight responsibilities for the integrity of financial reporting, risk management and compliance with legal and regulatory requirements; may also play an oversight role in relation to the internal audit function and whistleblowing mechanisms.

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● Nominating, governance and human capital – ensures appropriate corporate governance principles and practices including the periodic review of board performance; responsible for succession planning for CEO and key board roles, as well as the director appointment process; may also have oversight responsibilities for human capital management strategies including corporate culture and purpose.

● Executive compensation – determines the compensation policies and programs for the CEO and other executive officers, approves annual awards and payments under the policies; may also have oversight responsibilities for firm-wide compensation policies.

We may vote against the election of the chair of the committee or other directors serving as committee members to convey our concerns and provide feedback on how a committee has undertaken its responsibilities. We may vote against the election of the most senior non-executive director if there is not a clearly disclosed approach to board committees.

**Board and director evaluation**

We consider it best practice for companies to conduct an annual review of the performance of the board, the committees, the chair and individual directors. Periodically, this review could be undertaken by an independent third party able to bring objective perspectives to the board on governance and performance. We encourage companies to disclose their approach to and objectives of evaluations, including any changes made to the board's approach as a result.

**Access to independent advice**

To support the directors in effectively fulfilling their duties to the company and shareholders, they should have access to independent advice. When circumstances warrant, boards should be able to retain independent third parties to advise on critical matters. These might include new industry developments such as emergent and disruptive technology, operating events with material consequences for the company's reputation and/or performance, or significant transactions. Board committees may similarly retain third parties to advise them on specialist matters such as audit, compensation and succession planning.

**Executive compensation**

Boards should establish compensation arrangements that enable the company to recruit, retain and reward the caliber of executive management necessary to lead and operate the company to deliver superior financial returns over time. We focus on alignment between variable pay and a company's financial performance.

Generally, executive compensation arrangements have four components: base salary, annual bonus that rewards performance against short-term metrics, share-based incentives that reward performance against long-term metrics, and pensions and benefits. In our observation, base salary, pensions and benefits are largely set relative to market norms and benchmarks. The annual bonus and share-based incentive, or variable pay plans, tend to be tailored to the company, its sector and long-term strategy, as well as the individuals the board is seeking to recruit and motivate.

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| **BlackRock Active Investment Stewardship** | Global Engagement and Voting Guidelines \| **9** |

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Recognizing the unique circumstances of each company, we determine whether to support a company's approach to executive compensation on a case-by-case basis. We rely on companies providing sufficient quantitative and qualitative information in their disclosures to enable shareholders to understand the compensation arrangements and assess the alignment with investors' interests. Features we look for in compensation arrangements include:

● Fixed pay components, including base salary, benefits and prerequisites that are appropriate in the context of the company's size, sector and market.

● Variable pay subject to performance metrics that are closely linked to the company's short- and long-term strategic objectives.

● Long-term incentives that motivate sustained performance across a multi-year period.

● A balance between fixed and variable pay, short- and long-term incentives, and specific instruments (cash and equity awards) that promotes pay program durability and seldom necessitates one-off, discretionary payments.

● Outcomes that are consistent with the returns to investors over the relevant time period.

● Board discretion, if allowed within the variable pay arrangements, to be used sparingly, responsibly and transparently.

● A requirement, that participants in long-term share-based incentive plans build a meaningful shareholding in the company within a defined time period, as determined by the board.

● Change of control provisions that appropriately balance the interests of executives and shareholders.

● Clawback or malus provisions that allow the company to recoup or hold back variable compensation from individuals whose awards were based on fraudulent activities, misstated financial reports, or executive misconduct.

● Severance arrangements that protect the company's interests but do not cost more than is contractual.

We may vote against proposals to introduce new share-based incentives, approve existing policies or plans, or approve the compensation report where we do not see alignment between executive compensation arrangements and our clients' financial interests. When there is not an alternative, or where there have been multi-year issues with compensation misaligned with performance, we may vote against the election of the chair of the responsible committee, or the most senior independent director.

**Non-executive director compensation**

Companies generally pay non-executive directors an annual retainer or fee in cash, shares or a combination of the two. Some companies also pay additional fees for service on board committees or in board leadership roles. We do not support non-executive directors participating in performance-based incentive plans as doing so may create a conflict of interest and undermine their independence from management, whom they oversee.

**Capital structure**

Boards are responsible for ensuring senior executive leadership has established a capital strategy that achieves appropriate capital allocation and management in support of long-term financial resilience. Where company practices diverge from those set out below, we look for companies to disclose why they view these practices to be aligned with shareholders' interests. We may vote against management proposals seeking capital-related authorities or the election of the most senior independent director if we have concerns about a company's approach. We may also support a shareholder proposal seeking conversion of shares with differentiated voting rights to a one-share, one-vote standard.

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| **BlackRock Active Investment Stewardship** | Global Engagement and Voting Guidelines \| **10** |

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**Share issuance**

We assess requests for share issuance for particular transactions on a case-by-case basis. We will generally support authorities to issue shares when subject to pre-emptive rights, and up to 20% absent pre-emptive rights. Companies should seek regular approval of these authorities to allow shareholders to take into consideration how prior authorities were used, as well as the current circumstances of the company and the market environment.

**Share buybacks**

We assess share buyback proposals in the context of the company's disclosed capital management strategy and management's determination of the appropriate balance between investment that supports the long-term growth of the company and returning cash to investors. We also take into consideration the effect of a buyback program on the company's balance sheet and executive compensation arrangements and the price at which shares are repurchased relative to market price. Companies should seek regular approval of these authorities to allow shareholders to take into consideration how prior authorities were used, as well as the current circumstances of the company and the market environment.

We would normally expect companies to cancel repurchased shares. If a company plans to retain them as treasury shares, management should provide a detailed rationale in the context of the disclosed capital management strategy.

**Dividends**

We generally defer to management and the board on dividend policy but may engage to seek further clarification where a proposed dividend appears out of line with the company's financial position.

**Differentiated voting rights**

We prefer companies to adopt a one-share, one-vote structure for share classes with the same economic exposure. Certain companies, particularly those new to public markets, could make the case to adopt a differentiated voting rights structure, or dual class stock. In those situations, we encourage companies to evaluate and seek approval for their capital structure on a periodic basis.

**Transactions and special situations**

We monitor developments in transactions and special situations closely and undertake our own detailed analyses of proposals.

**Mergers and acquisitions**

We evaluate proposed mergers or acquisitions by assessing the financial outcome for our clients as minority shareholders. Management should provide an assessment of the proposed transaction's strategic and financial rationale, along with its execution and operational risks. We review each transaction independently based on these factors and the degree to which the transaction enhances shareholder value. The board should consider establishing an ad hoc transaction committee to undertake an independent assessment of a significant merger or acquisition, in advance of making its recommendation to shareholders.

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| **BlackRock Active Investment Stewardship** | Global Engagement and Voting Guidelines \| **11** |

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We will vote against transactions that, in our assessment, do not advance our clients' financial interests.

**Anti-takeover defenses**

In principle, we do not support companies using anti-takeover defenses, also known as poison pills or shareholder rights plans, as they can entrench management and boards which have not delivered long- term shareholder value. By exception, a poison pill may be supported if its purpose is to delay a takeover that is considered sub-optimal and enable management to seek an improved offer. Similarly, management could make the case to use a poison pill to block a shareholder activism campaign that may be counter to the interests of other investors. Defense mechanisms introduced in these circumstances should be limited in term and threshold, and also be closely monitored by the independent members of the board. We look for a shareholder vote for any mechanisms expected to be in place for more than 12 months.

**Shareholder activism**

When companies are the focus of an activism campaign, we may engage with the activist to understand their analysis and objectives, once they have gone public. We will also engage with company management and possibly board members, especially those the activist may be seeking to replace. In our assessment, we evaluate various factors, including the concerns raised by the activist and the case for change; the quality of both the activist's and management's plans; and the qualifications of each party's candidates. We evaluate each contested situation by assessing the potential financial outcome for our clients as minority shareholders.

We may support board candidates nominated by a shareholder activist if the activist has demonstrated that their case for change enhances shareholder value, or if the incumbent board members do not demonstrate the relevant skills and expertise or have a poor track record of protecting shareholders' interests.

**Significant shareholders and related party transactions**

Boards of companies with affiliated shareholders or directors should be able to demonstrate that the interests of all shareholders are given equitable consideration.

Transactions with related parties, such as significant shareholders or companies connected with the public company, should be disclosed in detail and conducted on terms similar to what would objectively have been agreed with a non-related party. Such transactions should be reviewed and approved by the independent members of the board, and if voted on, only disinterested shareholders should vote.

**Corporate reporting, risk management and audit**

Investors depend on corporate reporting, both regulatory and voluntary, to understand a company's strategy, its implementation and financial performance, as well as to assess the quality of management and operations and potential for the company to create shareholder value over time. The board should oversee corporate reporting and the policies and procedures underpinning the internal audit function and external audit.

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| **BlackRock Active Investment Stewardship** | Global Engagement and Voting Guidelines \| **12** |

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A company's financial reporting should provide decision-useful information for investors and other stakeholders on its financial performance and position. It should provide an accurate and balanced assessment of the risks and opportunities the company faces in realizing its long-term strategy.

Accordingly, the assumptions made by management and reviewed by the auditor in preparing the financial statements should be reasonable and justified. Financial statements should be prepared in accordance with globally developed reporting standards and any divergence from generally accepted accounting principles should be explained in detail and justified. Accounting restatements should be explained in detail and any remedial actions, and the implications of these, disclosed.

In this context, audit committees play a vital role in a company's financial reporting system by providing independent oversight of the accounts, material financial and, where appropriate to the jurisdiction, nonfinancial information, internal control frameworks and Enterprise Risk Management systems. In our view, effective audit committee oversight strengthens the quality and reliability of a company's financial statements and provides an important level of reassurance to shareholders. Audit committees should have a procedure in place for assessing the independence of the auditor and the quality of the external audit process annually.

Similarly, material sustainability-related factors that are integral to how a company manages risks or generates revenue should be disclosed. In our view, the standards developed by the International Sustainability Standards Board, can be helpful to companies in preparing such reports. <sup>4</sup>

Companies should establish robust risk management and internal control processes appropriate to the company's business, risk tolerance, and regulatory environment. A credible whistleblowing system for employees, and potentially other stakeholders, can be a useful mechanism for ensuring that senior management and the board are aware of potential misconduct or breaches in risk management and internal control processes.

A comprehensive audit conducted by an independent audit firm contributes to investor confidence in the quality of corporate reporting. It is helpful when the audit report gives some insight into the scope and focus of the audit, as well as any critical audit matters identified and how these were resolved. A comprehensive and effective audit is time and resource intensive, and the audit fee should be commensurate. Fees paid to the audit firm for non-audit consulting should not exceed the audit fee to a degree that may prompt concerns about the independence of the audit. The audit committee should explain its position on auditor tenure and how it confirmed that the auditor remained independent.

We may vote against the election of the responsible directors if corporate reporting is insufficient or there are material misstatements in financial reports. In markets where relevant, we may vote against a proposal to approve the financial statements or the discharge of the board when we are concerned about the quality of the reporting or the audit. We may vote against proposals to appoint the auditor, ratify the audit report, or approve the audit fee if we are concerned about the auditor's independence, the quality of the audit, or there are material misstatements in financial reports and the board has not established reasonable remediation plans.

<sup>4</sup> The objective of IFRS S1 General Requirements for Disclosure of Sustainability-related Financial Information is to require an entity to disclose information about its sustainability-related risks and opportunities that is useful to primary users of general-purpose financial reports in making decisions relating to providing resources to the entity. The objective of IFRS S2 Climate-related Disclosures is to require an entity to disclose information about its climate-related risks and opportunities that is useful to primary users of general-purpose financial reports in making decisions relating to providing resources to the entity.

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| **BlackRock Active Investment Stewardship** | Global Engagement and Voting Guidelines \| **13** |

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**Shareholder rights and protections**

**General shareholder meetings**

Companies normally have an annual general meeting of shareholders at which routine and non-routine items of business are discussed and voted on by shareholders in attendance or submitting proxy votes. Companies should disclose materials relevant to the shareholder meeting sufficiently in advance so that shareholders can take them into consideration in their voting decisions. Many companies offer shareholders the option of participating in the meeting virtually which, whilst welcome, should not limit the rights of shareholders to participate as they would during an in-person meeting.

We may vote against directors when materials related to the business of the shareholder meeting are not provided in a timely manner or do not provide sufficient information for us to take an informed voting decision. We may vote against directors if the format of the shareholder meeting does not accommodate reasonable shareholder participation.

**Bylaw amendments**

We review bylaw amendments proposed by management on a case-by-case basis and will generally support those that are aligned with the interests of minority shareholders. Any material changes to the bylaws should be explained in detail and put to a shareholder vote.

We may vote against bylaw amendments that reduce shareholder rights and protections. We may vote against directors if material changes are made to the bylaws without shareholder approval.

If not provided for in the relevant corporate law, company bylaws should allow shareholders, individually or as a group, with a meaningful shareholding the right to call a special meeting of shareholders. The shareholding required to exercise this right should balance its utility with the cost to the company of holding special meetings.

If not provided for in the relevant corporate law, company bylaws should allow shareholders, individually or as a group, with a meaningful shareholding the right to nominate directors to the company's board. The threshold for this right should be set so that shareholders can exercise it without being unduly disruptive to the board's own nomination process.

Whilst we would not use either of these rights ourselves, we see them as important accountability mechanisms. We may vote for a shareholder proposal seeking the addition of either of these provisions to a company's bylaws.

**Change of domicile**

We generally defer to management on proposals to change a company's domicile as long as the rationale for doing so is consistent with the company's long-term strategy and business model and the related costs are immaterial.

We may vote against directors or a proposal to change a company's domicile where it does not seem aligned with our clients' financial interests.

**Changes to a company's purpose or the nature of its business**

Plans to materially change the nature of a company's business or its purpose should be disclosed and explained in the context of long-term strategy and business dynamics. Such changes may significantly alter an investor's views on the suitability of a company for their investment strategy or portfolio.

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| **BlackRock Active Investment Stewardship** | Global Engagement and Voting Guidelines \| **14** |

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Where relevant, we may vote against proposals to change a company's purpose or the nature of its business if the board has not provided a credible argument for change.

**Shareholder proposals**

Shareholders in many markets, who meet certain eligibility criteria, have the right to submit proposals to the general shareholder meeting asking a company to take a particular course of action subject to the proposal being supported by a majority of votes cast at the meeting. The topics raised address a range of governance, social and environmental matters that may be relevant to a company's business. Shareholder proposals are considered by many investors to be an escalation tool when a company is unresponsive to their engagement.

We vote on these proposals on a case-by-case basis. We assess the relevance of the topic raised to a company's business and its current approach, whether the actions sought are consistent with shareholders' interests, and what impact the proposal being acted upon might have on financial performance.

Our general approach where we have concerns about a company's governance, disclosures or performance is to engage to understand the apparent difference in perspective. If we continue to believe the company is not acting in shareholders' financial interests, we may vote against the election of directors. We may support a relevant shareholder proposal if doing so reinforces the points made in our engagement or is aligned with our clients' financial interests. We generally do not support shareholder proposals that are legally binding on the company, seek to alter a company's strategy or direct its operations, or are unrelated to how a company manages risk or generates financial returns.

BlackRock is subject to legal and regulatory requirements in the U.S. that place restrictions and limitations on how we can interact with the companies in which we invest on behalf of our clients, including our ability to submit shareholder proposals. We can vote on behalf of clients who authorize us to do so, on proposals put forth by others.

**Corporate political activities**

We seek to understand how companies ensure that their direct and indirect engagement in the policy making process is consistent with their public statements on policy matters important to the company's long-term strategy. The board should be aware of the approach taken to corporate political activities as there can be reputational risks arising from inconsistencies. Companies should, as a minimum, meet all regulatory disclosure requirements on political activities, and ideally, provide accessible and clear disclosures to shareholders on policy positions, public policy engagement activities and political donations. To mitigate the risk of inconsistencies, companies can usefully assess the alignment between their policy priorities and the policy positions of the trade associations of which they are active members and any engagements undertaken by trade associations on behalf of members.

Generally, this is an engagement matter, although we may support a relevant shareholder proposal, or vote against directors, where a company's disclosures are insufficient, or it becomes public that there is a material contradiction in a company's public policy positions and its policy engagement.

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| **BlackRock Active Investment Stewardship** | Global Engagement and Voting Guidelines \| **15** |

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**Sustainability, or environmental and social, considerations**

We seek to understand how companies manage the risks and opportunities inherent in their business operations. In our experience, sustainability-related factors<sup>5</sup> that are relevant to a company's business or material to its financial performance, are generally operational considerations embedded into day-to-day management systems. Certain sustainability issues may also inform long-term strategic planning, for example, investing in product innovation in anticipation of changing consumer demand or adapting supply chains in response to changing regulatory requirements.

We recognize that the specific sustainability-related factors that may be financially material or business relevant will vary by company business model, sector, key markets, and time horizon, amongst other considerations. From company disclosures and our engagement, we aim to understand how management is identifying, assessing and integrating material sustainability-related risks and opportunities into their business decision-making and practices. Doing so helps us undertake a more holistic assessment of a company's potential financial performance and the likely risk-adjusted returns of an investment.

We may vote against directors or support a relevant shareholder proposal if we have concerns about how a company is managing or disclosing its approach to material sustainability-related risks that may impact financial returns.

**Key stakeholders**

In our view, companies should understand and take into consideration the interests of the various parties on whom they depend for their success over time. It is for each company to determine their key stakeholders based on what is material to their business and long-term financial performance. For many companies, key stakeholders include employees, business partners (such as suppliers and distributors), clients and consumers, regulators, and the communities in which they operate. Companies that appropriately balance the interests of investors and other stakeholders are, in our experience, more likely to be financially resilient over time.

<sup>5</sup> By material sustainability-related risks and opportunities, we mean the drivers of risk and financial value creation in a company's business model that have an environmental or social dependency or impact. Examples of environmental issues include, but are not limited to, water use, land use, waste management, and climate risk. Examples of social issues include, but are not limited to, human capital management, impacts on the communities in which a company operates, customer loyalty, and relationships with regulators. It is our view that well-managed companies will effectively evaluate and manage material sustainability-related risks and opportunities relevant to their businesses. Governance is the core means by which boards can oversee the creation of durable financial value over time. Appropriate risk oversight of business-relevant and material sustainability-related considerations is a component of a sound governance framework.

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| **BlackRock Active Investment Stewardship** | Global Engagement and Voting Guidelines \| **16** |

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**Climate and decarbonization investment objectives**

Certain active BlackRock funds have climate and decarbonization objectives in addition to financial objectives. Consistent with the objectives of those investment strategies, our stewardship activity in relation to the holdings in those funds differs in some respects from BAIS' benchmark guidelines, which are described above. Specifically, for those funds' holdings, we look to investee companies to demonstrate that they are aligned with a decarbonization pathway that means their business model would be viable in a low-carbon economy, i.e., one in which global temperature rise is limited to 1.5⁰C above pre-industrial levels. This approach is only taken following BlackRock receiving the explicit approval from the applicable fund board.

The decarbonization stewardship guidelines focus on companies which produce goods and services that contribute to real world decarbonization or have a carbon intensive business model and face outsized impacts from the low carbon transition, based on reported and estimated scopes 1, 2, and 3 greenhouse gas emissions. These companies should provide disclosures that set out their governance, strategy, risk management processes and metrics and targets relevant to decarbonization. These disclosures should include an explanation of the decarbonization scenarios a company is using in its near- and long-term planning, as well as its scope 1, scope 2 and material scope 3 greenhouse gas (GHG) emissions and reduction targets for scope 1 and 2 emissions. As with the BAIS benchmark policies, we consider the climate-risk reporting standard issued by the International Sustainability Standards Board, IFRS S2, a useful reference for such reporting.

Under these climate- and decarbonization-specific guidelines, BAIS may recommend a vote against directors or support for a relevant shareholder proposal if a company does not appear to be adequately addressing or disclosing material climate-related risks. We may recommend supporting shareholder proposals seeking information relevant to a company's stated low-carbon transition strategy and targets that the company does not currently provide and that would be helpful to investment decision-making. As under the BAIS benchmark approach, the active portfolio managers are ultimately responsible for voting consistent with their investment mandate and fund objectives.

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| **BlackRock Active Investment Stewardship** | Global Engagement and Voting Guidelines \| **17** |

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**Appendix 1: How we fulfil and oversee our active investment stewardship responsibilities**

**Oversight**

The Global Head of BAIS has primary oversight of and responsibility for the team's activities, including voting in accordance with the BlackRock Active Investment Stewardship Global Engagement and Voting Guidelines ("the Guidelines"), which require the application of professional judgment and consideration of each company's unique circumstances, as well as input from active investors. BAIS is independent from BlackRock Investment Stewardship in our engagement and voting activities, reporting lines, and oversight.

The Active Investment Stewardship Oversight Committee, comprised of senior representatives of the active investment, legal and risk teams, reviews and advises on amendments to BAIS' Global Engagement and Voting Guidelines. The Committee also considers developments in corporate governance, related public policy, and market norms and how these might influence BAIS' policies and practices. The Committee does not determine voting decisions, which are the responsibility of BAIS and the relevant active equity investors.

In addition, there is a standing advisory group of senior active investors who counsel BAIS on complex or high-profile votes before a recommendation is finalized and escalated to the portfolio managers with holdings in the company under consideration. This group also formally reviews any revisions to the Engagement and Voting Guidelines proposed by BAIS as part of its annual review.

BAIS carries out engagement with companies in collaboration with active investment colleagues, executes proxy votes, and conducts vote operations (including maintaining records of votes cast) in a manner consistent with the Guidelines. BAIS also conducts research on corporate governance issues and participates in industry discussions to contribute to and keep abreast of important developments in the corporate governance field. BAIS may use third parties for certain of the foregoing activities and performs oversight of those third parties (see "Use and oversight of third-party vote services providers" below).

**Voting guidelines and vote execution**

BlackRock votes on proxy issues when our clients authorize us to do so. We carefully consider the voting items submitted to funds and other fiduciary account(s) (Fund or Funds) for which we have voting authority. BlackRock votes (or refrains from voting) for each Fund for which we have voting authority based on our evaluation of the alignment of the voting items with the long-term economic interests of our clients, in the exercise of our independent business judgment, and without regard to the relationship of the issuer (or any shareholder proponent or dissident shareholder) to the Fund, the Fund's affiliates (if any), BlackRock or BlackRock's affiliates, or BlackRock employees (see "Conflicts management policies and procedures," below).

When exercising voting rights, BAIS will normally vote on specific proxy issues in accordance with the Guidelines, although portfolio managers have the right to vote differently on their holdings if they determine doing so is more aligned with the investment objective and financial interests of clients invested in the funds they manage.

The Guidelines are not intended to be exhaustive. BAIS applies the Guidelines on a case-by-case basis, in the context of the individual circumstances of each company and the specific issue under review. As such, the Guidelines do not indicate how BAIS will vote in every instance. Rather, they reflect our view about corporate governance issues generally, and provide insight into how we typically approach issues that commonly arise on corporate ballots. The Guidelines are reviewed annually and updated as necessary to reflect changes in market practices, developments in corporate governance and feedback from companies and clients. In this way, BAIS aims to maintain policies that explain our approach to governance practices most aligned with clients' long-term financial interests.

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| **BlackRock Active Investment Stewardship** | Global Engagement and Voting Guidelines \| **18** |

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In certain markets, proxy voting involves logistical issues which can affect BAIS' ability to vote such proxies, as well as the desirability of voting such proxies. These issues include, but are not limited to: i) untimely notice of shareholder meetings; ii) restrictions on a foreigner's ability to exercise votes; iii) requirements to vote proxies in person; iv) "share-blocking" (requirements that investors who exercise their voting rights surrender the right to dispose of their holdings for some specified period in proximity to the shareholder meeting); v) potential difficulties in translating the proxy; vi) regulatory constraints; and vii) requirements to provide local agents with unrestricted powers of attorney to facilitate voting instructions. We are not supportive of impediments to the exercise of voting rights such as share-blocking or overly burdensome administrative requirements.

BlackRock votes proxies in these situations on a "best-efforts" basis. In addition, BAIS may determine that it is generally in the interests of BlackRock's clients not to vote proxies (or not to vote our full allocation) if the costs (including but not limited to opportunity costs associated with share-blocking constraints) associated with exercising a vote are expected to outweigh the benefit the client would derive by voting on the proposal.

**Voting Choice**

BlackRock offers <u>Voting Choice,</u> a program that provides eligible clients with more opportunities to participate in the proxy voting process where legally and operationally viable.

Voting Choice is currently available for eligible clients invested in certain institutional pooled funds in the U.S., UK, and Canada that use systematic active equity (SAE) and multi-asset strategies. In addition, institutional clients in separately managed accounts (SMAs) are eligible for BlackRock Voting Choice regardless of their investment strategies.<sup>6</sup>

As a result, the shares attributed to BlackRock in company share registers may be voted differently depending on whether our clients have authorized BAIS to vote on their behalf, have authorized BlackRock to vote in accordance with a third-party policy, or have elected to vote shares in accordance with their own policy. Our clients have greater control over proxy voting because of Voting Choice. BlackRock does not disclose client information, including a client's selection of proxy policy, without client consent.

**Use and oversight of third-party vote services providers**

Third-party vote services providers – or proxy research firms - provide research and recommendations on proxy votes, as well as voting infrastructure. As mentioned previously, BlackRock contracts primarily with the vote services provider ISS and leverages its online platform to supply research and support voting, record keeping, and reporting processes. We also use Glass Lewis' research and analysis as an input into our voting process. It is important to note that, although proxy research firms provide important data and analysis, BAIS does not rely solely on their information or follow their voting recommendations. A company's disclosures, our past engagements and voting, investment colleagues' insights and our voting guidelines are important inputs into our voting decisions on behalf of clients.

<sup>6</sup> With Voting Choice, SMAs have the ability to select from a set of voting policies from third-party proxy advisers the policy that best aligns with their views and preferences. BlackRock can then use its proxy voting infrastructure to cast votes based on the client's selected voting policy.

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| **BlackRock Active Investment Stewardship** | Global Engagement and Voting Guidelines \| **19** |

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Given the large universe of actively held companies, BAIS employs the proxy services provider to streamline the voting process by making voting recommendations based on BAIS' voting guidelines when the items on a shareholder meeting agenda are routine. Agenda items that are not routine are referred back to BAIS to assess, escalate as necessary to the relevant portfolio managers and vote. BAIS reviews and can override the recommendations of the vote services provider at any time prior to the vote deadline. Both BAIS and the vote services provider actively monitor securities filings, research reports, company announcements, and direct communications from companies to ensure awareness of supplemental disclosures and proxy materials that may require a modification of votes.

BAIS closely monitors the third-party vote services providers we contract with to ensure that they are meeting our service level expectations and have effective policies and procedures in place to manage potential conflicts of interest. Our oversight of service providers includes regular meetings with client service teams, systematic monitoring of vendor operations, as well as annual due diligence meetings in accordance with BlackRock's firmwide policies.

**Conflicts management policies and procedures**

BAIS maintains policies and procedures that seek to prevent undue influence on BlackRock's proxy voting activity. Such influence might stem from any relationship between the investee company (or any shareholder proponent or dissident shareholder) and BlackRock, BlackRock's affiliates, a Fund or a Fund's affiliates, or BlackRock employees. The following are examples of sources of perceived or potential conflicts of interest:

● BlackRock clients who may be issuers of securities or proponents of shareholder resolutions

● BlackRock business partners or third parties who may be issuers of securities or proponents of shareholder resolutions

● BlackRock employees who may sit on the boards of public companies held in Funds managed by BlackRock

● Significant BlackRock, Inc. investors who may be issuers of securities held in Funds managed by BlackRock

● Securities of BlackRock, Inc. or BlackRock investment funds held in Funds managed by BlackRock

● BlackRock, Inc. board members who serve as senior executives or directors of public companies held in Funds managed by BlackRock

BlackRock has taken certain steps to mitigate perceived or potential conflicts including, but not limited to, the following:

● Adopted the Guidelines which are designed to advance our clients' long-term economic interests in the companies in which BlackRock invests on their behalf

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| **BlackRock Active Investment Stewardship** | Global Engagement and Voting Guidelines \| **20** |

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● Established a reporting structure that separates BAIS from employees with sales, vendor management, or business partnership roles. In addition, BlackRock seeks to ensure that all engagements with corporate issuers, dissident shareholders or shareholder proponents are managed consistently and without regard to BlackRock's relationship with such parties. Clients or business partners are not given special treatment or differentiated access. BAIS prioritizes engagements based on factors including, but not limited to, our need for additional information to make a voting decision or our view on the likelihood that an engagement could lead to positive outcome(s) over time for the economic value of the company. Within the normal course of business, BAIS may engage directly with BlackRock clients, business partners and/or third parties, and/or with employees with sales, vendor management, or business partnership roles, in discussions regarding our approach to stewardship, general corporate governance matters, client reporting needs, and/or to otherwise ensure that proxy-related client service levels are met

● Determined to engage, in certain instances, an independent third-party voting service provider to make proxy voting recommendations as a further safeguard to avoid potential conflicts of interest, to satisfy regulatory compliance requirements, or as may be otherwise required by applicable law. In such circumstances, the independent third-party voting service provider provides BlackRock with recommendations, in accordance with the Guidelines, as to how to vote such proxies. BlackRock uses an independent third-party voting service provider to make proxy voting recommendations for shares of BlackRock, Inc. and companies affiliated with BlackRock, Inc. BlackRock may also use an independent third-party voting service provider to make proxy voting recommendations for:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o public companies that include BlackRock employees on their boards of directors

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o public companies of which a BlackRock, Inc. board member serves as a senior executive or a member of
the board of directors

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o public companies that are the subject of certain transactions involving BlackRock Funds

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o public companies that are joint venture partners with BlackRock, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o public companies when legal or regulatory requirements compel BlackRock to use an independent third-party
voting service provider

In selecting an independent third-party voting service provider, we assess several characteristics, including but not limited to: independence, an ability to analyze proxy issues and make recommendations in the economic interest of our clients in accordance with the Guidelines, reputation for reliability and integrity, and operational capacity to accurately deliver the assigned recommendations in a timely manner. We may engage more than one independent third-party voting service provider, in part to mitigate potential or perceived conflicts of interest at a single voting service provider. The Active Investment Stewardship Oversight Committee appoints and reviews the performance of the independent third-party voting service providers, generally on an annual basis.

**Securities lending**

When so authorized, BlackRock acts as a securities lending agent on behalf of Funds. Securities lending is a well-regulated practice that contributes to capital market efficiency. It also enables funds to generate additional returns while allowing fund providers to keep fund expenses lower.

With regard to the relationship between securities lending and proxy voting, BlackRock cannot vote shares on loan and may determine to recall them for voting, as guided by our fiduciary duty as an asset manager to our clients in helping them achieve their investment goals. While this has occurred in a limited number of cases, the decision to recall securities on loan as part of BlackRock's securities lending program in order to vote is based on an evaluation of various factors that include, but are not limited to, assessing potential securities lending revenue alongside the potential long-term financial value to clients of voting those securities (based on the information available at the time of recall consideration). BAIS works with active portfolio managers, as well as colleagues in the Securities Lending and Risk and Quantitative Analysis teams, to evaluate the costs and benefits to clients of recalling shares on loan.

---

| | |
|:---|:---|
| **BlackRock Active Investment Stewardship** | Global Engagement and Voting Guidelines \| **21** |

---

In almost all instances, BlackRock anticipates that the potential long-term financial value to clients of voting shares would not warrant recalling securities on loan. However, in certain instances, BlackRock may determine, in our independent business judgment as a fiduciary, that the value of voting outweighs the securities lending revenue loss to clients and would therefore recall shares to be voted in those instances.

Periodically, BlackRock reviews our process for determining whether to recall securities on loan in order to vote and may modify it as necessary.

**Reporting and vote transparency**

BAIS is committed to transparency in the stewardship work we do on behalf of clients. We inform clients about our engagement and voting policies and activities through direct communication and disclosure on our <u>website</u>.

---

| | |
|:---|:---|
| **BlackRock Active Investment Stewardship** | Global Engagement and Voting Guidelines \| **22** |

---

**Want to know more?**

<u>blackrock.com/stewardship</u> \| <u>ContactActiveStewardship@blackrock.com</u>

The document is provided for information purposes only and is subject to change. Reliance upon this information is at the sole discretion of the reader.

Prepared by BlackRock, Inc.©2024 BlackRock, Inc. All rights reserved. BLACKROCK is a trademark of BlackRock, Inc., or its subsidiaries in the United States and elsewhere. All other trademarks are those of their respective owners.

**BOSTON PARTNERS GLOBAL INVESTORS, INC.**

**Proxy Voting Policies and Procedures**

**March 2025**

Boston Partners

One Beacon Street, 30<sup>th</sup> Floor

Boston, MA 02108—www.boston-partners.com

**PROXY VOTING POLICIES AND PROCEDURES**

Boston Partners Global Investors, Inc. ("Boston Partners") is an investment adviser comprised of two divisions, Boston Partners and Weiss, Peck & Greer Partners ("WPG"). Boston Partners' Governance Committee (the "Committee") is comprised of representatives from portfolio management, securities analyst, portfolio research, quantitative research, investor relations, sustainability and engagement, and legal/compliance teams. The Committee is responsible for administering and overseeing Boston Partners' proxy voting process. The Committee makes decisions on proxy policy, establishes formal Boston Partners' Proxy Voting Policies (the "Proxy Voting Policies") and updates the Proxy Voting Policies as necessary, but no less frequently than annually. In addition, the Committee, in its sole discretion, delegates certain functions to internal departments and/or engages third-party vendors to assist in the proxy voting process. Finally, members of the Committee are responsible for evaluating and resolving conflicts of interest relating to Boston Partners' proxy voting process.

To assist Boston Partners in carrying out our responsibilities with respect to proxy activities, Boston Partners has engaged Institutional Shareholder Services Inc. ("ISS"), a third-party corporate governance research service, which is registered as an investment adviser. ISS receives all proxy-related materials for securities held in client accounts and votes the proposals in accordance with Boston Partners' Proxy Voting Policies. ISS assists Boston Partners with voting execution through an electronic vote management system that allows ISS to pre-populate and automatically submit votes in accordance with Boston Partners' Proxy Voting Policies. While Boston Partners may consider ISS's recommendations on proxy issues, Boston Partners bears ultimate responsibility for proxy voting decisions and can change votes via ISS' electronic voting platform at any time before a meeting's cut-off date. ISS also provides recordkeeping and vote- reporting services.

**<u>How Boston Partners Votes</u>**

For those clients who delegate proxy voting authority to Boston Partners, Boston Partners has full discretion over votes cast on behalf of clients. All proxy votes on behalf of clients are voted the same way; however, Boston Partners may refrain from voting proxies for certain clients in certain markets. These arrangements are outlined in respective client investment management agreements. Boston Partners may also refrain from voting proxies on behalf of clients when shares are out on loan; when share blocking is required to vote; where it is not possible to vote shares; where there are legal or operational difficulties; where Boston Partners believes the administrative burden and/ or associated cost exceeds the expected benefit to a client; or where not voting or abstaining produces the desired outcome.

Boston Partners meets with ISS at least annually to review ISS policy changes, themes, methodology, and to review the Proxy Voting Policies. The information is taken to the Committee to discuss and decide what changes, if any, need to be made to the Proxy Voting Policies for the upcoming year.

The Proxy Voting Policies provide standard positions on likely issues for the upcoming proxy season. In determining how proxies should be voted, including those proxies the Proxy Voting Policies do not address or where the Proxy Voting Policies' application is ambiguous, Boston Partners primarily focuses on maximizing the economic value of its clients' investments. This is accomplished through engagements with Boston Partners' analysts and issuers, as well as independent research conducted by Boston Partners' Sustainability and Engagement Team. In the case of social and political responsibility issues that, in its view, do not primarily involve financial considerations, it is Boston Partners' objective to support shareholder proposals that it believes promote good corporate citizenship. If Boston Partners believes that any research provided by ISS or other sources is incorrect, that research is ignored in the proxy voting decision, which is escalated to the Committee so that all relevant facts can be discussed, and a final vote determination can be made. Boston Partners is alerted to proposals that may require more detailed analysis via daily system generated refer notification emails. These emails prompt the Committee Secretary to call a Committee meeting to discuss the items in question.

Although Boston Partners has instructed ISS to vote in accordance with the Proxy Voting Policies, Boston Partners retains the right to deviate from the Proxy Voting Policies if, in its estimation, doing so would be in the best interest of clients.

**<u>Conflicts</u>**

Boston Partners believes clients are sufficiently insulated from any actual or perceived conflicts Boston Partners may encounter between its interests and those of its clients because Boston Partners votes proxies based on the predetermined Proxy Voting Policies. However, as noted, Boston Partners may deviate from the Proxy Voting Policies in certain circumstances, or the Proxy Voting Policies may not address certain proxy voting proposals. If a member of Boston Partners' research or portfolio management team recommends that Boston Partners vote a particular proxy proposal in a manner inconsistent with the Proxy Voting Policies or if the Proxy Voting Policies do not address a particular proposal, Boston Partners will adhere to certain procedures designed to ensure that the decision to vote the particular proxy proposal is based on the best interest of Boston Partners' clients. These procedures require the individual requesting a deviation from the Proxy Voting Policies to complete a Conflicts Questionnaire (the "Questionnaire") along with written documentation of the economic rationale supporting the request. The Questionnaire seeks to identify possible relationships with the parties involved in the proxy that may not be apparent. Based on the responses to the Questionnaire, the Committee (or a subset of the Committee) will determine whether it believes a material conflict of interest is present. If a material conflict of interest is found to exist, Boston Partners will vote in accordance with client instructions, seek the recommendation of an independent third-party or resolve the conflict in such other manner as Boston Partners believes is appropriate, including by making its own determination that a particular vote is, notwithstanding the conflict, in the best interest of clients.

**<u>Oversight</u>**

Meetings and upcoming votes are reviewed by the Committee Secretary with a focus on votes against management. Votes on behalf of Boston Partners' clients are reviewed and compared against ISS' recommendations. When auditing vote instructions, which Boston Partners does at least annually, ballots voted for a specified period are requested from ISS, and a sample of those meetings are reviewed by Boston Partners' Operations Team. The information is then forwarded to compliance/ the Committee Secretary for review. Any perceived exceptions are reviewed with ISS and an analysis of what the potential vote impact would have been is conducted. ISS' most recent SOC-1 indicates they have their own control and audit personnel and procedures, and a sample of ballots are randomly selected on a quarterly basis. ISS compares ballots to applicable vote instructions recorded in their database. Due diligence meetings with ISS are conducted periodically.

**<u>Disclosures</u>**

A copy of Boston Partners' Proxy Voting Policies and Procedures, as updated from time to time, as well as information regarding the voting of securities for a client account are available upon request from your Boston Partners relationship manager. A copy of Boston Partners' Proxy Voting Policies and Procedures are also available at https://www.boston-partners.com/. For general inquires, contact (617) 832-8154.

**Boston Partners Proxy Policy contains a General Policy as well as country specific Policies. The information provided for each specific country cited should be viewed as supplemental to the General Policy**

**GENERAL POLICY**

---

| | |
|:---|:---|
| **I. The Board of Directors** | **1** |
| Voting on Director Nominees in Uncontested Elections | 1 |
| &nbsp;&nbsp;&nbsp;*Independence* | 1 |
| &nbsp;&nbsp;&nbsp;*Composition* | 1 |
| Attendance at Board and Committee Meetings | 1 |
| Overboarded Directors (Executive and Non-Executive) | 2 |
| Gender Diversity | 2 |
| Underrepresented Directors (U.S. Only) | 2 |
| More Candidates than Seats | 3 |
| &nbsp;&nbsp;&nbsp;*Responsiveness* | 3 |
| &nbsp;&nbsp;&nbsp;*Accountability* | 4 |
| Problematic Takeover Defenses/Governance Structure | 4 |
| Restrictions on Shareholders' Rights | 7 |
| Problematic Audit-Related Practices | 7 |
| Problematic Compensation Practices | 8 |
| Problematic Pledging of Company Stock | 8 |
| Climate Accountability | 9 |
| Governance Failures | 9 |
| Voting on Director Nominees in Contested Elections | 10 |
| &nbsp;&nbsp;&nbsp;*Vote-No Campaigns* | 10 |
| &nbsp;&nbsp;&nbsp;*Proxy Contests/Proxy Access — Voting for Director Nominees in Contested Elections* | 10 |
| Bundled and Unbundled Elections | 11 |
| Other Board-Related Proposals | 11 |
| &nbsp;&nbsp;&nbsp;*Adopt Anti-Hedging/Pledging/Speculative Investments Policy* | 11 |
| &nbsp;&nbsp;&nbsp;*Age/Term Limits* | 12 |
| &nbsp;&nbsp;&nbsp;*Board Size* | 12 |
| &nbsp;&nbsp;&nbsp;*Classification/Declassification of the Board* | 12 |
| &nbsp;&nbsp;&nbsp;*CEO Succession Planning* | 12 |
| &nbsp;&nbsp;&nbsp;*Cumulative Voting* | 12 |
| &nbsp;&nbsp;&nbsp;*Director and Officer Indemnification and Liability Protection* | 13 |
| &nbsp;&nbsp;&nbsp;*Establish/Amend Nominee Qualifications* | 13 |
| &nbsp;&nbsp;&nbsp;*Establish Other Board Committee Proposals* | 14 |
| &nbsp;&nbsp;&nbsp;*Filling Vacancies/Removal of Directors* | 14 |
| &nbsp;&nbsp;&nbsp;*Independent Chair (Separate Chair/CEO)* | 15 |
| &nbsp;&nbsp;&nbsp;*Majority of Independent Directors/Establishment of Independent Committees* | 15 |
| &nbsp;&nbsp;&nbsp;*Majority Vote Standard for the Election of Directors* | 15 |
| &nbsp;&nbsp;&nbsp;*Proxy Access* | 15 |

---

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| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;Shareholder Engagement Policy (Shareholder Advisory Committee) | 16 |
| **II. Audit-Related** | **16** |
| Auditor Indemnification and Limitation of Liability | 16 |
| Auditor Ratification/Reelection | 16 |
| Appointment of Internal Statutory Auditors | 17 |
| Shareholder Proposals Limiting Non-Audit Services | 18 |
| Shareholder Proposals on Audit Firm Rotation | 18 |
| **III. Shareholder Rights and Defenses** | **18** |
| Shareholder Proposals | 18 |
| Advance Notice Requirements for Shareholder Proposals/Nominations | 18 |
| Amend By-laws without Shareholder Consent | 19 |
| Control Share Acquisition Provisions | 19 |
| Control Share Cash-Out Provisions | 19 |
| Disgorgement Provisions | 19 |
| Fair Price Provisions | 20 |
| Freeze-Out Provisions | 20 |
| Greenmail | 20 |
| Litigation Rights (including Exclusive Venue and Fee-Shifting By-law Provisions) (U.S. only) | 20 |
| Poison Pills (Shareholder Rights Plans) | 21 |
| Shareholder Proposals to Put Pill to a Vote and/or Adopt a Pill Policy | 21 |
| Management Proposals to Ratify a Poison Pill | 22 |
| Net Operating Losses Protective Amendments and Management Proposals to Ratify a Pill to Preserve NOLs | 22 |
| Proxy Voting Disclosure, Confidentiality, and Tabulation | 23 |
| Ratification Proposals: Management Proposals to Ratify Existing Charter or By-law Provisions | 23 |
| Reimbursing Proxy Solicitation Expenses | 24 |
| Reincorporation Proposals | 24 |
| Shareholder Ability to Act by Written Consent | 24 |
| Shareholder Ability to Call Special Meetings | 24 |
| Stakeholder Provisions | 25 |
| State Antitakeover Statutes | 25 |
| Supermajority Vote Requirements | 25 |
| **IV. Capital/ Restructuring** | **25** |
| Adjustments to Par Value of Common Stock | 25 |
| Shelf Registration Program | 25 |
| Common Stock Authorization/ Share Issuance Requests | 26 |
| &nbsp;&nbsp;&nbsp;*General Authorization Requests* | 26 |
| &nbsp;&nbsp;&nbsp;*Specific Authorization Requests* | 26 |
| Reduction of Capital | 27 |
| Dual Class Structure | 27 |

---

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| | |
|:---|:---|
| Issue Stock for Use with Rights Plan | 27 |
| Preemptive Rights | 27 |
| Preferred Stock Authorization | 28 |
| General Authorization Requests | 28 |
| Specific Authorization Requests | 29 |
| &nbsp;&nbsp;&nbsp;*Recapitalization Plans* | 29 |
| &nbsp;&nbsp;&nbsp;***Reverse Stock Splits*** | 29 |
| Share Repurchase Programs | 30 |
| Reissuance of Repurchased Shares | 31 |
| Stock Distributions: Splits and Dividends | 31 |
| Tracking Stock | 31 |
| Appraisal Rights | 31 |
| Asset Purchases | 31 |
| Asset Sales | 32 |
| Pledging of Assets for Debt | 32 |
| Increase in Borrowing Powers | 32 |
| Bundled Proposals | 32 |
| Conversion of Securities | 32 |
| Corporate Reorganization/Debt Restructuring/Prepackaged Bankruptcy Plans/Reverse Leveraged Buyouts/Wrap Plans | 33 |
| Formation of Holding Company | 33 |
| Going Private and Going Dark Transactions (LBOs and Minority Squeeze-outs) | 34 |
| Joint Ventures | 34 |
| Liquidations | 34 |
| Mergers and Acquisitions | 35 |
| Private Placements/Warrants/Convertible Debentures | 35 |
| Reorganization/Restructuring Plan (Bankruptcy) | 37 |
| Special Purpose Acquisition Corporations (SPACs) | 37 |
| Special Purpose Acquisition Corporations (SPACs) - Proposals for Extensions | 37 |
| Spin-offs | 37 |
| Value Maximization Shareholder Proposals | 38 |
| **V. Compensation** | **38** |
| Advisory Votes on Executive Compensation—Management Proposals (Management Say-on-Pay) | 38 |
| Primary Evaluation Factors for Executive Pay | 39 |
| Problematic Pay Practices | 40 |
| Problematic Pay Practices related to Non-Performance-Based Compensation Elements | 40 |
| Options Backdating | 40 |
| Frequency of Advisory Vote on Executive Compensation ("Say When on Pay") | 41 |
| Voting on Golden Parachutes in an Acquisition, Merger, Consolidation, or Proposed Sale | 41 |
| Equity-Based and Other Incentive Plans | 42 |

---

---

| | |
|:---|:---|
| Further Information on certain EPSC Factors | 43 |
| SVT | 43 |
| &nbsp;&nbsp;&nbsp;*Egregious Factors* | 44 |
| &nbsp;&nbsp;&nbsp;*Other Compensation Plans* | 45 |
| &nbsp;&nbsp;&nbsp;*401(k) Employee Benefit Plans* | 45 |
| &nbsp;&nbsp;&nbsp;*Employee Stock Ownership Plans (ESOPs)* | 46 |
| &nbsp;&nbsp;&nbsp;*Employee Stock Purchase Plans—Qualified Plans* | 46 |
| &nbsp;&nbsp;&nbsp;*Employee Stock Purchase Plans—Non-Qualified Plans* | 46 |
| &nbsp;&nbsp;&nbsp;*Option Exchange Programs/Repricing Options* | 46 |
| &nbsp;&nbsp;&nbsp;*Stock Plans in Lieu of Cash* | 47 |
| &nbsp;&nbsp;&nbsp;*Transfer Stock Option (TSO) Programs* | 47 |
| Director Compensation | 48 |
| &nbsp;&nbsp;&nbsp;*Non- Executive Directors* | 48 |
| &nbsp;&nbsp;&nbsp;*Equity Plans for Non- Executive Directors* | 49 |
| &nbsp;&nbsp;&nbsp;*Non- Executive Director Retirement Plans* | 49 |
| &nbsp;&nbsp;&nbsp;*Shareholder Proposals on Compensation* | 49 |
| &nbsp;&nbsp;&nbsp;*Compensation Consultants—Disclosure of Board or Company's Utilization* | 50 |
| &nbsp;&nbsp;&nbsp;*Golden Coffins/Executive Death Benefits* | 50 |
| &nbsp;&nbsp;&nbsp;*Hold Equity Past Retirement or for a Significant Period of Time* | 50 |
| &nbsp;&nbsp;&nbsp;*Non-Deductible Compensation (U.S.)* | 51 |
| &nbsp;&nbsp;&nbsp;*Pay Disparity* | 51 |
| &nbsp;&nbsp;&nbsp;*Pay for Performance/Performance-Based Awards* | 51 |
| &nbsp;&nbsp;&nbsp;*Pay for Superior Performance* | 52 |
| &nbsp;&nbsp;&nbsp;*Pre-Arranged Trading Plans (10b5-1 Plans)* | 52 |
| &nbsp;&nbsp;&nbsp;*Prohibit Outside CEOs from Serving on Compensation Committees* | 53 |
| &nbsp;&nbsp;&nbsp;*Recoupment of Incentive or Stock Compensation in Specified Circumstances* | 53 |
| &nbsp;&nbsp;&nbsp;*Severance Agreements for Executives/Golden Parachutes* | 53 |
| &nbsp;&nbsp;&nbsp;*Share Buyback Proposals* | 54 |
| &nbsp;&nbsp;&nbsp;*Supplemental Executive Retirement Plans (SERPs)* | 54 |
| &nbsp;&nbsp;&nbsp;*Tax Gross-Up Proposals* | 54 |
| &nbsp;&nbsp;&nbsp;*Termination of Employment Prior to Severance Payment/Eliminating Accelerated Vesting of Unvested Equity* | 54 |
| **VI. Routine/ Miscellaneous/ Operational** | **55** |
| Adjourn Meeting | 55 |
| Amend Quorum Requirements | 55 |
| Amend Minor By-laws | 55 |
| Change Company Name | 55 |
| Change Date, Time, or Location of Annual Meeting | 55 |
| Other Business | 56 |

---

---

| | |
|:---|:---|
| Management Supported Shareholder Proposals: Reporting | 56 |
| Allocation of Income | 56 |
| Stock (Scrip) Dividend Alternative | 56 |
| Amendments to Articles of Association (Bylaws), Board Policies, and Board Committees' Charters | 56 |
| Change in Company Fiscal Term | 56 |
| Lower Disclosure Threshold for Stock Ownership | 57 |
| Expansion of Business Activities | 57 |
| Related-Party Transactions | 57 |
| Charitable Donations | 57 |
| Virtual Meetings | 58 |
| Financial Results/Director and Statutory Reports | 58 |
| **VII. Social and Environmental** | **58** |
| Endorsement of Principles | 58 |
| Animal Welfare | 59 |
| &nbsp;&nbsp;&nbsp;*Animal Welfare Policies* | 59 |
| &nbsp;&nbsp;&nbsp;*Animal Testing* | 59 |
| &nbsp;&nbsp;&nbsp;*Animal Slaughter* | 59 |
| Consumer Issues | 59 |
| &nbsp;&nbsp;&nbsp;*Genetically Modified Ingredients* | 60 |
| &nbsp;&nbsp;&nbsp;*Reports on Potentially Controversial Business/Financial Practices* | 60 |
| &nbsp;&nbsp;&nbsp;*Pharmaceutical Pricing, Access to Medicines, and Prescription Drug Reimportation* | 60 |
| &nbsp;&nbsp;&nbsp;*Product Safety and Toxic/Hazardous Materials* | 61 |
| &nbsp;&nbsp;&nbsp;*Tobacco-Related Proposals* | 61 |
| Climate Change | 62 |
| &nbsp;&nbsp;&nbsp;*Say on Climate (SoC) Management Proposals* | 62 |
| &nbsp;&nbsp;&nbsp;*Say on Climate (SoC) Shareholder Proposals* | 62 |
| &nbsp;&nbsp;&nbsp;*Climate Change/Greenhouse Gas (GHG) Emissions* | 63 |
| &nbsp;&nbsp;&nbsp;*Energy Efficiency* | 63 |
| &nbsp;&nbsp;&nbsp;*Renewable Energy* | 64 |
| Diversity | 64 |
| &nbsp;&nbsp;&nbsp;*Board Diversity* | 64 |
| &nbsp;&nbsp;&nbsp;*Equality of Opportunity* | 65 |
| &nbsp;&nbsp;&nbsp;*Gender Identity, Sexual Orientation, and Domestic Partner Benefits* | 65 |
| &nbsp;&nbsp;&nbsp;*Gender, Race/ Ethnicity Pay Gap* | 65 |
| &nbsp;&nbsp;&nbsp;*Racial Equity and/or Civil Rights Audit Guidelines* | 65 |
| Environment and Sustainability | 66 |
| &nbsp;&nbsp;&nbsp;*Facility and Workplace Safety* | 66 |
| &nbsp;&nbsp;&nbsp;*General Environmental Proposals and Community Impact Assessments* | 66 |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;*Hydraulic Fracturing* | 67 |
| &nbsp;&nbsp;&nbsp;*Operations in Protected Areas* | 67 |
| &nbsp;&nbsp;&nbsp;*Recycling* | 67 |
| &nbsp;&nbsp;&nbsp;*Sustainability Reporting* | 67 |
| &nbsp;&nbsp;&nbsp;*Water Issues* | 68 |
| General Corporate Issues | 68 |
| &nbsp;&nbsp;&nbsp;*Charitable Contributions* | 68 |
| &nbsp;&nbsp;&nbsp;*Data Security, Privacy, and Internet Issues* | 68 |
| &nbsp;&nbsp;&nbsp;*Environmental, Social, and Governance (ESG) Compensation-Related Proposals* | 69 |
| &nbsp;&nbsp;&nbsp;*Human Rights, Labor Issues, and International Operations* | 69 |
| Human Rights Proposals | 69 |
| Operations in High Risk Markets | 70 |
| Outsourcing/Offshoring | 70 |
| Weapons and Military Sales | 70 |
| &nbsp;&nbsp;&nbsp;*Mandatory Arbitration* | 70 |
| &nbsp;&nbsp;&nbsp;*Sexual Harassment* | 71 |
| Political Activities | 71 |
| &nbsp;&nbsp;&nbsp;*Lobbying* | 71 |
| &nbsp;&nbsp;&nbsp;*Political Contributions* | 71 |
| &nbsp;&nbsp;&nbsp;*Political Ties* | 72 |
| **VIII. Mutual Fund Proxies** | **72** |
| Election of Directors | 72 |
| Converting Closed-end Fund to Open-end Fund | 72 |
| Proxy Contests | 73 |
| Investment Advisory Agreements | 73 |
| Approving New Classes or Series of Shares | 73 |
| Preferred Stock Proposals | 73 |
| 1940 Act Policies (U.S.) | 74 |
| Changing a Fundamental Restriction to a Nonfundamental Restriction | 74 |
| Change Fundamental Investment Objective to Nonfundamental | 74 |
| Name Change Proposals | 74 |
| Change in Fund's Subclassification | 74 |
| Business Development Companies—Authorization to Sell Shares of Common Stock at a Price below Net Asset Value | 75 |
| Disposition of Assets/Termination/Liquidation | 75 |
| Changes to the Charter Document | 75 |
| Changing the Domicile of a Fund | 76 |
| Authorizing the Board to Hire and Terminate Sub-advisers Without Shareholder Approval | 76 |
| Distribution Agreements | 76 |
| Master-Feeder Structure | 76 |

---

---

| | |
|:---|:---|
| Mergers | 76 |
| Closed End Funds-Unilateral Opt-in to Control Share Acquisition Statutes | 77 |
| Shareholder Proposals for Mutual Funds | 77 |
| Reimburse Shareholder for Expenses Incurred | 77 |
| Terminate the Investment Advisor | 77 |
| **AUSTRALIA AND NEW ZEALAND** | **AUSTRALIA AND NEW ZEALAND** |
| **I. General** | **78** |
| Constitutional Amendment | 78 |
| Renewal of "Proportional Takeover" Clause in Constitution | 78 |
| Significant Change in Activities | 78 |
| **II. Share Capital** | **79** |
| Non-Voting Shares | 79 |
| Reduction of Share Capital: Cash Consideration Payable to Shareholders | 80 |
| Reduction of Share Capital: Absorption of Losses | 80 |
| Buybacks/Repurchases | 80 |
| **III. Board of Directors** | **80** |
| Voting on Director Nominees in Uncontested Elections | 80 |
| &nbsp;&nbsp;&nbsp;*Attendance (Australia)* | 80 |
| &nbsp;&nbsp;&nbsp;*Independence (Australia)* | 81 |
| &nbsp;&nbsp;&nbsp;*Combined Chair and CEO (Australia)* | 81 |
| &nbsp;&nbsp;&nbsp;*Problematic Remuneration Practices (Australia)* | 81 |
| &nbsp;&nbsp;&nbsp;*Shareholder Nominees* | 82 |
| Removal of Directors (New Zealand) | 82 |
| **IV. Remuneration** | **82** |
| Remuneration Report (Australia) | 82 |
| Remuneration of Executive Directors: Share Incentive Schemes (Australia) | 84 |
| Remuneration of Executives: Options and Other Long-Term Incentives | 84 |
| Non-Executive Director Perks/Fringe Benefits (Australia) | 86 |
| Remuneration of Non-Executive Directors: Increase in Aggregate Fee Cap | 87 |
| Remuneration of Non-Executive Directors: Issue of Options (New Zealand) | 87 |
| Remuneration of Non-Executive Directors: Approval of Share Plan | 87 |
| Transparency of CEO Incentives (New Zealand) | 87 |
| Shareholder Resolutions (New Zealand) | 88 |
| **BRAZIL** | **BRAZIL** |
| **I. Board of Directors** | **89** |
| Minimum Independent Levels | 89 |
| Election of Minority Nominees (Separate Election) | 89 |

---

---

| | |
|:---|:---|
| Installation of Fiscal Council | 90 |
| Combined Chairman/CEO | 90 |
| Board Structure | 90 |
| **II. Capital Structure** | **90** |
| Share Repurchase Plans | 90 |
| **III. Compensation** | **91** |
| Management Compensation | 91 |
| Compensation Plans | 91 |
| **IV. Other** | **92** |
| Items Antitakeover Mechanisms | 92 |
| **CANADA: TSX- LISTED AND VENTURE LISTED COMPANIES** | **CANADA: TSX- LISTED AND VENTURE LISTED COMPANIES** |
| **I. Board of Directors** | **93** |
| Director Elections | 93 |
| Gender Diversity | 93 |
| Audit Fee Disclosure | 94 |
| Director Attendance | 94 |
| Board Responsiveness | 94 |
| Unilateral Adoption of an Advance Notice Provision | 94 |
| Externally-Managed Issuers (EMIs) | 95 |
| Proxy Access | 95 |
| &nbsp;&nbsp;&nbsp;*Proxy Contests – Voting for Director Nominees in Contested Elections* | 95 |
| **II. Shareholder Rights & Defenses** | **96** |
| Advance Notice Requirements | 96 |
| Enhanced Shareholder Meeting Quorum for Contested Director Elections | 97 |
| Appointment of Additional Directors Between Annual Meetings | 97 |
| Article/By-law Amendments | 97 |
| Confidential Voting | 98 |
| Poison Pills (Shareholder Rights Plans) | 98 |
| Exclusive Forum Proposals | 99 |
| **III. Capital/ Restructuring** | **99** |
| Increases in Authorized Capital | 99 |
| Private Placement Issuances | 99 |
| Blank Check Preferred Stock | 100 |
| Dual-class Stock | 100 |
| Escrow Agreements | 101 |
| **IV. Compensation** | **101** |
| Pay for Performance Evaluation | 101 |
| &nbsp;&nbsp;&nbsp;*Step I: Quantitative Screen* | 101 |

---

---

| | |
|:---|:---|
| Relative | 101 |
| Absolute | 101 |
| &nbsp;&nbsp;&nbsp;*Step II: Qualitative Analysis* | 102 |
| Problematic Pay Practices | 102 |
| Equity-Based Compensation Plans | 103 |
| &nbsp;&nbsp;&nbsp;*Plan Cost* | 105 |
| &nbsp;&nbsp;&nbsp;*Overriding Negative Factors* | 105 |
| Plan Amendment Provisions | 105 |
| Non- Executive Director (NED) Participation | 105 |
| Limited Participation | 105 |
| Individual Grants | 106 |
| Employee Stock Purchase Plans (ESPPs, ESOPs) | 106 |
| Management Deferred Share Unit (DSU) Plans | 106 |
| Non- Executive Director (NED) Deferred Share Unit (DSU) Plans | 107 |
| Problematic Director Compensation Practices | 108 |
| Shareholder Proposals on Compensation | 108 |
| Shareholder Advisory Vote Proposals | 108 |
| Supplemental Executive Retirement Plan (SERP) Proposals | 109 |
| **CHINA AND HONG KONG** | **CHINA AND HONG KONG** |
| **I. Board of Directors** | **110** |
| Voting for Director Nominees in Uncontested Elections (Hong Kong) | 110 |
| &nbsp;&nbsp;&nbsp;*Independence and Composition* | 110 |
| **II. Remuneration** | **111** |
| Director Remuneration | 111 |
| Equity-based Compensation | 111 |
| Employee Stock Purchase Plans | 112 |
| **III. Capital Raising** | **112** |
| Share Issuance Requests | 112 |
| Share Repurchase Plans (Repurchase Mandate) (Hong Kong) | 113 |
| Reissuance of Shares Repurchased (Share Reissuance Mandate) (Hong Kong) | 113 |
| A-share Private Placement Issuance Requests (Hong Kong) | 113 |
| Adjustments of Conversion Price of Outstanding Convertible Bonds | 113 |
| Debt Issuance Request/Increase in Borrowing Powers | 113 |
| Provision of Guarantees/ Loan Guarantee Requests | 114 |
| **IV. Amendments to Articles of Association/ Company By-laws** | **114** |
| Communist Party Committee | 114 |
| Other Article of Association/By-law Amendments | 115 |
| **V. Related Party Transactions** | **115** |

---

---

| | |
|:---|:---|
| Loan Financing Requests | 115 |
| Group Finance Companies | 115 |
| **VI. Proposals to Invest in Financial Products Using Idle Funds** | **115** |
| &nbsp;&nbsp;&nbsp;**CONTINENTAL EUROPE** | &nbsp;&nbsp;&nbsp;**CONTINENTAL EUROPE** |
| **I. Operational Items** | **116** |
| Appointment of Auditors and Auditor Fees | 116 |
| Approval of Non-financial Information Statement/ Report | 117 |
| **II. Director Elections** | **117** |
| Non-Contested Director Elections | 117 |
| &nbsp;&nbsp;&nbsp;*Director Terms* | 117 |
| &nbsp;&nbsp;&nbsp;*Bundling of Proposals to Elect Directors* | 117 |
| &nbsp;&nbsp;&nbsp;*Board Independence* | 117 |
| &nbsp;&nbsp;&nbsp;Widely-held Controlled Companies and Non widely-held Companies | 117 |
| &nbsp;&nbsp;&nbsp;Widely-held Non-controlled Companies | 118 |
| &nbsp;&nbsp;&nbsp;*Disclosure of Names of Nominees* | 118 |
| &nbsp;&nbsp;&nbsp;*Election of a Former CEO as Chairman of the Board* | 118 |
| &nbsp;&nbsp;&nbsp;*Voto di Lista (Italy)* | 118 |
| &nbsp;&nbsp;&nbsp;*One Board Seat per Director* | 118 |
| &nbsp;&nbsp;&nbsp;*Composition of Committees* | 118 |
| &nbsp;&nbsp;&nbsp;*Election of Censors (France)* | 119 |
| &nbsp;&nbsp;&nbsp;*Board Gender Diversity* | 120 |
| Committee of Representatives and Corporate Assembly Elections (Denmark and Norway) | 120 |
| **III. Capital Structure** | **120** |
| Share Issuance Requests | 120 |
| &nbsp;&nbsp;&nbsp;*General Issuances* | 120 |
| &nbsp;&nbsp;&nbsp;*For French Companies* | 121 |
| Increases in Authorized Capital | 121 |
| **IV. Compensation** | **121** |
| Executive Compensation-related Proposals | 121 |
| Non-Executive Director Compensation | 123 |
| Equity-based Compensation Guidelines | 123 |
| Compensation-Related Voting Sanctions | 124 |
| Stock Option Plans – Adjustment for Dividend (Nordic Region) | 124 |
| Share Matching Plans (Sweden and Norway) | 125 |
| **V. Other Items** | **125** |
| Antitakeover Mechanisms | 125 |
| Authority to Reduce Minimum Notice Period for Calling a Meeting | 126 |
| Auditor Report Including Related Party Transactions (France) | 126 |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;**EUROPE, THE MIDDLE EAST, AND AFRICA** | &nbsp;&nbsp;&nbsp;**EUROPE, THE MIDDLE EAST, AND AFRICA** |
| **I. Operational Items** | **127** |
| Financial Results/Director and Auditor Reports | 127 |
| Appointment of Auditors and Auditor Fees | 128 |
| Donations | 128 |
| **II. Board of Directors** | **128** |
| Board Independence | 128 |
| Committee Independence | 128 |
| Cumulative Voting System | 129 |
| **III. Capital Structure** | **129** |
| Capital Structures | 129 |
| Preferred Stock | 130 |
| Debt Issuance Requests | 130 |
| **IV. Compensation** | **130** |
| Remuneration Policy/Report | 130 |
| **V. Other Items** | **131** |
| Related-Party Transactions | 131 |
| **INDIA** |  |
| **I. Board of Directors** | **131** |
| Executive Appointment | 131 |
| Election of Directors | 131 |
| &nbsp;&nbsp;&nbsp;*Accountability* | 131 |
| &nbsp;&nbsp;&nbsp;*Composition* | 132 |
| Separation of Roles of Chair and CEO | 132 |
| **II. Remuneration** | **132** |
| Director Commission and Executive Compensation | 132 |
| Fees for Non-executive Directors | 132 |
| Executive Compensation | 132 |
| Equity Compensation Plans | 133 |
| **III. Share Issuance Requests** | **133** |
| Preferential Issuance Requests and Preferential Issuance of Warrants | 133 |
| Specific Issuance Requests | 133 |
| **IV. Debt Issuance Requests** | **133** |
| Debt Related Proposals | 133 |
| Increase in Borrowing Powers | 134 |
| Pledging of Assets for Debt | 135 |
| Financial Assistance | 135 |
| **V. Miscellaneous** | **135** |

---

---

| | |
|:---|:---|
| Accept Financial Statements and Statutory Reports | 135 |
| Acceptance of Deposits | 136 |
| Charitable Donations | 136 |
| Increase in Foreign Shareholding Limit | 136 |
| **ISRAEL** | **ISRAEL** |
| **I. Operational Items** | **136** |
| **Appointment of Auditors and Auditor Fees** | **136** |
| II. Compensation | 137 |
| Executive Compensation-related Proposals | 137 |
| Non-Executive Director Compensation | 138 |
| Equity-based Compensation Guidelines | 138 |
| **JAPAN** | **JAPAN** |
| **I. Routine Miscellaneous** | **139** |
| Income Allocation | 139 |
| Election of Statutory Auditors | 140 |
| **II. Election of Directors** | **140** |
| Voting on Director Nominees in Uncontested Elections | 140 |
| **III. Article Amendments** | **141** |
| Adoption of a U.S.-style Three Committee Board Structure | 141 |
| Adoption of a Board with Audit Committee Structure | 141 |
| Increase in Authorized Capital | 141 |
| Creation/Modification of Preferred Shares/Class Shares | 141 |
| Repurchase of Shares at Board's Discretion | 142 |
| Allow Company to Make Rules Governing the Exercise of Shareholders' Rights | 142 |
| Limit Rights of Odd Shareholders | 142 |
| Amendments Related to Takeover Defenses | 142 |
| Decrease in Maximum Board Size | 142 |
| Supermajority Vote Requirement to Remove a Director | 142 |
| Creation of Advisory Positions (Sodanyaku or Komon) | 142 |
| Payment of Dividends at the Board's Discretion | 142 |
| Management Buyout Related Amendments | 143 |
| **IV. Compensation** | **143** |
| Annual Bonuses for Directors/Statutory Auditors | 143 |
| Retirement Bonuses | 143 |
| Special Payments in Connection with Abolition of Retirement Bonus System | 143 |
| Stock Option Plans/Deep-Discounted Stock Option Plans | 143 |
| &nbsp;&nbsp;&nbsp;*Stock Option Plans* | 143 |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;*Deep-Discounted Stock Option Plans* | 144 |
| Director Compensation Ceiling | 144 |
| Statutory Auditor Compensation Ceiling | 144 |
| **KOREA** | **KOREA** |
| **I. Election of Directors** | **144** |
| Director Elections | 144 |
| &nbsp;&nbsp;&nbsp;*Independence* | 144 |
| &nbsp;&nbsp;&nbsp;*Composition* | 145 |
| Voting on Director Nominees in Contested Elections | 145 |
| **II. Audit Related** | **145** |
| Election of Audit Committee Member(s) | 145 |
| Election of Internal Auditor(s)/ Establishment of Audit Committees | 145 |
| **III. Capital Structure/Restructuring** | **145** |
| Stock Split | 145 |
| Spinoff Agreement | 146 |
| Reduction in Capital Accompanied by Cash Consideration | 146 |
| Reduction in Capital Not Accompanied by Cash Consideration | 146 |
| Merger Agreement, Sales/ Acquisition of Company Assets, and Formation of Holding Company | 146 |
| **IV. Compensation** | **146** |
| Remuneration Cap for Directors | 147 |
| Remuneration Cap for Internal Auditors | 147 |
| Stock Option Grants | 147 |
| Amendments to Terms of Severance Payments to Executives | 147 |
| Stock Option Programs for the Employee Stock Ownership Plan | 147 |
| Golden Parachute Clause | 148 |
| **V. Routine/Miscellaneous** | **148** |
| Authorizing Board to Approve Financial Statements and Income Allocation | 148 |
| **RUSSIA AND KAZAKHSTAN** | **RUSSIA AND KAZAKHSTAN** |
| **I. Operation Items** | **148** |
| Financial Results/Director and Auditor Reports | 148 |
| Appointment of Auditors and Auditor Fees | 149 |
| Appointment of Audit Commission | 149 |
| Early Termination of the Audit Commission | 149 |
| **II. Board of Directors** | **149** |
| Cumulative Voting System | 149 |
| Early Termination of Powers of Board of Directors | 150 |
| Election of General Director (CEO) | 150 |

---

---

| | |
|:---|:---|
| Early Termination of Powers of General Director (CEO) | 150 |
| **III. Compensation** | **150** |
| Non-Executive Director Compensation | 150 |
| Equity-based Compensation Guidelines | 151 |
| **SINGAPORE** | **SINGAPORE** |
| **I. Board of Directors** | **151** |
| Voting for Director Nominees in Uncontested Elections- Independence and Composition | 152 |
| **II. Remuneration** | **152** |
| Director Remuneration | 153 |
| Equity Compensation Plans | 153 |
| **III. Share Issuance Requests** | **153** |
| Issuance Requests | 153 |
| General Issuance Requests – Real Estate Investment Trusts | 153 |
| Specific Issuance Requests | 154 |
| Share Repurchase Plans | 154 |
| **IV. Articles and By-law Amendments** | **154** |
| **V. Related Party Transactions** | **154** |
| **SOUTH AFRICA** | **SOUTH AFRICA** |
| **I. Operational Items** | **154** |
| Authority to Ratify and Execute Approved Resolutions | 154 |
| **II. Board of Directors** | **155** |
| Voting on Director Nominees in Uncontested Elections | 155 |
| Accountability | 155 |
| Audit Committee Elections | 155 |
| Social and Ethics Committee Elections | 156 |
| **III. Capital Structure** | **156** |
| Share Issuance Authorities | 156 |
| Share Buyback Authorities | 156 |
| **IV. Remuneration** | **157** |
| Fees for Non-Executive Directors | 157 |
| Approval of Remuneration Policy | 157 |
| Approval of Implementation Report | 157 |
| New Equity Incentive Scheme or Amendment to Existing Scheme | 158 |
| Financial Assistance | 158 |
| **V. Other Items** | **159** |
| New Memorandum of Incorporation (MOI)/ Amendments to the MOI | 159 |
| Black Economic Empowerment (BEE) Transactions | 159 |

---

---

| | |
|:---|:---|
| Social and Ethics Committee Report | 159 |
| **TAIWAN** |  |
| **I. Allocation of Income and Dividends** | **159** |
| Allocation of Income and Dividends | 159 |
| Cash Dividends or New Shares from Capital and Legal Reserves | 160 |
| Stock Dividends | 160 |
| **II. Capital Reduction** | **160** |
| **III. Amendments to Company Articles/By-laws** | **160** |
| Cash Dividend Distribution Plans | 160 |
| **IV. Capital Raising** | **160** |
| **V. Compensation** | **161** |
| Equity Based Compensation | 161 |
| **VI. Release of Restrictions on Directors Competitive Activities** | **161** |
| **UNITED KINGDOM AND IRELAND** |  |
| **I. Operational Items** | **161** |
| Accept Financial Statements and Statutory Reports | 161 |
| **II. The Board of Directors** | **162** |
| Board Diversity | 162 |
| &nbsp;&nbsp;&nbsp;*Gender Diversity* | 162 |
| &nbsp;&nbsp;&nbsp;*Ethnic Diversity* | 163 |
| Board Independence and Tenure | 163 |
| Board and Committee Composition | 164 |
| **III. Compensation** | **165** |
| Remuneration Policy | 165 |
| Remuneration Report | 166 |
| Approval of a New or Amended LTIP | 167 |
| **IV. Capital Structure** | **168** |
| Authorize Issue of Equity with and without Pre-emptive Rights | 168 |
| Authorize Market Purchase of Ordinary Shares | 168 |
| **V. Other Items** | **169** |
| Authorize EU Political Donations and Expenditure | 169 |
| Continuation of Investment Trust | 169 |

---

**Boston Partners**

**Proxy Voting Policies**

**As of March 2025**

**GENERAL POLICY**

**I. The Board of Directors**

**Voting on Director Nominees in Uncontested Elections**

Votes for director nominees on a CASE-BY-CASE basis. Boston Partners will generally vote FOR director nominees when names of the nominee(s) and adequate disclosure have been provided in a timely manner, except under the following circumstances:

**Independence**

Vote AGAINST or WITHHOLD from non-independent directors (Executive Directors and Non- Independent Non-Executive Directors) when:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Independent directors comprise less than one-third of the board (Boston Partners will support higher
thresholds required by local law or regulation);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. A non-independent director, not including employee/ labor representatives required to sit on a board
committee(s) by law, serves on the audit, compensation, or nominating committee;

&nbsp;&nbsp;&nbsp;&nbsp;3. The company lacks an audit, compensation or nominating committee so that the full board functions as
that committee; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. The company lacks a formal nominating committee, even if the board attests that the independent directors
fulfill the functions of such a committee.

Vote AGAINST individual directors, members of a committee, or the entire board due to a conflict of interest that raises significant potential risk, in the absence of mitigating measures and/or procedures.

Except in Japanese markets where no numerical threshold is used, Boston Partners uses a three-year cooling-off period in determining whether a nominee is or is not independent. However, Boston Partners will vote in accordance with specific country or region thresholds required by law.

***Composition***

**Attendance at Board and Committee Meetings**

Generally, vote AGAINST or WITHHOLD from directors (except nominees who served only part of the fiscal year) who attend less than 75 percent of the of their board and committee meetings for the period for which they served, unless an acceptable reason for absences is disclosed in the proxy or another filing. Acceptable reasons for director absences are generally limited to the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Medical issues/illness;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Family emergencies; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Missing only one meeting (when the total of all meetings is three or fewer).

In cases of chronic poor attendance without reasonable justification, in addition to voting against the director(s) with poor attendance, generally vote AGAINST or WITHHOLD from appropriate members of the nominating/governance committees or the full board.

If the proxy disclosure is unclear and insufficient to determine whether a director attended at least 75 percent of the aggregate of his/her board and committee meetings during his/her period of service, vote AGAINST or WITHHOLD from the director(s) in question.

**Overboarded Directors (Executive and Non-Executive)**

Vote AGAINST non-CEO nominees sitting on more than four (4) total public company boards and AGAINST or WITHHOLD votes from CEOs sitting on more than three (3) total public company boards. Additionally, vote AGAINST nominees if they exceed lesser thresholders mandated by local country or regional laws.

**Board Diversity**

REFER majority gender board representatives of the nominating committee or majority gender nominees of the full board when no nominating committee exists (except nominees who served only part of the fiscal year) if there is not at least one (1) board member that is not of the majority board gender for both U.S. and non-U.S. companies or if there is not at least one (1) board member from an underrepresented<sup>(</sup>**<sup>1</sup><sup>)</sup>** community for U.S. companies.

For REFER items, Boston Partners' Governance Committee will consider the following:

- Process for recruitment of directors;

- Relevant financial implications of diversity;

- Nature of the business;

- Legal exposure;

- Country/industry norms;

- Relevant controversies;

- Significantly lagging peers;

- Commitments to diversity;

- Past representation on the board.

<sup>1</sup> A director from an underrepresented community is classified as an individual who is American Indian or Alaskan Native (a person having origins in any of the original peoples of North America, and who maintains cultural identification through tribal affiliation or community recognition); Asian or Pacific Islander (Native Hawaiian/ Other Pacific Islander); Black (a person having origins in any of the black racial groups of Africa); or Hispanic or Latino (speaking Spanish or descending from Spanish-speaking populations or people descending from Latin America including Brazil). If this policy is in conflict with Boston Partners' Gender Diversity Policy, the matter will be referred to the Governance Committee for discussion and final determination on votes cast.

**More Candidates than Seats**

Where the number of candidates exceeds the number of board seats, vote FOR all or a limited number of the independent director nominees considering factors including, but not limited to, the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Past composition of the board, including proportion of the independent directors vis-a-vis the size
of the board;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Nominee(s) qualification, knowledge, and experience;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Attendance record of the director nominees;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Company's free float.

Vote AGAINST shareholder proposals that would require a company to nominate more candidates than the number of open board seats.

**Classified/Staggard Board (U.S. Only)**

Vote AGAINST all nominees if the Board is classified or staggard.

**Responsiveness**

Vote CASE-BY-CASE on individual directors, committee members, or the entire board of directors as appropriate if:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The board failed to act on a shareholder proposal that received the support of a majority of the shares
cast in the previous year or acted on a management proposal that was opposed by a majority of the shares cast in the previous year. Factors
considered will be:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Disclosed outreach efforts by the board to shareholders in the wake of the vote;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Rationale provided in the proxy statement for the level of implementation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. The subject matter of the proposal;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. The level of support for and opposition to the resolution in past meetings;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e. Actions taken by the board in response to the majority vote and its engagement with shareholders;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;f. The continuation of the underlying issue as a voting item on the ballot (as either shareholder or management
proposals); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;g. Other factors as appropriate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The board failed to act on takeover offers where the majority of shares are tendered;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. At the previous board election, any director received more than 50 percent AGAINST or WITHHOLD votes
of the shares cast and the company has failed to address the issue(s) that caused the high AGAINST or WITHHOLD vote.

Vote CASE-BY-CASE on Compensation Committee members (or, in exceptional cases, the full board) and the Say on Pay proposal if:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The company failed to respond to majority-supported shareholder proposals on executive pay topics.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The company failed to adequately respond to the company's previous say-on-pay proposal that received
the support of less than 70 percent of votes cast, taking into account:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. The company's response, including:

&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. Disclosure of engagement efforts with major institutional investors, including the frequency and timing
of engagements and the company participants (including whether independent directors participated);

&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. Disclosure of the specific concerns voiced by dissenting shareholders that led to the say-on-pay opposition;

&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. Disclosure of specific and meaningful actions taken to address shareholders' concerns;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Other recent compensation actions taken by the company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. Whether the issues raised are recurring or isolated;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. The company's ownership structure; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e. Whether the support level was less than 50 percent, which would warrant the highest degree of responsiveness.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. The board implements an advisory vote on executive compensation on a less frequent basis than the frequency
that received the plurality of votes cast.

**Accountability**

Vote AGAINST or WITHHOLD from the entire board of directors (except nominees being presented on a ballot for the first time or having served on a board less than a year, who should be considered CASE- BY-CASE depending on the timing of their appointment and the problematic governance issue in question) for the following:

**Problematic Takeover Defenses/Governance Structure**

*Mandatory Takeover Bid Waivers*

 

Vote proposals to waive mandatory takeover bid requirements on a CASE-BY-CASE basis.

*Poison Pills*

 

Vote AGAINST or WITHHOLD from all nominees (except new nominees, who should be considered CASE-BY-CASE) if:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The company has a poison pill that was not approved by shareholders. However, vote CASE-BY- CASE on
nominees if the board adopts an initial pill with a term of one year or less, depending on the disclosed rationale for the adoption, and
other factors as relevant (such as a commitment to put any renewal to a shareholder vote).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The board makes a material adverse modification to an existing pill, including, but not limited to,
extension, renewal, or lowering the trigger, without shareholder approval; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. The pill, whether short-term<sup>2</sup> or long-term, has a dead-hand or slow-hand feature.

*Classified Board Structure*

 

The board is classified, and a continuing director responsible for a problematic governance issue at the board/committee level that would warrant a WITHHOLD or AGAINST vote is not up for election. All appropriate nominees (except new) may be held accountable.

*Removal of Shareholder Discretion on Classified Boards*

The company has opted into, or failed to opt out of, state laws requiring a classified board structure.

*Director Performance Evaluation*

The board lacks mechanisms to promote accountability and oversight, coupled with sustained poor performance relative to peers. Sustained poor performance is measured by one-, three-, and five-year total shareholder returns in the bottom half of a company's four-digit GICS industry group (Russell 3000 companies only). Take into consideration the company's operational metrics and other factors as warranted. Problematic provisions include but are not limited to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. A classified board structure;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. A supermajority vote requirement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Either a plurality vote standard in uncontested director elections, or a majority vote standard in contested
elections;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. The inability of shareholders to call special meetings;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. The inability of shareholders to act by written consent;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. A multi-class capital structure; and/or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. A non-shareholder-approved poison pill.

*Unilateral By-law/Charter Amendments and Problematic Capital Structures*

Generally, vote AGAINST or WITHHOLD from directors individually, committee members, or the entire board (except new nominees, who should be considered CASE-BY-CASE) if the board amends the company's by-laws or charter without shareholder approval in a manner that materially diminishes shareholders' rights or that could adversely impact shareholders, considering the following factors:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The board's rationale for adopting the by-law/charter amendment without shareholder ratification;

<sup>2</sup> If the short-term pill with a dead-hand or slow-hand feature is enacted but expires before the next shareholder vote, Boston Partners will generally still vote AGAINST or WITHHOLD from nominees at the next shareholder meeting following its adoption.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Disclosure by the company of any significant engagement with shareholders regarding the amendment;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. The level of impairment of shareholders' rights caused by the board's unilateral amendment to the by-laws/charter;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. The board's track record with regard to unilateral board action on by-law/charter amendments or other
entrenchment provisions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. Whether the amendment was made prior to or in connection with the company's initial public offering;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. The company's ownership structure;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. The company's existing governance provisions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. The timing of the board's amendment to the by-laws/charter in connection with a significant business
development; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. Other factors, as deemed appropriate, that may be relevant to determine the impact of the amendment
on shareholders.

Unless the adverse amendment is reversed or submitted to a binding shareholder vote, in subsequent years vote CASE-BY-CASE on director nominees. Generally, vote AGAINST (except new nominees, who should be considered CASE-BY-CASE) if the directors:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Classified the board;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Adopted supermajority vote requirements to amend the by-laws or charter; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Eliminated shareholders' ability to amend by-laws.

*Problematic Capital Structure - Newly Public Companies*

For newly public companies, generally vote AGAINST or WITHHOLD from the entire board (except new nominees, who should be considered CASE-BY-CASE) if, prior to or in connection with the company's public offering, the company or its board implemented a multi-class capital structure in which the classes have unequal voting rights without subjecting the multi-class capital structure to a reasonable time-based sunset. In assessing the reasonableness of a time-based sunset provision, consideration will be given to the company's lifespan, its post-IPO ownership structure and the board's disclosed rationale for the sunset period selected. No sunset period of more than seven years from the date of the IPO will be considered reasonable.

Continue to vote AGAINST or WITHHOLD from incumbent directors in subsequent years, unless the problematic capital structure is reversed, removed, or subject to a newly added reasonable sunset.

*Common Stock Capital Structure with Unequal Voting Rights*

Generally, vote WITHHOLD or AGAINST directors individually, committee members, or the entire board (except new nominees), who should be considered CASE-BY-CASE), if the company employs a common stock structure with unequal voting rights.

Exceptions to this policy will generally be limited to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Newly-public companies with a sunset provision of no more than seven years from the date of going public;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Limited Partnerships and the Operating Partnership (OP) unit structure of REITs;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Situations where the unequal voting rights are considered de minimis; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. The company provides sufficient protections for minority shareholders, such as allowing minority shareholders
a regular binding vote on whether the capital structure should be maintained.

*Problematic Governance Structure - Newly Public Companies*

For newly public companies (generally defined as companies that emerge from bankruptcy, spin-offs, direct listings, and those who complete a traditional initial public offering), generally vote AGAINST or WITHHOLD from directors individually, committee members, or the entire board (except new nominees, who should be considered CASE-BY-CASE) if, prior to or in connection with the company's public offering, the company or its board adopted the following by-law or charter provisions that are considered materially adverse to shareholder rights:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Supermajority vote requirements to amend the by-laws or charter;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. A classified board structure; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Other egregious provisions.

A reasonable sunset provision will be considered a mitigating factor.

Unless the adverse provision is reversed or removed, vote CASE-BY-CASE on director nominees in subsequent years.

**Restrictions on Shareholders' Rights**

*Restricting Binding Shareholder Proposals*

Generally, vote AGAINST or WITHHOLD from the members of the governance committee if the company's governing documents impose undue restrictions on shareholders' ability to amend the by- laws. Such restrictions include but are not limited to outright prohibition on the submission of binding shareholder proposals or share ownership requirements, subject matter restrictions, or time holding requirements in excess of SEC Rule 14a-8. Vote AGAINST or WITHHOLD on an ongoing basis.

Submission of management proposals to approve or ratify requirements in excess of SEC Rule 14a-8 for the submission of binding by-law amendments will generally be viewed as an insufficient restoration of shareholder' rights. Generally, continue to vote AGAINST or WITHHOLD on an ongoing basis until shareholders are provided with an unfretted ability to amend the by-laws or a proposal providing for such unfretted right is submitted for shareholder approval.

**Problematic Audit-Related Practices**

Generally, vote AGAINST or WITHHOLD from the members of the Audit Committee if:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The non-audit fees paid to the auditor are excessive (greater than 50 percent);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The company receives an adverse opinion on the company's financial statements from its auditor;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. There is persuasive evidence that the Audit Committee entered into an inappropriate indemnification
agreement with its auditor that limits the ability of the company, or its shareholders, to pursue legitimate legal recourse against the
audit firm;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. The company did not disclose the audit fees and/or non-audit fees in the latest fiscal year; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. There are clear concerns over questionable finances or restatements.

Vote CASE-BY-CASE on members of the Audit Committee and potentially the full board if poor accounting practices are identified that rise to a level of serious concern, such as: fraud; misapplication of GAAP or other acceptable accounting practices; and material weaknesses identified in Section 404 disclosures. Examine the severity, breadth, chronological sequence, and duration, as well as the company's efforts at remediation or corrective actions, in determining whether AGAINST or WITHHOLD votes are warranted.

**Problematic Compensation Practices**

In the absence of an Advisory Vote on Executive Compensation (Say on Pay) ballot item or in egregious situations, vote AGAINST or WITHHOLD from the members of the Compensation Committee and potentially the full board if:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. There is an unmitigated misalignment between CEO pay and company performance (pay for performance);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The company maintains significant problematic pay practices; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. The board exhibits a significant level of poor communication and responsiveness to shareholders.

Generally, vote AGAINST or WITHHOLD from the Compensation Committee chair, other committee members, or potentially the full board if:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The company fails to include a Say on Pay ballot item when required under SEC provisions, or under the
company's declared frequency of say on pay; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The company fails to include a Frequency of Say on Pay ballot item when required under SEC provisions.

Generally, vote AGAINST members of the board committee responsible for approving/setting non- executive director compensation if there is a pattern (i.e. two or more years) of awarding excessive non- executive director compensation without disclosing a compelling rationale or other mitigating factors.

**Problematic Pledging of Company Stock**

Vote AGAINST the members of the committee that oversees risks related to pledging, or the full board, where a significant level of pledged company stock by executives or directors raises concerns. The following factors will be considered:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The presence of an anti-pledging policy, disclosed in the proxy statement, that prohibits future pledging
activity;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The magnitude of aggregate pledged shares in terms of total common shares outstanding, market value,
and trading volume;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Disclosure of progress or lack thereof in reducing the magnitude of aggregate pledged shares over time;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Disclosure in the proxy statement that shares subject to stock ownership and holding requirements
do not include pledged company stock; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. Any other relevant factors.

**Climate Accountability**

For companies that are significant greenhouse gas (GHG) emitters (those on the current Climate Action 100+ Focus Group list), through their operations or value chain, generally, vote FOR the incumbent chair of the responsible committee (or other directors) (or in the U.K. and Ireland, Russia, and Kazakhstan just the board chair) where Boston Partners determines that the company is taking the minimum steps needed to understand, assess, and mitigate risks related to climate change to the company and the larger economy.

Minimum steps to understand and mitigate those risks are considered to be the following. Both minimum criteria will be required to be in compliance:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Detailed disclosure of climate-related risks, such as according to the framework established by the
Task Force on Climate-related Financial Disclosures (TCFD), including:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Board governance measures;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Corporate strategy;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. Risk management analyses; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. Metrics and targets.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Appropriate GHG emissions reduction targets.

"Appropriate GHG emissions reductions targets" will be any well-defined GHG reduction targets. Targets should cover at least a significant portion of the company's direct emissions. Expectations about what constitutes "minimum steps to mitigate risks related to climate change" will increase over time.

Otherwise, vote CASE-BY-CASE.

**Governance Failures**

Vote AGAINST or WITHHOLD from directors individually, committee members, or the entire board at any company whose board the director serves, due to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Criminal wrongdoing or material failures of governance, stewardship, risk oversight, or fiduciary responsibilities
at any company including, but not limited to: bribery; large or serial fines or sanctions from regulatory bodies; demonstrably poor risk
oversight of environmental and social issues, including climate change; significant adverse legal judgments or settlement; or hedging
of company stock;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Failure to replace management or directors as appropriate; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Egregious actions related to a director's service on other boards that raise
substantial doubt about his or her ability to effectively oversee management and serve the best interests of shareholders at any company.

**Voting on Director Nominees in Contested Elections**

For contested elections of directors, e.g. the election of shareholder nominees or the dismissal of incumbent directors, Boston Partners will vote on a CASE-BY-CASE basis, determining which directors are best suited to add value for shareholders.

The analysis will generally be based on, but not limited to, the following major decision factors:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Company performance relative to its peers;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Strategy of the incumbents versus the dissidents;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Independence of directors/nominees;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Experience and skills of board candidates;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. Governance profile of the company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. Evidence of management entrenchment;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. Responsiveness to shareholders;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. Whether a takeover offer has been rebuffed;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. Whether minority or majority representation is being sought.

When analyzing a contested election of directors, Boston Partners will generally focus on two central questions: (1) Have the dissidents proved that board change is warranted? And (2) if so, are the dissident board nominees likely to affect positive change? (i.e., maximize long-term shareholder value).

**Vote-No Campaigns**

In cases where companies are targeted in connection with public "vote-no" campaigns, evaluate director nominees under the existing governance policies for voting on director nominees in uncontested elections. Take into consideration the arguments submitted by shareholders and other publicly available information.

**Proxy Contests/Proxy Access — Voting for Director Nominees in Contested Elections**

Vote CASE-BY-CASE on the election of directors in contested elections, considering the following factors:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Long-term financial performance of the company relative to its industry;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Management's track record;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Background to the contested election;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Nominee qualifications (both slates) and any compensatory arrangements;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. Strategic plan of dissident slate and quality of the critique against management;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. Likelihood that the proposed goals and objectives can be achieved (both slates); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. Stock ownership positions.

In the case of candidates nominated pursuant to proxy access, vote CASE-BY-CASE considering any applicable factors listed above or additional factors which may be relevant, including those that are specific to the company, to the nominee(s) and/or to the nature of the election (such as whether there are more candidates than board seats).

**Bundled and Unbundled Elections**

Vote FOR the bundled election of nominees unless:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Adequate disclosure has not been provided in a timely manner, including nominee name(s);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. There are clear concerns over questionable finances or restatements;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. There have been questionable transactions with conflicts of interest (;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. There are any records of abuses against minority shareholder interests;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. The board fails to meet minimum corporate governance standards;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. There are specific concerns about individual nominees, such as criminal wrongdoing or breach of fiduciary
responsibilities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. The company does not comply with market legal requirements for minimum board independence or the board
is not at least one-third independent, whichever is higher; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. Repeated absences at board and key committee meetings (less than 75 percent attendance) have not been
explained (in countries where this information is disclosed).

In an unbundled election, generally vote FOR all director nominees, unless:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The company has not provided adequate disclosure of the proposed nominees;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. There are concerns regarding the candidate(s) and/or the company; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. The board does not meet a one-third independence threshold, or the threshold required by local regulations.
If the proposed board falls below one-third independence or market regulation requirements, vote FOR the independent nominees presented
individually, and vote AGAINST the non-independent candidates.

**Other Board-Related Proposals**

**Adopt Anti-Hedging/Pledging/Speculative Investments Policy**

Generally, vote FOR proposals seeking a policy that prohibits named executive officers from engaging in derivative or speculative transactions involving company stock, including hedging, holding stock in a margin account, or pledging stock as collateral for a loan. However, the company's existing policies regarding responsible use of company stock will be considered.

**Age/Term Limits**

Vote AGAINST management and shareholder proposals to limit the tenure of directors through mandatory retirement ages.

Vote AGAINST management proposals to limit the tenure of outside through term limits. Boston Partners follows respective market thresholds for independence determinations.

**Board Size**

Vote FOR proposals seeking to fix the size of the board. Vote AGAINST if the proposal would result in the board size being fewer than five (5) or more than fifteen (15) seats.

Vote AGAINST proposals that give management the ability to alter the size of the board without shareholder approval.

Vote AGAINST proposals to alter board structure or size in the context of a fight for control of the company or the board.

**Classification/Declassification of the Board**

Vote AGAINST proposals to classify or stagger the board.

Vote FOR proposals to repeal classified boards and to elect all directors annually.

**CEO Succession Planning**

Generally, vote FOR proposals seeking disclosure on a CEO succession planning policy, considering, at a minimum, the following factors:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The reasonableness/scope of the request; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The company's existing disclosure on its current CEO succession planning process.

**Cumulative Voting**

Generally, vote AGAINST management proposals to eliminate cumulative voting unless:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The company has proxy access, thereby allowing shareholders to nominate directors to the company's
ballot; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The company has adopted a majority vote standard, with a carve-out for plurality voting in situations
where there are more nominees than seats, and a director resignation policy to address failed elections.

Vote FOR proposals for cumulative voting at controlled companies (insider voting power > 50%). Vote FOR shareholder proposals that restore or introduce cumulative voting.

**Director and Officer Indemnification and Liability Protection**

Vote CASE-BY-CASE on proposals concerning director and officer indemnification and liability protection taking into account the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Safeguards to prevent potential conflict of interests, including the independence of the decision-
making process for approval of indemnification coverage;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The disclosure of a publicly available, board approved indemnification policy;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Clear description of acts and events that can and cannot be covered by the indemnity policy or contract;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Information regarding potential financial impact of the indemnity policy or contracts to the company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. Eligible beneficiaries of the policy, including the length of the post-employment period that will be
covered by the policy or contract;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. Treatment of indemnity payments already made in the event of a final irreversible court ruling has determined
that associated actions were outside the scope of indemnification coverage.

Vote AGAINST proposals that would:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Limit or eliminate entirely directors' and officers' liability for monetary damages for violating the
duty of care;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Expand coverage beyond just legal expenses to liability for acts that are more serious violations of
fiduciary obligation than mere carelessness;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Expand the scope of indemnification to provide for mandatory indemnification of company officials in
connection with acts that previously the company was permitted to provide indemnification for, at the discretion of the company's board
(i.e., "permissive indemnification"), but that previously the company was not required to indemnify;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Allow indemnity coverage for current and/or former director, officers, and/or fiscal council members
who have entered into leniency agreements with the country's authorities in the context of corruption investigations; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. Allow indemnity coverage of acts committed outside the normal exercise of duties of the administrator,
acts performed in bad faith, malice, or fraud, or acts committed in detriment of the company's best interest.

Vote FOR only those proposals providing such expanded coverage in cases when a director's or officer's legal defense was unsuccessful if both of the following apply:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. If the director was found to have acted in good faith and in a manner that s/he reasonably believed
was in the best interests of the company; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. If only the director's legal expenses would be covered.

**Establish/Amend Nominee Qualifications**

Vote CASE-BY-CASE on proposals that establish or amend director qualifications. Votes should be based on the reasonableness of the criteria and the degree to which they may preclude dissident nominees from joining the board.

Vote CASE-BY-CASE on shareholder resolutions seeking a director nominee who possesses a particular subject matter expertise, considering:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The company's board committee structure, existing subject matter expertise, and board nomination
provisions relative to that of its peers;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The company's existing board and management oversight mechanisms regarding the issue for which
board oversight is sought;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. The company's disclosure and performance relating to the issue for which board oversight is sought
and any significant related controversies; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. The scope and structure of the proposal.

**Establish Other Board Committee Proposals**

Generally, vote AGAINST shareholder proposals to establish a new board committee, as such proposals seek a specific oversight mechanism/structure that potentially limits a company's flexibility to determine an appropriate oversight mechanism for itself. However, the following factors will be considered:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Existing oversight mechanisms (including current committee structure) regarding the issue for which
board oversight is sought;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Level of disclosure regarding the issue for which board oversight is sought;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Company performance related to the issue for which board oversight is sought;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Board committee structure compared to that of other companies in its industry sector; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. The scope and structure of the proposal.

**Filling Vacancies/Removal of Directors**

Vote CASE-BY-CASE when a company proposes to dismiss directors, paying particular attention, but not limited, to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Whether the company has presented a compelling rationale for the request, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Whether the newly proposed board is one-third independent.

Generally, vote FOR the discharge of directors, including members of the management board and/or supervisory board, unless there is reliable information about significant and compelling controversies as to whether the board is fulfilling its fiduciary duties, as evidenced by:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. A lack of oversight or actions by board members that invoke shareholder distrust related to malfeasance
or poor supervision, such as operating in private or company interest rather than in shareholder interest; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Any legal proceedings (either civil or criminal) aiming to hold the board responsible for breach of
trust in the past or related to currently alleged actions yet to be confirmed (and not only the fiscal year in question), such as price
fixing, insider trading, bribery, fraud, and other illegal actions; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Other egregious governance issues where shareholders will bring legal action against the company or
its directors.

For markets that do not routinely request discharge resolutions (e.g. common law countries or markets where discharge is not mandatory), analysts may voice concern in other appropriate agenda items, such as approval of the annual accounts or other relevant resolutions, to enable shareholders to express discontent with the board.

Vote AGAINST proposals that provide that directors may be removed only for cause.

Vote FOR proposals to restore shareholders' ability to remove directors with or without cause.

Vote AGAINST proposals that provide that only continuing directors may elect replacements to fill board vacancies.

Vote FOR proposals that permit shareholders to elect directors to fill board vacancies.

**Independent Chair (Separate Chair/CEO)**

Vote FOR shareholder proposals requiring that the chairman's position be filled by an independent director and FOR the separation of the offices of CEO and chair.

**Majority of Independent Directors/Establishment of Independent Committees**

Vote FOR shareholder proposals asking that a majority or more of directors be independent.

Vote FOR shareholder proposals asking that board audit, compensation, and/or nominating committees be composed exclusively of independent directors.

**Majority Vote Standard for the Election of Directors**

Vote for proposals requiring a majority vote standard.

Companies are strongly encouraged to also adopt a post-election policy (also known as a director resignation policy) that will provide guidelines so that the company will promptly address the situation of a holdover director.

**Proxy Access**

Generally, vote FOR management and shareholder proposals for proxy access with the following provisions:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Ownership threshold: maximum requirement not more than three percent (3%) of the voting power;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Ownership duration: maximum requirement not longer than three (3) years of continuous ownership for
each member of the nominating group;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Aggregation: minimal or no limits on the number of shareholders permitted to form a nominating group;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Cap: cap on nominees of generally twenty-five percent (25%) of
the board.

Review for reasonableness any other restrictions on the right of proxy access.

Generally, vote AGAINST proposals that are more restrictive than these guidelines.

**Shareholder Engagement Policy (Shareholder Advisory Committee)**

Generally, vote FOR shareholder proposals requesting that the board establish an internal mechanism/process, which may include a committee, in order to improve communications between directors and shareholders, unless the company has the following features, as appropriate:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Established a communication structure that goes beyond the exchange requirements to facilitate the
exchange of information between shareholders and members of the board;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Effectively disclosed information with respect to this structure to its shareholders;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Company has not ignored majority-supported shareholder proposals or a majority WITHHOLD vote on a director
nominee; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. The company has an independent chairman or a lead director. This individual must be made available for
periodic consultation and direct communication with major shareholders.

II. Audit-Related

**Auditor Indemnification and Limitation of Liability**

Vote CASE-BY-CASE on the issue of auditor indemnification and limitation of liability. Factors to be assessed include, but are not limited to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The terms of the auditor agreement—the degree to which these agreements impact shareholders'
rights;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The motivation and rationale for establishing the agreements;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. The quality of the company's disclosure; 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;4. The company's historical practices in the audit area.

Vote AGAINST or WITHHOLD from members of an audit committee in situations where there is persuasive evidence that the audit committee entered into an inappropriate indemnification agreement with its auditor that limits the ability of the company, or its shareholders, to pursue legitimate legal recourse against the audit firm.

Vote AGAINST proposals that would indemnify external auditors.

**Auditor Ratification/Reelection**

Vote AGAINST incumbent audit committee members if the ratification of auditors is not up for shareholder vote. (U.S. only). This does not apply to mutual fund companies.

Vote FOR proposals to ratify/reelect auditors and/or proposals authorizing the board to fix auditor fees, unless:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The name(s) of the proposed auditors has not been published;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The auditors are being changed without explanation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. An auditor has a financial interest in or association with the company, for example, external auditors
have previously served the company in an executive capacity and is therefore not independent;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. There is reason to believe that the independent auditor has rendered an opinion that is neither accurate
nor indicative of the company's financial position;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. There are serious concerns about the accounts presented or the procedures used by the auditor or poor
accounting practices are identified that rise to a serious level of concern, such as fraud or misapplication of GAAP or other acceptable
accounting standards;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. The profile of the new audit firm being appointed is not disclosed or not available in the public domain;
or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. Fees for non-audit services ("Other" fees) are excessive (greater than 50 percent).

Non-audit fees are excessive if Non-audit ("other") fees > audit fees + audit-related fees + tax compliance/preparation fees

Tax compliance and preparation include the preparation of original and amended tax returns and refund claims, and tax payment planning. All other services in the tax category, such as tax advice, planning, or consulting, should be added to "Other" fees. If the breakout of tax fees cannot be determined, add all tax fees to "Other" fees.

In circumstances where "Other" fees include fees related to significant one-time capital structure events (such as initial public offerings, bankruptcy emergence, and spin-offs) and the company makes public disclosure of the amount and nature of those fees that are an exception to the standard "non-audit fee" category, then such fees may be excluded from the non-audit fees considered in determining the ratio of non-audit to audit/audit-related fees/tax compliance and preparation for purposes of determining whether non-audit fees are excessive.

For concerns related to the audit procedures, independence of auditors, and/or name of auditors, Boston Partners may vote AGAINST the auditor's (re)election. For concerns related to fees paid to the auditors, Boston Partners may vote AGAINST remuneration of auditors if this is a separate voting item; otherwise Boston Partners may vote AGAINST the auditor election.

**Appointment of Internal Statutory Auditors**

Vote FOR the appointment or (re)election of statutory auditors, unless:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. There are serious concerns about the statutory reports presented or the audit procedures used;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Questions exist concerning any of the statutory auditors being appointed; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. The auditors have previously served the company in an executive capacity or can otherwise be considered
affiliated with the company.

**Shareholder Proposals Limiting Non-Audit Services**

Vote CASE-BY-CASE on shareholder proposals asking companies to prohibit or limit their auditors from engaging in non-audit services.

**Shareholder Proposals on Audit Firm Rotation**

Vote CASE-BY-CASE on shareholder proposals asking for audit firm rotation, taking into account:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The tenure of the audit firm;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The length of rotation specified in the proposal;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Any significant audit-related issues at the company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. The number of Audit Committee meetings held each year;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. The number of financial experts serving on the committee; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. Whether the company has a periodic renewal process where the auditor is evaluated for both audit quality
and competitive price.

III. Shareholder Rights and Defenses

**Shareholder Proposals**

Vote all shareholder proposals on a CASE-BY-CASE basis.

Vote FOR proposals that would improve the company's corporate governance or business profile at a reasonable cost.

Vote AGAINST proposals that limit the company's business activities or capabilities or result in significant costs being incurred with little or no benefit.

**Advance Notice Requirements for Shareholder Proposals/Nominations**

Vote CASE-BY-CASE on advance notice proposals, giving support to those proposals which allow shareholders to submit proposals/nominations as close to the meeting date as reasonably possible and within the broadest window possible, recognizing the need to allow sufficient notice for company, regulatory, and shareholder review.

To be reasonable, the company's deadline for shareholder notice of a proposal/nominations must not be more than 60 days prior to the meeting, with a submittal window of at least 30 days prior to the deadline. The submittal window is the period under which a shareholder must file his proposal/nominations prior to the deadline.

In general, support additional efforts by companies to ensure full disclosure in regard to a proponent's economic and voting position in the company so long as the informational requirements are reasonable and aimed at providing shareholders with the necessary information to review such proposals.

**Amend By-laws without Shareholder Consent**

Vote AGAINST proposals giving the board exclusive authority to amend the by-laws.

Vote CASE-BY-CASE on proposals giving the board the ability to amend the by-laws in addition to shareholders, taking into account the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Any impediments to shareholders' ability to amend the by-laws (i.e. supermajority voting requirements);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The company's ownership structure and historical voting turnout;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Whether the board could amend by-laws adopted by shareholders; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Whether shareholders would retain the ability to ratify any board-initiated amendments.

**Control Share Acquisition Provisions**

Control share acquisition statutes function by denying shares their voting rights when they contribute to ownership in excess of certain thresholds. Voting rights for those shares exceeding ownership limits may only be restored by approval of either a majority or supermajority of disinterested shares. Thus, control share acquisition statutes effectively require a hostile bidder to put its offer to a shareholder vote or risk voting disenfranchisement if the bidder continues buying up a large block of shares.

Vote FOR proposals to opt out of control share acquisition statutes unless doing so would enable the completion of a takeover that would be detrimental to shareholders.

Vote AGAINST proposals to amend the charter to include control share acquisition provisions. Vote FOR proposals to restore voting rights to the control shares.

**Control Share Cash-Out Provisions**

Control share cash-out statutes give dissident shareholders the right to "cash-out" of their position in a company at the expense of the shareholder who has taken a control position. In other words, when an investor crosses a preset threshold level, remaining shareholders are given the right to sell their shares to the acquirer, who must buy them at the highest acquiring price.

Vote FOR proposals to opt out of control share cash-out statutes.

**Disgorgement Provisions**

Disgorgement provisions require an acquirer or potential acquirer of more than a certain percentage of a company's stock to disgorge, or pay back, to the company any profits realized from the sale of that company's stock purchased 24 months before achieving control status. All sales of company stock by the acquirer occurring within a certain period of time (between 18 months and 24 months) prior to the investor's gaining control status are subject to these recapture-of-profits provisions.

Vote FOR proposals to opt out of state disgorgement provisions.

**Fair Price Provisions**

Vote CASE-BY-CASE on proposals to adopt fair price provisions (provisions that stipulate that an acquirer must pay the same price to acquire all shares as it paid to acquire the control shares), evaluating factors such as the vote required to approve the proposed acquisition, the vote required to repeal the fair price provision, and the mechanism for determining the fair price.

Generally, vote AGAINST fair price provisions with shareholder vote requirements greater than a majority of disinterested shares.

**Freeze-Out Provisions**

Vote FOR proposals to opt out of state freeze-out provisions. Freeze-out provisions force an investor who surpasses a certain ownership threshold in a company to wait a specified period of time before gaining control of the company.

**Greenmail**

Greenmail payments are targeted share repurchases by management of company stock from individuals or groups seeking control of the company. Since only the hostile party receives payment, usually at a substantial premium over the market value of its shares, the practice discriminates against all other shareholders.

Vote FOR proposals to adopt anti-greenmail charter or by-law amendments or otherwise restrict a company's ability to make greenmail payments.

Vote CASE-BY-CASE on anti-greenmail proposals when they are bundled with other charter or by-law amendments.

**Litigation Rights (including Exclusive Venue and Fee-Shifting By-law Provisions) (U.S. only)**

Generally, vote FOR federal selection provisions in the charter or bylaws that specify "the district courts of the United States" as the exclusive forum for federal securities law matters, in the absence of serious concerns about corporate governance or board responsiveness to shareholders.

Vote AGAINST provisions that restrict the forum to a particular federal district court; unilateral adoption (without shareholder vote) of such a provision will generally be considered a one-time failure under our Unilateral By-law/Charter Amendments policy.

Generally, vote FOR charter or by-law provisions that specify courts located within the state of Delaware as the exclusive for corporate law matters for Delaware corporations, in the absence of serious concerns about corporate governance or board responsiveness to shareholders.

For states other than Delaware, vote CASE-BY-CASE on exclusive forum provisions, taking into consideration:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The company's stated rationale for adopting such a provision;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Disclosure of past harm from duplicative shareholder lawsuits in more than one forum;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. The breadth of application of the charter or by-law provision, including the types of lawsuits to which
it would apply and the definition of key terms; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Governance features such as shareholders' ability to repeal the provision at a later date (including the vote standard applied
 when shareholders attempt to amend the charter or by-laws) and their ability to hold directors accountable through annual
director elections and a majority vote standard in uncontested elections.

Generally, vote AGAINST provisions that specify a state other than the state of incorporation as the exclusive forum of corporate law matters, or that specify a particular local court within the state; unilateral adoption of such a provision will generally be considered a one-time failure under our Unilateral By-law/Charter Amendments policy.

Generally, vote AGAINST provisions that mandate fee-shifting whenever plaintiffs are not completely successful on the merits (i.e., including cases where the plaintiffs are partially successful).

Unilateral adoption of a fee-shifting provision will generally be considered an ongoing failure under our Unilateral By-law/Charter Amendments policy.

**Poison Pills (Shareholder Rights Plans)**

Generally, vote AGAINST or WITHHOLD from all nominees (except new nominees, who should be considered case-by-cast) if:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The company has a poison pill with a deadhand or slowhand feature;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The board makes a material adverse modification to an existing pill, including, but not limited to,
extension, renewal, or lowering the trigger, without shareholder approval, or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. The company has a long-term poison pill (with a term of over one year) that was not approved by the public
shareholders.

Vote CASE-BY-CASE on nominees if the board adopts an initial short-term pill (with a term of one year or less) without shareholder approval, taking into consideration:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The trigger threshold and other terms of the pill;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The disclosed rationale for the adoption;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. The context in which the pill was adopted, (e.g., factors such as the company's size and stage of development,
sudden changes in its market capitalization, and extraordinary industry-wide or macroeconomic events);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. A commitment to put any renewal to a shareholder vote;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. The company's overall track record on corporate governance and responsiveness to shareholders; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. Other factors as relevant.

**Shareholder Proposals to Put Pill to a Vote and/or Adopt a Pill Policy**

Vote FOR shareholder proposals requesting that the company submit its poison pill to a shareholder vote or redeem it unless the company has: (1) A shareholder approved poison pill in place; or (2) The company has adopted a policy concerning the adoption of a pill in the future specifying that the board will only adopt a shareholder rights plan if either:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Shareholders have approved the adoption of the plan; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The board, in its exercise of its fiduciary responsibilities, determines that it is in the best interest
of shareholders under the circumstances to adopt a pill without the delay in adoption that would result from seeking stockholder approval
(i.e., the "fiduciary out" provision). A poison pill adopted under this fiduciary out will be put to a shareholder ratification
vote within 12 months of adoption or expire. If the pill is not approved by a majority of the votes cast on this issue, the plan will
immediately terminate.

If the shareholder proposal calls for a time period of less than 12 months for shareholder ratification after adoption, vote FOR the proposal, but add the caveat that a vote within 12 months would be considered sufficient implementation.

**Management Proposals to Ratify a Poison Pill**

Vote case-by-case on nominees if the board adopts an initial short-term pill (with a term of one year or less) without shareholder approval, taking into consideration:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The disclosed rationale for the adoption;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The trigger;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. The company's market capitalization (including absolute level and sudden changes);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. A commitment to put any renewal to a shareholder vote; and other factors as relevant.

In addition, the rationale for adopting the pill should be thoroughly explained by the company. In examining the request for the pill, take into consideration the company's existing governance structure, including: board independence, existing takeover defenses, and any problematic governance concerns.

**Net Operating Losses (NOLs) Protective Amendments and Management Proposals to Ratify a Pill to Preserve NOLs**

Vote AGAINST proposals to adopt a protective amendment or poison pill for the stated purpose of protecting a company's net operating losses (NOL) if the term of the protective amendment or pill would exceed the shorter of three years and the exhaustion of the NOL.

Vote CASE-BY-CASE on management proposals for protective amendments or poison pill ratification, considering the following factors, if the term of the pill would be the shorter of three years (or less) and the exhaustion of the NOL:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The ownership threshold to transfer (NOL protective amendments and pills generally prohibit stock ownership
transfers that would result in a new 5-percent holder or increase the stock ownership percentage of an existing 5-percent holder);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The value of the NOLs;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Shareholder protection mechanisms (sunset provision or commitment to cause expiration
of the pill upon exhaustion or expiration of NOLs);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. The company's existing governance structure including: board independence, existing
takeover defenses, track record of responsiveness to shareholders, and any other problematic governance concerns; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. Any other factors that may be applicable.

**Proxy Voting Disclosure, Confidentiality, and Tabulation**

Vote CASE-BY-CASE on proposals regarding proxy voting mechanics, taking into consideration whether implementation of the proposal is likely to enhance or protect shareholder rights. Specific issues covered under the policy include, but are not limited to, confidential voting of individual proxies and ballots, confidentiality of running vote tallies, and the treatment of abstentions and/or broker non-votes in the company's vote-counting methodology.

While a variety of factors may be considered in each analysis, the guiding principles are: transparency, consistency, and fairness in the proxy voting process. The factors considered, as applicable to the proposal, may include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The scope and structure of the proposal;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The company's stated confidential voting policy (or other relevant policies) and whether it ensures
a "level playing field" by providing shareholder proponents with equal access to vote information prior to the annual meeting;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. The company's vote standard for management and shareholder proposals and whether it ensures consistency
and fairness in the proxy voting process and maintains the integrity of vote results;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Whether the company's disclosure regarding its vote counting method and other relevant voting policies
with respect to management and shareholder proposals are consistent and clear;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. Any recent controversies or concerns related to the company's proxy voting mechanics;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. Any unintended consequences resulting from implementation of the proposal; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. Any other factors that may be relevant.

**Ratification Proposals: Management Proposals to Ratify Existing Charter or By-law Provisions**

Generally, vote AGAINST management proposals to ratify provisions of the company's existing charter or by-laws, unless these governance provisions align with best practice.

In addition, voting AGAINST or WITHHOLD from individual directors, members of the governance committee, or the full board may be warranted, considering:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The presence of a shareholder proposal addressing the same issue on the same ballot;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The board's rationale for seeking ratification;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Disclosure of actions to be taken by the board should the ratification proposal fail;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Disclosure of shareholder engagement regarding the board's ratification request;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. The level of impairment to shareholders' rights caused by the existing provision;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. The history of management and shareholder proposals on the provision at the company's past meetings;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. Whether the current provision was adopted in response to the shareholder proposal;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. The company's ownership structure; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. Previous use of ratification proposals to exclude shareholder proposals.

**Reimbursing Proxy Solicitation Expenses**

Vote CASE-BY-CASE on proposals to reimburse proxy solicitation expenses.

When voting in conjunction with support of a dissident slate, vote FOR the reimbursement of all appropriate proxy solicitation expenses associated with the election.

Generally, vote FOR shareholder proposals calling for the reimbursement of reasonable costs incurred in connection with nominating one or more candidates in a contested election where the following apply:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The election of fewer than 50 percent of the directors to be elected is contested in the election;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. One or more of the dissident's candidates is elected;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Shareholders are not permitted to cumulate their votes for directors; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. The election occurred, and the expenses were incurred, after the adoption of this by-law.

**Reincorporation Proposals**

Management or shareholder proposals to change a company's state of incorporation should be evaluated CASE-BY-CASE, giving consideration to both financial and corporate governance concerns including the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Reasons for reincorporation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Comparison of company's governance practices and provisions prior to and following the reincorporation;
and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Comparison of corporation laws of original state and destination state.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Vote FOR reincorporation when the economic factors outweigh any neutral or negative governance changes.

**Shareholder Ability to Act by Written Consent**

Vote AGAINST management and shareholder proposals to restrict or prohibit shareholders' ability to act by written consent.

**Shareholder Ability to Call Special Meetings**

Vote AGAINST management or shareholder proposals to restrict or prohibit shareholders' ability to call special meetings.

Vote FOR management or shareholder proposals that provide shareholders with the ability to call special meetings as long as the proposed minimum threshold is 10 percent or higher, with 10 percent being the preferred percentage.

**Stakeholder Provisions**

Vote AGAINST proposals that ask the board to consider non-shareholder constituencies or other non- financial effects when evaluating a merger or business combination.

**State Antitakeover Statutes**

Vote CASE-BY-CASE on proposals to opt in or out of state takeover statutes (including fair price provisions, stakeholder laws, poison pill endorsements, severance pay and labor contract provisions, and anti-greenmail provisions).

**Supermajority Vote Requirements**

Vote AGAINST proposals to require a supermajority shareholder vote.

Vote FOR management or shareholder proposals to reduce supermajority vote requirements.

IV. Capital/ Restructuring

**Adjustments to Par Value of Common Stock**

In the U.S. and Korea, vote FOR proposals to reduce/adjust the par value of common stock unless the action is being taken to facilitate an anti-takeover device or some other negative corporate governance action.

Vote FOR management proposals to eliminate par value.

For countries and regions outside the U.S., vote FOR requests to capitalize reserves for bonus issues of shares or to increase par value.

**Shelf Registration Program**

Vote on a CASE-BY-CASE basis on all requests, with or without preemptive rights.

Approval of a multi-year authority for the issuance of securities under Shelf Registration Programs will be considered on a CASE-BY-CASE basis, taking into consideration, but not limited to, the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Whether the company has provided adequate and timely disclosure including detailed information regarding
the rationale for the proposed program;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Whether the proposed amount to be approved under such authority, the use of the resources, the length
of the authorization, the nature of the securities to be issued under such authority, including any potential risk of dilution to shareholders
is disclosed; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Whether there are concerns regarding questionable finances, the use of the proceeds, or other governance
concerns

**Common Stock Authorization/ Share Issuance Requests**

**General Authorization Requests**

Vote FOR proposals to increase the number of authorized shares of common stock that are to be used for general corporate purposes:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. With preemptive rights to a maximum of 50 percent over currently issued capital;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Without preemptive rights to a maximum of 10 percent of currently issued capital;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. In Malaysia, for real estate investment trusts (REITs), issuance requests without preemptive rights
to a maximum of 20 percent of currently issued capital;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. In the U.S., in the case of a stock split, the allowable increase is calculated (per above) based on
the post-split adjusted authorization.

In the U.S., generally vote AGAINST proposed increases, even if within the above ratios, if the proposal or the company's prior or ongoing use of authorized shares is problematic, including, but not limited to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The proposal seeks to increase the number of authorized shares of the class of common stock that has
superior voting rights to other share classes;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. On the same ballot is a proposal for a reverse split for which support is warranted despite the fact
that it would result in an excessive increase in the share authorization;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. The company has a non-shareholder approved poison pill (including an NOL pill); or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. The company has previous sizeable placements (within the past 3 years) of stock with insiders at prices
substantially below market value, or with problematic voting rights, without shareholder approval.

However, generally vote FOR proposed increases beyond the above ratios or problematic situations when there is disclosure of specific and severe risks to shareholders of not approving the request, such as:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. In, or subsequent to, the company's most recent 10-K filing, the company discloses that there is substantial
doubt about its ability to continue as a going concern;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The company states that there is a risk of imminent bankruptcy or imminent liquidation if shareholders
do not approve the increase in authorized capital; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. A government body has in the past year required the company to increase its capital ratios.

For companies incorporated in states that allow increases in authorized capital without shareholder approval, generally vote WITHHOLD or AGAINST all nominees if a unilateral capital authorization increase does not conform to the above policies.

**Specific Authorization Requests**

In the U.S., generally, vote FOR proposals to increase the number of authorized common shares where the primary purpose of the increase is to issue shares in connection with transaction(s) (such as acquisitions, SPAC transactions, private placements, or similar transactions) on the same ballot, or disclosed in the proxy statement, that warrant support.

For such transactions, the allowable increase will be the greater of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. twice the amount needed to support the transactions on the ballot, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. the allowable increase as calculated for general issuances above.

Elsewhere, vote FOR specific proposals to increase authorized capital to any amount, unless:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The specific purpose of the increase (such as a share-based acquisition or merger) does not meet guidelines
for the purpose being proposed; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The increase would leave the company with less than 30 percent of its new authorization outstanding
after adjusting for all proposed issuances.

Vote AGAINST proposals to adopt unlimited capital authorizations.

**Reduction of Capital**

Vote FOR proposals to reduce capital for routine accounting purposes unless the terms are unfavorable to shareholders.

Vote proposals to reduce capital in connection with corporate restructuring on a CASE-BY-CASE basis

**Dual Class Structure**

Generally, vote AGAINST proposals to create or maintain a new class of common stock unless:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The company discloses a compelling rationale for the dual-class capital structure, such as:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. The company's auditor has concluded that there is substantial doubt about the company's ability to
continue as a going concern; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. The new class of shares will be transitory;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The new class is intended for financing purposes with minimal or no dilution to current shareholders
in both the short term and long term; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. The new class is not designed to preserve or increase the voting power of an insider or significant
shareholder.

**Issue Stock for Use with Rights Plan**

Vote AGAINST proposals that increase authorized common stock for the explicit purpose of implementing a non-shareholder-approved shareholder rights plan (poison pill).

**Preemptive Rights**

We vote FOR proposals to create preemptive rights and AGAINST proposals to eliminate preemptive rights.

**Preferred Stock Authorization**

**General Authorization Requests**

Vote FOR the creation of a new class of preferred stock or for issuances of preferred stock up to 50 percent of issued capital unless the terms of the preferred stock would adversely affect the rights of existing shareholders.

Vote CASE-BY-CASE on proposals to increase the number of authorized shares of preferred stock that are to be used for general corporate purposes:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. If share usage (outstanding plus reserved) is less than 50% of the current authorized shares, vote
for an increase of up to 50% of current authorized shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. If share usage is 50% to 100% of the current authorized, vote for an increase of up to 100% of current
authorized shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. If share usage is greater than current authorized shares, vote for an increase of up to the current
share usage.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. In the case of a stock split, the allowable increase is calculated (per above) based on the post-split
adjusted authorization.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. If no preferred shares are currently issued and outstanding, vote against the request, unless the company
discloses a specific use for the shares.

Generally, vote AGAINST proposed increases, even if within the above ratios, if the proposal or the company's prior or ongoing use of authorized shares is problematic, including, but not limited to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. If the shares requested are blank check preferred shares that can be used for antitakeover purposes;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The company seeks to increase a class of non-convertible preferred shares entitled to more than one
vote per share on matters that do not solely affect the rights of preferred stockholders "supervoting shares");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. The company seeks to increase a class of convertible preferred shares entitled
to a number of votes greater than the number of common shares into which they're convertible ("supervoting shares") on matters
that do not solely affect the rights of preferred stockholders;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. The stated intent of the increase in the general authorization is to allow the company to increase an
existing designated class of supervoting preferred shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. On the same ballot is a proposal for a reverse split for which support is warranted despite the fact
that it would result in an excessive increase in the share authorization;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. The company has a non-shareholder approved poison pill (including an NOL pill); or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. The company has previous sizeable placements (within the past 3 years) of stock with insiders at prices
substantially below market value, or with problematic voting rights, without shareholder approval.

However, generally vote FOR proposed increases beyond the above ratios or problematic situations when there is disclosure of specific and severe risks to shareholders of not approving the request, such as:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. In, or subsequent to, the company's most recent 10-K filing, the company discloses that there is substantial
doubt about its ability to continue as a going concern;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The company states that there is a risk of imminent bankruptcy or imminent liquidation if shareholders
do not approve the increase in authorized capital; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. A government body has in the past year required the company to increase its capital ratios.

For companies incorporated in states that allow increases in authorized capital without shareholder approval, generally vote WITHHOLD or AGAINST all nominees if a unilateral capital authorization increase does not conform to the above policies.

**Specific Authorization Requests**

Generally vote FOR proposals to increase the number of authorized preferred shares where the primary purpose of the increase is to issue shares in connection with transaction(s) (such as acquisitions, SPAC transactions, private placements, or similar transactions) on the same ballot, or disclosed in the proxy statement, that warrant support. For such transactions, the allowable increase will be the greater of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. twice the amount needed to support the transactions on the ballot, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. the allowable increase as calculated for general issuances above.

Vote FOR the creation/issuance of convertible preferred stock as long as the maximum number of common shares that could be issued upon conversion meets guidelines on equity issue requests.

**Recapitalization Plans**

Vote CASE-BY-CASE on recapitalizations (reclassifications of securities), taking into account the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. More simplified capital structure;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Enhanced liquidity;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Fairness of conversion terms;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Impact on voting power and dividends;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. Reasons for the reclassification;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. Conflicts of interest; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. Other alternatives considered.

**Reverse Stock Splits**

Vote FOR management proposals to implement a reverse stock split if:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The number of authorized shares will be proportionately reduced; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The effective increase in authorized shares is equal to or less than the allowable increase.

Vote CASE-BY-CASE on proposals that do not meet either of the above conditions, taking into consideration the following factors:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Stock exchange notification to the company of a potential delisting;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Disclosure of substantial doubt about the company's ability to continue as a going concern without
additional financing;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. The company's rationale; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Other factors as applicable.

**Share Repurchase Programs**

For U.S.-incorporated companies, and foreign-incorporated U.S. Domestic Issuers that are traded solely on U.S. exchanges, vote FOR management proposals to institute open-market share repurchase plans in which all shareholders may participate on equal terms, or to grant the board authority to conduct open- market repurchases, in the absence of company-specific concerns regarding:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Greenmail,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The use of buybacks to inappropriately manipulate incentive compensation metrics,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Threats to the company's long-term viability, or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Other company-specific factors as warranted.

Vote CASE-BY-CASE on proposals to repurchase shares directly from specified shareholders, balancing the stated rationale against the possibility for the repurchase authority to be misused, such as to repurchase shares from insiders at a premium to market price.

Generally, vote FOR market repurchase authorities (share repurchase programs) if the terms comply with the following criteria:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. A repurchase limit of up to 10 percent of issued share capital;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. A holding limit of up to 10 percent of a company's issued share capital in treasury ("on
the shelf"); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. A duration that does not exceed market practice. In Asian markets, a duration of no more than five years,
or such lower threshold as may be set by applicable law, regulation or code of governance best practice.

Authorities to repurchase shares in excess of the 10 percent repurchase limit will be assessed on a CASE- BY-CASE basis. Boston Partners may support such share repurchase authorities under special circumstances, which are required to be publicly disclosed by the company, provided that, on balance, the proposal is in shareholders' interests. In such cases, the authority must comply with the following criteria:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. A holding limit of up to 10 percent of a company's issued share capital in treasury ("on
the shelf"); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. A duration of no more than 18 months.

In markets where it is normal practice not to provide a repurchase limit, Boston Partners will evaluate the proposal based on the company's historical practice. However, Boston Partners expects companies to disclose such limits and, in the future, may vote AGAINST companies that fail to do so. In such cases, the authority must comply with the following criteria:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. A holding limit of up to 10 percent of a company's issued share capital in treasury ("on
the shelf"); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. A duration of no more than 18 months.

In addition, Boston Partners will vote AGAINST any proposal where:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The repurchase can be used for takeover defenses;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. There is clear evidence of abuse;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. There is no safeguard against selective buybacks; and/or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Pricing provisions and safeguards are deemed to be unreasonable in light of market practice.

**Reissuance of Repurchased Shares**

Vote FOR requests to reissue any repurchased shares unless there is clear evidence of abuse of this authority in the past.

**Stock Distributions: Splits and Dividends**

Generally, vote FOR management proposals to increase the common share authorization for stock split or stock dividend, provided that the effective increase in authorized shares is equal to or is less than the allowable increase(s).

**Tracking Stock**

Vote CASE-BY-CASE on the creation of tracking stock, weighing the strategic value of the transaction against such factors as:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Adverse governance changes;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Excessive increases in authorized capital stock;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Unfair method of distribution;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Diminution of voting rights;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. Adverse conversion features;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. Negative impact on stock option plans; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. Alternatives such as spin-off.

**Appraisal Rights**

Vote FOR proposals to restore or provide shareholders with rights of appraisal.

**Asset Purchases**

Vote CASE-BY-CASE on asset purchase proposals, considering the following factors:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Purchase price;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Fairness opinion;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Financial and strategic benefits;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. How the deal was negotiated;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. Conflicts of interest;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. Other alternatives for the business;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. Non-completion risk.

**Asset Sales**

Vote CASE-BY-CASE on asset sales, considering the following factors:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Impact on the balance sheet/working capital;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Potential elimination of diseconomies;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Anticipated financial and operating benefits;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Anticipated use of funds;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. Value received for the asset;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. Fairness opinion;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. How the deal was negotiated;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. Conflicts of interest.

**Pledging of Assets for Debt**

Vote proposals to approve the pledging of assets for debt on a CASE-BY-CASE basis.

**Increase in Borrowing Powers**

Vote proposals to approve increases in a company's borrowing powers on a CASE-BY-CASE basis.

**Bundled Proposals**

Vote CASE-BY-CASE on bundled or "conditional" proxy proposals. In the case of items that are conditioned upon each other, examine the benefits and costs of the packaged items. In instances when the joint effect of the conditioned items is not in shareholders' best interests, vote AGAINST the proposals. If the combined effect is positive, support such proposals.

**Conversion of Securities**

Vote CASE-BY-CASE on proposals regarding conversion of securities. When evaluating these proposals, the investor should review the dilution to existing shareholders, the conversion price relative to market value, financial issues, control issues, termination penalties, and conflicts of interest.

Vote FOR the conversion if it is expected that the company will be subject to onerous penalties or will be forced to file for bankruptcy if the transaction is not approved.

Vote FOR the creation/issuance of convertible debt instruments as long as the maximum number of common shares that could be issued upon conversion meets guidelines on equity issuance requests.

**Corporate Reorganization/Debt Restructuring/Prepackaged Bankruptcy Plans/Reverse Leveraged Buyouts/Wrap Plans**

Vote CASE-BY-CASE on proposals to increase common and/or preferred shares, with or without preemptive rights, and to issue shares as part of a debt restructuring plan, after evaluating:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Dilution to existing shareholders' positions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Terms of the offer - discount/premium in purchase price to investor, including any fairness opinion;
termination penalties; exit strategy;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Financial issues - company's financial situation; degree of need for capital; use of proceeds; effect
of the financing on the company's cost of capital;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Management's efforts to pursue other alternatives;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. Control issues - change in management; change in control, guaranteed board and committee seats; standstill
provisions; voting agreements; veto power over certain corporate actions; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. Conflict of interest - arm's length transaction, managerial incentives.

Vote FOR the debt restructuring if it is expected that the company will file for bankruptcy if the transaction is not approved.

**Formation of Holding Company**

Vote CASE-BY-CASE on proposals regarding the formation of a holding company, taking into consideration the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The reasons for the change;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Any financial or tax benefits;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Regulatory benefits;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Increases in capital structure; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. Changes to the articles of incorporation or by-laws of the company.

Absent compelling financial reasons for the transaction, vote AGAINST the formation of a holding company if the transaction would include either of the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Increases in common or preferred stock in excess of the allowable maximum (see discussion under "Capital");
or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Adverse changes in shareholder rights.

**Going Private and Going Dark Transactions (LBOs and Minority Squeeze-outs)**

Vote CASE-BY-CASE on going private transactions, taking into account the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Offer price/premium;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Fairness opinion;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. How the deal was negotiated;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Conflicts of interest;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. Other alternatives/offers considered; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. Non-completion risk.

Vote CASE-BY-CASE on going dark transactions, determining whether the transaction enhances shareholder value by taking into consideration:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Whether the company has attained benefits from being publicly traded (examination of trading volume,
liquidity, and market research of the stock);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Balanced interests of continuing vs. cashed-out shareholders, taking into account the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Are all shareholders able to participate in the transaction?

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Will there be a liquid market for remaining shareholders following the transaction?

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. Does the company have strong corporate governance?

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. Will insiders reap the gains of control following the proposed transaction?

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e. Does the state of incorporation have laws requiring continued reporting that may benefit shareholders?

**Joint Ventures**

Vote CASE-BY-CASE on proposals to form joint ventures, taking into account the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Percentage of assets/business contributed;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Percentage ownership;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Financial and strategic benefits;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Governance structure;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. Conflicts of interest;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. Other alternatives; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. Non-completion risk.

**Liquidations**

Vote CASE-BY-CASE on liquidations, taking into account the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Management's efforts to pursue other alternatives;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Appraisal value of assets; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. The compensation plan for executives managing the liquidation.

Vote FOR the liquidation if the company will file for bankruptcy if the proposal is not approved.

**Mergers and Acquisitions**

Vote CASE-BY-CASE on mergers and acquisitions. Review and evaluate the merits and drawbacks of the proposed transaction, balancing various and sometimes countervailing factors including:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Valuation - Is the value to be received by the target shareholders (or paid by the acquirer) reasonable?
While the fairness opinion may provide an initial starting point for assessing valuation reasonableness, emphasis is placed on the offer
premium, market reaction, and strategic rationale.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Market reaction - How has the market responded to the proposed deal? A negative market reaction should
cause closer scrutiny of a deal.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Strategic rationale - Does the deal make sense strategically? From where is the value derived? Cost and
revenue synergies should not be overly aggressive or optimistic, but reasonably achievable. Management should also have a favorable track
record of successful integration of historical acquisitions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Negotiations and process - Were the terms of the transaction negotiated at arm's-length? Was the process
fair and equitable? A fair process helps to ensure the best price for shareholders. Significant negotiation "wins" can also
signify the deal makers' competency. The comprehensiveness of the sales process (e.g., full auction, partial auction, no auction) can
also affect shareholder value.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. Conflicts of interest - Are insiders benefiting from the transaction disproportionately and inappropriately
as compared to non-insider shareholders? As the result of potential conflicts, the directors and officers of the company may be more likely
to vote to approve a merger than if they did not hold these interests. Consider whether these interests may have influenced these directors
and officers to support or recommend the merger.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. Governance - Will the combined company have a better or worse governance profile than the current governance
profiles of the respective parties to the transaction? If the governance profile is to change for the worse, the burden is on the company
to prove that other issues (such as valuation) outweigh any deterioration in governance.

Vote AGAINST if the companies do not provide sufficient information upon request to make an informed voting decision.

**Private Placements/Warrants/Convertible Debentures**

Vote CASE-BY-CASE on proposals regarding private placements, warrants, and convertible debentures taking into consideration:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Dilution to existing shareholders' position: The amount and timing of shareholder ownership dilution
should be weighed against the needs and proposed shareholder benefits of the capital infusion. Although newly issued common stock, absent
preemptive rights, is typically dilutive to existing shareholders, share price appreciation is often the necessary event to trigger the
exercise of "out of the money" warrants and convertible debt. In these instances, from a value standpoint, the negative impact
of dilution is mitigated by the increase in the company's stock price that must occur to trigger the dilutive event.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Terms of the offer (discount/premium in purchase price to investor, including any fairness opinion,
conversion features, termination penalties, exit strategy):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. The terms of the offer should be weighed against the alternatives of the company and in light of company's
financial condition. Ideally, the conversion price for convertible debt and the exercise price for warrants should be at a premium to
the then prevailing stock price at the time of private placement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. When evaluating the magnitude of a private placement discount or premium, consider factors that influence
the discount or premium, such as, liquidity, due diligence costs, control and monitoring costs, capital scarcity, information asymmetry,
and anticipation of future performance.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Financial issues:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. The company's financial condition;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Degree of need for capital;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. Use of proceeds;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. Effect of the financing on the company's cost of capital;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e. Current and proposed cash burn rate;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;f. Going concern viability and the state of the capital and credit markets.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Management's efforts to pursue alternatives and whether the company engaged in a process to evaluate
alternatives: A fair, unconstrained process helps to ensure the best price for shareholders. Financing alternatives can include joint
ventures, partnership, merger, or sale of part or all of the company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. Control issues:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Change in management;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Change in control;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. Guaranteed board and committee seats;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. Standstill provisions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e. Voting agreements;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;f. Veto power over certain corporate actions; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;g. Minority versus majority ownership and corresponding minority discount or majority control premium.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. Conflicts of interest:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Conflicts of interest should be viewed from the perspective of the company and the investor.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Were the terms of the transaction negotiated at arm's length? Are managerial incentives aligned with
shareholder interests?

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. Market reaction: The market's response to the proposed deal. A negative market
reaction is a cause for concern. Market reaction may be addressed by analyzing the one day impact on the unaffected stock price.

Vote FOR the private placement, or for the issuance of warrants and/or convertible debentures in a private placement, if it is expected that the company will file for bankruptcy if the transaction is not approved.

**Reorganization/Restructuring Plan (Bankruptcy)**

Vote CASE-BY-CASE on proposals to common shareholders on bankruptcy plans of reorganization, considering the following factors including, but not limited to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Estimated value and financial prospects of the reorganized company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Percentage ownership of current shareholders in the reorganized company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Whether shareholders are adequately represented in the reorganization process (particularly through
the existence of an Official Equity Committee);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. The cause(s) of the bankruptcy filing, and the extent to which the plan of reorganization addresses
the cause(s);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. Existence of a superior alternative to the plan of reorganization; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. Governance of the reorganized company.

**Special Purpose Acquisition Corporations (SPACs)**

Vote CASE-BY-CASE on SPAC mergers and acquisitions taking into account the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Valuation

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Market reaction

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Deal timing

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Negotiations and process.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. Conflicts of interest

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. Voting agreements

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. Governance

**Special Purpose Acquisition Corporations (SPACs) - Proposals for Extensions**

Generally support requests to extend the termination date by up to one year from the SPAC's original termination date (inclusive of any built-in extension options, and accounting for prior extension requests).

Other factors that may be considered include: any added incentives, business combination status, other amendment terms, and, if applicable, use of money in the trust fund to pay excise taxes on redeemed shares.

**Spin-offs**

Vote CASE-BY-CASE on spin-offs, considering:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Tax and regulatory advantages;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Planned use of the sale proceeds;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Valuation of spinoff;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Fairness opinion;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. Benefits to the parent company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. Conflicts of interest;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. Managerial incentives;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. Corporate governance changes;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. Changes in the capital structure.

**Value Maximization Shareholder Proposals**

Vote CASE-BY-CASE on shareholder proposals seeking to maximize shareholder value by:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Hiring a financial advisor to explore strategic alternatives;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Selling the company; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Liquidating the company and distributing the proceeds to shareholders.

These proposals should be evaluated based on the following factors:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Prolonged poor performance with no turnaround in sight;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Signs of entrenched board and management (such as the adoption of takeover defenses);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Strategic plan in place for improving value;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Likelihood of receiving reasonable value in a sale or dissolution; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. The company actively exploring its strategic options, including retaining a financial advisor.

V. Compensation

**Advisory Votes on Executive Compensation—Management Proposals (Management Say-on-Pay)**

Vote CASE-BY-CASE on ballot items related to executive pay and practices, as well as certain aspects of outside director compensation.

Vote AGAINST Advisory Votes on Executive Compensation (Say-on-Pay or "SOP") if:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. There is an unmitigated misalignment between CEO pay and company performance (pay for performance);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The company maintains significant problematic pay practices;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. The board exhibits a significant level of poor communication and responsiveness to shareholders.

Vote AGAINST or WITHHOLD from the members of the Compensation Committee and potentially the full board if:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. There is no SOP on the ballot, and an AGAINST vote on SOP would otherwise be warranted due to pay-for-performance
misalignment, problematic pay practices, or the lack of adequate responsiveness on compensation issues raised previously, or a combination
thereof;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The board fails to respond adequately to a previous SOP proposal that received less than 70 percent
support of votes cast;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. The company has recently practiced or approved problematic pay practices, such as option repricing
or option backdating; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. The situation is egregious.

**Primary Evaluation Factors for Executive Pay**

Pay-for-Performance Evaluation Analysis considers the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Peer Group Alignment:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. The degree of alignment between the company's annualized TSR rank and the CEO's annualized total pay
rank within a peer group, each measured over a three-year period.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. The rankings of CEO total pay and company financial performance within a peer group, each measured
over a three-year period.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. The multiple of the CEO's total pay relative to the peer group median in the most recent fiscal year.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Absolute Alignment – the absolute alignment between the trend in CEO pay and
company TSR over the prior five fiscal years – i.e., the difference between the trend in annual pay changes and the trend in annualized
TSR during the period.

If the above analysis demonstrates significant unsatisfactory long-term pay-for-performance alignment or, in the case of companies outside the Russell indices, misaligned pay and performance are otherwise suggested, our analysis may include any of the following qualitative factors, as relevant to evaluating how various pay elements may work to encourage or to undermine long-term value creation and alignment with shareholder interests:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The ratio of performance- to time-based incentive awards;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The overall ratio of performance-based compensation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. The completeness of disclosure and rigor of performance goals;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. The company's peer group benchmarking practices;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. Actual results of financial/operational metrics, both absolute and relative to peers;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. Special circumstances related to, for example, a new CEO in the prior FY or anomalous equity grant practices
(e.g., bi-annual awards);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. Realizable pay compared to grant pay; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. Any other factors deemed relevant.

**Problematic Pay Practices**

The focus is on executive compensation practices that contravene the global pay principles, including:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Problematic practices related to non-performance-based compensation elements;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Incentives that may motivate excessive risk-taking or present a windfall risk; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Pay decisions that circumvent pay-for-performance, such as options backdating or waiving performance
requirements.

**Problematic Pay Practices related to Non-Performance-Based Compensation Elements**

Pay elements that are not directly based on performance are generally evaluated CASE-BY-CASE considering the context of a company's overall pay program and demonstrated pay-for-performance philosophy. The list below highlights the problematic practices that carry significant weight in this overall consideration and may result in an adverse vote:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Repricing or replacing of underwater stock options/SARS without prior shareholder approval (including
cash buyouts and voluntary surrender of underwater options);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Extraordinary perquisites or tax gross-ups;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. New or materially amended agreements that provide for:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Excessive termination or CIC severance payments (generally exceeding 3 times base salary and average/target/most
recent bonus);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. CIC severance payments without involuntary job loss or substantial diminution of duties ("single"
or "modified single" triggers) or in connection with a problematic Good Reason definition;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. CIC excise tax gross-up entitlements (including "modified" gross-ups);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. Multi-year guaranteed awards that are not at risk due to rigorous performance conditions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e. Liberal CIC definition combined with any single-trigger CIC benefits;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Insufficient executive compensation disclosure by externally-managed issuers (EMIs) such that a reasonable
assessment of pay programs and practices applicable to the EMI's executives is not possible;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. Any other provision or practice deemed to be egregious and present a significant risk to investors.

**Options Backdating**

The following factors should be examined CASE-BY-CASE to allow for distinctions to be made between "sloppy" plan administration versus deliberate action or fraud:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Reason and motive for the options backdating issue, such as inadvertent vs. deliberate grant date changes;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Duration of options backdating;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Size of restatement due to options backdating;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Corrective actions taken by the board or compensation committee, such as canceling or re-pricing backdated
options, the recouping of option gains on backdated grants; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. Adoption of a grant policy that prohibits backdating and creates a fixed grant schedule or window period
for equity grants in the future.

**Frequency of Advisory Vote on Executive Compensation ("Say When on Pay")**

Vote FOR annual advisory votes on compensation, which provide the most consistent and clear communication channel for shareholder concerns about companies' executive pay programs.

**Voting on Golden Parachutes in an Acquisition, Merger, Consolidation, or Proposed Sale**

Vote CASE-BY-CASE on Golden Parachute proposals, including consideration of existing change-in- control arrangements maintained with named executive and non-executive officers rather than focusing primarily on new or extended arrangements.

Features that may result in an AGAINST vote include one or more of the following, depending on the number, magnitude, and/or timing of issue(s):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Single- or modified-single-trigger cash severance;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Single-trigger acceleration of unvested equity awards;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Full acceleration of equity awards granted shortly before the change in control;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Acceleration of performance awards above the target level of performance without compelling rationale;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. Excessive cash severance (generally >3x base salary and bonus);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. Excise tax gross-ups triggered and payable;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. Excessive golden parachute payments (on an absolute basis or as a percentage of transaction equity value);
or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. Recent amendments that incorporate any problematic features (such as those above) or recent actions
(such as extraordinary equity grants) that may make packages so attractive as to influence merger agreements that may not be in the best
interests of shareholders; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. The company's assertion that a proposed transaction is conditioned on shareholder approval of the golden
parachute advisory vote.

Recent amendment(s) that incorporate problematic features will tend to carry more weight on the overall analysis. However, the presence of multiple legacy problematic features will also be closely scrutinized.

In cases where the golden parachute vote is incorporated into a company's advisory vote on compensation (management say-on-pay), evaluate the say-on-pay proposal in accordance with these guidelines, which may give higher weight to that component of the overall evaluation.

**Equity-Based and Other Incentive Plans**

Vote CASE-BY-CASE on certain equity-based compensation plans depending on a combination of certain plan features and equity grant practices, where positive factors may counterbalance negative factors, and vice versa, as evaluated using an "Equity Plan Scorecard" (EPSC) approach with three pillars:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Plan Cost: The total estimated cost of the company's equity plans relative to industry/market
cap peers, measured by the company's estimated Shareholder Value Transfer (SVT) in relation to peers and considering both:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. SVT based on new shares requested plus shares remaining for future grants, plus outstanding unvested/unexercised
grants; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. SVT based only on new shares requested plus shares remaining for future grants.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Plan Features:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. General quality of disclosure, especially around vesting upon a change in control (CIC);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Discretionary vesting authority;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. Liberal share recycling on various award types;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. Lack of minimum vesting period for grants made under the plan;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e. Dividends payable prior to award vesting.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Grant Practices:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. The company's three-year burn rate relative to its industry/market cap peers (shouldn't
exceed 3.5%);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Vesting requirements in CEO's recent equity grants (3-year look-back);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. The estimated duration of the plan (based on the sum of shares remaining available and the new shares
requested, divided by the average annual shares granted in the prior three years);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. The proportion of the CEO's most recent equity grants/awards subject to performance conditions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e. Whether the company maintains a sufficient claw-back policy;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;f. Whether the company maintains sufficient post-exercise/vesting share-holding requirements.

Generally, vote AGAINST the plan proposal if the combination of above factors indicates that the plan is not, overall, in shareholders' interests, or if any of the following egregious factors ("overriding factors") apply:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Awards may vest in connection with a liberal change-of-control definition;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The plan would permit repricing or cash buyout of underwater options without shareholder approval (either
by expressly permitting it – for NYSE and Nasdaq listed companies – or by not prohibiting it when the company has a history
of repricing – for non-listed companies);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. The plan is a vehicle for problematic pay practices or a significant pay-for-performance disconnect under
certain circumstances;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. The plan is excessively dilutive to shareholders' holdings;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. The plan contains an evergreen (automatic share replenishment) feature; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. Any other plan features are determined to have a significant negative impact on shareholder interests.

***Further Information on certain EPSC Factors***

**SVT**

The cost of the equity plans is expressed as SVT, which is measured using a binomial option pricing model that assesses the amount of shareholders' equity flowing out of the company to employees and directors. SVT is expressed as both a dollar amount and as a percentage of market value, and includes the new shares proposed, shares available under existing plans, and shares granted but unexercised (using two measures, in the case of plans subject to the Equity Plan Scorecard evaluation, as noted above). All award types are valued. For omnibus plans, unless limitations are placed on the most expensive types of awards (for example, full-value awards), the assumption is made that all awards to be granted will be the most expensive types. See discussion of specific types of awards.

Except for proposals subject to Equity Plan Scorecard evaluation, SVT is reasonable if it falls below a company-specific benchmark. The benchmark is determined as follows: The top quartile performers in each industry group (using the Global Industry Classification Standard: GICS) are identified. Benchmark SVT levels for each industry are established based on these top performers' historic SVT. Regression analyses are run on each industry group to identify the variables most strongly correlated to SVT. The benchmark industry SVT level is then adjusted upwards or downwards for the specific company by plugging the company-specific performance measures, size and cash compensation into the industry cap equations to arrive at the company's benchmark.

For meetings held prior to February 1, 2023, three-Year Burn Rate Burn-rate benchmarks (utilized in Equity Plan Scorecard evaluations) are calculated as the greater of: (1) the mean (μ) plus one standard deviation (σ) of the company's GICS group segmented by S&P 500, Russell 3000 index (less the S&P500), and non-Russell 3000 index; and (2) two percent of weighted common shares outstanding. In addition, year-over-year burn-rate benchmark changes will be limited to a maximum of two (2) percentage points plus or minus the prior year's burn-rate benchmark.

For meetings held prior to February 1, 2023, a company's adjusted burn rate is calculated as follows:

Burn Rate = (# of appreciation awards granted + # of full value awards granted \* Volatility Multiplier) / Weighted average common shares outstanding

The Volatility Multiplier is used to provide more equivalent valuation between stock options and full value shares, based on the company's historical stock price volatility.

Effective for meetings held on or after February 1, 2023, a "Value-Adjusted Burn Rate" is used for stock plan evaluations. Value-Adjusted Burn Rate benchmarks will be calculated as the greater of: (1) an industry-specific threshold based on three-year burn rates within the company's GICS group segmented by S&P 500, Russell 3000 index (less the S&P 500) and non-Russell 3000 index; and (2) a de minimis threshold established separately for each of the S&P 500, the Russell 3000 index less the S&P 500, and the non-Russell 3000 index. Year-over-year burn-rate benchmark changes will be limited to a predetermined range above or below the prior year's burn-rate benchmark.

The Value-Adjusted Burn Rate will be calculated as follows:

Value-Adjusted Burn Rate = ((# of options \* option's dollar value using a Black-Scholes model) + (# of full-value awards \* stock price)) / (Weighted average common shares \* stock price).

Boston Partners will vote AGAINST plans if the three-year average adjusted and value adjusted burn rate exceeds 3.5 percent.

**Egregious Factors**

*Liberal Change in Control Definition*

Generally, vote AGAINST equity plans if the plan has a liberal definition of change in control and the equity awards could vest upon such liberal definition of change in control, even though an actual change in control may not occur. Examples of such a definition include, but are not limited to, announcement or commencement of a tender offer, provisions for acceleration upon a "potential" takeover, shareholder approval of a merger or other transactions, or similar language.

*Repricing Provisions*

Vote AGAINST plans that expressly permit the repricing or exchange of underwater stock options/stock appreciate rights (SARs) without prior shareholder approval. "Repricing" typically includes the ability to do any of the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Amend the terms of outstanding options or SARs to reduce the exercise price of such outstanding options
or SARs;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Cancel outstanding options or SARs in exchange for options or SARs with an exercise price that is less
than the exercise price of the original options or SARs;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. The cancellation of underwater options in exchange for stock awards; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Cash buyouts of underwater options.

While the above cover most types of repricing, Boston Partners may view other provisions as akin to repricing depending on the facts and circumstances.

Also, vote AGAINST or WITHHOLD from members of the Compensation Committee who approved repricing (as defined above or otherwise determined by Boston Partners), without prior shareholder approval, even if such repricings are allowed in their equity plan.

Vote AGAINST plans that do not expressly prohibit repricing or cash buyout of underwater options without shareholder approval if the company has a history of repricing/buyouts without shareholder approval, and the applicable listing standards would not preclude them from doing so.

*Problematic Pay Practices or Significant Pay-for-Performance Disconnect*

If the equity plan on the ballot is a vehicle for problematic pay practices, vote AGAINST the plan.

May vote AGAINST the equity plan if the plan is determined to be a vehicle for pay-for-performance misalignment. Considerations in voting AGAINST the equity plan may include, but are not limited to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Severity of the pay-for-performance misalignment;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Whether problematic equity grant practices are driving the misalignment; and/or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Whether equity plan awards have been heavily concentrated to the CEO and/or the other NEOs.

*Amending Cash and Equity Plans*

Vote CASE-BY-CASE on amendments to cash and equity incentive plans.

Generally, vote FOR proposals to amend executive cash, stock, or cash and stock incentive plans if the proposal addresses administrative features only. Vote CASE-BY-CASE on all other proposals to amend cash incentive plans. This includes plans presented to shareholders for the first time after the company's IPO and/or proposals that bundle material amendment(s).

Vote CASE-BY-CASE on all other proposals to amend equity incentive plans, considering the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. If the proposal requests additional shares and/or the amendments include a term extension or addition
of full value awards as an award type, the vote will be based on the Equity Plan Scorecard evaluation as well as an analysis of the overall
impact of the amendments.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. If the plan is being presented to shareholders for the first time (including after the company's IPO),
whether or not additional shares are being requested, the vote will be based on the Equity Plan Scorecard evaluation as well as an analysis
of the overall impact of any amendments.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. If there is no request for additional shares and the amendments do not include a term extension or addition
of full value awards as an award type, then the vote will be based entirely on an analysis of the overall impact of the amendments, and
the EPSC evaluation will be shown only for informational purposes.

In the first two CASE-BY-CASE evaluation scenarios, the EPSC evaluation/score is the more heavily weighted consideration.

*Specific Treatment of Certain Award Types in Equity Plan Evaluations: Dividend Equivalent Rights*

Options that have Dividend Equivalent Rights (DERs) associated with them will have a higher calculated award value than those without DERs under the binomial model, based on the value of these dividend streams. The higher value will be applied to new shares, shares available under existing plans, and shares awarded but not exercised per the plan specifications. DERS transfer more shareholder equity to employees and non- executive directors and this cost should be captured.

*Operating Partnership (OP) Units in Equity Plan Analysis of Real Estate Investment Trusts (REITs)*

For Real Estate Investment Trusts (REITS), include the common shares issuable upon conversion of outstanding Operating Partnership (OP) units in the share count for the purposes of determining: (1) market capitalization in the SVT analysis and (2) shares outstanding in the burn rate analysis.

**Other Compensation Plans**

**401(k) Employee Benefit Plans**

Vote FOR proposals to implement a 401(k) savings plan for employees.

**Employee Stock Ownership Plans (ESOPs)**

Vote FOR proposals to implement an ESOP or increase authorized shares for existing ESOPs, unless the number of shares allocated to the ESOP is excessive (more than five percent of outstanding shares).

**Employee Stock Purchase Plans—Qualified Plans**

Vote CASE-BY-CASE on qualified employee stock purchase plans. Vote FOR employee stock purchase plans where all of the following apply:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Purchase price is at least 85 percent of fair market value;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Offering period is 27 months or less; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. The number of shares allocated to the plan is 10 percent or less
of the outstanding shares.

Vote AGAINST qualified employee stock purchase plans where any of the following apply:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Purchase price is less than 85 percent of fair market value; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Offering period is greater than 27 months; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. The number of shares allocated to the plan is more than 10 percent of the outstanding shares.

**Employee Stock Purchase Plans—Non-Qualified Plans**

Vote CASE-BY-CASE on nonqualified employee stock purchase plans. Vote FOR nonqualified employee stock purchase plans with all the following features:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Broad-based participation (i.e., all employees of the company with the exclusion of individuals with
5 percent or more of beneficial ownership of the company);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Limits on employee contribution, which may be a fixed dollar amount or expressed as a percent of base
salary;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Company matching contribution up to 25 percent of employee's contribution, which is effectively
a discount of 20 percent from market value; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. No discount on the stock price on the date of purchase when there is a company matching contribution.

Vote AGAINST nonqualified employee stock purchase plans when the plan features do not meet all of the above criteria. If the matching contribution or effective discount exceeds the above, may evaluate the SVT cost of the plan as part of the assessment.

**Option Exchange Programs/Repricing Options**

Vote CASE-BY-CASE on management proposals seeking approval to exchange/reprice options taking into consideration:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Historic trading patterns--the stock price should not be so volatile that the options are likely to
be back "in-the-money" over the near term;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Rationale for the re-pricing--was the stock price decline beyond management's control?;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Is this a value-for-value exchange?;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Are surrendered stock options added back to the plan reserve?;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. Timing--repricing should occur at least one year out from any precipitous drop in company's stock price;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. Option vesting--does the new option vest immediately or is there a black-out period?;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. Term of the option--the term should remain the same as that of the replaced option;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. Exercise price--should be set at fair market or a premium to market;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. Participants--executive officers and directors must be excluded.

If the surrendered options are added back to the equity plans for re-issuance, then also take into consideration the company's total cost of equity plans and its three-year average burn rate (shouldn't exceed 3.5%).

In addition to the above considerations, evaluate the intent, rationale, and timing of the repricing proposal. The proposal should clearly articulate why the board is choosing to conduct an exchange program at this point in time. Repricing underwater options after a recent precipitous drop in the company's stock price demonstrates poor timing and warrants additional scrutiny. Also, consider the terms of the surrendered options, such as the grant date, exercise price and vesting schedule. Grant dates of surrendered options should be far enough back (two to three years) so as not to suggest that repricings are being done to take advantage of short-term downward price movements. Similarly, the exercise price of surrendered options should be above the 52-week high for the stock price.

Vote FOR shareholder proposals to put option repricings to a shareholder vote.

**Stock Plans in Lieu of Cash**

Vote CASE-BY-CASE on plans that provide participants with the option of taking all or a portion of their cash compensation in the form of stock.

Vote non- executive director-only equity plans that provide a dollar-for-dollar cash-for-stock exchange.

Vote CASE-BY-CASE on plans which do not provide a dollar-for-dollar cash for stock exchange. In cases where the exchange is not dollar-for-dollar, the request for new or additional shares for such equity program will be considered using the binomial option pricing model. In an effort to capture the total cost of total compensation, no adjustments will be made to carve out the in-lieu-of cash compensation.

**Transfer Stock Option (TSO) Programs**

One-time Transfers: Vote AGAINST or WITHHOLD from compensation committee members if they fail to submit one-time transfers to shareholders for approval.

Vote CASE-BY-CASE on one-time transfers. Vote FOR if:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Executive officers and non- executive directors are excluded from participating;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Stock options are purchased by third-party financial institutions at a discount to their fair value
using option pricing models such as Black-Scholes or a Binomial Option Valuation or other appropriate financial models; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. There is a two-year minimum holding period for sale proceeds (cash or stock) for all participants.

Additionally, management should provide a clear explanation of why options are being transferred to a third-party institution and whether the events leading up to a decline in stock price were beyond management's control. A review of the company's historic stock price volatility should indicate if the options are likely to be back "in-the-money" over the near term.

Ongoing TSO program: Vote AGAINST equity plan proposals if the details of ongoing TSO programs are not provided to shareholders. Since TSOs will be one of the award types under a stock plan, the ongoing TSO program, structure and mechanics must be disclosed to shareholders. The specific criteria to be considered in evaluating these proposals include, but not limited, to the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Eligibility;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Vesting;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Bid-price;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Term of options;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. Cost of the program and impact of the TSOs on company's total option expense; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. Option repricing policy.

Amendments to existing plans that allow for introduction of transferability of stock options should make clear that only options granted post-amendment shall be transferable.

**Director Compensation**

**Non- Executive Directors**

Vote FOR proposals to award cash fees to non-executive directors unless the amounts are excessive relative to other companies in the country or industry.

Vote CASE-BY-CASE on management proposals seeking ratification of non- executive director compensation, based on the following factors:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. If the equity plan under which non- executive director grants are made is bundled into a single resolution
or is on the ballot, whether or not it warrants support; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. An assessment of the following qualitative factors:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. The relative magnitude of director compensation as compared to companies of a similar profile;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. The presence of problematic pay practices relating to director compensation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. Director stock ownership guidelines and holding requirements;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. Equity award vesting schedules;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e. The mix of cash and equity-based compensation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;f. Meaningful limits on director compensation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;g. The availability of retirement benefits or perquisites; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;h. The quality of disclosure surrounding director compensation.

**Equity Plans for Non- Executive Directors**

Vote CASE-BY-CASE on compensation plans for non- executive directors, based on:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The total estimated cost of the company's equity plans relative to industry/market cap peers, measured
by the company's estimated SVT based on new shares requested plus shares remaining for future grants, plus outstanding unvested/unexercised
grants;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The company's three-year burn rate relative to its industry/market cap peers (in certain circumstances)
(shouldn't exceed 3.5%); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. The presence of any egregious plan features (such as an option repricing provision or liberal CIC vesting
risk).

On occasion, non- executive director stock plans will exceed the plan cost or burn-rate benchmarks when combined with employee or executive stock plans. In such cases, vote CASE-BY-CASE on the plan taking into consideration the following qualitative factors:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The relative magnitude of director compensation as compared to companies of a similar profile;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The presence of problematic pay practices relating to director compensation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Director stock ownership guidelines and holding requirements;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Equity award vesting schedules;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. The mix of cash and equity-based compensation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. Meaningful limits on director compensation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. The availability of retirement benefits or perquisites; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. The quality of disclosure surrounding director compensation.

**Non- Executive Director Retirement Plans**

Vote AGAINST retirement plans for non- executive directors. Vote FOR shareholder proposals to eliminate retirement plans for non- executive directors.

**Shareholder Proposals on Compensation**

Bonus Banking/Bonus Banking "Plus"

Vote CASE-BY-CASE on proposals seeking deferral of a portion of annual bonus pay, with ultimate payout linked to sustained results for the performance metrics on which the bonus was earned (whether for the named executive officers or a wider group of employees), taking into account the following factors:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The company's past practices regarding equity and cash compensation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Whether the company has a holding period or stock ownership requirements in place, such as a meaningful
retention ratio (at least 50 percent for full tenure); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Whether the company has a rigorous claw-back policy in place.

**Compensation Consultants—Disclosure of Board or Company's Utilization**

Generally, vote FOR shareholder proposals seeking disclosure regarding the Company, Board, or Compensation Committee's use of compensation consultants, such as company name, business relationship(s), and fees paid.

Disclosure/Setting Levels or Types of Compensation for Executives and Directors

Generally, vote FOR shareholder proposals seeking additional disclosure of executive and director pay information, provided the information requested is relevant to shareholders' needs, would not put the company at a competitive disadvantage relative to its industry, and is not unduly burdensome to the company.

Generally, vote AGAINST shareholder proposals seeking to set absolute levels on compensation or otherwise dictate the amount or form of compensation (such as types of compensation elements or specific metrics) to be used for executive or directors.

Generally, vote AGAINST shareholder proposals that mandate a minimum amount of stock that directors must own in order to qualify as a director or to remain on the board.

Vote CASE-BY-CASE on all other shareholder proposals regarding executive and director pay, taking into account relevant factors, including but not limited to: company performance, pay level and design versus peers, history of compensation concerns or pay-for-performance disconnect, and/or the scope and prescriptive nature of the proposal.

**Golden Coffins/Executive Death Benefits**

Generally, vote FOR proposals calling for companies to adopt a policy of obtaining shareholder approval for any future agreements and corporate policies that could oblige the company to make payments or awards following the death of a senior executive in the form of unearned salary or bonuses, accelerated vesting or the continuation in force of unvested equity grants, perquisites and other payments or awards made in lieu of compensation. This would not apply to any benefit programs or equity plan proposals for which the broad-based employee population is eligible.

**Hold Equity Past Retirement or for a Significant Period of Time**

Vote CASE-BY-CASE on shareholder proposals asking companies to adopt policies requiring senior executive officers to retain a portion of net shares acquired through compensation plans. The following factors will be taken into account:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The percentage/ratio of net shares required to be retained;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The time period required to retain the shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Whether the company has equity retention, holding period, and/or stock ownership requirements in place
and the robustness of such requirements;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Whether the company has any other policies aimed at mitigating risk taking by executives;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. Executives' actual stock ownership and the degree to which it meets or exceeds the proponent's
suggested holding period/retention ratio or the company's existing requirements; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. Problematic pay practices, current and past, which may demonstrate a short-term versus long- term focus.

**Non-Deductible Compensation (U.S.)**

Generally, vote FOR proposals seeking disclosure of the extent to which the company paid non- deductible compensation to senior executives under U.S. Internal Revenue Code Section 162(m), while considering the company's existing disclosure practices. Section 162(m) imposes a $1 million annual limit on the amount of compensation that a publicly held corporation can deduct with respect to certain executives.

**Pay Disparity**

Vote CASE-BY-CASE on proposals calling for an analysis of the pay disparity between corporate executives and other non-executive employees. The following factors will be considered:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The company's current level of disclosure of its executive compensation setting process, including
how the company considers pay disparity;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. If any problematic pay practices or pay-for-performance concerns have been identified at the company;
and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. The level of shareholder support for the company's pay programs.

Generally, vote AGAINST proposals calling for the company to use the pay disparity analysis or pay ratio in a specific way to set or limit executive pay.

**Pay for Performance/Performance-Based Awards**

Vote CASE-BY-CASE on shareholder proposals requesting that a significant amount of future long-term incentive compensation awarded to senior executives shall be performance-based and requesting that the board adopt and disclose challenging performance metrics to shareholders, based on the following analytical steps:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. First, vote FOR shareholder proposals advocating the use of performance-based equity awards, such as
performance contingent options or restricted stock, indexed options or premium-priced options, unless the proposal is overly restrictive
or if the company has demonstrated that it is using a "substantial" portion of performance-based awards for its top executives.
Standard stock options and performance-accelerated awards do not meet the criteria to be considered as performance-based awards. Further,
premium-priced options should have a meaningful premium to be considered performance-based awards.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Second, assess the rigor of the company's performance-based equity program. If the bar set for
the performance-based program is too low based on the company's historical or peer group comparison, generally vote FOR the proposal.
Furthermore, if target performance results in an above target payout, vote FOR the shareholder proposal due to program's poor design.
If the company does not disclose the performance metric of the performance-based equity program, vote FOR the shareholder proposal regardless
of the outcome of the first step to the test.

In general, vote FOR the shareholder proposal if the company does not meet both of the above two steps.

**Pay for Superior Performance**

Vote CASE-BY-CASE on shareholder proposals that request the board establish a pay-for-superior performance standard in the company's executive compensation plan for senior executives. These proposals generally include the following principles:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Set compensation targets for the plan's annual and long-term incentive pay components at or below
the peer group median;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Deliver a majority of the plan's target long-term compensation through performance-vested, not simply
time-vested, equity awards;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Provide the strategic rationale and relative weightings of the financial and non-financial performance
metrics or criteria used in the annual and performance-vested long-term incentive components of the plan;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Establish performance targets for each plan financial metric relative to the performance of the company's
peer companies;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. Limit payment under the annual and performance-vested long-term incentive components of the plan to
when the company's performance on its selected financial performance metrics exceeds peer group median performance.

Consider the following factors in evaluating this proposal:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. What aspects of the company's annual and long-term equity incentive programs are performance
driven?

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. If the annual and long-term equity incentive programs are performance driven, are the performance criteria
and hurdle rates disclosed to shareholders or are they benchmarked against a disclosed peer group?

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Can shareholders assess the correlation between pay and performance based on the current disclosure?

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. What type of industry and stage of business cycle does the company belong to?

**Pre-Arranged Trading Plans (10b5-1 Plans)**

Generally, vote FOR shareholder proposals calling for certain principles regarding the use of prearranged trading plans (10b5-1 plans) for executives. These principles include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Adoption, amendment, or termination of a 10b5-1 Plan must be disclosed within two business days in a
Form 8-K;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Amendment or early termination of a 10b5-1 Plan is allowed only under extraordinary circumstances,
as determined by the board;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Ninety days must elapse between adoption or amendment of a 10b5-1 Plan and initial trading under the
plan;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Reports on Form 4 must identify transactions made pursuant to a 10b5-1 Plan;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. An executive may not trade in company stock outside the 10b5-1 Plan;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. Trades under a 10b5-1 Plan must be handled by a broker who does not handle other securities transactions
for the executive.

**Prohibit Outside CEOs from Serving on Compensation Committees**

Generally, vote AGAINST proposals seeking a policy to prohibit any outside CEO from serving on a company's compensation committee, unless the company has demonstrated problematic pay practices that raise concerns about the performance and composition of the committee.

**Recoupment of Incentive or Stock Compensation in Specified Circumstances**

Vote CASE-BY-CASE on proposals to recoup incentive cash or stock compensation made to senior executives if it is later determined that the figures upon which incentive compensation is earned turn out to have been in error, or if the senior executive has breached company policy or has engaged in misconduct that may be significantly detrimental to the company's financial position or reputation, or if the senior executive failed to manage or monitor risks that subsequently led to significant financial or reputational harm to the company. Many companies have adopted policies that permit recoupment in cases where an executive's fraud, misconduct, or negligence significantly contributed to a restatement of financial results that led to the awarding of unearned incentive compensation. However, such policies may be narrow given that not all misconduct or negligence may result in significant financial restatements. Misconduct, negligence or lack of sufficient oversight by senior executives may lead to significant financial loss or reputational damage that may have long-lasting impact.

In considering whether to support such shareholder proposals, Boston Partners will consider the following factors:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. If the company has adopted a formal recoupment policy;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The rigor of the recoupment policy focusing on how and under what circumstances the company may recoup
incentive or stock compensation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Whether the company has chronic restatement history or material financial problems;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Whether the company's policy substantially addresses the concerns raised by the proponent;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. Disclosure of recoupment of incentive or stock compensation from senior executives or lack thereof;
or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. Any other relevant factors.

**Severance Agreements for Executives/Golden Parachutes**

Vote FOR shareholder proposals requiring prior shareholder approval of any severance arrangement that would pay severance exceeding the limitation set forth in Section 280G of the Internal revenue code.

Vote AGAINST if the proposal does not specifically mention 280G.

Vote CASE-BY-CASE on proposals to ratify or cancel golden parachutes. An acceptable parachute should include, but is not limited to, the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The triggering mechanism should be beyond the control of management;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The amount should not exceed 2.99 times base amount (defined as the average annual taxable W- 2 compensation
during the five years prior to the year in which the change of control occurs);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Change-in-control payments should be double-triggered, i.e., (1) after a change in control has taken
place, and (2) termination of the executive as a result of the change in control. Change in control is defined as a change in the company
ownership structure.

**Share Buyback Proposals**

Generally, vote AGAINST shareholder proposals prohibiting executives from selling shares of company stock during periods in which the company has announced that it may or will be repurchasing shares of its stock. Vote FOR the proposal when there is a pattern of abuse by executives exercising options or selling shares during periods of share buybacks.

Vote CASE-BY-CASE on proposals requesting the company exclude the impact of share buybacks from the calculation of incentive program metrics, considering the following factors:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The frequency and timing of the company's share buybacks;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The use of per-share metrics in incentive plans;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. The effect of recent buybacks on incentive metric results and payouts; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Whether there is any indication of metric result manipulation.

**Supplemental Executive Retirement Plans (SERPs)**

Generally, vote FOR shareholder proposals requesting to put extraordinary benefits contained in SERP agreements to a shareholder vote unless the company's executive pension plans do not contain excessive benefits beyond what is offered under employee-wide plans.

Generally, vote FOR shareholder proposals requesting to limit the executive benefits provided under the company's supplemental executive retirement plan (SERP) by limiting covered compensation to a senior executive's annual salary or those pay elements covered for the general employee population.

**Tax Gross-Up Proposals**

Generally, vote FOR proposals calling for companies to adopt a policy of not providing tax gross-up payments to executives, except in situations where gross-ups are provided pursuant to a plan, policy, or arrangement applicable to management employees of the company, such as a relocation or expatriate tax equalization policy.

**Termination of Employment Prior to Severance Payment/Eliminating Accelerated Vesting of Unvested Equity**

Vote CASE-BY-CASE on shareholder proposals seeking a policy requiring termination of employment prior to severance payment and/or eliminating accelerated vesting of unvested equity.

The following factors will be considered:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The company's current treatment of equity upon employment termination and/or in change-in- control
situations (i.e., vesting is double triggered and/or pro rata, does it allow for the assumption of equity by acquiring company, the treatment
of performance shares, etc.);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Current employment agreements, including potential poor pay practices such as gross-ups embedded in
those agreements.

Generally, vote FOR proposals seeking a policy that prohibits automatic acceleration of the vesting of equity awards to senior executives upon a voluntary termination of employment or in the event of a change in control (except for pro rata vesting considering the time elapsed and attainment of any related performance goals between the award date and the change in control).

VI. Routine/ Miscellaneous/ Operational

**Adjourn Meeting**

Generally, vote AGAINST proposals to provide management with the authority to adjourn an annual or special meeting absent compelling reasons to support the proposal.

Vote FOR proposals that relate specifically to soliciting votes for a merger or transaction if supporting that merger or transaction.

Vote AGAINST proposals if the wording is too vague or if the proposal includes "other business."

**Amend Quorum Requirements**

Vote AGAINST proposals to reduce quorum requirements for shareholder meetings below a majority of the shares outstanding unless there are compelling reasons to support the proposal. Otherwise, vote CASE-BY-CASE.

**Amend Minor By-laws**

Vote FOR by-law or charter changes that are of a housekeeping nature (updates or corrections).

Change Company Name

Vote FOR proposals to change the corporate name unless there is compelling evidence that the change would adversely impact shareholder value.

**Change Date, Time, or Location of Annual Meeting**

Vote FOR management proposals to change the date, time, or location of the annual meeting unless the proposed change is unreasonable.

Vote AGAINST shareholder proposals to change the date, time, or location of the annual meeting unless the current scheduling or location is unreasonable.

**Other Business**

Vote AGAINST proposals to approve other business when it appears as a voting item.

**Management Supported Shareholder Proposals: Reporting**

Vote FOR shareholder proposals for additional reporting beyond what is regulatorily required when the proposal is supported by management.

**Allocation of Income**

Vote FOR approval of the allocation of income, unless:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The dividend payout ratio has been consistently below 30 percent (consistently low in Korea, Hong Kong,
and Singapore) without adequate explanation or in the absence of positive shareholder returns; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The payout is excessive given the company's financial position.

**Stock (Scrip) Dividend Alternative**

Vote FOR most stock (scrip) dividend proposals considering whether the proposal is in line with market standards.

Vote AGAINST proposals that do not allow for a cash option unless management demonstrates that the cash option is harmful to shareholder value.

**Amendments to Articles of Association (Bylaws), Board Policies, and Board Committees' Charters**

Vote amendments to the articles of association (bylaws), board policies or board Committees' charters on a CASE-BY-CASE basis.

Generally, vote AGAINST if the draft of the current bylaws, board policies or board committees' charters and their proposed amendments are not disclosed or publicly available in a timely manner; if the proposed changes are not adequately highlighted in the shareholder notice; or the proposed amendments are not in shareholders' interest.

Generally, vote FOR proposals where the changes are driven by regulatory or compliance considerations. This policy applies to both bundled and unbundled proposals.

**Change in Company Fiscal Term**

Vote FOR resolutions to change a company's fiscal term unless a company's motivation for the change is to postpone its annual general meeting.

**Lower Disclosure Threshold for Stock Ownership**

Vote AGAINST resolutions to lower the stock ownership disclosure threshold below 5 percent unless specific reasons exist to implement a lower threshold.

**Expansion of Business Activities**

Vote FOR resolutions to expand business activities unless a company has performed poorly for several years and the new business takes the company into risky areas and enterprises unrelated to its core business.

**Related-Party Transactions**

In evaluating resolutions that seek shareholder approval on related-party transactions (RPTs), vote on a CASE-BY-CASE basis, considering long-term shareholder value for the company's existing shareholders and such factors including, but not limited to, the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The parties on either side of the transaction;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The nature of the asset to be transferred/service to be provided;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. The pricing of the transaction (and any associated professional valuation);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. The views of independent directors (where provided);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. The views of an independent financial adviser (where appointed);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. Whether any entities party to the transaction (including advisers) is conflicted; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. The stated rationale for the transaction, including discussions of timing.

If there is a transaction that Boston Partners deemed problematic and that was not put to a shareholder vote, Boston Partners may vote AGAINST the election of the director involved in the related-party transaction or the full board.

Generally, vote AGAINST perpetual arrangements where the transactions will not be subjected to further shareholder review going forward.

For proposals on royalty payments, vote on a CASE-BY-CASE basis based on disclosures provided.

**Charitable Donations**

Vote proposals seeking the approval of donations on a CASE-BY-CASE basis, considering factors including, but not limited to, the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Size of the proposed donation request;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The destination of the proposed allocation of funds; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. The company's historical donations practices, including allocations approved at prior shareholder
meetings.

**Virtual Meetings**

Generally, vote FOR proposals allowing for the convening of hybrid shareholder meetings if it is clear that it is not the intention to hold virtual-only annual general meetings.

Generally, vote AGAINST proposals allowing for the convening of virtual-only shareholder meetings. However, if the company specifies in the articles that it intends to hold virtual only meetings only in unusual situations such as the spread of an infectious disease or the occurrence of a natural disaster, vote FOR the article amendments.

**Financial Results/Director and Statutory Reports**

Generally, vote FOR the approval of financial statements, report of the board of directors, independent auditor reports, and other statutory reports, unless:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. There are concerns about the accounts presented or audit procedures used; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The external auditor expresses no opinion or qualified opinion over the financial statements.

VII. Social and Environmental

Generally, vote CASE-BY-CASE, examining primarily whether implementation of the proposal is likely to enhance or protect shareholder value. The following factors will be considered:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. If the issues presented in the proposal are more appropriately or effectively dealt with through legislation
or government regulation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. If the company has already responded in an appropriate and sufficient manner to the issue(s) raised
in the proposal;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Whether the proposal's request is unduly burdensome (scope or timeframe) or overly prescriptive;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. The company's approach compared with any industry standard practices for addressing
the issue(s) raised by the proposal;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. Whether there are significant controversies, fines, penalties, or litigation associated
with the company's environmental or social practices;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. If the proposal requests increased disclosure or greater transparency, whether
reasonable and sufficient information is currently available to shareholders from the company or from other publicly available sources;
and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. If the proposal requests increased disclosure or greater transparency, whether implementation would
reveal proprietary or confidential information that could place the company at a competitive disadvantage.

**Endorsement of Principles**

Generally, vote AGAINST proposals seeking a company's endorsement of principles that support a particular public policy position. Endorsing a set of principles may require a company to take a stand on an issue that is beyond its own control and may limit its flexibility with respect to future developments. Management and the board should be afforded the flexibility to make decisions on specific public policy positions based on their own assessment of the most beneficial strategies for the company.

**Animal Welfare**

**Animal Welfare Policies**

Generally, vote FOR proposals seeking a report on a company's animal welfare standards, or animal welfare-related risks, unless:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The company has already published a set of animal welfare standards and monitors compliance;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The company's standards are comparable to industry peers; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. There are no recent significant fines, litigation, or controversies related to the company's and/or
its suppliers' treatment of animals.

**Animal Testing**

Generally, vote AGAINST proposals to phase out the use of animals in product testing, unless:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The company is conducting animal testing programs that are unnecessary or not required by regulation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The company is conducting animal testing when suitable alternatives are commonly accepted and used by
industry peers; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. There are recent, significant fines or litigation related to the company's treatment of animals.

**Animal Slaughter**

Generally, vote AGAINST proposals requesting the implementation of Controlled Atmosphere Killing (CAK) methods at company and/or supplier operations unless such methods are required by legislation or generally accepted as the industry standard.

Vote CASE-BY-CASE on proposals requesting a report on the feasibility of implementing CAK methods at company and/or supplier operations considering the availability of existing research conducted by the company or industry groups on this topic and any fines or litigation related to current animal processing procedures at the company.

**Consumer Issues**

**Genetically Modified Ingredients**

Generally, vote AGAINST proposals requesting that a company voluntarily label genetically engineered (GE) ingredients in its products. The labeling of products with GE ingredients is best left to the appropriate regulatory authorities.

Vote CASE-BY-CASE on proposals asking for a report on the feasibility of labeling products containing GE ingredients, taking into account:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The potential impact of such labeling on the company's business;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The quality of the company's disclosure on GE product labeling, related voluntary initiatives,
and how this disclosure compares with industry peer disclosure; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Company's current disclosure on the feasibility of GE product labeling.

Generally, vote AGAINST proposals seeking a report on the social, health, and environmental effects of genetically modified organisms (GMOs). Studies of this sort are better undertaken by regulators and the scientific community.

Generally, vote AGAINST proposals to eliminate GE ingredients from the company's products, or proposals asking for reports outlining the steps necessary to eliminate GE ingredients from the company's products. Such decisions are more appropriately made by management with consideration of current regulations.

**Reports on Potentially Controversial Business/Financial Practices**

Vote CASE-BY-CASE on requests for reports on a company's potentially controversial business or financial practices or products, taking into account:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Whether the company has adequately disclosed mechanisms in place to prevent abuses;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Whether the company has adequately disclosed the financial risks of the products/practices in question;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Whether the company has been subject to violations of related laws or serious controversies; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Peer companies' policies/practices in this area.

**Pharmaceutical Pricing, Access to Medicines, and Prescription Drug Reimportation**

Generally, vote AGAINST proposals requesting that companies implement specific price restraints on pharmaceutical products unless the company fails to adhere to legislative guidelines or industry norms in its product pricing practices.

Vote CASE-BY-CASE on proposals requesting that a company report on its product pricing or access to medicine policies, considering:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The potential for reputational, market, and regulatory risk exposure;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Existing disclosure of relevant policies;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Deviation from established industry norms;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Relevant company initiatives to provide research and/or products to disadvantaged consumers;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. Whether the proposal focuses on specific products or geographic regions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. The potential burden and scope of the requested report;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. Recent significant controversies, litigation, or fines at the company.

Generally, vote FOR proposals requesting that a company report on the financial and legal impact of its prescription drug reimportation policies unless such information is already publicly disclosed.

Generally, vote AGAINST proposals requesting that companies adopt specific policies to encourage or constrain prescription drug reimportation. Such matters are more appropriately the province of legislative activity and may place the company at a competitive disadvantage relative to its peers.

**Product Safety and Toxic/Hazardous Materials**

Generally, vote FOR proposals requesting that a company report on its policies, initiatives/procedures, and oversight mechanisms related to toxic/hazardous materials or product safety in its supply chain, unless:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The company already discloses similar information through existing reports such as a supplier code of
conduct and/or a sustainability report;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The company has formally committed to the implementation of a toxic/hazardous
materials and/or product safety and supply chain reporting and monitoring program based on industry norms or similar standards within
a specified time frame; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. The company has not been recently involved in relevant significant controversies,
fines, or litigation.

Vote CASE-BY-CASE on resolutions requesting that companies develop a feasibility assessment to phase-out of certain toxic/hazardous materials, or evaluate and disclose the potential financial and legal risks associated with utilizing certain materials, considering:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The company's current level of disclosure regarding its product safety policies, initiatives,
and oversight mechanisms;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Current regulations in the markets in which the company operates; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Recent significant controversies, litigation, or fines stemming from toxic/hazardous materials at the
company.

Generally, vote AGAINST resolutions requiring that a company reformulate its products.

**Tobacco-Related Proposals**

Vote CASE-BY-CASE on resolutions regarding the advertisement of tobacco products, considering:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Recent related fines, controversies, or significant litigation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Whether the company complies with relevant laws and regulations on the marketing of tobacco;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Whether the company's advertising restrictions deviate from those of industry peers;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Whether the company entered into the Master Settlement Agreement, which restricts marketing of tobacco
to youth; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. Whether restrictions on marketing to youth extend to foreign countries.

Vote CASE-BY-CASE on proposals regarding second-hand smoke, considering;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Whether the company complies with all laws and regulations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The degree that voluntary restrictions beyond those mandated by law might hurt the company's competitiveness;
and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. The risk of any health-related liabilities.

Generally, vote AGAINST resolutions to cease production of tobacco-related products, to avoid selling products to tobacco companies, to spin-off tobacco-related businesses, or prohibit investment in tobacco equities. Such business decisions are better left to company management or portfolio managers.

Generally, vote AGAINST proposals regarding tobacco product warnings. Such decisions are better left to public health authorities.

**Climate Change**

**Say on Climate (SoC) Management Proposals**

Vote CASE-BY-CASE on management proposals that request shareholders to approve the company's climate transition action plan, taking into account the completeness and rigor of the plan. Information that will be considered where available includes the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The extent to which the company's climate related disclosures are in line with TCFD recommendations
and meet other market standards;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Disclosure of its operational supply chain GHG emissions (Scopes 1, 2, and 3);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. The completeness and rigor of company's short-, medium-, and long-term targets for reducing operational
and supply chain GHG emissions (Scope 1, 2, and 3 if relevant);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Whether the company has sought and approved third-party approval that its targets are science- based;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. Whether the company has made a commitment to be "net zero" for operational and supply chain
emissions (Scope 1, 2, and 3) by 2050;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. Whether the company discloses a commitment to report on the implementation of its plan in subsequent
years;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. Whether the company's climate data has received third-party assurance;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. Disclosure of how the company's lobbying activities and its capital expenditures align with company
strategy;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. Whether there are specific industry decarbonization challenges; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10. The company's related commitment, disclosure, and performance compared to its industry peers.

**Say on Climate (SoC) Shareholder Proposals**

Vote AGAINST if the proposal calls for scope 3 reduction targets. Unless there is a significant relevant controversy or the company significantly lags peers, generally, vote AGAINST shareholder proposals that request the company to disclose a report providing its GHG emissions levels and reduction targets and/or its upcoming/approved climate transition action plan and provide shareholders the opportunity to express

approval or disapproval of its GHG emissions reduction plan. If there is a significant relevant controversy or the company significantly lags peers, Boston Partners will taking the following into account:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The completeness and rigor of the company's climate-related disclosure;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The company's actual GHG emissions performance;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Whether the company has been the subject of recent, significant violations, fines, litigation, or controversy
related to its GHG emissions; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Whether the proposal's request is unduly burdensome (scope or timeframe) or overly prescriptive.

**Climate Change/Greenhouse Gas (GHG) Emissions**

Generally, vote FOR resolutions requesting that a company disclose information on the financial, physical, or regulatory risks it faces related to climate change on its operations and investments or on how the company identifies, measures, and manages such risks, considering:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Whether the company already provides current, publicly-available information on
the impact that climate change may have on the company as well as associated company policies and procedures to address related risks
and/or opportunities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The company's level of disclosure compared to industry peers; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Whether there are significant controversies, fines, penalties, or litigation associated
with the company's climate change-related performance.

Generally, vote FOR proposals requesting a report on greenhouse gas (GHG) emissions from company operations and/or products and operations, unless:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The company already discloses current, publicly-available information on the impacts that GHG emissions
may have on the company as well as associated company policies and procedures to address related risks and/or opportunities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The company's level of disclosure is comparable to that of industry peers; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. There are no significant, controversies, fines, penalties, or litigation associated with the company's
GHG emissions.

Vote CASE-BY-CASE on proposals that call for the adoption of GHG reduction goals from products and operations, taking into account:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Whether the company provides disclosure of year-over-year GHG emissions performance data;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Whether company disclosure lags behind industry peers;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. The company's actual GHG emissions performance;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. The company's current GHG emission policies, oversight mechanisms, and related initiatives; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. Whether the company has been the subject of recent, significant violations, fines, litigation, or controversy
related to GHG emissions.

**Energy Efficiency**

Generally, vote FOR proposals requesting that a company report on its energy efficiency policies, unless:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The company complies with applicable energy efficiency regulations and laws, and discloses its participation
in energy efficiency policies and programs, including disclosure of benchmark data, targets, and performance measures; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The proponent requests adoption of specific energy efficiency goals within specific timelines.

**Renewable Energy**

Generally, vote FOR requests for reports on the feasibility of developing renewable energy resources unless the report would be duplicative of existing disclosure or irrelevant to the company's line of business.

Generally, vote AGAINST proposals requesting that the company invest in renewable energy resources. Such decisions are best left to management's evaluation of the feasibility and financial impact that such programs may have on the company.

Generally, vote AGAINST proposals that call for the adoption of renewable energy goals, taking into account:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The scope and structure of the proposal;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The company's current level of disclosure on renewable energy use and GHG emissions; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. The company's disclosure of policies, practices, and oversight implemented to manage
GHG emissions and mitigate climate change risks.

**Diversity**

**Board Diversity**

Generally, vote FOR requests for reports on a company's efforts to diversify the board, unless:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The gender and racial minority representation of the company's board is reasonably inclusive
in relation to companies of similar size and business; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The board already reports on its nominating procedures and gender and racial minority initiatives on
the board and within the company.

Vote CASE-BY-CASE on proposals asking a company to increase the gender and racial minority representation on its board, taking into account:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The degree of existing gender and racial minority diversity on the company's board and among its
executive officers;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The level of gender and racial minority representation that exists at the company's industry peers;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. The company's established process for addressing gender and racial minority board representation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Whether the proposal includes an overly prescriptive request to amend nominating committee charter
language;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. The independence of the company's nominating committee;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. Whether the company uses an outside search firm to identify potential director nominees; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. Whether the company has had recent controversies, fines, or litigation regarding equal employment
practices.

**Equality of Opportunity**

Generally, vote FOR proposals requesting a company disclose its diversity policies or initiatives, or proposals requesting disclosure of a company's comprehensive workforce diversity data, including requests for EEO-1 data, unless:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The company publicly discloses equal opportunity policies and initiatives in a comprehensive manner;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The company already publicly discloses comprehensive workforce diversity data; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. The company has no recent significant EEO-related violations or litigation.

Generally, vote AGAINST proposals seeking information on the diversity efforts of suppliers and service providers. Such requests may pose a significant burden on the company.

**Gender Identity, Sexual Orientation, and Domestic Partner Benefits**

Generally, vote FOR proposals seeking to amend a company's EEO statement or diversity policies to prohibit discrimination based on sexual orientation and/or gender identity, unless the change would be unduly burdensome.

Generally, vote AGAINST proposals to extend company benefits to, or eliminate benefits from, domestic partners. Decisions regarding benefits should be left to the discretion of the company.

**Gender, Race/ Ethnicity Pay Gap**

Generally, vote CASE-BY-CASE on requests for reports on a company's pay data by gender, race, ethnicity, or a report on a company's policies and goals to reduce any gender, race, or ethnicity pay gap, taking into account:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The company's current policies and disclosure related to both its diversity and inclusion policies and
practices and its compensation philosophy and fair and equitable compensation practices;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Whether the company has been the subject of recent controversy, litigation, or regulatory actions related
to gender, race, or ethnicity pay gap issues; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. The company's disclosure regarding gender, race, or ethnicity pay gap policies or initiatives
compared to its industry peers; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Local laws regarding categorization of race and/or ethnicity and definitions of ethnic and/or racial
minorities.

**Racial Equity and/or Civil Rights Audit Guidelines**

Vote CASE-BY-CASE on proposals asking a company to conduct an independent racial equity and/or civil rights audit, taking into account:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The company's established process or framework for addressing racial inequity and discrimination
internally;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Whether the company has issued a public statement related to its racial justice efforts in recent years,
or has committed to internal policy review;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Whether the company has engaged with impacted communities, stakeholders, and civil rights experts;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. The company's track record in recent years of racial justice measures and outreach externally;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. Whether the company has been the subject of recent controversy, litigation, or regulatory actions related
to racial inequity or discrimination; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. Whether the company's actions are aligned with market norms on civil rights, and racial or ethnic
diversity.

**Environment and Sustainability**

**Facility and Workplace Safety**

Vote CASE-BY-CASE on requests for workplace safety reports, including reports on accident risk reduction efforts, taking into account:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The company's current level of disclosure of its workplace health and safety performance data,
health and safety management policies, initiatives, and oversight mechanisms;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The nature of the company's business, specifically regarding company and employee exposure to
health and safety risks;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Recent significant controversies, fines, or violations related to workplace health and safety; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. The company's workplace health and safety performance relative to industry peers.

Vote CASE-BY-CASE on resolutions requesting that a company report on safety and/or security risks associated with its operations and/or facilities, considering:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The company's compliance with applicable regulations and guidelines;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The company's current level of disclosure regarding its security and safety policies, procedures,
and compliance monitoring; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. The existence of recent, significant violations, fines, or controversy regarding the safety and security
of the company's operations and/or facilities.

**General Environmental Proposals and Community Impact Assessments**

Vote CASE-BY-CASE on requests for reports on policies and/or the potential (community) social and/or environmental impact of company operations, considering:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Current disclosure of applicable policies and risk assessment report(s) and risk management procedures;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The impact of regulatory non-compliance, litigation, remediation, or reputational loss that may be associated
with failure to manage the company's operations in question, including the management of relevant community and stakeholder relations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. The nature, purpose, and scope of the company's operations in the specific region(s);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. The degree to which company policies and procedures are consistent with industry norms; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. The scope of the resolution.

**Hydraulic Fracturing**

Generally, vote FOR proposals requesting greater disclosure of a company's (natural gas) hydraulic fracturing operations, including measures the company has taken to manage and mitigate the potential community and environmental impacts of those operations, considering:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The company's current level of disclosure of relevant policies and oversight mechanisms;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The company's current level of such disclosure relative to its industry peers;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Potential relevant local, state, or national regulatory developments; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Controversies, fines, or litigation related to the company's hydraulic fracturing operations.

**Operations in Protected Areas**

Generally, vote FOR requests for reports on potential environmental damage as a result of company operations in protected regions, unless:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Operations in the specified regions are not permitted by current laws or regulations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The company does not currently have operations or plans to develop operations in these protected regions;
or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. The company's disclosure of its operations and environmental policies in these regions is comparable
to industry peers.

**Recycling**

Vote CASE-BY-CASE on proposals to report on an existing recycling program, or adopt a new recycling program, taking into account:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The nature of the company's business;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The current level of disclosure of the company's existing related programs;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. The timetable and methods of program implementation prescribed by the proposal;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. The company's ability to address the issues raised in the proposal; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. How the company's recycling programs compare to similar programs of its industry peers.

**Sustainability Reporting**

Generally, vote FOR proposals requesting that a company report on its policies, initiatives, and oversight mechanisms related to social, economic, and environmental sustainability, unless:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The company already discloses similar information through existing reports or
policies such as an environment, health, and safety (EHS) report; a comprehensive code of corporate conduct; and/or a diversity report;
or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The company has formally committed to the implementation of a reporting program based on Global Reporting
Initiative (GRI) guidelines or a similar standard within a specified time frame.

**Water Issues**

Vote CASE-BY-CASE on proposals requesting a company report on, or adopt a new policy on, water- related risks and concerns, taking into account:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The company's current disclosure of relevant policies, initiatives, oversight mechanisms, and water
usage metrics;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Whether or not the company's existing water-related policies and practices are consistent with relevant
internationally recognized standards and national/local regulations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. The potential financial impact or risk to the company associated with water-related concerns or issues;
and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Recent, significant company controversies, fines, or litigation regarding water use by the company
and its suppliers.

**General Corporate Issues**

**Charitable Contributions**

Vote AGAINST proposals restricting a company from making charitable contributions. Charitable contributions are generally useful for assisting worthwhile causes and for creating goodwill in the community. In the absence of bad faith, self-dealing, or gross negligence, management should determine which, and if, contributions are in the best interests of the company.

**Data Security, Privacy, and Internet Issues**

Vote CASE-BY-CASE on proposals requesting the disclosure or implementation of data security, privacy, or information access and management policies and procedures, considering:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The level of disclosure of company policies and procedures relating to data security, privacy, freedom
of speech, information access and management, and Internet censorship;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Engagement in dialogue with governments or relevant groups with respect to data security, privacy,
or the free flow of information on the Internet;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. The scope of business involvement and of investment in countries whose governments censor or monitor
the Internet and other telecommunications;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Applicable market-specific laws or regulations that may be imposed on the company; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. Controversies, fines, or litigation related to data security, privacy, freedom of speech, or Internet
censorship.

**Environmental, Social, and Governance (ESG) Compensation-Related Proposals**

Vote CASE-BY-CASE on proposals to link, or report on linking, executive compensation to sustainability (environmental and social) criteria, considering:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The scope and prescriptive nature of the proposal;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Whether the company has significant and/or persistent controversies or regulatory violations regarding
social and/or environmental issues;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Whether the company has management systems and oversight mechanisms in place regarding its social and
environmental performance;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. The degree to which industry peers have incorporated similar non-financial performance criteria in their
executive compensation practices; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. The company's current level of disclosure regarding its environmental and social performance.

***Human Rights, Labor Issues, and International Operations***

 ****

**Human Rights Proposals**

Generally, vote FOR proposals requesting a report on company or company supplier labor and/or human rights standards and policies unless such information is already publicly disclosed.

Vote CASE-BY-CASE on proposals to implement company or company supplier labor and/or human rights standards and policies, considering:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The degree to which existing relevant policies and practices are disclosed;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Whether or not existing relevant policies are consistent with internationally recognized standards;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Whether company facilities and those of its suppliers are monitored and how;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Company participation in fair labor organizations or other internationally recognized human rights
initiatives;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. Scope and nature of business conducted in markets known to have higher risk of workplace labor/human
rights abuse;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. Recent, significant company controversies, fines, or litigation regarding human rights at the company
or its suppliers;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. The scope of the request; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. Deviation from industry sector peer company standards and practices.

Vote CASE-BY-CASE on proposals requesting that a company conduct an assessment of the human rights risks in its operations or in its supply chain, or report on its human rights risk assessment process, considering:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The degree to which existing relevant policies and practices are disclosed, including information on the
implementation of these policies and any related oversight mechanisms;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The company's industry and whether the company or its suppliers operate in countries or areas
where there is a history of human rights concerns;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Recent significant controversies, fines, or litigation regarding human rights involving the company
or its suppliers, and whether the company has taken remedial steps; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Whether the proposal is unduly burdensome or overly prescriptive.

**Operations in High Risk Markets**

Vote CASE-BY-CASE on requests for a report on a company's potential financial and reputational risks associated with operations in "high-risk" markets, such as a terrorism-sponsoring state or politically/socially unstable region, taking into account:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The nature, purpose, and scope of the operations and business involved that could be affected by social
or political disruption;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Current disclosure of applicable risk assessment(s) and risk management procedures;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Compliance with U.S. sanctions and laws;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Consideration of other international policies, standards, and laws; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. Whether the company has been recently involved in recent, significant controversies, fines, or litigation
related to its operations in "high-risk" markets.

**Outsourcing/Offshoring**

Vote CASE-BY-CASE on proposals calling for companies to report on the risks associated with outsourcing/plant closures, considering:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Controversies surrounding operations in the relevant market(s);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The value of the requested report to shareholders;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. The company's current level of disclosure of relevant information on outsourcing and plant closure
procedures; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. The company's existing human rights standards relative to industry peers.

**Weapons and Military Sales**

Vote AGAINST reports on foreign military sales or offsets. Such disclosures may involve sensitive and confidential information. Moreover, companies must comply with government controls and reporting on foreign military sales.

Generally, vote AGAINST proposals asking a company to cease production or report on the risks associated with the use of depleted uranium munitions or nuclear weapons components and delivery systems, including disengaging from current and proposed contracts. Such contracts are monitored by government agencies, serve multiple military and non-military uses, and withdrawal from these contracts could have a negative impact on the company's business.

**Mandatory Arbitration**

Vote CASE-BY-CASE on requests for a report on a company's use of mandatory arbitration on employment-related claims, taking into account:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The company's current policies and practices related to the use of mandatory arbitration agreements
on workplace claims;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Whether the company has been the subject of recent controversy, litigation, or regulatory actions related
to the use of mandatory arbitration agreements on workplace claims; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. The company's disclosure of its policies and practices related to the use of mandatory arbitration
agreements compared to its peers.

**Sexual Harassment**

Vote CASE-BY-CASE on requests for a report on company actions taken to strengthen policies and oversight to prevent workplace sexual harassment, or a report on risks posed by a company's failure to prevent workplace sexual harassment, taking into account:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The company's current policies, practices, oversight mechanisms related to preventing workplace
sexual harassment;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Whether the company has been the subject of recent controversy, litigation or regulatory actions related
to workplace sexual harassment issues; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. The company's disclosure regarding workplace sexual harassment policies or initiatives compared
to its industry peers.

**Political Activities**

**Lobbying**

Vote CASE-BY-CASE on proposals requesting information on a company's lobbying (including direct, indirect, and grassroots lobbying) activities, policies, or procedures, considering:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The company's current disclosure of relevant lobbying policies, and management and board oversight;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The company's disclosure regarding trade associations or other groups that it supports, or is
a member of, that engage in lobbying activities; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Recent significant controversies, fines, or litigation regarding the company's lobbying-related
activities.

Boston Partners will vote AGAINST proposals that impose significantly higher standards of reporting and oversight than required by legislation and-or industry standard and that would put the firm at a competitive disadvantage.

Vote AGAINST proposals requesting information on an issuer's indirect lobbying activity.

**Political Contributions**

Generally, vote CASE-BY-CASE on proposals requesting greater disclosure of a company's political contributions and trade association spending policies and activities, considering:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The company's policies, and management and board oversight related to its direct political contributions
and payments to trade associations or other groups that may be used for political purposes;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The company's disclosure regarding its support of, and participation in, trade associations or other
groups that may make political contributions; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Recent significant controversies, fines, or litigation related to the company's political contributions
or political activities.

Boston Partners will vote AGAINST proposals that impose significantly higher standards of reporting and oversight than required by legislation and-or industry standard and that would put the firm at a competitive disadvantage.

Vote AGAINST proposals barring a company from making political contributions. Businesses are affected by legislation at the federal, state, and local level; barring political contributions can put the company at a competitive disadvantage.

Vote AGAINST proposals to publish in newspapers and other media a company's political contributions. Such publications could present significant cost to the company without providing commensurate value to shareholders.

Vote AGAINST proposals requesting disclosure of an issuer's indirect political contributions.

**Political Ties**

Generally, vote AGAINST proposals asking a company to affirm political nonpartisanship in the workplace, so long as:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. There are no recent, significant controversies, fines, or litigation regarding the company's
political contributions or trade association spending; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The company has procedures in place to ensure that employee contributions to company- sponsored political
action committees (PACs) are strictly voluntary and prohibit coercion.

Vote AGAINST proposals asking for a list of company executives, directors, consultants, legal counsels, lobbyists, or investment bankers that have prior government service and whether such service had a bearing on the business of the company. Such a list would be burdensome to prepare without providing any meaningful information to shareholders.

Vote AGAINST political congruency proposals.

VIII. Mutual Fund Proxies

**Election of Directors**

Vote CASE-BY-CASE on the election of directors and trustees, following the same guidelines for uncontested directors for public company shareholder meetings. However, mutual fund boards do not usually have compensation committees, so do not withhold for the lack of this committee.

**Converting Closed-end Fund to Open-end Fund**

Vote CASE-BY-CASE on conversion proposals, considering the following factors:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Past performance as a closed-end fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Market in which the fund invests;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Measures taken by the board to address the discount; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Past shareholder activism, board activity, and votes on related proposals.

**Proxy Contests**

Vote CASE-BY-CASE on proxy contests, considering the following factors:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Past performance relative to its peers;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Market in which the fund invests;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Measures taken by the board to address the issues;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Past shareholder activism, board activity, and votes on related proposals;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. Strategy of the incumbents versus the dissidents;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. Independence of directors;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. Experience and skills of director candidates;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. Governance profile of the company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. Evidence of management entrenchment.

**Investment Advisory Agreements**

Vote CASE-BY-CASE on investment advisory agreements, considering the following factors:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Proposed and current fee schedules;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Fund category/investment objective;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Performance benchmarks;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Share price performance as compared with peers;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. Resulting fees relative to peers;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. Assignments (where the advisor undergoes a change of control).

**Approving New Classes or Series of Shares**

Vote FOR the establishment of new classes or series of shares.

**Preferred Stock Proposals**

Vote CASE-BY-CASE on the authorization for or increase in preferred shares, considering the following factors:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Stated specific financing purpose;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Possible dilution for common shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Whether the shares can be used for antitakeover purposes.

**1940 Act Policies (U.S.)**

Vote CASE-BY-CASE on policies under the Investment Advisor Act of 1940, considering the following factors:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Potential competitiveness;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Regulatory developments;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Current and potential returns; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Current and potential risk.

Generally, vote FOR these amendments as long as the proposed changes do not fundamentally alter the investment focus of the fund and do comply with the current SEC interpretation.

**Changing a Fundamental Restriction to a Nonfundamental Restriction**

Vote CASE-BY-CASE on proposals to change a fundamental restriction to a non-fundamental restriction, considering the following factors:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The fund's target investments;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The reasons given by the fund for the change; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. The projected impact of the change on the portfolio.

**Change Fundamental Investment Objective to Nonfundamental**

Vote AGAINST proposals to change a fund's fundamental investment objective to non-fundamental.

**Name Change Proposals**

Vote CASE-BY-CASE on name change proposals, considering the following factors:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Political/economic changes in the target market;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Consolidation in the target market; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Current asset composition.

**Change in Fund's Subclassification**

Vote CASE-BY-CASE on changes in a fund's sub-classification, considering the following factors:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Potential competitiveness;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Current and potential returns;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Risk of concentration;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Consolidation in target industry.

**Business Development Companies—Authorization to Sell Shares of Common Stock at a Price below Net Asset Value**

Vote FOR proposals authorizing the board to issue shares below Net Asset Value (NAV) if:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The proposal to allow share issuances below NAV has an expiration date no more than one year from the
date shareholders approve the underlying proposal, as required under the Investment Company Act of 1940;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The sale is deemed to be in the best interests of shareholders by (1) a majority of the company's independent
directors and (2) a majority of the company's directors who have no financial interest in the issuance; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. The company has demonstrated responsible past use of share issuances by either:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Outperforming peers in its 8-digit GICS group as measured by one- and three-year median TSRs; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Providing disclosure that its past share issuances were priced at levels that resulted in only small
or moderate discounts to NAV and economic dilution to existing non- participating shareholders.

**Disposition of Assets/Termination/Liquidation**

Vote CASE-BY-CASE on proposals to dispose of assets, to terminate or liquidate, considering the following factors:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Strategies employed to salvage the company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The fund's past performance;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. The terms of the liquidation.

**Changes to the Charter Document**

Vote CASE-BY-CASE on changes to the charter document, considering the following factors:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The degree of change implied by the proposal;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The efficiencies that could result;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. The state of incorporation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Regulatory standards and implications.

Vote AGAINST any of the following changes:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Removal of shareholder approval requirement to reorganize or terminate the trust or any of its series;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Removal of shareholder approval requirement for amendments to the new declaration of trust;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Removal of shareholder approval requirement to amend the fund's management contract, allowing the contract
to be modified by the investment manager and the trust management, as permitted by the 1940 Act;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Allow the trustees to impose other fees in addition to sales charges on investment in a fund, such
as deferred sales charges and redemption fees that may be imposed upon redemption of a fund's shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. Removal of shareholder approval requirement to engage in and terminate sub-advisory arrangements;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. Removal of shareholder approval requirement to change the domicile of the fund.

**Changing the Domicile of a Fund**

Vote CASE-BY-CASE on re-incorporations, considering the following factors:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Regulations of both states;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Required fundamental policies of both states;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. The increased flexibility available.

**Authorizing the Board to Hire and Terminate Sub-advisers Without Shareholder Approval**

Vote AGAINST proposals authorizing the board to hire or terminate sub-advisers without shareholder approval if the investment adviser currently employs only one sub-adviser.

**Distribution Agreements**

Vote CASE-BY-CASE on distribution agreement proposals, considering the following factors:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Fees charged to comparably sized funds with similar objectives;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The proposed distributor's reputation and past performance;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. The competitiveness of the fund in the industry;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. The terms of the agreement.

**Master-Feeder Structure**

Vote FOR the establishment of a master-feeder structure.

**Mergers**

Vote CASE-BY-CASE on merger proposals, considering the following factors:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Resulting fee structure;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Performance of both funds;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Continuity of management personnel;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Changes in corporate governance and their impact on shareholder rights.

**Closed End Funds-Unilateral Opt-in to Control Share Acquisition Statutes**

For closed-end management investment companies ("CEFs"), vote AGAINST or WITHHOLD from nominating/governance committee members (or other directors on a CASE-BY-CASE basis) at CEFs that have not provided a compelling rationale for opting-in to a Control Share Acquisition statute, nor submitted a by-law amendment to a shareholder vote.

**Shareholder Proposals for Mutual Funds**

Establish Director Ownership Requirement

Generally, vote AGAINST shareholder proposals that mandate a specific minimum amount of stock that directors must own in order to qualify as a director or to remain on the board.

**Reimburse Shareholder for Expenses Incurred**

Vote CASE-BY-CASE on shareholder proposals to reimburse proxy solicitation expenses. When supporting the dissidents, vote FOR the reimbursement of the proxy solicitation expenses.

**Terminate the Investment Advisor**

Vote CASE-BY-CASE on proposals to terminate the investment advisor, considering the following factors:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Performance of the fund's Net Asset Value (NAV);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The fund's history of shareholder relations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. The performance of other funds under the advisor's management.

**AUSTRALIA AND NEW ZEALAND**

I. General

**Constitutional Amendment**

Vote case-by case on proposals to amend the company's constitution.

Any proposals to amend the company's constitution, including updating of various clauses to reflect changes in corporate law, to complete replacement of an existing constitution with a new "plain language," and updated, version, are required to be approved by a special resolution (with a 75 percent super majority of votes cast requirement).

**Renewal of "Proportional Takeover" Clause in Constitution**

Vote FOR the renewal of the proportional takeover clause in the company's constitution.

**Significant Change in Activities**

Vote FOR resolutions to change the nature or scale of business activities provided the notice of meeting and explanatory statement provide a sound business case for the proposed change.

**Delisting (Australia)**

Generally, vote CASE-BY-CASE on proposals which seek to delist a company from a stock exchange.

Unlisted companies will be subject to a less stringent level of disclosure and corporate governance requirements and will forego a number of market and regulatory protections available to listed companies. In addition, there will be no formal market mechanism to enable shareholders to trade their shares.

Exceptional circumstances which may warrant support include where:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. There has been a substantial fall in market capitalization that no longer justifies listing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The company has provided sufficient time for shareholders to exit their investments on market, even
at a substantial loss.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. The company discloses sufficient information under which shareholders may be able to trade their shares
off-market.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Profitability, costs, net assets, and other compelling factors outweigh the need for retaining a listing.

**Foreign- Incorporated Companies (Australia)**

Foreign-incorporated companies with a sole or primary listing on the ASX are expected to comply with local market corporate governance practices which include director elections, a non-binding vote on the remuneration report, and equity grants.

Generally, vote AGAINST the chairman of the board or other directors standing for election if the company does not comply with local market corporate governance standards.

**Problematic Risk and Audit -Related Practices (Australia)**

Generally, vote AGAINST the board chair or chair of the risk committee, or members of the risk committee (depending on which directors are standing for election at the AGM) if:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. A material failure in audit and risk oversight by directors is identified through regulatory investigation,
enforcement, or other manner; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. There are significant adverse legal judgments or settlements against the company, directors, or management.

Generally, vote AGAINST members of the audit committee as constituted in the most recently completed fiscal year if:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The entity receives an adverse opinion of the entity's financial statements from the auditor; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Non-audit fees (Other Fees) paid to the external audit firm exceed audit and audit-related fees and
tax compliance/preparation fees.

**Late Lodgement of Notice of Meeting and Materials (Australia)**

Generally vote AGAINST the board chair, the chair or members of the governance committee or the whole board when the company fails to lodge a notice of meeting at least 28 days before an AGM, or shareholder meeting generally, as prescribed by the Corporations Act. This represents the minimum standard for corporate governance amongst ASX listed entities. Larger companies are expected to lodge their notices of meeting 35 or more days ahead of the AGM.

Generally vote AGAINST the board chair or chair of the governance committee (or other relevant directors) when a company adds a resolution to the meeting agenda with less than 28 days' notice prior to the shareholder meeting.

For the avoidance of doubt, this policy applies to non-Australian domiciled companies that are listed on the ASX. Any late lodgement of a notice of meeting places at risk a shareholder's ability to fulfil their fiduciary obligations in appropriately considering and voting on resolutions.

II. Share Capital

**Non-Voting Shares**

Vote AGAINST proposals to create a new class of non-voting or sub-voting shares. Only vote FOR if:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. It is intended for financing purposes with minimal or no dilution to current shareholders;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. It is not designed to preserve the voting power of an insider or significant shareholder.

Generally, vote FOR the cancellation of classes of non-voting or sub-voting shares.

**Reduction of Share Capital: Cash Consideration Payable to Shareholders**

Generally, vote FOR the reduction of share capital with the accompanying return of cash to shareholders.

**Reduction of Share Capital: Absorption of Losses**

Vote FOR reduction of share capital proposals, with absorption of losses as they represent routine accounting measures.

**Buybacks/Repurchases**

Generally, vote FOR requests to repurchase shares, unless:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. There is clear evidence available of past abuse of this authority; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. It is a selective buyback, and the notice of meeting and explanatory statement does not provide a sound
business case for it.

Consider the following conditions in buyback plans:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Limitations on a company's ability to use the plan to repurchase shares from third parties at a premium;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Limitations on the exercise of the authority to thwart takeover threats; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. A requirement that repurchases be made at arms-length through independent third parties.

Some shareholders object to companies repurchasing shares, preferring to see extra cash invested in new businesses or paid out as dividends. However, when timed correctly, buybacks are a legitimate use of corporate funds and can add to long-term shareholder returns.

III. Board of Directors

**Voting on Director Nominees in Uncontested Elections**

**Attendance (Australia)**

Vote AGAINST director nominees that attended less than 75 percent of board and committee meetings over the fiscal year without a satisfactory explanation.

Generally, vote AGAINST the chairman or deputy chairman if no disclosure of board and/or committee attendance is provided. Subject to section 300(10) of the Corporations Act, an Australian listed company must include in its annual report information about each director's attendance at board and committee meetings.

**Independence (Australia)**

Vote AGAINST a director nominee(s) in the following circumstances:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The director nominee is an executive or board chair, and no "lead director" has been appointed
from among the independent directors or other control mechanisms are in place. Exceptions may be made for company founders who are integral
to the company or if other exceptional circumstances apply;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The director nominee is an executive and a member of the audit committee or remuneration committee.
In these situations, also vote AGAINST the chairman of the board and/or the chairman of the relevant committee;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. The director nominee is a former partner or employee of the company's auditor who serves on the
audit committee; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. The director nominee is a former partner of the company's audit firm and receives post- employment
benefits.

If the board is not a majority (over 50 percent) independent, generally vote AGAINST nominees who are:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Executive directors (except the CEO and founders integral to the company); or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Non-independent NEDs whose presence causes the board not to be majority independent without sufficient
justification. Exceptional factors may include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Whether a non-independent director represents a substantial shareholder owning at least 15 percent
of the company's shares and whose percentage board representation is proportionate to its ownership interest in the company; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. The level of board independence (i.e. generally, a recommendation against non- independent directors
if the board composition is wholly non-independent, whereas a CASE-BY-CASE analysis may be undertaken where a board is at or near 50%
independent and the reasons for nonindependence of certain directors may include excessive board tenure greater than 12 years).

**Combined Chair and CEO (Australia)**

Generally, vote AGAINST a director who combines the CEO and chairman roles, unless the company provides strong justification as to why this non-standard governance arrangement is appropriate for the specific situation of the company. Exceptional circumstances may include a limited timeframe for the combined role upon departure of the CEO, or a non-operating, research, development or exploration company. In some circumstances an executive chair may be considered to effectively combine the chair and CEO roles, notwithstanding the presence of another director on the board with the title of CEO. In assessing this situation, Boston Partners will assess the disclosure surrounding the split of responsibilities and their comparative pay levels.

**Problematic Remuneration Practices (Australia)**

Generally, vote AGAINST the board chair or chair of the remuneration committee, or members of the remuneration committee (depending on which directors are standing for election at the AGM) if problematic practices are identified, and particularly if issues have been raised in prior years, taking into account:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The company's response, or if there was a lack of sufficient response, in addressing prior years' specific
concerns on remuneration, and engaging with institutional investors;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The company's ownership structure;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Whether the issues are considered to be recurring or isolated;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Whether relevant directors have also served on a board or remuneration committee of a non- associated
company where problematic remuneration practices were also identified; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. If any remuneration-related resolutions in the last five years have received support of less than 75
percent of votes cast.

**Shareholder Nominees**

Generally, vote AGAINST shareholder-nominated candidates who lack board endorsement and do not present conclusive rationale to justify their nomination, including unmatched skills and experience, or other reason. Vote FOR such candidates if they demonstrate a clear ability to contribute positively to board deliberations.

**Removal of Directors (New Zealand)**

Vote CASE-BY-CASE on resolutions for the removal of directors, taking into consideration:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Company performance relative to its peers;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Strategy of the incumbents versus the dissidents;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Independence of directors/nominees;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Experience and skills of board candidates;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. Governance profile of the company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. Evidence of management entrenchment;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. Responsiveness to shareholders; and,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. Level of disclosure by company to shareholders.

IV. Remuneration

**Remuneration Report (Australia)**

Vote CASE-BY-CASE on the remuneration report, taking into account the pay of executives and non- executive directors, including where applicable:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The quantum of total fixed remuneration and short-term incentive payments relative to peers;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Whether any increases, either to fixed or variable remuneration, for the year under review or the upcoming
year were well-explained and not excessive;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. The listed entity's workforce;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Financial performance and alignment with shareholder returns;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. The adequacy and quality of the company's disclosure generally;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. The appropriateness and quality of the company's disclosure linking identified material business risks
and pre-determined key performance indicators (KPIs) that determine annual variable executive compensation outcomes;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. The existence of appropriate performance criteria against which vesting and the quantum of cash and
equity bonuses are assessed prior to any payment being made;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. Whether appropriate targets for incentives, including in the STI or LTI, are in place and are disclosed
with an appropriate level of detail;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. Whether performance measures and targets for incentives, including in the STI and LTI, are measured over
an appropriate period and are sufficiently stretching;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10. Any special arrangements for new joiners were in line with good market practice;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11. The remuneration committee exercised discretion appropriately, and such discretion is appropriately
explained; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12. The alignment of CEO and executive pay with the company's financial performance and returns for shareholders.

Where a remuneration report contains multiple areas of non-compliance with good practice, the vote will reflect the severity of the issues identified. A small number of minor breaches may still result in an overall qualified FOR vote whereas a single, serious deviation may be sufficient to justify an AGAINST vote.

In cases where a serious breach of good practice, or departure from accepted market standards and shareholder requirements, is identified and typically where issues have been raised by shareholders over one or more years, the chair of the remuneration committee (or, where relevant, another member of the remuneration committee) may also receive a negative vote.

Elements of the remuneration report include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Base Pay;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Superannuation, pension contributions and benefits;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Short term incentive (STI);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Long-term incentive (LTI);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. Dilution Limits;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. Malus/ clawback;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. Good leavers;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. Change in control;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. Shareholding requirement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10. Executive' service contracts, including exit payments;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11. Arrangements for new joiners;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12. Discretion;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13. Non-executive director fees;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14. All-employee schemes.

**Remuneration of Executive Directors: Share Incentive Schemes (Australia)**

Vote CASE-BY-CASE on share-based incentives for executive directors.

**Remuneration of Executives: Options and Other Long-Term Incentives**

Vote CASE-BY-CASE on options and long-term incentives for executives. Vote AGAINST plans and proposed grants under plans if:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The company failed to disclose adequate information regarding any element of the scheme;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The performance hurdles are not sufficiently demanding;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. The plan permits retesting of grants based on rolling performance;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. The plan allows for excessive dilution.

Evaluate long-term incentive plans (and proposed grants of equity awards to particular directors) according to the following criteria:

Exercise Price

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Option exercise prices should not be at a discount to market price at the grant date (in the absence
of demanding performance hurdles).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Plans should not allow the repricing of underwater options.

Vesting Period: Appropriate time restrictions before options can be exercised (if 50 percent or more of securities can vest in two to three years or less, this is generally considered too short).

Performance Hurdles

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Generally, a hurdle that relates to total shareholder return (TSR) is preferable to a hurdle that specifies
an absolute share price target or an accounting measure of performance (such as earnings per share (EPS)).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Where a relative hurdle is used (comparing the company's performance against a group of peers or against
an index), no vesting should occur for sub-median performance.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. The use of 'indexed options' – where the exercise price of
an option is increased by the movement in a suitable index of peer companies – is generally considered a sufficiently demanding
hurdle.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. A sliding-scale hurdle – under which the percentage of rights that vest increases according to
a sliding scale of performance (whether absolute or relative) – is generally preferable to a hurdle under which 100 percent of the
award vests once a single target is achieved (i.e. no "cliff vesting").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. In the absence of relative performance hurdles, absolute share price hurdles may be appropriate so long as they are sufficiently
 stretching. Where an absolute share-price target is used, executives can be rewarded by a rising market even
if their company does relatively poorly. In addition, even if a share price hurdle is set at a significantly higher level than the prevailing
share price, if the option has a long life then the hurdle may not be particularly stretching.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. In determining whether an absolute share price target is sufficiently stretching, take into consideration
the company's explanation of how the target share price has been calculated. ISS will be more likely to consider an absolute share
price target as sufficiently stretching when the target price is reflected in the option exercise price.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. The issue of options with no performance conditions other than continued service and the exercise price
(set as being equal to the share price on date of issue) is not generally considered to be a sufficiently demanding hurdle.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. Support incentive schemes with accounting-based hurdles if they are sufficiently demanding. An accounting-based
hurdle does not necessarily require that shareholder value be improved before the incentive vests as it is possible for incentives to
vest – and executives to be rewarded – without any medium- to long-term improvement in returns to shareholders. Growth in
EPS may, but does not always, translate into a material increase in share price and dividends over the medium to long-term.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. Hurdles which relate option vesting to share price performance against a company's cost of capital
may be considered acceptable if the exercise price is adjusted to reflect the cost of capital over the vesting period. Shareholders must
also be given sufficient information to determine if the cost of capital will be calculated or reviewed independently of management.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10. Two different types of options should be distinguished: (1) grants of market-exercise-price options
(traditional options), and (2) zero exercise price options (also called conditional awards, performance shares, and performance rights).
Traditional options have an in-built share price appreciation hurdle, because the share price must increase above its level at grant date
for the executive to have an incentive to exercise. Performance rights have no exercise price; the executive pays nothing to the company
on exercising the rights. An EPS hurdle can lead to executive reward without any increase in shareholder return if the instruments are
performance rights, but not if they are traditional options. Therefore, an EPS hurdle can more readily be supported if traditional options,
rather than performance rights, are being granted.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11. For an EPS target to be sufficiently stretching, where a single target is used (with 100 percent of options/rights
vesting on the target being achieved), the target should generally specify a challenging target that is at least in line with analyst
and management earnings forecasts. For targets which see rewards vest based on a sliding scale, vesting should start at a level below
consensus forecasts only if a substantial portion of the award vests for performance above consensus forecasts.

Retesting

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Do not support excessive retesting of options grants against performance hurdles. Many NZ companies
use performance hurdles such as cost of capital relative to share price that allow for continual retesting and the issue of retesting
against performance hurdles does not appear to have been raised with companies in the past and many equity grants to executive directors
have been modest in size. As such, it is not appropriate for Boston Partners to vote AGAINST a particular options grant on the basis of
excessive retesting.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Generally, vote AGAINST incentive schemes that provide for retesting against performance hurdles on
a rolling-basis. For retesting to be acceptable, at a minimum it should assess performance against the hurdle from the inception date
to the date of vesting.

Transparency

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The methodology for determining exercise price of options should be disclosed.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Shareholders should be presented with sufficient information to determine whether an incentive scheme
will reward superior future performance.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. The proposed volume of securities which may be issued under an incentive scheme should be disclosed
to enable shareholders to assess dilution.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Time restrictions before options can be exercised should be disclosed, as should the expiry date of
the options. Any restrictions on disposing of shares received on the exercise of options should be disclosed.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. If a value has been assigned to the options, the method used to calculate cost of options should be
disclosed.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. The method of purchase or issue of shares on exercise of options
should be disclosed.

Dilution of Existing Shareholders' Equity

Aggregate number of all shares and options issued under all employee and executive incentive schemes should not exceed 10 percent of issued capital.

Level of Reward

Value of options granted (assuming performance hurdles are met) should be consistent with comparable schemes operating in similar companies.

Eligibility for Participation in the Scheme

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Scheme should be open to all key executives.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Scheme should not be open to non-executive directors. Other

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Incentive plans should include reasonable change-in-control provisions (i.e. pro-rata vesting based
on the proportion of the vesting period expired and performance against the hurdles taking into account the size of awards).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Incentive plans should include 'good' leaver/'bad' leaver provisions to minimize
excessive and unearned payouts.

**Non-Executive Director Perks/Fringe Benefits (Australia)**

Where a company provides fringe benefits to non-executive directors in addition to directors' board and committee fees, vote CASE-BY-CASE on:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The remuneration report;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Proposals to increase the non-executive directors' aggregate fee cap; and/or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. The election of the chairman of the board, chairman of the remuneration committee, or any member of
the remuneration committee standing for re-election.

Vote AGAINST when post-employment fringe benefits are paid to non-executive directors, which are often represented as an entitlement per year of service on the board of the company.

**Remuneration of Non-Executive Directors: Increase in Aggregate Fee Cap**

Vote CASE-BY-CASE on resolution that seeks shareholder approval for an increase in the maximum aggregate level of fees payable to the company's non-executive directors.

In assessing director remuneration, consider how remuneration relates to shareholders' interests, specifically:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The size of the proposed increase;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The level of fees compared to those at peer companies;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. The explanation the board has given for the proposed increase;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Whether the company has discontinued retirement benefits;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. Whether there is sufficient capacity within the previously approved aggregate fee cap to accommodate
any proposed increases in director's fees;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. The company's absolute and relative performance over (at least) the past three years based on
measures such as (but not limited to) share price, earnings per share and return on capital employed;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. The company's policy and practices on non-executive director remuneration, including equity ownership;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. The number of directors presently on the board and any planned increases to the size of the board;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. The level of board turnover.

Generally, vote FOR a fee cap resolution that also seeks to allow directors to receive part or all of their fees in shares.

In Australia, vote AGAINST the increase if the company has an active retirement benefits plan for non- executive directors. Vote AGAINST where a company is seeking an increase after a period of poor absolute and relative performance, where the same board (or largely the same board) has overseen this period of poor performance and where the fee cap increase is not sought for the purposes of board renewal.

**Remuneration of Non-Executive Directors: Issue of Options (New Zealand)**

Generally, vote AGAINST the issue of options to non-executive directors.

**Remuneration of Non-Executive Directors: Approval of Share Plan**

For New Zealand, generally vote AGAINST the issue of options to non-executive directors. For Australia, generally, vote FOR the approval of NED share plans which are essentially salary-sacrifice structures and have the effect of increasing directors' shareholdings and alignment with investors.

**Transparency of CEO Incentives (New Zealand)**

Vote AGAINST the re-election of members of the remuneration committee if:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The remuneration of the CEO is not subject to any shareholder approval or scrutiny; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. There is evidence that the CEO has been granted a substantial quantity of equity incentives; and,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. There is no apparent credible explanation for the CEO not being a member of the board;

**Shareholder Resolutions (New Zealand)**

Generally, vote FOR appropriately-structured shareholder resolutions calling for increased disclosure of executive remuneration and/or the introduction of a non-binding shareholder vote on a company's remuneration policy.

**BRAZIL**

I. Board of Directors

**Minimum Independent Levels**

Vote AGAINST the bundled election of directors if the post-election board at Novo Mercado and Nivel 2 companies would be less than 50 percent.<sup>3</sup>

Vote AGAINST the bundled election of directors if the post-election board of Nivel 1 and traditional companies would not have at least one-third of the board or two directors, whichever is higher, classified as independent.

Boston Partners applies a five-year cooling off period to former executives when determining nominee independence in Brazil.

**Election of Minority Nominees (Separate Election)**

Vote FOR the election of minority board nominees (ordinary and preferred holders), as well as minority fiscal council nominees, presented under a separate election when timely disclosure is provided of their names and biographical information, in the absence of other concerns regarding the proposed nominees. If competing minority nominees are disclosed by different minority shareholders, the contested election policy will be applied.

In the absence of timely disclosure regarding minority nominees, an ABSTAIN vote will be issued for the separate minority election proposal.

In the absence of publicly disclosed information regarding the existence of board nominees presented by minority shareholders, an ABSTAIN vote will be issued for the procedural question requesting a separate election for the election of a director appointed by minority ordinary and/or preferred shareholders.

For fiscal council elections, in the event of publicly-disclosed minority nominee(s), Boston Partners will prioritize the support for the election of minority representatives, issuing an ABSTAIN vote for the management nominees. In the absence of timely disclosure of a minority fiscal council nominee, an ABSTAIN vote will be recommended for the fiscal council minority separate election agenda item, with a vote recommendation presented for the management fiscal council nominees.

Boston Partners will vote on a best effort basis, whenever the names and biographical information of minority nominees are disclosed following the publication of the original report, up to a minimum of eight (8) days prior to the shareholder meeting, in which case priority will be given to allow minority shareholders to elect a representative to the board of directors and/or fiscal council.

<sup>3</sup> 2021 and 2022 are transitionary periods. Vote AGAINST proposed board with overall independence below 40 percent during this period.

**Installation of Fiscal Council**

Vote FOR approval of the fiscal council installation unless no fiscal council nominees, appointed by either the company's management or by minority shareholders, have been disclosed in a timely manner. Vote to ABSTAIN from such proposals in the absence of publicly disclosed candidates.

In the event management recommends against the installation of the fiscal council, vote CASE-BY- CASE.

**Combined Chairman/CEO**

Vote AGAINST the bundled election of directors of companies listed under the differentiated corporate governance segments of the Sao Paulo Stock Exchange (BM&Fbovespa)–Novo Mercado, Nivel 2, and Nivel 1–if the company maintains or proposes a combined chairman/CEO structure, after three (3) years from the date the company's shares began trading on the respective differentiated corporate governance segment.

Vote AGAINST the election of the company's chairman, if the nominee is also the company's CEO, when it is presented as a separate election at companies listed under the differentiated corporate governance segments of the Sao Paulo Stock Exchange (BM&Fbovespa), Novo Mercado, Nivel 2, and Nivel 1–after three (3) years from the date the company's shares began trading on the respective differentiated corporate governance segment.

**Board Structure**

Vote AGAINST proposals to increase board terms.

II. Capital Structure

**Share Repurchase Plans**

Boston Partners will generally vote AGAINST any proposal where:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The repurchase can be used for takeover defenses;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. There is clear evidence of abuse;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. There is no safeguard against selective buybacks; or

Pricing provisions and safeguards are deemed to be unreasonable in light of market practice.

III. Compensation

**Management Compensation**

Generally, vote FOR management compensation proposals that are presented in a timely manner and include all disclosure elements required by the Brazilian Securities Regulator (CVM).

Vote AGAINST management compensation proposals when:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The company fails to present a detailed remuneration proposal or the proposal lacks clarity;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The company does not disclose the total remuneration of its highest-paid executive; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. The figure provided by the company for the total compensation of its highest-paid administrator is not
inclusive of all elements of the executive's pay.

Vote CASE-BY-CASE on global remuneration cap (or company's total remuneration estimate, as applicable) proposals that represent a significant increase of the amount approved at the previous annual general meeting (year-over-year increase). When further scrutinizing year-over-year significant remuneration increases, jointly consider some or all of the following factors, as relevant:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Whether there is a clearly stated and compelling rationale for the proposed increase;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Whether the remuneration increase is aligned with the company's long-term performance and/or operational
performance targets disclosed by the company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Whether the company has had positive TSR for the most recent one- and/or three-year periods;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Whether the relation between fixed and variable executive pay adequately aligns compensation with the
company's future performance.

Vote on a CASE-BY-CASE basis when the company proposes to amend previously-approved compensation caps, paying particular attention as to whether the company has presented a compelling rationale for the request.

**Compensation Plans**

Boston Partners will generally support reasonable equity pay plans that encourage long-term commitment and ownership by its recipients without posing significant risks to shareholder value. Things to be considered include the presence of discounted exercise prices (which are common in Brazil), particularly in the absence of specific performance criteria; the potential for conflict of interests when administrators are also beneficiaries of the plan; and whether there are sufficient safeguards to mitigate such concerns are considered.

Vote AGAINST a stock option plan and/or restricted share plan, or an amendment to the plan, if:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The plan lacks a minimum vesting cycle of three years;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The plan permits options to be issued with an exercise price at a discount to the current market price,
or permits restricted shares to be awarded (essentially shares with a 100 percent discount to market price), in the absence of explicitly
stated, challenging performance hurdles related to the company's historical financial performance or the industry benchmarks;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. The maximum dilution exceeds 5 percent of issued capital for a mature company and 10 percent for a growth company. However,
 Boston Partners will support plans at mature companies with dilution levels up to 10 percent if the plan includes
other positive features such as challenging performance criteria and meaningful vesting periods, as these features partially offset dilution
concerns by reducing the likelihood that options will become exercisable unless there is a clear improvement in shareholder value; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Directors eligible to receive options or shares under the scheme are involved in the administration
of the plan.

Vote on a CASE-BY-CASE basis if non-executive directors are among the plan's potential beneficiaries, paying special attention to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Whether there are sufficient safeguards to ensure that beneficiaries do not participate in the plan's
administration; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The type of grant (if time-based, performance-based, or in lieu of cash), considering the long- term
strategic role of boards of directors.

Specifically, for share matching plans, in addition to the abovementioned factors, vote AGAINST the plan, or an amendment to the plan, if:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The shares to be acquired by the participant to become eligible to the share matching plan lack a minimum
three-year lock-up period.

Furthermore, for share matching plans with no disclosed performance criteria, Boston Partners will vote AGAINST the plan if:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The shares of the initial investment may be purchased by the participant at a discount to the market
price;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The initial investment is made using resources other than the annual variable remuneration received
by the participant; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. The plan lacks a reasonable ratio between the number of shares awarded by the company (matching) and
each share acquired by the participant.

IV. Other

**Items Antitakeover Mechanisms**

Vote FOR mandatory bid provisions that are structured in line with the recommendations of the Sao Paulo Stock Exchange's Novo Mercado listing segment:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Ownership trigger of 30 percent or higher; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Reasonable pricing provisions.

**CANADA: TSX- LISTED AND VENTURE LISTED COMPANIES**

I. Board of Directors

**Director Elections**

Generally, vote WITHHOLD for all directors nominated only by slate ballot at the annual/general or annual/special shareholders' meetings. This policy will not apply to contested director elections.

Individual director elections are required for companies listed on the Toronto Stock Exchange (TSX). Policy Considerations for Majority Owned Companies

Support a one-share, one-vote principle. In recognition of the substantial equity stake held by certain shareholders, on a CASE-BY-CASE basis, non-management director nominees who are or who represent a controlling shareholder of a majority owned company may be supported if the company meets all of the following independence and governance criteria:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The number of directors related to the controlling shareholder should not exceed the proportion of
common shares controlled by the controlling shareholder. In no event, however, should the number of directors related to the controlling
shareholder exceed two-thirds of the board;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. In addition to the above, if the CEO is related to the controlling shareholder, no more than one- third
of the board should be related to management (as distinct from the controlling shareholder);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. If the CEO and chair roles are combined or the CEO is or is related to the controlling shareholder,
then there should be an independent lead director and the board should have an effective and transparent process to deal with any conflicts
of interest between the company, minority shareholders, and the controlling shareholder;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. A majority of the audit and nominating committees should be either independent directors or in addition
to at least one independent director, may be directors who are related to the controlling shareholder. All members of the compensation
committee should be independent of management. If the CEO is related to the controlling shareholder, no more than one member of the compensation
committee should be a director who is related to the controlling shareholder; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. Prompt disclosure of detailed vote results following each shareholder meeting.

If any of the above independence and governance criteria are not met, the policy exemption will not be applied. This policy will not be considered at dual class companies having common shares with unequal voting or unequal board representation rights.

**Gender Diversity**

WITHOLD votes from the Chair of the Nominating Committee when the company has not disclosed a formal written gender diversity policy if the Chair is of the majority gender. REFER if the Chair is not of the majority gender.

**Racial/Ethnic Diversity**

WITHHOLD votes from incumbent Nominating Committee members when the company has not disclosed a formal written racial/ethnic diversity policy. In addition, vote AGAINST Nominating Committee members when the board lacks at least one racially/ethnically diverse director.

**Audit Fee Disclosure**

For TSX-listed companies, vote WITHHOLD for the members of the audit committee as constituted in the most recently completed fiscal year if no audit fee information is disclosed by the company within a reasonable period of time prior to a shareholders' meeting at which ratification of auditors is a voting item.

For Canada Venture Listed companies, vote WITHHOLD for the members of the audit committee as constituted in the most recently completed fiscal year if no audit fee information is disclosed by the company within 120 days after its fiscal year end. In the event that the shareholders' meeting at which ratification of auditors is a voting item is scheduled prior to the end of the 120 day reporting deadline and the audit fees for the most recently completed fiscal year have not yet been provided, the vote will be based on the fee disclosure for the prior fiscal year.

**Director Attendance**

Vote WITHHOLD for individual director nominees (except nominees who served for only part of the fiscal year or newly publicly listed companies or companies that have recently graduated to the TSX, should be considered CASE-BY-CASE) if the company has not adopted a majority voting director resignation policy and, if they have, a pattern of low attendance exists based on prior years' meeting attendance.

**Board Responsiveness**

Vote WITHHOLD for continuing individual directors, nominating committee members, or the continuing members of the entire board of directors if at the previous board election, any director received more than 50 percent WITHHOLD votes of the votes cast under a majority voting director resignation policy and the nominating committee has not required that the director leave the board after 90 days, or has not provided another form of acceptable response to the shareholder vote which will be reviewed on a CASE-BY- CASE basis;

**Unilateral Adoption of an Advance Notice Provision**

Vote WITHHOLD for individual directors, committee members, or the entire board as appropriate in situations where an advance notice policy has been adopted by the board but has not been included on the voting agenda at the next shareholders' meeting.

Continued lack of shareholder approval of the advanced notice policy in subsequent years may result in further WITHHOLD votes.

**Externally-Managed Issuers (EMIs)**

Vote CASE-BY-CASE on say-on-pay resolutions where provided, or on individual directors, committee members, or the entire board as appropriate, when an issuer is externally managed and has provided minimal or no disclosure about their management services agreements and how senior management is compensated. Factors taken into consideration may include but are not limited to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The size and scope of the management services agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Executive compensation in comparison to issuer peers and/or similarly structured issuers;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Overall performance;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Related party transactions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. Board and committee independence;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. Conflicts of interest and process for managing conflicts effectively;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. Disclosure and independence of the decision-making process involved in the selection of the management
services provider;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. Risk mitigating factors included within the management services agreement such as fee recoupment mechanisms;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. Historical compensation concerns;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10. Executives' responsibilities; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11. Other factors that may reasonably be deemed appropriate to assess an externally-managed issuer's
governance framework.

**Proxy Access**

**Proxy Contests – Voting for Director Nominees in Contested Elections**

In addition to the General Policy when a dissident seeks a majority of board seats, Boston Partners will require from the dissident a well-reasoned and detailed business plan, including the dissident's strategic initiatives, a transition plan and the identification of a qualified and credible new management team. The detailed dissident plan will be compared against the incumbent plan and the dissident director nominees and management team will be compared against the incumbent team in order to arrive at a vote decision.

When a dissident seeks a minority of board seats, the burden of proof imposed on the dissident is lower. In such cases, Boston Partners will not require from the dissident a detailed plan of action, nor is the dissident required to prove that its plan is preferable to the incumbent plan. Instead, the dissident will be required to prove that board change is preferable to the status quo and that the dissident director slate will add value to board deliberations including by, among other factors, considering issues from a viewpoint different from that of the current board members.

II. Shareholder Rights & Defenses

**Advance Notice Requirements**

Vote CASE-BY-CASE on proposals to adopt or amend an advance notice board policy or to adopt or amend articles or by-laws containing or adding an advance notice requirement. These provisions will be evaluated to ensure that all of the provisions included within the requirement solely support the stated purpose of the requirement. The purpose of advance notice requirements, as generally stated in the market, is:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. To prevent stealth proxy contests;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. To provide a reasonable framework for shareholders to nominate directors by allowing shareholders
to submit director nominations within a reasonable timeframe; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. To provide all shareholders with sufficient information about potential nominees in order for them
to make informed voting decisions on such nominees.

Features that may be considered problematic include but are not limited to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. For annual notice of meeting given not less than 50 days prior to the meeting date, the notification
timeframe within the advance notice requirement should allow shareholders the ability to provide notice of director nominations at any
time not less than 30 days prior to the shareholders' meeting. The notification timeframe should not be subject to any maximum notice
period. If notice of annual meeting is given less than 50 days prior to the meeting date, a provision to require shareholder notice by
close of business on the 10<sup>th</sup> day following first public announcement of the annual meeting is supportable. In the case of
a special meeting, a requirement that a nominating shareholder must provide notice by close of business on the 15<sup>th</sup> day following
first public announcement of the special shareholders' meeting is also acceptable;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The board's inability to waive all sections of the advance notice provision under the policy or
by- law, in its sole discretion;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. A requirement that any nominating shareholder provide representation that the nominating shareholder
be present at the meeting in person or by proxy at which his or her nominee is standing for election for the nomination to be accepted,
notwithstanding the number of votes obtained by such nominee;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. A requirement that any proposed nominee deliver a written agreement wherein the proposed nominee acknowledges
and agrees, in advance, to comply with all policies and guidelines of the company that are applicable to directors;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. Any provision that restricts the notification period to that established for the originally scheduled
meeting in the event that the meeting has been adjourned or postponed;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. Any disclosure request within the advance notice requirement, or the company's ability to request
additional disclosure of the nominating shareholder(s) or the shareholder nominee(s) that: exceeds what is required in a dissident proxy
circular; goes beyond what is necessary to determine director nominee qualifications, relevant experience, shareholding or voting interest
in the company, or independence in the same manner as would be required for management nominees; or, goes beyond what is required under
law or regulation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. Stipulations within the provision that the corporation will not be obligated to include any information
provided by dissident director nominees or nominating shareholders in any shareholder communications, including the proxy statement; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. Any other feature or provision determined to have a negative impact on shareholders' interests
and deemed outside the purview of the stated purpose of the advance notice requirement.

**Enhanced Shareholder Meeting Quorum for Contested Director Elections**

Vote AGAINST new by-laws or amended by-laws that would establish two different quorum levels which would result in implementing a higher quorum solely for those shareholder meetings where common share investors seek to replace the majority of current board members ("Enhanced Quorum").

**Appointment of Additional Directors Between Annual Meetings**

Vote FOR these resolutions where:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The company is incorporated under a statute (such as the Canada Business Corporations Act) that permits
removal of directors by simple majority vote;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The number of directors to be appointed between meetings does not exceed one-third of the number of
directors appointed at the previous annual meeting; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Such appointments must be ratified by shareholders at the annual meeting immediately following the date
of their appointment.

**Article/By-law Amendments**

Vote FOR proposals to adopt or amend articles/by-laws unless the resulting document contains any of the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The quorum for a meeting of shareholders is set below two persons holding 25 percent of the eligible
vote (this may be reduced to no less than 10 percent in the case of a small company that can demonstrate, based on publicly disclosed
voting results, that it is unable to achieve a higher quorum and where there is no controlling shareholder);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The quorum for a meeting of directors is less than 50 percent of the number of directors;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. The chair of the board has a casting vote in the event of a deadlock at a meeting of directors;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. An alternate director provision that permits a director to appoint another person to serve as an alternate
director to attend board or committee meetings in place of the duly elected director;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. An advance notice requirement that includes one or more provisions which could
have a negative impact on shareholders' interests and which are deemed outside the purview of the stated purpose of the requirement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. Authority is granted to the board with regard to altering future capital authorizations
or alteration of the capital structure without further shareholder approval; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. Any other provisions that may adversely impact shareholders' rights or diminish
independent effective board oversight.

In any event, proposals to adopt or amend articles or by-laws will generally be opposed if the complete article or by-law document is not included in the meeting materials for thorough review or referenced for ease of location on SEDAR, which is the equivalent to the U.S.' EDGAR System.

Vote FOR proposals to adopt or amend articles/by-laws if the proposed amendment is limited to only that which is required by regulation or will simplify share registration.

**Confidential Voting**

Vote FOR shareholder proposals requesting that corporations adopt confidential voting, use independent vote tabulators, and use independent inspectors of election, as long as the proposal includes a provision for proxy contests as follows: In the case of a contested election, management should be permitted to request that the dissident group honor its confidential voting policy. If the dissidents agree, the policy remains in place. If the dissidents will not agree, the confidential voting policy is waived for that particular vote.

Generally, vote FOR management proposals to adopt confidential voting.

**Poison Pills (Shareholder Rights Plans)**

As required by the TSX, the adoption of a shareholder rights plan must be ratified by shareholders within six months of adoption.

Vote CASE-BY-CASE on management proposals to ratify a shareholder rights plan (poison pill) taking into account whether it conforms to 'new generation' rights plan best practice guidelines and its scope is limited to the following two specific purposes:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. To give the board more time to find an alternative value enhancing transaction; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. To ensure the equal treatment of all shareholders.

Vote AGAINST plans that go beyond these purposes if:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The plan gives discretion to the board to either:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Determine whether actions by shareholders constitute a change in control;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Amend material provisions without shareholder approval;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. Interpret other provisions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. Redeem the rights or waive the plan's application without a shareholder vote; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e. Prevent a bid from going to shareholders.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The plan has any of the following characteristics:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Unacceptable key definitions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Reference to Derivatives Contracts within the definition of Beneficial Owner;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. Flip over provision;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. Permitted bid minimum period greater than 105 days;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e. Maximum triggering threshold set at less than 20 percent of outstanding shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;f. Does not permit partial bids;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;g. Includes a Shareholder Endorsed Insider Bid (SEIB) provision;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;h. Bidder must frequently update holdings;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. Requirement for a shareholder meeting to approve a bid; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;j. Requirement that the bidder provide evidence of financing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. The plan does not:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Include an exemption for a "permitted lock up agreement";

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Include clear exemptions for money managers, pension funds, mutual funds, trustees, and custodians who
are not making a takeover bid; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. Exclude reference to voting agreements among shareholders.

**Exclusive Forum Proposals**

Vote CASE-BY-CASE on proposals to adopt an exclusive forum by-law or to amend by-laws to add an exclusive forum provision, taking the following into consideration:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Jurisdiction of incorporation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Board rationale for adopting exclusive forum;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Legal actions subject to the exclusive forum provision;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Evidence of past harm as a result of shareholder legal action against the company originating outside
of the jurisdiction of incorporation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. Company corporate governance provisions and shareholder rights; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. Any other problematic provisions that raise concerns regarding shareholder rights.

III. Capital/ Restructuring

**Increases in Authorized Capital**

Vote CASE-BY-CASE on proposals to increase the number of shares of common stock authorized for issuance. Generally, vote FOR proposals to approve increased authorized capital if:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. A company's shares are in danger of being de-listed; or

&nbsp;&nbsp;&nbsp;&nbsp;2. A company's ability to continue to operate as a going concern is uncertain.

Generally, vote AGAINST proposals to approve unlimited capital authorization.

**Private Placement Issuances**

Vote CASE-BY-CASE on private placement issuances taking into account:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Whether other resolutions are bundled with the issuance;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Whether the rationale for the private placement issuance is disclosed;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Dilution to existing shareholders' position;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Issuance that represents no more than 30 percent of the company's outstanding shares on a non-
diluted basis is considered generally acceptable;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. Discount/premium in issuance price to the unaffected share price before the announcement of the private
placement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. Market reaction: The market's response to the proposed private placement since announcement;
and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. Other applicable factors, including conflict of interest, change in control/management, evaluation of
other alternatives.

Generally, vote FOR the private placement issuance if it is expected that the company will file for bankruptcy if the transaction is not approved or the company's auditor/management has indicated that the company has going concern issues.

**Blank Check Preferred Stock**

Vote AGAINST proposals to create unlimited blank check preferred shares or increase blank cheque preferred shares where:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The shares carry unspecified rights, restrictions, and terms; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The company does not specify any specific purpose for the increase in such shares.

Generally, vote FOR proposals to create a reasonably limited number of preferred shares where both of the following apply:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The company has stated in writing and publicly disclosed that the shares will not be used for antitakeover
purposes; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The voting, conversion, and other rights, restrictions, and terms of such stock where specified in
the articles, are reasonable.

**Dual-class Stock**

Vote AGAINST proposals to create a new class of common stock that will create a class of common shareholders with diminished or superior voting rights.

The following is an exceptional set of circumstances under which Boston Partners would generally support a dual class capital structure. Such a structure must meet all of the following criteria:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. It is required due to foreign ownership restrictions and financing is required to be done out of country;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. It is not designed to preserve the voting power of an insider or significant shareholder;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. The subordinate class may elect some board nominees;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. There is a sunset provision; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. There is a coattail provision that places a prohibition on any change in control transaction without
approval of the subordinate class shareholders.

**Escrow Agreements**

Vote AGAINST an amendment to an existing escrow agreement where the company is proposing to delete all performance-based release requirements in favor of time-driven release requirements.

IV. Compensation

**Pay for Performance Evaluation**

This policy will be applied at all S&P/TSX Composite Index Companies and for all management say-on- pay proposals (MSOP) resolutions.

On a CASE-BY-CASE basis, Boston Partners will evaluate the alignment of the CEO's total compensation with company performance over time, focusing particularly on companies that have underperformed their peers over a sustained period. From a shareholder's perspective, performance is predominantly gauged by the company's share price performance over time. Even when financial or operational measures are used as the basis for incentive awards, the achievement related to these measures should ultimately translate into superior shareholder returns in the long term.

Vote AGAINST MSOP proposals and/or vote WITHHOLD for compensation committee members (or, in rare cases where the full board is deemed responsible, all directors including the CEO) and/or AGAINST an equity-based incentive plan proposal if there is significant long-term misalignment between CEO pay and company performance.

The determination of long-term pay for performance alignment is a two-step process: step one is a quantitative screen, which includes a relative and absolute analysis on pay for performance, and step two is a qualitative assessment of the CEO's pay and company performance. A pay for performance disconnect will be determined as follows:

***Step I: Quantitative Screen***

**Relative:**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The Relative Degree of Alignment (RDA) is the difference between the company's annualized TSR
rank and the CEO's annualized total pay rank within a peer group, each measured over a three-year period or less if pay or performance
data is unavailable for the full three years;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The Financial Performance Assessment (FPA) is the ranking of CEO total pay and company financial performance
within a peer group, each measured over a three-year period;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Multiple of Median (MOM) is the total compensation in the last reported fiscal year relative to the
median compensation of the peer group; and

**Absolute:**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The CEO Pay-to-TSR Alignment (PTA) over the prior five fiscal years, i.e., the difference between absolute
pay changes and absolute TSR changes during the prior five-year period (or less as company disclosure permits).

**Step II: Qualitative Analysis**

Companies identified by the methodology as having potential misalignment will receive a qualitative assessment to determine the ultimate vote, considering a range of CASE-BY-CASE factors which may include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The ratio of performance- to time-based equity grants and the overall mix of performance-based compensation
relative to total compensation (considering whether the ratio is more than 50 percent); standard time-vested stock options and restricted
shares are not considered to be performance-based for this consideration;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The quality of disclosure and appropriateness of the performance measure(s) and goal(s) utilized, so
that shareholders can assess the rigor of the performance program. The use of non-GAAP financial metrics also makes it challenging for
shareholders to ascertain the rigor of the program as shareholders often cannot tell the type of adjustments being made and if the adjustments
were made consistently. Complete and transparent disclosure helps shareholders to better understand the company's pay for performance
linkage;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. The trend in other financial metrics, such as growth in revenue, earnings, return measures such as ROE,
ROA, ROIC, etc.;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. The use of discretionary out-of-plan payments or awards and the rationale provided as well as frequency
of such payments or awards;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. The trend considering prior years' P4P concern;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. Extraordinary situation due to a new CEO in the last reported FY; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. Any other factors deemed relevant.

**Problematic Pay Practices**

Vote AGAINST MSOP resolutions and/or vote WITHHOLD for compensation committee members if the company has significant problematic compensation practices. Generally, vote AGAINST equity plans if the plan is a vehicle for problematic compensation practices.

Generally, vote based on the preponderance of problematic elements; however, certain adverse practices may warrant WITHHOLD or AGAINST votes on a stand-alone basis in particularly egregious cases. The following practices, while not an exhaustive list, are examples of problematic compensation practices that may warrant an AGAINST or WITHHOLD vote:

Poor disclosure practices: General omission of timely information necessary to understand the rationale for compensation setting process and outcomes, or omission of material contracts, agreements or shareholder disclosure documents;

New CEO with overly generous new hire package:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Excessive "make whole" provisions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Any of the problematic pay practices listed in this policy;

Egregious employment contracts: Contracts containing multiyear guarantees for salary increases, bonuses, or equity compensation;

Employee Loans: Interest free or low interest loans extended by the company to employees for the purpose of exercising options or acquiring equity to meet holding requirements or as compensation;

Excessive severance and/or change-in-control provisions:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Inclusion of excessive change-in-control or severance payments, especially those with a multiple in
excess of 2X cash pay (salary + bonus);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Severance paid for a "performance termination" (i.e., due to the executive's failure
to perform job functions at the appropriate level);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Employment or severance agreements that provide for modified single triggers, under which an executive
may voluntarily leave following a change in control without cause and still receive the severance package;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Perquisites for former executives such as car allowance, personal use of corporate aircraft, or other
inappropriate arrangements;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. Change-in-control payouts without loss of job or substantial diminution of job duties (single- triggered);

Abnormally large bonus payouts without justifiable performance linkage or proper disclosure: Performance metrics that are changed, canceled, or replaced during the performance period without adequate explanation of the action and the link to performance;

Excessive perks: Overly generous cost and/or reimbursement of taxes for personal use of corporate aircraft, personal security systems maintenance and/or installation, car allowances, and/or other excessive arrangements relative to base salary;

Payment of dividends on performance awards: Performance award grants for which dividends are paid during the period before the performance criteria or goals have been achieved, and therefore not yet earned;

Problematic option granting practices:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Backdating options (i.e. retroactively setting a stock option's exercise price lower than the
prevailing market value at the grant date);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Springloading options (i.e. timing the grant of options to effectively guarantee an increase in share
price shortly after the grant date);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Cancellation and subsequent re-grant of options;

Internal Pay Disparity: Excessive differential between CEO total pay and that of next highest-paid named executive officer (NEO);

Absence of pay practices that discourage excessive risk taking:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. These provisions include but are not limited to: clawbacks, holdbacks, stock ownership requirements,
deferred bonus and equity award compensation practices, etc.;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Financial institutions will be expected to have adopted or at least addressed the provisions listed
above in accordance with the Financial Stability Board's (FSB) Compensation Practices and standards for financial companies;

Other excessive compensation payouts or problematic pay practices at the company.

**Equity-Based Compensation Plans**

In addition to the General Policy, consider the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Plan Features:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Detailed disclosure regarding the treatment of outstanding awards under a change in control (CIC)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. No financial assistance to plan participants for the exercise or settlement of awards;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. Public disclosure of the full text of the plan document; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. Reasonable share dilution from equity plans relative to market best practices. For Canada Venture Listed
Companies, the basic dilution (i.e. not including warrants or shares reserved for equity compensation) represented by all equity compensation
plans should not be greater than 10 percent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e. For Canada Venture Listed Companies, generally vote AGAINST if the plan expressly permits the repricing
of options without shareholder approval and the company has repriced options within the past three years; and the plan is a rolling equity
plan that enables auto-replenishment of share reserves without requiring periodic shareholder approval of at least every three years (i.e.,
evergreen plan).

&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. Generally, WITHHOLD votes from the continuing compensation committee members, (or, where no compensation
committee has been identified, the board chair or full board), if the company maintains an evergreen plan (including those adopted prior
to an initial public offering) and has not sought shareholder approval in the past two years and does not seek shareholder approval of
the plan at the meeting.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Grant Practices:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Reasonable three-year average burn rate relative to market best practices (shouldn't exceed 3.5%);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Meaningful time vesting requirements for the CEO's most recent equity grants (three- year lookback);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. The issuance of performance-based equity to the CEO;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. A clawback provision applicable to equity awards; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e. Post-exercise or post-settlement share-holding requirements (S&P/TSX Composite Index only).

Generally, vote AGAINST the plan proposal if the combination of above factors, as determined by an overall score, indicates that the plan is not in shareholders' best interests.

Overriding Negative Factors: In addition, vote AGAINST the plan if any of the following unacceptable factors have been identified:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Discretionary or insufficiently limited non- executive director participation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. An amendment provision which fails to adequately restrict the company's ability to amend the
plan without shareholder approval;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. A history of repricing stock options without shareholder approval (three-year look-back);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. The plan is a vehicle for problematic pay practices, or a significant pay-for-performance disconnect
under certain circumstances; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. Any other plan features that are determined to have a significant negative impact on shareholder interests.

**Plan Cost**

Vote AGAINST equity plans if the cost is unreasonable.

***Overriding Negative Factors***

**Plan Amendment Provisions**

Vote AGAINST the approval of proposed Amendment Procedures that do not require shareholder approval for the following types of amendments under any security-based compensation arrangement, whether or not such approval is required under current regulatory rules:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Any increase in the number of shares reserved for issuance under a plan or plan maximum;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Any reduction in exercise price or cancellation and reissue of options or other entitlements;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Any amendment that extends the term of options beyond the original expiry;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Amendments to eligible participants that may permit the introduction or reintroduction of non- executive
directors on a discretionary basis or amendments that increase limits previously imposed on non- executive director participation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. Any amendment which would permit options granted under the Plan to be transferable or assignable other
than for normal estate settlement purposes; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. Amendments to the plan amendment provisions.

To clarify application of the above criteria, all items will apply to all equity-based compensation arrangements under which treasury shares are reserved for grants of, for example: restricted stock, restricted share units, or deferred share units, except those items that specifically refer to option grants.

**Non- Executive Director (NED) Participation**

Discretionary Participation

Vote AGAINST a management equity compensation plan that permits discretionary NED participation.

**Limited Participation**

Vote AGAINST an equity compensation plan proposal where:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The NED aggregate share reserve under the plan exceeds 1 percent of the outstanding common shares;
or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The equity plan document does not specify an annual individual NED grant limit with a maximum value
of (i) $100,000 worth of stock options, or (ii) $150,000 worth of shares.

The maximum annual individual NED limit should not exceed $150,000 under any type of equity compensation plan, of which no more than $100,000 of value may comprise stock options.

**Individual Grants**

Vote AGAINST individual equity grants to NEDs in the following circumstances:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. In conjunction with an equity compensation plan that is on the agenda at the shareholder meeting if
voting AGAINST the underlying equity compensation plan; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Outside of an equity compensation plan if the director's annual grant would exceed the above
individual director limit.

Shares taken in lieu of cash fees and a one-time initial equity grant upon a director joining the board will not be included in the maximum award limit.

**Employee Stock Purchase Plans (ESPPs, ESOPs)**

Vote FOR broadly based (preferably all employees of the company with the exclusion of individuals with 5 percent or more beneficial ownership of the company) employee stock purchase plans where the following apply:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Reasonable limit on employee contribution (may be expressed as a fixed dollar amount or as a percentage
of base salary excluding bonus, commissions and special compensation);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Employer contribution of up to 25 percent of employee contribution and no purchase price discount or
employer contribution of more than 25 percent of employee contribution and SVT cost of the company's equity plans is within the
allowable cap for the company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Purchase price is at least 80 percent of fair market value with no employer contribution;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Potential dilution together with all other equity-based plans is 10 percent of outstanding common shares
or less; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. The Plan Amendment Provision requires shareholder approval for amendments to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. The number of shares reserved for the plan;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. The allowable purchase price discount;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. The employer matching contribution amount.

Treasury funded ESPPs, as well as market purchase funded ESPPs requesting shareholder approval, will be considered to be incentive-based compensation if the employer match is greater than 25 percent of the employee contribution. In this case, Boston Partners will assess the SVT cost of the plan together with the company's other equity-based compensation plans.

Eligibility and administration are also key factors in determining the acceptability of an ESPP/ESOP plan.

**Management Deferred Share Unit (DSU) Plans**

Vote FOR deferred compensation plans if:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. SVT cost of the plan does not exceed the company's allowable cap;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. If the SVT cost cannot be calculated, potential dilution together with all other equity-based compensation
is 10 percent of the outstanding common shares or less;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. NED participation is acceptably limited or the plan explicitly states that NEDs may only receive DSUs
in lieu of cash in a value for value exchange (please refer to Overriding Negative Factors/NED Participation above);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. The plan amendment provisions require shareholder approval for any amendment to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. Increase the number of shares reserved for issuance under the plan;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. Change the eligible participants that may permit the introduction or reintroduction
of non- executive directors on a discretionary basis or amendments that increase limits previously imposed on NED participation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. Amend the plan amendment provisions.

In addition, for Canada Venture Listed Companies, vote FOR deferred compensation plans if:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Potential dilution together with all other equity-based compensation is 10 percent of the outstanding
common shares or less;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The average annual burn rate is no more than 3.5 percent per year (generally averaged over most recent
three-year period and rounded to the nearest whole number for policy application purposes.

**Non- Executive Director (NED) Deferred Share Unit (DSU) Plans**

Vote FOR a NED deferred compensation plan if:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. DSUs may ONLY be granted in lieu of cash fees on a value for value basis (no discretionary or other
grants are permitted), and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Potential dilution together with all other equity-based compensation is 10 percent of the outstanding
common shares or less.

Vote FOR NED deferred compensation plans that permit discretionary grants (not ONLY in lieu of cash fees) if:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Potential dilution together with all other equity-based compensation is 10 percent of the outstanding
common shares or less;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. If the plan includes a company matching or top-up provision, the SVT cost of the plan does not exceed
the company's allowable cap;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. NED participation is acceptably limited (please refer to Overriding Negative Factors/NED Participation
above);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. The plan amendment provisions require shareholder approval for any amendment to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Increase the number of shares reserved for issuance under the plan; Change the eligible participants
that may permit the introduction or reintroduction of non- executive directors on a discretionary basis or amendments that increase limits
previously imposed on NED participation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Amend the plan amendment provisions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. In addition, for Canada Venture Listed Companies, vote FOR deferred compensation plans if the average
annual burn rate is no more than 3.5 percent per year (generally averaged over most recent three-year period and rounded to the nearest
whole number for policy application purposes.

Other elements of director compensation evaluated in conjunction with DSU plan proposals include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Director stock ownership guidelines of a minimum of three times annual cash retainer;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Vesting schedule or mandatory deferral period which requires that shares in payment of deferred units
may not be paid out until the end of board service;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. The mix of remuneration between cash and equity; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Other forms of equity-based compensation, i.e. stock options, restricted stock.

**Problematic Director Compensation Practices**

On a CASE-BY-CASE basis, generally vote WITHHOLD for members of the committee responsible for director compensation (or, where no such committee has been identified, the board chair or full board) where director compensation practices which pose a risk of compromising a non- executive director's independence or which otherwise appear problematic from the perspective of shareholders have been identified, including:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Excessive (relative to standard market practice) inducement grants issued upon the appointment or election
of a new director to the board (consideration will be given to the form in which the compensation has been issued and the board's
rationale for the inducement grant);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Performance-based equity grants to non- executive directors which could pose a risk of aligning directors'
interests away from those of shareholders and toward those of management; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Other significant problematic practices relating to director compensation.

**Shareholder Proposals on Compensation**

Vote on a CASE-BY-CASE basis for shareholder proposals targeting executive and director pay, taking into account the target company's performance, absolute and relative pay levels as well as the wording of the proposal itself.

Vote FOR shareholder proposals requesting that the exercise of some, but not all stock options be tied to the achievement of performance hurdles.

**Shareholder Advisory Vote Proposals**

Vote FOR shareholder proposals requesting the adoption of a non-binding advisory shareholder vote to ratify the report of the compensation committee.

Vote AGAINST shareholder proposals requesting a binding vote on executive or director compensation as being overly prescriptive and which may lead to shareholder micro-management of compensation issues that are more appropriately within the purview of the compensation committee of the board of directors.

**Supplemental Executive Retirement Plan (SERP) Proposals**

Vote AGAINST shareholder proposals requesting the exclusion of bonus amounts and extra service credits to determine SERP payouts, unless the company's SERP disclosure includes the following problematic pay practices:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Inclusion of equity-based compensation in the pension calculation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Inclusion of excessive bonus amounts in the pension calculation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Addition of extra years' service credited in other than exceptional circumstances and without
compelling rationale;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. No absolute limit on SERP annual pension benefits (ideally expressed in dollar terms);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. No reduction in benefits on a pro-rata basis in the case of early retirement.

In addition, consideration will also be given to the extent to which executive compensation is performance driven and "at risk," as well as whether bonus payouts can exceed 100 percent of base salary.

**CHINA AND HONG KONG**

I. Board of Directors

**Voting for Director Nominees in Uncontested Elections (Hong Kong)**

**Independence and Composition**

Boston Partners applies a five-year cooling off period to former employees or executives when determining nominee independence in Hong Kong.

Generally, vote FOR the re/election of directors unless:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The nominee has been a partner of the company's auditor within the last three years, and serves on the
audit committee;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Any non-independent director nominees where the board is less than one-third independent<sup>4</sup>;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. The nominee is an executive director serving on the audit committee;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. The nominee is an executive director serving on the remuneration committee or nomination committee,
and the committee is not majority independent;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. The nominee is a non-independent director serving as the chairman of the audit committee, remuneration
committee, and/or nomination committee (except for a non-independent director serving as chairman of the nomination committee who also
serves as the chairman of the board)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. There is a conflict of interest with the resolution(s) to be discussed in the board or committee meeting

When the board does not have a formal audit committee, remuneration committee, and/or nomination committee, vote AGAINST if:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The nominee is an executive director and the board is not majority independent;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The nominee is a non-independent chairman of the board.

<sup>4</sup> Not applicable if the lack of board independence is due to the immediate retirement, abrupt resignation, or death of an independent non-executive director, provided that the company mentioned or announced a definite timeline of up to three months for the appointment of a new independent non-executive director to have adequate level of board independence.

Boston Partners will consider an independent non-executive director non-independent if such director serves as a director for more than nine years, and the company fails to disclose the reasons why such director should still be considered independent, or where such reasons raise concerns regarding the director's true level of independence.

Generally, Boston Partners will vote FOR the election of a CEO, managing director, executive chairman, or founder whose removal from the board would be expected to have a material negative impact on shareholder value.

II. Remuneration

**Director Remuneration**

Generally, vote FOR resolutions regarding directors' and supervisors' fees unless they are excessive relative to fees paid by other companies of similar size.

**Equity-based Compensation**

A-share Stock Option Schemes and Performance Share Schemes Vote AGAINST a stock option and/or performance share scheme if:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Pricing Basis – The plan permits the exercise price of the stock options and/or grant price of the performance shares to be set at an unreasonable price
compared to the market price without sufficient justification;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Dilution – The maximum dilution level for the scheme exceeds 10 percent of issued capital; or
of 5 percent of issued capital for a mature company and 10 percent for a growth company. However, Boston Partners will support plans at
mature companies with dilution levels up to 10 percent if the plan includes other positive features such as challenging performance criteria
and meaningful vesting periods, as these features partially offset dilution concerns by reducing the likelihood that options will become
exercisable unless there is a clear improvement in shareholder value;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Performance benchmark – The scheme is proposed in the second half of the year and the measurement
of the company's financial performance starts from the same year. The rationale is that the company's financial performance
has been largely determined for that particular year and thus by linking the vesting conditions of part of the options and/or performance
shares to that year's financial performance, the company is providing incentives for the period of the second half only, which can
either be too aggressive (if the target is far out of reach) or too insufficient (i.e., the target has already been reached); or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Incentive plan administration – Directors eligible to receive options and/or performance shares
under the scheme are involved in the administration of the scheme are involved in the administration of the scheme.

Additionally, in Hong Kong, generally vote FOR an equity-based compensation plan unless:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The maximum dilution level for the scheme, together with all outstanding schemes, exceeds 5 percent
of issued capital for a mature company and 10 percent for a growth company. In addition, Boston Partners will support a plan's dilution
limit that exceeds these thresholds if the annual grant limit under all plans is 0.5 percent or less for a mature company (1 percent or
less for a mature company with clearly disclosed performance criteria) and 1 percent or less for a growth company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The plan permits options to be issued with an exercise price at a discount to the current market price;
or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Directors eligible to receive options or awards under the scheme are involved in the administration
of the scheme and the administrator has the discretion over their awards.

**Employee Stock Purchase Plans**

Generally, vote FOR employee stock purchase plans (ESPPs) unless any of the following applies:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The total stock allocated to the ESPP exceeds 10 percent of the company's total shares outstanding
at any given time;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The share purchase price is less than 90 percent of the market price (calculated as the average trading
price 20 trading days prior to the pricing reference date pursuant to the CSRC's guidelines on private placements) when the share
purchase is conducted solely through private placement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. The company's significant shareholders (i.e. individuals with 5 percent or more of beneficial
ownership of the company) are involved as plan participants;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. The ESPP is proposed in connection with an equity financing scheme which does not warrant shareholder
support; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. The ESPP contains any other terms that are deemed disadvantageous to shareholders.

III. Capital Raising

**Share Issuance Requests**

Vote CASE-BY-CASE on share issuance request, with reference to the identity of the placees, the use of proceeds, and the company's past share issuance requests.

For Hong Kong, generally vote FOR the general share issuance mandate for companies that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Limit the issuance request to 10 percent or less of the relevant class of issued share capital;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Limit the discount to 10 percent of the market price of shares (rather than the maximum 20 percent permitted
by the Listing Rules); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Have no history of renewing the general issuance mandate several times within a period of one year
which may result in the share issuance limit exceeding 10 percent of the relevant class of issued share capital within the 12-month period.

**Share Repurchase Plans (Repurchase Mandate) (Hong Kong)**

Generally, vote FOR resolutions seeking for share repurchase mandate.

**Reissuance of Shares Repurchased (Share Reissuance Mandate) (Hong Kong)**

Generally, vote FOR the share reissuance mandate for companies that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Limit the aggregate issuance request – that is, for the general issuance mandate and the share
reissuance mandate combined – to 10 percent or less of the relevant class of issued share capital;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Limit the discount to 10 percent of the market price of shares (rather than the maximum 20 percent permitted
by the Listing Rules); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Have no history of renewing the general issuance mandate several times within a period of one year.

**A-share Private Placement Issuance Requests (Hong Kong)**

Vote CASE-BY-CASE on share issuance requests, with reference to the identity of the places, the use of proceeds, and the company's past share issuance requests.

**Adjustments of Conversion Price of Outstanding Convertible Bonds**

Generally, vote AGAINST the downward adjustment of the conversion price of A-share convertible bonds unless the proposed adjusted conversion price is deemed reasonable given the company's justification; and the company is under extraordinary circumstances, such as liquidation or debt restructuring process due to financial distress.

**Debt Issuance Request/Increase in Borrowing Powers**

Vote CASE-BY-CASE on non-convertible debt issuance requests, proposals to approve the specific pledging of assets for debt and increases in borrowing power. Generally, vote FOR such requests if:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The size of the debt being requested is disclosed;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. A credible reason for the need for additional funding is provided;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Details regarding the assets to be pledged are disclosed (for specific asset pledge proposals); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. There are no significant causes for shareholder concerns regarding the terms and conditions of the
debt.

A vote AGAINST will be warranted only in extremely egregious cases or where the company fails to provide sufficient information to enable a meaningful shareholder review.

For the issuance of convertible debt instruments, as long as the maximum number of common shares that could be issued upon conversion is acceptable on equity issuance requests, a vote FOR will be warranted. Boston Partners will vote FOR proposals to restructure existing debt arrangements unless the terms of the restructuring would adversely affect the rights of shareholders.

Moreover, where a general authority to issue debt or pledge assets is requested, in addition to the above criteria, we will oppose such a proposal if it could result in a potentially excessive increase in debt. A potential increase in debt may be considered excessive when:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The proposed maximum amount is more than twice the company's total debt;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. It could result in the company's debt-to-equity ratio exceeding 300 percent (for non-financial
companies); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. The maximum hypothetical debt-to-equity ratio is more than three times the industry and/or market norm.

If data on the normal level of debt in that particular industry or market is not available, only the company- specific information will be considered.

For Hong Kong, for proposals seeking a general authority to pledge assets for debt, the specific assets to be pledged need not be disclosed. However, in such cases, the authority should be limited such that it would not result in an excessive increase in debt. If the proposal grants excessive authority to the board or management, vote AGAINST.

In certain countries, shareholder approval is required when a company needs to secure a debt issuance with its assets. In many cases, this is a routine request and is a formality under the relevant law. When reviewing such proposals, Boston Partners takes into account the terms of the proposed debt issuance, the company's overall debt level, and the company's justification for the pledging of assets.

Boston Partners will vote AGAINST specific requests to pledge an asset in cases where no information regarding the size of the debt to be raised is disclosed, no credible explanation for the need of funding is provided, no details regarding the assets to be pledged are disclosed, or in extreme cases where shareholders' rights and economic interests could be negatively affected.

**Provision of Guarantees/ Loan Guarantee Requests**

Vote CASE-BY-CASE on proposals to provide loan guarantees for subsidiaries, affiliates, and related parties. Generally, vote AGAINST the provision of a guarantee where:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The identity of the entity receiving the guarantee is not disclosed;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The guarantee is being provided to a director, executive, parent company or affiliated
entities where the company has no direct or indirect equity ownership; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. The guarantee is provided to an entity in which the company's ownership
stake is less than 75 percent; and such guarantee is not proportionate to the company's equity stake or other parties have not provided
a counter guarantee.

When the proposed guarantee does not fall into the above criteria, vote FOR such request provided that there are no significant concerns regarding the entity receiving the guarantee, the relationship between the listed company and the entity receiving the guarantee, the purpose of the guarantee, or the terms of the guarantee agreement. Examples of such concerns include a previous default by the entity receiving the guarantee or a sub-investment grade credit rating.

IV. Amendments to Articles of Association/ Company By-laws

**Communist Party Committee**

Generally, vote AGAINST proposals for article and/or by-law amendments regarding Party Committees where the proposed amendments lack transparency or are not considered to adequately provide for accountability and transparency to shareholders.

**Other Article of Association/By-law Amendments**

Vote CASE-BY-CASE on Articles of Association/bylaw amendments.

In China, generally, vote FOR by-law amendments if:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. They are driven by regulatory changes and are technical in nature; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. They are meant to update company-specific information in the by-laws such as registered capital, address,
and business scope, etc.

Generally, vote AGAINST the amendments if:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The company has failed to provide either a comparison table or a summary of the proposed amendments;
or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The amendments include the increase in the decision authority which is considered excessive and the
company fails to provide a compelling justification.

Vote CASE-BY-CASE on the adoption of new constitutional document with no previous reference.

V. Related Party Transactions

**Loan Financing Requests**

Vote CASE-BY-CASE on loans and financing proposals.

In assessing requests for loan financing provided by a related party:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Boston Partners will examine stated uses of proceeds, the size or specific amount of the loan requested,
and the interest rate to be charged. Boston Partners also gives importance to, and seeks disclosure on, the specific relation of the party
providing the loan to the company.

In assessing requests to provide loan financing to a related party:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Boston Partners will examine stated uses of proceeds, the size or specific amount of the loan requested,
and interest rates to be charged. Boston Partners also gives importance to, and seeks disclosure on, the specific relation of the party
to be granted the loan by the company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Boston Partner will generally vote AGAINST the provision of loans to clients, controlling shareholders,
and actual controlling persons of the company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Boston Partners will generally vote AGAINST the provision of loans to an entity in which the company's
ownership stake is less than 75 percent and the financing provision is not proportionate to the company's equity stake.

**Group Finance Companies**

Vote AGAINST requests to deposit monies with a group finance company.

VI. Proposals to Invest in Financial Products Using Idle Funds

Vote on proposals to invest in financial products using idle funds on a CASE-BY-CASE basis. Key factors for evaluating such requests include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Any known concerns with previous investments;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The amount of the proposed investment relative to the company's assets;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Disclosure of the nature of the products in which the company proposes to invest; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Disclosure of associated risks of the proposed investments and related risk management efforts by the
company.

Generally, vote FOR such proposals unless the company fails to provide sufficient information to enable a meaningful shareholder or there are significant concerns with the company's previous similar investments.

**CONTINENTAL EUROPE**

Applies to: Austria, Belgium, Bulgaria, Croatia, the Czech Republic, Cyprus, Denmark, Estonia, the Faroe Islands, Finland, France, Germany, Greece, Greenland, Hungary, Iceland, Italy, Latvia, Liechtenstein, Lithuania, Luxembourg, Malta, the Netherlands, Norway, Poland, Portugal, Romania, Spain, Slovakia, Slovenia, Sweden, and Switzerland. Also applies to the United Kingdom and Ireland to the extent policies are shared.

For specific United Kingdom and Ireland policies, please see that section of the Policy.

I. Operational Items

**Appointment of Auditors and Auditor Fees**

Generally vote FOR proposals to (re)appoint auditors and/or proposals authorizing the board to fix auditor fees, unless:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. The name of the proposed auditors has not been published;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. There are serious concerns about the effectiveness of the auditors;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. The lead audit partner(s) has been linked with a significant auditing controversy;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. There is reason to believe that the auditor has rendered an opinion which is neither accurate nor indicative
of the company's financial position;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. The lead audit partner(s) has previously served the company in an executive capacity or can otherwise
be considered affiliated with the company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10. The auditors are being changed without explanation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11. Fees for non-audit services exceed either 100 percent of standard audit related fees or any stricter
limit set in local best practice recommendations or law; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12. The auditor has been engaged for more than 10 years without a public tender, or for more than 20 years
(24 years in case of a joint audit) following a public tender after 10 years, for companies listed on a regulated market. A public commitment
to conduct a tender process will be considered a mitigating factor.

**Approval of Non-financial Information Statement/ Report**

Generally, vote FOR the approval of mandatory non-financial information statement/report, unless the independent assurance services provider has raised material concerns about the information presented.

II. Director Elections

**Non-Contested Director Elections**

Boston Partners may vote AGAINST proposals due to concerns related to at least one of the following specific factors, which are presented below as separate subsections.

**Director Terms**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Generally, vote AGAINST the election or re-election of any director when his/her term is not disclosed
or when it exceeds four years and adequate explanation for non-compliance has not been provided. Under best practice recommendations,
companies should shorten the terms for directors when the terms exceed the limits suggested by best practices. The policy will be applied
to all companies in these markets, for bundled as well as unbundled items.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Vote AGAINST article amendment proposals to extend board terms.

**Bundling of Proposals to Elect Directors**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Directors should be elected individually.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. For the markets of Bulgaria, Croatia, Czech Republic, Estonia, France, Germany, Hungary, Latvia, Lithuania,
Poland\*, Romania, Slovakia, Slovenia, and Spain vote AGAINST the election or reelection of any directors if individual director elections
are an established market practice and the company proposes a single slate of directors.

● \* Bundled director elections in Poland may be supported for companies that go beyond market practice by disclosing the names of nominees on a timely basis.

**Board Independence**

 ****

Boston Partners applies a five-year cooling off period to former executives when determining nominee independence in Continental Europe.

**Widely-held Controlled Companies and Non widely-held Companies**

Generally, vote AGAINST the election or reelection of any non-independent directors (excluding the CEO) if less than one-third of the board members are independent.

**Widely-held Non-controlled Companies**

Generally, vote AGAINST the election or reelection of any non-independent directors (excluding the CEO) if fewer than 50 percent of the board members elected by shareholders– excluding, where relevant, employee shareholder representatives – would be independent (Portugal is excluded from this provision); or fewer than one-third of all board members would be independent.

**Disclosure of Names of Nominees**

Vote AGAINST the election or reelection of any and all director nominees when the names of the nominees are not available.

**Election of a Former CEO as Chairman of the Board**

Generally, vote AGAINST the (re)election of a former CEO to the supervisory board or board of directors in Germany, Austria, and the Netherlands if the former CEO is to be chair of the relevant board.

Companies are expected to confirm prior to the general meeting that the former CEO will not be (re)appointed as chair of the relevant board.

Given the importance of board leadership, Boston Partners may consider that the chair of the board should be an independent non-executive director.

**Voto di Lista (Italy)**

Boston Partners will vote CASE-BY-CASE.

**One Board Seat per Director**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. In cases where a director holds more than one board seat on a single board and the corresponding votes,
manifested as one seat as a physical person plus an additional seat(s) as a representative of a legal entity, vote AGAINST the election/reelection
of such legal entities and in favor of the physical person.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. If the representative of the legal entity holds the position of CEO, generally vote in favor of the
legal entity and AGAINST the election/reelection of the physical person.

**Composition of Committees**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. For widely held companies, generally vote AGAINST the (re)election of any non-independent members of the
audit committee if:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Fewer than 50 percent of the audit committee members, who are elected by shareholders– excluding,
where relevant, employee shareholder representatives – would be independent; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Fewer than one-third of all audit committee members would be independent.

For companies whose boards are legally required to have 50 percent of directors not elected by shareholders, the second criterion is not applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Generally, vote AGAINST the election or reelection of the non-independent member of the audit committee
designated as chairman of that committee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. For widely held companies generally vote AGAINST the (re)election of any non-independent members of
the remuneration committee if:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Fewer than 50 percent of the remuneration committee members, who are elected by shareholders–
excluding, where relevant, employee shareholder representatives – would be independent; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Fewer than one-third of all remuneration committee members would be independent.

For companies whose boards are legally required to have 50 percent of directors not elected by shareholders, the second criterion is not applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Generally, vote AGAINST the (re)election of executives who serve on the company's audit or remuneration
committee. Boston Partners may vote AGAINST if the disclosure is too poor to determine whether an executive serves or will serve on a
committee. If a company does not have an audit or a remuneration committee, Boston Partners may consider that the entire board fulfills
the role of a committee. In such case, Boston Partners may vote AGAINST the executives, including the CEO, up for election to the board.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. Composition of Nominating Committee (Finland, Iceland, Sweden, and Norway)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Vote FOR proposals in Finland, Iceland, Norway, and Sweden to elect or appoint a nominating committee
consisting mainly of non-board members.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Vote FOR shareholder proposals calling for disclosure of the names of the proposed candidates at the
meeting, as well as the inclusion of a representative of minority shareholders in the committee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. Vote AGAINST proposals where the names of the candidates (in the case of an election) or the principles
for the establishment of the committee have not been disclosed in a timely manner.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. Vote AGAINST proposals in Sweden to elect or appoint such a committee if the company is on the MSCI-EAFE
or local main index and the following conditions exist:

&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. A member of the executive management would be a member of the committee;

&nbsp;&nbsp;&nbsp;&nbsp;&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. More than one board member who is dependent on a major shareholder would be on the committee; or

&nbsp;&nbsp;&nbsp;&nbsp;&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. The chair of the board would also be the chair of the committee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e. In cases where the principles for the establishment of the nominating committee, rather than the election
of the committee itself, are being voted on, vote AGAINST the adoption of the principles if any of the above conditions are met for the
current committee, and there is no publicly available information indicating that this would no longer be the case for the new nominating
committee.

**Election of Censors (France)**

Boston Partners will generally vote AGAINST proposals seeking shareholder approval to elect a censor, to amend by-laws to authorize the appointment of censors, or to extend the maximum number of censors to the board.

Boston Partners will vote on a CASE-BY-CASE basis when the company provides assurance that the censor would serve on a short-term basis (maximum one year) with the intent to retain the nominee before his/her election as director. In this case, consideration shall also be given to the nominee's situation (notably overboarding or other factors of concern).

Vote AGAINST any proposal to renew the term of a censor or to extend the statutory term of censors.

**Board Gender Diversity**

Generally, vote AGAINST the chair of the nomination committee (or other directors on a CASE-BY- CASE basis) if:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The underrepresented gender accounts for less than 30 percent (or any higher domestic threshold) of
shareholder-elected directors of a widely held company Excluding, where relevant, employee shareholder representatives.<sup>5</sup>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Both genders are not represented on the board of a non-widely-held
company. Mitigating factors may include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Compliance with the relevant standard at the preceding annual meeting and a firm commitment, publicly
available, to comply with the relevant standard within a year; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Other relevant factors as applicable.

**Committee of Representatives and Corporate Assembly Elections (Denmark and Norway)**

For Norwegian and Danish companies where shareholders vote on elections for members of the corporate assembly or committee of representatives, but not directly on the board of directors, vote CASE-BY- CASE on corporate assembly and committee of representative elections based on the board of directors' compliance with Boston Partners' director election policy.

III. Capital Structure

**Share Issuance Requests**

**General Issuances**

Vote FOR issuance authorities with pre-emptive rights to a maximum of 50 percent over currently issued capital and as long as the share issuance authorities' periods are clearly disclosed (or implied by the application of a legal maximum duration) and in line with market-specific practices and/or recommended guidelines (e.g. issuance periods limited to 18 months for the Netherlands).

Vote FOR issuance authorities without pre-emptive rights to a maximum of 10 percent (or a lower limit if local market best practice recommendations provide) of currently issued capital as long as the share issuance authorities' periods are clearly disclosed (or implied by the application of a legal maximum duration) and in line with market-specific practices and/or recommended guidelines (e.g. issuance periods limited to 18 months for the Netherlands).

<sup>5</sup> In France, when employees exceed a given shareholding threshold in the company, they must be represented by employee shareholder representative(s) on the [supervisory] board.

These thresholds are mutually exclusive. When calculating the defined limits, all authorized and conditional capital authorizations are considered, including existing authorizations that will remain valid beyond the concerned shareholders' meeting.

**For French Companies**

Vote FOR general issuance requests with preemptive rights, or without preemptive rights but with a binding "priority right," for a maximum of 50 percent over currently issued capital.

Generally, vote FOR general authorities to issue shares without preemptive rights up to a maximum of 10 percent of share capital. When companies are listed on a regulated market, the maximum discount on share issuance price proposed in the resolution must, in addition, comply with the legal discount (i.e., a maximum of 5 percent discount to the share listing price) for a vote FOR to be warranted.

**Increases in Authorized Capital**

Vote for proposals to increase authorized capital on a CASE-BY-CASE basis if such proposals do not include the authorization to issue shares from the (pre-)approved limit.

In case the proposals to increase authorized capital include the authorization to issue shares according to the (pre-) approved limit without obtaining separate shareholder approval, the general issuance policy applies.

IV. Compensation Executive Compensation-related Proposals

Boston Partners will generally vote AGAINST a company's compensation-related proposal if such proposal fails to comply with one or a combination of several of the global principles and their corresponding rules:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Provide shareholders with clear and comprehensive compensation disclosures:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Information on compensation-related proposals shall be made available to shareholders in a timely manner;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. The level of disclosure of the proposed compensation policy and remuneration report shall be sufficient
for shareholders to make an informed decision and shall be in line with what local market best practice standards dictate;

&nbsp;&nbsp;&nbsp;&nbsp;&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. Remuneration report disclosure is expected to include amongst others: amounts paid to executives, alignment
between company performance and payout to executives, disclosure of variable incentive targets and according levels of achievement and
performance awards made, after the relevant performance period (ex-post), and disclosure and explanation of use of any discretionary authority
or derogation clause by the board or remuneration committee to adjust pay outcomes.

&nbsp;&nbsp;&nbsp;&nbsp;&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. Companies are expected to provide meaningful information regarding the average remuneration of employees
of the company, in a manner which permits comparison with directors' remuneration.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. Companies shall adequately disclose all elements of the compensation, including:

&nbsp;&nbsp;&nbsp;&nbsp;&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. Any short- or long-term compensation component must include a maximum award limit.

&nbsp;&nbsp;&nbsp;&nbsp;&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. Long-term incentive plans must provide sufficient disclosure of (i) the exercise price/strike price
(options); (ii) discount on grant; (iii) grant date/period; (iv) exercise/vesting period; and, if applicable, (v) performance criteria.

&nbsp;&nbsp;&nbsp;&nbsp;&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. Discretionary payments, if applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&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. The derogation policy, if applicable, which shall clearly define and limit any elements (e.g., base
salary, STI, LTI, etc.) and extent (e.g., caps, weightings, etc.) to which derogations may apply.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Maintain appropriate pay structure with emphasis on long-term shareholder value:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. The structure of the company's short-term incentive plan shall be appropriate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. The compensation policy must notably avoid guaranteed or discretionary compensation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. The structure of the company's long-term incentives shall be appropriate, including, but not
limited to, dilution, vesting period, and, if applicable, performance conditions.

&nbsp;&nbsp;&nbsp;&nbsp;&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. Equity-based plans or awards that are linked to long-term company performance will be evaluated using
Boston Partners' General Policy for equity-based plans; 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;&nbsp;&nbsp;&nbsp;&nbsp;ii. For awards granted to executives, generally require a clear link between shareholder value and awards,
and stringent performance-based elements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. The balance between short- and long-term variable compensation shall be appropriate. The company's
executive compensation policy must notably avoid disproportionate focus on short-term variable element(s).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Avoid arrangements that risk "pay for failure":

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. The board shall demonstrate good stewardship of investor's interests regarding executive compensation
practices (principle being supported by Pay for Performance Evaluation).

&nbsp;&nbsp;&nbsp;&nbsp;&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. There shall be a clear link between the company's performance and variable incentives. Financial
and non-financial conditions, including ESG criteria, are relevant as long as they reward an effective performance in line with the purpose,
strategy, and objectives adopted by the company.

&nbsp;&nbsp;&nbsp;&nbsp;&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. There shall not be significant discrepancies between the company's performance, financial and
non-financial and real executive payouts.

&nbsp;&nbsp;&nbsp;&nbsp;&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. The level of pay for the CEO and members of executive management should not be excessive relative to
peers, company performance, and market practices.

&nbsp;&nbsp;&nbsp;&nbsp;&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. Significant pay increases shall be explained by a detailed and compelling disclosure.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Termination payments (any payment linked to early termination of contracts for executive or managing directors, including
 payments related to the duration of a notice period or a non-competition clause included in the
contract) must not be in excess of (i) 24 months' pay or of (ii) any more restrictive provision pursuant to local legal requirements
and/or market best practices.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. Arrangements with a company executive regarding pensions and post-mandate exercise of equity-based awards
must not result in an adverse impact on shareholders' interests or be misaligned with good market practices.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Maintain an independent and effective compensation committee:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. No executives may serve on the compensation committee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. In certain markets the compensation committee shall be composed of a majority of independent members.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. Compensation committees should use the discretion afforded them by shareholders to ensure that rewards
properly reflect business performance.

In addition, Boston Partners will generally vote AGAINST a compensation-related proposal if such proposal is in breach of any other Boston Partners' voting policy.

**Non-Executive Director Compensation**

Though always seeking to avoid inappropriate pay to non-executive directors, Boston Partners will generally vote FOR proposals to award cash fees to non-executive directors, and will otherwise vote AGAINST where:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Documents (including general meeting documents, annual report) provided prior to the general meeting
do not mention fees paid to non-executive directors.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Proposed amounts are excessive relative to other companies in the country or industry.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. The company intends to increase the fees excessively in comparison with market/sector practices, without
stating compelling reasons that justify the increase.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Proposals provide for the granting of stock options, performance-based places compensation (including
stock appreciation rights and performance-vesting restricted stock), and performance- based cash to non-executive directors.

&nbsp;&nbsp;&nbsp;&nbsp;5. Proposals introduce retirement benefits for non-executive directors.

Boston Partners will vote on a CASE-BY-CASE basis where:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Proposals include both cash and share-based components to non-executive directors.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Proposals bundle compensation for both non-executive and executive directors into a single resolution.

**Equity-based Compensation Guidelines**

Boston Partners will generally vote FOR equity-based compensation proposals of the like if the plan(s) is (are) in line with long-term shareholder interests and align the award with shareholder value. This assessment includes, but is not limited to, the following factors:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The volume of awards (to be) transferred to participants under all outstanding plans must not be excessive.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Awards must not exceed:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. 5 percent of a company's issued share capital. This number can be up to 10 percent for high-growth
companies or particularly well-designed plans (e.g., with challenging performance criteria, extended vesting/performance period, etc.);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. The plan(s) must be sufficiently long-term in nature/structure: the vesting of awards (i) must
occur no less than three years from the grant date, and (ii) if applicable, should be conditioned on meeting performance targets that
are measured over a period of at least three consecutive years;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. If applicable, performance criteria must be fully disclosed, measurable, quantifiable, and long-term
oriented;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. The awards must be granted at market price. Discounts, if any, must be mitigated by performance criteria
or other features that justify such discount.

**Compensation-Related Voting Sanctions**

Should a company be deemed:

● To have egregious remuneration practices;

● To have failed to follow market practice by not submitting expected resolutions on executive compensation; or

● To have failed to respond to significant shareholder dissent on remuneration-related proposals;

an adverse vote could be applied to any of the following on a CASE-BY-CASE basis:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The (re)election of the chair of the remuneration committee or, where relevant, any other members of
the remuneration committee;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The reelection of the board chair;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. The discharge of directors; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. The annual report and accounts.

Other adverse recommendations under existing remuneration proposals (if any) should also be considered.

**Stock Option Plans – Adjustment for Dividend (Nordic Region)**

Vote AGAINST stock option plans in Denmark, Finland, Norway, and Sweden if evidence is found that they contain provisions that may result in a disconnect between shareholder value and employee/executive reward. This includes one or a combination of the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Adjusting the strike price for future ordinary dividends AND including expected dividend yield above
0 percent when determining the number of options awarded under the plan;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Having significantly higher expected dividends than actual historical dividends;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Favorably adjusting the terms of existing options plans without valid reason; and/or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Any other provisions or performance measures that result in undue award.

Boston Partners will make an exception if a company proposes to reduce the strike price by the amount of future special (extraordinary) dividends only.

Generally, vote AGAINST if the potential increase of share capital amounts to more than 5 percent for mature companies or 10 percent for growth companies or if options may be exercised below the market price of the share at the date of grant, or that employee options do not lapse if employment is terminated.

**Share Matching Plans (Sweden and Norway)**

Boston Partners considers the following factors when evaluating share matching plans:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. For every share matching plan, Boston Partners requires a holding period.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. For plans without performance criteria, the shares must be purchased at market price.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. For broad-based share matching plans directed at all employees, Boston Partners accepts an arrangement
up to a 1:1 ratio, i.e. no more than one free share is awarded for every share purchased at market value.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. In addition, for plans directed at executives, we require that sufficiently challenging performance
criteria be attached to the plan. Higher discounts demand proportionally higher performance criteria.

The dilution of the plan when combined with the dilution from any other proposed or outstanding employee stock purchase/stock matching plans, must comply with Boston Partners guidelines.

V. Other Items

**Antitakeover Mechanisms**

For the Netherlands, votes regarding management proposals to approve protective preference shares will be determined on a CASE-BY-CASE basis. In general, Boston Partners will vote FOR protective preference shares (PPS) only if:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The supervisory board needs to approve an issuance of shares and the supervisory board is independent
within the meaning Boston Partners' guidelines and the Dutch Corporate Governance Code (i.e. a maximum of one member can be non-independent);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. No call / put option agreement exists between the company and a foundation for the issuance of PPS;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. The issuance authority is for a maximum of 18 months;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. The board of the company-friendly foundation is fully independent;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. There are no priority shares or other egregious protective or entrenchment tools;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. The company states specifically that the issue of PPS is not meant to block a takeover, but will only
be used to investigate alternative bids or to negotiate a better deal;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. The foundation buying the PPS does not have as a statutory goal to block a takeover; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. The PPS will be outstanding for a period of maximum 6 months (an EGM must be called
to determine the continued use of such shares after this period).

For French companies listed on a regulated market, generally vote AGAINST any general authorities impacting the share capital (i.e. authorities for share repurchase plans and any general share issuances with or without preemptive rights) if they can be used for antitakeover purposes without shareholders' prior explicit approval.

**Authority to Reduce Minimum Notice Period for Calling a Meeting**

A FOR vote to approve the "enabling" authority proposal would be on the basis that Boston Partners would generally expect companies to call EGMs/GMs using a notice period of less than 21 days only in limited circumstances where a shorter notice period will be to the advantage of shareholders as a whole, for example, to keep a period of uncertainty about the future of the company to a minimum. This is particularly true of capital raising proposals or other price sensitive transactions. By definition, annual general meetings, being regular meetings of the company, should not merit a notice period of less than 21 days.

In a market where local legislation permits an EGM/GM to be called at no less than 14-days' notice, Boston will generally vote FOR a resolution to approve the enabling authority if the company discloses that the shorter notice period of between 20 and 14 days would not be used as a matter of routine for such meetings, but only when the flexibility is merited by the business of the meeting. Where the proposal(s) at a given EGM/GM is (are) not time-sensitive, such as the approval of incentive plans, Boston Partners would not expect a company to invoke the shorter notice notwithstanding any prior approval of the enabling authority proposal by shareholders.

In evaluating an enabling authority proposal, Boston Partners would first require that the company make a clear disclosure of its compliance with any hurdle conditions for the authority imposed by applicable law, such as the provision of an electronic voting facility for shareholders. In addition, with the exception of the first annual general meeting at which approval of the enabling authority is sought following implementation of the European Shareholder Rights Directive, when evaluating an enabling authority proposal Boston Partners will take into consideration the company's use (if any) of shorter notice periods in the preceding year to ensure that such shorter notice periods were invoked solely in connection with genuinely time-sensitive matters. Where the company has not limited its use of the shorter notice periods to such time sensitive-matters and fails to provide a clear explanation for this, Boston Partners will consider a vote AGAINST the enabling authority for the coming year.

**Auditor Report Including Related Party Transactions (France)**

Boston Partners will review all auditor reports on related-party transactions and screen for and evaluate agreements with respect to the following issues:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Director Remuneration

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Consulting Services

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Liability Coverage

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Certain Business Transactions

In general, Boston Partners expects companies to provide the following regarding related-party transactions:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Adequate disclosure of terms under listed transactions (including individual details
of any consulting, or other remuneration agreements with directors and for any asset sales and/or acquisitions);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Sufficient justification on transactions that appear to be unrelated to operations
and/or not in shareholders' best interests;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Fairness opinion (if applicable in special business transactions); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Any other relevant information that may affect or impair shareholder value, rights,
and/or judgment.

In the event that the company fails to provide an annual report in a timely manner, generally at least 21 days prior to the meeting, Boston Partners will vote AGAINST these proposals.

**EUROPE, THE MIDDLE EAST, AND AFRICA**

Applies to: Markets in South-Eastern Europe and the Near East; Albania, Bahrain, Belarus, Bosnia, Botswana, Burkina Faso, Egypt, Gabon, Georgia, Ghana, Ivory Coast, Jordan, Kenya, Kosovo, Kuwait, Lebanon, Macedonia, Malawi, Mauritius, Montenegro, Morocco, Namibia, Nigeria, Oman, Qatar, Rwanda, Saudi Arabia, Senegal, Tanzania, Togo, Tunisia, Turkey, Ukraine, Uganda, United Arab Emirates, Zambia, and Zimbabwe. Also applies to Russia and Kazakhstan, and Israel to the extent policies are shared. For specific Russia and Kazakhstan, and Israel policies, please see those sections of the Policy.

I. Operational Items Financial Results/Director and Auditor Reports

Vote FOR approval of financial statements and director and auditor reports, unless:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. There are concerns about the accounts presented or audit procedures used; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The company is not responsive to shareholder questions about specific items that should be publicly disclosed.

Generally, vote for approval of the corporate governance and/or the board report, unless information about corporate governance practices to be included in those reports has not been publicly disclosed by the company in a timely manner.

**Appointment of Auditors and Auditor Fees**

Vote FOR the (re)election of auditors and/or proposals authorizing the board to fix auditor fees, unless: for widely-held companies, fees (if disclosed) for non-audit services exceed either 100 percent of standard audit-related fees or any stricter limit set in local best practice recommendations or law.

**Donations**

Vote FOR proposals seeking the approval of donations for the fiscal year under review unless:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The amount of donations for the fiscal year in review is not publicly available at the time of analysis;
or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. There are controversies surrounding the company's use of donations.

Vote FOR proposals seeking the approval of donations for the upcoming fiscal year unless:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The company does not provide a cap for the amount of future donations, and there is no disclosure
regarding donations being made under the fiscal year in review; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. There are controversies surrounding the company's use of donations.

II. Board of Directors

**Board Independence**

Boston Partners applies a five-year cooling off period to former executives when determining nominee independence in Europe, the Middle East, and Africa.

If a nominee cannot be categorized, Boston Partners will consider that nominee as non-independent and include that nominee in the calculation of overall board independence.

Generally, vote AGAINST the election or reelection of any non-independent directors (excluding the CEO) if overall board independence is less than one-third, excluding, where relevant, employee shareholder representatives.

Vote FOR (AGAINST) employee or labor representatives if they sit on either the audit or compensation committee and are (not) required by law to be on these committees.

**Committee Independence**

Vote AGAINST proposals seeking the election of non-independent members of the audit committee if:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Fewer than one-third of all audit committee members<sup>6</sup> excluding,
where relevant, employee shareholder representatives, would be independent; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. A non-independent member is being presented for election or reelection as the audit committee chair.

<sup>6</sup> For Saudi Arabian companies, Boston Partners will include external (non-board members) nominees in the assessment of the audit committee's level of independence.

This policy applies to bundled and unbundled items.

For companies incorporated in Turkey, vote AGAINST the (re)election of any non-independent members of the audit committee.

Vote AGAINST the (re)election of executives who serve on the company's audit committee. Vote AGAINST if the disclosure is insufficient to determine whether an executive serves or will serve on the audit committee. If Boston Partners believes the entire board fulfills the audit committee role, vote AGAINST any executives, including the CEO.

For Nigerian companies, vote FOR the election of shareholders' representatives as members of the statutory audit committee unless the names of the proposed candidates are not publicly disclosed in a timely manner or there are specific concerns about the candidates.

**Cumulative Voting System**

When directors are elected through a cumulative voting system, or when the number of nominees exceeds the number of board vacancies vote CASE-BY-CASE on directors, taking into consideration additional factors to identify the nominees best suited to add value for shareholders.

Generally, ABSTAIN votes from all candidates if the disclosure provided by the company is not sufficient to allow the assessment of independence and the support of all proposed candidates on equal terms.

If the disclosure is sufficient to allow an assessment of the independence of proposed candidates, generally vote in favor of the following types of candidates:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Candidates who can be identified as representatives of minority shareholders of the company, or independent
candidates.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Candidates whose professional background may have the following benefits:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Increasing the diversity of incumbent directors ' professional profiles and skills (thanks to their
financial expertise, international experience, executive positions/directorships at other listed companies, or other relevant factors).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Bringing to the current board of directors relevant experience in areas linked to the company's business,
evidenced by current or past board memberships or management functions at other companies.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Incumbent board members and candidates explicitly supported by the company's management.

III. Capital Structure

**Capital Structures**

Vote FOR resolutions that seek to maintain or convert to a one-share, one-vote capital structure.

Vote AGAINST requests for the creation or continuation of dual-class capital structures or the creation of new or additional super-voting shares.

**Preferred Stock**

Vote AGAINST the creation of a new class of preference shares that would carry superior voting rights to the common shares.

Vote AGAINST the creation of blank check preferred stock unless the board clearly states that the authorization will not be used to thwart a takeover bid.

Vote proposals to increase blank check preferred authorizations on a CASE-BY-CASE basis.

**Debt Issuance Requests**

Vote non-convertible debt issuance requests on a CASE-BY-CASE basis, with or without preemptive rights.

Vote FOR the creation/issuance of convertible debt instruments as long as the maximum number of common shares that could be issued upon conversion meets guidelines on equity issuance requests.

Vote FOR proposals to restructure existing debt arrangements unless the terms of the restructuring would adversely affect the rights of shareholders.

IV. Compensation

Vote FOR proposals to award cash fees to non-executive directors unless:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The board fees paid for the fiscal year under review are not disclosed in a timely manner;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The proposed amounts are excessive relative to similarly sized companies in the same market/sector,
with no justification provided by the company; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. There is significant concern on the company's past practices regarding directors' remuneration.

In case there is a significant increase in fees with limited or no justification, vote on the proposal on a CASE-BY-CASE basis.

Vote non-executive director compensation proposals that include both cash and share-based components on a CASE-BY-CASE basis.

Vote proposals that bundle compensation for both non-executive and executive directors into a single resolution on a CASE-BY-CASE basis.

Vote AGAINST proposals to introduce retirement benefits for non-executive directors.

**Remuneration Policy/Report**

Vote CASE-BY-CASE on compensation related-proposal including both non-executive and executive directors (or executive directors only) taking into account the following factors:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Information on compensation-related proposals shall be made publicly available in a timely manner;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The level of disclosure of the proposed compensation policy shall be sufficient for shareholders to
make an informed decision and shall be in line with what local best market practice standards dictate;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Companies shall adequately disclose all elements of the compensation, including any short- or long-term
compensation component.

When assessing a company's remuneration policy and/or report, generally vote AGAINST if the level of disclosure around the policy and/or the application of the policy is below what is required for shareholders to make an informed judgment. In the event of satisfactory disclosure, vote FOR the approval of the executive remuneration policy and/or the remuneration report on a CASE-BY-CASE approach paying particular attention as to whether the proposed policy and/ or amendments are aligned with shareholders' interest.

V. Other Items

**Related-Party Transactions**

In the case of Nigerian companies, vote FOR proposals relating to renewal of the general mandate for the company to enter into recurrent transactions with related parties necessary for its day-to-day operations in the absence of any concerns with the related party transactions concluded pursuant to the general mandate.

**INDIA**

I. Board of Directors

**Executive Appointment**

Vote FOR executive appointment and remuneration proposals, unless there is evidence of problems in the past or significant concerns with the individual's qualifications, proposed remuneration, or performance or the position.

**Election of Directors**

**Accountability**

Generally, vote AGAINST directors who are not liable to retire by rotation and whose continuation on the board will not be subject to shareholder review and approval going forward.

***Composition***

**Separation of Roles of Chair and CEO**

For the NIFTY 500 and BSE 500 companies, vote AGAINST the board chair and the chair of the nomination committee (or a senior member of the nomination committee on a CASE-BY-CASE basis) up for reelection, if there is no separation of roles between the CEO and chairperson, as required under the applicable regulations.

II. Remuneration

**Director Commission and Executive Compensation**

**Fees for Non-executive Directors**

For aggregate non-executive director remuneration, generally, vote FOR resolutions regarding director fees unless there is a clear indication that directors are being rewarded for poor performance, or the fees are excessive relative to fees paid by other companies of similar size.

For individual non-executive director remuneration, vote on a case-to-case basis depending on the role and contribution of the concerned director, company performance, the quantum of proposed remuneration, peer benchmarking, and the overall pay structure.

**Executive Compensation**

Generally, vote AGAINST the payment of remuneration in excess of the minimum remuneration and the waiver of recovery of excess remuneration paid to executives in the event of loss or inadequate profit unless compelling justification is provided in support of the proposal.

Any increases in total remuneration for executives should not be out of line with general increases at the company. Vote CASE-BY-CASE on executive compensation proposals considering whether:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Quantum of pay and proposed hike is reasonable and commensurate with the size and scale of company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Past remuneration has been aligned with performance;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Pay is benchmarked to industry/market peers;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Pay as a multiple of median employee pay is reasonable;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. The proposed pay structure has sufficient degree of variable pay;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. Terms of LTIP/stock option plans are disclosed;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. The award levels for the different components of variable pay are clearly defined and capped;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. Performance conditions have been stated;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. Malus/clawback/deferred pay provisions are in place; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10. The board has unreasonable level of discretion and flexibility in deciding the final pay.

**Equity Compensation Plans**

Generally, vote FOR option plans and restricted share plans. Vote AGAINST an option plan if:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The maximum dilution level for the plan exceeds:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. 5 percent of issued share capital for a mature company (this may be increased to 10 percent if the plan
includes other positive features such as a challenging performance criteria and meaningful vesting periods as these partially offset dilution
concerns by reducing the likelihood that options will become exercisable or performance shares are issued unless there is a clear improvement
in shareholder value);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. 10 percent for a growth company; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The plan permits options to be issued with an exercise price at a discount to the current market price.

Vote AGAINST a restricted share plan if:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The maximum dilution level for the plan exceeds 5 percent of issued share capital for a mature company
or 10 percent for a growth company; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The plan does not include a challenging performance criteria and meaningful vesting periods to partially
offset dilution concerns by reducing the likelihood that performance shares are issued unless there is a clear improvement in shareholder
value.

III. Share Issuance Requests

**Preferential Issuance Requests and Preferential Issuance of Warrants**

Vote CASE-BY-CASE on requests for preferential issuance (private placements) and issuance of preferential warrants.

**Specific Issuance Requests**

Vote CASE-BY-CASE on issuances of shares for specific purposes.

IV. Debt Issuance Requests

**Debt Related Proposals**

In evaluating debt-related proposals, consider the following factors:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Rationale/use of proceeds: Why does the company need additional capital? How will that capital be used?

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Terms of the debts: Are the debt instruments convertible into equity? What are the interest rate and
maturity dates? Any call or put options? Often these terms will not be determined until the time of issuance of debt instruments (or when
the actual loan agreement is signed). The terms of the debts would generally be determined by the market conditions, and lack of disclosure
concerning these terms should not be a cause for significant concern so long as the debt is not convertible into equity.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Size: At a minimum, the size of the debt issuance/potential borrowing should be disclosed.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. The company's financial position: What is the company's current leverage
and how does that compare to its peers?

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. The risk of non-approval: What might happen if the proposal is not approved? Are
there any alternative sources of funding? Could the company continue to fund its operations? Would it hinder the company's ability
to realize opportunities?

A distinction should be made between a specific debt issuance or pledging of assets, and authority to issue or increase debt; as in the case of specific equity issuances and requests for authority to issue equity.

**Increase in Borrowing Powers**

Vote FOR proposals to approve increases in a company's borrowing powers if:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The size of the debt being requested is disclosed;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. A credible reason for the need for additional funding is provided;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. The potential increase in debt is not excessive; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. There are no significant causes for shareholder concern regarding the terms and conditions of the debt.

For non-financial companies, the following criteria are used to assess whether the potential increase in debt is considered excessive:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The proposed maximum amount is more than twice the company's total debt;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. It could result in the company's debt-to-equity ratio, or gearing level, exceeding 300 percent; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. The maximum hypothetical debt-to-equity ratio is more than three times the industry and/or market norm.

Generally, vote FOR debt-related proposals of financial companies taking into account the current financial standing of the company, including but not limited to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The capital adequacy to risk (weighted) assets; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Capital adequacy ratio vis-à-vis the regulatory norm;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Revenue growth; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Asset base.

**Pledging of Assets for Debt**

Vote FOR proposals to approve the specific pledging of assets for debt if:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The size of the debt being requested is disclosed;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. A credible reason for the need for additional funding is provided;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Details regarding the assets to be pledged are disclosed; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. There are no significant causes for shareholder concern regarding the terms and conditions of the debt.

For proposals seeking a general authority to pledge assets for debt, the specific assets to be pledged need not be disclosed. However, in such cases, the authority should be limited such that it would not result in an excessive increase in debt. Vote AGAINST proposals that grant excessive authority to the board or management.

**Financial Assistance**

Vote CASE-BY-CASE on requests for financial assistance. Generally, vote AGAINST the provision of a guarantee where:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The identity of the entity receiving the guarantee is not disclosed;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The guarantee is being provided to a director, executive, parent company, or affiliated
entities where the company has no direct or indirect equity ownership; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. The guarantee is provided to an entity in which the company's ownership stake
is less than 75 percent; and such guarantee is not proportionate to the company's equity stake or other parties have not provided
a counter guarantee.

When the proposed guarantee does not fall into the above criteria, generally vote FOR the request provided that there are no significant concerns regarding the entity receiving the guarantee, the relationship between the listed company and the entity receiving the guarantee, the purpose of the guarantee, or the terms of the guarantee agreement. Examples of such concerns include a previous default by the entity receiving the guarantee or a sub-investment grade credit rating.

V. Miscellaneous

**Accept Financial Statements and Statutory Reports**

Generally, vote FOR the approval of financial statements and statutory reports, unless:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. There are concerns about the accounts presented or audit procedures used; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. There has been an accounting fraud or materials misstatement during the year.

**Acceptance of Deposits**

Generally, vote AGAINST proposals to accept deposits from shareholders and/or the public, unless there are no significant causes for shareholder concern regarding the terms and conditions of the deposit.

Sufficient information regarding the deposits must be disclosed, including:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Justification for the need for additional funding; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The interest rate offered, which must not exceed the interest rate prescribed by the Reserve Bank of
India (RBI) for acceptance of deposits by non-banking financial companies (NBFCs).

**Charitable Donations**

Vote AGAINST proposed charitable donations, unless:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Adequate disclosure on the rationale for the donation and exact term of the authority are provided
in the meeting materials, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The party receiving the charitable donation is an independent third party.

**Increase in Foreign Shareholding Limit**

Vote FOR requests for increases in foreign shareholder limits, unless there are outstanding issues concerning the company.

**ISRAEL**

I. Operational Items Appointment of Auditors and Auditor Fees

Vote FOR the (re)election of auditors and/or proposals authorizing the board to fix auditor fees, unless: There are serious concerns about the procedures used by the auditor; There is reason to believe that the auditor has rendered an opinion which is neither accurate nor indicative of the company's financial position; External auditors have previously served the company in an executive capacity or can otherwise be considered affiliated with the company; The name(s) of the proposed auditors has not been published; The auditors are being changed without explanation; Fees for non-audit services exceed standard annual audit-related fees (only applies to companies listed on any country main index); Audit fees are undisclosed; or Audit fees are being reported together with tax/other fees.

II. Compensation

**Executive Compensation-related Proposals**

Boston Partners will generally vote AGAINST a company's compensation-related proposal if such proposal fails to comply with one or a combination of several of the global principles and their corresponding rules:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Provide shareholders with clear and comprehensive compensation disclosures:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Information on compensation-related proposals shall be made available to shareholders in a timely manner;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. The level of disclosure of the proposed compensation policy shall be sufficient for shareholders to
make an informed decision and shall be in line with what local market best practice standards dictate;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. Companies shall adequately disclose all elements of the compensation, including:

&nbsp;&nbsp;&nbsp;&nbsp;&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. Any short- or long-term compensation component must include a maximum award limit.

&nbsp;&nbsp;&nbsp;&nbsp;&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. Long-term incentive plans must provide sufficient disclosure of (i) the exercise price/strike price
(options); (ii) discount on grant; (iii) grant date/period; (iv) exercise/vesting period; and, if applicable, (v) performance criteria.

&nbsp;&nbsp;&nbsp;&nbsp;&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. Discretionary payments, if applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Maintain appropriate pay structure with emphasis on long-term shareholder value:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. The structure of the company's short-term incentive plan shall be appropriate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. The compensation policy must notably avoid guaranteed or discretionary compensation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. The structure of the company's long-term incentives shall be appropriate, including, but not
limited to, dilution, vesting period, and, if applicable, performance conditions.

&nbsp;&nbsp;&nbsp;&nbsp;&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. Equity-based plans or awards that are linked to long-term company performance will be evaluated using
Boston Partners' General Policy for equity-based plans; 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;&nbsp;&nbsp;&nbsp;&nbsp;ii. For awards granted to executives, generally require a clear link between shareholder value and awards,
and stringent performance-based elements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. The balance between short- and long-term variable compensation shall be appropriate. The company's
executive compensation policy must notably avoid disproportionate focus on short-term variable element(s).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Avoid arrangements that risk "pay for failure":

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. The board shall demonstrate good stewardship of investor's interests regarding executive compensation
practices (principle being supported by Pay for Performance Evaluation).

&nbsp;&nbsp;&nbsp;&nbsp;&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. There shall be a clear link between the company's performance and variable awards.

&nbsp;&nbsp;&nbsp;&nbsp;&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. There shall not be significant discrepancies between the company's performance and real executive
payouts.

&nbsp;&nbsp;&nbsp;&nbsp;&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. The level of pay for the CEO and members of executive management should not be excessive relative to
peers, company performance, and market practices.

&nbsp;&nbsp;&nbsp;&nbsp;&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. Significant pay increases shall be explained by a detailed and compelling disclosure.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Termination payments (any payment linked to early termination of contracts for executive or managing
directors, including payments related to the duration of a notice period or a non-competition clause included in the contract) must not
be in excess of (i) 24 months' pay or of (ii) any more restrictive provision pursuant to local legal requirements and/or market
best practices.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. Arrangements with a company executive regarding pensions and post-mandate exercise of equity-based awards
must not result in an adverse impact on shareholders' interests or be misaligned with good market practices.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Maintain an independent and effective compensation committee:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. No executives may serve on the compensation committee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. In certain markets the compensation committee shall be composed of a majority of independent members.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. Compensation committees should use the discretion afforded them by shareholders to ensure that rewards
properly reflect business performance.

In addition, Boston Partners will generally vote AGAINST a compensation-related proposal if such proposal is in breach of any other Boston Partners' voting policy.

**Non-Executive Director Compensation**

Though always seeking to avoid inappropriate pay to non-executive directors, Boston Partners will generally vote FOR proposals to award cash fees to non-executive directors, and will otherwise vote AGAINST where:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Documents (including general meeting documents, annual report) provided prior to the general meeting
do not mention fees paid to non-executive directors.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Proposed amounts are excessive relative to other companies in the country or industry.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. The company intends to increase the fees excessively in comparison with market/sector practices, without
stating compelling reasons that justify the increase.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Proposals provide for the granting of stock options, performance-based places compensation (including
stock appreciation rights and performance-vesting restricted stock), and performance- based cash to non-executive directors.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. Proposals introduce retirement benefits for non-executive directors.

**Equity-based Compensation Guidelines**

Vote FOR equity- based compensation proposals for employees if the plan(s) are in line with long-term shareholder interests and align the award with shareholder value.

Boston Partners will vote AGAINST plans if the three-year average burn rate exceeds 3.5 percent.

**JAPAN**

I. Routine Miscellaneous

**Income Allocation**

Generally, vote FOR approval of income allocation, unless:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Payout ratio is consistently low without adequate justification; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Payout ratio is too high, potentially damaging financial health.

**Election of Statutory Auditors**

Generally, vote FOR the election of statutory auditors, unless:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The outside statutory auditor nominee is regarded as non-independent; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The outside statutory nominee attended less than 75 percent of meetings of the board of directors or
board of statutory auditors during the year under review; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. The statutory auditor is judged to be responsible for clear mismanagement or shareholder- unfriendly
behavior.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Egregious actions related to a statutory auditor's service on other boards that raise substantial
doubt about his or her ability to effectively oversee management and serve the best interests of shareholders at any company.

II. Election of Directors

**Voting on Director Nominees in Uncontested Elections**

There are three policies for director elections in Japan: one for companies with a statutory auditor board structure, one for companies with a U.S.-type three committee structure, and one for companies with a board with audit committee structure.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. At companies with a statutory auditor structure: vote FOR the election of directors, except:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) Top executive(s) at a company that has underperformed in terms of capital efficiency (i.e., when the
company has posted average return on equity (ROE) of less than five percent over the last five fiscal years), unless an improvement is
observed;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) For meetings on or after Feb. 1, 2022, top executive(s) at a company that allocates a significant portion
(20 percent or more) of its net assets to cross-shareholdings. Exceptions may be considered for cases such as where the top executive
has newly joined the company in connection with a bailout or restructuring;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c) Top executive(s) if the board, after the shareholder meeting, will not include at least two outside
directors and, for meetings on or after Feb. 1, 2022, at least one-third of the board members will not be outside directors;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d) Top executive(s) at a company that has a controlling shareholder, where the board, after the shareholder
meeting, will not include at least two independent directors and at least one-third of the board members will be independent directors;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e) Top executive(s) who are responsible for not implementing a shareholder proposal which has received
a majority of votes cast, or not putting a similar proposal on the ballot as a management proposal the following year (with a management
recommendation of FOR), when that proposal is deemed to be in the interest of independent shareholders; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;f) An outside director nominee who attended less than 75 percent of board meetings during the year under
review.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. At companies with a U.S.-type three committee structure: (In addition to the guidelines for companies
with a statutory auditor structure) vote FOR the election of directors, except:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) Where an outside director nominee is regarded as non-independent and the board, after the shareholder
meeting, is not majority independent;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) Top executive(s) if at least one-third of the board members, after the shareholder meeting, will not
be outside directors; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c) Where the company has a controlling shareholder, a director nominee sits on the nomination committee
and is an insider, or non-independent outsider, when the board, after the shareholder meeting, does not include at least two independent
directors and at least one-third of the board members will be independent directors.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. At companies with a board with audit committee structure: (In addition to the guidelines for companies
with a statutory auditor structure) vote FOR the election of directors, except:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Where an outside director nominee who is also nominated as an audit committee member (outside director
nominees who are not nominated as audit committee members are not subject to this policy) is regarded as non-independent; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Top executive(s) if at least one-third of the board members, after the shareholder meeting, will not
be outside directors.

III. Article Amendments

**Adoption of a U.S.-style Three Committee Board Structure**

Generally, vote FOR the adoption of a U.S. style, three-committee board structure.

**Adoption of a Board with Audit Committee Structure**

Generally, vote FOR an article amendment to adopt a board with audit committee structure. However, if the adoption of the new governance structure would eliminate shareholders' ability to submit shareholder proposals on income allocation, vote AGAINST the article amendments. Vote CASE-BY-CASE if the board currently has a three-committee structure.

**Increase in Authorized Capital**

Generally, vote CASE-BY-CASE on this request if the company explicitly provides reasons for the increase.

If the company does not provide reasons for the increase, generally vote FOR proposals to increase authorized capital, unless the increase is intended for a poison pill.

**Creation/Modification of Preferred Shares/Class Shares**

Generally, vote CASE-BY-CASE on this request.

**Repurchase of Shares at Board's Discretion**

Vote CASE-BY-CASE on article amendments to give the board discretionary authority over share repurchases, taking into account the company's:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Balance sheet conditions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Capital efficiency and return on equity;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Past share buybacks and dividend payouts;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Board composition;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. Shareholding structure; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. Other relevant factors.

Generally, vote AGAINST these amendments if shareholders will lose the ability to submit shareholder proposals on share repurchases.

**Allow Company to Make Rules Governing the Exercise of Shareholders' Rights**

Generally, vote AGAINST this change.

**Limit Rights of Odd Shareholders**

Generally, vote FOR this change.

**Amendments Related to Takeover Defenses**

Generally, vote FOR this proposal, unless Boston Partners opposes or has opposed the poison pill proposal by itself.

**Decrease in Maximum Board Size**

Generally, vote FOR this proposal, unless the decrease eliminates all vacant seats, leaving no flexibility to add shareholder nominees or other outsiders to the board without removing an incumbent director.

**Supermajority Vote Requirement to Remove a Director**

Generally, vote AGAINST proposals seeking a supermajority requirement to remove a director.

**Creation of Advisory Positions (Sodanyaku or Komon)**

Generally, vote AGAINST amendments to articles of incorporation to create new advisory positions such as "sodanyaku" or "komon," unless the advisors will serve on the board of directors and thus be accountable to shareholders.

**Payment of Dividends at the Board's Discretion**

Generally, vote AGAINST proposals allowing the board to pay dividends at its discretion. However, if the company employs board with committee structure and the proposal would not eliminate shareholders' ability to submit shareholder proposals on income allocation, vote FOR the article amendments.

**Management Buyout Related Amendments**

Generally, vote CASE-BY-CASE on management related buyout amendments.

IV. Compensation

**Annual Bonuses for Directors/Statutory Auditors**

Vote FOR approval of annual bonuses, unless recipients include those who are judged to be responsible for clear mismanagement or shareholder-unfriendly behavior.

**Retirement Bonuses**

Generally, vote FOR approval of retirement bonuses, unless:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Recipients include outsiders; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Neither the individual payments nor the aggregate amount of the payments is disclosed; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Recipients include those who are judged to be responsible for clear mismanagement or shareholder-unfriendly
behavior.

**Special Payments in Connection with Abolition of Retirement Bonus System**

Generally, vote FOR approval of special payments in connection with abolition of retirement bonus system, unless:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Recipients include outsiders; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Neither the individual payments nor the aggregate amount of the payments is disclosed; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Recipients include those who are judged to be responsible for clear mismanagement or shareholder-unfriendly
behavior.

**Stock Option Plans/Deep-Discounted Stock Option Plans**

**Stock Option Plans**

Generally, vote FOR approval of stock option plans, unless:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Total dilution from proposed plan(s) and previous option plans exceeds 5 percent for mature companies,
or 10 percent for growth companies; or;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Recipients include individuals who are not in a position to affect the company's stock price, including
employees of business partners or unspecified "collaborators;" or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. The maximum number of options that can be issued per year is not disclosed.

**Deep-Discounted Stock Option Plans**

Generally, vote FOR approval of deep-discounted stock option plans10, unless:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Total dilution from proposed plan(s) and previous option plans exceeds 5 percent for mature companies,
or 10 percent for growth companies; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Recipients include individuals who are not in a position to affect the company's stock price,
including employees of business partners or unspecified "collaborators;" or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. The maximum number of options that can be issued per year is not disclosed; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. No specific performance hurdles are specified (However, if the vesting period before exercise lasts for
at least three years, this policy may not apply).

**Director Compensation Ceiling**

Generally, vote FOR proposals seeking to increase director fees, if:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The specific reason(s) for the increase are explained; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The company is introducing or increasing a ceiling for performance-based compensation.

Vote CASE-BY-CASE on proposals seeking to increase director fees, taking into account the company's stock price performance and capital efficiency if:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The proposals are intended to increase fixed cash compensation or do not specify whether it is fixed
or performance-based compensation which will be increased.

Generally, vote AGAINST proposals seeking to increase director fees if there are serious concerns about corporate malfeasance.

**Statutory Auditor Compensation Ceiling**

Generally, vote FOR proposals seeking to increase statutory auditor compensation ceiling, unless statutory auditors are judged to be responsible for clear mismanagement or shareholder-unfriendly behavior

**KOREA**

I. Election of Directors

**Director Elections**

**Independence**

Boston Partners applies a five-year cooling off period to former employees or executives when determining nominee independence in Korea.

Vote AGAINST any non-independent director nominees where the board is less than majority- independent (in the case of large companies) or less than 25 percent independent (in the case of small companies).

**Composition**

For cases where the election of multiple directors are presented as a bundled item, vote AGAINST the entire slate of directors if one of the nominees presents any governance concerns.

**Voting on Director Nominees in Contested Elections**

Vote CASE-BY-CASE, determining which directors are best suited to add value for shareholders. The analysis will generally be based on, but not limited to, the following major decision factors:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Management's track record;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Background to the contested election;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Nominee qualifications and any compensatory arrangements;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Strategic plan of dissident slate and quality of the critique against management;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. Likelihood that the proposed goals and objectives can be achieved (both slates); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. Stock ownership positions.

II. Audit Related

**Election of Audit Committee Member(s)**

Vote CASE-BY-CASE on the election of audit committee members. Consider the history of a particular director when deciding whether to vote in favor of his/her (re)election.

For small companies, Boston Partners will vote AGAINST a non-independent director nominee if the audit committee is less than two-thirds independent.

**Election of Internal Auditor(s)/ Establishment of Audit Committees**

Vote CASE-BY-CASE on the election of internal auditor(s). Consider the history of a particular internal auditor when deciding whether to vote in favor of his or her (re)election.

Under Korean law, small companies are required to appoint at least one internal auditor. These companies may alternatively choose to establish an audit committee. For those small companies which choose to create an audit committee in place of the internal auditor system vote FOR the election of an inside director as an audit committee member only if the company's audit committee, after the election, satisfies the legal requirement.

Generally, vote FOR the establishment of an audit committee as a replacement for the internal auditor system.

III. Capital Structure/Restructuring

**Stock Split**

Generally, vote FOR stock splits or reverse stock splits unless there is potential dilution impact on existing shareholders as a result of stock split and/or reverse stock split.

**Spinoff Agreement**

Generally, vote FOR the approval of a spinoff agreement, unless:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The impact on earnings or voting rights for one class of shareholders is disproportionate to the relative
contributions of the group;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The company's structure following the spinoff does not reflect good corporate governance;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. There are concerns over the process of negotiation that may have had an adverse impact on the valuation
of the terms of the offer; and/or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. The company does not provide sufficient information upon request to make an informed voting decision.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. There is an accompanying reduction in capital.

**Reduction in Capital Accompanied by Cash Consideration**

Generally, vote FOR proposals to reduce a company's capital that accompany return of funds to shareholders and are part of a capital-management strategy and an alternative to a buyback or a special dividend. Such a resolution is normally implemented proportionately AGAINST all outstanding capital, and therefore do not involve any material change relative to shareholder value.

**Reduction in Capital Not Accompanied by Cash Consideration**

Generally, vote FOR proposals to reduce capital that do not involve any funds being returned to shareholders. A company may take this action if its net assets are in danger of falling below the aggregate of its liabilities and its stated capital. Such proposals are considered to be routine accounting measures.

**Merger Agreement, Sales/ Acquisition of Company Assets, and Formation of Holding Company**

Generally, vote FOR the approval of a sale of company assets, merger agreement, and/or formation of a holding company, unless:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The impact on earnings or voting rights for one class of shareholders is disproportionate to the relative
contributions of the group;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The company's structure following such transactions does not reflect good corporate governance;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. There are concerns over the process of negotiation that may have had an adverse impact on the valuation
of the terms of the offer;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. The company does not provide sufficient information upon request to make an informed voting decision;
and/or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. The proposed buyback price carries a significant premium at the date of writing, conferring on shareholders
a trading opportunity.

IV. Compensation

**Remuneration Cap for Directors**

Generally, vote FOR approval of the remuneration cap for directors, unless:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The proposed cap on directors' remuneration is excessive relative to peer companies' remuneration without
reasonable justification; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The company is asking for an increase in the remuneration cap where the company has not provided a reasonable
justification for the proposed increase.

**Remuneration Cap for Internal Auditors**

Generally, vote FOR the remuneration cap for internal auditors, unless:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The proposed remuneration cap for internal auditors is excessive relative to peer companies' remuneration
caps without reasonable justification; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The company is asking for an increase in the remuneration cap where the company has not provided a reasonable
justification for the proposed increase; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. There are serious concerns about the statutory reports presented or audit procedures used.

**Stock Option Grants**

In Korea, the manner in which stock options are granted and exercised is stipulated under the law.

Under Korean law, companies are allowed to grant stock options up to 15 percent of the total number of issued shares pursuant to a shareholder meeting resolution. The board is also allowed to grant stock options up to 3 percent of the total issued shares and to seek shareholders' approval retrospectively at the first general meeting after the grant.

Generally, vote FOR stock option grant proposals, unless:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The maximum dilution level under the plan exceeds 5 percent of issued capital for a mature company;
or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The maximum dilution level under the plan exceeds 10 percent for a growth company.

**Amendments to Terms of Severance Payments to Executives**

Generally, vote FOR the establishment of, or amendments, to executives' severance payment terms, unless:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The company fails to provide any information in regard to the changes to the terms of severance payments
to executives;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The negative provisions proposed in a resolution outweigh any positive ones; and/or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. The company proposes to introduce a new clause that is effectively a golden parachute clause.

**Stock Option Programs for the Employee Stock Ownership Plan**

Generally, vote FOR article amendments to establish stock option programs for the Employee Stock Ownership Plan if:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The company explicitly states that shareholders' approval will be required for the board to grant stock options to
 individual members of the employee stock ownership plan pursuant to the Framework Act on Labor Welfare, either prior to the
grant or retrospectively at the earliest general meeting; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The maximum dilution level under the program does not exceed 5 percent of issued capital for a mature
company and 10 percent for a growth company.

**Golden Parachute Clause**

Generally, vote AGAINST proposals to introduce a provision that entitles the company's directors to an excessive level of remuneration in the event that they are dismissed or terminated.

V. Routine/Miscellaneous

**Authorizing Board to Approve Financial Statements and Income Allocation**

Generally, vote AGAINST proposals to introduce a provision that gives the board of directors the authority to approve financial statements and income allocation (including dividend payout). Insertion of such a clause would potentially take away shareholders' right to approve the company's dividend payment decision without any countervailing benefits.

**RUSSIA AND KAZAKHSTAN**

I. Operation Items Financial Results/Director and Auditor Reports

Vote FOR approval of financial statements and director and auditor reports, unless the financial statements and/or auditor's report are not disclosed or are incomplete.

**Appointment of Auditors and Auditor Fees**

For widely-held companies, vote AGAINST the authorization of auditor fees, or AGAINST the election of auditors if the authorization of auditor fees is not presented as a separate item, if:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Non-audit fees exceed audit-related fees (or any stricter limit under local law or best practice); or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Audit fees are not disclosed.

**Appointment of Audit Commission**

Vote FOR the election of the audit commission members where the number of nominees is equal to the number of seats on the audit commission unless:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Adequate disclosure, including the nominees' names, has not been provided in a timely manner;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. There are serious concerns about the work and/or the composition of the audit commission;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. There are serious concerns about the statutory reports presented or the audit procedures used;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. There are serious concerns over questionable finances or restatements.

Where the number of nominees exceeds the number of seats on the audit commission, vote on a CASE- BY-CASE basis considering the following factors:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Nominees' independence and potential conflicts of interest;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Nominees' qualifications, experience, and past track records;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Current composition of the audit commission.

**Early Termination of the Audit Commission**

Vote FOR the early termination of powers of the audit commission unless there are any concerns with the proposal.

II. Board of Directors

**Cumulative Voting System**

Where the number of candidates is equal to the number of board seats, vote FOR all independent director nominees.

Where the number of candidates exceeds the number of board seats, vote FOR all or a limited number of the independent director nominees considering factors including, but not limited to, the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Past composition of the board, including proportion of the independent directors vis-a-vis the size
of the board;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Nominee(s) qualification, knowledge, and experience;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Attendance record of the director nominees;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Company's free float.

Where none of the director nominees can be classified as independent Boston Partners will consider factors including, but not limited to, the following when deciding whether to vote in favor of a candidate's (re)election:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. A director nominee, while not classified as independent per Boston Partners' classification of directors,
has been classified as independent per company's director classification criteria and/or any other directors classification criteria widely
used in the market;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. A director nominee possesses adequate qualification, knowledge and experience;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. There are no specific concerns about the individual, such as criminal wrongdoing or breach of fiduciary
responsibilities.

At companies on the main index, Boston Partners may vote AGAINST all nominees, if none of the proposed candidates can be classified as independent non-executive directors.

Vote CASE-BY-CASE for contested elections of directors, e.g. the election of shareholder nominees or the dismissal of incumbent directors, determining which directors may be best suited to add value for shareholders.

For the companies that have a status of an International Company re-domiciliated to Russia and choose to follow the regulation of a country from which they have re-domiciliated, vote in accordance with the Country Guidelines applicable to the company prior to its re-domiciliation.

**Early Termination of Powers of Board of Directors**

Vote FOR the early termination of powers of the board of directors where such a proposal is supported by compelling justification.

Vote AGAINST proposals seeking to alter the composition of the board and resulting in majority shareholder increasing its influence on the board.

**Election of General Director (CEO)**

Vote FOR the election of the general director, unless there are significant concerns with the proposed candidate and/or compelling controversies with the election process exist.

**Early Termination of Powers of General Director (CEO)**

Vote FOR (AGAINST) the early termination of powers of the general director where such a proposal is (is not) supported by compelling justification.

III. Compensation

Vote compensation plans on a CASE-BY-CASE basis.

**Non-Executive Director Compensation**

Generally, vote FOR proposals to award cash fees to non-executive directors, and will otherwise vote AGAINST where:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Documents (including general meeting documents, annual report) provided prior to the general meeting
do not mention fees paid to non-executive directors.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Proposed amounts are excessive relative to other companies in the country or industry.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. The company intends to increase the fees excessively in comparison with market/sector practices, without
stating compelling reasons that justify the increase.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Proposals provide for the granting of stock options, performance-based places compensation (including
stock appreciation rights and performance-vesting restricted stock), and performance- based cash to non-executive directors.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. Proposals introduce retirement benefits for non-executive directors.

**Equity-based Compensation Guidelines**

Boston Partners will generally vote FOR equity-based compensation proposals for employees if the plan(s) are in line with long-term shareholder interests and align the award with shareholder value. This assessment includes, but is not limited to, the following factors:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The volume of awards transferred to participants must not be excessive;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The potential volume of fully diluted issued share capital from equity-based compensation plans must not exceed the following guidelines:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. The shares reserved for all share plans may not exceed 5 percent of a company's issued share capital,
except in the case of high-growth companies or particularly well-designed plans, in which case we allow dilution of between 5
and 10 percent. In this case, we will need to have performance conditions attached to the plans which should be acceptable;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. The plan(s) must be sufficiently long-term in nature/structure: the minimum vesting period must be no less than three years from date of grant;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. The awards must be granted at market price. Discounts, if any, must be mitigated by performance criteria
or other features that justify such discount;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. If applicable, performance standards must be fully disclosed, quantified, and long-term, with relative performance measures preferred.

**SINGAPORE**

I. Board of Directors

**Voting for Director Nominees in Uncontested Elections- Independence and Composition**

Boston Partners applies a five-year cooling off period to former employees or executives when determining nominee independence in Singapore.

Generally, vote FOR the re-election of directors, unless:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The nominee has been a partner of the company's auditor within the last three years, and serves on
the audit committee;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Any non-independent director nominees where the board is less than one-third independent<sup>7</sup>;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. The nominee is a member of the nomination committee and the board does not have a lead/senior independent
director and/or the board is less than majority independent under the following scenarios:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. The chairman and the CEO are the same person;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. The chairman and the CEO are immediate family members;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. The chairman is part of the management team; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. The chairman is not an independent director.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. The nominee is an executive director serving on the audit, remuneration, and/or nomination committee;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. The nominee is a non-independent director serving as the chairman of the audit committee, remuneration
committee, and/or nomination committee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. There is a conflict of interest in the resolution(s) to be discussed in the board or committee meeting.

When the board does not have a formal audit committee, remuneration committee, and/or nomination committee, vote AGAINST if:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The nominee is an executive director;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The nominee is a non-independent chairman of the board.

Boston Partners will consider an independent non-executive director non-independent if such director serves as a director for more than nine years, and the company fails to disclose the reasons why such director should still be considered independent, or where such reasons raise concerns regarding the director's true level of independence.

Boston Partners will generally vote FOR the election of a CEO, managing director, executive chairman, or founder whose removal from the board would be expected to have a material negative impact on shareholder value

II. Remuneration

<sup>7</sup> Not applicable if the lack of board independence is due to the immediate retirement, abrupt resignation, or death of an independent non-executive director, provided that the company mentioned or announced a definite timeline of up to three months for the appointment of a new independent non-executive director to have adequate level of board independence.

**Director Remuneration**

Generally, vote FOR resolutions regarding directors' and supervisors' fees unless they are excessive relative to fees paid by other companies of similar size.

**Equity Compensation Plans**

Generally, vote FOR an equity-based compensation plan unless:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The maximum dilution level for the scheme, together with all outstanding schemes, exceeds 5 percent
of issued capital for a mature company and 10 percent for a growth company. In addition, Boston Partners will support a plan's dilution
limit that exceeds these thresholds if the annual grant limit under all plans is 0.5 percent or less for a mature company (1 percent or
less for a mature company with clearly disclosed performance criteria) and 1 percent or less for a growth company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The plan permits options to be issued with an exercise price at a discount to the current market price;
or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Directors eligible to receive options or awards under the scheme are involved in the administration
of the scheme and the administrator has the discretion over their awards.

III. Share Issuance Requests

**Issuance Requests**

For companies listed on the Mainboard of the Singapore Exchange, generally vote FOR a general issuance of equity or equity-linked securities without preemptive rights when the share issuance limit is not more than 10 percent of the company's issued share capital and 50 percent with preemptive rights.

For companies listed on the Catalist market of the SGX, generally vote FOR a general issuance of equity or equity-linked securities without preemptive rights when the share issuance limit is not more than 10 percent of the company's issued share capital and 50 percent with preemptive rights.

**General Issuance Requests – Real Estate Investment Trusts**

Generally, vote FOR a general issuance of equity or equity-linked securities without preemptive rights when the share issuance limit is not more than 10 percent of the company's issued share capital and 50 percent with preemptive rights for all Singapore companies..

For Singapore companies listed on the Catalist market of the SGX, generally vote FOR a general issuance of equity or equity-linked securities without preemptive rights when the share issuance limit is not more than 10 percent of the company's issued share capital and 50 percent with preemptive rights. For Real Estate Investment Trusts, generally vote FOR a general issuance of equity or equity-linked securities without preemptive rights when the unit issuance limit is not more than 10 percent of its issued unit capital and 50 percent with preemptive rights.

**Specific Issuance Requests**

For issuance requests relating equity compensation plans, apply the policy on equity compensation plans. For other issuance requests, vote on a CASE-BY-CASE basis.

**Share Repurchase Plans**

Generally, vote FOR resolutions authorizing the company to repurchase its own shares, unless the premium over the average trading price of the shares as implied by the price limit for on-market repurchases exceeds 5 percent or the premium over the overage trading price of the shares as implied by the price limit for off-market repurchased exceeds 20 percent.

IV. Articles and By-law Amendments

Vote CASE-BY-CASE on proposed amendments to the Articles and By-Laws based on the details of the proposed amendments provided by the company.

In the absence of adequate information that would specify the details of proposed amendments, generally vote AGAINST:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The proposed amendments;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The adoption of new Articles of Association; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. The replacement of the current constitutional document.

Vote CASE-BY-CASE on the adoption of new constitutional document with no previous reference.

V. Related Party Transactions

Generally, vote FOR mandate for recurrent interested-party transactions if such transactions are carried out at arms-length and on normal commercial terms.

**SOUTH AFRICA**

I. Operational Items

**Authority to Ratify and Execute Approved Resolutions**

Vote FOR the authority to ratify and execute approved resolutions, unless opposing all other items on the agenda.

II. Board of Directors

**Voting on Director Nominees in Uncontested Elections**

Boston Partners applies a five-year cooling off period to former executives when determining nominee independence in South Africa. Boston Partners applies a three-year cooling off period to immediate family members, auditors, and senior legal advisors.

Generally, vote FOR the election/ reelection of directors unless the director is a non-independent NED:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Serving on the audit committee (unless there is a separate annual general meeting proposal specifically
covering his/her election as an audit committee member);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Serving on the remuneration or nomination committee and there is no majority of
independent NEDs on the committee. However, such a consideration should take into account the potential implications for the board's Black
Economic Empowerment (BEE) credentials; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. The majority of NEDs on the board are not independent. However, such a consideration
should take into account the potential implications for the board's BEE credentials.

**Accountability**

Do not support bundled elections.

Alternative Directors: Proposals to re-elect alternate directors will take into account the vote that applies for the director for whom they serve as an alternate. In addition, the specific nature of the alternate role will be considered, for example whether or not the individual serves as a genuine alternate (i.e. only attending board and committee meetings in the absence of a particular director) or appears to have a broader board position.

**Audit Committee Elections**

Vote for the re-election of the audit committee and/or audit committee members, unless:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Committee member elections are bundled into a single voting item, and the committee includes one or
more non-independent NEDs;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Committee members are elected individually, and the audit committee member is a non- independent NED;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. The board chair is a member of the audit committee, in line with the position stated in King IV. Boston
Partners will only apply this provision to large, widely held companies;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Repeated absences (less than 75 percent attendance) at committee meetings have not been explained; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. There are serious concerns about the accounts presented, the audit procedures used, or some other feature
for which the audit committee has responsibility.

Companies (other than those covered by the Banks Act) must establish an audit committee of at least three members, which must be elected by shareholders at the AGM (CA s94).

**Social and Ethics Committee Elections**

Vote FOR the reelection of the social and ethics committee and/or social and ethics committee members, unless:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The committee does not satisfy the minimum guidelines for membership, as set out in South African company
law; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Serious concerns have been raised with the work of the committee during the year.

III. Capital Structure

**Share Issuance Authorities**

Vote FOR a general authority to place authorized but unissued ordinary shares under the control of the directors, unless:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The authority is over a number of shares equivalent to more than 10 percent of the current issued share
capital;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The authority would allow shares to be used for share incentive scheme purposes and the underlying scheme(s)
raises concern; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. The company used the authority during the previous year in a manner deemed not be in shareholders'
best interests.

Vote FOR a general authority to issue ordinary shares for cash, unless:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The authority is over a number of shares equivalent to more than 10 percent of the current issued share
capital; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The company used the authority during the previous year in a manner deemed not to be in shareholders'
interests.

Vote FOR a general authority to issue preference shares, unless:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Following the issue, preference shares would comprise greater than 50 percent of the company's issued
share capital; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The terms of the preference shares would adversely affect the rights of existing shareholders.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. The issue of shares pursuant to a specific transaction will be considered on a CASE-BY-CASE basis, depending
on the merits of the underlying deal.

**Share Buyback Authorities**

Vote FOR a general share buyback authority, unless:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The company wishes to repurchase more than 20 percent of its issued share capital over the year;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The repurchase can be used for takeover defenses; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. There is clear evidence of abuse.

IV. Remuneration

**Fees for Non-Executive Directors**

Vote FOR the fees payable to non-executive directors unless the proposed fees are excessive, relative to similarly-sized companies in the same sector. Fees should specifically relate to an individual's responsibilities as a non-executive director on the board; open-ended authorities covering ad hoc or consultancy work are generally not supported due to the potential impact on director independence.

**Approval of Remuneration Policy**

When assessing a company's remuneration policy, Boston Partners will generally vote AGAINST if the level of disclosure around the policy is below what is required for shareholders to make an informed judgment. In the event of satisfactory disclosure, Boston Partners will vote FOR the approval of the executive remuneration policy on a CASE-BY-CASE approach, paying particular attention as to whether:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The company operates long-term incentive schemes (including matching shares) which do not have performance
conditions attached for all or a substantial proportion of awards;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The vesting period for long-term incentive schemes is set at less than three years;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Long-term schemes include an element of retesting;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. The policy provides for grants of share options at a discount to market value;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. The potential maximum dilution under all share incentive schemes exceeds 5 percent of the issued share
capital of a large, widely held company, or 10 percent in the case of an emerging high-growth company, and there are no mitigating circumstances
(e.g. stringent performance measures);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. The quality of disclosure around the severance provisions of the executive directors' service contracts,
including any potential termination payments, is considered inadequate;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. The policy is in any way not considered aligned with shareholder interests.

In circumstances where a company has demonstrated a significant shift towards good practice, it may be appropriate for Boston Partners to support remuneration policy resolution, notwithstanding the presence of some historical issues of concern.

**Approval of Implementation Report**

When assessing the implementation report, Boston Partners will generally vote AGAINST if the level of disclosure regarding the application of the policy is below what is required for shareholders to make an informed judgment. In the event of satisfactory disclosure, Boston Partners will vote FOR the approval of the implementation report on a CASE-BY-CASE approach, paying particular attention as to whether:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Large increases in fixed remuneration have been implemented which have not been adequately explained;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The company has made bonus payments, but these have not been clearly linked to performance (including
guaranteed bonuses or transaction bonuses);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. The company has made ex-gratia payments or one-off special awards to executives during the year which
have not been adequately explained;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. The performance conditions for long-term incentive schemes, where applicable, are not disclosed, or
are not considered sufficiently challenging or relevant;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. Significant termination-related or restraint of trade payments have been made to executive directors,
and the reasons for these are not disclosed or, where they are disclosed, do not adequately justify the size of the payment;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. Discretion has been used during the year in a manner not considered consistent with shareholder interests,
or the application of the policy is in any way not considered aligned with shareholder interests, with particular attention given to any
payments or decisions which have been made outside of the policy framework previously communicated to shareholders.

In circumstances where a company has demonstrated a significant shift towards good practice, it may be appropriate for Boston Partners to support for the implementation report resolution, notwithstanding the presence of some historical issues of concern.

In cases where a serious breach of good practice is identified, and typically where issues have been raised over a number of years, the chair of the remuneration committee (or, where relevant, other members of the remuneration committee) may receive a negative vote.

**New Equity Incentive Scheme or Amendment to Existing Scheme**

Boston Partners evaluates management proposals seeking approval for a share incentive scheme on a CASE-BY-CASE basis. When judging such items, Boston Partners will generally vote AGAINST if the level of disclosure on the proposal is below what is required for shareholders to make an informed judgment on the scheme. In the event of satisfactory disclosure, Boston Partners will vote FOR the proposal unless one or more of the following apply:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Performance conditions do not apply, have not been disclosed or are not considered sufficiently challenging
or relevant.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Performance conditions can be retested.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Performance is measured over a period shorter than three years.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. The plan allows for option repricing or issue of options at a discount or backdating of options.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. The potential maximum dilution under all share incentive schemes exceeds 5 percent of the issued share
capital of a large, widely held company, or 10 percent in the case of an emerging high-growth company, and there are no mitigating circumstances
(e.g. stringent performance measures).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. The scheme provides for potentially excessive individual reward or has no caps on individual participation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. The scheme rules allow for accelerated vesting upon termination (including change of control) without
reference to relevant performance criteria. In addition, best practice suggests that "good leaver" treatment should include
appropriate pro-rating to outstanding long-term incentive awards to reflect any reduced time in service.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. NEDs can participate in the scheme.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. The scheme is in any way not considered aligned with shareholder interests.

Proposals to amend a scheme will involve an assessment of the nature of the amendment.

**Financial Assistance**

Vote FOR a general authority to provide financial assistance, unless:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. As part of the authority, the company requests a general authority to provide financial assistance
to directors, and this is not limited to participation in incentive schemes;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The authority would facilitate the operation of an incentive scheme(s) which raises governance concerns,
with particular attention given to any schemes which authorize the provision of preferential loans to directors; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. As part of the authority, the company seeks approval to provide financial assistance "to any person".

Evidence that the company has used a previous authority in a manner deemed not to be in shareholders' interests would warrant further review and analysis.

V. Other Items

**New Memorandum of Incorporation (MOI)/ Amendments to the MOI**

Vote on a new MOI or on amendments to the MOI on a CASE-BY-CASE basis, depending on the impact on shareholder rights.

Boston Partners will normally vote AGAINST a MOI which limits retirement by rotation to non- executive directors only.

**Black Economic Empowerment (BEE) Transactions**

Vote on BEE transactions on a CASE-BY-CASE basis. Factors considered include the overall dilutive impact, the structure of the transaction and the identity of the company's chosen BEE partners. Proposals which are genuinely broad-based are more appealing than those which stand to benefit a narrow group of investors, as are those which have a long-term timeframe.

**Social and Ethics Committee Report**

Vote FOR the report of the social and ethics committee, unless:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The report does not include details of how the committee has undertaken the functions prescribed to
it by South African company law; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Serious concerns have been raised with the work of the committee during the year.

**TAIWAN**

I. Allocation of Income and Dividends

**Allocation of Income and Dividends**

Generally, vote FOR approval of the allocation of income and dividends.

When distributing earnings and dividends, companies usually provide shareholders one or a combination of the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Cash dividends from earnings;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Cash dividends from capital reserves;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. New shares from capital reserves;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Stock dividends.

When losses are posted for the year, companies are required to submit the loss offsetting proposals, usually included in the statement of profit and loss appropriation, for shareholder approval, along with the business operations reports and financial statements.

**Cash Dividends or New Shares from Capital and Legal Reserves**

Generally, vote FOR proposals to distribute dividends or new shares from capital and legal reserves.

**Stock Dividends**

Resolution Type: Special

Generally, vote FOR proposals to distribute stock dividends.

II. Capital Reduction

Generally, vote FOR the capital reduction to offset losses or to distribute cash to shareholders unless:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The proposed capital reduction is not conducted on a proportionate basis according to the shareholding
structure of the company but instead favors certain shareholders; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The proposed cash distribution is expected to negatively affect the company's day-to-day operations.

III. Amendments to Company Articles/By-laws

**Cash Dividend Distribution Plans**

Generally, vote AGAINST proposals for article amendments to grant the board full discretion to decide on the company's cash dividend distribution plan without shareholder approval.

IV. Capital Raising

Generally, vote FOR general authority to issue shares if:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. A general share issuance mandate that includes a private placement as one of the financing channels
if the resulting dilution is limited to no more than 10 percent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. A general mandate for public share issuance if the issue size is limited to no more than 20 percent
of the existing issued share capital.

Vote CASE-BY-CASE on requests to issue shares for a specific purpose such as the financing of a particular project, an acquisition, or a merger.

V. Compensation

**Equity Based Compensation**

Vote CASE-BY-CASE on employee restricted stocks and/or employee stock warrant plans. Vote AGAINST the employee restricted stocks plan and/or employee stock warrants plan if any of the following features is not met:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Existing substantial shareholders are restricted in participation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Presence of challenging performance hurdles if awards are issued or exercised for free or at a deep
discount; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Reasonable vesting period (at least two years) is set.

VI. Release of Restrictions on Directors Competitive Activities

Vote AGAINST release of restrictions on competitive activities of directors if:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. There is lack of disclosure on the key information including identities of the directors in question,
current positions in the company, and outside boards they are serving on; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The non-nomination system is employed by the company for the director election.

**UNITED KINGDOM AND IRELAND**

I. Operational Items

**Accept Financial Statements and Statutory Reports**

Generally vote FOR approval of financial statements and statutory reports, unless:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. There are concerns about the accounts presented or audit procedures used; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. There has been an accounting fraud or material misstatement during the year.

The overall quality of disclosure will also be considered, and the weakest examples, such as where the meeting documents are not released in time for investors to review these ahead of the meeting, are likely to attract a negative vote recommendation. Other minimum disclosure requirements include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The identity of all the directors, their board roles, committee memberships and independence classification;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. List of major shareholders;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Attendance at board and committee meetings; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Details of compliance against a "recognized corporate governance code" (as required by the
AIM Rules).

In addition, with effect from financial years beginning on or after 1 April 2024, the 2023 QCA Code recommends that smaller companies put their remuneration reports and remuneration policies to advisory shareholder votes and subject all Board Directors to annual re-election. However, where no appropriate resolution to target an investor's specific concern is on the ballot, ISS may recommend a vote against this resolution. Specific concerns include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Absence of sufficient independent representation on the board and the key committees (if the relevant
director is not standing for election/re-election)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Absence of regular re-election for all directors (once every three years at a minimum); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Remuneration not aligned with expected market practice (if there is no remuneration report or remuneration
policy resolution on the agenda).

Concerns raised in the first year may not lead to a negative vote recommendation; this is more likely in the event of repeated concerns identified over a number of years.

II. The Board of Directors

**Board Diversity**

**Gender Diversity**

Generally, vote AGAINST the chair of the nomination committee (or other directors on a CASE-BY- CASE basis) in the following cases

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The company is a constituent of the FTSE 350 (excluding investment trusts) and the board does not comprise
at least 33 percent representation of women.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The company (excluding investment trusts) is a constituent of any of the following, and there is not
at least one woman on the board:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. FTSE Small Cap;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. ISEQ 20;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. Listed on the AIM with a market capitalization of over GBP 500
million. Mitigating factors include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Compliance with the relevant board diversity standard at the preceding annual general meeting and a
firm commitment, publicly available, to comply with the relevant standard within a year.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Other relevant factors as applicable.

**Racial/Ethnic Diversity**

Generally, vote AGAINST the chair of the nomination committee and the Board Chair (or other directors on a case-by-case basis) if the company is a constituent of the FTSE 100 index (excluding investment companies) and has not appointed at least one individual from a racial/ethnic minority background to the board.

There is an expectation for constituents of the following indices (excluding investment companies) to appoint at least one individual from an ethnic minority background to the board by 2024:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. FTSE 250 index;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. FTSE SmallCap;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. ISEQ 20;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Listed on the AIM with a market capitalization of over GBP 500 million.

The abovementioned companies are expected to publicly disclose a roadmap to compliance with best market practice standards of having at least one director from an ethnic minority background by 2024.

**Board Independence and Tenure**

Directors are assessed on a CASE-BY-CASE basis, although a non-executive director is likely to be considered as non-independent if one (or more) of the issues listed below apply, in accordance with the U.K. Governance Code. The director nominee:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Has been an employee of the company or group during the last five (5) years;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Has, or a connected person has had, within the last three (3) years, a material business relationship
with the company either directly, or as a partner, shareholder, director or senior employee of a body that has such a relationship with
the company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Has received or receives additional remuneration from the company apart from a director's fee, participates
in the company's share option or performance-related pay schemes, or is a member of the company's pension scheme;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Has close family ties with any of the company's advisers, directors or senior employees;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. Holds cross-directorships or has significant links with other directors through involvement in other
companies or bodies;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. Represents a significant shareholder;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. Is attested by the board to be a non-independent non-executive director;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. Is a former board chair; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. Has a substantial personal shareholding of greater than 1 percent (greater than three percent for small
companies; greater than 1 percent for investment companies provided the investment trust is listed in the
FTSE All-Share index); or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10. Tenure.

Also, the non-executive director of either a venture capital trust or an investment trust is likely to be considered as non-independent if he or she holds a directorship in one or more investment companies or venture capital trusts managed by the same manager, or they have a relationship with the investment manager.

At investment trusts, tenure is not taken into account when assessing independence. However, classified boards are an issue of concern. As a result, if more than half the board has served in excess of nine years, a negative vote would over time be applied to the chairman's re-election.

Non-executive directors that have served concurrently with an executive director for over nine (9) years, are deemed non-independent.

If a non-executive director has served for fifteen (15) years on the board, Boston Partners deems such individuals as non-independent.

The board chair should not remain in post for more than nine (9) years from the date of their first appointment to the board. However, their appointment can be extended for a limited time particularly in those cases where the chair was an existing non-executive director on appointment, to facilitate effective succession planning and the development of a diverse board. Vote CASE-BY-CASE on the re-election of a tenured chair taking into account:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Succession planning;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Diversity; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Board independence.

**Board and Committee Composition**

Generally, vote AGAINST any non-independent, non-executive director whose presence on the board, audit, or remuneration committee renders the board or committee insufficiently independent, unless the company discloses details of how the issue of concern will be resolved by the next annual general meeting.

Non-independent non-executive directors serving on the nomination committee are assessed on a CASE- BY-CASE basis.

For all companies with a premium listing, at least half the board should comprise non-executive directors determined by the board to be independent.

For companies in the FTSE 350, the audit committee should comprise at least three non-executive directors, and all members should be independent. The board chair should not be a member of the audit committee. The remuneration committee should also comprise at least three non-executive directors and again, all members should be independent. In addition, the board chair may also be a member of, but not chair the remuneration committee if he or she was considered independent on appointment as chair. A majority of the nomination committee should be independent non-executive directors.

For companies in the FTSE All Share below the FTSE 350, the board should establish audit and remuneration committees with at least two members on each committee, all of whom should be independent non-executive directors. The board chair may be a member of, but not chair, of the remuneration committee in addition to the independent non-executive directors, provided he or she was considered independent on appointment as chair. A majority of the nomination committee should be independent non-executive directors.

For FTSE Fledgling companies, the audit and remuneration committees should be fully independent and should include a minimum of two independent non-executives. The majority of the members of the nomination committee should be independent. The chair may sit on the remuneration committee (but not the audit committee) provided that he/she continues to be considered independent.

III. Compensation

**Remuneration Policy**

Vote the resolution to approve the remuneration policy on a CASE-BY-CASE approach, paying particular attention as to whether:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The overall remuneration policy or specific scheme structures are not over-complex, have an appropriate
long-term focus and have been sufficiently justified in light of the company's specific circumstances and strategic objectives;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The company's approach to fixed remuneration is appropriate, with a particular focus on the extent to
which pension contributions are aligned with those available to the wider workforce, as recommended by the UK Code;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. The award levels for the different components of variable pay are capped, and the quantum is reasonable
when compared to peers, and any increase in the level of certainty of reward is accompanied by a material reduction in the size of awards;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Increases to the maximum award levels for the LTIP and bonus have been adequately explained;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. Performance conditions for all elements of variable pay are clearly aligned with the company's strategic
objectives, with vesting levels and holding periods that are in line with UK good practice;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. Change of control, good leaver and malus/clawback provisions are in line with standard practice in
the UK market;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. The shareholding requirement for executive directors is a minimum of 200 percent of base salary, with
an appropriate post-employment shareholding requirement in place;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. Service contracts contain notice periods of no more than twelve months' duration and potential termination
payments are linked to fixed pay with no contractual entitlements to unearned bonus on termination;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. Non-executive directors do not receive any performance-related remuneration beyond their standard fees;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10. The treatment of new joiners is appropriate, with particular attention paid to the use of buy-out awards,
and that the potential for any additional awards is capped;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11. The remuneration committee seeks to reserve a degree of discretion in line with standard UK practice;
and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12. There are no issues in the policy which would be of concern to shareholders.

Where a policy contains multiple areas of non-compliance with good practice, the vote will reflect the severity of the issues identified. A small number of minor breaches may still result in an overall FOR vote, whereas a single, serious deviation may be sufficient to justify an AGAINST vote.

The binding vote on the remuneration policy is forward-looking and in most cases will apply for three years. Therefore, many shareholders will want to ensure that the policy takes into account good market practice in a number of key areas including:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The start and end date of the policy;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Base salaries;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Benefits and pensions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Annual bonus;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. Long-term incentive plans (LTIP);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. Claw back provisions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. Good leavers;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. Change in control;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. Shareholding requirement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10. Executive directors' service contracts, including exit payments;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11. Arrangements for new joiners;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12. Discretion;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13. Non-executive director pay; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14. All-employee schemes.

For smaller companies, a negative vote would be considered if any of the following applied:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Executive directors are not employed under formal service contracts, or
their service contracts, in the event of termination, provide for more than 12 months' notice;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Vesting of incentive awards is not conditional on the achievement of performance hurdles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Incentive awards are not subject to a performance or vesting period of at least three years;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Re-testing is allowed throughout the performance period; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. There are any other serious issues with the policy when measured against good market practice.

**Remuneration Report**

Vote the resolution to approve the remuneration report on a CASE-BY-CASE approach, paying particular attention as to whether:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Any increases, either to fixed or variable remuneration, for the year under review or the upcoming
year were well-explained and not excessive;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The bonus received and/or the proportion of the LTIP which vested was a fair reflection of the performance
achieved;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Performance targets are measured over an appropriate period and are sufficiently stretching;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Targets for the bonus or the LTIP are disclosed in an appropriate level of detail;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. Any exit payments to good leavers were reasonable, with appropriate pro-rating (if any) applied to outstanding
long-term share awards;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. Any special arrangements for new joiners were in line with good market practice;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. The remuneration committee exercised discretion appropriately; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. There are no issues in the report which would be of concern to shareholders.

Where the report contains multiple areas of non-compliance with good practice, the vote will reflect the severity of the issues identified. A small number of minor breaches may still result in an overall FOR vote, whereas a single, serious deviation may be sufficient to justify an AGAINST vote.

For small companies, when assessing remuneration report resolutions, a negative vote would be considered if any of the following applied:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Disclosure of pay practices is poor. This would include if the individual
emoluments paid to each director are not disclosed, or if the performance metrics which applied to LTIP awards made during the year under
review are not disclosed;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. NEDs have received performance-related pay during the year under review;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Options have been re-priced during the period under review;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Re-testing is allowed throughout the performance period;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. Share awards granted to executive directors during the year under review
feature a performance period of less than three years; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. There are any other serious issues with the report when measured against good market practice.

The award of options to NEDs is not in line with best practice as it can cause a potential conflict of interest that may affect an NED's independent judgment. Therefore, NEDs should be remunerated with basic fees only, in the form of cash and/or shares.

**Approval of a New or Amended LTIP**

Vote the resolution to approve a new or amended LTIP on a CASE-BY-CASE approach, paying particular attention as to whether:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The LTIP is aligned with the company's strategy, is not over-complex and fosters an appropriately
long-term mindset;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The proposed award levels are appropriate, and, in the case of an amended plan, any increases to the
previous award levels are well-explained;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Any increase in the level of certainty of reward is matched by a material reduction in the size of
awards;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. The maximum payout is capped;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. The LTIP is in line with the current remuneration policy;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. Change of control, good leaver, and malus/clawback provisions are present and the terms are in line
with standard practice in the UK market;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. The remuneration committee seeks to reserve a degree of discretion in line with standard UK practice;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. The scheme is operating within dilution limits of no more than 10 percent of the issued share capital
to be issued under all incentive schemes in any rolling 10-year period; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. There are no issues with the plan which would be of concern to shareholders.

Where the plan contains multiple areas of non-compliance with good practice, the vote will reflect the severity of the issues identified. A small number of minor breaches may still result in an overall FOR vote, whereas a single, serious deviation may be sufficient to justify an AGAINST vote.

IV. Capital Structure

**Authorize Issue of Equity with and without Pre-emptive Rights**

Generally, vote FOR a resolution to authorize the issuance of equity, unless:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The general issuance authority exceeds one-third (33 percent) of the issued share capital. Assuming
it is no more than one-third, a further one-third of the issued share capital may also be applied to a fully pre-emptive rights issue
taking the acceptable aggregate authority to two-thirds (66 percent); or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. For small companies, the routine authority to disapply preemption rights exceeds 10 percent of the
issued share capital in any one year. For larger companies, the routine authority to disapply preemption rights exceeds 10 percent of
the issued share capital, provided that any amount above 5 percent is to be used for the purposes of an acquisition or a specified capital
investment.

For investment companies, generally, vote FOR a resolution to authorize the issuance of equity if there is a firm commitment from the board that shares would only be issues at the price at or above net asset value. Otherwise, generally vote FOR a resolution to authorize the issuance of equity, unless:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The general issuance authority exceeds one-third (33 percent) of the issued share capital. Assuming
it is no more than one-third, a further one-third of the issued share capital may also be applied to a fully pre-emptive rights issue
taking the acceptable aggregate authority to two-thirds (66 percent); or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The routine authority to disapply preemption rights exceeds 5 percent of
the issued share capital in any one year.

**Authorize Market Purchase of Ordinary Shares**

Generally, vote FOR the resolution to authorize the market purchase of ordinary shares, unless:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The authority requested exceeds the levels permitted under the Listing Rules; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The company seeks an authority covering a period longer than 18 months.

Boston Partners will generally support this resolution if it is in line with the Listing Rules LR 12.4.1 which allows companies to buy back up to 15 percent of their shares in any given year, provided that the maximum price paid is not more than 5 percent above the average trading price.

Under the Companies Act 2006, the share buyback authority cannot be for a period longer than five years. Boston Partners recommends that the renewal of such authorities be requested annually, and that the duration be no longer than 18 months or until the next annual general meeting, if sooner. However, Boston Partners will support a five-year authority if, in practice, the company has a history of reverting to shareholders annually.

V. Other Items

**Authorize EU Political Donations and Expenditure**

Generally, vote FOR the resolution to authorize EU political donations and expenditure, unless:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The company made explicit donations to political parties or election candidates during the year under
review;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The duration of the authority sought exceeds one year and the company has not clarified that separate
authorization will be sought at the following annual general meeting should the authority be used; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. No cap is set on the level of donations.

**Continuation of Investment Trust**

For investment companies, Boston partners will vote FOR when the board has tabled the resolution to comply with the requirement in the trust's articles of association that this vote be put to shareholders at regular intervals, and there are no issues of concern.

If the board has called a special meeting, due to the shares trading at a discount to net asset value over a prolonged period, Boston Partners will consider the issues on a CASE-BY-CASE basis.

**END**

**CAUSEWAY CAPITAL MANAGEMENT LLC**

**PROXY VOTING POLICIES AND PROCEDURES**

**<u>Overview</u>**

As an investment adviser with fiduciary responsibilities to its clients, Causeway Capital Management LLC ("Causeway") votes the proxies of companies owned by investment vehicles managed and sponsored by Causeway, and institutional and private clients who have granted Causeway such voting authority. Causeway has adopted these Proxy Voting Policies and Procedures to govern how it performs and documents its fiduciary duty regarding the voting of proxies.

Proxies are voted solely in what Causeway believes is the best interests of the client, a fund's shareholders or, where employee benefit assets are involved, plan participants and beneficiaries (collectively "clients"). Causeway's intent is to vote proxies, wherever possible to do so, in a manner consistent with its fiduciary obligations. Practicalities involved in international investing may make it impossible at times, and at other times disadvantageous, to vote proxies in every instance.

The Chief Operating Officer of Causeway supervises the proxy voting process. Proxy voting staff monitor upcoming proxy votes, review proxy research, identify potential conflicts of interest and escalate such issues to the Chief Operating Officer, receive input from portfolio managers, and ultimately submit proxy votes in accordance with these Proxy Voting Policies and Procedures. The Chief Operating Officer and President have final decision-making authority over case-by-case votes. To assist in fulfilling its responsibility for voting proxies, Causeway currently uses Institutional Shareholder Services Inc. ("ISS") for proxy research, which assists the decision-making process, and for proxy voting services, which include organizing and tracking pending proxies, communicating voting decisions to custodian banks, and maintaining records. Causeway will conduct periodic due diligence on ISS and its capacity and competency to provide proxy research and the proxy voting services provided to Causeway.

**<u>Proxy Voting Guidelines</u>**

Causeway generally votes on specific matters in accordance with the proxy voting guidelines set forth below. However, Causeway reserves the right to vote proxies on behalf of clients on a case-by-case basis if the facts and circumstances so warrant.

Causeway's proxy voting guidelines are designed to cast votes consistent with certain basic principles: (i) increasing shareholder value; (ii) maintaining or increasing shareholder influence over the board of directors and management; (iii) establishing and enhancing strong and independent boards of directors; (iv) maintaining or increasing the rights of shareholders; and (v) aligning the interests of management and employees with those of shareholders with a view toward the reasonableness of executive compensation and shareholder dilution. Causeway's guidelines also recognize that a company's

-1- *June 30, 2021*

management is charged with day-to-day operations and, therefore, Causeway generally votes on routine business matters in favor of management's proposals or positions.

Causeway generally votes *for*:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· distributions of income

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· appointment of auditors

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· director compensation, unless deemed excessive

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· boards of directors – Causeway generally votes for management's slate of director nominees. However, it votes against
incumbent nominees with poor attendance records, or who have otherwise acted in a manner Causeway believes is not in the best interests
of shareholders. Causeway recognizes that, in certain jurisdictions, local law or regulation may influence Board composition.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· financial results/director and auditor reports

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· share repurchase plans

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· changing corporate names and other similar matters

Causeway generally votes the following matters on a *case-by-case* basis:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· amendments to articles of association or other governing documents

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· changes in board or corporate governance structure

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· changes in authorized capital including proposals to issue shares

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· compensation – Causeway believes that it is important that a company's equity-based compensation plans, including stock
option or restricted stock plans, are aligned with the interests of shareholders, including Causeway's clients, and focus on observable
long-term returns. Causeway evaluates compensation plans on a case-by-case basis, with due consideration of potential consequences of
a particular compensation plan. Causeway generally opposes packages that it believes provide excessive awards or create excessive shareholder
dilution. Causeway generally opposes proposals to reprice options because the underlying stock has fallen in value.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· social and environmental issues – Causeway believes that it is generally management's responsibility to address such issues
within the context of increasing long-term shareholder value. To the extent that management's

-2- *June 30, 2021*

position on a social or environmental issue is inconsistent with increasing long-term shareholder value, Causeway may vote against management or abstain. Causeway may also seek to engage in longer-term dialogue with management on these issues, either separately or in connection with proxy votes on the issue.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· debt issuance requests

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· mergers, acquisitions and other corporate reorganizations or restructurings

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· changes in state or country of incorporation

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· related party transactions

Causeway generally votes *against*:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· anti-takeover mechanisms – Causeway generally opposes anti-takeover mechanisms including poison pills, unequal voting rights
plans, staggered boards, provisions requiring supermajority approval of a merger and other matters that are designed to limit the ability
of shareholders to approve merger transactions.

**<u>Conflicts of Interest</u>**

Causeway's interests may, in certain proxy voting situations, be in conflict with the interests of clients. Causeway may have a conflict if a company that is soliciting a proxy is a client of Causeway or is a major business partner or vendor for Causeway. Causeway may also have a conflict if Causeway personnel have significant business or personal relationships with participants in proxy contests, corporate directors or director candidates.

The Chief Operating Officer determines the issuers with which Causeway may have a significant business relationship. For this purpose, a "significant business relationship" is one that: (1) represents 1.5% or more of Causeway's prior calendar year gross revenues; (2) represents $2,000,000 or more in payments from a sponsored vehicle during the prior calendar year; or (3) may not directly involve revenue to Causeway or payments from its sponsored vehicles, but is otherwise determined by the Chief Operating Officer to be significant to Causeway or its affiliates or sponsored vehicles, such as a primary service provider of a fund or vehicle managed and sponsored by Causeway, or a significant relationship with the company that might create an incentive for Causeway to vote in favor of management.

The Chief Operating Officer will identify issuers with which Causeway's employees who are involved in the proxy voting process may have a significant personal or family

-3- *June 30, 2021*

relationship. For this purpose, a "significant personal or family relationship" is one that would be reasonably likely to influence how Causeway votes proxies.

Proxy voting staff will seek to identify potential conflicts of interest in the first instance and escalate relevant information to the Chief Operating Officer. The Chief Operating Officer will reasonably investigate information relating to conflicts of interest. For purposes of identifying conflicts under this policy, the Chief Operating Officer will rely on publicly available information about Causeway and its affiliates, information about Causeway and its affiliates that is generally known by Causeway's employees, and other information actually known by the Chief Operating Officer. Absent actual knowledge, the Chief Operating Officer is not required to investigate possible conflicts involving Causeway where the information is (i) non-public, (ii) subject to information blocking procedures, or (iii) otherwise not readily available to the Chief Operating Officer.

Proxy voting staff will maintain a list of issuers with which there may be a conflict and will monitor for potential conflicts of interest on an ongoing basis.

Proxy proposals that are "routine," such as uncontested elections of directors or those not subject to a vote withholding campaign, meeting formalities, and approvals of annual reports/financial statements are presumed not to involve material conflicts of interest. For non-routine proposals, the Chief Operating Officer in consultation with Causeway's General Counsel/Chief Compliance Officer decides if they involve a material conflict of interest.

If a proposal is determined to involve a material conflict of interest, Causeway may, but is not required to, obtain instructions from the client on how to vote the proxy or obtain the client's consent for Causeway's vote. If Causeway does not seek the client's instructions or consent, Causeway will vote as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· If a "for" or "against" or "with management" guideline applies to the proposal, Causeway will
vote in accordance with that guideline.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· If a "for" or "against" or "with management" guideline does not apply to the proposal, Causeway
will follow the recommendation of an independent third party such as ISS. If Causeway seeks to follow the recommendation of a third party,
the Chief Operating Officer will assess the third party's capacity and competency to analyze the issue, as well as the third party's
ability to identify and address conflicts of interest it may have with respect to the recommendation.

To monitor potential conflicts of interest regarding the research and recommendations of independent third parties, such as ISS, proxy voting staff will review the third party's disclosures of significant relationships. The Chief Operating Officer will review proxy votes involving issuers where a significant relationship has been identified by the proxy research provider.

-4- *June 30, 2021*

**<u>Practical Limitations Relating to Proxy Voting</u>**

While the proxy voting process is well established in the United States and other developed markets with numerous tools and services available to assist an investment manager, voting proxies of non-US companies located in certain jurisdictions may involve a number of problems that may restrict or prevent Causeway's ability to vote such proxies. These problems include, but are not limited to: (i) proxy statements and ballots being written in a language other than English; (ii) untimely and/or inadequate notice of shareholder meetings relative to deadlines required to submit votes; (iii) restrictions on the ability of holders outside the issuer's jurisdiction of organization to exercise votes; (iv) requirements to vote proxies in person; (v) restrictions on the sale of the securities for a period of time prior to the shareholder meeting; and (vi) requirements to provide local agents with powers of attorney (which Causeway will typically rely on clients to maintain) to facilitate Causeway's voting instructions. As a result, Causeway will only use its best efforts to vote clients' non-US proxies and Causeway may decide not to vote a proxy if it determines that it would be impractical or disadvantageous to do so.

In addition, regarding US and non-US companies, Causeway will not vote proxies if it does not receive adequate information from the client's custodian in sufficient time to cast the vote.

For clients with securities lending programs, Causeway may not be able to vote proxies for securities that a client has loaned to a third party. Causeway recognizes that clients manage their own securities lending programs. Causeway may, but is not obligated to, notify a client that Causeway is being prevented from voting a proxy due to the securities being on loan. There can be no assurance that such notice will be received in time for the client, if it so chooses, to recall the security.

-5- *June 30, 2021*

**PROXY VOTING**

**Policy**

Unless otherwise directed, Champlain, as a matter of policy and as a fiduciary to our clients, has responsibility for voting proxies for portfolio securities consistent with the best interests of the clients. Our firm maintains written policies and procedures as to the handling, research, voting, and reporting of proxy voting and makes appropriate disclosures about our firm's proxy policies and practices. Our policy and practice include the responsibility to monitor corporate actions, receive and vote client proxies, and disclose any potential conflicts of interest as well as making information available to clients about the voting of proxies for their portfolio securities and maintaining relevant and required records. A copy of our written proxy policy and procedures and/or the record of proxy votes for a client's portfolio will be provided to that client upon request.

Although Champlain's policy is to vote proxies for clients unless otherwise directed in writing, there may be times in which the firm would not exercise voting authority on matters where the cost of voting would be high, such as with some foreign securities, and/or the benefit to the client would be low, such as when casting a vote would not reasonably be expected to have a material effect on the value of the client's investment.

Situations arise in which more than one Champlain client invests in the same company or in which a single client may invest in the same company but in multiple accounts. In those situations, clients may be invested in strategies having different investment objectives, investment styles, or portfolio managers. As a result, Champlain may cast different votes on behalf of different clients or on behalf of the same client with different accounts.

Unless Champlain otherwise agrees in writing, Champlain will not advise or take any action on behalf of a client in any legal proceedings, including bankruptcies or class actions, involving securities held in, or formerly held in, client's account or the issuers of those securities.

**Background**

Proxy voting is an important right of shareholders and reasonable care and diligence must be undertaken to ensure that such rights are properly and timely exercised.

Investment advisers registered with the SEC, and that exercise voting authority with respect to client securities, are required by Rule 206(4)-6 of the Advisers Act to (1) adopt and implement written policies and procedures that are reasonably designed to ensure that client securities are voted in the best interests of clients, which must include how an adviser addresses material conflicts that may arise between an adviser's interests and those of its clients; (2) to disclose to clients how they may obtain information from the adviser with respect to the voting of proxies for their securities; (3) to describe to clients a summary of its proxy voting policies and procedures and, upon request, furnish a copy to its clients; and (4) maintain certain records relating to the adviser's proxy voting activities when the adviser does have proxy voting authority.

![](champlain_proxy0424-img001.jpg)

Investment advisers that have ERISA clients and are making decisions on proxy voting and other exercises of shareholder rights are required to: (1) act solely in accordance with the economic interest of the plan and its participants and beneficiaries; (2) consider any costs involved; (3) not subordinate the interests of the participants and beneficiaries in their retirement income or financial benefits under the plan to any non-pecuniary objective, or promote non-pecuniary benefits or goals unrelated to those financial interests of the plan's participants and beneficiaries or the purposes of the plan; (4) evaluate material facts that form the basis for any particular proxy vote or other exercise of shareholder rights; (5) maintain records on proxy voting activities and other exercises of shareholder rights; and (6) exercise prudence and diligence in the selection and monitoring of persons, if any, selected to advise or otherwise assist with exercises of shareholder rights, such as providing research and analysis, recommendations regarding proxy votes, administrative services with voting proxies, and recordkeeping and reporting services.

**Responsibility**

Champlain has designated professionals as Proxy Voting Managers, who are responsible for the administrative management of our proxy voting policy, practices, disclosures and record keeping, including outlining our voting guidelines in our procedures.

**Procedure**

Champlain has adopted comprehensive proxy voting procedures to implement the firm's investment policies on behalf of clients. Proxy policies and procedures will be monitored closely, and may be amended or updated when appropriate, to ensure the policies outlined below are effectively executed:

<u>Voting Procedures and Monitoring</u>

● All employees will forward any proxy materials received on behalf of clients to the Proxy Voting Managers;

● The Proxy Voting Managers will determine which client accounts hold the security to which the proxy relates;

● Absent material conflicts, the appropriate company analyst will determine how Champlain should vote the proxy in accordance with applicable voting guidelines and will complete the voting in a timely and appropriate manner. Proxy systems (i.e., Proxy Edge) may be used to aid in the voting process;

● Clients may provide proxy guidelines to Champlain; in which case the appropriate company analyst will vote in accordance with the applicable voting guidelines provided while adhering to the Conflict of Interest section below;

● The Proxy Voting Managers will facilitate the proxy voting process, ensure process controls are being adhered to, and review ballots prior to submission; under certain circumstances, ballots are also reviewed by an additional analyst.

● Compliance conducts quarterly reviews which include confirmation all proxies were voted during the previous quarter, and a sampling of how ballots were voted in relation to client/firm guidelines and policies;

● Annually, the adequacy of proxy voting policies and procedures are analyzed during the firm's Risk Assessment process and tested during the Annual Compliance Review.

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<u>Proxy Advisory Firms</u>

Although Champlain may use the research provided by proxy advisory firms our practice is to use this research in conjunction with client and firm proxy guidelines and an internal analysis of company filings such as annual reports, proxy statements, and quarterly reports.

The due diligence of proxy advisory firms is consistent with that of other service providers of Champlain, and also includes a review of practices for ensuring accuracy in analyses and voting recommendations, as well as a broader competency assessment.

<u>Recordkeeping</u>

The Proxy Voting Managers shall retain the following proxy records in accordance with the SEC's five-year retention requirement:

● These policies and procedures and any amendments;

● A record of each vote that Champlain casts;

● A copy of each written request from a client for information on how Champlain voted such client's proxies, and a copy of any written response;

● Any document Champlain creates that is material to making a decision on how to vote proxies, or that memorializes that decision.

<u>Disclosure</u>

● Champlain will conspicuously display information in its Form ADV Part 2A summarizing the proxy voting policy and procedures, including a statement that clients may request information regarding how Champlain voted a client's proxies, and that clients may request a copy of these policies and procedures.

<u>Client Requests for Information</u>

● All client requests for information regarding proxy votes, or policies and procedures, received by any employee should be forwarded to the Proxy Voting Managers;

● In response to any request, the Proxy Voting Managers will prepare a written response to the client with the information requested, and as applicable will include the name of the issuer, the proposal voted upon, and how Champlain voted the client's proxy with respect to each proposal about which client inquired.

**Voting Guidelines**

<u>Fiduciary Duty and Proxy Voting Philosophy</u>

Champlain's fiduciary duty is to vote proxies in a manner that we believe is in the best interests of our clients; accordingly, Champlain will carefully review each proxy issue and evaluate the statements and views of competing parties. Our proxy voting will generally reflect an appreciation for how diversity throughout a company, including at the Board level, as well as responsible stewardship of resources, are likely to improve the odds that a company will deliver superior long-term shareholder returns. We look for diversity across all relevant dimensions; diversity should be appropriate for each company and not formulaic.

![](champlain_proxy0424-img001.jpg)

<u>Using Management Guidance</u>

The quality of corporate management is one of the most important considerations of Champlain portfolio managers and analysts when making investment decisions. Considerable weight is given to the recommendations of a company's management and directors with respect to proxy issues. Unless such recommendations conflict with the interests of clients, votes will be cast in accordance with management recommendations. However, in certain cases, company recommendations may be in conflict with our assessment of sound governance practices and therefore not in the interests of clients, leading to votes in opposition to management. Champlain will strive for consistency in its proxy voting, but also acknowledges that there are no hard and fast rules guiding all situations. Individual proxy issues are always evaluated on their particular merits, and where conflicts arise between the interests of corporate management and the interests of Champlain clients, resolution is always in favor of the clients.

<u>Policy on Board of Directors</u>

Champlain believes that meaningful, independent oversight of corporate managers is a critical function of a company's Board of Directors, and a cornerstone of sound corporate governance. To that end, we will support proposals seeking a majority of independent and diverse directors for the board, as well as proposals requiring independent and diverse directors for nominating, audit and compensation committees. Votes on individual director nominees are made on a case-by-case basis examining such factors as board and committee composition, past attendance record, financial interest in the company, diversity of skills and experiences, and governance efficacy.

<u>Policy on Audit Committee</u>

Champlain believes that audit committees should be comprised of directors who are independent and financially literate and shall vote in favor of such a structure. The audit committee should have the exclusive authority to hire independent auditors. We will generally withhold votes for audit committee members who approve significant non- audit relationships with outside auditors, as well as vote against ratification of the outside auditor when such relationships exist.

<u>Policy on Proxy Contest Defenses / Anti-takeover Measures</u>

Champlain generally opposes proxy contest defenses and anti-takeover measures since they tend to restrict shareholder rights and participation and often limit the realization of maximum economic value. We support shareholder resolutions that reverse previously adopted anti-takeover measures or, in general, enhance shareholder rights. In these situations, we may conduct more issuer specific analysis; however, as with all proxy issues, we conduct a full review of each proposal and vote in the best interests of clients.

Anti-takeover measures generally opposed:

● Classification of the Board of Directors

● Shareholder rights plans (poison pills)

● Greenmail

● Supermajority rules to approve mergers or amend charter or bylaws

● Authority to place stock with disproportionate voting rights

● Golden parachutes

Shareholder resolutions generally supported:

● Rescind or prohibit any of the above anti-takeover measures

![](champlain_proxy0424-img001.jpg)

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

● Annual voting of directors; repeal classified boards

● Adoption of confidential voting

● Adoption of cumulative voting

● Redeem shareholder rights plans

● Proposals that require shareholder approval of rights plans (poison pills)

<u>Policy on Capital Structure</u>

Champlain considers disciplined capital use an essential component of effective corporate management. Therefore, we carefully consider proposals to authorize increased common shares, and generally limit authorization to funding needs for the next twelve months or for compelling management uses. We will generally vote for proposals to increase common shares for a stock split. Other capital structure proposals, such as preferred stock, will be voted for on a case-by-case basis.

<u>Policy on Executive and Director Compensation</u>

Champlain believes stock-based compensation plans must be very carefully analyzed to protect the economic interests of shareholders while providing appropriate motivation for corporate managers. Such plans should be highly correlated to both individual and corporate performance. We will oppose all option plans with excessive transfer of shareholder wealth, in the form of dilution to shareholder equity and voting power, to corporate directors, executives and employees. Champlain will consider factors such as other corporate incentives, corporate performance, industry practices, and terms and duration of the non-cash compensation program in its decision. We will vote for proposals requiring shareholder approval to retroactively increase non-cash compensation and will generally vote against such proposals.

We will withhold votes for director nominees in the event of a retroactive increase of non-cash compensation without shareholder approval. Director compensation plans are viewed on a case-by-case basis, with the goal of protecting economic interests of shareholders and aligning interests of directors with shareholders. Employee stock purchase plans are voted on a case-by-case basis.

<u>Policy on Mergers and Corporate Restructurings</u>

All mergers, acquisitions, and restructurings are voted on a case-by-case basis taking into account financial terms, benefits, and acquisition price.

<u>Social and Environmental Issues</u>

To become and remain highly competitive and be able to recruit and retain the most talented employees and directors, companies should strive for alignment between the long-term interests of shareholders, employees, customers, other community stakeholders, and the health of the environment. Thus, companies should consider issues such as a lack of diversity, inequality, climate change, and other threats to the community and whether their policies and decisions contribute to those threats. We will evaluate social and environmental proposals on a case-by-case basis using a long-term perspective.

<u>Conflicts of Interest</u>

● If there is a conflict of interest between the Champlain proxy voting policy and a client's expressed voting policy, Champlain will vote the proxy in the manner the client has articulated;

![](champlain_proxy0424-img001.jpg)

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

● Champlain will identify any conflicts that exist between the interests of the adviser and the client by reviewing the relationship of Champlain with the issuer of each security to determine if Champlain or any of its employees has any financial, business, or personal relationship with the issuer;

● If a material conflict of interest exists, the Proxy Voting Manager will determine whether it is appropriate to disclose the conflict to the affected clients, to give the clients an opportunity to vote the proxies themselves, or to address the voting issue through other objective means such as voting in a manner consistent with a predetermined voting policy or receiving an independent third-party voting recommendation;

● Champlain will maintain a record of the voting resolution of any conflict of interest.

<u>Voting Guidelines on Money Market Funds Held for Clients' Cash Sweep and Account Transition Holdings</u>

Champlain will vote in line with management's recommendation on proxies for money market funds held for a client's cash sweep, as well as for client holdings that Champlain has sold or is in the process of selling as part of an account transition.

![](champlain_proxy0424-img001.jpg)

![](clearbridge_proxy001.jpg)

Proxy Voting Policies and Procedures

Amended as of February 28, 2025

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;I. Types of Accounts for Which ClearBridge Votes Proxies

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;II. General Guidelines

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;III. How ClearBridge Votes

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;IV. Conflicts of Interest

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. Procedures for Identifying Conflicts of Interest

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. Procedures for Assessing Materiality of Conflicts of Interest and for Addressing Material Conflicts of Interest

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C. Third Party Proxy Voting Firm - Conflicts of Interest

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;V. Other Considerations

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. When Votes May Not be Cast

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. Split Voting in Sub-Custodial Accounts (Non-US Markets)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;VI. Disclosure of Proxy Voting

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;VII. Recordkeeping and Oversight

<u>APPENDIX A</u> Voting Policy

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. Election of Directors

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. Proxy Contests

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C. Auditors

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;D. Proxy Contest Defenses

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;E. Tender Offer Defenses

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;F. Miscellaneous Governance Provisions

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;G. Capital Structure

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;H. Executive and Director Compensation

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;I. State/Country of Incorporation

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;J. Mergers and Corporate Restructuring

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;K. Social and Environmental Issues

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;L. Miscellaneous

![](clearbridge_proxy002.jpg)

Proxy Voting Policies and Procedures

Amended as of February 28, 2025

**I. TYPES OF ACCOUNTS FOR WHICH CLEARBRIDGE VOTES PROXIES**

ClearBridge votes proxies for each client for which it has investment discretion unless the investment management agreement provides that the client or other authorized party (*e.g.*, a trustee or named fiduciary of a plan) is responsible for voting proxies.

**II. GENERAL GUIDELINES**

In voting proxies, we are guided by general fiduciary principles. Our goal is to act prudently, solely in the best interest of the beneficial owners of the accounts we manage. We attempt to provide for the consideration of all factors that could affect the value of the investment and will vote proxies in the manner that we believe will be consistent with efforts to maximize shareholder values.

**III. HOW CLEARBRIDGE VOTES**

Appendix A attached hereto sets forth certain stated positions. In the case of a proxy issue for which there is a stated position, we generally vote in accordance with the stated position. In the case of a proxy issue for which there is a list of factors set forth in Appendix A that we consider in voting on such issue, we consider those factors and vote on a case-by-case basis in accordance with the general principles set forth above. In the case of a proxy issue for which there is no stated position or list of factors that we consider in voting on such issue, we vote on a case-by-case basis in accordance with the general principles set forth above. We may utilize an external service provider to provide us with information and/or a recommendation with regard to proxy votes but we are not required to follow any such recommendations. The use of an external service provider does not relieve us of our responsibility for the proxy vote.

For routine matters, we usually vote according to our policy or the external service provider's recommendation, although we are not obligated to do so and each individual portfolio management team may vote contrary to our policy or the recommendation of the external service provider. If a matter is non-routine, *e.g.*, management's recommendation is different than that of the external service provider and ClearBridge is a significant holder or it is a significant holding for ClearBridge, the issues will be highlighted to the appropriate investment teams. Different investment teams may vote differently on the same issue, depending upon their assessment of clients' best interests.

ClearBridge's policies are reviewed annually and its proxy voting process is overseen and coordinated by its Proxy Committee.

**IV.** **CONFLICTS OF INTEREST** 

In furtherance of ClearBridge's goal to vote proxies in the best interests of clients, ClearBridge follows procedures designed to identify and address material conflicts that may arise between ClearBridge's interests and those of its clients before voting proxies on behalf of such clients.

&nbsp;&nbsp;&nbsp;&nbsp;**A.** **Procedures for Identifying Conflicts of Interest** 

ClearBridge relies on the following to seek to identify conflicts of interest with respect to proxy voting:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. ClearBridge's employees are periodically reminded of their obligation (i) to be aware of the potential
for conflicts of interest on the part of ClearBridge with respect to voting of proxies on behalf of client accounts both as a result of
their personal relationships or personal or business relationships relating to another Franklin Resources, Inc. ("Franklin")
business unit, and (ii) to bring conflicts of interest of which they become aware to the attention of ClearBridge's Chief Compliance
Officer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. ClearBridge's finance area maintains and provides to ClearBridge Compliance and proxy voting personnel
an up- to-date list of all client relationships that have historically accounted for or are projected to account for greater than 1% of
ClearBridge's net revenues.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. As a general matter, ClearBridge takes the position that relationships between a non-ClearBridge Franklin
unit and an issuer (*e.g.*, investment management relationship between an issuer and a non-ClearBridge Franklin affiliate) do not
present a conflict of interest for ClearBridge in voting proxies with respect to such issuer because ClearBridge operates as an independent
business unit from other Franklin business units and because of the existence of informational barriers between ClearBridge and certain
other Franklin business units. As noted above, ClearBridge employees are under an obligation to bring such conflicts of interest, including
conflicts of interest which may arise because of an attempt by another Franklin business unit or non-ClearBridge Franklin officer or employee
to influence proxy voting by ClearBridge to the attention of ClearBridge Compliance.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. A list of issuers with respect to which ClearBridge has a potential conflict of interest in voting proxies
on behalf of client accounts will be maintained by ClearBridge proxy voting personnel. ClearBridge will not vote proxies relating to such
issuers until it has been determined that the conflict of interest is not material or a method for resolving the conflict of interest
has been agreed upon and implemented, as described below.

&nbsp;&nbsp;&nbsp;&nbsp;**B.** **Procedures for Assessing Materiality of Conflicts of Interest and for Addressing Material Conflicts of Interest** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. ClearBridge maintains a Proxy Committee which, among other things, reviews and addresses conflicts of
interest brought to its attention. The Proxy Committee is comprised of such ClearBridge personnel (and others, at ClearBridge's
request), as are designated from time to time. The current members of the Proxy Committee are set forth in the Proxy Committee's
Terms of Reference.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. All conflicts of interest identified pursuant to the procedures outlined in Section IV. A. must be brought
to the attention of the Proxy Committee for resolution. A proxy issue that will be voted in accordance with a stated ClearBridge position
on such issue or in accordance with the recommendation of an independent third party generally is not brought to the attention of the
Proxy Committee for a conflict of interest review because ClearBridge's position is that any conflict of interest issues are resolved
by voting in accordance with a pre-determined policy or in accordance with the recommendation of an independent third party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. The Proxy Committee will determine whether a conflict of interest is material. A conflict of interest
will be considered material to the extent that it is determined that such conflict is likely to influence, or appear to influence, ClearBridge's
decision-making in voting the proxy. All materiality determinations will be based on an assessment of the particular facts and circumstances.
A written record of all materiality determinations made by the Proxy Committee will be maintained.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. If it is determined by the Proxy Committee that a conflict of interest is not material, ClearBridge may
vote proxies notwithstanding the existence of the conflict.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. If it is determined by the Proxy Committee that a conflict of interest is material, the Proxy Committee
will determine an appropriate method to resolve such conflict of interest before the proxy affected by the conflict of interest is voted.
Such determination shall be based on the particular facts and circumstances, including the importance of the proxy issue, the nature of
the conflict of interest, etc. Such methods may include:

● disclosing the conflict to clients and obtaining their consent before voting;

● suggesting to clients that they engage another party to vote the proxy on their behalf;

● in the case of a conflict of interest resulting from a particular employee's personal relationships, removing such employee from the decision-making process with respect to such proxy vote; or

● such other method as is deemed appropriate given the particular facts and circumstances, including the importance of the proxy issue, the nature of the conflict of interest, etc.\*

A written record of the method used to resolve a material conflict of interest shall be maintained.

&nbsp;&nbsp;&nbsp;&nbsp;**C.** **Third Party Proxy Voting Firm - Conflicts of Interest** 

With respect to a third-party proxy voting firm described herein, the Proxy Committee will periodically review and assess such firm's policies, procedures and practices with respect to the disclosure and handling of conflicts of interest.

\* Especially in the case of an apparent, as opposed to actual, conflict of interest, the Proxy Committee may resolve such conflict of interest by satisfying itself that ClearBridge's proposed vote on a proxy issue is in the best interest of client accounts and is not being influenced by the conflict of interest.

**V.** **OTHER CONSIDERATIONS** 

&nbsp;&nbsp;&nbsp;&nbsp;**A.** **When Votes May Not be Cast** 

In certain situations, ClearBridge may determine not to vote proxies on behalf of a client because ClearBridge believes that the expected benefit to the client of voting shares is outweighed by countervailing considerations. Examples of situations in which ClearBridge may determine not to vote proxies on behalf of a client include:

***Share Blocking***

Proxy voting in certain countries requires "share blocking." This means that shareholders wishing to vote their proxies must deposit their shares shortly before the date of the meeting (e.g. one week) with a designated depositary. During the blocking period, shares that will be voted at the meeting cannot be sold until the meeting has taken place and the shares have been returned to client accounts by the designated depositary. In deciding whether to vote shares subject to share blocking, ClearBridge will consider and weigh, based on the particular facts and circumstances, the expected benefit to clients of voting in relation to the detriment to clients of not being able to sell such shares during the applicable period.

***Securities on Loan***

Certain clients of ClearBridge, such as an institutional client or a mutual fund for which ClearBridge acts as a sub-adviser, may engage in securities lending with respect to the securities in their accounts. ClearBridge typically does not direct or oversee such securities lending activities. To the extent feasible and practical under the circumstances, ClearBridge will request that the client recall shares that are on loan so that such shares can be voted if ClearBridge believes that the expected benefit to the client of voting such shares outweighs the detriment to the client of recalling such shares (e.g., foregone income). The ability to timely recall shares for proxy voting purposes typically is not entirely within the control of ClearBridge and requires the cooperation of the client and its other service providers. Under certain circumstances, the recall of shares in time for such shares to be voted may not be possible due to applicable proxy voting record dates and administrative considerations.

&nbsp;&nbsp;&nbsp;&nbsp;**B.** **Split Votes in Sub-Custodial Accounts (Non-US Markets)** 

In some non-US markets, where shares across multiple client accounts maybe he held in a joint sub-custodial account, split voting by a manager in such sub-custodial account may not be allowed. In those instances, ClearBridge will vote all shares in accordance with the pre-determined proxy voting guidelines, or if there is no voting policy established in this policy on the particular topic or issue, in accordance with the recommendations of the portfolio manager responsible for the client accounts holding the greatest number of shares of the relevant issuer.

**VI.** **DISCLOSURE OF PROXY VOTING** 

ClearBridge employees may not disclose to others outside of ClearBridge (including employees of other Franklin business units) how ClearBridge intends to vote a proxy absent prior approval from ClearBridge's Chief Compliance Officer, except that a ClearBridge investment professional may disclose to a third party (other than an employee of another Franklin business unit) how s/he intends to vote without obtaining prior approval from ClearBridge's Chief Compliance Officer if (1) the disclosure is intended to facilitate a discussion of publicly available information by ClearBridge personnel with a representative of a company whose securities are the subject of the proxy, and (2) ClearBridge has voting power with respect to less than 5% of the outstanding common stock of the company.

If a ClearBridge employee receives a request to disclose ClearBridge's proxy voting intentions to, or is otherwise contacted by, another person outside of ClearBridge (including an employee of another Franklin business unit or an existing ClearBridge client or its designated agent or representative) in connection with an upcoming proxy voting matter, he/she should immediately notify ClearBridge's Chief Compliance Officer and not share any information regarding proxy voting intentions with such persons without obtaining the Chief Compliance Officer's prior approval.

If a portfolio manager wants to take a public stance with regards to a proxy, s/he must consult with ClearBridge's Chief Compliance Officer before making or issuing a public statement.

**VII.** **RECORDKEEPING AND OVERSIGHT** 

ClearBridge shall maintain the following records relating to proxy voting:

● a copy of these policies and procedures;

● a copy of each proxy form (as voted);

● a copy of each proxy solicitation (including proxy statements) and related materials with regard to each vote;

● documentation relating to the identification and resolution of conflicts of interest;

● a copy of each written client request for information on how ClearBridge voted proxies on behalf of the client, and a copy of any written response by ClearBridge to any (written or oral) client request for information on how ClearBridge voted proxies on behalf of the requesting client.

Such records shall be maintained and preserved in an easily accessible place for a period of not less than six years from the end of the fiscal year during which the last entry was made on such record, the first two years in an appropriate office of the ClearBridge adviser.

To the extent that ClearBridge is authorized to vote proxies for a United States Registered Investment Company, ClearBridge shall maintain such records as are necessary to allow such fund to comply with its recordkeeping, reporting and disclosure obligations under applicable laws, rules and regulations.

In lieu of keeping copies of proxy statements, ClearBridge may rely on proxy statements filed on the EDGAR system as well as on third party records of proxy statements and votes cast if the third party provides an undertaking to provide the documents promptly upon request.

**<u>APPENDIX A</u>**

**VOTING POLICY**

These are policy guidelines that can always be superseded, subject to the duty to act solely in the best interest of the beneficial owners of accounts, by the investment management professionals responsible for the account holding the shares being voted. There may be occasions when different investment teams vote differently on the same issue. In addition, in the case of Taft-Hartley clients, ClearBridge will comply with a client direction to vote proxies in accordance with Institutional Shareholder Services' (ISS) PVS Proxy Voting Guidelines, which ISS represents to be fully consistent with AFL-CIO guidelines.

&nbsp;&nbsp;&nbsp;&nbsp;A. Election of Directors

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Voting on Director Nominees in Uncontested Elections.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. We withhold our vote from a director nominee who:

● attended less than 75 percent of the company's board and committee meetings without a valid excuse (illness, service to the nation/local government, work on behalf of the company);

● received more than 50 percent withheld votes of the shares cast at the previous board election, and the company has failed to address the issue as to why;

● is a member of the company's audit committee, when excessive non-audit fees were paid to the auditor, or there are chronic control issues and an absence of established effective control mechanisms;

● is a member of the company's compensation committee if the compensation committee ignore a say on pay proposal that a majority of shareholders opposed;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. We vote on a case-by-case basis in the following circumstances:

● *Significant Greenhouse Gas (GHG) Emitters* - We will vote on a case-by-case basis with respect to the Chair of the board and the Chair of the responsible committee in the case of companies that are significant GHG emitters but are not taking the minimum steps needed to understand, assess, and mitigate risks related to climate change to the company and the larger economy. Minimum steps include detailed disclosure of climate-related risks, such as the Task Force on Climate-related Financial Disclosures (TCFD); and, at this time, "appropriate" GHG emissions reductions targets (i.e., short-term and medium-term GHG reduction targets).

● *Nominating Committee Members*. We will vote on a case-by-case basis with respect to director nominees who are members of the company's nominating committee and there is no gender diversity or ethnic/racial diversity on the board (or those currently proposed for election to the board do not meet that criteria).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. We vote for all other director nominees.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Chairman and CEO is the Same Person.

We vote on a case-by-case basis on shareholder proposals that would require the positions of the Chairman and CEO to be held by different persons. We would generally vote FOR such a proposal unless there are compelling reasons to vote against the proposal, including:

● Designation of a lead director

● Majority of independent directors (supermajority)

● All independent key committees

● Size of the company (based on market capitalization)

● Established governance guidelines

● Company performance

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Majority of Independent Directors

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. We vote for shareholder proposals that request that the board be comprised of a majority of independent
directors. Generally, that would require that the director have no connection to the company other than the board seat. In determining
whether an independent director is truly independent (e.g. when voting on a slate of director candidates), we consider certain factors
including, but not necessarily limited to, the following: whether the director or his/her company provided professional services to the
company or its affiliates either currently or in the past year; whether the director has any transactional relationship with the company;
whether the director is a significant customer or supplier of the company; whether the director is employed by a foundation or university
that received significant grants or endowments from the company or its affiliates; and whether there are interlocking directorships.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. We vote for shareholder proposals that request that the board audit, compensation and/or nominating committees
include independent directors exclusively.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Stock Ownership Requirements

We vote against shareholder proposals requiring directors to own a minimum amount of company stock in order to qualify as a director, or to remain on the board.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. Term of Office

We vote against shareholder proposals to limit the tenure of independent directors.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. Director and Officer Indemnification and Liability Protection

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Subject to subparagraphs b., c., and d. below, we vote for proposals concerning director and officer indemnification
and liability protection.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. We vote for proposals to limit and against proposals to eliminate entirely director and officer liability
for monetary damages for violating the duty of care.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. We vote against indemnification proposals that would expand coverage beyond just legal expenses to acts,
such as negligence, that are more serious violations of fiduciary obligations than mere carelessness.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. We vote for only those proposals that provide such expanded coverage noted in subparagraph c. above in
cases when a director's or officer's legal defense was unsuccessful if: (1) the director was found to have acted in good faith and in
a manner that he reasonably believed was in the best interests of the company, *and* (2) if only the director's legal expenses would
be covered.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. Director Qualifications

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. We vote case-by-case on proposals that establish or amend director qualifications. Considerations include
how reasonable the criteria are and to what degree they may preclude dissident nominees from joining the board.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. We vote against shareholder proposals requiring two candidates per board seat.

&nbsp;&nbsp;&nbsp;&nbsp;**B.** **Proxy Contests** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Voting for Director Nominees in Contested Elections

We vote on a case-by-case basis in contested elections of directors. Considerations include: chronology of events leading up to the proxy contest; qualifications of director nominees (incumbents and dissidents); for incumbents, whether the board is comprised of a majority of outside directors; whether key committees (i.e.: nominating, audit, compensation) comprise solely of independent outsiders; discussion with the respective portfolio manager(s).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Reimburse Proxy Solicitation Expenses

We vote on a case-by-case basis on proposals to provide full reimbursement for dissidents waging a proxy contest. Considerations include: identity of persons who will pay solicitation expenses; cost of solicitation; percentage that will be paid to proxy solicitation firms.

&nbsp;&nbsp;&nbsp;&nbsp;**C.** **Auditors** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Ratifying Auditors

We vote for proposals to ratify auditors, unless an auditor has a financial interest in or association with the company, and is therefore not independent; or there is reason to believe that the independent auditor has rendered an opinion that is neither accurate nor indicative of the company's financial position or there is reason to believe the independent auditor has not followed the highest level of ethical conduct. Specifically, we will vote to ratify auditors if the auditors only provide the company audit services and such other audit-related and non-audit services the provision of which will not cause such auditors to lose their independence under applicable laws, rules and regulations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Financial Statements and Director and Auditor Reports

We generally vote for management proposals seeking approval of financial accounts and reports and the discharge of management and supervisory board members, unless there is concern about the past actions of the company's auditors or directors.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Remuneration of Auditors

We vote for proposals to authorize the board or an audit committee of the board to determine the remuneration of auditors, unless there is evidence of excessive compensation relative to the size and nature of the company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Indemnification of Auditors

We vote against proposals to indemnify auditors.

&nbsp;&nbsp;&nbsp;&nbsp;**D.** **Proxy Contest Defenses** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Board Structure: Staggered vs. Annual Elections

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. We vote against proposals to classify the board.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. We vote for proposals to repeal classified boards and to elect all directors annually.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Shareholder Ability to Remove Directors

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. We vote against proposals that provide that directors may be removed *only* for cause.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. We vote for proposals to restore shareholder ability to remove directors with or without cause.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. We vote against proposals that provide that only continuing directors may elect replacements to fill board vacancies.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. We vote for proposals that permit shareholders to elect directors to fill board vacancies.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Cumulative Voting

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. If plurality voting is in place for uncontested director elections, we vote for proposals to permit or
restore cumulative voting.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. If majority voting is in place for uncontested director elections, we vote against cumulative voting.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. If plurality voting is in place for uncontested director elections, and proposals to adopt both cumulative
voting and majority voting are on the same slate, we vote for majority voting and against cumulative voting.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Majority Voting

We vote for non-binding and/or binding resolutions requesting that the board amend a company's by-laws to stipulate that directors need to be elected with an affirmative majority of the votes cast, provided that it does not conflict with the state law where the company is incorporated. In addition, all resolutions need to provide for a carve-out for a plurality vote standard when there are more nominees than board seats (i.e. contested election). In addition, ClearBridge strongly encourages companies to adopt a post-election director resignation policy setting guidelines for the company to follow to promptly address situations involving holdover directors.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. Shareholder Ability to Call Special Meetings

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. We vote against proposals to restrict or prohibit shareholder ability to call special meetings.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. We vote for proposals that provide shareholders with the ability to call special meetings, taking into
account a minimum ownership threshold of 10 percent (and investor ownership structure, depending on bylaws).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. Shareholder Ability to Act by Written Consent

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. We vote against proposals to restrict or prohibit shareholder ability to take action by written consent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. We vote for proposals to allow or make easier shareholder action by written consent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. Shareholder Ability to Alter the Size of the Board

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. We vote for proposals that seek to fix the size of the board.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. We vote against proposals that give management the ability to alter the size of the board without shareholder
approval.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. Advance Notice Proposals

We vote on advance notice proposals on a case-by-case basis, giving support to those proposals which allow shareholders to submit proposals as close to the meeting date as reasonably possible and within the broadest window possible.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. Amendment of By-Laws

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. We vote against proposals giving the board exclusive authority to amend the by-laws.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. We vote for proposals giving the board the ability to amend the by-laws in addition to shareholders.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10. Article Amendments (not otherwise covered by ClearBridge Proxy Voting Policies and Procedures).

We review on a case-by-case basis all proposals seeking amendments to the articles of association.

We vote for article amendments if:

● shareholder rights are protected;

● there is negligible or positive impact on shareholder value;

● management provides adequate reasons for the amendments; and

● the company is required to do so by law (if applicable).

&nbsp;&nbsp;&nbsp;&nbsp;**E.** **Tender Offer Defenses** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Poison Pills

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. We vote for shareholder proposals that ask a company to submit its poison pill for shareholder ratification.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. We vote on a case-by-case basis on shareholder proposals to redeem a company's poison pill. Considerations
include: when the plan was originally adopted; financial condition of the company; terms of the poison pill.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. We vote on a case-by-case basis on management proposals to ratify a poison pill. Considerations include:
sunset provision - poison pill is submitted to shareholders for ratification or rejection every 2 to 3 years; shareholder redemption feature
-10% of the shares may call a special meeting or seek a written consent to vote on rescinding the rights plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Fair Price Provisions

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. We vote for fair price proposals, as long as the shareholder vote requirement embedded in the provision
is no more than a majority of disinterested shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. We vote for shareholder proposals to lower the shareholder vote requirement in existing fair price provisions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Greenmail

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. We vote for proposals to adopt anti-greenmail charter or bylaw amendments or otherwise restrict a company's
ability to make greenmail payments.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. We vote on a case-by-case basis on anti-greenmail proposals when they are bundled with other charter or
bylaw amendments.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Unequal Voting Rights

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. We vote against dual class exchange offers.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. We vote against dual class re-capitalization.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. Supermajority Shareholder Vote Requirement to Amend the Charter or Bylaws

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. We vote against management proposals to require a supermajority shareholder vote to approve charter and
bylaw amendments.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. We vote for shareholder proposals to lower supermajority shareholder vote requirements for charter and
bylaw amendments.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. Supermajority Shareholder Vote Requirement to Approve Mergers

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. We vote against management proposals to require a supermajority shareholder vote to approve mergers and
other significant business combinations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. We vote for shareholder proposals to lower supermajority shareholder vote requirements for mergers and
other significant business combinations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. White Knight/Squire Placements

We vote for shareholder proposals to require approval of blank check preferred stock issues.

&nbsp;&nbsp;&nbsp;&nbsp;**F.** **Miscellaneous Governance Provisions** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Confidential Voting

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. We vote for shareholder proposals that request corporations to adopt confidential voting, use independent
tabulators and use independent inspectors of election as long as the proposals include clauses for proxy contests as follows: in the case
of a contested election, management is permitted to request that the dissident group honor its confidential voting policy. If the dissidents
agree, the policy remains in place. If the dissidents do not agree, the confidential voting policy is waived.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. We vote for management proposals to adopt confidential voting subject to the proviso for contested elections
set forth in sub-paragraph B.1. above.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Equal Access

We vote for shareholder proposals that would allow significant company shareholders equal access to management's proxy material in order to evaluate and propose voting recommendations on proxy proposals and director nominees, and in order to nominate their own candidates to the board.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Bundled Proposals

We vote on a case-by-case basis on bundled or "conditioned" proxy proposals. In the case of items that are conditioned upon each other, we examine the benefits and costs of the packaged items. In instances when the joint effect of the conditioned items is not in shareholders' best interests and therefore not in the best interests of the beneficial owners of accounts, we vote against the proposals. If the combined effect is positive, we support such proposals.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Shareholder Advisory Committees

We vote on a case-by-case basis on proposals to establish a shareholder advisory committee. Considerations include: rationale and cost to the firm to form such a committee. We generally vote against such proposals if the board and key nominating committees are comprised solely of independent/outside directors.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. Other Business

We vote for proposals that seek to bring forth other business matters.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. Adjourn Meeting

We vote on a case-by-case basis on proposals that seek to adjourn a shareholder meeting in order to solicit additional votes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. Lack of Information

We vote against proposals if a company fails to provide shareholders with adequate information upon which to base their voting decision.

&nbsp;&nbsp;&nbsp;&nbsp;**G.** **Capital Structure** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Common Stock Authorization

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. We vote on a case-by-case basis on proposals to increase the number of shares of common stock authorized
for issue, except as described in paragraph 2 below.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Subject to paragraph 3, below we vote for the approval requesting increases in authorized shares if the
company meets certain criteria:

● Company has already issued a certain percentage (i.e. greater than 50%) of the company's allotment.

● The proposed increase is reasonable (i.e. less than 150% of current inventory) based on an analysis of the company's historical stock management or future growth outlook of the company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. We vote on a case-by-case basis, based on the input of affected portfolio managers, if holding is greater
than 1% of an account.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Stock Distributions: Splits and Dividends

We vote on a case-by-case basis on management proposals to increase common share authorization for a stock split, provided that the split does not result in an increase of authorized but unissued shares of more than 100% after giving effect to the shares needed for the split.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Reverse Stock Splits

We vote for management proposals to implement a reverse stock split, provided that the reverse split does not result in an increase of authorized but unissued shares of more than 100% after giving effect to the shares needed for the reverse split.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Blank Check Preferred Stock

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. We vote against proposals to create, authorize or increase the number of shares with regard to blank check
preferred stock with unspecified voting, conversion, dividend distribution and other rights.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. We vote for proposals to create "declawed" blank check preferred stock (stock that cannot
be used as a takeover defense).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. We vote for proposals to authorize preferred stock in cases where the company specifies the voting, dividend,
conversion, and other rights of such stock and the terms of the preferred stock appear reasonable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. We vote for proposals requiring a shareholder vote for blank check preferred stock issues.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. Adjust Par Value of Common Stock

We vote for management proposals to reduce the par value of common stock.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. Preemptive Rights

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. We vote on a case-by-case basis for shareholder proposals seeking to establish them and consider the following
factors:

● Size of the Company.

● Characteristics of the size of the holding (holder owning more than 1% of the outstanding shares).

● Percentage of the rights offering (rule of thumb less than 5%).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. We vote on a case-by-case basis for shareholder proposals seeking the elimination of pre-emptive rights.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. Debt Restructuring

We vote on a case-by-case basis for proposals to increase common and/or preferred shares and to issue shares as part of a debt-restructuring plan. Generally, we approve proposals that facilitate debt restructuring.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. Share Repurchase Programs

We vote for management proposals to institute open-market share repurchase plans in which all shareholders may participate on equal terms.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. Dual-Class Stock

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10. We vote for proposals to eliminate dual-class structures, unless a company has a stated policy that stipulates that the dual class
structure will be eliminated in a period not to exceed 5 years from its initial public offering. Issue Stock for Use with Rights Plan

We vote against proposals that increase authorized common stock for the explicit purpose of implementing a shareholder rights plan (poison pill).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11. Debt Issuance Requests

When evaluating a debt issuance request, the issuing company's present financial situation is examined. The main factor for analysis is the company's current debt-to-equity ratio, or gearing level. A high gearing level may incline markets and financial analysts to downgrade the company's bond rating, increasing its investment risk factor in the process. A gearing level up to 100 percent is considered acceptable.

We vote for debt issuances for companies when the gearing level is between zero and 100 percent.

We view on a case-by-case basis proposals where the issuance of debt will result in the gearing level being greater than 100 percent. Any proposed debt issuance is compared to industry and market standards.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12. Financing Plans

We generally vote for the adopting of financing plans if we believe they are in the best economic interests of shareholders.

&nbsp;&nbsp;&nbsp;&nbsp;**H.** **Executive and Director Compensation** 

In general, we vote for executive and director compensation plans, with the view that viable compensation programs reward the creation of stockholder wealth by having high payout sensitivity to increases in shareholder value. Certain factors, however, such as repricing underwater stock options without shareholder approval, would cause us to vote against a plan. Additionally, in some cases we would vote against a plan deemed unnecessary.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. OBRA-Related Compensation Proposals

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Amendments that Place a Cap on Annual Grant or Amend Administrative Features

We vote for plans that simply amend shareholder-approved plans to include administrative features or place a cap on the annual grants any one participant may receive to comply with the provisions of Section 162(m) of the Internal Revenue Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Amendments to Added Performance-Based Goals

We vote for amendments to add performance goals to existing compensation plans to comply with the provisions of Section 162(m) of the Internal Revenue Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. Amendments to Increase Shares and Retain Tax Deductions Under OBRA

We vote for amendments to existing plans to increase shares reserved and to qualify the plan for favorable tax treatment under the provisions of Section 162(m) the Internal Revenue Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. Approval of Cash or Cash-and-Stock Bonus Plans

We vote for cash or cash-and-stock bonus plans to exempt the compensation from taxes under the provisions of Section 162(m) of the Internal Revenue Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Expensing of Options

We vote for proposals to expense stock options on financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Shareholder Proposals to Limit Executive and Director Pay

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. We vote on a case-by-case basis on all shareholder proposals that seek additional disclosure of executive
and director pay information. Considerations include: cost and form of disclosure. We vote for such proposals if additional disclosure
is relevant to shareholder's needs and would not put the company at a competitive disadvantage relative to its industry.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. We vote on a case-by-case basis on all other shareholder proposals that seek to limit executive and director
pay.

We have a policy of voting to reasonably limit the level of options and other equity-based compensation arrangements available to management to reasonably limit shareholder dilution and management compensation. For options and equity-based compensation arrangements, we vote FOR proposals or amendments that would result in the available awards being less than 10% of fully diluted outstanding shares (i.e. if the combined total of shares, common share equivalents and options available to be awarded under all current and proposed compensation plans is less than 10% of fully diluted shares). In the event the available awards exceed the 10% threshold, we would also consider the % relative to the common practice of its specific industry (e.g. technology firms). Other considerations would include, without limitation, the following:

● Compensation committee comprised of independent outside directors

● Maximum award limits

● Repricing without shareholder approval prohibited

● 3-year average burn rate for company

● Plan administrator has authority to accelerate the vesting of awards

● Shares under the plan subject to performance criteria

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Golden Parachutes

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. We vote for shareholder proposals to have golden parachutes submitted for shareholder ratification.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. We vote on a case-by-case basis on all proposals to ratify or cancel golden parachutes. Considerations
include: the amount should not exceed 3 times average base salary plus guaranteed benefits; golden parachute should be less attractive
than an ongoing employment opportunity with the firm.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. Golden Coffins

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. We vote for shareholder proposals that request a company not to make any death benefit payments to senior
executives' estates or beneficiaries, or pay premiums in respect to any life insurance policy covering a senior executive's
life ("golden coffin"). We carve out benefits provided under a plan, policy or arrangement applicable to a broader group of
employees, such as offering group universal life insurance.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. We vote for shareholder proposals that request shareholder approval of survivor benefits for future agreements
that, following the death of a senior executive, would obligate the company to make payments or awards not earned.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. Anti-Tax Gross-up Policy

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. We vote for proposals that ask a company to adopt a policy whereby it will not make, or promise to make,
any tax gross-up payment to its senior executives, except for tax gross-ups provided pursuant to a plan, policy, or arrangement applicable
to management employees of the company generally, such as relocation or expatriate tax equalization policy; we also vote for proposals
that ask management to put gross-up payments to a shareholder vote.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. We vote against proposals where a company will make, or promise to make, any tax gross-up payment to its
senior executives without a shareholder vote, except for tax gross-ups provided pursuant to a plan, policy, or arrangement applicable
to management employees of the company generally, such as relocation or expatriate tax equalization policy.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. Employee Stock Ownership Plans (ESOPs)

We vote for proposals that request shareholder approval in order to implement an ESOP or to increase authorized shares for existing ESOPs, except in cases when the number of shares allocated to the ESOP is "excessive" (i.e., generally greater than five percent of outstanding shares).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. Employee Stock Purchase Plans

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. We vote for qualified plans where all of the following apply:

● The purchase price is at least 85 percent of fair market value

● The offering period is 27 months or less

● The number of shares allocated to the plan is five percent or less of outstanding shares

If the above do not apply, we vote on a case-by-case basis.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. We vote for non-qualified plans where all of the following apply:

● All employees of the company are eligible to participate (excluding 5 percent or more beneficial owners)

● There are limits on employee contribution (ex: fixed dollar amount)

● There is a company matching contribution with a maximum of 25 percent of an employee's contribution

● There is no discount on the stock price on purchase date (since there is a company match)

If the above do not apply, we vote against the non-qualified employee stock purchase plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. 401(k) Employee Benefit Plans

We vote for proposals to implement a 401(k) savings plan for employees.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10. Stock Compensation Plans

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. We vote for stock compensation plans which provide a dollar-for-dollar cash for stock exchange.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. We vote on a case-by-case basis for stock compensation plans which do not provide a dollar-for-dollar
cash for stock exchange using a quantitative model.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11. Directors Retirement Plans

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. We vote against retirement plans for non-employee directors.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. We vote for shareholder proposals to eliminate retirement plans for non-employee directors.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12. Management Proposals to Reprice Options

We vote against management proposals seeking approval to reprice options.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13. Shareholder Proposals Regarding Executive and Director Pay

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. We vote against shareholder proposals seeking to set absolute levels on compensation or otherwise dictate
the amount or form of compensation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. We vote against shareholder proposals requiring director fees be paid in stock only.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. We vote against shareholder proposals to eliminate vesting of options and restricted stock on change of
control.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. We vote for shareholder proposals to put option repricing to a shareholder vote.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e. We vote for shareholder proposals that call for a non-binding advisory vote on executive pay ("say-on-pay").
Company boards would adopt a policy giving shareholders the opportunity at each annual meeting to vote on an advisory resolution to ratify
the compensation of the named executive officers set forth in the proxy statement's summary compensation table.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;f. We vote "annual" for the frequency of say-on-pay proposals rather than once every two or three
years.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;g. We vote on a case-by-case basis for all other shareholder proposals regarding executive and director pay,
taking into account company performance, pay level versus peers, pay level versus industry, and long term corporate outlook.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14. Management Proposals on Executive Compensation

For non-binding advisory votes on executive officer compensation, when management and the external service provider agree, we vote for the proposal. When management and the external service provider disagree, the proposal becomes a refer item. In the case of a Refer item, the factors under consideration will include the following:

● Company performance over the last 1, 3, and 5-year periods on a total shareholder return basis

● Performance metrics for short- and long-term incentive programs

● CEO pay relative to company performance (is there a misalignment)

● Tax gross-ups to senior executives

● Change-in-control arrangements

● Presence of a clawback provision, ownership guidelines, or stock holding requirements for senior executives

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15. Stock Retention / Holding Period of Equity Awards

We vote on a case-by-case basis on shareholder proposals asking companies to adopt policies requiring senior executives to retain all or a significant (>50 percent) portion of their shares acquired through equity compensation plans, either:

● While employed and/or for one to two years following the termination of their employment; or

● For a substantial period following the lapse of all other vesting requirements for the award, with ratable release of a portion of the shares annually during the lock-up period

The following factors will be taken into consideration:

● Whether the company has any holding period, retention ratio, or named executive officer ownership requirements currently in place

● Actual stock ownership of the company's named executive officers

● Policies aimed at mitigating risk taking by senior executives

● Pay practices at the company that we deem problematic

&nbsp;&nbsp;&nbsp;&nbsp;**I.** **State/Country of Incorporation** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Voting on State Takeover Statutes

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. We vote for proposals to opt out of state freeze-out provisions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. We vote for proposals to opt out of state disgorgement provisions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Voting on Re-incorporation Proposals

We vote on a case-by-case basis on proposals to change a company's state or country of incorporation. Considerations include: reasons for re-incorporation (i.e. financial, restructuring, etc); advantages/benefits for change (i.e. lower taxes); compare the differences in state/country laws governing the corporation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Control Share Acquisition Provisions

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. We vote against proposals to amend the charter to include control share acquisition provisions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. We vote for proposals to opt out of control share acquisition statutes unless doing so would enable the
completion of a takeover that would be detrimental to shareholders.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. We vote for proposals to restore voting rights to the control shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. We vote for proposals to opt out of control share cashout statutes.

&nbsp;&nbsp;&nbsp;&nbsp;**J.** **Mergers and Corporate Restructuring** 

1 Mergers and Acquisitions

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. We vote on a case-by-case basis on mergers and acquisitions. Considerations include: benefits/advantages
of the combined companies (i.e. economies of scale, operating synergies, increase in market power/share, etc.); offer price (premium or
discount); change in the capital structure; impact on shareholder rights.

2 Corporate Restructuring

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. We vote on a case-by-case basis on corporate restructuring proposals involving minority squeeze outs and
leveraged buyouts. Considerations include: offer price, other alternatives/offers considered and review of fairness opinions.

3 Spin-offs

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. We vote on a case-by-case basis on spin-offs. Considerations include the tax and regulatory advantages,
planned use of sale proceeds, market focus, and managerial incentives.

4 Asset Sales

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. We vote on a case-by-case basis on asset sales. Considerations include the impact on the balance sheet/working
capital, value received for the asset, and potential elimination of diseconomies.

5 Liquidations

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. We vote on a case-by-case basis on liquidations after reviewing management's efforts to pursue other alternatives,
appraisal value of assets, and the compensation plan for executives managing the liquidation.

6 Appraisal Rights

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. We vote for proposals to restore, or provide shareholders with, rights of appraisal.

7 Changing Corporate Name

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. We vote for proposals to change the "corporate name", unless the proposed name change bears
a negative connotation.

8 Conversion of Securities

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. We vote on a case-by-case basis on proposals regarding conversion of securities. Considerations include
the dilution to existing shareholders, the conversion price relative to market value, financial issues, control issues, termination penalties,
and conflicts of interest.

9 Stakeholder Provisions

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. We vote against proposals that ask the board to consider non-shareholder constituencies or other non-financial
effects when evaluating a merger or business combination.

&nbsp;&nbsp;&nbsp;&nbsp;**K.** **Social and Environmental Issues** 

When considering environmental and social (E&S) proposals, we have an obligation to vote proxies in the best interest of our clients, considering both shareholder value as well as societal impact.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Sustainability Reporting

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. We vote for proposals seeking greater disclosure on the company's environmental, social & governance
policies and practices;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. We vote for proposals that would require companies whose annual revenues are at least $5 billion to prepare
a sustainability report. All others will be decided on a case-by-case basis.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Diversity

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. We vote for proposals supporting nomination of most qualified candidates, inclusive of a diverse pool
of women and people of color, to the Board of Directors and senior management levels;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. We vote for proposals requesting comprehensive disclosure on board diversity;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. We vote for proposals requesting comprehensive disclosure on employee diversity;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. We vote for proposals requesting comprehensive reports on gender and racial pay disparity;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Climate Risk Disclosure

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. We vote for climate proposals that are not overly prescriptive seeking more disclosure on financial, physical
or regulatory risks related to climate change and/or how the company measures and manages such risks;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. We vote for climate proposals that are not overly prescriptive requesting a report/disclosure of goals
on GHG emissions reduction targets from company operations and/or products;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Case-by-case E&S proposals (examples):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Animal welfare policies;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Human rights and related company policies;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. Talent acquisition and retention policies; we generally support proposals that enable a company to recruit, support and retain talent
in a globally competitive world;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. Operations in high-risk or sensitive areas;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e. Product integrity and marketing; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;f. Proposals asking a company to conduct an independent racial equity and/or civil rights audit.

&nbsp;&nbsp;&nbsp;&nbsp;**L.** **Miscellaneous** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Charitable Contributions

We vote against proposals to eliminate, direct or otherwise restrict charitable contributions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Political Contributions

We will vote in favor of non-binding proposals for reports on corporate lobbying and political contributions.

In general, we vote on a case-by-case basis on other shareholder proposals pertaining to political contributions. In determining our vote on political contribution proposals we consider, among other things, the following:

● Does the company have a political contributions policy publicly available

● How extensive is the disclosure on these documents

● What oversight mechanisms the company has in place for approving/reviewing political contributions and expenditures

● Does the company provide information on its trade association expenditures

● Total amount of political expenditure by the company in recent history

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Operational Items

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. We vote against proposals to provide management with the authority to adjourn an annual or special meeting
absent compelling reasons to support the proposal.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. We vote against proposals to reduce quorum requirements for shareholder meetings below a majority of the
shares outstanding unless there are compelling reasons to support the proposal.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. We vote for by-law or charter changes that are of a housekeeping nature (updates or corrections).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. We vote for management proposals to change the date/time/location of the annual meeting unless the proposed
change is unreasonable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e. We vote against shareholder proposals to change the date/time/location of the annual meeting unless the
current scheduling or location is unreasonable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;f. We vote against proposals to approve other business when it appears as voting item.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Routine Agenda Items

In some markets, shareholders are routinely asked to approve:

● the opening of the shareholder meeting

● that the meeting has been convened under local regulatory requirements

● the presence of a quorum

● the agenda for the shareholder meeting

● the election of the chair of the meeting

● regulatory filings

● the allowance of questions

● the publication of minutes

● the closing of the shareholder meeting

We generally vote for these and similar routine management proposals.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. Allocation of Income and Dividends

We generally vote for management proposals concerning allocation of income and the distribution of dividends, unless the amount of the distribution is consistently and unusually small or large.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. Stock (Scrip) Dividend Alternatives

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. We vote for most stock (scrip) dividend proposals.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. We vote against proposals that do not allow for a cash option unless management demonstrates that the
cash option is harmful to shareholder value.

ClearBridge has determined that portfolio holdings that are registered investment companies, particularly closed end investment companies, raise special policy issues making specific voting guidelines frequently inapplicable. To the extent that ClearBridge has proxy voting authority with respect to shares of registered investment companies, ClearBridge shall vote such shares in the best interest of client accounts and subject to the general fiduciary principles set forth herein without regard to the specific voting guidelines set forth in Appendix A, A. through L.

The voting policy guidelines set forth herein will be reviewed annually and may be changed by ClearBridge's Proxy Committee in its sole discretion.

![](cohen_proxy0324001.jpg)

Table of contents

---

| | | |
|:---|:---|:---|
| [Part I: Proxy Voting Procedures](#a001) | [Part I: Proxy Voting Procedures](#a001) | 2 |
| [A.](#a002) | [Proxy Committee](#a002) | 2 |
| [B.](#a003) | [Proxy Administration Group](#a003) | 2 |
| [C.](#a004) | [Proxy Advisory Firm](#a004) | 2 |
| [D.](#a005) | [Conflicts of Interest](#a005) | 3 |
| [E.](#a006) | [Foreign Securities](#a006) | 4 |
| [F.](#a007) | [Shares of Registered Investment Companies](#a007) | 4 |
| [G.](#a008) | [Cohen & Steers Funds](#a008) | 4 |
| [H.](#a009) | [Securities Lending](#a009) | 5 |
| [I.](#a010) | [Recordkeeping](#a010) | 5 |
| [J.](#a011) | [Pre-Solicitation Contact](#a011) | 5 |
| [Part II: Proxy Voting Guidelines](#a012) | [Part II: Proxy Voting Guidelines](#a012) | 6 |
| [A.](#a013) | [Board and Director Proposals](#a013) | 6 |
| [B.](#a014) | [Compensation Proposals](#a014) | 10 |
| [C.](#a015) | [Capital Structure Changes and Anti-Takeover Proposals](#a015) | 14 |
| [D.](#a016) | [Mergers and Corporate Restructurings](#a016) | 16 |
| [E.](#a017) | [Auditor Proposals](#a017) | 17 |
| [F.](#a018) | [Shareholder Access, Meeting and Voting Proposals](#a018) | 18 |
| [G.](#a019) | [Environmental and Social Proposals](#a019) | 20 |
| [H.](#a020) | [Miscellaneous Proposals](#a020) | 22 |
| [Proxy Voting Guideline Summary](#a021) | [Proxy Voting Guideline Summary](#a021) | 23 |

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|:---|:---|
| 1 | ![](cohen_proxy0324002.jpg) |

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Cohen & Steers Capital Management, Inc. and its affiliated investment advisers (collectively, "Cohen & Steers," the "Company," or "we") may be granted the authority to vote proxies of securities held in its clients' portfolios. Our objective is to vote proxies in the best interests of our clients. To further this objective, we have adopted this Global Proxy Voting Policy (the "Proxy Voting Policy"). Part I of the Proxy Voting Policy contains the Proxy Voting Procedures and Part II contains the Proxy Voting Guidelines.

**Part I: Proxy Voting Procedures**

A. Proxy
Committee

The Company's proxy voting committee (the "Proxy Committee") is responsible for overseeing the proxy voting process and for establishing and maintaining the Proxy Voting Policy, which is reviewed and updated annually. The Proxy Committee is comprised of members of the Company's investment team and legal and compliance department.

The Proxy Committee is responsible for, among other things:

● reviewing the Proxy Voting Procedures to ensure consistency with the Company's internal policies and applicable rules and regulations;

● reviewing the Proxy Voting Guidelines and establishing additional voting guidelines as necessary;

● ensuring that proxies are voted in accordance with the Proxy Voting Guidelines; and

● ensuring there is an appropriate rationale for not voting proxies in accordance with the Proxy Voting Guidelines and that such votes are properly documented.

B. Proxy
Administration Group

The proxy administration group is responsible for distributing proxy materials to investment personnel who are in turn responsible for voting proxies in accordance with the Proxy Voting Guidelines. Proxies that are not voted in accordance with the Proxy Voting Guidelines, votes against management, and proxies voted on environmental and social proposals are required to be documented and include a rationale. The proxy administration group is responsible for maintaining this documentation.

C. Proxy
Advisory Firm

We have retained an independent proxy advisory firm to assist with the proxy voting process. The proxy advisory firm is responsible for coordinating with clients' custodians to ensure that all proxy materials received by the custodians relating to the clients' portfolio securities are processed in a timely manner. In addition, the proxy advisory firm is responsible for maintaining copies of all proxy materials received by issuers and promptly providing such materials to Cohen & Steers upon request.

From time to time, we may become aware of circumstances in which a company intends to file or has filed additional soliciting materials after we have received the proxy advisory firm's voting recommendation but before the submission deadline. If a company files such additional information sufficiently in advance of the voting deadline to allow us to review the information and the information could reasonably be expected to affect our voting determination, we will seek to obtain such additional materials in connection with our exercise of voting authority.

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| | |
|:---|:---|
| 2 | ![](cohen_proxy0324002.jpg) |

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The proxy administration group works with the proxy advisory firm and is responsible for ensuring that proxy votes are properly recorded and that necessary information about each proxy vote is maintained.

At least annually, the Company will conduct a review of its ongoing use of the proxy advisory firm. In addition, at least annually, the Company will conduct a review of the adequacy of its own voting policies and procedures to determine that they have been formulated reasonably and implemented effectively, including whether the applicable policies and procedures continue to be reasonably designed to ensure that the votes the Company casts on behalf of its clients are in their best interest.

D. Conflicts
of Interest

The Investment Advisers Act of 1940 requires that proxy voting procedures adopted and implemented by a U.S. investment adviser include procedures that address material conflicts of interest that may arise between an investment adviser's interests and those of its clients. The following are non-exclusive examples of sources of perceived or potential conflicts of interest relating to Cohen & Steers (including its affiliates):

● Cohen & Steers has a pecuniary interest in the matter voted upon;

● Cohen & Steers has a material financial relationship with the issuer soliciting the vote;

● A member of the board of directors of Cohen & Steers or Cohen & Steers, Inc. is a senior executive of, or a member of the board of directors of, the issuer soliciting the vote;

● An employee of Cohen & Steers is a senior executive of, or a member of the board of directors of, the issuer soliciting the vote;

● An employee of Cohen & Steers is an immediate family member of either a senior executive of, or a member of the board of directors of, the issuer soliciting the vote and such family member could foreseeably receive material non-public information about the issuer;

● Cohen & Steers or a collective investment vehicle sponsored by Cohen & Steers has a direct or indirect material interest in a joint venture in which the issuer soliciting the vote is a joint venture partner;

● The issuer soliciting the vote is a significant shareholder of Cohen & Steers, Inc.; or

● The issuer soliciting the vote is Cohen & Steers, Inc.

When a potential material conflict of interest is identified, the Proxy Committee, in consultation with the Legal & Compliance Department, will evaluate the facts and circumstances and determine whether an actual conflict exists. If the Proxy Committee determines that a material conflict of interest does exist, it will make a recommendation on how the proxy should be voted.

---

| | |
|:---|:---|
| 3 | ![](cohen_proxy0324002.jpg) |

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Depending on the nature of the conflict, the Proxy Committee, in the course of addressing the material conflict, may elect to take one or more of the following actions (or other appropriate action):

● removing certain Cohen & Steers personnel from the proxy voting process;

● "walling off" personnel with knowledge of the conflict to ensure that such personnel do not influence the relevant proxy vote; or

● outsourcing the vote to an independent third party that will vote in accordance with the Proxy Voting Guidelines.

E. Foreign
Securities

Proxies relating to foreign securities are subject to the Proxy Voting Policy. In certain foreign jurisdictions, however, the voting of proxies may result in additional restrictions that have an economic impact or cost to the security. For example, certain countries restrict a shareholder's ability to sell shares for a certain period of time if the shareholder votes proxies at a meeting (a practice known as "share-blocking"). In other instances, the costs of voting a proxy (i.e. being required to vote in person at the meeting) may outweigh any benefit to the client if the proxy is voted.

In determining whether to vote proxies subject to such restrictions, the investment personnel responsible for the security must engage in a cost-benefit analysis and where the expected costs exceed the expected benefits, Cohen & Steers will generally abstain from voting the proxy.

F. Shares
of Registered Investment Companies

Certain funds advised by Cohen & Steers may be structured as funds of funds and invest their assets primarily in other investment companies ("Funds of Funds"). Funds of Funds hold shares in underlying funds and may be solicited to vote on matters pertaining to these underlying funds. With respect to such matters, in order to comply with Section 12(d)(1)(F) of the Investment Company Act of 1940, Funds of Funds will vote their shares in any underlying fund in the same proportion as the vote of all other shareholders in that underlying fund (sometimes called "echo" or "proportionate" voting); provided, however, that in situations where proportionate voting is administratively impractical (i.e. proxy contests) Fund of Funds will cast a vote or, in certain cases, not cast a vote, so long as the action taken does not have an effect on the outcome of the matter being voted upon different than if the Funds of Funds had proportionately voted. The proportionate voting procedures described above do not apply to non-U.S. underlying funds held by Funds of Funds. Proxies for non-U.S. funds are actively voted in accordance with the procedures set forth herein.

G. Cohen
& Steers Funds

The Board of Directors of the U.S. open-end and closed-end funds managed by Cohen & Steers (the "Cohen & Steers Funds") has delegated to Cohen & Steers the responsibility for voting proxies on behalf of the Cohen & Steers Funds. As such, proxies for portfolio securities held by any Cohen & Steers Fund will be voted in accordance with the Proxy Voting Policy. The Chief Compliance Officer, or a designee, will make an annual presentation to the Board about these procedures and guidelines, including whether any revisions are recommended and will report to the Board at each regular, quarterly meeting with respect to any conflict of interest that arose in the proxy voting process.

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H. Securities
Lending

Some clients may have entered into securities lending arrangements with custo¬dians or other third-party agent lenders. Cohen & Steers will not be able to vote securities that are on loan under these types of arrangements. However, under rare circumstances, for voting issues that may have a significant impact on the investment, we may ask clients to recall securities that are on loan if we believe that the benefit of voting outweighs the costs to the client and lost revenue to the client or fund and the administrative burden of recalling the securities.

I. Recordkeeping

In accordance with applicable regulations, we maintain the following records:

● copies of all proxy voting policies and procedures;

● copies of all proxy materials that we receive for client securities;

● records of all votes cast by us on behalf of our clients;

● copies of all written client requests for information about how we voted proxies on behalf of such client and copies of all responses thereto.

J. Pre-Solicitation
Contact

From time to time, portfolio companies (or proxy solicitors acting on their behalf) may contact investment personnel or others in advance of the publication of proxy solicitation materials to solicit support for certain contemplated proposals. Such contact could result in the recipient receiving material non-public information and result in the imposition of trading restrictions by the Company. The appropriateness of the contact is determined on a case-by-case basis. Under certain circumstances, it may be appropriate to provide companies with our general approach to certain issues. Promising our vote, however, is prohibited under all circumstances.

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**Part II: Proxy Voting Guidelines**

Set forth below are the Proxy Voting Guidelines followed by Cohen & Steers in exercising voting rights with respect to securities held in its client portfolios. All proxy voting rights that are exercised by Cohen & Steers are subject to these guidelines.

In exercising voting rights, Cohen & Steers shall conduct itself in accordance with the principles set forth below.

● The ability to exercise a voting right with respect to a security is a valuable right and, therefore, must be viewed as part of the asset itself.

● Cohen & Steers shall engage in a careful evaluation of issues that may materially affect the rights of shareholders and the value of the security.

● Cohen & Steers shall never base a proxy voting decision solely on the opinion of a third party. Rather, decisions shall be based on a reasonable and good faith determination as to how best to maximize shareholder value.

● Consistent with general fiduciary duties, the exercise of voting rights shall always be conducted with reasonable care, prudence and diligence.

● Cohen & Steers shall conduct itself in the same manner as if Cohen & Steers were the beneficial owner of the securities.

● To the extent reasonably possible, Cohen & Steers shall participate in each shareholder voting opportunity.

● Voting rights shall not automatically be exercised in favor of management-supported proposals.

● Cohen & Steers, and its officers and employees, shall never accept any item of value in consideration of a favorable proxy vote.

A. Board
and Director Proposals

1. Election
of Directors

a. Voting for Director Nominees in Uncontested Elections CASE-BY-CASE

Votes on director nominees are made on a case-by-case basis using a "mosaic" approach, where all factors are considered and no single factor is determinative. In evaluating director nominees, we consider the following factors:

● Whether the nominee attended less than 75 percent of the board and committee meetings without a valid excuse for the absences;

● Whether the nominee is an inside or affiliated outside director and sits on the audit, compensation, or nominating committees and/or the full board serves as the audit, compensation, or nominating committees, or the company does not have one of these committees;

● Whether the board ignored a significant shareholder proposal that was approved by a majority of the votes cast in the previous year;

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● Whether the board, without shareholder approval, instituted a new poison pill plan, extended an existing plan, or adopted a new plan upon the expiration of an existing plan during the past year;

● Whether the nominee is the chairman or CEO of a publicly-traded company who serves on more than two (2) public company boards;

● In the case of nominees other than the chairman or CEO, whether the nominee serves on more than four (4) public company boards;

● If the nominee is an incumbent director, the length of tenure taking into account tenure limits recommended by local corporate governance codes (1);

● Whether the nominee has a material related party transaction or a material conflict of interest with the company;

● Whether the nominee (or the entire board) has a record of making poor corporate or strategic decisions or has demonstrated an overall lack of good business judgment;

● Material failures of governance, stewardship, or fiduciary responsibilities at the company;

● Material failures of risk oversight including, but not limited to:

Bribery;

- Large or serial fines from regulatory bodies;

- Demonstrably poor risk oversight of environmental and social issues, including climate change;

- Significant adverse legal judgments or settlements;

- Hedging of company stock by employees or directors of a company; or

- Significant pledging of company stock in the aggregate by officers or directors of a company;

● Whether the board has oversight of material climate-related risks and opportunities including, but not limited to:

The transition and physical risks the company faces related to climate change on its operations and investment in terms of the impact on its business and financial condition, including the company's related disclosures;

- How the board identifies, measures and manages such risks; and

- The board's oversight of climate-related risk as a part of governance, strategy, risk management, and metrics and targets;

● Actions related to a nominee's service on other boards that raise substantial doubt about such nominee's ability to effectively oversee management and serve the best interests of shareholders at any company; and

(1) For
example, in the UK, independent directors of publicly-traded companies with tenure exceeding nine (9) years are reclassified as non-
independent unless the company can explain why they remain independent.

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● In the case of a nominee that is the chair of the nominating committee (or other directors on a case-by-case basis), whether the company's board lacks diversity including, but not limited to, diversity of gender, ethnicity, race and background.

b. Voting for Director Nominees in Contested Elections CASE-BY-CASE

Votes in a contested election of directors are evaluated on a case-by-case basis considering the long-term financial performance of the company relative to its industry, management's track record, the qualifications of the nominees, and other relevant factors.

2. Board Composition and Gender Diversity CASE-BY-CASE

We encourage companies to continue to evolve diversity and inclusion practices. We generally vote against the chair of the nominating committee (or other directors on a case-by-case basis) at companies where the post-election board contains no female directors if the board has not included a female director during the last 12 months and the company has not articulated a plan to include a qualified female nominee.

3. Non-Disclosure of Board Nominees AGAINST

We generally vote against the election of director nominees if the names of the nominees are not disclosed prior to the meeting. However, we recognize that companies in certain emerging markets may have legitimate reasons for not disclosing nominee names. In such cases, if a company discloses a legitimate reason why such nominee names have not been disclosed, we may vote for the nominees even if nominee names are not disclosed.

4. Majority Vote Requirement for Directors (SP) FOR

We generally vote for proposals asking the board to amend the company's governance documents (charter or bylaws) to provide that director nominees will be elected by the affirmative vote of the majority of votes cast.

5. Separation of Chairman and CEO (SP) (2) FOR

We generally vote for proposals to separate the CEO and chairman positions. However, we do recognize that under certain circumstances it may be in the company's best interest for the CEO and chairman positions to be held by one person.

6. Independent Chairman (SP) CASE-BY-CASE

We review on a case-by-case basis proposals requiring the chairman's position to be filled by an independent director taking into account the company's current board leadership and governance structure, company performance, and any other factors that may be relevant.

7. Lead Independent Director (SP) FOR

In cases where the CEO and chairman roles are combined or the chairman is not independent, we vote for the appointment of a lead independent director.

(2) "SP"
refers to a shareholder proposal.

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8. Board Independence (SP) FOR

We believe that boards should have a majority of independent directors. Therefore, we vote for proposals that require the board to be comprised of a majority of independent directors.

In general, we consider a director independent if the director satisfies the independence definition set forth in local corporate governance codes and/or the applicable listing standards of the exchange on which the company's stock is listed.

In addition, we generally consider a director independent if the director has no significant financial, familial or other ties with the company that may pose a conflict and has not been employed by the company in an executive capacity.

9. Board Size (SP) FOR

We generally vote for proposals to limit the size of the board to 15 members or less.

10. Classified Boards (SP) FOR

We generally vote in favor of proposals to declassify boards of directors. In voting on proposals to declassify a board of directors, we evaluate all facts and circumstances, including whether: (i) current management and board have a history of making good corporate and strategic decisions and (ii) the proposal is in the best interests of shareholders.

11. Tiered Boards (non-U.S) FOR

We vote in favor of unitary boards as opposed to tiered board structures. We believe that unitary boards offer flexibility while, with a tiered structure, there is a risk of upper tier directors becoming remote from the business, while lower tier directors become deprived of contact with outsiders of wider experience. No director should be excluded from the requirement to submit him/herself for re-election on a regular basis.

12. Independent Committees (SP) FOR

We vote for proposals requesting that a board's audit, compensation, and nominating

committees consist only of independent directors.

13. Adoption of a Board with Audit Committee Structure (JAPAN) FOR

We vote for article amendments to adopt a board with an audit committee structure unless the structure obstructs shareholders' ability to submit proposals on income allocation related issues or the company already has a 3-committee (U.S. style) structure.

14. Non-Disclosure of Board Compensation AGAINST

We generally vote against the election of director nominees at companies if the compensation paid to such directors is not disclosed prior to the meeting. However, we recognize that companies in certain emerging markets may have legitimate reasons for not disclosing such compensation. In such cases, if a company discloses a legitimate reason why such compensation should not be disclosed, we may vote for the nominees even if compensation is not disclosed.

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15. Director and Officer Indemnification and Liability Protection FOR

We vote in favor of proposals providing indemnification for directors and officers for acts conducted in the normal course of business that is consistent with the laws of the jurisdiction of formation. We also vote in favor of proposals that expand coverage for directors and officers where, despite an unsuccessful legal defense, the director or officer acted in good faith and in the best interests of the company. We vote against proposals that would expand indemnification beyond coverage of legal expenses to coverage of acts, such as gross negligence, that are violations of fiduciary obligations.

16. Directors' Liability (non-U.S.) FOR

These proposals ask shareholders to give discharge from responsibility for all decisions made during the previous financial year. Depending on the country, this resolution may or may not be legally binding, may not release the board from its legal responsibility, and does not necessarily eliminate the possibility of future shareholder action (although it does make such action more difficult to pursue).

We will generally vote for the discharge of directors, including members of the management board and/or supervisory board, unless the board is not fulfilling its fiduciary duties as evidenced by:

● A lack of oversight or actions by board members that amount to malfeasance or poor supervision, such as operating in private or company interest rather than in shareholder interest;

● Any legal issues (e.g., civil/criminal) aimed to hold the board liable for past or current actions that constitute a breach of trust, such as price fixing, insider trading, bribery, fraud, or other illegal actions; or

● Other egregious governance issues where shareholders are likely to bring legal action against the company or its directors.

17. Directors' Contracts (non-U.S.) CASE-BY-CASE

Best market practice about the appropriate length of directors' service contracts varies by jurisdiction. As such, we vote these proposals on a case-by-case basis taking into account the best interests of the company and its shareholders and local market practice.

B. Compensation
Proposals

1. Votes on Executive Compensation CASE-BY-CASE

"Say-on-Pay" votes are determined on a case-by-case basis taking into account the

reasonableness of the company's compensation structure and the adequacy of the disclosure.

We generally vote against in circumstances where there are an unacceptable number of problematic pay practices including:

● Poor linkage between executive pay and company performance and profitability;

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● The presence of objectionable structural features in the compensation plan, such as excessive perquisites, golden parachutes, tax gross-up provisions, and automatic benchmarking of pay in the top half of the peer group; and

● A lack of proportionality in the plan relative to the company's size and peer group.

2. Additional Disclosure of Executive and Director Pay (SP) FOR

● We generally vote for shareholder proposals that seek additional disclosure of executive and director pay information.

3. Frequency of Shareholder Votes on Executive Compensation ONE YEAR

We generally vote for annual shareholder advisory votes to approve executive compensation.

4. Golden Parachutes AGAINST

In general, we vote against golden parachutes because they impede potential takeovers that shareholders should be free to consider. We oppose the use of employment agreements that result in excessive cash payments and generally withhold our vote at the next shareholder meeting for directors who approved golden parachutes.

In the context of an acquisition, merger, consolidation, or proposed sale, we vote on a case-by- case basis on proposals to approve golden parachute payments. Factors that may result in a vote against include:

● Potentially excessive severance payments;

● Agreements that include excessive excise tax gross-up provisions;

● Single-trigger payments upon a change in control ("CIC"), including cash payments and the acceleration of performance-based equity despite the failure to achieve performance measures;

● Single-trigger vesting of equity based on a definition of CIC that requires only shareholder approval of the transaction (rather than consummation);

● Recent amendments or other changes that may make packages so attractive as to encourage transactions that may not be in the best interests of shareholders; or

● The company's assertion that a proposed transaction is conditioned on shareholder approval of the golden parachute advisory vote.

5. Non-Executive Director Remuneration (non-U.S.) CASE-BY-CASE

We evaluate these proposals on a case-by-case basis taking into account the remuneration mix and the adequacy of the disclosure. We believe that non-executive directors should be compensated with a mix of cash and equity to align their interests with the interests of shareholders. The details of such remuneration should be fully disclosed and provided with sufficient time for us to consider our vote.

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6. Approval of Annual Bonuses for Directors and Statutory Auditors
(JAPAN) FOR

We generally support the payment of annual bonuses to directors and statutory auditors except in cases of scandals or extreme underperformance.

7. Equity Compensation Plans CASE-BY-CASE

Votes on proposals related to compensation plans are determined on a case-by-case basis taking into account plan features and equity grant practices, where positive factors may counterbalance negative factors (and vice versa), as evaluated based on three pillars:

● **Plan Cost:** the total estimated cost of the company's equity plans relative to industry/market cap peers measured by the company's estimated shareholder value transfer (SVT) in relation to peers, considering:

- SVT based on new shares requested plus shares remaining for future grants, plus outstanding unvested/unexercised grants; and

- SVT based only on new shares requested plus shares remaining for future grants.

● Plan Features:

- Automatic single-trigger award vesting upon a CIC;

- Discretionary vesting authority;

- Liberal share recycling on various award types; and

- Minimum vesting period for grants made under the plan.

● Grant Practices:

- The company's three year burn rate relative to its industry/market cap peers;

- Vesting requirements for most recent CEO equity grants (3-year look-back);

- The estimated duration of the plan based on the sum of shares remaining available and the new shares requested divided by the average annual shares granted in the prior three years;

- The proportion of the CEO's most recent equity grants/awards subject to performance conditions;

- Whether the company maintains a claw-back policy; and

- Whether the company has established post exercise/vesting shareholding requirements.

We generally vote against compensation plan proposals if the combination of factors indicates that the plan overall is not in the interests of shareholders or if any of the following apply:

● Awards may vest in connection with a liberal CIC;

● The plan would permit re-pricing or cash buyout of underwater options without shareholder approval;

● The plan is a vehicle for problematic pay practices or a pay-for-performance disconnect; or

● Any other plan features that are determined to have a significant negative impact on shareholder interests.

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8. Equity Compensation Plans (non-U.S.) CASE-BY-CASE

We evaluate these proposals on a case-by-case basis. Share option plans should be clearly explained and fully disclosed to both shareholders and participants and put to shareholders for approval. Each director's share options should be detailed, including exercise prices, expiration dates and the market price of the shares at the date of exercise. They should take into account appropriate levels of dilution. Options should vest in reference to challenging performance criteria, which are disclosed in advance. Share options should be fully expensed so that shareholders can assess their true cost to the company. The assumptions and methodology behind the expensing calculation should also be disclosed to shareholders.

9. Long-Term Incentive Plans (non-U.S.) CASE-BY-CASE

A long-term incentive plan refers to any arrangement, other than deferred bonuses and retirement benefit plans, which require one or more conditions in respect of service and/or performance to be satisfied over more than one financial year.

We evaluate these proposals on a case-by-case basis. We generally vote in favor of plans with robust incentives and challenging performance criteria that are fully disclosed to shareholders in advance and vote against plans that are excessive or contain easily achievable performance metrics or where there is excessive discretion delegated to remuneration committees. We would expect remuneration committees to explain why criteria are considered to be challenging and how they align the interests of shareholders with the interests of the plan participants. We will also vote against proposals that lack sufficient disclosure.

10. Transferable Stock Options CASE-BY-CASE

We evaluate on a case-by-case basis proposals to grant transferable stock options or otherwise permit the transfer of outstanding stock options, including the cost of the proposal and alignment with shareholder interests.

11. Approval of Cash or Cash-and-Stock Bonus Plans FOR

We vote to approve cash or cash-and-stock bonus plans that seek to exempt executive compensation from limits on deductibility imposed by Section 162(m) of the Internal Revenue Code.

12. Employee Stock Purchase Plans FOR

We vote for the approval of employee stock purchase plans, although we generally believe the discounted purchase price should not exceed 15% of the current market price.

13. 401(k) Employee Benefit Plans FOR

We vote for proposals to implement a 401(k) savings plan for employees.

14. Pension Arrangements (non-U.S.) CASE-BY-CASE

We evaluate these proposals on a case-by-case basis. Pension arrangements should be transparent and cost-neutral to shareholders. We believe it is inappropriate for executives toparticipate in pension arrangements that are materially different than those offered to other employees (such as continuing to participate in a final salary arrangement when employees have been transferred to a money purchase plan). One-off payments into individual director's pension plans, changes to pension entitlements, and waivers concerning early retirement provisions must be fully disclosed and justified to shareholders.

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15. Stock Ownership Requirements (SP) FOR

We support proposals requiring senior executives and directors to hold a minimum amount of stock in a company (often expressed as a percentage of annual compensation), which may include restricted stock or restricted stock units.

16. Stock Holding Periods (SP) AGAINST

We generally vote against proposals requiring executives to hold stock received upon option exercise for a specific period of time.

17. Recovery of Incentive Compensation (SP) FOR

We generally vote for proposals to recover incentive bonuses or other incentive payments made to senior executives if it is later determined that fraud, misconduct, or negligence significantly contributed to a restatement of financial results that led to the award of incentive compensation.

C. Capital
Structure Changes and Anti-Takeover Proposals

1. Increase to Authorized Shares FOR

We generally vote for increases in authorized shares, provided that the increase is not greater than three times the number of shares outstanding and reserved for issuance (including shares reserved for stock-related plans and securities convertible into common stock, but not shares reserved for any poison pill plan).

2. Blank Check Preferred Stock AGAINST

We generally vote against proposals authorizing the creation of new classes of preferred stock without specific voting, conversion, distribution and other rights and proposals to increase the number of authorized blank check preferred shares. We may vote in favor of these proposals if we receive reasonable assurances that (i) the preferred stock was authorized by the board for legitimate capital formation purposes and not for anti-takeover purposes and (ii) no preferred stock will be issued with voting power that is disproportionate to the economic interests of the preferred stock. These representations should be made either in the proxy statement or in a separate letter from the company to us.

3. Pre-Emptive Rights AGAINST

We generally vote against the issuance of equity shares with pre-emptive rights. However, we may vote for shareholder pre-emptive rights where such pre-emptive rights are necessary taking into account the best interests of the company's shareholders. In addition, we acknowledge that international local practices may call for shareholder pre-emptive rights when a company seeks authority to issue shares (e.g., UK authority for the issuance of only up to 5% of outstanding shares without pre-emptive rights). While we prefer that companies be permitted to issue shares without pre-emptive rights, in deference to international local practices, we will approve issuance requests with pre-emptive rights.

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4. Dual Class Capitalizations AGAINST

Because classes of common stock with unequal voting rights limit the rights of certain shareholders, we vote against the adoption of a dual or multiple class capitalization structure. We support the one-share, one-vote principle for voting.

5. Restructurings/Recapitalizations CASE-BY-CASE

We review proposals to increase common and/or preferred shares and to issue shares as part of a debt restructuring plan on a case-by-case basis. In voting, we consider the following:

● Dilution: how much will the ownership interest of existing shareholders be reduced and how extreme will dilution to any future earnings be?

● Change in control: will the transaction result in a change in control of the company?

● Bankruptcy: generally approve proposals that facilitate debt restructurings unless there are clear signs of self-dealing or other abuses.

6. Share Repurchase Programs FOR

We generally vote in favor of such programs where the repurchase would be in the long-term best interests of shareholders and where we believe that this is a good use of the company's cash.

We will vote against such programs when shareholders' interests could be better served by deployment of the cash for alternative uses or where the repurchase is a defensive maneuver or an attempt to entrench management.

7. Targeted Share Placements (SP) CASE-BY-CASE

We vote these proposals on a case-by-case basis. These proposals ask companies to seek shareholder approval before placing 10% or more of their voting stock with a single investor. The proposals are typically in reaction to the placement of a large block of voting stock in an employee stock option plan, parent capital fund, or with a single friendly investor, with the aim of protecting the company against a hostile tender offer.

8. Shareholder Rights Plans CASE-BY-CASE

We review proposals to ratify shareholder rights plans (poison pills) on a case-by-case basis taking into consideration the length of the plan.

9. Shareholder Rights Plans (JAPAN) CASE-BY-CASE

We review these proposals on a case-by-case basis examining not only the features of the plan itself but also factors including share price movements, shareholder composition, board

composition, and the company's announced plans to improve shareholder value.

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10. Reincorporation Proposals CASE-BY-CASE

Proposals to change a company's jurisdiction of incorporation are examined on a case-by-case basis. When evaluating such proposals, we review management's rationale for the proposal, changes to the charter/bylaws, and differences in the applicable laws governing the companies.

11. Voting on State Takeover Statutes (SP) CASE-BY-CASE

We review on a case-by-case basis proposals to opt in or out of state takeover statutes (including control share acquisition statutes, control share cash-out statutes, freeze out provisions, fair price provisions, stakeholder laws, poison pill endorsements, severance pay and labor contract provisions, and disgorgement provisions). In voting on these proposals, we take into account whether the proposal is in the long-term best interests of the company and whether it would be in the best interests of the company to thwart a shareholder's attempt to control the board of directors.

D. Mergers
and Corporate Restructurings

1. Mergers and Acquisitions CASE-BY-CASE

Votes on mergers and acquisitions are considered on a case-by-case basis taking into account the anticipated financial and operating benefits, offer price (cost vs. premium), prospects of the combined companies, how the deal was negotiated, and changes in corporate governance and their impact on shareholder rights.

We vote against proposals that require a super-majority of shareholders to approve a merger or other significant business combination.

2. Nonfinancial Effects of a Merger or Acquisition AGAINST

Some companies have proposed charter provisions that specify that the board of directors may examine the nonfinancial effects of a merger or acquisition on the company. This provision would allow the board to evaluate the impact a proposed change in control would have on employees, host communities, suppliers and/or others. We generally vote against proposals to adopt such charter provisions. Directors should base their decisions solely on the financial interests of the shareholders.

3. Spin-offs CASE-BY-CASE

We evaluate spin-offs on a case-by-case basis taking into account the tax and regulatory advantages, planned use of sale proceeds, market focus, and managerial incentives.

4. Asset Sales CASE-BY-CASE

We evaluate asset sales on a case-by-case basis taking into account the impact on the balance sheet/working capital, value received for the assets, and potential elimination of diseconomies.

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5. Liquidations CASE-BY-CASE

We evaluate liquidations on a case-by-case basis taking into account management's efforts to pursue other alternatives, appraisal value of the assets, and the compensation plan for executives managing the liquidation.

6. Issuance of Debt (non-U.S.) CASE-BY-CASE

We evaluate these proposals on a case-by-case basis. Reasons for increased bank borrowing powers are numerous and varied, including allowing for normal growth of the company, the financing of acquisitions, and allowing increased financial leverage. Management may also attempt to borrow as part of a takeover defense. We generally vote in favor of proposals that will enhance a company's long-term prospects. We vote against any uncapped or poorly- defined increase in bank borrowing powers or borrowing limits, issuances that would result in the company reaching an unacceptable level of financial leverage or a material reduction in shareholder value, or where such borrowing is expressly intended as part of a takeover defense.

E. Auditor
Proposals

1. Ratification of Auditors FOR

We generally vote for proposals to ratify auditors, auditor remuneration and/or proposals authorizing the board to fix audit fees unless:

● an auditor has a financial interest in or association with the company and is therefore not independent;

● there is reason to believe that the independent auditor has rendered an opinion that is neither accurate nor indicative of the company's financial position;

● the name of the proposed auditor and/or fees paid to the audit firm are not disclosed by the company prior to the meeting;

● the auditors are being changed without explanation; or

● fees paid for non-audit related services are excessive and/or exceed fees paid for audit services or limits set by local best practice recommendations or law.

Where fees for non-audit services include fees related to significant one-time capital structure events, initial public offerings, bankruptcy emergence, and spinoffs, and the company makes public disclosure of the amount and nature of those fees, then such fees may be excluded from the non-audit fees considered in determining whether non-audit related fees are excessive.

2. Auditor Rotation CASE-BY-CASE

We evaluate auditor rotation proposals on a case-by-case basis taking into account the following factors: the tenure of the audit firm; establishment and disclosure of a review process whereby the auditor is regularly evaluated for both audit quality and competitive pricing; length of the rotation period advocated in the proposal; and any significant audit related issues.

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3. Auditor Indemnification AGAINST

We generally vote against auditor indemnification and limitation of liability. However, we recognize there may be situations where indemnification and limitations on liability may be appropriate.

4. Annual Accounts and Reports (non-U.S.) FOR

Annual reports and accounts should be detailed and transparent and should be submitted to shareholders for approval in a timely manner as prescribed by law. They should meet accepted reporting standards such as those prescribed by the International Accounting Standards Board (IASB).

We generally approve proposals relating to the adoption of annual accounts provided that:

● The report has been examined by an independent external accountant and the accuracy of material items in the report is not in doubt;

● The report complies with legal and regulatory requirements and best practice provisions in local markets;

● the company discloses which portion of the remuneration paid to the external accountant relates to auditing activities and which portion relates to non-auditing advisory assignments;

● A report on the implementation of risk management and internal control measures is incorporated, including an in-control statement from company management;

● A report should include a statement of compliance with relevant codes of best practice for markets where they exist (e.g. for UK companies a statement of compliance with the Corporate Governance Code should be made, together with detailed explanations about any area(s) of non-compliance);

● A conclusive response is given to all queries from shareholders; and

● Other concerns about corporate governance have not been identified.

5. Appointment of Internal Statutory Auditor (JAPAN) CASE-BY-CASE

We evaluate these proposals on a case-by-case basis taking into account the work history of each nominee. If the nominee is designated as independent but has worked the majority of his or her career for one of the company's major shareholders, lenders, or business partners, we consider the nominee affiliated and will withhold support.

F. Shareholder
Access, Meeting and Voting Proposals

1. Proxy Access CASE-BY-CASE

We review proxy access proposals on a case-by-case basis taking into account the parameters of proxy access use in light of a company's specific circumstances. We generally support proposals that provide shareholders with a reasonable opportunity to use the right without stipulating overly restrictive or onerous parameters for use and also provide assurances that the mechanism will not be subject to abuse by short-term investors, investors without a substantial investment in the company, or investors seeking to take control of the board.

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2. Bylaw Amendments CASE-BY-CASE

We vote on a case-by-case basis on proposals requesting companies grant shareholders the ability to amend bylaws. Similar to proxy access, we generally support proposals that provide assurances that this right will not be subject to abuse by short-term investors or investors without a substantial investment in a company.

3. Reimbursement of Proxy Solicitation Expenses (SP) AGAINST

In the absence of compelling reasons, we generally do not support such proposals.

4. Shareholder Ability to Call Special Meetings (SP) CASE-BY-CASE

We vote on a case-by-case basis on proposals requesting companies amend their governance documents (bylaws and/or charter) in order to allow shareholders to call special meetings.

5. Shareholder Ability to Act by Written Consent (SP) AGAINST

We generally vote against proposals to allow or facilitate shareholder action by written consent to provide reasonable protection of minority shareholder rights.

6. Shareholder Ability to Alter the Size of the Board FOR

We generally vote for proposals that seek to fix the size of the board and vote against proposals that give the board the ability to alter the size of the board without shareholder approval. While we recognize the importance of such proposals, these proposals may be set forth in order to promote the agenda(s) of certain special interest groups and could be disruptive to management of the company.

7. Cumulative Voting (SP) AGAINST

Having the ability to cumulate votes for the election of directors (i.e. to cast more than one vote for a director) generally increases shareholders' rights to effect change in the management of a company. However, we acknowledge that cumulative voting promotes special candidates who may not represent the interests of all, or even a majority, of shareholders. Therefore, when voting on proposals to institute cumulative voting, we evaluate all facts and circumstances surrounding such proposal and generally vote against cumulative voting where the company has good corporate governance practices in place, including majority voting for director elections and a de-classified board.

8. Supermajority Vote Requirements (SP) FOR

We generally support proposals that seek to lower supermajority voting requirements.

9. Confidential Voting FOR

We vote for proposals requesting that companies adopt confidential voting, use independent tabulators, and use independent inspectors of election as long as such proposals permit management to request that dissident groups honor its confidential voting policy in the case of proxy contests.

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10. Virtual Shareholder Meetings FOR

We generally vote for management proposals allowing for the convening of shareholder meetings by electronic means, so long as they do not preclude in-person meetings and companies allow for comparable rights and opportunities for shareholders to participate electronically as they would have during an in-person meeting.

11. Date/Location of Meeting (SP) AGAINST

We vote against shareholder proposals to change the date or location of the shareholders'

meeting.

12. Adjourn Meeting if Votes Are Insufficient AGAINST

We generally vote against open-end requests for adjournment of a shareholder meeting. However, where management specifically states the reason for requesting an adjournment and the requested adjournment is necessary to permit a proposal that would otherwise be supported under this policy to be carried out, the adjournment request will be supported.

13. Disclosure of Shareholder Proponents (SP) FOR

We vote for shareholder proposals requesting that companies disclose the names of shareholder proponents. Shareholders may wish to contact the proponents of a shareholder proposal for additional information.

G. Environmental
and Social Proposals

We believe that well-managed companies should be identifying, evaluating and assessing environmental and social issues and, where material to its business, managing exposure to environmental and social risks related to these issues. When considering management or shareholder proposals relating to these issues, because of the diverse nature of environmental and social proposals, we evaluate these proposals on a case-by-case basis. The principles guiding our evaluation of these proposals include, but are not limited to:

● The current level of publicly available disclosure from the company or other publicly available sources, including if the company already discloses similar information through existing reports or policies;

● Whether implementation of a proposal is likely to enhance or protect shareholder value;

● Whether a proposal can be implemented at a reasonable cost;

● Whether the information requested concerns business issues that relate to a meaningful percentage of the company's business;

● The degree to which the company's stated position on the issues raised in the proposal could affect its reputation or sales;

● Whether the company has already responded in some appropriate manner to the request embodied in the proposal;

● What other companies in the relevant industry have done in response to the issue addressed in the proposal; and

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● Whether implementation would reveal proprietary or confidential information that could place the company at a competitive disadvantage.

1. Environmental Proposals CASE-BY-CASE

We acknowledge that environmental considerations can pose significant risks and opportunities. Therefore, we generally vote in favor of proposals requesting a company disclose information that will aid in the determination of material environmental issues impacting the company and, where material to its business, how the company is managing exposure to environmental risks related to these issues, taking into consideration the following factors:

● The general factors listed above; and

● Whether the issues presented have already been effectively dealt with through governmental regulation or legislation.

In particular in relation to climate-related risk and opportunities material to its business, we expect companies to help their investors understand how they may be impacted by such risk and opportunities, and how these factors are considered within strategy in a manner consistent with the company's business model and sector. The principles guiding our evaluation of these proposals are:

● The general factors listed above;

● The transition and physical risks the company faces related to climate change on its operations and investment in terms of the impact on its business and financial condition, including the company's related disclosures;

● How the company identifies, measures and manages such risks; and

● The company's approach to climate-related risk as a part of governance, strategy, risk management, and metrics and targets.

2. Social Proposals CASE-BY-CASE

We acknowledge that social considerations can pose significant risks and opportunities. Therefore, we generally vote in favor of proposals requesting a company disclose information that will aid in the determination of material social issues impacting the company and, where material to its business, how the company is managing exposure to social risks related to these issues.

We believe board and workforce diversity are beneficial to the decision-making process and can enhance long-term profitability. Therefore, we generally vote in favor of proposals that seek to increase board and workforce diversity including, but not limited to, diversity of gender, ethnicity, race and background. We vote all other social proposals on a case-by-case basis, including, but not limited to, proposals related to political and charitable contributions, lobbying, and gender equality and the gender pay gap.

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H. Miscellaneous
Proposals

1. Bundled Proposals CASE-BY-CASE

We review on a case-by-case basis bundled or "conditioned" proposals. For items that are conditioned upon each other, we examine the benefits and costs of the bundled items. In instances where the combined effect of the conditioned items is not in shareholders' best interests, we vote against such proposals. If the combined effect is positive, we support such proposals. In the case of bundled director proposals, we will vote for the entire slate only if we would have otherwise voted for each director on an individual basis.

2. Other Business AGAINST

We generally vote against proposals to approve other business where we cannot determine the exact nature of the proposal(s) to be voted.

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**Proxy Voting Guideline Summary**

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| | |
|:---|:---|
| **Shareholder<br> Proposal** | |
| **A. Board and Director Proposals** | **A. Board and Director Proposals** |
|  | 1.a. Voting for Director Nominees in Uncontested Elections x |
|  | 1.b. Voting for Director Nominees in Contested Elections x |
|  | 2. Board Composition and Gender Diversity x |
|  | 3. Non-Disclosure of Board Nominees x |
| x | 4. Majority Vote Requirement for Directors x |
| x | 5. Separation of Chairman and CEO x |
| x | 6. Independent Chairman x |
| x | 7. Lead Independent Director x |
| x | 8. Board Independence x |
| x | 9. Board Size x |
| x | 10. Classified Board x |
|  | 11. Tiered Boards (non-U.S.) x |
| x | 12. Independent Committees x |
|  | 13. Adoption of a Board with Audit Committee Structure (JAPAN) x |
|  | 14. Non-Disclosure of Board Compensation x |
|  | 15. Director and Officer Indemnification and Liability Protection x |
|  | 16. Directors' Liability (non-U.S.) x |
|  | 17. Directors' Contracts (non-U.S.) x |
| **B. Compensation Proposals** | **B. Compensation Proposals** |
|  | 1. Votes on Executive Compensation x |
| x | 2. Additional Disclosure on Executive and Director Pay x |
|  | 3. Frequency of Shareholder Votes on Executive Compensation |
|  | 4. Golden Parachutes x |
|  | 5. Non-Executive Director Remuneration (non-U.S.) x |
|  | 6. Approval of Annual Bonuses for Directors and Statutory Auditors (JAPAN) x |

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|:---|:---|
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| | |
|:---|:---|
| **Shareholder<br> Proposal** | |
|  | 7. Equity Compensation Plans x |
|  | 8. Equity Compensation Plans (non-U.S.) x |
|  | 9. Long-Term Incentive Plans (non-U.S.) x |
|  | 10. Transferable Stock Options x |
|  | 11. Approval of Cash or Cash-and-Stock Bonus Plans x |
|  | 12. Employee Stock Purchase Plans x |
|  | 13. 401(k) Employee Benefit Plans x |
|  | 14. Pension Arrangements (non-U.S.) x |
| x | 15. Stock Ownership Requirements x |
| x | 16. Stock Holding Periods x |
| x | 17. Recovery of Incentive Compensation x |
| **C. Capital Structure Changes and Anti-Takeover Proposals** | **C. Capital Structure Changes and Anti-Takeover Proposals** |
|  | 1. Increase to Authorized Shares x |
|  | 2. Blank Check Preferred Stock x |
|  | 3. Pre-Emptive Rights x |
|  | 4. Dual Class Capitalizations x |
|  | 5. Restructurings/Recapitalizations x |
|  | 6. Share Repurchase Programs x |
| x | 7. Targeted Share Placements x |
|  | 8. Shareholder Rights Plans x |
|  | 9. Shareholder Rights Plans (JAPAN) x |
|  | 10. Reincorporation Proposals x |
| x | 11. Voting on State Takeover Statutes x |
| **D. Mergers and Corporate Restructurings** | **D. Mergers and Corporate Restructurings** |
|  | 1. Mergers and Acquisitions x |
|  | 2. Nonfinancial Effects of a Merger or Acquisition x |
|  | 3. Spin-offs x |
|  | 4. Asset Sales x |
|  | 5. Liquidations x |
|  | 6. Issuance of Debt (non-U.S.) x |

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|:---|:---|
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| | | | | |
|:---|:---|:---|:---|:---|
| **Shareholder<br> Proposal** | | **For** | **Against** | **Case- <br> by-Case** |
| **E. Auditor Proposals** | **E. Auditor Proposals** | **E. Auditor Proposals** | **E. Auditor Proposals** | **E. Auditor Proposals** |
|  | 1. Ratification of Auditors | x |  |  |
|  | 2. Auditor Rotation |  |  | x |
|  | 3. Auditor Indemnification |  | x |  |
|  | 4. Annual Accounts and Reports (non-U.S.) | x |  |  |
|  | 5. Appointment of Internal Statutory Auditor (JAPAN) |  |  | x |
| **F. Shareholder Access, Meeting and Voting Proposals** | **F. Shareholder Access, Meeting and Voting Proposals** | **F. Shareholder Access, Meeting and Voting Proposals** | **F. Shareholder Access, Meeting and Voting Proposals** | **F. Shareholder Access, Meeting and Voting Proposals** |
|  | 1. Proxy Access |  |  | x |
|  | 2. Bylaw Amendments |  |  | x |
| x | 3. Reimbursement of Proxy Solicitation Expenses |  | x |  |
| x | 4. Shareholder Ability to Call Special Meetings |  |  | x |
| x | 5. Shareholder Ability to Act by Written Consent |  | x |  |
|  | 6. Shareholder Ability to Alter the Size of the Board | x |  |  |
| x | 7. Cumulative Voting |  | x |  |
| x | 8. Supermajority Vote Requirements | x |  |  |
|  | 9. Confidential Voting | x |  |  |
|  | 10. Virtual Shareholder Meetings | x |  |  |
| x | 11. Date/Location of Meeting |  | x |  |
|  | 12. Adjourn Meeting if Votes Are Insufficient |  | x |  |
| x | 13. Disclosure of Shareholder Proponents | x |  |  |
| **G. Environmental and Social Proposals** | **G. Environmental and Social Proposals** | **G. Environmental and Social Proposals** | **G. Environmental and Social Proposals** | **G. Environmental and Social Proposals** |
| x | 1. Environmental Proposals |  |  | x |
| x | 2. Social Proposals |  |  | x |
| **H. Miscellaneous Proposals** | **H. Miscellaneous Proposals** | **H. Miscellaneous Proposals** | **H. Miscellaneous Proposals** | **H. Miscellaneous Proposals** |
|  | 1. Bundled Proposals |  |  | x |
|  | 2. Other Business |  | x |  |

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![](image_001.gif)

**2024 PRIVACY & PROXY NOTICE**

**PRIVACY POLICIES AND PROCEDURES**

The trust and confidence of you, our customers, is important to us at Congress Asset Management Company. For this reason, we are careful in the way we collect and handle non-public, personal information about you, our clients ("Client Information"). This Privacy Notice describes our policies and practices regarding your information and how it is obtained, disseminated, and protected.

**Information We Collect**

We may collect Client Information from the following sources:

● Information we receive on contracts or other forms, such as your name, address, date of birth, and social security number

● Information relating to transactions with us, our affiliates and others, such as the purchase and sale of securities and account balances

● Information we receive from third parties, such as custodians, wealth management and financial service firms, as required or permitted by law

● The retention period for which we hold your personal data varies depending on the purpose for which we are using your personal data and legal obligations (laws or regulation may set a minimum period for which we have to keep your data)

**Information We Disclose**

We disclose Client Information about you or our former clients to third parties only to the extent required or permitted by law. Such sharing of your information is applied to:

● Everyday business purposes such as processing transactions, maintaining and or servicing your account

● Cooperating with regulatory authorities, responding to court orders and legal investigations

● Taking reasonable and necessary steps to prevent fraud, unauthorized transactions, etc.

**Opting Out**

The information we disclose is limited, and essential to servicing your account, protecting your privacy and meeting obligations under state and federal law. We do not disclose Client Information that requires a notice to you for limiting such disclosures, otherwise known as "opting-out." However, should we wish to disclose additional Client Information of yours, we will only do so with your written permission as discussed below.

**Opt-In Process for Sharing Additional Client Information**

Our current business practices require us to obtain affirmative written permission from you ("Opting-In"), before we disclose any Client Information outside of what is discussed above in the "Information We Disclose" section of this notice. In the event we wish to share such additional Client Information, we will provide you an Opt-In form describing the additional Client Information we seek to share, with whom we wish to share it with, and for what purpose. Until such form is received by us from you, indicating your permission, such additional Client Information about you will not be shared.

**Information Security**

● We maintain an Information Protection and Cybersecurity program and provide ongoing awareness and training to our employees

● We continue to evaluate our efforts to protect confidential Client information and to keep our privacy policy and practices current

● We restrict access to Client Information to employees and service providers who are involved in providing products and services to our clients

● Employees with access to Client Information may not use or disclose such information, except for Congress Asset Management Company business use

● We maintain physical, electronic, and procedural safeguards in order to protect Client Information

● When there is a need to dispose of confidential Client Information, we require our employees to shred, not discard the information

If you have any questions regarding our Privacy Policy, please call us at 800-542-7888 or write to us at 2 Seaport Lane, Boston, MA 02210.

**PROXY POLICIES AND PROCEDURES**

**PROXY POLICIES**

**Responsibility** 

Congress Asset Management Company's responsibility as an investment manager and plan fiduciary, as outlined in rule 206(4)-6 under the Investment Advisers Act of 1940, and the Employee Retirement Income Security Act of 1974 and subsequent Department of Labor policy statements, includes the duty to vote proxies on behalf of our clients when proxy voting authority has been delegated to us. Congress Asset Management Company accepts its fiduciary responsibility to vote proxies under these circumstances. This statement is intended to set forth those policies and guidelines to be followed in carrying out our responsibility.

**General Principles of Voting**

Proxy voting rights have been declared by the Department of Labor to be valuable plan assets and therefore must be exercised in accordance with the fiduciary duties of loyalty and prudence. This policy statement has been carefully crafted to meet the requirements of loyalty and prudence and will be employed by the Proxy Committee (the "Proxy Committee") in its proxy voting procedures and decisions.

The duty of loyalty requires that a voting fiduciary exercise its proxy voting authority solely in the interests of its clients, or plan participants and beneficiaries, and for the exclusive purpose of providing plan benefits to participants and beneficiaries. The voting fiduciary is prohibited from subordinating the interests of participants and beneficiaries to unrelated objectives.

The duty of prudence requires that proxy voting authority be exercised with the care, skill, prudence, and diligence that a similarly situated prudent person knowledgeable in such matters would exercise. In keeping with its fiduciary responsibilities, Congress Asset Management Company will vote proxies in accordance with the "economic best interests" of its clients, plan participants and beneficiaries. Congress Asset Management Company will consider the long-term impact of business plans on all affected parties including shareholders, debt holders, employees, retired workers, and communities in which the firm operates.

**Decisions Free of Outside Influence**

Generally, Congress Asset Management Company will vote on the recommendation of the issuer's management. However, Congress shall take into consideration the general positions of trustees and other fiduciaries in deciding how to vote proxies. Congress Asset Management Company currently utilizes the services of Broadridge Investor Communications, an independent administrator of proxy voting services. Such services may include voting execution, comprehensive reporting, and supporting justification. However, any influence imposed upon us by a person or persons who have a direct personal or financial interest in the outcome will be rejected as a violation of ERISA and our moral obligation to plan participants, and clients. On contested issues the guiding principle shall be the long term "economic best interests" of all affected parties. The interest of any one group shall not dominate the decision to the detriment of other affected parties.

Clients and prospective clients should be aware that Congress Asset Management typically follows the recommendation of the AFL-CIO when voting proxies for Taft-Hartley clients, while at the same time actively soliciting new business from the Taft-Hartley market. Voting to such recommendations may at times be different from how we vote our other clients' proxies and in opposition to the interests of such other clients. In addition, upon a client's request, Congress will engage Glass Lewis for ESG voting recommendations.

Congress Asset Management, at the direction of a client's Investment Policy statement, has the ability to direct proxy voting decisions to a 3<sup>rd</sup> party proxy advice vendor. These voting recommendations may at times be different from how we vote other clients' proxies and in opposition to the interests of such other clients.

**PROXY PROCEDURES**

**Proxy Committee**

The Proxy Committee shall have responsibility for setting the proxy voting policy at Congress Asset Management Company. Proxies will be voted in the economic best interest of each individual client, ERISA plan participant, and beneficiaries. The Proxy Committee will use available resources as needed to assist in evaluating proxy issues and setting policies that are appropriate for each client. Congress Asset Management Company has an agreement with Broadridge Investor Communications to provide integrated third-party research and electronic, automated, rules-based voting capabilities via the Broadridge ProxyEdge service for each individual proxy.

In the event of a vote that falls outside of the standard proxy voting rules for Congress Asset Management Company, the Proxy Committee will meet to review a specific vote. When the Proxy Committee reaches a decision concerning the proxy vote in question, Broadridge ProxyEdge shall be instructed to vote accordingly, and no further action shall be required. A simple majority of the Proxy Committee shall be required for a final ruling on proxy issues.

**Record Keeping**

1) Proxy Committee minutes and meeting material including the basis for any voting decision including whether the advice of any individual outside of the organization was acted upon.

2) Records will be maintained detailing how proxies were voted, and for which accounts they were voted.

Records of proxy voting will be made available to Clients and ERISA Plan Sponsors upon a written request by email to <u>proxies@congressasset.com</u> or by mail to Congress Asset Management Company, 2 Seaport Lane, 5<sup>th</sup> Floor, Boston, MA 02210.

**PROXY COMMITTEE**:

Daniel A. Lagan Gregg A. O'Keefe Marc Pezzuto

![](cb_proxy-img01.jpg)

**Cooke & Bieler, L.P.**

**Proxy Policy**

As a fiduciary, Cooke & Bieler has a duty and an obligation to serve the best interests of our clients and when delegated proxy voting authority, we seek to vote in a manner that maximizes shareholder value over time, thereby furthering the best interests and investment goals of our clients. Clients have the ability to retain the authority to vote their own proxies, and in these cases, they will not receive proxy information from Cooke & Bieler, but rather from a third-party proxy service provider or their custodian. In practice, many of our clients delegate to us the authority to vote proxies related to the securities in their accounts.

**Decision Methods**

Our approach to voting proxies for our clients is driven by the same deep, fundamental research that underpins our investment decisions. We additionally consider the voting recommendations of third parties, such as proxy service providers – currently Glass Lewis & Co. – that provide us with research on each proxy vote, but the research and recommendations are not determinative. We utilize two outside proxy firms, currently Broadridge and Proxytrust, to act as agent for the proxy process and to maintain records of each vote for our clients.

We vote in accordance with our key objective of maximizing shareholder value over time and therefore seek to vote in favor of proposals that result in tangible benefits to companies or benefit shareholders through increased disclosures. It is difficult to distill our decision-making process into prescriptive rules; we consider each ballot item individually and apply careful, fundamental, bottom-up research. Each vote is ultimately cast on a case-by-case basis while considering all relevant facts and circumstances at the time of the vote.

**Proxy Voting Guidelines**

Each proxy voting issue proposal is unique and must be considered individually, however, there are certain issues which frequently reappear on the ballots for publicly owned companies. We have formulated brief descriptions of these issues and how we **generally** vote on them. However, as each situation is unique, we may vote otherwise in particular instances when we deem doing so is in the best interests of shareholders.

**I.** **Corporate Governance** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Voting
 on Director Nominees in Elections

Votes on director nominees are determined on a **case-by-case** basis, examining factors including long-term corporate performance, the composition of the board and key board committees, and the board's overall track record. We aim to support director nominees who have strong records of fulfilling their responsibilities to shareholders and possess the necessary skills and backgrounds to make informed decisions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Dual
 Chairperson/CEO

As we seek to invest in companies with strong and effective leadership, we generally support the company CEOs since, in many cases, a highly effective CEO can also serve as an effective Chair. We vote on the separation of Chairperson and CEO on a **case-by-case** basis.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. Board
 Independence

An effective board is able to generate and protect shareholder value while maintaining a proper tone at the top. In general, this is best achieved by boards comprised of individuals with diverse backgrounds, relevant experience, and sufficient independence. In assessing the independence of directors, we evaluate whether directors have records of making objective decisions and examine the directors' relationships with the company and its executives, among others. We vote on the matter of board independence on a **case-by-case** basis.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. Stock
 Ownership Requirements

We generally vote **against** shareholder proposals requiring directors to own a minimum amount of company stock to qualify as a director or to remain on the board. Requiring stock ownership may limit the number of persons qualified to be on the board, and we believe that a director can serve the company well regardless of the extent of his or her ownership.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e. Requiring
 Majority Voting for Election of Directors

Directors can be elected by either a plurality of votes cast or by a majority of votes cast or in some cases by a supermajority. We believe investors' interests are best served by majority voting. In certain cases with low shareholder participation, plurality voting may result in a motivated minority of shareholders having disproportionate influence. A requirement for a supermajority, however, may act to entrench the current board and dilute the influence of shareholders. As a result, we generally vote **for** majority voting but **against** management proposals requiring a supermajority shareholder vote.

**II.** **Capital Structure** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Approve
 Distribution of Dividends

We generally vote **for** management proposals to distribute stock dividends.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Preemptive
 Rights

We generally vote **for** proposals seeking to eliminate preemptive rights, while typically taking into consideration the size of the company, the shareholder base, and the liquidity of the stock, among other factors.

**III.** **Compensation** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Golden
 Parachutes

While we consider golden parachute proposals based on the specific circumstances, we generally vote **against** proposals that contain excessive cash severance packages. Well-structured golden parachutes may serve shareholder interests by encouraging executives to pursue mergers or sales that may result in a change of management; however, excessive payments may act as a disincentive to potential acquirers. More generally, we believe that high levels of compensation should be appropriately matched to superior performance over time and not oriented toward encouraging or discouraging mergers or takeovers.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Pay
 for Superior Performance

We generally vote **for** proposals that reward executives for superior performance, taking into account factors such as the type of industry, the stage of the business cycle, and the details of current incentive programs, among others.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. Say-on-Pay

Amendments to the Dodd-Frank Wall Street Reform and Consumer Protection Act (the Dodd-Frank Act), adopted in January 2011, require public companies to provide their shareholders with an advisory vote on the compensation of the most highly compensated executives. Public companies are also required to provide an advisory shareholder vote on the frequency of the Say-on-Pay vote occurrence (the amendments require Say-on-Pay votes at least once every six years).

Cooke & Bieler carefully reviews the compensation awarded to senior executives as we believe this is an area in which boards reveal their priorities. We believe that effective compensation arrangements should appropriately mix short and long-term performance-based incentives along with reasonable fixed pay elements. We recognize that performance metrics vary widely depending on the company and industry, among many other factors, and believe that transparent and timely disclosure of executive pay is instrumental in allowing shareholders to accurately evaluate if pay is in alignment with company performance. Our votes on executive compensation will be determined on a **case-by-case** basis and we generally vote **in favor of** proposals modifying the frequency of Say-on-Pay votes to annually.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. Shareholder
 Proposals to Limit Executive and Director Pay

We review all proposals seeking to limit executive and director pay on a **case-by-case** basis but generally vote in support of these proposals in cases where we consider executive and director pay to be excessive.

**IV.** **Auditors** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Ratifying
 Auditors

We generally vote **for** the appointment of independent auditors who do not have a financial interest in or association with the company and if audit integrity has not been compromised.

**V.** **Tender Offer Defenses** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Eliminate
 Supermajority Requirements

By requiring a large majority of shareholders (generally 67% to 90%) to approve critical changes, such as a merger or acquisition, supermajority vote requirements may effectively impede shareholder actions on ballot items that are highly impactful to shareholder interests. We therefore generally vote **for** proposals to eliminate supermajority requirements.

**VI.** **Mergers and Corporate Restructurings** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Mergers
 and Acquisitions

We consider mergers and acquisitions carefully, evaluating factors such as the financial and operating benefits, the offer price, the prospects of the combined companies, and any changes in the corporate governance and their impact on shareholder rights. We therefore generally vote any proposed mergers and/or acquisitions on a **case-by-case** basis.

**VII.** **Social and Environmental Issues** 

Once-rare, shareholder proposals now frequently appear on proxy ballots, often addressing environmental or social issues. We believe companies' environmental and social practices may have material financial, regulatory, and reputational implications, and that thoughtful management of these issues can be an important tool for creating and increasing shareholder value. We consider each issue on a **case-by-case** basis. While we may not vote as management recommends, we hope to support effective management and oversight of our companies. We generally vote **for** proposals we believe provide shareholders valuable information, at a reasonable cost to the company, and/or address issues management has neglected. We generally vote **against** proposals that we believe are overly burdensome or unlikely to benefit the long-term economic interests of shareholders. In evaluating these issues, we generally consider the following factors:

● Whether adoption of the proposal would have a positive or negative impact on the company's short-term or long-term share value;

● Whether implementation of the proposal would achieve the objectives sought in the proposal;

● Whether the company has already responded in some appropriate manner to the request embodied in the proposal.

Shareholder proposals which appear frequently include, but are not limited to, the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Board
 Diversity

We believe that a board composed of individuals with diversity of experience, skills, and perspectives are generally better positioned to provide effective and strong company leadership. We therefore generally vote in support of director nominees with diverse and/or underrepresented backgrounds. Many proposals requiring additional reports or disclosures are not carefully constructed and would not meaningfully advance their stated objectives; thus, we vote such proposals on a **case-by-case** basis.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Proposal
 to Lower the Ownership Threshold Required to Call a Special S/H Meeting

Generally, we are in favor of reasonable ownership threshold requirements to propose shareholder votes or call special meetings; we generally vote **case-by-case** on proposals to lower ownership thresholds. Institutional investors with the resources to conduct rigorous research and due diligence may obtain a more thorough understanding of ballot issues.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. Climate
 Change

Proposals that urge companies to increase disclosures regarding climate-change related issues may meaningfully increase shareholder understanding of the company's policies on these issues. However, many companies have already taken significant steps to improve disclosure and shareholder proposals are often not carefully crafted. We therefore vote **case-by-case** on shareholder resolutions requesting increased or enhanced disclosure from companies on climate-related issues.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. Gender
 Pay Equality

We consider voting in support of thoughtful shareholder resolutions for greater disclosures on gender pay equity in certain circumstances where the company may not have addressed the issue to a satisfactory degree and where this may present a risk to the company and its shareholders.

**Conflicts of Interest**

Although rare, conflicts of interest between the firm and our clients on proxy issues may arise. Cooke & Bieler personnel may have a significant business or personal relationship with an issuer, or Glass Lewis may have a conflict with an issuer. Further, clients may take certain positions on shareholder and/or other proxy issues that may differ from our firm's primary objectives and methods of voting proxies, in which case we vote in accordance with the instructions of the client(s). We have adopted a four-step process to identify and address any material conflicts of interest.

&nbsp;&nbsp;&nbsp;&nbsp;1. Identify
 any issues where Cooke & Bieler has a significant business or personal relationship that
 would result in a conflict of interest.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Cooke
 & Bieler identifies issuers with which there may be a conflict of interest and maintain
 a list of such issuers. Access persons of Cooke & Bieler who vote proxies have a duty
 to disclose to the firm any material conflicts of interest of which they have knowledge but
 may not have identified pursuant to this policy.

&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. A **significant business relationship** is defined as one that represents 5% or $1,000,000
 of Cooke & Bieler's revenues for the most recent fiscal year, whichever is less,
 or one that involves a significant relationship between Cooke & Bieler and a particular
 company that would create an incentive for Cooke & Bieler to vote in favor of management.

&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. A **significant personal/family relationship** is one that would be reasonably likely to
 influence how Cooke & Bieler votes proxies.

&nbsp;&nbsp;&nbsp;&nbsp;2. Identify
 proxy proposals where the conflict of interest may be material.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Cooke
 & Bieler determines whether the conflict is material to any specific proxy proposal.
 If not, we will vote the proxy in accordance with our procedures and guidelines; if the conflict
 is material, we will vote according to an independent third party (currently Glass Lewis)
 after confirming that they do not have a conflict of interest.

&nbsp;&nbsp;&nbsp;&nbsp;3. Determine
 whether Glass Lewis also has a conflict of interest.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Glass
 Lewis provides prominent disclosures of potential conflicts on the cover of the relevant
 Proxy Paper research report. If Glass Lewis has a conflict of interest, then we will vote
 in accordance with another unaffiliated third-party provider.

&nbsp;&nbsp;&nbsp;&nbsp;4. Document
 the conflict and its resolution.

**Proxy Voting Process**

&nbsp;&nbsp;&nbsp;&nbsp;1. Broadridge
 routes our clients' proxy voting materials and populates Available Voting Shares on
 ProxyEdge matched with Holdings Shares we provide them.

&nbsp;&nbsp;&nbsp;&nbsp;2. The
 Proxy Administrator reconciles the Available Shares and Holding Shares which may differ due
 to securities lending.

&nbsp;&nbsp;&nbsp;&nbsp;3. The
 Proxy Administrator forwards all meeting materials, including agenda items and Glass Lewis
 research, to the responsible analyst for review.

&nbsp;&nbsp;&nbsp;&nbsp;4. Absent
 any material conflicts, the responsible analyst determines how the firm should vote.

&nbsp;&nbsp;&nbsp;&nbsp;5. The
 Proxy Administrator votes all Available Shares according to the analyst's intentions
 on ProxyEdge or Proxytrust, depending on the client. Any physical ballots that are delivered
 to our offices are voted by the Proxy Administrator online using ProxyVote or another specified
 website.

**Responsibilities**

Broadridge is responsible for: notifying Cooke & Bieler in advance of the meeting; providing the appropriate proxies to be voted; and for maintaining records of proxy statements received and votes cast.

The Compliance Team is responsible for: maintaining the proxy policies and procedures; determining when a potential conflict of interest exists; maintaining records of all communications received from clients requesting information on how their proxies were voted; and notifying clients how they can obtain voting records and policies and procedures.

The Operations Team is responsible for: determining which accounts Cooke & Bieler has proxy voting responsibilities for.

The Proxy Administrator is responsible for: obtaining the appropriate guidance from the portfolio manager on how to vote; and maintaining documents created that were material to the voting.

The Proxy Committee is responsible for: maintaining Cooke & Bieler's proxy policy on a current basis; meeting annually to review our voting history and identify any key trends in conjunction with proxy season reviews from our proxy provider; monitoring our voting for adherence to our proxy policy; and evaluating proxy service providers at least annually.

**Securities on Loan**

Some clients of Cooke & Bieler may participate in securities lending programs. Cooke & Bieler does not direct or oversee such securities lending activities and will not typically request to recall securities on loan to be voted unless we believe that we are likely to affect the outcome of the vote. There is no guarantee that the shares will be returned in time to process the vote, as the ability to do so is not entirely within the control of Cooke & Bieler, requiring both the cooperation of the client and its other service providers.

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| | |
|:---|:---|
| **Effective Date: February 22, 2024** | **PROPRIETARY** |

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**PROXY VOTING POLICIES AND PROCEDURES**

DIMENSIONAL FUND ADVISORS LP

DIMENSIONAL FUND ADVISORS LTD.

DFA AUSTRALIA LIMITED

DIMENSIONAL FUND ADVISORS PTE. LTD.

DIMENSIONAL JAPAN LTD.

DIMENSIONAL IRELAND LIMITED

**Introduction**

Dimensional Fund Advisors LP ("Dimensional") is an investment adviser registered with the U.S. Securities and Exchange Commission ("SEC") pursuant to the Investment Advisers Act of 1940, as amended (the "Advisers Act"). Dimensional is the parent or indirect parent company of Dimensional Fund Advisors Ltd. ("Dimensional UK"), DFA Australia Limited ("Dimensional Australia"), Dimensional Fund Advisors Pte. Ltd. ("Dimensional Singapore"), Dimensional Japan Ltd. ("Dimensional Japan") and Dimensional Ireland Limited ("Dimensional Ireland") (each, an "Advisor", and collectively referred to as the "Advisors"). Dimensional UK and Dimensional Australia are also registered as investment advisers under the Advisers Act.

The Advisors provide investment advisory or subadvisory services to various types of clients, including registered funds, unregistered commingled funds, defined benefit plans, defined contribution plans (including employee benefit plans subject to the Employee Retirement Income Security Act of 1974, and the regulations promulgated thereunder ("ERISA")), private and public pension funds, foundations, endowment funds and other types of investors. These clients frequently give the Advisors the authority and discretion to vote proxies relating to the underlying securities beneficially held by such clients. Also, a client may, at times, ask an Advisor to share its proxy voting policies, procedures, and guidelines without the client delegating full voting discretion to the Advisor. Depending on the client, an Advisor's duties may include making decisions regarding whether and how to vote proxies as part of an investment manager's fiduciary duty under ERISA.<sup>1</sup> The scope and any limitations of an Advisor's proxy voting authority generally will be described in the written contract between the Advisor and its client or with respect to an Advisor-sponsored fund, the offering documents of the fund.

The following Proxy Voting Policies and Procedures (the "Policy") address the Advisors' objectives for voting proxies received by the Advisors on behalf of client accounts or funds to the extent that relationships with such clients are subject to the Advisers Act or ERISA or the clients are registered investment companies under the Investment Company Act of 1940, as amended, including The DFA Investment Trust Company, DFA Investment Dimensions Group Inc., Dimensional Investment Group Inc., Dimensional Emerging Markets Value Fund, and Dimensional ETF Trust (together, the "Dimensional Investment Companies") and the portfolios, funds and exchange-traded funds of the Dimensional Investment Companies are each a "Dimensional Fund" and together, the "Dimensional Funds"). The

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<sup>1</sup> If the client is subject to ERISA, an Advisor's proxy voting activities are subject to any applicable provisions under ERISA and/or guidance from the U.S. Department of Labor.

Advisors believe that this Policy is reasonably designed to meet their goal of seeking to vote (or refrain from voting) proxies in a manner consistent with applicable legal and fiduciary standards and in the best interests of clients, as understood by the Advisors at the time of the vote.

<u>Exhibit A</u> to this Policy includes a summary of the Advisors' current Proxy Voting Guidelines and will change from time to time (the "Guidelines") and includes three implementations, one standard implementation, one for the portfolios and accounts that incorporate social considerations in their investment guidelines, and one for the portfolios and accounts that incorporate sustainability considerations in their investment guidelines. A separate account client may select one of the three implementations to be used for their account or, in certain circumstances, individualize their proxy voting guidelines. The Investment Committee of Dimensional has determined that, in general, voting proxies pursuant to the Guidelines should be in the best interests of clients and the Advisors understand the Guidelines to be consistent with applicable legal standards. Therefore, an Advisor will usually instruct voting of proxies in accordance with the Guidelines.

The Guidelines provide a framework for analysis and decision making but do not address all potential issues. In order to be able to address all the relevant facts and circumstances related to a proxy vote, the Advisors reserve the right to instruct votes that deviate from the Guidelines if, after a review of the matter, an Advisor believes that a client's best interests would be served by, or applicable legal and fiduciary standards require, such a vote. In such circumstance, the analysis will be documented in writing and periodically presented to the Investment Stewardship Committee for review. To the extent that the Guidelines do not cover potential voting issues, an Advisor may consider the spirit of the Guidelines and applicable legal standards and instruct the vote on such issues in a manner that the Advisor believes would be in the best interests of the client.

A client's investment strategy can impact voting determinations. For example, the Advisors consider social issues when voting proxies for portfolios and accounts that incorporate social considerations in their design and consider sustainability issues when voting proxies for portfolios and accounts that consider sustainability considerations in their design. The Advisors may also take social or sustainability issues into account when voting proxies for portfolios and accounts that do not incorporate social or sustainability considerations in their design if the Advisors believe that doing so is in the best interest of the relevant client(s) and otherwise consistent with applicable laws and the Advisors' duties, such as where material environmental or social risks may have economic ramifications for shareholders.

**Proxy Advisory Firms**

The Advisors have retained certain third-party proxy service providers ("Proxy Advisory Firms") to provide information on shareholder meeting dates and proxy materials, translate proxy materials printed in a foreign language, provide research on proxy proposals, operationally process votes in accordance with the Guidelines on behalf of the clients for whom the Advisors have proxy voting responsibility, and provide reports concerning the proxies voted ("Proxy Voting Services"). Although the Advisors retain third-party service providers for Proxy Voting Services, the Advisors remain responsible for proxy voting decisions and making such decisions in accordance with their fiduciary duties. The Advisors have designed policies and procedures to prudently select, oversee and evaluate the Proxy Advisory Firms consistent with their fiduciary duties, including with respect to the matters described below, which Proxy Advisory Firms have been engaged to provide Proxy Voting Services to support the Advisors' voting in accordance with this

Policy. In the event that the Guidelines are not implemented precisely as the Advisors intend because of the actions or omissions of any Proxy Advisory Firms, custodians or sub-custodians or other agents, or any such persons experience any irregularities (e.g., misvotes or missed votes), then such instances will not necessarily be deemed by the Advisors as a breach of this Policy.

Prior to the selection of any new Proxy Advisory Firms and annually thereafter or more frequently if deemed necessary by Dimensional, the Investment Stewardship Committee will consider whether the Proxy Advisory Firm: (a) has the capacity and competency to timely and adequately analyze proxy issues and provide the Proxy Voting Services the Proxy Advisory Firm has been engaged to provide and (b) can make its recommendations in an impartial manner, in consideration of the best interests of the Advisors' clients, and consistent with the Advisors' voting policies and fiduciary duties. In conducting such a review of a Proxy Advisory Firm, Dimensional may consider the following, depending on the Proxy Voting Services the Proxy Advisory Firm has been engaged to provide:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) periodic sampling of certain votes pre-populated by the Proxy Advisory Firm's systems as well as
votes cast by the Proxy Advisory Firm to review that the Guidelines adopted by the Advisors are being followed;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) onsite visits to the Proxy Advisory Firm office and/or discussions with the Proxy Advisory Firm to determine
whether the Proxy Advisory Firm continues to have the capacity and competency to carry out its proxy obligations to the Advisors;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) a review of those aspects of the Proxy Advisory Firm's policies, procedures, and methodologies for
formulating voting recommendations that the Advisors consider material to the Proxy Voting Services provided to the Advisors, including:
(a) those relating to the Proxy Advisory Firm's efforts to identify, address, mitigate and disclose actual or potential conflicts
of interest, (b) the Proxy Advisory Firm's efforts to obtain current, accurate, and complete information in creating recommendations
and research, and (c) the Proxy Advisory Firm's ability to provide services consistent with ERISA;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) a requirement that the Proxy Advisory Firm notify the Advisors if there is a substantive change in the
Proxy Advisory Firm's policies and procedures described in (iii) above or otherwise to its business practices;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) a review of how and when the Proxy Advisory Firm engages with, and receives and incorporates input from,
portfolio companies, the Proxy Advisory Firm's clients and other third-party information sources as well as how and when the Proxy
Advisory Firm makes available from portfolio companies, or other sources, additional information about a matter to be voted;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) an assessment of how the Proxy Advisory Firm considers factors unique to a specific issuer or proposal
when evaluating a matter subject to a shareholder vote;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) in case of an error made by the Proxy Advisory Firm, a discussion of the error with the Proxy Advisory
Firm and determination of whether (a) the error affected the Proxy Advisory Firm's Proxy Voting Services and (b) appropriate corrective
and preventive action is being taken; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) an assessment of whether the Proxy Advisory Firm appropriately updates its methodologies, guidelines,
and voting recommendations, including to address any deficiencies, on an ongoing basis and incorporates input from issuers and Proxy Advisory
Firm clients in the update process.

In evaluating Proxy Advisory Firms, the Advisors may also consider the adequacy and quality of the Proxy Advisory Firm's staffing, personnel, and/or technology and other factors in its discretion.

**Procedures for Voting Proxies**

The Investment Committee at Dimensional is generally responsible for overseeing each Advisor's proxy voting process. The Investment Committee has formed the Investment Stewardship Committee composed of certain officers, directors and other personnel of the Advisors and has delegated to its members authority to (i) oversee the voting of proxies and the Proxy Advisory Firms, (ii) make determinations as to how to instruct the vote on certain specific proxies, (iii) verify ongoing compliance with this Policy, (iv) receive reports on the review of the Proxy Advisory Firms as described above, and (v) review this Policy from time to time and recommend changes to the Investment Committee. The Investment Stewardship Committee may designate one or more of its members to oversee specific, ongoing compliance with respect to this Policy and may designate personnel of each Advisor to instruct the vote on proxies on behalf of an Advisor's clients, such as authorized traders of the Advisors (collectively, "Authorized Persons"). The Investment Stewardship Committee will review this policy no less frequently than annually and may recommend changes to this Policy to seek to act in a manner consistent with the best interests of the clients.

Generally, the Advisors analyze relevant proxy materials on behalf of their clients and seek to instruct the vote (or refrain from voting) proxies in accordance with this Policy and the Guidelines. A client may direct an Advisor to vote for such client's account differently than what would occur in applying the Policy and the Guidelines. An Advisor may also agree to follow a client's individualized proxy voting guidelines or otherwise agree with a client on particular voting considerations.

Each Advisor seeks to vote (or refrain from voting) proxies for its clients in a manner that the Advisor determines is in the best interests of its clients and which seeks to maximize the value of the client's investments, subject to the standards of legal and regulatory regimes, applicable to the Advisor or the client, and any particular investment or voting guidelines of specific funds or accounts. When voting (or electing to refrain from voting) proxies for clients subject to ERISA, each Advisor shall seek to consider those factors that may affect the economic value of the ERISA client's investment and not subordinate the interests of the client's participants and beneficiaries on their retirement income or financial benefits under the plan to any other objectives. In some cases, the Advisor may determine that it is in the best interests of clients to refrain from exercising the clients' proxy voting rights. The Advisor may determine that voting is not in the best interests of a client and refrain from voting if the costs, including the opportunity costs, of voting would, in the view of the Advisor, exceed the expected benefits of voting to the client.<sup>2</sup> For securities on loan and when the Advisor or an affiliate of the Advisor has agreed to monitor the securities lending program of the client account, the Advisor will balance the revenue-producing value of loans against the difficult-to-assess value of casting votes. It is generally the Advisors' belief that the expected value of casting a vote generally will be less than the securities lending income, either because the votes will not have significant economic consequences or because the outcome of the vote would not be affected by an Advisor recalling loaned securities for voting. In certain countries, such as the United States, the specific terms of the proposals to be voted on by shareholders will generally not be known until after the record

------

<sup>2</sup> If a client does not share with its Advisor information regarding the cost of voting proxies so that the Advisor can perform a cost-benefit analysis, the Advisor will decide whether to vote proxies considering only the information on difficulties and costs that it has available.

date, which determines the shares eligible to be voted. In this situation, the Advisor may not be aware of the subject of a proxy in time to make a decision as to whether the materiality of the voting proposals warrants recalling a security on loan to vote. In addition, because specific record dates may not be known, if the Advisor were to seek to recall securities on loan, the Advisor would need to estimate the record date which would result in the securities being recalled for a longer period of time than otherwise required and may create a greater potential loss of income. Each Advisor does intend to recall securities on loan if, based upon information in the Advisor's possession, it determines that voting the securities is likely to materially affect the value of a client's investment and that it is in the client's best interests to do so.

In cases where an Advisor does not receive a solicitation or enough information within a sufficient time (as reasonably determined by the Advisor) prior to the proxy-voting deadline, the Advisor or its service provider may be unable to vote. As part of the vote execution services provided to the Advisors, a Proxy Advisory Firm pre-populates votes in accordance with the Policy and Guidelines. Such votes are automatically submitted unless modified by an Authorized Person prior to submission. The Advisors conduct sampling of select pre-populated votes prior to the final vote submission. For votes on certain issues, the Advisors conduct additional reviews as part of the voting process. If an Advisor becomes aware that a portfolio company or shareholder proponent of a proposal has filed or intends to file additional soliciting material after a Proxy Advisory Firm has pre-populated votes, and the company or proponent makes this material available within a sufficient time (as reasonably determined by the Advisor) prior to the proxy-voting deadline, the Advisor will assess whether the material could reasonably be expected to impact the Advisor's vote determination and will seek to review and consider any impactful material prior to the proxy-voting deadline.

The Advisors from time to time discuss governance matters with portfolio companies to represent client interests; however, regardless of such conversations, the Advisors acquire securities on behalf of their clients solely for the purpose of investment and not with the purpose or intended effect of changing or influencing the control of any portfolio company. The Advisors do not intend to engage in shareholder activism with respect to a pending vote or matter that an Advisor reasonably expects to be the subject of a shareholder vote in the foreseeable future. If an issuer's management, shareholders or proxy solicitors contact an Advisor with respect to a pending vote, a member of the Investment Stewardship Committee (or its delegee) may listen to such party and discuss this Policy with such party.

**International Proxy Voting**

While the Advisors utilize the Policy and Guidelines for both their international and domestic portfolios and clients, there are some significant differences between voting U.S. company proxies and voting non-U.S. company proxies. For U.S. companies, it is usually relatively easy to vote proxies, as the proxies are typically received automatically and may be voted by mail or electronically. In most cases, the officers of a U.S. company soliciting a proxy act as proxies for the company's shareholders.

With respect to non-U.S. companies, however, it may be both difficult and costly to vote proxies due to local regulations, customs or other requirements or restrictions, and such circumstances and expected costs may outweigh any anticipated economic benefit of voting. The major difficulties and costs may include: (i) appointing a proxy; (ii) obtaining reliable information about the time and location of a meeting; (iii) obtaining relevant information about voting procedures for foreign shareholders; (iv) restrictions on trading securities that are subject to proxy votes (share-blocking periods); (v) arranging for a proxy to vote

locally in person; (vi) fees charged by custody banks for providing certain services with regard to voting proxies; and (vii) foregone income from securities lending programs. The Advisors do not intend to vote proxies of non-U.S. companies if they determine that the expected costs of voting outweigh any anticipated economic benefit to the client of voting. The Advisors intend to make their determination on whether to vote proxies of non-U.S. companies on a client by client basis. In doing so, the Advisors evaluate market requirements and impediments for voting proxies of companies in each country. The Advisors periodically review voting logistics, including costs and other voting difficulties, on a client by client and country by country basis, in order to determine if there have been any material changes that would affect the Advisors' determinations and procedures.<sup>3</sup> In the event an Advisor is made aware of and believes that an issue to be voted is likely to materially affect the economic value of a portfolio, that its client's vote is reasonably likely to be determinative of the outcome of the contest, and that the expected benefits to the client of voting the proxies exceed the expected costs, the Advisor will seek to make reasonable efforts to vote such proxies.

**Fixed Income Securities**

Holders of fixed income securities are generally not entitled to an annual vote and therefore do not have such a mechanism to influence an issuer's governance. From time-to-time holders of fixed income securities can receive proxy ballots or corporate action-consents at the discretion of the issuer/custodian. When processed as proxy ballots, Proxy Advisory Firms generally do not provide a voting recommendation on such matters and the service provider's role is limited to election processing and recordkeeping. In such circumstances the Advisor's fixed income portfolio management team is generally responsible for providing recommendations on how to vote proxy ballots and corporation action-consents and they may consult with members of the Investment Stewardship Group, with the aim of applying the same general principles as are set out in the Guidelines.

**Conflicts of Interest**

Occasions may arise where an Authorized Person, one or more members of the Investment Stewardship Committee, an Advisor, or an affiliated person of an Advisor has a potential conflict of interest in connection with the proxy voting process. A conflict of interest may exist, for example, if an Advisor is actively soliciting investment advisory business from the company soliciting the proxy. Proxies that the Advisors receive on behalf of their clients generally will be voted in accordance with predetermined guidelines or procedures (or a client's predetermined custom guidelines or procedures), and when proxies are voted consistently with such guidelines or procedures, the Advisors consider such votes not to be affected by any conflicts of interest.

In the limited instances where (i) an Authorized Person is considering voting a proxy contrary to predetermined guidelines or procedures (or in cases for which the guidelines or procedures do not prescribe a particular vote and the proposed vote is contrary to the recommendation of the Proxy Advisory Firm primarily used by the Advisors to provide voting recommendations), and (ii) the Authorized Person or any member of the Investment Stewardship Committee believes a potential conflict of interest exists, the Authorized Person will disclose the potential conflict to a member of the Investment Stewardship

------

<sup>3</sup> If a client does not share with its Advisor information regarding the cost of voting proxies for certain non-U.S. companies or in certain countries so that the Advisor can perform a cost-benefit analysis, the Advisor will decide whether to vote proxies considering only the information on difficulties and costs that it has available.

Committee or, in the case of a member of the Investment Stewardship Committee who believes a potential conflict of interest exists, the member will disclose the conflict to the Investment Stewardship Committee. Such disclosure will describe the proposal to be voted upon and disclose any potential conflict of interest including but not limited to any potential personal conflict of interest (e.g., familial relationship with company management) the Authorized Person may have relating to the proxy vote, in which case the Authorized Person will remove himself or herself from the proxy voting process.

If the Investment Stewardship Committee member has actual knowledge of a conflict of interest and recommends a vote contrary to predetermined guidelines or procedures (or in the case where the guidelines or procedures do not prescribe a particular vote and the proposed vote is contrary to the recommendation of the Proxy Advisory Firm), the Investment Stewardship Committee member will bring the vote to the Investment Stewardship Committee, which will (a) determine how the vote should be cast, keeping in mind the principle of preserving shareholder value or (b) determine to abstain from voting, unless abstaining would be materially adverse to the client's interest. To the extent the Investment Stewardship Committee makes a determination regarding how to vote or to abstain for a proxy on behalf of a Dimensional Investment Company in the circumstances described in this paragraph, Dimensional will report annually on such determinations to the respective Board of Directors/Trustees of the Dimensional Investment Company. The Advisors will also consider, where appropriate, other disclosure to clients regarding potential conflicts of interest, dependent upon the agreement with the client.

Voting by Dimensional Funds that hold shares of other Dimensional Funds. To avoid certain potential conflicts of interest, Dimensional generally will employ mirror voting, if possible, when a Dimensional Fund invests in another Dimensional Fund in reliance on any one of Sections 12(d)(1)(E), 12(d)(1)(F) or 12(d)(1)(G) of the Investment Company Act of 1940, as amended, ("1940 Act"), related rules thereunder (including Rule 12d1-1 or Rule 12d1-4 under the 1940 Act), or pursuant to an SEC exemptive order thereunder, unless otherwise required by applicable law or regulation. Mirror voting means that Dimensional will vote the shares in the same proportion as the vote of all of the other holders of the Dimensional Fund's shares. With respect to instances when a Dimensional Fund invests in an underlying Dimensional Fund in reliance on Section 12(d)(1)(G) of the 1940 Act, related rules thereunder (including Rule 12d1-1 or Rule 12d1-4), or pursuant to an SEC exemptive order thereunder, and there are no other unaffiliated shareholders also invested in the underlying Dimensional Fund, Dimensional will vote in accordance with the recommendation of such Dimensional Investment Company's board of trustees or directors, unless otherwise required by applicable law or regulation. With respect to instances when a Dimensional Fund invests in an underlying Dimensional Fund in reliance on Sections 12(d)(1)(E) or 12(d)(1)(F) of the 1940 Act and there are no other unaffiliated shareholders also invested in the underlying Dimensional Fund, Dimensional will employ pass-through voting, unless otherwise required by applicable law or regulation. In "pass-through voting," the investing Dimensional Fund will solicit voting instructions from its shareholders as to how to vote on the underlying Dimensional Fund's proposals.

**Availability of Proxy Voting Information and Recordkeeping**

Each Advisor will inform those clients for which it has voting authority how to obtain information from the Advisor about how it voted with respect to client securities. The Advisor will provide those clients with a summary of its proxy voting guidelines, process and policies and will inform the clients how they can obtain a copy of the complete Policy upon request. If an Advisor is registered under the Advisers Act, the Advisor will also: (i) include such information described in the preceding two sentences in Part 2A of

its Form ADV and (ii) if and as required, seek to file on Form N-PX its proxy voting record in respect of certain votes no later than August 31 of each year, for the twelve-month period ending June 30 of the current year.

**Recordkeeping**

The Advisors will also keep records of the following items: (i) their proxy voting guidelines, policies and procedures and documentation of their annual reviews of such guidelines, policies and procedures; (ii) proxy statements received regarding client securities (unless such statements are available on the SEC's Electronic Data Gathering, Analysis, and Retrieval (EDGAR) system); (iii) records of votes they cast on behalf of clients, which may be maintained by a Proxy Advisory Firm if it undertakes to provide copies of those records promptly upon request; (iv) records of written client requests for proxy voting information and an Advisor's responses (whether a client's request was oral or in writing); (v) any documents prepared by an Advisor that were material to making a decision how to vote, or that memorialized the basis for the decision; (vi) a record of any testing conducted on any Proxy Advisory Firm's votes; and (vii) a copy of each version of the Proxy Advisory Firm's policies and procedures provided to the Advisors. The Advisors will maintain these records in an easily accessible place for at least *six years* from the end of the fiscal year during which the last entry was made on such records. For the first two years, each Advisor will store such records at one of its principal offices.

**Disclosure by the Dimensional Investment Companies**

Dimensional shall disclose in the statements of additional information of the Dimensional Investment Companies a summary of procedures which Dimensional uses to determine how to vote proxies relating to portfolio securities of the Dimensional Investment Companies. The disclosure will include a description of the procedures used when a vote presents a conflict of interest between shareholders and Dimensional, DFA Securities LLC ("DFAS") or an affiliate of Dimensional or DFAS.

The semi-annual reports of the Dimensional Investment Companies shall indicate that a description of the policies and procedures that the Dimensional Investment Companies use in voting proxies of portfolio securities is available: (i) without charge, upon request, by calling Dimensional collect; or (ii) on the SEC's website. Any requested description must be sent within three business days by a prompt method of delivery.

Dimensional, on behalf of each Dimensional Investment Company it advises, each applicable Advisor, and as otherwise as required, shall file its proxy voting record with the SEC on Form N-PX no later than August 31 of each year, for the twelve-month period ending June 30 of the current year. Such filings shall contain all information required to be disclosed on Form N-PX by each Dimensional Investment Company and each Advisor, as applicable.

**<u>Exhibit A</u>**

**<u>Summary of Proxy Voting Guidelines</u>**

**General Approach to Corporate Governance and Proxy Voting**

When voting (or refraining from voting) proxies, Dimensional<sup>4</sup> seeks to act in the best interests of the funds and accounts Dimensional manages and consistent with applicable legal and fiduciary standards. Dimensional seeks to maximize shareholder value subject to the standards of legal and regulatory regimes (applicable to the Advisor or the client), listing requirements, corporate governance and stewardship codes, and the investment or voting guidelines of the fund or account. <sup>5</sup>

Dimensional expects the members of a portfolio company's board to act in the interests of their shareholders. Each portfolio company's board should implement policies and adopt practices that align the interests of the board and management with those of its shareholders. Since a board's main responsibility is to oversee management and to manage and mitigate risk, it is important that board members have the experience and skills to carry out that responsibility.

<br> This summary outlines Dimensional's global approach to key proxy voting issues and highlights particular considerations in specific markets.

**Global Evaluation Framework**

Dimensional's Global Evaluation Framework sets out Dimensional's general expectations for all portfolio companies. When implementing the principles contained in Dimensional's Global Evaluation Framework in a given market, in addition to the relevant legal and regulatory requirements, Dimensional will consider local market practices. Additionally, for portfolio companies in the United States, Europe, the Middle East, Africa, Japan, Australia and other select Asia markets, Dimensional will apply the market-specific considerations contained in the relevant subsection in these Guidelines.

**<u>Uncontested Director Elections</u>**

Dimensional may vote against individual directors, committee members, or the full board of a portfolio company, such as in the following situations:

1. There are problematic audit-related practices;

2. There are problematic compensation practices or persistent pay for performance misalignment;

3. There are problematic anti-takeover provisions;

4. There have been material failures of governance, risk oversight, or fiduciary responsibilities;

5. The board has failed to adequately respond to shareholder concerns;

6. The board has demonstrated a lack of accountability to shareholders;

7. There is an ineffective board refreshment process<sup>6</sup>;

If a director is a member of multiple boards of various portfolio companies, and one of those boards has one of the issues listed in 1-7 above, Dimensional may vote against that director with respect to the board of the portfolio company with the issue as well as any other portfolio company boards.

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<sup>4</sup> "Dimensional" refers to any of Dimensional Fund Advisors LP, Dimensional Fund Advisors Ltd., DFA Australia Limited, Dimensional Ireland Limited, Dimensional Fund Advisors Pte. Ltd. or Dimensional Japan Ltd.

<sup>5</sup> For considerations in connection with ERISA-covered clients, see the Policy and its references to requirements under ERISA.

<sup>6</sup> As used in these guidelines "board refreshment process" means the method for reviewing and establishing the composition of the board of the portfolio company (e.g., assessments or self-evaluation, succession planning, approach for searches for board members, criteria for qualification of board members).

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Dimensional also considers the following when voting on directors of portfolio companies:

1. Board and committee independence;

2. Director attendance: Dimensional generally expects directors to attend at least 75% of board and committee meetings;

3. Director capacity to serve;

4. Board composition.

**<u>Board Refreshment</u>**

An effective board refreshment process for a portfolio company can include the alignment of directors' skills with business needs, assessment of individual director performance and feedback, and a search process for new directors that appropriately incorporates qualification criteria. Dimensional believes information about a portfolio company's assessment and refreshment process should be disclosed and should generally include:

● The processes and procedures by which the portfolio company identifies the key competencies that directors should possess in order to ensure the board is able to appropriately oversee the risks and opportunities associated with the portfolio company's strategy and operations;

● How the performance of individual directors and the board as a whole is assessed;

● The alignment between the skills and expertise of each board member and the key competencies identified in the board assessment process;

● Board refreshment mechanisms;

● Director recruitment policies and procedures; and

● The extent to which diversity considerations are incorporated into board assessment and refreshment practices and director recruitment policies.

In evaluating a portfolio company's refreshment process, Dimensional may consider, among other information:

● Whether the portfolio company's board assessment process meets market best practices in terms of objectiveness, rigor, disclosure, and other criteria;

● Whether the portfolio company has any mechanisms to encourage board refreshment; and

● Whether the portfolio company has board entrenchment devices, such as a classified board or plurality vote standard.

An additional consideration that may lead Dimensional to scrutinize the effectiveness of a portfolio company's board refreshment process is a lack of gender, racial, or ethnic diversity on the board. In jurisdictions where gender, racial, or ethnic representation on a board is not mandated by law, Dimensional may consider whether a portfolio company seeks to follow market best practices as the portfolio company nominates new directors and assesses the performance of existing directors who have the diversity of backgrounds, experiences, and skill-sets needed to effectively oversee management and manage risk.

If Dimensional believes that a portfolio company's board assessment and refreshment process is not sufficiently rigorous, or if the portfolio company fails to disclose adequate information for Dimensional to assess the rigor of the process, Dimensional may vote against members of the Nominating Committee, or other relevant directors.

**<u>Bundled/Slate Director Elections</u>**

Dimensional generally opposes bundled director elections at portfolio companies; however, in markets where individual director elections are not an established practice, bundled elections are acceptable as long as the full list of candidates is disclosed in a timely manner.

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**<u>Contested Director Elections</u>**

In the case of contested board elections at portfolio companies, Dimensional takes a case-by-case approach. With the goal of maximizing shareholder value, Dimensional considers the qualifications of the nominees, the likelihood that each side can accomplish their stated plans, the portfolio company's corporate governance practices, and the incumbent board's history of responsiveness to shareholders.

**<u>Board Size</u>**

Dimensional believes that portfolio company boards are responsible for determining an appropriate size of the board of directors within the confines of relevant corporate governance codes and best practice standards. However, Dimensional will generally oppose proposals to alter board structure or size in the context of a fight for control of the portfolio company or the board.

**<u>Auditors</u>**

Dimensional will typically support the ratification of auditors unless there are concerns with the auditor's independence, the accuracy of the auditor's report, the level of non-audit fees, or if lack of disclosure makes it difficult for us to assess these factors.

In addition to voting against the ratification of the auditors, Dimensional may also vote against or withhold votes from audit committee members at portfolio companies in instances of fraud, material weakness, or significant financial restatements.

**<u>Anti-Takeover Provisions</u>**

Dimensional believes that the market for corporate control, which often results in acquisitions which increase shareholder value, should be able to function without undue restrictions. Takeover defenses such as shareholder rights plans (poison pills) can lead to entrenchment of management and reduced accountability at the board level. Dimensional will generally vote against the adoption of anti-takeover provisions. Dimensional may vote against directors at portfolio companies that adopt or maintain anti-takeover provisions without shareholder approval post-initial public offering ("IPO") or adopted such structures prior to, or in connection with, an IPO. Dimensional may vote against such directors not just at the portfolio company that adopted the anti-takeover provision, but at all other portfolio company boards they serve on.

**<u>Related-Party Transactions</u>**

Related-party transactions have played a significant role in several high-profile corporate scandals and failures. Dimensional believes related-party transactions should be minimized. When such transactions are determined to be fair to the portfolio company and its shareholders in accordance with the portfolio company's policies and governing law, they should be thoroughly disclosed in public filings.

**<u>Amendments to Articles of Association/Incorporation</u>**

Dimensional expects the details of proposed amendments to articles of association or incorporation, or similar portfolio company documents, to be clearly disclosed. Dimensional will typically support such amendments that are routine in nature or are required or prompted by regulatory changes. Dimensional may vote against amendments that negatively impact shareholder rights or diminish board oversight.

**<u>Equity Based Remuneration</u>**

Dimensional supports the adoption of equity plans that align the interests of the portfolio company board, management, and portfolio company employees with those of shareholders.

Dimensional will evaluate equity plans on a case-by-case basis, taking into account the potential dilution to shareholders, the portfolio company's historical use of equity, and the particular plan features.

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**<u>Executive Remuneration</u>**

Dimensional supports remuneration for executives that is clearly linked to the portfolio company's performance. Remuneration should be designed to attract, retain and appropriately motivate and serve as a means to align the interests of executives with those of shareholders.

Dimensional expects portfolio companies to structure executive compensation in a manner that does not insulate management from the consequences of failures of risk oversight and management. Dimensional typically supports clawback provisions in executive compensation plans as a way to mitigate risk of excessive risk taking by executives at portfolio companies.

Dimensional supports remuneration plan metrics that are quantifiable and clearly tied to company strategy and the creation of shareholder value. The use of standard financial metrics, for example, metrics based on generally accepted accounting principles ("GAAP") or international financial reporting standards, when determining executive pay is generally considered by Dimensional to be preferable. The use of non-standard metrics, including those involving large non-GAAP adjustments, result in less transparency for investors and may lead to artificially high executive pay. In evaluating a portfolio company's executive compensation, Dimensional considers whether the portfolio company is disclosing what each metric is intended to capture, how performance is measured, what targets have been set, and performance against those targets. While environmental and social (E&S) issues may be material for shareholder value, Dimensional believes linking E&S metrics to executive pay in a quantifiable and transparent manner can present particular challenges. Dimensional will seek to focus on the rigor of E&S metrics and will seek to scrutinize payouts made under these metrics, particularly when there has been underperformance against other metrics tied to financial performance or shareholder value.

To the extent that remuneration is clearly excessive and not aligned with the portfolio company's performance or other factors, Dimensional would not support such remuneration. Additionally, Dimensional expects portfolio companies to strive to follow local market practices with regards to the specific elements of remuneration and the overall structure of the remuneration plan.

Therefore, Dimensional reviews proposals seeking approval of a portfolio company's executive remuneration plan closely, taking into account the quantum of pay, portfolio company performance, and the structure of the plan.

**<u>Director Remuneration</u>**

Dimensional will generally support director remuneration at portfolio companies that is reasonable in both size and composition relative to industry and market norms.

**<u>Mergers & Acquisitions (M&A)</u>**

Dimensional's primary consideration in evaluating mergers and acquisitions is maximizing shareholder value. Given that Dimensional believes market prices reflect future expected cash flows, an important consideration is the price reaction to the announcement, and the extent to which the deal represents a premium to the pre-announcement price. Dimensional will also consider the strategic rationale, potential conflicts of interest, and the possibility of competing offers.

Dimensional may vote against deals where there are concerns with the acquisition process or where there appear to be significant conflicts of interest.

**<u>Capitalization</u>**

Dimensional will vote case-by-case on proposals related to portfolio company share issuances, taking into account the purpose for which the shares will be used, the risk to shareholders of not approving the request, and the dilution to existing shareholders.

**<u>Unequal Voting Rights</u>**

Dimensional opposes the creation of share structures that provide for unequal voting rights, including dual class stock with unequal voting rights or mechanisms such as loyalty shares that may skew economic ownership and voting rights within the same class of shares, and will generally vote against proposals to create or continue such structures. On a case-by-case basis, Dimensional may also vote against directors at portfolio companies that adopt

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or maintain such structures without shareholder approval post-IPO or adopted such structures prior to, or in connection with, an IPO.

**<u>Say on Climate</u>**

Dimensional will generally vote against management and shareholder proposals to introduce say on climate votes, which propose that companies' climate-risk management plans are put to a recurring advisory shareholder vote. Dimensional believes that strategic planning, including mitigation of climate-related risks and oversight of opportunities presented by potential climate change is the responsibility of the portfolio company board and should not be delegated or transferred to shareholders. If a portfolio company's climate-risk management plan is put to a shareholder vote then Dimensional will generally vote against the plan, regardless of the level of detail contained in the plan, to indicate our opposition to the delegation of oversight implied by such votes If Dimensional observes that a portfolio company board is failing to adequately guard shareholder value through strategic planning, Dimensional may vote against directors.

**<u>Shareholder Proposals</u>**

Dimensional's goal when voting on portfolio company shareholder proposals is to support those proposals that protect or enhance shareholder value through improved board accountability, improved policies and procedures, or improved disclosure.

When evaluating environmental or social shareholder proposals, Dimensional will use research to consider whether the proposal addresses a material issue to the portfolio company, the portfolio company's current handling of the issue (both on an absolute basis and relative to market practices), the portfolio company's compliance with regulatory requirements, and the potential cost to the portfolio company of implementing the proposal.

**<u>Virtual Meetings</u>**

Dimensional does not oppose the use of virtual-only meetings if shareholders are provided with the same rights and opportunities as available during a physical meeting, including:

● The ability to see and hear portfolio company representatives;

● The ability to ask questions of portfolio company representatives; and

● The ability to see or hear questions submitted to portfolio company representatives by other shareholders, including those questions not answered by portfolio company representatives.

**<u>Disclosure of Vote Results</u>**

Dimensional expects detailed disclosure of voting results. In cases where vote results have not been disclosed within a reasonable time frame, Dimensional may vote against individual directors, committee members, or the full board of a portfolio company.

**Voting Guidelines for Environmental and Social Matters**

Dimensional believes that portfolio company boards are responsible for addressing material environmental and social risks within their duties. If a portfolio company is unresponsive to environmental or social risks that may have material economic ramifications for shareholders, Dimensional may vote against directors individually, committee members, or the entire board. Dimensional may communicate with portfolio companies to better understand the alignment of the interests of boards and management with those of shareholders on these topics.

Dimensional evaluates shareholder proposals on environmental or social issues by paying particular attention to the portfolio company's current handling of the issue, current disclosures, the financial materiality of the issue, market practices, and regulatory requirements. Dimensional may vote for proposals requesting disclosure of specific environmental and social data, such as information about board oversight, risk management policies and procedures, or performance against a specific metric, if Dimensional believes that the portfolio company's current disclosure is inadequate to allow shareholders to effectively assess the portfolio company's handling of a material issue.

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**Evaluating Disclosure of Material Environmental or Social Risks**

Dimensional generally believes that information about the oversight and mitigation of material environmental or social risks should be disclosed by portfolio companies. Dimensional generally expects the disclosure regarding oversight and mitigation to include:

● A description of material risks.

● A description of the process for identifying and prioritizing such risks and how frequently it occurs.

● The policies and procedures governing the handling of each material risk.

● A description of the management-level roles/groups involved in oversight and mitigation of each material risk.

● A description of the metrics used to assess the effectiveness of mitigating each material risk, and the frequency at which performance against these metrics is assessed.

● A description of how the board is informed of material risks and the progress against relevant metrics.

In certain instances where Dimensional determines that disclosure by a portfolio company is insufficient for a shareholder to be able to adequately assess the relevant risks facing a portfolio company, Dimensional may, on a case-by-case basis, vote against individual directors, committee members, or the entire board, or may vote in favor of related shareholder proposals consistent with Dimensional's general approach to such proposals.

**<u>Political and Lobbying Activities</u>**

Dimensional expects boards of portfolio companies to exercise oversight of political and lobbying-related expenditures and ensure that such spending is in line with shareholder interests.

In evaluating a portfolio company's policies related to political and lobbying expenditure, Dimensional expects the following practices:

● The board to adopt policies and procedures to oversee political and lobbying expenditures;

● The details of the board oversight, including the policies and procedures governing such expenditures, to be disclosed publicly; and

● That board oversight of political and lobbying activities, such as spending, should include ensuring that the portfolio company's publicly stated positions are in alignment with its related activities and spending.

**<u>Human Capital Management</u>**

Dimensional expects boards of portfolio companies to exercise oversight of human capital management issues. Dimensional expects portfolio companies to disclose sufficient information for shareholders to understand the policies, procedures, and personnel a portfolio company has in place to address issues related to human capital management. This disclosure should include the portfolio company's human capital management goals in key areas, such as compensation, employee health and wellness, employee training and development, and workforce composition, as well as the metrics by which the portfolio company assesses performance against these goals.

**<u>Climate-Related Risks</u>**

Dimensional expects boards of portfolio companies to exercise oversight of climate-related risks that may have a material impact on the portfolio company. Climate-related risks may include physical risks from changing weather patterns and/or transitional risks from changes in regulation or consumer preferences. Dimensional expects portfolio companies to disclose information on their handling of these risks, to the extent those risks may have a material impact on the portfolio company. Disclosure should include:

● The specific risks identified.

● The potential impact these risks could have on the portfolio company's business, operations, or strategy.

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● Whether the risks are overseen by a specific committee or the full board.

● The frequency with which the board or responsible board committee receives updates on the risks and the types of information reviewed.

● The management-level roles/groups responsible for managing these risks.

● The metrics used to assess the handling of these risks, how they are calculated, and the reason for their selection, particularly when the metrics recommended by a recognized third-party framework, such as Task Force for Climate-related Financial Disclosures (TCFD) or Sustainability Accounting Standards Board (SASB), are not being used.

● Targets used by the portfolio company to manage climate-related risks and performance against those targets.

**<u>Human Rights</u>**

Dimensional expects portfolio company boards to exercise oversight of human rights issues that could pose a material risk to the business, including forced labor, child labor, privacy, freedom of expression, and land and water rights. Dimensional expects portfolio companies to disclose information on their handling of these risks, to the extent those risks may have a material impact on the portfolio company. Disclosure should include:

● The specific risks identified

● The potential impact these risks could have on the portfolio company's business, operations, or strategy

● Whether the risks are overseen by a specific committee or the full board

● The frequency with which the board or responsible board committee receives updates on the risks and the types of information reviewed

● Details on how the portfolio company monitors human rights throughout the organization and supply chain, including the scope and frequency of audits and how instances of non-compliance are resolved

● The policies governing human rights throughout the organization and supply chain and the extent to which the policy aligns with recognized global frameworks such as the UN's Guiding Principles on Human Rights and the OECD's Guidelines for Multinational Enterprises

● Details of violations of the policy and corrective action taken

**<u>Cybersecurity</u>**

Dimensional expects portfolio company boards to exercise oversight of cybersecurity issues that could pose a material risk to the business. Dimensional expects portfolio companies to disclose information on their handling of these risks, to the extent those risks may have a material impact on the portfolio company. Disclosure should include:

● Policies and procedures to manage cybersecurity risk and identify cybersecurity incidents

● The role of management in implementing cybersecurity policies and procedures

● The role of the board in overseeing cybersecurity risk and the process by which the board is informed of incidents.

● Material cybersecurity incidents and remedial actions taken.

**Evaluation Framework for U.S. Listed Companies**

**<u>Director Elections:</u>**

**<u>Uncontested Director Elections</u>**

Shareholders elect the board of a portfolio company to represent their interests and oversee management and expect boards to adopt policies and practices that align the interests of the board and management with those of shareholders and limit the potential for conflicts of interest.

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One of the most important measures aimed at ensuring that portfolio company shareholders' interests are represented is an independent board of directors, made up of individuals with the diversity of backgrounds, experiences, and skill-sets needed to effectively oversee management and manage risk. Dimensional expects portfolio company boards to be majority independent and key committees to be fully independent.

Dimensional believes shareholders should have a say in who represents their interests and portfolio companies should be responsive to shareholder concerns. Dimensional may vote against or withhold votes from individual directors, committee members, or the full board, and may also vote against such directors when they serve on other portfolio company boards, in the following situations:

● The continued service of directors who failed to receive the support of a majority of shareholders (regardless of whether the portfolio company uses a majority or plurality vote standard).

● Failure to adequately respond to majority-supported shareholder proposals.

**<u>Contested Director Elections</u>**

In the case of contested board elections at portfolio companies, Dimensional takes a case-by-case approach. With the goal of maximizing shareholder value, Dimensional considers the qualifications of the nominees, the likelihood that each side can accomplish their stated plans, the portfolio company's corporate governance practices, the incumbent board's history of responsiveness to shareholders, and the market's reaction to the contest.

**<u>Board Structure and Composition:</u>**

**<u>Age and Term Limits</u>**

Dimensional believes it is the responsibility of a portfolio company's nominating committee to ensure that the portfolio company's board of directors is composed of individuals with the skills needed to effectively oversee management and will generally oppose proposals seeking to impose age or term limits for directors.

That said, portfolio companies should clearly disclose their director evaluation and board refreshment policies in their proxy. Lack of healthy turnover on the board of a portfolio company or lack of observable diversity on a portfolio company board may lead Dimensional to scrutinize the rigor of a portfolio company's board refreshment process.

**<u>CEO/Chair</u>**

Dimensional believes that the portfolio company boards are responsible for determining whether the separation of roles is appropriate and adequately protects the interests of shareholders.

At portfolio companies with a combined CEO/Chair, Dimensional expects the board to appoint a lead independent director with specific responsibilities, including the setting of meeting agendas, to seek to ensure the board is able to act independently.

Recent environmental, social, and governance controversies resulting from inadequate board oversight may be taken into account when voting on shareholder proposals seeking the separation of the roles of CEO and Chair at a portfolio company.

**<u>Governance Practices:</u>**

**<u>Classified Boards</u>**

Dimensional believes director votes are an important mechanism to increase board accountability to shareholders. Dimensional therefore advocates for boards at portfolio companies to give shareholders the right to vote on the entire slate of directors on an annual basis.

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Dimensional will generally support proposals to declassify existing boards at portfolio companies and will generally oppose efforts by portfolio companies to adopt classified board structures, in which only part of the board is elected each year.

Dimensional will generally vote against or withhold votes from incumbent directors at portfolio companies that adopt a classified board without shareholder approval. Dimensional may also vote against or withhold votes from directors at portfolio companies that adopt classified boards prior to or in connection with an IPO, unless accompanied by a reasonable sunset provision.

**<u>Dual Classes of Stock</u>**

Dual class share structures are generally seen as detrimental to shareholder rights, as they are accompanied by unequal voting rights. Dimensional believes in the principle of one share, one vote.

Dimensional opposes the creation of dual-class share structures with unequal voting rights at portfolio companies and will generally vote against proposals to create or continue dual-class capital structures.

Dimensional will generally vote against or withhold votes from directors at portfolio companies that adopt a dual-class structure without shareholder approval after the portfolio company's IPO. Dimensional will generally vote against or withhold votes from directors for implementation of a dual-class structure prior to or in connection with an IPO, unless accompanied by a reasonable sunset provision.

**<u>Supermajority Vote Requirements</u>**

Dimensional believes that the affirmative vote of a majority of shareholders of a portfolio company should be sufficient to approve items such as bylaw amendments and mergers. Dimensional will generally vote against proposals seeking to implement a supermajority vote requirement and for shareholder proposals seeking the adoption of a majority vote standard.

Dimensional will generally vote against or withhold votes from incumbent directors at portfolio companies that adopt a supermajority vote requirement without shareholder approval. Dimensional may also vote against or withhold votes from directors at portfolio companies that adopt supermajority vote requirements prior to or in connection with an IPO, unless accompanied by a reasonable sunset provision.

**<u>Shareholder Rights Plans (Poison Pills)</u>**

Dimensional generally opposes poison pills. As a result, Dimensional may vote against the adoption of a pill and all directors at a portfolio company that put a pill in place without first obtaining shareholder approval. Votes against (or withheld votes from) directors may extend beyond the portfolio company that adopted the pill, to all boards the directors serve on. In considering a poison pill for approval, Dimensional may take into account the existence of 'qualified offer' and other shareholder-friendly provisions.

For pills designed to protect net operating losses, Dimensional may take into consideration a variety of factors, including but not limited to the size of the available operating losses and the likelihood that they will be utilized to offset gains.

**<u>Cumulative Voting</u>**

Under cumulative voting, each shareholder is entitled to the number of his or her shares multiplied by the number of directors to be elected. Shareholders have the flexibility to allocate their votes among directors in the proportion they see fit, including casting all their votes for one director. This is particularly impactful in the election of dissident candidates to the board in the event of a proxy contest.

Dimensional will typically support proposals that provide for cumulative voting and against proposals to eliminate cumulative voting unless the portfolio company has demonstrated that there are adequate safeguards in place, such as proxy access and majority voting.

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**<u>Majority Voting</u>**

For the election of directors, portfolio companies may adopt either a majority or plurality vote standard. In a plurality vote standard, the directors with the most votes are elected. If the number of directors up for election is equal to the number of board seats, each director only needs to receive one vote in order to be elected. In a majority vote standard, in order to be elected, a director must receive the support of a majority of shares voted or present at the meeting.

Dimensional supports a majority (rather than plurality) voting standard for uncontested director elections at portfolio companies. The majority vote standard should be accompanied by a director resignation policy to address failed elections.

To account for contested director elections, portfolio companies with a majority vote standard should include a carve-out for plurality voting in situations where there are more nominees than seats.

**<u>Right to Call Meetings and Act by Written Consent</u>**

Dimensional will generally support the right of shareholders to call special meetings of a portfolio company board (if they own 25% of shares outstanding) and take action by written consent.

**<u>Proxy Access</u>**

Dimensional will typically support management and shareholder proposals for proxy access that allow a shareholder (or group of shareholders) holding three percent of voting power for three years to nominate up to 25 percent of a portfolio company board. Dimensional will typically vote against proposals that are more restrictive than these guidelines.

**<u>Amend Bylaws/Charters</u>**

Dimensional believes that shareholders should have the right to amend a portfolio company's bylaws. Dimensional will generally vote against or withhold votes from incumbent directors at portfolio companies that place substantial restrictions on shareholders' ability to amend bylaws through excessive ownership requirements for submitting proposals or restrictions on the types of issues that can be amended.

**<u>Exclusive Forum</u>**

Dimensional is generally supportive of management proposals at portfolio companies to adopt an exclusive forum for shareholder litigation.

**<u>Indemnification and Exculpation of Directors and Officers</u>**

Dimensional intends to evaluate proposals seeking to enact or expand indemnification or exculpation provisions on a case-by-case basis considering board rationale and specific provisions being proposed.

**<u>Advance Notice Provisions</u>**

Portfolio company bylaw amendments known as "advance notice provisions" set out the steps shareholders must follow when submitting an item for inclusion on the agenda of a shareholder meeting. These provisions may serve as an entrenchment device that can result in reduced accountability at the board level in cases where they impose onerous requirements on shareholders wishing to submit a nominee for the board of directors. When evaluating advanced notice provisions, whether for the submission of a shareholder candidate or the submission of other permissible proposals, Dimensional generally does not support provisions that:

● Require shareholder-nominated candidates to disclose information that is not required for new board-nominated candidates

● Impose unduly burdensome disclosure requirements on shareholder proponents

● Significantly limit the time period shareholders have to submit proposals or nominees

Dimensional may vote against or withhold votes from directors who adopt such provisions without shareholder approval.

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**<u>Executive and Director Compensation:</u>**

**<u>Equity-Based Compensation</u>**

Dimensional supports the adoption of equity plans that align the interests of portfolio company board, management, and portfolio company employees with those of shareholders.

Dimensional will evaluate equity plans on a case-by-case basis, taking into account the potential dilution to shareholders, the portfolio company's historical use of equity, and the particular plan features.

Dimensional will typically vote against plans that have features that have a negative impact on shareholders of portfolio companies. Such features include single-trigger or discretionary vesting, an overly broad definition of change in control, a lack of minimum vesting periods for grants, evergreen provisions, and the ability to reprice shares without shareholder approval.

Dimensional may also vote against equity plans if problematic equity grant practices have contributed to a pay for performance misalignment at the portfolio company.

**<u>Employee Stock Purchase Plans</u>**

Dimensional will generally support qualified employee stock purchase plans (as defined by Section 423 of the Internal Revenue Code), provided that the purchase price is no less than 85 percent of market value, the number of shares reserved for the plan is no more than ten percent of outstanding shares, and the offering period is no more than 27 months.

**<u>Advisory Votes on Executive Compensation (Say on Pay)</u>**

Dimensional supports reasonable compensation for executives that is clearly linked to the portfolio company's performance. Compensation should serve as a means to align the interests of executives with those of shareholders. To the extent that compensation is excessive, it represents a transfer to management of shareholder wealth. Therefore, Dimensional reviews proposals seeking approval of a portfolio company's executive compensation plan closely, taking into account the quantum of pay, portfolio company performance, and the structure of the plan.

Certain practices, such as:

● multi-year guaranteed bonuses

● excessive severance agreements (particularly those that vest without involuntary job loss or diminution of duties or those with excise-tax gross-ups)

● single, or the same, metrics used for both short-term and long-term executive compensation plans may encourage excessive risk-taking by executives at portfolio companies and are generally opposed by Dimensional.

At portfolio companies that have a history of problematic pay practices or excessive compensation, Dimensional will consider the portfolio company's responsiveness to shareholders' concerns and may vote against or withhold votes from members of the compensation committee if these concerns have not been addressed.

**<u>Frequency of Say on Pay</u>**

Executive compensation in the United States is typically composed of three parts: 1) base salary; 2) cash bonuses based on annual performance (short-term incentive awards); 3) and equity awards based on performance over a multi-year period (long-term incentive awards).

Dimensional supports triennial say on pay because it allows for a longer-term assessment of whether compensation was adequately linked to portfolio company performance. This is particularly important in situations where a portfolio company makes significant changes to their long-term incentive awards, as the effectiveness of such changes in aligning pay and performance cannot be determined in a single year.

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If there are serious concerns about a portfolio company's compensation plan in a year where the plan is not on the ballot, Dimensional may vote against or withhold votes from members of the Compensation Committee.

**<u>Executive Severance Agreements (Golden Parachutes)</u>**

Dimensional analyzes golden parachute proposals on a case-by-case basis.

Dimensional expects payments to be reasonable on both an absolute basis and relative to the value of the transaction. Dimensional will typically vote against agreements with cash severance of more than 3x salary and bonus.

Dimensional expects vesting of equity to be contingent on both a change in control and a subsequent involuntary termination of the employee ("double-trigger change in control").

**<u>Corporate Actions:</u>**

**<u>Reincorporation</u>**

Dimensional will evaluate reincorporation proposals on a case-by-case basis.

Dimensional may vote against reincorporations if the move would result in a substantial diminution of shareholder rights at the portfolio company.

**<u>Capitalization:</u>**

**<u>Increase Authorized Shares</u>**

Dimensional will vote case-by-case on proposals seeking to increase common or preferred stock of a portfolio company, taking into account the purpose for which the shares will be used and the risk to shareholders of not approving the request.

Dimensional will typically vote against requests for common or preferred stock issuances that are excessively dilutive relative to common market practice.

Dimensional will typically vote against proposals at portfolio companies with multiple share classes to increase the number of shares of the class with superior voting rights.

**<u>Blank Check Preferred Stock</u>**

Blank check preferred stock is stock that can be issued at the discretion of the board, with the voting, conversion, distribution, and other rights determined by the board at the time of issue. Therefore, blank check preferred stock can potentially serve as means to entrench management and prevent takeovers at portfolio companies.

To mitigate concerns regarding what Dimensional believes is the inappropriate use of blank check preferred stock, Dimensional expects portfolio companies seeking approval for blank preferred stock to clearly state that the shares will not be used for anti-takeover purposes.

**<u>Share Repurchases</u>**

Dimensional will generally support open-market share repurchase plans that allow all shareholders to participate on equal terms. Portfolio companies that use metrics such as earnings per share (EPS) in their executive compensation plans should ensure that the impact of such repurchases are taken into account when determining payouts.

**<u>Shareholder Proposals:</u>**

Dimensional's goal when voting on portfolio company shareholder proposals is to support those proposals that protect or enhance shareholder value through improved board accountability, improved policies and procedures, or improved disclosure.

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When evaluating environmental or social shareholder proposals, Dimensional will use research to consider whether the proposal addresses a material issue to the portfolio company, the portfolio company's current handling of the issue (both on an absolute basis and relative to market practices), the portfolio company's compliance with regulatory requirements, and the potential cost to the portfolio company of implementing the proposal.

In instances where a shareholder proposal is excluded from the meeting agenda but the SEC has declined to state a view on whether such proposal can be excluded, Dimensional expects the portfolio company to provide shareholders with substantive disclosure concerning this exclusion. If substantive disclosure is lacking, Dimensional may vote against or withhold votes from certain directors on a case-by-case basis.

**Evaluation Framework for Europe, the Middle East, and Africa (EMEA) Listed Companies**

**<u>Continental Europe:</u>**

**<u>Director Election Guidelines</u>**

● Portfolio company boards should be majority independent (excluding shareholder or employee representatives as provided by law); however, lower levels of board independence may be acceptable in controlled companies and in those markets where local best practice indicates that at least one-third of the board be independent.

● A majority of audit and remuneration committee members (excluding shareholder or employee representatives as provided by law) should be independent; the committees overall should be at least one-third independent.

● Executives should generally not serve on audit and remuneration committees.

● The CEO and board chair roles should generally be separate.

**<u>Remuneration Guidelines</u>**

Dimensional expects annual remuneration reports published by portfolio companies pursuant to the Shareholder Rights Directive II to disclose, at a minimum:

● The amount paid to executives ;

● Alignment between pay and performance;

● The targets used for variable incentive plans and the ex-post levels achieved ; and

● The rationale for any discretion applied.

**<u>Other Market Specific Guidelines for Continental Europe</u>**

● In Austria, Germany, and the Netherlands, Dimensional will generally vote against the appointment of a former CEO as chairman of the board of directors or supervisory board of a portfolio company.

**<u>United Kingdom & Ireland:</u>**

Dimensional expects portfolio companies to follow the requirements of the UK Corporate Governance Code with regards to board and committee composition. When evaluating portfolio company boards Dimensional will also consider the recommendations of the FTSE Women Leaders and Parker Reviews with regards to female and minority representation on the board.

Dimensional also expects companies to align their remuneration with the requirements of the UK Corporate Governance Code and to consider best practices such as those set forth in the Investment Association Principles of Remuneration.

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**<u>South Africa:</u>**

Dimensional expects portfolio companies to follow the recommendations of the King Report on Corporate Governance (King Code IV) with regards to board and committee composition.

**<u>Turkey:</u>**

Dimensional expects the board of directors of a portfolio company to be at least one-third independent; at minimum two directors should be independent.

Dimensional expects the board of a portfolio company to establish an independent audit committee.

Dimensional expects the board of a portfolio company to establish a board committee with responsibility for compensation and nominating matters. This committee should be chaired by an independent director.

**Framework for Evaluating Australia-Listed Companies**

**<u>Uncontested Director Elections</u>**

Shareholders elect the board of a portfolio company to represent their interests and oversee management and expect portfolio company boards to adopt policies and practices that align the interests of the board and management with those of shareholders and limit the potential for conflicts of interest.

One of the most important measures aimed at ensuring that portfolio company shareholders' interests are represented is an independent board of directors, made up of individuals with the diversity of backgrounds, experiences, and skill-sets needed to effectively oversee management and manage risk. Dimensional expects portfolio company boards to be majority independent.

Dimensional believes that key audit and remuneration committees should be composed of independent directors. Dimensional will generally vote against executive directors of the portfolio company who serve on the audit committee or who serve on the remuneration committee if the remuneration committee is not majority independent.

Dimensional will consider the ASX Corporate Governance Council Principles and Recommendations (the "ASX Principles and Recommendations") with regards to female representation on the board when voting on directors.

**<u>CEO/Chair</u>**

Dimensional expects portfolio companies to follow the ASX Corporate Governance Council Principles and Recommendations and generally separate the CEO and board chair roles, with the board chair being an independent director.

**<u>Auditors</u>**

Australian law does not require the annual ratification of auditors; therefore, concerns with a portfolio company's audit practices will be reflected in votes against members of the audit committee.

Dimensional may vote against audit committee members at a portfolio company if there are concerns with the auditor's independence, the accuracy of the auditor's report, the level of non-audit fees, or if lack of disclosure makes it difficult to assess these factors.

Dimensional may also vote against audit committee members in instances of fraud or material failures in oversight of audit functions.

**<u>Share Issuances</u>**

Dimensional will evaluate requests for share issuances on a case-by-case basis, taking into account factors such as the impact on current shareholders and the rationale for the request.

When voting on approval of prior share distributions, Dimensional will generally support prior issuances that conform to the dilution guidelines set out in ASX Listing Rule 7.1.

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**<u>Share Repurchase</u>**

Dimensional will evaluate requests for share repurchases on a case-by-case basis, taking into account factors such as the impact on current shareholders, the rationale for the request, and the portfolio company's history of repurchases. Dimensional expects repurchases to be made in arms-length transactions using independent third parties.

Dimensional may vote against portfolio company plans that do not include limitations on the portfolio company's ability to use the plan to repurchase shares from third parties at a premium and limitations on the use of share purchases as an anti-takeover device.

**<u>Constitution Amendments</u>**

Dimensional will evaluate requests for amendments to a portfolio company's constitution on a case-by-case basis. The primary consideration will be the impact on the rights of shareholders.

**<u>Non-Executive Director Remuneration</u>**

Dimensional will support non-executive director remuneration at portfolio companies that is reasonable in both size and composition relative to industry and market norms.

Dimensional will generally vote against components of non-executive director remuneration that are likely to impair a director's independence, such as options or performance-based remuneration.

**<u>Equity-Based Remuneration</u>**

Dimensional supports the adoption of equity plans that align the interests of the portfolio company board, management, and portfolio company employees with those of shareholders.

Companies should clearly disclose components of the plan, including vesting periods and performance hurdles.

Dimensional may vote against plans that are exceedingly dilutive to existing shareholders. Plans that permit retesting or repricing will generally be viewed unfavorably.

**Framework for Evaluating Japan-Listed Securities**

**<u>Uncontested Director Elections</u>**

Shareholders elect the board of a portfolio company to represent their interests and oversee management and expect portfolio company boards to adopt policies and practices that align the interests of the board and management with those of shareholders and limit the potential for conflicts of interest.

One of the most important measures aimed at ensuring that portfolio company shareholders' interests are represented is an independent board of directors, made up of individuals with the diversity of backgrounds, experiences, and skill sets needed to effectively oversee management and manage risk. With respect to gender diversity, Dimensional may consider local market practice, including requirements under the Japan Corporate Governance Code, and may vote against directors if the board does not meet established market norms.

At portfolio companies with a three-committee structure, Dimensional expects at least one-third of the board to be outsiders. Ideally, the board should be majority independent. At portfolio companies with a three-committee structure that have a controlling shareholder, at least two directors and at least one-third of the board should be independent outsiders.

At portfolio companies with an audit committee structure, Dimensional expects at least one-third of the board to be outsiders. Ideally, the audit committee should be entirely independent; at minimum, any outside directors who serve on the committee should be independent. At portfolio companies with an audit committee structure that have a controlling shareholder, at least two directors and at least one-third of the board should be independent outsiders.

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At portfolio companies with a statutory auditor structure, Dimensional expects at least two directors and at least one-third of the board to be outsiders. At portfolio companies with a statutory auditor structure that have a controlling shareholder, at least two directors and at least one-third of the board should be independent outsiders.

**<u>Statutory Auditors</u>**

Statutory auditors are responsible for effectively overseeing management and ensuring that decisions made are in the best interest of shareholders. Dimensional may vote against statutory auditors who are remiss in their responsibilities.

When voting on outside statutory auditors, Dimensional expects nominees to be independent and to have the capacity to fulfill the requirements of their role as evidenced by attendance at meetings of the board of directors or board of statutory auditors.

**<u>Director and Statutory Auditor Compensation</u>**

Dimensional will support compensation for portfolio company directors and statutory auditors that is reasonable in both size and composition relative to industry and market norms.

When requesting an increase to the level of director fees, Dimensional expects portfolio companies to provide a specific reason for the increase. Dimensional will generally support an increase of director fees if it is in conjunction with the introduction of performance-based compensation, or where the ceiling for performance-based compensation is being increased. Dimensional will generally not support an increase in director fees if there is evidence that the directors have been remiss in effectively overseeing management or ensuring that decisions made are in the best interest of shareholders.

Dimensional will typically support an increase to the statutory auditor compensation ceiling unless there is evidence that the statutory auditors have been remiss in effectively overseeing management or ensuring that decisions made are in the best interest of shareholders.

Dimensional will generally support the granting of annual bonuses to portfolio company directors and statutory auditors unless there is evidence the board or the statutory auditors have been remiss in effectively overseeing management or ensuring that decisions made are in the best interest of shareholders.

Dimensional generally supports the granting of retirement benefits to portfolio company insiders, so long as the individual payments, and aggregate amount of such payments, is disclosed.

Dimensional will generally vote against the granting of retirement bonuses if there is evidence the portfolio company board or statutory auditors have been remiss in effectively overseeing management or ensuring that decisions made are in the best interest of shareholders.

**<u>Equity Based Compensation</u>**

Dimensional supports the adoption of equity plans that align the interests of the portfolio company board, management, and portfolio company employees with those of shareholders.

Dimensional will typically support stock option plans to portfolio company executives and employees if total dilution from the proposed plans and previous plans does not exceed 5 percent for mature companies or 10 percent for growth companies.

Dimensional will generally vote against stock plans if upper limit of options that can be issued per year is not disclosed.

For deep-discounted stock option plans, Dimensional typically expects portfolio companies to disclose specific performance hurdles.

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**<u>Capital Allocation</u>**

Dimensional will typically support well-justified dividend payouts that do not negatively impact the portfolio company's overall financial health.

**<u>Share Repurchase</u>**

Dimensional is typically supportive of portfolio company boards having discretion over share repurchases absent concerns with the portfolio company's balance sheet management, capital efficiency, buyback and dividend payout history, board composition, or shareholding structure.

Dimensional will typically support proposed repurchases that do not have a negative impact on shareholder value.

For repurchases of more than 10 percent of issue share capital, Dimensional expects the portfolio company to provide a robust explanation for the request.

**<u>Cross-Shareholding</u>**

Dimensional generally believes that portfolio companies should not allocate significant portions of their net assets to investments in companies for non-investment purposes. For example, in order to strengthen relationships with customers, suppliers, or borrowers. Such cross-shareholding, whether unilateral or reciprocal, can compromise director independence, entrench management, and reduce director accountability to uninterested shareholders. Dimensional may vote against certain directors at companies with excessive cross-shareholdings.

**<u>Shareholder Rights Plans (Poison Pills)</u>**

Dimensional believes the market for corporate control, which can result in acquisitions that are accretive to shareholders, should be able to function without undue restrictions. Takeover defenses such as poison pills can lead to entrenchment and reduced accountability at the board level.

**<u>Indemnification and Limitations on Liability</u>**

Dimensional generally supports limitations on liability for directors and statutory auditors in ordinary circumstances.

**<u>Limit Legal Liability of External Auditors</u>**

Dimensional generally opposes limitations on the liability of external auditors.

**<u>Increase in Authorized Capital</u>**

Dimensional will typically support requests for increases of less than 100 percent of currently authorized capital, so long as the increase does not leave the portfolio company with less than 30 percent of the proposed authorized capital outstanding.

For increases that exceed these guidelines, Dimensional expects portfolio companies to provide a robust explanation for the increase.

Dimensional will generally not support requests for increases that will be used as an anti-takeover device.

**<u>Expansion of Business Activities</u>**

For well performing portfolio companies seeking to expand their business into enterprises related to their core business, Dimensional will typically support management requests to amend the portfolio company's articles to expand the portfolio company's business activities.

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**Framework for Evaluating Securities in Other Select Asian Markets**

**<u>Uncontested Director Elections</u>**

Dimensional expects portfolio companies to disclose biographical information about director candidates sufficient for shareholders to assess the candidate's independence and suitability for board service.

Dimensional expects that portfolio companies will at a minimum meet mandated regulatory or listing standards levels for board independence but should work towards meeting the applicable requirements of the relevant Corporate Governance code.

Dimensional maintains the following expectations for board independence at portfolio companies. The calculation of the level of independence will generally exclude shareholder or employee representatives as provided by law.

● All boards of directors of Malaysian portfolio companies should be at least 33% independent. Boards of directors of Malaysian "Large Companies" as defined by the Securities Commission Malaysia should be majority independent.

● Boards of directors of Indian and Singaporean portfolio companies should be at least 50% independent if the board chair is not independent. If the board chair is independent, the board of directors should be at least 33% independent.

● Boards of directors of Thai, Filipino, Hong Kong and mainland Chinese portfolio companies should be at least 33% independent.

● Boards of directors of Taiwanese portfolio companies should have no fewer than two independent directors and no less than 20% independence.

● Boards of Commissioners of Indonesian portfolio companies should be at least 30% independent, except for banks, insurance companies, and financial institutions which should be 50% independent.

● Boards of directors of South Korean portfolio companies should be at least 25% independent. The board of directors of Large Companies, as defined by the Commercial Act of South Korea, should be majority independent.

**<u>Director Remuneration</u>**

In most Asian markets, director remuneration generally consists of both fees and bonuses.

Dimensional will generally support the payment of fees for serving as a director, fees for attending meetings, and other market-permitted remuneration if the size of such fees and other director remuneration is reasonable relative to industry and market norms.

In the absence of specific proposals to approve director remuneration (including fees and bonuses), Dimensional may vote against the directors who receive such remuneration if concerns are identified.

**<u>Equity Based Remuneration</u>**

In most Asian markets, equity plans are developed and presented for shareholder approval as part of employee remuneration. Equity plans may consist of stock options, restricted shares, or performance shares.

When voting on stock-option plans, restricted share plans, and performance share plans, Dimensional will consider the extent to which the plan is performance based, the length of performance and vesting periods, and the treatment of equity upon a change in control.

For stock-option plans, if the plan provides for a discount to the market price, Dimensional will consider the reasonableness and rationale for such a discount in light of local market standards.

In instances where Dimensional has identified concerns with a portfolio company's equity plan or equity granting practices, Dimensional will generally oppose the extension of the plan to subsidiary or associate companies.

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**<u>Exhibit A</u>**

**<u>Summary of Sustainability Proxy Voting Guidelines</u>**

**General Approach to Corporate Governance and Proxy Voting**

When voting (or refraining from voting) proxies, Dimensional<sup>7</sup> seeks to act in the best interests of the funds and accounts Dimensional manages and consistent with applicable legal and fiduciary standards. Dimensional seeks to maximize shareholder value subject to the standards of legal and regulatory regimes (applicable to the Advisor or the client), listing requirements, corporate governance and stewardship codes, and the investment or voting guidelines of the fund or account.

Dimensional expects the members of a portfolio company's board to act in the interests of their shareholders. Each portfolio company's board should implement policies and adopt practices that align the interests of the board and management with those of its shareholders. Since a board's main responsibility is to oversee management and to manage and mitigate risk, it is important that board members have the experience and skills to carry out that responsibility.

<br> This summary outlines Dimensional's global approach to key proxy voting issues and highlights particular considerations in specific markets for the funds and accounts that incorporate sustainability considerations in their investment guidelines or have made an affirmative election or provided instruction that Dimensional should prioritize such considerations as part of voting (the "Sustainability-Voting Funds and Accounts").

**Global Evaluation Framework – Sustainability**

Dimensional's Global Evaluation Framework – Sustainability sets out Dimensional's general expectations for all portfolio companies in Sustainability-Voting Funds and Accounts. When implementing the principles contained in Dimensional's Global Evaluation Framework in a given market, in addition to the relevant legal and regulatory requirements, Dimensional will consider local market practices. Additionally, for portfolio companies in the United States, Europe, the Middle East, Africa, Japan, Australia and other select Asia markets, Dimensional will apply the market-specific considerations contained in the relevant subsection in these Guidelines.

**<u>Uncontested Director Elections</u>**

Dimensional may vote against individual directors, committee members, or the full board of a portfolio company, such as in the following situations:

1. There are problematic audit-related practices;

2. There are problematic compensation practices or persistent pay for performance misalignment;

3. There are problematic anti-takeover provisions;

4. There have been material failures of governance, risk oversight, or fiduciary responsibilities;

5. The board has failed to adequately respond to shareholder concerns;

6. The board has demonstrated a lack of accountability to shareholders;

7. There is an ineffective board refreshment process<sup>8</sup>;

------

<sup>7</sup> "Dimensional" refers to any of Dimensional Fund Advisors LP, Dimensional Fund Advisors Ltd., DFA Australia Limited, Dimensional Ireland Limited, Dimensional Fund Advisors Pte. Ltd. or Dimensional Japan Ltd.

<sup>8</sup> As used in these guidelines "board refreshment process" means the method for reviewing and establishing the composition of the board of the portfolio company (e.g., assessments or self-evaluation, succession planning, approach for searches for board members, criteria for qualification of board members).

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Additionally, Dimensional may vote against directors, committee members, or the full board of portfolio companies in sectors with high greenhouse gas emissions which have not disclosed targets to reduce their greenhouse gas emissions.

If a director is a member of multiple boards of various portfolio companies, and one of those boards has one of the issues listed in 1-7 above, Dimensional may vote against that director with respect to the board of the portfolio company with the issue as well as any other portfolio company boards.

Dimensional also considers the following when voting on directors of portfolio companies:

1. Board and committee independence;

2. Director attendance: Dimensional generally expects directors to attend at least 75% of board and committee meetings;

3. Director capacity to serve;

4. Board composition.

**<u>Board Refreshment</u>**

An effective board refreshment process for a portfolio company can include the alignment of directors' skills with business needs, assessment of individual director performance and feedback, and a search process for new directors that appropriately incorporates qualification criteria. Dimensional believes information about a portfolio company's assessment and refreshment process should be disclosed and should generally include:

● The processes and procedures by which the portfolio company identifies the key competencies that directors should possess in order to ensure the board is able to appropriately oversee the risks and opportunities associated with the portfolio company's strategy and operations;

● How the performance of individual directors and the board as a whole is assessed;

● The alignment between the skills and expertise of each board member and the key competencies identified in the board assessment process;

● Board refreshment mechanisms;

● Director recruitment policies and procedures; and

● The extent to which diversity considerations are incorporated into board assessment and refreshment practices and director recruitment policies.

In evaluating a portfolio company's refreshment process, Dimensional may consider, among other information:

● Whether the portfolio company's board assessment process meets market best practices in terms of objectiveness, rigor, disclosure, and other criteria;

● Whether the portfolio company has any mechanisms to encourage board refreshment; and

● Whether the portfolio company has board entrenchment devices, such as a classified board or plurality vote standard.

An additional consideration that may lead Dimensional to scrutinize the effectiveness of a portfolio company's board refreshment process is a lack of gender, racial, or ethnic diversity on the board. In jurisdictions where gender, racial, or ethnic representation on a board is not mandated by law, Dimensional may consider whether a portfolio company seeks to follow market best practices as the portfolio company nominates new directors and assesses the performance of existing directors who have the diversity of backgrounds, experiences, and skill-sets needed to effectively oversee management and manage risk.

If Dimensional believes that a portfolio company's board assessment and refreshment process is not sufficiently rigorous, or if the portfolio company fails to disclose adequate information for Dimensional to assess the rigor of the process, Dimensional may vote against members of the Nominating Committee, or other relevant directors.

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**<u>Bundled/Slate Director Elections</u>**

Dimensional generally opposes bundled director elections at portfolio companies; however, in markets where individual director elections are not an established practice, bundled elections are acceptable as long as the full list of candidates is disclosed in a timely manner.

**<u>Contested Director Elections</u>**

In the case of contested board elections at portfolio companies, Dimensional takes a case-by-case approach. With the goal of maximizing shareholder value, Dimensional considers the qualifications of the nominees, the likelihood that each side can accomplish their stated plans, the portfolio company's corporate governance practices, and the incumbent board's history of responsiveness to shareholders.

**<u>Board Size</u>**

Dimensional believes that portfolio company boards are responsible for determining an appropriate size of the board of directors within the confines of relevant corporate governance codes and best practice standards. However, Dimensional will generally oppose proposals to alter board structure or size in the context of a fight for control of the portfolio company or the board.

**<u>Auditors</u>**

Dimensional will typically support the ratification of auditors unless there are concerns with the auditor's independence, the accuracy of the auditor's report, the level of non-audit fees, or if lack of disclosure makes it difficult for us to assess these factors.

In addition to voting against the ratification of the auditors, Dimensional may also vote against or withhold votes from audit committee members at portfolio companies in instances of fraud, material weakness, or significant financial restatements.

**<u>Anti-Takeover Provisions</u>**

Dimensional believes that the market for corporate control, which often results in acquisitions which increase shareholder value, should be able to function without undue restrictions. Takeover defenses such as shareholder rights plans (poison pills) can lead to entrenchment of management and reduced accountability at the board level. Dimensional will generally vote against the adoption of anti-takeover provisions. Dimensional may vote against directors at portfolio companies that adopt or maintain anti-takeover provisions without shareholder approval post-initial public offering ("IPO") or adopted such structures prior to, or in connection with, an IPO. Dimensional may vote against such directors not just at the portfolio company that adopted the anti-takeover provision, but at all other portfolio company boards they serve on.

**<u>Related-Party Transactions</u>**

Related-party transactions have played a significant role in several high-profile corporate scandals and failures. Dimensional believes related-party transactions should be minimized. When such transactions are determined to be fair to the portfolio company and its shareholders in accordance with the portfolio company's policies and governing law, they should be thoroughly disclosed in public filings.

**<u>Amendments to Articles of Association/Incorporation</u>**

Dimensional expects the details of proposed amendments to articles of association or incorporation, or similar portfolio company documents, to be clearly disclosed. Dimensional will typically support such amendments that are routine in nature or are required or prompted by regulatory changes. Dimensional may vote against amendments that negatively impact shareholder rights or diminish board oversight.

**<u>Equity Based Remuneration</u>**

Dimensional supports the adoption of equity plans that align the interests of the portfolio company board, management, and portfolio company employees with those of shareholders.

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Dimensional will evaluate equity plans on a case-by-case basis, taking into account the potential dilution to shareholders, the portfolio company's historical use of equity, and the particular plan features.

**<u>Executive Remuneration</u>**

Dimensional supports remuneration for executives that is clearly linked to the portfolio company's performance. Remuneration should be designed to attract, retain and appropriately motivate and serve as a means to align the interests of executives with those of shareholders.

Dimensional expects portfolio companies to structure executive compensation in a manner that does not insulate management from the consequences of failures of risk oversight and management. Dimensional typically supports clawback provisions in executive compensation plans as a way to mitigate risk of excessive risk taking by executives at portfolio companies.

Dimensional supports remuneration plan metrics that are quantifiable and clearly tied to company strategy and the creation of shareholder value. The use of standard financial metrics, for example, metrics based on generally accepted accounting principles ("GAAP") or international financial reporting standards, when determining executive pay is generally considered by Dimensional to be preferable. The use of non-standard metrics, including those involving large non-GAAP adjustments, result in less transparency for investors and may lead to artificially high executive pay. In evaluating a portfolio company's executive compensation, Dimensional considers whether the portfolio company is disclosing what each metric is intended to capture, how performance is measured, what targets have been set, and performance against those targets. While environmental and social (E&S) issues may be material for shareholder value, Dimensional believes linking E&S metrics to executive pay in a quantifiable and transparent manner can present particular challenges. Dimensional will seek to focus on the rigor of E&S metrics and will seek to scrutinize payouts made under these metrics, particularly when there has been underperformance against other metrics tied to financial performance or shareholder value.

To the extent that remuneration is clearly excessive and not aligned with the portfolio company's performance or other factors, Dimensional would not support such remuneration. Additionally, Dimensional expects portfolio companies to strive to follow local market practices with regards to the specific elements of remuneration and the overall structure of the remuneration plan.

Therefore, Dimensional reviews proposals seeking approval of a portfolio company's executive remuneration plan closely, taking into account the quantum of pay, portfolio company performance, and the structure of the plan.

**<u>Director Remuneration</u>**

Dimensional will generally support director remuneration at portfolio companies that is reasonable in both size and composition relative to industry and market norms.

**<u>Mergers & Acquisitions (M&A)</u>**

Dimensional's primary consideration in evaluating mergers and acquisitions is maximizing shareholder value. Given that Dimensional believes market prices reflect future expected cash flows, an important consideration is the price reaction to the announcement, and the extent to which the deal represents a premium to the pre-announcement price. Dimensional will also consider the strategic rationale, potential conflicts of interest, and the possibility of competing offers.

Dimensional may vote against deals where there are concerns with the acquisition process or where there appear to be significant conflicts of interest.

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**<u>Capitalization</u>**

Dimensional will vote case-by-case on proposals related to portfolio company share issuances, taking into account the purpose for which the shares will be used, the risk to shareholders of not approving the request, and the dilution to existing shareholders.

**<u>Unequal Voting Rights</u>**

Dimensional opposes the creation of share structures that provide for unequal voting rights, including dual class stock with unequal voting rights or mechanisms such as loyalty shares that may skew economic ownership and voting rights within the same class of shares, and will generally vote against proposals to create or continue such structures. On a case-by-case basis, Dimensional may also vote against directors at portfolio companies that adopt or maintain such structures without shareholder approval post-IPO or adopted such structures prior to, or in connection with, an IPO.

**<u>Say on Climate</u>**

Dimensional will generally vote against management and shareholder proposals to introduce say on climate votes, which propose that companies' climate-risk management plans are put to a recurring advisory shareholder vote. Dimensional believes that strategic planning, including mitigation of climate-related risks and oversight of opportunities presented by potential climate change is the responsibility of the portfolio company board and should not be delegated or transferred to shareholders. If a portfolio company's climate-risk management plan is put to a shareholder vote then Dimensional will generally vote against the plan, regardless of the level of detail contained in the plan, to indicate our opposition to the delegation of oversight implied by such votes If Dimensional observes that a portfolio company board is failing to adequately guard shareholder value through strategic planning, Dimensional may vote against directors.

**<u>Shareholder Proposals</u>**

Dimensional's goal when voting on portfolio company shareholder proposals is to support those proposals that protect or enhance shareholder value through improved board accountability, improved policies and procedures, or improved disclosure.

When evaluating environmental or social shareholder proposals, Dimensional will use research to consider whether the proposal addresses a material issue to the portfolio company, the portfolio company's current handling of the issue (both on an absolute basis and relative to market practices), the portfolio company's compliance with regulatory requirements, and the potential cost to the portfolio company of implementing the proposal.

On behalf of Sustainability-Voting Funds or Accounts, Dimensional will typically support, subject to the foregoing considerations, proposals for greater board accountability, improved policies and procedures, or increased disclosure on the following matters:

● Climate-related risks and greenhouse gas emissions

● Environmental impact

● Climate-related lobbying activities

● Financing of fossil fuel activities

● Workforce gender diversity

● Human rights risk

● Factory Farming

● Sale and distribution of tobacco products

**<u>Virtual Meetings</u>**

Dimensional does not oppose the use of virtual-only meetings if shareholders are provided with the same rights and opportunities as available during a physical meeting, including:

● The ability to see and hear portfolio company representatives;

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● The ability to ask questions of portfolio company representatives; and

● The ability to see or hear questions submitted to portfolio company representatives by other shareholders, including those questions not answered by portfolio company representatives.

**<u>Disclosure of Vote Results</u>**

Dimensional expects detailed disclosure of voting results. In cases where vote results have not been disclosed within a reasonable time frame, Dimensional may vote against individual directors, committee members, or the full board of a portfolio company.

**Voting Guidelines for Environmental and Social Matters**

Dimensional believes that portfolio company boards are responsible for addressing material environmental and social risks within their duties. If a portfolio company is unresponsive to environmental or social risks that may have material economic ramifications for shareholders, Dimensional may vote against directors individually, committee members, or the entire board. Dimensional may communicate with portfolio companies to better understand the alignment of the interests of boards and management with those of shareholders on these topics.

Dimensional evaluates shareholder proposals on environmental or social issues by paying particular attention to the portfolio company's current handling of the issue, current disclosures, the financial materiality of the issue, market practices, and regulatory requirements. Dimensional may vote for proposals requesting disclosure of specific environmental and social data, such as information about board oversight, risk management policies and procedures, or performance against a specific metric, if Dimensional believes that the portfolio company's current disclosure is inadequate to allow shareholders to effectively assess the portfolio company's handling of a material issue.

**Evaluating Disclosure of Material Environmental or Social Risks**

Dimensional generally believes that information about the oversight and mitigation of material environmental or social risks should be disclosed by portfolio companies. Dimensional generally expects the disclosure regarding oversight and mitigation to include:

● A description of material risks.

● A description of the process for identifying and prioritizing such risks and how frequently it occurs.

● The policies and procedures governing the handling of each material risk.

● A description of the management-level roles/groups involved in oversight and mitigation of each material risk.

● A description of the metrics used to assess the effectiveness of mitigating each material risk, and the frequency at which performance against these metrics is assessed.

● A description of how the board is informed of material risks and the progress against relevant metrics.

In certain instances where Dimensional determines that disclosure by a portfolio company is insufficient for a shareholder to be able to adequately assess the relevant risks facing a portfolio company, Dimensional may, on a case-by-case basis, vote against individual directors, committee members, or the entire board, or may vote in favor of related shareholder proposals consistent with Dimensional's general approach to such proposals.

**<u>Political and Lobbying Activities</u>**

Dimensional expects boards of portfolio companies to exercise oversight of political and lobbying-related expenditures and ensure that such spending is in line with shareholder interests.

In evaluating a portfolio company's policies related to political and lobbying expenditure, Dimensional expects the following practices:

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● The board to adopt policies and procedures to oversee political and lobbying expenditures;

● The details of the board oversight, including the policies and procedures governing such expenditures, to be disclosed publicly; and

● That board oversight of political and lobbying activities, such as spending, should include ensuring that the portfolio company's publicly stated positions are in alignment with its related activities and spending.

**<u>Human Capital Management</u>**

Dimensional expects boards of portfolio companies to exercise oversight of human capital management issues. Dimensional expects portfolio companies to disclose sufficient information for shareholders to understand the policies, procedures, and personnel a portfolio company has in place to address issues related to human capital management. This disclosure should include the portfolio company's human capital management goals in key areas, such as compensation, employee health and wellness, employee training and development, and workforce composition, as well as the metrics by which the portfolio company assesses performance against these goals.

**<u>Climate-Related Risks</u>**

Dimensional expects boards of portfolio companies to exercise oversight of climate-related risks that may have a material impact on the portfolio company. Climate-related risks may include physical risks from changing weather patterns and/or transitional risks from changes in regulation or consumer preferences. Dimensional expects portfolio companies to disclose information on their handling of these risks, to the extent those risks may have a material impact on the portfolio company. Disclosure should include:

● The specific risks identified.

● The potential impact these risks could have on the portfolio company's business, operations, or strategy.

● Whether the risks are overseen by a specific committee or the full board.

● The frequency with which the board or responsible board committee receives updates on the risks and the types of information reviewed.

● The management-level roles/groups responsible for managing these risks.

● The metrics used to assess the handling of these risks, how they are calculated, and the reason for their selection, particularly when the metrics recommended by a recognized third-party framework, such as Task Force for Climate-related Financial Disclosures (TCFD) or Sustainability Accounting Standards Board (SASB), are not being used.

● Targets used by the portfolio company to manage climate-related risks and performance against those targets.

**<u>Human Rights</u>**

Dimensional expects portfolio company boards to exercise oversight of human rights issues that could pose a material risk to the business, including forced labor, child labor, privacy, freedom of expression, and land and water rights. Dimensional expects portfolio companies to disclose information on their handling of these risks, to the extent those risks may have a material impact on the portfolio company. Disclosure should include:

● The specific risks identified

● The potential impact these risks could have on the portfolio company's business, operations, or strategy

● Whether the risks are overseen by a specific committee or the full board

● The frequency with which the board or responsible board committee receives updates on the risks and the types of information reviewed

● Details on how the portfolio company monitors human rights throughout the organization and supply chain, including the scope and frequency of audits and how instances of non-compliance are resolved

● The policies governing human rights throughout the organization and supply chain and the extent to which the policy aligns with recognized global frameworks such as the UN's Guiding Principles on Human Rights and the OECD's Guidelines for Multinational Enterprises

● Details of violations of the policy and corrective action taken

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**<u>Cybersecurity</u>**

Dimensional expects portfolio company boards to exercise oversight of cybersecurity issues that could pose a material risk to the business. Dimensional expects portfolio companies to disclose information on their handling of these risks, to the extent those risks may have a material impact on the portfolio company. Disclosure should include:

● Policies and procedures to manage cybersecurity risk and identify cybersecurity incidents

● The role of management in implementing cybersecurity policies and procedures

● The role of the board in overseeing cybersecurity risk and the process by which the board is informed of incidents.

● Material cybersecurity incidents and remedial actions taken.

**Evaluation Framework for U.S. Listed Companies**

**<u>Director Elections:</u>**

**<u>Uncontested Director Elections</u>**

Shareholders elect the board of a portfolio company to represent their interests and oversee management and expect boards to adopt policies and practices that align the interests of the board and management with those of shareholders and limit the potential for conflicts of interest.

One of the most important measures aimed at ensuring that portfolio company shareholders' interests are represented is an independent board of directors, made up of individuals with the diversity of backgrounds, experiences, and skill-sets needed to effectively oversee management and manage risk. Dimensional expects portfolio company boards to be majority independent and key committees to be fully independent.

Dimensional believes shareholders should have a say in who represents their interests and portfolio companies should be responsive to shareholder concerns. Dimensional may vote against or withhold votes from individual directors, committee members, or the full board, and may also vote against such directors when they serve on other portfolio company boards, in the following situations:

● The continued service of directors who failed to receive the support of a majority of shareholders (regardless of whether the portfolio company uses a majority or plurality vote standard).

● Failure to adequately respond to majority-supported shareholder proposals.

**<u>Contested Director Elections</u>**

In the case of contested board elections at portfolio companies, Dimensional takes a case-by-case approach. With the goal of maximizing shareholder value, Dimensional considers the qualifications of the nominees, the likelihood that each side can accomplish their stated plans, the portfolio company's corporate governance practices, the incumbent board's history of responsiveness to shareholders, and the market's reaction to the contest.

**<u>Board Structure and Composition:</u>**

**<u>Age and Term Limits</u>**

Dimensional believes it is the responsibility of a portfolio company's nominating committee to ensure that the portfolio company's board of directors is composed of individuals with the skills needed to effectively oversee management and will generally oppose proposals seeking to impose age or term limits for directors.

That said, portfolio companies should clearly disclose their director evaluation and board refreshment policies in their proxy. Lack of healthy turnover on the board of a portfolio company or lack of observable diversity on a portfolio company board may lead Dimensional to scrutinize the rigor of a portfolio company's board refreshment process.

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**<u>CEO/Chair</u>**

Dimensional believes that the portfolio company boards are responsible for determining whether the separation of roles is appropriate and adequately protects the interests of shareholders.

At portfolio companies with a combined CEO/Chair, Dimensional expects the board to appoint a lead independent director with specific responsibilities, including the setting of meeting agendas, to seek to ensure the board is able to act independently.

Recent environmental, social, and governance controversies resulting from inadequate board oversight may be taken into account when voting on shareholder proposals seeking the separation of the roles of CEO and Chair at a portfolio company.

**<u>Governance Practices:</u>**

**<u>Classified Boards</u>**

Dimensional believes director votes are an important mechanism to increase board accountability to shareholders. Dimensional therefore advocates for boards at portfolio companies to give shareholders the right to vote on the entire slate of directors on an annual basis.

Dimensional will generally support proposals to declassify existing boards at portfolio companies and will generally oppose efforts by portfolio companies to adopt classified board structures, in which only part of the board is elected each year.

Dimensional will generally vote against or withhold votes from incumbent directors at portfolio companies that adopt a classified board without shareholder approval. Dimensional may also vote against or withhold votes from directors at portfolio companies that adopt classified boards prior to or in connection with an IPO, unless accompanied by a reasonable sunset provision.

**<u>Dual Classes of Stock</u>**

Dual class share structures are generally seen as detrimental to shareholder rights, as they are accompanied by unequal voting rights. Dimensional believes in the principle of one share, one vote.

Dimensional opposes the creation of dual-class share structures with unequal voting rights at portfolio companies and will generally vote against proposals to create or continue dual-class capital structures.

Dimensional will generally vote against or withhold votes from directors at portfolio companies that adopt a dual-class structure without shareholder approval after the portfolio company's IPO. Dimensional will generally vote against or withhold votes from directors for implementation of a dual-class structure prior to or in connection with an IPO, unless accompanied by a reasonable sunset provision.

**<u>Supermajority Vote Requirements</u>**

Dimensional believes that the affirmative vote of a majority of shareholders of a portfolio company should be sufficient to approve items such as bylaw amendments and mergers. Dimensional will generally vote against proposals seeking to implement a supermajority vote requirement and for shareholder proposals seeking the adoption of a majority vote standard.

Dimensional will generally vote against or withhold votes from incumbent directors at portfolio companies that adopt a supermajority vote requirement without shareholder approval. Dimensional may also vote against or withhold votes from directors at portfolio companies that adopt supermajority vote requirements prior to or in connection with an IPO, unless accompanied by a reasonable sunset provision.

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**<u>Shareholder Rights Plans (Poison Pills)</u>**

Dimensional generally opposes poison pills. As a result, Dimensional may vote against the adoption of a pill and all directors at a portfolio company that put a pill in place without first obtaining shareholder approval. Votes against (or withheld votes from) directors may extend beyond the portfolio company that adopted the pill, to all boards the directors serve on. In considering a poison pill for approval, Dimensional may take into account the existence of 'qualified offer' and other shareholder-friendly provisions.

For pills designed to protect net operating losses, Dimensional may take into consideration a variety of factors, including but not limited to the size of the available operating losses and the likelihood that they will be utilized to offset gains.

**<u>Cumulative Voting</u>**

Under cumulative voting, each shareholder is entitled to the number of his or her shares multiplied by the number of directors to be elected. Shareholders have the flexibility to allocate their votes among directors in the proportion they see fit, including casting all their votes for one director. This is particularly impactful in the election of dissident candidates to the board in the event of a proxy contest.

Dimensional will typically support proposals that provide for cumulative voting and against proposals to eliminate cumulative voting unless the portfolio company has demonstrated that there are adequate safeguards in place, such as proxy access and majority voting.

**<u>Majority Voting</u>**

For the election of directors, portfolio companies may adopt either a majority or plurality vote standard. In a plurality vote standard, the directors with the most votes are elected. If the number of directors up for election is equal to the number of board seats, each director only needs to receive one vote in order to be elected. In a majority vote standard, in order to be elected, a director must receive the support of a majority of shares voted or present at the meeting.

Dimensional supports a majority (rather than plurality) voting standard for uncontested director elections at portfolio companies. The majority vote standard should be accompanied by a director resignation policy to address failed elections.

To account for contested director elections, portfolio companies with a majority vote standard should include a carve-out for plurality voting in situations where there are more nominees than seats.

**<u>Right to Call Meetings and Act by Written Consent</u>**

Dimensional will generally support the right of shareholders to call special meetings of a portfolio company board (if they own 25% of shares outstanding) and take action by written consent.

**<u>Proxy Access</u>**

Dimensional will typically support management and shareholder proposals for proxy access that allow a shareholder (or group of shareholders) holding three percent of voting power for three years to nominate up to 25 percent of a portfolio company board. Dimensional will typically vote against proposals that are more restrictive than these guidelines.

**<u>Amend Bylaws/Charters</u>**

Dimensional believes that shareholders should have the right to amend a portfolio company's bylaws. Dimensional will generally vote against or withhold votes from incumbent directors at portfolio companies that place substantial restrictions on shareholders' ability to amend bylaws through excessive ownership requirements for submitting proposals or restrictions on the types of issues that can be amended.

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**<u>Exclusive Forum</u>**

Dimensional is generally supportive of management proposals at portfolio companies to adopt an exclusive forum for shareholder litigation.

**<u>Indemnification and Exculpation of Directors and Officers</u>**

Dimensional intends to evaluate proposals seeking to enact or expand indemnification or exculpation provisions on a case-by-case basis considering board rationale and specific provisions being proposed.

**<u>Advance Notice Provisions</u>**

Portfolio company bylaw amendments known as "advance notice provisions" set out the steps shareholders must follow when submitting an item for inclusion on the agenda of a shareholder meeting. These provisions may serve as an entrenchment device that can result in reduced accountability at the board level in cases where they impose onerous requirements on shareholders wishing to submit a nominee for the board of directors. When evaluating advanced notice provisions, whether for the submission of a shareholder candidate or the submission of other permissible proposals, Dimensional generally does not support provisions that:

● Require shareholder-nominated candidates to disclose information that is not required for new board-nominated candidates

● Impose unduly burdensome disclosure requirements on shareholder proponents

● Significantly limit the time period shareholders have to submit proposals or nominees.

Dimensional may vote against or withhold votes from directors who adopt such provisions without shareholder approval.

**<u>Executive and Director Compensation:</u>**

**<u>Equity-Based Compensation</u>**

Dimensional supports the adoption of equity plans that align the interests of portfolio company board, management, and portfolio company employees with those of shareholders.

Dimensional will evaluate equity plans on a case-by-case basis, taking into account the potential dilution to shareholders, the portfolio company's historical use of equity, and the particular plan features.

Dimensional will typically vote against plans that have features that have a negative impact on shareholders of portfolio companies. Such features include single-trigger or discretionary vesting, an overly broad definition of change in control, a lack of minimum vesting periods for grants, evergreen provisions, and the ability to reprice shares without shareholder approval.

Dimensional may also vote against equity plans if problematic equity grant practices have contributed to a pay for performance misalignment at the portfolio company.

**<u>Employee Stock Purchase Plans</u>**

Dimensional will generally support qualified employee stock purchase plans (as defined by Section 423 of the Internal Revenue Code), provided that the purchase price is no less than 85 percent of market value, the number of shares reserved for the plan is no more than ten percent of outstanding shares, and the offering period is no more than 27 months.

**<u>Advisory Votes on Executive Compensation (Say on Pay)</u>**

Dimensional supports reasonable compensation for executives that is clearly linked to the portfolio company's performance. Compensation should serve as a means to align the interests of executives with those of shareholders. To the extent that compensation is excessive, it represents a transfer to management of shareholder wealth.

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Therefore, Dimensional reviews proposals seeking approval of a portfolio company's executive compensation plan closely, taking into account the quantum of pay, portfolio company performance, and the structure of the plan.

Certain practices, such as:

● multi-year guaranteed bonuses

● excessive severance agreements (particularly those that vest without involuntary job loss or diminution of duties or those with excise-tax gross-ups)

● single, or the same, metrics used for both short-term and long-term executive compensation plans may encourage excessive risk-taking by executives at portfolio companies and are generally opposed by Dimensional.

At portfolio companies that have a history of problematic pay practices or excessive compensation, Dimensional will consider the portfolio company's responsiveness to shareholders' concerns and may vote against or withhold votes from members of the compensation committee if these concerns have not been addressed.

**<u>Frequency of Say on Pay</u>**

Executive compensation in the United States is typically composed of three parts: 1) base salary; 2) cash bonuses based on annual performance (short-term incentive awards); 3) and equity awards based on performance over a multi-year period (long-term incentive awards).

Dimensional supports triennial say on pay because it allows for a longer-term assessment of whether compensation was adequately linked to portfolio company performance. This is particularly important in situations where a portfolio company makes significant changes to their long-term incentive awards, as the effectiveness of such changes in aligning pay and performance cannot be determined in a single year.

If there are serious concerns about a portfolio company's compensation plan in a year where the plan is not on the ballot, Dimensional may vote against or withhold votes from members of the Compensation Committee.

**<u>Executive Severance Agreements (Golden Parachutes)</u>**

Dimensional analyzes golden parachute proposals on a case-by-case basis.

Dimensional expects payments to be reasonable on both an absolute basis and relative to the value of the transaction. Dimensional will typically vote against agreements with cash severance of more than 3x salary and bonus.

Dimensional expects vesting of equity to be contingent on both a change in control and a subsequent involuntary termination of the employee ("double-trigger change in control").

**<u>Corporate Actions:</u>**

**<u>Reincorporation</u>**

Dimensional will evaluate reincorporation proposals on a case-by-case basis.

Dimensional may vote against reincorporations if the move would result in a substantial diminution of shareholder rights at the portfolio company.

**<u>Capitalization:</u>**

**<u>Increase Authorized Shares</u>**

Dimensional will vote case-by-case on proposals seeking to increase common or preferred stock of a portfolio company, taking into account the purpose for which the shares will be used and the risk to shareholders of not approving the request.

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Dimensional will typically vote against requests for common or preferred stock issuances that are excessively dilutive relative to common market practice.

Dimensional will typically vote against proposals at portfolio companies with multiple share classes to increase the number of shares of the class with superior voting rights.

**<u>Blank Check Preferred Stock</u>**

Blank check preferred stock is stock that can be issued at the discretion of the board, with the voting, conversion, distribution, and other rights determined by the board at the time of issue. Therefore, blank check preferred stock can potentially serve as means to entrench management and prevent takeovers at portfolio companies.

To mitigate concerns regarding what Dimensional believes is the inappropriate use of blank check preferred stock, Dimensional expects portfolio companies seeking approval for blank preferred stock to clearly state that the shares will not be used for anti-takeover purposes.

**<u>Share Repurchases</u>**

Dimensional will generally support open-market share repurchase plans that allow all shareholders to participate on equal terms. Portfolio companies that use metrics such as earnings per share (EPS) in their executive compensation plans should ensure that the impact of such repurchases are taken into account when determining payouts.

**<u>Shareholder Proposals:</u>**

Dimensional's goal when voting on portfolio company shareholder proposals is to support those proposals that protect or enhance shareholder value through improved board accountability, improved policies and procedures, or improved disclosure.

When evaluating environmental or social shareholder proposals, Dimensional will use research to consider whether the proposal addresses a material issue to the portfolio company, the portfolio company's current handling of the issue (both on an absolute basis and relative to market practices), the portfolio company's compliance with regulatory requirements, and the potential cost to the portfolio company of implementing the proposal.

On behalf of Sustainability-Voting Funds or Accounts, Dimensional will typically support, subject to the foregoing considerations, proposals for greater board accountability, improved policies and procedures, or increased disclosure on the following matters:

● Climate-related risks and greenhouse gas emissions

● Environmental impact

● Climate-related lobbying activities

● Financing of fossil fuel activities

● Workforce gender diversity

● Human rights risk

● Factory Farming

● Sale and distribution of tobacco products.

In instances where a shareholder proposal is excluded from the meeting agenda but the SEC has declined to state a view on whether such proposal can be excluded, Dimensional expects the portfolio company to provide shareholders with substantive disclosure concerning this exclusion. If substantive disclosure is lacking, Dimensional may vote against or withhold votes from certain directors on a case-by-case basis.

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**Evaluation Framework for Europe, the Middle East, and Africa (EMEA) Listed Companies**

**<u>Continental Europe:</u>**

**<u>Director Election Guidelines</u>**

● Portfolio company boards should be majority independent (excluding shareholder or employee representatives as provided by law); however, lower levels of board independence may be acceptable in controlled companies and in those markets where local best practice indicates that at least one-third of the board be independent.

● A majority of audit and remuneration committee members (excluding shareholder or employee representatives as provided by law) should be independent; the committees overall should be at least one-third independent.

● Executives should generally not serve on audit and remuneration committees.

● The CEO and board chair roles should generally be separate.

**<u>Remuneration Guidelines</u>**

Dimensional expects annual remuneration reports published by portfolio companies pursuant to the Shareholder Rights Directive II to disclose, at a minimum:

● The amount paid to executives ;

● Alignment between pay and performance;

● The targets used for variable incentive plans and the ex-post levels achieved ; and

● The rationale for any discretion applied.

**<u>Other Market Specific Guidelines for Continental Europe</u>**

● In Austria, Germany, and the Netherlands, Dimensional will generally vote against the appointment of a former CEO as chairman of the board of directors or supervisory board of a portfolio company.

**<u>United Kingdom & Ireland:</u>**

Dimensional expects portfolio companies to follow the requirements of the UK Corporate Governance Code with regards to board and committee composition. When evaluating portfolio company boards Dimensional will also consider the recommendations of the FTSE Women Leaders and Parker Reviews with regards to female and minority representation on the board.

Dimensional also expects companies to align their remuneration with the requirements of the UK Corporate Governance Code and to consider best practices such as those set forth in the Investment Association Principles of Remuneration.

**<u>South Africa:</u>**

Dimensional expects portfolio companies to follow the recommendations of the King Report on Corporate Governance (King Code IV) with regards to board and committee composition.

**<u>Turkey:</u>**

Dimensional expects the board of directors of a portfolio company to be at least one-third independent; at minimum two directors should be independent.

Dimensional expects the board of a portfolio company to establish an independent audit committee.

Dimensional expects the board of a portfolio company to establish a board committee with responsibility for compensation and nominating matters. This committee should be chaired by an independent director.

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**Framework for Evaluating Australia-Listed Companies**

**<u>Uncontested Director Elections</u>**

Shareholders elect the board of a portfolio company to represent their interests and oversee management and expect portfolio company boards to adopt policies and practices that align the interests of the board and management with those of shareholders and limit the potential for conflicts of interest.

One of the most important measures aimed at ensuring that portfolio company shareholders' interests are represented is an independent board of directors, made up of individuals with the diversity of backgrounds, experiences, and skill-sets needed to effectively oversee management and manage risk. Dimensional expects portfolio company boards to be majority independent.

Dimensional believes that key audit and remuneration committees should be composed of independent directors. Dimensional will generally vote against executive directors of the portfolio company who serve on the audit committee or who serve on the remuneration committee if the remuneration committee is not majority independent.

Dimensional will consider the ASX Corporate Governance Council Principles and Recommendations (the "ASX Principles and Recommendations") with regards to female representation on the board when voting on directors.

**<u>CEO/Chair</u>**

Dimensional expects portfolio companies to follow the ASX Corporate Governance Council Principles and Recommendations and generally separate the CEO and board chair roles, with the board chair being an independent director.

**<u>Auditors</u>**

Australian law does not require the annual ratification of auditors; therefore, concerns with a portfolio company's audit practices will be reflected in votes against members of the audit committee.

Dimensional may vote against audit committee members at a portfolio company if there are concerns with the auditor's independence, the accuracy of the auditor's report, the level of non-audit fees, or if lack of disclosure makes it difficult to assess these factors.

Dimensional may also vote against audit committee members in instances of fraud or material failures in oversight of audit functions.

**<u>Share Issuances</u>**

Dimensional will evaluate requests for share issuances on a case-by-case basis, taking into account factors such as the impact on current shareholders and the rationale for the request.

When voting on approval of prior share distributions, Dimensional will generally support prior issuances that conform to the dilution guidelines set out in ASX Listing Rule 7.1.

**<u>Share Repurchase</u>**

Dimensional will evaluate requests for share repurchases on a case-by-case basis, taking into account factors such as the impact on current shareholders, the rationale for the request, and the portfolio company's history of repurchases. Dimensional expects repurchases to be made in arms-length transactions using independent third parties.

Dimensional may vote against portfolio company plans that do not include limitations on the portfolio company's ability to use the plan to repurchase shares from third parties at a premium and limitations on the use of share purchases as an anti-takeover device.

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**<u>Constitution Amendments</u>**

Dimensional will evaluate requests for amendments to a portfolio company's constitution on a case-by-case basis. The primary consideration will be the impact on the rights of shareholders.

**<u>Non-Executive Director Remuneration</u>**

Dimensional will support non-executive director remuneration at portfolio companies that is reasonable in both size and composition relative to industry and market norms.

Dimensional will generally vote against components of non-executive director remuneration that are likely to impair a director's independence, such as options or performance-based remuneration.

**<u>Equity-Based Remuneration</u>**

Dimensional supports the adoption of equity plans that align the interests of the portfolio company board, management, and portfolio company employees with those of shareholders.

Companies should clearly disclose components of the plan, including vesting periods and performance hurdles.

Dimensional may vote against plans that are exceedingly dilutive to existing shareholders. Plans that permit retesting or repricing will generally be viewed unfavorably.

**Framework for Evaluating Japan-Listed Securities**

**<u>Uncontested Director Elections</u>**

Shareholders elect the board of a portfolio company to represent their interests and oversee management and expect portfolio company boards to adopt policies and practices that align the interests of the board and management with those of shareholders and limit the potential for conflicts of interest.

One of the most important measures aimed at ensuring that portfolio company shareholders' interests are represented is an independent board of directors, made up of individuals with the diversity of backgrounds, experiences, and skill sets needed to effectively oversee management and manage risk. With respect to gender diversity, Dimensional may consider local market practice, including requirements under the Japan Corporate Governance Code, and may vote against directors if the board does not meet established market norms.

At portfolio companies with a three-committee structure, Dimensional expects at least one-third of the board to be outsiders. Ideally, the board should be majority independent. At portfolio companies with a three-committee structure that have a controlling shareholder, at least two directors and at least one-third of the board should be independent outsiders.

At portfolio companies with an audit committee structure, Dimensional expects at least one-third of the board to be outsiders. Ideally, the audit committee should be entirely independent; at minimum, any outside directors who serve on the committee should be independent. At portfolio companies with an audit committee structure that have a controlling shareholder, at least two directors and at least one-third of the board should be independent outsiders.

At portfolio companies with a statutory auditor structure, Dimensional expects at least two directors and at least one-third of the board to be outsiders. At portfolio companies with a statutory auditor structure that have a controlling shareholder, at least two directors and at least one-third of the board should be independent outsiders.

**<u>Statutory Auditors</u>**

Statutory auditors are responsible for effectively overseeing management and ensuring that decisions made are in the best interest of shareholders. Dimensional may vote against statutory auditors who are remiss in their responsibilities.

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When voting on outside statutory auditors, Dimensional expects nominees to be independent and to have the capacity to fulfill the requirements of their role as evidenced by attendance at meetings of the board of directors or board of statutory auditors.

**<u>Director and Statutory Auditor Compensation</u>**

Dimensional will support compensation for portfolio company directors and statutory auditors that is reasonable in both size and composition relative to industry and market norms.

When requesting an increase to the level of director fees, Dimensional expects portfolio companies to provide a specific reason for the increase. Dimensional will generally support an increase of director fees if it is in conjunction with the introduction of performance-based compensation, or where the ceiling for performance-based compensation is being increased. Dimensional will generally not support an increase in director fees if there is evidence that the directors have been remiss in effectively overseeing management or ensuring that decisions made are in the best interest of shareholders.

Dimensional will typically support an increase to the statutory auditor compensation ceiling unless there is evidence that the statutory auditors have been remiss in effectively overseeing management or ensuring that decisions made are in the best interest of shareholders.

Dimensional will generally support the granting of annual bonuses to portfolio company directors and statutory auditors unless there is evidence the board or the statutory auditors have been remiss in effectively overseeing management or ensuring that decisions made are in the best interest of shareholders.

Dimensional generally supports the granting of retirement benefits to portfolio company insiders, so long as the individual payments, and aggregate amount of such payments, is disclosed.

Dimensional will generally vote against the granting of retirement bonuses if there is evidence the portfolio company board or statutory auditors have been remiss in effectively overseeing management or ensuring that decisions made are in the best interest of shareholders.

**<u>Equity Based Compensation</u>**

Dimensional supports the adoption of equity plans that align the interests of the portfolio company board, management, and portfolio company employees with those of shareholders.

Dimensional will typically support stock option plans to portfolio company executives and employees if total dilution from the proposed plans and previous plans does not exceed 5 percent for mature companies or 10 percent for growth companies.

Dimensional will generally vote against stock plans if upper limit of options that can be issued per year is not disclosed.

For deep-discounted stock option plans, Dimensional typically expects portfolio companies to disclose specific performance hurdles.

**<u>Capital Allocation</u>**

Dimensional will typically support well-justified dividend payouts that do not negatively impact the portfolio company's overall financial health.

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**<u>Share Repurchase</u>**

Dimensional is typically supportive of portfolio company boards having discretion over share repurchases absent concerns with the portfolio company's balance sheet management, capital efficiency, buyback and dividend payout history, board composition, or shareholding structure.

Dimensional will typically support proposed repurchases that do not have a negative impact on shareholder value.

For repurchases of more than 10 percent of issue share capital, Dimensional expects the portfolio company to provide a robust explanation for the request.

**<u>Cross-Shareholding</u>**

Dimensional generally believes that portfolio companies should not allocate significant portions of their net assets to investments in companies for non-investment purposes. For example, in order to strengthen relationships with customers, suppliers, or borrowers. Such cross-shareholding, whether unilateral or reciprocal, can compromise director independence, entrench management, and reduce director accountability to uninterested shareholders. Dimensional may vote against certain directors at companies with excessive cross-shareholdings.

**<u>Shareholder Rights Plans (Poison Pills)</u>**

Dimensional believes the market for corporate control, which can result in acquisitions that are accretive to shareholders, should be able to function without undue restrictions. Takeover defenses such as poison pills can lead to entrenchment and reduced accountability at the board level.

**<u>Indemnification and Limitations on Liability</u>**

Dimensional generally supports limitations on liability for directors and statutory auditors in ordinary circumstances.

**<u>Limit Legal Liability of External Auditors</u>**

Dimensional generally opposes limitations on the liability of external auditors.

**<u>Increase in Authorized Capital</u>**

Dimensional will typically support requests for increases of less than 100 percent of currently authorized capital, so long as the increase does not leave the portfolio company with less than 30 percent of the proposed authorized capital outstanding.

For increases that exceed these guidelines, Dimensional expects portfolio companies to provide a robust explanation for the increase.

Dimensional will generally not support requests for increases that will be used as an anti-takeover device.

**<u>Expansion of Business Activities</u>**

For well performing portfolio companies seeking to expand their business into enterprises related to their core business, Dimensional will typically support management requests to amend the portfolio company's articles to expand the portfolio company's business activities.

**Framework for Evaluating Securities in Other Select Asian Markets**

**<u>Uncontested Director Elections</u>**

Dimensional expects portfolio companies to disclose biographical information about director candidates sufficient for shareholders to assess the candidate's independence and suitability for board service.

Dimensional expects that portfolio companies will at a minimum meet mandated regulatory or listing standards levels for board independence but should work towards meeting the applicable requirements of the relevant Corporate Governance code.

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Dimensional maintains the following expectations for board independence at portfolio companies. The calculation of the level of independence will generally exclude shareholder or employee representatives as provided by law.

● All boards of directors of Malaysian portfolio companies should be at least 33% independent. Boards of directors of Malaysian "Large Companies" as defined by the Securities Commission Malaysia should be majority independent.

● Boards of directors of Indian and Singaporean portfolio companies should be at least 50% independent if the board chair is not independent. If the board chair is independent, the board of directors should be at least 33% independent.

● Boards of directors of Thai, Filipino, Hong Kong and mainland Chinese portfolio companies should be at least 33% independent.

● Boards of directors of Taiwanese portfolio companies should have no fewer than two independent directors and no less than 20% independence.

● Boards of Commissioners of Indonesian portfolio companies should be at least 30% independent, except for banks, insurance companies, and financial institutions which should be 50% independent.

● Boards of directors of South Korean portfolio companies should be at least 25% independent. The board of directors of Large Companies, as defined by the Commercial Act of South Korea, should be majority independent.

**<u>Director Remuneration</u>**

In most Asian markets, director remuneration generally consists of both fees and bonuses.

Dimensional will generally support the payment of fees for serving as a director, fees for attending meetings, and other market-permitted remuneration if the size of such fees and other director remuneration is reasonable relative to industry and market norms.

In the absence of specific proposals to approve director remuneration (including fees and bonuses), Dimensional may vote against the directors who receive such remuneration if concerns are identified.

**<u>Equity Based Remuneration</u>**

In most Asian markets, equity plans are developed and presented for shareholder approval as part of employee remuneration. Equity plans may consist of stock options, restricted shares, or performance shares.

When voting on stock-option plans, restricted share plans, and performance share plans, Dimensional will consider the extent to which the plan is performance based, the length of performance and vesting periods, and the treatment of equity upon a change in control.

For stock-option plans, if the plan provides for a discount to the market price, Dimensional will consider the reasonableness and rationale for such a discount in light of local market standards.

In instances where Dimensional has identified concerns with a portfolio company's equity plan or equity granting practices, Dimensional will generally oppose the extension of the plan to subsidiary or associate companies.

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**<u>Exhibit A</u>**

**<u>Summary of Social Proxy Voting Guidelines</u>**

**General Approach to Corporate Governance and Proxy Voting**

When voting (or refraining from voting) proxies, Dimensional<sup>9</sup> seeks to act in the best interests of the funds and accounts Dimensional manages and consistent with applicable legal and fiduciary standards. Dimensional seeks to maximize shareholder value subject to the standards of legal and regulatory regimes (applicable to the Advisor or the client), listing requirements, corporate governance and stewardship codes, and the investment or voting guidelines of the fund or account.

Dimensional expects the members of a portfolio company's board to act in the interests of their shareholders. Each portfolio company's board should implement policies and adopt practices that align the interests of the board and management with those of its shareholders. Since a board's main responsibility is to oversee management and to manage and mitigate risk, it is important that board members have the experience and skills to carry out that responsibility.

This summary outlines Dimensional's global approach to key proxy voting issues and highlights particular considerations in specific markets for the funds and accounts that incorporate sustainability considerations in their investment guidelines or have made an affirmative election or provided instruction that Dimensional should prioritize such considerations as part of voting (the "Social-Voting Funds and Accounts").

**Global Evaluation Framework - Social**

Dimensional's Global Evaluation Framework – Social sets out Dimensional's general expectations for all portfolio companies in Social-Voting Funds and Accounts. When implementing the principles contained in Dimensional's Global Evaluation Framework in a given market, in addition to the relevant legal and regulatory requirements, Dimensional will consider local market practices. Additionally, for portfolio companies in the United States, Europe, the Middle East, Africa, Japan, Australia and other select Asia markets, Dimensional will apply the market-specific considerations contained in the relevant subsection in these Guidelines.

**<u>Uncontested Director Elections</u>**

Dimensional may vote against individual directors, committee members, or the full board of a portfolio company, such as in the following situations:

1. There are problematic audit-related practices;

2. There are problematic compensation practices or persistent pay for performance misalignment;

3. There are problematic anti-takeover provisions;

4. There have been material failures of governance, risk oversight, or fiduciary responsibilities;

5. The board has failed to adequately respond to shareholder concerns;

6. The board has demonstrated a lack of accountability to shareholders;

7. There is an ineffective board refreshment process<sup>10</sup>;

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<sup>9</sup> "Dimensional" refers to any of Dimensional Fund Advisors LP, Dimensional Fund Advisors Ltd., DFA Australia Limited, Dimensional Ireland Limited, Dimensional Fund Advisors Pte. Ltd. or Dimensional Japan Ltd.

<sup>10</sup> As used in these guidelines "board refreshment process" means the method for reviewing and establishing the composition of the board of the portfolio company (e.g., assessments or self-evaluation, succession planning, approach for searches for board members, criteria for qualification of board members).

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If a director is a member of multiple boards of various portfolio companies, and one of those boards has one of the issues listed in 1-7 above, Dimensional may vote against that director with respect to the board of the portfolio company with the issue as well as any other portfolio company boards.

Dimensional also considers the following when voting on directors of portfolio companies:

1. Board and committee independence;

2. Director attendance: Dimensional generally expects directors to attend at least 75% of board and committee meetings;

3. Director capacity to serve;

4. Board composition.

**<u>Board Refreshment</u>**

An effective board refreshment process for a portfolio company can include the alignment of directors' skills with business needs, assessment of individual director performance and feedback, and a search process for new directors that appropriately incorporates qualification criteria. Dimensional believes information about a portfolio company's assessment and refreshment process should be disclosed and should generally include:

● The processes and procedures by which the portfolio company identifies the key competencies that directors should possess in order to ensure the board is able to appropriately oversee the risks and opportunities associated with the portfolio company's strategy and operations;

● How the performance of individual directors and the board as a whole is assessed;

● The alignment between the skills and expertise of each board member and the key competencies identified in the board assessment process;

● Board refreshment mechanisms;

● Director recruitment policies and procedures; and

● The extent to which diversity considerations are incorporated into board assessment and refreshment practices and director recruitment policies.

In evaluating a portfolio company's refreshment process, Dimensional may consider, among other information:

● Whether the portfolio company's board assessment process meets market best practices in terms of objectiveness, rigor, disclosure, and other criteria;

● Whether the portfolio company has any mechanisms to encourage board refreshment; and

● Whether the portfolio company has board entrenchment devices, such as a classified board or plurality vote standard.

An additional consideration that may lead Dimensional to scrutinize the effectiveness of a portfolio company's board refreshment process is a lack of gender, racial, or ethnic diversity on the board. In jurisdictions where gender, racial, or ethnic representation on a board is not mandated by law, Dimensional may consider whether a portfolio company seeks to follow market best practices as the portfolio company nominates new directors and assesses the performance of existing directors who have the diversity of backgrounds, experiences, and skill-sets needed to effectively oversee management and manage risk.

If Dimensional believes that a portfolio company's board assessment and refreshment process is not sufficiently rigorous, or if the portfolio company fails to disclose adequate information for Dimensional to assess the rigor of the process, Dimensional may vote against members of the Nominating Committee, or other relevant directors.

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**<u>Bundled/Slate Director Elections</u>**

Dimensional generally opposes bundled director elections at portfolio companies; however, in markets where individual director elections are not an established practice, bundled elections are acceptable as long as the full list of candidates is disclosed in a timely manner.

**<u>Contested Director Elections</u>**

In the case of contested board elections at portfolio companies, Dimensional takes a case-by-case approach. With the goal of maximizing shareholder value, Dimensional considers the qualifications of the nominees, the likelihood that each side can accomplish their stated plans, the portfolio company's corporate governance practices, and the incumbent board's history of responsiveness to shareholders.

**<u>Board Size</u>**

Dimensional believes that portfolio company boards are responsible for determining an appropriate size of the board of directors within the confines of relevant corporate governance codes and best practice standards. However, Dimensional will generally oppose proposals to alter board structure or size in the context of a fight for control of the portfolio company or the board.

**<u>Auditors</u>**

Dimensional will typically support the ratification of auditors unless there are concerns with the auditor's independence, the accuracy of the auditor's report, the level of non-audit fees, or if lack of disclosure makes it difficult for us to assess these factors.

In addition to voting against the ratification of the auditors, Dimensional may also vote against or withhold votes from audit committee members at portfolio companies in instances of fraud, material weakness, or significant financial restatements.

**<u>Anti-Takeover Provisions</u>**

Dimensional believes that the market for corporate control, which often results in acquisitions which increase shareholder value, should be able to function without undue restrictions. Takeover defenses such as shareholder rights plans (poison pills) can lead to entrenchment of management and reduced accountability at the board level. Dimensional will generally vote against the adoption of anti-takeover provisions. Dimensional may vote against directors at portfolio companies that adopt or maintain anti-takeover provisions without shareholder approval post-initial public offering ("IPO") or adopted such structures prior to, or in connection with, an IPO. Dimensional may vote against such directors not just at the portfolio company that adopted the anti-takeover provision, but at all other portfolio company boards they serve on.

**<u>Related-Party Transactions</u>**

Related-party transactions have played a significant role in several high-profile corporate scandals and failures. Dimensional believes related-party transactions should be minimized. When such transactions are determined to be fair to the portfolio company and its shareholders in accordance with the portfolio company's policies and governing law, they should be thoroughly disclosed in public filings.

**<u>Amendments to Articles of Association/Incorporation</u>**

Dimensional expects the details of proposed amendments to articles of association or incorporation, or similar portfolio company documents, to be clearly disclosed. Dimensional will typically support such amendments that are routine in nature or are required or prompted by regulatory changes. Dimensional may vote against amendments that negatively impact shareholder rights or diminish board oversight.

**<u>Equity Based Remuneration</u>**

Dimensional supports the adoption of equity plans that align the interests of the portfolio company board, management, and portfolio company employees with those of shareholders.

Dimensional will evaluate equity plans on a case-by-case basis, taking into account the potential dilution to shareholders, the portfolio company's historical use of equity, and the particular plan features.

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**<u>Executive Remuneration</u>**

Dimensional supports remuneration for executives that is clearly linked to the portfolio company's performance. Remuneration should be designed to attract, retain and appropriately motivate and serve as a means to align the interests of executives with those of shareholders.

Dimensional expects portfolio companies to structure executive compensation in a manner that does not insulate management from the consequences of failures of risk oversight and management. Dimensional typically supports clawback provisions in executive compensation plans as a way to mitigate risk of excessive risk taking by executives at portfolio companies.

Dimensional supports remuneration plan metrics that are quantifiable and clearly tied to company strategy and the creation of shareholder value. The use of standard financial metrics, for example, metrics based on generally accepted accounting principles ("GAAP") or international financial reporting standards, when determining executive pay is generally considered by Dimensional to be preferable. The use of non-standard metrics, including those involving large non-GAAP adjustments, result in less transparency for investors and may lead to artificially high executive pay. In evaluating a portfolio company's executive compensation, Dimensional considers whether the portfolio company is disclosing what each metric is intended to capture, how performance is measured, what targets have been set, and performance against those targets. While environmental and social (E&S) issues may be material for shareholder value, Dimensional believes linking E&S metrics to executive pay in a quantifiable and transparent manner can present particular challenges. Dimensional will seek to focus on the rigor of E&S metrics and will seek to scrutinize payouts made under these metrics, particularly when there has been underperformance against other metrics tied to financial performance or shareholder value.

To the extent that remuneration is clearly excessive and not aligned with the portfolio company's performance or other factors, Dimensional would not support such remuneration. Additionally, Dimensional expects portfolio companies to strive to follow local market practices with regards to the specific elements of remuneration and the overall structure of the remuneration plan.

Therefore, Dimensional reviews proposals seeking approval of a portfolio company's executive remuneration plan closely, taking into account the quantum of pay, portfolio company performance, and the structure of the plan.

**<u>Director Remuneration</u>**

Dimensional will generally support director remuneration at portfolio companies that is reasonable in both size and composition relative to industry and market norms.

**<u>Mergers & Acquisitions (M&A)</u>**

Dimensional's primary consideration in evaluating mergers and acquisitions is maximizing shareholder value. Given that Dimensional believes market prices reflect future expected cash flows, an important consideration is the price reaction to the announcement, and the extent to which the deal represents a premium to the pre-announcement price. Dimensional will also consider the strategic rationale, potential conflicts of interest, and the possibility of competing offers.

Dimensional may vote against deals where there are concerns with the acquisition process or where there appear to be significant conflicts of interest.

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**<u>Capitalization</u>**

Dimensional will vote case-by-case on proposals related to portfolio company share issuances, taking into account the purpose for which the shares will be used, the risk to shareholders of not approving the request, and the dilution to existing shareholders.

**<u>Unequal Voting Rights</u>**

Dimensional opposes the creation of share structures that provide for unequal voting rights, including dual class stock with unequal voting rights or mechanisms such as loyalty shares that may skew economic ownership and voting rights within the same class of shares, and will generally vote against proposals to create or continue such structures. On a case-by-case basis, Dimensional may also vote against directors at portfolio companies that adopt or maintain such structures without shareholder approval post-IPO or adopted such structures prior to, or in connection with, an IPO.

**<u>Say on Climate</u>**

Dimensional will generally vote against management and shareholder proposals to introduce say on climate votes, which propose that companies' climate-risk management plans are put to a recurring advisory shareholder vote. Dimensional believes that strategic planning, including mitigation of climate-related risks and oversight of opportunities presented by potential climate change is the responsibility of the portfolio company board and should not be delegated or transferred to shareholders. If a portfolio company's climate-risk management plan is put to a shareholder vote then Dimensional will generally vote against the plan, regardless of the level of detail contained in the plan, to indicate our opposition to the delegation of oversight implied by such votes If Dimensional observes that a portfolio company board is failing to adequately guard shareholder value through strategic planning, Dimensional may vote against directors.

**<u>Shareholder Proposals</u>**

Dimensional's goal when voting on portfolio company shareholder proposals is to support those proposals that protect or enhance shareholder value through improved board accountability, improved policies and procedures, or improved disclosure.

When evaluating environmental or social shareholder proposals, Dimensional will use research to consider whether the proposal addresses a material issue to the portfolio company, the portfolio company's current handling of the issue (both on an absolute basis and relative to market practices), the portfolio company's compliance with regulatory requirements, and the potential cost to the portfolio company of implementing the proposal.

On behalf of Social-Voting Funds or Accounts, Dimensional will typically support, subject to the foregoing considerations, proposals for greater board accountability, improved policies and procedures, or increased disclosure on the following matters:

● Climate-related risks and greenhouse gas emissions

● Environmental impact

● Climate-related lobbying activities

● Financing of fossil fuel activities

● Workforce gender diversity

● Human rights risk

● Factory Farming

● Sale and distribution of tobacco products

In addition, and subject to the foregoing, Dimensional will typically not support on behalf of Social-Voting Funds or Accounts proposals favoring access to abortion.

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**<u>Virtual Meetings</u>**

Dimensional does not oppose the use of virtual-only meetings if shareholders are provided with the same rights and opportunities as available during a physical meeting, including:

● The ability to see and hear portfolio company representatives;

● The ability to ask questions of portfolio company representatives; and

● The ability to see or hear questions submitted to portfolio company representatives by other shareholders, including those questions not answered by portfolio company representatives.

**<u>Disclosure of Vote Results</u>**

Dimensional expects detailed disclosure of voting results. In cases where vote results have not been disclosed within a reasonable time frame, Dimensional may vote against individual directors, committee members, or the full board of a portfolio company.

**Voting Guidelines for Environmental and Social Matters**

Dimensional believes that portfolio company boards are responsible for addressing material environmental and social risks within their duties. If a portfolio company is unresponsive to environmental or social risks that may have material economic ramifications for shareholders, Dimensional may vote against directors individually, committee members, or the entire board. Dimensional may communicate with portfolio companies to better understand the alignment of the interests of boards and management with those of shareholders on these topics.

Dimensional evaluates shareholder proposals on environmental or social issues by paying particular attention to the portfolio company's current handling of the issue, current disclosures, the financial materiality of the issue, market practices, and regulatory requirements. Dimensional may vote for proposals requesting disclosure of specific environmental and social data, such as information about board oversight, risk management policies and procedures, or performance against a specific metric, if Dimensional believes that the portfolio company's current disclosure is inadequate to allow shareholders to effectively assess the portfolio company's handling of a material issue.

**Evaluating Disclosure of Material Environmental or Social Risks**

Dimensional generally believes that information about the oversight and mitigation of material environmental or social risks should be disclosed by portfolio companies. Dimensional generally expects the disclosure regarding oversight and mitigation to include:

● A description of material risks.

● A description of the process for identifying and prioritizing such risks and how frequently it occurs.

● The policies and procedures governing the handling of each material risk.

● A description of the management-level roles/groups involved in oversight and mitigation of each material risk.

● A description of the metrics used to assess the effectiveness of mitigating each material risk, and the frequency at which performance against these metrics is assessed.

● A description of how the board is informed of material risks and the progress against relevant metrics.

In certain instances where Dimensional determines that disclosure by a portfolio company is insufficient for a shareholder to be able to adequately assess the relevant risks facing a portfolio company, Dimensional may, on a case-by-case basis, vote against individual directors, committee members, or the entire board, or may vote in favor of related shareholder proposals consistent with Dimensional's general approach to such proposals.

**<u>Political and Lobbying Activities</u>**

Dimensional expects boards of portfolio companies to exercise oversight of political and lobbying-related expenditures and ensure that such spending is in line with shareholder interests.

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In evaluating a portfolio company's policies related to political and lobbying expenditure, Dimensional expects the following practices:

● The board to adopt policies and procedures to oversee political and lobbying expenditures;

● The details of the board oversight, including the policies and procedures governing such expenditures, to be disclosed publicly; and

● That board oversight of political and lobbying activities, such as spending, should include ensuring that the portfolio company's publicly stated positions are in alignment with its related activities and spending.

**<u>Human Capital Management</u>**

Dimensional expects boards of portfolio companies to exercise oversight of human capital management issues. Dimensional expects portfolio companies to disclose sufficient information for shareholders to understand the policies, procedures, and personnel a portfolio company has in place to address issues related to human capital management. This disclosure should include the portfolio company's human capital management goals in key areas, such as compensation, employee health and wellness, employee training and development, and workforce composition, as well as the metrics by which the portfolio company assesses performance against these goals.

**<u>Climate-Related Risks</u>**

Dimensional expects boards of portfolio companies to exercise oversight of climate-related risks that may have a material impact on the portfolio company. Climate-related risks may include physical risks from changing weather patterns and/or transitional risks from changes in regulation or consumer preferences. Dimensional expects portfolio companies to disclose information on their handling of these risks, to the extent those risks may have a material impact on the portfolio company. Disclosure should include:

● The specific risks identified.

● The potential impact these risks could have on the portfolio company's business, operations, or strategy.

● Whether the risks are overseen by a specific committee or the full board.

● The frequency with which the board or responsible board committee receives updates on the risks and the types of information reviewed.

● The management-level roles/groups responsible for managing these risks.

● The metrics used to assess the handling of these risks, how they are calculated, and the reason for their selection, particularly when the metrics recommended by a recognized third-party framework, such as Task Force for Climate-related Financial Disclosures (TCFD) or Sustainability Accounting Standards Board (SASB), are not being used.

● Targets used by the portfolio company to manage climate-related risks and performance against those targets.

**<u>Human Rights</u>**

Dimensional expects portfolio company boards to exercise oversight of human rights issues that could pose a material risk to the business, including forced labor, child labor, privacy, freedom of expression, and land and water rights. Dimensional expects portfolio companies to disclose information on their handling of these risks, to the extent those risks may have a material impact on the portfolio company. Disclosure should include:

● The specific risks identified

● The potential impact these risks could have on the portfolio company's business, operations, or strategy

● Whether the risks are overseen by a specific committee or the full board

● The frequency with which the board or responsible board committee receives updates on the risks and the types of information reviewed

● Details on how the portfolio company monitors human rights throughout the organization and supply chain, including the scope and frequency of audits and how instances of non-compliance are resolved

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● The policies governing human rights throughout the organization and supply chain and the extent to which the policy aligns with recognized global frameworks such as the UN's Guiding Principles on Human Rights and the OECD's Guidelines for Multinational Enterprises

● Details of violations of the policy and corrective action taken.

**<u>Cybersecurity</u>**

Dimensional expects portfolio company boards to exercise oversight of cybersecurity issues that could pose a material risk to the business. Dimensional expects portfolio companies to disclose information on their handling of these risks, to the extent those risks may have a material impact on the portfolio company. Disclosure should include:

● Policies and procedures to manage cybersecurity risk and identify cybersecurity incidents

● The role of management in implementing cybersecurity policies and procedures

● The role of the board in overseeing cybersecurity risk and the process by which the board is informed of incidents.

● Material cybersecurity incidents and remedial actions taken.

**Evaluation Framework for U.S. Listed Companies**

**<u>Director Elections:</u>**

**<u>Uncontested Director Elections</u>**

Shareholders elect the board of a portfolio company to represent their interests and oversee management and expect boards to adopt policies and practices that align the interests of the board and management with those of shareholders and limit the potential for conflicts of interest.

One of the most important measures aimed at ensuring that portfolio company shareholders' interests are represented is an independent board of directors, made up of individuals with the diversity of backgrounds, experiences, and skill-sets needed to effectively oversee management and manage risk. Dimensional expects portfolio company boards to be majority independent and key committees to be fully independent.

Dimensional believes shareholders should have a say in who represents their interests and portfolio companies should be responsive to shareholder concerns. Dimensional may vote against or withhold votes from individual directors, committee members, or the full board, and may also vote against such directors when they serve on other portfolio company boards, in the following situations:

● The continued service of directors who failed to receive the support of a majority of shareholders (regardless of whether the portfolio company uses a majority or plurality vote standard).

● Failure to adequately respond to majority-supported shareholder proposals.

**<u>Contested Director Elections</u>**

In the case of contested board elections at portfolio companies, Dimensional takes a case-by-case approach. With the goal of maximizing shareholder value, Dimensional considers the qualifications of the nominees, the likelihood that each side can accomplish their stated plans, the portfolio company's corporate governance practices, the incumbent board's history of responsiveness to shareholders, and the market's reaction to the contest.

**<u>Board Structure and Composition:</u>**

**<u>Age and Term Limits</u>**

Dimensional believes it is the responsibility of a portfolio company's nominating committee to ensure that the portfolio company's board of directors is composed of individuals with the skills needed to effectively oversee management and will generally oppose proposals seeking to impose age or term limits for directors.

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That said, portfolio companies should clearly disclose their director evaluation and board refreshment policies in their proxy. Lack of healthy turnover on the board of a portfolio company or lack of observable diversity on a portfolio company board may lead Dimensional to scrutinize the rigor of a portfolio company's board refreshment process.

**<u>CEO/Chair</u>**

Dimensional believes that the portfolio company boards are responsible for determining whether the separation of roles is appropriate and adequately protects the interests of shareholders.

At portfolio companies with a combined CEO/Chair, Dimensional expects the board to appoint a lead independent director with specific responsibilities, including the setting of meeting agendas, to seek to ensure the board is able to act independently.

Recent environmental, social, and governance controversies resulting from inadequate board oversight may be taken into account when voting on shareholder proposals seeking the separation of the roles of CEO and Chair at a portfolio company.

**<u>Governance Practices:</u>**

**<u>Classified Boards</u>**

Dimensional believes director votes are an important mechanism to increase board accountability to shareholders. Dimensional therefore advocates for boards at portfolio companies to give shareholders the right to vote on the entire slate of directors on an annual basis.

Dimensional will generally support proposals to declassify existing boards at portfolio companies and will generally oppose efforts by portfolio companies to adopt classified board structures, in which only part of the board is elected each year.

Dimensional will generally vote against or withhold votes from incumbent directors at portfolio companies that adopt a classified board without shareholder approval. Dimensional may also vote against or withhold votes from directors at portfolio companies that adopt classified boards prior to or in connection with an IPO, unless accompanied by a reasonable sunset provision.

**<u>Dual Classes of Stock</u>**

Dual class share structures are generally seen as detrimental to shareholder rights, as they are accompanied by unequal voting rights. Dimensional believes in the principle of one share, one vote.

Dimensional opposes the creation of dual-class share structures with unequal voting rights at portfolio companies and will generally vote against proposals to create or continue dual-class capital structures.

Dimensional will generally vote against or withhold votes from directors at portfolio companies that adopt a dual-class structure without shareholder approval after the portfolio company's IPO. Dimensional will generally vote against or withhold votes from directors for implementation of a dual-class structure prior to or in connection with an IPO, unless accompanied by a reasonable sunset provision.

**<u>Supermajority Vote Requirements</u>**

Dimensional believes that the affirmative vote of a majority of shareholders of a portfolio company should be sufficient to approve items such as bylaw amendments and mergers. Dimensional will generally vote against proposals seeking to implement a supermajority vote requirement and for shareholder proposals seeking the adoption of a majority vote standard.

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Dimensional will generally vote against or withhold votes from incumbent directors at portfolio companies that adopt a supermajority vote requirement without shareholder approval. Dimensional may also vote against or withhold votes from directors at portfolio companies that adopt supermajority vote requirements prior to or in connection with an IPO, unless accompanied by a reasonable sunset provision.

**<u>Shareholder Rights Plans (Poison Pills)</u>**

Dimensional generally opposes poison pills. As a result, Dimensional may vote against the adoption of a pill and all directors at a portfolio company that put a pill in place without first obtaining shareholder approval. Votes against (or withheld votes from) directors may extend beyond the portfolio company that adopted the pill, to all boards the directors serve on. In considering a poison pill for approval, Dimensional may take into account the existence of 'qualified offer' and other shareholder-friendly provisions.

For pills designed to protect net operating losses, Dimensional may take into consideration a variety of factors, including but not limited to the size of the available operating losses and the likelihood that they will be utilized to offset gains.

**<u>Cumulative Voting</u>**

Under cumulative voting, each shareholder is entitled to the number of his or her shares multiplied by the number of directors to be elected. Shareholders have the flexibility to allocate their votes among directors in the proportion they see fit, including casting all their votes for one director. This is particularly impactful in the election of dissident candidates to the board in the event of a proxy contest.

Dimensional will typically support proposals that provide for cumulative voting and against proposals to eliminate cumulative voting unless the portfolio company has demonstrated that there are adequate safeguards in place, such as proxy access and majority voting.

**<u>Majority Voting</u>**

For the election of directors, portfolio companies may adopt either a majority or plurality vote standard. In a plurality vote standard, the directors with the most votes are elected. If the number of directors up for election is equal to the number of board seats, each director only needs to receive one vote in order to be elected. In a majority vote standard, in order to be elected, a director must receive the support of a majority of shares voted or present at the meeting.

Dimensional supports a majority (rather than plurality) voting standard for uncontested director elections at portfolio companies. The majority vote standard should be accompanied by a director resignation policy to address failed elections.

To account for contested director elections, portfolio companies with a majority vote standard should include a carve-out for plurality voting in situations where there are more nominees than seats.

**<u>Right to Call Meetings and Act by Written Consent</u>**

Dimensional will generally support the right of shareholders to call special meetings of a portfolio company board (if they own 25% of shares outstanding) and take action by written consent.

**<u>Proxy Access</u>**

Dimensional will typically support management and shareholder proposals for proxy access that allow a shareholder (or group of shareholders) holding three percent of voting power for three years to nominate up to 25 percent of a portfolio company board. Dimensional will typically vote against proposals that are more restrictive than these guidelines.

**<u>Amend Bylaws/Charters</u>**

Dimensional believes that shareholders should have the right to amend a portfolio company's bylaws. Dimensional will generally vote against or withhold votes from incumbent directors at portfolio companies that place substantial

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restrictions on shareholders' ability to amend bylaws through excessive ownership requirements for submitting proposals or restrictions on the types of issues that can be amended.

**<u>Exclusive Forum</u>**

Dimensional is generally supportive of management proposals at portfolio companies to adopt an exclusive forum for shareholder litigation.

**<u>Indemnification and Exculpation of Directors and Officers</u>**

Dimensional intends to evaluate proposals seeking to enact or expand indemnification or exculpation provisions on a case-by-case basis considering board rationale and specific provisions being proposed.

**<u>Advance Notice Provisions</u>**

Portfolio company bylaw amendments known as "advance notice provisions" set out the steps shareholders must follow when submitting an item for inclusion on the agenda of a shareholder meeting. These provisions may serve as an entrenchment device that can result in reduced accountability at the board level in cases where they impose onerous requirements on shareholders wishing to submit a nominee for the board of directors. When evaluating advanced notice provisions, whether for the submission of a shareholder candidate or the submission of other permissible proposals, Dimensional generally does not support provisions that:

● Require shareholder-nominated candidates to disclose information that is not required for new board-nominated candidates

● Impose unduly burdensome disclosure requirements on shareholder proponents

● Significantly limit the time period shareholders have to submit proposals or nominees

Dimensional may vote against or withhold votes from directors who adopt such provisions without shareholder approval.

**<u>Executive and Director Compensation:</u>**

**<u>Equity-Based Compensation</u>**

Dimensional supports the adoption of equity plans that align the interests of portfolio company board, management, and portfolio company employees with those of shareholders.

Dimensional will evaluate equity plans on a case-by-case basis, taking into account the potential dilution to shareholders, the portfolio company's historical use of equity, and the particular plan features.

Dimensional will typically vote against plans that have features that have a negative impact on shareholders of portfolio companies. Such features include single-trigger or discretionary vesting, an overly broad definition of change in control, a lack of minimum vesting periods for grants, evergreen provisions, and the ability to reprice shares without shareholder approval.

Dimensional may also vote against equity plans if problematic equity grant practices have contributed to a pay for performance misalignment at the portfolio company.

**<u>Employee Stock Purchase Plans</u>**

Dimensional will generally support qualified employee stock purchase plans (as defined by Section 423 of the Internal Revenue Code), provided that the purchase price is no less than 85 percent of market value, the number of shares reserved for the plan is no more than ten percent of outstanding shares, and the offering period is no more than 27 months.

**<u>Advisory Votes on Executive Compensation (Say on Pay)</u>**

Dimensional supports reasonable compensation for executives that is clearly linked to the portfolio company's performance. Compensation should serve as a means to align the interests of executives with those of shareholders. To the extent that compensation is excessive, it represents a transfer to management of shareholder wealth.

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Therefore, Dimensional reviews proposals seeking approval of a portfolio company's executive compensation plan closely, taking into account the quantum of pay, portfolio company performance, and the structure of the plan.

Certain practices, such as:

● multi-year guaranteed bonuses

● excessive severance agreements (particularly those that vest without involuntary job loss or diminution of duties or those with excise-tax gross-ups)

● single, or the same, metrics used for both short-term and long-term executive compensation plans may encourage excessive risk-taking by executives at portfolio companies and are generally opposed by Dimensional.

At portfolio companies that have a history of problematic pay practices or excessive compensation, Dimensional will consider the portfolio company's responsiveness to shareholders' concerns and may vote against or withhold votes from members of the compensation committee if these concerns have not been addressed.

**<u>Frequency of Say on Pay</u>**

Executive compensation in the United States is typically composed of three parts: 1) base salary; 2) cash bonuses based on annual performance (short-term incentive awards); 3) and equity awards based on performance over a multi-year period (long-term incentive awards).

Dimensional supports triennial say on pay because it allows for a longer-term assessment of whether compensation was adequately linked to portfolio company performance. This is particularly important in situations where a portfolio company makes significant changes to their long-term incentive awards, as the effectiveness of such changes in aligning pay and performance cannot be determined in a single year.

If there are serious concerns about a portfolio company's compensation plan in a year where the plan is not on the ballot, Dimensional may vote against or withhold votes from members of the Compensation Committee.

**<u>Executive Severance Agreements (Golden Parachutes)</u>**

Dimensional analyzes golden parachute proposals on a case-by-case basis.

Dimensional expects payments to be reasonable on both an absolute basis and relative to the value of the transaction. Dimensional will typically vote against agreements with cash severance of more than 3x salary and bonus.

Dimensional expects vesting of equity to be contingent on both a change in control and a subsequent involuntary termination of the employee ("double-trigger change in control").

**<u>Corporate Actions:</u>**

**<u>Reincorporation</u>**

Dimensional will evaluate reincorporation proposals on a case-by-case basis.

Dimensional may vote against reincorporations if the move would result in a substantial diminution of shareholder rights at the portfolio company.

**<u>Capitalization:</u>**

**<u>Increase Authorized Shares</u>**

Dimensional will vote case-by-case on proposals seeking to increase common or preferred stock of a portfolio company, taking into account the purpose for which the shares will be used and the risk to shareholders of not approving the request.

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Dimensional will typically vote against requests for common or preferred stock issuances that are excessively dilutive relative to common market practice.

Dimensional will typically vote against proposals at portfolio companies with multiple share classes to increase the number of shares of the class with superior voting rights.

**<u>Blank Check Preferred Stock</u>**

Blank check preferred stock is stock that can be issued at the discretion of the board, with the voting, conversion, distribution, and other rights determined by the board at the time of issue. Therefore, blank check preferred stock can potentially serve as means to entrench management and prevent takeovers at portfolio companies.

To mitigate concerns regarding what Dimensional believes is the inappropriate use of blank check preferred stock, Dimensional expects portfolio companies seeking approval for blank preferred stock to clearly state that the shares will not be used for anti-takeover purposes.

**<u>Share Repurchases</u>**

Dimensional will generally support open-market share repurchase plans that allow all shareholders to participate on equal terms. Portfolio companies that use metrics such as earnings per share (EPS) in their executive compensation plans should ensure that the impact of such repurchases are taken into account when determining payouts.

**<u>Shareholder Proposals:</u>**

Dimensional's goal when voting on portfolio company shareholder proposals is to support those proposals that protect or enhance shareholder value through improved board accountability, improved policies and procedures, or improved disclosure.

When evaluating environmental or social shareholder proposals, Dimensional will use research to consider whether the proposal addresses a material issue to the portfolio company, the portfolio company's current handling of the issue (both on an absolute basis and relative to market practices), the portfolio company's compliance with regulatory requirements, and the potential cost to the portfolio company of implementing the proposal.

On behalf of Social-Voting Funds or Accounts, Dimensional will typically support, subject to the foregoing consideration, proposals for greater board accountability, improved policies and procedures, or increased disclosure on the following matters:

● Climate-related risks and greenhouse gas emissions

● Environmental impact

● Climate-related lobbying activities

● Financing of fossil fuel activities

● Workforce gender diversity

● Human rights risk

● Factory Farming

● Sale and distribution of tobacco products

In addition, and subject to the foregoing, Dimensional will typically not support on behalf of Social-Voting Funds or Accounts proposals favoring access to abortion.

In instances where a shareholder proposal is excluded from the meeting agenda but the SEC has declined to state a view on whether such proposal can be excluded, Dimensional expects the portfolio company to provide shareholders with substantive disclosure concerning this exclusion. If substantive disclosure is lacking, Dimensional may vote against or withhold votes from certain directors on a case-by-case basis.

A-3-13

**Evaluation Framework for Europe, the Middle East, and Africa (EMEA) Listed Companies**

**<u>Continental Europe:</u>**

**<u>Director Election Guidelines</u>**

● Portfolio company boards should be majority independent (excluding shareholder or employee representatives as provided by law); however, lower levels of board independence may be acceptable in controlled companies and in those markets where local best practice indicates that at least one-third of the board be independent.

● A majority of audit and remuneration committee members (excluding shareholder or employee representatives as provided by law) should be independent; the committees overall should be at least one-third independent.

● Executives should generally not serve on audit and remuneration committees.

● The CEO and board chair roles should generally be separate.

**<u>Remuneration Guidelines</u>**

Dimensional expects annual remuneration reports published by portfolio companies pursuant to the Shareholder Rights Directive II to disclose, at a minimum:

● The amount paid to executives ;

● Alignment between pay and performance;

● The targets used for variable incentive plans and the ex-post levels achieved ; and

● The rationale for any discretion applied.

**<u>Other Market Specific Guidelines for Continental Europe</u>**

● In Austria, Germany, and the Netherlands, Dimensional will generally vote against the appointment of a former CEO as chairman of the board of directors or supervisory board of a portfolio company.

**<u>United Kingdom & Ireland:</u>**

Dimensional expects portfolio companies to follow the requirements of the UK Corporate Governance Code with regards to board and committee composition. When evaluating portfolio company boards Dimensional will also consider the recommendations of the FTSE Women Leaders and Parker Reviews with regards to female and minority representation on the board.

Dimensional also expects companies to align their remuneration with the requirements of the UK Corporate Governance Code and to consider best practices such as those set forth in the Investment Association Principles of Remuneration.

**<u>South Africa:</u>**

Dimensional expects portfolio companies to follow the recommendations of the King Report on Corporate Governance (King Code IV) with regards to board and committee composition.

**<u>Turkey:</u>**

Dimensional expects the board of directors of a portfolio company to be at least one-third independent; at minimum two directors should be independent.

Dimensional expects the board of a portfolio company to establish an independent audit committee.

Dimensional expects the board of a portfolio company to establish a board committee with responsibility for compensation and nominating matters. This committee should be chaired by an independent director.

A-3-14

**Framework for Evaluating Australia-Listed Companies**

**<u>Uncontested Director Elections</u>**

Shareholders elect the board of a portfolio company to represent their interests and oversee management and expect portfolio company boards to adopt policies and practices that align the interests of the board and management with those of shareholders and limit the potential for conflicts of interest.

One of the most important measures aimed at ensuring that portfolio company shareholders' interests are represented is an independent board of directors, made up of individuals with the diversity of backgrounds, experiences, and skill-sets needed to effectively oversee management and manage risk. Dimensional expects portfolio company boards to be majority independent.

Dimensional believes that key audit and remuneration committees should be composed of independent directors. Dimensional will generally vote against executive directors of the portfolio company who serve on the audit committee or who serve on the remuneration committee if the remuneration committee is not majority independent.

Dimensional will consider the ASX Corporate Governance Council Principles and Recommendations (the "ASX Principles and Recommendations") with regards to female representation on the board when voting on directors.

**<u>CEO/Chair</u>**

Dimensional expects portfolio companies to follow the ASX Corporate Governance Council Principles and Recommendations and generally separate the CEO and board chair roles, with the board chair being an independent director.

**<u>Auditors</u>**

Australian law does not require the annual ratification of auditors; therefore, concerns with a portfolio company's audit practices will be reflected in votes against members of the audit committee.

Dimensional may vote against audit committee members at a portfolio company if there are concerns with the auditor's independence, the accuracy of the auditor's report, the level of non-audit fees, or if lack of disclosure makes it difficult to assess these factors.

Dimensional may also vote against audit committee members in instances of fraud or material failures in oversight of audit functions.

**<u>Share Issuances</u>**

Dimensional will evaluate requests for share issuances on a case-by-case basis, taking into account factors such as the impact on current shareholders and the rationale for the request.

When voting on approval of prior share distributions, Dimensional will generally support prior issuances that conform to the dilution guidelines set out in ASX Listing Rule 7.1.

**<u>Share Repurchase</u>**

Dimensional will evaluate requests for share repurchases on a case-by-case basis, taking into account factors such as the impact on current shareholders, the rationale for the request, and the portfolio company's history of repurchases. Dimensional expects repurchases to be made in arms-length transactions using independent third parties.

Dimensional may vote against portfolio company plans that do not include limitations on the portfolio company's ability to use the plan to repurchase shares from third parties at a premium and limitations on the use of share purchases as an anti-takeover device.

A-3-15

**<u>Constitution Amendments</u>**

Dimensional will evaluate requests for amendments to a portfolio company's constitution on a case-by-case basis. The primary consideration will be the impact on the rights of shareholders.

**<u>Non-Executive Director Remuneration</u>**

Dimensional will support non-executive director remuneration at portfolio companies that is reasonable in both size and composition relative to industry and market norms.

Dimensional will generally vote against components of non-executive director remuneration that are likely to impair a director's independence, such as options or performance-based remuneration.

**<u>Equity-Based Remuneration</u>**

Dimensional supports the adoption of equity plans that align the interests of the portfolio company board, management, and portfolio company employees with those of shareholders.

Companies should clearly disclose components of the plan, including vesting periods and performance hurdles.

Dimensional may vote against plans that are exceedingly dilutive to existing shareholders. Plans that permit retesting or repricing will generally be viewed unfavorably.

**Framework for Evaluating Japan-Listed Securities**

**<u>Uncontested Director Elections</u>**

Shareholders elect the board of a portfolio company to represent their interests and oversee management and expect portfolio company boards to adopt policies and practices that align the interests of the board and management with those of shareholders and limit the potential for conflicts of interest.

One of the most important measures aimed at ensuring that portfolio company shareholders' interests are represented is an independent board of directors, made up of individuals with the diversity of backgrounds, experiences, and skill sets needed to effectively oversee management and manage risk. With respect to gender diversity, Dimensional may consider local market practice, including requirements under the Japan Corporate Governance Code, and may vote against directors if the board does not meet established market norms.

At portfolio companies with a three-committee structure, Dimensional expects at least one-third of the board to be outsiders. Ideally, the board should be majority independent. At portfolio companies with a three-committee structure that have a controlling shareholder, at least two directors and at least one-third of the board should be independent outsiders.

At portfolio companies with an audit committee structure, Dimensional expects at least one-third of the board to be outsiders. Ideally, the audit committee should be entirely independent; at minimum, any outside directors who serve on the committee should be independent. At portfolio companies with an audit committee structure that have a controlling shareholder, at least two directors and at least one-third of the board should be independent outsiders.

At portfolio companies with a statutory auditor structure, Dimensional expects at least two directors and at least one-third of the board to be outsiders. At portfolio companies with a statutory auditor structure that have a controlling shareholder, at least two directors and at least one-third of the board should be independent outsiders.

**<u>Statutory Auditors</u>**

Statutory auditors are responsible for effectively overseeing management and ensuring that decisions made are in the best interest of shareholders. Dimensional may vote against statutory auditors who are remiss in their responsibilities.

A-3-16

When voting on outside statutory auditors, Dimensional expects nominees to be independent and to have the capacity to fulfill the requirements of their role as evidenced by attendance at meetings of the board of directors or board of statutory auditors.

**<u>Director and Statutory Auditor Compensation</u>**

Dimensional will support compensation for portfolio company directors and statutory auditors that is reasonable in both size and composition relative to industry and market norms.

When requesting an increase to the level of director fees, Dimensional expects portfolio companies to provide a specific reason for the increase. Dimensional will generally support an increase of director fees if it is in conjunction with the introduction of performance-based compensation, or where the ceiling for performance-based compensation is being increased. Dimensional will generally not support an increase in director fees if there is evidence that the directors have been remiss in effectively overseeing management or ensuring that decisions made are in the best interest of shareholders.

Dimensional will typically support an increase to the statutory auditor compensation ceiling unless there is evidence that the statutory auditors have been remiss in effectively overseeing management or ensuring that decisions made are in the best interest of shareholders.

Dimensional will generally support the granting of annual bonuses to portfolio company directors and statutory auditors unless there is evidence the board or the statutory auditors have been remiss in effectively overseeing management or ensuring that decisions made are in the best interest of shareholders.

Dimensional generally supports the granting of retirement benefits to portfolio company insiders, so long as the individual payments, and aggregate amount of such payments, is disclosed.

Dimensional will generally vote against the granting of retirement bonuses if there is evidence the portfolio company board or statutory auditors have been remiss in effectively overseeing management or ensuring that decisions made are in the best interest of shareholders.

**<u>Equity Based Compensation</u>**

Dimensional supports the adoption of equity plans that align the interests of the portfolio company board, management, and portfolio company employees with those of shareholders.

Dimensional will typically support stock option plans to portfolio company executives and employees if total dilution from the proposed plans and previous plans does not exceed 5 percent for mature companies or 10 percent for growth companies.

Dimensional will generally vote against stock plans if upper limit of options that can be issued per year is not disclosed.

For deep-discounted stock option plans, Dimensional typically expects portfolio companies to disclose specific performance hurdles.

**<u>Capital Allocation</u>**

Dimensional will typically support well-justified dividend payouts that do not negatively impact the portfolio company's overall financial health.

A-3-17

**<u>Share Repurchase</u>**

Dimensional is typically supportive of portfolio company boards having discretion over share repurchases absent concerns with the portfolio company's balance sheet management, capital efficiency, buyback and dividend payout history, board composition, or shareholding structure.

Dimensional will typically support proposed repurchases that do not have a negative impact on shareholder value.

For repurchases of more than 10 percent of issue share capital, Dimensional expects the portfolio company to provide a robust explanation for the request.

**<u>Cross-Shareholding</u>**

Dimensional generally believes that portfolio companies should not allocate significant portions of their net assets to investments in companies for non-investment purposes. For example, in order to strengthen relationships with customers, suppliers, or borrowers. Such cross-shareholding, whether unilateral or reciprocal, can compromise director independence, entrench management, and reduce director accountability to uninterested shareholders. Dimensional may vote against certain directors at companies with excessive cross-shareholdings.

**<u>Shareholder Rights Plans (Poison Pills)</u>**

Dimensional believes the market for corporate control, which can result in acquisitions that are accretive to shareholders, should be able to function without undue restrictions. Takeover defenses such as poison pills can lead to entrenchment and reduced accountability at the board level.

**<u>Indemnification and Limitations on Liability</u>**

Dimensional generally supports limitations on liability for directors and statutory auditors in ordinary circumstances.

**<u>Limit Legal Liability of External Auditors</u>**

Dimensional generally opposes limitations on the liability of external auditors.

**<u>Increase in Authorized Capital</u>**

Dimensional will typically support requests for increases of less than 100 percent of currently authorized capital, so long as the increase does not leave the portfolio company with less than 30 percent of the proposed authorized capital outstanding.

For increases that exceed these guidelines, Dimensional expects portfolio companies to provide a robust explanation for the increase.

Dimensional will generally not support requests for increases that will be used as an anti-takeover device.

**<u>Expansion of Business Activities</u>**

For well performing portfolio companies seeking to expand their business into enterprises related to their core business, Dimensional will typically support management requests to amend the portfolio company's articles to expand the portfolio company's business activities.

**Framework for Evaluating Securities in Other Select Asian Markets**

**<u>Uncontested Director Elections</u>**

Dimensional expects portfolio companies to disclose biographical information about director candidates sufficient for shareholders to assess the candidate's independence and suitability for board service.

Dimensional expects that portfolio companies will at a minimum meet mandated regulatory or listing standards levels for board independence but should work towards meeting the applicable requirements of the relevant Corporate Governance code.

A-3-18

Dimensional maintains the following expectations for board independence at portfolio companies. The calculation of the level of independence will generally exclude shareholder or employee representatives as provided by law.

● All boards of directors of Malaysian portfolio companies should be at least 33% independent. Boards of directors of Malaysian "Large Companies" as defined by the Securities Commission Malaysia should be majority independent.

● Boards of directors of Indian and Singaporean portfolio companies should be at least 50% independent if the board chair is not independent. If the board chair is independent, the board of directors should be at least 33% independent.

● Boards of directors of Thai, Filipino, Hong Kong and mainland Chinese portfolio companies should be at least 33% independent.

● Boards of directors of Taiwanese portfolio companies should have no fewer than two independent directors and no less than 20% independence.

● Boards of Commissioners of Indonesian portfolio companies should be at least 30% independent, except for banks, insurance companies, and financial institutions which should be 50% independent.

● Boards of directors of South Korean portfolio companies should be at least 25% independent. The board of directors of Large Companies, as defined by the Commercial Act of South Korea, should be majority independent.

**<u>Director Remuneration</u>**

In most Asian markets, director remuneration generally consists of both fees and bonuses.

Dimensional will generally support the payment of fees for serving as a director, fees for attending meetings, and other market-permitted remuneration if the size of such fees and other director remuneration is reasonable relative to industry and market norms.

In the absence of specific proposals to approve director remuneration (including fees and bonuses), Dimensional may vote against the directors who receive such remuneration if concerns are identified.

**<u>Equity Based Remuneration</u>**

In most Asian markets, equity plans are developed and presented for shareholder approval as part of employee remuneration. Equity plans may consist of stock options, restricted shares, or performance shares.

When voting on stock-option plans, restricted share plans, and performance share plans, Dimensional will consider the extent to which the plan is performance based, the length of performance and vesting periods, and the treatment of equity upon a change in control.

For stock-option plans, if the plan provides for a discount to the market price, Dimensional will consider the reasonableness and rationale for such a discount in light of local market standards.

In instances where Dimensional has identified concerns with a portfolio company's equity plan or equity granting practices, Dimensional will generally oppose the extension of the plan to subsidiary or associate companies.

A-3-19

**DoubleLine Capital LP**

**DoubleLine Alternatives LP**

**DoubleLine ETF Adviser LP**

**DoubleLine Funds Trust**

**DoubleLine ETF Trust<br> DoubleLine Closed-End Funds**

**Proxy Voting, Corporate Actions and Class Actions Policy**

&nbsp;&nbsp;&nbsp;&nbsp;**I.** **Background** 

Rule 206(4)-6 of the Investment Advisers Act of 1940, as amended (the "Advisers Act"), requires investment advisers that exercise voting authority with respect to client securities to: (i) adopt and implement written policies and procedures reasonably designed to ensure that client securities are voted in the best interest of clients, which must include how an adviser addresses material conflicts that may arise between an adviser's interests and those of its clients; (ii) provide a concise summary of its proxy voting policies and procedures and, upon request, furnish a copy of the full policies and procedures to its clients; and (iii) disclose how clients may obtain information with respect to how the adviser voted their securities.

This Proxy Voting, Corporate Actions and Class Actions Policy (the "Proxy Policy") is adopted by DoubleLine Capital LP, DoubleLine Alternatives LP and DoubleLine ETF Adviser LP (the "Advisers," or each applicable "Adviser") to govern the Advisers' proxy voting, corporate actions and class actions activities involving client investments, and along with the DoubleLine Funds Trust, the DoubleLine ETF Trust, and the DoubleLine closed-end funds (each, a "Fund," collectively the "Funds," and together with the Advisers, "DoubleLine"), to help ensure compliance with applicable disclosure and reporting requirements.

&nbsp;&nbsp;&nbsp;&nbsp;**II.** **Policy** 

**Employees must handle all proxy voting, corporate actions and class actions ("Proxy Matters") with reasonable care and diligence, and solely in the best interest of DoubleLine clients. Accordingly, all Proxy Matter proposals must immediately be forwarded to the Trade Management team to ensure that each proposal is processed timely and in accordance with the Proxy Policy.**

The Adviser generally will exercise proxy voting, corporate actions and class actions authority on behalf of clients only where the client has expressly delegated such authority in writing. If directed to do so by the client, the Adviser will process each proposal in a manner that seeks to enhance the economic value of client investments.

*<u>Proxy Voting Guidelines and Corporate Actions</u>*

Designated employees from the Portfolio Management team will review the specific facts and circumstances surrounding each proxy and corporate action proposal to determine a course of action that promotes the best interest of clients (including, if so directed, to maximize the value of client investments). The Advisers adopt the Proxy Voting Guidelines (the "Guidelines," see Attachment A) as a framework for analyzing proxy and corporate action proposals on a consistent basis.

The Portfolio Management team may, in their discretion, vote proxies and corporate actions in a manner that is inconsistent with the Guidelines (or instruct applicable parties to do so) when they determine, after conducting reasonable due diligence, that doing so is in the best interest of the client. They may consult with the Proxy Voting Committee (the "Proxy Committee"), DoubleLine senior management or a third-party expert such as a proxy voting service provider to make such determinations.

*<u>Class Actions</u>*

In the event that a client investment becomes the subject of a class action lawsuit, the Adviser will assess, among other factors, the potential financial impact of participating in such legal action. If the Adviser determines that participating in the class action is in the best interest of the client, the Adviser will recommend that the client or its custodian submit appropriate documentation on the client's behalf, subject to contractual or other authority. The Adviser may consider other factors in determining whether participation in a class action lawsuit is in the best interest of the client, including (i) the costs that likely would be incurred by the client, (ii) the resources that likely would be expended in participating in the class action, and (iii) other available options for pursuing legal recourse against the issuer. If appropriate, the Adviser may also notify the client about the class action without making a recommendation as to participation, which would allow clients to decide on how to proceed. The Advisers provide no assurance to former clients that applicable class action information will be delivered to them.

*<u>Conflicts of Interest</u>*

Employees must be diligent with respect to actual and potential conflicts of interest when handling client investments. This covers conflicts between the interests of DoubleLine, employees and clients, including conflicts between two or more clients. As a general matter, conflicts should be avoided where practicable. In cases where it cannot be avoided, the conflict must be mitigated as much as possible and then fully and fairly disclosed to the client, such that the client can make an informed decision and, where applicable, provide an informed consent. **As required under the Code of Ethics and the Outside Business Activities and Affiliations Policy, employees must report, and in some cases request pre-approval for, certain transactions, activities and affiliations that may present a conflict of interest.** Moreover, employees from the Portfolio Management and Trade Management teams who are directly involved in the implementation of the Proxy Policy and members of the Proxy Committee should seek to identify, and report to the Proxy Committee, any conflict of interest related to any proposal or the Proxy Policy in general.

If a material conflict involving a client is deemed to exist with respect to a proposal, the Proxy Committee will generally seek to resolve such conflicts in the best interest of the applicable client by pursuing any one of the following courses of action: (i) voting (or not voting) in accordance with the Guidelines; (ii) convening a Proxy Committee meeting to assess and implement available measures; (iii) voting in accordance with the recommendation of an independent third-party service provider chosen by the Proxy Committee; (iv) voting (or not voting) in accordance with the instructions of such client; or (v) not voting with respect to the proposal if consistent with the Adviser's fiduciary obligations.

In the event that an Adviser invests in a Fund with other public shareholders, the Adviser will vote the shares of such Fund in the same proportion as the votes of the other shareholders. Under this "echo voting" approach, the Adviser's potential conflict is mitigated by replicating the voting preferences expressed by the other shareholders.

*<u>Client Inquiries</u>*

**Employees must immediately forward any inquiry about DoubleLine's proxy voting policy and practices, including historical voting records, to the Trade Management team.** The Trade Management team will record the identity of the client, the date of the request, and the disposition of each request and coordinate the appropriate response with the Investor Services team or other applicable party.

The Adviser shall furnish the information requested, free of charge, to the client within ten (10) business days. A copy of the written response should be attached and maintained with the client's written request, if applicable, and stored in an appropriate file. Clients can require the delivery of the proxy voting record relevant to their accounts for the five-year period prior to their request.

The Funds are required to furnish a description of the Proxy Policy within three (3) business days of receipt of a shareholder request, by first-class mail or other means designed to ensure equally prompt delivery. The Funds rely upon the fund administrator to process such requests.

The Trade Management team shall forward to the Proxy Committee all Proxy Matter inquiries, including proxy solicitations or an Adviser's voting intention on a pending proposal, from third parties that are not duly authorized by a client.

&nbsp;&nbsp;&nbsp;&nbsp;**III.** **Third-Party Proxy Agent** 

To assist in carrying out its proxy voting obligations, DoubleLine has retained a third-party proxy voting service provider, currently Glass, Lewis & Co. ("Glass Lewis"), as its proxy voting agent. Pursuant to an agreement with DoubleLine, Glass Lewis obtains proxy ballots related to client investments, evaluates the facts and circumstances relating to each proposal and communicates to the Adviser the recommendation from the issuer's management (where available) and Glass Lewis' broad recommendation. The Adviser shall vote on proposals in its discretion and in a manner consistent with the Proxy Policy or instructs Glass Lewis to do so on its behalf.

In the event that DoubleLine determines that a recommendation from Glass Lewis (or from any other third-party proxy voting service provider retained by DoubleLine) was based on a material factual error, DoubleLine will investigate the error, taking into account, among other things, the nature of the error and the recommendation, and seek to determine whether the vote or other actions related to the proposal would change in light of the error and whether the service provider is taking reasonable steps to reduce similar errors in the future. DoubleLine will also inform the Proxy Committee of the error to determine if it is a material compliance matter under Rule 206(4)-7 of the Advisers Act or Rule 38a-1 of the Investment Company Act of 1940, as amended (the "1940 Act"), or if further remedial action is necessary.

&nbsp;&nbsp;&nbsp;&nbsp;**IV.** **Environmental, Social and Governance Matters** 

The Advisers integrate environmental, social and governance ("ESG") factors into its research and decision-making process to gain a more holistic view of the relevant investment risks, better understand the potential drivers of performance, and strive for better risk-adjusted returns. In particular, the Advisers seek to identify and understand material ESG factors that have a potential financial impact on an issuer and the valuation of client investments. As stewards of client investments, the Advisers view proxy voting as an opportunity to influence the financial impact of such material ESG factors (if applicable) and, through the Guidelines, ensure that proposals are consistently reviewed and voted in a manner that seeks to enhance the economic value of client investments. The Advisers also may consider material ESG factors in determining how to address corporate actions and class actions.

&nbsp;&nbsp;&nbsp;&nbsp;**V.** **Limitations** 

*<u>Securities on Loan</u>*

The Adviser may not be able to take action with respect to a proposal when the client's relevant securities are on loan in accordance with a securities lending program or are controlled by a securities lending agent or custodian acting independently of DoubleLine. In addition, the Adviser will not recall securities if the potential economic impact of the proposal is insignificant or less than the economic benefit gained if the securities remained on loan (such as the interest income from the loan arrangement) or if recalling the securities is otherwise not in the best interest of the client. In the event that the Adviser determines that a proposal could reasonably enhance the economic value of the client's investment, the Adviser will make reasonable efforts to inform the client and recall the securities. Employees cannot make any representation that any securities on loan will be recalled successfully or in time for submitting a vote on a pending proposal.

*<u>Foreign Markets</u>*

 

In certain markets, shares of securities may be blocked or frozen at the custodian or other designated depositary for certain periods typically around the shareholder meeting date. In such cases, the Adviser cannot guarantee that the blocked securities can be processed in time for submitting a vote on a pending proposal. In addition, where the Adviser determines that there are unusual costs to the client or administrative difficulties associated with voting on a proposal, which more typically might be the case with respect to proposals involving non-U.S. issuers and foreign markets, the Adviser reserves the right to not vote on the proposal unless the Adviser determines that the potential benefits exceed the anticipated cost to the client.

 

*<u>Proofs-of-Claim</u>*

The Advisers do not complete proofs-of-claim on behalf of clients for current or historical holdings other than for the Funds and private funds offered by DoubleLine; however, an Adviser may provide reasonable assistance to other existing clients by sharing related information that is in the Adviser's possession. The Advisers do not undertake to complete, or provide any assistance for, proofs-of-claim involving securities that had been held by any former client. The Advisers will complete proofs-of-claim for the Funds and private funds offered by DoubleLine or provide reasonable access to the applicable administrator to file such proofs-of-claim when appropriate.

 

*<u>Contractual Obligations</u>*

In certain limited circumstances, particularly in the area of structured finance, the Adviser may, on behalf of clients, enter into voting agreements or other contractual obligations that govern proxy and corporate action proposals. In the event of a conflict between any such contractual requirements and the Guidelines, the Adviser will vote in accordance with its contractual obligations.

&nbsp;&nbsp;&nbsp;&nbsp;**VI.** **Other Regulatory Matters and Responsibilities** 

*<u>Form N-PX Filings</u>*

&nbsp;&nbsp;&nbsp;&nbsp;A. Rule
 30b1-4 under the 1940 Act requires open-end and closed-end management investment companies
 to file an annual record of proxies voted on Form N-PX. The Funds shall file Form N-PX in
 compliance with Rule 30b1-4, including certain new requirements which include, but are not
 limited to, the following:

● *Identification of Proxy Voting Matters* – funds must use the same language as the issuer's proxy card (where a proxy card is required under Rule 14a-4 of the Securities Exchange Act of 1934, as amended, or the "Exchange Act"); and if the matter relates to an election of directors, identify each director separately in the same order as on the proxy card, even if the election of directors is presented as a single matter.

● *Categorization of Voting Matters* – funds are required to categorize the votes reported on Form N-PX consistent with a list of categories outlined in the amended form. The categories will be non-exclusive, and funds must select all categories applicable to each proxy matter.

● *Quantitative Disclosures and Securities Lending* – funds must disclose the number of shares voted or instructed to be cast (if the fund had not received confirmation of the actual number of votes cast) and how those shares were voted (*e.g.*, for, against or abstain). If the votes were cast in multiple manners (*e.g.*, both for and against), funds will be required to disclose the number of shares voted or instructed to be voted in each manner. Additionally, funds must disclose the number of shares loaned but not recalled and, therefore, not voted by the fund.

● *Structured Data Language* – funds must file their reports using a custom XML format.

● *Joint Reporting* – funds are permitted to report on its Form N-PX on behalf of a series or a manager so long as the fund presents the complete voting record of each included series separately and provide the required quantitative information for each included manager separately. Funds must also provide certain information (generally, their name and other identifying information such as their legal entity identifier) in the summary page about the included series or managers.

● *Standardized Order* – funds must submit information based on the specific Form N-PX format and standardized order of disclosure requirements.

● *Fund Notice Reports* – funds are now permitted to indicate on the cover page of Form N-PX if no securities were subject to a vote and, therefore, do not have any proxy votes to report.

● *Website Posting* – funds that have a website must make the most recently filed Form N-PX report publicly available as soon as reasonably practicable. Funds may satisfy the requirement by providing a direct link to the relevant HTML-rendered Form N-PX report on EDGAR.

&nbsp;&nbsp;&nbsp;&nbsp;B. Rule
 14Ad-1 under the Exchange Act requires institutional investment managers subject to section
 13(f) of the Exchange Act, which may include certain Advisers, to report annually on Form
 N-PX how the managers voted proxies relating to executive compensation matters (commonly
 referred to as "say-on-pay" votes). When reporting say-on-pay votes, managers
 are required to comply with the other requirements of Form N-PX for their say-on-pay votes
 (including the new requirements as described above, except that a manager is not required
 to disclose or provide access to its proxy voting records on its website).

The Legal team shall be primarily responsible for DoubleLine's Form N-PX filings. DoubleLine may rely on the applicable fund administrator or other service provider to prepare and submit required Form N-PX filings. The Trade Management team shall assist the Legal team and, as necessary, the relevant service provider by furnishing complete and accurate information required under Form N-PX (including by causing such information to be provided by any third-party proxy voting service provider). Form N-PX must be filed each year no later than August 31 and must contain applicable proxy voting records for the most recent twelve-month period ending June 30.

*<u>Proxy Voting Disclosures</u>*

The Legal team will ensure that (i) a concise summary of the Proxy Policy which includes how conflicts of interest are addressed, and (ii) instructions for obtaining a copy of the Proxy Policy and accessing relevant proxy voting records free of charge (e.g., via a toll-free telephone number, the Funds' website, etc.) are provided within each Adviser's Form ADV Part 2A and the Funds' Statement of Additional Information, registration statement and Form N-CSR, in accordance with applicable legal requirements.

&nbsp;&nbsp;&nbsp;&nbsp;**VII.** **Policy Governance** 

DoubleLine established the Proxy Voting Committee to help ensure compliance with the Proxy Policy. The Proxy Committee, whose members include the Chief Risk Officer and the Chief Compliance Officer (or their respective designees), meets on an as-needed basis. The Proxy Committee will (i) monitor compliance with the Proxy Policy, including by periodically sampling Proxy Matters for review, (ii) review, no less frequently than annually, the adequacy of the Proxy Policy to ensure it has been effectively implemented and that it continues to be designed to ensure that Proxy Matters are addressed in a manner that promotes the best interest of clients, (iii) periodically review, as needed, the adequacy and effectiveness of Glass Lewis or other third-party proxy voting service provider retained by DoubleLine, and (iv) review conflicts of interest that may arise under the Proxy Policy, including changes to the businesses of DoubleLine or the service provider retained by DoubleLine to determine whether those changes present new or additional conflicts of interest that should be addressed pursuant to the Proxy Policy.

The Proxy Committee shall have primary responsibility for managing DoubleLine's relationship with Glass Lewis and any other third-party proxy voting service provider, including overseeing their compliance with the Proxy Policy, as well as reviewing periodically instances in which Glass Lewis does not provide a recommendation with respect to a proposal, or when Glass Lewis commits material errors.

&nbsp;&nbsp;&nbsp;&nbsp;**VIII.** **Books and Records** 

The Trade Management team shall maintain all proxy voting records whether internally or through a third party in compliance with Rule 204-2 of the Advisers Act. The Trade Management team will maintain records which include, but are not limited to: (i) copies of each proxy statement that each Adviser receives regarding securities held by clients; (ii) a record of each vote that each Adviser cast on behalf of each client; (iii) any documentation that is material to each Adviser's decision on voting a proxy or that describes the basis for that decision; (iv) a written description of each Adviser's analysis when deciding to vote a proxy in a manner inconsistent with the Guidelines or when an Adviser has identified a material conflict of interest, (v) each written request from a client for information about how the Adviser voted proxies; and (vi) the Adviser's written response to each client oral or written request for such information. The Trade Management team shall also ensure that comparable documentation related to corporate actions and class actions involving client investments is maintained.

The Legal team shall maintain investment management agreements which may include the Adviser's written authorization to process Proxy Matters or client-specified proxy voting guidelines.

DoubleLine must maintain all books and records described in the Proxy Policy for a period of not less than five (5) years from the end of the fiscal year during which the last entry was made on such record, the first two (2) years of which shall be onsite at its place of business.

History of Amendments:

Effective as of August 2023

Approved by the Boards of DFT, DET and Closed-End Funds: August 17, 2023

Effective as of August 2022

Approved by the Boards of DFT, DET and Closed-End Funds: August 18, 2022

Updated and effective as of May 2022

Approved by the Boards of DFT, DET and Closed-End Funds: May 19, 2022

Updated and effective as of February 15, 2022

Approved by the Boards of DFT, DET, DSL, DBL and DLY: February 15, 2022

Updated and effective as of January 2022

Effective as of January 2021

Approved by the boards of DFT, DSL, DBL and DLY: December 15, 2020

Last reviewed December 2020

Updated and effective as of February 2020

Approved by the boards of DFT, DSL, DBL and DLY: November 21, 2019

Last reviewed November 2019

Reviewed and approved by the Boards of the DoubleLine Funds Trust, DoubleLine Equity Funds, DoubleLine Opportunistic Credit Fund and DoubleLine Income Solutions Fund: August 20, 2015

Adopted by the DoubleLine Equity Funds Board of Trustees: March 19, 2013

Renewed, reviewed and approved by the DoubleLine Equity Funds Board: May 22, 2013

Renewed, reviewed and approved by the DoubleLine Equity Funds Board: November 20, 2013

Renewed, reviewed and approved by the DoubleLine Equity Funds Board: August 21, 2014

Adopted by the DoubleLine Income Solutions Board of Trustees: March 19, 2013

Renewed, reviewed and approved by the DoubleLine Income Solutions Board of Trustees: May 22, 2013

Renewed, reviewed and approved by the DoubleLine Income Solutions Board of Trustees: November 20, 2013

Renewed, reviewed and approved by the DoubleLine Income Solutions Board of Trustees: August 21, 2014

Adopted by the DoubleLine Opportunistic Credit Fund Board of Trustees: August 24, 2011

Renewed and approved by the DoubleLine Opportunistic Credit Fund Board of Trustees: March 19, 2013

Renewed, reviewed and approved by the DoubleLine Opportunistic Credit Fund Board of Trustees: May 22, 2013

Renewed, reviewed and approved by the DoubleLine Opportunistic Credit Fund Board of Trustees: November 20, 2013

Renewed, reviewed and approved by the DoubleLine Opportunistic Credit Fund Board of Trustees: August 21, 2014

Adopted by the DoubleLine Funds Trust Board: March 25, 2010

Renewed, reviewed and approved by the DoubleLine Funds Trust Board: March 1, 2011

Renewed, reviewed and approved by the DoubleLine Funds Trust Board: August 25, 2011

Renewed and approved by the DoubleLine Funds Trust Board of Trustees: March 19, 2013

Renewed, reviewed and approved by the DoubleLine Funds Trust Board: May 22, 2013

Renewed, reviewed and approved by the DoubleLine Funds Trust Board: November 20, 2013

Renewed, reviewed and approved by the DoubleLine Funds Trust Board: August 21, 2014

**Attachment A to the Proxy Voting, Corporate Actions and Class Actions Policy**

Effective July 1, 2023

Guidelines

The Advisers have a fiduciary duty to clients, and shall exercise diligence and care, with respect to its proxy voting authority. Accordingly, the Advisers will review each proposal to determine the relevant facts and circumstances and adopt the following guidelines as a framework for analysis in seeking to maximize the value of client investments. The guidelines do not address all potential voting matters and actual votes by the Advisers may vary based on specific facts and circumstances.

A. Director
 Elections

Directors play a critical role in ensuring that the company and its management serve the interests of its shareholders by providing leadership and appropriate oversight. We believe that the board of directors should have the requisite industry knowledge, business acumen and understanding of company stakeholders in order to discharge its duties effectively.

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Proposal | &nbsp;&nbsp;Shareholder Proposal | &nbsp;&nbsp;Anticipated Vote |
| &nbsp;&nbsp;**Frequency of Elections**<br> Electing all directors annually. |  | &nbsp;&nbsp;**For** |
| &nbsp;&nbsp;**Uncontested Elections**<br> Voting management nominees, unless the nominee lacks independence or focus, has had chronic absences or presents other material concerns to the detriment of the effectiveness of the board. |  | &nbsp;&nbsp;**For** |
| &nbsp;&nbsp;**Majority Voting**<br> Allowing majority voting unless incumbent directors must resign if they do not receive a majority vote in an uncontested election. |  | &nbsp;&nbsp;**For** |
| &nbsp;&nbsp;**Cumulative Voting**<br> Allowing cumulative voting unless the company previously adopted a majority voting policy. |  | &nbsp;&nbsp;**For** |
| &nbsp;&nbsp;**Changes in Board Structure**<br> Changing the board structure, such as the process for vacancies or director nominations, or the board size, unless there is an indication that the change is an anti-takeover device, or it diminishes shareholder rights. |  | &nbsp;&nbsp;**For** |
| &nbsp;&nbsp;**Stock Ownership**<br> Requiring directors to own company shares. | &nbsp;&nbsp;X | &nbsp;&nbsp;**Against** |
| &nbsp;&nbsp;**Contested Elections**<br> The qualifications of nominees on both slates, management track record and strategic plan for enhancing shareholder value, and company financial performance generally will be considered when voting nominees in a contested election. | &nbsp;&nbsp;X | &nbsp;&nbsp;**Case-by-Case** |

---

B. Section
 14A Say-On-Pay Votes

Current law requires companies to allow shareholders to cast non-binding advisory votes on the compensation for named executive officers, including the frequency of such votes. The Advisers generally support proposals for annual votes, as well as the ratification of executive compensation unless the compensation structure or any prior actions taken by the board or compensation committee warrant a case-by-case analysis.

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Proposal | &nbsp;&nbsp;Shareholder Proposal | &nbsp;&nbsp;Anticipated Vote |
| &nbsp;&nbsp;**Frequency of Say-On-Pay Votes**<br> Annual shareholder advisory votes regarding executive compensation. | &nbsp;&nbsp;X | &nbsp;&nbsp;**For** |
| &nbsp;&nbsp;**Compensation Disclosures**<br> Seeking additional disclosures related to executive and director pay unless similar information is already provided in existing disclosures or reporting. | &nbsp;&nbsp;X | &nbsp;&nbsp;**For** |
| &nbsp;&nbsp;**Executive Compensation Advisory**<br> Executive compensation proposals generally will be assessed based on its structure, prevailing industry practice and benchmarks, and any problematic prior pay practices or related issues involving the board/compensation committee. | &nbsp;&nbsp;X | &nbsp;&nbsp;**Case-by-Case** |
| &nbsp;&nbsp;**Golden Parachute Advisory**<br> Golden parachute proposals, in general, will be assessed based on the existing change-in-control arrangements, the nature and terms of the triggering event(s) and the amount to be paid. | &nbsp;&nbsp;X | &nbsp;&nbsp;**Case-by-Case** |

---

C. Audit-Related

The Advisers generally support proposals for the selection or ratification of independent auditors, subject to a consideration of any conflicts of interest, poor accounting practices or inaccurate prior opinions and related fees.

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Proposal | &nbsp;&nbsp;Shareholder Proposal | &nbsp;&nbsp;Anticipated Vote |
| &nbsp;&nbsp;**Appointment of Auditors**<br> Selecting or ratifying independent auditors, unless there is a material conflict of interest, a history of poor accounting practice or inaccurate opinions, or excessive fees. |  | &nbsp;&nbsp;**For** |
| &nbsp;&nbsp;**Non-Audit/Consulting Services**<br> Other alternative service providers, conflicts of interest, and company disclosures are areas of consideration when voting proposals to limit other engagements with auditors. | &nbsp;&nbsp;X | &nbsp;&nbsp;**Case-by-Case** |
| &nbsp;&nbsp;**Indemnification of Auditors**<br> Indemnification of auditors generally will be assessed based on the nature of the engagement, the auditor's work history and field of expertise, and the terms of the agreement such as its impact on the ability of shareholders to pursue legal recourse against the auditor for certain acts or omissions. | &nbsp;&nbsp;X | &nbsp;&nbsp;**Case-by-Case** |
| &nbsp;&nbsp;**Rotation of Auditors**<br> Shareholder proposals requiring auditor rotation generally will be assessed based on any audit issues involving the company, the auditor's tenure with the company, and policies and practices surrounding auditor evaluations. | &nbsp;&nbsp;X | &nbsp;&nbsp;**Case-by-Case** |

---

D. Investment
 Company Matters

When the Advisers invest in a DoubleLine Fund with other public shareholders, the Advisers will vote the shares of such fund in the same proportion as the votes of the other shareholders. Under this "echo voting" approach, the Advisers' potential conflict is mitigated by replicating the voting preferences expressed by the other shareholders. With respect to specific proposals involving the DoubleLine Funds, the Advisers generally support recommendations by the fund's board unless applicable laws and regulations prohibit the Advisers from doing so.

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Proposal | &nbsp;&nbsp;Shareholder Proposal | &nbsp;&nbsp;Anticipated Vote |
| &nbsp;&nbsp;**Share Classes**<br> Issuance of new classes or series of shares. |  | &nbsp;&nbsp;**For** |
| &nbsp;&nbsp;**Investment Objectives**<br> Changing a fundamental investment objective to nonfundamental. |  | &nbsp;&nbsp;**Against** |
| &nbsp;&nbsp;**Investment Restrictions** <br> Changing fundamental restrictions to nonfundamental generally will be assessed in consideration of the target investments, reason(s) for the change and its impact on the portfolio. |  | &nbsp;&nbsp;**Case-by-Case** |
| &nbsp;&nbsp;**Distribution Agreements**<br> Distribution agreements generally will be assessed based on the distributor's services and reputation, applicable fees, and other terms of the agreement. |  | &nbsp;&nbsp;**Case-by-Case** |
| &nbsp;&nbsp;**Investment Advisory Agreements** <br> Investment advisory agreements generally will be assessed based on the applicable fees, fund category and investment objective, and performance. |  | &nbsp;&nbsp;**Case-by-Case** |

---

E. Shareholder
 Rights and Defenses

The Advisers believe that companies have a fundamental obligation to protect the rights of shareholders. Therefore, the Advisers generally support proposals that hold the board and management accountable in serving the best interest of shareholders and that uphold their rights. However, the Advisers generally will not support proposals from certain shareholders that are hostile, disruptive, or are otherwise counter to the best interest of the Advisers' clients.

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Proposal | &nbsp;&nbsp;Shareholder Proposal | &nbsp;&nbsp;Anticipated Vote |
| &nbsp;&nbsp;**Appraisal Rights**<br> Providing shareholders with rights of appraisal. | &nbsp;&nbsp;X | &nbsp;&nbsp;**For** |
| &nbsp;&nbsp;**Fair Price Provision**<br> Fair price provisions that ensures each shareholder's securities will be purchased at the same price if the company is acquired in disagreement with the board. However, fair price provisions may not be supported if it is used as an anti-takeover device by the board. | &nbsp;&nbsp;X | &nbsp;&nbsp;**For** |
| &nbsp;&nbsp;**Special Meetings**<br> Providing or restoring rights to call a special meeting so long as the threshold to call a meeting is no less than 10 percent of outstanding shares. | &nbsp;&nbsp;X | &nbsp;&nbsp;**For** |
| &nbsp;&nbsp;**Confidential Voting**<br> Allowing shareholders to vote confidentially. | &nbsp;&nbsp;X | &nbsp;&nbsp;**For** |
| &nbsp;&nbsp;**Written Consents**<br> Allowing shareholders to act by written consent. | &nbsp;&nbsp;X | &nbsp;&nbsp;**For** |
| &nbsp;&nbsp;**Greenmail**<br> Adopting anti-greenmail charter or bylaw amendments or otherwise restricting the company's ability to make greenmail payments for repurchasing shares at a premium to prevent a hostile takeover. | &nbsp;&nbsp;X | &nbsp;&nbsp;**For** |
| &nbsp;&nbsp;**Supermajority Vote**<br> Requiring a supermajority vote, unless there are disproportionate substantial shareholders that weaken minority votes. |  | &nbsp;&nbsp;**Against** |
| &nbsp;&nbsp;**Bundled Proposals**<br> Bundled or conditional proposals generally will be reviewed to determine the benefit or cost of the matters included or if there is a controversy or any matter that is adverse to shareholder interests. |  | &nbsp;&nbsp;**Case-by-Case** |
| &nbsp;&nbsp;**Preemptive Rights**<br> Preemptive rights, in general, will be assessed based on the size of the company and its shareholder base, for which larger publicly held companies with a broad shareholder base may be less ideal. |  | &nbsp;&nbsp;**Case-by-Case** |
| &nbsp;&nbsp;**Shareholder Rights Plans (Poison Pills)**<br> Poison pills generally will be assessed based on the company's governance practices, existing takeover defenses, and the terms of the plan, including the triggering mechanism, duration, and redemption/rescission features. Requests to have shareholders ratify plans generally will be supported. | &nbsp;&nbsp;X | &nbsp;&nbsp;**Case-by-Case** |

---

F. Extraordinary
 Transactions

Proposals for transactions that may affect the ownership interests or voting rights of shareholders, such as mergers, asset sales and corporate or debt restructuring, will be assessed on a case-by-case basis generally in consideration of the economic outcome for shareholders, the potential dilution of shareholder rights and its impact on corporate governance, among other relevant factors.

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Proposal | &nbsp;&nbsp;Shareholder Proposal | &nbsp;&nbsp;Anticipated Vote |
| &nbsp;&nbsp;**Reincorporation**<br> Reincorporating in another state or country in support of the rights and economic interests of shareholders. |  | &nbsp;&nbsp;**For** |
| &nbsp;&nbsp;**Merger, Corporate Restructuring and Spin Offs**<br> Merger, corporate restructuring and spin off proposals generally will be assessed with the view of maximizing the economic value of shareholder interests. The purchase or sale price and other deal terms will be reviewed, among other factors, to ensure that that the transaction is aligned with the long-term interests of shareholders. |  | &nbsp;&nbsp;**Case-by-Case** |
| &nbsp;&nbsp;**Debt Restructuring** <br> The terms of the transaction, current capital markets environment, and conflicts of interest are factors that generally will be considered for ensuring that the proposal enhances the economic value of shareholder interests. |  | &nbsp;&nbsp;**Case-by-Case** |
| &nbsp;&nbsp;**Liquidations and Asset Sales** <br> As with other transaction proposals, the long-term economic impact of the transaction will be the focus of review of such proposals and, in general, factors such as the sale price, costs and conflicts of interest will be considered. |  | &nbsp;&nbsp;**Case-by-Case** |

---

G. Capital
 Structure

The Advisers believe that the prudent management of debt and equity to finance company operations and growth, and which is supportive of shareholders' rights and economic interests, is critical to financial viability.

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Proposal | &nbsp;&nbsp;Shareholder Proposal | &nbsp;&nbsp;Anticipated Vote |
| &nbsp;&nbsp;**Common Stock**<br> Issuing common stock for recapitalizations, stock splits, dividends or otherwise reasonably amending outstanding shares for a specific purpose. |  | &nbsp;&nbsp;**For** |
| &nbsp;&nbsp;**Multi-Class Shares**<br> Adopting multi-class share structures so long as they have equal voting rights. |  | &nbsp;&nbsp;**For** |
| &nbsp;&nbsp;**Repurchase Programs**<br> Adopting plans to repurchase shares in the open market unless shareholders cannot participate on equal terms. |  | &nbsp;&nbsp;**For** |
| &nbsp;&nbsp;**Blank Check Preferred Stock**<br> Allowing the board to issue preferred shares without prior shareholder approval and setting the terms and voting rights of preferred shares at the board's discretion. |  | &nbsp;&nbsp;**Against** |
| &nbsp;&nbsp;**Recapitalization Plans**<br> The rationale and objectives; current capital markets environment; impact on shareholder interests including conversion terms, dividends and voting rights; and any material conflicts of interest are factors that generally will be considered when reviewing proposals to reclassify debt or equity capital. |  | &nbsp;&nbsp;**Case-by-Case** |

---

H. Compensation

The Advisers believe that compensation arrangements should align the economic interests of directors, management, and employees with those of shareholders and consider factors such as (1) local norms, (2) industry-specific practices and performance benchmarks, and (3) the structure of base and incentive compensation. The Advisers generally support transparency (e.g., disclosures related to the performance metrics and how they promote better corporate performance, etc.) and periodic reporting with respect to compensation.

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Proposal | &nbsp;&nbsp;Shareholder Proposal | &nbsp;&nbsp;Anticipated Vote |
| &nbsp;&nbsp;**Employee 401 (k) Plan**<br> Adopting a 401 (k) plan for employees. |  | &nbsp;&nbsp;**For** |
| &nbsp;&nbsp;**Employee Stock Option Plan (ESOP)**<br> Requiring shareholder approval to adopt a broad-based ESOP or to increase outstanding shares for an existing plan unless the allocation of outstanding shares to the ESOP exceeds five percent or 10 percent among all stock-based plans. |  | &nbsp;&nbsp;**For** |
| &nbsp;&nbsp;**Recoupment Provisions (Clawbacks)**<br> Adopting clawback provisions in cases of revised financial results or performance indicators on which prior compensation payments were based, as well as for willful misconduct or violations of law or regulation that result in financial or reputational harm to the company. | &nbsp;&nbsp;X | &nbsp;&nbsp;**For** |
| &nbsp;&nbsp;**Limits on Executive or Director Compensation**<br> Setting limits on executive or director compensation unless there is a substantial deviation from industry practice or any problematic issue involving the board/compensation committee or prior pay practices. | &nbsp;&nbsp;X | &nbsp;&nbsp;**Against** |
| &nbsp;&nbsp;**Equity-Based and Other Incentive Plans**<br> Incentive plans, in general, will be assessed based on the prevailing local and industry-specific practices and performance benchmarks, the terms of the plan and whether they are aligned with company goals and shareholder interests, the cost of the plan, and the overall compensation structure. |  | &nbsp;&nbsp;**Case-by-Case** |
| &nbsp;&nbsp;**Severance Agreements for Executives (Golden Parachutes)**<br> Golden parachutes generally will be assessed based on the existing change-in-control arrangements, the nature and terms of the triggering event(s) and the amount to be paid. |  | &nbsp;&nbsp;**Case-by-Case** |

---

I. Corporate
 Governance

The Advisers believe that authority and accountability for establishing business strategies, corporate policies and compensation generally should rest with the board and management. The independence, qualifications, and integrity of the board as well as the effectiveness of management and their oversight, which must be aligned with shareholder interests, are essential to good governance. The following general guidelines reflect these principles although material environmental, social and governance (ESG) factors, which have a potential financial impact on the company and the valuation of client investments, if any, are also considered.

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Proposal | &nbsp;&nbsp;Shareholder Proposal | &nbsp;&nbsp;Anticipated Vote |
| &nbsp;&nbsp;**Quorum Requirements**<br> Establishing a majority requirement, unless shareholder turnout has been an issue, or a reduced quorum is reasonable based on applicable laws or regulations and the market capitalization or ownership structure of the company. |  | &nbsp;&nbsp;**For** |
| &nbsp;&nbsp;**Annual Meetings**<br> Changing the date, time, or location of annual meetings, unless the proposed schedule or location is unreasonable. |  | &nbsp;&nbsp;**For** |
| &nbsp;&nbsp;**Board Size**<br> Setting the board size, so long as the proposal is consistent with the prevailing industry practice and applicable laws or regulations. |  | &nbsp;&nbsp;**For** |
| &nbsp;&nbsp;**Proxy Access**<br> Allowing shareholders to nominate director candidates in proxy ballots with reasonable limitations (e.g., minimum percentage and duration of ownership and a cap on board representation) for preventing potential abuse by certain shareholders. | &nbsp;&nbsp;X | &nbsp;&nbsp;**For** |
| &nbsp;&nbsp;**Independent Directors**<br> Requiring the board chair and a majority of directors to be independent directors. Proposals for a lead independent director may be supported in cases where the board chair is not independent. | &nbsp;&nbsp;X | &nbsp;&nbsp;**For** |
| &nbsp;&nbsp;**Independent Committees**<br> Requiring independent directors exclusively for the audit, compensation, nominating and governance committees. | &nbsp;&nbsp;X | &nbsp;&nbsp;**For** |
| &nbsp;&nbsp;**Removal of Directors**<br> Removing a director without cause. | &nbsp;&nbsp;X | &nbsp;&nbsp;**For** |
| &nbsp;&nbsp;**Indemnification of Directors and Officers**<br> Indemnifying directors and officers for acts and omissions made in good faith and were believed to be in the best interest of the company. Limitations on liability involving willful misconduct or violations of law or regulation, or a breach of fiduciary duty, generally will be voted against. |  | &nbsp;&nbsp;**For** |
| &nbsp;&nbsp;**Term Limits for Directors**<br> Imposing term limits on directors unless the director evaluation process is ineffective and related issues persist. | &nbsp;&nbsp;X | &nbsp;&nbsp;**Against** |
| &nbsp;&nbsp;**Classified Boards**<br> Establishing a classified board. |  | &nbsp;&nbsp;**Against** |
| &nbsp;&nbsp;**Adjournment of Meetings**<br> Providing management the authority to adjourn annual or special meetings without reasonable grounds. |  | &nbsp;&nbsp;**Against** |
| &nbsp;&nbsp;**Amendments to Bylaws**<br> Giving the board the authority to amend bylaws without shareholder approval. |  | &nbsp;&nbsp;**Against** |

---

J. Environment
 or Climate

The Advisers would generally consider the recommendations of management for shareholder proposals involving environmental issues as it believes that, in most cases, elected directors and management are in the best position to address such matters. In addition, reporting that provides meaningful information for evaluating the financial impact of environmental policies and practices is generally supported unless it is unduly costly or burdensome or it places the company at a competitive disadvantage. Material ESG factors, which have a potential financial impact on the company and the valuation of client investments, if any, are also considered.

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Proposal | &nbsp;&nbsp;Shareholder Proposal | &nbsp;&nbsp;Anticipated Vote |
| &nbsp;&nbsp;**Environmental and Climate Disclosures**<br> Providing environmental/climate-related disclosures and reporting unless it is duplicative or unsuitable. |  | &nbsp;&nbsp;**For** |
| &nbsp;&nbsp;**Environmental and Climate Policies**<br> Environmental and climate policies generally will be assessed based on the company's related governance practices, local and industry-specific practices, the nature and extent of environmental and climate risks applicable to the company, and the economic benefit to shareholders. |  | &nbsp;&nbsp;**Case-by-Case** |

---

K. Human
 Rights or Human Capital/Workforce

The Advisers would generally consider the recommendations of management for shareholder proposals involving social issues as it believes that, in most cases, elected directors and management are in the best position to address such matters. In addition, reporting that provides meaningful information for evaluating the financial impact of social policies and practices is generally supported unless it is unduly costly or burdensome or it places the company at a competitive disadvantage. Material ESG factors, which have a potential financial impact on the company and the valuation of client investments, if any, are also considered.

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Proposal | &nbsp;&nbsp;Shareholder Proposal | &nbsp;&nbsp;Anticipated Vote |
| &nbsp;&nbsp;**Human Rights and Labor Disclosures**<br> Providing human rights and labor-related disclosures and reporting unless it is duplicative or unsuitable. |  | &nbsp;&nbsp;**For** |
| &nbsp;&nbsp;**Human Rights and Labor Policies**<br> Human rights and labor policies generally will be assessed based on the company's related governance practices, applicable law or regulations, local and industry-specific practices, the nature and extent of supply chain or reputational risks applicable to the company, and their economic benefit to shareholders. |  | &nbsp;&nbsp;**Case-by-Case** |

---

L. Diversity,
 Equity, and Inclusion

The Advisers generally support reporting that provides meaningful information for evaluating the financial impact of diversity, equity, and inclusion (DEI) policies and practices unless it is unduly costly or burdensome. For policy proposals, the Advisers will consider existing policies, regulations and applicable local standards and best practices, to determine if they provide an added benefit to shareholders. Material ESG factors, which have a potential financial impact on the company and the valuation of client investments, if any, are also considered.

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Proposal | &nbsp;&nbsp;Shareholder Proposal | &nbsp;&nbsp;Anticipated Vote |
| &nbsp;&nbsp;**DEI Disclosures**<br> Providing Equal Employment Opportunity (EEO-1) Reports, and other additional disclosures or reporting unless it is duplicative or unsuitable. |  | &nbsp;&nbsp;**For** |
| &nbsp;&nbsp;**Anti-Discrimination Policy**<br> Adopting an anti-discrimination and harassment policy. |  | &nbsp;&nbsp;**For** |
| &nbsp;&nbsp;**Other DEI Policies**<br> Other DEI policies generally will be assessed based on the company's related governance practices, applicable law or regulations, and local and industry-specific practices. |  | &nbsp;&nbsp;**Case-by-Case** |

---

M. Other
 Social Issues

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Proposal | &nbsp;&nbsp;Shareholder Proposal | &nbsp;&nbsp;Anticipated Vote |
| &nbsp;&nbsp;**Political Contribution and Activities**<br> Political contributions and lobbying activities generally will be reviewed in consideration of legal restrictions and requirements, applicable policies and historical practice, and its cost-benefit to the company. Related disclosures to shareholders generally are supported. |  | &nbsp;&nbsp;**Case-by-Case** |
| &nbsp;&nbsp;**Charitable Contributions**<br> Charitable contributions, in general, will be reviewed in consideration of applicable policies and historical practice, conflicts of interests, as well as the cost-benefit of charitable spending. Related disclosures to shareholders generally are supported. |  | &nbsp;&nbsp;**Case-by-Case** |

---

**DRIEHAUS CAPITAL MANAGEMENT LLC**

**PROXY VOTING POLICY**

**MAY 1, 2024**

For those clients for whom Driehaus Capital Management LLC ("DCM") has undertaken to vote proxies, we retain the final authority and responsibility for such voting. On behalf of our valued clients, we:

1) provide our clients with a written summary of our proxy voting policy, and our complete proxy voting policy upon request;

2) disclose to our client how to obtain voting information;

3) apply the proxy voting policy consistently;

4) document the rationale for our votes;

5) maintain records of our voting activities for clients and regulating authorities;

6) generally aim to vote securities based on a pre-determined voting policy, following the recommendations of an independent third-party proxy advisory firm to avoid conflicts of interest; and

7) follow a formal process in the event of a deviation from such third-party proxy advisory firm's voting recommendations.

**<u>Voting Policy</u>**

As an investment adviser, DCM is a fiduciary that owes each client the duties of care and loyalty with respect to all services undertaken on the client's behalf, including proxy voting. The duty of care requires an investment adviser with proxy voting authority to monitor corporate events and to vote proxies. To satisfy its duty of loyalty, the investment adviser must cast the proxy votes in a manner consistent with the best interests of its clients and must not subrogate client interests to its own. Under the Employee Retirement Income Security Act ("ERISA"), an investment manager to whom the named plan fiduciary has delegated the authority to manage plan assets and to vote proxies: (i) must consider those factors that may affect the value of the plan's investment; (ii) must act solely in the interest of plan participants and beneficiaries; and (iii) must discharge its duties with "care, skill, prudence and diligence." Thus, the investment manager's proxy voting decisions must be based on the economic impact of the proposal on the value of the plan's investment and the best interests of the plan.

DCM seeks to vote proxies for all securities held in accounts for which we retain proxy voting authority. However, in certain markets administrative issues beyond our control may sometimes prevent us from voting such proxies. For example, some markets outside the US require periodic renewals of powers of attorney that local agents must have from our clients prior to implementing voting instructions. In certain instances, we may decline to vote proxies due to certain market considerations, including "share blocking." DCM generally prefers not to restrict the sale of any shares held within client accounts for proxy voting purposes and it is therefore standard practice for us not to execute proxies for holdings located in countries that engage in share blocking.

**<u>Institutional Shareholder Services Inc.</u>**

In order to facilitate the proxy voting process, we retain Institutional Shareholder Services Inc. ("ISS") as a third-party proxy advisory firm to provide DCM with in-depth proxy research, vote recommendations and execution, and the record keeping required as part of the management of our client accounts, as well as client transparency into the voting activities performed by us on their behalf. ISS is an investment adviser that specializes in providing a variety of fiduciary-level services related to proxy voting. We have ascertained that ISS has the capacity and competency to analyze proxy issues and to make vote recommendations in an impartial manner and in the best interests of our clients.

**<u>ISS' Proxy Voting Procedures and Guidelines</u>**

ISS' process of voting and maintaining records first involves the coding of every company proxy ballot voted. Coding entails the identification of each issue on the ballot. ISS uses a proprietary coding system of individually identified issues. ISS performs company by company analysis, which means that all votes are reviewed on a case-by-case basis and no issues are considered routine. Each issue will be considered in the context of the company under review.

ISS offers a selection of voting guidelines including "benchmark" guidelines by region and a number of specialty guidelines. A full menu of available guidelines is available at *<u>https://www.issgovernance.com/policy-gateway/voting-policies/</u>*. DCM utilizes the benchmark guidelines for vote recommendations and research unless we determine that a specialty policy is more aligned with a specific strategy or if directed otherwise by a client. The current ISS United States Benchmark Proxy Voting Guidelines are attached as **Appendix A**. These guidelines provide ISS' voting recommendations for various types of issues when there are no company- specific reasons for voting to the contrary. DCM generally follows ISS' recommendations in accordance with these guidelines and typically does not use its discretion in the proxy voting decision. This allows client proxies to be voted in the clients' best interests and in accordance with a predetermined policy based upon recommendations of an independent third party and is not affected by any potential or actual conflict of interest.

Annually, and more frequently if necessary, we review ISS' policies and procedures regarding any potential conflicts of interest when making vote recommendations to determine that ISS is acting impartially.

**<u>Deviation from ISS' Recommendations</u>**

If a situation arises in which a DCM portfolio manager wishes to deviate from an ISS recommendation on a proxy voting decision, that portfolio manager must consult with DCM's general counsel or chief compliance officer in writing and provide: (i) the name of the issuer; (ii) a description of the proposal; (iii) ISS's voting recommendation; (iv) the reason the portfolio manager believes they are acting in the best interest of clients by voting against the ISS recommendation; and (v) identification of any actual or potential conflicts of interest which do or could exist with respect to the proposal.

**<u>Obtaining Voting Information</u>**

Clients who are interested in obtaining information from DCM on how their securities were voted may contact the Relationship Management Department at 1-800-688-8819. In addition, the Relationship Management Department mails to each client an annual record of all proxies voted on behalf of that client.

**Appendix A**

*[Attach U.S. Benchmark Policy Guidelines Effective for Current Year]*

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**TABLE OF CONTENTS**

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| | | |
|:---|:---|:---|
| **Coverage** | **Coverage** | **8** |
| **1.** | **Board of Directors** | **9** |
|  | Voting on Director Nominees in Uncontested Elections | 9 |
|  | &nbsp;&nbsp;&nbsp;Independence | 9 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ISS Classification of Directors – US | 10 |
|  | &nbsp;&nbsp;&nbsp;Composition | 12 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Attendance | 12 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Overboarded Directors | 12 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gender Diversity | 12 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Racial and/or Ethnic Diversity | 12 |
|  | &nbsp;&nbsp;&nbsp;Responsiveness | 13 |
|  | &nbsp;&nbsp;&nbsp;Accountability | 14 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Poison Pills | 14 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unequal Voting Rights | 14 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Classified Board Structure | 14 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Removal of Shareholder Discretion on Classified Boards | 15 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Problematic Governance Structure | 15 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unilateral Bylaw/Charter Amendments | 15 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Restricting Binding Shareholder Proposals | 15 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Director Performance Evaluation | 16 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Management Proposals to Ratify Existing Charter or Bylaw Provisions | 16 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Problematic Audit-Related Practices | 16 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Problematic Compensation Practices | 17 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Problematic Pledging of Company Stock | 17 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Climate Accountability | 17 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Governance Failures | 18 |
|  | Voting on Director Nominees in Contested Elections | 18 |
|  | &nbsp;&nbsp;&nbsp;Vote-No Campaigns | 18 |
|  | &nbsp;&nbsp;&nbsp;Proxy Contests/Proxy Access | 18 |
|  | Other Board-Related Proposals | 19 |
|  | &nbsp;&nbsp;&nbsp;Adopt Anti-Hedging/Pledging/Speculative Investments Policy | 19 |
|  | &nbsp;&nbsp;&nbsp;Board Refreshment | 19 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Term/Tenure Limits | 19 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Age Limits | 19 |
|  | &nbsp;&nbsp;&nbsp;Board Size | 20 |
|  | &nbsp;&nbsp;&nbsp;Classification/Declassification of the Board | 20 |
|  | &nbsp;&nbsp;&nbsp;CEO Succession Planning | 20 |
|  | &nbsp;&nbsp;&nbsp;Cumulative Voting | 20 |
|  | &nbsp;&nbsp;&nbsp;Director and Officer Indemnification, Liability Protection, and Exculpation | 21 |
|  | &nbsp;&nbsp;&nbsp;Establish/Amend Nominee Qualifications | 21 |
|  | &nbsp;&nbsp;&nbsp;Establish Other Board Committee Proposals | 22 |
|  | &nbsp;&nbsp;&nbsp;Filling Vacancies/Removal of Directors | 22 |
|  | &nbsp;&nbsp;&nbsp;Independent Board Chair | 22 |
|  | &nbsp;&nbsp;&nbsp;Majority of Independent Directors/Establishment of Independent Committees | 23 |
|  | &nbsp;&nbsp;&nbsp;Majority Vote Standard for the Election of Directors | 23 |

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| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;Proxy Access | 23 |
|  | &nbsp;&nbsp;&nbsp;Require More Nominees than Open Seats | 23 |
|  | &nbsp;&nbsp;&nbsp;Shareholder Engagement Policy (Shareholder Advisory Committee) | 24 |
| **2.** | **Audit-Related** | **25** |
|  | &nbsp;&nbsp;&nbsp;Auditor Indemnification and Limitation of Liability | 25 |
|  | &nbsp;&nbsp;&nbsp;Auditor Ratification | 25 |
|  | &nbsp;&nbsp;&nbsp;Shareholder Proposals Limiting Non-Audit Services | 25 |
|  | &nbsp;&nbsp;&nbsp;Shareholder Proposals on Audit Firm Rotation | 26 |
| **3.** | **Shareholder Rights & Defenses** | **27** |
|  | &nbsp;&nbsp;&nbsp;Advance Notice Requirements for Shareholder Proposals/Nominations | 27 |
|  | &nbsp;&nbsp;&nbsp;Amend Bylaws without Shareholder Consent | 27 |
|  | &nbsp;&nbsp;&nbsp;Control Share Acquisition Provisions | 27 |
|  | &nbsp;&nbsp;&nbsp;Control Share Cash-Out Provisions | 28 |
|  | &nbsp;&nbsp;&nbsp;Disgorgement Provisions | 28 |
|  | &nbsp;&nbsp;&nbsp;Fair Price Provisions | 28 |
|  | &nbsp;&nbsp;&nbsp;Freeze-Out Provisions | 28 |
|  | &nbsp;&nbsp;&nbsp;Greenmail | 28 |
|  | &nbsp;&nbsp;&nbsp;Shareholder Litigation Rights | 29 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal Forum Selection Provisions | 29 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Exclusive Forum Provisions for State Law Matters | 29 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fee shifting | 29 |
|  | &nbsp;&nbsp;&nbsp;Net Operating Loss (NOL) Protective Amendments | 30 |
|  | Poison Pills (Shareholder Rights Plans) | 30 |
|  | &nbsp;&nbsp;&nbsp;Shareholder Proposals to Put Pill to a Vote and/or Adopt a Pill Policy | 30 |
|  | &nbsp;&nbsp;&nbsp;Management Proposals to Ratify a Poison Pill | 31 |
|  | &nbsp;&nbsp;&nbsp;Management Proposals to Ratify a Pill to Preserve Net Operating Losses (NOLs) | 31 |
|  | &nbsp;&nbsp;&nbsp;Proxy Voting Disclosure, Confidentiality, and Tabulation | 31 |
|  | Ratification Proposals: Management Proposals to Ratify Existing Charter or Bylaw Provisions | 32 |
|  | Reimbursing Proxy Solicitation Expenses | 32 |
|  | &nbsp;&nbsp;&nbsp;Reincorporation Proposals | 33 |
|  | &nbsp;&nbsp;&nbsp;Shareholder Ability to Act by Written Consent | 33 |
|  | &nbsp;&nbsp;&nbsp;Shareholder Ability to Call Special Meetings | 33 |
|  | &nbsp;&nbsp;&nbsp;Stakeholder Provisions | 34 |
|  | &nbsp;&nbsp;&nbsp;State Antitakeover Statutes | 34 |
|  | &nbsp;&nbsp;&nbsp;Supermajority Vote Requirements | 34 |
|  | &nbsp;&nbsp;&nbsp;Virtual Shareholder Meetings | 34 |
| **4.** | **Capital/Restructuring** | **35** |
|  | Capital | 35 |
|  | &nbsp;&nbsp;&nbsp;Adjustments to Par Value of Common Stock | 35 |
|  | &nbsp;&nbsp;&nbsp;Common Stock Authorization | 35 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;General Authorization Requests | 35 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Specific Authorization Requests | 36 |
|  | &nbsp;&nbsp;&nbsp;Dual Class Structure | 36 |
|  | &nbsp;&nbsp;&nbsp;Issue Stock for Use with Rights Plan | 36 |

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| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;Preemptive Rights | 36 |
|  | &nbsp;&nbsp;&nbsp;Preferred Stock Authorization | 37 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;General Authorization Requests | 37 |
|  | &nbsp;&nbsp;&nbsp;Recapitalization Plans | 38 |
|  | &nbsp;&nbsp;&nbsp;Reverse Stock Splits | 38 |
|  | Share Issuance Mandates at US Domestic Issuers Incorporated Outside the US | 38 |
|  | Share Repurchase Programs | 39 |
|  | &nbsp;&nbsp;&nbsp;Share Repurchase Programs Shareholder Proposals | 39 |
|  | &nbsp;&nbsp;&nbsp;Stock Distributions: Splits and Dividends | 39 |
|  | &nbsp;&nbsp;&nbsp;Tracking Stock | 40 |
|  | Restructuring | 40 |
|  | &nbsp;&nbsp;&nbsp;Appraisal Rights | 40 |
|  | &nbsp;&nbsp;&nbsp;Asset Purchases | 40 |
|  | &nbsp;&nbsp;&nbsp;Asset Sales | 40 |
|  | &nbsp;&nbsp;&nbsp;Bundled Proposals | 41 |
|  | &nbsp;&nbsp;&nbsp;Conversion of Securities | 41 |
|  | Corporate Reorganization/Debt Restructuring/Prepackaged Bankruptcy Plans/Reverse Leveraged Buyouts/Wrap Plans | 41 |
|  | &nbsp;&nbsp;&nbsp;Formation of Holding Company | 41 |
|  | &nbsp;&nbsp;&nbsp;Going Private and Going Dark Transactions (LBOs and Minority Squeeze-outs) | 42 |
|  | &nbsp;&nbsp;&nbsp;Joint Ventures | 42 |
|  | &nbsp;&nbsp;&nbsp;Liquidations | 43 |
|  | &nbsp;&nbsp;&nbsp;Mergers and Acquisitions | 43 |
|  | &nbsp;&nbsp;&nbsp;Private Placements/Warrants/Convertible Debentures | 43 |
|  | &nbsp;&nbsp;&nbsp;Reorganization/Restructuring Plan (Bankruptcy) | 45 |
|  | &nbsp;&nbsp;&nbsp;Special Purpose Acquisition Corporations (SPACs) | 45 |
|  | &nbsp;&nbsp;&nbsp;Special Purpose Acquisition Corporations (SPACs) - Proposals for Extensions | 45 |
|  | &nbsp;&nbsp;&nbsp;Spin-offs | 46 |
|  | &nbsp;&nbsp;&nbsp;Value Maximization Shareholder Proposals | 46 |
| **5.** | **Compensation** | **47** |
|  | Executive Pay Evaluation | 47 |
|  | &nbsp;&nbsp;&nbsp;Advisory Votes on Executive Compensation—Management Proposals (Say-on-Pay) | 47 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pay-for-Performance Evaluation | 48 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Problematic Pay Practices | 49 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Compensation Committee Communications and Responsiveness | 50 |
|  | &nbsp;&nbsp;&nbsp;Frequency of Advisory Vote on Executive Compensation ("Say When on Pay") | 50 |
|  | &nbsp;&nbsp;&nbsp;Voting on Golden Parachutes in an Acquisition, Merger, Consolidation, or Proposed Sale | 50 |
|  | Equity-Based and Other Incentive Plans | 51 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shareholder Value Transfer (SVT) | 52 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Three-Year Value-Adjusted Burn Rate | 52 |
|  | &nbsp;&nbsp;&nbsp;Egregious Factors | 53 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Liberal Change in Control Definition | 53 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Repricing Provisions | 53 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Problematic Pay Practices or Significant Pay-for-Performance Disconnect | 53 |
|  | &nbsp;&nbsp;&nbsp;Amending Cash and Equity Plans (including Approval for Tax Deductibility (162(m)) | 54 |

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| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;Specific Treatment of Certain Award Types in Equity Plan Evaluations | 54 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dividend Equivalent Rights | 54 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Operating Partnership (OP) Units in Equity Plan Analysis of Real Estate Investment Trusts (REITs) | 55 |
|  | Other Compensation Plans | 55 |
|  | &nbsp;&nbsp;&nbsp;401(k) Employee Benefit Plans | 55 |
|  | &nbsp;&nbsp;&nbsp;Employee Stock Ownership Plans (ESOPs) | 55 |
|  | &nbsp;&nbsp;&nbsp;Employee Stock Purchase Plans—Qualified Plans | 55 |
|  | &nbsp;&nbsp;&nbsp;Employee Stock Purchase Plans—Non-Qualified Plans | 55 |
|  | &nbsp;&nbsp;&nbsp;Option Exchange Programs/Repricing Options | 56 |
|  | &nbsp;&nbsp;&nbsp;Stock Plans in Lieu of Cash | 56 |
|  | &nbsp;&nbsp;&nbsp;Transfer Stock Option (TSO) Programs | 57 |
|  | Director Compensation | 57 |
|  | &nbsp;&nbsp;&nbsp;Shareholder Ratification of Director Pay Programs | 57 |
|  | &nbsp;&nbsp;&nbsp;Equity Plans for Non-Employee Directors | 58 |
|  | &nbsp;&nbsp;&nbsp;Non-Employee Director Retirement Plans | 58 |
|  | Shareholder Proposals on Compensation | 58 |
|  | &nbsp;&nbsp;&nbsp;Bonus Banking/Bonus Banking "Plus" | 58 |
|  | &nbsp;&nbsp;&nbsp;Compensation Consultants—Disclosure of Board or Company's Utilization | 59 |
|  | &nbsp;&nbsp;&nbsp;Disclosure/Setting Levels or Types of Compensation for Executives and Directors | 59 |
|  | &nbsp;&nbsp;&nbsp;Golden Coffins/Executive Death Benefits | 59 |
|  | &nbsp;&nbsp;&nbsp;Hold Equity Past Retirement or for a Significant Period of Time | 59 |
|  | &nbsp;&nbsp;&nbsp;Pay Disparity | 60 |
|  | &nbsp;&nbsp;&nbsp;Pay for Performance/Performance-Based Awards | 60 |
|  | &nbsp;&nbsp;&nbsp;Pay for Superior Performance | 61 |
|  | &nbsp;&nbsp;&nbsp;Pre-Arranged Trading Plans (10b5-1 Plans) | 61 |
|  | &nbsp;&nbsp;&nbsp;Prohibit Outside CEOs from Serving on Compensation Committees | 61 |
|  | &nbsp;&nbsp;&nbsp;Recoupment of Incentive or Stock Compensation in Specified Circumstances | 62 |
|  | &nbsp;&nbsp;&nbsp;Severance Agreements for Executives/Golden Parachutes | 62 |
|  | &nbsp;&nbsp;&nbsp;Share Buyback Impact on Incentive Program Metrics | 62 |
|  | &nbsp;&nbsp;&nbsp;Supplemental Executive Retirement Plans (SERPs) | 63 |
|  | &nbsp;&nbsp;&nbsp;Tax Gross-Up Proposals | 63 |
|  | Termination of Employment Prior to Severance Payment/Eliminating Accelerated Vesting of Unvested Equity | 63 |
| **6.** | &nbsp;&nbsp;&nbsp;**Routine/Miscellaneous** | **64** |
|  | &nbsp;&nbsp;&nbsp;Adjourn Meeting | 64 |
|  | &nbsp;&nbsp;&nbsp;Amend Quorum Requirements | 64 |
|  | &nbsp;&nbsp;&nbsp;Amend Minor Bylaws | 64 |
|  | &nbsp;&nbsp;&nbsp;Change Company Name | 64 |
|  | &nbsp;&nbsp;&nbsp;Change Date, Time, or Location of Annual Meeting | 65 |
|  | &nbsp;&nbsp;&nbsp;Other Business | 65 |
| **7.** | &nbsp;&nbsp;&nbsp;**Social and Environmental Issues** | **66** |
|  | Global Approach – E&S Shareholder Proposals | 66 |
|  | Endorsement of Principles | 66 |
|  | Animal Welfare | 66 |

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| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Animal Welfare Policies | 66 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Animal Testing | 67 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Animal Slaughter | 67 |
| Consumer Issues | 67 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Genetically Modified Ingredients | 67 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Reports on Potentially Controversial Business/Financial Practices | 68 |
| &nbsp;&nbsp;&nbsp;Pharmaceutical Pricing, Access to Medicines, and Prescription Drug Reimportation | 68 |
| &nbsp;&nbsp;&nbsp;Product Safety and Toxic/Hazardous Materials | 68 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tobacco-Related Proposals | 69 |
| Climate Change | 70 |
| &nbsp;&nbsp;&nbsp;Say on Climate (SoC) Management Proposals | 70 |
| &nbsp;&nbsp;&nbsp;Say on Climate (SoC) Shareholder Proposals | 70 |
| &nbsp;&nbsp;&nbsp;Climate Change/Greenhouse Gas (GHG) Emissions | 70 |
| &nbsp;&nbsp;&nbsp;Energy Efficiency | 71 |
| &nbsp;&nbsp;&nbsp;Renewable Energy | 71 |
| Diversity | 72 |
| &nbsp;&nbsp;&nbsp;Board Diversity | 72 |
| &nbsp;&nbsp;&nbsp;Equality of Opportunity | 72 |
| &nbsp;&nbsp;&nbsp;Gender Identity, Sexual Orientation, and Domestic Partner Benefits | 72 |
| &nbsp;&nbsp;&nbsp;Gender, Race/Ethnicity Pay Gap | 73 |
| &nbsp;&nbsp;&nbsp;Racial Equity and/or Civil Rights Audit Guidelines | 73 |
| Environment and Sustainability | 73 |
| &nbsp;&nbsp;&nbsp;Facility and Workplace Safety | 73 |
| &nbsp;&nbsp;&nbsp;General Environmental Proposals and Community Impact Assessments | 74 |
| &nbsp;&nbsp;&nbsp;Hydraulic Fracturing | 74 |
| &nbsp;&nbsp;&nbsp;Operations in Protected Areas | 74 |
| &nbsp;&nbsp;&nbsp;Recycling | 75 |
| &nbsp;&nbsp;&nbsp;Sustainability Reporting | 75 |
| &nbsp;&nbsp;&nbsp;Water Issues | 75 |
| General Corporate Issues | 75 |
| &nbsp;&nbsp;&nbsp;Charitable Contributions | 75 |
| &nbsp;&nbsp;&nbsp;Data Security, Privacy, and Internet Issues | 76 |
| &nbsp;&nbsp;&nbsp;ESG Compensation-Related Proposals | 76 |
| Human Rights, Human Capital Management, and International Operations | 76 |
| &nbsp;&nbsp;&nbsp;Human Rights Proposals | 76 |
| &nbsp;&nbsp;&nbsp;Mandatory Arbitration | 77 |
| &nbsp;&nbsp;&nbsp;Operations in High-Risk Markets | 77 |
| &nbsp;&nbsp;&nbsp;Outsourcing/Offshoring | 77 |
| &nbsp;&nbsp;&nbsp;Sexual Harassment | 78 |
| &nbsp;&nbsp;&nbsp;Weapons and Military Sales | 78 |
| Political Activities | 78 |
| &nbsp;&nbsp;&nbsp;Lobbying | 78 |
| &nbsp;&nbsp;&nbsp;Political Contributions | 79 |

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| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Political Expenditures and Lobbying Congruency | 79 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Political Ties | 79 |
| **8.** | **Mutual Fund Proxies** | **81** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Election of Directors | 81 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Closed End Funds- Unilateral Opt-In to Control Share Acquisition Statutes | 81 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Converting Closed-end Fund to Open-end Fund | 81 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Proxy Contests | 81 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investment Advisory Agreements | 82 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Approving New Classes or Series of Shares | 82 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Preferred Stock Proposals | 82 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1940 Act Policies | 82 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Changing a Fundamental Restriction to a Nonfundamental Restriction | 82 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Change Fundamental Investment Objective to Nonfundamental | 83 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Name Change Proposals | 83 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Change in Fund's Subclassification | 83 |
|  | &nbsp;&nbsp;&nbsp;Business Development Companies—Authorization to Sell Shares of Common Stock at a Price below Net Asset Value | 83 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Disposition of Assets/Termination/Liquidation | 84 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Changes to the Charter Document | 84 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Changing the Domicile of a Fund | 84 |
|  | &nbsp;&nbsp;&nbsp;Authorizing the Board to Hire and Terminate Subadvisers Without Shareholder Approval | 84 |
|  | &nbsp;&nbsp;&nbsp;Distribution Agreements | 85 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Master-Feeder Structure | 85 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mergers | 85 |
|  | &nbsp;&nbsp;&nbsp;Shareholder Proposals for Mutual Funds | 85 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Establish Director Ownership Requirement | 85 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Reimburse Shareholder for Expenses Incurred | 85 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Terminate the Investment Advisor | 86 |

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**Coverage**

The U.S. research team provides proxy analyses and voting recommendations for the common shareholder meetings of U.S. - incorporated companies that are publicly-traded on U.S. exchanges, as well as certain OTC companies, if they are held in our institutional investor clients' portfolios. Coverage generally includes corporate actions for common equity holders, such as written consents and bankruptcies. ISS' U.S. coverage includes investment companies (including open-end funds, closed-end funds, exchange-traded funds, and unit investment trusts), limited partnerships ("LPs"), master limited partnerships ("MLPs"), limited liability companies ("LLCs"), and business development companies. ISS reviews its universe of coverage on an annual basis, and the coverage is subject to change based on client need and industry trends.

**Foreign-incorporated companies**

In addition to U.S.- incorporated, U.S.- listed companies, ISS' U.S. policies are applied to certain foreign- incorporated company analyses. Like the SEC, ISS distinguishes two types of companies that list but are not incorporated in the U.S.:

☐ U.S. Domestic Issuers – which have a majority of outstanding shares held in the U.S. and meet other criteria, as determined by the SEC, and are subject to the same disclosure and listing standards as U.S. incorporated companies (e.g. they are required to file DEF14A proxy statements) – are generally covered under standard U.S. policy guidelines.

☐ <u><u>Foreign Private Issuers</u> (FPIs) – which are allowed to take exemptions from most disclosure requirements (e.g., they are allowed to file 6-K for their proxy materials) and U.S. listing standards – are generally covered under a combination of policy guidelines:</u> 

☐ FPI Guidelines (see the <u>Americas Regional Proxy Voting Guidelines</u><u>)</u>, may apply to companies incorporated in governance havens, and apply certain minimum independence and disclosure standards in the evaluation of key proxy ballot items, such as the election of directors; and/or

☐ Guidelines for the market that is responsible for, or most relevant to, the item on the ballot.

U.S. incorporated companies listed only on non-U.S. exchanges are generally covered under the ISS guidelines for the market on which they are traded.

An FPI is generally covered under ISS' approach to FPIs outlined above, even if such FPI voluntarily files a proxy statement and/or other filing normally required of a U.S. Domestic Issuer, so long as the company retains its FPI status.

In all cases – including with respect to other companies with cross-market features that may lead to ballot items related to multiple markets – items that are on the ballot solely due to the requirements of another market (listing, incorporation, or national code) may be evaluated under the policy of the relevant market, regardless of the "assigned" primary market coverage.

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**1. Board of Directors** 

Voting on Director Nominees in Uncontested Elections

Four fundamental principles apply when determining votes on director nominees:

**Independence**: Boards should be sufficiently independent from management (and significant shareholders) to ensure that they are able and motivated to effectively supervise management's performance for the benefit of all shareholders, including in setting and monitoring the execution of corporate strategy, with appropriate use of shareholder capital, and in setting and monitoring executive compensation programs that support that strategy. The chair of the board should ideally be an independent director, and all boards should have an independent leadership position or a similar role in order to help provide appropriate counterbalance to executive management, as wel as having sufficiently independent committees that focus on key governance concerns such as audit, compensation, and nomination of directors.

**Composition**: Companies should ensure that directors add value to the board through their specific skills and expertise and by having sufficient time and commitment to serve effectively. Boards should be of a size appropriate to accommodate diversity, expertise, and independence, while ensuring active and collaborative participation by all members. Boards should be sufficiently diverse to ensure consideration of a wide range of perspectives.

**Responsiveness**: Directors should respond to investor input, such as that expressed through significant opposition to management proposals, significant support for shareholder proposals (whether binding or non-binding), and tender offers where a majority of shares are tendered.

**Accountability**: Boards should be sufficiently accountable to shareholders, including through transparency of the company's governance practices and regular board elections, by the provision of sufficient information for shareholders to be able to assess directors and board composition, and through the ability of shareholders to remove directors.

**General Recommendation:** Generally vote for director nominees, except under the following circumstances (with new nominees**<sup>1</sup>** considered on case-by-case basis):

**Independence** 

Vote against**<sup>2</sup>** or withhold from non-independent directors (Executive Directors and Non-Independent Non- Executive Directors per <u>ISS' Classification of Directors</u>) when:

☐ Independent directors comprise 50 percent or less of the board;

☐ The non-independent director serves on the audit, compensation, or nominating committee;

☐ The company lacks an audit, compensation, or nominating committee so that the full board functions as that committee; or

**<sup>1</sup>** A "new nominee" is a director who is being presented for election by shareholders for the first time. Recommendations on new nominees who have served for less than one year are made on a case-by-case basis depending on the timing of their appointment and the problematic governance issue in question.

**<sup>2</sup>** In general, companies with a plurality vote standard use "Withhold" as the contrary vote option in director elections; companies with a majority vote standard use "Against". However, it will vary by company and the proxy must be checked to determine the valid contrary vote option for the particular company.

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☐ The company lacks a formal nominating committee, even if the board attests that the independent directors fulfill the functions of such a committee.

**ISS Classification of Directors – U.S.**

1. **Executive Director** 

&nbsp;&nbsp;&nbsp;&nbsp;1.1. Current officer  ***<sup>1</sup>*** of the company or one of its affiliates  ***<sup>2</sup>.*** 

2. **Non-Independent Non-Executive Director** 

<u>Board Identification</u>

&nbsp;&nbsp;&nbsp;&nbsp;2.1. Director identified as not independent by the board.

<u>Controlling/Significant Shareholder</u>

&nbsp;&nbsp;&nbsp;&nbsp;2.2. Beneficial owner of more than 50 percent of the company's voting power (this may be aggregated if voting power is distributed among more than one member of a group).

<u>Current Employment at Company or Related Company</u>

&nbsp;&nbsp;&nbsp;&nbsp;2.3. Non-officer employee of the firm (including employee representatives).

&nbsp;&nbsp;&nbsp;&nbsp;2.4. Officer  ***<sup>1</sup>*** , former officer, or general or limited partner of a joint venture or partnership with the company.

<u>Former Employment</u>

&nbsp;&nbsp;&nbsp;&nbsp;2.5. Former CEO of the company.  ***<sup>3, 4</sup>*** 

&nbsp;&nbsp;&nbsp;&nbsp;2.6. Former non-CEO officer  ***<sup>1</sup>*** of the company or an affiliate  ***<sup>2</sup>*** within the past five years.

&nbsp;&nbsp;&nbsp;&nbsp;2.7. Former officer  ***<sup>1</sup>*** of an acquired company within the past five years.  ***<sup>4</sup>*** 

&nbsp;&nbsp;&nbsp;&nbsp;2.8. Officer  ***<sup>1</sup>*** of a former parent or predecessor firm at the time the company was sold or split off within the past five years.

&nbsp;&nbsp;&nbsp;&nbsp;2.9. Former interim officer if the service was longer than 18 months. If the service was between 12 and 18 months an assessment of the interim officer's employment agreement will be made.  ***<sup>5</sup>*** 

<u>Family Members</u>

&nbsp;&nbsp;&nbsp;&nbsp;2.10. Immediate family member  ***<sup>6</sup>*** of a current or former officer  ***<sup>1</sup>*** of the company or its affiliates  ***<sup>2</sup>*** within the last five years.

&nbsp;&nbsp;&nbsp;&nbsp;2.11. Immediate family member  ***<sup>6</sup>*** of a current employee of company or its affiliates  ***<sup>2</sup>*** where additional factors raise concern (which may include, but are not limited to, the following: a director related to numerous employees; the company or its affiliates employ relatives of numerous board members; or a non- Section 16 officer in a key strategic role).

<u>Professional, Transactional, and Charitable Relationships</u>

&nbsp;&nbsp;&nbsp;&nbsp;2.12. Director who (or whose immediate family member  ***<sup>6</sup>***) currently provides professional services  ***<sup>7</sup>*** in excess of $10,000 per year to: the company, an affiliate  ***<sup>2</sup>*** , or an individual officer of the company or an affiliate; or who is (or whose immediate family member  ***<sup>6</sup>*** is) a partner, employee, or controlling shareholder of an organization which provides the services.

&nbsp;&nbsp;&nbsp;&nbsp;2.13. Director who (or whose immediate family member  ***<sup>6</sup>***) currently has any material transactional relationship  ***<sup>8</sup>*** with the company or its affiliates  ***<sup>2</sup>*** ; or who is (or whose immediate family member  ***<sup>6</sup>*** is) a partner in, or a controlling shareholder or an executive officer of, an organization which has the material transactional relationship  ***<sup>8</sup>*** (excluding investments in the company through a private placement).

&nbsp;&nbsp;&nbsp;&nbsp;2.14. Director who (or whose immediate family member  ***<sup>6</sup>*)** is a trustee, director, or employee of a charitable or non-profit organization that receives material grants or endowments  ***<sup>8</sup>*** from the company or its affiliates  ***<sup>2</sup>*** .

<u>Other Relationships</u>

&nbsp;&nbsp;&nbsp;&nbsp;2.15. Party to a voting agreement  ***<sup>9</sup>*** to vote in line with management on proposals being brought to shareholder vote.

&nbsp;&nbsp;&nbsp;&nbsp;2.16. Has (or an immediate family member  ***<sup>6</sup>*** has) an interlocking relationship as defined by the SEC involving members of the board of directors or its Compensation Committee.  ***<sup>10</sup>*** 

&nbsp;&nbsp;&nbsp;&nbsp;2.17. Founder  ***<sup>11</sup>*** of the company but not currently an employee.

&nbsp;&nbsp;&nbsp;&nbsp;2.18. Director with pay comparable to Named Executive Officers.

&nbsp;&nbsp;&nbsp;&nbsp;2.19. Any material  ***<sup>12</sup>*** relationship with the company.

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3. **Independent Director** 

&nbsp;&nbsp;&nbsp;&nbsp;3.1. No material  ***<sup>12</sup>*** connection to the company other than a board seat.

**Footnotes:** 

*1.* The definition of officer will generally follow that of a "Section 16 officer" (officers subject to Section 16 of the Securities and Exchange Act of 1934) and includes the chief executive, operating, financial, legal, technology, and accounting officers of a company (including the president, treasurer, secretary, controller, or any vice president in charge of a principal business unit, division, or policy function). Current interim officers are included in this category. For private companies, the equivalent positions are applicable. A non-employee director serving as an officer due to statutory requirements (e.g. corporate secretary) will generally be classified as a Non-Independent Non-Executive Director under "Any material relationship with the company." However, if the company provides explicit disclosure that the director is not receiving additional compensation exceeding $10,000 per year for serving in that capacity, then the director will be classified as an Independent Director.

*2.* "Affiliate" includes a subsidiary, sibling company, or parent company. ISS uses 50 percent control ownership by the parent company as the standard for applying its affiliate designation. The manager/advisor of an externally managed issuer (EMI) is considered an affiliate.

*3.* Includes any former CEO of the company prior to the company's initial public offering (IPO).

*4.* When there is a former CEO of a special purpose acquisition company (SPAC) serving on the board of an acquired company, ISS will generally classify such directors as independent unless determined otherwise taking into account the following factors: the applicable listing standards determination of such director's independence; any operating ties to the firm; and the existence of any other conflicting relationships or related party transactions.

*5.* ISS will look at the terms of the interim officer's employment contract to determine if it contains severance pay, long-term health and pension benefits, or other such standard provisions typically contained in contracts of permanent, non-temporary CEOs. ISS will also consider if a formal search process was under way for a full-time officer at the time.

*6.* "Immediate family member" follows the SEC's definition of such and covers spouses, parents, children, step-parents, step- children, siblings, in-laws, and any person (other than a tenant or employee) sharing the household of any director, nominee for director, executive officer, or significant shareholder of the company.

*7.* Professional services can be characterized as advisory in nature, generally involve access to sensitive company information or to strategic decision-making, and typically have a commission- or fee-based payment structure. Professional services generally include but are not limited to the following: investment banking/financial advisory services, commercial banking (beyond deposit services), investment services, insurance services, accounting/audit services, consulting services, marketing services, legal services, property management services, realtor services, lobbying services, executive search services, and IT consulting services. The following would generally be considered transactional relationships and not professional services: deposit services, IT tech support services, educational services, and construction services. The case of participation in a banking syndicate by a non-lead bank should be considered a transactional (and hence subject to the associated materiality test) rather than a professional relationship. "Of Counsel" relationships are only considered immaterial if the individual does not receive any form of compensation (in excess of $10,000 per year) from, or is a retired partner of, the firm providing the professional service. The case of a company providing a professional service to one of its directors or to an entity with which one of its directors is affiliated, will be considered a transactional rather than a professional relationship. Insurance services and marketing services are assumed to be professional services unless the company explains why such services are not advisory.

*8.* A material transactional relationship, including grants to non-profit organizations, exists if the company makes annual payments to, or receives annual payments from, another entity, exceeding the greater of: $200,000 or 5 percent of the recipient's gross revenues, for a company that follows NASDAQ listing standards; or the greater of $1,000,000 or 2 percent of the recipient's gross revenues, for a company that follows NYSE listing standards. For a company that follows neither of the preceding standards, ISS will apply the NASDAQ-based materiality test. (The recipient is the party receiving the financial proceeds from the transaction).

*9.* Dissident directors who are parties to a voting agreement pursuant to a settlement or similar arrangement may be classified as Independent Directors if an analysis of the following factors indicates that the voting agreement does not compromise their alignment with all shareholders' interests: the terms of the agreement; the duration of the standstill provision in the agreement; the limitations and requirements of actions that are agreed upon; if the dissident director nominee(s) is subject to the standstill; and if there any conflicting relationships or related party transactions.

*10.* Interlocks include: executive officers serving as directors on each other's compensation or similar committees (or, in the absence of such a committee, on the board); or executive officers sitting on each other's boards and at least one serves on the other's compensation or similar committees (or, in the absence of such a committee, on the board).

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*11.* The operating involvement of the founder with the company will be considered; if the founder was never employed by the company, ISS may deem him or her an Independent Director.

*12.* For purposes of ISS's director independence classification, "material" will be defined as a standard of relationship (financial, personal, or otherwise) that a reasonable person might conclude could potentially influence one's objectivity in the

boardroom in a manner that would have a meaningful impact on an individual's ability to satisfy requisite fiduciary standards on behalf of shareholders.

**Composition** 

**Attendance at Board and Committee Meetings:** Generally vote against or withhold from directors (except nominees who served only part of the fiscal year**<sup>3</sup>**) who attend less than 75 percent of the aggregate of their board and committee meetings for the period for which they served, unless an acceptable reason for absences is disclosed in the proxy or another SEC filing. Acceptable reasons for director absences are generally limited to the following:

☐ Medical issues/illness;

☐ Family emergencies; and

☐ Missing only one meeting (when the total of all meetings is three or fewer).

In cases of chronic poor attendance without reasonable justification, in addition to voting against the director(s) with poor attendance, generally vote against or withhold from appropriate members of the nominating/governance committees or the full board.

If the proxy disclosure is unclear and insufficient to determine whether a director attended at least 75 percent of the aggregate of his/her board and committee meetings during his/her period of service, vote against or withhold from the director(s) in question.

**Overboarded Directors:** Generally vote against or withhold from individual directors who:

☐ Sit on more than five public company boards; or

☐ Are CEOs of public companies who sit on the boards of more than two public companies besides their own—withhold only at their outside boards**<sup>4</sup>**.

**Gender Diversity** **:** Generally vote against or withhold from the chair of the nominating committee (or other directors on a case-by-case basis) at companies where there are no women on the company's board. An exception will be made if there was at least one woman on the board at the preceding annual meeting and the board makes a firm commitment to return to a gender-diverse status within a year.

**Racial and/or Ethnic Diversity** **:** For companies in the Russell 3000 or S&P 1500 indices, generally vote against or withhold from the chair of the nominating committee (or other directors on a case-by-case basis) where the board has no apparent racially or ethnically diverse members**<sup>5</sup>**. An exception will be made if there was racial and/or ethnic diversity on the board at the preceding annual meeting and the board makes a firm commitment to appoint at least one racial and/or ethnic diverse member within a year.

**<sup>3</sup>** Nominees who served for only part of the fiscal year are generally exempted from the attendance policy.

**<sup>4</sup>** Although all of a CEO's subsidiary boards with publicly-traded common stock will be counted as separate boards, ISS will not recommend a withhold vote for the CEO of a parent company board or any of the controlled (>50 percent ownership) subsidiaries of that parent but may do so at subsidiaries that are less than 50 percent controlled and boards outside the parent/subsidiary relationships.

**<sup>5</sup>** Aggregate diversity statistics provided by the board will only be considered if specific to racial and/or ethnic diversity.

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**Responsiveness** 

Vote case-by-case on individual directors, committee members, or the entire board of directors as appropriate if:

☐ The board failed to act on a shareholder proposal that received the support of a majority of the shares cast in the previous year or failed to act on a management proposal seeking to ratify an existing charter/bylaw provision that received opposition of a majority of the shares cast in the previous year. Factors that will be considered are:

☐ Disclosed outreach efforts by the board to shareholders in the wake of the vote;

☐ Rationale provided in the proxy statement for the level of implementation;

☐ The subject matter of the proposal;

☐ The level of support for and opposition to the resolution in past meetings;

☐ Actions taken by the board in response to the majority vote and its engagement with shareholders;

☐ The continuation of the underlying issue as a voting item on the ballot (as either shareholder or management proposals); and

☐ Other factors as appropriate.

☐ The board failed to act on takeover offers where the majority of shares are tendered; or

☐ At the previous board election, any director received more than 50 percent withhold/against votes of the shares cast and the company has failed to address the issue(s) that caused the high withhold/against vote.

Vote case-by-case on Compensation Committee members (or, in exceptional cases, the full board) and the Say on Pay proposal if:

☐ The company's previous say-on-pay received the support of less than 70 percent of votes cast. Factors that will be considered are:

☐ The company's response, including:

☐ Disclosure of engagement efforts with major institutional investors, including the frequency and timing of engagements and the company participants (including whether independent directors participated);

☐ Disclosure of the specific concerns voiced by dissenting shareholders that led to the say-on-pay opposition; and

☐ Disclosure of specific and meaningful actions taken to address shareholders' concerns;

☐ Other recent compensation actions taken by the company;

☐ Whether the issues raised are recurring or isolated;

☐ The company's ownership structure; and

☐ Whether the support level was less than 50 percent, which would warrant the highest degree of responsiveness.

☐ The board implements an advisory vote on executive compensation on a less frequent basis than the frequency that received the plurality of votes cast.

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**Accountability** 

***PROBLEMATIC TAKEOVER DEFENSES, CAPITAL STRUCTURE, AND GOVERNANCE STRUCTURE***

**Poison Pills:** Generally vote against or withhold from all nominees (except new nominees**<sup>1</sup>**, who should be considered case-by-case) if:

☐ The company has a poison pill with a deadhand or slowhand feature**<sup>6</sup>**;

☐ The board makes a material adverse modification to an existing pill, including, but not limited to, extension, renewal, or lowering the trigger, without shareholder approval; or

☐ The company has a long-term poison pill (with a term of over one year) that was not approved by the public shareholders**<sup>7</sup>**.

Vote case-by-case on nominees if the board adopts an initial short-term pill**<sup>6</sup>** (with a term of one year or less) without shareholder approval, taking into consideration:

☐ The disclosed rationale for the adoption;

☐ The trigger;

☐ The company's market capitalization (including absolute level and sudden changes);

☐ A commitment to put any renewal to a shareholder vote; and

☐ Other factors as relevant.

**Unequal Voting Rights**: Generally vote withhold or against directors individually, committee members, or the entire board (except new nominees**<sup>1</sup>**, who should be considered case-by-case), if the company employs a common stock structure with unequal voting rights**<sup>8</sup>**.

Exceptions to this policy will generally be limited to:

☐ Newly-public companies**<sup>9</sup>** with a sunset provision of no more than seven years from the date of going public;

☐ Limited Partnerships and the Operating Partnership (OP) unit structure of REITs;

☐ Situations where the super-voting shares represent less than 5% of total voting power and therefore considered to be *de minimis*; or

☐ The company provides sufficient protections for minority shareholders, such as allowing minority shareholders a regular binding vote on whether the capital structure should be maintained.

**Classified Board Structure:** The board is classified, and a continuing director responsible for a problematic governance issue at the board/committee level that would warrant a withhold/against vote recommendation is not up for election. All appropriate nominees (except new) may be held accountable.

**<sup>6</sup>** If a short-term pill with a deadhand or slowhand feature is enacted but expires before the next shareholder vote, ISS will generally still recommend withhold/against nominees at the next shareholder meeting following its adoption.

**<sup>7</sup>** Approval prior to, or in connection, with a company's becoming publicly-traded, or in connection with a de-SPAC transaction, is insufficient.

**<sup>8</sup>** This generally includes classes of common stock that have additional votes per share than other shares; classes of shares that are not entitled to vote on all the same ballot items or nominees; or stock with time-phased voting rights ("loyalty shares").

**<sup>9</sup>** Includes companies that emerge from bankruptcy, SPAC transactions, spin-offs, direct listings, and those who complete a traditional initial public offering.

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**Removal of Shareholder Discretion on Classified Boards**: The company has opted into, or failed to opt out of, state laws requiring a classified board structure.

**Problematic Governance Structure**: For companies that hold or held their first annual meeting**<sup>9</sup>** of public shareholders after Feb. 1, 2015, generally vote against or withhold from directors individually, committee members, or the entire board (except new nominees**<sup>1</sup>**, who should be considered case-by-case) if, prior to or in connection with the company's public offering, the company or its board adopted the following bylaw or charter provisions that are considered to be materially adverse to shareholder rights:

☐ Supermajority vote requirements to amend the bylaws or charter;

☐ A classified board structure; or

☐ Other egregious provisions.

A provision which specifies that the problematic structure(s) will be sunset within seven years of the date of going public will be considered a mitigating factor.

Unless the adverse provision is reversed or removed, vote case-by-case on director nominees in subsequent years.

**Unilateral Bylaw/Charter Amendments** **:** Generally vote against or withhold from directors individually, committee members, or the entire board (except new nominees**<sup>1</sup>**, who should be considered case-by-case) if the board amends the company's bylaws or charter without shareholder approval in a manner that materially diminishes shareholders' rights or that could adversely impact shareholders, considering the following factors:

☐ The board's rationale for adopting the bylaw/charter amendment without shareholder ratification;

☐ Disclosure by the company of any significant engagement with shareholders regarding the amendment;

☐ The level of impairment of shareholders' rights caused by the board's unilateral amendment to the bylaws/charter;

☐ The board's track record with regard to unilateral board action on bylaw/charter amendments or other entrenchment provisions;

☐ The company's ownership structure;

☐ The company's existing governance provisions;

☐ The timing of the board's amendment to the bylaws/charter in connection with a significant business development; and

☐ Other factors, as deemed appropriate, that may be relevant to determine the impact of the amendment on shareholders.

Unless the adverse amendment is reversed or submitted to a binding shareholder vote, in subsequent years vote case-by-case on director nominees. Generally vote against (except new nominees**<sup>1</sup>**, who should be considered case-by-case) if the directors:

☐ Classified the board;

☐ Adopted supermajority vote requirements to amend the bylaws or charter;

☐ Eliminated shareholders' ability to amend bylaws;

☐ Adopted a <u>fee-shifting provision</u>; or

☐ Adopted another provision deemed egregious.

**Restricting Binding Shareholder Proposals** **:** Generally vote against or withhold from the members of the governance committee if:

☐ The company's governing documents impose undue restrictions on shareholders' ability to amend the bylaws. Such restrictions include but are not limited to: outright prohibition on the submission of binding shareholder proposals or share ownership requirements, subject matter restrictions, or time holding requirements in excess of SEC Rule 14a-8. Vote against or withhold on an ongoing basis.

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Submission of management proposals to approve or ratify requirements in excess of SEC Rule 14a-8 for the submission of binding bylaw amendments will generally be viewed as an insufficient restoration of shareholders' rights. Generally continue to vote against or withhold on an ongoing basis until shareholders are provided with an unfettered ability to amend the bylaws or a proposal providing for such unfettered right is submitted for shareholder approval.

**Director Performance Evaluation** **:** The board lacks mechanisms to promote accountability and oversight, coupled with sustained poor performance relative to peers. Sustained poor performance is measured by one-, three-, and five-year total shareholder returns in the bottom half of a company's four-digit GICS industry group (Russell 3000 companies only). Take into consideration the company's operational metrics and other factors as warranted. Problematic provisions include but are not limited to:

☐ A classified board structure;

☐ A supermajority vote requirement;

☐ Either a plurality vote standard in uncontested director elections, or a majority vote standard in contested elections;

☐ The inability of shareholders to call special meetings;

☐ The inability of shareholders to act by written consent;

☐ A multi-class capital structure; and/or

☐ A non-shareholder-approved poison pill.

**Management Proposals to Ratify Existing Charter or Bylaw Provisions** **:** Vote against/withhold from individual directors, members of the governance committee, or the full board, where boards ask shareholders to ratify existing charter or bylaw provisions considering the following factors:

☐ The presence of a shareholder proposal addressing the same issue on the same ballot;

☐ The board's rationale for seeking ratification;

☐ Disclosure of actions to be taken by the board should the ratification proposal fail;

☐ Disclosure of shareholder engagement regarding the board's ratification request;

☐ The level of impairment to shareholders' rights caused by the existing provision;

☐ The history of management and shareholder proposals on the provision at the company's past meetings;

☐ Whether the current provision was adopted in response to the shareholder proposal;

☐ The company's ownership structure; and

☐ Previous use of ratification proposals to exclude shareholder proposals.

**Problematic Audit-Related Practices** 

Generally vote against or withhold from the members of the Audit Committee if:

☐ The non-audit fees paid to the auditor are <u>excessive</u>;

☐ The company receives an adverse opinion on the company's financial statements from its auditor; or

☐ There is persuasive evidence that the Audit Committee entered into an inappropriate indemnification agreement with its auditor that limits the ability of the company, or its shareholders, to pursue legitimate legal recourse against the audit firm.

Vote case-by-case on members of the Audit Committee and potentially the full board if:

☐ Poor accounting practices are identified that rise to a level of serious concern, such as: fraud; misapplication of GAAP; and material weaknesses identified in Section 404 disclosures. Examine the severity, breadth, chronological sequence, and duration, as well as the company's efforts at remediation or corrective actions, in determining whether withhold/against votes are warranted.

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**Problematic Compensation Practices** 

In the absence of an Advisory Vote on Executive Compensation (Say on Pay) ballot item or in egregious situations, vote against or withhold from the members of the Compensation Committee and potentially the full board if:

☐ There is an unmitigated misalignment between CEO pay and company performance (<u>pay for performance</u>);

☐ The company maintains significant <u>problematic pay practices</u>; or

☐ The board exhibits a significant level of <u>poor communication and responsiveness</u> to shareholders.

Generally vote against or withhold from the Compensation Committee chair, other committee members, or potentially the full board if:

☐ The company fails to include a Say on Pay ballot item when required under SEC provisions, or under the company's declared frequency of say on pay; or

☐ The company fails to include a Frequency of Say on Pay ballot item when required under SEC provisions.

Generally vote against members of the board committee responsible for approving/setting non-employee director compensation if there is a pattern (i.e. two or more years) of awarding excessive non-employee director compensation without disclosing a compelling rationale or other mitigating factors.

**Problematic Pledging of Company Stock**: Vote against the members of the committee that oversees risks related to pledging, or the full board, where a significant level of pledged company stock by executives or directors raises concerns. The following factors will be considered:

☐ The presence of an anti-pledging policy, disclosed in the proxy statement, that prohibits future pledging activity;

☐ The magnitude of aggregate pledged shares in terms of total common shares outstanding, market value, and trading volume;

☐ Disclosure of progress or lack thereof in reducing the magnitude of aggregate pledged shares over time;

☐ Disclosure in the proxy statement that shares subject to stock ownership and holding requirements do not include pledged company stock; and

☐ Any other relevant factors.

**Climate Accountability**

For companies that are significant greenhouse gas (GHG) emitters, through their operations or value chain**<sup>10</sup>**, generally vote against or withhold from the incumbent chair of the responsible committee (or other directors on a case-by-case basis) in cases where ISS determines that the company is not taking the minimum steps needed to understand, assess, and mitigate risks related to climate change to the company and the larger economy.

Minimum steps to understand and mitigate those risks are considered to be the following. Both minimum criteria will be required to be in alignment with the policy :

☐ Detailed disclosure of climate-related risks, such as according to the framework established by the Task Force on Climate-related Financial Disclosures (TCFD), including:

☐ Board governance measures;

☐ Corporate strategy;

☐ Risk management analyses; and

☐ Metrics and targets.

**<sup>10</sup>** Companies defined as "significant GHG emitters" will be those on the current Climate Action 100+ Focus Group list.

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☐ Appropriate GHG emissions reduction targets.

At this time, "appropriate GHG emissions reductions targets" will be medium-term GHG reduction targets or Net Zero-by-2050 GHG reduction targets for a company's operations (Scope 1) and electricity use (Scope 2). Targets should cover the vast majority of the company's direct emissions.

**Governance Failures**

Under extraordinary circumstances, vote against or withhold from directors individually, committee members, or the entire board, due to:

☐ Material failures of governance, stewardship, risk oversight**<sup>11</sup>**, or fiduciary responsibilities at the company;

☐ Failure to replace management as appropriate; or

☐ Egregious actions related to a director's service on other boards that raise substantial doubt about his or her ability to effectively oversee management and serve the best interests of shareholders at any company.

Voting on Director Nominees in Contested Elections

**Vote-No Campaigns** 

**General Recommendation:** In cases where companies are targeted in connection with public "vote-no" campaigns, evaluate director nominees under the existing governance policies for voting on director nominees in uncontested elections. Take into consideration the arguments submitted by shareholders and other publicly available information.

**Proxy Contests/Proxy Access** 

**General Recommendation:** Vote case-by-case on the election of directors in contested elections, considering the following factors:

☐ Long-term financial performance of the company relative to its industry;

☐ Management's track record;

☐ Background to the contested election;

☐ Nominee qualifications and any compensatory arrangements;

☐ Strategic plan of dissident slate and quality of the critique against management;

☐ Likelihood that the proposed goals and objectives can be achieved (both slates); and

☐ Stock ownership positions.

In the case of candidates nominated pursuant to proxy access, vote case-by-case considering any applicable factors listed above or additional factors which may be relevant, including those that are specific to the company, to the nominee(s) and/or to the nature of the election (such as whether there are more candidates than board seats).

**<sup>11</sup>** Examples of failure of risk oversight include but are not limited to: bribery; large or serial fines or sanctions from regulatory bodies; demonstrably poor risk oversight of environmental and social issues, including climate change; significant adverse legal judgments or settlement; or hedging of company stock.

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Other Board-Related Proposals

**Adopt Anti-Hedging/Pledging/Speculative Investments Policy** 

**General Recommendation:** Generally vote for proposals seeking a policy that prohibits named executive officers from engaging in derivative or speculative transactions involving company stock, including hedging, holding stock in a margin account, or pledging stock as collateral for a loan. However, the company's existing policies regarding responsible use of company stock will be considered.

**Board Refreshment** 

Board refreshment is best implemented through an ongoing program of individual director evaluations, conducted annually, to ensure the evolving needs of the board are met and to bring in fresh perspectives, skills, and diversity as needed.

**Term/Tenure Limits**

**General Recommendation:** Vote case-by-case on management proposals regarding director term/tenure limits, considering:

☐ The rationale provided for adoption of the term/tenure limit;

☐ The robustness of the company's board evaluation process;

☐ Whether the limit is of sufficient length to allow for a broad range of director tenures;

☐ Whether the limit would disadvantage independent directors compared to non-independent directors; and

☐ Whether the board will impose the limit evenly, and not have the ability to waive it in a discriminatory manner.

Vote case-by-case on shareholder proposals asking for the company to adopt director term/tenure limits, considering:

☐ The scope of the shareholder proposal; and

☐ Evidence of problematic issues at the company combined with, or exacerbated by, a lack of board refreshment.

**Age Limits**

**General Recommendation:** Generally vote against management and shareholder proposals to limit the tenure of independent directors through mandatory retirement ages. Vote for proposals to remove mandatory age limits.

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**Board Size** 

**General Recommendation:** Vote for proposals seeking to fix the board size or designate a range for the board size.

Vote against proposals that give management the ability to alter the size of the board outside of a specified range without shareholder approval.

**Classification/Declassification of the Board** 

**General Recommendation:** Vote against proposals to classify (stagger) the board.

Vote for proposals to repeal classified boards and to elect all directors annually.

**CEO Succession Planning** 

**General Recommendation:** Generally vote for proposals seeking disclosure on a CEO succession planning policy, considering, at a minimum, the following factors:

☐ The reasonableness/scope of the request; and

☐ The company's existing disclosure on its current CEO succession planning process.

**Cumulative Voting** 

**General Recommendation:** Generally vote against management proposals to eliminate cumulate voting, and for shareholder proposals to restore or provide for cumulative voting, unless:

☐ The company has proxy access**<sup>12</sup>**, thereby allowing shareholders to nominate directors to the company's ballot; and

☐ The company has adopted a majority vote standard, with a carve-out for plurality voting in situations where there are more nominees than seats, and a director resignation policy to address failed elections.

Vote for proposals for cumulative voting at controlled companies (insider voting power > 50%).

**<sup>12</sup>** A proxy access right that meets the <u>recommended guidelines.</u>

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**Director and Officer Indemnification, Liability Protection, and Exculpation**

**General Recommendation:** Vote case-by-case on proposals on director and officer indemnification, liability protection, and exculpation**<sup>13</sup>**.

Consider the stated rationale for the proposed change. Also consider, among other factors, the extent to which the proposal would:

☐ Eliminate directors' and officers' liability for monetary damages for violating the duty of care;

☐ Eliminate directors' and officers' liability for monetary damages for violating the duty of loyalt;

☐ Expand coverage beyond just legal expenses to liability for acts that are more serious violations of fiduciary obligation than mere carelessness; and

☐ Expand the scope of indemnification to provide for mandatory indemnification of company officials in connection with acts that previously the company was permitted to provide indemnification for, at the discretion of the company's board (*i.e.*, "permissive indemnification"), but that previously the company was not required to indemnify.

Vote for those proposals providing such expanded coverage in cases when a director's or officer's legal defense was unsuccessful if both of the following apply:

☐ If the individual was found to have acted in good faith and in a manner that the individual reasonably believed was in the best interests of the company; and

☐ If only the individual's legal expenses would be covered.

**Establish/Amend Nominee Qualifications**

**General Recommendation:** Vote case-by-case on proposals that establish or amend director qualifications. Votes should be based on the reasonableness of the criteria and the degree to which they may preclude dissident nominees from joining the board.

Vote case-by-case on shareholder resolutions seeking a director nominee who possesses a particular subject matter expertise, considering:

☐ The company's board committee structure, existing subject matter expertise, and board nomination provisions relative to that of its peers;

☐ The company's existing board and management oversight mechanisms regarding the issue for which board oversight is sought;

☐ The company's disclosure and performance relating to the issue for which board oversight is sought and any significant related controversies; and

☐ The scope and structure of the proposal.

**<sup>13</sup> Indemnification**: the condition of being secured against loss or damage.

**Limited liability**: a person's financial liability is limited to a fixed sum, or personal financial assets are not at risk if the individual loses a lawsuit that results in financial award/damages to the plaintiff.

**Exculpation**: to eliminate or limit the personal liability of a director or officer to the corporation or its shareholders for monetary damages for breach of fiduciary duty as a director or officer.

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**Establish Other Board Committee Proposals** 

**General Recommendation:** Generally vote against shareholder proposals to establish a new board committee, as such proposals seek a specific oversight mechanism/structure that potentially limits a company's flexibility to determine an appropriate oversight mechanism for itself. However, the following factors will be considered:

☐ Existing oversight mechanisms (including current committee structure) regarding the issue for which board oversight is sought;

☐ Level of disclosure regarding the issue for which board oversight is sought;

☐ Company performance related to the issue for which board oversight is sought;

☐ Board committee structure compared to that of other companies in its industry sector; and

☐ The scope and structure of the proposal.

**Filling Vacancies/Removal of Directors** 

**General Recommendation:** Vote against proposals that provide that directors may be removed only for cause. Vote for proposals to restore shareholders' ability to remove directors with or without cause.

Vote against proposals that provide that only continuing directors may elect replacements to fill board vacancies.

Vote for proposals that permit shareholders to elect directors to fill board vacancies.

**Independent Board Chair** 

**General Recommendation:** Generally vote for shareholder proposals requiring that the board chair position be filled by an independent director, taking into consideration the following:

☐ The scope and rationale of the proposal;

☐ The company's current board leadership structure;

☐ The company's governance structure and practices;

☐ Company performance; and

☐ Any other relevant factors that may be applicable.

The following factors will increase the likelihood of a "for" recommendation:

☐ A majority non-independent board and/or the presence of non-independent directors on key board committees;

☐ A weak or poorly-defined lead independent director role that fails to serve as an appropriate counterbalance to a combined CEO/chair role;

☐ The presence of an executive or non-independent chair in addition to the CEO, a recent recombination of the role of CEO and chair, and/or departure from a structure with an independent chair;

☐ Evidence that the board has failed to oversee and address material risks facing the company;

☐ A material governance failure, particularly if the board has failed to adequately respond to shareholder concerns or if the board has materially diminished shareholder rights; or

☐ Evidence that the board has failed to intervene when management's interests are contrary to shareholders' interests.

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**Majority of Independent Directors/Establishment of Independent Committees** 

**General Recommendation:** Vote for shareholder proposals asking that a majority or more of directors be independent unless the board composition already meets the proposed threshold by ISS' definition of Independent Director (See <u>ISS' Classification of Directors</u>.)

Vote for shareholder proposals asking that board audit, compensation, and/or nominating committees be composed exclusively of independent directors unless they currently meet that standard.

**Majority Vote Standard for the Election of Directors** 

**General Recommendation:** Generally vote for management proposals to adopt a majority of votes cast standard for directors in uncontested elections. Vote against if no carve-out for a plurality vote standard in contested elections is included.

Generally vote for precatory and binding shareholder resolutions requesting that the board change the company's bylaws to stipulate that directors need to be elected with an affirmative majority of votes cast, provided it does not conflict with the state law where the company is incorporated. Binding resolutions need to allow for a carve- out for a plurality vote standard when there are more nominees than board seats.

Companies are strongly encouraged to also adopt a post-election policy (also known as a director resignation policy) that will provide guidelines so that the company will promptly address the situation of a holdover director.

**Proxy Access** 

**General Recommendation:** Generally vote for management and shareholder proposals for proxy access with the following provisions:

☐ **Ownership threshold:** maximum requirement not more than three percent (3%) of the voting power;

☐ **Ownership duration:** maximum requirement not longer than three (3) years of continuous ownership for each member of the nominating group;

☐ **Aggregation:** minimal or no limits on the number of shareholders permitted to form a nominating group; and

☐ **Cap:** cap on nominees of generally twenty-five percent (25%) of the board.

Review for reasonableness any other restrictions on the right of proxy access. Generally vote against proposals that are more restrictive than these guidelines.

**Require More Nominees than Open Seats** 

**General Recommendation:** Vote against shareholder proposals that would require a company to nominate more candidates than the number of open board seats.

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**Shareholder Engagement Policy (Shareholder Advisory Committee)** 

**General Recommendation:** Generally vote for shareholder proposals requesting that the board establish an internal mechanism/process, which may include a committee, in order to improve communications between directors and shareholders, unless the company has the following features, as appropriate:

☐ Established a communication structure that goes beyond the exchange requirements to facilitate the exchange of information between shareholders and members of the board;

☐ Effectively disclosed information with respect to this structure to its shareholders;

☐ Company has not ignored majority-supported shareholder proposals, or a majority withhold vote on a director nominee; and

☐ The company has an independent chair or a lead director, according to <u>ISS' definition</u>. This individual must be made available for periodic consultation and direct communication with major shareholders.

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**2. Audit-Related** 

**Auditor Indemnification and Limitation of Liability** 

**General Recommendation:** Vote case-by-case on the issue of auditor indemnification and limitation of liability. Factors to be assessed include, but are not limited to:

☐ The terms of the auditor agreement—the degree to which these agreements impact shareholders' rights;

☐ The motivation and rationale for establishing the agreements;

☐ The quality of the company's disclosure; and

☐ The company's historical practices in the audit area.

Vote against or withhold from members of an audit committee in situations where there is persuasive evidence that the audit committee entered into an inappropriate indemnification agreement with its auditor that limits the ability of the company, or its shareholders, to pursue legitimate legal recourse against the audit firm.

**Auditor Ratification** 

**General Recommendation:** Vote for proposals to ratify auditors unless any of the following apply:

☐ An auditor has a financial interest in or association with the company, and is therefore not independent;

☐ There is reason to believe that the independent auditor has rendered an opinion that is neither accurate nor indicative of the company's financial position;

☐ Poor accounting practices are identified that rise to a serious level of concern, such as fraud or misapplication of GAAP; or

☐ Fees for non-audit services ("Other" fees) are excessive.

Non-audit fees are excessive if:

☐ Non-audit ("other") fees > audit fees + audit-related fees + tax compliance/preparation fees

Tax compliance and preparation include the preparation of original and amended tax returns and refund claims, and tax payment planning. All other services in the tax category, such as tax advice, planning, or consulting, should be added to "Other" fees. If the breakout of tax fees cannot be determined, add all tax fees to "Other" fees.

In circumstances where "Other" fees include fees related to significant one-time capital structure events (such as initial public offerings, bankruptcy emergence, and spin-offs) and the company makes public disclosure of the amount and nature of those fees that are an exception to the standard "non-audit fee" category, then such fees may be excluded from the non-audit fees considered in determining the ratio of non-audit to audit/audit-related fees/tax compliance and preparation for purposes of determining whether non-audit fees are excessive.

**Shareholder Proposals Limiting Non-Audit Services** 

**General Recommendation:** Vote case-by-case on shareholder proposals asking companies to prohibit or limit their auditors from engaging in non-audit services.

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**Shareholder Proposals on Audit Firm Rotation** 

**General Recommendation:** Vote case-by-case on shareholder proposals asking for audit firm rotation, taking into account:

☐ The tenure of the audit firm;

☐ The length of rotation specified in the proposal;

☐ Any significant audit-related issues at the company;

☐ The number of Audit Committee meetings held each year;

☐ The number of financial experts serving on the committee; and

☐ Whether the company has a periodic renewal process where the auditor is evaluated for both audit quality and competitive price.

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**3. Shareholder Rights & Defenses** 

**Advance Notice Requirements for Shareholder Proposals/Nominations**

**General Recommendation:** Vote case-by-case on advance notice proposals, giving support to those proposals which allow shareholders to submit proposals/nominations as close to the meeting date as reasonably possible and within the broadest window possible, recognizing the need to allow sufficient notice for company, regulatory, and shareholder review.

To be reasonable, the company's deadline for shareholder notice of a proposal/nominations must be no earlier than 120 days prior to the anniversary of the previous year's meeting and have a submittal window of no shorter than 30 days from the beginning of the notice period (also known as a 90-120-day window). The submittal window is the period under which shareholders must file their proposals/nominations prior to the deadline.

In general, support additional efforts by companies to ensure full disclosure in regard to a proponent's economic and voting position in the company so long as the informational requirements are reasonable and aimed at providing shareholders with the necessary information to review such proposals.

**Amend Bylaws without Shareholder Consent** 

**General Recommendation:** Vote against proposals giving the board exclusive authority to amend the bylaws.

Vote case-by-case on proposals giving the board the ability to amend the bylaws in addition to shareholders, taking into account the following:

☐ Any impediments to shareholders' ability to amend the bylaws (i.e. supermajority voting requirements);

☐ The company's ownership structure and historical voting turnout;

☐ Whether the board could amend bylaws adopted by shareholders; and

☐ Whether shareholders would retain the ability to ratify any board-initiated amendments.

**Control Share Acquisition Provisions** 

**General Recommendation:** Vote for proposals to opt out of control share acquisition statutes unless doing so would enable the completion of a takeover that would be detrimental to shareholders.

Vote against proposals to amend the charter to include control share acquisition provisions.

Vote for proposals to restore voting rights to the control shares.

Control share acquisition statutes function by denying shares their voting rights when they contribute to ownership in excess of certain thresholds. Voting rights for those shares exceeding ownership limits may only be restored by approval of either a majority or supermajority of disinterested shares. Thus, control share acquisition statutes effectively require a hostile bidder to put its offer to a shareholder vote or risk voting disenfranchisement if the bidder continues buying up a large block of shares.

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**Control Share Cash-Out Provisions** 

**General Recommendation:** Vote for proposals to opt out of control share cash-out statutes.

Control share cash-out statutes give dissident shareholders the right to "cash-out" of their position in a company at the expense of the shareholder who has taken a control position. In other words, when an investor crosses a

preset threshold level, remaining shareholders are given the right to sell their shares to the acquirer, who must buy them at the highest acquiring price.

**Disgorgement Provisions** 

**General Recommendation:** Vote for proposals to opt out of state disgorgement provisions.

Disgorgement provisions require an acquirer or potential acquirer of more than a certain percentage of a company's stock to disgorge, or pay back, to the company any profits realized from the sale of that company's stock purchased 24 months before achieving control status. All sales of company stock by the acquirer occurring within a certain period of time (between 18 months and 24 months) prior to the investor's gaining control status are subject to these recapture-of-profits provisions.

**Fair Price Provisions** 

**General Recommendation:** Vote case-by-case on proposals to adopt fair price provisions (provisions that stipulate that an acquirer must pay the same price to acquire all shares as it paid to acquire the control shares), evaluating factors such as the vote required to approve the proposed acquisition, the vote required to repeal the fair price provision, and the mechanism for determining the fair price.

Generally vote against fair price provisions with shareholder vote requirements greater than a majority of disinterested shares.

**Freeze-Out Provisions** 

**General Recommendation:** Vote for proposals to opt out of state freeze-out provisions. Freeze-out provisions force an investor who surpasses a certain ownership threshold in a company to wait a specified period of time before gaining control of the company.

**Greenmail** 

**General Recommendation:** Vote for proposals to adopt anti-greenmail charter or bylaw amendments or otherwise restrict a company's ability to make greenmail payments.

Vote case-by-case on anti-greenmail proposals when they are bundled with other charter or bylaw amendments.

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Greenmail payments are targeted share repurchases by management of company stock from individuals or groups seeking control of the company. Since only the hostile party receives payment, usually at a substantial premium over the market value of its shares, the practice discriminates against all other shareholders.

**Shareholder Litigation Rights** 

**Federal Forum Selection Provisions** 

Federal forum selection provisions require that U.S. federal courts be the sole forum for shareholders to litigate claims arising under federal securities law.

**General Recommendation:** Generally vote for federal forum selection provisions in the charter or bylaws that specify "the district courts of the United States" as the exclusive forum for federal securities law matters, in the absence of serious concerns about corporate governance or board responsiveness to shareholders.

Vote against provisions that restrict the forum to a particular federal district court; unilateral adoption (without a shareholder vote) of such a provision will generally be considered a one-time failure under the <u>Unilateral Bylaw/Charter Amendments</u> policy.

**Exclusive Forum Provisions for State Law Matters**

Exclusive forum provisions in the charter or bylaws restrict shareholders' ability to bring derivative lawsuits against the company, for claims arising out of state corporate law, to the courts of a particular state (generally the state of incorporation).

**General Recommendation:** Generally vote for charter or bylaw provisions that specify courts located within the state of Delaware as the exclusive forum for corporate law matters for Delaware corporations, in the absence of serious concerns about corporate governance or board responsiveness to shareholders.

For states other than Delaware, vote case-by-case on exclusive forum provisions, taking into consideration:

☐ The company's stated rationale for adopting such a provision;

☐ Disclosure of past harm from duplicative shareholder lawsuits in more than one forum;

☐ The breadth of application of the charter or bylaw provision, including the types of lawsuits to which it would apply and the definition of key terms; and

☐ Governance features such as shareholders' ability to repeal the provision at a later date (including the vote standard applied when shareholders attempt to amend the charter or bylaws) and their ability to hold directors accountable through annual director elections and a majority vote standard in uncontested elections.

Generally vote against provisions that specify a state other than the state of incorporation as the exclusive forum for corporate law matters, or that specify a particular local court within the state; unilateral adoption of such a provision will generally be considered a one-time failure under the <u>Unilateral Bylaw/Charter Amendments</u> policy.

**Fee shifting** 

Fee-shifting provisions in the charter or bylaws require that a shareholder who sues a company unsuccessfully pay all litigation expenses of the defendant corporation and its directors and officers.

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**General Recommendation:** Generally vote against provisions that mandate fee-shifting whenever plaintiffs are not completely successful on the merits (i.e., including cases where the plaintiffs are partially successful).

Unilateral adoption of a fee-shifting provision will generally be considered an ongoing failure under the <u>Unilateral Bylaw/Charter Amendments</u> policy.

**Net Operating Loss (NOL) Protective Amendments** 

**General Recommendation:** Vote against proposals to adopt a protective amendment for the stated purpose of protecting a company's net operating losses (NOL) if the effective term of the protective amendment would exceed the shorter of three years and the exhaustion of the NOL.

Vote case-by-case, considering the following factors, for management proposals to adopt an NOL protective amendment that would remain in effect for the shorter of three years (or less) and the exhaustion of the NOL:

☐ The ownership threshold (NOL protective amendments generally prohibit stock ownership transfers that would result in a new 5-percent holder or increase the stock ownership percentage of an existing 5-percent holder);

☐ The value of the NOLs;

☐ Shareholder protection mechanisms (sunset provision or commitment to cause expiration of the protective amendment upon exhaustion or expiration of the NOL);

☐ The company's existing governance structure including: board independence, existing takeover defenses, track record of responsiveness to shareholders, and any other problematic governance concerns; and

☐ Any other factors that may be applicable.

Poison Pills (Shareholder Rights Plans)

**Shareholder Proposals to Put Pill to a Vote and/or Adopt a Pill Policy** 

**General Recommendation:** Vote for shareholder proposals requesting that the company submit its poison pill to a shareholder vote or redeem it unless the company has: (1) A shareholder-approved poison pill in place; or (2) The company has adopted a policy concerning the adoption of a pill in the future specifying that the board will only adopt a shareholder rights plan if either:

☐ Shareholders have approved the adoption of the plan; or

☐ The board, in its exercise of its fiduciary responsibilities, determines that it is in the best interest of shareholders under the circumstances to adopt a pill without the delay in adoption that would result from seeking stockholder approval (i.e., the "fiduciary out" provision). A poison pill adopted under this fiduciary out will be put to a shareholder ratification vote within 12 months of adoption or expire. If the pill is not approved by a majority of the votes cast on this issue, the plan will immediately terminate.

If the shareholder proposal calls for a time period of less than 12 months for shareholder ratification after adoption, vote for the proposal, but add the caveat that a vote within 12 months would be considered sufficient implementation.

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**Management Proposals to Ratify a Poison Pill** 

**General Recommendation:** Vote case-by-case on management proposals on poison pill ratification, focusing on the features of the shareholder rights plan. Rights plans should contain the following attributes:

☐ No lower than a 20 percent trigger, flip-in or flip-over;

☐ A term of no more than three years;

☐ No deadhand, slowhand, no-hand, or similar feature that limits the ability of a future board to redeem the pill; and

☐ Shareholder redemption feature (qualifying offer clause); if the board refuses to redeem the pill 90 days after a qualifying offer is announced, 10 percent of the shares may call a special meeting or seek a written consent to vote on rescinding the pill.

In addition, the rationale for adopting the pill should be thoroughly explained by the company. In examining the request for the pill, take into consideration the company's existing governance structure, including: board independence, existing takeover defenses, and any problematic governance concerns.

**Management Proposals to Ratify a Pill to Preserve Net Operating Losses (NOLs)** 

**General Recommendation:** Vote against proposals to adopt a poison pill for the stated purpose of protecting a company's net operating losses (NOL) if the term of the pill would exceed the shorter of three years and the exhaustion of the NOL.

Vote case-by-case on management proposals for poison pill ratification, considering the following factors, if the term of the pill would be the shorter of three years (or less) and the exhaustion of the NOL:

☐ The ownership threshold to transfer (NOL pills generally have a trigger slightly below 5 percent);

☐ The value of the NOLs;

☐ Shareholder protection mechanisms (sunset provision, or commitment to cause expiration of the pill upon exhaustion or expiration of NOLs);

☐ The company's existing governance structure, including: board independence, existing takeover defenses, track record of responsiveness to shareholders, and any other problematic governance concerns; and

☐ Any other factors that may be applicable.

**Proxy Voting Disclosure, Confidentiality, and Tabulation** 

**General Recommendation:** Vote case-by-case on proposals regarding proxy voting mechanics, taking into consideration whether implementation of the proposal is likely to enhance or protect shareholder rights. Specific issues covered under the policy include, but are not limited to, confidential voting of individual proxies and ballots, confidentiality of running vote tallies, and the treatment of abstentions and/or broker non-votes in the company's vote-counting methodology.

While a variety of factors may be considered in each analysis, the guiding principles are: transparency, consistency, and fairness in the proxy voting process. The factors considered, as applicable to the proposal, may include:

☐ The scope and structure of the proposal;

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☐ The company's stated confidential voting policy (or other relevant policies) and whether it ensures a "level playing field" by providing shareholder proponents with equal access to vote information prior to the annual meeting;

☐ The company's vote standard for management and shareholder proposals and whether it ensures consistency and fairness in the proxy voting process and maintains the integrity of vote results;

☐ Whether the company's disclosure regarding its vote counting method and other relevant voting policies with respect to management and shareholder proposals are consistent and clear;

☐ Any recent controversies or concerns related to the company's proxy voting mechanics;

☐ Any unintended consequences resulting from implementation of the proposal; and

☐ Any other factors that may be relevant.

**Ratification Proposals: Management Proposals to Ratify Existing Charter or Bylaw Provisions** 

**General Recommendation:** Generally vote against management proposals to ratify provisions of the company's existing charter or bylaws, unless these governance provisions align with best practice.

In addition, voting against/withhold from individual directors, members of the governance committee, or the full board may be warranted, considering:

☐ The presence of a shareholder proposal addressing the same issue on the same ballot;

☐ The board's rationale for seeking ratification;

☐ Disclosure of actions to be taken by the board should the ratification proposal fail;

☐ Disclosure of shareholder engagement regarding the board's ratification request;

☐ The level of impairment to shareholders' rights caused by the existing provision;

☐ The history of management and shareholder proposals on the provision at the company's past meetings;

☐ Whether the current provision was adopted in response to the shareholder proposal;

☐ The company's ownership structure; and

☐ Previous use of ratification proposals to exclude shareholder proposals.

**Reimbursing Proxy Solicitation Expenses** 

**General Recommendation:** Vote case-by-case on proposals to reimburse proxy solicitation expenses.

When voting in conjunction with support of a dissident slate, vote for the reimbursement of all appropriate proxy solicitation expenses associated with the election.

Generally vote for shareholder proposals calling for the reimbursement of reasonable costs incurred in connection with nominating one or more candidates in a contested election where the following apply:

☐ The election of fewer than 50 percent of the directors to be elected is contested in the election;

☐ One or more of the dissident's candidates is elected;

☐ Shareholders are not permitted to cumulate their votes for directors; and

☐ The election occurred, and the expenses were incurred, after the adoption of this bylaw.

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**Reincorporation Proposals** 

**General Recommendation:** Management or shareholder proposals to change a company's state of incorporation should be evaluated case-by-case, giving consideration to both financial and corporate governance concerns including the following:

☐ Reasons for reincorporation;

☐ Comparison of company's governance practices and provisions prior to and following the reincorporation; and

☐ Comparison of corporation laws of original state and destination state.

Vote for reincorporation when the economic factors outweigh any neutral or negative governance changes.

**Shareholder Ability to Act by Written Consent** 

**General Recommendation:** Generally vote against management and shareholder proposals to restrict or prohibit shareholders' ability to act by written consent.

Generally vote for management and shareholder proposals that provide shareholders with the ability to act by written consent, taking into account the following factors:

☐ Shareholders' current right to act by written consent;

☐ The consent threshold;

☐ The inclusion of exclusionary or prohibitive language;

☐ Investor ownership structure; and

☐ Shareholder support of, and management's response to, previous shareholder proposals.

Vote case-by-case on shareholder proposals if, in addition to the considerations above, the company has the following governance and antitakeover provisions:

☐ An unfettered**<sup>14</sup>** right for shareholders to call special meetings at a 10 percent threshold;

☐ A majority vote standard in uncontested director elections;

☐ No non-shareholder-approved pill; and

☐ An annually elected board.

**Shareholder Ability to Call Special Meetings** 

**General Recommendation:** Vote against management or shareholder proposals to restrict or prohibit shareholders' ability to call special meetings.

Generally vote for management or shareholder proposals that provide shareholders with the ability to call special meetings taking into account the following factors:

☐ Shareholders' current right to call special meetings;

**14** "Unfettered" means no restrictions on agenda items, no restrictions on the number of shareholders who can group together to reach the 10 percent threshold, and only reasonable limits on when a meeting can be called: no greater than 30 days after the last annual meeting and no greater than 90 prior to the next annual meeting.

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☐ Minimum ownership threshold necessary to call special meetings (10 percent preferred);

☐ The inclusion of exclusionary or prohibitive language;

☐ Investor ownership structure; and

☐ Shareholder support of, and management's response to, previous shareholder proposals.

**Stakeholder Provisions** 

**General Recommendation:** Vote against proposals that ask the board to consider non-shareholder constituencies or other non-financial effects when evaluating a merger or business combination.

**State Antitakeover Statutes** 

**General Recommendation:** Vote case-by-case on proposals to opt in or out of state takeover statutes (including fair price provisions, stakeholder laws, poison pill endorsements, severance pay and labor contract provisions, and anti-greenmail provisions).

**Supermajority Vote Requirements** 

**General Recommendation:** Vote against proposals to require a supermajority shareholder vote.

Vote for management or shareholder proposals to reduce supermajority vote requirements. However, for companies with shareholder(s) who have significant ownership levels, vote case-by-case, taking into account:

☐ Ownership structure;

☐ Quorum requirements; and

☐ Vote requirements.

**Virtual Shareholder Meetings** 

**General Recommendation:** Generally vote for management proposals allowing for the convening of shareholder meetings by electronic means, so long as they do not preclude in-person meetings. Companies are encouraged to disclose the circumstances under which virtual-only**<sup>15</sup>** meetings would be held, and to allow for comparable rights and opportunities for shareholders to participate electronically as they would have during an in-person meeting.

Vote case-by-case on shareholder proposals concerning virtual-only meetings, considering:

☐ Scope and rationale of the proposal; and

☐ Concerns identified with the company's prior meeting practices.

**<sup>15</sup>** Virtual-only shareholder meeting" refers to a meeting of shareholders that is held exclusively using technology without a corresponding in-person meeting.

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**4. Capital/Restructuring** 

Capital

**Adjustments to Par Value of Common Stock** 

**General Recommendation:** Vote for management proposals to reduce the par value of common stock unless the action is being taken to facilitate an anti-takeover device or some other negative corporate governance action.

Vote for management proposals to eliminate par value.

**Common Stock Authorization**

**General Authorization Requests** 

**General Recommendation:** Vote case-by-case on proposals to increase the number of authorized shares of common stock that are to be used for general corporate purposes:

☐ If share usage (outstanding plus reserved) is less than 50% of the current authorized shares, vote for an increase of up to **50**% of current authorized share;

☐ If share usage is 50% to 100% of the current authorized, vote for an increase of up to **100**% of current authorized shares;

☐ If share usage is greater than current authorized shares, vote for an increase of up to the current share usage; or

☐ In the case of a stock split, the allowable increase is calculated (per above) based on the post-split adjusted authorization.

Generally vote against proposed increases, even if within the above ratios, if the proposal or the company's prior or ongoing use of authorized shares is problematic, including, but not limited to:

☐ The proposal seeks to increase the number of authorized shares of the class of common stock that has superior voting rights to other share classes;

☐ On the same ballot is a proposal for a reverse split for which support is warranted despite the fact that it would result in an excessive increase in the share authorization;

☐ The company has a non-shareholder approved poison pill (including an NOL pill); or

☐ The company has previous sizeable placements (within the past 3 years) of stock with insiders at prices substantially below market value, or with problematic voting rights, without shareholder approval.

However, generally vote for proposed increases beyond the above ratios or problematic situations when there is disclosure of specific and severe risks to shareholders of not approving the request, such as:

☐ In, or subsequent to, the company's most recent 10-K filing, the company discloses that there is substantial doubt about its ability to continue as a going concern;

☐ The company states that there is a risk of imminent bankruptcy or imminent liquidation if shareholders do not approve the increase in authorized capital; or

☐ A government body has in the past year required the company to increase its capital ratios.

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For companies incorporated in states that allow increases in authorized capital without shareholder approval, generally vote withhold or against all nominees if a unilateral capital authorization increase does not conform to the above policies.

**Specific Authorization Requests**

**General Recommendation:** Generally vote for proposals to increase the number of authorized common shares where the primary purpose of the increase is to issue shares in connection with transaction(s) (such as acquisitions, SPAC transactions, private placements, or similar transactions) on the same ballot, or disclosed in the proxy statement, that warrant support. For such transactions, the allowable increase will be the greater of:

☐ twice the amount needed to support the transactions on the ballot, and

☐ the allowable increase as calculated for general issuances above.

**Dual Class Structure** 

**General Recommendation:** Generally vote against proposals to create a new class of common stock unless:

☐ The company discloses a compelling rationale for the dual-class capital structure, such as:

☐ The company's auditor has concluded that there is substantial doubt about the company's ability to continue as a going concern; or

☐ The new class of shares will be transitory;

☐ The new class is intended for financing purposes with minimal or no dilution to current shareholders in both the short term and long term; and

☐ The new class is not designed to preserve or increase the voting power of an insider or significant shareholder.

**Issue Stock for Use with Rights Plan** 

**General Recommendation:** Vote against proposals that increase authorized common stock for the explicit purpose of implementing a non-shareholder-approved shareholder rights plan (poison pill).

**Preemptive Rights** 

**General Recommendation:** Vote case-by-case on shareholder proposals that seek preemptive rights, taking into consideration:

☐ The size of the company;

☐ The shareholder base; and

☐ The liquidity of the stock.

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**Preferred Stock Authorization**

**General Authorization Requests** 

**General Recommendation:** Vote case-by-case on proposals to increase the number of authorized shares of preferred stock that are to be used for general corporate purposes:

☐ If share usage (outstanding plus reserved) is less than 50% of the current authorized shares, vote for an increase of up to **50**% of current authorized shares;

☐ If share usage is 50% to 100% of the current authorized, vote for an increase of up to **100**% of current authorized shares;

☐ If share usage is greater than current authorized shares, vote for an increase of up to the current share usage.

☐ In the case of a stock split, the allowable increase is calculated (per above) based on the post-split adjusted authorization; or

☐ If no preferred shares are currently issued and outstanding, vote against the request, unless the company discloses a specific use for the shares.

Generally vote against proposed increases, even if within the above ratios, if the proposal or the company's prior or ongoing use of authorized shares is problematic, including, but not limited to:

☐ If the shares requested are blank check preferred shares that can be used for antitakeover purposes;**<sup>16</sup>**

☐ The company seeks to increase a class of non-convertible preferred shares entitled to more than one vote per share on matters that do not solely affect the rights of preferred stockholders "supervoting shares");

☐ The company seeks to increase a class of convertible preferred shares entitled to a number of votes greater than the number of common shares into which they are convertible ("supervoting shares") on matters that do not solely affect the rights of preferred stockholders;

☐ The stated intent of the increase in the general authorization is to allow the company to increase an existing designated class of supervoting preferred shares;

☐ On the same ballot is a proposal for a reverse split for which support is warranted despite the fact that it would result in an excessive increase in the share authorization;

☐ The company has a non-shareholder approved poison pill (including an NOL pill); and

☐ The company has previous sizeable placements (within the past 3 years) of stock with insiders at prices substantially below market value, or with problematic voting rights, without shareholder approval.

However, generally vote for proposed increases beyond the above ratios or problematic situations when there is disclosure of specific and severe risks to shareholders of not approving the request, such as:

☐ In, or subsequent to, the company's most recent 10-K filing, the company discloses that there is substantial doubt about its ability to continue as a going concern;

☐ The company states that there is a risk of imminent bankruptcy or imminent liquidation if shareholders do not approve the increase in authorized capital; or

☐ A government body has in the past year required the company to increase its capital ratios.

For companies incorporated in states that allow increases in authorized capital without shareholder approval, generally vote withhold or against all nominees if a unilateral capital authorization increase does not conform to the above policies.

**<sup>16</sup>** To be acceptable, appropriate disclosure would be needed that the shares are "declawed": i.e., representation by the board that it will not, without prior stockholder approval, issue or use the preferred stock for any defensive or anti-takeover purpose or for the purpose of implementing any stockholder rights plan.

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**<u>Specific Authorization Requests</u>**

**General Recommendation:** Generally vote for proposals to increase the number of authorized preferred shares where the primary purpose of the increase is to issue shares in connection with transaction(s) (such as acquisitions, SPAC transactions, private placements, or similar transactions) on the same ballot, or disclosed in the proxy statement, that warrant support. For such transactions, the allowable increase will be the greater of:

☐ twice the amount needed to support the transactions on the ballot, and

☐ the allowable increase as calculated for general issuances above.

**Recapitalization Plans** 

**General Recommendation:** Vote case-by-case on recapitalizations (reclassifications of securities), taking into account the following:

☐ More simplified capital structure;

☐ Enhanced liquidity;

☐ Fairness of conversion terms;

☐ Impact on voting power and dividends;

☐ Reasons for the reclassification;

☐ Conflicts of interest; and

☐ Other alternatives considered.

**Reverse Stock Splits** 

**General Recommendation:** Vote for management proposals to implement a reverse stock split if:

☐ The number of authorized shares will be proportionately reduced; or

☐ The effective increase in authorized shares is equal to or less than the allowable increase calculated in accordance with ISS' <u>Common Stock Authorization</u> policy.

Vote case-by-case on proposals that do not meet either of the above conditions, taking into consideration the following factors:

☐ Stock exchange notification to the company of a potential delisting;

☐ Disclosure of substantial doubt about the company's ability to continue as a going concern without additional financing;

☐ The company's rationale; or

☐ Other factors as applicable.

**Share Issuance Mandates at U.S. Domestic Issuers Incorporated Outside the U.S.** 

**General Recommendation:** For U.S. domestic issuers incorporated outside the U.S. and listed <u>solely</u> on a U.S. exchange, generally vote for resolutions to authorize the issuance of common shares up to 20 percent of currently issued common share capital, where not tied to a specific transaction or financing proposal.

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For pre-revenue or other early-stage companies that are heavily reliant on periodic equity financing, generally vote for resolutions to authorize the issuance of common shares up to 50 percent of currently issued common share capital. The burden of proof will be on the company to establish that it has a need for the higher limit.

Renewal of such mandates should be sought at each year's annual meeting.

Vote case-by-case on share issuances for a specific transaction or financing proposal.

**Share Repurchase Programs** 

**General Recommendation:** For U.S.-incorporated companies, and foreign-incorporated U.S. Domestic Issuers that are traded solely on U.S. exchanges, vote for management proposals to institute open-market share repurchase plans in which all shareholders may participate on equal terms, or to grant the board authority to conduct open- market repurchases, in the absence of company-specific concerns regarding:

☐ Greenmail;

☐ The use of buybacks to inappropriately manipulate incentive compensation metrics;

☐ Threats to the company's long-term viability; or

☐ Other company-specific factors as warranted.

Vote case-by-case on proposals to repurchase shares directly from specified shareholders, balancing the stated rationale against the possibility for the repurchase authority to be misused, such as to repurchase shares from insiders at a premium to market price.

**Share Repurchase Programs Shareholder Proposals** 

**General Recommendation:** Generally vote against shareholder proposals prohibiting executives from selling shares of company stock during periods in which the company has announced that it may or will be repurchasing shares of its stock. Vote for the proposal when there is a pattern of abuse by executives exercising options or selling shares during periods of share buybacks.

**Stock Distributions: Splits and Dividends** 

**General Recommendation:** Generally vote for management proposals to increase the common share authorization for stock split or stock dividend, provided that the effective increase in authorized shares is equal to or is less than the allowable increase calculated in accordance with ISS' Common Stock Authorization policy.

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**Tracking Stock** 

**General Recommendation:** Vote case-by-case on the creation of tracking stock, weighing the strategic value of the transaction against such factors as:

☐ Adverse governance changes;

☐ Excessive increases in authorized capital stock;

☐ Unfair method of distribution;

☐ Diminution of voting rights;

☐ Adverse conversion features;

☐ Negative impact on stock option plans; and

☐ Alternatives such as spin-off.

Restructuring

**Appraisal Rights** 

**General Recommendation:** Vote for proposals to restore or provide shareholders with rights of appraisal.

**Asset Purchases** 

**General Recommendation:** Vote case-by-case on asset purchase proposals, considering the following factors:

☐ Purchase price;

☐ Fairness opinion;

☐ Financial and strategic benefits;

☐ How the deal was negotiated;

☐ Conflicts of interest;

☐ Other alternatives for the business; and

☐ Non-completion risk.

**Asset Sales** 

**General Recommendation:** Vote case-by-case on asset sales, considering the following factors:

☐ Impact on the balance sheet/working capital;

☐ Potential elimination of diseconomies;

☐ Anticipated financial and operating benefits;

☐ Anticipated use of funds;

☐ Value received for the asset;

☐ Fairness opinion;

☐ How the deal was negotiated; and

☐ Conflicts of interest.

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**Bundled Proposals** 

**General Recommendation:** Vote case-by-case on bundled or "conditional" proxy proposals. In the case of items that are conditioned upon each other, examine the benefits and costs of the packaged items. In instances when the joint effect of the conditioned items is not in shareholders' best interests, vote against the proposals. If the combined effect is positive, support such proposals.

**Conversion of Securities** 

**General Recommendation:** Vote case-by-case on proposals regarding conversion of securities. When evaluating these proposals, the investor should review the dilution to existing shareholders, the conversion price relative to market value, financial issues, control issues, termination penalties, and conflicts of interest.

Vote for the conversion if it is expected that the company will be subject to onerous penalties or will be forced to file for bankruptcy if the transaction is not approved.

**Corporate Reorganization/Debt Restructuring/Prepackaged Bankruptcy Plans/Reverse Leveraged**

**Buyouts/Wrap Plans** 

**General Recommendation:** Vote case-by-case on proposals to increase common and/or preferred shares and to issue shares as part of a debt restructuring plan, after evaluating:

☐ Dilution to existing shareholders' positions;

☐ Terms of the offer - discount/premium in purchase price to investor, including any fairness opinion; termination penalties; exit strategy;

☐ Financial issues - company's financial situation; degree of need for capital; use of proceeds; effect of the financing on the company's cost of capital;

☐ Management's efforts to pursue other alternatives;

☐ Control issues - change in management; change in control, guaranteed board and committee seats; standstill provisions; voting agreements; veto power over certain corporate actions; and

☐ Conflict of interest - arm's length transaction, managerial incentives.

Vote for the debt restructuring if it is expected that the company will file for bankruptcy if the transaction is not approved.

**Formation of Holding Company** 

**General Recommendation:** Vote case-by-case on proposals regarding the formation of a holding company, taking into consideration the following:

☐ The reasons for the change;

☐ Any financial or tax benefits;

☐ Regulatory benefits;

☐ Increases in capital structure; and

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☐ Changes to the articles of incorporation or bylaws of the company.

Absent compelling financial reasons to recommend for the transaction, vote against the formation of a holding company if the transaction would include either of the following:

☐ Increases in common or preferred stock in excess of the allowable maximum (see discussion under "Capital"); or

☐ Adverse changes in shareholder rights.

**Going Private and Going Dark Transactions (LBOs and Minority Squeeze- outs)** 

**General Recommendation:** Vote case-by-case on going private transactions, taking into account the following:

☐ Offer price/premium;

☐ Fairness opinion;

☐ How the deal was negotiated;

☐ Conflicts of interest;

☐ Other alternatives/offers considered; and

☐ Non-completion risk.

Vote case-by-case on going dark transactions, determining whether the transaction enhances shareholder value by taking into consideration:

☐ Whether the company has attained benefits from being publicly-traded (examination of trading volume, liquidity, and market research of the stock); and

☐ Balanced interests of continuing vs. cashed-out shareholders, taking into account the following:

☐ Are all shareholders able to participate in the transaction?

☐ Will there be a liquid market for remaining shareholders following the transaction?

☐ Does the company have strong corporate governance?

☐ Will insiders reap the gains of control following the proposed transaction? and

☐ Does the state of incorporation have laws requiring continued reporting that may benefit shareholders?

**Joint Ventures** 

**General Recommendation:** Vote case-by-case on proposals to form joint ventures, taking into account the following:

☐ Percentage of assets/business contributed;

☐ Percentage ownership;

☐ Financial and strategic benefits;

☐ Governance structure;

☐ Conflicts of interest;

☐ Other alternatives; and

☐ Non-completion risk.

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**Liquidations** 

**General Recommendation:** Vote case-by-case on liquidations, taking into account the following:

☐ Management's efforts to pursue other alternatives;

☐ Appraisal value of assets; and

☐ The compensation plan for executives managing the liquidation.

Vote for the liquidation if the company will file for bankruptcy if the proposal is not approved.

**Mergers and Acquisitions** 

**General Recommendation:** Vote case-by-case on mergers and acquisitions. Review and evaluate the merits and drawbacks of the proposed transaction, balancing various and sometimes countervailing factors including:

☐ *Valuation* - Is the value to be received by the target shareholders (or paid by the acquirer) reasonable? While the fairness opinion may provide an initial starting point for assessing valuation reasonableness, emphasis is placed on the offer premium, market reaction, and strategic rationale.

☐ *Market reaction* - How has the market responded to the proposed deal? A negative market reaction should cause closer scrutiny of a deal.

☐ *Strategic rationale* - Does the deal make sense strategically? From where is the value derived? Cost and revenue synergies should not be overly aggressive or optimistic, but reasonably achievable. Management should also have a favorable track record of successful integration of historical acquisitions.

☐ *Negotiations and process* - Were the terms of the transaction negotiated at arm's-length? Was the process fair and equitable? A fair process helps to ensure the best price for shareholders. Significant negotiation "wins" can also signify the deal makers' competency. The comprehensiveness of the sales process (e.g., full auction, partial auction, no auction) can also affect shareholder value.

☐ *Conflicts of interest* - Are insiders benefiting from the transaction disproportionately and inappropriately as compared to non-insider shareholders? As the result of potential conflicts, the directors and officers of the company may be more likely to vote to approve a merger than if they did not hold these interests. Consider whether these interests may have influenced these directors and officers to support or recommend the merger. The CIC figure presented in the "ISS Transaction Summary" section of this report is an aggregate figure that can in certain cases be a misleading indicator of the true value transfer from shareholders to insiders. Where such figure appears to be excessive, analyze the underlying assumptions to determine whether a potential conflict exists.

☐ *Governance* - Will the combined company have a better or worse governance profile than the current governance profiles of the respective parties to the transaction? If the governance profile is to change for the worse, the burden is on the company to prove that other issues (such as valuation) outweigh any deterioration in governance.

**Private Placements/Warrants/Convertible Debentures** 

**General Recommendation:** Vote case-by-case on proposals regarding private placements, warrants, and convertible debentures taking into consideration:

☐ Dilution to existing shareholders' position: The amount and timing of shareholder ownership dilution should be weighed against the needs and proposed shareholder benefits of the capital infusion. Although newly issued common stock, absent preemptive rights, is typically dilutive to existing shareholders, share price appreciation is often the necessary event to trigger the exercise of "out of the money" warrants and convertible debt. In these instances from a value standpoint, the negative impact of dilution is mitigated by the increase in the company's stock price that must occur to trigger the dilutive event.

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☐ Terms of the offer (discount/premium in purchase price to investor, including any fairness opinion, conversion features, termination penalties, exit strategy):

☐ The terms of the offer should be weighed against the alternatives of the company and in light of company's financial condition. Ideally, the conversion price for convertible debt and the exercise price for warrants should be at a premium to the then prevailing stock price at the time of private placement.

☐ When evaluating the magnitude of a private placement discount or premium, consider factors that influence the discount or premium, such as, liquidity, due diligence costs, control and monitoring costs, capital scarcity, information asymmetry, and anticipation of future performance.

☐ Financial issues:

☐ The company's financial condition;

☐ Degree of need for capital;

☐ Use of proceeds;

☐ Effect of the financing on the company's cost of capital;

☐ Current and proposed cash burn rate; and

☐ Going concern viability and the state of the capital and credit markets.

☐ Management's efforts to pursue alternatives and whether the company engaged in a process to evaluate alternatives: A fair, unconstrained process helps to ensure the best price for shareholders. Financing alternatives can include joint ventures, partnership, merger, or sale of part or all of the company.

☐ Control issues:

☐ Change in management;

☐ Change in control;

☐ Guaranteed board and committee seats;

☐ Standstill provisions;

☐ Voting agreements;

☐ Veto power over certain corporate actions; and

☐ Minority versus majority ownership and corresponding minority discount or majority control premium.

☐ Conflicts of interest:

☐ Conflicts of interest should be viewed from the perspective of the company and the investor; and

☐ Were the terms of the transaction negotiated at arm's length? Are managerial incentives aligned with shareholder interests?

☐ Market reaction:

☐ The market's response to the proposed deal. A negative market reaction is a cause for concern. Market reaction may be addressed by analyzing the one-day impact on the unaffected stock price.

Vote for the private placement, or for the issuance of warrants and/or convertible debentures in a private placement, if it is expected that the company will file for bankruptcy if the transaction is not approved.

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**Reorganization/Restructuring Plan (Bankruptcy)** 

**General Recommendation:** Vote case-by-case on proposals to common shareholders on bankruptcy plans of reorganization, considering the following factors including, but not limited to:

☐ Estimated value and financial prospects of the reorganized company;

☐ Percentage ownership of current shareholders in the reorganized company;

☐ Whether shareholders are adequately represented in the reorganization process (particularly through the existence of an Official Equity Committee);

☐ The cause(s) of the bankruptcy filing, and the extent to which the plan of reorganization addresses the cause(s);

☐ Existence of a superior alternative to the plan of reorganization; and

☐ Governance of the reorganized company.

**Special Purpose Acquisition Corporations (SPACs)** 

**General Recommendation:** Vote case-by-case on SPAC mergers and acquisitions taking into account the following:

☐ *Valuation* - Is the value being paid by the SPAC reasonable? SPACs generally lack an independent fairness opinion and the financials on the target may be limited. Compare the conversion price with the intrinsic value of the target company provided in the fairness opinion. Also, evaluate the proportionate value of the combined entity attributable to the SPAC IPO shareholders versus the pre-merger value of SPAC. Additionally, a private company discount may be applied to the target if it is a private entity.

☐ *Market reaction* - How has the market responded to the proposed deal? A negative market reaction may be a cause for concern. Market reaction may be addressed by analyzing the one-day impact on the unaffected stock price.

☐ *Deal timing* - A main driver for most transactions is that the SPAC charter typically requires the deal to be complete within 18 to 24 months, or the SPAC is to be liquidated. Evaluate the valuation, market reaction, and potential conflicts of interest for deals that are announced close to the liquidation date.

☐ *Negotiations and process* - What was the process undertaken to identify potential target companies within specified industry or location specified in charter? Consider the background of the sponsors.

☐ *Conflicts of interest* - How are sponsors benefiting from the transaction compared to IPO shareholders? Potential conflicts could arise if a fairness opinion is issued by the insiders to qualify the deal rather than a third party or if management is encouraged to pay a higher price for the target because of an 80 percent rule (the charter requires that the fair market value of the target is at least equal to 80 percent of net assets of the SPAC). Also, there may be sense of urgency by the management team of the SPAC to close the deal since its charter typically requires a transaction to be completed within the 18-24-month timeframe.

☐ *Voting agreements* - Are the sponsors entering into enter into any voting agreements/tender offers with shareholders who are likely to vote against the proposed merger or exercise conversion rights?

☐ *Governance* - What is the impact of having the SPAC CEO or founder on key committees following the proposed merger?

**Special Purpose Acquisition Corporations (SPACs) - Proposals for Extensions** 

**General Recommendation:** Vote case-by-case on SPAC extension proposals taking into account the length of the requested extension, the status of any pending transaction(s) or progression of the acquisition process, any added incentive for non-redeeming shareholders, and any prior extension requests.

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☐ *Length of request*: Typically, extension requests range from two to six months, depending on the progression of the SPAC's acquistion process.

☐ *Pending transaction(s)* or *progression of the acquisition process:* Sometimes an intial business combination was already put to a shareholder vote, but, for varying reasons, the transaction could not be consummated by the termination date and the SPAC is requesting an extension. Other times, the SPAC has entered into a definitive transaction agreement, but needs additional time to consummate or hold the shareholder meeting.

☐ *Added incentive for non-redeeming shareholders*: Sometimes the SPAC sponsor (or other insiders) will contribute, typically as a loan to the company, additional funds that will be added to the redemption value of each public share as long as such shares are not redeemed in connection with the extension request. The purpose of the "equity kicker" is to incentivize shareholders to hold their shares through the end of the requested extension or until the time the transaction is put to a shareholder vote, rather than electing redeemption at the extension proposal meeting.

☐ *Prior extension requests*: Some SPACs request additional time beyond the extension period sought in prior extension requests.

**Spin-offs** 

**General Recommendation:** Vote case-by-case on spin-offs, considering:

☐ Tax and regulatory advantages;

☐ Planned use of the sale proceeds;

☐ Valuation of spinoff;

☐ Fairness opinion;

☐ Benefits to the parent company;

☐ Conflicts of interest;

☐ Managerial incentives;

☐ Corporate governance changes; and

☐ Changes in the capital structure.

**Value Maximization Shareholder Proposals** 

**General Recommendation:** Vote case-by-case on shareholder proposals seeking to maximize shareholder value by:

☐ Hiring a financial advisor to explore strategic alternatives;

☐ Selling the company; or

☐ Liquidating the company and distributing the proceeds to shareholders.

These proposals should be evaluated based on the following factors:

☐ Prolonged poor performance with no turnaround in sight;

☐ Signs of entrenched board and management (such as the adoption of takeover defenses);

☐ Strategic plan in place for improving value;

☐ Likelihood of receiving reasonable value in a sale or dissolution; and

☐ The company actively exploring its strategic options, including retaining a financial advisor.

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**5. Compensation** 

Executive Pay Evaluation

Underlying all evaluations are five global principles that most investors expect corporations to adhere to in designing and administering executive and director compensation programs:

&nbsp;&nbsp;&nbsp;&nbsp;1. Maintain appropriate pay-for-performance alignment, with emphasis on long-term shareholder value: This principle encompasses overall executive pay practices, which must be designed to attract, retain, and appropriately motivate the key employees who drive shareholder value creation over the long term. It will take into consideration, among other factors, the link between pay and performance; the mix between fixed and variable pay; performance goals; and equity-based plan costs;

&nbsp;&nbsp;&nbsp;&nbsp;2. Avoid arrangements that risk "pay for failure": This principle addresses the appropriateness of long or indefinite contracts, excessive severance packages, and guaranteed compensation;

&nbsp;&nbsp;&nbsp;&nbsp;3. Maintain an independent and effective compensation committee: This principle promotes oversight of executive pay programs by directors with appropriate skills, knowledge, experience, and a sound process for compensation decision-making (*e.g.*, including access to independent expertise and advice when needed);

&nbsp;&nbsp;&nbsp;&nbsp;4. Provide shareholders with clear, comprehensive compensation disclosures: This principle underscores the importance of informative and timely disclosures that enable shareholders to evaluate executive pay practices fully and fairly; and

&nbsp;&nbsp;&nbsp;&nbsp;5. Avoid inappropriate pay to non-executive directors: This principle recognizes the interests of shareholders in ensuring that compensation to outside directors is reasonable and does not compromise their independence and ability to make appropriate judgments in overseeing managers' pay and performance. At the market level, it may incorporate a variety of generally accepted best practices.

**Advisory Votes on Executive Compensation—Management Proposals (Say- on-Pay)** 

**General Recommendation:** Vote case-by-case on ballot items related to executive pay and practices, as well as certain aspects of outside director compensation.

Vote against Advisory Votes on Executive Compensation (Say-on-Pay or "SOP") if:

☐ There is an unmitigated misalignment between CEO pay and company performance (<u>pay for performance</u>);

☐ The company maintains significant <u>problematic pay practices</u>; or

☐ The board exhibits a significant level of <u>poor communication and responsiveness</u> to shareholders.

Vote against or withhold from the members of the Compensation Committee and potentially the full board if:

☐ There is no SOP on the ballot, and an against vote on an SOP would otherwise be warranted due to pay-for-performance misalignment, problematic pay practices, or the lack of adequate responsiveness on compensation issues raised previously, or a combination thereof;

☐ The board fails to respond adequately to a previous SOP proposal that received less than 70 percent support of votes cast;

☐ The company has recently practiced or approved problematic pay practices, such as option repricing or option backdating; or

☐ The situation is egregious.

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Primary Evaluation Factors for Executive Pay

**Pay-for-Performance Evaluation** 

ISS annually conducts a pay-for-performance analysis to identify strong or satisfactory alignment between pay and performance over a sustained period. With respect to companies in the S&P1500, Russell 3000, or Russell 3000E Indices**<sup>17</sup>**, this analysis considers the following:

&nbsp;&nbsp;&nbsp;&nbsp;1. Peer Group **<sup>18</sup>** Alignment:

☐ The degree of alignment between the company's annualized TSR rank and the CEO's annualized total pay rank within a peer group, each measured over a three-year period.

☐ The rankings of CEO total pay and company financial performance within a peer group, each measured over a three-year period.

☐ The multiple of the CEO's total pay relative to the peer group median in the most recent fiscal year.

&nbsp;&nbsp;&nbsp;&nbsp;2. Absolute Alignment **<sup>19</sup>** – the absolute alignment between the trend in CEO pay and company TSR over the prior five fiscal years – i.e., the difference between the trend in annual pay changes and the trend in annualized TSR during the period.

If the above analysis demonstrates significant unsatisfactory long-term pay-for-performance alignment or, in the case of companies outside the Russell indices, a misalignment between pay and performance is otherwise suggested, our analysis may include any of the following qualitative factors, as relevant to an evaluation of how various pay elements may work to encourage or to undermine long-term value creation and alignment with shareholder interests:

☐ The ratio of performance- to time-based incentive awards;

☐ The overall ratio of performance-based compensation to fixed or discretionary pay;

☐ The rigor of performance goals;

☐ The complexity and risks around pay program design;

☐ The transparency and clarity of disclosure;

☐ The company's peer group benchmarking practices;

☐ Financial/operational results, both absolute and relative to peers;

☐ Special circumstances related to, for example, a new CEO in the prior FY or anomalous equity grant practices (e.g., bi-annual awards);

☐ Realizable pay**<sup>20</sup>** compared to grant pay; and

☐ Any other factors deemed relevant.

**<sup>17</sup>** The Russell 3000E Index includes approximately 4,000 of the largest U.S. equity securities.

**<sup>18</sup>** The revised peer group is generally comprised of 14-24 companies that are selected using market cap, revenue (or assets for certain financial firms), GICS industry group, and company's selected peers' GICS industry group, with size constraints, via a process designed to select peers that are comparable to the subject company in terms of revenue/assets and industry, and also within a market-cap bucket that is reflective of the company's market cap. For Oil, Gas & Consumable Fuels companies, market cap is the only size determinant.

**<sup>19</sup>** Only Russell 3000 Index companies are subject to the Absolute Alignment analysis.

**<sup>20</sup>** ISS research reports include realizable pay for S&P1500 companies.

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**Problematic Pay Practices**

Problematic pay elements are generally evaluated case-by-case considering the context of a company's overall pay program and demonstrated pay-for-performance philosophy. The focus is on executive compensation practices that contravene the global pay principles, including:

☐ Problematic practices related to non-performance-based compensation elements;

☐ Incentives that may motivate excessive risk-taking or present a windfall risk; and

☐ Pay decisions that circumvent pay-for-performance, such as options backdating or waiving performance requirements.

The list of examples below highlights certain problematic practices that carry significant weight in this overall consideration and may result in adverse vote recommendations:

☐ Repricing or replacing of underwater stock options/SARs without prior shareholder approval (including cash buyouts and voluntary surrender of underwater options);

☐ Extraordinary perquisites or tax gross-ups;

☐ New or materially amended agreements that provide for:

☐ Excessive termination or CIC severance payments (generally exceeding 3 times base salary and average/target/most recent bonus);

☐ CIC severance payments without involuntary job loss or substantial diminution of duties ("single" or "modified single" triggers) or in connection with a problematic Good Reason definition;

☐ CIC excise tax gross-up entitlements (including "modified" gross-ups); and/or

☐ Multi-year guaranteed awards that are not at risk due to rigorous performance conditions;

☐ Liberal CIC definition combined with any single-trigger CIC benefits;

☐ Insufficient executive compensation disclosure by externally-managed issuers (EMIs) such that a reasonable assessment of pay programs and practices applicable to the EMI's executives is not possible;

☐ Severance payments made when the termination is not clearly disclosed as involuntary (for example, a termination without cause or resignation for good reason); and/or

☐ Any other provision or practice deemed to be egregious and present a significant risk to investors.

The above examples are not an exhaustive list. Please refer to ISS' U.S. Compensation Policies FAQ document for additional detail on specific pay practices that have been identified as problematic and may lead to negative vote recommendations.

**Options Backdating**

The following factors should be examined case-by-case to allow for distinctions to be made between "sloppy" plan administration versus deliberate action or fraud:

☐ Reason and motive for the options backdating issue, such as inadvertent vs. deliberate grant date changes;

☐ Duration of options backdating;

☐ Size of restatement due to options backdating;

☐ Corrective actions taken by the board or compensation committee, such as canceling or re-pricing backdated options, the recouping of option gains on backdated grants; and

☐ Adoption of a grant policy that prohibits backdating and creates a fixed grant schedule or window period for equity grants in the future.

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**Compensation Committee Communications and Responsiveness**

Consider the following factors case-by-case when evaluating ballot items related to executive pay on the board's responsiveness to investor input and engagement on compensation issues:

☐ Failure to respond to majority-supported shareholder proposals on executive pay topics; or

☐ Failure to adequately respond to the company's previous say-on-pay proposal that received the support of less than 70 percent of votes cast, taking into account:

☐ Disclosure of engagement efforts with major institutional investors, including the frequency and timing of engagements and the company participants (including whether independent directors participated);

☐ Disclosure of the specific concerns voiced by dissenting shareholders that led to the say-on-pay opposition;

☐ Disclosure of specific and meaningful actions taken to address shareholders' concerns;

☐ Other recent compensation actions taken by the company;

☐ Whether the issues raised are recurring or isolated;

☐ The company's ownership structure; and

☐ Whether the support level was less than 50 percent, which would warrant the highest degree of responsiveness.

**Frequency of Advisory Vote on Executive Compensation ("Say When on Pay")** 

**General Recommendation:** Vote for annual advisory votes on compensation, which provide the most consistent and clear communication channel for shareholder concerns about companies' executive pay programs.

**Voting on Golden Parachutes in an Acquisition, Merger, Consolidation, or Proposed Sale** 

**General Recommendation:** Vote case-by-case on say on Golden Parachute proposals, including consideration of existing change-in-control arrangements maintained with named executive officers but also considering new or extended arrangements.

Features that may result in an "against" recommendation include one or more of the following, depending on the number, magnitude, and/or timing of issue(s):

☐ Single- or modified-single-trigger cash severance;

☐ Single-trigger acceleration of unvested equity awards;

☐ Full acceleration of equity awards granted shortly before the change in control;

☐ Acceleration of performance awards above the target level of performance without compelling rationale;

☐ Excessive cash severance (generally >3x base salary and bonus);

☐ Excise tax gross-ups triggered and payable;

☐ Excessive golden parachute payments (on an absolute basis or as a percentage of transaction equity value); or

☐ Recent amendments that incorporate any problematic features (such as those above) or recent actions (such as extraordinary equity grants) that may make packages so attractive as to influence merger agreements that may not be in the best interests of shareholders; or

☐ The company's assertion that a proposed transaction is conditioned on shareholder approval of the golden parachute advisory vote.

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Recent amendment(s) that incorporate problematic features will tend to carry more weight on the overall analysis. However, the presence of multiple legacy problematic features will also be closely scrutinized.

In cases where the golden parachute vote is incorporated into a company's advisory vote on compensation (management say-on-pay), ISS will evaluate the say-on-pay proposal in accordance with these guidelines, which may give higher weight to that component of the overall evaluation.

Equity-Based and Other Incentive Plans

Please refer to ISS' U.S. Equity Compensation Plans FAQ document for additional details on the Equity Plan Scorecard policy.

**General Recommendation:** Vote case-by-case on certain equity-based compensation plans**<sup>21</sup>** depending on a combination of certain plan features and equity grant practices, where positive factors may counterbalance negative factors, and vice versa, as evaluated using an "Equity Plan Scorecard" (EPSC) approach with three pillars:

☐ **Plan Cost:** The total estimated cost of the company's equity plans relative to industry/market cap peers, measured by the company's estimated Shareholder Value Transfer (SVT) in relation to peers and considering both:

☐ SVT based on new shares requested plus shares remaining for future grants, plus outstanding unvested/unexercised grants; and

☐ SVT based only on new shares requested plus shares remaining for future grants.

☐ **Plan Features:** 

☐ Quality of disclosure around vesting upon a change in control (CIC);

☐ Discretionary vesting authority;

☐ Liberal share recycling on various award types;

☐ Lack of minimum vesting period for grants made under the plan; and

☐ Dividends payable prior to award vesting.

☐ **Grant Practices:** 

☐ The company's three-year burn rate relative to its industry/market cap peers;

☐ Vesting requirements in CEO's recent equity grants (3-year look-back);

☐ The estimated duration of the plan (based on the sum of shares remaining available and the new shares requested, divided by the average annual shares granted in the prior three years);

☐ The proportion of the CEO's most recent equity grants/awards subject to performance conditions;

☐ Whether the company maintains a sufficient claw-back policy; and

☐ Whether the company maintains sufficient post-exercise/vesting share-holding requirements.

Generally vote against the plan proposal if the combination of above factors indicates that the plan is not, overall, in shareholders' interests, or if any of the following egregious factors ("overriding factors") apply:

☐ Awards may vest in connection with a liberal change-of-control definition;

☐ The plan would permit repricing or cash buyout of underwater options without shareholder approval (either by expressly permitting it – for NYSE and Nasdaq listed companies – or by not prohibiting it when the company has a history of repricing – for non-listed companies);

**21** Proposals evaluated under the EPSC policy generally include those to approve or amend (1) stock option plans for employees and/or employees and directors, (2) restricted stock plans for employees and/or employees and directors, and (3) omnibus stock incentive plans for employees and/or employees and directors; amended plans will be further evaluated case-by-case.

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☐ The plan is a vehicle for problematic pay practices or a significant pay-for-performance disconnect under certain circumstances;

☐ The plan is excessively dilutive to shareholders' holdings;

☐ The plan contains an evergreen (automatic share replenishment) feature; or

☐ Any other plan features are determined to have a significant negative impact on shareholder interests.

**Further Information on certain EPSC Factors:**

**Shareholder Value Transfer (SVT)**

The cost of the equity plans is expressed as Shareholder Value Transfer (SVT), which is measured using a binomial option pricing model that assesses the amount of shareholders' equity flowing out of the company to employees and directors. SVT is expressed as both a dollar amount and as a percentage of market value, and includes the new shares proposed, shares available under existing plans, and shares granted but unexercised (using two measures, in the case of plans subject to the Equity Plan Scorecard evaluation, as noted above). All award types are valued. For omnibus plans, unless limitations are placed on the most expensive types of awards (for example, full-value awards), the assumption is made that all awards to be granted will be the most expensive types.

For proposals that are not subject to the Equity Plan Scorecard evaluation, Shareholder Value Transfer is reasonable if it falls below a company-specific benchmark. The benchmark is determined as follows: The top quartile performers in each industry group (using the Global Industry Classification Standard: GICS) are identified. Benchmark SVT levels for each industry are established based on these top performers' historic SVT. Regression analyses are run on each industry group to identify the variables most strongly correlated to SVT. The benchmark industry SVT level is then adjusted upwards or downwards for the specific company by plugging the company- specific performance measures, size, and cash compensation into the industry cap equations to arrive at the company's benchmark.**<sup>22</sup>**

**Three-Year Value-Adjusted Burn Rate**

A "Value-Adjusted Burn Rate" is used for stock plan evaluations. Value-Adjusted Burn Rate benchmarks are calculated as the greater of: (1) an industry-specific threshold based on three-year burn rates within the company's GICS group segmented by S&P 500, Russell 3000 index (less the S&P 500) and non-Russell 3000 index; and (2) a *de minimis* threshold established separately for each of the S&P 500, the Russell 3000 index less the S&P 500, and the non-Russell 3000 index. Year-over-year burn-rate benchmark changes will be limited to a predetermined range above or below the prior year's burn-rate benchmark.

The Value-Adjusted Burn Rate is calculated as follows:

Value-Adjusted Burn Rate = ((# of options \* option's dollar value using a Black-Scholes model) + (# of full-value awards \* stock price)) / (Weighted average common shares \* stock price).

**<sup>22</sup>** For plans evaluated under the Equity Plan Scorecard policy, the company's SVT benchmark is considered along with other factors.

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**Egregious Factors** 

**Liberal Change in Control Definition**

Generally vote against equity plans if the plan has a liberal definition of change in control and the equity awards could vest upon such liberal definition of change in control, even though an actual change in control may not occur. Examples of such a definition include, but are not limited to, announcement or commencement of a tender offer, provisions for acceleration upon a "potential" takeover, shareholder approval of a merger or other transactions, or similar language.

**Repricing Provisions**

Vote against plans that expressly permit the repricing or exchange of underwater stock options/stock appreciate rights (SARs) without prior shareholder approval. "Repricing" typically includes the ability to do any of the following:

☐ Amend the terms of outstanding options or SARs to reduce the exercise price of such outstanding options or SARs;

☐ Cancel outstanding options or SARs in exchange for options or SARs with an exercise price that is less than the exercise price of the original options or SARs;

☐ Cancel underwater options in exchange for stock awards; or

☐ Provide cash buyouts of underwater options.

While the above cover most types of repricing, ISS may view other provisions as akin to repricing depending on the facts and circumstances.

Also, vote against or withhold from members of the Compensation Committee who approved repricing (as defined above or otherwise determined by ISS), without prior shareholder approval, even if such repricings are allowed in their equity plan.

Vote against plans that do not expressly prohibit repricing or cash buyout of underwater options without shareholder approval if the company has a history of repricing/buyouts without shareholder approval, and the applicable listing standards would not preclude them from doing so.

**Problematic Pay Practices or Significant Pay-for-Performance Disconnect**

If the equity plan on the ballot is a vehicle for <u>problematic pay practices</u>, vote against the plan.

ISS may recommend a vote against the equity plan if the plan is determined to be a vehicle for pay-for- performance misalignment. Considerations in voting against the equity plan may include, but are not limited to:

☐ Severity of the pay-for-performance misalignment;

☐ Whether problematic equity grant practices are driving the misalignment; and/or

☐ Whether equity plan awards have been heavily concentrated to the CEO and/or the other NEOs.

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**Amending Cash and Equity Plans (including Approval for Tax Deductibility (162(m))** 

**General Recommendation:** Vote case-by-case on amendments to cash and equity incentive plans.

Generally vote for proposals to amend executive cash, stock, or cash and stock incentive plans if the proposal:

☐ Addresses administrative features only; or

☐ Seeks approval for Section 162(m) purposes <u>only</u>, and the plan administering committee consists entirely of independent directors, per ISS' Classification of Directors. Note that if the company is presenting the plan to shareholders for the first time for any reason (including after the company's initial public offering), or if the proposal is bundled with other material plan amendments, then the recommendation will be case-by-case (see below).

Vote against proposals to amend executive cash, stock, or cash and stock incentive plans if the proposal:

☐ Seeks approval for Section 162(m) purposes only, and the plan administering committee does not consist entirely of independent directors, per <u>ISS' Classification of Directors</u>.

Vote case-by-case on all other proposals to amend <u>cash</u> incentive plans. This includes plans presented to shareholders for the first time after the company's IPO and/or proposals that bundle material amendment(s) other than those for Section 162(m) purposes.

Vote case-by-case on all other proposals to amend <u>equity</u> incentive plans, considering the following:

☐ If the proposal requests additional shares and/or the amendments include a term extension or addition of full value awards as an award type, the recommendation will be based on the Equity Plan Scorecard evaluation as well as an analysis of the overall impact of the amendments;

☐ If the plan is being presented to shareholders for the first time (including after the company's IPO), whether or not additional shares are being requested, the recommendation will be based on the Equity Plan Scorecard evaluation as well as an analysis of the overall impact of any amendments; and

☐ If there is no request for additional shares and the amendments do not include a term extension or addition of full value awards as an award type, then the recommendation will be based entirely on an analysis of the overall impact of the amendments, and the EPSC evaluation will be shown only for informational purposes.

In the first two case-by-case evaluation scenarios, the EPSC evaluation/score is the more heavily weighted consideration.

**Specific Treatment of Certain Award Types in Equity Plan Evaluations**

**Dividend Equivalent Rights** 

Options that have Dividend Equivalent Rights (DERs) associated with them will have a higher calculated award value than those without DERs under the binomial model, based on the value of these dividend streams. The higher value will be applied to new shares, shares available under existing plans, and shares awarded but not exercised per the plan specifications. DERS transfer more shareholder equity to employees and non-employee directors and this cost should be captured.

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**Operating Partnership (OP) Units in Equity Plan Analysis of Real Estate Investment Trusts (REITs)** 

For Real Estate Investment Trusts (REITS), include the common shares issuable upon conversion of outstanding Operating Partnership (OP) units in the share count for the purposes of determining: (1) market capitalization in the Shareholder Value Transfer (SVT) analysis and (2) shares outstanding in the burn rate analysis.

Other Compensation Plans

**401(k) Employee Benefit Plans** 

**General Recommendation:** Vote for proposals to implement a 401(k) savings plan for employees.

**Employee Stock Ownership Plans (ESOPs)** 

**General Recommendation:** Vote for proposals to implement an ESOP or increase authorized shares for existing ESOPs, unless the number of shares allocated to the ESOP is excessive (more than five percent of outstanding shares).

**Employee Stock Purchase Plans—Qualified Plans** 

**General Recommendation:** Vote case-by-case on qualified employee stock purchase plans. Vote for employee stock purchase plans where all of the following apply:

☐ Purchase price is at least 85 percent of fair market value;

☐ Offering period is 27 months or less; and

☐ The number of shares allocated to the plan is 10 percent or less of the outstanding shares.

Vote against qualified employee stock purchase plans where when the plan features do not meet all of the above criteria.

**Employee Stock Purchase Plans—Non-Qualified Plans** 

**General Recommendation:** Vote case-by-case on nonqualified employee stock purchase plans. Vote for nonqualified employee stock purchase plans with all the following features:

☐ Broad-based participation;

☐ Limits on employee contribution, which may be a fixed dollar amount or expressed as a percent of base salary;

☐ Company matching contribution up to 25 percent of employee's contribution, which is effectively a discount of 20 percent from market value; and

☐ No discount on the stock price on the date of purchase when there is a company matching contribution.

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Vote against nonqualified employee stock purchase plans when the plan features do not meet all of the above criteria. If the matching contribution or effective discount exceeds the above, ISS may evaluate the SVT cost of the plan as part of the assessment.

**Option Exchange Programs/Repricing Options** 

**General Recommendation:** Vote case-by-case on management proposals seeking approval to exchange/reprice options taking into consideration:

☐ Historic trading patterns--the stock price should not be so volatile that the options are likely to be back "in-the-money" over the near term;

☐ Rationale for the re-pricing--was the stock price decline beyond management's control?;

☐ Is this a value-for-value exchange?;

☐ Are surrendered stock options added back to the plan reserve?;

☐ Timing--repricing should occur at least one year out from any precipitous drop in company's stock price;

☐ Option vesting--does the new option vest immediately or is there a black-out period?;

☐ Term of the option--the term should remain the same as that of the replaced option;

☐ Exercise price--should be set at fair market or a premium to market; and

☐ Participants--executive officers and directors must be excluded.

If the surrendered options are added back to the equity plans for re-issuance, then also take into consideration the company's total cost of equity plans and its three-year average burn rate.

In addition to the above considerations, evaluate the intent, rationale, and timing of the repricing proposal. The proposal should clearly articulate why the board is choosing to conduct an exchange program at this point in time. Repricing underwater options after a recent precipitous drop in the company's stock price demonstrates poor timing and warrants additional scrutiny. Also, consider the terms of the surrendered options, such as the grant date, exercise price and vesting schedule. Grant dates of surrendered options should be far enough back (two to three years) so as not to suggest that repricings are being done to take advantage of short-term downward price movements. Similarly, the exercise price of surrendered options should be above the 52-week high for the stock price.

Vote for shareholder proposals to put option repricings to a shareholder vote.

**Stock Plans in Lieu of Cash** 

**General Recommendation:** Vote case-by-case on plans that provide participants with the option of taking all or a portion of their cash compensation in the form of stock.

Vote for non-employee director-only equity plans that provide a dollar-for-dollar cash-for-stock exchange.

Vote case-by-case on plans which do not provide a dollar-for-dollar cash for stock exchange. In cases where the exchange is not dollar-for-dollar, the request for new or additional shares for such equity program will be considered using the binomial option pricing model. In an effort to capture the total cost of total compensation, ISS will not make any adjustments to carve out the in-lieu-of cash compensation.

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**Transfer Stock Option (TSO) Programs** 

**General Recommendation:** One-time Transfers: Vote against or withhold from compensation committee members if they fail to submit one-time transfers to shareholders for approval.

Vote case-by-case on one-time transfers. Vote for if:

☐ Executive officers and non-employee directors are excluded from participating;

☐ Stock options are purchased by third-party financial institutions at a discount to their fair value using option pricing models such as Black-Scholes or a Binomial Option Valuation or other appropriate financial models; and

☐ There is a two-year minimum holding period for sale proceeds (cash or stock) for all participants.

Additionally, management should provide a clear explanation of why options are being transferred to a third-party institution and whether the events leading up to a decline in stock price were beyond management's control. A review of the company's historic stock price volatility should indicate if the options are likely to be back "in-the- money" over the near term.

Ongoing TSO program: Vote against equity plan proposals if the details of ongoing TSO programs are not provided to shareholders. Since TSOs will be one of the award types under a stock plan, the ongoing TSO program, structure, and mechanics must be disclosed to shareholders. The specific criteria to be considered in evaluating these proposals include, but not limited, to the following:

☐ Eligibility;

☐ Vesting;

☐ Bid-price;

☐ Term of options;

☐ Cost of the program and impact of the TSOs on company's total option expense; and

☐ Option repricing policy.

Amendments to existing plans that allow for introduction of transferability of stock options should make clear that only options granted post-amendment shall be transferable.

Director Compensation

**Shareholder Ratification of Director Pay Programs** 

**General Recommendation:** Vote case-by-case on management proposals seeking ratification of non-employee director compensation, based on the following factors:

☐ If the equity plan under which non-employee director grants are made is on the ballot, whether or not it warrants support; and

☐ An assessment of the following qualitative factors:

☐ The relative magnitude of director compensation as compared to companies of a similar profile;

☐ The presence of problematic pay practices relating to director compensation;

☐ Director stock ownership guidelines and holding requirements;

☐ Equity award vesting schedules;

☐ The mix of cash and equity-based compensation;

☐ Meaningful limits on director compensation;

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☐ The availability of retirement benefits or perquisites; and

☐ The quality of disclosure surrounding director compensation.

**Equity Plans for Non-Employee Directors** 

**General Recommendation:** Vote case-by-case on compensation plans for non-employee directors, based on:

☐ The total estimated cost of the company's equity plans relative to industry/market cap peers, measured by the company's estimated Shareholder Value Transfer (SVT) based on new shares requested plus shares remaining for future grants, plus outstanding unvested/unexercised grants;

☐ The company's three-year burn rate relative to its industry/market cap peers (in certain circumstances); and

☐ The presence of any egregious plan features (such as an option repricing provision or liberal CIC vesting risk).

On occasion, non-employee director stock plans will exceed the plan cost or burn-rate benchmarks when combined with employee or executive stock plans. In such cases, vote case-by-case on the plan taking into consideration the following qualitative factors:

☐ The relative magnitude of director compensation as compared to companies of a similar profile;

☐ The presence of problematic pay practices relating to director compensation;

☐ Director stock ownership guidelines and holding requirements;

☐ Equity award vesting schedules;

☐ The mix of cash and equity-based compensation;

☐ Meaningful limits on director compensation;

☐ The availability of retirement benefits or perquisites; and

☐ The quality of disclosure surrounding director compensation.

**Non-Employee Director Retirement Plans** 

**General Recommendation:** Vote against retirement plans for non-employee directors. Vote for shareholder proposals to eliminate retirement plans for non-employee directors.

Shareholder Proposals on Compensation

**Bonus Banking/Bonus Banking "Plus"** 

**General Recommendation:** Vote case-by-case on proposals seeking deferral of a portion of annual bonus pay, with ultimate payout linked to sustained results for the performance metrics on which the bonus was earned (whether for the named executive officers or a wider group of employees), taking into account the following factors:

☐ The company's past practices regarding equity and cash compensation;

☐ Whether the company has a holding period or stock ownership requirements in place, such as a meaningful retention ratio (at least 50 percent for full tenure); and

☐ Whether the company has a rigorous claw-back policy in place.

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**Compensation Consultants—Disclosure of Board or Company's Utilization** 

**General Recommendation:** Generally vote for shareholder proposals seeking disclosure regarding the company, board, or compensation committee's use of compensation consultants, such as company name, business relationship(s), and fees paid.

**Disclosure/Setting Levels or Types of Compensation for Executives and Directors** 

**General Recommendation:** Generally vote for shareholder proposals seeking additional disclosure of executive and director pay information, provided the information requested is relevant to shareholders' needs, would not put the company at a competitive disadvantage relative to its industry, and is not unduly burdensome to the company.

Generally vote against shareholder proposals seeking to set absolute levels on compensation or otherwise dictate the amount or form of compensation (such as types of compensation elements or specific metrics) to be used for executive or directors.

Generally vote against shareholder proposals that mandate a minimum amount of stock that directors must own in order to qualify as a director or to remain on the board.

Vote case-by-case on all other shareholder proposals regarding executive and director pay, taking into account relevant factors, including but not limited to: company performance, pay level and design versus peers, history of compensation concerns or pay-for-performance disconnect, and/or the scope and prescriptive nature of the proposal.

**Golden Coffins/Executive Death Benefits** 

**General Recommendation:** Generally vote for proposals calling for companies to adopt a policy of obtaining shareholder approval for any future agreements and corporate policies that could oblige the company to make payments or awards following the death of a senior executive in the form of unearned salary or bonuses, accelerated vesting or the continuation in force of unvested equity grants, perquisites and other payments or awards made in lieu of compensation. This would not apply to any benefit programs or equity plan proposals for which the broad-based employee population is eligible.

**Hold Equity Past Retirement or for a Significant Period of Time**

**General Recommendation:** Vote case-by-case on shareholder proposals asking companies to adopt policies requiring senior executive officers to retain a portion of net shares acquired through compensation plans. The following factors will be taken into account:

☐ The percentage/ratio of net shares required to be retained;

☐ The time period required to retain the shares;

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☐ Whether the company has equity retention, holding period, and/or stock ownership requirements in place and the robustness of such requirements;

☐ Whether the company has any other policies aimed at mitigating risk taking by executives;

☐ Executives' actual stock ownership and the degree to which it meets or exceeds the proponent's suggested holding period/retention ratio or the company's existing requirements; and

☐ Problematic pay practices, current and past, which may demonstrate a short-term versus long-term focus.

**Pay Disparity** 

**General Recommendation:** Vote case-by-case on proposals calling for an analysis of the pay disparity between corporate executives and other non-executive employees. The following factors will be considered:

☐ The company's current level of disclosure of its executive compensation setting process, including how the company considers pay disparity;

☐ If any problematic pay practices or pay-for-performance concerns have been identified at the company; and

☐ The level of shareholder support for the company's pay programs.

Generally vote against proposals calling for the company to use the pay disparity analysis or pay ratio in a specific way to set or limit executive pay.

**Pay for Performance/Performance-Based Awards** 

**General Recommendation:** Vote case-by-case on shareholder proposals requesting that a significant amount of future long-term incentive compensation awarded to senior executives shall be performance-based and requesting that the board adopt and disclose challenging performance metrics to shareholders, based on the following analytical steps:

☐ First, vote for shareholder proposals advocating the use of performance-based equity awards, such as performance contingent options or restricted stock, indexed options, or premium-priced options, unless the proposal is overly restrictive or if the company has demonstrated that it is using a "substantial" portion of performance-based awards for its top executives. Standard stock options and performance-accelerated awards do not meet the criteria to be considered as performance-based awards. Further, premium-priced options should have a meaningful premium to be considered performance-based awards; and

☐ Second, assess the rigor of the company's performance-based equity program. If the bar set for the performance-based program is too low based on the company's historical or peer group comparison, generally vote for the proposal. Furthermore, if target performance results in an above target payout, vote for the shareholder proposal due to program's poor design. If the company does not disclose the performance metric of the performance-based equity program, vote for the shareholder proposal regardless of the outcome of the first step to the test.

In general, vote for the shareholder proposal if the company does not meet both of the above two steps.

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**Pay for Superior Performance** 

**General Recommendation:** Vote case-by-case on shareholder proposals that request the board establish a pay-for- superior performance standard in the company's executive compensation plan for senior executives. These proposals generally include the following principles:

☐ Set compensation targets for the plan's annual and long-term incentive pay components at or below the peer group median;

☐ Deliver a majority of the plan's target long-term compensation through performance-vested, not simply time-vested, equity awards;

☐ Provide the strategic rationale and relative weightings of the financial and non-financial performance metrics or criteria used in the annual and performance-vested long-term incentive components of the plan;

☐ Establish performance targets for each plan financial metric relative to the performance of the company's peer companies; and

☐ Limit payment under the annual and performance-vested long-term incentive components of the plan to when the company's performance on its selected financial performance metrics exceeds peer group median performance.

Consider the following factors in evaluating this proposal:

☐ What aspects of the company's annual and long-term equity incentive programs are performance driven?

☐ If the annual and long-term equity incentive programs are performance driven, are the performance criteria and hurdle rates disclosed to shareholders or are they benchmarked against a disclosed peer group?

☐ Can shareholders assess the correlation between pay and performance based on the current disclosure? and

☐ What type of industry and stage of business cycle does the company belong to?

**Pre-Arranged Trading Plans (10b5-1 Plans)** 

**General Recommendation:** Generally vote for shareholder proposals calling for the addition of certain safeguards in prearranged trading plans (10b5-1 plans) for executives. Safeguards may include:

☐ Adoption, amendment, or termination of a 10b5-1 Plan must be disclosed in a Form 8-K;

☐ Amendment or early termination of a 10b5-1 Plan allowed only under extraordinary circumstances, as determined by the board;

☐ Request that a certain number of days that must elapse between adoption or amendment of a 10b5-1 Plan and initial trading under the plan;

☐ Reports on Form 4 must identify transactions made pursuant to a 10b5-1 Plan;

☐ An executive may not trade in company stock outside the 10b5-1 Plan; and

☐ Trades under a 10b5-1 Plan must be handled by a broker who does not handle other securities transactions for the executive.

**Prohibit Outside CEOs from Serving on Compensation Committees** 

**General Recommendation:** Generally vote against proposals seeking a policy to prohibit any outside CEO from serving on a company's compensation committee, unless the company has demonstrated problematic pay practices that raise concerns about the performance and composition of the committee.

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**Recoupment of Incentive or Stock Compensation in Specified Circumstances**

**General Recommendation:** Vote case-by-case on proposals to recoup incentive cash or stock compensation made to senior executives if it is later determined that the figures upon which incentive compensation is earned turn out to have been in error, or if the senior executive has breached company policy or has engaged in misconduct that may be significantly detrimental to the company's financial position or reputation, or if the senior executive failed to manage or monitor risks that subsequently led to significant financial or reputational harm to the company. Many companies have adopted policies that permit recoupment in cases where an executive's fraud, misconduct, or negligence significantly contributed to a restatement of financial results that led to the awarding of unearned incentive compensation. However, such policies may be narrow given that not all misconduct or negligence may result in significant financial restatements. Misconduct, negligence, or lack of sufficient oversight by senior executives may lead to significant financial loss or reputational damage that may have long-lasting impact.

In considering whether to support such shareholder proposals, ISS will take into consideration the following factors:

☐ If the company has adopted a formal recoupment policy;

☐ The rigor of the recoupment policy focusing on how and under what circumstances the company may recoup incentive or stock compensation;

☐ Whether the company has chronic restatement history or material financial problems;

☐ Whether the company's policy substantially addresses the concerns raised by the proponent;

☐ Disclosure of recoupment of incentive or stock compensation from senior executives or lack thereof; and

☐ Any other relevant factors.

**Severance and Golden Parachute Agreements** 

**General Recommendation:** Vote case-by-case on shareholder proposals requiring that executive severance (including change-in-control related) arrangements or payments be submitted for shareholder ratification.

Factors that will be considered include, but are not limited to:

☐ The company's severance or change-in-control agreements in place, and the presence of problematic features (such as excessive severance entitlements, single triggers, excise tax gross-ups, etc.);

☐ Any existing limits on cash severance payouts or policies which require shareholder ratification of severance payments exceeding a certain level;

☐ Any recent severance-related controversies; and

☐ Whether the proposal is overly prescriptive, such as requiring shareholder approval of severance that does not exceed market norms.

**Share Buyback Impact on Incentive Program Metrics** 

**General Recommendation:** Vote case-by-case on proposals requesting the company exclude the impact of share buybacks from the calculation of incentive program metrics, considering the following factors:

☐ The frequency and timing of the company's share buybacks;

☐ The use of per-share metrics in incentive plans;

☐ The effect of recent buybacks on incentive metric results and payouts; and

☐ Whether there is any indication of metric result manipulation.

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**Supplemental Executive Retirement Plans (SERPs)** 

**General Recommendation:** Generally vote for shareholder proposals requesting to put extraordinary benefits contained in SERP agreements to a shareholder vote unless the company's executive pension plans do not contain excessive benefits beyond what is offered under employee-wide plans.

Generally vote for shareholder proposals requesting to limit the executive benefits provided under the company's supplemental executive retirement plan (SERP) by limiting covered compensation to a senior executive's annual salary or those pay elements covered for the general employee population.

**Tax Gross-Up Proposals** 

**General Recommendation:** Generally vote for proposals calling for companies to adopt a policy of not providing tax gross-up payments to executives, except in situations where gross-ups are provided pursuant to a plan, policy, or arrangement applicable to management employees of the company, such as a relocation or expatriate tax equalization policy.

**Termination of Employment Prior to Severance Payment/Eliminating Accelerated Vesting of Unvested Equity** 

**General Recommendation:** Vote case-by-case on shareholder proposals seeking a policy requiring termination of employment prior to severance payment and/or eliminating accelerated vesting of unvested equity.

The following factors will be considered:

☐ The company's current treatment of equity upon employment termination and/or in change-in-control situations (i.e., vesting is double triggered and/or pro rata, does it allow for the assumption of equity by acquiring company, the treatment of performance shares, etc.); and

☐ Current employment agreements, including potential poor pay practices such as gross-ups embedded in those agreements.

Generally vote for proposals seeking a policy that prohibits automatic acceleration of the vesting of equity awards to senior executives upon a voluntary termination of employment or in the event of a change in control (except for pro rata vesting considering the time elapsed and attainment of any related performance goals between the award date and the change in control).

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**6. Routine/Miscellaneous** 

**Adjourn Meeting** 

**General Recommendation:** Generally vote against proposals to provide management with the authority to adjourn an annual or special meeting absent compelling reasons to support the proposal.

Vote for proposals that relate specifically to soliciting votes for a merger or transaction if supporting that merger or transaction. Vote against proposals if the wording is too vague or if the proposal includes "other business."

**Amend Quorum Requirements** 

**General Recommendation:** Vote case-by-case on proposals to reduce quorum requirements for shareholder meetings below a majority of the shares outstanding, taking into consideration:

☐ The new quorum threshold requested;

☐ The rationale presented for the reduction;

☐ The market capitalization of the company (size, inclusion in indices);

☐ The company's ownership structure;

☐ Previous voter turnout or attempts to achieve quorum;

☐ Any provisions or commitments to restore quorum to a majority of shares outstanding, should voter turnout improve sufficiently; and

☐ Other factors as appropriate.

In general, a quorum threshold kept as close to a majority of shares outstanding as is achievable is preferred.

Vote case-by-case on directors who unilaterally lower the quorum requirements below a majority of the shares outstanding, taking into consideration the factors listed above.

**Amend Minor Bylaws** 

**General Recommendation:** Vote for bylaw or charter changes that are of a housekeeping nature (updates or corrections).

**Change Company Name** 

**General Recommendation:** Vote for proposals to change the corporate name unless there is compelling evidence that the change would adversely impact shareholder value.

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**Change Date, Time, or Location of Annual Meeting** 

**General Recommendation:** Vote for management proposals to change the date, time, or location of the annual meeting unless the proposed change is unreasonable.

Vote against shareholder proposals to change the date, time, or location of the annual meeting unless the current scheduling or location is unreasonable.

**Other Business** 

**General Recommendation:** Vote against proposals to approve other business when it appears as a voting item.

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**7. Social and Environmental Issues** 

Global Approach – E&S Shareholder Proposals

ISS applies a common approach globally to evaluating social and environmental proposals which cover a wide range of topics, including consumer and product safety, environment and energy, labor standards and human rights, workplace and board diversity, and corporate political issues. While a variety of factors goes into each analysis, the overall principle guiding all vote recommendations focuses on how the proposal may enhance or protect shareholder value in either the short or long term.

**General Recommendation:** Generally vote case-by-case, examining primarily whether implementation of the proposal is likely to enhance or protect shareholder value. The following factors will be considered:

☐ If the issues presented in the proposal are being appropriately or effectively dealt with through legislation or government regulation;

☐ If the company has already responded in an appropriate and sufficient manner to the issue(s) raised in the proposal;

☐ Whether the proposal's request is unduly burdensome (scope or timeframe) or overly prescriptive;

☐ The company's approach compared with any industry standard practices for addressing the issue(s) raised by the proposal;

☐ Whether there are significant controversies, fines, penalties, or litigation associated with the company's practices related to the issue(s) raised in the proposal;

☐ If the proposal requests increased disclosure or greater transparency, whether reasonable and sufficient information is currently available to shareholders from the company or from other publicly available sources; and

☐ If the proposal requests increased disclosure or greater transparency, whether implementation would reveal proprietary or confidential information that could place the company at a competitive disadvantage.

Endorsement of Principles

**General Recommendation:** Generally vote against proposals seeking a company's endorsement of principles that support a particular public policy position. Endorsing a set of principles may require a company to take a stand on an issue that is beyond its own control and may limit its flexibility with respect to future developments.

Management and the board should be afforded the flexibility to make decisions on specific public policy positions based on their own assessment of the most beneficial strategies for the company.

Animal Welfare

**Animal Welfare Policies** 

**General Recommendation:** Generally vote for proposals seeking a report on a company's animal welfare standards, or animal welfare-related risks, unless:

☐ The company has already published a set of animal welfare standards and monitors compliance;

☐ The company's standards are comparable to industry peers; and

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☐ There are no recent significant fines, litigation, or controversies related to the company's and/or its suppliers' treatment of animals.

**Animal Testing** 

**General Recommendation:** Generally vote against proposals to phase out the use of animals in product testing, unless:

☐ The company is conducting animal testing programs that are unnecessary or not required by regulation;

☐ The company is conducting animal testing when suitable alternatives are commonly accepted and used by industry peers; or

☐ There are recent, significant fines or litigation related to the company's treatment of animals.

**Animal Slaughter** 

**General Recommendation:** Generally vote against proposals requesting the implementation of Controlled Atmosphere Killing (CAK) methods at company and/or supplier operations unless such methods are required by legislation or generally accepted as the industry standard.

Vote case-by-case on proposals requesting a report on the feasibility of implementing CAK methods at company and/or supplier operations considering the availability of existing research conducted by the company or industry groups on this topic and any fines or litigation related to current animal processing procedures at the company.

Consumer Issues

**Genetically Modified Ingredients** 

**General Recommendation:** Generally vote against proposals requesting that a company voluntarily label genetically engineered (GE) ingredients in its products. The labeling of products with GE ingredients is best left to the appropriate regulatory authorities.

Vote case-by-case on proposals asking for a report on the feasibility of labeling products containing GE ingredients, taking into account:

☐ The potential impact of such labeling on the company's business;

☐ The quality of the company's disclosure on GE product labeling, related voluntary initiatives, and how this disclosure compares with industry peer disclosure; and

☐ Company's current disclosure on the feasibility of GE product labeling.

Generally vote against proposals seeking a report on the social, health, and environmental effects of genetically modified organisms (GMOs). Studies of this sort are better undertaken by regulators and the scientific community.

Generally vote against proposals to eliminate GE ingredients from the company's products, or proposals asking for reports outlining the steps necessary to eliminate GE ingredients from the company's products. Such decisions are more appropriately made by management with consideration of current regulations.

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**Reports on Potentially Controversial Business/Financial Practices**

**General Recommendation:** Vote case-by-case on requests for reports on a company's potentially controversial business or financial practices or products, taking into account:

☐ Whether the company has adequately disclosed mechanisms in place to prevent abuses;

☐ Whether the company has adequately disclosed the financial risks of the products/practices in question;

☐ Whether the company has been subject to violations of related laws or serious controversies; and

☐ Peer companies' policies/practices in this area.

**Pharmaceutical Pricing, Access to Medicines, and Prescription Drug Reimportation** 

**General Recommendation:** Generally vote against proposals requesting that companies implement specific price restraints on pharmaceutical products unless the company fails to adhere to legislative guidelines or industry norms in its product pricing practices.

Vote case-by-case on proposals requesting that a company report on its product pricing or access to medicine policies, considering:

☐ The potential for reputational, market, and regulatory risk exposure;

☐ Existing disclosure of relevant policies;

☐ Deviation from established industry norms;

☐ Relevant company initiatives to provide research and/or products to disadvantaged consumers;

☐ Whether the proposal focuses on specific products or geographic regions;

☐ The potential burden and scope of the requested report; and

☐ Recent significant controversies, litigation, or fines at the company.

Generally vote for proposals requesting that a company report on the financial and legal impact of its prescription drug reimportation policies unless such information is already publicly disclosed.

Generally vote against proposals requesting that companies adopt specific policies to encourage or constrain prescription drug reimportation. Such matters are more appropriately the province of legislative activity and may place the company at a competitive disadvantage relative to its peers.

**Product Safety and Toxic/Hazardous Materials** 

**General Recommendation:** Generally vote for proposals requesting that a company report on its policies, initiatives/procedures, and oversight mechanisms related to toxic/hazardous materials or product safety in its supply chain, unless:

☐ The company already discloses similar information through existing reports such as a supplier code of conduct and/or a sustainability report;

☐ The company has formally committed to the implementation of a toxic/hazardous materials and/or product safety and supply chain reporting and monitoring program based on industry norms or similar standards within a specified time frame; or

☐ The company has not been recently involved in relevant significant controversies, fines, or litigation.

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Vote case-by-case on resolutions requesting that companies develop a feasibility assessment to phase-out of certain toxic/hazardous materials, or evaluate and disclose the potential financial and legal risks associated with utilizing certain materials, considering:

☐ The company's current level of disclosure regarding its product safety policies, initiatives, and oversight mechanisms;

☐ Current regulations in the markets in which the company operates; and

☐ Recent significant controversies, litigation, or fines stemming from toxic/hazardous materials at the company.

Generally vote against resolutions requiring that a company reformulate its products.

**Tobacco-Related Proposals** 

**General Recommendation:** Vote case-by-case on resolutions regarding the advertisement of tobacco products, considering:

☐ Recent related fines, controversies, or significant litigation;

☐ Whether the company complies with relevant laws and regulations on the marketing of tobacco;

☐ Whether the company's advertising restrictions deviate from those of industry peers;

☐ Whether the company entered into the Master Settlement Agreement, which restricts marketing of tobacco to youth; and

☐ Whether restrictions on marketing to youth extend to foreign countries.

Vote case-by-case on proposals regarding second-hand smoke, considering;

☐ Whether the company complies with all laws and regulations;

☐ The degree that voluntary restrictions beyond those mandated by law might hurt the company's competitiveness; and

☐ The risk of any health-related liabilities.

Generally vote against resolutions to cease production of tobacco-related products, to avoid selling products to tobacco companies, to spin-off tobacco-related businesses, or prohibit investment in tobacco equities. Such business decisions are better left to company management or portfolio managers.

Generally vote against proposals regarding tobacco product warnings. Such decisions are better left to public health authorities.

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Climate Change

**Say on Climate (SoC) Management Proposals** 

**General Recommendation:** Vote case-by-case on management proposals that request shareholders to approve the company's climate transition action plan**<sup>23</sup>**, taking into account the completeness and rigor of the plan. Information that will be considered where available includes the following:

☐ The extent to which the company's climate related disclosures are in line with TCFD recommendations and meet other market standards;

☐ Disclosure of its operational and supply chain GHG emissions (Scopes 1, 2, and 3);

☐ The completeness and rigor of company's short-, medium-, and long-term targets for reducing operational and supply chain GHG emissions (Scopes 1, 2, and 3 if relevant);

☐ Whether the company has sought and received third-party approval that its targets are science-based;

☐ Whether the company has made a commitment to be "net zero" for operational and supply chain emissions (Scopes 1, 2, and 3) by 2050;

☐ Whether the company discloses a commitment to report on the implementation of its plan in subsequent years;

☐ Whether the company's climate data has received third-party assurance;

☐ Disclosure of how the company's lobbying activities and its capital expenditures align with company strategy;

☐ Whether there are specific industry decarbonization challenges; and

☐ The company's related commitment, disclosure, and performance compared to its industry peers.

**Say on Climate (SoC) Shareholder Proposals** 

**General Recommendation:** Vote case-by-case on shareholder proposals that request the company to disclose a report providing its GHG emissions levels and reduction targets and/or its upcoming/approved climate transition action plan and provide shareholders the opportunity to express approval or disapproval of its GHG emissions reduction plan, taking into account information such as the following:

☐ The completeness and rigor of the company's climate-related disclosure;

☐ The company's actual GHG emissions performance;

☐ Whether the company has been the subject of recent, significant violations, fines, litigation, or controversy related to its GHG emissions; and

☐ Whether the proposal's request is unduly burdensome (scope or timeframe) or overly prescriptive.

**Climate Change/Greenhouse Gas (GHG) Emissions** 

**General Recommendation:** Generally vote for resolutions requesting that a company disclose information on the financial, physical, or regulatory risks it faces related to climate change on its operations and investments or on how the company identifies, measures, and manages such risks, considering:

☐ Whether the company already provides current, publicly-available information on the impact that climate change may have on the company as well as associated company policies and procedures to address related risks and/or opportunities;

**<sup>23</sup>** Variations of this request also include climate transition related ambitions, or commitment to reporting on the implementation of a climate plan.

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☐ The company's level of disclosure compared to industry peers; and

☐ Whether there are significant controversies, fines, penalties, or litigation associated with the company's climate change-related performance.

Generally vote for proposals requesting a report on greenhouse gas (GHG) emissions from company operations and/or products and operations, unless:

☐ The company already discloses current, publicly-available information on the impacts that GHG emissions may have on the company as well as associated company policies and procedures to address related risks and/or opportunities;

☐ The company's level of disclosure is comparable to that of industry peers; or

☐ There are no significant, controversies, fines, penalties, or litigation associated with the company's GHG emissions.

Vote case-by-case on proposals that call for the adoption of GHG reduction goals from products and operations, taking into account:

☐ Whether the company provides disclosure of year-over-year GHG emissions performance data;

☐ Whether company disclosure lags behind industry peers;

☐ The company's actual GHG emissions performance;

☐ The company's current GHG emission policies, oversight mechanisms, and related initiatives; and

☐ Whether the company has been the subject of recent, significant violations, fines, litigation, or controversy related to GHG emissions.

**Energy Efficiency** 

**General Recommendation:** Generally vote for proposals requesting that a company report on its energy efficiency policies, unless:

☐ The company complies with applicable energy efficiency regulations and laws, and discloses its participation in energy efficiency policies and programs, including disclosure of benchmark data, targets, and performance measures; or

☐ The proponent requests adoption of specific energy efficiency goals within specific timelines.

**Renewable Energy** 

**General Recommendation:** Generally vote for requests for reports on the feasibility of developing renewable energy resources unless the report would be duplicative of existing disclosure or irrelevant to the company's line of business.

Generally vote against proposals requesting that the company invest in renewable energy resources. Such decisions are best left to management's evaluation of the feasibility and financial impact that such programs may have on the company.

Generally vote against proposals that call for the adoption of renewable energy goals, taking into account:

☐ The scope and structure of the proposal;

☐ The company's current level of disclosure on renewable energy use and GHG emissions; and

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☐ The company's disclosure of policies, practices, and oversight implemented to manage GHG emissions and mitigate climate change risks.

Diversity

**Board Diversity** 

**General Recommendation:** Generally vote for requests for reports on a company's efforts to diversify the board, unless:

☐ The gender and racial minority representation of the company's board is reasonably inclusive in relation to companies of similar size and business; or

☐ The board already reports on its nominating procedures and gender and racial minority initiatives on the board and within the company.

Vote case-by-case on proposals asking a company to increase the gender and racial minority representation on its board, taking into account:

☐ The degree of existing gender and racial minority diversity on the company's board and among its executive officers;

☐ The level of gender and racial minority representation that exists at the company's industry peers;

☐ The company's established process for addressing gender and racial minority board representation;

☐ Whether the proposal includes an overly prescriptive request to amend nominating committee charter language;

☐ The independence of the company's nominating committee;

☐ Whether the company uses an outside search firm to identify potential director nominees; and

☐ Whether the company has had recent controversies, fines, or litigation regarding equal employment practices.

**Equality of Opportunity** 

**General Recommendation:** Generally vote for proposals requesting a company disclose its diversity policies or initiatives, or proposals requesting disclosure of a company's comprehensive workforce diversity data, including requests for EEO-1 data, unless:

☐ The company publicly discloses equal opportunity policies and initiatives in a comprehensive manner;

☐ The company already publicly discloses comprehensive workforce diversity data; or

☐ The company has no recent significant EEO-related violations or litigation.

Generally vote against proposals seeking information on the diversity efforts of suppliers and service providers. Such requests may pose a significant burden on the company.

**Gender Identity, Sexual Orientation, and Domestic Partner Benefits** 

**General Recommendation:** Generally vote for proposals seeking to amend a company's EEO statement or diversity policies to prohibit discrimination based on sexual orientation and/or gender identity, unless the change would be unduly burdensome.

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Generally vote against proposals to extend company benefits to, or eliminate benefits from, domestic partners. Decisions regarding benefits should be left to the discretion of the company.

**Gender, Race/Ethnicity Pay Gap** 

**General Recommendation:** Vote case-by-case on requests for reports on a company's pay data by gender or race/ ethnicity, or a report on a company's policies and goals to reduce any gender or race/ethnicity pay gaps, taking into account:

☐ The company's current policies and disclosure related to both its diversity and inclusion policies and practices and its compensation philosophy on fair and equitable compensation practices;

☐ Whether the company has been the subject of recent controversy, litigation, or regulatory actions related to gender, race, or ethnicity pay gap issues;

☐ The company's disclosure regarding gender, race, or ethnicity pay gap policies or initiatives compared to its industry peers; and

☐ Local laws regarding categorization of race and/or ethnicity and definitions of ethnic and/or racial minorities.

**Racial Equity and/or Civil Rights Audit Guidelines** 

**General Recommendation:** Vote case-by-case on proposals asking a company to conduct an independent racial equity and/or civil rights audit, taking into account:

☐ The company's established process or framework for addressing racial inequity and discrimination internally;

☐ Whether the company adequately discloses workforce diversity and inclusion metrics and goals;

☐ Whether the company has issued a public statement related to its racial justice efforts in recent years, or has committed to internal policy review;

☐ Whether the company has engaged with impacted communities, stakeholders, and civil rights experts;

☐ The company's track record in recent years of racial justice measures and outreach externally; and

☐ Whether the company has been the subject of recent controversy, litigation, or regulatory actions related to racial inequity or discrimination.

Environment and Sustainability

**Facility and Workplace Safety** 

**General Recommendation:** Vote case-by-case on requests for workplace safety reports, including reports on accident risk reduction efforts, taking into account:

☐ The company's current level of disclosure of its workplace health and safety performance data, health and safety management policies, initiatives, and oversight mechanisms;

☐ The nature of the company's business, specifically regarding company and employee exposure to health and safety risks;

☐ Recent significant controversies, fines, or violations related to workplace health and safety; and

☐ The company's workplace health and safety performance relative to industry peers.

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Vote case-by-case on resolutions requesting that a company report on safety and/or security risks associated with its operations and/or facilities, considering:

<br> ☐ The company's compliance with applicable regulations and guidelines;

☐ The company's current level of disclosure regarding its security and safety policies, procedures, and compliance monitoring; and

☐ The existence of recent, significant violations, fines, or controversy regarding the safety and security of the company's operations and/or facilities.

**General Environmental Proposals and Community Impact Assessments**

**General Recommendation:** Vote case-by-case on requests for reports on policies and/or the potential (community) social and/or environmental impact of company operations, considering:

☐ Current disclosure of applicable policies and risk assessment report(s) and risk management procedures;

☐ The impact of regulatory non-compliance, litigation, remediation, or reputational loss that may be associated with failure to manage the company's operations in question, including the management of relevant community and stakeholder relations;

☐ The nature, purpose, and scope of the company's operations in the specific region(s);

☐ The degree to which company policies and procedures are consistent with industry norms; and

☐ The scope of the resolution.

**Hydraulic Fracturing** 

**General Recommendation:** Generally vote for proposals requesting greater disclosure of a company's (natural gas) hydraulic fracturing operations, including measures the company has taken to manage and mitigate the potential community and environmental impacts of those operations, considering:

☐ The company's current level of disclosure of relevant policies and oversight mechanisms;

☐ The company's current level of such disclosure relative to its industry peers;

☐ Potential relevant local, state, or national regulatory developments; and

☐ Controversies, fines, or litigation related to the company's hydraulic fracturing operations.

**Operations in Protected Areas** 

**General Recommendation:** Generally vote for requests for reports on potential environmental damage as a result of company operations in protected regions, unless:

☐ Operations in the specified regions are not permitted by current laws or regulations;

☐ The company does not currently have operations or plans to develop operations in these protected regions; or

☐ The company's disclosure of its operations and environmental policies in these regions is comparable to industry peers.

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**Recycling** 

**General Recommendation:** Vote case-by-case on proposals to report on an existing recycling program, or adopt a new recycling program, taking into account:

☐ The nature of the company's business;

☐ The current level of disclosure of the company's existing related programs;

☐ The timetable and methods of program implementation prescribed by the proposal;

☐ The company's ability to address the issues raised in the proposal; and

☐ How the company's recycling programs compare to similar programs of its industry peers.

**Sustainability Reporting** 

**General Recommendation:** Generally vote for proposals requesting that a company report on its policies, initiatives, and oversight mechanisms related to social, economic, and environmental sustainability, unless:

☐ The company already discloses similar information through existing reports or policies such as an environment, health, and safety (EHS) report; a comprehensive code of corporate conduct; and/or a diversity report; or

☐ The company has formally committed to the implementation of a reporting program based on Global Reporting Initiative (GRI) guidelines or a similar standard within a specified time frame.

**Water Issues** 

**General Recommendation:** Vote case-by-case on proposals requesting a company report on, or adopt a new policy on, water-related risks and concerns, taking into account:

☐ The company's current disclosure of relevant policies, initiatives, oversight mechanisms, and water usage metrics;

☐ Whether or not the company's existing water-related policies and practices are consistent with relevant internationally recognized standards and national/local regulations;

☐ The potential financial impact or risk to the company associated with water-related concerns or issues; and

☐ Recent, significant company controversies, fines, or litigation regarding water use by the company and its suppliers.

General Corporate Issues

**Charitable Contributions** 

**General Recommendation:** Vote against proposals restricting a company from making charitable contributions. Charitable contributions are generally useful for assisting worthwhile causes and for creating goodwill in the community. In the absence of bad faith, self-dealing, or gross negligence, management should determine which, and if, contributions are in the best interests of the company.

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**Data Security, Privacy, and Internet Issues** 

**General Recommendation:** Vote case-by-case on proposals requesting the disclosure or implementation of data security, privacy, or information access and management policies and procedures, considering:

☐ The level of disclosure of company policies and procedures relating to data security, privacy, freedom of speech, information access and management, and Internet censorship;

☐ Engagement in dialogue with governments or relevant groups with respect to data security, privacy, or the free flow of information on the Internet;

☐ The scope of business involvement and of investment in countries whose governments censor or monitor the Internet and other telecommunications;

☐ Applicable market-specific laws or regulations that may be imposed on the company; and

☐ Controversies, fines, or litigation related to data security, privacy, freedom of speech, or Internet censorship.

**ESG Compensation-Related Proposals** 

**General Recommendation:** Vote case-by-case on proposals seeking a report or additional disclosure on the company's approach, policies, and practices on incorporating environmental and social criteria into its executive compensation strategy, considering:

☐ The scope and prescriptive nature of the proposal;

☐ The company's current level of disclosure regarding its environmental and social performance and governance;

☐ The degree to which the board or compensation committee already discloses information on whether it has considered related E&S criteria; and

☐ Whether the company has significant controversies or regulatory violations regarding social or environmental issues.

Human Rights, Human Capital Management, and International Operations

**Human Rights Proposals** 

**General Recommendation:** Generally vote for proposals requesting a report on company or company supplier labor and/or human rights standards and policies unless such information is already publicly disclosed.

Vote case-by-case on proposals to implement company or company supplier labor and/or human rights standards and policies, considering:

☐ The degree to which existing relevant policies and practices are disclosed;

☐ Whether or not existing relevant policies are consistent with internationally recognized standards;

☐ Whether company facilities and those of its suppliers are monitored and how;

☐ Company participation in fair labor organizations or other internationally recognized human rights initiatives;

☐ Scope and nature of business conducted in markets known to have higher risk of workplace labor/human rights abuse;

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☐ Recent, significant company controversies, fines, or litigation regarding human rights at the company or its suppliers;

☐ The scope of the request; and

☐ Deviation from industry sector peer company standards and practices.

Vote case-by-case on proposals requesting that a company conduct an assessment of the human rights risks in its operations or in its supply chain, or report on its human rights risk assessment process, considering:

☐ The degree to which existing relevant policies and practices are disclosed, including information on the implementation of these policies and any related oversight mechanisms;

☐ The company's industry and whether the company or its suppliers operate in countries or areas where there is a history of human rights concerns;

☐ Recent significant controversies, fines, or litigation regarding human rights involving the company or its suppliers, and whether the company has taken remedial steps; and

☐ Whether the proposal is unduly burdensome or overly prescriptive.

**Mandatory Arbitration** 

**General Recommendation:** Vote case-by-case on requests for a report on a company's use of mandatory arbitration on employment-related claims, taking into account:

☐ The company's current policies and practices related to the use of mandatory arbitration agreements on workplace claims;

☐ Whether the company has been the subject of recent controversy, litigation, or regulatory actions related to the use of mandatory arbitration agreements on workplace claims; and

☐ The company's disclosure of its policies and practices related to the use of mandatory arbitration agreements compared to its peers.

**Operations in High-Risk Markets** 

**General Recommendation:** Vote case-by-case on requests for a report on a company's potential financial and reputational risks associated with operations in "high-risk" markets, such as a terrorism-sponsoring state or politically/socially unstable region, taking into account:

☐ The nature, purpose, and scope of the operations and business involved that could be affected by social or political disruption;

☐ Current disclosure of applicable risk assessment(s) and risk management procedures;

☐ Compliance with U.S. sanctions and laws;

☐ Consideration of other international policies, standards, and laws; and

☐ Whether the company has been recently involved in recent, significant controversies, fines, or litigation related to its operations in "high-risk" markets.

**Outsourcing/Offshoring** 

**General Recommendation:** Vote case-by-case on proposals calling for companies to report on the risks associated with outsourcing/plant closures, considering:

☐ Controversies surrounding operations in the relevant market(s);

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☐ The value of the requested report to shareholders;

☐ The company's current level of disclosure of relevant information on outsourcing and plant closure procedures; and

☐ The company's existing human rights standards relative to industry peers.

**Sexual Harassment** 

**General Recommendation:** Vote case-by-case on requests for a report on company actions taken to strengthen policies and oversight to prevent workplace sexual harassment, or a report on risks posed by a company's failure to prevent workplace sexual harassment, taking into account:

☐ The company's current policies, practices, oversight mechanisms related to preventing workplace sexual harassment;

☐ Whether the company has been the subject of recent controversy, litigation, or regulatory actions related to workplace sexual harassment issues; and

☐ The company's disclosure regarding workplace sexual harassment policies or initiatives compared to its industry peers.

**Weapons and Military Sales** 

**General Recommendation:** Vote against reports on foreign military sales or offsets. Such disclosures may involve sensitive and confidential information. Moreover, companies must comply with government controls and reporting on foreign military sales.

Generally vote against proposals asking a company to cease production or report on the risks associated with the use of depleted uranium munitions or nuclear weapons components and delivery systems, including disengaging from current and proposed contracts. Such contracts are monitored by government agencies, serve multiple military and non-military uses, and withdrawal from these contracts could have a negative impact on the company's business.

Political Activities

**Lobbying** 

**General Recommendation:** Vote case-by-case on proposals requesting information on a company's lobbying (including direct, indirect, and grassroots lobbying) activities, policies, or procedures, considering:

☐ The company's current disclosure of relevant lobbying policies, and management and board oversight;

☐ The company's disclosure regarding trade associations or other groups that it supports, or is a member of, that engage in lobbying activities; and

☐ Recent significant controversies, fines, or litigation regarding the company's lobbying-related activities.

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**Political Contributions** 

**General Recommendation:** Generally vote for proposals requesting greater disclosure of a company's political contributions and trade association spending policies and activities, considering:

☐ The company's policies, and management and board oversight related to its direct political contributions and payments to trade associations or other groups that may be used for political purposes;

☐ The company's disclosure regarding its support of, and participation in, trade associations or other groups that may make political contributions; and

☐ Recent significant controversies, fines, or litigation related to the company's political contributions or political activities.

Vote against proposals barring a company from making political contributions. Businesses are affected by legislation at the federal, state, and local level; barring political contributions can put the company at a competitive disadvantage.

Vote against proposals to publish in newspapers and other media a company's political contributions. Such publications could present significant cost to the company without providing commensurate value to shareholders.

**Political Expenditures and Lobbying Congruency** 

**General Recommendation:** Generally vote case-by-case on proposals requesting greater disclosure of a company's alignment of political contributions, lobbying, and electioneering spending with a company's publicly stated values and policies, considering:

☐ The company's policies, management, board oversight, governance processes, and level of disclosure related to direct political contributions, lobbying activities, and payments to trade associations, political action committees, or other groups that may be used for political purposes;

☐ The company's disclosure regarding: the reasons for its support of candidates for public offices; the reasons for support of and participation in trade associations or other groups that may make political contributions; and other political activities;

☐ Any incongruencies identified between a company's direct and indirect political expenditures and its publicly stated values and priorities; and

☐ Recent significant controversies related to the company's direct and indirect lobbying, political contributions, or political activities.

Generally vote case-by-case on proposals requesting comparison of a company's political spending to objectives that can mitigate material risks for the company, such as limiting global warming.

**Political Ties** 

**General Recommendation:** Generally vote against proposals asking a company to affirm political nonpartisanship in the workplace, so long as:

☐ There are no recent, significant controversies, fines, or litigation regarding the company's political contributions or trade association spending; and

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☐ The company has procedures in place to ensure that employee contributions to company-sponsored political action committees (PACs) are strictly voluntary and prohibit coercion.

Vote against proposals asking for a list of company executives, directors, consultants, legal counsels, lobbyists, or investment bankers that have prior government service and whether such service had a bearing on the business of the company. Such a list would be burdensome to prepare without providing any meaningful information to shareholders.

<u>W W W . I S S G O V E R N A N C E . C O M</u> 80 of 87

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**8. Mutual Fund Proxies** 

**Election of Directors** 

**General Recommendation:** Vote case-by-case on the election of directors and trustees, following the same guidelines for uncontested directors for public company shareholder meetings. However, mutual fund boards do not usually have compensation committees, so do not withhold for the lack of this committee.

**Closed End Funds- Unilateral Opt-In to Control Share Acquisition Statutes** 

**General Recommendation:** For closed-end management investment companies (CEFs), vote against or withhold from nominating/governance committee members (or other directors on a case-by-case basis) at CEFs that have not provided a compelling rationale for opting-in to a Control Share Acquisition statute, nor submitted a by-law amendment to a shareholder vote.

**Converting Closed-end Fund to Open-end Fund** 

**General Recommendation:** Vote case-by-case on conversion proposals, considering the following factors:

☐ Past performance as a closed-end fund;

☐ Market in which the fund invests;

☐ Measures taken by the board to address the discount; and

☐ Past shareholder activism, board activity, and votes on related proposals.

**Proxy Contests** 

**General Recommendation:** Vote case-by-case on proxy contests, considering the following factors:

☐ Past performance relative to its peers;

☐ Market in which the fund invests;

☐ Measures taken by the board to address the issues;

☐ Past shareholder activism, board activity, and votes on related proposals;

☐ Strategy of the incumbents versus the dissidents;

☐ Independence of directors;

☐ Experience and skills of director candidates;

☐ Governance profile of the company; and

☐ Evidence of management entrenchment.

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**Investment Advisory Agreements** 

**General Recommendation:** Vote case-by-case on investment advisory agreements, considering the following factors:

☐ Proposed and current fee schedules;

☐ Fund category/investment objective;

☐ Performance benchmarks;

☐ Share price performance as compared with peers;

☐ Resulting fees relative to peers; and

☐ Assignments (where the advisor undergoes a change of control).

**Approving New Classes or Series of Shares** 

**General Recommendation:** Vote for the establishment of new classes or series of shares.

**Preferred Stock Proposals** 

**General Recommendation:** Vote case-by-case on the authorization for or increase in preferred shares, considering the following factors:

☐ Stated specific financing purpose;

☐ Possible dilution for common shares; and

☐ Whether the shares can be used for antitakeover purposes.

**1940 Act Policies** 

**General Recommendation:** Vote case-by-case on policies under the Investment Advisor Act of 1940, considering the following factors:

☐ Potential competitiveness;

☐ Regulatory developments;

☐ Current and potential returns; and

☐ Current and potential risk.

Generally vote for these amendments as long as the proposed changes do not fundamentally alter the investment focus of the fund and do comply with the current SEC interpretation.

**Changing a Fundamental Restriction to a Nonfundamental Restriction**

**General Recommendation:** Vote case-by-case on proposals to change a fundamental restriction to a non- fundamental restriction, considering the following factors:

☐ The fund's target investments;

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☐ The reasons given by the fund for the change; and

☐ The projected impact of the change on the portfolio.

**Change Fundamental Investment Objective to Nonfundamental** 

**General Recommendation:** Vote against proposals to change a fund's fundamental investment objective to non- fundamental.

**Name Change Proposals** 

**General Recommendation:** Vote case-by-case on name change proposals, considering the following factors:

☐ Political/economic changes in the target market;

☐ Consolidation in the target market; and

☐ Current asset composition.

**Change in Fund's Subclassification** 

**General Recommendation:** Vote case-by-case on changes in a fund's sub-classification, considering the following factors:

☐ Potential competitiveness;

☐ Current and potential returns;

☐ Risk of concentration; and

☐ Consolidation in target industry.

**Business Development Companies—Authorization to Sell Shares of Common Stock at a Price below Net Asset Value** 

**General Recommendation:** Vote for proposals authorizing the board to issue shares below Net Asset Value (NAV) if:

☐ The proposal to allow share issuances below NAV has an expiration date no more than one year from the date shareholders approve the underlying proposal, as required under the Investment Company Act of 1940;

☐ The sale is deemed to be in the best interests of shareholders by (1) a majority of the company's independent directors and (2) a majority of the company's directors who have no financial interest in the issuance; and

☐ The company has demonstrated responsible past use of share issuances by either:

☐ Outperforming peers in its 8-digit GICS group as measured by one- and three-year median TSRs; or

☐ Providing disclosure that its past share issuances were priced at levels that resulted in only small or moderate discounts to NAV and economic dilution to existing non-participating shareholders.

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**Disposition of Assets/Termination/Liquidation** 

**General Recommendation:** Vote case-by-case on proposals to dispose of assets, to terminate or liquidate, considering the following factors:

☐ Strategies employed to salvage the company;

☐ The fund's past performance; and

☐ The terms of the liquidation.

**Changes to the Charter Document** 

**General Recommendation:** Vote case-by-case on changes to the charter document, considering the following factors:

☐ The degree of change implied by the proposal;

☐ The efficiencies that could result;

☐ The state of incorporation; and

☐ Regulatory standards and implications.

Vote against any of the following changes:

☐ Removal of shareholder approval requirement to reorganize or terminate the trust or any of its series;

☐ Removal of shareholder approval requirement for amendments to the new declaration of trust;

☐ Removal of shareholder approval requirement to amend the fund's management contract, allowing the contract to be modified by the investment manager and the trust management, as permitted by the 1940 Act;

☐ Allow the trustees to impose other fees in addition to sales charges on investment in a fund, such as deferred sales charges and redemption fees that may be imposed upon redemption of a fund's shares;

☐ Removal of shareholder approval requirement to engage in and terminate subadvisory arrangements; or

☐ Removal of shareholder approval requirement to change the domicile of the fund.

**Changing the Domicile of a Fund** 

**General Recommendation:** Vote case-by-case on re-incorporations, considering the following factors:

☐ Regulations of both states;

☐ Required fundamental policies of both states; and

☐ The increased flexibility available.

**Authorizing the Board to Hire and Terminate Subadvisers Without Shareholder Approval** 

**General Recommendation:** Vote against proposals authorizing the board to hire or terminate subadvisers without shareholder approval if the investment adviser currently employs only one subadviser.

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**Distribution Agreements** 

**General Recommendation:** Vote case-by-case on distribution agreement proposals, considering the following factors:

☐ Fees charged to comparably sized funds with similar objectives;

☐ The proposed distributor's reputation and past performance;

☐ The competitiveness of the fund in the industry; and

☐ The terms of the agreement.

**Master-Feeder Structure** 

**General Recommendation:** Vote for the establishment of a master-feeder structure.

**Mergers** 

**General Recommendation:** Vote case-by-case on merger proposals, considering the following factors:

☐ Resulting fee structure;

☐ Performance of both funds;

☐ Continuity of management personnel; and

☐ Changes in corporate governance and their impact on shareholder rights.

Shareholder Proposals for Mutual Funds

**Establish Director Ownership Requirement** 

**General Recommendation:** Generally vote against shareholder proposals that mandate a specific minimum amount of stock that directors must own in order to qualify as a director or to remain on the board.

**Reimburse Shareholder for Expenses Incurred** 

**General Recommendation:** Vote case-by-case on shareholder proposals to reimburse proxy solicitation expenses. When supporting the dissidents, vote for the reimbursement of the proxy solicitation expenses.

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**Terminate the Investment Advisor** 

**General Recommendation:** Vote case-by-case on proposals to terminate the investment advisor, considering the following factors:

☐ Performance of the fund's Net Asset Value (NAV);

☐ The fund's history of shareholder relations; and

☐ The performance of other funds under the advisor's management.

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Founded in 1985, Institutional Shareholder Services group of companies (ISS) empowers investors and companies to build for long-term and sustainable growth by providing high-quality data, analytics and insight. ISS, which is majority owned by Deutsche Bourse Group, along with Genstar Capital and ISS management, is a leading provider of corporate governance and responsible investment solutions, market intelligence, fund services, and events and editorial content for institutional investors and corporations, globally. ISS' 2,600 employees operate worldwide across 29 global locations in 15 countries. Its approximately 3,400 clients include many of the world's leading institutional investors who rely on ISS' objective and impartial offerings, as well as public companies focused on ESG and governance risk mitigation as a shareholder value enhancing measure. Clients rely on ISS' expertise to help them make informed investment decisions. This document and all of the information contained in it, including without limitation all text, data, graphs, and charts (collectively, the "Information") is the property of Institutional Shareholder Services Inc. (ISS), its subsidiaries, or, in some cases third party suppliers.

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**Proxy Voting Guidelines**

**March 2025**

**Table of Contents**

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| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**I.** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Introduction** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Introduction** | &nbsp;&nbsp;**1** |
| &nbsp;&nbsp;**II.** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Board of Directors and Corporate Governance** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Board of Directors and Corporate Governance** | &nbsp;&nbsp;**1** |
|  | &nbsp;&nbsp;A. | &nbsp;&nbsp;Election of Directors | &nbsp;&nbsp;1 |
|  | &nbsp;&nbsp;B. | &nbsp;&nbsp;Contested Director Elections | &nbsp;&nbsp;2 |
|  | &nbsp;&nbsp;C. | &nbsp;&nbsp;Cumulative Voting Rights | &nbsp;&nbsp;3 |
|  | &nbsp;&nbsp;D. | &nbsp;&nbsp;Classified Boards | &nbsp;&nbsp;3 |
|  | &nbsp;&nbsp;E. | &nbsp;&nbsp;Independent Chairperson | &nbsp;&nbsp;3 |
|  | &nbsp;&nbsp;F. | &nbsp;&nbsp;Majority Voting in Director Elections | &nbsp;&nbsp;3 |
|  | &nbsp;&nbsp;G. | &nbsp;&nbsp;Proxy Access | &nbsp;&nbsp;3 |
|  | &nbsp;&nbsp;H. | &nbsp;&nbsp;Indemnification of Directors and Officers | &nbsp;&nbsp;4 |
| &nbsp;&nbsp;**III.** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Compensation** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Compensation** | &nbsp;&nbsp;**4** |
|  | &nbsp;&nbsp;A. | &nbsp;&nbsp;Equity Compensation Plans | &nbsp;&nbsp;4 |
|  | &nbsp;&nbsp;B. | &nbsp;&nbsp;Employee Stock Purchase Plans | &nbsp;&nbsp;5 |
| &nbsp;&nbsp;**IV.** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Advisory Vote on Executive Compensation (Say on Pay) and Frequency of Say on Pay Vote..** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Advisory Vote on Executive Compensation (Say on Pay) and Frequency of Say on Pay Vote..** | &nbsp;&nbsp;**5** |
|  | &nbsp;&nbsp;A. | &nbsp;&nbsp;Compensation Committee | &nbsp;&nbsp;6 |
|  | &nbsp;&nbsp;B. | &nbsp;&nbsp;Executive Severance Agreements | &nbsp;&nbsp;6 |
| &nbsp;&nbsp;**V.** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Natural and Human Capital Issues** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Natural and Human Capital Issues** | &nbsp;&nbsp;**7** |
| &nbsp;&nbsp;**VI.** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Anti-Takeover Provisions and Shareholders Rights Plans** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Anti-Takeover Provisions and Shareholders Rights Plans** | &nbsp;&nbsp;**7** |
|  | &nbsp;&nbsp;A. | &nbsp;&nbsp;Shareholders Rights Plans ("poison pills") | &nbsp;&nbsp;7 |
|  | &nbsp;&nbsp;B. | &nbsp;&nbsp;Shareholder Ability to Call a Special Meeting | &nbsp;&nbsp;8 |
|  | &nbsp;&nbsp;C. | &nbsp;&nbsp;Shareholder Ability to Act by Written Consent | &nbsp;&nbsp;8 |
|  | &nbsp;&nbsp;D. | &nbsp;&nbsp;Supermajority Shareholder Vote Requirement | &nbsp;&nbsp;8 |
| &nbsp;&nbsp;**VII.** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Anti-Takeover Provisions and Director Elections** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Anti-Takeover Provisions and Director Elections** | &nbsp;&nbsp;**8** |
| &nbsp;&nbsp;**VIII.** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Capital Structure and Incorporation** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Capital Structure and Incorporation** | &nbsp;&nbsp;**9** |
|  | &nbsp;&nbsp;A. | &nbsp;&nbsp;Increases in Common Stock | &nbsp;&nbsp;9 |
|  | &nbsp;&nbsp;B. | &nbsp;&nbsp;Multi-Class Share Structures | &nbsp;&nbsp;9 |
|  | &nbsp;&nbsp;C. | &nbsp;&nbsp;Incorporation or Reincorporation in another State or Country | &nbsp;&nbsp;9 |
| &nbsp;&nbsp;**IX.** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Shares of Fidelity Funds or other non-Fidelity Funds** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Shares of Fidelity Funds or other non-Fidelity Funds** | &nbsp;&nbsp;**9** |
| &nbsp;&nbsp;**X.** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Foreign Markets** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Foreign Markets** | &nbsp;&nbsp;**10** |
| &nbsp;&nbsp;**XI.** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Securities on Loan** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Securities on Loan** | &nbsp;&nbsp;**10** |
| &nbsp;&nbsp;**XII.** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Compliance with Legal Obligations and Avoiding Conflicts of Interest** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Compliance with Legal Obligations and Avoiding Conflicts of Interest** | &nbsp;&nbsp;**10** |
| &nbsp;&nbsp;**XIII.** | &nbsp;&nbsp;**Conclusion** | &nbsp;&nbsp;**Conclusion** | &nbsp;&nbsp;**10** |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;I. <u><u>Introduction</u></u> 

These guidelines are intended to help Fidelity's customers and the companies in which Fidelity invests understand how Fidelity votes proxies to further the values that have sustained Fidelity for over 75 years. Our core principles sit at the heart of our voting philosophy; putting our customers' and fund shareholders' long-term interests first and investing in companies that share our approach to creating value over the long-term guides everything we do. In this pursuit, Fidelity invests in the ordinary course of business and not with the intended effect of changing or influencing control of an issuer. Fidelity generally adheres to these guidelines in voting proxies and our <u>Stewardship Principles</u> serve as the foundation for these guidelines. Our evaluation of proxies reflects information from many sources, including management or shareholders of a company presenting a proposal and proxy voting advisory firms. Fidelity maintains the flexibility to vote individual proxies based on our assessment of each situation, and where following a specific guideline enumerated in this policy in a particular situation could cause a result that conflicts with the principles and philosophy stated above, Fidelity may vote differently than that specific guideline.

In evaluating proxies, Fidelity considers factors that are financially material to individual companies and investing funds' investment objectives and strategies in support of maximizing long-term shareholder value. This includes considering the company's approach to financial and operational, human, and natural capital and the impact of that approach on the potential future value of the business.

Fidelity will vote on proposals not specifically addressed by these guidelines based on an evaluation of a proposal's likelihood to enhance the long-term economic returns or profitability of the company or to maximize long-term shareholder value. Fidelity will not be influenced by business relationships or outside perspectives that may conflict with the interests of the funds and their shareholders.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;II. <u><u>Board of Directors and Corporate Governance</u></u> 

Directors of public companies play a critical role in ensuring that a company and its management team serve the interests of its shareholders. Fidelity believes that through proxy voting, it can help promote accountability of management teams and boards of directors, align management and shareholder interests, and monitor and assess the degree of transparency and disclosure with respect to executive compensation and board actions affecting shareholders' rights. The following general guidelines are intended to reflect these proxy voting principles.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. Election of Directors

Fidelity will generally support director nominees in elections where all directors are unopposed (uncontested elections), except where board composition raises concerns, and/or where a director clearly appears to have failed to exercise reasonable judgment or otherwise failed to sufficiently protect the interests of shareholders. Fidelity will evaluate board composition and generally will oppose the election of certain or all directors if, by way of example:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The board is not composed of a majority of independent directors.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The board's audit, compensation, and nominating/governance committees or their equivalents are not sufficiently independent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. The director is a public company CEO who sits on more than two unaffiliated public company boards.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. The director, other than a CEO, sits on more than five unaffiliated public company boards.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. The director attended fewer than 75% of the total number of meetings of the board and its committees on which the director served during the company's prior fiscal year, absent extenuating circumstances.

In addition, in determining whether to support director nominees, we consider factors that we believe are relevant to achieving effective governance practices, which may include the range of experience, perspectives, skills, and personal characteristics represented on the board.

While Fidelity generally considers the requirements of the relevant listing standards in determining director, board, and committee independence, we may apply more stringent independence criteria and adapt such criteria for certain foreign markets, taking into consideration listing requirements as well as differing laws, regulation, and/or practices in the relevant market. For example, Fidelity generally will find non-independent:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Former CEOs.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Company founders.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Directors or director family members that were employed as senior executives by the company within the past five years.

Fidelity also may evaluate financial relationships, equity ownership, and voting rights in assessing the independence of director nominees.

In addition, Fidelity will evaluate board actions and generally will oppose the election of certain or all directors if, by way of example:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The company made a commitment to modify a proposal or practice in a way that aligns with these guidelines and principles but failed to act on that commitment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. For reasons described below under the sections entitled Compensation and Anti-Takeover Provisions and Director Elections **.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. Contested Director Elections

On occasion, directors are forced to compete for election against outside director nominees (contested elections). Fidelity believes that strong management creates long-term shareholder value. As a result, Fidelity generally will vote in support of management of companies in which the funds' assets are invested. Fidelity will vote its proxy on a case-by-case basis in a contested election, taking into consideration a number of factors, amongst others:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Management's track record and strategic plan for enhancing shareholder value;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The long-term performance of the company compared to its industry peers; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. The qualifications of the shareholder's and management's nominees.

Fidelity will vote for the outcome it believes has the best prospects for maximizing shareholder value over the long-term.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C. Cumulative Voting Rights

Under cumulative voting, each shareholder may exercise the number of votes equal to the number of shares owned multiplied by the number of directors up for election. Shareholders may cast all of their votes for a single nominee (or multiple nominees in varying amounts). With regular (non-cumulative) voting, by contrast, shareholders cannot allocate more than one vote per share to any one director nominee. Fidelity believes that cumulative voting can be detrimental to the overall strength of a board. Generally, therefore, Fidelity will oppose the introduction of, and support the elimination of, cumulative voting rights.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;D. Classified Boards

A classified board is one that elects only a percentage of its members each year (usually one-third of directors are elected to serve a three-year term). This means that at each annual meeting only a subset of directors is up for re-election.

Fidelity believes that, in general, classified boards are not as accountable to shareholders as declassified boards. For this and other reasons, Fidelity generally will oppose a board's adoption of a classified board structure and support declassification of existing boards.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;E. Independent Chairperson

In general, Fidelity believes that boards should have a process and criteria for selecting the board chair, and will oppose shareholder proposals calling for, or recommending the appointment of, a non-executive or independent chairperson. If, however, based on particular facts and circumstances, Fidelity believes that appointment of a non-executive or independent chairperson appears likely to further the interests of shareholders and promote effective oversight of management by the board of directors, Fidelity will consider voting to support a proposal for an independent chairperson under such circumstances.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;F. Majority Voting in Director Elections

In general, Fidelity supports proposals calling for directors to be elected by a majority of votes cast if the proposal permits election by a plurality in the case of contested elections (where, for example, there are more nominees than board seats). Fidelity may oppose a majority voting shareholder proposal where a company's board has adopted a policy requiring the resignation of an incumbent director who fails to receive the support of a majority of the votes cast in an uncontested election.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;G. Proxy Access

Proxy access proposals generally require a company to amend its by-laws to allow a qualifying shareholder or group of shareholders to nominate directors on a company's proxy ballot. Fidelity believes that certain safeguards as to ownership threshold and duration of ownership are important to assure that proxy access is not misused by those without a significant economic interest in the company or those driven by short term goals. Fidelity will evaluate proxy access proposals on a case-by-case basis, but generally will support proposals that include ownership of at least 3% (5% in the case of small-cap companies) of the company's shares outstanding for at least three years; limit the number of directors that eligible shareholders may nominate to 20% of the board; and limit to 20 the number of shareholders that may form a nominating group.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;H. Indemnification of Directors and Officers

In many instances there are sound reasons to indemnify officers and directors, so that they may perform their duties without the distraction of unwarranted litigation or other legal process. Fidelity generally supports charter and by-law amendments expanding the indemnification of officers or directors, or limiting their liability for breaches of care unless Fidelity is dissatisfied with their performance or the proposal is accompanied by anti-takeover provisions (see

Anti-Takeover Provisions and Shareholders Rights Plans below).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;III. <u><u>Compensation</u></u> 

Incentive compensation plans can be complicated and many factors are considered when evaluating such plans. Fidelity evaluates such plans based on protecting shareholder interests and our historical knowledge of the company and its management.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. Equity Compensation Plans

Fidelity encourages the use of reasonably designed equity compensation plans that align the interest of management with those of shareholders by providing officers and employees with incentives to increase long-term shareholder value. Fidelity considers whether such plans are too dilutive to existing shareholders because dilution reduces the voting power or economic interest of existing shareholders as a result of an increase in shares available for distribution to employees in lieu of cash compensation. Fidelity will generally oppose equity compensation plans or amendments to authorize additional shares under such plans if:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The company grants stock options and equity awards in a given year at a rate higher than a benchmark rate ("burn rate") considered appropriate by Fidelity and there were no circumstances specific to the company or the compensation plans that leads Fidelity to conclude that the rate of awards is otherwise acceptable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The plan includes an evergreen provision, which is a feature that provides for an automatic increase in the shares available for grant under an equity compensation plan on a regular basis.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. The plan provides for the acceleration of vesting of equity compensation even though an actual change in control may not occur.

As to stock option plans, considerations include the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Pricing: We believe that options should be priced at 100% of fair market value on the date they are granted. We generally oppose options priced at a discount to the market, although the price may be as low as 85% of fair market value if the discount is expressly granted in lieu of salary or cash bonus.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Re-pricing: An "out-of-the-money" (or underwater) option has an exercise price that is higher than the current price of the stock. We generally oppose the re-pricing of underwater options because it is not consistent with a policy of offering options as a form of long-term compensation. Fidelity also generally opposes a stock option plan if the board or compensation committee has re-priced options outstanding in the past two years without shareholder approval.

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Fidelity generally will support a management proposal to exchange, re-price or tender for cash, outstanding options if the proposed exchange, re-pricing, or tender offer is consistent with the interests of shareholders, taking into account a variety of factors such as:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Whether the proposal excludes senior management and directors;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Whether the exchange or re-pricing proposal is value neutral to shareholders based upon an acceptable pricing model;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. The company's relative performance compared to other companies within the relevant industry or industries;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Economic and other conditions affecting the relevant industry or industries in which the company competes; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. Any other facts or circumstances relevant to determining whether an exchange or re-pricing proposal is consistent with the interests of shareholders.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. Employee Stock Purchase Plans

These plans are designed to allow employees to purchase company stock at a discounted price and receive favorable tax treatment when the stock is sold. Fidelity generally will support employee stock purchase plans if the minimum stock purchase price is equal to or greater than 85% (or at least 75% in the case of non-U.S. companies where a lower minimum stock purchase price is equal to the prevailing "best practices" in that market) of the stock's fair market value and the plan constitutes a reasonable effort to encourage broad based participation in the company's stock.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;IV. <u><u>Advisory Vote on Executive Compensation (Say on Pay) and Frequency of Say on Pay Vote</u></u> 

Current law requires companies to allow shareholders to cast non-binding votes on the compensation for named executive officers, as well as the frequency of such votes. Fidelity generally will support proposals to ratify executive compensation unless the compensation appears misaligned with shareholder interests or is otherwise problematic, taking into account:

The actions taken by the board or compensation committee in the previous year, including whether the company re-priced or exchanged outstanding stock options without shareholder approval; adopted or extended a golden parachute without shareholder approval; or adequately addressed concerns communicated by Fidelity in the process of discussing executive compensation;

- The alignment of executive compensation and company performance relative to peers; and

The structure of the compensation program, including factors such as whether incentive plan metrics are appropriate, rigorous and transparent; whether the long-term element of the compensation program is evaluated over at least a three-year period; the sensitivity of pay to below median performance; the amount and nature of non-performance-based compensation; the justification and rationale behind paying discretionary bonuses; the use of stock ownership guidelines and amount of executive stock ownership; and how well elements of compensation are disclosed.

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When presented with a frequency of Say on Pay vote, Fidelity generally will support holding an annual advisory vote on Say on Pay.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. Compensation Committee

Directors serving on the compensation committee of the Board have a special responsibility to ensure that management is appropriately compensated and that compensation, among other things, fairly reflects the performance of the company. Fidelity believes that compensation should align with company performance as measured by key business metrics. Compensation policies should align the interests of executives with those of shareholders. Further, the compensation program should be disclosed in a transparent and timely manner.

Fidelity will oppose the election of directors on the compensation committee if:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The compensation appears misaligned with shareholder interests or is otherwise problematic and results in concerns with:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) The alignment of executive compensation and company performance relative to peers; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) The structure of the compensation program, including factors outlined above under the section entitled Advisory Vote on Executive Compensation (Say on Pay) and Frequency of Say on Pay Vote.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The company has not adequately addressed concerns raised by shareholders.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Within the last year, and without shareholder approval, a company's board of directors or compensation committee has either:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) Re-priced outstanding options, exchanged outstanding options for equity, or tendered cash for outstanding options; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) Adopted or extended a golden parachute.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. Executive Severance Agreements

Executive severance compensation and benefit arrangements resulting from a termination following a change in control are known as "golden parachutes." Fidelity generally will oppose proposals to ratify golden parachutes where the arrangement includes an excise tax gross-up provision; single trigger for cash incentives; or may result in a lump sum payment of cash and acceleration of equity that may total more than three times annual compensation (salary and bonus) in the event of a termination following a change in control.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;V. <u><u>Natural and Human Capital Issues</u></u> 

As part of our efforts to maximize long-term shareholder value, we incorporate consideration of human and natural capital issues into our evaluation of a company if our research has demonstrated an issue is financially material to that company and the investing funds' investment objectives and strategies.

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Fidelity generally considers management's recommendation and current practice when voting on shareholder proposals concerning human and natural capital issues because it generally believes that management and the board are in the best position to determine how to address these matters. Fidelity, however, also believes that transparency is critical to sound corporate governance. Fidelity evaluates shareholder proposals concerning natural and human capital topics. To engage and vote more effectively on the growing number of submitted proposals on these topics, we developed a four-point decision-making framework. In general, Fidelity will more likely support proposals that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Address a topic that our research has identified as financially material;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Provide disclosure of new or additional information to investors without being overly prescriptive;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Provide valuable information to the business or investors by improving the landscape of investment-decision relevant information or contributing to our understanding of a company's processes and governance of the topic in question; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Are realistic or practical for the company to comply with.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;VI. <u><u>Anti-Takeover Provisions and Shareholders Rights Plans</u></u> 

Fidelity generally will oppose a proposal to adopt an anti-takeover provision. Anti-takeover provisions include:

- classified boards;

- "blank check" preferred stock (whose terms and conditions may be expressly determined by the company's board, for example, with differential voting rights);

- golden parachutes;

supermajority provisions (that require a large majority (generally between 67- 90%) of shareholders to approve corporate changes as compared to a majority provision that simply requires more than 50% of shareholders to approve those changes);

- poison pills;

- provisions restricting the right to call special meetings;

- provisions restricting the right of shareholders to set board size; and

- any other provision that eliminates or limits shareholder rights.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. Shareholders Rights Plans ("poison pills")

Poison pills allow shareholders opposed to a takeover offer to purchase stock at discounted prices under certain circumstances and effectively give boards veto power over any takeover offer. While there are advantages and disadvantages to poison pills, they can be detrimental to the creation of shareholder value and can help entrench management by deterring acquisition offers not favored by the board, but that may, in fact, be beneficial to shareholders.

Fidelity generally will support a proposal to adopt or extend a poison pill if the proposal:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Includes a condition in the charter or plan that specifies an expiration date (sunset provision) of no greater than five years;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Is integral to a business strategy that is expected to result in greater value for the shareholders;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Requires shareholder approval to be reinstated upon expiration or if amended;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Contains a mechanism to allow shareholders to consider a bona fide takeover offer for all outstanding shares without triggering the poison pill; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. Allows the Fidelity funds to hold an aggregate position of up to 20% of a company's total voting securities, where permissible.

Fidelity generally also will support a proposal that is crafted only for the purpose of protecting a specific tax benefit if it also believes the proposal is likely to enhance long-term economic returns or maximize long-term shareholder value.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. Shareholder Ability to Call a Special Meeting

Fidelity generally will support shareholder proposals regarding shareholders' right to call special meetings if the threshold required to call the special meeting is no less than 25% of the outstanding stock.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C. Shareholder Ability to Act by Written Consent

Fidelity generally will support proposals regarding shareholders' right to act by written consent if the proposals include appropriate mechanisms for implementation. This means that proposals must include record date requests from at least 25% of the outstanding stockholders and consents must be solicited from all shareholders.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;D. Supermajority Shareholder Vote Requirement

Fidelity generally will support proposals regarding supermajority provisions if Fidelity believes that the provisions protect minority shareholder interests in companies where there is a substantial or dominant shareholder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;VII. <u><u>Anti-Takeover Provisions and Director Elections</u></u> 

Fidelity will oppose the election of all directors or directors on responsible committees if the board adopted or extended an anti-takeover provision without shareholder approval.

Fidelity will consider supporting the election of directors with respect to poison pills if:

- All of the poison pill's features outlined under the Anti-Takeover Provisions and Shareholders Rights section above are met when a poison pill is adopted or extended.

A board is willing to consider seeking shareholder ratification of, or adding the features outlined under the Anti-Takeover Provisions and Shareholders Rights Plans section above to, an existing poison pill. If, however, the company does not take appropriate action prior to the next annual shareholder meeting, Fidelity will oppose the election of all directors at that meeting.

- It determines that the poison pill was narrowly tailored to protect a specific tax benefit, and subject to an evaluation of its likelihood to enhance long-term economic returns or maximize long-term shareholder value.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;VIII. <u><u>Capital Structure and Incorporation</u></u> 

These guidelines are designed to protect shareholders' value in the companies in which the Fidelity funds invest. To the extent a company's management is committed and incentivized to maximize shareholder value, Fidelity generally votes in favor of management proposals; Fidelity may vote contrary to management where a proposal is overly dilutive to shareholders and/or compromises shareholder value or other interests. The guidelines that follow are meant to protect shareholders in these respects.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. Increases in Common Stock

Fidelity may support reasonable increases in authorized shares for a specific purpose (a stock split or re-capitalization, for example). Fidelity generally will oppose a provision to increase a company's authorized common stock if such increase will result in a total number of authorized shares greater than three times the current number of outstanding and scheduled to be issued shares, including stock options.

In the case of real estate investment trusts (REITs), however, Fidelity will oppose a provision to increase the REIT's authorized common stock if the increase will result in a total number of authorized shares greater than five times the current number of outstanding and scheduled to be issued shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. Multi-Class Share Structures

Fidelity generally will support proposals to recapitalize multi-class share structures into structures that provide equal voting rights for all shareholders, and generally will oppose proposals to introduce or increase classes of stock with differential voting rights. However, Fidelity will evaluate all such proposals in the context of their likelihood to enhance long-term economic returns or maximize long-term shareholder value.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C. Incorporation or Reincorporation in another State or Country

Fidelity generally will support management proposals calling for, or recommending that, a company reincorporate in another state or country if, on balance, the economic and corporate governance factors in the proposed jurisdiction appear reasonably likely to be better aligned with shareholder interests, taking into account the corporate laws of the current and proposed jurisdictions and any changes to the company's current and proposed governing documents. Fidelity will consider supporting these shareholder proposals in limited cases if, based upon particular facts and circumstances, remaining incorporated in the current jurisdiction appears misaligned with shareholder interests.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;IX. <u><u>Shares of Fidelity Funds or other non-Fidelity Funds</u></u> 

When a Fidelity fund invests in an underlying Fidelity fund with public shareholders or a non-Fidelity investment company or business development company, Fidelity will generally vote in the same proportion as all other voting shareholders of the underlying fund (this is known as "echo voting"). Fidelity may not vote if "echo voting" is not operationally practical or not permitted under applicable laws and regulations. For Fidelity fund investments in a Fidelity Series Fund, Fidelity generally will vote in a manner consistent with the recommendation of the Fidelity Series Fund's Board of Trustees on all proposals, except where not permitted under applicable laws and regulations.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;X. <u><u>Foreign Markets</u></u> 

Many Fidelity funds invest in voting securities issued by companies that are domiciled outside the United States and are not listed on a U.S. securities exchange. Corporate governance standards, legal or regulatory requirements and disclosure practices in foreign countries can differ from those in the United States. When voting proxies relating to non-U.S. securities, Fidelity generally will evaluate proposals under these guidelines and where applicable and feasible, take into consideration differing laws, regulations and practices in the relevant foreign market in determining how to vote shares.

In certain non-U.S. jurisdictions, shareholders voting shares of a company may be restricted from trading the shares for a period of time around the shareholder meeting date. Because these trading restrictions can hinder portfolio management and could result in a loss of liquidity for a fund, Fidelity generally will not vote proxies in circumstances where such restrictions apply. In addition, certain non-U.S. jurisdictions require voting shareholders to disclose current share ownership on a fund-by-fund basis. When such disclosure requirements apply, Fidelity generally will not vote proxies in order to safeguard fund holdings information.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;XI. <u><u>Securities on Loan</u></u> 

Securities on loan as of a record date cannot be voted. In certain circumstances, Fidelity may recall a security on loan before record date (for example, in a particular contested director election or a noteworthy merger or acquisition). Generally, however, securities out on loan remain on loan and are not voted because, for example, the income a fund derives from the loan outweighs the benefit the fund receives from voting the security. In addition, Fidelity may not be able to recall and vote loaned securities if Fidelity is unaware of relevant information before record date, or is otherwise unable to timely recall securities on loan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;XII. <u><u>Compliance with Legal Obligations and Avoiding Conflicts of Interest</u></u> 

Voting of shares is conducted in a manner consistent with Fidelity's fiduciary obligations to the funds and all applicable laws and regulations. In other words, Fidelity votes in a manner consistent with these guidelines and in the best interests of the funds and their shareholders, and without regard to any other Fidelity companies' business relationships.

Fidelity takes its responsibility to vote shares in the best interests of the funds seriously and has implemented policies and procedures to address actual and potential conflicts of interest.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;XIII. <u><u>Conclusion</u></u> 

Since its founding more than 75 years ago, Fidelity has been driven by two fundamental values: 1) putting the long-term interests of our customers and fund shareholders first; and 2) investing in companies that share our approach to creating value over the long-term. With these fundamental principles as guideposts, the funds are managed to provide the greatest possible return to shareholders consistent with governing laws and the investment guidelines and objectives of each fund.

Fidelity believes that there is a strong correlation between sound corporate governance and enhancing shareholder value. Fidelity, through the implementation of these guidelines, puts this belief into action through consistent engagement with portfolio companies on matters contained in these guidelines, and, ultimately, through the exercise of voting rights by the funds.

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**First Pacific Advisors, LP <br> Proxy Voting Policy <br> December 2022**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**A. Overview**

This policy is designed to reflect FPA's fiduciary duty to act in a manner that furthers the best interests of its Clients when voting proxies or deciding not to vote. In determining how or whether to vote proxies or provide consents, FPA will not subordinate the economic interests of its clients to the interests of other persons or to FPA's self-interest. Each proxy issue will be considered individually. Decisions will be made by relevant portfolio managers and based on the financial interest of Clients in light of the specific applicable investment strategy, taking into consideration the guidelines enumerated in this Policy.

Recognizing that proxy voting is a rare event in the realm of fixed income investing and is typically limited to solicitation of consent to changes in features of debt securities, this Policy also applies generally to voting and/or consent rights relating to debt securities (to the extent they are voted in a proxy process) on behalf of Clients, including but not limited to, plans of reorganization, and waivers and consents under applicable indentures.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Procedures

Absent specific Client instructions, and subject to the limitations described below, FPA has adopted the following proxy voting procedures designed to ensure that proxies and consent rights that are voted in a proxy process (each a "proxy", and collectively, "proxies") are properly identified and voted, and that any conflicts of interest are addressed appropriately:

● The Proxy Administrator or designee takes steps to ensure that the custodians for all Client accounts have been instructed to electronically deliver all applicable proxy ballots to Institutional Shareholder Services Inc. ("ISS"), which FPA uses to process proxy votes. Note, in certain cases, a proxy vote may be received outside of the ISS process.

● ISS electronically delivers proxy ballots to FPA's Proxy Administrator, or in certain situations (e.g., for some debt securities), FPA may receive a proxy ballot or a request to make a voting decision through another method (e.g., mail, etc.). Upon receipt of the proxy ballot, FPA's Proxy Administrator will forward the ballot to the appropriate FPA Portfolio Manager along with a due date by which the Portfolio Manager must respond back to the Proxy Administrator. The due date provided to the Portfolio Manager should be at least one business day prior to the date by which FPA must vote the proxy for it to be counted. The Portfolio Manager evaluates the proxy ballot to determine voting decisions that will be in the best interest of Clients, and may consider ISS' recommendations (as applicable) in making a determination to the extent the Portfolio Manager has determined that any such recommendations are consistent with the Firm's fiduciary duties, including, without limitation, ERISA. The Portfolio Manager then communicates the voting instructions by email to the Proxy Administrator.

● To the extent that FPA receives a proxy ballot for an issuer for which FPA has filed Schedule 13D and/or is a Section 16 filer, the Proxy Administrator will consult with the Legal Department prior to sending the proxy to the Portfolio Manager to determine whether FPA is subject to any related restrictions.

● When the Proxy Administrator receives voting instructions from the Portfolio Manager, the Proxy Administrator will follow those instructions and enter the votes electronically through ISS' online system, or in the case of proxies that are not delivered through ISS' online system, vote in accordance with the instructions provided.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o To the extent the Proxy Administrator does not receive a timely response from the
Portfolio Manager regarding how to vote a proxy, the Proxy Administrator will: (i) vote in accordance with the recommendations provided
by ISS; or (ii) if there is no ISS recommendation, contact the CCO and/or the Legal Department, who will convene an internal working group
to determine the appropriate actions.

● To the extent ISS notifies FPA, or FPA otherwise becomes aware, of additional proxy materials that are filed after the FPA Portfolio Manager has communicated voting instructions or after those instructions have been submitted through ISS' online system or submitted through another method, the Proxy Administrator and/or the applicable FPA personnel will forward such additional materials to the appropriate Portfolio Manager for consideration. If the FPA Portfolio Manager wishes to change a vote previously cast due to the additional information, the Proxy Administrator will work to implement such change, if feasible, prior to the voting deadline.

● FPA will not neglect its proxy voting responsibilities, but may abstain from voting if it deems that abstaining is in its Clients' best interests, as described below under the *Limitations on Proxy Voting* section. The Proxy Administrator will document instances in which FPA does not vote a Client's proxy.

● The Proxy Administrator will document instances where FPA votes the same proxy in two directions for different Clients.

● Proxies received after a Client terminates its advisory relationship with FPA will not be voted. <sup>1</sup> The Proxy Administrator will promptly return such proxies to the sender, along with a statement indicating that FPA's advisory relationship with the Client has terminated, and that future proxies should not be sent to FPA.

● To the extent that a conflict of interest is identified in conjunction with a specific proxy vote, the voting process will be modified as described below under *Conflicts of Interest.* 

<sup>1</sup> It is noted that in certain circumstances, a Client may request FPA to contractually agree to continue to vote proxies on their behalf after the termination date.

● The Proxy Administrator, in conjunction with Compliance, is responsible for overseeing the services provided by ISS, and will conduct periodic diligence regarding such services that will consider, to the extent applicable, the guidance set out in Investment Advisers Act Release No. 5325 (September 10, 2019). <sup>2</sup> If any FPA personnel identify potential factual errors, incompleteness, or methodological weakness in the voting recommendations provided by ISS, the Proxy Administrator should be notified promptly. Additionally, the Proxy Administrator will take steps to ensure that FPA's proxy voting decisions were not based on the erroneous or incomplete information.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Conflicts of Interest

When completing the steps above, the Proxy Administrator will consider whether FPA is subject to any material conflicts of interest in connection with each proxy vote. In addition, Employees, including Portfolio Managers involved in determining proxy votes, must notify FPA's Legal Department and/or the CCO if they are aware of any material conflict of interest associated with a proxy vote. It is impossible to anticipate all material conflicts of interest that could arise in connection with proxy voting. The following examples are meant to help the Proxy Administrator and Employees identify potential conflicts when considering proxies of certain issuers and/or their competitors:

● FPA provides investment advice to a publicly traded company ("Company"), to the public pension plan of such Company, or to a subsidiary or affiliate of such Company, and FPA holds shares of such Company in FPA Client accounts;

● FPA provides investment advice to an issuer and an FPA employee (or family member) is a member of the issuer's Board of Directors;

● FPA provides investment advice to an officer or director of an issuer;

● FPA, or an affiliate, has a financial interest in the outcome of a proxy vote, such as when FPA is asked to vote on a change in Rule 12b-1 fees paid by a mutual fund to investment advisers, including FPA;

● An issuer or some other third party offers FPA or an Employee compensation in exchange for voting a proxy in a particular way;

<sup>2</sup> Some of the considerations set forth in IA Release No. 5325 (Sept. 10, 2019) include, but are not limited to, reviewing: (i) the adequacy and quality of the proxy advisory firm's staffing, personnel, and/or technology; (ii) whether the proxy advisory firm has an effective process for seeking timely input from issuers and proxy advisory firm clients with respect to its proxy voting policies, methodologies, and peer group constructions; (iii) disclosures provided by the proxy advisory firm regarding its methodologies in formulating voting recommendations; (iv) the nature of any third-party information sources that the proxy advisory firm uses as a basis for voting recommendations; (v) when and how the proxy advisory firm would expect to engage with issuers and third parties; (vi) policies and procedures regarding identifying and addressing conflicts of interest; and (vii) the number of potential factual errors, incompleteness or methodical weakness in the proxy advisory firm's analysis that may have materially affected the proxy advisory firm's research or recommendations that an investment adviser utilized; and (vii) a proxy advisory firm's process for ensuring that it has complete and accurate information about the issuer and each particular matter.

● An Employee, or a member of an Employee's household, has a personal or business relationship with an issuer;

● FPA or its Employees have a short position in an issuer, but FPA's Clients have a long position in the same issuer; and

● An FPA Client holds securities of an issuer that are senior to the securities of the same issuer held by other FPA Clients in the same strategy, and an action is required (e.g., proxy, bankruptcy, corporate action, etc.) that would benefit some FPA Clients over others.

If FPA detects a material conflict of interest in connection with a proxy solicitation, FPA will abide by the following procedures:

● FPA will convene an internal group of senior FPA employees who are independent from the conflict of interest at issue.

● The internal group will review any documentation associated with the proxy vote and ISS' recommendation for the vote, and may discuss the matter with outside counsel or consultants if necessary.

● The internal group will propose a course of action that they determine to be in the best interest of the applicable FPA Client(s). <sup>3</sup> Such course of action may include, but is not limited to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o Consulting with the Board of Directors/Trustees of the FPA Funds for conflicts of
interest involving the registered investment companies, and following the course of action proposed by such Board of Directors/Trustees;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o Voting in accordance with the recommendations provided by ISS;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o "Echo" or "mirror" voting those shares in the same proportion as other votes;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o Seeking Client consent for the vote that the Portfolio Manager has proposed;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o Engaging an independent third party to provide a recommendation on how to vote
the proxy;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o Abstaining from voting the proxy (in-line with the limitations noted in Section
3 below); or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o For debt proxies, additional courses of action may also include: (i) voting with
the majority of uninterested lenders; (ii) ceding its vote to the agent bank if the asset held is bank debt; or (iii) appointing an independent
committee or party to make the voting decision.

<sup>3</sup> With respect to any ERISA Plan Client, FPA will resolve any conflict in accordance with its fiduciary duties under ERISA.

● The Proxy Administrator will vote the proxy or abstain from voting the proxy pursuant to the internal group's instructions. The Proxy Administrator will retain documentation that reflects the rationale for the proxy vote determination.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Limitations on Proxy Voting

Notwithstanding the procedures listed above, in certain circumstances where FPA has determined that it is in the Client's best interest, FPA will not vote proxies received. In other situations, the Client will decide unilaterally to retain proxy voting authority. The following are some, but not all, circumstances where FPA will limit its role in voting proxies:

● <u>Client Maintains Proxy Voting Authority</u>. Where the Client has instructed FPA in writing, FPA will not vote the securities and will direct the relevant custodian to send the proxy material directly to the Client. If any proxy material is received by FPA, it will promptly be forwarded to the Client or a specified third party.

● <u>Client Provides Proxy Voting Instructions</u>. Where the Client has provided written instructions to FPA directing FPA how to vote proxies (e.g., a Client directs FPA to vote ESG based on ISS ESG guidelines or directs FPA to vote a proxy in a certain way in specific situations).

● <u>Terminated Account</u>. Once a Client account has been terminated in accordance with the investment advisory agreement, FPA may refrain from voting any proxies received after the termination and will return the proxy materials to the sender or to an address provided by the Client for forwarding any proxies received.

● <u>Securities No Longer Held</u>. FPA may refrain from voting proxies received for securities which are no longer held by the Client's account.

● <u>Securities Lending Programs</u>. When securities are out on loan, they are transferred into the borrower's name and are voted by the borrower, in its discretion.

● <u>Non-Discretionary Accounts</u>. If FPA accepts a Client with non-discretionary authority, it may also yield the authority to vote proxies.

● <u>Limited Value</u>. FPA may abstain from voting a Client proxy based upon a conclusion that the effect on a Client's economic interests or the value of the portfolio holding is indeterminable or insignificant.

● <u>Costs exceed benefits</u>. FPA may abstain from voting a Client proxy if FPA believes that the costs of voting the proxy exceed the expected benefit to the Client of voting the proxy.

● <u>Non-US Issuers</u>. FPA will vote non-US issuer proxies on a best efforts basis. Some non-US proxies may involve a number of features that restrict or prevent FPA's ability to vote in a timely manner, or otherwise make voting impractical. For example, some proxies may not appear on any platform because some issuers do not reimburse custodians for the distribution of proxies. FPA will use its best efforts to vote all proxies but cannot guarantee the votes will be processed due to obstacles such as share blocking, re-registration, required powers of attorney, and sub-custodial arrangements. FPA may also be limited in obtaining proxy records but will maintain evidence reflecting best efforts to vote such proxies.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Sub-Adviser Engagement

As an investment manager, FPA may exercise its discretion to engage a Sub-Adviser to provide portfolio management services to certain FPA Clients. Consistent with its management responsibilities, the Sub-Adviser will typically assume the authority for voting proxies on behalf of these FPA Clients. Sub-Advisers may retain the services of third parties to assist in the administration of the proxy voting process and/or provide other services related to proxy voting. FPA will maintain oversight of the Sub-Adviser, including ensuring that the Sub-Adviser has adopted written proxy voting policies and procedures, which it believes are reasonably designed to ensure that the Sub-Adviser votes client securities in the best interests of FPA Clients.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. Class Actions

Securities issuers are, on occasion, the subject of class action lawsuits where the class of potentially injured parties is defined to be purchasers of the issuer's securities during a specific period of time. These cases may result in an award of damages or settlement proceeds to the class members who file claims with the settlement administrator. At the time of the settlement, notice of the settlement together with a claim form and release is generally sent to the custodian of the securities who in turn may forward these notices to the separately managed account clients. FPA does not provide any legal advice to Clients in connection with class action litigation. FPA will instead provide such accounts with reasonable assistance by providing account-level information upon request.<sup>4</sup>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. Books and Records

The Proxy Administrator will ensure that the following information is retained and available to be promptly produced in connection with each proxy vote:

● The issuer's name;

● The security's ticker symbol or CUSIP, as applicable;

● The shareholder meeting date;

● The number of shares that FPA voted;

● A brief identification of the matter voted on;

● Whether the matter was proposed by the issuer or a security-holder;

<sup>4</sup> With respect to the FPA Funds and FPA Private Funds, FPA is responsible for determining participation in class actions.

● Whether FPA cast a vote;

● How FPA cast its vote (for the proposal, against the proposal, or abstain);

● Whether FPA cast its vote with or against management;

● Any communication with Clients on how FPA voted proxies on behalf of the Client.

FPA may satisfy certain of the above requirements by relying on a third party to retain a copy of the proxy statement on FPA's behalf, so long as FPA has obtained an undertaking from the third party to provide a copy of the proxy statement promptly upon request. FPA may also satisfy certain of the above requirements by relying on proxy statements available from the SEC's Electronic Data Gathering, Analysis, and Retrieval (EDGAR) system.

For proxy ballots that are not delivered electronically via the ISS online system, the Proxy Administrator submits the ballot along with details as to how FPA voted to ISS, who will add it to the system for recordkeeping and regulatory filing purposes.

The Proxy Administrator will periodically reconcile the proxy voting records from the custodians with the proxy voting records from ISS and follow up on any discrepancies to ensure that accurate records are maintained.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. Form N-PX Filings

The FPA funds registered as investment companies under the Investment Company Act of 1940, as amended, which includes mutual funds, ETFs, and closed-end funds, ("FPA Registered Funds") are required to file reports with the SEC on Form N-PX by August 31<sup>st</sup> each year containing each fund's proxy voting record for the most recent 12-month period ending June 30. If an FPA Registered Fund is part of a multi-series trust, Form N-PX requires each series in a multi-series trust to present its complete voting record separately from other series.

Form N-PX requires: (i) listing of proxy voting matters using the same language as the issuer's proxy voting card and in the same order, as well as identifying each director separately for director election matters; (ii) categorization of proxy votes into one of fourteen different categories to identify the subject matter of each reported proxy voting item; (iii) disclosure of the number of shares that were voted (or instructed to be cast) and how those shares were voted (e.g., for or against a proposal, or abstain); and (iv) disclosure of number of shares loaned and not recalled for voting.

In addition to the N-PX requirements listed above for FPA Registered Funds, under Rule 14Ad-1 of the Securities Exchange Act of 1934 ("Exchange Act"), "institutional investment managers"<sup>5</sup> ("managers") that are required to file reports under Section 13(f) of the Exchange Act, are required to report its say-on-pay votes on Form N-PX for those securities in which it exercised voting power.<sup>6</sup> Some examples of say-on-pay votes that must be reported include, but are not limited to, votes on the approval of executive compensation and votes to approve "golden parachute" compensation in connection with a merger or acquisition. This Form N-PX can be filed separately, or in conjunction with a FPA Registered Fund.

Finally, each FPA Registered Fund that has a website will make available its most recently filed N-PX on (or through) its website as soon as reasonably practical after filing. The reports will also be available upon request, free of charge.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. Disclosures to Clients and Investors

FPA includes a description of its policies and procedures regarding proxy voting in Part 2A of Form ADV, along with a statement that FPA Clients and investors can contact FPA to obtain a copy of these policies and procedures and information about how FPA voted with respect to the Client's securities.

Any request for information about proxy voting or class actions should be promptly forwarded to the Proxy Administrator, who will respond to any such requests. As a matter of policy, FPA does not disclose how it expects to vote on upcoming proxies.

<sup>5</sup> An "institutional investment manager" is defined as an entity that either invests in, or buys and sells, securities for its own account. The term "institutional investment manager" also includes a natural person or an entity that exercises investment discretion over the account of any other natural person or entity (for example, an investment adviser). A natural person or entity that controls an institutional investment manager is itself an institutional investment manager.

<sup>6</sup> Rule 14Ad-1 provides a two-part test for determining whether a manager exercised voting power over a security and must therefore report a say-on-pay vote on Form N-PX: (1) the manager has the power to vote, or direct the voting of, a security; and (2) the manager "exercises" this power to influence a voting decision for the security.

Global Responsible Investment and Stewardship Policy

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Introduction

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.1 First
 Sentier Investors (FSI) is a global asset manager with experience across a range of asset
 classes and specialist investment sectors. We are stewards of assets managed on behalf of
 institutional investors, pension funds, wholesale distributors, investment platforms, financial
 advisers and their clients worldwide.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.2 This
 document sets out a series of standards relating to responsible investment (**RI**) and
 stewardship that all FSI investment professionals are expected to adhere to in practice.
 These standards are set out in section 2 and specifically relate to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. the
 integration of environment, social and governance (ESG) factors into the investment processes
 of FSI investment teams;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. corporate
 engagement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. proxy
 voting in public markets; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. investment
 screens.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.3 **The standards are shown in bold print**. Additional information in non-bold print is included
 to provide context to the standards.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.4 We
 recognise that responsible investment practices continue to evolve and that appropriate approaches
 to RI will differ between asset classes, industries, and individual investments. As such,
 adherence to these standards may take the form of different actions and the nature of actions
 required to adhere to these standards may evolve over time. Therefore, consideration as to
 whether these standards have been adhered to will take into account the various asset-class
 and investment style specific considerations set out in section 3.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.5 This
 document should be read in conjunction with our Global Responsible Investment and Stewardship
 Principles.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.6 This
 document has been approved by FSI's Global Responsible Investment Executive Committee
 (GRIEC) and shall be reviewed at least every two years.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Responsible
 investment process

***ESG integration***

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.1 Within
 FSI, there is not one standard approach to the integration of ESG factors into investment
 processes. For some investment teams it is achieved through the inclusion of an ESG score
 or rating to refine their investment universe, for others it is integrated in fundamental
 research, in the assessment of management quality or in valuation methods. We supplement
 investment team analysis with external ESG research from Sustainalytics, MSCI, ISS, Reprisk
 and Qontigo at firm level, and a number of teams subscribe to additional data sets. Each
 team's approach to ESG integration is articulated in our responsible investment and
 stewardship reports.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.2** **FSI expects its investment teams to:** 

**Assess active investments for relevant ESG risks and opportunities and document the results of those assessments. These include risks and opportunities that are relevant at both an operational level (e.g. pollution, human capital management) and at a strategic level (e.g. resource constraints, regulatory change).**

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**Monitor ESG risks and opportunities and changes regarding these on an ongoing basis. Where companies are confronted from time to time with social, environmental or corporate governance issues, establish the willingness and ability of the company to improve its practices prior to and post investment and seek to engage the company on any outstanding issues.**

**Raise with companies material issues that are identified which are not being appropriately addressed in accordance with section 2.5 below.**

**Where an investment team manages a European Union domiciled product, and that product considers Principal Adverse Impact indicators on sustainability factors (as defined under the Sustainable Finance Disclosure Regulation):** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o **assess companies/issuers for such impacts and document the results of this assessment. This analysis does not currently extend to derivatives, FX, FX hedging and uninvested cash held within portfolios; 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;o **where such impacts are identified, investment teams shall engage with the company in accordance with the commitments made under section 2.5 of this policy.** 

***Corporate engagement***

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.3 Our
 approach to stewardship more broadly is set out in our Global Responsible Investment and
 Stewardship Principles.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.4 We
 believe engaging in an active dialogue with the companies or entities that we invest in is
 an important activity as it provides a key opportunity to improve our understanding of their
 business. In addition, it allows us to monitor material business issues including strategy,
 capital allocation and financials as well as their approach to environmental, social and
 governance matters, which, in turn, may present us with an opportunity to influence them
 to improve these practices.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.5** **FSI expects its investment teams to:** 

**Where they are in a position to engage with a company's management and board, endeavour to do so with a view to:**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o **Building a respectful, constructive and long-term dialogue with a company's management and board on the performance and strategy of the company (including on material ESG issues).** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o **Understanding the company's approach to managing key business risks and opportunities to support better investment decision-making.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o **Making clear any expectations or preferences for improvements in the company's practices and the importance of the company demonstrating those improvements.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o **Raising any material ESG issues identified.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o **Emphasising our long-term investment horizon and avoiding encouraging short-term behaviours by company management that aim to maximise corporate revenue without due consideration of the impacts on stakeholders, the environment and society.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o **Encouraging and recommending companies to disclose their material ESG risks and performance in keeping with widely adopted and emerging global standards.** 

**Develop an engagement strategy with defined objectives (that where possible and relevant, are SMART - specific, measurable, attainable, relevant and time-based) and escalation points where a company is not recognising or addressing material ESG concerns. Escalation measures such as votes against directors, collaboration with other investors or ultimately selling of securities may be pursued following intensive engagement.**

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**Keep a record of engagement activities and any issues raised for follow up purposes. Progress against objectives shall be reviewed periodically.**

**Engage collectively with other teams and investors where appropriate and subject to complying with any applicable fiduciary, market conduct, regulatory and/or confidentiality obligations.**

***Proxy voting in public markets***

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.6 We
 believe proxy voting is an important investor right and responsibility and should be exercised
 wherever possible. In addition, the ability to vote strengthens our position when engaging
 with investee companies and supports the stewardship of our clients' investments.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.7** **FSI expects its investment teams to:** 

**Vote on resolutions at company meetings where they have the authority to do so.**

**Review all company resolutions and make appropriate recommendations. This includes considering the merits of all resolutions put forward, regardless of the proponents of the resolution and where there are multiple parts to a resolution, considering both the individual merits of each part of the resolution, as well as the impact of the resolution as a whole.**

**Make best endeavours to inform the company beforehand when an investment team intends to vote against the company's recommendation on a substantial or contentious proposal, to explain the reasons for the decision with a view to achieving a satisfactory outcome. The team shall also continue to engage with the company on the topic afterwards.**

**Document the reason for a vote against a proposal in the voting system.**

**Make all votes in the best long-term interest of investors and clients. Where our clients wish to undertake voting directly for segregated accounts, work closely with them to encourage appropriate consideration of material ESG concerns. If a client wishes to override FSI voting decisions, we will implement these changes where we are in the position to do so.**

**Keep a record of the most significant votes, which we define based on the following criteria:**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o **Shareholder proposed resolutions;** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o **Votes against management and abstentions;** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o **Where a client has brought a particular vote to FSI's attention; 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;o **High profile votes subject to a degree of controversy and/or public scrutiny.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.8 Our
 Global Responsible Investment and Stewardship Principles includes guidance on a number of
 voting issues and our current position.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.9 These
 standards do not apply in relation to any stocks that are subject to a securities lending
 program.<sup>[1]</sup>

***Investment screens***

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.10 Whilst
 firm-level negative screens are not our primary approach to responsible investment, we may
 utilise negative screens at an investment team or product level, or where requested via individual
 client mandates.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.11 In
 exceptional circumstances, we may implement a group-wide ban on investment (in both equity
 and debt) in certain sectors or companies. The GRIEC may decide to implement such a ban.
 In

<sup>1</sup> Only one investment team within First Sentier Investors currently engages in securities lending. In the event that the timing of a stock being on loan coincides with voting at the annual general meeting, there is no automated share recall process in place.

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making any such decision, the GRIEC will consider: (i) our fiduciary obligations; (ii) whether the relevant company or sector practices conflicts with international norms and standards enshrined in widely adopted treaties, conventions and codes of practice; (iii) client sentiment; (iv) long-term sustainability and investment risk; (v) recommendations from our investment and RI teams; and (vi) any other factor that it considers relevant.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.12 We
 have (subject to the below qualifications) implemented two firm-wide exclusions in relation
 to investments (both equity and debt) in entities that either:

- derive any revenue directly from the manufacture of Controversial Weapons or Tobacco Products; or

own more than a 50% interest in entities that derive any revenue directly from the manufacture of Controversial Weapons or Tobacco Products.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.13 We
 note the following qualifications to the above firm-wide bans:

We have defined "Controversial Weapons" to include: anti-personnel mines, cluster weapons, biological and chemical weapons, depleted uranium, nuclear weapons produced in support of the nuclear weapons programs of non-nuclear weapon State Parties and non-signatories to the Treaty on the Non-Proliferation of Nuclear Weapons and white phosphorus munitions.

We have defined "Tobacco Products" to include traditional cigarettes and other tobacco products (including cigars and chewing tobacco), which we do not consider includes vaping or e-cigarette products.

The above firm-wide exclusions do not apply to: (i) investments in entities with minority investments (i.e. < 50%) in other entities or joint ventures that are involved in the above sectors; or (ii) underlying investments of any securitised debt instruments that we are invested in due to the nature of their structures.

The implementation of these firm-wide exclusions is dependent on information relating to either reported revenues or revenue estimates provided by reputable third party research providers. Where such information turns out to be inaccurate or there are delays in accessing such information, the implementation of these firm-wide exclusions may in turn be delayed, particularly where there has been material changes in the nature of certain investments.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.14 **All investment teams are prohibited from investing in entities captured by the above firm-wide exclusions. If any existing investment is subsequently assessed to be captured by the above firm-wide exclusions, the relevant investment team will generally seek an orderly sale of that investment within three months, but this time frame may vary on a case-by-case basis.** The RI team, together with Investment Compliance, manages the implementation of these
 firm-wide exclusions. A list of excluded companies is updated on a quarterly basis and is
 available on our website.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Asset
 class and investment style specific considerations

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.1 Consideration
 as to whether the standards have been adhered to will take into account the following asset-class
 and investment style specific considerations:

ESG integration is not generally undertaken for investments in government bodies, agencies or departments (which we define as Supranational bodies, Sovereign bodies and Agencies). Fixed income investors should be proactive in engaging with counterparties, credit rating agencies, government, semi-government and supra-national issuers where they have the opportunity to do so, however we recognise that engagement may take a different form to how it is outlined in section 2.5 above.

The Igneo Infrastructure Partners team takes significant ownership stakes in portfolio companies, with lead or co-lead shareholder roles and in many cases 100% ownership. This ensures board representation and enables the team to engage directly with all portfolio

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companies and proactively manage all aspects of the business, including ESG performance. The team has developed specific ESG guidelines in line with this policy.

The nature of systematic investment strategies may limit the ability to have the level of ESG analysis and engagement committed to by other investment teams under sections 2.2 and 2.5. However they have a range of unique opportunities to identify and address ESG issues, and are expected to:

o Develop signals that incorporate responsible investment principles.

o Exercise their ownership rights, particularly as they relate to proxy voting and engagement, and develop their own policy in line with this policy.

o Engage with companies either directly or by considering collaborative engagement opportunities (either internally with other investment teams or externally).

o Produce relevant research and other thought leadership that can support clients to incorporate ESG and other non-financial factors in their investment mandates.

Effective date: February 2024

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**Important Information**

This material is for general information purposes only. It does not constitute investment or financial advice and does not take into account any specific investment objectives, financial situation or needs. This is not an offer to provide asset management services, is not a recommendation or an offer or solicitation to buy, hold or sell any security or to execute any agreement for portfolio management or investment advisory services and this material has not been prepared in connection with any such offer. Before making any investment decision you should consider, with the assistance of a financial advisor, your individual investment needs, objectives and financial situation.

We have taken reasonable care to ensure that this material is accurate, current, and complete and fit for its intended purpose and audience as at the date of publication. To the extent this material contains any measurements or data related to environmental, social and governance (**ESG**) factors, these measurements or data are estimates based on information sourced by the relevant investment team from third parties including portfolio companies and such information may ultimately prove to be inaccurate. No assurance is given or liability accepted regarding the accuracy, validity or completeness of this material and we do not undertake to update it in future if circumstances change.

To the extent this material contains any expression of opinion or forward-looking statements, such opinions and statements are based on assumptions, matters and sources believed to be true and reliable at the time of publication only. This material reflects the views of the individual writers only. Those views may change, may not prove to be valid and may not reflect the views of everyone at First Sentier Investors.

To the extent this material contains any ESG related commitments or targets, such commitments or targets are current as at the date of publication and have been formulated by the relevant investment team in accordance with either internally developed proprietary frameworks or are otherwise based on the Institutional Investors Group on Climate Change (**IIGCC**) Paris Aligned Investment Initiative framework. The commitments and targets are based on information and representations made to the relevant investment teams by portfolio companies (which may ultimately prove not be accurate), together with assumptions made by the relevant investment team in relation to future matters such as government policy implementation in ESG and other climate-related areas, enhanced future technology and the actions of portfolio companies (all of which are subject to change over time). As such, achievement of these commitments and targets depend on the ongoing accuracy of such information and representations as well as the realisation of such future matters. Any commitments and targets set out in this material are continuously reviewed by the relevant investment teams and subject to change without notice.

**About First Sentier Investors**

References to 'we', 'us' or 'our' are references to First Sentier Investors, a global asset management business which is ultimately owned by Mitsubishi UFJ Financial Group. Certain of our investment teams operate under the trading names FSSA Investment Managers, Stewart Investors, Realindex Investments and Igneo Infrastructure Partners, all of which are part of the First Sentier Investors group.

We communicate and conduct business through different legal entities in different locations. This material is communicated in:

&nbsp;&nbsp;&nbsp;&nbsp;■ **Australia** and **New Zealand** by First Sentier Investors (Australia) IM Ltd, authorised and
 regulated in Australia by the Australian Securities and Investments Commission (AFSL 289017;
 ABN 89 114 194311)

&nbsp;&nbsp;&nbsp;&nbsp;■ **European Economic Area** by First Sentier Investors (Ireland) Limited, authorised and regulated
 in Ireland by the Central Bank of Ireland (CBI reg no. C182306; reg office 70 Sir John Rogerson's
 Quay, Dublin 2, Ireland; reg company no. 629188)

&nbsp;&nbsp;&nbsp;&nbsp;■ **Hong Kong** by First Sentier Investors (Hong Kong) Limited and has not been reviewed by the
 Securities & Futures Commission in Hong Kong. First Sentier Investors, FSSA Investment
 Managers, Stewart Investors, Realindex Investments and Igneo Infrastructure Partners are
 the business names of First Sentier Investors (Hong Kong) Limited.

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&nbsp;&nbsp;&nbsp;&nbsp;■ **Singapore** by First Sentier Investors (Singapore) (reg company no. 196900420D) and this advertisement
 or material has not been reviewed by the Monetary Authority of Singapore. First Sentier Investors
 (registration number 53236800B), FSSA Investment Managers (registration number 53314080C),
 Stewart Investors (registration number 53310114W), Realindex Investments (registration number
 53472532E) and Igneo Infrastructure Partners (registration number 53447928J) are the business
 divisions of First Sentier Investors (Singapore).

&nbsp;&nbsp;&nbsp;&nbsp;■ **Japan** by First Sentier Investors (Japan) Limited, authorised and regulated by the Financial
 Service Agency (Director of Kanto Local Finance Bureau (Registered Financial Institutions)
 No.2611)

&nbsp;&nbsp;&nbsp;&nbsp;■ **United Kingdom** by First Sentier Investors (UK) Funds Limited, authorised and regulated by the
 Financial Conduct Authority (reg. no. 2294743; reg office Finsbury Circus House, 15 Finsbury
 Circus, London EC2M 7EB)

&nbsp;&nbsp;&nbsp;&nbsp;■ **United States** by First Sentier Investors (US) LLC, authorised and regulated by the Securities
 Exchange Commission (RIA 801-93167)

&nbsp;&nbsp;&nbsp;&nbsp;■ **other jurisdictions,** where this document may lawfully be issued, by First Sentier Investors
 International IM Limited, authorised and regulated in the UK by the Financial Conduct Authority
 (FCA ref no. 122512; Registered office: 23 St. Andrew Square, Edinburgh, EH2 1BB; Company
 no. SC079063).

To the extent permitted by law, MUFG and its subsidiaries are not liable for any loss or damage as a result of reliance on any statement or information contained in this document. Neither MUFG nor any of its subsidiaries guarantee the performance of any investment products referred to in this document or the repayment of capital. Any investments referred to are not deposits or other liabilities of MUFG or its subsidiaries, and are subject to investment risk, including loss of income and capital invested© First Sentier Investors Group

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<u>March 2024</u> <br> FRANKLIN TEMPLETON INVESTMENT SOLUTIONS Proxy Voting Policies & Procedures An SEC Compliance Rule Policy and Procedures\*

**RESPONSIBILITY OF THE INVESTMENT MANAGERS TO VOTE PROXIES**

Franklin Templeton Investment Solutions, a separate investment group within Franklin Templeton, comprised of investment personnel from the SEC-registered investment advisers listed on <u>Appendix A</u> (hereinafter individually an "Investment Manager" and collectively the "Investment Managers") have delegated the administrative duties with respect to voting proxies for securities to the Franklin Templeton Proxy Group. Proxy duties consist of disseminating proxy materials and analyses of issuers whose stock is owned by any client (including both investment companies and any separate accounts managed by the Investment Managers) that has either delegated proxy voting administrative responsibility to the Investment Managers or has asked for information and/or recommendations on the issues to be voted. The Investment Managers will inform advisory clients that have not delegated the voting responsibility but that have requested voting advice about the Investment Managers' views on such proxy votes. The Proxy Group also provides these services to other advisory affiliates of the Investment Managers.

The Proxy Group will process proxy votes on behalf of, and the Investment Managers vote proxies solely in the best interests of, separate account clients, the Investment Managers'-managed investment company shareholders, or shareholders of funds that have appointed Franklin Templeton International Services S.à.r.l. ("FTIS S.à.r.l.") as the Management Company, provided such funds or clients have properly delegated such responsibility in writing, or, where employee benefit plan assets subject to the Employee

Retirement Income Security Act of 1974, as amended, are involved ("ERISA accounts"), in the best interests of the plan participants and beneficiaries (collectively, "Advisory Clients"), unless (i) the power to vote has been specifically retained by the named fiduciary in the documents in which the named fiduciary appointed the Investment Managers or (ii) the documents otherwise expressly prohibit the Investment Managers from voting proxies. The Investment Managers recognize that the exercise of voting rights on securities held by ERISA plans for which the Investment Managers have voting responsibility is a fiduciary duty that must be exercised with care, skill, prudence and diligence.

In certain circumstances, Advisory Clients are permitted to direct their votes in a solicitation pursuant to the Investment Management Agreement. An Advisory Client that wishes to direct its vote shall give reasonable prior written notice to the Investment Managers indicating such intention and provide written instructions directing the Investment Managers or the Proxy Group to vote regarding the solicitation. Where such prior written notice is received, the Proxy Group will vote proxies in accordance with such written notification received from the Advisory Client.

The Investment Managers have adopted and implemented Proxy Voting Policies and Procedures ("Proxy Policies") that they believe are reasonably designed to ensure that proxies are voted in the best interest of Advisory Clients in accordance with their fiduciary duties and rule 206(4)-6 under the Investment Advisers Act of 1940. To the extent that the Investment Managers have a subadvisory agreement with an affiliated investment manager (the "Affiliated Subadviser") with respect to a particular Advisory Client, the Investment Managers may delegate proxy voting responsibility to the Affiliated Subadviser. The Investment Managers may also delegate proxy voting responsibility to a subadviser that is not an Affiliated Subadviser in certain limited situations as disclosed to fund shareholders (e.g., where an Investment Manager to a pooled investment vehicle has engaged a subadviser that is not an Affiliated Subadviser to manage all or a portion of the assets).

**HOW THE INVESTMENT MANAGERS VOTE PROXIES** 

**Proxy Services**

All proxies received by the Proxy Group will be voted based upon the Investment Managers' instructions and/or policies. To assist it in analyzing proxies of equity securities, the Investment Managers subscribe to Institutional Shareholder Services Inc. ("ISS"), an unaffiliated third-party corporate governance research service that provides in-depth analyses of shareholder meeting agendas and vote recommendations. In addition, the Investment Managers subscribe to ISS's Proxy Voting Service and Vote Disclosure Service. These services include receipt of proxy ballots, custodian bank relations, account maintenance, vote execution, ballot reconciliation,

*\** Rule 38a-1 under the Investment Company Act of 1940 ("1940 Act") and Rule 206(4)-7 under the Investment Advisers Act of 1940 ("Advisers Act") (together the "Compliance Rule") require registered investment companies and registered investment advisers to, among other things, adopt and implement written policies and procedures reasonably designed to prevent violations of the federal securities laws ("Compliance Rule Policies and Procedures").

vote record maintenance, comprehensive reporting capabilities, and vote disclosure services. Also, the Investment Managers subscribe to Glass, Lewis & Co., LLC ("Glass Lewis"), an unaffiliated third-party analytical research firm, to receive analyses and vote recommendations on the shareholder meetings of publicly held U.S. companies, as well as a limited subscription to its international research.

Although analyses provided by ISS, Glass Lewis, and/or another independent third-party proxy service provider (each a "Proxy Service") are thoroughly reviewed and considered in making a final voting decision, the Investment Managers do not consider recommendations from a Proxy Service or any third-party to be determinative of the Investment Managers' ultimate decision. Rather, the Investment Managers exercise their independent judgment in making voting decisions. As a matter of policy, the officers, directors and employees of the Investment Managers and the Proxy Group will not be influenced by outside sources whose interests conflict with the interests of Advisory Clients.

For ease of reference, the Proxy Policies often refer to all Advisory Clients. However, our processes and practices seek to ensure that proxy voting decisions are suitable for individual Advisory Clients. In some cases, the Investment Managers' evaluation may result in an individual Advisory Client or Investment Manager voting differently, depending upon the nature and objective of the fund or account, the composition of its portfolio, whether the Investment Manager has adopted a specialty or custom voting policy, and other factors.

**Conflicts of Interest**

All conflicts of interest will be resolved in the best interests of the Advisory Clients. The Investment Managers are affiliates of a large, diverse financial services firm with many affiliates and makes its best efforts to mitigate conflicts of interest. However, as a general matter, the Investment Managers take the position that relationships between certain affiliates that do not use the "Franklin

Templeton" name ("Independent Affiliates") and an issuer (e.g., an investment management relationship between an issuer and an Independent Affiliate) do not present a conflict of interest for an Investment Manager in voting proxies with respect to such issuer because: (i) the Investment Managers operate as an independent business unit from the Independent Affiliate business units, and (ii) informational barriers exist between the Investment Managers and the Independent Affiliate business units.

Material conflicts of interest could arise in a variety of situations, including as a result of the Investment Managers' or an affiliate's (other than an Independent Affiliate as described above): (i) material business relationship with an issuer or proponent, (ii) direct or indirect pecuniary interest in an issuer or proponent; or (iii) significant personal or family relationship with an issuer or proponent. Material conflicts of interest are identified by the Proxy Group based upon analyses of client, distributor, broker dealer, and vendor lists, information periodically gathered from directors and officers, and information derived from other sources, including public filings. The Proxy Group gathers and analyzes this information on a best-efforts basis, as much of this information is provided directly by individuals and groups other than the Proxy Group, and the Proxy Group relies on the accuracy of the information it receives from such parties.

Nonetheless, even though a potential conflict of interest between the Investment Managers or an affiliate (other than an Independent Affiliate as described above) and an issuer may exist: (1) the Investment Managers may vote in opposition to the recommendations of an issuer's management even if contrary to the recommendations of a third-party proxy voting research provider; (2) if management has made no recommendations, the Proxy Group may defer to the voting instructions of the Investment Managers; and (3) with respect to shares held by Franklin Resources, Inc. or its affiliates for their own corporate accounts, such shares may be voted without regard to these conflict procedures.

Otherwise, in situations where a material conflict of interest is identified between the Investment Managers or one of its affiliates (other than Independent Affiliates) and an issuer, the Proxy Group may vote consistent with the voting recommendation of a Proxy Service or send the proxy directly to the relevant Advisory Clients with the Investment Managers' recommendation regarding the vote

for approval. To address certain affiliate conflict situations, the Investment Managers will employ pass-through voting or mirror voting when required pursuant to a fund's governing documents or applicable law.

Where the Proxy Group refers a matter to an Advisory Client, it may rely upon the instructions of a representative of the Advisory Client, such as the board of directors or trustees, a committee of the board, or an appointed delegate in the case of a U.S. registered investment company, a conducting officer in the case of a fund that has appointed FTIS S.à.r.l as its Management Company, the Independent Review Committee for Canadian investment funds, or a plan administrator in the case of an employee benefit plan. A quorum of the board of directors or trustees or of a committee of the board can be reached by a majority of members, or a majority of non-recused members. The Proxy Group may determine to vote all shares held by Advisory Clients of the Investment Managers and affiliated Investment Managers (other than Independent Affiliates) in accordance with the instructions of one or more of the Advisory Clients.

The Investment Managers may also decide whether to vote proxies for securities deemed to present conflicts of interest that are sold following a record date, but before a shareholder meeting date. The Investment Managers may consider various factors in deciding whether to vote such proxies, including the Investment Managers' long-term view of the issuer's securities for investment, or it may defer the decision to vote to the applicable Advisory Client. The Investment Managers also may be unable to vote, or choose not to vote, a proxy for securities deemed to present a conflict of interest for any of the reasons outlined in the first paragraph of the section of these policies entitled "Proxy Procedures."

**Weight Given Management Recommendations**

One of the primary factors the Investment Managers consider when determining the desirability of investing in a particular company is the quality and depth of that company's management. Accordingly, the recommendation of management on any issue is a factor that the Investment Managers consider in determining how proxies should be voted. However, the Investment Managers do not consider recommendations from management to be determinative of the Investment Managers' ultimate decision. Each issue is considered on its own merits, and the Investment Managers will not support the position of a company's management in any situation where it determines that the ratification of management's position would adversely affect the investment merits of owning that company's shares.

**Engagement with Issuers**

The Investment Managers believe that engagement with issuers is important to good corporate governance and to assist in making proxy voting decisions. The Investment Managers may engage with issuers to discuss specific ballot items to be voted on in advance of an annual or special meeting to obtain further information or clarification on the proposals. The Investment Managers may also engage with management on a range of environmental, social or corporate governance issues throughout the year.

**THE PROXY GROUP**

The Proxy Group is part of Franklin Templeton's Stewardship Team. Full-time staff members and support staff are devoted to proxy voting administration and oversight and providing support and assistance where needed. On a daily basis, the Proxy Group will review each proxy upon receipt as well as any agendas, materials and recommendations that they receive from a Proxy Service or other sources. The Proxy Group maintains a record of all shareholder meetings that are scheduled for companies whose securities are held by the Investment Managers' managed funds and accounts. For each shareholder meeting, a member of the Proxy Group will consult with the research analyst that follows the security and provide the analyst with the agenda, analyses of one or more Proxy Services, recommendations and any other information provided to the Proxy Group. Except in situations identified as presenting material conflicts of interest, the Investment Managers' research analyst and relevant portfolio manager(s) are responsible for making the final voting decision based on their review of the agenda, analyses of one or more Proxy Services, proxy statements, their knowledge of the company and any other information publicly available.

In situations where the Investment Managers have not responded with vote recommendations to the Proxy Group by the deadline date, the Proxy Group may vote consistent with the vote recommendations of a Proxy Service. Except in cases where the Proxy Group is voting consistent with the voting recommendation of a Proxy Service, the Proxy Group must obtain voting instructions from the Investment Managers' research analysts, relevant portfolio manager(s), legal counsel and/or the Advisory Client prior to submitting the vote. In the event that an account holds a security that an Investment Manager did not purchase on its behalf, and the Investment Manager does not normally consider the security as a potential investment for other accounts, the Proxy Group may vote consistent with the voting recommendations of a Proxy Service or take no action on the meeting.

**PROXY ADMINISTRATION PROCEDURES** 

**Situations Where Proxies Are Not Voted**

The Proxy Group is fully cognizant of its responsibility to process proxies and maintain proxy records as may be required by relevant rules and regulations. In addition, the Investment Managers understand their fiduciary duty to vote proxies and that proxy voting decisions may affect the value of shareholdings. Therefore, the Investment Managers will generally attempt to process every proxy they receive for all domestic and foreign securities.

However, there may be situations in which the Investment Managers may be unable to successfully vote a proxy, or may choose not to vote a proxy, such as where: (i) a proxy ballot was not received from the custodian bank; (ii) a meeting notice was received too late; (iii) there are fees imposed upon the exercise of a vote and it is determined that such fees outweigh the benefit of voting; (iv) there are legal encumbrances to voting, including blocking restrictions in certain markets that preclude the ability to dispose of a security if an Investment Manager votes a proxy or where the Investment Manager is prohibited from voting by applicable law, economic or other sanctions, or other regulatory or market requirements, including but not limited to, effective Powers of Attorney; (v) additional documentation or the disclosure of beneficial owner details is required; (vi) the Investment Managers held shares on the record date but has sold them prior to the meeting date; (vii) the Advisory Client held shares on the record date, but the Advisory Client closed the account prior to the meeting date; (viii) a proxy voting service is not offered by the custodian in the market; (ix) due to either system error or human error, the Investment Managers' intended vote is not correctly submitted; (x) the Investment

Managers believe it is not in the best interest of the Advisory Client to vote the proxy for any other reason not enumerated herein; or (xi) a security is subject to a securities lending or similar program that has transferred legal title to the security to another person.

**Rejected Votes**

Even if the Investment Managers use reasonable efforts to vote a proxy on behalf of their Advisory Clients, such vote or proxy may be rejected because of (a) operational or procedural issues experienced by one or more third parties involved in voting proxies in such jurisdictions; (b) changes in the process or agenda for the meeting by the issuer for which the Investment Managers do not have sufficient notice; or (c) the exercise by the issuer of its discretion to reject the vote of the Investment Managers. In addition, despite the best efforts of the Proxy Group and its agents, there may be situations where the Investment Managers' votes are not received, or properly tabulated, by an issuer or the issuer's agent.

**Securities on Loan**

The Investment Managers or their affiliates may, on behalf of one or more of the proprietary registered investment companies advised by the Investment Managers or their affiliates, make efforts to recall any security on loan where the Investment Manager or its affiliates (a) learn of a vote on an event that may materially affect a security on loan and (b) determine that it is in the best interests of such proprietary registered investment companies to recall the security for voting purposes. The ability to timely recall shares is not entirely within the control of the Investment Managers. Under certain circumstances, the recall of shares in time for such shares to be voted may not be possible due to applicable proxy voting record dates or other administrative considerations.

**Split Voting**

There may be instances in certain non-U.S. markets where split voting is not allowed. Split voting occurs when a position held within an account is voted in accordance with two differing instructions. Some markets and/or issuers only allow voting on an entire position and do not accept split voting. In certain cases, when more than one Franklin Templeton investment manager has accounts holding shares of an issuer that are held in an omnibus structure, the Proxy Group will seek direction from an appropriate representative of the Advisory Client with multiple Investment Managers (such as a conducting officer of the Management Company in the case of a SICAV), or the Proxy Group will submit the vote based on the voting instructions provided by the Investment Manager with accounts holding the greatest number of shares of the security within the omnibus structure.

**Bundled Items**

If several issues are bundled together in a single voting item, the Investment Managers will assess the total benefit to shareholders and the extent that such issues should be subject to separate voting proposals.

**PROCEDURES FOR MEETINGS INVOLVING FIXED INCOME SECURITIES & PRIVATELY HELD ISSUERS**

From time to time, certain custodians may process events for fixed income securities through their proxy voting channels rather than corporate action channels for administrative convenience. In such cases, the Proxy Group will receive ballots for such events on the ISS voting platform. The Proxy Group will solicit voting instructions from the Investment Managers for each account or fund involved. If the Proxy Group does not receive voting instructions from the Investment Managers, the Proxy Group will take no action on the event. The Investment Managers may be unable to vote a proxy for a fixed income security, or may choose not to vote a proxy, for the reasons described under the section entitled "Proxy Procedures."

In the rare instance where there is a vote for a privately held issuer, the decision will generally be made by the relevant portfolio managers or research analysts.

The Proxy Group will monitor such meetings involving fixed income securities or privately held issuers for conflicts of interest in accordance with these procedures. If a fixed income or privately held issuer is flagged as a potential conflict of interest, the Investment Managers may nonetheless vote as it deems in the best interests of its Advisory Clients. The Investment Managers will report such decisions on an annual basis to Advisory Clients as may be required.

**Appendix A**

These Proxy Policies apply to accounts managed by personnel within Franklin Templeton Investment Solutions, which includes the following Investment Managers:

Franklin Advisers, Inc. (FAV)

Franklin Advisory Services, LLC (FASL)

Franklin Mutual Advisers LLC (FMA)

Franklin Templeton Investments Corp. (FTIC)

Franklin Templeton Investment Management Limited (FTIML)

Templeton Asset Management Ltd. (TAML)

The following Proxy Policies apply to FAV, FMA, FTIC, FTIML, and TAML only:

**HOW THE INVESTMENT MANAGERS VOTE PROXIES** 

**Proxy Services**

Certain of the Investment Managers' separate accounts or funds (or a portion thereof) are included under Franklin Templeton Investment Solutions ("FTIS"), a separate investment group within Franklin Templeton, and employ a quantitative strategy.

For such accounts, FTIS's proprietary methodologies rely on a combination of quantitative, qualitative, and behavioral analysis rather than fundamental security research and analyst coverage that an actively managed portfolio would ordinarily employ. Accordingly, absent client direction, in light of the high number of positions held by such accounts and the considerable time and effort that would be required to review proxy statements and ISS or Glass Lewis recommendations, the Investment Manager may review ISS's non-US Benchmark guidelines, ISS's specialty guidelines (in particular, ISS's Sustainability guidelines), or Glass Lewis's US guidelines (the "the ISS and Glass Lewis Proxy Voting Guidelines") and determine, consistent with the best interest of its clients, to provide standing instructions to the Proxy Group to vote proxies according to the recommendations of ISS or Glass Lewis.

In addition, the Investment Managers receive in-house voting research from Franklin Templeton's Stewardship Team (FT Stewardship). FT Stewardship provides customized research on specific corporate governance issues that is tailored to the investment manager and corporate engagement undertaken. This research may include opinions on voting decisions, however there is no obligation or inference for the investment manager to formally vote in line with these opinions. This research supports the independent vote decision making process, and may reduce reliance on third-party advice for certain votes.

The Investment Manager, however, retains the ability to vote a proxy differently than ISS or Glass Lewis recommends if the Investment Manager determines that it would be in the best interests of Advisory Clients.

The following Proxy Policies apply to FASL only:

**HOW THE INVESTMENT MANAGERS VOTE PROXIES** 

**Proxy Services**

Passively managed exchange traded funds (collectively, "ETFs"), seek to track a particular securities index. As a result, each ETF may hold the securities of hundreds of issuers. Because the primary criteria for determining whether a security should be included (or continued to be included) in an ETF's investment portfolio is whether such security is a representative component of the securities index that the ETF is seeking to track, the ETFs do not require the fundamental security research and analyst coverage that an actively managed portfolio would require. Accordingly, in light of the high number of positions held by an ETF and the considerable time and effort that would be required to review proxy statements and ISS or Glass Lewis recommendations, the Investment Manager may review ISS's non-US Benchmark guidelines, ISS's specialty guidelines (in particular, ISS's Sustainability guidelines), or Glass Lewis's US guidelines (the "ISS and Glass Lewis Proxy Voting Guidelines") and determine, consistent with the best interest of its clients, to provide standing instructions to the Proxy Group to vote proxies according to the recommendations of ISS or Glass Lewis rather than analyze each individual proxy vote. Permitting the Investment Manager of the ETFs to defer its judgment for voting on a proxy to the recommendations of ISS or Glass Lewis may result in a proxy related to the securities of a particular issuer held by an ETF being voted differently from the same proxy that is voted on by other funds managed by the Investment Managers.

In addition, the investment managers receive in-house voting research from Franklin Templeton's Stewardship Team (FT Stewardship). FT Stewardship provides customized research on specific corporate governance issues that is tailored to the investment manager and corporate engagement undertaken. This research may include opinions on voting decisions, however there is no obligation or inference for the investment manager to formally vote in line with these opinions. This research supports the independent vote decision making process, and may reduce reliance on third-party advice for certain votes.

The following Proxy Policies apply to FTIC, FTIML, and TAML only:

**HOW THE INVESTMENT MANAGERS VOTE PROXIES** 

**Proxy Services**

For accounts managed by the Templeton Global Equity Group ("TGEG"), in making voting decisions, the Investment Manager may consider Glass Lewis's Proxy Voting Guidelines, ISS's Benchmark Policies, ISS's Sustainability Policy, and TGEG's custom sustainability guidelines, which reflect what TGEG believes to be good environmental, social, and governance practices.

The following Proxy Policies apply to FTIC only:

**RESPONSIBILITY OF THE INVESTMENT MANAGERS TO VOTE PROXIES**

To the extent that the Investment Manager has a subadvisory agreement with an affiliated investment manager (the "Affiliated Subadviser") with respect to a particular Advisory Client or the Investment Manager chooses securities for an Advisory Client's portfolios that are recommended by an Affiliated Subadviser, the Investment Manager may delegate proxy voting responsibility to the Affiliated Subadviser or vote proxies in accordance with the Affiliated Subadviser's recommendations.

**GQG Partners LLC**

**Proxy Voting Policy**

**A.** <u>**<u>Background</u>**</u> 

Rule 206(4)-6 under the Advisers Act requires every investment adviser who exercises voting authority with respect to client securities to adopt and implement written policies and procedures reasonably designed to ensure that the adviser votes proxies in the best interest of its clients. The procedures must address material conflicts that may arise in connection with proxy voting. The Rule further requires the adviser to provide a concise summary of the adviser's proxy voting process and offer to provide copies of the complete proxy voting policies and procedures (the "Proxy Policy") to clients upon request. Lastly, the Rule requires that the adviser disclose to clients how they may obtain information on how the adviser voted their proxies.

GQG votes proxies for the majority of its clients, and therefore has adopted and implemented this Proxy Policy.

B. <u><u>Policy</u></u> 

It is the policy of GQG to vote proxies in the interest of maximizing value for GQG's clients. Proxies are an asset of a client, which should be treated by GQG with the same care, diligence, and loyalty as any asset belonging to a client. To that end, GQG will vote in a way that it believes, consistent with its fiduciary duty, will cause the value of the issue to increase the most or decline the least. Consideration will be given to both the short- and long-term implications of the proposal to be voted on when considering the optimal vote. GQG will not be influenced by business relationships or outside perspectives that may conflict with the interests of the clients.

Any general or specific proxy voting guidelines provided by an advisory client or its designated agent in writing will supersede this Proxy Policy. Clients may wish to have their proxies voted by an independent third party or other named fiduciary or agent, at the client's cost.

C. <u><u>Procedures</u></u> 

GQG's portfolio managers are responsible to ensure proxies of securities held in each account for which they are responsible are timely voted or not voted, in accordance with this Proxy Policy. Upon written request, clients can take responsibility for voting their own proxies, or can give GQG instructions about how to vote their respective shares. For clients retaining responsibility to vote their own proxies, the clients must arrange with their custodian to ensure they receive applicable proxies.

GQG retains the services of Institutional Shareholder Services or another independent third party (the "Voting Agent") to assist in the coordination and voting of client proxies. The Voting Agent specializes in providing a variety of fiduciary-level proxy advisory and voting services. These services include custom vote recommendations, research, vote execution, and reporting. The GQG Operations team is responsible for managing the relationship with the Voting Agent and for ensuring that all proxies are being properly voted and that the Voting Agent is retaining all appropriate proxy voting records.

Key elements of the proxy voting process include obtaining proxy materials for vote, determining the vote on each issue, voting, and maintaining the records required.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· <u><u>Obtaining proxy materials</u>. GQG instructs client custodians to deliver proxy materials for accounts of clients who have given us voting authority. Delivery is made to the Voting Agent. Periodic reconciliation of holdings and ballots is designed to reveal any failure to deliver ballots for client holdings.</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· <u><u>Determining the vote</u>. GQG's voting policy is to determine its vote based on what is most likely to further the economic value of each investment for the expected holding period. Ultimately each vote is cast on a case-by-case basis, considering the relevant circumstances at the time of each vote. The guidelines GQG has established with its Voting Agent are intended as a reflection of proxy voting decisions most likely to maximize the ultimate value of assets under management.</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· <u><u>Voting</u>. Using the Internet, GQG's Voting Agent posts the pending proxy notices and ballots as well as its analysis and recommendations. Portfolio managers are responsible to ensure that proxies are voted in accordance with this Proxy Policy. The issues and the Voting Agent's own analysis are reviewed and then each issue is voted in accordance with our Proxy Policy. GQG analysts most familiar with the security may be consulted.</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· <u><u>Maintaining records</u>. With the assistance of the Voting Agent, GQG maintains records of GQG's policies and procedures, proxy statements received, each vote cast, any documents GQG creates material to its decision making, and any client's written request for proxy voting records as well as GQG's written response to any client request for such records.</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· <u><u>Conflicts of interest</u>. GQG's Proxy Voting Committee is responsible for monitoring and addressing potential material conflicts between the interests of GQG and those of its clients with respect to proxy voting. A material conflict is a conflict of interest that reasonably could have the potential to influence a voting recommendation. GQG has adopted safeguards to ensure that its proxy voting is not influenced by interests other than those of its investment advisory clients. Any material conflict between GQG's interests and those of a client will be resolved in the best interests of the client. In the event GQG becomes aware of such a conflict, GQG will (a) vote in accordance with a pre-determined policy based on the independent analysis and recommendation of GQG's Voting Agent or other independent third party, (b) if the GQG portfolio management team determines that a vote contrary to the Voting Agent's recommendation is in the best interest of clients, document the investment rationale for the vote and confirm the vote was not the result of an undue influence, or (c) make other voting arrangements consistent with GQG's fiduciary obligations. For contrary votes cast pursuant to (b), the GQG portfolio management team is responsible for maintaining this documentation and assuring that it adequately reflects the basis for any vote which is contrary to the Voting Agent's recommendations. At least annually, Compliance will review any votes involving a material conflict of interest that are contrary to the Voting Agent's recommendations to ensure the portfolio managers' voting rationale appears reasonable and is adequately documented and will report its findings to GQG's Proxy Voting Committee.</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· <u><u>Shares not voted</u>. GQG's procedures are reasonably designed to assure that GQG votes every eligible share; however, there are circumstances in which GQG may be unable to vote or may determine not to vote a proxy on behalf of one or more clients. These circumstances include:</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o Share blocking countries restrict share transactions for various periods surrounding the meeting date. GQG has taken the position that share liquidity generally has a higher value than the vote and usually does not vote shares subject to transaction restrictions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o Still other countries require re-registration of shares to enter a proxy vote, effectively preventing exercise of investment discretion to sell shares for a substantial period of time. The same logic suggests that GQG not attempt to vote those shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o Some international markets require special powers of attorney to vote certain ordinary shares. These markets are few and GQG's ordinary share holdings relatively modest when weighed against the onerous documentation requirements and generally GQG has determined not to attempt to qualify GQG's proxy votes for these shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o Lack of adequate information or untimely receipt of proxy materials from the issuer or other resolution sponsor may prevent analysis or entry of a vote by voting deadlines.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o Certain security lending programs may prevent GQG from voting proxies when the underlying securities have been lent out and are therefore unavailable to be voted.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o Other circumstances when, in GQG's determination, voting would be disadvantageous, ill-advised, materially burdensome or impractical, or otherwise inconsistent with the overall best interest of clients.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· <u><u>Obtaining additional information</u>. Clients may obtain a report showing how GQG voted their shares upon request. In addition, clients also may request a copy of this Proxy Policy statement and the GQG-specific Proxy Voting Guidelines used by the Voting Agent.</u> 

D. <u><u>General Voting Policy for ERISA Accounts</u></u> 

According to the U.S. Department of Labor ("DOL"), the fiduciary act of managing plan assets that are shares of corporate stock can include the voting of proxies (unless the voting right is properly reserved by the named fiduciary). Unless the applicable controlling documents provide otherwise, the investment manager's decision may not be directed, nor may the manager be relieved of liability by delegating the responsibility. Managers should adhere to documented guidelines and are required to maintain accurate voting records.

The manager has a duty under ERISA to evaluate issues that can have an impact on the economic value of the stock and to vote on those issues. Voting decisions must be based on the ultimate economic interest of the plan, viewing the plan as a separate legal entity designed to provide retirement income and security, and the manager must act prudently and solely in the interest of plan participants and beneficiaries when deciding whether to vote, and when voting, a proxy. This means analyzing the vote for its impact on the ultimate economic value of the investment (the stock) during the period in which the plan intends to hold the investment. With respect to takeovers, plans are not required to accept the deal if they judge that their plans will achieve a higher economic value by holding the shares.

Given the above obligations and objectives, the guidelines GQG has established with its Voting Agent are intended to result in proxy voting decisions most likely to maximize the ultimate value of assets under management. Specific situations and resolution language will vary and therefore continuing judgment must be exercised in applying the guidelines.

E. <u><u>Applicability of Guidelines for All Accounts</u></u> 

In the absence of unique client constraints or instructions acceptable in non-fiduciary situations, the guidelines also should serve for voting on all accounts under management.

Revised: August 29, 2024

Policy, Procedures and Guidelines for Goldman Sachs Asset Management's Global Proxy Voting

2025 Edition

March 2025

For further information, please contact <u>GSAM-Stewardship@gs.com</u>.

GOLDMAN SACHS ASSET MANAGEMENT<sup>1</sup> POLICY AND PROCEDURES ON PROXY VOTING FOR INVESTMENT ADVISORY CLIENTS

Goldman Sachs Asset Management has adopted the policies and procedures set out below regarding the voting of proxies (the "Policy"). A summary of the processes and procedures is attached as Part I.

 

Proxy voting and the analysis of corporate governance issues in general are important elements of the portfolio management services we provide to our advisory clients who have authorized us to address these matters on their behalf. Our guiding principles in performing proxy voting are to make decisions that favor proposals that in our view maximize a company's shareholder value and are not influenced by conflicts of interest. These principles reflect our belief that sound corporate governance will create a framework within which a company can be managed in the interests of its shareholders. When evaluating voting proposals, we balance the purpose of a proposal with the overall benefit to shareholders.

To implement these guiding principles for investments in publicly traded equities for which we have voting power on any record date, we follow customized proxy voting guidelines that have been developed by our portfolio management and our Global Stewardship Team (the "Guidelines"). The Guidelines embody the positions and factors we generally consider important in casting proxy votes. They address a wide variety of individual topics, including, among other matters, shareholder voting rights, anti-takeover defenses, board structures, the election of directors, executive and director compensation, reorganizations, mergers, issues of corporate social responsibility and various shareholder proposals. Recognizing the complexity and fact-specific nature of many corporate governance issues, the Guidelines identify factors we consider in determining how the vote should be cast. A summary of the Guidelines is attached as Part II.

The principles and positions reflected in the Guidelines are designed to guide us in voting proxies, and not necessarily in making investment decisions. Our portfolio management teams (each, a "Portfolio Management Team") base their determinations of whether to invest in a particular company on a variety of factors, and while corporate governance may be one such factor, it may not be the primary consideration.

 

The Global Stewardship Team periodically reviews this Policy to ensure it continues to be consistent with our guiding principles.

<sup>1</sup> For purposes of this Policy, "Global Sachs Asset Management" or "we" includes , collectively, to the public investing businesses of the following legal entities to the extent applicable:

Goldman Sachs Asset Management, L.P.; Goldman Sachs Asset Management International; Goldman Sachs Asset Management (Singapore) Pte. Ltd; Goldman Sachs Asset Management (Hong Kong) Limited.; Goldman Sachs Asset Management Co. Ltd.; Goldman Sachs Asset Management (India) Private Limited; GS Investment Strategies Canada Inc.; Goldman Sachs Asset Management Australia Pty Ltd; Goldman Sachs Services Private Limited.; Goldman Sachs Bank Europe SE; Goldman Sachs Asset Management Fund Services Limited; Goldman Sachs Asset Management B.V.; and Goldman Sachs Towarzystwo Funduszy Inwestycyjnych S.A.

PART I: GOLDMAN SACHS ASSET MANAGEMENT'S PROXY VOTING PROCESSES AND PROCEDURES

**A: The Proxy Voting Process**

**Public Equity Investments** 

Fundamental Equity Team

The Fundamental Equity Portfolio Management Team views the analysis of corporate governance practices as an integral part of the investment research and stock valuation process. In forming their views on particular matters, the Fundamental Equity Portfolio Management Team may consider applicable regional rules and practices, including codes of conduct and other guides, regarding proxy voting, in addition to the Guidelines and Recommendations (as defined below). For the managed portfolios that participate in a securities lending program, the Fundamental Equity Portfolio Management Team will seek to recall shares that are out on loan for the purpose of voting at shareholder meetings, recognizing that the handling of such recall requests is beyond the Portfolio Management Team's control and may not be satisfied in time for it to vote the shares in question.

Quantitative Investment Strategies ("QIS") and Quantitative Equity Strategies ("QES") Portfolio Management Teams

The QIS and QES Portfolio Management Teams have decided to generally follow the Guidelines and Recommendations based on such Portfolio Management Teams' investment philosophy and approach to portfolio construction, as well as their participation in the creation of the Guidelines. The QIS and QES Portfolio Management Teams may from time to time, however, review and individually assess any specific shareholder vote. For managed portfolios that participate in a securities lending program, the QIS and QES Portfolio Management Teams generally will not recall shares that are out on loan for the purpose of voting at shareholder meetings.

**Fixed Income and Private Investments**

Voting decisions with respect to client investments in fixed income securities and the securities of privately held issuers generally will be made by the relevant Portfolio Management Teams based on their assessment of the particular transactions or other matters at issue. Those Portfolio Management Teams may also adopt policies related to the fixed income or private investments they make that supplement this Policy.

**External Investing Group ("XIG") and**

**Externally Managed Strategies**

Where we place client assets with managers outside of Asset Management, for example within our XIG business unit, such external managers generally will be responsible for voting proxies in accordance with the managers' own policies. XIG may, however, retain proxy voting responsibilities where it deems appropriate or necessary under prevailing circumstances. To the extent XIG portfolio managers assume proxy voting responsibility with respect to publicly traded equity securities they will follow the Guidelines and Recommendations as discussed below unless an override is requested.

**B: Implementation**

We have retained a third-party proxy voting service (the "Proxy Service") to assist in the implementation of certain proxy voting-related functions, including, without limitation, operational, recordkeeping and reporting services. Among its responsibilities, the Proxy Service prepares a written analysis and recommendation (a "Recommendation") of each proxy vote that reflects the Proxy Service's application of the Guidelines to the particular proxy issues. In addition, in order to facilitate the casting of votes in an efficient manner, the Proxy Service generally prepopulates and automatically submits votes for all proxy matters in accordance with such Recommendations, subject to our ability to recall such automatically submitted votes. If the Proxy Service or Goldman Sachs Asset Management becomes aware that an issuer has filed, or will file, additional proxy solicitation materials sufficiently in advance of the voting deadline, we will generally endeavor to consider such information where such information is viewed as material in our discretion when casting its vote, which may, but need not, result in a change to the Recommendation, which may take the form of an override (as described below) or a revised Recommendation issued by the Proxy Service. We retain the responsibility for proxy voting decisions. We conduct an annual due diligence meeting with the Proxy Service to review the processes and procedures the Proxy Service follows when making proxy voting recommendations based on the Guidelines and to discuss any material changes in the services, operations, staffing or processes.

Our Portfolio Management Teams generally cast proxy votes consistently with the Guidelines and the Recommendations. Each Portfolio Management Team, however, may on certain proxy votes seek approval to diverge from the Guidelines or a Recommendation by following a process that seeks to ensure that override decisions are not influenced by any conflict of interest. As a result of the override process, different Portfolio Management Teams may vote differently for particular votes for the same company. In addition, the Global Stewardship Team may on certain proxy votes also seek approval to diverge from the Guidelines or a Recommendation and follow the override process described above that seeks to ensure these decisions are not influenced by any conflict of interest. In these instances, all shares voted are generally voted in the same manner.

Our clients who have delegated voting responsibility to us with respect to their account may from time to time contact their client representative if they would like to direct us to vote in a particular manner for a particular solicitation. We will use commercially reasonable efforts to vote according to the client's request in these circumstances, however, our ability to implement such voting instruction will be dependent on operational matters such as the timing of the request.

While we seek to vote at all eligible shareholder meetings, from time to time, our ability to vote proxies may be affected by regulatory requirements and compliance, legal or logistical considerations. As a result, from time to time, we may determine that it is not practicable or desirable to vote at certain shareholder meetings.

We disclose our voting publicly each year in a filing with the US Securities and Exchange Commission and on our website for all Goldman Sachs Asset Management US registered mutual funds. We also generally disclose our voting publicly on a quarterly basis on our website for company proxies voted according to the Guidelines and Recommendations.

C. Conflicts of Interest

Goldman Sachs Asset Management has implemented processes designed to prevent conflicts of interest from influencing its proxy voting decisions. These processes include information barriers as well as the use of the Guidelines and Recommendations and the override process described above in instances when a Portfolio Management Team is interested in voting in a manner that diverges from the initial Recommendation based on the Guidelines. To mitigate perceived or potential conflicts of interest when a proxy is for shares of The Goldman Sachs Group Inc. or a Goldman Sachs Asset Management managed fund, we will generally instruct that such shares be voted in the same proportion as other shares are voted with respect to a proposal, subject to applicable legal, regulatory and operational requirements.

PART II

GOLDMAN SACHS ASSET MANAGEMENT'S PROXY VOTING GUIDELINES SUMMARY

**Region: Americas**

1. Business Items

**Auditor Ratification**

Generally vote FOR proposals to ratify auditors, unless any of the following apply within the last year:

● An auditor has a financial interest in or association with the company, and is therefore not independent;

● There is reason to believe that the independent auditor has rendered an opinion that is neither accurate nor indicative of the company's financial position;

● Poor accounting practices are identified that rise to a serious level of concern, such as: fraud; misapplication of GAAP; or material weaknesses identified in audit-related disclosures; or

● Fees for non-audit services are excessive (generally over 50% or more of the audit fees).

Vote CASE-BY-CASE on shareholder proposals asking companies to prohibit or limit their auditors from engaging in non-audit services or asking for audit firm rotation.

**Reincorporation Proposals**

<br> We may support management proposals to reincorporate as long as the reincorporation would not substantially diminish shareholder rights. We may not support shareholder proposals for reincorporation unless the current jurisdiction of incorporation is substantially less shareholder friendly than the proposed reincorporation, there is a strong economic case to reincorporate or the company has a history of making decisions that are not shareholder friendly.

**Exclusive Venue for Shareholder Lawsuits**

Generally vote FOR on exclusive venue proposals, taking into account:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Whether the company has been materially harmed by shareholder litigation outside its jurisdiction of incorporation, based on disclosure in the company's proxy statement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Whether the company has the following governance features:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ Majority independent board;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ Independent key committees;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ An annually elected board;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ A majority vote standard in uncontested director elections;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ The absence of a poison pill, unless the pill was approved by shareholders; and/or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ Separate Chairman CEO role or, if combined, an independent chairman with clearly delineated duties.

**Virtual Meetings**

Generally vote FOR management proposals allowing for the convening of hybrid\* shareholder meetings if it is clear that it is not the intention to hold virtual-only AGMs. Generally vote AGAINST proposals allowing for the convening of virtual-only\* shareholder meetings.

Generally vote FOR shareholder proposals requesting in person shareholder meetings if a meeting of shareholders is held exclusively through the use of online technology without a corresponding in-person meeting.

\* The phrase "virtual-only shareholder meeting" refers to a meeting of shareholders that is held exclusively through the use of online technology without a corresponding in-person meeting. The term "hybrid shareholder meeting" refers to an in-person, or physical, meeting in which shareholders are permitted to participate online.

**Public Benefit Corporation Proposals (United States)**

Generally vote FOR management proposals and CASE-BY-CASE on shareholder proposals related to the conversion of the company into a public benefit corporation.

**Amend Articles of Incorporation to Provide for Officer and Director Exculpation (United States)**

Generally vote FOR management proposals to amend the company's certificate of incorporation to reflect new Delaware law provisions regarding officer and director exculpation.

**Transact Other Business**

Generally vote AGAINST other business when it appears as a voting item.

**Administrative Requests**

Generally vote FOR non-contentious administrative management requests.

2. Board of Directors

The board of directors should promote the interests of shareholders by acting in an oversight and/or advisory role; should consist of a majority of independent directors and/or meet local best practice expectations; should be composed of directors with diverse backgrounds and perspectives; and should be held accountable for actions and results related to their responsibilities. The board of directors should seek to comply with commonly accepted corporate governance best practices as well as the corporate governance standards that are applicable in their country and state of incorporation. The board of directors should establish committees to oversee areas such as, but not limited to, audit, executive and non-executive compensation, and director nominations and appointments. The responsibilities of the committees should be publicly disclosed.

**Voting on Director Nominees in Uncontested Elections**

Vote on director nominees should be determined on a CASE-BY-CASE basis taking into consideration the following:

● Adequate disclosure has not been provided in a timely manner; or

● There are clear concerns over questionable finances or restatements; or

● There have been questionable transactions or conflicts of interest; or

● There are any records of abuses against minority shareholder interests; or

● The board fails to meet minimum corporate governance standards; or

● There are reservations about:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o Director terms

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o Bundling of proposals to elect directors

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o Disclosure of named nominees

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o Overboarded directors

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o Director independence

● Specific concerns about the individual or company, such as criminal wrongdoing or breach of fiduciary responsibilities; or

● There are other considerations which may include sanction from government or authority, violations of laws and regulations, or other issues relate to improper business practice, failure to replace management, or egregious actions related to service on other boards.

Generally vote FOR employee and/or labor representatives if they sit on either the audit or compensation committee and are required by law to be on those committees.

Generally vote AGAINST employee and/or labor representatives if they sit on either the audit or compensation committee, if they are not required to be on those committees.

**Director Commitments** 

Generally vote AGAINST or WITHHOLD from individual directors who, without further explanation:

● Sit on more than five public company boards; or

● Are CEOs of public companies who sit on the boards of more than two public companies besides their own--withhold only at their outside boards.

**Director Independence** (United States)

At companies incorporated in the US, where applicable, the New York Stock Exchange or NASDAQ Listing Standards definition is to be used to classify directors as inside directors, affiliated outside directors, or independent outside directors.

Additionally, we will consider compensation committee interlocking directors to be affiliated (defined as CEOs who sit on each other's compensation committees).

**Director Independence--Classification of Directors**

**Executive Director**

● Employee or executive of the company; and

● Any director who is classified as a non-executive, but receives salary, fees, bonus, and/or other benefits that are in line with the highest-paid executives of the company.

**Non-Independent Non-Executive Director (NED)**

● Any director who is attested by the board to be a non-independent NED;

● Any director specifically designated as a representative of a significant shareholder of the company;

● Any director who is also an employee or executive of a significant shareholder of the company;

● Beneficial owner (direct or indirect) of at least 10% of the company's stock, either in economic terms or in voting rights (this may be aggregated if voting power is distributed among more than one member of a defined group, e.g., family members who beneficially own less than 10% individually, but collectively own more than 10%), unless market best practice dictates a lower ownership and/or disclosure threshold (and in other special market-specific circumstances);

● Government representative;

● Currently provides (or a relative provides) professional services to the company, to an affiliate of the company, or to an individual officer of the company or of one of its affiliates in excess of $10,000 per year;

● Represents customer, supplier, creditor, banker, or other entity with which company maintains transactional/commercial relationship (unless company discloses information to apply a materiality test);

● Any director who has conflicting or cross-directorships with executive directors or the chairman of the company;

● Relative of a current employee of the company or its affiliates;

● Relative of a former executive of the company or its affiliates;

● A new appointee elected other than by a formal process through the General Meeting (such as a contractual appointment by a substantial shareholder);

● Founder/co-founder/member of founding family but not currently an employee;

● Former executive (a cooling off period may be applied);

● Years of service is generally not a determining factor unless it is recommended best practice in a market and/or in extreme circumstances, in which case it may be considered; and

● Any additional relationship or principle considered to compromise independence under local corporate governance best practice guidance.

**Independent NED**

● No material connection, either directly or indirectly, to the company other than a board seat.

**Employee Representative**

● Represents employees or employee shareholders of the company (classified as "employee representative" but considered a non-independent NED).

**Director Accountability**

Generally vote AGAINST or WITHHOLD from individual directors who attend less than 75% of the board and committee meetings without a disclosed valid excuse.

Generally, vote FOR the bundled election of management nominees, unless adequate disclosures of the nominees have not been provided in a timely manner or if one or more of the nominees does not meet the expectation of our policy.

Other items considered for an AGAINST vote include specific concerns about the individual or the company, such as criminal wrongdoing or breach of fiduciary responsibilities, sanctions from government or authority, violations of laws and regulations, the presence of inappropriate related party transactions, or other issues related to improper business practices.

 

**Committee Responsibilities and Expectations**

The board of directors should establish committees to oversee areas such as, but not limited to, audit, executive and non-executive compensation, and director nominations and appointments. The responsibilities of the committees should be publicly disclosed.

We generally support incumbent directors, taking into consideration the below factors.

● Material failures of governance, stewardship, or fiduciary responsibilities at the company including but not limited to violations of global norms principles and/or other significant global standards;

● Failure to disclose material information;

● Egregious actions related to the director(s)' service on other boards that raise substantial doubt about his or her ability to effectively oversee management and serve the best interests of shareholders at any company;

● The board failed to act on a shareholder proposal that received approval of the majority of shares cast the previous year (a management proposal with other than a FOR recommendation by management will not be considered as sufficient action taken); an adopted proposal that is substantially similar to the original shareholder proposal will be deemed sufficient; (vote against members of the committee of the board that is responsible for the issue under consideration). If we did not support the shareholder proposal, we may still vote against the committee member(s).

● The company's poison pill has a dead-hand or modified dead-hand feature for two or more years. Vote against/withhold every year until this feature is removed; however, vote against the poison pill if there is one on the ballot with this feature rather than the director;

● The board adopts or renews a poison pill without shareholder approval, does not commit to putting it to shareholder vote within 12 months of adoption (or in the case of a newly public company, does not commit to put the pill to a shareholder vote within 12 months following the IPO), or reneges on a commitment to put the pill to a vote, and has not yet received a withhold/against recommendation for this issue;

● The board failed to act on takeover offers where the majority of the shareholders tendered their shares;

● If in an extreme situation the board lacks accountability and oversight, coupled with sustained poor performance relative to peers.

**Audit Committee**

Vote CASE-BY-CASE on members of the Audit Committee if poor accounting practices, which rise to a level of serious concern are identified, such as, but not limited to, fraud, misapplication of GAAP, excessive non-audit fees, excessive pledging or hedging of stock by executives, and material weaknesses identified in audit-related disclosures.

Examine the severity, breadth, chronological sequence and duration, as well as the company's efforts at remediation or corrective actions, in determining whether negative vote recommendations are warranted against the members of the Audit Committee who are responsible for the poor accounting practices, or the entire board.

**Compensation Committee** (North America)

Vote CASE-BY-CASE on members of the Compensation Committee, factors considered may include whether:

● We voted against the company's management say on pay proposal (MSOP) in the previous year, the company's previous MSOP received significant opposition of votes cast and we are voting against this year's MSOP;

● The board implements a MSOP on a less frequent basis than the frequency that received the plurality of votes cast; or

● The MSOP or equity-based incentive plan proposal item is not on the ballot and the company maintains problematic pay practices.

**Nominating/Governance Committee**

Vote CASE-BY-CASE on members of the Nominating/Governance Committee considering if:

● A company does not meet the board diversity requirements of local listing rules, corporate governance codes, national targets, or the board diversity is significantly below that of the average in its market; provided that company performance, or other factors, will generally be taken into consideration;

● The level of board independence does not meet the requirements of local regulations, listing rules, corporate governance codes, or local market best practices;

● If the average board tenure exceeds 15 years, and there has not been a new nominee in the past 5 years;

● A company maintains a classified board structure without a sunset provision, has opted into, or failed to opt out of, state laws requiring a classified board structure or has a capital structure with unequal voting rights (United States);

● At the previous board election, any director received more than 50% withhold/against votes of the shares cast and the company has failed to address the underlying issue(s) that caused the high withhold/against vote;

● The board amends the company's bylaws or charter without shareholder approval in a manner that materially diminishes shareholders' rights or could adversely impact shareholders; or

● The board has materially limited shareholders' right to proxy access (United States).

**Voting on Director Nominees in Contested Elections**

Vote on a CASE-BY-CASE basis in contested elections of directors, e.g., the election of shareholder nominees or the dismissal of incumbent directors, determining which directors are best suited to add value for shareholders.

The analysis will generally be based on, but not limited to, the following major decision factors:

● Company performance relative to its peers;

● Strategy of the incumbents versus the dissidents;

● Independence of board candidates;

● Experience and skills of board candidates;

● Governance profile of the company;

● Evidence of management entrenchment;

● Responsiveness to shareholders;

● Whether a takeover offer has been rebuffed; and

● Whether minority or majority representation is being sought.

**Proxy Access** (United States)

<br> Vote CASE-BY-CASE on shareholder or management proposals asking for proxy access.

We may support proxy access as an important right for shareholders and as an alternative to costly proxy contests and as a method for us to vote for directors on an individual basis, as appropriate, rather than voting on one slate or the other. While this could be an important shareholder right, the following factors will be taken into account when evaluating the shareholder proposals:

● The ownership thresholds, percentage and duration proposed (we generally will not support if the ownership threshold is less than 3%);

● The maximum proportion of directors that shareholders may nominate each year (we generally will not support if the proportion of directors is greater than 25%); and

● Other restricting factors that when taken in combination could serve to materially limit the proxy access provision.

We will take the above factors into account when evaluating proposals proactively adopted by the company or in response to a shareholder proposal to adopt or amend the right.

**Reimbursing Proxy Solicitation Expenses**

Vote CASE-BY-CASE on proposals to reimburse proxy solicitation expenses

**Other Board Related Proposals (Management and Shareholder)**

Generally vote AGAINST management and shareholder proposals introducing classified boards.

Generally vote AGAINST shareholder proposals regarding mandatory retirement ages for directors.

Generally vote AGAINST management and shareholder proposals to alter board structure or size in the context of a fight for control of the company or the board.

**Independent Board Chair** (for applicable markets)

We will generally vote AGAINST shareholder proposals requiring that the chairman's position be filled by an independent director, if the company satisfies 3 of the 4 following criteria:

● Two-thirds independent board, or majority in countries where employee representation is common practice;

● A designated, or a rotating, lead director, elected by and from the independent board members with clearly delineated and comprehensive duties;

● Fully independent key committees; and/or

● Established, publicly disclosed, governance guidelines and director biographies/profiles.

**Proposals Regarding Board Declassification**

We will generally vote FOR management and shareholder proposals regarding the adoption of a declassified board structure.

**Majority Vote Shareholder Proposals** 

We will generally vote FOR proposals requesting that the board adopt majority voting in the election of directors provided it does not conflict with the law where the company is incorporated. We also look for companies to adopt a post-election policy outlining how the company will address the situation of a holdover director.

**Cumulative Vote Shareholder Proposals**

We will generally vote FOR shareholder proposals to restore or provide cumulative voting unless the company has adopted (i) majority vote standard with a carve-out for plurality voting in situations where there are more nominees than seats and (ii) a director resignation policy to address failed elections.

3. Executive and Non- Executive Compensation

**Pay Practices**

Good pay practices should align management's interests with long-term shareholder value creation. Detailed disclosure of compensation criteria is preferred; proof that companies follow the criteria should be evident and retroactive performance target changes without proper disclosure is not viewed favorably. Compensation practices should allow a company to attract and retain proven talent. Some examples of poor pay practices include: abnormally large bonus payouts without justifiable performance linkage or proper disclosure, egregious employment contracts, excessive severance and/or change in control provisions, repricing or replacing of underwater stock options/stock appreciation rights without prior shareholder approval, and excessive perquisites. A company should also have an appropriate balance of short-term vs. long-term metrics and the metrics should be aligned with business goals and objectives.

If the company maintains problematic or poor pay practices, generally vote:

● AGAINST Management Say on Pay (MSOP) Proposals; or

● AGAINST an equity-based incentive plan proposal if excessive non-performance-based equity awards are the major contributor to a pay-for-performance misalignment.

**Equity Compensation Plans**

We will generally vote FOR management proposals on equity-based compensation plans. Evaluation takes into account potential plan cost, plan features and grant practices. While a negative combination of these factors may cause a vote AGAINST, other reasons to consider a vote AGAINST the equity plan could include the following factors:

● The plan permits the repricing of stock options/stock appreciation rights (SARs) without prior shareholder approval; or

● There is more than one problematic material feature of the plan, which could include one of the following: unfavorable change-in-control features, presence of gross ups and options reload.

**Advisory Vote on Executive Compensation (Say-on-Pay, MSOP) Management Proposals (North America)**

Generally vote FOR annual frequency and AGAINST all proposals asking for any frequency less than annual.

We will generally vote FOR management proposals for an advisory vote on executive compensation considering the context of each company's specific circumstances and the board's disclosed rationale for its practices.

When a disconnect between pay and performance exists, pay practices that may result in a vote AGAINST management proposals on an advisory vote on executive compensation may include:

● Lack of transparent disclosure of compensation philosophy and goals and targets, including details on short-term and long-term performance incentives;

● Long term incentive awards consisting of less than 50% performance-based awards;

● Lack of the board's response to failed MSOP vote the previous year;

● Abnormally large bonus payouts without justifiable performance linkage or proper disclosure;

● Egregious employment or retention contracts;

● Excessive perquisites or excessive severance and/or change in control provisions;

● Extraordinary relocation benefits;

● Long term incentive awards evaluated over a time period of less than three years;

● The board used discretion without sufficient disclosure;

● The board changed the targets and/or performance metrics during the pay period;

● The board awarded a multi-year guaranteed cash bonus or non-performance equity award;

● The board retested performance goals or awarded a pay for failure pay plan;

● The plan allows for the single trigger acceleration of unvested equity awards and/or provides excise tax gross ups;

● Repricing or replacing of underwater stock options without prior shareholder approval;

● Egregious pension/SERP (supplemental executive retirement plan) payouts; and

● The board has adopted other pay practices that may increase risk to shareholders.

**Other Compensation Proposals and Policies**

**Employee Stock Purchase Plans -- Non-Qualified Plans**

Vote CASE-BY-CASE on nonqualified employee stock purchase plans taking into account the following factors:

● Broad-based participation;

● Limits on employee contributions;

● Company matching contributions; and

● Presence of a discount on the stock price on the date of purchase.

**Option Exchange Programs/Repricing Options**

Vote CASE-BY-CASE on management proposals seeking approval to exchange/reprice options, taking into consideration:

● Historic trading patterns--the stock price should not be so volatile that the options are likely to be back "in-the-money" over the near term;

● Rationale for the re-pricing;

● If it is a value-for-value exchange;

● If surrendered stock options are added back to the plan reserve;

● Option vesting;

● Term of the option--the term should remain the same as that of the replaced option;

● Exercise price--should be set at fair market or a premium to market; and

● Participants--executive officers and directors should be excluded.

Generally vote FOR shareholder proposals to put option repricings to a shareholder vote.

**Stock Retention Holding Period** 

Generally vote FOR shareholder proposals asking for a policy requiring that senior executives retain a significant percentage of shares acquired through equity compensation programs if the policy requests retention for two years or less following the termination of their employment (through retirement or otherwise) **and** a holding threshold percentage of 50% or less.

Also consider whether the company has any holding period, retention ratio, or officer ownership requirements in place and the terms/provisions of awards already granted.

**Elimination of Accelerated Vesting in the Event of a Change in Control**

Generally vote AGAINST shareholder proposals seeking a policy eliminating the accelerated vesting of time-based equity awards in the event of a change-in-control.

**Performance-based Equity Awards and Pay-for-Superior-Performance Proposals**

Generally vote FOR unless there is sufficient evidence that the current compensation structure is already substantially performance-based. We consider performance-based awards to include awards that are tied to shareholder return or other metrics that are relevant to the business.

**Say on Supplemental Executive Retirement Plans (SERP)**

Generally vote AGAINST proposals asking for shareholder votes on SERP.

4. Shareholders Rights and Defenses

**Shareholder Ability to Act by Written Consent**

<br> Generally vote FOR shareholder proposals that provide shareholders with the ability to act by written consent, unless:

● The company already gives shareholders the right to call special meetings at a threshold of 25% or lower; and

● The company has a history of strong governance practices.

**Special Meetings Arrangements**

Generally vote FOR management proposals that provide shareholders with the ability to call special meetings.

Generally vote FOR shareholder proposals that provide shareholders with the ability to call special meetings at a threshold of 25% or lower if the company currently does not give shareholders the right to call special meetings. However, if a company already gives shareholders the right to call special meetings at a threshold of at least 25%, vote AGAINST shareholder proposals to further reduce the threshold**.**

Generally vote AGAINST management proposals seeking shareholder approval for the company to hold special meetings with 14 days notice unless the company offers shareholders the ability to vote by electronic means and a proposal to reduce the period of notice to not less than 14 days has received majority support.

**Advance Notice Requirements for Shareholder Proposals/Nominations**

Vote CASE-BY-CASE on advance notice proposals, giving support to proposals that allow shareholders to submit proposals/nominations reasonably close to the meeting date and within the broadest window possible, recognizing the need to allow sufficient notice for company, regulatory and shareholder review.

**Shareholder Voting Requirements**

Generally vote AGAINST proposals to require a supermajority shareholder vote. Generally vote FOR management and shareholder proposals to reduce supermajority vote requirements.

**Poison Pills** 

Generally vote FOR shareholder proposals requesting that the company submit its poison pill to a shareholder vote or redeem it, unless the company has:

● a shareholder-approved poison pill in place; or

● adopted a policy concerning the adoption of a pill in the future specifying certain shareholder friendly provisions.

Generally vote FOR shareholder proposals calling for poison pills to be put to a vote within a time period of less than one year after adoption.

Vote CASE-BY-CASE on management proposals on poison pill ratification, focusing on the features of the shareholder rights plan.

In addition, the rationale for adopting the pill should be thoroughly explained by the company. In examining the request for the pill, take into consideration the company's existing governance structure, including: board independence, existing takeover defenses, and any problematic governance concerns.

5. Strategic Transactions and Capital Structures

**Reorganizations/Restructurings**

Vote reorganizations and restructurings on a CASE-BY-CASE basis.

**Mergers and Acquisitions**

Vote CASE-BY-CASE on mergers and acquisitions taking into account the following based on publicly available information:

● Valuation;

● Market reaction;

● Strategic rationale;

● Management's track record of successful integration of historical acquisitions;

● Presence of conflicts of interest; and

● Governance profile of the combined company.

**Dual Class Structures**

Generally vote FOR resolutions that seek to maintain or convert to a one-share, one-vote capital structure.

Generally vote AGAINST requests for the creation or continuation of dual-class capital structures or the creation of new or additional super voting shares.

**Share Issuance Requests**

*General Issuances:*

Generally vote FOR issuance requests with preemptive rights to a maximum of 100% over currently issued capital

or any stricter limit set in local best practice recommendations or law.

Generally vote FOR issuance requests without preemptive rights to a maximum of 20% of currently issued capital or any stricter limit set in local best practice recommendations or law.

*Specific Issuances:*

Vote on a CASE-BY-CASE basis on all requests, with or without preemptive rights.

**Increases in Authorized Capital**

Generally vote FOR non-specific proposals to increase authorized capital up to 100% over the current authorization unless the increase would leave the company with less than 30% of its new authorization outstanding, or any stricter limit set in local best practice recommendations or law.

Generally vote FOR specific proposals to increase authorized capital to any amount, unless:

● The specific purpose of the increase (such as a share-based acquisition or merger) does not meet guidelines for the purpose being proposed; or

● The increase would leave the company with less than 30% of its new authorization outstanding after adjusting for all proposed issuances or any stricter limit set in local best practice recommendations or law.

Generally vote AGAINST proposals to adopt unlimited capital authorizations.

**Reduction of Capital**

Generally vote FOR proposals to reduce capital for routine accounting purposes unless the terms are unfavorable to

shareholders.

Vote proposals to reduce capital in connection with corporate restructuring on a CASE-BY-CASE basis.

**Preferred Stock**

Generally vote FOR the creation of a new class of preferred stock or for issuances of preferred stock up to 50% of issued capital unless the terms of the preferred stock would adversely affect the rights of existing shareholders.

Generally vote FOR the creation/issuance of convertible preferred stock as long as the maximum number of common

shares that could be issued upon conversion meets guidelines on equity issuance requests.

Generally vote AGAINST the creation of a new class of preference shares that would carry superior voting rights to the common shares.

Generally vote AGAINST the creation of blank check preferred stock unless the board clearly states that the authorization will not be used to thwart a takeover bid.

Vote proposals to increase blank check preferred authorizations on a CASE-BY-CASE basis.

**Debt Issuance Requests**

Vote non-convertible debt issuance requests on a CASE-BY-CASE basis, with or without preemptive rights.

Generally vote FOR the creation/issuance of convertible debt instruments as long as the maximum number of common shares that could be issued upon conversion meets guidelines on equity issuance requests.

Generally vote FOR proposals to restructure existing debt arrangements unless the terms of the restructuring would

adversely affect the rights of shareholders.

**Increase in Borrowing Powers**

Vote proposals to approve increases in a company's borrowing powers on a CASE-BY-CASE basis.

**Share Repurchase Plans**

We will generally vote FOR share repurchase programs taking into account whether:

● The share repurchase program can be used as a takeover defense;

● There is clear evidence of historical abuse;

● There is no safeguard in the share repurchase program against selective buybacks; and

● Pricing provisions and safeguards in the share repurchase program are deemed to be unreasonable in light of market practice.

**Reissuance of Repurchased Shares**

Generally vote FOR requests to reissue any repurchased shares unless there is clear evidence of abuse of this authority in the past.

**Capitalization of Reserves for Bonus Issues/Increase in Par Value**

Generally vote FOR requests to capitalize reserves for bonus issues of shares or to increase par value.

**Related-Party Transactions**

Vote related-party transactions on a CASE-BY-CASE basis, considering factors including, but not limited to, the following:

● The parties on either side of the transaction;

● The nature of the asset to be transferred/service to be provided;

● The pricing of the transaction (and any associated professional valuation);

● The views of independent directors (where provided);

● The views of an independent financial adviser (where appointed);

● Whether any entities party to the transaction (including advisers) is conflicted; and

● The stated rationale for the transaction, including discussions of timing

**Common and Preferred Stock Authorization**

Generally vote FOR proposals to increase the number of shares of common stock authorized for issuance.

Generally vote FOR proposals to increase the number of shares of preferred stock, as long as there is a commitment to not use the shares for anti-takeover purposes.

6. Other Management and Shareholder Proposals

**Overall Approach**

Management and shareholder proposals considered under this category could include, among others, requests that a company:

● Publish a report or additional information related to the company's business and impact on stakeholders;

● Disclose policies related to specific business practices and/or services;

● Conduct third party audits, reports or studies related to the company's business practices, services and/or impact on stakeholders

When evaluating management and shareholder proposals, the following factors are generally considered:

● Whether the subject of the proposal is considered to be material to the company's business;

● The company's current level of publicly available disclosure, including if the company already discloses similar information through existing reports or policies;

● If the company has implemented or formally committed to the implementation of a reporting program based on a recognized industry group standards or recommendations, such as the International Sustainability Standards Board's Sustainability Accounting Standards, the Sustainability Accounting Standards Board's (SASB) standards, the European Sustainability Reporting Standards, the Task Force on Climate-related Financial Disclosure's (TCFD) recommendations, or a similar standard;

● Whether the information requested concerns business issues that relate to a meaningful percentage of the company's business;

● The degree to which the company's stated position on the issues raised in the proposal could affect its reputation or sales, or leave it vulnerable to a boycott or selective purchasing;

● Whether the company has already responded in some appropriate manner to the request embodied in the proposal;

● What other companies in the relevant industry have done in response to the issue addressed in the proposal;

● Whether the proposal itself is well framed and the cost of preparing the report and/or the implementation is reasonable;

● Whether the subject of the proposal is best left to the discretion of the board;

● Whether the proposal is legally binding for the board;

● Whether the company has material fines or violations in the area and if so, if appropriate actions have already been taken to remedy going forward; and

● Whether providing this information would reveal proprietary or confidential information that would place the company at a competitive disadvantage.

**Region: Europe, Middle East and Africa (EMEA) Proxy Items**

*The following section is a broad summary of the Guidelines, which form the basis of the Policy with respect to EMEA public equity investments of operating and/or holding companies. Applying these guidelines is subject to certain regional and country-specific exceptions and modifications and is not inclusive of all considerations in each market.*

1. Business Items

**Financial Results/Director and Auditor Reports**

Generally vote FOR approval of financial statements and director and auditor reports, unless:

● There are serious concerns about the accounts presented, audit procedures used or audit opinion rendered; or

● The company is not responsive to shareholder questions about specific items that should be publicly disclosed.

**Appointment of Auditors and Auditor Fees**

Generally vote FOR the re-election of auditors and proposals authorizing the board to fix auditor fees unless:

● There are serious concerns about the accounts presented, audit procedures used or audit opinion rendered;

● There is reason to believe that the auditor has rendered an opinion that is neither accurate nor indicative of the company's financial position;

● Name of the proposed auditor has not been published;

● The auditors are being changed without explanation;

● Non-audit-related fees are substantial, or are in excess of standard annual audit-related fees, or in excess of permitted local limits and guidelines; or

● The appointment of external auditors if they have previously served the company in an executive capacity or can otherwise be considered affiliated with the company.

**Appointment of Internal Statutory Auditors**

Generally vote FOR the appointment or re-election of statutory auditors, unless:

● There are serious concerns about the statutory reports presented or the audit procedures used;

● Questions exist concerning any of the statutory auditors being appointed; or

● The auditors have previously served the company in an executive capacity or can otherwise be considered affiliated with the company.

**Reincorporation Proposals**

Vote reincorporation proposals on a CASE-BY-CASE basis

**Allocation of Income**

Generally vote FOR approval of the allocation of income, unless:

● The dividend payout ratio has been consistently low without adequate explanation; or

● The payout is excessive given the company's financial position.

**Stock (Scrip) Dividend Alternative**

Generally vote FOR most stock (scrip) dividend proposals.

Generally vote AGAINST proposals that do not allow for a cash option unless management demonstrates that the cash option is harmful to shareholder value.

**Amendments to Articles of Association**

Vote amendments to the articles of association on a CASE-BY-CASE basis.

**<br> Change in Company Fiscal Term**

Generally vote FOR resolutions to change a company's fiscal term unless a company's motivation for the change is to postpone its annual general meeting.

**Lower Disclosure Threshold for Stock Ownership**

Generally vote AGAINST resolutions to lower the stock ownership disclosure threshold below 5% unless specific reasons exist to implement a lower threshold.

**Amend Quorum Requirements**

Vote proposals to amend quorum requirements for shareholder meetings on a CASE-BY-CASE basis.

**Virtual Meetings**

Generally vote FOR management proposals allowing for the convening of hybrid\* shareholder meetings if it is clear that it is not the intention to hold virtual-only AGMs. Generally vote AGAINST proposals allowing for the convening of virtual-only\* shareholder meetings.

\* The phrase "virtual-only shareholder meeting" refers to a meeting of shareholders that is held exclusively through the use of online technology without a corresponding in-person meeting. The term "hybrid shareholder meeting" refers to an in-person, or physical, meeting in which shareholders are permitted to participate online.

**Public Benefit Corporation Proposals**

Generally vote FOR management proposals and CASE-BY-CASE on shareholder proposals related to the conversion of the company into a public benefit corporation.

**Transact Other Business**

Generally vote AGAINST other business when it appears as a voting item.

**Administrative Requests**

Generally vote FOR non-contentious administrative management requests.

2. Board of Directors

The board of directors should promote the interests of shareholders by acting in an oversight and/or advisory role; should consist of a majority of independent directors and/or meet local best practice expectations; should be composed of directors with diverse backgrounds and perspectives; and should be held accountable for actions and results related to their responsibilities. The board of directors should seek to comply with commonly accepted corporate governance best practices as well as the corporate governance standards that are applicable in their country and state of incorporation. The board of directors should establish committees to oversee areas such as, but not limited to, audit, executive and non-executive compensation, and director nominations and appointments. The responsibilities of the committees should be publicly disclosed.

**Voting on Director Nominees in Uncontested Elections**

Vote on director nominees should be determined on a CASE-BY-CASE basis taking into consideration the following:

● Adequate disclosure has not been provided in a timely manner; or

● There are clear concerns over questionable finances or restatements; or

● There have been questionable transactions or conflicts of interest; or

● There are any records of abuses against minority shareholder interests; or

● The board fails to meet minimum corporate governance standards; or

● There are reservations about:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o Director terms

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o Bundling of proposals to elect directors

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o Disclosure of named nominees

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o Overboarded directors

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o Director independence

● Specific concerns about the individual or company, such as criminal wrongdoing or breach of fiduciary responsibilities; or

● There are other considerations which may include sanction from government or authority, violations of laws and regulations, or other issues relate to improper business practice, failure to replace management, or egregious actions related to service on other boards.

Generally vote FOR employee and/or labor representatives if they sit on either the audit or compensation committee and are required by law to be on those committees.

Generally vote AGAINST employee and/or labor representatives if they sit on either the audit or compensation committee, if they are not required to be on those committees.

 

**Director Independence--Classification of Directors**

**Executive Director**

● Employee or executive of the company; and

● Any director who is classified as a non-executive, but receives salary, fees, bonus, and/or other benefits that are in line with the highest-paid executives of the company.

**Non-Independent Non-Executive Director (NED)**

● Any director who is attested by the board to be a non-independent NED;

● Any director specifically designated as a representative of a significant shareholder of the company;

● Any director who is also an employee or executive of a significant shareholder of the company;

● Beneficial owner (direct or indirect) of at least 10% of the company's stock, either in economic terms or in voting rights (this may be aggregated if voting power is distributed among more than one member of a defined group, e.g., family members who beneficially own less than 10% individually, but collectively own more than 10%), unless market best practice dictates a lower ownership and/or disclosure threshold (and in other special market-specific circumstances);

● Government representative;

● Currently provides (or a relative provides) professional services to the company, to an affiliate of the company, or to an individual officer of the company or of one of its affiliates in excess of $10,000 per year;

● Represents customer, supplier, creditor, banker, or other entity with which company maintains transactional/commercial relationship (unless company discloses information to apply a materiality test);

● Any director who has conflicting or cross-directorships with executive directors or the chairman of the company;

● Relative of a current employee of the company or its affiliates;

● Relative of a former executive of the company or its affiliates;

● A new appointee elected other than by a formal process through the General Meeting (such as a contractual appointment by a substantial shareholder);

● Founder/co-founder/member of founding family but not currently an employee;

● Former executive (a cooling off period may be applied);

● Years of service is generally not a determining factor unless it is recommended best practice in a market and/or in extreme circumstances, in which case it may be considered; and

● Any additional relationship or principle considered to compromise independence under local corporate governance best practice guidance.

**Independent NED**

● No material connection, either directly or indirectly, to the company other than a board seat.

**Employee Representative**

● Represents employees or employee shareholders of the company (classified as "employee representative" but considered a non-independent NED).

**Director Accountability**

Generally vote AGAINST individual directors who attend less than 75% of the board and committee meetings without a disclosed valid excuse.

Generally, vote FOR the bundled election of management nominees, unless adequate disclosures of the nominees have not been provided in a timely manner or if one or more of the nominees does not meet the expectation of our policy.

Other items considered for an AGAINST vote include specific concerns about the individual or the company, such as criminal wrongdoing or breach of fiduciary responsibilities, sanctions from government or authority, violations of laws and regulations, the presence of inappropriate related party transactions, or other issues related to improper business practices.

 

**Discharge of Directors**

Generally vote FOR the discharge of directors, including members of the management board and/or supervisory board, unless there is reliable information about significant and compelling controversies that the board is not fulfilling its fiduciary duties warranted by:

● A lack of oversight or actions by board members which invoke shareholder distrust related to malfeasance or poor supervision, such as operating in private or company interest rather than in shareholder interest; or

● Any legal issues (e.g., civil/criminal) aiming to hold the board responsible for breach of trust in the past or related to currently alleged actions yet to be confirmed (and not only the fiscal year in question), such as price fixing, insider trading, bribery, fraud, and other illegal actions; or

● Other egregious governance issues where shareholders may bring legal action against the company or its directors; or

● Vote on a CASE-BY-CASE basis where a vote against other agenda items are deemed inappropriate.

**Committee Responsibilities and Expectations**

The board of directors should establish committees to oversee areas such as, but not limited to, audit, executive and non-executive compensation, and director nominations and appointments. The responsibilities of the committees should be publicly disclosed.

We generally support incumbent directors, taking into consideration the below factors.

● Material failures of governance, stewardship, or fiduciary responsibilities at the company,

including but not limited to violations of global norms principles and/or other significant global standards;

● Failure to disclose material information;

● Egregious actions related to the director(s)' service on other boards that raise substantial doubt about his or her ability to effectively oversee management and serve the best interests of shareholders at any company;

● The board failed to act on a shareholder proposal that received approval of the majority of shares cast for previous year (a management proposal with other than a FOR recommendation by management will not be considered as sufficient action taken); an adopted proposal that is substantially similar to the original shareholder proposal will be deemed sufficient; (vote against members of the committee of the board that is responsible for the issue under consideration). If we did not support the shareholder proposal, we may still vote against the committee member(s).

● The board failed to act on takeover offers where the majority of the shareholders tendered their shares; or

● If in an extreme situation the board lacks accountability and oversight, coupled with sustained poor performance relative to peers.

**Audit Committee**

Vote CASE-BY-CASE on members of the Audit Committee if poor accounting practices, which rise to a level of serious concern are identified, such as, but not limited to, fraud, misapplication of GAAP, excessive non-audit fees, excessive pledging or hedging of stock by executives, and material weaknesses identified in audit-related disclosures.

Examine the severity, breadth, chronological sequence and duration, as well as the company's efforts at remediation or corrective actions, in determining whether negative vote recommendations are warranted against the members of the Audit Committee who are responsible for the poor accounting practices, or the entire board.

**Remuneration Committee**

Vote CASE-BY-CASE on members of the Remuneration Committee, factors considered may include whether:

● We voted against the company's MSOP in the previous year, the company's previous MSOP received significant opposition of votes cast and we are voting against this year's MSOP;

● The board implements a MSOP on a less frequent basis than the frequency that received the plurality of votes cast; or

● The MSOP or equity-based incentive plan proposal item is not on the ballot and the company maintains problematic pay practices.

**Nominating/Governance Committee**

● Vote CASE-BY-CASE on members of the Nominating/Governance Committee considering if:

A company does not meet the board diversity requirements of local listing rules, corporate governance codes, national targets, or the board diversity is significantly below that of the average in its market; provided that company performance, or other factors, will generally be taken into consideration;

● The level of board independence does not meet the requirements of local regulations, listing rules, corporate governance codes, or local market best practices;

● At the previous board election, any director received more than 50% withhold/against votes of the shares cast and the company has failed to address the underlying issue(s) that caused the high withhold/against vote; or

● The board amends the company's bylaws or charter without shareholder approval in a manner that materially diminishes shareholders' rights or could adversely impact shareholders.

**Voting on Director Nominees in Contested Elections**

Vote on a CASE-BY-CASE basis in contested elections of directors, e.g., the election of shareholder nominees or the dismissal of incumbent directors, determining which directors are best suited to add value for shareholders.

The analysis will generally be based on, but not limited to, the following major decision factors:

● Company performance relative to its peers;

● Strategy of the incumbents versus the dissidents;

● Independence of board candidates;

● Experience and skills of board candidates;

● Governance profile of the company;

● Evidence of management entrenchment;

● Responsiveness to shareholders;

● Whether a takeover offer has been rebuffed; and

● Whether minority or majority representation is being sought.

**Other Board Related Proposals (Management and Shareholder)**

Generally vote AGAINST management and shareholder proposals introducing classified boards.

Generally vote AGAINST shareholder proposals regarding mandatory retirement ages for directors.

Generally vote AGAINST management and shareholder proposals to alter board structure or size in the context of a fight for control of the company or the board.

**Independent Board Chair** (for applicable markets)

We will generally vote AGAINST shareholder proposals requiring that the chairman's position be filled by an independent director, if the company satisfies 3 of the 4 following criteria:

● Two-thirds independent board, or majority in countries where employee representation is common practice;

● A designated, or a rotating, lead director, elected by and from the independent board members with clearly delineated and comprehensive duties;

● Fully independent key committees; and/or

● Established, publicly disclosed, governance guidelines and director biographies/profiles.

3. Remuneration

**Pay Practices**

Good pay practices should align management's interests with long-term shareholder value creation. Detailed disclosure of remuneration criteria is preferred; proof that companies follow the criteria should be evident and retroactive performance target changes without proper disclosure is not viewed favorably. Remuneration practices should allow a company to attract and retain proven talent. Some examples of poor pay practices include: abnormally large bonus payouts without justifiable performance linkage or proper disclosure, egregious employment contracts, excessive severance and/or change in control provisions, repricing or replacing of underwater stock options/stock appreciation rights without prior shareholder approval, and excessive perquisites. A company should also have an appropriate balance of short-term vs. long-term metrics and the metrics should be aligned with business goals and objectives.

If the company maintains problematic or poor pay practices, generally vote:

● AGAINST Management Say on Pay (MSOP) Proposals, Remuneration Reports; or

● AGAINST an equity-based incentive plan proposal if excessive non-performance-based equity awards are the major contributor to a pay-for-performance misalignment.

**Remuneration Plans**

When a disconnect between pay and performance exists, pay practices that may result in a vote AGAINST management proposals on an advisory vote on executive compensation may include:

● Lack of transparent disclosure of compensation philosophy and goals and targets, including details on short-term and long-term performance incentives;

● Long term incentive awards consisting of less than 50% performance-based awards;

● Lack of the board's response to failed MSOP vote the previous year;

● Abnormally large bonus payouts without justifiable performance linkage or proper disclosure;

● Egregious employment or retention contracts;

● Excessive perquisites or excessive severance and/or change in control provisions; and

● Extraordinary relocation benefits.

**Non-Executive Director Compensation**

Generally vote FOR proposals to award cash fees to non-executive directors unless the amounts are excessive relative to other companies in the country or industry.

Vote non-executive director compensation proposals that include both cash and share-based components on a CASE-BY-CASE basis.

Vote proposals that bundle compensation for both non-executive and executive directors into a single resolution on a CASE-BY-CASE basis.

Generally vote AGAINST proposals to introduce retirement benefits for non-executive directors.

**Director, Officer, and Auditor Indemnification and Liability Provisions**

Vote proposals seeking indemnification and liability protection for directors and officers on a CASE-BY-CASE basis.

Generally vote AGAINST proposals to indemnify auditors.

**Other Remuneration Related Proposals**

Vote on other remuneration related proposals on a CASE-BY-CASE basis.

4. Shareholder Rights and Defenses

**Antitakeover Mechanisms**

Generally vote AGAINST all antitakeover proposals, unless they are structured in such a way that they give

shareholders the ultimate decision on any proposal or offer.

For the Netherlands, vote recommendations regarding management proposals to approve protective preference shares will be determined on a CASE-BY-CASE basis.

For French companies listed on a regulated market, generally vote AGAINST any general authorities impacting the share capital (i.e. authorities for share repurchase plans and any general share issuances with or without preemptive rights) if they can be used for antitakeover purposes without shareholders' prior explicit approval.

5. Strategic Transactions, Capital Structures and other Business Considerations

**Reorganizations/Restructurings**

Vote reorganizations and restructurings on a CASE-BY-CASE basis.

**Mergers and Acquisitions**

Vote CASE-BY-CASE on mergers and acquisitions taking into account the following based on publicly available information:

● Valuation;

● Market reaction;

● Strategic rationale;

● Management's track record of successful integration of historical acquisitions;

● Presence of conflicts of interest; and

● Governance profile of the combined company.

**Dual Class Structures**

Generally vote FOR resolutions that seek to maintain or convert to a one-share, one-vote capital structure.

Generally vote AGAINST requests for the creation or continuation of dual-class capital structures or the creation of new or additional super voting shares.

**Share Issuance Requests**

*General Issuances:*

Generally vote FOR issuance requests with preemptive rights to a maximum of 100% over currently issued capital

or any stricter limit set in local best practice recommendations or law.

Generally vote FOR issuance requests without preemptive rights to a maximum of 20% of currently issued capital or any stricter limit set in local best practice recommendations or law.

*Specific Issuances:*

Vote on a CASE-BY-CASE basis on all requests, with or without preemptive rights.

**Increases in Authorized Capital**

Generally vote FOR non-specific proposals to increase authorized capital up to 100% over the current authorization unless the increase would leave the company with less than 30% of its new authorization outstanding, or any stricter limit set in local best practice recommendations or law.

Generally vote FOR specific proposals to increase authorized capital to any amount, unless:

● The specific purpose of the increase (such as a share-based acquisition or merger) does not meet guidelines for the purpose being proposed; or

● The increase would leave the company with less than 30% of its new authorization outstanding after adjusting for all proposed issuances or any stricter limit set in local best practice recommendations or law.

Generally vote AGAINST proposals to adopt unlimited capital authorizations.

**Reduction of Capital**

Generally vote FOR proposals to reduce capital for routine accounting purposes unless the terms are unfavorable to

shareholders.

Vote proposals to reduce capital in connection with corporate restructuring on a CASE-BY-CASE basis.

**Preferred Stock**

Generally vote FOR the creation of a new class of preferred stock or for issuances of preferred stock up to 50% of issued capital unless the terms of the preferred stock would adversely affect the rights of existing shareholders.

Generally vote FOR the creation/issuance of convertible preferred stock as long as the maximum number of common

shares that could be issued upon conversion meets guidelines on equity issuance requests.

Generally vote AGAINST the creation of a new class of preference shares that would carry superior voting rights to the common shares.

Generally vote AGAINST the creation of blank check preferred stock unless the board clearly states that the authorization will not be used to thwart a takeover bid.

Vote proposals to increase blank check preferred authorizations on a CASE-BY-CASE basis.

**Debt Issuance Requests**

Vote non-convertible debt issuance requests on a CASE-BY-CASE basis, with or without preemptive rights.

Generally vote FOR the creation/issuance of convertible debt instruments as long as the maximum number of common shares that could be issued upon conversion meets guidelines on equity issuance requests.

Generally vote FOR proposals to restructure existing debt arrangements unless the terms of the restructuring would

adversely affect the rights of shareholders.

**Increase in Borrowing Powers**

Vote proposals to approve increases in a company's borrowing powers on a CASE-BY-CASE basis.

**Share Repurchase Plans**

We will generally vote FOR share repurchase programs taking into account whether:

● The share repurchase program can be used as a takeover defense;

● There is clear evidence of historical abuse;

● There is no safeguard in the share repurchase program against selective buybacks; and

● Pricing provisions and safeguards in the share repurchase program are deemed to be unreasonable in light of market practice.

**Reissuance of Repurchased Shares**

Generally vote FOR requests to reissue any repurchased shares unless there is clear evidence of abuse of this authority in the past.

**Capitalization of Reserves for Bonus Issues/Increase in Par Value**

Generally vote FOR requests to capitalize reserves for bonus issues of shares or to increase par value.

**Related-Party Transactions**

Vote related-party transactions on a CASE-BY-CASE basis, considering factors including, but not limited to, the following:

● The parties on either side of the transaction;

● The nature of the asset to be transferred/service to be provided;

● The pricing of the transaction (and any associated professional valuation);

● The views of independent directors (where provided);

● The views of an independent financial adviser (where appointed);

● Whether any entities party to the transaction (including advisers) is conflicted; and

● The stated rationale for the transaction, including discussions of timing

6. Other Management and Shareholder Proposals

**Overall Approach**

Management and shareholder proposals considered under this category could include, among others, requests that a company:

● Publish a report or additional information related to the company's business and impact on stakeholders;

● Disclose policies related to specific business practices and/or services;

● Conduct third party audits, reports or studies related to the company's business practices, services and/or impact on stakeholders

When evaluating management and shareholder proposals, the following factors are generally considered:

● Whether the subject of the proposal is considered to be material to the company's business;

● The company's current level of publicly available disclosure, including if the company already discloses similar information through existing reports or policies;

● If the company has implemented or formally committed to the implementation of a reporting program based on a recognized industry group standards or recommendations, such as the International Sustainability Standards Board's Sustainability Accounting Standards, the Sustainability Accounting Standards Board's (SASB) standards, the European Sustainability Reporting Standards, the Task Force on Climate-related Financial Disclosure's (TCFD) recommendations, or a similar standard;

● Whether the information requested concerns business issues that relate to a meaningful percentage of the company's business;

● The degree to which the company's stated position on the issues raised in the proposal could affect its reputation or sales, or leave it vulnerable to a boycott or selective purchasing;

● Whether the company has already responded in some appropriate manner to the request embodied in the proposal;

● What other companies in the relevant industry have done in response to the issue addressed in the proposal;

● Whether the proposal itself is well framed and the cost of preparing the report and/or the implementation is reasonable ;

● Whether the subject of the proposal is best left to the discretion of the board;

● Whether the proposal is legally binding for the board;

● Whether the company has material fines or violations in the area and if so, if appropriate actions have already been taken to remedy going forward; and

● Whether providing this information would reveal proprietary or confidential information that would place the company at a competitive disadvantage.

**Region: Asia Pacific (APAC) Proxy Items** 

1. Business Items

**Financial Results/Director and Auditor Reports**

Generally vote FOR approval of financial statements and director and auditor reports, unless:

● There are serious concerns about the accounts presented, audit procedures used or audit opinion rendered; or

● The company is not responsive to shareholder questions about specific items that should be publicly disclosed.

**Appointment of Auditors and Auditor Fees**

Generally vote FOR the re-election of auditors and proposals authorizing the board to fix auditor fees unless:

● There are serious concerns about the accounts presented, audit procedures used or audit opinion rendered;

● There is reason to believe that the auditor has rendered an opinion that is neither accurate nor indicative of the company's financial position;

● Name of the proposed auditor has not been published;

● The auditors are being changed without explanation;

● Non-audit-related fees are substantial, or are in excess of standard annual audit-related fees, or in excess of permitted local limits and guidelines; or

● The appointment of external auditors if they have previously served the company in an executive capacity or can otherwise be considered affiliated with the company.

**Allocation of Income**

Generally vote FOR approval of the allocation of income, unless:

● The dividend payout ratio has been consistently low without adequate explanation; or

● The payout is excessive given the company's financial position.

**Stock (Scrip) Dividend Alternative**

Generally vote FOR most stock (scrip) dividend proposals.

Generally vote AGAINST proposals that do not allow for a cash option unless management demonstrates that the cash option is harmful to shareholder value.

**Amendments to Articles of Association and Company Bylaws**

Vote amendments to the articles of association and Company Bylaws on a CASE-BY-CASE basis.

**<br> Change in Company Fiscal Term**

Generally vote FOR resolutions to change a company's fiscal term unless a company's motivation for the change is to postpone its annual general meeting.

**Lower Disclosure Threshold for Stock Ownership**

Generally vote AGAINST resolutions to lower the stock ownership disclosure threshold below 5% unless specific reasons exist to implement a lower threshold.

**Amend Quorum Requirements**

Vote proposals to amend quorum requirements for shareholder meetings on a CASE-BY-CASE basis.

**Virtual Meetings**

Generally vote FOR proposals allowing for the convening of hybrid\* shareholder meetings if it is clear that it is not the intention to hold virtual-only AGMs. Generally vote AGAINST proposals allowing for the convening of virtual-only\* shareholder meetings.

\* The phrase "virtual-only shareholder meeting" refers to a meeting of shareholders that is held exclusively through the use of online technology without a corresponding in-person meeting. The term "hybrid shareholder meeting" refers to an in-person, or physical, meeting in which shareholders are permitted to participate online.

**Transact Other Business**

Generally vote AGAINST other business when it appears as a voting item.

**Administrative Requests**

Generally vote FOR non-contentious administrative management requests.

2. Board of Directors

The board of directors should promote the interests of shareholders by acting in an oversight and/or advisory role; should consist of a majority of independent directors and/or meet local best practice expectations; should be composed of directors with diverse backgrounds and perspectives; and should be held accountable for actions and results related to their responsibilities. The board of directors should seek to comply with commonly accepted corporate governance best practices as well as the corporate governance standards that are applicable in their country and state of incorporation. The board of directors should establish committees to oversee areas such as, but not limited to, audit, executive and non-executive compensation, and director nominations and appointments. The responsibilities of the committees should be publicly disclosed.

**Voting on Director Nominees in Uncontested Elections**

Vote on director nominees should be determined on a CASE-BY-CASE basis taking into consideration the following:

● Adequate disclosure has not been provided in a timely manner; or

● There are clear concerns over questionable finances or restatements; or

● There have been questionable transactions or conflicts of interest; or

● There are any records of abuses against minority shareholder interests; or

● The board fails to meet minimum corporate governance standards; or

● There are reservations about:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o Director terms

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o Bundling of proposals to elect directors

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o Disclosure of named nominees

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o Overboarded directors

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o Director independence

● Specific concerns about the individual or company, such as criminal wrongdoing or breach of fiduciary responsibilities; or

● There are other considerations which may include sanction from government or authority, violations of laws and regulations, or other issues relate to improper business practice, failure to replace management, or egregious actions related to service on other boards.

**Director Independence--Classification of Directors**

**Executive Director**

● Employee or executive of the company; and

● Any director who is classified as a non-executive, but receives salary, fees, bonus, and/or other benefits that are in line with the highest-paid executives of the company.

**Non-Independent Non-Executive Director (NED)**

● Any director who is attested by the board to be a non-independent NED;

● Any director specifically designated as a representative of a significant shareholder of the company;

● Any director who is also an employee or executive of a significant shareholder of the company;

● Beneficial owner (direct or indirect) of at least 10% of the company's stock, either in economic terms or in voting rights (this may be aggregated if voting power is distributed among more than one member of a defined group, e.g., family members who beneficially own less than 10% individually, but collectively own more than 10%), unless market best practice dictates a lower ownership and/or disclosure threshold (and in other special market-specific circumstances);

● Government representative;

● Currently provides (or a relative provides) professional services to the company, to an affiliate of the company, or to an individual officer of the company or of one of its affiliates in excess of $10,000 per year;

● Represents customer, supplier, creditor, banker, or other entity with which company maintains transactional/commercial relationship (unless company discloses information to apply a materiality test);

● Any director who has conflicting or cross-directorships with executive directors or the chairman of the company;

● Relative of a current employee of the company or its affiliates;

● Relative of a former executive of the company or its affiliates;

● A new appointee elected other than by a formal process through the General Meeting (such as a contractual appointment by a substantial shareholder);

● Founder/co-founder/member of founding family but not currently an employee;

● Former executive (a cooling off period may be applied);

● In markets where local regulations or standards require a maximum tenure, directors with excess tenure will be considered non-independent, except in certain cases where the company discloses a clear justification; and

● Any additional relationship or principle considered to compromise independence under local corporate governance best practice guidance.

**Independent NED**

● No material connection, either directly or indirectly, to the company other than a board seat.

**Employee Representative**

● Represents employees or employee shareholders of the company (classified as "employee representative" but considered a non-independent NED).

**Director Accountability**

Generally vote AGAINST individual directors who attend less than 75% of the board and committee meetings without a disclosed valid excuse.

Generally, vote FOR the bundled election of management nominees, unless adequate disclosures of the nominees have not been provided in a timely manner or if one or more of the nominees does not meet the expectation of our policy.

Other items considered for an AGAINST vote include specific concerns about the individual or the company, such as criminal wrongdoing or breach of fiduciary responsibilities, sanctions from government or authority, violations of laws and regulations, the presence of inappropriate related party transactions, or other issues related to improper business practices

**Discharge of Directors**

Generally vote FOR the discharge of directors, including members of the management board and/or supervisory board, unless there is reliable information about significant and compelling controversies that the board is not fulfilling its fiduciary duties warranted by:

● A lack of oversight or actions by board members which invoke shareholder distrust related to malfeasance or poor supervision, such as operating in private or company interest rather than in shareholder interest; or

● Any legal issues (e.g., civil/criminal) aiming to hold the board responsible for breach of trust in the past or related to currently alleged actions yet to be confirmed (and not only the fiscal year in question), such as price fixing, insider trading, bribery, fraud, and other illegal actions; or

● Other egregious governance issues where shareholders may bring legal action against the company or its directors; or

● Vote on a CASE-BY-CASE basis where a vote against other agenda items are deemed inappropriate.

**Committee Responsibilities and Expectations**

The board of directors should establish committees to oversee areas such as, but not limited to, audit, executive and non-executive compensation, and director nominations and appointments. The responsibilities of the committees should be publicly disclosed.

We generally support incumbent directors, taking into consideration the below factors.

● Material failures of governance, stewardship, or fiduciary responsibilities at the company,

including but not limited to violations of global norms principles and/or other significant global standards;

● Failure to disclose material information;

● Egregious actions related to the director(s)' service on other boards that raise substantial doubt about his or her ability to effectively oversee management and serve the best interests of shareholders at any company;

● The board failed to act on a shareholder proposal that received approval of the majority of shares cast the previous year (a management proposal with other than a FOR recommendation by management will not be considered as sufficient action taken); an adopted proposal that is substantially similar to the original shareholder proposal will be deemed sufficient; (vote against members of the committee of the board that is responsible for the issue under consideration). If we did not support the shareholder proposal, we may still vote against the committee member(s).

● The board failed to act on takeover offers where the majority of the shareholders tendered their shares; or

● If in an extreme situation the board lacks accountability and oversight, coupled with sustained poor performance relative to peers.

**Audit Committee**

Vote CASE-BY-CASE on members of the Audit Committee if poor accounting practices, which rise to a level of serious concern are identified, such as, but not limited to, fraud, misapplication of GAAP, excessive non-audit fees, excessive pledging or hedging of stock by executives, and material weaknesses identified in aduti-related disclosures.

Examine the severity, breadth, chronological sequence and duration, as well as the company's efforts at remediation or corrective actions, in determining whether negative vote recommendations are warranted against the members of the Audit Committee who are responsible for the poor accounting practices, or the entire board.

Generally vote AGAINST Audit Committee members who are classified as promoters or beneficial owners in the company (India).

**Remuneration Committee** (Australia)

Vote CASE-BY-CASE on members of the Remuneration Committee, factors considered may include whether:

● We voted against the company's Remuneration Report in the previous year, the company's previous Remuneration Report received significant opposition of votes cast and we are voting against this year's Remuneration Report; or

● The remuneration structure is widely inconsistent with local market best practices or regulations.

**Nominating Committee**

Vote CASE-BY-CASE on members of the Nominating/Governance Committee considering if:

● A company does not meet the board diversity requirements of local listing rules, corporate governance codes, national targets, or the board diversity is significantly below that of the average in its market; provided that company performance, or other factors, will generally be taken into consideration; or

● The level of board independence does not meet the requirements of local regulations, listing rules, corporate governance codes, or local market best practices.

**Voting on Director Nominees in Contested Elections**

Vote on a CASE-BY-CASE basis in contested elections of directors, e.g., the election of shareholder nominees or the dismissal of incumbent directors, determining which directors are best suited to add value for shareholders.

The analysis will generally be based on, but not limited to, the following major decision factors:

● Company performance relative to its peers;

● Strategy of the incumbents versus the dissidents;

● Independence of board candidates;

● Experience and skills of board candidates;

● Governance profile of the company;

● Evidence of management entrenchment;

● Responsiveness to shareholders;

● Whether a takeover offer has been rebuffed; and

● Whether minority or majority representation is being sought.

**Other Board Related Proposals (Management and Shareholder)**

Generally vote AGAINST management and shareholder proposals introducing classified boards.

Generally vote AGAINST shareholder proposals regarding mandatory retirement ages for directors.

Generally vote AGAINST management and shareholder proposals to alter board structure or size in the context of a fight for control of the company or the board.

**Independent Board Chair** (applicable markets)

We will generally vote AGAINST shareholder proposals requiring that the chairman's position be filled by an independent director, if the company satisfies 3 of the 4 following criteria:

● Two-thirds independent board, or majority in countries where employee representation is common practice;

● A designated, or a rotating, lead director, elected by and from the independent board members with clearly delineated and comprehensive duties;

● Fully independent key committees; and/or

● Established, publicly disclosed, governance guidelines and director biographies/profiles.

3. Remuneration

**Pay Practices**

Good pay practices should align management's interests with long-term shareholder value creation. Detailed disclosure of remuneration criteria is preferred; proof that companies follow the criteria should be evident and retroactive performance target changes without proper disclosure is not viewed favorably. Remuneration practices should allow a company to attract and retain proven talent. Some examples of poor pay practices include: abnormally large bonus payouts without justifiable performance linkage or proper disclosure, egregious employment contracts, excessive severance and/or change in control provisions, repricing or replacing of underwater stock options/stock appreciation rights without prior shareholder approval, and excessive perquisites. A company should also have an appropriate balance of short-term vs. long-term metrics and the metrics should be aligned with business goals and objectives.

If the company maintains problematic or poor pay practices, generally vote:

● AGAINST Remuneration Reports; or

● AGAINST an equity-based incentive plan proposal if excessive non-performance-based equity awards are the major contributor to a pay-for-performance misalignment.

**Remuneration Reports** (Australia)

Vote CASE-BY-CASE on management proposals for a vote on remuneration reports, considering the following factors in the context of each company's specific circumstances and the board's disclosed rationale for its practices.

When a disconnect between pay and performance exists, pay practices that may result in a vote AGAINST management proposals the company's remuneration report may include:

● Lack of transparent disclosure of compensation philosophy and goals and targets, including details on short-term and long-term performance incentives;

● Long term incentive awards consisting of less than 50% performance-based awards;

● Lack of the board's response to failed MSOP vote the previous year;

● Abnormally large bonus payouts without justifiable performance linkage or proper disclosure;

● Egregious employment or retention contracts;

● Excessive perquisites or excessive severance and/or change in control provisions; and

● Extraordinary relocation benefits.

**Equity-based / Stock Option Compensation Plans**

Vote CASE-BY-CASE on equity compensation plans, considering factors such as:<br>

● Level of potential dilution (generally within 5% for mature companies and 10% for growth companies, or within local market best practices);

● Length of vesting period;

● Appropriate performance hurdles;

● Adequate disclosure of the remuneration plan;

● Governance and administration of the remuneration plan; and

● Any other concerns which may negatively impact shareholder value or alignment of incentives.

**Non-Executive Director Compensation**

Generally vote FOR proposals to award cash fees to non-executive directors unless the amounts are excessive relative to other companies in the country or industry.

Vote non-executive director compensation proposals that include both cash and share-based components on a CASE-BY-CASE basis.

Vote proposals that bundle compensation for both non-executive and executive directors into a single resolution on a CASE-BY-CASE basis.

Generally vote AGAINST proposals to introduce retirement benefits for non-executive directors.

**Director, Officer, and Auditor Indemnification and Liability Provisions**

Vote proposals seeking indemnification and liability protection for directors and officers on a CASE-BY-CASE basis.

Generally vote AGAINST proposals to indemnify auditors.

**Other Remuneration Related Proposals**

Vote on other remuneration related proposals on a CASE-BY-CASE basis.

4. Shareholder Rights and Defenses

**Antitakeover Mechanisms**

Generally vote AGAINST all antitakeover proposals, unless they are structured in such a way that they give

shareholders the ultimate decision on any proposal or offer.

5. Strategic Transactions, Capital Structures and other Business Considerations

**Reorganizations/Restructurings**

Vote reorganizations and restructurings on a CASE-BY-CASE basis.

**Mergers and Acquisitions**

Vote CASE-BY-CASE on mergers and acquisitions taking into account the following based on publicly available information:

● Valuation;

● Market reaction;

● Strategic rationale;

● Management's track record of successful integration of historical acquisitions;

● Presence of conflicts of interest; and

● Governance profile of the combined company.

**Dual Class Structures**

Generally vote FOR resolutions that seek to maintain or convert to a one-share, one-vote capital structure.

Generally vote AGAINST requests for the creation or continuation of dual-class capital structures or the creation of new or additional super voting shares.

**Share Issuance Requests**

*General Issuances:*

Generally vote FOR issuance requests with preemptive rights to a maximum of 100% over currently issued capital or any stricter limit set in local best practice recommendations or law (50% in Singapore).

Generally vote FOR issuance requests without preemptive rights to a maximum of 20% of currently issued capital or any stricter limit set in local best practice recommendations or law (15% in Australia, 10% in Hong Kong and Singapore Mainboard).<br>Generally vote FOR issuance requests without preemptive rights to a maximum of 25% of currently issued capital (India).

*Specific Issuances:*

 

Vote on a CASE-BY-CASE basis on all requests, with or without preemptive rights.

**Increases in Authorized Capital**

Generally vote FOR non-specific proposals to increase authorized capital up to 100% over the current authorization unless the increase would leave the company with less than 30% of its new authorization outstanding, or any stricter limit set in local best practice recommendations or law.

Generally vote FOR specific proposals to increase authorized capital to any amount, unless:

● The specific purpose of the increase (such as a share-based acquisition or merger) does not meet guidelines for the purpose being proposed; or

● The increase would leave the company with less than 30% of its new authorization outstanding after adjusting for all proposed issuances, or any stricter limit set in local best practice recommendations or law

Generally vote AGAINST proposals to adopt unlimited capital authorizations.

**Reduction of Capital**

Generally vote FOR proposals to reduce capital for routine accounting purposes unless the terms are unfavorable to

shareholders.

Vote proposals to reduce capital in connection with corporate restructuring on a CASE-BY-CASE basis.

**Preferred Stock**

Generally vote FOR the creation of a new class of preferred stock or for issuances of preferred stock up to 50% of issued capital unless the terms of the preferred stock would adversely affect the rights of existing shareholders.

Generally vote FOR the creation/issuance of convertible preferred stock as long as the maximum number of common

shares that could be issued upon conversion meets guidelines on equity issuance requests.

Generally vote AGAINST the creation of a new class of preference shares that would carry superior voting rights to the common shares.

Generally vote AGAINST the creation of blank check preferred stock unless the board clearly states that the authorization will not be used to thwart a takeover bid.

**Debt Issuance Requests**

Vote non-convertible debt issuance requests on a CASE-BY-CASE basis, with or without preemptive rights.

Generally vote FOR the creation/issuance of convertible debt instruments as long as the maximum number of common shares that could be issued upon conversion meets guidelines on equity issuance requests.

Generally vote FOR proposals to restructure existing debt arrangements unless the terms of the restructuring would

adversely affect the rights of shareholders.

**Increase in Borrowing Powers**

Vote proposals to approve increases in a company's borrowing powers on a CASE-BY-CASE basis.

**Share Repurchase Plans**

We will generally vote FOR share repurchase programs taking into account whether:

● The share repurchase program can be used as a takeover defense;

● There is clear evidence of historical abuse;

● There is no safeguard in the share repurchase program against selective buybacks; and

● Pricing provisions and safeguards in the share repurchase program are deemed to be unreasonable in light of market practice.

**Reissuance of Repurchased Shares**

Generally vote FOR requests to reissue any repurchased shares unless there is clear evidence of abuse of this authority in the past.

**Capitalization of Reserves for Bonus Issues/Increase in Par Value**

Generally vote FOR requests to capitalize reserves for bonus issues of shares or to increase par value.

**Related-Party Transactions**

Vote related-party transactions on a CASE-BY-CASE basis, considering factors including, but not limited to, the following:

● The parties on either side of the transaction;

● The nature of the asset to be transferred/service to be provided;

● The pricing of the transaction (and any associated professional valuation);

● The views of independent directors (where provided);

● The views of an independent financial adviser (where appointed);

● Whether any entities party to the transaction (including advisers) is conflicted; and

● The stated rationale for the transaction, including discussions of timing

6. Other Management and Shareholder Proposals

**Overall Approach**

Management and shareholder proposals considered under this category could include, among others, requests that a company:

● Publish a report or additional information related to the company's business and impact on stakeholders;

● Disclose policies related to specific business practices and/or services;

● Conduct third party audits, reports or studies related to the company's business practices, services and/or impact on stakeholders

When evaluating management and shareholder proposals, the following factors are generally considered:

● Whether the subject of the proposal is considered to be material to the company's business;

● The company's current level of publicly available disclosure, including if the company already discloses similar information through existing reports or policies;

● If the company has implemented or formally committed to the implementation of a reporting program based on a recognized industry group standards or recommendations, such as the International Sustainability Standards Board's Sustainability Accounting Standards, the Sustainability Accounting Standards Board's (SASB) standards, the European Sustainability Reporting Standards, the Task Force on Climate-related Financial Disclosure's (TCFD) recommendations, or a similar standard;

● Whether the information requested concerns business issues that relate to a meaningful percentage of the company's business;

● The degree to which the company's stated position on the issues raised in the proposal could affect its reputation or sales, or leave it vulnerable to a boycott or selective purchasing;

● Whether the company has already responded in some appropriate manner to the request embodied in the proposal;

● What other companies in the relevant industry have done in response to the issue addressed in the proposal;

● Whether the proposal itself is well framed and the cost of preparing the report and/or the implementation is reasonable;

● Whether the subject of the proposal is best left to the discretion of the board;

● Whether the proposal is legally binding for the board;

● Whether the company has material fines or violations in the area and if so, if appropriate actions have already been taken to remedy going forward; and

● Whether providing this information would reveal proprietary or confidential information that would place the company at a competitive disadvantage.

**Region: Japan Proxy Items** 

1. Operational Items

**Financial Results/Director and Auditor Reports**

Generally vote FOR approval of financial statements and director and auditor reports, unless:

● There are concerns about the accounts presented or audit procedures used; or

● The company is not responsive to shareholder questions about specific items that should be publicly disclosed.

**Appointment of Auditors and Auditor Fees** 

Generally vote FOR the re-election of auditors and proposals authorizing the board to fix auditor fees, unless:

● There are serious concerns about the accounts presented, audit procedures used or audit opinion rendered;

● There is reason to believe that the auditor has rendered an opinion that is neither accurate nor indicative of the company's financial position;

● Name of the proposed auditor has not been published;

● The auditors are being changed without explanation;

● Non-audit-related fees are substantial or are in excess of standard annual audit-related fees; or

● The appointment of external auditors if they have previously served the company in an executive capacity or can otherwise be considered affiliated with the company.

**Allocation of Income** 

Generally vote FOR approval of the allocation of income, unless:

● The dividend payout ratio has been consistently low without adequate explanation; or

● The payout is excessive given the company's financial position;

**Amendments to Articles of Association**

Vote amendments to the articles of association on a CASE-BY-CASE basis.

**<br> Change in Company Fiscal Term**

Generally vote FOR resolutions to change a company's fiscal term unless a company's motivation for the change is to postpone its annual general meeting.

**Amend Quorum Requirements**<br>

Vote proposals to amend quorum requirements for shareholder meetings on a CASE-BY-CASE basis.

**Virtual Meetings**

Generally vote AGAINST management proposals allowing for the convening of virtual-only\* shareholder meetings.

\* The phrase "virtual-only shareholder meeting" refers to a meeting of shareholders that is held exclusively through the use of online technology without a corresponding in-person meeting. The term "hybrid shareholder meeting" refers to an in-person, or physical, meeting in which shareholders are permitted to participate online.

2. Board of Directors and Statutory Auditors

The board of directors should promote the interests of shareholders by acting in an oversight and/or advisory role; should consist of a majority of independent directors and/or meet local best practice expectations; should be composed of directors with diverse backgrounds and perspectives; and should be held accountable for actions and results related to their responsibilities. The board of directors should seek to comply with commonly accepted corporate governance best practices as well as the corporate governance standards that are applicable in this market. The board of directors should establish committees to oversee areas such as, but not limited to, audit, executive and non-executive compensation, and director nominations and appointments. The responsibilities of the committees should be publicly disclosed.

**Voting on Director Nominees in Uncontested Elections** 

Vote on director nominees should be determined on a CASE-BY-CASE basis taking into consideration the following:.

● The company's committee structure: statutory auditor board structure, U.S.-type three committee structure, or audit committee structure; or

● Adequate disclosure has not been provided in a timely manner; or

● There are clear concerns over questionable finances or restatements; or

● There have been questionable transactions or conflicts of interest; or

● There are any records of abuses against minority shareholder interests; or

● The board fails to meet minimum corporate governance standards; or

● There are reservations about:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o Director terms

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o Bundling of proposals to elect directors

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o Disclosure of named nominees

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o Overboarded directors

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o Director independence

● Specific concerns about the individual or company, such as criminal wrongdoing or breach of fiduciary responsibilities; or

● There are other considerations which may include sanctions from government or authority, violations of laws and regulations, or other issues related to improper business practice, failure to replace management, or egregious actions related to service on other boards.

Generally vote AGAINST top executives when the company has an excessive amount of strategic shareholdings.

Generally vote AGAINST top executives when the company has posted average return on equity (ROE) of less than five percent over the last five fiscal years.

**Director Independence--Classification of Directors**

**Inside Director**

● Employee or executive of the company; and

● Any director who is not classified as an outside director of the company.

**Non-Independent Non-Executive Director (affiliated outsider)**

● Any director specifically designated as a representative of a significant shareholder of the company;

● Any director who is/was also an employee or executive of a significant shareholder of the company;

● Beneficial owner (direct or indirect) of at least 10% of the company's stock, or one of the top 10 shareholders, either in economic terms or in voting rights (this may be aggregated if voting power is distributed among more than one member of a defined group, e.g., family members who beneficially own less than 10% individually, but collectively own more than 10%)

● Individuals who are employees or were previously employed at main lenders/banks of the company;

● Relative of a current employee of the company or its affiliates;

● Any director who works or has worked at a company whose shares are held by the company in question as strategic shareholdings (i.e. "cross-shareholdings")

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Any director who has served at a company as an outside director for 12 years or more;

● Any additional relationship or principle considered to compromise independence

**Independent Non-Executive Directors (independent outsider)**

● No material connection, either directly or indirectly, to the company other than a board seat.

At companies adopting a board with a statutory auditor committee structure or an audit committee structure, generally vote AGAINST top executives when the board consists of fewer than two independent outside directors or less than 1/3 of the board consists of independent outside directors. Additionally, if the company is a member of the TOPIX 100 index, generally vote AGAINST top executives when less than 1/2 of the board consists of outside directors.

At companies adopting an audit committee structure, generally vote AGAINST affiliated outside directors who are audit committee members.

At companies adopting a U.S.-type three committee structure, generally vote AGAINST members of the Nominating Committee when less than a majority of the board consists of independent outside directors.

At controlled companies adopting board with a statutory auditor structure or an audit committee structure, generally vote AGAINST top executives if the board does not consist of majority independent outside directors.

**Director Accountability**

Generally vote AGAINST individual outside directors who attend less than 75% of the board and/or committee meetings without a disclosed valid excuse.

Other items considered for an AGAINST vote include specific concerns about the individual or the company, such as criminal wrongdoing or breach of fiduciary responsibilities, sanctions from government or authority, violations of laws and regulations, the presence of inappropriate related party transactions, or other issues related to improper business practices

**Committee Responsibilities and Expectations**

The board of directors should establish committees to oversee areas such as, but not limited to, audit, executive and non-executive compensation, and director nominations and appointments. The responsibilities of the committees should be publicly disclosed.

We generally support incumbent directors, taking into consideration the below factors.

● Material failures of governance, stewardship, or fiduciary responsibilities at the company, including but not limited to violations of global norms principles and/or other significant global standards;

● Failure to disclose material information;

● Egregious actions related to the director(s)' service on other boards that raise substantial doubt about his or her ability to effectively oversee management and serve the best interests of shareholders at any company;

● The board adopts or renews a poison pill without shareholder approval, does not commit to putting it to shareholder vote within 12 months of adoption (or in the case of a newly public company, does not commit to put the pill to a shareholder vote within 12 months following the IPO), or reneges on a commitment to put the pill to a vote, and has not yet received a withhold/against recommendation for this issue;

● The board failed to act on takeover offers where the majority of the shareholders tendered their shares; or

● If in an extreme situation the board lacks accountability and oversight, coupled with sustained poor performance relative to peers.

Generally vote AGAINST members of the Nominating Committee or top executives if the board diversity is significantly below that of the average in its market; provided that company performance, or other factors, will generally be taken into consideration.

**Voting on Director Nominees in Contested Elections**

Vote on a CASE-BY-CASE basis in contested elections of directors, e.g., the election of shareholder nominees or the dismissal of incumbent directors, determining which directors are best suited to add value for shareholders.

The analysis will generally be based on, but not limited to, the following major decision factors:

● Company performance relative to its peers;

● Strategy of the incumbents versus the dissidents;

● Independence of board candidates;

● Experience and skills of board candidates;

● Governance profile of the company;

● Evidence of management entrenchment;

● Responsiveness to shareholders;

● Whether a takeover offer has been rebuffed;

● Whether minority or majority representation is being sought.<br>

**Other Board Related Proposals (Management and Shareholder)**

Generally vote AGAINST management and shareholder proposals introducing classified boards.

Generally vote AGAINST shareholder proposals regarding mandatory retirement ages for directors.

Generally vote AGAINST management and shareholder proposals to alter board structure or size in the context of a fight for control of the company or the board.

**Independent Board Chair (**applicable markets)

We will generally vote AGAINST shareholder proposals requiring that the chairman's position be filled by an independent director, if the company satisfies 3 of the 4 following criteria:

● Two-thirds independent board;

● A designated, or a rotating, lead director, elected by and from the independent board members with clearly delineated and comprehensive duties;

● Fully independent key committees; and/or

● Established, publicly disclosed, governance guidelines and director biographies/profiles.

**Statutory Auditor Elections**

Generally vote AGAINST affiliated outside statutory auditors.

For definition of affiliated outsiders, see "Classification of Directors**"**

Generally vote FOR management nominees taking into consideration the following:

● Adequate disclosure has not been provided in a timely manner;

● There are clear concerns over questionable finances or restatements;

● There have been questionable transactions or conflicts of interest;

● There are any records of abuses against minority shareholder interests;

● The board fails to meet minimum corporate governance standards;

● Specific concerns about the individual or company, such as criminal wrongdoing or breach of fiduciary responsibilities;

● Outside statutory auditor's attendance at less than 75% of the board and statutory auditor meetings without a disclosed valid excuse; or

● Unless there are other considerations which may include sanctions from government or authority, violations of laws and regulations, or other issues related to improper business practice, failure to replace management, or egregious actions related to service on other boards.

3. Compensation

**Director Compensation**

Generally vote FOR proposals to award cash fees to non-executive directors unless the amounts are excessive relative to other companies in the country or industry.

Vote non-executive director compensation proposals that include both cash and share-based components on a CASE-BY-CASE basis.

Vote proposals that bundle compensation for both non-executive and executive directors into a single resolution on a CASE-BY-CASE basis.

Generally vote AGAINST proposals to introduce retirement bonuses for outside directors and/or outside statutory auditors, unless the amounts are disclosed and are not excessive relative to other companies in the country or industry.

**Director, Officer, and Auditor Indemnification and Liability Provisions**

Vote proposals seeking indemnification and liability protection for directors and statutory auditors on a CASE-BY-CASE basis.

Generally vote AGAINST proposals to indemnify auditors.

4. Shareholder Rights and Defenses

**Antitakeover Mechanisms**

Generally vote AGAINST all antitakeover proposals, unless certain conditions are met to ensure the proposal is intended to enhance shareholder value, including consideration of the company's governance structure, the anti-takeover defense duration, the trigger mechanism and governance, and the intended purpose of the antitakeover defense.

5. Strategic Transactions and Capital Structures

**Reorganizations/Restructurings**

Vote reorganizations and restructurings on a CASE-BY-CASE basis.

**Mergers and Acquisitions**

Vote CASE-BY-CASE on mergers and acquisitions, and third-party share issuance requests, taking into account the following based on publicly available information:

● Valuation;

● Market reaction;

● Strategic rationale;

● Management's track record of successful integration of historical acquisitions;

● Presence of conflicts of interest; and

● Governance profile of the combined company.

**Dual Class Structures**

Generally vote FOR resolutions that seek to maintain or convert to a one-share, one-vote capital structure.

Generally vote AGAINST requests for the creation or continuation of dual-class capital structures or the creation of new or additional super voting shares.

**Increases in Authorized Capital** 

Generally vote FOR non-specific proposals to increase authorized capital up to 100% over the current authorization unless the increase would leave the company with less than 30% of its new authorization outstanding. The increase should also not be intended as a takeover defense.

Generally vote FOR specific proposals to increase authorized capital to any amount, unless:

● The specific purpose of the increase (such as a share-based acquisition or merger) does not meet guidelines for the purpose being proposed.

Generally vote AGAINST proposals to adopt unlimited capital authorizations.

**Reduction of Capital**

Generally vote FOR proposals to reduce capital for routine accounting purposes unless the terms are unfavorable to

shareholders.

Vote proposals to reduce capital in connection with corporate restructuring on a CASE-BY-CASE basis.

**Preferred Stock**

Vote CASE-BY-CASE on any requests to issue or modify preferred shares or other share classes

**Share Repurchase Plans**

We will generally vote FOR share repurchase programs taking into account whether:

● The share repurchase program can be used as a takeover defense;

● There is clear evidence of historical abuse;

● There is no safeguard in the share repurchase program against selective buybacks;

● Pricing provisions and safeguards in the share repurchase program are deemed to be unreasonable in light of market practice.

6. Other Management and Shareholder Proposals

**Overall Approach**

Management and shareholder proposals considered under this category could include, among others, requests that a company:

● Publish a report or additional information related to the company's business and impact on stakeholders;

● Disclose policies related to specific business practices and/or services;

● Conduct third party audits, reports or studies related to the company's business practices, services and/or impact on stakeholders

When evaluating management and shareholder proposals, the following factors are generally considered:

● Whether the subject of the proposal is considered to be material to the company's business;

● The company's current level of publicly available disclosure, including if the company already discloses similar information through existing reports or policies;

● Ift the company has implemented or formally committed to the implementation of a reporting program based on a recognized industry group standards or recommendations, such as the International Sustainability Standards Board's Sustainability Accounting Standards, the Sustainability Accounting Standards Board's (SASB) standards, the European Sustainability Reporting Standards, the Task Force on Climate-related Financial Disclosure's (TCFD) recommendations, or a similar standard;

● Whether the information requested concerns business issues that relate to a meaningful percentage of the company's business;

● The degree to which the company's stated position on the issues raised in the proposal could affect its reputation or sales, or leave it vulnerable to a boycott or selective purchasing;

● Whether the company has already responded in some appropriate manner to the request embodied in the proposal;

● What other companies in the relevant industry have done in response to the issue addressed in the proposal;

● Whether the proposal itself is well framed and the cost of preparing the report and/or the implementation is reasonable;

● Whether the subject of the proposal is best left to the discretion of the board;

● Whether the proposal is legally binding for the board;

● Whether the company has material fines or violations in the area and if so, if appropriate actions have already been taken to remedy going forward; and

● Whether providing this information would reveal proprietary or confidential information that would place the company at a competitive disadvantage.

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Proxy Voting Procecdures

Granahan Investment Management LLC ("GIM") utilizes ISS (the "Provider") recommendations as an aid in carrying out its proxy voting duties; though GIM retains ultimate authority over the process.

GIM generally votes in unison across all shares managed by GIM, where GIM has voting discretion. If a single account(s) casts a vote that is different from the other accounts, that reason must be well documented and is typically due to a specific request from the client to vote that way.

While GIM largely votes along with the Provider's recommendations, there are cases where GIM believes the recommendation conflicts with the vote that maximizes shareholder value and will vote against the recommendation. In these instances, the reason for divergence from the recommendation must be written (e-mail acceptable) and approved by the CCO or CIO. The CCO and CIO will ensure there is no conflict of interest, personal or corporate, driving the vote against the recommendation. GIM seeks to vote ballots with the goal of maximizing shareholder value for all clients. In the event GIM chooses to vote against the provider's recommendation, and that is clearly in conflict with a particular client's best interest, GIM may choose to cast that client's shares with the vote that is more beneficial to them.

GIM will evaluate and vote any proxy where the Provider does not give a recommendation or where the recommendation appears to be driven by a conflict of interest at the Provider.

GIM reviews proxy votes on a quarterly basis to confirm all ballot shares are voted, and to confirm that overrides have proper supporting documentation.

Foreign proxy voting can be impacted by operational issues, such as restricted liquidity while shares are being voted. GIM generally refrains from voting where the process itself impacts the marketability of the security.

GIM periodically assesses the Provider's ability to continue to provide independent analysis, recommendations, and operational support to our proxy voting responsibilities through factors such as historical experience, perceived independence, and reputation.

April 19, 2022

404 Wyman St., Suite 460, Waltham, MA 02451 • www.granahan.com • 781-890-4412 1

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**Invesco's Policy Statement on Global Corporate Governance and**

**Proxy Voting** 

Effective May 2025

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**Table of Contents**

**I.** **Introduction1** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. Our Approach to Proxy Voting 1

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. Applicability of Policy 1

**II.** **Global Proxy Voting Operational Procedures** **2** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. Oversight and Governance 2

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. The Proxy Voting Process 3

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C. Retention and Oversight of Proxy Service Providers 3

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;D. Disclosures and Recordkeeping 4

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;E. Market and Operational Limitations 6

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;F. Securities Lending 7

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;G. Conflicts of Interest 7

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;H. Voting Funds of Funds 8

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;I. Review of Policy 9

**III.** **Our Good Governance Principles** **9** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. Transparency 10

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. Accountability 11

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C. Board Composition and Effectiveness 14

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;D. Capitalization 17

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;E. Environmental and Social Issues 18

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;F. Executive Compensation and Performance Alignment 19

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I. Introduction

Invesco Ltd. and its wholly owned investment adviser subsidiaries (collectively, "Invesco," the "Company," "our" or "we") have adopted and implemented this Policy Statement on Global Corporate Governance and Proxy Voting (this "Global Proxy Voting Policy" or "Policy"), which we believe describes policies and procedures reasonably designed to assure proxy voting matters are conducted in the best interests of our clients.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**A.** **Our Approach to Proxy Voting** 

Invesco understands proxy voting is an integral aspect of the investment management services it provides to clients. As an investment adviser, Invesco has a fiduciary duty to act in the best interests of our clients. Where Invesco has been delegated the authority to vote proxies with respect to securities held in client portfolios, we exercise such authority in the manner we believe best serves the interests of such clients and their investment objectives. We recognize that proxy voting is an important tool that enables us to drive shareholder value.

A summary of our global operational procedures and governance structure is included in Part II of this Policy. Invesco's good governance principles, which are included in Part III of this Policy, and our internal proxy voting guidelines are both principles and rules, and cover topics that typically appear on voting ballots. Invesco's investment teams retain ultimate authority to vote proxies. Given the complexity of proxy issues across our clients' holdings globally, our investment teams consider many factors when determining how to cast votes. We seek to evaluate and make voting decisions that favor proxy proposals and governance practices that, in our view, promote long-term shareholder value.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**B.** **Applicability of Policy** 

Invesco's investment teams vote proxies on behalf of Invesco-sponsored funds and both fund and non-fund advisory clients that have explicitly granted Invesco authority in writing to vote proxies on their behalf. In the case of institutional or sub-advised clients, Invesco will vote the proxies in accordance with this Policy unless the client agreement specifies that the client retains the right to vote or has designated a named fiduciary to direct voting. This Policy is implemented by all entities listed in Exhibit A, except as noted below. Due to regional or asset class-specific considerations, certain entities may have local proxy voting guidelines or policies and procedures that differ from this Policy. In the event local policies and this Policy differ, the local policy will apply. These entities subject to local policies are listed in Exhibit A.

Where our passively managed strategies and certain other client accounts managed in accordance with fixed income, money market and index strategies (including exchange-traded funds) (referred to as "passively managed accounts") hold the same investments as our actively managed equity funds, voting decisions with respect to those accounts generally follow the voting decisions made by the largest active holder of the equity shares. Invesco refers to this approach as "Majority Voting." This process of Majority Voting seeks to ensure that our passively managed accounts benefit from the engagement and deep dialogue of our active investment teams, which can benefit shareholders in passively managed accounts. Invesco will generally apply the majority holder's vote instruction to these passively managed accounts. Where securities are held only in passively managed accounts and not owned in our actively managed accounts, the proxy will be generally voted in line with this Policy and internal proxy voting guidelines. Notwithstanding the above, investment teams of our passively managed accounts retain full discretion over proxy voting decisions to individually evaluate a specific proxy proposal or override Majority Voting and vote the shares as they determine to be in the best interest of those accounts, absent certain types of conflicts of interest which are discussed elsewhere in this Policy. To the extent our investment teams believe a specific proxy proposal requires enhanced analysis or if it is not covered by this Policy or internal guidelines, our investment teams will evaluate such proposal and execute the voting decision.

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II. Global Proxy Voting Operational Procedures

Invesco's global proxy voting operational procedures (the "Procedures") are in place to implement the provisions of this Policy. Invesco aims to vote all proxies for which it has voting authority in accordance with this Policy, as implemented by the Procedures outlined in this Section II. It is the responsibility of Invesco's Proxy Voting and Governance team to maintain and facilitate the review of the Procedures annually.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**A.** **Oversight and Governance** 

Oversight of the proxy voting process is provided by the Proxy Voting and Governance team and the Global Invesco Proxy Advisory Committee ("Global IPAC"). For some clients, third parties (e.g., U.S. fund boards) and internal sub-committees also provide oversight of the proxy voting process.

Guided by its philosophy that investment teams should manage proxy voting, Invesco has created the Global IPAC. The Global IPAC is an investments-driven committee comprising representatives from various investment management teams. Representatives from Invesco's Legal, Compliance, Risk, ESG and Government Affairs departments may also participate in Global IPAC meetings. The Director of Proxy Voting and Governance chairs the committee. The Global IPAC provides a forum for investment teams, in accordance with this Policy, to:

● monitor, understand and discuss key proxy issues and voting trends within the Invesco complex;

● assist Invesco in meeting regulatory obligations;

● review votes not aligned with our good governance principles; and

● consider conflicts of interest in the proxy voting process.

In fulfilling its responsibilities, the Global IPAC meets as necessary (but no less than semi-annually) and has the following responsibilities and functions: (i) acts as a key liaison between the Proxy Voting and Governance team and investment teams to assure compliance with this Policy; (ii) provides insight on market trends as it relates to stewardship practices; (iii) monitors proxy votes that present potential conflicts of interest; and (iv) reviews and provides input, at least annually, on this Policy and related internal procedures and recommends any changes to this Policy based on, but not limited to, Invesco's experience, evolving industry practices, or developments in applicable laws or regulations. In addition, when necessary, the Global IPAC Conflict of Interest Sub-committee makes voting decisions on proxies that require an override of this Policy due to an actual or perceived conflict of interest. The Global IPAC reviews Global IPAC Conflict of Interest Sub-committee voting decisions.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**B.** **The Proxy Voting Process** 

At Invesco, investment teams execute voting decisions through our proprietary voting platform and are supported by the Proxy Voting and Governance team and a dedicated technology team. Invesco's proprietary voting platform streamlines the proxy voting process by providing our global investment teams with direct access to proxy meeting materials, including ballots, Invesco's internal proxy voting guidelines and recommendations, as well as proxy research and vote recommendations issued by Proxy Service Providers (as such term is defined in Part C below). Votes executed on Invesco's proprietary voting platform are transmitted to our proxy voting agent electronically and are then delivered to the respective designee for tabulation.

Invesco's Proxy Voting and Governance team monitors whether we have received proxy ballots for shareholder meetings in which we are entitled to vote. This involves coordination among various parties in the proxy voting ecosystem, including, but not limited to, our proxy voting agent, custodians and ballot distributors. If necessary, we may choose to escalate a matter in accordance with our internal procedures to facilitate our ability to exercise our right to vote.

Our proprietary systems facilitate internal control and oversight of the voting process. To facilitate the casting of votes in an efficient manner, Invesco may choose to pre-populate and leverage the capabilities of these proprietary systems to automatically submit votes based on internal proxy voting guidelines. If necessary, votes may be cast by Invesco or via the Proxy Service Providers Web platform at our direction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**C.** **Retention and Oversight of Proxy Service Providers** 

Invesco has retained two independent third-party proxy voting service providers to provide proxy support globally: Institutional Shareholder Services Inc. ("ISS") and Glass Lewis ("GL"). In addition to ISS and GL, Invesco may retain certain local proxy service providers to access regionally specific research (such local proxy service providers, collectively with ISS and GL, "Proxy Service Providers"). The services may include one or more of the following: providing a comprehensive analysis of each voting item and interpretations of each voting item based on Invesco's internal proxy voting guidelines; and providing assistance with the administration of the proxy process and certain proxy voting-related functions, including, but not limited to, operational, reporting and recordkeeping services.

While Invesco may take into consideration the information and recommendations provided by the Proxy Service Providers, including recommendations based upon Invesco's internal proxy voting guidelines and recommendations provided to such Proxy Service Providers, Invesco's investment teams retain full and independent discretion with respect to proxy voting decisions.

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Updates to previously issued proxy research reports and recommendations may be provided to incorporate newly available information or additional disclosure provided by an issuer regarding a matter to be voted on, or to correct factual errors that may result in the issuance of revised proxy vote recommendations. Invesco's Proxy Voting and Governance team periodically monitors for these research alerts issued by Proxy Service Providers that are shared with our investment teams.

Invesco performs extensive initial and ongoing due diligence on the Proxy Service Providers it engages globally. Invesco conducts annual due diligence meetings as part of its ongoing due diligence. The topics included in these annual due diligence meetings include material changes in service levels, leadership and control, conflicts of interest, methodologies for formulating vote recommendations, operations, and research personnel, among other topics. In addition, Invesco monitors and communicates with the Proxy Service Providers throughout the year and monitors their compliance with Invesco's performance and policy standards.

As part of our annual policy development process, Invesco may engage with other external proxy and governance experts to understand market trends and developments. These meetings provide Invesco with an opportunity to assess the Proxy Service Providers' capabilities, conflicts of interest and service levels, as well as provide investment professionals with direct insight into the Proxy Service Providers' stances on key corporate governance and proxy topics and their policy framework/methodologies.

Invesco completes a review of the System and Organizational Controls ("SOC") Reports for Proxy Service Providers to confirm the related controls were in place and to provide reasonable assurance that the related controls operated effectively.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**D.** **Disclosures and Recordkeeping** 

Unless otherwise required by local or regional requirements, Invesco maintains voting records for at least seven (7) years. Invesco makes its proxy voting records publicly available in compliance with regulatory requirements and industry best practices in the regions below:

● In accordance with the U.S. Securities and Exchange Commission ("SEC") regulations, Invesco will file a record of all proxy voting activity for the prior 12 months ending June 30<sup>th</sup> for each U.S. registered fund. In addition, Invesco, as an institutional manager that is required to file Form 13F, will file a record of its votes on certain executive compensation ("say on pay") matters. The proxy voting filings will generally be made on or before August 31<sup>st</sup> of each year and are available on the SEC's website at <u>www.sec.gov</u>. In addition, each year, the Form N-PX proxy voting records for Invesco mutual funds' and closed-end funds', and Invesco ETF's are made available on Invesco's website here .

● To the extent applicable, the U.S. Employee Retirement Income Security Act of 1974, as amended ("ERISA"), including Department of Labor regulations and guidance thereunder, provide that the named fiduciary generally should be able to review not only the investment adviser's voting procedure with respect to plan-owned stock, but also the actions taken in individual proxy voting situations. In the case of institutional and sub-advised clients, clients may contact their client service representative to request information about how Invesco voted proxies on their behalf. Absent specific contractual guidelines, such requests may be made on a semi-annual basis.

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● In the UK and Europe, Invesco publicly discloses our proxy votes monthly in compliance with the UK Stewardship Code <u>here</u>. Additionally, in accordance with the European Shareholder Rights Directive and the UK Financial Conduct Authority's Conduct of Business Sourcebook ("UK COBS"), Invesco publishes an annual report on implementation of our engagement policies, including a general description of voting behavior, an explanation of the most significant votes and the use of proxy voting advisors.

● In Canada, Invesco publicly discloses a record of all proxy voting activity for the prior 12 months ending June 30th for each Invesco Canada registered mutual fund and ETF. In compliance with the National Instrument 81-106 Investment Fund Continuous Disclosure, the proxy voting records will generally be made available on or before August 31st of each year <u>here</u>.

● In Japan, Invesco publicly discloses our proxy votes annually in compliance with the Japan Stewardship Code <u>here</u>.

● In India, Invesco publicly discloses our proxy votes quarterly <u>here</u> in compliance with The Securities and Exchange Board of India ("SEBI") Circular on stewardship code for all Mutual Funds and all categories of Alternative Investment Funds in relation to their investment in listed equities. SEBI has implemented principles on voting for Mutual Funds through circulars dated March 15, 2010, March 24, 2014, and March 5, 2021, which prescribed detailed mandatory requirements for Mutual Funds in India to disclose their voting policies and actual voting by Mutual Funds on different resolutions of investee companies.

● In Hong Kong, Invesco Hong Kong Limited will provide proxy voting records upon request in compliance with the Securities and Futures Commission Principles of Responsible Ownership.

● In Taiwan, Invesco publicly discloses our proxy voting policy and proxy votes annually in compliance with Taiwan's Stewardship Principles for Institutional Investors <u>here</u>.

● In Australia, Invesco publicly discloses a summary of its proxy voting record annually <u>here</u>.

● In Singapore, Invesco Asset Management Singapore Ltd. will provide proxy voting records upon request in compliance with the Singapore Stewardship Principles for Responsible Investors.

Invesco may engage Proxy Service Providers to make available or maintain certain required proxy voting records in accordance with the above stated applicable regulations.

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Separately managed account clients that have authorized Invesco to vote proxies on their behalf will receive proxy voting information with respect to those accounts upon request. Certain other clients may obtain information about how we voted proxies on their behalf by contacting their client service representative or advisor. Invesco does not publicly disclose voting intentions in advance of shareholder meetings.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**E.** **Market and Operational Limitations** 

In the great majority of instances, Invesco will vote proxies. However, in certain circumstances, Invesco may refrain from voting where the economic or other opportunity costs of voting exceed any benefit to clients. Moreover, ERISA fiduciaries must not subordinate the economic interests of plan participants and beneficiaries to unrelated objectives when voting proxies or exercising other shareholder rights. These matters are left to the discretion of the relevant investment team. Such circumstances could include, for example:

● Certain countries impose temporary trading restrictions, a practice known as "share blocking." This means that once the shares have been voted, the shareholder does not have the ability to sell the shares for a certain period of time, usually until the day after the conclusion of the shareholder meeting. Unless a client directs otherwise, Invesco generally refrains from voting proxies at companies or in markets where share blocking applies. In some instances, Invesco may determine that the benefit to the client(s) of voting a specific proxy outweighs the client's temporary inability to sell the shares.

● Some companies require a representative to attend shareholder meetings in person to vote a proxy or issuer-specific additional documentation, certification or the disclosure of beneficial owner details to vote. Invesco may determine that the costs of sending a representative or submitting additional documentation, including power of attorney documentation, or disclosures outweigh the benefit of voting a particular proxy.

● Invesco may not receive proxy materials from the relevant fund or custodian used by our clients with sufficient time and information to make an informed independent voting decision.

● Invesco held shares on the record date but has sold them prior to the meeting date.

● Although Invesco uses reasonable efforts to vote a proxy, proxies may not be accepted or may be rejected for various reasons, including due to changes in the agenda for a shareholder meeting for which Invesco does not have sufficient notice, when certain custodians used by our clients do not offer a proxy voting in a jurisdiction, or due to operational issues experienced by third parties involved in the process or by an issuer or sub-custodian.

● Additionally, despite the best efforts of Invesco and its proxy voting agent, there may be instances where our votes may not be received or properly tabulated by an issuer or an issuer's agent. Invesco will generally endeavor to vote and maintain any paper ballots received provided they are delivered in a timely manner ahead of the vote deadline.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**F.** **Securities Lending** 

Invesco's funds may participate in a securities lending program. In circumstances where funds' shares are on loan, the voting rights of those shares are transferred to the borrower. If the security in question is on loan as part of a securities lending program, Invesco may determine that the vote is material to the investment, and therefore, the benefit to the client of voting a particular proxy outweighs the economic benefits of securities lending. In those instances, Invesco may determine to recall securities that are on loan prior to the meeting record date, so we will be entitled to vote those shares. For example, for certain actively managed funds, the lending agent has standing instructions to systematically recall all securities on loan for Invesco to vote the proxies on those previously loaned shares. There may be instances where Invesco may be unable to recall shares or may choose not to recall shares. Such circumstances may include instances when Invesco does not receive timely notice of the meeting, or when Invesco deems the opportunity for a fund to generate securities lending revenue outweighs the benefits of voting at a specific meeting. The relevant investment team will make these determinations.

**G.** **Conflicts of Interest** 

There may be occasions where voting proxies may present a perceived or actual conflict of interest between Invesco, as investment adviser, and one or more of Invesco's clients or vendors.

**Firm-Level Conflicts of Interest**

A conflict of interest may exist if Invesco has a material business relationship with either the company soliciting a proxy or a third party that has a material interest in the outcome of a proxy vote or that is actively lobbying for a particular outcome of a proxy vote. Such relationships may include, among others, a client relationship, serving as a vendor whose products/services are material or significant to Invesco, serving as a distributor of Invesco's products, or serving as a significant research provider or broker to Invesco.

Invesco identifies potential conflicts of interest based on a variety of factors, including, but not limited, to the materiality of the relationship between the issuer or its affiliates to Invesco.

Material firm-level conflicts of interests are identified by individuals and groups within Invesco globally using criteria established by the Proxy Voting and Governance team. These criteria are monitored and updated periodically by the Proxy Voting and Governance team so up-to-date information is available when conducting conflicts checks. Operating procedures and associated governance are designed to seek to assure conflicts of interest are appropriately considered ahead of voting proxies. The Global IPAC Conflict of Interest Sub-committee maintains oversight of the process. Companies identified as conflicted will be voted in line with the principles below as implemented by Invesco's internal proxy voting guidelines. To the extent an investment team disagrees with the Policy, our processes and procedures seek to assure that justifications and rationales are fully documented and presented to the Global IPAC Conflict of Interest Sub-committee for approval by a majority vote.

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As an additional safeguard, persons from Invesco's marketing, distribution and other customer-facing functions may not serve on the Global IPAC. For the avoidance of doubt, Invesco may not consider Invesco Ltd.'s pecuniary interest when voting proxies on behalf of clients. To avoid any appearance of a conflict of interest, Invesco will instruct "abstain" on proxies issued by Invesco Ltd. that are held in client accounts. If an "abstain" vote is not operationally possible, Invesco will not vote the shares.

**Personal Conflicts of Interest**

A conflict also may exist where an Invesco employee has a known personal or business relationship with other proponents of proxy proposals, participants in proxy contests, corporate directors, or candidates for directorships. Under Invesco's Global Code of Conduct, Invesco entities and individuals must act in the best interests of clients and must avoid any situation that gives rise to an actual or perceived conflict of interest.

All Invesco personnel with proxy voting responsibilities are required to report any known personal or business conflicts of interest regarding proxy issues with which they are involved. In such instances, the individual(s) with the conflict will be excluded from the decision-making process relating to such issues.

**H.** **Voting Funds of Funds** 

Funds of funds holdings can create various special situations for proxy voting, including operational challenges in certain markets. The scenarios below set out examples of how Invesco votes funds of funds:

● When required by law or regulation, shares of an Invesco fund held by other Invesco funds will be voted in the same proportion as the votes of external shareholders of the underlying fund. If such proportional voting is not operationally possible, Invesco will not vote the shares.

● When required by law or regulation, shares of an unaffiliated registered fund held by one or more Invesco funds will be voted in the same proportion as the votes of external shareholders of the underlying fund. If such proportional voting is not operationally possible, Invesco will not vote the shares.

● For U.S. funds of funds where proportional voting is not required by law or regulation, shares of Invesco funds held by other Invesco funds generally will be voted in the same proportion as the votes of external shareholders of the underlying fund. If such proportional voting is not operationally possible, Invesco will vote in line with internal proxy voting guidelines. Investment teams retain full discretion over proxy voting decisions for funds of funds where proportional voting is not required by law or regulation and may choose to vote differently.

● For U.S. funds of funds where proportional voting is not required by law or regulation, shares of unaffiliated registered funds held by one or more Invesco funds generally will be voted in the same proportion as the votes of external shareholders of the underlying fund. If such proportional voting is not operationally possible, Invesco will vote in line with internal proxy voting guidelines. Investment teams retain full discretion over proxy voting decisions for funds of funds where proportional voting is not required by law or regulation and may choose to vote differently.

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● Non-U.S. funds of funds will not be voted proportionally due to operational limitations. The applicable Invesco entity will vote in line with its local policies, as indicated in Exhibit A. If no local policies exist, Invesco will vote non-U.S. funds of funds in line with the firm level conflicts of interest process described above.

● Where client or proprietary accounts are invested directly in shares issued by Invesco affiliates and Invesco has proxy voting authority, shares will be voted in the same proportion as the votes of external shareholders of the underlying holding. If proportional voting is not possible, the shares will be voted in line with a Proxy Service Provider's recommendation.

● Unless it decides to solicit investor instructions, Invesco shall not vote the shares of an Invesco fund held by a fund, client or proprietary account managed by Invesco Canada Ltd.

**I.** **Review of Policy** 

It is the responsibility of the Global IPAC to review this Policy and the internal proxy voting guidelines annually to consider whether any changes are warranted. This annual review seeks to assure this Policy and the internal proxy voting guidelines remain consistent with clients' best interests, regulatory requirements, local market standards and best practices. Further, this Policy and our internal proxy voting guidelines are reviewed at least annually by various departments within Invesco to seek to ensure that they remain consistent with Invesco's views on best practice in corporate governance and long-term investment stewardship.

III. Our Good Governance Principles

Invesco's good governance principles outline our views on best practice in corporate governance and long-term investment stewardship. These principles have been developed by our global investment teams in collaboration with the Proxy Voting and Governance team and various departments internally. The broad philosophy and guiding principles in this section inform our approach to long-term investment stewardship and proxy voting. The principles and positions reflected in this Policy are designed to guide Invesco's investment professionals in voting proxies; they are not intended to be exhaustive or prescriptive.

Our investment teams retain full discretion on vote execution in the context of our good governance principles and internal proxy voting guidelines, except where otherwise specified in this Policy. The final voting decisions may consider the unique facts and circumstances applicable to each company, issue, and individual ballot item. These include relevant market laws and regulations, country-specific best practices or corporate governance codes, the issuer's public disclosures, internal research, input from external research providers, and any dialogue we have had with company management. As a result, investment teams may reach different conclusions on portfolio companies and may cast different votes at the same shareholder meeting. When investment teams choose to vote a proxy that is contrary to the principles below or internal proxy voting guidelines, they are required to document their rationales.

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The following guiding principles apply to proxy voting with respect to operating companies. We apply a separate approach to open-end and closed-end investment companies and unit investment trusts. Where appropriate, these guidelines may be supplemented by additional internal guidance that considers regional variations in best practices, company disclosure and region-specific voting items. Invesco may vote on proposals not specifically addressed by these principles or guidelines based on an evaluation of a proposal's likelihood to enhance long-term shareholder value.

Our good governance principles are organized around six broad pillars:

**A.** **Transparency** 

We expect companies to provide accurate, timely and complete information that enables investors to make informed investment decisions and effectively carry out their stewardship activities. Invesco supports the highest standards in corporate transparency and believes that these disclosures should be made available ahead of the voting deadlines for an annual general meeting or special meeting to allow for timely review and decision-making.

***Financial reporting:*** Company accounts and reporting must accurately reflect the underlying economic position of a company. Arrangements that may constitute an actual or perceived conflict with this objective should be avoided.

● We will generally support proposals to accept the annual financial statements, statutory accounts and similar proposals. However, if these reports are not presented in a timely manner or significant issues are identified regarding their integrity (e.g., the external auditor's opinion is absent or qualified), we will generally review the matter on a case-by-case basis.

***External auditor ratification and audit fees:***

● We will generally not support the ratification of the independent auditor and/or ratification of their fees payable if non-audit fees exceed audit and audit related fees or if there are significant auditing controversies or questions regarding the independence of the external auditor. We will consider an auditor's length of service as a company's independent auditor in applying this policy.

● We will generally vote against the incumbent audit committee chair, or nearest equivalent, where the non-audit fees paid to the independent auditor exceed audit fees for two consecutive years or other problematic accounting practices are identified such as fraud, misapplication of audit standards or persistent material weaknesses/deficiencies in internal controls over financial reporting.

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***Other business:*** Generally, we vote against proposals to transact other business matters where disclosure is insufficient and we are not given the opportunity to review and understand what issues may be raised.

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***Related-party transactions:*** Invesco will vote all related party transactions on a case-by-case basis. The vote analysis will consider the following factors, among others:

● disclosure of the transaction details must be full and transparent (such as details of the related parties and of the transaction subject, timeframe, pricing, potential conflicts of interest, and other terms and conditions);

● the transaction must be fair and appropriate, with a sound strategic rationale;

● the company should provide an independent opinion either from the supervisory board or an external financial adviser;

● minority shareholders' interests should be protected; and

● the transactions should be on an arm's length basis.

***Routine business items and formalities:*** Invesco generally votes non-contentious routine business items and formalities as recommended by the issuer's management and board of directors. Routine business items and formalities generally include proposals to:

● accept or approve a variety of routine reports; and

● approve provisionary financial budgets and strategy for the current year.

**B.** **Accountability** 

Robust shareholder rights and strong board oversight help ensure that management adhere to the highest standards of ethical conduct, are held to account for poor performance and responsibly deliver value creation for stakeholders over the long term. We encourage companies to adopt governance features that ensure board and management accountability. In particular, we consider the following as key mechanisms for enhancing accountability to investors:

***One share one vote:*** Voting rights are an important tool for investors to hold boards and management teams accountable.

● We generally do not support proposals that establish or perpetuate dual classes of voting shares, double voting rights or other means of differentiated voting or disproportionate board nomination rights.

● We generally support proposals to decommission differentiated voting rights.

● Where unequal voting rights are established, we expect these to be accompanied by reasonable safeguards to protect minority shareholders' interests.

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***Anti-takeover devices:*** Mechanisms designed to prevent or delay takeover attempts may unduly limit the accountability of boards and management teams to shareholders.

● We generally will not support proposals to adopt antitakeover devices such as poison pills. Exceptions may be warranted at entities without significant operations and to preserve the value of net operating losses carried forward or where the applicability of the pill is limited in scope and duration.

● In addition, we will generally not support capital authorizations or amendments to corporate articles or bylaws at operating companies that may be utilized for antitakeover purposes, for example, the authorization of classes of shares of preferred stock with unspecified voting, dividend, conversion or other rights ("blank check" authorizations).

● We generally support proposals for the removal of anti-takeover provisions.

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***Shareholder rights:*** We support the rights of shareholders to hold boards and management teams accountable for company performance. We generally support best-practice-aligned proposals to enhance shareholder rights.

●  ***Proxy access:*** Within the US market, we generally vote for management and shareholder proposals for proxy access that employ guidelines reflecting the SEC framework for proxy access with the following provisions:

● Ownership threshold: at least three percent (3%) of the voting power;

● Ownership duration: at least three (3) years of continuous ownership for each member of the nominating group;

● Aggregation: minimal or no limits on the number of shareholders permitted to form a nominating group; and

● Cap: cap on nominees of one (1) director or twenty-five percent (25%) of the board, whichever is higher.

●  ***Shareholder ability to call special meetings:*** Generally, we vote for management and shareholder proposals that provide shareholders with the ability to call special meetings with a minimum threshold of 10% but not greater than 25%. We generally will not support proposals to prohibit shareholders' right to call special meetings.

●  ***Shareholder ability to act by written consent:*** Generally, we assess shareholder proposals that provide shareholders with the ability to act by written consent case-by-case taking into account the following factors, among other things:

● Shareholders' current right to call special meetings; and

● Investor ownership structure.

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●  ***Supermajority vote requirements:*** Generally, we vote against proposals to require a supermajority shareholder vote. We will vote for management and shareholder proposals to reduce supermajority vote requirements, in favor of a simple majority threshold. Lowering this requirement can democratize corporate governance and facilitate a more fair and dynamic decision-making that empowers and represents a wider shareholder base, especially for key corporate actions such as mergers, changes in control, or proposals to amend or repeal a portion of a company's articles of incorporation.

●  ***Bundling of proposals:*** It is our view that the bundling of multiple proposals or articles amendments in one single voting item restricts shareholders' ability to express their views, with an all-or-nothing vote. We generally oppose such proposals unless all bundled resolutions are deemed acceptable and conducive of long-term shareholder value.

***Virtual shareholder meetings:*** Companies should hold their annual or special shareholder meetings in a manner that best serves the needs of its shareholders and the company. Shareholders should have an opportunity to participate in such meetings. Shareholder meetings provide an important mechanism by which shareholders provide feedback or raise concerns and hear from the board and management.

● We will generally support management proposals seeking to allow for the convening of hybrid shareholder meetings (allowing shareholders the option to attend and participate either in person or through a virtual platform).

● Management or shareholder proposals that seek to authorize the company to hold virtual-only meetings (held entirely through virtual platform with no corresponding in-person physical meeting) will be assessed on a case-by-case basis. Companies have a responsibility to provide strong justification and establish safeguards to preserve comparable rights and opportunities for shareholders to participate virtually as they would have during an in-person meeting. Invesco will consider, among other things, a company's practices, jurisdiction and disclosure, including the items set forth below:

&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. meeting procedures and requirements are disclosed in advance of a meeting detailing the rationale for eliminating the in-person meeting;

&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. clear and comprehensive description of which shareholders are qualified to participate, how shareholders can join the virtual-only meeting, how and when shareholders submit and ask questions either in advance of or during the meeting;

&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. disclosure regarding procedures for questions received during the meeting, but not answered due to time or other restrictions; 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. description of how shareholder rights will be protected in a virtual-only meeting format including the ability to vote shares during the time the polls are open.

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**C.** **Board Composition and Effectiveness** 

***Voting on director nominees in uncontested elections***

***Definition of independence:*** Invesco considers local market definitions of director independence, but applies a proprietary standard for assessing director independence considering a director's status as a current or former employee of the business, any commercial or consulting relationships with the company, the level of shares beneficially owned or represented and familial relationships, among others.

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***Board and committee independence:*** The board of directors, board committees and regional equivalents should be sufficiently independent from management, substantial shareholders and should be free from conflicts of interest. We consider local market practices in this regard and in general we look for a balance across the board of directors. Above all, we like to see signs of robust challenge and discussion in the boardroom.

● We will generally vote against one or more non-independent directors when a board is less than majority independent, but we will take into account local market practice with regards to board independence in limited circumstances where this standard is not appropriate.

● We will generally vote against non-independent directors serving on the audit committee.

● We will generally vote against non-independent directors serving on the compensation committee.

● We will generally vote against non-independent directors serving on the nominating committee.

● In relation to the board, compensation committee and nominating committee we will consider the appropriateness of significant shareholder representation in applying this policy. This exception will generally not apply to the audit committee.

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***Independent Board Chair:*** It is our view that independent board leadership generally enhances management accountability to investors. Companies deviating from this best practice should provide a strong justification and establish safeguards to ensure that there is independent oversight of a board's activities (*e.g.*, by appointing a lead or senior independent director with clearly defined powers and responsibilities).

● We will generally vote against the incumbent nominating committee chair, or nearest equivalent, where the board chair is not independent unless a lead independent or senior director is appointed.

● We will review shareholder proposals requesting that the board chair be an independent director on a case-by-case basis, taking into account several factors, including, but not limited to, the presence of a lead independent director and a sufficiently independent board, a sound governance structure with no record of recent material governance failures or controversies, and sound financial performance. Invesco will also positively consider less disruptive proposals that will enter into force at the subsequent leadership transition.

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● We will generally not vote against a CEO or executive serving as board chair solely on the basis of this issue, however, we may do so in instances where we have significant concerns regarding a company's corporate governance, capital allocation decisions and/or compensation practices.

***Attendance and over boarding:*** Director attendance at board and committee meetings is a fundamental part of their responsibilities and provides efficient oversight for the company and its investors. In addition, directors should not have excessive external board or managerial commitments that may interfere with their ability to execute the duties of a director.

● We will generally vote against or withhold votes from directors who attend less than 75% of board and committee meetings for two consecutive years. We expect companies to disclose any extenuating circumstances, such as health matters or family emergencies, that would justify a director's low attendance, in line with good practices.

● We will generally vote against directors who have more than four total mandates at public operating companies, if their attendance is below 75% of all board and committee meetings in the year under review, or if material governance failures have been identified. We apply a lower threshold for directors with significant commitments such as executive positions and chairmanships.

***Other Board Qualifications:*** In our view, an effective board should be comprised of qualified and engaged directors with a mix of skills, experience, perspectives and characteristics. We recognize that the presence of a variety of these factors in the boardroom may contribute to robust challenge, debate, and innovation, and allows the board to make informed judgements. We expect companies to comply with their local market legal requirements or listing standards for board diversity and to the extent that a company fails to comply with such requirements, Invesco will generally vote against the nominating committee chair, or nearest equivalent. Invesco will also consider the professional experience of the individuals on the board and how they underpin the company's performance and long-term shareholder value, among other factors.

***Director term limits and retirement age:*** It is important for a board of directors to examine its membership regularly with a view to ensuring that the board is effective, and the company continues to benefit from a variety of director viewpoints and experience. It is our view, an individual board's nominating committee is best positioned to determine whether director term limits or establishing a mandatory retirement age would be an appropriate measure to help achieve these goals and, if so, the nature of such limits. Therefore, Invesco generally opposes shareholder proposals to limit the tenure of board directors or to impose a mandatory retirement age.

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***Governance failures:*** A board of directors is ultimately responsible for overseeing management and ensuring that proper governance, oversight and control mechanisms are in place at the company it oversees. Invesco considers the adequacy of a company's response to material oversight failures when determining whether any voting action is warranted. Invesco may take voting action against director nominees in response to material failures of governance, risk oversight or fiduciary responsibilities at the company that adversely affect shareholder value. This may include for example, bribery, fines or sanctions from regulatory bodies, demonstrably poor risk oversight, or adverse legal judgments, among other things. In addition, Invesco will consider the responsibilities delegated to board sub-committees when determining if it is appropriate to hold the incumbent chair of the relevant committee, or nearest equivalent, accountable for these material failures.

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***Director indemnification:*** Invesco recognizes that individuals may be reluctant to serve as corporate directors if they are personally liable for all related lawsuits and legal costs. As a result, reasonable limitations on directors' liability can benefit a company and its shareholders by helping to attract and retain qualified directors while preserving recourse for shareholders in the event of misconduct by directors. Invesco will evaluate shareholder proposals to amend directors' indemnification and exculpation provisions on a case-by-case basis.

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***Discharge of directors:*** We will generally support proposals to ratify the actions of the board of directors, supervisory board and/or executive decision-making bodies, provided there are no material oversight failures and legal controversies, or other wrongdoings in the relevant fiscal year – committed or yet to be confirmed. When such oversight concerns are identified, we will consider a company's response to any issues raised and may vote against ratification proposals instead of, or in addition to, director nominees.

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***Director election process:*** Board members should generally stand for election annually and individually.

● We will generally support proposals requesting that directors stand for election annually.

● We will generally vote against the incumbent governance committee chair or nearest equivalent, if a company has a classified board structure that is not being phased out. We may make exceptions to this guideline in regions where market practice is for directors to stand for election on a staggered basis.

● We will generally support shareholder proposals to repeal a classified board and elect all directors annually.

● When a board is presented for election as a slate (*e.g.*, shareholders are unable to vote against individual nominees and must vote for or against the entire nominated slate of directors) and this approach is not aligned with local market practice, we will generally vote against the slate in cases where we otherwise would vote against an individual nominee.

● Where market practice is to elect directors as a slate, we will generally support the nominated slate unless there are governance concerns with several of the individuals included on the slate or we have broad concerns with the composition of the board such as a lack of independence.

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***Majority vote standard:*** Invesco generally votes in favor of proposals to elect directors by a majority vote, except in cases where a company has adopted formal governance principles that present a meaningful alternative to the majority voting standard.

***Board size:*** We will generally defer to the board with respect to determining the optimal number of board members given the size of the company and complexity of the business, provided that the proposed board size is sufficiently large to represent shareholder interests and sufficiently limited to remain effective.

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***Board assessment and succession planning:*** Invesco will consider and vote case-by-case on shareholder proposals to adopt a policy on succession planning. When evaluating board effectiveness, Invesco considers whether periodic performance reviews and skills assessments are conducted to ensure the board represents the interests of shareholders. In addition, boards should have a robust succession plan in place for key management and board personnel.

***Voting on director nominees in contested elections*** 

***Proxy contests:*** We will review case-by-case dissident shareholder proposals based on their individual merits. We consider the following factors, among others, when evaluating the merits of each list of nominees: the long-term performance of the company relative to its industry, management's track record, any relevant background information related to the contest, the qualifications of the respective lists of director nominees, the strategic merits of the approaches proposed by both sides, including the likelihood that the proposed goals can be met, and positions of stock ownership in the company.

**D.** **Capitalization** 

***Capital allocation:*** Invesco expects companies to responsibly raise and deploy capital toward the long-term, sustainable success of the business. In addition, we expect capital allocation authorizations and decisions to be made with due regard to shareholder dilution, rights of shareholders to ratify significant corporate actions and pre-emptive rights, where applicable.

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***Share issuance:*** We generally support authorizations to issue shares without preemptive rights up to 20% of a company's issued share capital for general corporate purposes. However, for issuance requests with preemptive rights, we support authorizations up to a threshold of 50%. Shares should not be issued at a substantial discount to the market price. The same requirements are expected for convertible and non-convertible debt instruments.

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***Share repurchase programs:*** We generally support share repurchase plans in which all shareholders may participate on equal terms. However, it is our view that such plans should be executed transparently and in alignment with long-term shareholder interests. Therefore, we will not support such plans when there is clear evidence of abuse or no safeguards against selective buybacks, or the terms do not align with market best practices.

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***Stock splits:*** We will evaluate proposals for forward and reverse stock splits on a case-by-case basis. Each proposal will be evaluated based on its potential impact on shareholder value, local market best practices, and alignment with the company's long-term strategic goals.

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***Increases in authorized share capital:*** We will generally support proposals to increase a company's number of authorized common and/or preferred shares, provided we have not identified concerns regarding a company's historical share issuance activity or the potential to use these authorizations for antitakeover purposes. We will consider the amount of the request in relation to the company's current authorized share capital, any proposed corporate transactions contingent on approval of these requests and the cumulative impact on a company's authorized share capital, for example, if a reverse stock split is concurrently submitted for shareholder consideration.

***Mergers, acquisitions, disposals and other corporate transactions:*** Invesco's investment teams will review proposed corporate transactions including mergers, acquisitions, reorganizations, proxy contests, private placements, dissolutions and divestitures based on a proposal's individual investment merits. In addition, we broadly approach voting on other corporate transactions as follows:

● We will generally support proposals to approve different types of restructurings that provide the necessary financing to save the company from involuntary bankruptcy.

● We will generally support proposals to enact corporate name changes and other proposals related to corporate transactions that we believe are in shareholders' best interests.

● We will generally support reincorporation proposals, provided that management has provided a compelling rationale for the change in legal jurisdiction and provided further that the proposal will not significantly adversely impact shareholders' rights.

**E.** **Environmental and Social Issues** 

***Shareholder proposals addressing environmental and social issues:*** We recognize environmental and social shareholder proposals are nuanced and require company specific analysis, and therefore, Invesco will analyze such proposals on a case-by-case basis. When analyzing such proposals, we will consider the following factors, among others:

● whether we consider the adoption of such proposal would promote long-term shareholder value;

● the board's written response to the proposal in the proxy and whether the company has already responded or taken action to appropriately address the issue(s) raised in the proposal;

● the materiality of the issue(s) being raised;

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● whether there are fines or litigation, significant controversies including reputational risks associated with the company's practices or policies related to the issue(s) raised in the proposal;

● the company's existing level of disclosure and track record on environmental and social issues or if the company already complies with relevant local laws and regulations as it relates to the issue(s) raised in the proposal;

● the intentions of the proponent(s) and how they impact the company's long-term economic success;

● if the proposal requests greater transparency or disclosure to make an informed assessment; and

● whether the proposal's requested action is unduly burdensome (scope or timeframe) or overly prescriptive.

**F.** **Executive Compensation and Performance Alignment** 

Invesco supports compensation polices and equity incentive plans that promote alignment between management incentives and shareholders' long-term interests. We pay close attention to local market practice and may apply stricter or modified criteria where appropriate.

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***Advisory votes on executive compensation, remuneration policy and remuneration reports:*** We will generally not support compensation-related proposals where more than one of the following is present:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. there is an unmitigated misalignment between executive pay and company performance for at least two consecutive years;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii. there are problematic compensation practices which may include, among others, incentivizing excessive risk taking or circumventing alignment between management and shareholders' interests via repricing of underwater options;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iii. vesting periods for long-term incentive awards are less than three years;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iv. the company "front loads" equity awards;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;v. there are inadequate risk mitigating features in the program such as clawback provisions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;vi. excessive, discretionary one-time equity grants are awarded to executives; and/or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;vii. less than half of variable pay is linked to performance targets, except where prohibited by law.

![](graphicsimage_021.jpg)

Invesco will consider company reporting on pay ratios as part of our evaluation of compensation proposals, where relevant.

***Equity plans:*** Invesco generally supports equity compensation plans that promote the proper alignment of incentives with shareholders' long-term interests, and generally votes against plans that are overly dilutive to existing shareholders, plans that contain objectionable structural features which may include provisions to reprice options without shareholder approval, plans that include evergreen provisions or plans that provide for automatic accelerated vesting upon a change in control.

 ****

***Employee stock purchase plans:*** We generally support employee stock purchase plans that are reasonably designed to provide proper incentives to a broad base of employees, provided that the price at which employees may acquire stock represents a reasonable discount from the market price and that the total shareholder dilution resulting from the plan is not excessive (e.g., more than 10% of outstanding shares).

***Severance Arrangements***: Invesco considers proposed severance arrangements (sometimes known as "golden parachute" arrangements) on a case-by-case basis due to the wide variety among their terms. Invesco acknowledges that in some cases such arrangements, if reasonable, and aligned with local market best practices, may be in shareholders' best interests as a method of attracting and retaining high-quality executive talent. We generally evaluate case-by-case proposals requiring shareholder ratification of senior executives' severance agreements depending on whether the proposed terms and disclosure align with good market practice.

***Frequency of Advisory Vote on Executive Compensation (Say-on-Pay, MSOP) Management Proposals:*** It is our view that shareholders should be given the opportunity to vote on executive compensation and adequately express their potential concerns. Invesco will generally vote in favor of a one-year frequency, in order to foster greater accountability, as well as to grant shareholders a timely intervention on pay practices.

![](graphicsimage_021.jpg)

**Exhibit A**

---

| |
|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Harbourview Asset Management Corporation |
| &nbsp;&nbsp;&nbsp;&nbsp;Invesco Advisers, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp;Invesco Asset Management (India) Pvt. Ltd\*<sup>1</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;Invesco Asset Management (Japan) Limited\*<sup>1</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;Invesco Asset Management (Schweiz) AG |
| &nbsp;&nbsp;&nbsp;&nbsp;Invesco Asset Management Deutschland, GmbH |
| &nbsp;&nbsp;&nbsp;&nbsp;Invesco Asset Management Limited<sup>1</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;Invesco Asset Management Singapore Ltd |
| &nbsp;&nbsp;&nbsp;&nbsp;Invesco Australia Ltd |
| &nbsp;&nbsp;&nbsp;&nbsp;Invesco Canada Ltd.<sup>1</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;Invesco Capital Management LLC |
| &nbsp;&nbsp;&nbsp;&nbsp;Invesco Capital Markets, Inc.\*<sup>1</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;Invesco European RR L.P |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Invesco Fund Managers Limited |
| &nbsp;&nbsp;&nbsp;&nbsp;Invesco Hong Kong Limited |
| &nbsp;&nbsp;&nbsp;&nbsp;Invesco Investment Advisers LLC |
| &nbsp;&nbsp;&nbsp;&nbsp;Invesco Investment Management (Shanghai) Limited |
| &nbsp;&nbsp;&nbsp;&nbsp;Invesco Investment Management Limited |
| &nbsp;&nbsp;&nbsp;&nbsp;Invesco Loan Manager, LLC |
| &nbsp;&nbsp;&nbsp;&nbsp;Invesco Managed Accounts, LLC |
| &nbsp;&nbsp;&nbsp;&nbsp;Invesco Management S.A. |
| &nbsp;&nbsp;&nbsp;&nbsp;Invesco Overseas Investment Fund Management (Shanghai) Limited |
| &nbsp;&nbsp;&nbsp;&nbsp;Invesco Pensions Limited |
| &nbsp;&nbsp;&nbsp;&nbsp;Invesco Private Capital, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp;Invesco Real Estate Management S.à r.l.<sup>1</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;Invesco RR Fund L.P. |
| &nbsp;&nbsp;&nbsp;&nbsp;Invesco Senior Secured Management, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp;Invesco Taiwan Limited\*<sup>1</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;Invesco Trust Company |
| &nbsp;&nbsp;&nbsp;&nbsp;OppenheimerFunds, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp;WL Ross & Co. LLC |

---

<sup>\*</sup> Invesco entities with specific proxy voting guidelines

<sup>1</sup> Invesco entities with specific conflicts of interest policies

![](jpm_proxy001.jpg)

![](jpm_proxy002.jpg)

Contents

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| | | |
|:---|:---|:---|
| 4 | <u>I. J.P. Morgan Asset Management Global Proxy Voting Guidelines</u> |  |
|  | A. Objective | 4 |
|  | B. Proxy Committee | 4 |
|  | C. The Proxy Voting Process | 5 |
|  | D. Conflicts of Interest | 6 |
|  | E. Securities Lending | 8 |
|  | F. Record-Keeping | 8 |
| 9 | <u>II. Proxy Voting Guidelines</u> |  |
|  | A. North America | 9 |
|  | B. Europe, Middle East, Africa, Central America and South America | 24 |
|  | C. Asia ex-Japan | 37 |
|  | D. Japan | 51 |

---

 <br> J.P. Morgan Asset Management 3

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I. J.P. Morgan Asset Management Global Proxy Voting

---

| | | |
|:---|:---|:---|
| J.P. Morgan Asset Management Global Proxy Voting Guidelines content: | J.P. Morgan Asset Management Global Proxy Voting Guidelines content: |  |
| A. | Objective | 4.0 |
| B. | Proxy Committee | 4.0 |
| C. | The Proxy Voting Process | 5.0 |
| D. | Conflicts of Interest | 6.0 |
| E. | Securities Lending | 8.0 |
| F. | Record-Keeping | 8.0 |

---

A. Objective

As an investment adviser within JPMorgan Asset Management, each of the entities listed in Exhibit A on page 8 (each referred to individually as a "JPMAM Entity" and collectively as "JPMAM") may be granted by its clients the authority to vote the proxies of the securities held in client portfolios. In such cases, JPMAM's objective is to vote proxies in the best interests of its clients. This document describes how JPMAM meets that objective.

JPMAM incorporates detailed guidelines for voting proxies on specific types of issues (the 'Guidelines'). The Guidelines have been developed and approved by the relevant Proxy Committee (as defined below) with the objective of encouraging companies to make decisions that enhance shareholder value. Because proxy proposals and individual company facts and circumstances may vary, JPMAM may not always vote proxies in accordance with the Guidelines.

B. Proxy Committee

To oversee the proxy voting process on an ongoing basis, a proxy committee ("Proxy Committee") has been established for each global location where proxy voting decisions are made. Each Proxy Committee is composed of members and invitees, including a Proxy Administrator (as defined below) and senior officers from among the investment, legal, compliance, and risk management departments. The primary functions of each Proxy Committee include: (1) reviewing and approving the Guidelines annually; (2) providing advice and recommendations on general proxy voting matters, including potential or material conflicts of interest escalated to it from time to time as well as on specific voting issues to be implemented by the relevant JPMAM Entity; and (3) determining the independence of any third-party vendor to which it has delegated proxy voting responsibilities (such as, for example, delegation when JPMAM has identified it has a material conflict of interest) and concluding that there are no conflicts of interest that would prevent such vendor from providing such proxy voting services prior to delegating proxy responsibilities. The Proxy Committee may delegate certain of its responsibilities to subgroups composed of at least three Proxy Committee members. The Proxy Committee meets at least quarterly, or more frequently as circumstances dictate. The global head of investment stewardship is invited to each regional committee and, working with the regional Proxy Administrators, is charged with overall responsibility for JPMAM's approach to governance issues, including proxy voting worldwide and coordinating regional proxy voting guidelines in accordance with applicable regulations and best practices. The Proxy Committees escalate to the AM Business Control Committee and/or the AM Bank Fiduciary Committee any issues and errors for escalation, while strategy-related matters for escalation will be escalated to the Investment Stewardship Oversight Committee.

 <br> 4 Global proxy voting guidelines

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C. The Proxy Voting Process

&nbsp;&nbsp;&nbsp;&nbsp;1. Role
 of Proxy Administrators, Investment Stewardship Specialists and Portfolio Management Teams

Each JPMAM Entity appoints a JPMAM professional to act as a proxy administrator ("Proxy Administrator") for each global location of such entity where proxy- voting decisions are made. The Proxy Administrators are charged with oversight of these Guidelines and the proxy voting process. The Proxy Administrator, working together with the investment stewardship teams and portfolio management teams, including portfolio managers and research analysts, is responsible for voting proxies as described in the JPMAM Guidelines. Please note that JPMAM may not vote proxies for which it has voting discretion in certain instances including, without limitation, when it identifies a material conflict of interest, when securities are out on loan and have not been recalled, in certain markets that have share blocking or other regulatory restrictions, when the proxy materials are not available in time for JPMAM to make a voting decision or cast a vote, or for certain non-U.S. securities positions if, in JPMAM's judgement, the expense and administrative inconvenience or

other burdens outweigh the benefits to clients of voting the securities.

&nbsp;&nbsp;&nbsp;&nbsp;2. JPMAM Guidelines

As described before, JPMAM incorporates detailed guidelines for voting proxies on specific types of issues (the Guidelines, as defined above). The Guidelines have been developed and approved by the relevant Proxy Committee, with inputs from portfolio managers and analysts and investment stewardship specialists, with the objective of encouraging corporate action that enhances shareholder value. The Guidelines are proprietary to JPMAM and reflect our views on proxy voting matters as informed by our investment experience and research over many years of proxy voting. Certain guidelines are prescriptive ("Prescribed Guidelines"), meaning that they specify how JPMAM will vote a particular proxy proposal (absent an Override, as defined below). Other guidelines contemplate voting on a case- by-case basis as explained below. The Guidelines are updated at least annually (generally by April 1 each year) and are available publicly here.

&nbsp;&nbsp;&nbsp;&nbsp;3. Overrides of JPMAM Prescribed Guidelines

Individual company facts and circumstances vary. In some cases, JPMAM may determine that, in the best interest of its clients, a particular proxy item should be voted in a manner that is not consistent with the Prescribed Guidelines. In such circumstances, where JPMAM chooses to vote in a manner contrary to its Prescribed Guidelines (an "Override"), the Proxy Administrator will:

&nbsp;&nbsp;&nbsp;&nbsp;• review
 the considerations and recommendations of portfolio management teams or investment stewardship
 specialists;

&nbsp;&nbsp;&nbsp;&nbsp;• refer
 their considerations and recommendation to the Proxy Committee for further review, if necessary,
 as determined by the Proxy Administrator; and

&nbsp;&nbsp;&nbsp;&nbsp;• maintain
 the records required for each Override, including any required regional attestation from
 investment professionals or stewardship specialists that the vote was free of conflicts of
 interest and material non-public information ("MNPI").

&nbsp;&nbsp;&nbsp;&nbsp;4. Case-by-case Voting Decisions

As described in the Guidelines, certain proxy items, such as executive compensation votes or environmental and social shareholder proposals, are analyzed and voted based on the merits of the proposal and the particular facts and circumstances of each issuer. Additional examples include, but are not limited to, special meetings such as contested proxies and mergers or acquisitions. In such cases, the Proxy Administrator:

&nbsp;&nbsp;&nbsp;&nbsp;• determines
 whether the vote requires escalation to certain portfolio management teams to make a voting
 decision ("escalated votes") or can be voted given JPMAM's history and
 experience in analysing and voting similar proxy matters;

&nbsp;&nbsp;&nbsp;&nbsp;• for
 escalated votes, shares research, which may include research from the investment stewardship
 teams and third-party research providers or compensation experts, with portfolio management
 teams;

&nbsp;&nbsp;&nbsp;&nbsp;• determines
 whether to further escalate voting recommendations of the portfolio management teams to the
 relevant Proxy Committee for further review. Such determination may be based on multiple
 factors, including, but not limited to, size of relevant account holdings, severity of controversy
 and lack of consensus; and

&nbsp;&nbsp;&nbsp;&nbsp;• maintains
 records of significant voting decisions, including any required regional attestations from
 investment professionals or stewardship specialists that the vote was free of conflicts of
 interest and MNPI.

 <br> J.P. Morgan Asset Management 5

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&nbsp;&nbsp;&nbsp;&nbsp;5. Split Voting

JPMAM views proxy voting as an integral part of investing and allows each portfolio management team to vote the proxies of shares held in their clients' account in the manner they deem consistent with their proprietary views of what is in the best interest of their client accounts. Each portfolio management team is permitted to vote in a manner that is contrary to the decisions of other portfolio management teams. In such cases, the portfolio management team is responsible for providing the proxy voting team with voting instructions, documentation of rationale and attestation that the vote was free of conflicts of interest and MNPI and is subject to such further review and oversight procedures as are established by the regional proxy voting committees from time to time.

&nbsp;&nbsp;&nbsp;&nbsp;6. Use of Independent Voting Services

Subject to the oversight by the relevant Proxy Committee, JPMAM may retain the services of independent voting service providers ("Independent Voting Service(s)") to assist with functions such as coordinating with client custodians to ensure that all proxy materials are processed in a timely fashion, record-keeping, acting as an agent to execute JPMAM's Guidelines, providing proxy research and analysis, and to provide certain services related to conflicts of interest.

In arriving at their voting decisions, JPMAM investment professionals may review the research provided by third parties such as Independent Voting Services. Such research may include, but is not limited to, data such as comparative data on company peers, background on directors and company controversies.

Proxy voting delegation: In certain circumstances, JPMAM may abstain and/or delegate proxy voting to an Independent Voting Service.

&nbsp;&nbsp;&nbsp;&nbsp;1. For
 certain commingled funds that are index- replication portfolios, JPMAM is permitted in certain
 instances to delegate its proxy voting authority

in whole or in part to an Independent Voting Service. For the Tax-Smart Index strategies, the adviser delegates full proxy voting authority to an Independent Voting Service. These delegations may occur, among other reasons, where JPMAM is restricted under applicable laws from voting a particular security or to permit JPMAM to utilize exemptions applicable to positions in bank or bank holding company stocks held in such funds.

&nbsp;&nbsp;&nbsp;&nbsp;2. Where
 securities are held only in certain passive index-tracking portfolios and not owned in our
 active accounts, the proxy may be voted by an Independent Voting Service.

&nbsp;&nbsp;&nbsp;&nbsp;3. For
 securities that were held in an account on the record date but not on the date of the proxy
 vote, we may abstain from voting where JPMAM no longer holds the position.

4 We may abstain and/or delegate proxy voting to an Independent Voting Service, where there are identified conflicts of interest as described in Section D below.

&nbsp;&nbsp;&nbsp;&nbsp;5. Third-party
 US mutual funds and exchange traded funds ("ETFs") are voted by an Independent
 Voting Service.

&nbsp;&nbsp;&nbsp;&nbsp;6. For
 companies subject to U.K. Takeover Panel rules and held in a JPMorgan Fund with more than
 10% seed capital, JPMAM is not permitted to vote the proxy.

JPMAM performs ongoing oversight of Independent Voting Services, including periodic review of vote execution accuracy, staffing, methodology, conflicts processes, changes to policies and procedures, and quality of research.

D. Conflicts of Interest

Material Conflicts of Interest

The US Investment Advisers Act of 1940 requires that the proxy voting procedures adopted and implemented by a US investment adviser include procedures that address material conflicts of interest that may arise between the investment adviser's interests and those of its clients. To address such material and/or potential conflicts of interest, JPMAM relies on certain policies and procedures. In order to maintain the integrity and independence of JPMAM's investment processes and decisions, including proxy voting decisions, and to protect JPMAM's decisions from influences that could lead to a vote other than in a clients' best interests, JP Morgan Chase ("JPMC") (including JPMAM) has adopted several policies including the Conflicts of Interest Policy – Firmwide, Information Safeguarding and Barriers Policy – Firmwide and Information Safeguarding and Barriers Policy – MNPI Firmwide Supplement.

 <br> 6 Global proxy voting guidelines

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Material conflicts of interest are further avoided by voting in accordance with JPMAM's Prescribed Guidelines.

Given the breadth of JPMAM's products and service offerings, it is not possible to enumerate every circumstance that could give rise to a material conflict. Examples of some material conflicts of interest that could arise include, without limitation, circumstances in which:

&nbsp;&nbsp;&nbsp;&nbsp;1. management
 of a JPMAM client or prospective client, distributor or prospective distributor of its investment
 management products, or critical vendor, is soliciting proxies and failure to vote in favor of management
may harm JPMAM's relationship with such company and materially impact JPMAM's business;

&nbsp;&nbsp;&nbsp;&nbsp;2. a personal
 relationship between a JPMAM officer and management of a company or other proponent of a
 proxy proposal could impact JPMAM's voting decision;

&nbsp;&nbsp;&nbsp;&nbsp;3. the
 proxy being voted is for JPMorgan Chase & Co. stock or for J.P. Morgan Funds; and

&nbsp;&nbsp;&nbsp;&nbsp;4. a JPMAM
 affiliate is an investment banker or has rendered a fairness opinion with respect to the
 matter that is the subject of the proxy vote.

Please note that third-party US mutual funds and ETFs are voted by an Independent Voting Service.

Depending on the nature of the conflict, JPMAM may elect to take one or more of the following measures, or other appropriate action:

&nbsp;&nbsp;&nbsp;&nbsp;1. removing
 certain adviser personnel from the proxy-voting process;

&nbsp;&nbsp;&nbsp;&nbsp;2. "walling
 off" personnel with knowledge of the conflict to ensure that such personnel do not
 influence the relevant proxy vote;

&nbsp;&nbsp;&nbsp;&nbsp;3. voting
 in accordance with the applicable Prescribed Guidelines, if the application of the Prescribed
 Guidelines would objectively result in the casting of a proxy vote in a predetermined manner;
 or

&nbsp;&nbsp;&nbsp;&nbsp;4. delegating
 the vote to an independent third party, if any, that will vote in accordance with its own
 determination. However, JPMAM may request

an exception to this process to vote against a proposal rather than referring it to an independent third party ("Exception Request") where the Proxy Administrator has actual knowledge indicating that a JPMAM affiliate is an investment banker or rendered a fairness opinion with respect to the matter that is the subject of a proxy vote. The Proxy Committee shall review the Exception Request and shall determine whether JPMAM should vote against the proposal or whether such proxy should still be referred to an independent third party due to the potential for additional conflicts or otherwise.

Potential Conflicts

In the course of its proxy voting or engagement activities, the following circumstances may occur:

&nbsp;&nbsp;&nbsp;&nbsp;1. JPMAM
 may cast proxy votes consistent with a client's or clients' investment strategies
 that may conflict with the investment strategies of other JPMAM clients, and notably, individual
 proxy votes may differ between clients.

&nbsp;&nbsp;&nbsp;&nbsp;2. JPMAM
 clients may invest in the same company, or a single client may invest in the same company

but in multiple accounts. In those situations, two or more clients, or one client with different accounts, may be invested in strategies having different investment objectives, investment styles or portfolio managers. As a result, JPMAM may cast different votes on behalf of different clients or on behalf of the same client with different accounts.

&nbsp;&nbsp;&nbsp;&nbsp;3. JPMAM, or our clients, may participate in securities or stock lending programs or lend stock to third parties whose
investment objectives may be different to ours, and, as a result, the third parties may cast proxy votes that conflict with the investment
strategies of our clients.

&nbsp;&nbsp;&nbsp;&nbsp;4. JPMAM
 may engage with companies on behalf of impact and sustainable funds that have different objectives
 to other funds.

&nbsp;&nbsp;&nbsp;&nbsp;5. JPMAM
 may have a different position on environmental, social or corporate governance matters than
 its parent company (JPMC).

&nbsp;&nbsp;&nbsp;&nbsp;6. JPMAM
 clients may want us to engage or vote on corporate governance issues that further their interests
 but are not consistent with our policies.

&nbsp;&nbsp;&nbsp;&nbsp;7. JPMAM
 may participate in collaborative engagements with other industry participants which may include
 joining a coalition, working with other asset managers/owners on issues relating to the investment
 stewardship priorities and/or signing of public
statements and resolutions that may have conflicting or differing positions on corporate governance matters.

 <br> J.P. Morgan Asset Management 7

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Escalation of material conflicts of interest

To the extent that the Proxy Administrator determines that any of the above activities or any other activities give rise to the potential for a material conflict of interest for a particular proxy vote, the Proxy Administrator shall escalate to the relevant Proxy Committee to determine if the matter gives rise to a material conflict of interest and, if so, what actions should be taken.

Sales and marketing professionals will be precluded from participating in the decision-making process.

The resolution of all potential and actual material conflicts of interest will be documented in order to demonstrate that JPMAM acted in the best interests of its clients.

E. Securities Lending

Proxies for securities that are out on loan normally cannot be voted, as title passes to the borrower of the securities.

Unless JPMAM is directly involved in a client's securities-lending arrangement because it is a party to the client's securities-lending agreement and/or JPMAM, as investment adviser, makes the decision to lend the client's securities, JPMAM is not responsible for recalling securities to vote proxies for securities that have been lent from the client's account. Please note that JPMAM will not be deemed to be directly involved in a securities-lending arrangement simply because an affiliate of JPMAM serves as lending agent for a client. For accounts where JPMAM is directly involved in the securities-lending arrangement either because it is a party to the securities-lending agreement and/ or it makes the decision to lend securities for the client's portfolios, JPMAM has adopted procedures to determine if it should recall securities on loans to vote proxies when it believes a vote is material with respect to an investment, such as when JPMAM believes its participation in a vote is necessary to preserve the long- term value of an investment or in a highly contested issue in which JPMAM believes its vote is important to the account's strategy.<sup>1</sup>

F. Record-Keeping

JPMAM is required to maintain in an easily accessible place for all records relating to the proxy voting process, according to the retention requirements set out by the various global regulatory regimes. Those records include the following:

&nbsp;&nbsp;&nbsp;&nbsp;• a copy of the JPMAM Global Proxy
 Voting Guidelines;

&nbsp;&nbsp;&nbsp;&nbsp;• a
 copy of each proxy statement received on behalf of JPMAM clients;

&nbsp;&nbsp;&nbsp;&nbsp;• a
 record of each vote cast on behalf of JPMAM client holdings;

&nbsp;&nbsp;&nbsp;&nbsp;• a

 on the voting of client securities or that memorialize the basis of the decision;

&nbsp;&nbsp;&nbsp;&nbsp;• a

 personnel prior to the voting of client securities; and

&nbsp;&nbsp;&nbsp;&nbsp;• a
 copy of each written request by a client for information on how JPMAM voted proxies on behalf
 of the client, as well as a copy of any written response by JPMAM to any request by a JPMAM
 client for information on how JPMAM voted proxies on behalf of our client.

It should be noted that JPMAM reserves the right to use the services of the Independent Voting Service to maintain certain required records in accordance with all applicable regulations.

Exhibit A

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• JPMorgan Chase Bank, N.A.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• JPMorgan Asset Management (UK) Limited

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• J.P. Morgan Investment Management Inc.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• JPMorgan Asset Management (Asia Pacific) Limited

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• JPMorgan Asset Management (Singapore) Limited

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• JPMorgan Asset Management (Japan) Ltd.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• J.P. Morgan Private Investments, Inc.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Bear Stearns Asset Management Inc.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Security Capital Research & Management Incorporated

<sup>1</sup> In determining whether a vote is material, JPMAM's determination is informed by its responsibility to act in the account's best interest. In most cases, JPMAM anticipates that the potential long-term value to a client of voting shares would not be material and therefore would not justify foregoing the potential revenue the loan may provide the account. JPMAM may not vote certain foreign securities positions if, in its judgement, the expense and administrative inconvenience or other burdens outweigh the benefits to clients of voting the securities.

 <br> 8 Global proxy voting guidelines

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;II. Proxy Voting Guidelines

JPMAM is a global asset-management organization with the capabilities to invest in securities of issuers located around the world. Because the regulatory framework and the business cultures and practices vary from region to region, the Guidelines have been customized for each region to take into account such variations.

JPMAM currently has four sets of Guidelines covering the regions of (1) North America, (2) Europe, Middle East, Africa, Central America and South America (3) Asia (ex-Japan) and (4) Japan, respectively. Notwithstanding the variations among the Guidelines, all of these Guidelines have been designed with the uniform objective of encouraging corporate action that enhances shareholder value. As a general rule, in voting proxies of a particular security, each JPMAM Entity will apply the Guidelines of the region in which the issuer of such security is organized.

&nbsp;&nbsp;&nbsp;&nbsp;A. North
 America

&nbsp;&nbsp;&nbsp;&nbsp;1. Board of Directors

&nbsp;&nbsp;&nbsp;&nbsp;A. Uncontested Director Elections

Votes on director nominees should be made on a case-by-case basis. Votes generally will be withheld from directors who:

&nbsp;&nbsp;&nbsp;&nbsp;1. attend
 less than 75% of the board and committee meetings without a valid excuse for the absences;

&nbsp;&nbsp;&nbsp;&nbsp;2. adopt
 or renew a poison pill without shareholder approval, do not commit to putting it to a shareholder
 vote within 12 months of adoption (or, in the case of a newly public company, do not commit
 to put the poison pill to a shareholder vote within 12 months following the initial public
 offering) or reneges on a commitment to put the poison pill to a vote and has not yet received
 a withhold recommendation for this issue;

&nbsp;&nbsp;&nbsp;&nbsp;3. are
 inside or affiliated outside directors and sit on the audit, compensation or nominating committees.
 For purposes of defining "affiliation", we will apply either the NYSE listing
 rule for companies listed on that exchange or the NASDAQ listing rule for all other companies;

&nbsp;&nbsp;&nbsp;&nbsp;4. ignore
 a shareholder proposal that is approved by i) a majority of the shares outstanding or ii)
 a majority of the votes cast. The review period will be the vote results over a consecutive
 two-year time frame;

&nbsp;&nbsp;&nbsp;&nbsp;5. are
 inside or affiliated outside directors and the full board serves as the audit, compensation
 or nominating committee or the company does not have one of these committees;

&nbsp;&nbsp;&nbsp;&nbsp;6. are
 insiders and affiliated outsiders on boards that are not at least majority independent. In
 the case of controlled companies, we will vote for non-independent directors who serve on
 committees other than the audit committee;

&nbsp;&nbsp;&nbsp;&nbsp;7. are
 chief executive officers ("CEOs") of publicly traded companies who serve on more
 than two public boards (besides his or her own board) and all other directors who serve on
 more than four public-company boards;

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| | | |
|:---|:---|:---|
| North America contents: | North America contents: |  |
| 1. | Board of Directors | 9 |
| 2. | Proxy Contests | 10 |
| 3. | Ratification of Auditors | 10 |
| 4. | Proxy Contest Defenses | 11 |
| 5. | Tender Offer Defenses | 12 |
| 6. | Miscellaneous Board Provisions | 13 |
| 7. | Miscellaneous Governance Provisions | 13 |
| 8. | Capital Structure | 15 |
| 9. | Executive and Director Compensation | 16 |
| 10. | Incorporation | 19 |
| 11. | Mergers and Corporate Restructurings | 19 |
| 12. | Social and Environmental Issues | 19 |
| 13. | Foreign Proxies | 22 |
| 14. | Pre-Solicitation Contact | 22 |

---

 <br> J.P. Morgan Asset Management 9

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&nbsp;&nbsp;&nbsp;&nbsp;8. are compensation
 committee members where there is a pay-for-performance disconnect for Russell 3000 companies.
 (See Section 9a – Stock-Based Incentive Plans, last paragraph). We will withhold votes
 from compensation committee members if the company does not submit one-time transferable
 stock options to shareholders for approval;

&nbsp;&nbsp;&nbsp;&nbsp;9. are audit
 committee members in circumstances in which there is evidence (such as audit reports or reports
 mandated under the Sarbanes-Oxley Act of 2002) that there exist material weaknesses in the
 company's internal controls;

&nbsp;&nbsp;&nbsp;&nbsp;10. compensation
 committee members who were present at the time of the grant of backdated options or options
 the pricing or the timing of which we believe may have been manipulated to provide additional
 benefits to executives;

&nbsp;&nbsp;&nbsp;&nbsp;11. demonstrated
 a history of poor performance or inadequate risk oversight;

&nbsp;&nbsp;&nbsp;&nbsp;12. are
 committee members when the board adopts changes to the company's by-laws or charter
 without shareholder approval if the changes materially diminish shareholder rights; or

&nbsp;&nbsp;&nbsp;&nbsp;13. chair
 the board, are lead independent directors, or chair governance committees of publicly traded
 companies where employees have departed for significant violations of codes of conduct without
 clawback of compensation.

For newly public companies, vote case-by-case on directors as we believe the company should have the appropriate time frame to mature and better its governance structure and practices.

&nbsp;&nbsp;&nbsp;&nbsp;B. Chief Executive Officer Votes

Except as otherwise described above, we generally do not vote against a sitting chief executive officer in recognition of the impact the vote may have on the management of the company.

&nbsp;&nbsp;&nbsp;&nbsp;C. Proxy Access

Generally, vote for shareholder proposals requesting companies to amend their by-laws in order to facilitate shareholders' ability to nominate candidates for directors as long as the minimum threshold of share ownership is 3% (defined as either a single shareholder or group of shareholders) and the minimum holding period of share ownership is three years. Generally, we will oppose proposals that restrict share-ownership thresholds to a single shareholder.

We recognize the importance of shareholder access to the ballot process as one means to ensure that boards do not become self-perpetuating and self-serving. We generally support the board when it has adopted proxy access at a 3%/three-year threshold either through a majority-supported shareholder ballot or by adopting the by-law on its own initiative.

However, we are also aware that some proposals may promote certain interest groups to the detriment of shareholders generally and could be disruptive to the nomination process. Hence, we will generally vote against shareholder proposals that seek to amend an existing proxy access bylaw unless the terms of the proxy access right are unduly restrictive to shareholders.

&nbsp;&nbsp;&nbsp;&nbsp;2. Proxy Contests

&nbsp;&nbsp;&nbsp;&nbsp;A. Election of Directors

Votes in a contested election of directors must be evaluated on a case-by-case basis, considering the following factors: long-term financial performance of the subject company relative to its industry; management's track record; background to the proxy contest; qualifications of director nominees (both slates); evaluation of what each side is offering shareholders as well as the likelihood that the proposed objectives and goals can be met; and stock- ownership positions

&nbsp;&nbsp;&nbsp;&nbsp;B. Reimburse Proxy-Solicitation Expenses

Decisions to provide full reimbursement for dissidents waging a proxy contest should be made on a case-by-

case basis.

&nbsp;&nbsp;&nbsp;&nbsp;3. Ratification of Auditors

Vote for proposals to ratify auditors unless an auditor has a financial interest in or association with the company and is therefore not independent or there is reason to believe that the independent auditor has rendered an opinion that is neither accurate nor indicative of the company's financial position.

Generally vote against auditor ratification and withhold votes from audit committee members if non-audit fees exceed audit fees.

 <br> 10 Global proxy voting guidelines

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Vote on a case-by-case basis on auditor rotation proposals considering the following factors: tenure of audit firm; establishment and disclosure of a renewal process whereby the auditor is regularly evaluated for both audit quality and competitive price; length of the rotation period advocated in the proposal; significant audit-related issues; and number of annual audit committee meetings held and the number of financial experts that serve on the audit committee.

Generally, we will vote against auditor indemnification and limitation of liability; however, we recognize there may be situations where indemnification and limitations on liability may be appropriate.

&nbsp;&nbsp;&nbsp;&nbsp;4. Proxy Contest Defenses

&nbsp;&nbsp;&nbsp;&nbsp;A. Board
 Structure: Staggered versus Declassified

We generally vote for board declassification proposals and vote against board classification proposals. We believe annual elections promote accountability of individual directors.

However, we may make exceptions on board declassification/classification proposals based on company-specific considerations. We may consider exceptions to companies with strategic rationales, newly public companies, companies with sunset provisions on classification, or companies undergoing transition (e.g. companies facing delisting or insolvency concerns, significant strategic changes, restructuring, etc.) where such a change could be disruptive.

&nbsp;&nbsp;&nbsp;&nbsp;B. Shareholders' Ability to Remove
Directors

We will vote against proposals that provide that directors may be removed only for cause.

We will vote for proposals to restore shareholders' ability to remove directors with or without cause.

We will vote against proposals that provide that only continuing directors may elect replacements to fill board vacancies.

We will vote for proposals that permit shareholders to elect directors to fill board vacancies.

&nbsp;&nbsp;&nbsp;&nbsp;C. Cumulative Voting

Cumulative voting proposals will be voted on a case- by-case basis. If there are other safeguards to ensure that shareholders have reasonable access and input into the process of nominating and electing directors, cumulative voting is not essential. Generally, a company's governing documents must contain the following provisions for us to vote against restoring or providing for cumulative voting:

&nbsp;&nbsp;&nbsp;&nbsp;• annually
 elected board;

&nbsp;&nbsp;&nbsp;&nbsp;• majority
 of board composed of independent directors;

&nbsp;&nbsp;&nbsp;&nbsp;• nominating
 committee composed solely of independent directors;

&nbsp;&nbsp;&nbsp;&nbsp;• confidential
 voting (however, there may be a provision for suspending confidential voting during proxy
 contests);

&nbsp;&nbsp;&nbsp;&nbsp;• ability
 of shareholders to call a special meeting or to act by written consent with 90 days'
 notice;

&nbsp;&nbsp;&nbsp;&nbsp;• absence
 of superior voting rights for one or more classes of stock;

&nbsp;&nbsp;&nbsp;&nbsp;• the
 board does not have the sole right to change the size of the board beyond a stated range
 that has been approved by shareholders; and

&nbsp;&nbsp;&nbsp;&nbsp;• absence
 of a shareholder rights plan that can only be removed by the incumbent directors (dead-hand
 poison pill).

&nbsp;&nbsp;&nbsp;&nbsp;D. Shareholders' Ability to Call
Special Meeting

We will vote against proposals to restrict or prohibit shareholders' ability to call special meetings so long as the ability to call special meetings requires the affirmative vote of less than 15% of the shares outstanding. The ability to call special meetings enables shareholders to remove directors or initiate a shareholder resolution without having to wait for the next scheduled meeting, should require more than a de minimis number of shares to call the meeting and subject the company to the expense of a shareholder meeting.

We will vote for proposals that remove restrictions on the right of shareholders to act independently of management.

&nbsp;&nbsp;&nbsp;&nbsp;E. Shareholders' Ability to Act
by Written Consent

We generally vote for proposals to restrict or prohibit shareholders' ability to take action by written consent. The requirement that all shareholders be given notice of a shareholders' meeting and matters to be discussed therein seems to provide a reasonable protection of minority shareholder rights.

 <br> J.P. Morgan Asset Management 11

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We generally vote against proposals to allow or facilitate shareholder action by written consent unless the company does not permit the right to call special meetings or if there are undue restrictions on shareholders' rights to call special meetings.

&nbsp;&nbsp;&nbsp;&nbsp;F. Shareholders'
 Ability to Alter the Size of the Board

We will vote for proposals that seek to fix the size of the board.

We will vote against proposals that give management the ability to alter the size of the board without shareholder approval.

&nbsp;&nbsp;&nbsp;&nbsp;5. Tender Offer Defenses

&nbsp;&nbsp;&nbsp;&nbsp;A. Poison Pills

Vote for shareholder proposals that ask a company to submit its poison pill for shareholder ratification.

Review on a case-by-case basis shareholder proposals to redeem a company's poison pill.

Studies indicate that companies with a rights plan secure higher premiums in hostile takeover situations.

Review on a case-by-case basis management proposals to ratify a poison pill. We generally look for shareholder-friendly features, including a two- to three- year sunset provision, a permitted bid provision, a 20% or higher flip-in provision and the absence of dead- hand features.

If the board refuses to redeem the poison pill 90 days after an offer is announced, 10% of the shares may call a special meeting or seek a written consent to vote on rescinding the poison pill.

&nbsp;&nbsp;&nbsp;&nbsp;B. Fair Price Provisions

Vote proposals to adopt fair price provisions on a case- by-case basis, evaluating factors such as the vote required to approve the proposed acquisition, the vote required to repeal the fair price provision and the mechanism for determining the fair price.

Generally, vote against fair price provisions with shareholder vote requirements greater than a majority of disinterested shares.

&nbsp;&nbsp;&nbsp;&nbsp;C. Greenmail

Vote for proposals to adopt an anti-greenmail charter or by-law amendments or otherwise restrict a company's ability to make greenmail payments.

&nbsp;&nbsp;&nbsp;&nbsp;D. Unequal Voting Rights

Generally, vote against dual-class recapitalizations as they offer an effective way for a firm to thwart hostile takeovers by concentrating voting power in the hands of management or other insiders.

Vote for dual-class recapitalizations when the structure is designed to protect the economic interests of investors.

&nbsp;&nbsp;&nbsp;&nbsp;E. Supermajority
 Shareholder Vote Requirement to Amend Charter or By-laws

Vote against management proposals to require a supermajority shareholder vote to approve charter and by-law amendments. Supermajority provisions violate the principle that a simple majority of voting shares should be all that is necessary to effect change regarding a company.

Vote for shareholder proposals to lower supermajority shareholder vote requirements for charter and by-law amendments.

&nbsp;&nbsp;&nbsp;&nbsp;F. Supermajority
 Shareholder Vote Requirement to Approve Mergers

Vote against management proposals to require a supermajority shareholder vote to approve mergers and other significant business combinations.

Supermajority provisions violate the principle that a simple majority of voting shares should be all that is necessary to effect change regarding a company.

Vote for shareholder proposals to lower supermajority shareholder vote requirements for mergers and other significant business combinations.

 <br> 12 Global proxy voting guidelines

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&nbsp;&nbsp;&nbsp;&nbsp;6. Miscellaneous Board Provisions

&nbsp;&nbsp;&nbsp;&nbsp;A. Separate
 Chairman and Chief Executive Officer Positions

We will generally vote for proposals looking to separate the chief executive officer and chairman roles unless the company has governance structures in place that can satisfactorily counterbalance a combined chairman and chief executive officer/president post. Such a structure should include most or all of the following:

&nbsp;&nbsp;&nbsp;&nbsp;• a
 designated lead director, appointed from the ranks of the independent board members, with
 clearly delineated duties. At a minimum, these duties should include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. the
 chairman is not present, including executive sessions of the independent directors;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. serving
 as liaison between the chairman and the independent directors;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. approving information sent to the
 board;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. approving meeting agendas for the board;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. approving
 meeting schedules to ensure that there is sufficient time for discussion of all agenda items;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. having
 the authority to call meetings of the independent directors; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. if
 requested by major shareholders, ensuring that he or she is available for consultation and
 direct communication.

&nbsp;&nbsp;&nbsp;&nbsp;• a two-thirdvs independent board;

&nbsp;&nbsp;&nbsp;&nbsp;• all-independent key committees;

&nbsp;&nbsp;&nbsp;&nbsp;• committee
 chairpersons nominated by the independent directors;

&nbsp;&nbsp;&nbsp;&nbsp;• performance
 of the chief executive officer reviewed annually by a committee of outside directors; and

&nbsp;&nbsp;&nbsp;&nbsp;• established governance guidelines.

Additionally, the company should not have underperformed its peers under the current leadership, over the long term.

&nbsp;&nbsp;&nbsp;&nbsp;B. Lead Directors and Executive Sessions

In cases where the chief executive officer and chairman roles are combined, we will vote for the appointment of a "lead" (non-insider) director and for regular "executive" sessions (board meetings taking place without the chief executive officer/chairman present).

&nbsp;&nbsp;&nbsp;&nbsp;C. Majority
 of Independent Directors

We generally vote for proposals that call for the board to be composed of a majority of independent directors.

We believe that a majority of independent directors can be an important factor in facilitating objective decision- making and enhancing accountability to shareholders.

Vote for shareholder proposals requesting that the board's audit, compensation, and/or nominating committees include independent directors exclusively.

Generally vote for shareholder proposals asking for a two-thirds independent board.

&nbsp;&nbsp;&nbsp;&nbsp;D. Stock-Ownership Requirements

Vote for shareholder proposals requiring directors to own a minimum amount of company stock in order to qualify as a director or to remain on the board, so long as such minimum amount is not excessive or unreasonable.

&nbsp;&nbsp;&nbsp;&nbsp;E. Hedging/Pledging of Securities

We support full disclosure of the policies of the company regarding hedging and/or pledging of company stocks by executives and board directors. We will vote for shareholder proposals that ask for disclosure of this policy. We will vote case-by-case for directors if it is determined that hedging and/or pledging of securities has occurred.

&nbsp;&nbsp;&nbsp;&nbsp;F. Term of Office

Vote against shareholder proposals to limit the tenure of outside directors. Term limits pose artificial and arbitrary impositions on the board and could harm shareholder interests by forcing experienced and knowledgeable directors off the board.

&nbsp;&nbsp;&nbsp;&nbsp;G. Board Composition

We support board refreshment, independence and a diverse skill set for directors as an important part of contributing to long-term shareholder value. We believe that board composition should contribute to overall corporate strategies, and risk management and will evaluate the board's skills, expertise and qualifications. We generally support our investee companies consideration of diversity and inclusiveness in their general recruitment policies as we believe such diversity contributes to the effectiveness of boards and further development of sound governance and risk oversight. We support investee companies' disclosure of gender, racial and ethnic composition of the board so that we can include that information as one of the many data points used in our holistic assessment of the company. As with all proxy votes, we seek to vote in our clients' best interests to enhance long-term shareholder value.

 <br> J.P. Morgan Asset Management 13

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We generally will vote case-by-case on shareholder proposals that seek to require the board to add specific expertise or to change the composition of the board.

&nbsp;&nbsp;&nbsp;&nbsp;H. Director
 and Officer Indemnification and Liability Protection

Proposals concerning director and officer indemnification and liability protection should be evaluated on a case-by-case basis.

Vote against proposals to limit or eliminate director and officer liability for monetary damages for violating the relevant duty of care.

Vote against indemnification proposals that would expand coverage beyond legal expenses to acts, such as negligence, that are more serious violations of fiduciary obligations than mere carelessness.

Vote for proposals that provide such expanded coverage in cases when a director's or officer's legal defense was unsuccessful only if: (1) the director was found to have acted in good faith and in a manner that they reasonably believed was in the company's best interests; and (2) the director's legal expenses would be covered.

&nbsp;&nbsp;&nbsp;&nbsp;I. Board Size

Vote for proposals to limit the size of the board to 15 members.

&nbsp;&nbsp;&nbsp;&nbsp;J. Majority Vote Standard

We would generally vote for proposals asking for the board to initiate the appropriate process to amend the company's governance documents (certificate of incorporation or by-laws) to provide that director nominees shall be elected by the affirmative vote of the majority of votes cast at an annual meeting of shareholders. We would generally review on a case- by-case basis proposals that address alternative approaches to a majority-vote requirement.

&nbsp;&nbsp;&nbsp;&nbsp;K. Zombie Directors

Generally vote against the chair of the nominating committee if one or more directors remain on the board after having received less than the majority of votes cast in the prior election.

&nbsp;&nbsp;&nbsp;&nbsp;7. Miscellaneous Governance Provisions

&nbsp;&nbsp;&nbsp;&nbsp;A. Independent Nominating Committee

Vote for the creation of an independent nominating committee.

&nbsp;&nbsp;&nbsp;&nbsp;B. Confidential Voting

Vote for shareholder proposals requesting that companies adopt confidential voting, use independent tabulators and use independent inspectors of election as long as the proposals include clauses for proxy contests as follows: In the case of a contested election, management should be permitted to request that the dissident group honor its confidential voting policy. If the dissidents agree, the policy remains in place. If the dissidents do not agree, the confidential voting policy is waived.

Vote for management proposals to adopt confidential voting.

&nbsp;&nbsp;&nbsp;&nbsp;C. Equal Access

Vote for shareholder proposals that would give significant company shareholders equal access to management's proxy material in order to evaluate and propose voting recommendations on proxy proposals and director nominees and to nominate their own candidates to the board.

&nbsp;&nbsp;&nbsp;&nbsp;D. Bundled Proposals

Review on a case-by-case basis bundled or "conditioned" proxy proposals. In the case of items that are conditioned upon each other, examine the benefits and costs of the packaged items. In instances where the joint effect of the conditioned items is not in shareholders' best interests, vote against the proposals. If the combined effect is positive, support such proposals.

 <br> 14 Global proxy voting guidelines

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&nbsp;&nbsp;&nbsp;&nbsp;E. Charitable Contributions

Vote against shareholder proposals regarding charitable contributions. In the absence of bad faith, self-dealing or gross negligence, management should determine which contributions are in the best interests of the company.

&nbsp;&nbsp;&nbsp;&nbsp;F. Date/Location of Meeting

Vote against shareholder proposals to change the date or location of the shareholders' meeting. No one site will meet the needs of all shareholders.

&nbsp;&nbsp;&nbsp;&nbsp;G. Include
 Non-Management Employees on Board

Vote against shareholder proposals to include non- management employees on the board.

Constituency representation on the board is not supported, rather decisions are based on director qualifications.

&nbsp;&nbsp;&nbsp;&nbsp;H. Adjourn Meeting if Votes are Insufficient

Vote for proposals to adjourn the meeting when votes are insufficient. Management has additional opportunities to present shareholders with information about its proposals.

&nbsp;&nbsp;&nbsp;&nbsp;I. Other Business

Vote for proposals allowing shareholders to bring up "other matters" at shareholder meetings.

&nbsp;&nbsp;&nbsp;&nbsp;J. Disclosure of Shareholder Proponents

Vote for shareholder proposals requesting that companies disclose the names of shareholder proponents. Shareholders may wish to contact the proponents of a shareholder proposal for additional information.

&nbsp;&nbsp;&nbsp;&nbsp;K. Exclusive Venue

Generally, vote for management proposals that seek shareholder approval to make the state of incorporation the exclusive forum for disputes if the company is a Delaware corporation; otherwise, vote on a case-by-case basis on management proposals that seek shareholder approval to make the state of incorporation, or another state, the exclusive forum for disputes.

Vote against the independent chair or lead independent director and members of the nominating/governance committee where the company has unilaterally adopted such policy after going public without shareholder approval or engagement, unless the company is a Delaware corporation.

&nbsp;&nbsp;&nbsp;&nbsp;L. Virtual General Shareholder Meetings

In certain markets, by-law changes have taken place to allow a company to hold virtual or hybrid general shareholder meetings. General shareholder meetings should be fair, constructive and foster dialogue between company management and shareholders.

In principle, we are supportive of proposals allowing shareholder meetings to be convened by electronic means so long as the flexibility in the format of the meetings contributes to enhancing access to the meetings and where shareholder participation rights are protected, regardless of whether physical or virtual.

&nbsp;&nbsp;&nbsp;&nbsp;8. Capital Structure

&nbsp;&nbsp;&nbsp;&nbsp;A. Common-Stock Authorization

Review proposals to increase the number of shares of common stock authorized for issue on a case-by-case basis.

Vote against proposals to increase the number of authorized shares of a class of stock that has superior voting rights in companies that have a dual-class capital structure.

B. Stock Distributions: Splits and Dividends

Vote for management proposals to increase common- share authorization for a stock split, provided that the increase in authorized shares would not result in an excessive number of shares available for issuance given a company's industry and performance as measured by total shareholder returns.

&nbsp;&nbsp;&nbsp;&nbsp;C. Reverse Stock Splits

Vote for management proposals to implement a reverse stock split that also reduces the number of authorized common shares to a level where the number of shares available for issuance is not excessive given a company's industry and performance in terms of shareholder returns.

Vote case-by-case on proposals to implement a reverse stock split that does not proportionately reduce the number of shares authorized for issue.

 <br> J.P. Morgan Asset Management 15

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&nbsp;&nbsp;&nbsp;&nbsp;D. Blank-Check Preferred Authorization

Vote against proposals authorizing the creation of new classes of preferred stock with unspecified voting, conversion, dividend distribution and other rights ("blank check" preferred stock).

Vote for proposals to create "blank check" preferred stock in cases when the company expressly states that the stock will not be used as a takeover device.

Vote against such proposals unless they explicitly state that the preferred stock cannot be used as an anti- takeover mechanism or prevent a change in control or mergers and acquisitions.

Vote for proposals to authorize preferred stock in cases where the company specifies voting, dividend, conversion and other rights of such stock and the terms of the preferred stock appear reasonable.

Vote case-by-case on proposals to increase the number of blank-check preferred shares after analyzing the number of preferred shares available for issue given a company's industry and performance as measured by total shareholder returns.

&nbsp;&nbsp;&nbsp;&nbsp;E. Shareholder Proposals Regarding
Blank- Check Preferred Stock

Vote for shareholder proposals to have blank-check preferred stock placements, other than those shares issued for the purpose of raising capital or making acquisitions in the normal course of business, submitted for shareholder ratification.

&nbsp;&nbsp;&nbsp;&nbsp;F. Adjustments to Par Value of Common
Stock

Vote for management proposals to reduce the par value of common stock. The purpose of par value is to establish the maximum responsibility of a shareholder in the event that a company becomes insolvent.

&nbsp;&nbsp;&nbsp;&nbsp;G. Restructurings/Recapitalizations

Review proposals to increase common and/or preferred shares and to issue shares as part of a debt restructuring plan or if the company is in danger of being delisted on a case-by-case basis. Consider the following issues:

Dilution: How much will the ownership interest of existing shareholders be reduced, and how extreme will dilution to any future earnings be?

Change in Control: Will the transaction result in a change in control of the company?

Bankruptcy: Generally, approve proposals that facilitate debt restructurings unless there are clear signs of self- dealing or other abuses.

&nbsp;&nbsp;&nbsp;&nbsp;H. Share Repurchase Plans

Vote for management proposals to institute open- market share repurchase plans in which all shareholders may participate on equal terms.

&nbsp;&nbsp;&nbsp;&nbsp;I. Targeted Share Placements

These shareholder proposals ask companies to seek stockholder approval before placing 10% or more of their voting stock with a single investor. The proposals are in reaction to the placement by various companies of a large block of their voting stock in an employee stock ownership plan, parent capital fund or with a single friendly investor, with the aim of protecting themselves against a hostile tender offer. These proposals are voted on a case-by-case basis after reviewing the individual situation of the company receiving the proposal.

&nbsp;&nbsp;&nbsp;&nbsp;9. Executive and Director Compensation

&nbsp;&nbsp;&nbsp;&nbsp;A. Stock-Based Incentive Plans

Votes with respect to stock-based incentive plans are determined on a case-by-case basis. The analysis of compensation plans focuses primarily on the transfer of shareholder wealth (the dollar cost of pay plans to shareholders), as well as the plan features and grant practices, relative to relevant industry and peer companies.

We consider the "burn rate" a critical metric that measures the rate at which the company is diluting its existing shareholders by issuing new equity or related securities under the incentive plan. We may vote against an equity plan where such issuance is excessive relative to relevant industry and peer companies. Mitigating factors may include, among other factors, the equity plan distribution throughout the wider employee base or, liquidity concerns. We will generally support stock based plans that grant stock-based incentives at a burn rate lower than a benchmark "burn" rate relative to relevant industry and peer companies.

In addition to stock-based compensation cost, we assess the structure of the equity plan. We generally oppose equity plans where the exercise price of options is at a discount to the market value on the grant date.

 <br> 16 Global proxy voting guidelines

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We generally oppose the re-pricing of "underwater options" (where current market price is below exercise price).

Mitigating factors could include, under limited circumstances, option exchange where underwater options are canceled for new options or equity awards on a "value-for-value" basis, or a "premium approach" where options are subject to a higher exercise price than the market value on effective date of the repricing, and a new vesting schedule that is longer than the original vesting schedule. We expect any such options exchanges to be put to a binding shareholder vote.

We generally oppose automatic increases in shares available for grant on a regular basis ("evergreen provision").

Performance Share Units

Performance share units ("PSUs") are an incentive- based form of stock compensation paid to executives if targets against certain metrics are met or exceeded. These PSUs are generally evaluated over longer time frames, typically three years.

When companies choose to use PSUs as a component of executive compensation, we expect: 1) companies to disclose the metrics that will determine the payout of PSUs, though companies may choose not to disclose targets prospectively; and 2) disclosure of how PSUs have paid out, the metrics and targets they were based upon and actual performance versus these targets.

We will generally vote against executive compensation (management Say-on-Pay proposals) where PSU metrics are not disclosed or without adequate disclosure of how PSUs paid out.

Generally, vote against compensation where PSU metrics and/or targets are changed mid-cycle without adequate disclosure and rationale supporting such change.

Additionally, we may vote against compensation where performance targets are not rigorous in our view or where PSUs have paid out significantly higher than what we believe is warranted by management performance.

&nbsp;&nbsp;&nbsp;&nbsp;B. Approval
 of Cash or Cash-and-Stock Bonus Plans

Vote for cash or cash-and-stock bonus plans to exempt the compensation from limits on deductibility under the provisions of Section 162(m) of the Internal Revenue Code.

&nbsp;&nbsp;&nbsp;&nbsp;C. Shareholder
 Proposals to Limit Executive and Director Pay

Generally, vote for shareholder proposals that seek additional disclosure of executive and director pay information.

Review on a case-by-case basis all other shareholder proposals that seek to limit executive and director pay.

Review on a case-by-case basis shareholder proposals for performance pay such as indexed or premium- priced options if a company has a history of oversized awards and one-, two- and three-year returns below its peer group.

&nbsp;&nbsp;&nbsp;&nbsp;D. Say on Pay – Advisory Vote

Generally, review on a case-by-case basis executive pay and practices as well as certain aspects of outside director compensation.

We will generally vote against a plan and/or withhold our vote from members of the compensation committee, when there is a disconnect between the chief executive officer's pay and performance (an increase in pay and a decrease in performance).

Specifically, if the company has significantly underperformed over the long term and its chief executive officer also had an increase in total direct or targeted compensation from the prior year, it would signify a disconnect in pay and performance. Generally, vote against a management proposal on executive compensation when there is a significant increase in target compensation despite long-term underperformance.

Where the company received 60% or less support on its previous Say-on-Pay proposal, withhold votes for the compensation committee and/or vote against the current Say-on-Pay proposal unless the company has demonstrated active engagement with shareholders to address the issue as well as the specific actions taken to address the low level of support. Where executive compensation seems excessive relative to peers and is not supported by long-term performance, or where we believe performance metrics and targets used to determine executive compensation are not aligned with long-term shareholder value, withhold our vote from select members of the compensation committee.

In the case of externally managed real estate investment trusts, generally vote against the advisory vote as there is a lack of transparency in both compensation structure and payout.

 <br> J.P. Morgan Asset Management 17

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&nbsp;&nbsp;&nbsp;&nbsp;E. Say on Pay – Frequency

We will review compensation versus long-term performance on an annual basis.

&nbsp;&nbsp;&nbsp;&nbsp;F. Golden and Tin Parachutes

Review on a case-by-case basis all proposals to ratify or cancel golden or tin parachutes. Favor golden parachutes that limit payouts to less than three times salary plus guaranteed retirement and target bonus.

Change-in-control payments should only be made when there is a significant change in the company ownership structure and when there is a loss of employment or substantial change in job duties associated with the change in company ownership structure ("double trigger"). Change-in-control provisions should exclude excise tax gross-up and eliminate the acceleration of vesting of equity awards upon a change in control unless provided under a double-trigger scenario.

Generally, vote case-by-case for proposals calling companies to adopt a policy of obtaining shareholder approval for any future agreements and corporate policies that could oblige the company to make payments or awards following the death of a senior executive in the form of unearned salary or bonuses, accelerated vesting or the continuation in force of unvested equity grants, perquisites and other payments or awards made in lieu of compensation. This would not apply to any benefit programs or equity plan proposals for which the broad-based employee population is eligible.

&nbsp;&nbsp;&nbsp;&nbsp;G. 401(k) Employee Benefit Plans

Vote for proposals to implement a 401(k) savings plan for employees.

&nbsp;&nbsp;&nbsp;&nbsp;H. Employee Stock Purchase Plans

Vote for qualified employee stock purchase plans with the following features: the purchase price is at least 85% of fair market value; the offering period is 27 months or less; and potential voting power dilution (shares allocated to the plan as a percentage of outstanding shares) is 10% or less.

Vote for non-qualified employee stock purchase plans with the following features: broad-based participation (i.e., all employees of the company with the exclusion of individuals with 5% or more of beneficial ownership of the company); limits on employee contribution, which may be a fixed dollar amount or expressed as a percentage of base salary; company matching contribution up to 25% of the employee's contribution, which is effectively a discount of 20% from market value; and no discount on the stock price on the date of purchase since there is a company matching contribution.

&nbsp;&nbsp;&nbsp;&nbsp;I. Option Expensing

Generally, vote for shareholder proposals to expense fixed-price options.

&nbsp;&nbsp;&nbsp;&nbsp;J. Option Repricing

In most cases, we take a negative view of option repricings and will, therefore, generally vote against such proposals. We do, however, consider the granting of new options to be an acceptable alternative and will generally support such proposals, provided such options are valued appropriately.

&nbsp;&nbsp;&nbsp;&nbsp;K. Stock Holding Periods

Generally vote against all proposals requiring executives to hold the stock received upon option exercise for a specific period of time.

&nbsp;&nbsp;&nbsp;&nbsp;L. Transferable Stock Options

Review on a case-by-case basis proposals to grant transferable stock options or otherwise permit the transfer of outstanding stock options, including cost of proposal and alignment with shareholder interests.

&nbsp;&nbsp;&nbsp;&nbsp;M. Recoup Bonuses

&nbsp;&nbsp;&nbsp;&nbsp;1. Vote
 for shareholder proposals to recoup unearned incentive bonuses or other incentive payments
 made to senior executives if it is later determined that fraud, misconduct or negligence
 significantly contributed to a restatement of financial results that led to the awarding
 of unearned incentive compensation.

&nbsp;&nbsp;&nbsp;&nbsp;2. Vote
 for shareholder proposals to recoup incentive payments if it is determined that the individual
 engaged in misconduct or poor performance prior to payment of the award or bonus and that
 such award or bonus would not have been paid, in whole or in part, had the misconduct or
 poor performance been known prior to payment.

&nbsp;&nbsp;&nbsp;&nbsp;N. Two-Tiered Compensation

Vote against proposals to adopt a two-tiered compensation structure for board directors.

 <br> 18 Global proxy voting guidelines

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&nbsp;&nbsp;&nbsp;&nbsp;O. Use of Non-GAAP Measures

We expect the annual proxy statement to provide a reconciliation between adjusted results and generally accepted accounting principles results for any metric that is used for evaluating corporate performance, such as annual incentive performance or PSUs.

We will evaluate on a case-by-case basis instances where adjusted results include items that do not appear to be one-time in nature or where expenses appear unjustifiably excluded from adjusted results.

We may vote against executive compensation where such accounting adjustments fail to hold management accountable where we believe it would be appropriate.

&nbsp;&nbsp;&nbsp;&nbsp;10. Incorporation

A. Reincorporation outside the United States Review on a case-by-case basis proposals to reincorporate the company outside of the US.

&nbsp;&nbsp;&nbsp;&nbsp;B. Voting on State Takeover Statutes

Review on a case-by-case basis proposals to opt in or out of state takeover statutes (including control share acquisition statutes, control share cash-out statutes, freeze-out provisions, fair price provisions, stakeholder laws, poison pill endorsements, severance pay and labor contract provisions, anti-greenmail provisions and disgorgement provisions).

C. Voting on Reincorporation Proposals Proposals to change a company's state of incorporation should be examined on a case-by-case basis. Review management's rationale for the proposal, changes to the charter/by-laws and differences in the state laws governing the companies.

&nbsp;&nbsp;&nbsp;&nbsp;11. Mergers
 and Corporate Restructurings

&nbsp;&nbsp;&nbsp;&nbsp;A. Mergers and Acquisitions

Votes on mergers and acquisitions should be considered on a case-by-case basis, taking into account factors including the following: anticipated financial and operating benefits; offer price (cost versus premium); prospects of the combined companies; how the deal was negotiated; and changes in corporate governance and their impact on shareholder rights.

&nbsp;&nbsp;&nbsp;&nbsp;B. Non-Financial
 Effects of a Merger or Acquisition

Some companies have proposed a charter provision that specifies that the board of directors may examine the non-financial effect of a merger or acquisition on the company. This provision would allow the board to evaluate the impact a proposed change in control would have on employees, host communities, suppliers and/or others. We generally vote against proposals to adopt such charter provisions. We feel it is the directors' fiduciary duty to base decisions solely on the financial interests of the shareholders.

&nbsp;&nbsp;&nbsp;&nbsp;C. Corporate Restructuring

Votes on corporate restructuring proposals, including minority squeeze-outs, leveraged buyouts, "going private" proposals, spin-offs, liquidations and asset sales, should be considered on a case-by-case basis.

&nbsp;&nbsp;&nbsp;&nbsp;D. Spin-offs

Votes on spin-offs should be considered on a case- by-case basis depending on the tax and regulatory advantages, planned use of sale proceeds, market focus and managerial incentives.

&nbsp;&nbsp;&nbsp;&nbsp;E. Asset Sales

Votes on asset sales should be made on a case-by- case basis after considering the impact on the balance sheet/working capital, value received for the asset and potential elimination of diseconomies.

&nbsp;&nbsp;&nbsp;&nbsp;F. Liquidations

Votes on liquidations should be made on a case-by- case basis after reviewing management's efforts to pursue other alternatives, appraisal value of assets and the compensation plan for executives managing the liquidation.

&nbsp;&nbsp;&nbsp;&nbsp;G. Appraisal Rights

Vote for proposals to restore, or provide shareholders with, rights of appraisal. Rights of appraisal provide shareholders who are not satisfied with the terms of certain corporate transactions the right to demand a judicial review in order to determine a fair value for their shares.

&nbsp;&nbsp;&nbsp;&nbsp;H. Changing Corporate Name

Vote for changing the corporate name.

 <br> J.P. Morgan Asset Management 19

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&nbsp;&nbsp;&nbsp;&nbsp;12. Social
 and Environmental Issues

We believe that a company's environmental policies may have a long-term impact on the company's financial performance. We believe that good corporate governance policies should consider the impact of company operations on the environment and the cost of compliance with laws and regulations relating to environmental matters, physical damage to the environment (including the costs of clean-ups and repairs), consumer preferences and capital investments related to climate change. Furthermore, we believe that corporate shareholders have a legitimate need for information to enable them to evaluate the potential risks and opportunities that climate change and other environmental matters pose to the company's operations, sales and capital investments.

We acknowledge that many companies disclose their practices relating to social and environmental issues and that disclosure is improving over time. We generally encourage a level of reporting that is not unduly costly or burdensome and that does not place the company at a competitive disadvantage but that provides meaningful information to enable shareholders to evaluate the impact of the company's environmental policies and practices on its financial performance.

With regard to social issues, among other factors, we consider the company's labor practices, supply chain, how the company supports and monitors those issues, what types of disclosure the company and its peers currently provide and whether the proposal would result in a competitive disadvantage for the company.

In evaluating how to vote environmental proposals, considerations may include, but are not limited to, the following:

Issuer Considerations

&nbsp;&nbsp;&nbsp;&nbsp;• asset
 profile of the company, including whether it is exposed to potentially declining demand for
 the company's products or services due to environmental considerations;

&nbsp;&nbsp;&nbsp;&nbsp;• capital deployment of the company;

&nbsp;&nbsp;&nbsp;&nbsp;• cost
 structure of the company, including its position on the cost curve, expected impact of future
 carbon tax and exposure to high fixed operating costs;

&nbsp;&nbsp;&nbsp;&nbsp;• corporate
 behavior of the company, including whether senior management is incentivized for long- term
 returns;

&nbsp;&nbsp;&nbsp;&nbsp;• demonstrated
 capabilities of the company, its strategic planning process and past performance;

&nbsp;&nbsp;&nbsp;&nbsp;• current
 level of disclosure of the company and consistency of disclosure across its industry; and

&nbsp;&nbsp;&nbsp;&nbsp;• whether
 the company incorporates environmental or social issues in a risk assessment or risk reporting
 framework.

 <br> 20 Global proxy voting guidelines

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Proposal Considerations

&nbsp;&nbsp;&nbsp;&nbsp;• Would
 adoption of the proposal inform and educate shareholders and have companies that adopted
 the proposal provided insightful and meaningful information that would allow shareholders
 to evaluate the long-term
risks and performance of the company?

&nbsp;&nbsp;&nbsp;&nbsp;• Does
 the proposal require disclosure that is already addressed by existing and proposed mandated
 regulatory requirements or formal guidance at the local, state or national level or the company's
 existing disclosure practices?

&nbsp;&nbsp;&nbsp;&nbsp;• Does
 the proposal create the potential for unintended consequences, such as a competitive disadvantage?

In general, we support management disclosure practices that are overall consistent with the goals and objectives expressed above. Proposals with respect to companies that have been involved in controversies, fines or litigation are expected to be subject to heightened review and consideration.

Vote against the chair of the committee responsible for providing oversight of environmental matters and/or risk where we believe the company is lagging peers in terms of disclosure, business practices or targets. Vote against committee members, the lead independent director and/or board chair for companies that have lagged over several years.

An engaged and diverse employee base is integral to a company's ability to innovate, respond to a diverse customer base and engage with diverse communities in which the company operates, thus delivering shareholder returns. JPMAM will generally support shareholder resolutions seeking the company to disclose data on workforce demographics, including diversity, and release of EEO-1 or comparable data, where such disclosure is deemed inadequate.

We expect engaged boards to provide oversight of human capital management ("HCM"), that is, a company's management of its workforce, including human resources policies (including code of conduct), use of full-time versus part-time employees, workforce cost, employee engagement and turnover, talent development, retention and training, compliance record, and health and safety. JPMAM will vote case-by-case on shareholder resolutions seeking disclosure of HCM. JPMAM will generally vote against shareholder proposals seeking HCM information that is considered confidential or sensitive information by the board.

&nbsp;&nbsp;&nbsp;&nbsp;A. Military Business

Vote case-by-case on defense issue proposals.

Vote case-by-case on disclosure reports that seek additional information on military-related operations.

&nbsp;&nbsp;&nbsp;&nbsp;B. International Labour Organization
Code of Conduct

Vote case-by-case on proposals to endorse the International Labour Organization's codes of conduct.

Vote case-by-case on disclosure reports that seek additional information on company activities in this area.

&nbsp;&nbsp;&nbsp;&nbsp;C. Promote Human Rights

Vote case-by-case on proposals to promote human rights.

Vote case-by-case on disclosure reports that seek additional information on company activities regarding human rights.

&nbsp;&nbsp;&nbsp;&nbsp;D. Equal Employment Opportunity and
Discrimination

Vote case-by-case on proposals regarding equal employment opportunities and discrimination.

Vote case-by-case on disclosure reports that seek additional information about affirmative action efforts, particularly when it appears that companies have been unresponsive to shareholder requests.

&nbsp;&nbsp;&nbsp;&nbsp;E. Animal Rights

Vote case-by-case on proposals that deal with animal rights.

&nbsp;&nbsp;&nbsp;&nbsp;F. Product
 Integrity and Marketing

Vote case-by-case on proposals that ask companies to end their production of legal, but socially questionable, products.

Vote case-by-case on disclosure reports that seek additional information regarding product integrity and marketing issues.

Vote case-by-case on resolutions requesting the disclosure and implementation of internet privacy and censorship policies and procedures.

Vote case-by-case on proposals requesting the company to report on its policies, initiatives/ procedures and oversight mechanisms related to toxic materials, including certain product-line toxicities, and/ or product safety in its supply chain.

 <br> J.P. Morgan Asset Management 21

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&nbsp;&nbsp;&nbsp;&nbsp;G. Human Resources Issues

Vote case-by-case on proposals regarding human resources issues.

Vote case-by-case on disclosure reports that seek additional information regarding human resources issues.

&nbsp;&nbsp;&nbsp;&nbsp;H. Link Executive Pay with Social and/or
Environmental Criteria

Vote case-by-case on proposals to link executive pay with the attainment of certain social and/or environmental criteria.

Vote case-by-case on disclosure reports that seek additional information regarding this issue.

&nbsp;&nbsp;&nbsp;&nbsp;I. High-Risk Markets

Vote case-by-case on requests for the company to review and report on the financial and reputation risks associated with operations in "high-risk" markets, such as a terrorism-sponsoring state or otherwise.

&nbsp;&nbsp;&nbsp;&nbsp;J. Political Contribution

Generally, vote against proposals asking the company to affirm political non-partisanship in the workplace.

Vote against proposals to publish the company's political contributions, taking into consideration recent, significant controversies, fines or litigation regarding the company's political contributions or trade- association spending.

&nbsp;&nbsp;&nbsp;&nbsp;K. Climate Risk

Many economies are responding to climate change with regulations as well as policies to drive decarbonization. In our view, climate change has become a material risk to the strategy and financial performance of many companies. JPMAM may vote against directors serving on relevant committees of companies that, in our opinion, face material climate-related transition or asset risks, where climate disclosures are not available or where we believe such disclosures are not meaningful. JPMAM may also vote for shareholder resolutions requesting such information where the company has not provided such disclosure.

To provide shareholders with meaningful disclosures on how the company is addressing risks related to climate change:

&nbsp;&nbsp;&nbsp;&nbsp;• We encourage disclosures aligned with the reporting framework developed by the Task Force on
 Climate-related Financial Disclosures ("TCFD") addressing all the four pillars of the TCFD – (i) governance, (ii)
 strategy, (iii) risk management and (iv) metrics
and targets related to any performance indicators used to manage such risks. The TCFD report (or equivalent) should address whether
decarbonization of the company's operations or its supply chain is a material part of its strategy to mitigate climate change
risks, including transition risks to the company, and, if so, provide a narrative on how the company plans to do so and over what
time frame.

&nbsp;&nbsp;&nbsp;&nbsp;• For
 industries where we believe climate change risks pose material financial risks, we encourage
 comprehensive TCFD reporting (or equivalent), including scenario analysis to help us understand
 the resilience of a company's strategy. While we recognize that some disclosures related
 to scenario analysis, especially granular data at the asset level, may involve sensitive
 information that companies will not disclose if such disclosures could harm the company,
 we expect the company to provide its conclusions from these analyses as they pertain to the
 resilience of the company's strategy.

&nbsp;&nbsp;&nbsp;&nbsp;• We encourage disclosures of Scope 1 and 2 greenhouse gas emission targets where decarbonization of a company's
operations and purchased energy has been identified by the company as a key part of company's strategy to manage climate change
risks.

&nbsp;&nbsp;&nbsp;&nbsp;• We note many companies have chosen to set long- term net-zero targets. In order for us to evaluate
 the long-term credibility of transition plans, where such long-term targets are set, we encourage the company to disclose
the scope of emissions included in such targets. We recognize the many challenges associated with reporting Scope 3 emissions. While
we understand the limitations associated with reporting Scope 3 emissions, we would expect companies that have included such emissions
in their net-zero targets to disclose their Scope 3 emissions. We also encourage disclosures of interim emission-reduction targets where
the company has set long-term net-zero targets.

 <br> 22 Global proxy voting guidelines

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&nbsp;&nbsp;&nbsp;&nbsp;• We
 encourage disclosure on past performance against emission-reduction goals and a forward-
 looking strategy to achieve emission-reduction goals, including use of offsets and corporate
 transactions.

The board of directors is critical in formulating and executing company strategy. While we do not support the use of shareholder proposals to diminish the authority of the board, if the board recommends a vote against a climate-related shareholder proposal, we expect boards to clearly articulate the rationale supporting their recommendation. The board's response should clearly explain why implementation of disclosures or actions requested by the shareholder proposal would be detrimental to shareholder value.

&nbsp;&nbsp;&nbsp;&nbsp;13. Foreign Proxies

Responsibility for voting non-US proxies rests with our Proxy Voting Committees located in London, Tokyo and Hong Kong. The Proxy Committee is composed of senior analysts and portfolio managers and officers of the legal and compliance department.

&nbsp;&nbsp;&nbsp;&nbsp;14. Pre-Solicitation Contact

From time to time, companies will seek to contact analysts, portfolio managers and others in advance of the formal proxy solicitation to solicit support for certain contemplated proposals. Such contact can potentially result in the recipient receiving material non-public information and result in the imposition of trading restrictions. Accordingly, pre-solicitation contact should occur only under very limited circumstances and only in accordance with the terms set forth herein.

What is Material Non-Public information?

The definition of material non-public information is highly subjective. The general test, however, is whether or not such information would reasonably affect an investor's decision to buy, sell or hold securities, or whether it would be likely to have a significant market impact. Examples of such information include, but are not limited to:

&nbsp;&nbsp;&nbsp;&nbsp;• a
 pending acquisition or sale of a substantial business;

&nbsp;&nbsp;&nbsp;&nbsp;• financial
 results that are better or worse than recent trends would lead one to expect;

&nbsp;&nbsp;&nbsp;&nbsp;• major management changes;

&nbsp;&nbsp;&nbsp;&nbsp;• an increase or decrease in dividends;

&nbsp;&nbsp;&nbsp;&nbsp;• calls
 or redemptions or other purchases of its securities by the company;

&nbsp;&nbsp;&nbsp;&nbsp;• a stock split, dividend or other
 recapitalization; or

&nbsp;&nbsp;&nbsp;&nbsp;• financial
 projections prepared by the company or the company's representatives.

What is Pre-Solicitation Contact?

Pre-solicitation contact is any communication, whether oral or written, formal or informal, with the company or a representative of the company regarding proxy proposals prior to publication of the official proxy- solicitation materials. This contact can range from simply polling investors as to their reaction to a broad topic, e.g., "How do you feel about dual classes of stock?" to very specific inquiries, e.g., "Here's a term sheet for our restructuring. Will you vote to approve this?".

Determining the appropriateness of the contact is a factual inquiry that must be determined on a case-by- case basis. For instance, it might be acceptable for us to provide companies with our general approach to certain issues. Promising our vote, however, is prohibited under all circumstances. In the event that you are contacted in advance of the publication of proxy-solicitation materials, please notify the Proxy Administrator immediately. The company or its representative should be instructed that all further contact should be with the Proxy Administrator. The Proxy Administrator will make the determination to contact the legal/compliance departments if needed.

It is also critical to keep in mind that as a fiduciary, we exercise our proxies solely in the best interests of our clients. Outside influences, including those from within JPMorgan Chase, should not interfere in any way in our decision-making process. Any calls of this nature should be escalated by the Proxy Administrator to the legal/compliance department.

 <br> J.P. Morgan Asset Management 23

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&nbsp;&nbsp;&nbsp;&nbsp;II. Proxy Voting Guidelines continued

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| | | |
|:---|:---|:---|
| Europe, Middle East, Africa, Central America and South America contents: | Europe, Middle East, Africa, Central America and South America contents: |  |
| I. | Policy | 24.0 |
| II. | Voting Guidelines | 26.0 |
| 1. | Reports & Accounts | 26.0 |
| 2. | Dividends | 26.0 |
| 3. | Board Of Directors | 27.0 |
| 4. | Compensation | 29.0 |
| 5. | Auditors | 31.0 |
| 6. | Issue of Capital | 32.0 |
| 7. | Mergers/ Acquisitions | 32.0 |
| 8. | Related-Party Transactions | 32.0 |
| 9. | Voting Rights | 33.0 |
| 10. | Others | 33.0 |

---

&nbsp;&nbsp;&nbsp;&nbsp;B. Europe,
 Middle East, Africa, Central America and South America

&nbsp;&nbsp;&nbsp;&nbsp;I. Policy

Corporate governance addresses the agency problems that are induced by the separation of ownership and control in the modern corporation.

J.P. Morgan Asset Management ("JPMAM") is committed to delivering superior investment performance to its clients worldwide. We believe that one of the drivers of investment performance is an assessment of the corporate governance principles and practices of the companies in which we invest our clients' assets, and we expect those companies to demonstrate high standards of governance in the management of their business at all times.

We have set out herein the principles that provide the framework for our corporate governance and proxy voting activity. Although these apply primarily to the UK and Europe and therefore principally concern accounts managed from the London office, our colleagues in New York, Tokyo and Hong Kong have similar guidelines, consistent with law and best practice in these different locations. Full details are available on request.

Our UK guidelines ("Guidelines") are based on the revised UK Corporate Governance Code. Any company complying with its provisions can usually expect JPMAM to support its corporate governance policies. JPMAM works closely with the UK Financial Reporting Council ("FRC") and the Investment Association, and we abide by these organisations' corporate governance principles and also take their guidance into account when implementing our policy.

If a company chooses to deviate from the provisions of the UK Corporate Governance Code, we will give the explanations due consideration and take them into account as appropriate, based on our overall assessment of the standards of corporate governance evidenced at the company. For Continental European markets, we expect companies to comply with local corporate governance codes, where they exist. We fully recognise that, in certain European markets, there are areas where local law or practice prescribes differing structures or processes to those found in the UK, which must be taken into account. In markets where a comparable standard does not exist, we will use our own Guidelines as the primary basis for our voting and corporate governance activity while taking local market practice into consideration where applicable.

In our view, our Guidelines meet with the requirements of the US Department of Labor recommendations as they apply to ERISA accounts and US mutual funds.

 <br> 24 Global proxy voting guidelines

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Voting

JPMAM manages the voting rights of the shares entrusted to it as it would manage any other asset (although it should be noted that not all of our clients delegate voting authority to us. Some do not authorise us to vote, or delegate voting to a third party). It is the policy of JPMAM to vote shares held in its clients' portfolios in a prudent and diligent manner, based exclusively on our reasonable judgement of what will best serve the financial interests of the beneficial owners of the security. So far as is practicable, we will vote at all of the meetings called by companies in which we are invested.

Certain markets require that shares being tendered for voting purposes are temporarily immobilised from trading until after the shareholder meeting has taken place. Other markets require a local representative to be hired in order to attend the meeting and vote in person on our behalf, empowered with power- of-attorney documentation, which can represent a considerable cost to clients. Elsewhere, notably emerging markets, it may not always be possible to obtain sufficient information to make an informed decision in good time to vote, or there may be specific financial risks where, for example, voting can preclude participating in certain types of corporate action. In these instances, it may sometimes be in our clients' best interests to intentionally refrain from voting in certain overseas markets from time to time.

As our Guidelines are primarily targeted at companies listed on main stock exchanges, it is sometimes difficult for smaller companies to apply the same corporate governance rules, and we will look at any issues for such companies on a case-by-case basis. We would, however, encourage them to apply the highest possible standards of governance.

Proxy Committee

To oversee the proxy voting process on an ongoing basis, a Proxy Committee has been established for each global location where proxy voting decisions are made. Each Proxy Committee is composed of a Proxy Administrator (as defined below) and senior officers from among the investment, legal, compliance, and risk management departments. The primary functions of each Proxy Committee include: (1) reviewing and approving the Guidelines annually; (2) providing advice and recommendations on general proxy voting matters as well as on specific voting issues to be implemented by the relevant JPMAM Entity; and (3) determining the independence of any third-party vendor to which it has delegated proxy voting responsibilities (such as, for example, delegation when JPMAM has identified it has a material conflict of interest) and to conclude that there are no conflicts of interest that would prevent such vendor from providing such proxy voting services prior to delegating proxy responsibilities. The Proxy Committee may delegate certain of its responsibilities to subgroups composed of at least three Proxy Committee members.

The Proxy Committee meets at least quarterly, or more frequently, as circumstances dictate. The global head of stewardship is a member of each regional committee and, working with the regional Proxy Administrators, is charged with overall responsibility for JPMAM's approach to governance issues including proxy voting worldwide and coordinating regional proxy voting guidelines in accordance with applicable regulations and best practices. The Proxy Committees escalate to the AM Business Control Committee and/or the AM Bank Fiduciary Committee any issues and errors for escalation, while strategy-related matters for escalation will be escalated to the Sustainable Investing Oversight Committee.

Stewardship and Engagement

As long-term owners, we regard regular, systematic and direct contact with senior company management, both executive and non-executive, as important. For UK and European companies in particular, investment stewardship specialists routinely attend scheduled one-to-one meetings alongside analysts and portfolio managers, as well as convene dedicated meetings as required in order to debate areas of concern.

JPMAM is a signatory to the UK Stewardship Code 2020, and we believe that our existing stewardship policies meet the standards required under it. Please see the UK Stewardship Code Signatories here.

Finally, it should be pointed out that this document is intended as an overview only. Specific issues should always be directed to your account administrator or portfolio manager, or the J.P. Morgan investment stewardship team.

 <br> J.P. Morgan Asset Management 25

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&nbsp;&nbsp;&nbsp;&nbsp;II. Voting Guidelines

&nbsp;&nbsp;&nbsp;&nbsp;1. Reports and Accounts

Annual Report

Reports and accounts should be both detailed and transparent and should be submitted to shareholders for approval. They should meet accepted reporting standards, such as those prescribed by the International Accounting Standards Board ("IASB") and should be in keeping with the spirit and the letter of those reporting standards. We agree with the UK Corporate Governance Code that the company's annual report and accounts, when taken as a whole, should be fair, balanced and understandable, a primary outcome of which is for the narrative sections of the annual report to better reflect the company's position, performance and prospects.

The annual report should include a statement of compliance with relevant codes of best practice, in markets where they exist, together with detailed explanations regarding any area of non-compliance.

Legal disclosure varies from market to market. If, in our opinion, a company's standards of disclosure (while meeting minimum legal requirements) are insufficient in any particular area, we will inform company management of our concerns. Depending on the circumstances, we will either abstain or vote against the resolution concerned. Similar consideration would relate to the use of inappropriate accounting methods.

Remuneration Report

The remuneration policy as it relates to senior management should ideally be presented to shareholders as a separate voting item. We would expect the report to contain full details of all aspects of individual directors' emoluments. We will endeavour to engage with the company or seek an explanation regarding any areas of remuneration that fall outside our Guidelines, and we will abstain or vote against the remuneration report and, if appropriate, members of the remuneration committee, if we feel that explanation is insufficient. Any material changes to compensation arrangements should be put to shareholders for approval.

Under the requirements of the Shareholder Rights Directive II and best practice under the European Commission's guidelines, companies are asked to provide disclosure on amounts paid to executives and alignment between company performance and payout to executives. Companies should provide disclosure of variable incentive targets, levels of achievement and performance awards made after the performance period. Companies should clearly outline discretionary authority by the board or remuneration committee to adjust pay outcomes.

We encourage companies to provide information on the ratio of chief executive officer pay to median employee pay and explain the reasons for changes to the ratio year on year and how it is consistent with the company's wider policies on employee pay, reward and progression.

Companies should also have regard to gender pay gaps (if any) and indicate to shareholders how the issue is to be addressed.

Several markets worldwide now have a binding vote on remuneration policy. In our view, remuneration policies should stand the test of time and should not need amendment on an annual or biennial basis. We would therefore expect votes on remuneration policies to occur normally every third year, the maximum allowed under the regulations, and will regard it as concerning where companies feel the need to bring proposed changes to shareholders more frequently than this.

Similarly, reporting under the new regulations should not necessarily lead to an increase in the volume of data provided. Investors expect clear and concise reports that are effective at communicating how executive pay is linked to delivery of the company's strategy in the long term.

&nbsp;&nbsp;&nbsp;&nbsp;2. Dividends

Proposals for the payment of dividends should be presented to shareholders for approval and should be fully disclosed in advance of the meeting. We will

vote against dividend proposals if we deem the payout ratio to be too low or if the earnings and cash cover are inadequate and payment of the proposed dividend would prejudice the solvency or future prospects of the company.

 <br> 26 Global proxy voting guidelines

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&nbsp;&nbsp;&nbsp;&nbsp;3. Board of Directors

Board Structure

Companies should be controlled by an effective board, with an appropriate balance of executive and non- executive directors, such that no single stakeholder or group of stakeholders has a disproportionate or undue level of influence. JPMAM is generally in favour of unitary boards of the type found in the UK, as opposed to tiered board structures. We find that unitary boards offer flexibility, while, with a tiered structure, there is a risk of upper-tier directors becoming remote from the business while lower-tier directors become deprived of contact with outsiders of wider experience. No director should be excluded from the requirement to submit him/herself for re-election on a regular basis.

In our view, the board has a vital role to play in shaping and embedding a healthy corporate culture. The values and standards of behaviour set by the board are an important influence on culture within the organisation, and we believe there are strong links between governance and establishing a culture that supports long-term success. In our view, there is a role for the board in establishing and promoting the culture, values and ethics of the company and in setting the 'tone from the top'. We agree with the FRC that a company's culture should promote integrity and openness, value diversity and be responsive to the views of shareholders and wider stakeholders.

Board Independence

JPMAM believes that a strong independent element to a board is essential to the effective running of a company.

The calibre and number of non-executive directors on a board should be such that their views will carry significant weight in the board's decisions.

JPMAM believes that the majority of a board should be independent, especially if the company has a joint chairman/chief executive officer. JPMAM will use its voting powers to encourage appropriate levels of board independence while taking into account local market practice.

In order to help assess their contribution to the company, the time spent by each non-executive director should be disclosed to shareholders, as well as their attendance at board and committee meetings. Boards should also create and maintain a formal succession plan to ensure orderly refreshment of the board and minimise overdependence on any certain individual.

Chairman

Boards should be headed by an effective chairman who is independent on appointment and who meets the same ongoing independence criteria, including tenure, as other non-executive directors. There should be a clear division of responsibilities at the head of a company, such that no one individual has unfettered powers of decision. JPMAM believes that the roles of chairman and chief executive officer should normally be separate and will generally vote against combined posts.

Board Size

Board size should be appropriate to the size and complexity of the company. JPMAM will exercise its voting powers in favour of reducing excessively large boards wherever possible. Boards with more than 15 directors are usually deemed excessively large, whereas less than five directors may be too small to provide sufficient levels of independence for key committees.

Board Diversity

JPMAM is committed to supporting inclusive organisations where everyone can succeed on merit, regardless of gender, sexual orientation, disability or ethnic and religious background as an important part of contributing to long-term shareholder value. Recruiting individuals with unique skills, experiences and diverse backgrounds is a fundamental part of strengthening a business, further developing sound governance and risk oversight and is an important consideration when searching for new board members. As with all proxy votes, we seek to vote in our clients' best interests to enhance long-term shareholder value. Although we do not endorse quotas, we expect boards to have a strategy to improve female representation in particular. To this end, we generally support the target of one-third of board positions being held by women, as recommended by the UK Government's Women on Boards Report, the Davies Review and the FTSE Women Leaders Review (formerly the Hampton- Alexander Review). We also recognise that investee companies should provide clear disclosure within their financial reports on how they intend to increase female representation beyond 30%. Investee companies should provide appropriate information explaining how they consider diversity in its widest sense at both board and executive level and throughout the broader business.

 <br> J.P. Morgan Asset Management 27

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We will utilise our voting power to bring about change where companies are lagging, as well as engage with nominations committees where appropriate. We will monitor changes of UK boards, in support of the Parker Review, in increasing ethnic diversity, and ask for transparency and disclosure of progress made.

We also expect companies to produce a gender pay gap report and encourage companies to voluntarily produce an ethnicity pay gap report where data is available.

More broadly we expect no single-gender boards and a minimum of 30% female representation, or adherence to the local market best practice, whichever is more stringent on diverse membership of underrepresented members.

Board Committees

Boards should delegate key oversight functions, such as responsibility for audit, nominations and remuneration issues, to independent committees. The chairman and members of any committee should be clearly identified in the annual report.

Any committee should have the authority to engage independent advisers where appropriate at the company's expense.

Audit committees should consist solely of non- executive directors who are independent of management. The committee should include at least one person with appropriate financial qualifications, but committee members should all undergo appropriate training that provides and maintains a reasonable degree of financial literacy. Formal arrangements should be in place for the committee to hold regular meetings with external auditors without executive or staff presence, and they should have an explicit right of unrestricted access to company documents and information.

Nomination committees should be majority independent and have an independent chair. The responsibilities of the committee should include assessing the skills, diversity and competencies of directors to ensure that the board has an appropriate range of expertise. The committee should also manage the process for formally evaluating the performance of the board, its committees and directors, reporting on this process to shareholders in the annual report, as well as maintaining formal and transparent arrangements for succession planning for the board and senior executives.

Remuneration committees should be majority independent and have an independent chair.

The responsibilities of the committee should include reviewing and recommending policies relating to remuneration, retention and termination of senior executives, ensuring that, through these policies, executives are properly motivated to drive the long- term success of the company, and that incentives are appropriately aligned, and overseeing the remuneration framework for non-executive directors. The remuneration committee should be ready to engage with and, where necessary, receive feedback from, relevant stakeholders including large institutional shareholders and the wider workforce.

Boards of banks, or other large or complex companies, should establish a risk committee to provide independent oversight and advice to the board on the current risk exposures of the entity and future risk strategy in order to manage these issues effectively within their business. These bodies should give a summary of their activities in the annual report.

Director Independence

A director will generally be deemed to be independent if he or she has no significant financial, familial or other ties with the company that might pose a conflict and has not been employed in an executive capacity by the company for at least the previous 10 years.

A non-executive director who has served more than three terms (or 10 years) in the same capacity can no longer normally be deemed to be independent.

Directors staying on beyond this duration would require the fullest explanation to shareholders, and we would expect such directors to offer themselves for re-election annually.

In determining our vote, we will always consider independence issues on a case-by-case basis, taking into account any exceptional individual circumstances, together with local markets' differing attitudes to director independence.

Directors' Liability

In certain markets, this proposal asks shareholders to give blanket discharge from responsibility for all decisions made during the previous financial year. Depending on the market, this resolution may or may not be legally binding and may not release the board from its legal responsibility.

 <br> 28 Global proxy voting guidelines

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JPMAM will usually vote against discharging the board from responsibility in cases of pending litigation, or if there is evidence of wrongdoing for which the board must be held accountable.

Companies may arrange directors' and officers' liability insurance to indemnify executives in certain circumstances, such as class-action lawsuits and other litigation. JPMAM generally supports such proposals, although we do not approve of arrangements where directors are given 100% indemnification as this could absolve them of responsibility for their actions and encourage them to act recklessly. Such arrangements should not extend to third parties, such as auditors.

Multiple Directorships

Non-executive directors should have sufficient time to meet their board responsibilities. In order to be able to devote sufficient time to his or her duties, we would not normally expect a non-executive director to hold more than three significant directorships at any one time.

For executive directors, only one additional non- executive post would normally be considered appropriate without further explanation.

We agree with the UK Corporate Governance Code that no single individual should chair more than one major listed company.

Investment Trust and Fund Directors

In the UK, the boards of investment trust companies are unusual in being normally composed solely of non- executive directors. JPMAM generally prefers that the majority of such boards (including the chairman) are independent of the management company. We believe this to be appropriate and expect investment trust boards to comply with the Association of Investment Companies Code of Corporate Governance ("AIC Code").

We note that the AIC Code does not make explicit recommendations on board tenure. We take this into account when assessing director independence, although we agree with the AIC Code that investment trust companies should have a formal policy on tenure and that any director serving beyond three terms should offer themselves for re-election annually.

We also believe that at least half of the board of an investment trust company (including the chairman) should be non-executive directors having served for less than nine years in order to ensure that the board does not become ossified with a large number of long- serving directors.

SICAV and other fund board directors should comply with the Association of the Luxembourg Fund Industry ("ALFI") Code of Conduct, or equivalent codes where they exist.

&nbsp;&nbsp;&nbsp;&nbsp;4. Compensation

Directors' Contracts

JPMAM believes that directors' contracts should be of one year's duration or less, and payments on termination should not exceed one year's fixed compensation. This is accepted market best practice in the UK as well as other major European markets.

Special provisions whereby additional payment becomes due in the event of a change of control are an inappropriate use of shareholder funds and should be discouraged. Market practice regarding the length of directors' service contracts varies enormously: JPMAM is cognisant that it would be inappropriate to enforce UK standards in some other markets. To this end, JPMAM will take into account local market practice when making judgements in this area. Company chairmen should not normally have executive-style contractual arrangements with the company that include severance terms.

Executive Directors' Remuneration

Executive remuneration is and will remain a contentious issue, particularly the overall quantum of remuneration.

Policy in this area cannot easily be prescribed by any code or formula to cater for all circumstances and must depend on responsible and well-informed judgement on the part of remuneration committees.

Any remuneration policy should be transparent, simple to understand and fully disclosed to shareholders in a separate remuneration report within the annual report. Compensation should contain both a fixed element, set by reference to the external market but always cognisant of pay within a company's general workforce, and a variable element, which fully aligns the executive with shareholders and where superior awards can only be achieved by attaining superior performance.

Due consideration should also be given to the effective management of risk within the business. This should be reflected in remuneration arrangements in order to incentivise appropriate behaviours and, more importantly, discourage excessive risk-taking, which may be detrimental to shareholders. Compensation arrangements should provide alignment between managers and shareholders across the cycle, and due consideration should be given to devices such as clawback or bonus/malus arrangements in order to avoid payment for failure. JPMAM will generally vote against shareholder proposals to restrict arbitrarily the compensation of executives or other employees. We feel that the specific amounts and types of employee compensation are within the ordinary business responsibilities of the board and the company management. However, the remuneration of executive directors should be determined by independent remuneration committees and fully disclosed to shareholders. Any stock option plans or long-term incentive plans should meet our guidelines for such plans set forth herein.

 <br> J.P. Morgan Asset Management 29

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We believe firmly that directors should be encouraged to hold meaningful amounts of company stock, equivalent to at least two years' salary, which should be maintained for the duration of employment.

Increasingly, we expect directors to maintain a meaningful shareholding in the company for at least one year following their departure. Unvested stock from in-flight incentive plan cycles may count towards this shareholding requirement.

Transaction bonuses, one-off retention awards or other retrospective ex-gratia payments should not be made. Similarly, recruitment awards for incoming executives should be limited to the value of awards forgone and be granted on equivalent terms.

Non-Executive Directors' Remuneration

JPMAM believes that non-executive directors should be paid, at least in part, in shares of the company wherever possible in order to align their interests with the interests of shareholders. Performance criteria, however, should never be attached. Non-executive directors should not be awarded share options or performance-based share awards.

Fixed Compensation

Executives are entitled to a basic salary set by reference to the external market and in particular benchmarked against the company's immediate peers. Acknowledging that salary often forms the basis for variable compensation, we believe annual increases in salary should be limited and generally in line with the wider workforce of the company.

Substantial increases in salary should be fully justified to shareholders. We do not approve of large increases in fixed salary as a retention mechanism.

Variable Compensation

We generally prefer any variable compensation arrangement to have a short-term and long-term component. Annual bonuses are now a common feature of compensation packages. We prefer that bonuses be capped at a multiple of salary benchmarked against a company's sector. In industries that operate an overall bonus pool, we at least expect a cap on the overall potential pool. While we recognise that annual bonus targets are often, though not always, commercially sensitive, we expect a high degree of disclosure on performance metrics (pre-award) and performance against those metrics (post-award).

Payment of bonus for executives should take the form of cash and shares deferred for a defined period of time. Bonus malus and/or clawback are also expected features of any bonus scheme.

For the long-term component, share-based long-term incentive plans and share option schemes should be designed to give directors incentive to perform at the highest levels, and grants under such schemes should be subject to appropriate performance criteria that are challenging and that reflect the company's long-term strategy and objectives over an appropriate period (at least three years, and preferably five years or more). There should be no award for below-median performance, and awards for at-median performance should be modest. Beneficiaries should be encouraged to retain any resultant shares for a suitable time and should not benefit from free-matching shares for no other reason than a decision to defer compensation already earned. Restricted share awards, which substitute traditional performance criteria in exchange for long-term ownership of company stock, may be appropriate for some companies. Any move to restricted share awards should be fully justified by the remuneration committee. We will also wish to satisfy ourselves that the company has demonstrated historically appropriate levels of remuneration and has established a relationship of trust with shareholders.

If moving from traditional long-term incentives to restricted shares, the remuneration committee should consider the appropriate level of discount to award levels to reflect the certainty of restricted shares.

Restricted shares should, in our view, be retained for a period of time after retirement or departure from the

company in order to incentivise executives to ensure an orderly transition.

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We will generally vote against the resetting of performance conditions on existing awards, the cancellation and reissue, retesting or repricing of underwater awards, or the backdating of awards or discounted award grants.

All incentive plans should be clearly explained and fully disclosed to both shareholders and participants and put to shareholders for approval. Furthermore, each director's awards, awarded or vested, should be detailed, including term, performance conditions, exercise prices (if any) and the market price of the shares at the date of exercise. They should also take into account appropriate levels of dilution. Best practice requires that share options be fully expensed so that shareholders can assess their true cost to the company. The assumptions and methodology behind the expensing calculation should also be explained to shareholders.

In all markets, JPMAM will vote in favour of well-structured schemes with keen incentives and clear and specific performance criteria, which are challenging in nature and fully disclosed to shareholders in advance. We also favour simplicity both in the number of variable incentive schemes and in their structure. We will vote against payments that are excessive, performance criteria that are undemanding or where there is excessive discretion exercised by remuneration committees. We will also oppose incentive arrangements that are not subject to formal caps or appropriate tapering arrangements. We would expect remuneration committees to explain why criteria are considered to be challenging and how they align the interests of shareholders with the interests of the recipients.

Pensions

JPMAM believes that executive pension arrangements should mirror those of the wider workforce, particularly with regard to contribution levels. JPMAM believes it is inappropriate for executives to participate in pension arrangements that are materially different to those of employees (such as receiving a higher contribution or continuing to participate in a final salary arrangement when employees have been transferred to a defined contribution scheme). One-off payments into individual directors' pension schemes, changes to pension entitlements and waivers concerning early- retirement provisions must be fully disclosed and justified to shareholders.

&nbsp;&nbsp;&nbsp;&nbsp;5. Auditors

Auditor Independence

Auditors must provide an independent and objective check on the way in which the financial statements have been prepared and presented. JPMAM will vote against the appointment or reappointment of auditors who are not perceived as being independent or where there has been an audit failure. The length of time both the audit company and the audit partner have served in their capacity with a given company may be a factor in determining independence.

Auditor Rotation

In order to safeguard the independence of the audit, companies should rotate their auditor over time.

We agree with the provisions of the UK Competition Commission that companies should put their external audit contract out to competitive tender at least every 10 years.

Auditor Remuneration

Companies should be encouraged to distinguish clearly between audit and non-audit fees. Audit committees should keep under review the non-audit fees paid to the auditor, both in relation to the size of the total audit fee and in relation to the company's total expenditure on consultancy. A mechanism should be in place to ensure that consultancy work is put out to competitive tender.

We would oppose non-audit fees consistently exceeding audit fees where no explanation was given to shareholders. Audit fees should never be excessive.

Auditor Indemnification

JPMAM is opposed to the use of shareholders' funds to indemnify auditors.

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&nbsp;&nbsp;&nbsp;&nbsp;6. Issue of Capital

Issue of Equity

In most countries, company law requires that shareholder approval be obtained in order to increase the authorised share capital of the company. Any new issue of equity should take into account appropriate levels of dilution.

JPMAM believes strongly that any new issue of equity should first be offered to existing shareholders on a pre-emptive basis. Pre-emption rights are a fundamental right of ownership, and we will vote against 'cash box' structures or other attempts to suspend, bypass or eliminate pre-emption rights, unless they are for purely technical reasons (e.g., rights offers that may not be legally offered to shareholders in certain jurisdictions). We prefer that these issuances are sought annually, and we generally do not support multi-year capital issuances or shares that are issued at a preferential discount to third parties as part of a related-party transaction.

JPMAM will vote against increases in capital that would allow the company to adopt 'poison pill' takeover defence tactics or where the increase in authorised capital would dilute shareholder value in the long term.

Issue of Debt

JPMAM will vote in favour of proposals that will enhance a company's long-term prospects. We will vote against any uncapped or poorly defined increase in bank borrowing powers or borrowing limits, as well as issuances that would result in the company reaching an unacceptable level of financial leverage, where there is a material reduction in shareholder value or where such borrowing is expressly intended as part of a takeover defence.

Share Repurchase Programmes

JPMAM will vote in favour of share repurchase or buyback programmes where the repurchase would be in the best interests of shareholders and where the company is not thought to be able to use the cash in a more useful way. We will vote against abusive schemes, where shares are repurchased at an inappropriate point in the cycle or when shareholders' interests could be better served by deployment of the cash for alternative uses.

&nbsp;&nbsp;&nbsp;&nbsp;7. Mergers/Acquisitions

Mergers and acquisitions are always referred to individual portfolio managers and/or investment analysts for a case-by-case decision, based exclusively on the best economic interests of our clients.

In exceptional circumstances, we will split our vote and vote differently for individual clients depending on the respective desired investment outcomes of our portfolio managers. JPMAM may occasionally split its vote between different client constituents for technical reasons, such as cross-border mergers where certain groups of clients may not be able to hold the resultant stock or to reflect differing portfolio strategies and/or investment outcomes.

As a general rule, JPMAM will favour mergers and acquisitions where the proposed acquisition price represents fair value, where shareholders cannot realise greater value through other means and where all shareholders receive fair and equal treatment under the merger/acquisition terms.

&nbsp;&nbsp;&nbsp;&nbsp;8. Related-Party Transactions

Related-party transactions ("RPTs") are common in a number of jurisdictions. These are transactions between a company and its related parties and generally come in two forms: one-off transactions, typically asset purchases or disposals, and recurring transactions occurring during the ordinary course of business, usually in the form of the ongoing sale and purchase of goods and services.

According to the materiality and nature of the transaction, the RPT may need to be disclosed and submitted to a shareholder meeting for approval.

Any shareholder who has a material interest in the transaction should abstain from voting on the resolution. If a RPT requires shareholder approval, the company should establish a board committee solely comprising independent directors and appoint an independent adviser to prepare a recommendation to minority shareholders.

We will assess one-off transactions on a case-by- case basis. Where we are convinced by the strategic rationale and the fairness of the transaction terms, we will vote in favour. At the same time, we would expect the independent directors to disclose how they have made their recommendation to minority shareholders so that shareholders can make an informed decision on this transaction.

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For recurring transactions, we would expect that details are disclosed in the annual report and that they be subject to shareholders' approval on a periodic basis. We would expect all such transactions to have been conducted on an arm's-length basis, on normal commercial terms.

&nbsp;&nbsp;&nbsp;&nbsp;9. Voting Rights

JPMAM believes in the fundamental principle of 'one share, one vote'. Accordingly, we will vote to phase out dual voting rights or classes of share that either confer special voting rights to certain stakeholders or restricted voting rights, and we will oppose attempts to introduce new ones. We are opposed to mechanisms that skew voting rights, such as voting-right limits or cumulative voting; directors should represent all shareholders equally, and voting power should accrue in direct proportion to the shareholder's equity capital commitment to the company.

Minority shareholders should be protected from abusive actions by, or in the interests of, controlling shareholders, acting either directly or indirectly, and should have effective means of redress. Shareholders should also have the right to formally approve material RPTs at annual general meetings.

While certain fundamental changes to a company's business, articles of association or share capital should require a supermajority vote, voting on routine business should require a simple majority only (51%). We will generally oppose amendments to require inappropriate supermajority votes or supermajority requirements that are being introduced as a tool to entrench management.

&nbsp;&nbsp;&nbsp;&nbsp;10. Others

Poison Pills

Poison pills, or shareholder rights plans, are devices designed to defend against a hostile takeover. Typically, they give shareholders of a target company or a friendly third party the right to purchase shares at a substantial discount to market value or shares with special conversion rights in the event of a pre-defined 'triggering event' occurring (such as an outsider's acquisition of a certain percentage of stock).

Corporations may or may not be able to adopt poison pills without shareholder approval, depending on the market.

JPMAM is fundamentally opposed to any artificial barrier to the efficient functioning of markets. The market for corporate control should, ultimately, be for shareholders, not managers, to decide. We find no clear evidence that poison pills enhance shareholder value. Rather, they are used as tools to entrench management.

JPMAM will generally vote against anti-takeover devices and support proposals aimed at revoking existing plans. Where anti-takeover devices exist, they should be fully disclosed to shareholders, and shareholders should be given the opportunity to review them periodically.

Composite Resolutions

Agenda items at shareholder meetings should be presented in such a way that they can be voted upon clearly, distinctly and unambiguously. We normally oppose deliberately vague, composite or 'bundled' resolutions, depending on the context and local market practice.

Any amendments to articles of association should be presented to shareholders in such a way that they can be voted on independently. Shareholders should similarly be able to vote on the election of directors individually, rather than in bundled slates.

Any Other Business

We will generally vote against 'any other business' resolutions where we cannot determine the exact nature of the business to be voted on.

Social/Environmental Issues

We believe that a company's environmental policies may have a long-term impact on the company's financial performance. We believe that good corporate governance policies should consider the impact of company operations on the environment and the cost of compliance with laws and regulations relating to environmental matters, physical damage to the environment (including the costs of clean- ups and repairs), consumer preferences and capital investments related to climate change. Furthermore, we believe that corporate shareholders have a legitimate need for information to enable them to evaluate the potential risks and opportunities that climate change and other environmental matters pose to the company's operations, sales and capital investments. We acknowledge that many companies disclose their practices relating to social and

environmental issues and that disclosure is improving over time. We generally encourage a level of reporting that is not unduly costly or burdensome and that does not place the company at a competitive disadvantage but that provides meaningful information to enable shareholders to evaluate the impact of the company's environmental policies and practices on its financial performance.

 <br> J.P. Morgan Asset Management 33

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With regard to social issues, among other factors, we consider the company's labour practices, supply chain, how the company supports and monitors those issues, what types of disclosure the company and its peers currently provide and whether the proposal would result in a competitive disadvantage for the company.

In evaluating how to vote environmental proposals, considerations may include, but are not limited to, the following:

Issuer Considerations

&nbsp;&nbsp;&nbsp;&nbsp;• asset
 profile of the company, including whether it is exposed to potentially declining demand for
 the company's products or services due to environmental considerations;

&nbsp;&nbsp;&nbsp;&nbsp;• capital deployment of the company;

&nbsp;&nbsp;&nbsp;&nbsp;• cost
 structure of the company, including its position on the cost curve, expected impact of future
 carbon tax and exposure to high fixed operating costs;

&nbsp;&nbsp;&nbsp;&nbsp;• corporate
 behaviour of the company, including whether senior management is incentivised for long-term
 returns;

&nbsp;&nbsp;&nbsp;&nbsp;• demonstrated
 capabilities of the company, its strategic planning process and past performance;

&nbsp;&nbsp;&nbsp;&nbsp;• current
 level of disclosure of the company and consistency of disclosure across its industry; and

&nbsp;&nbsp;&nbsp;&nbsp;• whether
 the company incorporates environmental or social issues in a risk assessment or risk reporting
 framework.

Proposal Considerations

&nbsp;&nbsp;&nbsp;&nbsp;• Would
 adoption of the proposal inform and educate shareholders and have companies that adopted
 the proposal provided insightful and meaningful information that would allow shareholders
 to evaluate the long-term risks
and performance of the company?

&nbsp;&nbsp;&nbsp;&nbsp;• Does
 the proposal require disclosure that is already addressed by existing and proposed mandated
 regulatory requirements or formal guidance at the local, state or national
level or the company's existing disclosure practices?

&nbsp;&nbsp;&nbsp;&nbsp;• Does
 the proposal create the potential for unintended consequences, such as a competitive disadvantage?

In general, we support management disclosure practices that are overall consistent with the goals and objectives expressed above. Proposals with respect to companies that have been involved in controversies, fines or litigation are expected to be subject to heightened review and consideration.

Vote against the chair of the committee responsible for providing oversight of environmental matters and/or risk where we believe the company is lagging peers in terms of disclosure, business practices or targets. Vote against committee members, the lead independent director and/or board chair for companies that have lagged over several years.

An engaged and diverse employee base is integral to a company's ability to innovate, respond to a diverse customer base and engage with diverse communities in which the company operates, thus delivering shareholder returns. JPMAM will generally support shareholder resolutions seeking the company to disclose data on workforce demographics, including diversity.

We expect engaged boards to provide oversight of human capital management ("HCM"), that is, a company's management of its workforce including human resources policies (including code of conduct), use of full-time versus part-time employees, workforce cost, employee engagement and turnover, talent development, retention and training, compliance record, and health and safety. JPMAM will vote case-by-case on shareholder resolutions seeking disclosure of HCM. JPMAM will generally vote against shareholder proposals seeking HCM information that is considered confidential or sensitive information by the board.

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Climate Risk

Many economies are responding to climate change with regulations as well as policies to drive decarbonisation.

In our view, climate change has become a material risk to the strategy and financial performance of many companies.

JPMAM may vote against directors serving on relevant committees of companies that, in our opinion, face material climate-related transition or asset risks where climate disclosures are not available or where we believe such disclosures are not meaningful. JPMAM may also vote for shareholder resolutions requesting such information where the company has not provided such disclosure.

To provide shareholders with meaningful disclosures on how the company is addressing risks related to climate change:

&nbsp;&nbsp;&nbsp;&nbsp;• We encourage disclosures aligned with the reporting framework developed by the Task Force on
 Climate- related Financial Disclosures ("TCFD") addressing all the four
pillars of the TCFD – (i) governance, (ii) strategy, (iii) risk management and (iv) metrics and targets related to any
performance indicators used to manage such risks. The TCFD report (or equivalent) should address whether decarbonisation of the
company's operations or its supply chain is a material part of its strategy to mitigate climate change risks including
transition risks to the company and, if so, provide a narrative on how the company plans to do so and over what time
frame.

&nbsp;&nbsp;&nbsp;&nbsp;• For
 industries where we believe climate change risks pose material financial risks, we encourage
 comprehensive TCFD reporting (or equivalent), including scenario analysis to help us understand
 the resilience of a company's strategy. While we recognise that some disclosures related
 to scenario analysis, especially granular data at the asset level, may involve sensitive
 information that companies will not disclose if such disclosures could harm the company,
 we expect the company to provide their conclusions from these analyses as they pertain to
 the resilience of the company's strategy.

&nbsp;&nbsp;&nbsp;&nbsp;• We encourage disclosures of Scope 1 and 2 greenhouse gas emission targets, where decarbonisation of a
company's operations and purchased energy has been identified by the company as a key part of the company's strategy to manage
climate change risks.

&nbsp;&nbsp;&nbsp;&nbsp;• We note many companies have chosen to set long- term net-zero targets. In order for us to evaluate the long-term
credibility of transition plans, where such long-term targets are set, we encourage the company to disclose the scope of emissions
included in such targets. We recognise the many challenges associated with reporting Scope 3 emissions. While we understand the
limitations associated with reporting Scope 3 emissions, we would expect companies that have included such emissions in their
net-zero targets to disclose their Scope 3 emissions. We also encourage disclosures of interim emission-reduction targets where the
company has set long-term net-zero targets.

&nbsp;&nbsp;&nbsp;&nbsp;• We
 encourage disclosure on past performance against emission-reduction goals and forward- looking
 strategy to achieve emission-reduction goals, including use of offsets and corporate transactions.

The board of directors is critical in formulating and executing company strategy. While we do not support the use of shareholder proposals to diminish the authority of the board, if the board recommends a vote against a climate-related shareholder proposal, we expect boards to clearly articulate the rationale supporting their recommendation. The board's response should clearly explain why implementation of disclosures or actions requested by the shareholder proposal would be detrimental to shareholder value.

Shareholder Resolutions

In a number of jurisdictions, shareholders have the right to submit proposals at shareholder meetings, providing eligibility and other requirements have been met. Such proposals can be wide-ranging and may include governance reforms, capital management issues and disclosures surrounding environmental and social risks.

When assessing shareholder proposals, we review each resolution on its merits. Our sole criteria of support is: does this proposal enhance shareholder rights, and is this proposal in the long-term interests of all shareholders? Where we are convinced the proposal meets these objectives, it will receive our vote in support. However, we will not support proposals that are frivolous or supportive of a narrow activist agenda, nor will we support those that are unduly constraining on managements or are already in managements' remit.

 <br> J.P. Morgan Asset Management 35

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Where a proposal is focused on an issue that needs to be addressed, we would expect the board and management to demonstrate that the company will comply with the resolution within a reasonable time frame. Where the company fails to respond sufficiently or with the appropriate sense of urgency, we may vote against the re-election of one or more directors at subsequent meetings.

Charitable Issues

Charitable donations are generally acceptable, provided they are within reasonable limits and fully disclosed to shareholders.

Political Issues

JPMAM does not support the use of shareholder funds for political donations.

Virtual General Shareholder Meetings

In certain markets, by-law changes have taken place to allow a company to hold virtual or hybrid general shareholder meetings. General shareholder meetings should be fair, constructive and foster dialogue between company management and shareholders.

In principle, we are supportive of proposals allowing shareholder meetings to be convened by electronic means so long as the flexibility in the format of the meetings contributes to enhance access to the meetings and where shareholder participation rights are protected, regardless of whether physical or virtual.

J. P. Morgan Asset Management London Proxy Committee

April 2025

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&nbsp;&nbsp;&nbsp;&nbsp;II. Proxy Voting Guidelines continued

&nbsp;&nbsp;&nbsp;&nbsp;C. Asia ex-Japan

&nbsp;&nbsp;&nbsp;&nbsp;I. Corporate Governance Principles

J.P. Morgan Asset Management ("JPMAM") is committed to meeting client objectives by delivering the strongest possible risk-adjusted returns. We believe that a key contributor to this is a thorough understanding of the corporate governance practices of the companies in which we invest. We expect all our investee companies to demonstrate the highest standards of governance in the management of their businesses, as far as is reasonably practicable.

We have set out in this document some information underpinning the principles behind our proxy voting guidelines. These principles are based on the Organization for Economic Cooperation and Development ("OECD's") Principles of Corporate Governance, as well as on the governance codes of the jurisdictions in which our investee companies are domiciled. But regardless of location or jurisdiction, we believe companies should abide by the following:

Board and Director Responsibilities

Companies should be headed by a strong and effective board to drive the long-term success of the company. It should contain an appropriate combination of executive and non-executive directors, able to make decisions on behalf of all shareholders, separate from the individual interests of management and/or controlling shareholders. The board should set strategic objectives, oversee operational performance and establish the company's long-term values and standards. At the same time, it should be responsible for establishing prudent and effective risk controls to protect the company's assets and safeguard shareholder interests. Finally, the board should be responsible for selecting the key executives tasked with developing and executing corporate strategy and for ensuring that executive remuneration is aligned with the longer-term interests of shareholders.

All directors should act in the best interests of the company and its shareholders, consistent with their statutory and fiduciary obligations.

Shareholder Rights

Shareholders should have the opportunity to participate in, and vote at, general meetings, and should be furnished with sufficient information on a timely basis to make informed voting decisions. Arrangements that enable certain shareholders to obtain a disproportionate degree of control relative to their equity ownership should be disclosed upfront, and anti-takeover devices should not be used to shield management and the board from ongoing accountability.

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| | | |
|:---|:---|:---|
| Asia ex-Japan contents: | Asia ex-Japan contents: |  |
| I. | Corporate Governance Principles | 37 |
| II. | Policy and Procedures | 38 |
| III. | Policy Voting Guidelines | 40 |
| 1. | Report and Accounts | 40 |
| 2. | Dividends | 40 |
| 3. | Board Of Directors | 41 |
| 4. | Remuneratio | 41 |
| 5. | Auditors | 44 |
| 6. | Capital Management | 45 |
| 7. | Mergers, Acquisitions and Related Party Transactions | 46 |
| 8. | Voting Rights | 47 |
| 9. | Environmental and Social Issues | 47 |
| 10. | Shareholder Resolutions | 49 |
| 11. | Climate Risk | 49 |
| 12. | Other Corporate Governance Matters | 50 |

---

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Equitable Treatment

All shareholders of the same class should be treated equally, and all shares within the same class should carry the same rights. Impediments to cross-border voting should be eliminated, and companies should not make it difficult or expensive for shareholders to cast their votes. Minority shareholders should be protected from unfair and/or abusive actions by controlling shareholders.

Stakeholders' Rights

Stakeholders, including individual employees and their representative bodies, should be able to communicate their concerns about illegal or unethical practices to the board, and their rights should not be compromised for doing so. Where stakeholders participate in the corporate governance process, they should have access to relevant and timely information for that participation to be effective.

Sustainability

All companies should conduct themselves in a socially responsible way. Non-financial environmental and social issues have the potential to seriously impair the value of businesses, as well as create significant reputational damage. We expect the companies in which we invest to behave in an ethical and responsible manner, observing their wider societal obligations to their communities and to the environment. Since transparency in how a business manages environmental, social and governance risks is increasingly part of the overall value proposition, we believe that companies will only thrive in the longer term if they put sustainability at the heart of their governance processes.

Disclosure and Transparency

Companies should ensure that accurate information on all matters of relevance is publicly disclosed to allow shareholders to make an informed and balanced assessment of a company's performance and its prospects. This should include its operating performance, its financial condition and its governance practices and policies. Information about board members, including their qualifications, other company directorships and their level of independence, should be disclosed so that shareholders can make an informed assessment of their suitability in their proxy- voting decisions.

Our assessment of corporate governance practice is based on the regulations and codes of best practice in the jurisdictions in which our investee companies are domiciled. Any company complying with these codes, and with the general principles stated above, should usually expect to receive our support. If a company chooses to deviate from the provisions of the governance codes specific to its jurisdiction, we will give its explanation due consideration and take this into account in our proxy voting, based on our assessment of its governance standards.

&nbsp;&nbsp;&nbsp;&nbsp;II. Policy and Procedures

JPMAM manages the voting rights of the shares entrusted to us as we would manage any asset, although it should be noted that not all clients delegate voting authority to us; some retain voting decisions for themselves or delegate voting to a third party. But where authorised to do so, it is the policy of JPMAM to vote shares held in client portfolios in a prudent and diligent manner, based on our reasonable judgement of what is in the best interests of clients.

JPMAM treats every proxy on a case-by-case basis, voting for or against each resolution or actively withholding our vote as appropriate. Our concern at all times is the best economic interests of our clients. These Guidelines are therefore an indication of JPMAM's normal voting policy, since our investment professionals always have the discretion to override these Guidelines should individual circumstances dictate.

To assist us in the filing of proxies, JPMAM retains the services of an Independent Voting Service (as defined in Section C on page 6 of the JPMAM Global Proxy Voting Guidelines). Records of our voting activities are maintained by our asset servicing group, and any deviation from our stated policies is documented to ensure all proxies are exercised appropriately.

So far as is practicable, we vote at all meetings called by companies in which we are invested. However, certain markets may require that shares being tendered for voting are temporarily immobilised from trading until after the shareholder meeting has taken place. Other markets may require a local representative to be hired, under a power of attorney, to attend the meeting and vote on our behalf; this can incur a considerable additional cost to clients. Finally, it may not always be possible to obtain sufficient information to make an informed decision in good time to vote, or there may be specific circumstances where voting can preclude participating in certain types of corporate actions. In these instances, it may sometimes be in clients' best interests to intentionally refrain from voting. But in all other circumstances, we endeavour to safeguard clients' interests.

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We note that it can be difficult for smaller companies in emerging economies to apply the same governance standards as are applied by companies operating in developed economies and markets. We will look at any governance-related issues of such companies on a case-by-case basis and take their context into account before arriving at our voting decision.

Nevertheless, we encourage all companies to apply the highest standards of governance wherever possible, in the belief that strong standards of governance will ultimately translate into higher shareholder returns.

Proxy Committee

The responsibility for JPMAM's voting policy for portfolios managed in the Asia-Pacific region (outside Japan) lies with the Asia ex-Japan Proxy Committee.

The Proxy Committee's role is to set JPMAM's corporate governance policy and practices in respect of investee companies and to oversee the proxy voting process.

The Proxy Committee is composed of senior investors and corporate governance professionals, supported by specialists from legal, compliance, risk and other relevant groups. The Proxy Committee meets quarterly and reports into the AM APAC Business Control Committee as well as the global head of investment stewardship. The global head of investment stewardship is a member of each regional committee and, working with the regional Proxy Administrators, is charged with overall responsibility for JPMAM's approach to governance issues including proxy voting worldwide and coordinating regional proxy voting guidelines in accordance with applicable regulations and best practices. The Proxy Committee escalates to the AM Business Control Committee and/or the AM Bank Fiduciary Committee any issues and errors for escalation, while strategy-related matters for escalation will be escalated to the Sustainable Investing Oversight Committee.

Stewardship and Engagement

As long-term owners, we regard regular, systematic and direct contact with senior company management as essential in helping us discharge our stewardship responsibilities. We therefore engage actively with our investee companies to keep abreast of strategic, operating and financial developments in order to ensure that our clients' interests are represented and protected. Where appropriate, our stewardship specialists may convene meetings with company representatives at the boardroom level to discuss issues of particular concern.

JPMAM endorses the stewardship principles promoted by different regulators and industry bodies in the region. We believe our existing stewardship activities meet the standards required under these principles, including:

&nbsp;&nbsp;&nbsp;&nbsp;• Singapore
 Stewardship Principles for Responsible Investors supported by the Monetary Authority of Singapore
 and Singapore Exchange;

&nbsp;&nbsp;&nbsp;&nbsp;• Principles
 of Responsible Ownership issued by the Securities and Futures Commission in Hong Kong; and

&nbsp;&nbsp;&nbsp;&nbsp;• Principles
 of Internal Governance and Asset Stewardship issued by the Financial Services Council of
 Australia.

For more information on our stewardship activities, please refer to our Investment Stewardship Report.

Conflicts of Interest

JPMAM is part of JPMorgan Chase ("JPMC"), which provides a range of banking and investment services. Conflicts of interest arise from time to time in the normal course of business, both within and between JPMC affiliates. However, procedures are in place to make sure these conflicts can be managed and resolved. Typical conflicts may include instances where a JPMC affiliate is involved in a transaction at an investee company, is providing banking or other services for that company or where JPMC-connected personnel may sit on a company's board.

In order to maintain the integrity and independence of our voting decisions, businesses within the JPMC group have established formal barriers designed to restrict the flow of information between affiliated entities.

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This includes information from JPMC's securities, investment banking and custody divisions to JPMAM's investment professionals. A formal policy with respect to conflicts of interest disclosure has been established to manage such conflicts and is available for download from our website.

Where a material conflict of interest is identified with respect to proxy voting, JPMAM may call upon the Independent Voting Service to make the voting decision on our behalf, or we may elect not to exercise the proxy. A record of all such decisions is kept by the asset services group and is reviewed by the relevant Proxy Committee at committee meetings. This record is available to clients upon request.

&nbsp;&nbsp;&nbsp;&nbsp;III. Policy-Voting Guidelines

&nbsp;&nbsp;&nbsp;&nbsp;1. Report and Accounts

Annual Report

Company reports and accounts should be detailed and transparent and should be submitted to shareholders for approval. They should meet accepted reporting standards, such as those prescribed by the International Accounting Standards Board, and should be in keeping with the spirit as well as the letter of those reporting standards. They should be fair, balanced and understandable, and the narrative sections covering corporate strategy, operating activities, and risk management should accurately detail the company's position, performance and prospects.

The annual report should include a statement of compliance with the relevant codes of best practice in the jurisdictions where they exist, together with detailed explanations regarding any instances of non- compliance.

Legal disclosure varies from jurisdiction to jurisdiction. If, in our opinion, a company's standards of disclosure (while meeting minimum legal requirements) are insufficient, we will inform company management of our concerns. Depending on the circumstances, we will either abstain from voting or vote against the relevant resolution put to shareholders. Similar considerations relating to the use of inappropriate or overly aggressive accounting methods also apply.

Remuneration Report

Establishing an effective remuneration policy for senior executives is a key consideration at board level. The purpose of remuneration is to attract, retain and reward competent executives who can drive the long-term growth of the company; ensuring that remuneration is appropriate for the role assigned should therefore be a particular concern of shareholders. Ideally, a company's remuneration policy, as it relates to senior management, should be presented to shareholders as a separate voting item.

However, we recognise that practices differ between jurisdictions, and a shareholder vote on this is not yet standard in Asia.

At the same time, we would expect companies to disclose the main components of remuneration for key directors and executives. Ideally, this should take into consideration the amounts paid and the mix between short-term and long-term awards, the performance criteria used to benchmark awards and whether these are capped or uncapped, and the use made of any discretionary authority by boards or remuneration committees to adjust pay outcomes. In the event that remuneration awards fall outside our guidelines (see Remuneration section below), we will endeavour to seek an explanation from the company and may vote against remuneration reports and/or members of the remuneration committee if satisfactory explanations are not forthcoming.

Where shareholders are able to exercise a binding vote on remuneration policies, we believe that such policies should stand the test of time. But in the event that awards are amended or revised, any material changes should be put to shareholders for approval.

We encourage companies to provide information on the ratio of chief executive officer pay to median employee pay and to explain the reasons for changes to the ratio as it unfolds year by year. Companies should also have regard to gender pay gaps and to indicate to shareholders how this issue is being addressed.

Finally, in its reporting to shareholders, remuneration committees and/or boards should provide clear and concise reports that are effective at communicating how executive pay is linked to the delivery of the company's strategy over the forecast time horizon and how it is aligned to shareholder interests.

&nbsp;&nbsp;&nbsp;&nbsp;2. Dividends

Practice differs by jurisdiction as to whether companies are required to submit dividend resolutions for approval at shareholder meetings.

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In some jurisdictions, dividends can be declared by board resolution alone. However, in those jurisdictions where shareholder approval is mandated, we may vote against such proposals if we deem the payout ratio to be too low, particularly if cash is being hoarded with little strategic intent. Conversely, if we consider a proposed dividend to be too high in relation to a company's underlying earnings capability, we may also vote against the resolution if we believe the proposed dividend could jeopardise the company's long-term prospects and solvency.

&nbsp;&nbsp;&nbsp;&nbsp;3. Board and Directors

Board Oversight Responsibilities

To ensure sustainable success in the long term, companies should be controlled by a strong and effective board, which is accountable to shareholders and considers the interests of the various stakeholders they depend on. The board should comprise competent individuals with the necessary skills, background and experience to provide objective oversight of management. All directors should submit themselves for re-election on a regular basis.

We believe that one of the key functions of a board is to set a company's values and standards and to establish a culture that is geared to the long-term success of the enterprise and be responsive to the wider stakeholders. A healthy culture serves as a unifying force for the organisation and helps align the stated purpose and core values of the entity with the strategy and business model pursued. Conversely, a dysfunctional culture has the potential to undermine a business and create significant risk for shareholders.

The board should be responsible for defining the values and behaviours that will help the company excel and for ensuring that there is alignment between its purpose, core values, strategic direction and operating activities. The standards of behaviour set by the board should resonate across the entire organisation. We believe that there are strong links between high standards of governance, a healthy corporate culture and superior shareholder returns.

Board Independence

We believe that a strong independent board is essential to the effective running of a company. The number of independent non-executive directors ("INEDs") on a board should be sufficient so that their views carry weight in the board's decision-making. INEDs should be willing and able to challenge the views of the chief executive officer and other directors to ensure that alternative viewpoints are heard. The required number of independent directors on a board is often set by governance codes, but notwithstanding this, we are strongly of the view that the majority of members should be independent to encourage the broadest diversity of opinion and representation of views.

At a minimum, we would expect that INEDs should make up at least one-third of all company boards. We will seek for greater independent representation than this where:

&nbsp;&nbsp;&nbsp;&nbsp;• the
 chairman and chief executive officer roles are combined;

&nbsp;&nbsp;&nbsp;&nbsp;• the
 chairman and chief executive officer are family members; or

&nbsp;&nbsp;&nbsp;&nbsp;• the chairman is not independent.

Where we believe there to be an insufficient number of INEDs, we will vote against the re-election of some or all directors at shareholder meetings unless an acceptable explanation is provided.

In order to help assess their individual contributions to the company, the time spent on company business by each non-executive director should be disclosed to shareholders, as well as their attendance records at board and committee meetings. Boards should also create and maintain a formal succession plan to ensure the orderly refreshment of board membership and to minimise overdependence on a narrow cohort of individuals.

Chairman

Boards should be headed by an effective chairman, who, ideally, is independent on appointment. There should be a clear division of responsibilities at the head of a company, such that no one individual has unfettered powers of decision-making. JPMAM believes that the roles of chairman and chief executive officer should be separate to provide for a separation of responsibilities. But in instances where the two roles are combined, a lead independent director should be identified to provide oversight over executive decisions and to maintain an alternative channel of communication between the board and its shareholders.

In instances where a company, with no majority independent board, does not have an independent chairman or a designated lead independent director, and where a satisfactory explanation has not been provided, we will vote against the re-election of the chairman, and other directors, at shareholder meetings.

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Board Size

Boards should be appropriate to the size and complexity of the company. JPMAM will exercise its voting powers in favour of reducing excessively large boards wherever possible. Unless the size and complexity of the company demands it, boards with more than 15 directors are usually too large, whereas boards with less than five directors are too small to provide sufficient levels of independent representation on key governance committees. A board should be large enough to manage required governance processes and yet still sufficiently compact to promote open dialogue between directors.

Board Diversity

As an important part of contributing to long-term shareholder value, we are committed to supporting inclusive organisations where everyone, regardless of gender, sexual orientation, disability or ethnic and religious background, can succeed on merit.

At the board level, we believe that boards that reflect a wide range of perspectives and opinion help to further develop sound governance and risk oversight and enhance shareholder value. Diverse boardrooms help companies make better strategic decisions and assist in navigating increasingly complex issues, including geopolitical risks, regulatory changes and disruptive technologies. Recruiting individuals with the necessary skills, varied experiences and diverse backgrounds should be a fundamental part of strengthening a business. As with all proxy votes, we seek to vote in our clients' best interest to enhance long-term shareholder value.

We expect boards to have a strategy to improve female representation in particular, and we will utilise our voting power to bring about change where companies are lagging in this respect. As a matter of principle, we expect our investee companies to be committed to diversity and inclusiveness in all aspects of their businesses. Investee companies should provide appropriate information explaining how their companies consider diversity in its widest sense at the board level, executive level and throughout the broader business.

As a minimum standard, for all Asia ex-Japan markets, we expect no single-gender boards, 25% gender diverse representation and 30% before 2030 (and follow the local market practice, whichever is more stringent). We will utilise our voting power to bring about change where companies are lagging and will vote against the nomination chair as well as engage with nominations committees where appropriate.

Board Committees

To strengthen the governance process, boards should delegate key oversight functions, such as responsibility for audit, nomination and remuneration issues, to separate committees. The chairman and members of any committee should be clearly identified in the annual report. Any committee should have the authority to engage independent advisers where appropriate at the company's expense.

Audit committees should consist solely of non- executive directors who are independent of management. A demonstrably independent audit is essential for investor confidence. The audit committee should include at least one person with an appropriate financial background, but all committee members should undergo appropriate training that provides for, and maintains, a reasonable level of financial literacy. The terms of reference of the audit committee should include the power to determine the scope of the audit process, to review the effectiveness of the external auditor and to access any information arising from the internal audit process. Formal arrangements should be in place for the audit committee to hold regular meetings with external auditors, without executive or staff involvement, and it should have the right of unrestricted access to all necessary company information to enable it to discharge its responsibilities.

Nomination committees should be majority- independent and have an independent chair. The responsibilities of the nomination committee should include assessing the skills and competencies of directors to ensure that the board has an appropriate range of expertise; managing the process for evaluating the performance of the board, its committees and directors, and reporting on this process to shareholders in the annual report; and maintaining formal and transparent arrangements for succession planning at the board and senior management level.

Remuneration committees should be majority- independent and have an independent chair. The responsibilities of the remuneration committee should include: reviewing and recommending policies relating to remuneration, retention and termination of senior executives; ensuring that, through these policies, executives are properly motivated to drive the long- term success of the company, and that incentives are appropriately aligned; and overseeing the remuneration framework for non-executive directors. The remuneration committee should be ready to engage with and receive feedback from relevant stakeholders. The remuneration report should be the responsibility of the remuneration committee.

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Boards of banks, insurance companies and other large or complex companies should consider establishing a risk committee to provide independent oversight and advice to the board on the risk-management strategy of the company. As with other committees, this committee should give a summary of its activities in the annual report.

Director Independence and Tenure

A director will generally be deemed to be independent if he or she has no significant financial, familial or other ties with the company that might pose a conflict of interest. A non-executive director who has served more than three terms (or nine years) in the same capacity is no longer, normally, deemed to be independent. Directors staying on beyond this term would require the fullest explanation to shareholders. We will consider voting against appointment of independent directors who are deemed to be non-independent.

At the same time, it is essential that a company should attract and retain strong, experienced and knowledgeable board members able to contribute to its direction and success. Companies could consider reappointing long-serving independent directors as non-executive directors or board advisers. To allow for periodic board refreshment, we would encourage companies to articulate their approach on term limits and retirement age, and insofar as exceptions arise, to explain why this should be warranted given the board's composition and the individual director's contribution. We also encourage boards to regularly conduct board evaluations, with a self-assessment at least annually and an evaluation facilitated by a third party every three years.

In determining our vote, we will always consider independence and tenure issues on a case-by-case basis, taking into account any exceptional individual circumstances.

Multiple Directorships

To carry out their responsibilities effectively, non- executive directors must be able to commit an appropriate amount of time to board matters. In order to be able to devote sufficient time to his or her duties, we would not normally expect a non-executive director to hold more than three significant directorships at any one time. However, in the case of related group companies, we believe it is reasonable for an individual to hold up to six directorships, as long as this does not impact his/ her ability to discharge his/her duties. In our view, it is the responsibility of the chairman to ensure that all directors are participating actively and are contributing proportionately to the workload of the board.

For executive directors, only one additional non- executive post would normally be considered appropriate without further explanation.

Meeting Attendance

Directors should ensure they attend all board meetings and relevant committee meetings within their remit.

We will consider voting against director re-election proposals for individuals with poor attendance records, unless compelling reasons for absence are disclosed.

Directors' Liability

In certain markets, shareholders may be asked to give boards a blanket discharge from responsibility for all decisions made during the previous financial year.

Depending on the jurisdiction, this resolution may or may not be legally binding and may not release the board from its legal responsibility.

JPMAM will usually vote against discharging the board from responsibility in cases of pending litigation, or if there is evidence of wrongdoing, for which the board must be held accountable.

Companies may arrange directors' and officers' liability insurance to indemnify executives in certain circumstances, such as class-action lawsuits and other litigation. JPMAM generally supports such proposals, although we do not approve of arrangements where directors are given 100% indemnification as this could absolve them of responsibility for their actions and encourage them to act recklessly. Such arrangements should not extend to third parties, such as auditors.

&nbsp;&nbsp;&nbsp;&nbsp;4. Remuneration

Key Principles

The key purpose of remuneration is to attract, retain and reward executives who are fundamental to the long-term success of the company. Executive remuneration is, and will, remain a contentious area, particularly the overall quantum of remuneration.

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Policy in this area cannot easily be prescribed by any one code or formula to cater for all circumstances, and it must depend on responsible and well-informed judgements on the part of remuneration committees. Any remuneration policy should be clear, transparent, simple to understand for both executives and investors and fully disclosed to shareholders. At a senior executive level, remuneration should contain both a fixed element – set by reference to the external market – and a variable element, which fully aligns the executive with shareholder interests and where superior awards can only be achieved by achieving superior performance against well-defined metrics.

Due consideration should be given to the effective management of risk within the business. This should be reflected in remuneration arrangements, which incentivise appropriate behaviour and discourage excessive risk-taking. Pay should be aligned to the long-term success of the business and the returns achieved by shareholders, and due consideration should be given to clawback arrangements to avoid payment for failure. Remuneration committees should use the discretion afforded to them by shareholders to ensure that pay awards properly reflect the business performance achieved.

We believe firmly that executive directors should be encouraged to hold meaningful amounts of company stock throughout the duration of their board tenure. However, transaction bonuses, one-off retention awards or other retrospective ex-gratia payments should not be made, and we will vote against such awards when proposed at shareholder meetings.

Recruitment awards for incoming executives should be limited to the value of awards forgone and be granted on equivalent terms.

We will generally vote against shareholder proposals to restrict arbitrarily the compensation of executives or other employees. We feel that the specific amounts and types of employee compensation are within the ordinary remit of the board. At the same time, the remuneration of executive directors should be determined by independent remuneration committees and fully disclosed to shareholders. We would expect that stock option plans or long-term incentive plans should meet our compensation guidelines (see below).

Fixed Compensation

Executives are entitled to a basic salary set by reference to the external market and, in particular, benchmarked against the company's immediate peers. While acknowledging that salary often forms the basis for variable compensation arrangements, we believe annual increases in salary should be limited and generally be in line with the wider workforce of the company. Substantial increases in salary, for example, where an executive has been promoted, should be fully justified to shareholders. We do not approve of large increases in fixed salary as a retention mechanism.

Variable Compensation

We generally prefer any variable compensation arrangement to have both a short-term and a long-term component. Annual bonuses are now a common feature of compensation packages, and we recommend that bonuses be benchmarked against the sector in which the company operates. While we recognise that annual bonus targets are often commercially sensitive, we expect a high degree of disclosure on performance metrics (pre-award) and performance against those metrics (post-award).

Payment of bonuses for executives should take the form of cash and deferred shares. Clawback arrangements should be a feature of any variable compensation scheme.

For the long-term component of variable compensation schemes, share-based long-term incentive plans and share option schemes should be designed to give executives an incentive to perform at the highest levels; grants under such schemes should be subject to appropriate performance criteria, which reflect the company's long-term strategy and objectives over an appropriate time horizon. There should be no award for below-median performance, and awards for at-median performance should be modest at best. Beneficiaries should be encouraged to retain any resultant shares for the duration of their employment.

We will generally vote against the resetting of performance conditions on existing awards, the cancellation and reissue, retesting or repricing of underwater awards, and the backdating of awards or discounted awards.

All incentive plans should be clearly explained and disclosed to shareholders and, ideally, put to a shareholder vote for approval. Furthermore, each director's awards, awarded or vested, should be detailed, including the term, performance conditions, exercise prices (if any) and the market price of the shares at the date of exercise. Best practice requires that share options be expensed fully so that shareholders can assess their true cost to the company. The assumptions and methodology behind the expensing calculation should also be explained to shareholders.

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To ensure that incentive plans operate in a way that benefits both employees and shareholders, we expect a limit on the level of dilution that can occur and an upper performance cap or appropriate tapering arrangements for individual awards.

We will vote in favour of well-structured compensation schemes with keen incentives and clear and specific performance criteria, which are challenging in nature and fully disclosed to shareholders. We will vote against remuneration awards that we deem to be excessive or performance criteria that are undemanding. We would expect remuneration committees to explain why the criteria used are considered to be challenging and how they align the interests of recipients with the long-term interests of shareholders.

Pension Arrangements

Pension arrangements should be transparent and cost-neutral to shareholders. JPMAM believes it is inappropriate for executives to participate in pension arrangements that are materially different to those of employees (such as continuing to participate in a final salary arrangement when employees have been transferred to a defined contribution scheme). One- off payments into an individual director's pension scheme, changes to pension entitlements and waivers concerning early retirement provisions should be fully disclosed and justified to shareholders.

Non-Executive Director Remuneration

The role of the non-executive director is to monitor the strategy, performance and remuneration of executives and to protect the interests of shareholders.

Non-executive directors should receive sufficient remuneration to attract and retain suitably qualified individuals and encourage them to undertake their role diligently.

JPMAM believes that non-executive directors should be paid, at least in part, in shares of the company wherever possible in order to align their interests with the interests of shareholders. Performance criteria, however, should never be attached. Non-executive directors should not be awarded share options or performance-based share awards. Neither should they receive retrospective ex-gratia payments at the termination of their service on the board. In the event that such remuneration schemes or payments are proposed, we will vote against these proposals.

&nbsp;&nbsp;&nbsp;&nbsp;5. Auditors

Auditor Independence

Auditors must provide an independent and objective check on the way in which the financial statements have been prepared and presented. The appointment of a company's auditor should be reviewed and approved by shareholders on an annual basis. We will vote against the appointment or reappointment of auditors who are not perceived as independent or where there has been an unambiguous audit failure.

The length of time that both the audit company and the audit partner have served in their capacity may be a factor in determining independence.

Auditor Rotation

In order to safeguard the independence of the audit, companies should rotate their designated auditor over time. We believe that companies should put their external audit contract out to tender at least every 10 years.

Auditor Remuneration

We expect companies to make a detailed disclosure on auditor remuneration. Companies should be encouraged to distinguish clearly between audit and non-audit fees. Audit committees should keep under review the non-audit fees paid to the auditor, both in relation to the size of the total audit fee and in relation to the company's total expenditure on consultancy services.

Full details of all non-audit work should be disclosed. If there is a lack of explanation over the nature of non- audit services, or if there is reason to believe that the nature of these services could impair the independence of the audit, we will oppose the reappointment of the auditor.

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If the quantum of non-audit fees consistently exceeds audit fees, and if no explanation is given to shareholders, we will vote against the auditor remuneration resolution.

Auditor Indemnification

We are opposed to the use of shareholders' funds to indemnify auditors.

&nbsp;&nbsp;&nbsp;&nbsp;6. Capital Management

Issue of Equity

Company law requires that shareholder approvals be obtained to increase the share capital of a company; at the same time, shareholders need to be aware of the expected levels of dilution resulting from new equity issuance. We will generally vote in favour of equity increases that enhance a company's long-term prospects, but we will vote against issuance terms that we consider excessively dilutive.

We believe strongly that any new issue of equity should first be offered to existing shareholders before being made available more broadly. Pre-emption rights are a fundamental right of ownership, and we will generally vote against any attempts to deprive shareholders of these rights, except under very limited terms. At the same time, companies should have the ability to issue additional equity to provide flexibility in their financing arrangements. In many jurisdictions, companies routinely ask shareholders for authority to issue new equity up to a certain percentage of issued capital and up to a maximum discount to prevailing market prices (the so-called "general mandate").

As shareholders, we recognise the flexibility that the general mandate gives companies, and we wish to be supportive of such proposals. However, we also recognise that these general mandates can be open to abuse, particularly if this results in excessively dilutive issuance. In particular, we believe the maximum number of additional shares represented by these proposals (including the reissuance of repurchased shares, if any) should be limited to 10% of existing equity capital, and the maximum discount of such issues to prevailing prices should similarly be limited to 10%.

We note that the listing rules in some jurisdictions permit issuance on considerably more relaxed terms than implied by these limits. In Hong Kong, for example, companies can seek approval to issue up to 20% of issued equity at up to a 20% discount to prevailing market prices. We believe strongly that the dilution risk implied by these limits is excessive, and we tend to vote against such requests unless a strong explanation has been provided justifying such terms.

When seeking shareholder approval for a general mandate, we would urge a company to provide the following details:

&nbsp;&nbsp;&nbsp;&nbsp;• an
 explanation of the need for a general mandate request and the rationale for the size of the
 issue and the discount cap;

&nbsp;&nbsp;&nbsp;&nbsp;• details
 of placements made under the general mandate during the preceding three years; and

&nbsp;&nbsp;&nbsp;&nbsp;• details
 of alternative methods of financing that may have been considered by the board.

JPMAM will vote against equity issues that allow the company to adopt "poison pill" takeover defence tactics or where the increase in authorised capital excessively dilutes existing shareholder interests.

Debt Issuance

JPMAM will generally vote in favour of debt issuance proposals that we believe will enhance a company's long-term prospects. At the same time, we will vote against any uncapped or poorly defined increase in bank borrowing powers or borrowing limits, as well as debt issuance that could result in an unacceptable degree of financial leverage assumed. We will also vote against proposals to increase borrowings expressly as part of a takeover defence.

Share Repurchase Programmes

JPMAM will generally vote in favour of share repurchase or buyback programmes where we believe the repurchase is in the best interests of shareholders.

At the same time, we will vote against abusive repurchase schemes or when shareholders' interests could be better served by deployment of the cash for alternative uses. When purchased, we prefer that such shares are cancelled immediately rather than taken into treasury for reissuance at a later date.

&nbsp;&nbsp;&nbsp;&nbsp;7. Mergers,
 Acquisitions and Related-Party Transactions

Mergers and acquisitions are always considered on a case-by-case basis, and votes are determined exclusively by the best interests of our clients. In exceptional circumstances, we may split our vote and vote differently for individual clients depending on unique client circumstances. JPMAM may also split its vote between different clients for technical reasons, such as cross-border mergers, where certain clients may not be able to hold the resultant security in portfolios.

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JPMAM will vote in favour of mergers/acquisitions where the proposed acquisition price represents fair value for shareholders, where shareholders cannot realise greater value through other means and where all shareholders receive equal treatment under the merger/acquisition terms. Where the transaction involves related parties – see below – we would expect the board to establish a committee of independent directors to review the transaction and report separately to shareholders. There should be a clear value-enhancing rationale for the proposed transaction.

Related-Party Transactions

Related-party transactions ("RPTs") are common in a number of Asia-Pacific jurisdictions. These are transactions between a company and its related parties and generally come in two forms: a) one-off transactions, typically asset purchases or disposals, and b) recurring transactions occurring during the ordinary course of business, usually in the form of the ongoing sale and purchase of goods and services.

According to the materiality and nature of the transaction, the RPT may need to be disclosed and submitted to a shareholder meeting for approval.

Any shareholder who has a material interest in the transaction should abstain from voting on the resolution. If a RPT requires shareholder approval, the company should establish a board committee composed solely of independent directors and appoint an independent adviser to prepare a recommendation to minority shareholders.

We will assess one-off transactions on a case-by- case basis. Where we are convinced by the strategic rationale and the fairness of the transaction terms, we will vote in favour. At the same time, we would expect the independent directors to disclose how they have made their recommendation to minority shareholders so that shareholders can make an informed decision on this transaction.

For recurring transactions, we would expect that details are disclosed in the annual report and that they be subject to shareholders' approval on a periodic basis. We would expect all such transactions to have been conducted on an arm's-length basis, on normal commercial terms.

&nbsp;&nbsp;&nbsp;&nbsp;8. Voting Rights

Voting rights are the defining feature of equity ownership, and effective corporate governance depends on the willingness and ability of shareholders to exercise their votes. As a matter of principle, we believe that one share should equal one vote, and we are opposed to mechanisms that skew voting rights in favour of founder shareholders or other privileged groups. Unfortunately, the "one share, one vote" principle has been eroded in recent years as regulators have permitted the listing of companies with weighted voting rights and other dual-class features.

This has reduced the ability of minority shareholders in these companies to use their voting power to hold their managements or controlling shareholders fully to account, in view of the lack of proportionality that unequal voting structures confer.

To provide protection for minority investors, we believe that companies with dual-class structures should review these control features on a regular basis and seek periodic shareholder approvals. This should give those shareholders not enjoying such voting privileges the opportunity to affirm these structures or to establish mechanisms, such as sunset clauses, which can phase out these unequal advantages after a prescribed period of time.

Independent directors, unaffiliated to controlling shareholders, should recognise their obligation to represent all shareholders equally, irrespective of the skew in voting rights. We will vote against the re- election of independent directors if valid concerns arise that the interests of minority shareholders are being compromised by the actions of controlling shareholders enjoying disproportionate voting rights.

Elsewhere, while certain fundamental changes to a company's business, articles of association or share capital should require a supermajority vote, voting on routine business should require a simple majority only (51%). We will generally oppose amendments that require inappropriate supermajority votes or use supermajority requirements as a tool to entrench existing managements.

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&nbsp;&nbsp;&nbsp;&nbsp;9. Social and Environmental Issues

We believe that a company's environmental policies may have a long-term impact on the company's financial performance. We believe that good corporate governance policies should consider the impact of company operations on the environment and the cost of compliance with laws and regulations relating to environmental matters, physical damage to the environment (including the costs of clean-ups and repairs), consumer preferences and capital investments related to climate change. Furthermore, we believe that corporate shareholders have a legitimate need for information to enable them to evaluate the potential risks and opportunities that climate change and other environmental matters pose to the company's operations, sales and capital investments. We acknowledge that many companies disclose their practices relating to social and environmental issues and that disclosure is improving over time. We generally encourage a level of reporting that is not unduly costly or burdensome and that does not place the company at a competitive disadvantage but that provides meaningful information to enable shareholders to evaluate the impact of the company's environmental policies and practices on its financial performance.

With regard to social issues, among other factors, we consider the company's labour practices, supply chain, how the company supports and monitors those issues, what types of disclosure the company and its peers currently provide, and whether the proposal would result in a competitive disadvantage for the company.

In evaluating how to vote environmental proposals, considerations may include, but are not limited to, the following:

Issuer Considerations

&nbsp;&nbsp;&nbsp;&nbsp;• asset
 profile of the company, including whether it is exposed to potentially declining demand for
 the company's products or services due to environmental considerations;

&nbsp;&nbsp;&nbsp;&nbsp;• capital deployment of the company;

&nbsp;&nbsp;&nbsp;&nbsp;• cost
 structure of the company, including its position on the cost curve, expected impact of future
 carbon tax and exposure to high fixed operating costs;

&nbsp;&nbsp;&nbsp;&nbsp;• corporate
 behaviour of the company, including whether senior management is incentivised for long-term
 returns;

&nbsp;&nbsp;&nbsp;&nbsp;• demonstrated
 capabilities of the company, its strategic planning process and past performance;

&nbsp;&nbsp;&nbsp;&nbsp;• current
 level of disclosure of the company and consistency of disclosure across its industry; and

&nbsp;&nbsp;&nbsp;&nbsp;• whether
 the company incorporates environmental or social issues in a risk assessment or risk reporting
 framework.

Proposal Considerations

&nbsp;&nbsp;&nbsp;&nbsp;• Would
 adoption of the proposal inform and educate shareholders and have companies that adopted
 the proposal provided insightful and meaningful information that allowed shareholders to
 evaluate the long-term risks and performance of the company?

&nbsp;&nbsp;&nbsp;&nbsp;• Does
 the proposal require disclosure that is already addressed by existing and proposed mandated
 regulatory requirements or formal guidance at the local, state or national
level or the company's existing disclosure practices?

&nbsp;&nbsp;&nbsp;&nbsp;• Does
 the proposal create the potential for unintended consequences, such as a competitive disadvantage?

In general, we support management disclosure practices that are overall consistent with the goals and objectives expressed above. Proposals with respect to companies that have been involved in controversies, fines or litigation are expected to be subject to heightened review and consideration.

Vote against the chair of the committee responsible for providing oversight of environmental matters and/or risk where we believe the company is lagging peers in terms of disclosure, business practices or targets. Vote against committee members, the lead independent director and/or board chair for companies that have lagged over several years.

An engaged and diverse employee base is integral to a company's ability to innovate, respond to a diverse customer base and engage with diverse communities in which the company operates, thus delivering shareholder returns. JPMAM will generally support shareholder resolutions seeking the company to disclose data on workforce demographics, including diversity, where such disclosure is deemed inadequate.

We expect engaged boards to provide oversight of human capital management ("HCM"), that is, a company's management of its workforce, including human resources policies (including code of conduct), use of full-time versus part-time employees, workforce cost, employee engagement and turnover, talent development, retention and training, compliance record and health and safety. JPMAM will vote case-by- case on shareholder resolutions seeking disclosure of HCM. JPMAM will generally vote against shareholder proposals seeking HCM information that is considered confidential or sensitive information by the board.

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&nbsp;&nbsp;&nbsp;&nbsp;10. Shareholder Resolutions

In a number of jurisdictions, shareholders have the right to submit proposals at shareholder meetings, providing eligibility and other requirements have been met. Such proposals can be wide-ranging and may include governance reforms, capital management issues and disclosures surrounding environmental and social risks.

When assessing shareholder proposals, we review each resolution on its merits. Our sole criteria of support is: does this proposal enhance shareholder rights; and is this proposal in the long-term interests of all shareholders? Where we are convinced the proposal meets these objectives, it will receive our vote in support. However, we will not support proposals that are frivolous or supportive of a narrow activist agenda, nor will we support those that are unduly constraining on managements or are already in managements' remit.

Where a proposal is focused on an issue that needs to be addressed, we would expect the board and management to demonstrate that company will comply with the resolution within a reasonable time frame. But where the company fails to respond sufficiently or with the appropriate sense of urgency, we may vote against the re-election of one or more directors at subsequent meetings.

&nbsp;&nbsp;&nbsp;&nbsp;11. Climate Risk

Many economies are responding to climate change with regulations as well as policies to drive decarbonisation.

In our view, climate change has become a material risk to the strategy and financial performance of many companies.

JPMAM may vote against directors serving on relevant committees of companies that, in our opinion, face material climate-related transition or asset risks, where climate disclosures are not available or where we believe such disclosures are not meaningful. JPMAM may also vote for shareholder resolutions requesting such information where the company has not provided such disclosure.

To provide shareholders with meaningful disclosures on how the company is addressing risks related to climate change:

&nbsp;&nbsp;&nbsp;&nbsp;• We encourage disclosures aligned with the reporting framework developed by the Task Force on
 Climate-related Financial Disclosures ("TCFD") addressing all the four pillars of the TCFD – (i) governance, (ii)
 strategy, (iii) risk management and(iv) metrics and targets related to any performance indicators used to manage such risks. The TCFD report
(or equivalent) should address whether decarbonisation of the company's operations or its supply chain is a material part of its
strategy to mitigate climate change risks including transition risks to the company and, if so, provide a narrative on how the company
plans to do so and over what time frame.

&nbsp;&nbsp;&nbsp;&nbsp;• For
 industries where we believe climate change risks pose material financial risks, we encourage
 comprehensive TCFD reporting (or equivalent) including scenario analysis to help us understand
 the resilience of a company's strategy. While we recognise that some disclosures related
 to scenario analysis, especially granular data at the asset level, may involve sensitive
 information that companies will not disclose if such disclosures could harm the company,
 we expect the company to provide their conclusions from these analyses as they pertain to
 the resilience of the company's strategy.

&nbsp;&nbsp;&nbsp;&nbsp;• We encourage disclosures of Scope 1 and 2 greenhouse gas emission targets where decarbonisation of a company's
operations and purchased energy has been identified by the company as a key part of the company's strategy to manage climate change
risks.

&nbsp;&nbsp;&nbsp;&nbsp;• We note many companies have chosen to set long- term net-zero targets. In order for us to evaluate
 the long-term credibility of transition plans, where such long-term targets are set, we encourage the company to disclose
the scope of emissions included in such targets. We recognise the many challenges associated with reporting Scope 3 emissions. While
we understand the limitations associated with reporting Scope 3 emissions, we would expect companies that have included such emissions
in their net-zero targets to disclose their Scope 3 emissions. We also encourage disclosures of interim emission-reduction targets where
the company has set long-term net-zero targets.

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&nbsp;&nbsp;&nbsp;&nbsp;• We
 encourage disclosure on past performance against emission-reduction goals and forward- looking
 strategy to achieve emission reduction goals, including use of offsets and corporate transactions.

The board of directors is critical in formulating and executing company strategy. While we do not support the use of shareholder proposals to diminish the authority of the board, if the board recommends a vote against a climate-related shareholder proposal, we expect boards to clearly articulate the rationale supporting their recommendation. The board's response should clearly explain why implementation of disclosures or actions requested by the shareholder proposal would be detrimental to shareholder value.

&nbsp;&nbsp;&nbsp;&nbsp;12. Other Corporate Governance Matters

Amendments to Articles of Association

These proposals can vary from routine changes to reflect regulatory change to significant changes that can substantially alter the governance of a company. We will review these proposals on a case-by-case basis, and we will support those proposals that we believe are in the best interests of shareholders.

Anti-Takeover Devices

Poison pills, and other anti-takeover devices, are arrangements designed to defend against hostile takeover. Typically, they give shareholders of a target company or a friendly third party the right to purchase shares at a substantial discount to market value or shares with special conversion rights in the event of a pre-defined "triggering event" (such as an outsider's acquisition of a certain percentage of company stock). Companies may be able to adopt poison pills without shareholder approval, depending on the jurisdiction concerned.

We are fundamentally opposed to any artificial barrier to the efficient functioning of markets. The market for corporate control should, ultimately, be for all shareholders to decide. We find no clear evidence that poison pills enhance shareholder value. Rather, they tend to be used as tools to entrench existing management.

We will generally vote against anti-takeover devices and support proposals aimed at revoking such plans. Where anti-takeover devices exist, they should be fully disclosed to shareholders, and shareholders should be given the opportunity to review them periodically.

Composite Resolutions

Agenda items at shareholder meetings should be presented so that they can be voted upon clearly, distinctly and unambiguously. We normally oppose deliberately vague, composite or "bundled" resolutions, depending on the context and local market practice.

Likewise we will generally vote against "any other business" resolutions where the exact nature of the proposal has not been presented to shareholders in advance.

Any amendments to a company's articles of association, for example, should be presented to shareholders in such a way that they can be voted on independently.

Shareholders should similarly be able to vote on the election of directors individually, rather than as part of bundled slates.

Charitable Donations

Charitable donations are generally acceptable, provided they are within reasonable limits and fully disclosed to shareholders.

Political Donations

We do not support the use of shareholder funds for political purposes.

Virtual General Shareholder Meetings

In certain markets, by-law changes have taken place to allow a company to hold virtual or hybrid general shareholder meetings. General shareholder meetings should be fair, constructive and foster dialogue between company management and shareholders.

In principle, we are supportive of proposals allowing shareholder meetings to be convened by electronic means so long as the flexibility in the format of the meetings contributes to enhance access to the meetings and where shareholder participation rights are protected, regardless of whether physical or virtual.

J.P. Morgan Asset Management Asia ex-Japan Proxy Committee April 2025

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&nbsp;&nbsp;&nbsp;&nbsp;II. Proxy Voting Guidelines continued

&nbsp;&nbsp;&nbsp;&nbsp;D. Japan

&nbsp;&nbsp;&nbsp;&nbsp;I. Basic Policy on Corporate Governance

JPMorgan Asset Management (Japan) Ltd ("AMJ") fully endorses the 2020 revision of the Japanese version of the Stewardship Code, and we have disclosed the steps we follow with regard to the principles of the code.

We recognise the importance of corporate governance when evaluating companies, and we will continue with our efforts to engage with companies as responsible institutional investors.

We also positively evaluate the Corporate Governance Code revised in June 2021, which we believe serves to further enhance corporate governance in Japan.

&nbsp;&nbsp;&nbsp;&nbsp;1. Purpose of Proxy Voting

JPMorgan Asset Management (Japan) Ltd manages the voting rights of the shares entrusted to it as it would manage any other asset. It is the policy of AMJ to vote in a prudent and diligent manner, based exclusively on our reasonable judgement of what will best serve the financial interests of the beneficial owners of the security. When exercising our vote, our aim is to evaluate the governance of the company concerned and maximise returns to shareholders over the medium to long term.

&nbsp;&nbsp;&nbsp;&nbsp;2. Proxy Voting Principles

&nbsp;&nbsp;&nbsp;&nbsp;• We
 will vote at all of the meetings called by companies in which we are invested on behalf of
 our clients who have authorised us to vote.

&nbsp;&nbsp;&nbsp;&nbsp;• We
 will not abstain or withhold our vote. This is to prevent the worst possible outcome the
 worst possible outcome in the form of a shareholder meeting failing to meet its quorum and
 thereby not being effective.

&nbsp;&nbsp;&nbsp;&nbsp;• We
 look to an enhancement of corporate value over the medium to long term and sustained growth
 of the company concerned through our proxy voting.

&nbsp;&nbsp;&nbsp;&nbsp;• We
 recognise the importance of constructive engagements with companies as an ongoing dialogue
 on ways to raise corporate value can lead to maximising medium- to long-term investment returns
 for our clients. Therefore, we ask companies to be open and responsive when we seek to have
 investor engagements.

&nbsp;&nbsp;&nbsp;&nbsp;• If
 any agenda item is couched in vague terms or lacking in explanation so that it would be possible
 to interpret the item in a manner detrimental to the rights of shareholders, in principle
 we will not support such a proposal.

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| | | |
|:---|:---|:---|
| Japan contents: | Japan contents: |  |
| I. | Basic Policy on Corporate Governance | 51 |
| 1. | Purpose of Proxy Voting | 51 |
| 2. | Proxy Voting Principles | 51 |
| II. | Voting Guidelines | 52 |
| 1. | Distribution of Income/ Dividends and Share Buybacks | 52 |
| 2. | Boards and Directors | 52 |
| 3. | Directors' Remuneration | 54 |
| 4. | Appointment of External Audit Firms | 55 |
| 5. | Poorly Performing Companies | 56 |
| 6. | Efforts to Improve Capital Efficiency | 56 |
| 7. | Antisocial Activities | 56 |
| 8. | Cross-shareholdings | 56 |
| 9. | Adoption of Anti-hostile Takeover Measures | 56 |
| 10. | Capital Structure | 56 |
| 11. | Mergers/Acquisitions | 57 |
| 12. | Virtual General Shareholder Meetings | 57 |
| 13. | Social and Environmental Issues | 57 |
| 14. | Climate Risk | 58 |
| 15. | Shareholder Proposals | 59 |
| 16. | Conflicts of Interest | 59 |

---

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&nbsp;&nbsp;&nbsp;&nbsp;II. Voting Guidelines

&nbsp;&nbsp;&nbsp;&nbsp;1. Distribution
 of Income/Dividends and Share Buybacks

As investors, we are seeking sustainable earnings growth over the medium to long term and an expansion in shareholder value of the companies we invest in; thus we believe that concentrating solely on shareholder returns would not be appropriate.

During different phases in a company's development, we understand that the balance between retained earnings, capital expenditure and investment in the business, and returns to shareholders will change.

As a general rule, we will vote against any proposal for the appropriation of profits that involves a payout ratio of less than 50% (after taking into account other forms of payouts to shareholders such as share repurchase programmes) if the capital ratio is equal to or greater than 50% and there is no further need to increase the level of retained earnings.

Also, even in the event that the capital ratio is less than 50%, we will vote against management if the payout ratio is deemed to be strikingly low (after taking into account other forms of payouts such as share repurchase programmes) without a valid reason. We believe that, in general, companies should target a total shareholder return of 30%.

The guidelines above relating to a company's capital ratio have not been applied in the case of financial institutions; the income allocation proposals for financial institutions have been assessed on a case- by-case basis. We note, however, that the capital ratio in the banking industry has improved in recent years and thus believe conditions look more favourable now for returns to shareholders to be enhanced. Thus we believe that financial institutions should also target a total shareholder return of 30%. In instances where we deem that further retention of earnings is no longer required, we believe a total shareholder return greater than 50% would be appropriate.

If the appropriation of profits is not tabled as an item at the annual general meeting, in principle, we will vote against the re-election of directors in cases where the above conditions are not met.

In addition, we will oppose the dividend proposal where we believe it will prejudice the solvency or future prospects of the company.

When making our decision, we take into account the history of the company's return to shareholders, not just the outcome of the most recent financial year.

Where a company seeks to amend its articles of association to allow the distribution of income by way of board resolution, we will generally vote against such a proposal. We will, however, support an amendment to allow distribution of income by way of board resolution if it is clear that, under normal circumstances, the income allocation proposal would be presented to the annual general meeting and is thus a measure to allow the company to make distributions in exceptional circumstances.

&nbsp;&nbsp;&nbsp;&nbsp;2. Boards and Directors

Election of Directors

We will generally support the election of directors. However, if the candidate(s) infringe(s) our guidelines with regard to the independence of directors or the number of directors, we will not support the proposal.

In addition, in the case of the re-election of directors, we will vote against candidates who infringe our guidelines pertaining to the length of tenure, payout ratio, poorly performing companies, antisocial activities, cross- shareholdings, stock options, anti-hostile takeover measures, mergers and acquisitions, capital raising, borrowing and share repurchase programmes. Also, we will not support the re-election of external board members (external directors and external statutory auditors) whose attendance at board meetings falls below 75%. In principle, we expect external board members to hold no more than four directorships of listed companies. Where there are no external board members, we will generally oppose the re-election of the representative director(s).

Number of Directors

Boards with more than 15 directors are deemed excessively large, and AMJ will exercise its voting powers in favour of reducing large boards wherever possible. AMJ believes a board with 15 directors or less is appropriate in Japan as well. To ensure a swift management decision-making process, in principle, we will therefore vote against a resolution for the election of directors where the premise is that the board will consist of more than 15 directors.

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Director's Term of Office

Every director should be subject to a re-election process, and we believe the term of office should be one year or less. We will support amendments to the articles reducing the director's term of office to one year; in principle, we will vote against a proposal where the term exceeds one year.

Length of Tenure

We will take the length of tenure into consideration when a director is subject to re-election. In particular, when a director who has served for a long period is offered for re-election, we will take factors such as the company's performance during that time into consideration.

Separation of Chairman and Chief Executive Officer AMJ believes it is preferable if the roles of chairman and chief executive officer are separate in Japan as well.

External Directors on the Board of Directors

We encourage the election of multiple external directors on the board of directors since we believe that having multiple external directors is essential for the board to form an objective perspective on the company and act effectively. Therefore, unless the majority of the board of directors comprises external directors or candidates for external director, at the annual general meeting, in principle, we will vote against the election of the representative directors, such as the president of the company. When making our decision on this issue, we will not take the independence of the external director or the candidate for external director into consideration. Our decision regarding the independence of an external director will be reflected in our vote on that individual candidate.

Composition of the Board of Directors

We believe that it is not only the number of external directors that is of consequence but attach importance to the composition of the board of directors.

The board has a responsibility to reflect the interests of all the company's stakeholders, such as its clients, employees and investors.

As an important part of contributing to long-term shareholder value, consideration should be given to achieving a suitable balance in terms of areas of expertise, gender, nationality, seniority or length of tenure on the board of the individual board members. Recruiting individuals with unique skills, experiences and diverse backgrounds is a fundamental part of strengthening a business, further developing sound governance and risk oversight, and is an important consideration when searching for new board members. We believe directors with diverse backgrounds should make up a majority of the board, and we will work towards that goal over time. As with all proxy votes, we seek to vote in our clients' best interests to enhance long-term shareholder value.

We feel that gender equality is one of the top priorities for Japanese corporate boards to resolve. We thus seek to deepen our understanding of the board structure through our engagement with companies, and we will also convey our message through our vote for or against the election of directors, where we believe our vote can contribute towards enhancing corporate value on the issues noted above. Our policy is to vote against the election of the representative directors, such as the president of the company, if there is only one or no female directors. We will require at least 30% gender diversity before 2030.

We also expect companies to consider and address diversity in its widest sense, both at the board level and throughout the business, such as the senior management level, and disclose appropriate information in line with this expectation.

Independence of External Directors

Even if the candidate for external director meets the standards of local Japanese requirements, we believe the following candidates cannot be deemed independent without adequate explanation from the company (and in general will oppose their election as an external director):

&nbsp;&nbsp;&nbsp;&nbsp;• the
 candidate was or is employed at an affiliate company;

&nbsp;&nbsp;&nbsp;&nbsp;• the
 candidate was or is employed at a large shareholder or major business partner;

&nbsp;&nbsp;&nbsp;&nbsp;• the
 candidate was or is employed at a legal firm, accounting firm, taxation firm, consultant
 or financial institution such as a bank where a business relationship exists with the company
 concerned so that a conflict of interest exists;

&nbsp;&nbsp;&nbsp;&nbsp;• the
 candidate was or is employed at a company in which the investee company holds shares (cross-
 shareholdings of equity);

&nbsp;&nbsp;&nbsp;&nbsp;• the
 candidate is an external director whose tenure exceeds 10 years; or

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&nbsp;&nbsp;&nbsp;&nbsp;• the
 candidate appears subject to any other conflict of interest.

These criteria apply equally to directors on boards with committees, boards with statutory auditors and boards with supervisory committees.

We will generally support a proposal to change the structure of the board from a board with statutory auditors to a board with committees. We support measures to delegate key oversight functions such as remuneration, nomination and audit to independent committees. We will also generally support a change to a board with a supervisory committee, provided the company provides a clear and rational explanation for such a move.

Dismissal of Directors

In principle, we will vote against measures to make the dismissal of directors more difficult.

Board Effectiveness

Board effectiveness is essential to the functioning of a governance system and to the oversight of the delivery of business objectives. We encourage boards to regularly conduct board evaluations, with a self- assessment at least annually and an evaluation facilitated by independent external professional governance consultants on occasion, as a best practice.

Election of Statutory Auditors

We will generally support the election of statutory auditors, though we will oppose candidates for external statutory auditor based on our criteria for independence described in the following section. In the case of the re-election of statutory auditors, we will vote against candidates who infringe our guidelines pertaining to antisocial activities. Also, we will not support the re-election of external statutory auditors whose attendance at board meetings falls below 75%.

Independence of External Statutory Auditors Even if the candidate for external statutory auditor meets the standards of local Japanese requirements, we believe the following candidates cannot be deemed independent without adequate explanation from the company (and, in general, we will oppose their election as an external statutory auditor):

&nbsp;&nbsp;&nbsp;&nbsp;• the
 candidate was or is employed at an affiliate company;

&nbsp;&nbsp;&nbsp;&nbsp;• the
 candidate was or is employed at a large shareholder or major business partner;

&nbsp;&nbsp;&nbsp;&nbsp;• the
 candidate was or is employed at a legal firm, accounting firm, taxation firm, consultant
 or financial institution such as a bank where a business relationship exists with the company
 concerned so that a conflict of interest exists;

&nbsp;&nbsp;&nbsp;&nbsp;• the
 candidate was or is employed at a company in which the investee company holds shares (cross-
 shareholdings of equity);

&nbsp;&nbsp;&nbsp;&nbsp;• the
 candidate is an external statutory auditor whose tenure exceeds 10 years; or

&nbsp;&nbsp;&nbsp;&nbsp;• the
 candidate appears subject to any other conflict of interest.

These criteria apply equally to candidates for alternate external statutory auditors.

&nbsp;&nbsp;&nbsp;&nbsp;3. Directors' Remuneration

The voting decision will be made in a comprehensive manner, taking into account matters such as the recent trend in the company's earnings. We expect the director remuneration process to be transparent and support the disclosure of individual director remuneration. We believe that director remuneration is best determined following advice from a remuneration committee independent of management; we do not support a process whereby the board gives the representative director discretion to determine the remuneration of individual directors. In principle, we will support shareholder resolutions in favour of the disclosure of individual directors' remuneration and bonus payments.

We expect companies to have a remuneration system comprising a reasonable mix of fixed and variable (based on short-term and medium- to long-term incentives) compensation. The fixed component should reflect practices in the industry and also be consistent with the wider policies on employee pay.

The variable element should be linked to performance and be designed in a manner to reward performance. We support the disclosure of the structure of directors' remuneration and the linkage of directors' remuneration to the company's performance. In addition, we encourage the companies to disclose key performance indicators or figures that clearly explain how the overall remuneration quantum, the ratio of fixed pay to variables, or the ratio of cash to stock-based payment, is decided. We support the introduction of clawback or malus clauses in order to prevent excessive risk-taking, which can negatively impact shareholder value, and excessive pay. In cases where there has been antisocial activity or the company has had poor performance, votes will be cast against the re-election of directors where this is deemed appropriate. However, where there are no other appropriate proposals, we may vote against an increase in directors' pay or the payment of bonuses.

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Retirement Bonus

The voting decision will be made in a comprehensive manner, taking into account matters such as the recent trend in the company's earnings. In principle, we will support shareholder resolutions in favour of the disclosure of individual directors' retirement bonus payments.

AMJ will vote against

&nbsp;&nbsp;&nbsp;&nbsp;1. golden parachutes; and

&nbsp;&nbsp;&nbsp;&nbsp;2. retirement
 bonus payments to external directors, directors who are audit and supervisory committee members
 and statutory auditors.

In cases where there has been antisocial activity or the company has had poor performance, votes will be cast against the re-election of directors where this is deemed appropriate. However, where there are no other appropriate proposals, we may vote against the payment of retirement bonuses to directors

Stock Options and Equity Remuneration Plans

In terms of alignment with the interests of shareholders, we believe it is meaningful for directors and employees to hold the company's stock and welcome the award of stock options and equity compensation. Long-term incentive arrangements, such as share option schemes and long-term incentive plans, should be dependent upon challenging performance criteria, and there should be no award for below-median performance.

The terms should be clearly explained and fully disclosed to shareholders and participants.

We will vote against the proposal in the following cases:

&nbsp;&nbsp;&nbsp;&nbsp;• The
 terms of the stock option or equity remuneration plan are unclear or not fully disclosed.
 Deeply discounted stock option plans will only be supported if exercise is prohibited in
 the first three years following the award.

&nbsp;&nbsp;&nbsp;&nbsp;• In
 general, we will not support a proposal where the dilution from existing schemes and the
 new programme requiring annual general meeting approval exceeds 10%.

&nbsp;&nbsp;&nbsp;&nbsp;• Transaction
 bonuses, or other retrospective ex- gratia payments, should not be made.

&nbsp;&nbsp;&nbsp;&nbsp;• We
 will generally vote against the cancellation and reissue, retesting or repricing of underwater
 options.

&nbsp;&nbsp;&nbsp;&nbsp;• External
 directors and statutory auditors (both internal and external), as well as third parties such
 as clients should not be participants in stock option schemes.

&nbsp;&nbsp;&nbsp;&nbsp;• Equity
 remuneration for external directors and statutory auditors (both internal and external) should
 not be linked to performance, nor should third parties receive equity.

&nbsp;&nbsp;&nbsp;&nbsp;4. Appointment of External Audit Firms

Auditors must provide an independent and objective check on the way in which the financial statements have been prepared and presented. We will oppose an appointment where we believe a conflict of interest may exist.

Exemption from Liability

Apart from those instances where local rules allow, in general, we will vote against a limitation in the legal liability of directors and statutory auditors.

We believe agreements should not be concluded with external audit firms exempting them from liability, and we will oppose proposals to amend articles of association to permit the introduction of such agreements.

&nbsp;&nbsp;&nbsp;&nbsp;5. Poorly Performing Companies

During our scrutiny of management proposals at annual general meetings, we will be cognisant of the recent trend in a company's earnings. For example, where a company has seen a recurring decline in earnings, recorded a large loss or continuously reported a noticeably low level of return (such as a company with a permanently low return on equity), we may determine the poor performance of the company needs to be reflected in our voting activity. (We do not have a return- on-equity target as such, but we look at the level and trend in returns on equity when evaluating companies).

In such instances, AMJ will vote against the re-election of a director where shareholder value has been negatively impacted by the poor performance attributable to mistakes made during the director's term.

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&nbsp;&nbsp;&nbsp;&nbsp;6. Efforts to Improve Capital Efficiency

We expect company management to have due regard for the cost of capital. If a company does not show signs that it is seeking to improve the efficient use of capital where we believe the company's capital management will lead to depressed earnings or a deterioration in corporate and shareholder value, AMJ will vote against the re-election of the representative director(s) or the director in charge.

&nbsp;&nbsp;&nbsp;&nbsp;7. Antisocial Activities

This is an item included within a Japanese context. There is no strict definition of antisocial activity, but in this context, it refers to companies that are, for example, subject to official sanctions from their regulatory bodies or have violated the law during the fiscal year in question. In addition, companies that have caused severe social problems or through their actions negatively impacted earnings and caused a severe loss to shareholder value will be considered. Emphasis is placed on the possibility or otherwise of the impairment of shareholder value through these activities.

AMJ expects companies that have been involved in antisocial activities to disclose such activities to shareholders, together with the countermeasures and the remedial measures adopted. If the parties directly involved in the antisocial activity remain on the board of directors, in general, we will vote against the election of those directors and/or statutory auditors concerned. However, where there are no other appropriate proposals, we may vote against the directors' remuneration, the payment of bonuses or retirement bonuses to directors, or the award of stock options.

&nbsp;&nbsp;&nbsp;&nbsp;8. Cross-shareholdings

This is an item included within a Japanese context. Due to potential conflicts of interest, the risk of the proxy vote becoming inconsequential and capital efficiency concerns, in general, we believe companies should not have cross-shareholdings in other companies.

Therefore, we will vote against the re-election of the representative director(s) or the director in charge at companies that are expanding cross-shareholdings, companies with a low likelihood of liquidating the existing cross-shareholdings or companies that endorse the idea of cross-shareholdings.

We have observed cases where disclosures on cross- shareholdings provided by companies are either too complex or too vague; this can be obstructive for investors to have constructive engagement on the topic. Therefore, we ask the companies to provide full quantitative and qualitative explanation on past proxy voting activities, potential conflicts of interest of owning shares in business partners and the economic rationale for existing cross-shareholdings.

&nbsp;&nbsp;&nbsp;&nbsp;9. Adoption of Anti-Hostile Takeover Measures

AMJ considers such measures on a case-by-case basis. In principle, we will oppose such measures, unless it is clear such measures are necessary and effective and will serve to enhance shareholder value. AMJ will generally vote against anti-takeover devices and support proposals aimed at revoking existing plans. AMJ will vote against increases in authorized capital where the increase in authorised capital would dilute shareholder value in the long term. Also, if management adopts other measures that fulfill the function of an anti-hostile takeover measure without seeking shareholder approval, methods of expressing a vote against management will be determined as deemed appropriate.

In a Japanese context, the following are among the steps we believe that can be viewed as "poison pill" equivalents: 1) multiple private offering financings; 2) increases in authorised share capital without adequate explanation; 3) large-scale dilution to parties other than shareholders; 4) issuance of "golden shares"; 5) deliberate changes as to the timing of re-election of directors; 6) lengthy extensions to the directors' term. From the viewpoint of safeguarding shareholder rights, we will oppose the re-election of directors, for example, in this context.

&nbsp;&nbsp;&nbsp;&nbsp;10. Capital Structure

Issue of Classified Stock

We will oppose the issue of classified stock without a rational explanation regarding the purpose of such means of fundraising.

Increase in the Authorised Share Capital

AMJ will vote against the increase in the authorised share capital when we believe this will be detrimental to shareholder value.

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Capital Increase

Capital increases will be judged on a case-by-case basis depending on their purpose. AMJ will vote against capital increases if the purpose is to defend against a takeover.

When new shares are issued, in principle, we believe existing shareholders should be given precedence. Even if this is not the case, we will look at each instance with due care.

If there is no opportunity to indicate our view at the shareholders' meeting and we hold a negative view regarding a capital increase during the fiscal year in question, we will oppose the election of directors.

Borrowing of Funds

AMJ will vote against abrupt increases in borrowing of funds if the purpose is to defend against a takeover.

If there is no opportunity to indicate our view at the shareholders' meeting and we hold a negative view regarding the borrowing of funds, we will oppose the re-election of directors.

Share Repurchase Programmes

AMJ will vote in favour of a share repurchase programme if it leads to an increase in the value of the company's shares. If there is no opportunity to indicate our view at the shareholders' meeting and we hold a negative view regarding the share repurchase programme, we will oppose the re-election of directors.

&nbsp;&nbsp;&nbsp;&nbsp;11. Mergers/Acquisitions

Mergers and acquisitions must only be consummated at a price representing fair value. If there is no opportunity to indicate our view at the shareholders' meeting and we hold a negative view regarding the merger/acquisition, we will oppose the re-election of directors.

&nbsp;&nbsp;&nbsp;&nbsp;12. Virtual General Shareholder Meetings

In certain markets, by-law changes have taken place to allow a company to hold virtual or hybrid general shareholder meetings. General shareholder meetings should be fair, constructive and foster dialogue between company management and shareholders.

In principle, we are supportive of proposals allowing shareholder meetings to be convened by electronic means so long as the flexibility in the format of the meetings contributes to enhance access to the meetings and where shareholder participation rights are protected, regardless of whether physical or virtual.

&nbsp;&nbsp;&nbsp;&nbsp;13. Social and Environmental Issues

We believe that a company's environmental policies may have a long-term impact on the company's financial performance. We believe that good corporate governance policies should consider the impact of company operations on the environment and the cost of compliance with laws and regulations relating to environmental matters, physical damage to the environment (including the costs of clean-ups and repairs), consumer preferences and capital investments related to climate change. Furthermore, we believe that corporate shareholders have a legitimate need for information to enable them to evaluate the potential risks and opportunities that climate change and other environmental matters pose to the company's operations, sales and capital investments. We acknowledge that many companies disclose their practices relating to social and environmental issues and that disclosure is improving over time. We generally encourage a level of reporting that is not unduly costly or burdensome and that does not place the company at a competitive disadvantage but that provides meaningful information to enable shareholders to evaluate the impact of the company's environmental policies and practices on its financial performance.

With regard to social issues, among other factors, we consider the company's labour practices, supply chain, how the company supports and monitors those issues, what types of disclosure the company and its peers currently provide and whether the proposal would result in a competitive disadvantage for the company.

 <br> J.P. Morgan Asset Management 57

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In evaluating how to vote environmental proposals, considerations may include, but are not limited to, the following:

Issuer Considerations

&nbsp;&nbsp;&nbsp;&nbsp;• asset
 profile of the company, including whether it is exposed to potentially declining demand for
 the company's products or services due to environmental considerations;

&nbsp;&nbsp;&nbsp;&nbsp;• capital deployment of the company;

&nbsp;&nbsp;&nbsp;&nbsp;• cost
 structure of the company, including its position on the cost curve, expected impact of future
 carbon tax and exposure to high fixed operating costs;

&nbsp;&nbsp;&nbsp;&nbsp;• corporate
 behaviour of the company, including whether senior management is incentivised for long-term
 returns;

&nbsp;&nbsp;&nbsp;&nbsp;• demonstrated
 capabilities of the company, its strategic planning process and past performance;

&nbsp;&nbsp;&nbsp;&nbsp;• current
 level of disclosure of the company and consistency of disclosure across its industry; and

&nbsp;&nbsp;&nbsp;&nbsp;• whether
 the company incorporates environmental or social issues in a risk assessment or risk reporting
 framework.

Proposal Considerations

&nbsp;&nbsp;&nbsp;&nbsp;• Would
 adoption of the proposal inform and educate shareholders and have companies that adopted
 the proposal provided insightful and meaningful information that allowed shareholders to
 evaluate the long-term risks and performance of the company?

&nbsp;&nbsp;&nbsp;&nbsp;• Does
 the proposal require disclosure that is already addressed by existing and proposed mandated
 regulatory requirements or formal guidance at the local, state or
national level or the company's existing disclosure practices?

&nbsp;&nbsp;&nbsp;&nbsp;• Does
 the proposal create the potential for unintended consequences, such as a competitive disadvantage?

In general, we support management disclosure practices that are overall consistent with the goals and objectives expressed above. Proposals with respect to companies that have been involved in controversies, fines or litigation are expected to be subject to heightened review and consideration.

Vote against the chair of the committee responsible for providing oversight of environmental matters and/or risk where we believe the company is lagging peers in terms of disclosure, business practices or targets. Vote against committee members, the lead independent director and/or board chair for companies that have lagged over several years.

An engaged and diverse employee base is integral to a company's ability to innovate, respond to a diverse customer base and engage with diverse communities in which the company operates, thus delivering shareholder returns. Generally, support shareholder resolutions seeking the company to disclose data on workforce demographics, including diversity, where such disclosure is deemed inadequate.

We expect engaged boards to provide oversight of human capital management ("HCM"), that is, a company's management of its workforce, including human resources policies (including code of conduct), use of full-time versus part-time employees, workforce cost, employee engagement and turnover, talent development, retention and training, compliance record, and health and safety. JPMAM will vote case- by- case on shareholder resolutions seeking disclosure of HCM. JPMAM will generally vote against shareholder proposals seeking HCM information that is considered confidential or sensitive information by the board.

&nbsp;&nbsp;&nbsp;&nbsp;14. Climate Risk

Many economies are responding to climate change with regulations as well as policies to drive decarbonisation.

In our view, climate change has become a material risk to the strategy and financial performance of many companies.

JPMAM may vote against directors serving on relevant committees of companies that, in our opinion, face material climate-related transition or asset risks, where climate disclosures are not available or where we believe such disclosures are not meaningful. JPMAM may also vote for shareholder resolutions requesting such information where the company has not provided such disclosure.

To provide shareholders with meaningful disclosures on how the company is addressing risks related to climate change:

&nbsp;&nbsp;&nbsp;&nbsp;• We encourage disclosures aligned with the reporting framework developed by the Task Force on
 Climate-related Financial Disclosures ("TCFD") addressing all the four pillars of the TCFD – (i) governance, (ii)
 strategy, (iii) risk management and (iv) metrics
and targets related to any performance indicators used to manage such risks. The TCFD report (or equivalent) should address whether
decarbonisation of the company's operations or its supply chain is a material part of its strategy to mitigate climate change
risks including transition risks to the company and, if so, provide a narrative on how the company plans to do so and over what time
frame.

 <br> 58 Global proxy voting guidelines

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&nbsp;&nbsp;&nbsp;&nbsp;• For
 industries where we believe climate change risks pose material financial risks, we encourage
 comprehensive TCFD reporting (or equivalent) including scenario analysis to help us understand
 the resilience of a company's strategy. While we recognise that some disclosures related
 to scenario analysis, especially granular data at the asset level, may involve sensitive
 information that companies will not disclose if such disclosures could harm the company,
 we expect the company to provide its conclusions from these analyses as they pertain to the
 resilience of the company's strategy.

&nbsp;&nbsp;&nbsp;&nbsp;• We
 encourage disclosures of Scope 1 and 2 greenhouse gas emission targets where

&nbsp;&nbsp;&nbsp;&nbsp;• We note many companies have chosen to set long- term net-zero targets. In order for us to evaluate
 the long-term credibility of transition plans, where such long-term targets are set, we encourage the company to disclose
the scope of emissions included in such targets. We recognise the many challenges associated with reporting Scope 3 emissions. While
we understand the limitations associated with reporting Scope 3 emissions, we would expect companies that have included such emissions
in their net-zero targets to disclose their Scope 3 emissions. We also encourage disclosures of interim emission-reduction targets where
the company has set long-term net-zero targets.

&nbsp;&nbsp;&nbsp;&nbsp;• We
 encourage disclosure on past performance against emission-reduction goals and forward- looking
 strategy to achieve emission-reduction goals, including use of offsets and corporate transactions.

The board of directors is critical in formulating and executing company strategy. While we do not support the use of shareholder proposals to diminish the authority of the board, if the board recommends a vote against a climate-related shareholder proposal, we expect boards to clearly articulate the rationale supporting their recommendation. The board's response should clearly explain why implementation of disclosures or actions requested by the shareholder proposal would be detrimental to shareholder value.

&nbsp;&nbsp;&nbsp;&nbsp;15. Shareholder Proposals

When deciding how we will vote a shareholder proposal, we scrutinise every item on a case-by-case basis, based on our judgement of what serves to enhance corporate value over the medium to long term, keeping in mind the best economic interests of our clients.

&nbsp;&nbsp;&nbsp;&nbsp;16. Conflicts of Interest

In order to maintain the integrity and independence of AMJ's proxy voting decisions, without undue influence from business relations with investee companies and to avoid conflicts of interest, AMJ refers to the view of third-party governance specialists to form an objective and rational judgement.

There is a possibility that conflicts of interest may arise with other group companies within the JPMorgan Chase (the ultimate parent company of JPMAM) as such companies may be providing funds or acting as the underwriter for investee companies. In order to maintain the integrity and independence of AMJ's proxy voting decisions, JPMorgan Chase has established formal barriers designed to restrict the flow of information between its securities, lending, investment banking and other divisions to investment professionals in the Asset Management division.

Nonetheless, where a potential material conflict of interest has been identified, AMJ, within the scope permitted by regulations and with clients, will call upon an independent third party to make the voting decision or may elect not to vote.

JPMorgan Asset Management (Japan) Ltd. Japan Proxy Committee

April 2025

 <br> J.P. Morgan Asset Management 59

LV–JPM56404 \| 04/25 \| 564dc96c-092a-11f0-bd49-fb2958ed5f47

![](jpm_proxy003.jpg)

Section 12 – Proxy Voting

**12.1 Introduction**

Kayne Anderson Rudnick Investment Management, LLC (the "Firm") has adopted and implemented policies and procedures that we believe are reasonably designed to ensure that proxies are voted in the best interest of our clients, in accordance with our fiduciary duties and SEC Rule 206(4)-6 under the Investment Advisers Act of 1940. The extent to which the Firm votes proxies is governed by the agreement between the Firm and its clients.

The Firm utilizes Institutional Shareholder Services, Inc. ("ISS" and the "Proxy Advisor") to administer and analyze proxy votes. We determined initially that ISS has the capacity and competency to adequately analyze the matters for which the Firm is responsible for voting. The Proxy Advisor is reassessed on at least an annual basis by the Risk and Compliance Committee. Factors considered as part of this assessment include the following:

&nbsp;&nbsp;&nbsp;&nbsp;I. Whether the Proxy Advisor maintains sufficient staffing, personnel, and technology to competently
administer and analyze proxy votes.

&nbsp;&nbsp;&nbsp;&nbsp;II. Whether the Proxy Advisor maintains policies and procedures that are reasonably effective at seeking
timely input from issuers and clients with respect to its proxy voting policies, methodologies and peer group constructions including
"say-on-pay votes." These policies and procedures shall take into consideration unique characteristics of each issuer.

&nbsp;&nbsp;&nbsp;&nbsp;III. Whether the Proxy Advisor adequately discloses its methodologies in formulating its voting recommendations,
including its use of third party information sources and its interactions with issuers.

&nbsp;&nbsp;&nbsp;&nbsp;IV. Whether the Proxy Advisor has policies and procedures for obtaining current and accurate information
relevant to matters included in its research and on which it makes voting recommendations. These policies and procedures shall
address the Proxy Advisor's engagement with issuers, efforts to correct materially deficient analysis, disclosure of sources
used and consideration of factors unique to the issuer.

&nbsp;&nbsp;&nbsp;&nbsp;V. Whether the Proxy Advisor has policies and procedures in place to identify, disclose and address
actual and potential conflicts concerning (1) its relationship with issuers that are subject of a proxy vote in writing and (2)
its affiliations and ownership structure. Such policies and procedures shall be designed to produce disclosures that are context
specific and utilize technology to make them readily accessible.

&nbsp;&nbsp;&nbsp;&nbsp;VI. Instances in the prior year, if any, where the Proxy Advisor's recommendations to the Firm
were made based on materially inaccurate or incomplete information meriting ballot changes. Additionally, instances in the prior
year, if any, where the Proxy Advisor submitted incorrect ballots and any subsequent action taken by ISS to correct the issue.

Additionally, the Risk and Compliance Committee reviews the Proxy Advisor's voting policies annually and confirms the policies are in the best interest of the Firm's clients.

In addition to analysis provided by ISS, the Firm also leverages the investment management team's knowledge as part of its oversight of the Firm's proxy voting policies and procedures. As part of the Firm's research process, which can include reviewing regulatory filings, press releases, and industry data as well as comprehensive interviews with management and company personnel, the investment management team develops a strong understanding of the issuer. As the investment process screens for excellence in management, the Firm generally believes that non-shareholder-value issues should be voted in alignment with management's recommendations as long as doing so does not present a conflict with clients' interests. While the Firm's clients may utilize different voting policies, the Firm believes there is no conflict between strategies because all strategies follow a singular quality focused investment strategy.

Plans governed by the Employee Retirement Income Security Act of 1974, as amended ("ERISA"), are to be administered consistent with the terms of the governing plan documents and applicable provisions of ERISA. In cases where sole proxy voting discretion rests with the Firm, the foregoing policies and procedures shall be followed, subject to the fiduciary responsibility standards of ERISA. These standards generally require fiduciaries to act prudently and to discharge their duties solely in the interests of participants and beneficiaries. The Department of Labor has indicated that the voting decisions of ERISA fiduciaries must generally focus on the course that would most likely increase the value of the stock being voted. Consistent with Labor Department positions, it is the policy of the Firm to follow the provisions of a plan's governing documents in the voting of employer securities, unless it determines that to do so would breach its fiduciary duties under ERISA.

**12.2 Voting Administrative Procedures**

Administration of proxy voting is coordinated by the Operations Department and the Proxy Advisor. Where the client has delegated proxy voting authorization to the Firm, accounts are set to prepopulate votes in accordance with one of several voting policies by the Proxy Advisor depending on the type of client and consistent with the Firm's voting principles. For certain situations, including the types of situations specifically listed below, the Firm's Operations Department provides prepopulated votes and the Proxy Advisor's analysis to the research analyst responsible for evaluating the issuer and/or the portfolio manager(s) responsible for the strategy holding the security for further review. If the research analyst and/or applicable portfolio manager(s) determine in good-faith that the Proxy Advisor's prepopulated vote is not in the best interest of the Firm's clients, the research analyst and/or applicable portfolio manager(s) shall submit a rationale to the Risk and Compliance Committee explaining: (1) how they propose to vote; (2) why the vote is in the clients' best interest and not to their detriment; and (3) whether they identified any material inaccuracies or incomplete information on which the Proxy Advisor relied in making their recommendation. When two members of the Risk and Compliance Committee approve the change, the Operations Department shall manually override the ballot.

For votes involving a complex or controversial issue, the research analyst and/or portfolio manager(s) responsible for evaluating the issuer shall conduct further analysis before the votes are submitted. Further analysis may include discussions with the issuer or consideration of additional information. Circumstances meriting further analysis include, but may not be limited to, the following situations:

&nbsp;&nbsp;&nbsp;&nbsp;a. Recommendations by the Proxy Advisor for votes against management in accordance with the proxy
voting policy utilized for a client;

&nbsp;&nbsp;&nbsp;&nbsp;b. Instances where the Firm is made aware that the issuer has responded to the Proxy Advisor's
voting recommendation or contacts a member of the investment team with relevant supplemental information;

&nbsp;&nbsp;&nbsp;&nbsp;c. Major corporate events including mergers and acquisitions, dissolutions, conversions, and consolidations;
or

&nbsp;&nbsp;&nbsp;&nbsp;d. Contested elections for directors.

If after the additional analysis is complete, the research analyst and/or portfolio manager(s) wish to propose a change to the prepopulated vote, they shall submit a rationale to the Risk and Compliance Committee explaining (1) how they propose to vote, (2) why the vote is in the clients' best interest, and (3) whether they identified any material inaccuracies or incomplete information on which the Proxy Advisor relied in making their recommendation.

With the approval of two members of the committee, the Operations Department shall manually override the ballot.

**12.3 Limitations**

We generally refrain from voting proxies in the following circumstances:

&nbsp;&nbsp;&nbsp;&nbsp;a. Client maintains proxy voting authority or has delegated the right to vote proxies to a third-party
other than the Firm;

&nbsp;&nbsp;&nbsp;&nbsp;b. Client terminated our agreement;

&nbsp;&nbsp;&nbsp;&nbsp;c. Instances where the cost of casting a vote would not reasonably be expected to have a material
effect on the value of the client's investment;

&nbsp;&nbsp;&nbsp;&nbsp;d. Securities are out on loan and transferred into the borrower's name unless the proposal is materially,
financially important to the client's account, in which case we recall the securities for voting; and

&nbsp;&nbsp;&nbsp;&nbsp;e. Costs in voting proxies exceeds any anticipated benefits to the client such as instances where
fees include costs of traveling to a remote location, high translation costs, or paying a high fee.

**Amendment History**

 

*December 2020*

*January 2019*

*January 2015*

*January 2014*

**Lazard Asset Management**

**Global Proxy Voting Policy**

&nbsp;&nbsp;&nbsp;&nbsp;A. Introduction

Lazard Asset Management LLC and its investment advisory subsidiaries ("Lazard" or the "firm") provide investment management services for client accounts, including proxy voting services. As a fiduciary, Lazard is obligated to vote proxies in the best interests of its clients over the long-term. Lazard has developed a structure that is designed to ensure that proxy voting is conducted in an appropriate manner, consistent with clients' best interests, and within the framework of this Proxy Voting Policy (the "Policy").

Lazard manages assets for a variety of clients worldwide, including institutions, financial intermediaries, sovereign wealth funds, and private clients. To the extent that proxy voting authority is delegated to Lazard, Lazard's general policy is to vote proxies on a given issue in the same manner for all of its clients. This Policy is based on the view that Lazard, in its role as investment adviser, must vote proxies based on what it believes (i) will maximize sustainable shareholder value as a long-term investor; (ii) is in the best interest of its clients; and (iii) the votes that it casts are intended in good faith to accomplish those objectives.

This Policy recognizes that there may be times when meeting agendas or proposals may create the appearance of a material conflict of interest for Lazard. Lazard will look to alleviate the potential conflict by voting according to pre-approved guidelines. In conflict situations where a pre-approved guideline is to vote case-by-case, Lazard will vote according to the recommendation of one of the proxy voting services Lazard retains to provide independent analysis. More information on how Lazard handles material conflicts of interest in proxy voting is provided in Section F of this Policy.

&nbsp;&nbsp;&nbsp;&nbsp;B. Responsibility
 to Vote Proxies

Generally, Lazard is willing to accept delegation from its clients to vote proxies. Lazard does not delegate that authority to any other person or entity, but retains complete authority for voting all proxies on behalf of its clients. Not all clients delegate proxy-voting authority to Lazard, however, and Lazard will not vote proxies, or provide advice to clients on how to vote proxies, in the absence of a specific delegation of authority or an obligation under applicable law. For example, securities that are held in an investment advisory account for which Lazard exercises no investment discretion are not voted by Lazard, nor are shares that a client has authorized their custodian bank to use in a stock loan program which passes voting rights to the party with possession of the shares.

&nbsp;&nbsp;&nbsp;&nbsp;C. General
 Administration

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Overview
 and Governance

Lazard's proxy voting process is administered by members of its Operations Department ("the Proxy Administration Team"). Oversight of the process is provided by Lazard's Legal & Compliance Department and by a Proxy Committee comprised of senior investment professionals, members of the Legal & Compliance Department, the firm's Co-Heads of Sustainable Investment & Environmental, Social and Corporate Governance ("ESG") and other personnel. The Proxy Committee meets regularly, generally on a quarterly basis, to review this Policy and other matters relating to the firm's proxy voting functions. Meetings may be convened more frequently (for example, to discuss a specific proxy agenda or proposal) as needed. A representative of Lazard's Legal & Compliance Department will participate in all Proxy Committee meetings.

A quorum for the conduct of any meeting will be met if a majority of the Proxy Committee's members are in attendance by phone or in person. Decisions of the Proxy Committee will be made by consensus and minutes of each meeting will be taken and maintained by the Legal & Compliance Department. The Proxy Committee may, upon consultation with Lazard's Chief Compliance Officer, General Counsel or his/her designee, take any action that it believes to be necessary or appropriate to carry out the purposes of the Policy. The Chief Compliance Officer, General Counsel or his/her designee, is responsible for updating this Policy, interpreting this Policy, and may act on behalf of the Proxy Committee in circumstances where a meeting of the members is not feasible.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Role
 of Third Parties

Lazard currently subscribes to advisory and other proxy voting services provided by Institutional Shareholder Services Inc. ("ISS") and Glass, Lewis & Co. ("Glass Lewis"). These proxy advisory services provide independent analysis and recommendations regarding various companies' proxy proposals. While this research serves to help improve our understanding of the issues surrounding a company's proxy proposals, Lazard's Portfolio Manager/Analysts and Research Analysts (collectively, "Portfolio Management") are responsible for providing the vote recommendation for a given proposal except when the Conflicts of Interest policy applies (see Section F).

ISS provides additional proxy-related administrative services to Lazard. ISS receives on Lazard's behalf all proxy information sent by custodians that hold securities on behalf of Lazard's clients and sponsored funds. ISS posts all relevant information regarding the proxy on its password-protected website for Lazard to review, including meeting dates, all agendas and ISS' analysis. The Proxy Administration Team reviews this information on a daily basis and regularly communicates with representatives of ISS to ensure that all agendas are considered and proxies are voted on a timely basis. ISS also provides Lazard with vote execution, recordkeeping and reporting support services. Members of the Proxy Committee, along with members of the Legal & Compliance Team, conducts periodic due diligence of ISS and Glass Lewis consisting of an annual questionnaire and, as appropriate, on site visits.

The Proxy Committee believes that the Policy is consistent with the firm's Corporate Governance Principals and ESG and Climate Change Policies at https://www.lazardassetmanagement.com/about/esg.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Voting
 Process

The Proxy Committee has approved proxy voting guidelines applicable to specific types of common proxy proposals (the "Approved Guidelines"). As discussed more fully below in Section D of this Policy, depending on the proposal, an Approved Guideline may provide that Lazard should vote for or against the proposal, or that the proposal should be considered on a case-by-case basis.

For each shareholder meeting the Proxy Administration Team provides Portfolio Management with the agenda and proposals, the Approved Guidelines, independent vote recommendations from Glass Lewis and ISS and supporting analyses for each proposal. Unless Portfolio Management disagrees with the Approved Guideline for a specific proposal, or where a potential material conflict of interest exists, the Proxy Administration Team will generally vote the proposal according to the Approved Guideline. In cases where Portfolio Management recommends a vote contrary to the Approved Guideline, a member of the Proxy Administration Team will contact a member of the Legal & Compliance Department advising the Proxy Committee. Such communication, which may be in the form of an e-mail, shall include: the name of the issuer, a description of the proposal, the Approved Guideline, any potential conflict of interest presented and the reason(s) Portfolio Management believes a proxy vote in this manner is in the best interest of clients In such cases, the Proxy Committee and the Legal & Compliance Department will review the proposal and make a determination.

Where the Approved Guideline for a particular type of proxy proposal is to vote on a case-by-case basis, Lazard believes that Portfolio Management is best able to evaluate the potential impact to shareholders resulting from a particular proposal. Similarly, with respect to certain Lazard strategies, as discussed more fully in Sections F and G below, the Proxy Administration Team will consult with Portfolio Management to determine when it would be appropriate to abstain from voting. The Proxy Administration Team seeks Portfolio Management's recommendation on how to vote all such proposals. The Proxy Administration Team may also consult with Lazard's Chief Compliance Officer, General Counsel or his/her designee, and may seek the final approval of the Proxy Committee regarding a recommendation by Portfolio Management.

As a global firm, we recognize that there are differing governance models adopted in various countries and that local laws and practices vary widely. Although the Approved Guidelines are intended to be applied uniformly world-wide, where appropriate, Lazard will consider regional/local law and guidance in applying the Policy.

&nbsp;&nbsp;&nbsp;&nbsp;D. Specific
 Proxy Items

Shareholders receive proxies involving many different proposals. Many proposals are routine in nature, such as a change in a company's name. Others are more complicated, such as items regarding corporate governance and shareholder rights, changes to capital structure, stock option plans and other executive compensation/ issues, election of directors, mergers and other significant transactions and social or political issues. Lazard's Approved Guidelines for certain common agenda items are outlined below. The Proxy Committee will also consider any other proposals presented and determine whether to implement a new Approved Guideline.

Certain strategy-specific considerations may result in Lazard voting proxies other than according to the Approved Guidelines, not voting shares at all, issuing standing instructions to ISS on how to vote certain proxy matters on behalf of Lazard, or taking other action where unique circumstances require special voting efforts or considerations. These considerations are discussed in more detail in Section G, below.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Routine
 Items

Lazard generally votes routine items as recommended by the issuer's management and board of directors, based on the view that management is generally in a better position to assess these matters. Lazard considers routine items to be those that do not change the structure, charter, bylaws, or operations of an issuer in any way that is material to long-term shareholder value. Routine items generally include:

● issues relating to the timing or conduct of annual meetings;

● provisionary financial budgets and strategy for the current year;

● proposals that allow votes submitted for the first call of the shareholder meeting to be considered in the event of a second call;

● proposals to receive or approve of variety of routine reports (Lazard will generally vote **FOR** the approval of financial statements and director and auditor reports unless there are concerns about the accounts presented or audit procedures used or the company is not responsive to shareholder questions about specific items that should be publicly disclosed); and

● changes to a company's name.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Amendments
 to Board Policy/Charter/Regulation:

Proposals to amend a company's Articles of Association and other bylaws are commonly seen at shareholder meetings. Companies usually disclose what is being amended, or the amended bylaws, or both in their meeting circulars. Amendments are nearly always bundled together as a single voting resolution, and Lazard's general approach is to review these amendments on a case-by-case basis and to oppose article amendments as a whole when they include changes Lazard opposes.

**Lazard has Approved Guidelines generally to vote FOR** bylaw amendments that are driven by regulatory changes and are technical in nature or meant to update company-specific information such as address and/or business scope.

**Lazard has Approved Guidelines generally to vote AGAINST** bylaw amendments if

● there is no disclosure on the proposed amendments or full text of the amended bylaw; or

● the amendments include increase in the decision authority of what is considered "excessive" and the company fails to provide a compelling justification.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Corporate
 Governance and Shareholder Rights

Many proposals address issues related to corporate governance and shareholder rights. These items often relate to a board of directors and its committees, anti-takeover measures, and the conduct of the company's shareholder meetings.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Board
 of Directors and its Committees

Lazard votes in favor of provisions that it believes will increase the effectiveness of an issuer's board of directors.

**Lazard has Approved Guidelines generally to vote FOR the following:**

● the establishment of an independent nominating committee, audit committee or compensation committee of a board of directors<sup>1</sup>;

● a requirement that a substantial majority (e.g., 2/3) of a company's directors be independent;

● a proposal that a majority of the entirety of the board's committees be comprised of independent directors;

● proposals seeking to de-classify a board;

● the implementation of director stock retention/holding periods;

● proposals relating to the establishment of directors' mandatory retirement age and age restrictions for directors especially where such proposals seek to facilitate the improvement of the diversity of the board; and

● changes to the articles of association and other relevant documents which are in the long-term interests of shareholders;

● the appointment or (re)election of internal statutory auditors/fiscal council members  **<u>unless</u>** (a) the name of the management nominees are not disclosed in a timely manner prior to the meeting, (b) there are serious concerns about statutory reports presented or the audit procedures used, (c) questions exist concerning any of the auditors, (d) the auditors have previously served the company in an executive capacity (or are otherwise considered affiliated) or (e) minority shareholders have presented timely disclosure of minority fiscal council nominee(s) to be elected under separate elections.

**Lazard has Approved Guidelines generally to vote on a CASE by CASE Basis for the following:**

● proposals to require an independent board chair or the separation of chairman and CEO; and

● establishment of shareholder advisory committees.

<sup>1</sup> However, Lazard will vote against proposals to elect or appoint such committee if the company is on the MSCI-EAFE or local main index and (1) a member of executive management would be a member of the committee; (2) more than one board member who is dependent on a major shareholder would be on the committee or (3) the chair of the board would also be the chair of the committee.

**Lazard has Approved Guidelines generally to vote AGAINST the following:**

● proposals seeking to classify a board

● the election of directors where the board does not have independent "key committees" or sufficient board independence;

● non-independent directors who serve on key committees that are not sufficiently independent;

● proposals relating to cumulative voting;

● proposals where the names of the candidates (in the case of an election) or the principles for the establishment of a committee (where a new committee is being created) have not been disclosed in a timely manner;

● release of restrictions on competitive activities of directors<sup>2</sup> if (a) there is a lack of disclosure on the key information including identities of directors in question, current position in the company and outside boards they are serving on or (b) the non-nomination system is employed by the company for the director election; and the discharge of directors, including members of the management board and/or supervisory board and auditors, unless there is reliable information about significant and compelling concerns that the board is not fulfilling its fiduciary duties<sup>3</sup>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Anti-takeover
 Measures

Certain proposals are intended to deter outside parties from taking control of a company. Such proposals could entrench management and adversely affect shareholder rights and the value of the company's shares.

**Consequently, Lazard has adopted Approved Guidelines to vote AGAINST:**

● proposals to adopt supermajority vote requirements or increase vote requirements;

● proposals seeking to adopt fair price provisions and on a case-by-case basis regarding proposals seeking to rescind them; and

● "blank check" preferred stock.

**Lazard has adopted Approved Guidelines to vote on a CASE by CASE basis** regarding other provisions seeking to amend a company's by-laws or charter regarding anti-takeover provisions or shareholder rights plans (also known as "poison pill plans").

**Lazard has adopted an Approved Guideline to vote FOR** proposals that ask management to submit any new poison pill plan to shareholder vote.

<sup>2</sup> This is intended to cover instances where directors engage in commercial transactions with the company and/or are involved with other companies (outside board memberships).

<sup>3</sup> For example, a lack of oversight or actions by board members which invoke shareholder distrust, legal issues aiming to hold the board responsible for breach of trust or egregious governance issues.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. Conduct
 of Shareholder Meetings

Lazard generally opposes any effort by management to restrict or limit shareholder participation in shareholder meetings, and is in favor of efforts to enhance shareholder participation. **Lazard has therefore adopted Approved Guidelines to vote AGAINST:**

● proposals to adjourn US meetings;

● proposals seeking to eliminate or restrict shareholders' right to call a special meeting;

● efforts to eliminate or restrict right of shareholders to act by written consent; and

● proposals to adopt supermajority vote requirements, or increase vote requirements.

**Lazard has adopted Approved Guidelines to vote on a CASE by CASE basis** on changes to quorum requirements and **FOR** proposals providing for confidential voting.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Changes
 to Capital Structure

Lazard receives many proxies that include proposals relating to a company's capital structure. These proposals vary greatly, as each one is unique to the circumstances of the company involved, as well as the general economic and market conditions existing at the time of the proposal. A board and management may have many legitimate business reasons in seeking to effect changes to the issuer's capital structure, including investing in financial products and raising additional capital for appropriate business reasons, cash flow and market conditions. Lazard generally believes that these decisions are best left to management but will monitor these proposals closely to ensure that they are aligned with the long-term interests of shareholders.

**Lazard has adopted Approved Guidelines to vote FOR:**

● management proposals to increase or decrease authorized common or preferred stock (unless it is believed that doing so is intended to serve as an anti-takeover measure);

● stock splits and reverse stock splits;

● investments in financial products unless the company fails to provide meaningful shareholder vote or there are significant concerns with the company's previous similar investments;<sup>4</sup>

● requests to reissue any repurchased shares unless there is clear evidence of abuse of authority in the past;

● management proposals to adopt or amend dividend reinvestment plans; and

● dividend distribution policies unless (a) the dividend payout ratio has been consistently below 30% without adequate explanation or (b) the payout is excessive given the company's financial position.

<sup>4</sup> Evaluate (a) any known concerns with previous investments, (b) amount of the proposed investment relative to the company's assets and (c) disclosure of the nature of products in which the company proposed to invest and associated risks of the investment.

**Lazard has adopted Approved Guidelines to vote on a CASE by CASE basis for:**

● matters affecting shareholder rights, such as amending votes-per-share;

● management proposals to issue a new class of common or preferred shares (unless covered by an Approved Guideline relating to the disapplication of pre-emption rights);

● the use of proceeds and the company's past share issuances<sup>5</sup>;

● proposals seeking to approve or amend stock ownership limitations or transfer restrictions; and

● loan and financing proposals. In assessing requests for loan financing provided by a related party the following factors will be considered: (a) use of proceeds, size or specific amount of loan requested, interest rate and relation of the party providing the loan.

**Lazard has adopted Approved Guidelines to vote AGAINST:**

● changes in capital structure designed to be used in poison pill plans or which seeks to disregard pre-emption rights in a way that does not follow guidance set by the UK Pre-Emption Group's Statement of Principles;

● the provision of loans to clients, controlling shareholders and actual controlling persons of the company; and

● the provision of loans to an entity in which the company's ownership stake is less than 75% and the financing provision is not proportionate to the company's equity stake.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. Executive
 Compensation Issues

Lazard supports efforts by companies to adopt compensation and incentive programs to attract and retain the highest caliber management possible, and to align the interests of a board, management and employees with those of long-term shareholders. Lazard generally favors programs intended to reward management and employees for positive and sustained, long-term performance but will take into account various considerations such as whether compensation appears to be appropriate for the company after an analysis of the totality of the circumstances (including the company's time in history and evolution).

**Lazard has Approved Guidelines generally to vote FOR**

● employee stock purchase plans, deferred compensation plans, stock option plans and stock appreciation rights plans that are in the long-term interests of shareholders;

● proposals to submit severance agreements to shareholders for approval;

● annual advisory votes on compensation outcomes where the outcomes are considered to be aligned with the interest of shareholders; and

<sup>5</sup> Specifically, with respect to the issuance of shares to raise funds for general financing purposes, Lazard will consider the Measures for the Administration of the Issuance of Securities by Listed Companies 2006 and the Detailed Rules for Private Placement by Listed Companies, the China Securities Regulatory Commission.

● annual compensation policy votes where the policy structures are considered to be aligned with the interest of shareholders.

**Lazard has Approved Guidelines generally to vote on a CASE by CASE basis regarding:**

● restricted stock plans that do not define performance criteria; and

● proposals to approve executive loans to exercise options.

**Lazard has Approved Guidelines generally to vote AGAINST:**

● proposals to re-price underwater options;

● annual advisory votes on remuneration outcomes where the outcomes are considered not to be in the interests of shareholders; and

● annual remuneration policy vote where the policy structures are considered not to be in the interests of shareholders.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. Mergers
 and Other Significant Transactions

Shareholders are asked to consider a number of different types of significant transactions, including mergers, acquisitions, sales of all or substantially all of a company's assets, reorganizations involving business combinations and liquidations. Each of these transactions is unique. Therefore, Lazard's Approved Guideline is to vote on a CASE by CASE basis for these proposals.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. Environmental,
 Social, and Corporate Governance

Proposals involving environmental, social, and corporate governance issues take many forms and cover a wide array of issues. Some examples may include: proposals to have a company increase its environmental disclosure; adoption of principles to limit or eliminate certain business activities; adoption of certain conservation efforts; adoption of proposals to improve the diversity of the board, the senior management team and the workforce in general; adoption of proposals to improve human capital management or the adoption of certain principles regarding employment practices or discrimination policies. These items are often presented by shareholders and are often opposed by the company's management and its board of directors.

As set out in Lazard's separate ESG Policy, Lazard is committed to an investment approach that incorporates ESG considerations in a comprehensive manner in order to safeguard the long-term interests of our clients and to manage more effectively long-term investment risks and opportunities related to ESG matters. Lazard generally supports the notion that corporations should be expected to act as good citizens. Lazard generally votes on environmental, social and corporate governance proposals in a way that it believes will most increase long-term shareholder value.

**Lazard's Approved Guidelines are structured to evaluate many environmental, social and corporate governance proposals on a case-by-case basis.**

However, as a guide, **Lazard will generally vote FOR proposals:**

● asking for a company to increase its environmental/social disclosures (e.g., to provide a corporate sustainability report);

● seeking the approval of anti-discrimination policies;

● which are considered socially responsible agenda items;

● which improve an investee company's ESG risk management and related disclosures; and

● deemed to be in the long-term interests of shareholders.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. Shareholder
 Proposals

Lazard believes in the ability of shareholders to leverage their rights related to the use of shareholder proposals to address deficits in best practices and related disclosures by companies. Many ESG issues are improved through such use of shareholder proposals. For example, some companies are collaborating with shareholders on such proposals by voicing their support and recommending that shareholders vote in-line with such proposals.

**Lazard has Approved Guidelines generally to vote FOR** shareholder proposals which:

● seek improved disclosure of an investee company's ESG practices over an appropriate timeframe;

● seek improved transparency over how the investee company is supporting the transition to a low carbon economy;

● seek to improve the diversity of the board;

● seek improved disclosures on the diversity of the board and the wider workforce;

● seek to establish minimum stock-ownership requirements for directors over an appropriate time frame;

● seek to eliminate or restrict severance agreements, or

● are deemed to be in the long-term interests of shareholders including Lazard's clients.

**Lazard has Approved Guidelines generally to vote AGAINST** shareholder proposals which:

● seek to infringe excessively on management's decision-making flexibility;

● seek to establish additional board committees (absent demonstrable need);

● seek to establish term limits for directors if this is unnecessary;

● seek to change the size of a board (unless this facilitates improved board diversity);

● seek to require two candidates for each board seat; or

● are considered not to be in the long-terms interests of shareholders.

&nbsp;&nbsp;&nbsp;&nbsp;E. Voting
 Securities in Different Countries

Laws and regulations regarding shareholder rights and voting procedures differ dramatically across the world. In certain countries, the requirements or restrictions imposed before proxies may be voted may outweigh any benefit that could be realized by voting the proxies involved. For example, certain countries restrict a shareholder's ability to sell shares for a certain period of time if the shareholder votes proxies at a meeting (a practice known as "share blocking"). In other instances, the costs of voting a proxy (i.e., by being routinely required to send a representative to the meeting) may simply outweigh any benefit to the client if the proxy is voted. Generally, the Proxy Administration Team will consult with Portfolio Management in determining whether to vote these proxies.

There may be other instances where Portfolio Management may wish to refrain from voting proxies (See Section G.1. below).

&nbsp;&nbsp;&nbsp;&nbsp;F. Conflicts
 of Interest

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Overview

This Policy and related procedures implemented by Lazard are designed to address potential conflicts of interest posed by Lazard's business and organizational structure. Examples of such potential conflicts of interest are:

● Lazard Frères & Co. LLC ("LF&Co."), Lazard's parent company and a registered broker- dealer, or a financial advisory affiliate, has a relationship with a company the shares of which are held in accounts of Lazard clients, and has provided financial advisory or related services to the company with respect to an upcoming significant proxy proposal (i.e., a merger or other significant transaction);

● Lazard serves as an investment adviser for a company the management of which supports a particular proposal;

● Lazard serves as an investment adviser for the pension plan of an organization that sponsors a proposal; or

● A Lazard employee who would otherwise be involved in the decision-making process regarding a particular proposal has a material relationship with the issuer or owns shares of the issuer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. General
 Policy

All proxies must be voted in the best long-term interest of each Lazard client, without consideration of the interests of Lazard, LF&Co. or any of their employees or affiliates. The Proxy Administration Team is responsible for all proxy voting in accordance with this Policy after consulting with the appropriate member or members of Portfolio Management, the Proxy Committee and/or the Legal & Compliance Department. No other employees of Lazard, LF&Co. or their affiliates may influence or attempt to influence the vote on any proposal. Violations of this Policy could result in disciplinary action, including letter of censure, fine or suspension, or termination of employment. Any such conduct may also violate state and Federal securities and other laws, as well as Lazard's client agreements, which could result in severe civil and criminal penalties being imposed, including the violator being prohibited from ever working for any organization engaged in a securities business. Every officer and employee of Lazard who participates in any way in the decision-making process regarding proxy voting is responsible for considering whether they have a conflicting interest or the appearance of a conflicting interest on any proposal. A conflict could arise, for example, if an officer or employee has a family member who is an officer of the issuer or owns securities of the issuer. If an officer or employee believes such a conflict exists or may appear to exist, he or she should notify the Chief Compliance Officer immediately and, unless determined otherwise, should not continue to participate in the decision-making process.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Monitoring
 for Conflicts and Voting When a Material Conflict Exists

The Proxy Administration Team monitors for potential conflicts of interest that could be viewed as influencing the outcome of Lazard's voting decision. Consequently, the steps that Lazard takes to monitor conflicts, and voting proposals when the appearance of a material conflict exists, differ depending on whether the Approved Guideline for the specific item is clearly defined to vote for or against, or is to vote on a case-by-case basis. Any questions regarding application of these conflict procedures, including whether a conflict exists, should be addressed to Lazard's Chief Compliance Officer or General Counsel.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Where
 Approved Guideline Is For or Against

Lazard has an Approved Guideline to vote for or against regarding most proxy agenda/proposals. Generally, unless Portfolio Management disagrees with the Approved Guideline for a specific proposal, the Proxy Administration Team votes according to the Approved Guideline. It is therefore necessary to consider whether an apparent conflict of interest exists when Portfolio Management disagrees with the Approved Guideline. The Proxy Administration Team will use its best efforts to determine whether a conflict of interest or potential conflict of interest exists. If conflict appears to exist, then the proposal will be voted according to the Approved Guideline. In situations where the Approved Guideline is to vote Case by Case, Lazard will vote in accordance with the recommendations of one of the proxy voting services Lazard retains to provide independent analysis. Lazard also reserves its right to Abstain.

In addition, in the event of a conflict that arises in connection with a proposal for Lazard to vote shares held by Lazard clients in a Lazard mutual fund, Lazard will typically vote each proposal for or against proportion to the shares voted by other shareholders.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Where
 Approved Guideline Is Case-by-Case

In situations where the Approved Guideline is to vote case-by-case and a material conflict of interest appears to exist, Lazard's policy is to vote the proxy item according to the majority recommendation of the independent proxy services to which we subscribe. Lazard also reserves the right to Abstain.

&nbsp;&nbsp;&nbsp;&nbsp;G. Other
 Matters

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Issues
 Relating to Management of Specific Lazard Strategies

Due to the nature of certain strategies managed by Lazard, there may be times when Lazard believes that it may not be in the best interests of its clients to vote in accordance with the Approved Guidelines, or to vote proxies at all. In certain markets, the fact that Lazard is voting proxies may become public information, and, given the nature of those markets, may impact the price of the securities involved. Lazard may simply require more time to fully understand and address a situation prior to determining what would be in the best interests of shareholders. In these cases the Proxy Administration Team will look to Portfolio Management to provide guidance on proxy voting rather than vote in accordance with the Approved Guidelines, and will obtain the Proxy Committee's confirmation accordingly.

Additionally, Lazard may not receive notice of a shareholder meeting in time to vote proxies for or may simply be prevented from voting proxies in connection with a particular meeting. Due to the compressed time frame for notification of shareholder meetings and Lazard's obligation to vote proxies on behalf of its clients, Lazard may issue standing instructions to ISS on how to vote on certain matters.

Different strategies managed by Lazard may hold the same securities. However, due to the differences between the strategies and their related investment objectives, one Portfolio Management team may desire to vote differently than the other, or one team may desire to abstain from voting proxies while the other may desire to vote proxies. In this event, Lazard would generally defer to the recommendation of the Portfolio Management teams to determine what action would be in the best interests of its clients. The Chief Compliance Officer or General Counsel, in consultation with members of the Proxy Committee will determine whether it is appropriate to approve a request to split votes among one or more Portfolio Management teams.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Stock
 Lending

As noted in Section B above, Lazard does not generally vote proxies for securities that a client has authorized their custodian bank to use in a stock loan program, which passes voting rights to the party with possession of the shares. Under certain circumstances, Lazard may determine to recall loaned stocks in order to vote the proxies associated with those securities. For example, if Lazard determines that the entity in possession of the stock has borrowed the stock solely to be able to obtain control over the issuer of the stock by voting proxies, or if the client should specifically request Lazard to vote the shares on loan, Lazard may determine to recall the stock and vote the proxies itself. However, it is expected that this will be done only in exceptional circumstances. In such event, Portfolio Management will make this determination and the Proxy Administration Team will vote the proxies in accordance with the Approved Guidelines.

&nbsp;&nbsp;&nbsp;&nbsp;H. Reporting

Separately managed account clients of Lazard who have authorized Lazard to vote proxies on their behalf will receive information on proxy voting with respect to that account. Additionally, the US mutual funds managed by Lazard will disclose proxy voting information on an annual basis on Form N-PX which is filed with the SEC.

&nbsp;&nbsp;&nbsp;&nbsp;I. Recordkeeping

&nbsp;&nbsp;&nbsp;&nbsp;J. Review
 of Policy and Approved Guidelines

The Proxy Committee will review this Policy at least annually to consider whether any changes should be made to it or to any of the Approved Guidelines. The Proxy Committee will make revisions to its Approved Guidelines when it determines it is appropriate or when it sees an opportunity to materially improve outcomes for clients. Questions or concerns regarding the Policy should be raised with Lazard's General Counsel or Chief Compliance Officer.

Revised As Of April 1, 2022

LOOMIS, SAYLES & COMPANY

**PROXY VOTING POLICIES AND PROCEDURES**

**March 24, 2022**

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Proxy Voting Policies and Procedures

**1. GENERAL**

**A.** **Introduction.**

Loomis, Sayles & Company, L.P. ("Loomis Sayles") will vote proxies of the securities held in its clients' portfolios on behalf of each client that has delegated proxy voting authority to Loomis Sayles as investment adviser. Loomis Sayles has adopted and implemented these policies and procedures ("Proxy Voting Procedures") to ensure that, where it has voting authority, proxy matters are handled in the best interests of clients, in accordance with Loomis Sayles' fiduciary duty, and all applicable law and regulations. The Proxy Voting Procedures, as implemented by the Loomis Sayles Proxy Committee (as described below), are intended to support good corporate governance, including those corporate practices that address environmental and social issues ("ESG Matters"), in all cases with the objective of protecting shareholder interests and maximizing shareholder value.

Loomis Sayles uses the services of third parties (each a "Proxy Voting Service" and collectively the "Proxy Voting Services"), to provide research, analysis and voting recommendations and to administer the process of voting proxies for those clients for which Loomis Sayles has voting authority. Any reference in these Proxy Voting Procedures to a "Proxy Voting Service" is a reference either to the Proxy Voting Service that provides research, analysis and voting recommendations to Loomis Sayles or to the Proxy Voting Service that administers the process of voting proxies for Loomis Sayles or to both, as the context may require. Loomis Sayles will generally follow its express policy with input from the Proxy Voting Service that provides research, analysis and voting recommendations to Loomis Sayles unless the Proxy Committee determines that the client's best interests are served by voting otherwise.

**B.** **General Guidelines.**

The following guidelines will apply when voting proxies on behalf of accounts for which Loomis Sayles has voting authority.

&nbsp;&nbsp;&nbsp;&nbsp;**1.** **Client's Best Interests.** The Proxy Voting Procedures are designed and implemented in a way that is reasonably expected to ensure that proxy matters are conducted
in the best interests of clients. When considering the best interests of clients, Loomis Sayles has determined that this means the best
investment interest of its clients as shareholders of the issuer. To protect its clients' best interests, Loomis Sayles has integrated
the consideration

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Proxy Voting Policies and Procedures

of ESG Matters into its investment process. The Proxy Voting Procedures are intended to reflect the impact of these factors in cases where they are material to the growth and sustainability of an issuer. Loomis Sayles has established its Proxy Voting Procedures to assist it in making its proxy voting decisions with a view toward enhancing the value of its clients' interests in an issuer over the period during which it expects its clients to hold their investments. Loomis Sayles will vote against proposals that it believes could adversely impact the current or future market value of the issuer's securities during the expected holding period. Loomis Sayles also believes that protecting the best interests of clients requires the consideration of potential material impacts of proxy proposals associated with ESG Matters.

For the avoidance of doubt, and notwithstanding any other provisions of these Proxy Voting Procedures, in all instances in which Loomis Sayles votes proxies on behalf of clients that are employee benefit plans subject to the Employee Retirement Income Security Act of 1974, as amended ("ERISA"), Loomis Sayles (a) will act solely in accordance with the economic interest of the plan and its participants and beneficiaries, and (b) will not subordinate the interests of the participants and beneficiaries in their retirement income or financial benefits under the plan to any other objective, or promote benefits or goals unrelated to those financial interests of the plan's participants and beneficiaries.

&nbsp;&nbsp;&nbsp;&nbsp;**2.** **Client Proxy Voting Policies.** Rather than
delegating proxy voting authority to Loomis Sayles, a client may (a) retain the authority to vote proxies on securities in its account;
(b) delegate voting authority to another party; or (c) instruct Loomis Sayles to vote proxies according to a policy that differs from
the Proxy Voting Procedures. Loomis Sayles will honor any of these instructions if the instruction is agreed to in writing by Loomis Sayles
in its investment management agreement with the client. If Loomis Sayles incurs additional costs or expenses in following any such instruction,
it may request payment for such additional costs or expenses from the client.

&nbsp;&nbsp;&nbsp;&nbsp;**3.** **Stated Policies.** In
the interest of consistency in voting proxies on behalf of its clients where appropriate, Loomis Sayles has adopted policies that identify
issues where Loomis Sayles will (a) generally vote in favor of a proposal; (b) generally vote against a proposal; (c) generally vote as
recommended by the Proxy Voting Service; and (d) specifically consider its vote for or against a proposal. However, these policies are
guidelines and each vote may be cast differently than the stated policy, taking into consideration all relevant facts and circumstances
at the time of the vote. In certain cases where the recommendation

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Proxy Voting Policies and Procedures

of the Proxy Voting Service and the recommendation of the issuer's management are the same, the vote will generally be cast as recommended and will not be reviewed on a case-by-case basis by the Proxy Committee. In cases where the portfolio manager of an account that holds voting securities of an issuer or the analyst covering the issuer or its securities recommends a vote, the proposal(s) will be voted according to these recommendations after a review for any potential conflicts of interest is conducted and will not be reviewed on a case-by-case basis by the Proxy Committee. There may be situations where Loomis Sayles casts split votes despite the stated policies. For example, Loomis Sayles may cast a split vote when different clients may be invested in strategies with different investment objectives, or when different clients may have different economic interests in the outcome of a particular proposal. Loomis Sayles also may cast a split vote on a particular proposal when its investment teams have differing views regarding the impact of the proposal on their clients' investment interests.

&nbsp;&nbsp;&nbsp;&nbsp;**4.** **Abstentions and Other Exceptions.** Loomis Sayles'
general policy is to vote rather than abstain from voting on issues presented, unless the Proxy Committee determines, pursuant to its
best judgment, that the client's best interests require abstention. However, in the following circumstances Loomis Sayles may not
vote a client's proxy:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· The Proxy Committee has concluded that voting would
have no meaningful, identifiable economic benefit to the client as a shareholder, such as when the security is no longer held in the client's
portfolio or when the value of the portfolio holding is insignificant.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· The Proxy Committee has concluded that the costs
of or disadvantages resulting from voting outweigh the economic benefits of voting. For example, in some non-US jurisdictions, the sale
of securities voted may be legally or practically prohibited or subject to some restrictions for some period of time, usually between
the record and meeting dates ("share blocking"). Loomis Sayles believes that the loss of investment flexibility resulting
from share blocking generally outweighs the benefit to be gained by voting. Information about share blocking is often incomplete or contradictory.
Loomis Sayles relies on the client's custodian and on its Proxy Voting Service to identify share blocking jurisdictions. To the
extent such information is wrong, Loomis Sayles could fail to vote shares that could have been voted without loss of investment flexibility,
or could vote shares and then be prevented from engaging in a potentially beneficial portfolio transaction.

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Proxy Voting Policies and Procedures

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Administrative requirements for voting proxies in certain foreign jurisdictions
(which may be imposed a single time or may be periodic), such as providing a power of attorney to the client's local sub-custodian,
cannot be fulfilled due to timing of the requirement, or the costs required to fulfill the administrative requirements appear to outweigh
the benefits to the client of voting the proxy.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· The client, as of the record date, has loaned the
securities to which the proxy relates and Loomis Sayles has concluded that it is not in the best interest of the client to recall the
loan or is unable to recall the loan in order to vote the securities<sup>1</sup>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· The client so directs Loomis Sayles.

The Proxy Committee will generally vote against, rather than abstain from voting on, ballot issues where the issuer does not provide sufficient information to make an informed decision. In addition, there may be instances where Loomis Sayles is not able to vote proxies on a client's behalf, such as when ballot delivery instructions have not been processed by a client's custodian, when the Proxy Voting Service has not received a ballot for a client's account (e.g., in cases where the client's shares have been loaned to a third party), when proxy materials are not available in English, and under other circumstances beyond Loomis Sayles' control.

&nbsp;&nbsp;&nbsp;&nbsp;**5.** **Oversight.** All issues presented
 for shareholder vote are subject to the oversight of the Proxy Committee, either directly
 or by application of this policy. All non-routine issues will generally be considered directly
 by the Proxy Committee and, when necessary, the investment professionals responsible for
 an account holding the security, and will be voted in the best investment interests of the
 client. All routine "for" and "against" issues will be voted according
 to this policy unless special factors require that they be considered by the Proxy Committee
 and, when necessary, the investment professionals responsible for an account holding the
 security.

&nbsp;&nbsp;&nbsp;&nbsp;**6.** **Availability of Procedures.** Loomis Sayles publishes these Proxy Voting Procedures, as updated from time to time,
 on its public website, <u>www.loomissayles.com</u>, and
 includes a description of its Proxy Voting Procedures in Part 2A of its Form ADV. Upon request,
 Loomis Sayles also provides clients with a copy of its Proxy Voting Procedures.

<sup>1</sup> Loomis Sayles does not engage in securities lending. However, some clients do opt to lend securities, availing themselves of their custodians' services.

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&nbsp;&nbsp;&nbsp;&nbsp;**7.** **Disclosure of Vote.** Loomis Sayles makes certain disclosures regarding its voting of proxies in the
 aggregate (not specific as to clients) on its website, <u>www.loomissayles.com</u>.
 For mutual funds that it manages, Loomis Sayles is required by law to make certain disclosures
 regarding its voting of proxies annually. This information is also available on the Loomis
 Sayles website. Additionally, Loomis Sayles will, upon request by a client, provide information
 about how each proxy was voted with respect to the securities in that client's account.
 Loomis Sayles' policy is not to disclose a client's proxy voting records to third
 parties except as required by applicable law and regulations.

**C. Proxy Committee.**

&nbsp;&nbsp;&nbsp;&nbsp;**1.** **Proxy Committee.** Loomis Sayles has established a Proxy Committee.
The Proxy Committee is composed of senior representatives from firm investment teams and members of the Legal and Compliance Department,
and other employees of Loomis Sayles as needed. In the event that any member is unable to participate in a meeting of the Proxy Committee,
he or she may designate another individual to act on his or her behalf. A vacancy in the Proxy Committee is filled by the prior member's
successor in position at Loomis Sayles or a person of equivalent experience. Each portfolio manager of an account that holds voting securities
of an issuer or the analyst covering the issuer or its securities may be an ad hoc member of the Proxy Committee in connection with voting
proxies of that issuer. Voting determinations made by the Proxy Committee generally will be memorialized electronically (e.g., by email).

&nbsp;&nbsp;&nbsp;&nbsp;**2.** **Duties.** The Proxy Committee's specific
responsibilities include the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. developing, authorizing, implementing and updating the Proxy
Voting Procedures, including:

&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) annually reviewing the Proxy Voting Procedures to ensure consistency with internal policies and regulatory agency policies, including determining the continuing adequacy of the Proxy Voting Procedures to confirm that they have been formulated reasonably and implemented effectively, including whether they continue to be reasonably designed to ensure that proxy votes are cast in clients' best interest,

&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) annually reviewing existing voting guidelines and developing of additional voting guidelines to assist in the review of proxy proposals, 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) annually reviewing the proxy voting process and addressing any general issues that relate to proxy voting;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. overseeing the proxy voting process, including:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) overseeing the vote on proposals according to the predetermined policies in the voting guidelines,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) directing the vote on proposals where there is reason not to vote according to the predetermined policies in the voting guidelines or where proposals require special consideration,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) consulting with the portfolio managers and analysts for the accounts holding the security when necessary or appropriate, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) periodically sampling or engaging an outside party to sample proxy votes to ensure they comply with the Proxy Voting Procedures and are cast in accordance with the clients' best interests;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. engaging and overseeing third-party vendors that materially assist
Loomis Sayles with respect to proxy voting, such as the Proxy Voting Services, including:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) determining and periodically reassessing whether, as relevant, the Proxy Voting Service has the capacity and competency to adequately analyze proxy issues by considering:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the adequacy and quality of the Proxy Voting Service's staffing, personnel and technology,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) whether the Proxy Voting Service has adequately disclosed its methodologies in formulating voting recommendations, such that Loomis Sayles can understand the factors underlying the Proxy Voting Service's voting recommendations,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the robustness of the Proxy Voting Service's policies and procedures regarding its ability to ensure that its recommendations are based on current, materially complete and accurate information, 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) the Proxy Voting Service's policies and procedures regarding how it identifies and addresses conflicts of interest, including whether the Proxy Voting Service's policies and procedures provide for adequate disclosure of its actual and potential conflicts of interest with respect to the services it provides to Loomis Sayles.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) providing ongoing oversight of the Proxy Voting Services to ensure that proxies continue to be voted in the best interests of clients and in accordance with these Proxy Voting Procedures and the determinations and directions of the Proxy Committee,

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Proxy Voting Policies and Procedures

&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) receiving and reviewing updates from the Proxy Voting Services regarding relevant business changes or changes to the Proxy Voting Services' conflict policies and procedures, and

() in the event that the Proxy Committee becomes aware that a recommendation of the Proxy Voting Service was based on a material factual error (including materially inaccurate or incomplete information): investigating the error, considering the nature of the error and the related recommendation, and determining whether the Proxy Voting Service has taken reasonable steps to reduce the likelihood of similar errors in the future; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. further developing and/or modifying
these Proxy Voting Procedures as otherwise appropriate or necessary.

&nbsp;&nbsp;&nbsp;&nbsp;**3.** **Standards.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. When determining the vote of any proposal for which it has responsibility,
the Proxy Committee shall vote in the client's best interests as described in section 1(B)(1) above. In the event a client believes
that its other interests require a different vote, Loomis Sayles shall vote as the client instructs if the instructions are provided as
required in section 1(B)(2) above.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. When determining the vote on any proposal, the Proxy Committee shall not
consider any benefit to Loomis Sayles, any of its affiliates, any of its or their clients or service providers, other than benefits to
the owner of the securities to be voted.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. If Loomis Sayles becomes aware of additional information relevant to the
voting of a shareholder meeting after a vote has been entered but before the applicable voting deadline has passed, it will consider whether
or not such information impacts the vote determination entered, and if necessary, use reasonable efforts to change the vote instruction.

**D. Conflicts of Interest.**

Loomis Sayles has established policies and procedures to ensure that proxy votes are voted in its clients' best interests and are not affected by any possible conflicts of interest. First, except in certain limited instances, Loomis Sayles votes in accordance with its pre-determined policies set forth in these Proxy Voting Procedures. Second, where these Proxy Voting

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Proxy Voting Policies and Procedures

Procedures allow for discretion, Loomis Sayles will generally consider the recommendations of the Proxy Voting Service in making its voting decisions. However, if the Proxy Committee determines that the Proxy Voting Service's recommendation is not in the best interests of the firm's clients, then the Proxy Committee may use its discretion to vote against the Proxy Voting Service's recommendation, but only after taking the following steps: (1) conducting a review for any material conflict of interest Loomis Sayles may have, and (2) if any material conflict is found to exist, excluding anyone at Loomis Sayles who is subject to that conflict of interest from participating in the voting decision in any way. However, if deemed necessary or appropriate by the Proxy Committee after full disclosure of any conflict, that person may provide information, opinions or recommendations on any proposal to the Proxy Committee. In such event, prior to directing any vote, the Proxy Committee will make reasonable efforts to obtain and consider information, opinions and recommendations from or about the opposing position.

**E. Recordkeeping.**

Proxy voting books and records are maintained in an easily accessible place for a period of five years, the first two in an appropriate office of Loomis Sayles.

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Proxy Voting Policies and Procedures

**2. PROXY VOTING**

**A. Introduction**

Loomis Sayles has established certain specific guidelines intended to achieve the objective of the Proxy Voting Procedures: to support good corporate governance, including ESG Matters, in all cases with the objective of protecting shareholder interests and maximizing shareholder value.

**B. Board of Directors**

Loomis Sayles believes that an issuer's independent, qualified board of directors is the foundation of good corporate governance. Loomis Sayles supports proxy proposals that reflect the prudent exercise of the board's obligation to provide leadership and guidance to management in fulfilling its obligations to its shareholders. As an example, it may be prudent not to disqualify a director from serving on a board if they participated in affiliated transactions if all measures of independence and good corporate governance were met.

<u>Annual Election of Directors:</u> Vote for proposals to repeal classified boards and to elect all directors annually.

<u>Chairman and CEO are Separate Positions:</u> Vote for proposals that require the positions of chairman and CEO to be held by different persons.

<u>Director and Officer Indemnification and Liability Protection:</u> 

&nbsp;&nbsp;&nbsp;&nbsp;A. Vote against proposals concerning director and officer indemnification and
liability protection that limit or eliminate entirely director and officer liability for monetary damages for violating the duty of care,
or that would expand coverage beyond legal expenses to acts such as gross negligence that are more serious violations of fiduciary obligations
than mere carelessness.

&nbsp;&nbsp;&nbsp;&nbsp;B. Vote for only those proposals that provide such expanded coverage in cases
when a director's or officer's legal defense was unsuccessful if (i) the director or officer was found to have acted in good faith and
in a manner that the director or officer reasonably believed was in the best interests of the company, and (ii) if the director's or officer's
legal expenses only would be covered.

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Proxy Voting Policies and Procedures

<u>Director Nominees in Contested Elections:</u> Votes in a contested election of directors or a "vote no" campaign must be evaluated on a case-by-case basis, considering the following factors: (1) long-term financial performance of the issuer relative to its industry; management's track record; (2) background to the proxy contest; qualifications of director nominees (both slates); (3) evaluation of what each side is offering shareholders as well as the likelihood that the proposed objectives and goals can be met; and (4) stock ownership positions.

<u>Director Nominees in Uncontested Elections:</u> 

&nbsp;&nbsp;&nbsp;&nbsp;A. Vote for proposals involving
routine matters such as election of directors, provided that at least two-thirds of the directors would be independent, as determined
by the Proxy Voting Service, and affiliated or inside nominees do not serve on any key board committee, defined as the Audit, Compensation,
Nominating and/or Governance Committees.

&nbsp;&nbsp;&nbsp;&nbsp;B. Vote against nominees that
are CFOs of the subject company. Generally, vote against nominees that the Proxy Voting Service has identified as not acting in the best
interests of shareholders (e.g., due to over-boarding, risk management failures, a lack of diversity, etc.). Vote against nominees that
have attended less than 75% of board and committee meetings, unless a reasonable cause (e.g., health or family emergency) for the absence
is noted and accepted by the Proxy Voting Service and the board. Vote against affiliated or inside nominees who serve on a key board committee
(as defined above). Vote against affiliated and inside nominees if less than two-thirds of the board would be independent. Vote against
Governance or Nominating Committee members if both the following are true: a) there is no independent lead or presiding director; and
b) the position of CEO and chairman are not held by separate individuals. Generally, vote against Audit Committee members if auditor ratification
is not proposed, except in cases involving: (i) investment company board members, who are not required to submit auditor ratification
for shareholder approval pursuant to Investment Company Act of 1940 rules; or (ii) any other issuer that is not required by law or regulation
to submit a proposal ratifying the auditor selection. Vote against Compensation Committee members when Loomis Sayles or the Proxy Voting
Service recommends a vote against the issuer's "say on pay" advisory vote.

&nbsp;&nbsp;&nbsp;&nbsp;C. Generally, vote against all members of a board committee
and not just the chairman or a representative thereof in situations where the Proxy Voting Service finds that the board committee has
not acted in the best interests of shareholders.

&nbsp;&nbsp;&nbsp;&nbsp;D. Vote as recommended by the Proxy Voting Service when
directors are being elected as a slate and not individually.

&nbsp;&nbsp;&nbsp;&nbsp;E. When electing directors
for any foreign-domiciled issuer to which the Proxy Voting Service believes it is reasonable to apply U.S. governance standards, we generally
will vote in accordance with our policies set forth in (A) through (D) above. When electing directors

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Proxy Voting Policies and Procedures

for any other foreign-domiciled issuers, a recommendation of the Proxy Voting Service will generally be followed in lieu of the above stipulations.

<u>Independent Audit, Compensation and Nominating and/or Governance Committees:</u> Vote for proposals requesting that the board Audit, Compensation and/or Nominating and/or Governance Committees include independent directors exclusively.

<u>Independent Board Chairman:</u> 

&nbsp;&nbsp;&nbsp;&nbsp;A. Vote for shareholder proposals that generally request the board to adopt
a policy requiring its chairman to be "independent" (based on some reasonable definition of that term) with respect to any issuer
whose enterprise value is, according to the Proxy Voting Service, greater than or equal to $10 billion.

&nbsp;&nbsp;&nbsp;&nbsp;B. Vote such proposals on a case-by-case basis when, according to the Proxy
Voting Service, the issuer's enterprise value is less than $10 billion.

<u>Multiple Directorships:</u> Generally vote against a director nominee who serves as an executive officer of any public company while serving on more than two total public company boards and any other director nominee who serves on more than five total public company boards, unless a convincing argument to vote for that nominee is made by the Proxy Voting Service, in which case, the recommendation of the Proxy Voting Service will generally be followed.

<u>Staggered Director Elections:</u> Vote against proposals to classify or stagger the board.

<u>Stock Ownership Requirements:</u> Generally vote against shareholder proposals requiring directors to own a minimum amount of company stock in order to qualify as a director, or to remain on the board.

<u>Term of Office:</u> Vote against shareholder proposals to limit the tenure of outside directors.

**C. Ratification of Auditor**

Loomis Sayles generally supports proposals for the selection or ratification of independent auditors, subject to consideration of various factors such as independence and reasonableness of fees.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. Generally vote for proposals to ratify auditors.

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Proxy Voting Policies and Procedures

&nbsp;&nbsp;&nbsp;&nbsp;B. Vote against ratification of auditors where an auditor has a financial interest
in or association with the company, and is therefore not independent; or there is reason to believe that the independent auditor has rendered
an opinion which is neither accurate nor indicative of the company's financial position.

&nbsp;&nbsp;&nbsp;&nbsp;C. In general, if non-audit fees amount to 35% or more of total fees paid to
a company's auditor we will vote against ratification and against the members of the Audit Committee unless the Proxy Voting Service states
that the fees were disclosed and determined to be reasonable. In such instances, the recommendation of the Proxy Voting service will generally
be followed.

&nbsp;&nbsp;&nbsp;&nbsp;D. Vote against ratification of auditors and vote
against members of the Audit Committee where it is known that an auditor has negotiated an alternative dispute resolution procedure.

&nbsp;&nbsp;&nbsp;&nbsp;E. Vote against ratification of auditors if the Proxy Voting Service indicates
that a vote for the ratification of auditors it is not in the best long term interest of shareholders.

**D. Remuneration and Benefits**

Loomis Sayles believes that an issuer's compensation and benefit plans must be designed to ensure the alignment of executives' and employees' interests with those of its shareholders.

<u>401(k) Employee Benefit Plans:</u> Vote for proposals to implement a 401(k) savings plan for employees.

<u>Compensation Plans:</u> Proposals with respect to compensation plans generally will be voted as recommended by the Proxy Voting Service.

<u>Compensation in the Event of a Change in Control:</u> Votes on proposals regarding executive compensation in the event of a change in control of the issuer will be considered on a case-by-case basis.

<u>Director Related Compensation:</u> Vote proposals relating to director compensation, that are required by and comply with applicable laws (domestic or foreign) or listing requirements governing the issuer, as recommended by the Proxy Voting Service.

<u>Employee Stock Ownership Plans ("ESOPs"):</u> Vote for proposals that request shareholder approval in order to implement an ESOP or to increase authorized shares for existing ESOPs, except in cases when the number of shares allocated to the ESOP is "excessive" (i.e., generally

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Proxy Voting Policies and Procedures

greater than five percent of outstanding shares), in which case the recommendation of the Proxy Voting Service will generally be followed.

<u>Golden Coffins:</u> Review on a case-by-case basis all proposals relating to the obligation of an issuer to provide remuneration or awards to survivors of executives payable upon such executive's death.

<u>Golden and Tin Parachutes:</u> 

&nbsp;&nbsp;&nbsp;&nbsp;A. Vote for shareholder proposals to have golden (top management) and tin
(all employees) parachutes submitted for shareholder ratification.

&nbsp;&nbsp;&nbsp;&nbsp;B. Review on a case-by-case basis all proposals to ratify or cancel golden or tin parachutes.

<u>OBRA (Omnibus Budget Reconciliation Act)-Related Compensation Proposals:</u> 

&nbsp;&nbsp;&nbsp;&nbsp;A. Vote for proposals to amend shareholder-approved plans to include administrative
features or place a cap on the annual grants any one participant may receive to comply with the provisions of Section 162(m) of OBRA.

&nbsp;&nbsp;&nbsp;&nbsp;B. Vote for amendments to add performance goals to existing compensation
plans to comply with the provisions of Section 162(m) of OBRA.

&nbsp;&nbsp;&nbsp;&nbsp;C. Vote for cash or cash-and-stock bonus plans to exempt the compensation
from taxes under the provisions of Section 162(m) of OBRA.

&nbsp;&nbsp;&nbsp;&nbsp;D. Votes on amendments to existing plans to increase shares reserved and
to qualify the plan for favorable tax treatment under the provisions of Section 162(m) should be evaluated on a case-by-case basis.

<u>Shareholder Proposals to Limit Executive and Director Pay Including Executive Compensation Advisory Resolutions ("Say on Pay"):</u> 

&nbsp;&nbsp;&nbsp;&nbsp;A. Generally, vote for shareholder proposals that seek additional disclosure
of executive and director pay information.

&nbsp;&nbsp;&nbsp;&nbsp;B. Review on a case-by-case basis (1) all shareholder proposals that seek
to limit executive and director pay and (2) all advisory resolutions on executive pay other than shareholder resolutions to permit such
advisory resolutions.

&nbsp;&nbsp;&nbsp;&nbsp;C. Vote against proposals to link all executive or director variable compensation
to performance goals.

&nbsp;&nbsp;&nbsp;&nbsp;D. Vote for an annual review of executive compensation.

&nbsp;&nbsp;&nbsp;&nbsp;E. Non-binding advisory votes on executive compensation will be voted as
recommended by the Proxy Voting Service.

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Proxy Voting Policies and Procedures

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;F. For foreign domiciled issuers where a non-binding advisory vote
on executive compensation is proposed concurrently with a binding vote on executive compensation, and the recommendation of the Proxy
Voting Service is the same for each proposal, a vote will be entered as recommended by the Proxy Voting Service.

<u>Share Retention by Executives:</u> Generally vote against shareholder proposals requiring executives to retain shares of the issuer for fixed periods unless the board and the Proxy Voting Service recommend voting in favor of the proposal.

<u>Stock Option Plans:</u> A recommendation of the Proxy Voting Service will generally be followed using the following as a guide:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. Vote against stock option plans which expressly permit repricing
of underwater options.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. Vote against proposals to make all stock options performance
based.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C. Vote against stock option plans that could result in an earnings
dilution above the company specific cap considered by the Proxy Voting Service.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;D. Vote for proposals that request expensing of stock options.

**E. Capital Structure Management Issues**

<u>Adjustments to Par Value of Common Stock:</u> Vote for management proposals to reduce the par value of common stock.

<u>Authority to Issue Shares:</u> Vote for proposals by boards to authorize the issuance of shares (with or without preemptive rights) to the extent the size of the proposed issuance in proportion to the issuer's issued ordinary share capital is consistent with industry standards and the recommendations of the issuer's board and the Proxy Voting Service are in agreement. Proposals that do not meet the above criteria will be reviewed on a case-by-case basis.

<u>Blank Check Preferred Authorization</u>:

&nbsp;&nbsp;&nbsp;&nbsp;A. Vote for proposals to create blank check preferred stock in cases when the
company expressly states that the stock will not be used as a takeover defense or carry superior voting rights, and expressly states conversion,
dividend, distribution and other rights.

&nbsp;&nbsp;&nbsp;&nbsp;B. Vote for shareholder proposals to have blank check preferred stock placements,
other than those shares issued for the purpose of raising capital or making acquisitions in the normal course of business, submitted for
shareholder ratification.

&nbsp;&nbsp;&nbsp;&nbsp;C. Review proposals to increase the number of authorized blank check preferred
shares on a case-by-case basis.

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Proxy Voting Policies and Procedures

<u>Common Stock Authorization:</u> Vote against proposed common stock authorizations that increase the existing authorization by more than 100% unless a clear need for the excess shares is presented by the company. A recommendation of the Proxy Voting Service will generally be followed.

<u>Greenshoe Options (French issuers only):</u> Vote for proposals by boards of French issuers in favor of greenshoe options that grant the issuer the flexibility to increase an over-subscribed securities issuance by up to 15% so long as such increase takes place on the same terms and within thirty days of the initial issuance, provided that the recommendation of the issuer's board and the Proxy Voting Service are in agreement. Proposals that do not meet the above criteria will be reviewed on a case-by-case basis.

<u>Reverse Stock Splits:</u> Vote for management proposals to reduce the number of outstanding shares available through a reverse stock split.

<u>Share Cancellation Programs:</u> Vote for management proposals to reduce share capital by means of cancelling outstanding shares held in the issuer's treasury.

<u>Share Repurchase Programs:</u> Vote for management proposals to institute open-market share repurchase plans in which all shareholders may participate on equal terms.

<u>Stock Distributions, Splits and Dividends:</u> Generally vote for management proposals to increase common share authorization, provided that the increase in authorized shares following the split or dividend is not greater than 100 percent of existing authorized shares.

**F. Mergers, Asset Sales and Other Special Transactions**

Proposals for transactions that have the potential to affect the ownership interests and/or voting rights of the issuer's shareholders, such as mergers, asset sales and corporate or debt restructuring, will be considered on a case-by-case basis, based on (1) whether the best economic result is being created for shareholders, (2) what changes in corporate governance will occur, (3) what impact they will have on shareholder rights, (4) whether the proposed transaction has strategic merit for the issuer, and (5) other factors as noted in each section below, if any.

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Proxy Voting Policies and Procedures

<u>Asset Sales:</u> Votes on asset sales will be determined on a case-by-case basis after considering the impact on the balance sheet/working capital, value received for the asset, and potential elimination of inefficiencies.

<u>Conversion of Debt Instruments:</u> Votes on the conversion of debt instruments will be considered on a case-by-case basis after the recommendation of the relevant Loomis Sayles equity or fixed income analyst is obtained.

<u>Corporate Restructuring:</u> Votes on corporate restructuring proposals, including minority squeeze-outs, leveraged buyouts, spin-offs, liquidations, and asset sales will be considered on a case-by-case basis.

<u>Debt Restructurings:</u> Review on a case-by-case basis proposals to increase common and/or preferred shares and to issue shares as part of a debt-restructuring plan. Consider the following issues:

&nbsp;&nbsp;&nbsp;&nbsp;A. Dilution - How much will ownership interest of existing
shareholders be reduced, and how extreme will dilution to any future earnings be?

&nbsp;&nbsp;&nbsp;&nbsp;B. Change in Control - Will the transaction result in a change in control of
the company?

&nbsp;&nbsp;&nbsp;&nbsp;C. Bankruptcy – Loomis Sayles' Corporate
Actions Department is responsible for consents related to bankruptcies and debt holder consents related to restructurings.

&nbsp;&nbsp;&nbsp;&nbsp;D. Potential Conflicts of Interest – For example,
clients may own securities at different levels of the capital structure; in such cases, Loomis Sayles will exercise voting or consent
rights for each such client based on that client's best interests, which may differ from the interests of other clients.

<u>Delisting a Security:</u> Proposals to delist a security from an exchange will be evaluated on a case-by-case basis.

<u>Fair Price Provisions:</u> 

&nbsp;&nbsp;&nbsp;&nbsp;A. Vote for fair price proposals, as long as the shareholder
vote requirement embedded in the provision is no more than a majority of disinterested shares.

&nbsp;&nbsp;&nbsp;&nbsp;B. Vote for shareholder proposals to lower the shareholder
vote requirement in existing fair price provisions.

<u>Greenmail:</u> 

&nbsp;&nbsp;&nbsp;&nbsp;A. Vote for proposals to adopt
anti-greenmail charter or bylaw amendments or otherwise restrict a company's ability to make greenmail payments.

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Proxy Voting Policies and Procedures

&nbsp;&nbsp;&nbsp;&nbsp;B. Review anti-greenmail proposals on a case-by-case
basis when they are bundled with other charter or bylaw amendments.

&nbsp;&nbsp;&nbsp;&nbsp;C. Vote for proposals to eliminate an anti-greenmail
bylaw if the recommendations of management and the Proxy Voting Service are in agreement. If they are not in agreement, review and vote
such proposals on a case-by-case basis.

<u>Liquidations:</u> Proposals on liquidations will be voted on a case-by-case basis after reviewing relevant factors including but not necessarily limited to management's efforts to pursue other alternatives, the appraisal value of assets, and the compensation plan for executives managing the liquidation.

<u>Mergers and Acquisitions:</u> Votes on mergers and acquisitions should be considered on a case-by-case basis, generally taking into account relevant factors including but not necessarily limited to: anticipated financial and operating benefits; offer price (cost vs. premium); prospects of the combined companies; how the deal was negotiated; golden parachutes; financial benefits to current management; and changes in corporate governance and their impact on shareholder rights.

<u>Poison Pills:</u> 

&nbsp;&nbsp;&nbsp;&nbsp;A. Vote for shareholder proposals that ask a company
to submit its poison pill for shareholder ratification.

&nbsp;&nbsp;&nbsp;&nbsp;B. Review on a case-by-case basis shareholder proposals to redeem a company's
poison pill.

&nbsp;&nbsp;&nbsp;&nbsp;C. Review on a case-by-case basis management proposals to ratify a poison pill.

<u>Reincorporation Provisions:</u> Proposals to change a company's domicile will be evaluated on a case-by-case basis.

<u>Right to Adjourn:</u> Vote for the right to adjourn in conjunction with a vote for a merger or acquisition or other proposal, and vote against the right to adjourn in conjunction with a vote against a merger or acquisition or other proposal.

<u>Spin-offs:</u> Votes on spin-offs will be considered on a case-by-case basis depending on relevant factors including but not necessarily limited to the tax and regulatory advantages, planned use of sale proceeds, market focus, and managerial incentives.

<u>Tender Offer Defenses:</u> Proposals concerning tender offer defenses will be evaluated on a case-by-case basis.

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Proxy Voting Policies and Procedures

**G. Shareholder Rights**

Loomis Sayles believes that issuers have a fundamental obligation to protect the rights of their shareholders. Pursuant to its fiduciary duty to vote shares in the best interests of its clients, Loomis Sayles considers proposals relating to shareholder rights based on whether and how they affect and protect those rights.

<u>Appraisal Rights:</u> Vote for proposals to restore, or provide shareholders with, rights of appraisal.

<u>Bundled Proposals:</u> Review on a case-by-case basis bundled or "conditioned" proxy proposals. In the case of items that are conditioned upon each other, examine the benefits and costs of the packaged items. In instances when the joint effect of the conditioned items is not in shareholders' best interests, vote against the proposals. If the combined effect is positive, support such proposals.

<u>Confidential Voting:</u> Vote for shareholder proposals that request corporations to adopt confidential voting, use independent tabulators and use independent inspectors of election as long as the proposals include clauses for proxy contests as follows: in the case of a contested election, management should be permitted to request that the dissident group honor its confidential voting policy. If the dissidents agree, the policy remains in place. If the dissidents do not agree, the confidential voting policy is waived. Vote for management proposals to adopt confidential voting.

<u>Counting Abstentions:</u> Votes on proposals regarding counting abstentions when calculating vote proposal outcomes will be considered on a case-by-case basis.

<u>Cumulative Voting:</u> Vote for proposals to permit cumulative voting, except where the issuer already has in place a policy of majority voting.

<u>Equal Access:</u> Vote for shareholder proposals that would allow significant company shareholders equal access to management's proxy material in order to evaluate and propose voting recommendations on proxy proposals and director nominees, and in order to nominate their own candidates to the board.

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Proxy Voting Policies and Procedures

<u>Exclusive Forum Provisions:</u> Vote against proposals mandating an exclusive forum for any shareholder lawsuits. Vote against the members of the issuer's Governance Committee in the event of a proposal mandating an exclusive forum without shareholder approval.

<u>Independent Proxy:</u> Vote for proposals to elect an independent proxy to serve as a voting proxy at shareholder meetings.

<u>Majority Voting:</u> Vote for proposals to permit majority rather than plurality or cumulative voting for the election of directors/trustees.

<u>Preemptive Rights:</u> Votes with respect to preemptive rights generally will be voted as recommended by the Proxy Voting Service subject to the Common Stock Authorization requirements above.

<u>Proxy Access:</u> A recommendation of the Proxy Voting Service will generally be followed with regard to proposals intended to grant shareholders the right to place nominees for director on the issuer's proxy ballot ("Proxy Access"). Vote for such proposals when they require the nominating shareholder(s) to hold, in aggregate, at least 3% of the voting shares of the issuer for at least three years, and be allowed to nominate up to 25% of the nominees. All other proposals relating to Proxy Access will be reviewed on a case-by-case basis.

<u>Shareholder Ability to Alter the Size of the Board:</u> 

&nbsp;&nbsp;&nbsp;&nbsp;A. Vote for proposals that seek to fix the size of the board.

&nbsp;&nbsp;&nbsp;&nbsp;B. Vote against proposals that give management the ability
to alter the size of the board without shareholder approval.

<u>Shareholder Ability to Remove Directors:</u> 

&nbsp;&nbsp;&nbsp;&nbsp;A. Vote against proposals that provide that directors may be removed only for cause.

&nbsp;&nbsp;&nbsp;&nbsp;B. Vote against proposals that provide that only continuing
directors may elect replacements to fill board vacancies.

&nbsp;&nbsp;&nbsp;&nbsp;C. Vote for proposals to restore shareholder ability
to remove directors with or without cause and proposals that permit shareholders to elect directors to fill board vacancies.

<u>Shareholder Advisory Committees:</u> Proposals to establish a shareholder advisory committee will be reviewed on a case-by-case basis.

<u>Shareholder Rights Regarding Special Meetings:</u>

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Proxy Voting Policies and Procedures

&nbsp;&nbsp;&nbsp;&nbsp;A. Vote for proposals that set a threshold of 10% of
the outstanding voting stock as a minimum percentage allowable to call a special meeting of shareholders. Vote against proposals that
increase or decrease the threshold from 10%.

&nbsp;&nbsp;&nbsp;&nbsp;B. Vote against proposals to restrict or prohibit shareholder ability to call
special meetings.

<u>Supermajority Shareholder Voting Requirements:</u> Vote for all proposals to replace supermajority shareholder voting requirements with simple majority shareholder voting requirements, subject to applicable laws and regulations. Vote against management proposals to require a supermajority shareholder vote to approve charter and bylaw amendments.

<u>Unequal Voting Rights:</u> 

&nbsp;&nbsp;&nbsp;&nbsp;A. Vote against dual class exchange offers and dual class recapitalizations.

&nbsp;&nbsp;&nbsp;&nbsp;B. Vote on a case-by-case basis on proposals to eliminate
an existing dual class voting structure.

<u>Written Consent:</u> Vote for proposals regarding the right to act by written consent when the Proxy Voting Service recommends a vote for the proposal. Proposals regarding the right to act by written consent where the Proxy Voting Service recommends a vote against will be sent to the Proxy Committee for determination. Generally vote against proposals to restrict or prohibit shareholder ability to take action by written consent.

**H. Environmental and Social Matters**

Loomis Sayles has a fiduciary duty to act in the best interests of its clients.

Loomis Sayles believes good corporate governance, including those practices that address ESG Matters, is essential to the effective management of a company's financial, litigation and reputation risk, the maximization of its long-term economic performance and sustainability, and the protection of its shareholders' best interests, including the maximization of shareholder value.

Proposals on environmental and social matters cover a wide range of issues, including environmental and energy practices and their impacts, labor matters, diversity and human rights. These proposals may be voted as recommended by the Proxy Voting Service or may, in the determination of the Proxy Committee, be reviewed on a case-by-case basis if the Proxy Committee believes that a particular proposal (i) could have a material impact on an industry or the growth and sustainability of an issuer; (ii) is appropriate for the issuer and the cost to

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Proxy Voting Policies and Procedures

implement would not be excessive; (iii) is appropriate for the issuer in light of various factors such as reputational damage or litigation risk; or (iv) is otherwise appropriate for the issuer.

Loomis Sayles will consider whether such proposals are likely to enhance the value of the client's investments after taking into account the costs involved, pursuant to its fiduciary duty to its clients.

<u>Climate Reporting:</u> Generally vote for proposals requesting the issuer produce a report, at reasonable expense, on the issuer's climate policies. A recommendation against such proposals by the Proxy Voting Service will be considered by the Proxy Committee.

<u>Workplace Diversity Reporting:</u> Generally vote for proposals requesting the issuer produce a report, at reasonable expense, on the issuer's workforce diversity or equity policies and/or performance. A recommendation against such proposals by the Proxy Voting Service will be considered by the Proxy Committee.

**I. General Corporate Governance**

Loomis Sayles has a fiduciary duty to its clients with regard to proxy voting matters, including routine proposals that do not present controversial issues. The impact of proxy proposals on its clients' rights as shareholders must be evaluated along with their potential economic benefits.

<u>Changing Corporate Name:</u> Vote for management proposals to change the corporate name.

<u>Charitable and Political Contributions and Lobbying Expenditures</u>: Votes on proposals regarding charitable contributions, political contributions, and lobbying expenditures, should be considered on a case-by-case basis. Proposals of UK issuers concerning political contributions will be voted for if the issuer states that (a) it does not intend to make any political donations or incur any expenditures in respect to any political party in the EU; and (b) the proposal is submitted to ensure that the issuer does not inadvertently breach the Political Parties, Elections and Referendums Act 2000 and sections 366 and 367 of the Companies Act 2006.

<u>Delivery of Electronic Proxy Materials:</u> Vote for proposals to allow electronic delivery of proxy materials to shareholders.

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Proxy Voting Policies and Procedures

<u>Disclosure of Prior Government Service:</u> Review on a case-by-case basis all proposals to disclose a list of employees previously employed in a governmental capacity.

<u>Financial Statements:</u> Generally, proposals to accept and/or approve the delivery of audited financial statements shall be voted as recommended by the Proxy Voting Service. In certain non-US jurisdictions where local regulations and/or market practices do not require the release of audited financial statements in advance of custodian vote deadlines (e.g., Korea), and the Proxy Voting Service has not identified any issues with the company's past financial statements or the audit procedures used, then Loomis Sayles shall vote for such proposals.

<u>Non-Material Miscellaneous Bookkeeping Proposals:</u> A recommendation of the Proxy Voting Service will generally be followed regarding miscellaneous bookkeeping proposals of a non-material nature.

<u>Ratification of Board and/or Management Acts:</u> Generally, proposals concerning the ratification or approval of the acts of the board of directors and/or management of the issuer for the past fiscal year shall be voted as recommended by the Proxy Voting Service.

<u>Reimbursement of Proxy Contest Defenses:</u> Generally, proposals concerning all proxy contest defense cost reimbursements should be evaluated on a case-by-case basis.

<u>Reimbursement of Proxy Solicitation Expenses:</u> Proposals to provide reimbursement for dissidents waging a proxy contest should be evaluated on a case-by-case basis.

<u>State Takeover Statutes:</u> Review on a case-by-case basis proposals to opt in or out of state takeover statutes (including control share acquisition statutes, control share cash-out statutes, freeze out provisions, fair price provisions, stakeholder laws, poison pill endorsements, severance pay and labor contract provisions, anti-greenmail provisions, and disgorgement provisions).

<u>Technical Amendments to By-Laws:</u> A recommendation of the Proxy Voting Service will generally be followed regarding technical or housekeeping amendments to by-laws or articles designed to bring the by-laws or articles into line with current regulations and/or laws.

<u>Transaction of Other Business:</u> Vote against proposals asking for authority to transact open-ended other business without any information provided by the issuer at the time of voting.

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Proxy Voting Policies and Procedures

<u>Transition Manager Ballots:</u> Any ballot received by Loomis Sayles for a security that was held for a client by a Transition Manager prior to Loomis Sayles' management of the client's holdings will be considered on a case-by case basis by the Proxy Committee (without the input of any Loomis Sayles analyst or portfolio manager) if such security is no longer held in the client's account with Loomis Sayles.

**J. Investment Company Matters**

<u>Election of Investment Company Trustees:</u> Vote for nominees who oversee fewer than 60 investment company portfolios. Vote against nominees who oversee 60 or more investment company portfolios that invest in substantially different asset classes (e.g., if the applicable portfolios include both fixed income funds and equity funds). Vote on a case-by-case basis for or against nominees who oversee 60 or more investment company portfolios that invest in substantially similar asset classes (e.g., if the applicable portfolios include only fixed income funds or only equity funds). These policies will be followed with respect to funds advised by Loomis Sayles and its affiliates, as well as funds for which Loomis Sayles acts as subadviser and other third parties.

<u>Mutual Fund Distribution Agreements:</u> Votes on mutual fund distribution agreements should be evaluated on a case-by-case basis.

<u>Investment Company Fundamental Investment Restrictions:</u> Votes on amendments to an investment company's fundamental investment restrictions should be evaluated on a case-by-case basis.

<u>Investment Company Investment Advisory Agreements:</u> Votes on investment company investment advisory agreements should be evaluated on a case-by-case basis.

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**PROXY VOTING POLICY**

February 2025

<u>APPLIES TO:</u>

● Lord, Abbett & Co. LLC, and its advisory affiliates (the "Lord Abbett Advisers")

● Lord Abbett Family of Funds

● Lord Abbett Alternatives Funds

<u>RISKS ADDRESSED BY THIS POLICY:</u>

● Proxies are not voted in the best interests of clients.

● Proxies are not identified and voted in a timely manner.

● Conflicts between an adviser's interests and those of the client are not identified and addressed.

<u>RELEVANT LAW AND OTHER SOURCES</u>

● Rule 206(4)-6 of the Investment Advisers Act

● Rule 204-2 of the Investment Advisers Act

● Rule 14Ad-1 of the Securities Exchange Act

● Form N-PX

<u>RELATED POLICIES AND PROCEDURES</u>

● Conflicts of Interest Policy

● Sustainable Investing at Lord Abbett: Our Approach

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;I. <u><u>POLICY SCOPE</u></u> 

Lord, Abbett & Co. LLC, and its advisory affiliates (the "Lord Abbett Advisers") view proxy voting as an important element of the portfolio management services they provide to advisory clients who have granted the Lord Abbett Advisers with the authority to vote proxies on their behalf. The Lord Abbett Advisers will vote proxies in a prudent and diligent manner and in the best interests of clients in accordance with their fiduciary obligations or in accordance with written client instructions, if applicable. In this regard, the Lord Abbett Advisers seek to ensure that all votes are free from unwarranted and inappropriate influences. Accordingly, the guiding principle of the Lord Abbett Advisers' approach to proxy voting is the belief that effective proxy voting creates a sound corporate governance framework that best serves the long-term interests of a company's shareholders.

This Proxy Voting Policy (the "Policy") and the related proxy voting guidelines set forth in Appendix A (the "Guidelines") were developed to implement the Lord Abbett Advisers' proxy voting philosophy and address a broad range of issues that arise most frequently. These Guidelines are not exhaustive, and these Guidelines represent our general views. The Lord Abbett Advisers will vote in their discretion on any specific proposal consistent with a client's long term best interest. The Lord Abbett Advisers are not obligated to vote pursuant to the Guidelines, and, when voting, will review each matter on a case-by-case basis.

Certain terms used in this Policy are defined in Section VII.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;II. <u><u>OVERVIEW</u></u> 

Investment teams vote proxies on behalf of: (i) pooled investment vehicles advised by a Lord Abbett Adviser, including the Lord Abbett Family of Funds and the Lord Abbett Alternatives Funds (the "Lord Abbett Funds") and; (ii) advisory clients that have explicitly granted a Lord Abbett Adviser the authority to vote proxies on their behalf. The Lord Abbett Advisers will generally vote proxies in accordance with the Guidelines, unless the client has provided specific proxy voting instructions in writing.

● *Securities held across multiple client accounts*: When multiple investment teams manage one or more portfolios that hold the same voting security, the Proxy Governance Team may engage with the investment teams, as needed, to determine a vote recommendation. In these situations, the Lord Abbett Advisers will generally vote with the investment team that manages the largest number of shares of the security.

● *Foreign security considerations:* Voting proxies of companies located in certain jurisdictions may raise issues that will restrict or prevent the ability to vote such proxies or entail significant costs. These issues include but are not limited to: (i) ballots written in a language other than English: (ii) untimely or insufficient notice of shareholder meetings; and (iii) restrictions on the ability of holders outside the issuer's jurisdiction of organization to exercise votes. Accordingly, a Lord Abbett Adviser will vote non-U.S. proxies on a reasonable best efforts basis only, after weighing the costs and benefits of voting such proxies.

In certain foreign jurisdictions the voting of proxies can result in other restrictions that have an economic impact or cost to the security, such as "share blocking." Share blocking would prevent a Lord Abbett Adviser from selling the shares of the foreign security for a period of time if the Lord Abbett Adviser votes the proxy. In determining whether to vote proxies subject to such restrictions, the Lord Abbett Advisers, in consultation with the Proxy Governance Team, consider whether the vote itself or together with the votes of other shareholders, is expected to have an effect on the value of the investment that will outweigh the cost of voting. Accordingly, the Lord Abbett Advisers may determine not to vote such proxies.

● *Securities lending:* Certain Lord Abbett Funds may participate in a securities lending program. In circumstances where shares are on loan, the voting rights of those shares are transferred to the borrower. A Lord Abbett Adviser will generally attempt to recall all securities that are on loan prior to the meeting record date, so that the relevant Fund will be entitled to vote those shares. However, a Lord Abbett Adviser may be unable to recall shares or may choose not to recall shares for several reasons, including if timely notice of a meeting is not received or if the Lord Abbett Adviser determines that the opportunity for the Fund to generate securities lending revenue outweighs the benefits of voting.

Clients other than the Lord Abbett Funds may participate in externally managed securities lending programs. In these cases, client preference, operational processes, and other factors determine whether the loaned securities are recalled.

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● *Funds of funds:* Certain Lord Abbett Funds are structured as funds of funds and invest their assets primarily in other Lord Abbett Funds (the "Funds of Funds"). Accordingly, a Fund of Funds is a shareholder in an underlying Lord Abbett Fund (the "Underlying Fund") and may be requested to vote on a matter pertaining to such Underlying Fund. With respect to any such scenario, the Fund of Funds shall vote its shares of the Underlying Fund in accordance with the recommendation set forth in the proxy statement.

A Fund of Funds may also invest in funds that are not affiliated with the Fund of Funds (the "Unaffiliated Underlying Fund"). If a Fund of Fund's ownership in an Unaffiliated Underlying Fund exceeds 25% of the voting securities of the Unaffiliated Underlying Fund (10% for a business development company or closed end fund), the Fund of Funds will vote its shares in the Unaffiliated Underlying Fund in the same proportion as the votes of all other shareholders of the Unaffiliated Underlying Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;III. <u><u>CONFLICTS OF INTEREST</u></u> 

There may be occasions where voting a proxy may present a perceived or actual conflict of interest between the Firm, including the Lord Abbett Advisers, and one or more clients or vendors. For example:

● Firm-level: A conflict of interest may exist if the Firm has a material business relationship with either the issuer soliciting the proxy or a third party that has a material interest in the outcome of a proxy vote or that is actively lobbying for a particular outcome of a proxy vote. Such relationships may include, among others, when the company soliciting the proxy is a client or serves as a vendor or service provider to the Firm, a Lord Abbett Adviser, or the Lord Abbett Funds.

When Firm-level conflicts exist, it is possible that by voting against the company management recommendations, the Firm may lose revenue or jeopardize a strategic business relationship.

● Individual: A conflict may exist where a Firm employee has a known personal or business relationship with participants in proxy contests, corporate directors or candidates for directorship. Firm employees must always act in the best interests of clients and must avoid any situation that gives rise to an actual or perceived conflict of interest.

Individuals with proxy voting responsibilities must report any known personal or business conflicts of interest regarding proxy issues with which they are involved to the Proxy Governance Team. In such instances, the individual(s) with the conflict will be excluded from the decision-making process relating to such issues.

When conflicts of interest arise in connection with proxy voting, the Firm's Standards & Practices Committee ("SPC") serves as the primary point of escalation. (See Section IV).

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;IV. <u><u>PROXY GOVERNANCE: OVERSIGHT AND ADMINISTRATION</u></u> 

**Proxy Governance Team**

 ****

The Proxy Governance Team oversees the proxy voting process. Absent a conflict of interest, the Proxy Governance Team will review all relevant information pursuant to the voting process and communicate the decision to the Proxy Service Provider.

**Proxy Service Provider**

 ****

The Lord Abbett Advisers have retained an independent third party service provider (the "Proxy Service Provider") to analyze proxy issues and recommend how to vote on those issues, and to support the administration of the proxy process.

When voting proxies, the Lord Abbett Advisers consider the recommendations of the Proxy Service Provider but make an independent voting decision while taking into account the best interest of clients, including the Lord Abbett Funds and their shareholders.

The Proxy Governance Team is also responsible for oversight of the Proxy Service Provider and performs periodic due diligence which includes conflicts of interest, methodologies for developing vote recommendations, changes in leadership and resources.

**Standards & Practices Committee**

 ****

The SPC serves as a point of escalation for proxy voting matters that pose a conflict of interest and involve a recommendation that is contrary to that of the Proxy Service Provider. In those circumstances, the matter shall be reviewed by the SPC for resolution of the issue.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;V. <u><u>OTHER MATTERS</u></u> 

**Material Non-Public Information**

 ****

On occasion, a proxy solicitor may contact investment or other personnel in advance of the distribution of proxy solicitation materials to solicit support for certain proposals. This contact and subsequent discussion may result in the receipt of material, non-public information by the investment person or other recipient. In such a case, Global Compliance must be contacted immediately and such information may not be shared with others at the Firm, and no trading or recommendation regarding trading may be done or made while in possession of such information, in each case without the approval of Global Compliance.

In certain circumstances, it may be appropriate to share the Lord Abbett Advisers' general approach to voting certain issues. However, employees are prohibited from disclosing to proxy solicitors or other third parties how a Lord Abbett Adviser is expecting to vote during a pre- solicitation communication without the prior approval of Global Compliance. Employees who are contacted in advance of the distribution of proxy solicitation materials must contact the Proxy Governance Team immediately.

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**PROXY VOTING POLICY**

**Shareholder Resolutions**

 ****

The Lord Abbett Advisers may consider sponsoring or co-sponsoring a shareholder resolution to address an issue of concern if engagement and proxy voting are deemed to be ineffective. In such a case, the Legal Department must be consulted.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;VI. <u><u>REGULATORY FILINGS AND REPORTING</u></u> 

**Filings**

 ****

The Lord Abbett Advisers make their proxy voting records publicly available in compliance with applicable regulatory requirements and industry best practices:

● The Lord Abbett Funds and the applicable Lord Abbett Alternatives Funds shall annually disclose their proxy voting record for the most recent 12-month period ended June 30 on Form N-PX and shall post a link to the completed Form N-PX on the Lord Abbett Funds' public web-site.

● The Lord Abbett Advisers that are Form 13F filers shall annually report on Form N-PX how it voted proxies concerning certain shareholder advisory votes on executive compensation ("say on pay").

● If a Lord Abbett Adviser serves as a sub-adviser to a registered investment company with a Form N-PX filing requirement (a "Sub-Advised Fund"), the Lord Abbett Adviser shall, upon request, promptly furnish the Sub-Advised Fund's proxy voting information to the sponsor of the Sub-Advised Fund.

**Reporting**

At least annually (and if applicable) the Proxy Governance Team shall provide the Boards of the Lord Abbett Funds with a proxy voting report which shall include, among other things, the results of the most recently completed proxy voting season, conflicts of interest resolution, including conflicts that were escalated to the SPC and the outcome of such votes, proxies involving foreign securities, proxies involving securities on loan, enhancements or changes made to this Policy or the Guidelines and any other proxy voting information that the Boards or their counsel shall request.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;VII. <u><u>DEFINED TERMS</u></u> 

***Firm*** means Lord, Abbett & Co. LLC, and its affiliates.

***Investment Advisers Act*** means the U.S. Investment Advisers Act of 1940, as amended. ***Investment Company Act*** means the U.S. Investment Company Act of 1940, as amended. ***Lord Abbett Advisers*** means Lord, Abbett & Co. LLC, and its advisory affiliates.

***Lord Abbett Alternatives Funds*** means the family of funds consisting of: (i) closed-end investment companies that have elected to be regulated as business development companies under the Investment Company Act and advised by a Lord Abbett Adviser, and (ii) the closed-end interval funds registered under the Investment Company and advised by a Lord Abbett Adviser.

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**PROXY VOTING POLICY**

***Lord Abbett Family of Funds*** means the family of open-end mutual funds registered under the Investment Company Act and advised by a Lord Abbett Adviser.

***Lord Abbett Funds*** means collectively, the Lord Abbett Family of Funds and the Lord Abbett Alternative Funds.

***Proxy Governance Team*** means the team within the Office of the Chief Operating Officer (Investments) that is responsible for the oversight of the proxy voting process for the Lord Abbett Advisers.

***SEC*** means the U.S. Securities and Exchange Commission.

***Securities Act*** means the U.S. Securities Act of 1933, as amended.

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**PROXY VOTING POLICY**

**<u>APPENDIX A</u>**

**PROXY VOTING GUIDELINES**

The Lord Abbett Advisers' Proxy Voting Guidelines pertaining to specific issues are set forth below. Proposals will generally be voted consistent with these Guidelines but may deviate based on the facts and circumstances of the matter under consideration.

**Corporate Governance**

Investors and businesses have benefited from positive changes in corporate governance. Shareholders have taken a more active role in businesses in which they invest, and companies are communicating more with shareholders. Companies are more conscious of the need for transparent and effective governance policies, and there has been progress in the evolution of these practices. Companies with a principled governance approach are better positioned to manage the risks inherent in business and recognize opportunities that help deliver sustainable growth and returns for shareholders. In formulating an approach, the Lord Abbett Advisers are focused on best practice standards for governance, including industry approved frameworks and guidance.

**Directors**

A company's board of directors oversees all aspects of its business. Companies and, under certain circumstances, their shareholders, may nominate directors for election by shareholders. In evaluating the candidacy of a director nominee to the board of a company, the Lord Abbett Advisers will consider the following factors, among others:

● the nominee's experience, qualifications, attributes, and skills, as disclosed in the company's proxy statement;

● the composition of the board and its committees

● whether the nominee is independent of the company's management;

● the nominee's board meeting attendance;

● the nominee's history of representing shareholder interests on the company's board or other boards;

● the total number of outside board positions held by the nominee;

● the nominee's investment in the company;

● the company's long-term performance relative to a relevant market index; and

● takeover activity.

We may withhold votes for some or all a company's director nominees on a case-by-case basis. In evaluating an audit, nominating, governance, or compensation committee nominee's candidacy, the Lord Abbett Advisers will consider additional factors related to the specific committee's oversight responsibilities.

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**PROXY VOTING POLICY**

Competent boards add value and represent shareholders' perspectives effectively during board deliberations. Companies with effective boards have a competitive advantage, as boards provide invaluable oversight and actively contribute to critical management choices that bolster long-term financial performance. With this in mind, the Lord Abbett Advisers believe companies that draw from a larger pool of candidates and attract and retain a diversity of talent from many backgrounds are better positioned for long-term, sustainable success. The Lord Abbett Advisers encourages boards to periodically assess director qualifications and skills to ensure relevant experience and diverse perspectives are represented.

The Lord Abbett Advisers believe that diversity and inclusivity presents the flow of novel perspectives and skills that lead to overall better risk management and the company's competitiveness over time. We encourage boards to pursue diversity and inclusivity. We recognize that diversity can be defined across a number of dimensions. However, if a board is to be considered meaningfully diverse, we take the view that diversity across gender, race, or ethnicity should be evident.

The Lord Abbett Advisers will consider their engagement history with a company and vote on proposals related to board diversity on a case-by-case basis taking into consideration if the company has articulated a plan for advancing diversity on the board.

**Governance Practices**

The Lord Abbett Advisers may consider a vote against, or withhold votes for, certain director nominees at companies that have material governance shortcomings, including those implemented at the time of an initial public offering, with no articulated plan to sunset certain provisions. Governance shortcomings may include dual-class voting structures, or supermajority vote standards, among others**.**

**Majority Voting**

The Lord Abbett Advisers generally favor a majority voting standard, under which director nominees are elected by an affirmative majority of the votes cast and we will generally support proposals that seek to adopt a majority voting standard.

**Board Classification**

The Lord Abbett Advisers generally believe that directors should be elected annually and will typically support proposals that seek to remove a classified board structure though not for investment products (such as business development companies) where such structures are usual and customary. When evaluating board classification proposals, the following factors, may be considered, among others:

● the company's long-term strategic plan;

● the extent to which continuity of leadership is necessary to advance that plan; and

● the need to guard against takeover attempts.

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**PROXY VOTING POLICY**

**Board Independence**

Director independence – from management, significant shareholders, or other related parties – is a key principle of sound corporate governance. The Lord Abbett Advisers encourage boards to have a sufficient number of independent directors, free from conflicts of interest or undue influence, to ensure objectivity in the board's decision-making and oversight of the company's management. We generally consider it a sound practice for the board to be comprised of a majority of independent members.

Circumstances that may raise questions as to independence include, but are not limited to:

● current or recent employment at the company or a related entity;

● being, or representing, a shareholder with a substantial ownership interest in the company;

● having any other interest, business or other relationship which could, or be perceived to, materially interfere with a director's ability to act in the best interests of the company and its shareholders.

We may withhold votes or vote against non-independent board nominees if their election would cause a majority of board members to be non-independent.

**Independent Board Chair**

Proponents of proposals to require independent board chair seek to enhance board accountability and mitigate a company's risk-taking behavior by requiring that the role of the chair of the company's board of directors be filled by an independent director. The Lord Abbett Advisers vote on a case-by-case basis on proposals that call for an independent board chair, and will consider a variety of factors, including whether we believe that a company's governance structure promotes independent oversight through other means, such as a lead director, a board composed of a majority of independent directors, or independent board committees. In evaluating independent chair proposals, we will focus on the presence of a lead director, who is an independent director designated by a board with a non-independent chair to serve as the primary liaison between company management and the independent directors and act as the independent directors' spokesperson.

**Overboarding**

The Lord Abbett Advisers believe that director nominees should be able to dedicate sufficient time to each of the companies they represent to fully execute their board oversight responsibilities. It is important that directors not be "overboarded" to avoid excessive time-commitments and provide consistent contributions to all boards on which they serve. We may vote against directors that we deem to be "overboarded" and will consider voting against director nominees if they sit on more than five public company boards, or if they are an active executive who sits on more than two outside public company boards.

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**PROXY VOTING POLICY**

**Compensation and Benefits**

The Lord Abbett Advisers pay particular attention to the nature and amount of compensation paid by a company to its executive officers and other employees. Because a company has exclusive knowledge of material information not available to shareholders regarding its business, financial condition, and prospects, the company itself usually is in the best position to make decisions about compensation and benefits. However, we believe that companies should provide detailed disclosure of their compensation practices to allow investors to properly analyze the effectiveness and appropriateness of the company's compensation structure.

The Lord Abbett Advisers review all issues related to compensation on a case-by-case basis and may oppose management if we believe:

● a company's compensation ratio to be excessive or inconsistent with that of its peers;

● a company's compensation measures do not foster a long-term focus among its executive officers and other employees; or

● a company has not met performance expectations, among other reasons.

**Advisory Vote on Executive Compensation**

"Say-on-pay" proposals give shareholders a nonbinding vote on executive compensation and serve as a means of conveying to company management shareholder concerns, if any, about executive compensation. The Lord Abbett Advisers generally prefer that say-on-pay proposals occur on an annual basis and will evaluate say-on-pay proposals on a case-by-case basis. We consider a variety of factors in evaluating compensation, including whether we believe that compensation has been excessive or not properly aligned with long-term performance and whether we engaged with the company and they provided more detailed information regarding compensation.

**Equity Compensation Plans**

Equity compensation plans are intended to reward an executive's performance through various stock-based incentives and should be designed to align an executive's compensation with a company's long-term performance. The Lord Abbett Advisers will vote on equity compensation plans on a case-by-case basis. In evaluating such proposals, we will consider the following factors, among others:

● whether or to what extent the plan has any potential to dilute the voting power or economic interests of other shareholders;

● the rate at which a company grants equity awards;

● the features of the plan and costs associated with it;

● whether the plan allows for repricing or replacement of underwater stock options; and

● quantitative data regarding compensation ranges by industry and company size.

We scrutinize any proposed repricing or replacement of underwater stock options, taking into consideration the stock's volatility, management's rationale for the repricing or replacement, the new exercise price, and any other factors we deem relevant.

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**PROXY VOTING POLICY**

**Employee Stock Purchase Plans**

Employee stock purchase plans permit employees to purchase company stock at discounted prices and, under certain circumstances, receive favorable tax treatment when they sell the stock. The Lord Abbett Advisers will vote on a case-by-case basis on employee stock purchase plans and will consider overall incentive structure and any dilutive effects of such plans, among other factors.

**Clawback Provisions**

The Lord Abbett Advisers believe that clawback provisions generally encourage executive accountability and help mitigate a company's risk-taking behavior. We will evaluate proposals to require clawback provisions on a case-by-case basis and will consider a variety of factors, including concerns about the amount of compensation paid to the executive, the executive's or the company's performance, or accounting irregularities, among other relevant factors.

**Tax Gross-ups**

The Lord Abbett Advisers generally support the adoption of anti-tax gross-up policies, which limit payments by a company to an executive intended to reimburse some or all the executive's tax liability with respect to compensation, perquisites, and other benefits.

**Severance Agreements**

Severance (also referred to as "golden parachute") payments are sometimes made to departing executives after termination or upon a company's change in control. The Lord Abbett Advisers will consider severance arrangements in the overall evaluation of executive compensation and may scrutinize cases in which benefits are especially lucrative, granted despite the executive's or the company's poor performance, or materially amended shortly before a triggering event. We will vote shareholder proposals related to severance agreements on a case-by-case basis.

**Shareholder Rights**

**Proxy Access**

Proxy access proposals advocate permitting shareholders to have their nominees for election to a company's board of directors included in the company's proxy statement in opposition to the company's own nominees. Proxy access initiatives enable shareholders to nominate their own directors without incurring the often substantial cost of preparing and mailing a proxy statement, making it less expensive and easier for shareholders to challenge incumbent directors. The Lord Abbett Advisers vote on a case-by-case basis and will evaluate proposals that seek to allow proxy access based on the merits of each situation.

Similarly, we evaluate proposals that seek to amend the terms of an already existing proxy access by-law ("proxy fix-it" proposals) on a case-by-case basis but may vote against these proposals if the existing proxy access by-law has reasonable provisions already in place.

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**PROXY VOTING POLICY**

**Shareholder Rights Plans**

Shareholder rights plans or "poison pills" are a mechanism of defending a company against takeover efforts. Poison pills allow current shareholders to purchase stock at discounted prices or redeem shares at a premium after a takeover, effectively making the company more expensive and less attractive to potential acquirers. The Lord Abbett Advisers believe that poison pills can serve to entrench management and discourage takeover offers that may be attractive to shareholders. Accordingly, we generally vote in favor of proposals to eliminate poison pills and proposals to require that companies submit poison pills for shareholder ratification.

In evaluating a poison pill proposal, however, the Lord Abbett Advisers may consider the following factors, among others:

● the duration of the poison pill;

● whether we believe the poison pill facilitates a legitimate business strategy that is likely to enhance shareholder value;

● our level of confidence in management;

● whether we believe the poison pill will be used to force potential acquirers to negotiate with management and assure a degree of stability that will support long-term corporate goals; and

● the need to guard against takeover attempts.

**Rights to Call Special Shareholder Meetings**

The Lord Abbett Advisers typically support the right to call special shareholder meetings. In evaluating such a proposal, we will consider the following factors, among others:

● the stock ownership threshold required to call a special meeting;

● the purposes for which shareholders may call a special meeting;

● whether the company's annual meetings offer an adequate forum in which shareholders may raise their concerns; and

● the anticipated economic impact on the company of having to hold additional shareholder meetings.

Similarly, we evaluate proposals that seek to amend the terms of an existing special meeting right on a case-by-case basis. We may vote against these proposals if the existing provision has a reasonable threshold in place.

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**PROXY VOTING POLICY**

**Rights to Act by Written Consent**

The Lord Abbett Advisers vote on a case-by-case basis on proposals requesting rights to act by written consent, though we may vote against these proposals if the company already grants shareholders the right to call special shareholder meetings at a reasonable threshold.

**Virtual Shareholder Meetings**

Companies should hold annual special shareholder meetings in a manner that best services the needs of its shareholders and the company. Shareholders should have the opportunity to participate in such meetings. Shareholder meetings provide shareholders with the opportunity to provide feedback or raise concerns and hear from the board and company management.

The Lord Abbett Advisers will generally support management proposals seeking to allow for the convening of hybrid shareholder meetings (allowing shareholders the option to attend and participate either in person or through a virtual platform). We will consider proposals to authorize the company to hold virtual only meetings (held entirely through a virtual platform with no in- person component) on a case-by-case basis.

**Supermajority Vote Requirements**

A proposal that is subject to a supermajority vote must receive the support of more than a simple majority to pass. Supermajority vote requirements can have the effect of entrenching management by making it more difficult to effect change for a company and its corporate governance practices. The Lord Abbett Advisers typically support the ability of shareholders to approve or reject proposals based on a simple majority vote and will generally vote for proposals to remove supermajority vote requirements and against proposals to add them.

**Cumulative Voting**

The Lord Abbett Advisers generally vote against cumulative voting proposals. Cumulative voting provides that shareholders may concentrate their votes for one or more candidates, a system that can enable a minority block to place representation on a board.

**Confidential Voting**

The Lord Abbett Advisers believe that confidential voting allows shareholders to vote without fear of retribution or coercion based on their views. Thus, we generally support proposals that seek to preserve shareholders' anonymity.

**Reimbursing Proxy Solicitation Expenses**

The Lord Abbett Advisers vote on a case-by-case basis on shareholder proposals to require a company to reimburse reasonable expenses incurred by one or more shareholders in a successful proxy contest.

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**PROXY VOTING POLICY**

**Transacting Other Business**

The Lord Abbett Advisers believe that proposals to allow shareholders to transact other business at a meeting may deprive other shareholders of sufficient time and information needed to carefully evaluate the relevant business issues and determine how to vote with respect to them. Therefore, we typically vote against such proposals.

**Corporate Matters**

**Charter Amendments**

A company's charter documents, which may consist of articles of incorporation or a declaration of trust and bylaws, govern the company's organizational matters and affairs. The Lord Abbett Advisers consider proposals related to charter amendments on a case-by-case basis to the extent they are not explicitly covered by these Guidelines.

**Capital Structure**

A company may propose amendments to its charter documents to change the number of authorized shares or create new classes of stock. The Lord Abbett Advisers will generally support proposals to increase a company's number of authorized shares if the company has articulated a clear and reasonable purpose for the increase (*e.g*., to facilitate a stock split, merger, acquisition, or restructuring). However, we generally oppose share capital increases that would have a substantial dilutive effect.

The Lord Abbett Advisers generally believe that all shares should have equal voting rights at publicly traded companies and will:

● generally oppose proposals to create a new class of stock with superior voting rights; and

● typically vote for proposals to eliminate a dual or multi-class voting structure.

**Reincorporation**

The Lord Abbett Advisers generally follow management's recommendation regarding proposals to change a company's state of incorporation, although we consider the rationale for the reincorporation and the financial, legal, and corporate governance implications of the reincorporation. We will vote against reincorporation proposals that we believe contravene shareholders' interests.

**Mergers, Acquisitions, and Restructurings**

The Lord Abbett Advisers view the decision to approve or reject a potential merger, acquisition, or restructuring as being equivalent to an investment decision and evaluate such proposals on a case-by-case basis. In evaluating such proposals, we may consider the following factors, among others:

● the anticipated financial and operating benefits;

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**PROXY VOTING POLICY**

● the offer price;

● the prospects of the resulting company; and

● any expected changes in corporate governance and their impact on shareholder rights.

**Political Contributions and Lobbying**

The Lord Abbett Advisers recognize that companies may participate in the political process within legal limits to help shape public policy consistent with a company's strategy. While we understand the rationale for involvement in certain political activities, we generally encourage transparency in the process to help stakeholders evaluate potential risks that may impact returns. The Lord Abbett Advisers generally encourage the disclosure of oversight mechanisms related to political contributions and lobbying processes, including board oversight.

We will vote proposals related to political contributions and lobbying on a case-by-case basis. In evaluating these proposals, we will consider the current level of disclosure, peer disclosure, previous litigation or controversies, the consistency between a company's public statements on issues and the nature of its lobbying activity, engagement, and reputational or legal risks, among other factors.

**Climate Proposals**

The Lord Abbett Advisers will vote proposals relating to environmental matters on a case-by-case basis. In evaluating these proposals, we consider materiality and risk and return potential as well as a company's governance framework, current disclosures, peer disclosures, engagement, related controversies, and environmental commitments, among other factors.

**Human Rights**

The Lord Abbett Advisers support and respect the protection of internationally proclaimed human rights and companies that are not complicit in human rights abuses. In evaluating proposals related to human rights, the Lord Abbett Advisers will consider current company disclosures, peer disclosures, engagement, and related controversies, among other factors and vote such matters on a case-by-case basis.

**Auditors**

The Lord Abbett Advisers believe that companies normally are in the best position to select their auditors. However, we will evaluate such proposals on a case-by-case basis and may consider any concerns about impaired independence, accounting irregularities, controversies, or failure of the auditors to act in shareholders' best economic interests, among other relevant factors.

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**MASSACHUSETTS FINANCIAL SERVICES COMPANY PROXY VOTING POLICIES AND PROCEDURES**

**January 1, 2025**

At MFS Investment Management, our core purpose is to create value responsibly. In serving the long-term economic interests of our clients, we rely on deep fundamental research, risk awareness, engagement, and effective stewardship to generate long-term risk-adjusted returns for our clients. A core component of this approach is our proxy voting activity. We believe that robust ownership practices can help protect and enhance long-term shareholder value. Such ownership practices include diligently exercising our voting rights as well as engaging with our issuers on a variety of proxy voting topics. We recognize that environmental, social and governance ("ESG") issues may impact the long-term value of an investment, and, therefore, we consider ESG issues in light of our fiduciary obligation to vote proxies in what we believe to be in the best long- term economic interest of our clients.

MFS Investment Management and its subsidiaries that perform discretionary investment activities (collectively, "MFS") have adopted these proxy voting policies and procedures ("MFS Proxy Voting Policies and Procedures") with respect to securities owned by the clients for which MFS serves as investment adviser and has been delegated the power to vote proxies on behalf of such clients. These clients include pooled investment vehicles sponsored by MFS (an "MFS Fund" or collectively, the "MFS Funds").

**Our approach to proxy voting is guided by the overall principle that proxy voting decisions are made in what MFS believes to be the best long-term economic interests of our clients for which we have been delegated with the authority to vote on their behalf, and not in the interests of any other party, including company management or in MFS' corporate interests, including interests such as the distribution of MFS Fund shares and institutional client relationships.** These Proxy Voting Policies and Procedures include voting guidelines that govern how MFS generally will vote on specific matters as well as how we monitor potential material conflicts of interest on the part of MFS that could arise in connection with the voting of proxies on behalf of MFS' clients.

**Our approach to proxy voting is guided by the following additional principles:**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.** **Consistency in application of the policy across multiple client portfolios:** While MFS generally seeks a single vote position on the same matter when securities of an issuer are held
by multiple client portfolios, MFS may vote differently on the matter for different client portfolios under certain circumstances. For
example, we may vote differently for a client portfolio if we have received explicit voting instructions to vote differently from such
client for its own account. Likewise, MFS may vote differently if the portfolio management team responsible for a particular client account
believes that a different voting instruction is in the best long-term economic interest of such account.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.** **Consistency in application of policy across shareholder meetings in most instances:** As a general matter, MFS seeks to vote consistently on similar
proxy proposals across all shareholder meetings. However, as many proxy proposals (e.g.,
mergers, acquisitions, and shareholder proposals) are analyzed on a case-by-case basis in light of the relevant facts and circumstances
of the issuer and proposal MFS may vote similar proposals differently at different shareholder meetings. In addition, MFS also reserves
the right to override the guidelines with respect to a particular proxy proposal when such an override is, in MFS' best judgment,
consistent with the overall principle of voting proxies in the best long-term economic interests of MFS' clients.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.** **Consideration of company specific context and informed by engagement:** As noted above MFS will seek to consider a company's specific context in determining its voting decision. Where
there are significant, complex or unusual voting items we may seek to engage with a company before making the vote to further inform our
decision. Where sufficient progress has not been made on a particular issue of engagement, MFS may determine a vote against management
is warranted to reflect our concerns and encourage change in the best long-term economic interests of our clients for which MFS has been
delegated with the authority to vote on their behalf.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.** **Clear decisions to best support issuer processes and decision making:** To best support improved issuer decision making we strive to generally provide clear decisions by voting either
For or Against each item. We may however vote to Abstain in certain situations if we believe a vote either For or Against may produce
a result not in the best long-term economic interests of our clients.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.** **Transparency in approach and implementation:** In
addition to the publication of the MFS Proxy Voting Policies and Procedures on our website, we are open to communicating our vote intention
with companies, including ahead of the annual meeting. We may do this proactively where we wish to make our view or corresponding rationale
clearly known to the company. Our voting data is reported to clients upon request and publicly on a quarterly and annual basis on our
website (under Proxy Voting Records & Reports). For more information about reporting on our proxy voting activities, please refer
to Section F below.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. VOTING GUIDELINES

The following guidelines govern how MFS will generally vote on specific matters presented for shareholder vote. These guidelines are not exhaustive, and MFS may vote on matters not identified below. In such circumstances, MFS will be governed by its general policy to vote in what MFS believes to be in the best long-term economic interest of its clients.

These guidelines are written to apply to the markets and companies where MFS has significant assets invested. There will be markets and companies, such as controlled companies and smaller markets, where local governance practices are taken into consideration and exceptions may need to be applied that are not explicitly stated below. There are also markets and companies where transparency and related data limit the ability to apply these guidelines.

**Board structure and performance**

MFS generally supports the **election and/or discharge of directors** proposed by the board in uncontested or non-contentious elections, unless concerns have been identified, such as in relation to:

**Director independence**

MFS believes that good governance is enabled by a board with at least a simple majority of directors who are "independent" (as determined by MFS in its sole discretion)<sup>1</sup> of management, the company and each other. MFS may not support the non-independent nominees, or other relevant director (e.g., chair of the board or the chair of the nominating committee), where insufficient independence is identified and determined to be a risk to the board's and/or company's effectiveness.

As a general matter we will not support a nominee to a board if, as a result of such nominee being elected to the board, the board will consist of less than a simple majority of members who are "independent." However, there are also governance structures and markets where we may accept lower levels of independence, such as companies required to have non- shareholder representatives on the board, controlled companies, and companies in certain markets. In these circumstances we generally expect the board to be at least one-third independent or at least half of shareholder representatives to be independent, and as a general matter we will not support the nominee to the board if as a result of such nominee's election these expectations are not met. In certain circumstances, we may not support another relevant director's election. For example, in Japan, we will generally not support the most senior director where the board is not comprised of at least one-third independent directors or is not majority independent for those companies listed on the Prime Market with a controlling shareholder.

MFS also believes good governance is enabled by a board whose key committees, in particular audit, nominating and compensation/remuneration, consist entirely of "independent" directors. For Canada and US companies, MFS generally votes against any non-independent nominee that would cause any of the audit, compensation, nominating committee to not be fully independent. For Australia, Benelux, Ireland, New Zealand, Switzerland, and UK companies MFS generally votes against any non-independent nominee that would cause the audit or compensation/remuneration committee to not be fully independent. For Korea companies, MFS generally votes against any non- independent nominee or other relevant director that would cause the audit committee to not be fully independent, would result in the chair of the nominating and compensation/remuneration committee to not be independent, or would cause the nominating and compensation/remuneration committees to be less than majority independent. In other markets MFS generally votes against non-independent nominees or other relevant director if a majority of committee members or the chair of the audit committee are not independent. However, there are also governance structures (e.g., controlled companies or boards with non-shareholder representatives) and markets where we may accept lower levels of independence for these key committees.

<sup>1</sup> MFS' determination of "independence" may be different than that of the company, the exchange on which the company is listed, or of a third party (e.g., proxy advisory firm).

While there are currently markets where we accept lower levels of independence, we expect to expand these independence guidelines to all markets over time.

**Independent chairs**

MFS believes boards should include some form of independent leadership responsible for amplifying the views of independent directors and setting meeting agendas, and this is often best positioned as an independent chair of the board or a lead independent director. We review the merits of a change in leadership structure on a case-by-case basis.

**Tenure in leadership roles**

We may vote against a chair who is designated independent, or a lead independent director whose overall tenure on the board equals or exceeds twenty (20) years, if progress on refreshment is not made or being considered by the company's board or we identify other concerns that suggest more immediate refreshment is necessary, such as the director's role on a key committee.

**Overboarding**

All directors on a board should have sufficient time and attention to fulfil their duties and play their part in achieving effective oversight, both in normal and exceptional circumstances.

MFS may also vote against any director if we deem such nominee to have board or committee roles or other outside time commitments that we believe would impair their ability to dedicate sufficient time and attention to their director role.

As a general guideline, MFS will generally vote against a director's election if they:

● Are not a CEO or executive chair of a public company but serve on more than four

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) public company boards in total at US companies and more than five (5) public boards for companies in other non-US markets.

● Are a CEO or executive chair of a public company and serve on more than two (2) public company boards in total at US companies and two (2) outside public company boards for companies in non-US markets. In these cases, MFS would likely only apply a vote against at the meetings of the companies where the director is non-executive.

MFS may consider exceptions to this guideline if: (i) the company has disclosed the director's plans to step down from the number of public company boards exceeding the above limits, as applicable, within a reasonable time; or (ii) the director exceeds the permitted number of public company board seats solely due to either his/her board service on an affiliated company (e.g., a subsidiary), or service on more than one investment company within the same investment company complex (as defined by applicable law), or

iii) after engagement we believe the director's ability to dedicate sufficient time and attention is not impaired by the external roles.

**Diversity**

MFS believes that a well-balanced board with diverse perspectives is a foundation for sound corporate governance, and this is best spread across the board rather than concentrated in one or a few individuals. We take a holistic view on the dimensions of diversity that can lead to diversity of perspectives and stronger oversight and governance.

Gender diversity is one such dimension and where good disclosure and data enables a specific expectation and voting guideline.

On gender representation specifically MFS wishes to see companies in all markets achieve a consistent minimum representation of women of at least a third of the board, and we are likely to increase our voting guideline towards this over time.

Currently, where data is available, MFS will generally vote against the chair of the nominating and governance committee or other most relevant position at any company whose board is comprised of an insufficient representation of directors who are women for example:

● At US, Canadian, European, Australian, New Zealand companies: less than 24%.

● At Brazilian companies: less than 20%.

● At Chinese, Hong Kong, Indian, Japanese, Korean, other Latin American companies: less than 10%.

As a general matter, MFS will vote against the chair of the nominating committee of US S&P 500 companies and UK FTSE 100 companies that have failed to appoint at least one director who identifies as either an underrepresented ethnic/racial minority or a member of the LGBTQ+ community.

MFS may consider exceptions to these guidelines if we believe that the company is transitioning towards these goals or has provided clear and compelling reasons for why they have been unable to comply with these goals.

For other markets, we will engage on board diversity and may vote against the election of directors where we fail to see progress.

**Board size**

MFS believes that the size of the board can have an effect on the board's ability to function efficiently and effectively. While MFS may evaluate board size on a case-by-case basis, we will typically vote against the chair of the nominating and governance committee in instances where the size of the board is greater than sixteen (16) members. An exception to this is companies with requirements to have equal representation of employees on the board where we expect a maximum of twenty (20) members.

**Other concerns related to director election:**

MFS may also not support some or all nominees standing for election to a board if we determine:

● There are concerns with a director or board regarding performance, governance or oversight, which may include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o Clear failures in oversight or execution of duties,
including the identification, management and reporting of material risks and information, at the company or any other at which the nominee
has served. This may include climate-related risks;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o A failure by the director or board of the issuer
to take action to eliminate shareholder unfriendly provisions in the issuer's charter documents, or the introduction of shareholder unfriendly
provisions or actions; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o Allowing the hedging and/or significant pledging
of company shares by executives.

● A director attended less than 75% of the board and/or relevant committee meetings in the previous year without a valid reason stated in the proxy materials or other annual governance reporting;

● The board or relevant committee has not adequately responded to an issue that received a significant vote against management from shareholders;

● The board has implemented a poison pill without shareholder approval since the last annual meeting and such poison pill is not on the subsequent shareholder meeting's agenda (including those related to net-operating loss carry-forwards); or

● In Japan, the company allocates a significant portion of its net assets to cross- shareholdings.

Unless the concern is commonly accepted market practice, MFS may also not support some or all nominees standing for election to a nominating committee if we determine (in our sole discretion) that the chair of the board is not independent and there is no strong lead independent director role in place, or an executive director is a member of a key board committee.

Where individual directors are not presented for election in the year MFS may apply the same vote position to votes on the discharge of the director. Where the election of directors is bundled MFS may vote against the whole group if there is concern with an individual director and no other vote related to that director.

**Proxy contests**

From time to time, a shareholder may express alternative points of view in terms of a company's strategy, capital allocation, or other issues. Such a shareholder may also propose a slate of director nominees different than the slate of director nominees proposed by the company (a "Proxy Contest"). MFS will analyze Proxy Contests on a case-by-case basis, taking into consideration the track record and current recommended initiatives of both company management and the dissident shareholder(s). MFS will support the director nominee(s) that we believe is in the best, long-term economic interest of our clients.

**Other items related to board accountability:**

**Majority voting for the election of directors:** MFS generally supports reasonably crafted proposals calling for directors to be elected with an affirmative majority of votes cast and/or the elimination of the plurality standard for electing directors (including binding resolutions requesting that the board amend the company's bylaws), provided the proposal includes a carve-out for a plurality voting standard when there are more director nominees than board seats (e.g., contested elections).

**Declassified boards:** MFS generally supports proposals to declassify a board (i.e., a board in which only a sub-set of board members is elected each year) for all issuers other than for certain closed-end investment companies. MFS generally opposes proposals to classify a board for issuers other than for certain closed-end investment companies.

**The right to call a special meeting or act by written consent:**

MFS believes a threshold of 15-25% is an appropriate balance of shareholder and company interests, with thresholds of 15% for large and widely held companies.

MFS will generally support management proposals to establish these rights where they do not currently exist. MFS will generally support shareholder proposals to adjust existing rights to within the thresholds described above. MFS may also support shareholder proposals to establish the right at a threshold of 10% or above if no existing right exists and no right is presented for vote by management within the threshold range described above.

MFS will support shareholder proposals to establish the right to act by majority written consent if shareholders do not have the right to call a special meeting at the thresholds described above or lower.

**Proxy access:** MFS believes that the ability of qualifying shareholders to nominate a certain number of directors on the company's proxy statement ("Proxy Access") may have corporate governance benefits. However, such potential benefits must be balanced by its potential misuse by shareholders. Therefore, MFS generally supports Proxy Access proposals at U.S. issuers that establish ownership criteria of 3% of the company held continuously for a period of 3 years. In our view, such qualifying shareholders should have the ability to nominate at least 2 directors. We also believe companies should be mindful of imposing any undue impediments within their bylaws that may render Proxy Access impractical, including re-submission thresholds for director nominees via Proxy Access.

**Items related to shareholder rights:**

**Anti-takeover measures:** In general, MFS votes against any measure that inhibits capital appreciation in a stock, including proposals that protect management from action by shareholders. These types of proposals take many forms, ranging from "poison pills" and "shark repellents" to super-majority requirements. While MFS may consider the adoption of a prospective "poison pill" or the continuation of an existing "poison pill" on a case-by-case basis, MFS generally votes against such anti-takeover devices.

MFS will consider any poison pills designed to protect a company's net-operating loss carryforwards on a case-by-case basis, weighing the accounting and tax benefits of such a pill against the risk of deterring future acquisition candidates. MFS will also consider, on a case-by-case basis, proposals designed to prevent tenders which are disadvantageous to shareholders such as tenders at below market prices and tenders for substantially less than all shares of an issuer.

MFS generally supports proposals that seek to remove governance structures that insulate management from shareholders. MFS generally votes for proposals to rescind existing "poison pills" and proposals that would require shareholder approval to adopt prospective "poison pills."

**Cumulative voting:** MFS generally opposes proposals that seek to introduce cumulative voting and supports proposals that seek to eliminate cumulative voting. In either case, MFS will consider whether cumulative voting is likely to enhance the interests of MFS' clients as minority shareholders.

**One-share one-vote**: As a general matter, MFS supports proportional alignment of voting rights with economic interest and may not support a proposal that deviates from this approach. For companies listing with multiple share classes or other forms of disproportionate control are in place, we expect these to have sunset provisions of generally no longer than seven years after which the structure becomes single class one-share one-vote.

**Reincorporation and reorganization proposals**: When presented with a proposal to reincorporate a company under the laws of a different state, or to effect some other type of corporate reorganization, MFS considers the underlying purpose and ultimate effect of such a proposal in determining whether or not to support such a measure. MFS generally votes with management in regard to these types of proposals, however, if MFS believes the proposal is not in the best long-term economic interests of its clients, then MFS may vote against management (e.g., the intent or effect would be to create additional inappropriate impediments to possible acquisitions or takeovers).

**Other business:** MFS generally votes against "other business" proposals as the content of any such matter is not known at the time of our vote.

**Items related to capitalization proposals, capital allocation and corporate actions:**

**Issuance of stock:** There are many legitimate reasons for the issuance of stock. Nevertheless, as noted below under "Stock Plans," when a stock option plan (either individually or when aggregated with other plans of the same company) would substantially dilute the existing equity (e.g., by more than approximately 10-15%), MFS generally votes against the plan.

MFS typically votes against proposals where management is asking for authorization to issue common or preferred stock with no reason stated (a "blank check") because the unexplained authorization could work as a potential anti-takeover device. MFS may also vote against the authorization or issuance of common or preferred stock if MFS determines that the requested authorization is excessive or not warranted. MFS will consider the duration of the authority and the company's history in using such authorities in making its decision.

**Repurchase programs:** MFS generally supports proposals to institute share repurchase plans in which all shareholders have the opportunity to participate on an equal basis. Such plans may include a company acquiring its own shares on the open market, or a company making a tender offer to its own shareholders.

**Mergers, acquisitions & other special transactions:** MFS considers proposals with respect to mergers, acquisitions, sale of company assets, share and debt issuances and other transactions that have the potential to affect ownership interests on a case-by-case basis. When analyzing such proposals, we use a variety of materials and information, including our own internal research as well as the research of third-party service providers.

**Independent Auditors**

MFS generally supports the election of auditors but may determine to vote against the election of a statutory auditor and/or members of the audit committee in certain markets if MFS reasonably believes that the statutory auditor is not truly independent, sufficiently competent or there are concerns related to the auditor's work or opinion. To inform this view, MFS may evaluate the use of non-audit services in voting decisions when the percentage of non-audit fees to total auditor fees exceeds 40%, in particular if recurring.

**Executive Compensation**

MFS believes that competitive compensation packages are necessary to attract, motivate and retain executives. We seek compensation plans that are geared towards durable long-term value creation and aligned with shareholder interests and experience, such as where we believe:

● The plan is aligned with the company's current strategic priorities with a focused set of clear, suitably ambitious and measurable performance conditions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o Practices of concern may include an incentive plan
without financial performance conditions, without a substantial majority weighting to quantitative metrics or that vests substantially
below median performance.

● Meaningful portions of awards are paid in shares and based on long performance periods (e.g., at least three years);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o Practices of concern may include low executive share
ownership in the context of total pay and tenure.

● Awards and potential future awards, reflect the nature of the business, value created and the executive's performance;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o Practices of concern may include large windfall gains
or award increases without justification.

● Awards are fair, not detrimental to firm culture and reflect the policies approved by shareholders at previous meetings with appropriate use of discretion (positive and negative); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o Practices of concern may include one-off awards without
justification or robust performance conditions, equity awards repriced without shareholder approval, substantial executive or director
share pledging, egregious perks or substantial internal pay imbalances.

● The calculation and justification for awards is sufficiently transparent for investors to appraise alignment with performance and future incentives.

MFS will analyze votes on executive compensation on a case-by-case basis. When analyzing compensation practices, MFS generally uses a two-step process. MFS first seeks to identify any compensation practices that are potentially of concern by using both internal research and the research of third-party service providers. Where such practices are identified, MFS will then analyze the compensation practices in light of relevant facts and circumstances. MFS will vote against an issuer's executive compensation practices if MFS determines that such practices are not geared towards durable long-term value creation and are misaligned with the best, long-term economic interest of our clients. When analyzing whether an issuer's compensation practices are aligned with the best, long-term economic interest of our clients, MFS uses a variety of materials and information, including our own internal research and engagement with issuers as well as the research of third-party service providers.

MFS generally supports proposals to include an advisory shareholder vote on an issuer's executive compensation practices on an annual basis.

MFS does not have formal voting guideline in regard to the inclusion of ESG incentives in a company's compensation plan; however, where such incentives are included, we believe:

● The incentives should be tied to issues that are financially material for the issuer in question.

● They should predominantly include quantitative or other externally verifiable outcomes rather than qualitative measures.

● The weighting of incentives should be appropriately balanced with other strategic priorities.

We believe non-executive directors may be compensated in cash or stock but these should not be performance-based.

**Stock Plans**

MFS may oppose stock option programs and restricted stock plans if they:

● Provide unduly generous compensation for officers, directors or employees, or could result in excessive dilution to other shareholders. As a general guideline, MFS votes against restricted stock, stock option, non-employee director, omnibus stock plans and any other stock plan if all such plans for a particular company involve potential excessive dilution (which we typically consider to be, in the aggregate, of more than 15%). MFS will generally vote against stock plans that involve potential dilution, in aggregate, of more than 10% at U.S. issuers that are listed in the Standard and Poor's 100 index as of December 31 of the previous year.

● Allow the board or the compensation committee to re-price underwater options or to automatically replenish shares without shareholder approval.

● Do not require an investment by the optionee, give "free rides" on the stock price, or permit grants of stock options with an exercise price below fair market value on the date the options are granted.

In the cases where a stock plan amendment is seeking qualitative changes and not additional shares, MFS will vote on a case-by-case basis.

MFS will consider proposals to exchange existing options for newly issued options, restricted stock or cash on a case-by-case basis, taking into account certain factors, including, but not limited to, whether there is a reasonable value-for-value exchange and whether senior executives are excluded from participating in the exchange.

From time to time, MFS may evaluate a separate, advisory vote on severance packages or "golden parachutes" to certain executives at the same time as a vote on a proposed merger or acquisition. MFS will vote on a severance package on a case-by-case basis, and MFS may vote against the severance package regardless of whether MFS supports the proposed merger or acquisition.

MFS supports the use of a broad-based employee stock purchase plans to increase company stock ownership by employees, provided that shares purchased under the plan are acquired for no less than 85% of their market value and do not result in excessive dilution.

MFS may also not support some or all nominees standing for election to a compensation/remuneration committee if:

● MFS votes against consecutive pay votes;

● MFS determines that a particularly egregious executive compensation practice has occurred. This may include use of discretion to award excessive payouts. MFS believes compensation committees should have flexibility to apply discretion to ensure final payments reflect long-term performance as long as this is used responsibly;

● MFS believes the committee is inadequately incentivizing or rewarding executives, or is overseeing pay practices that we believe are detrimental the long-term success of the company; or

● An advisory pay vote is not presented to shareholders, or the company has not implemented the advisory vote frequency supported by a plurality/majority of shareholders.

**Shareholder Proposals on Executive Compensation**

MFS generally opposes shareholder proposals that seek to set rigid restrictions on executive compensation as MFS believes that compensation committees should retain flexibility to determine the appropriate pay package for executives.

MFS may support reasonably crafted shareholder proposals that:

● Require shareholder approval of any severance package for an executive officer that exceeds a certain multiple of such officer's annual compensation that is not determined in MFS' judgment to be excessive;

● Require the issuer to adopt a policy to recover the portion of performance-based bonuses and awards paid to senior executives that were not earned based upon a significant negative restatement of earnings, or other significant misconduct or corporate failure, unless the company already has adopted a satisfactory policy on the matter;

● Expressly prohibit the backdating of stock options; or,

● Prohibit the acceleration of vesting of equity awards upon a broad definition of a "change-in-control" (e.g., single or modified single-trigger).

**Environmental and Social Proposals**

Where management presents climate action/transition plans to shareholder vote, we will evaluate the level of ambition over time, scope, credibility and transparency of the plan in determining our support. Where companies present climate action progress reports to shareholder vote we will evaluate evidence of implementation of and progress against the plan and level of transparency in determining our support.

Most vote items related to environmental and social topics are presented by shareholders. As these proposals, even on the same topic, can vary significantly in scope and action requested, these proposals are typically assessed on a case-by-case basis.

For example, MFS may support reasonably crafted proposals:

● On climate change: that seek disclosure consistent with the recommendations of a generally accepted global framework (e.g., Task Force on Climate-related Financial Disclosures) that is appropriately audited and that is presented in a way that enables shareholders to assess and analyze the company's data; or request appropriately robust and ambitious plans or targets.

● Other environmental: that request the setting of targets for reduction of environmental impact or disclosure of key performance indicators or risks related to the impact, where materially relevant to the business. An example of such a proposal could be reporting on the impact of plastic use or waste stemming from company products or packaging.

● On diversity: that seek to amend a company's equal employment opportunity policy to prohibit discrimination; that request good practice employee-related DEI disclosure; or that seek external input and reviews on specific related areas of performance.

● On lobbying: that request good practice disclosure regarding a company's political contributions and lobbying payments and policy (including trade organizations and lobbying activity).

● On tax: that request reporting in line with the GRI 207 Standard on Tax.

● On corporate culture and/or human/worker rights: that request additional disclosure on corporate culture factors like employee turnover and/or management of human and labor rights.

MFS is unlikely to support a proposal if we believe that the proposal is unduly costly, restrictive, unclear, burdensome, has potential unintended consequences, is unlikely to lead to tangible outcomes or we don't believe the issue is material or the action a priority for the business. MFS is also unlikely to support a proposal where the company already provides publicly available information that we believe is sufficient to enable shareholders to evaluate the potential opportunities and risks on the subject of the proposal, if the request of the proposal has already been substantially implemented, or if through engagement we gain assurances that it will be substantially implemented.

The laws of various states or countries may regulate how the interests of certain clients subject to those laws (e.g., state pension plans) are voted with respect to environmental, social and governance issues. Thus, it may be necessary to cast ballots differently for certain clients than MFS might normally do for other clients.

&nbsp;&nbsp;&nbsp;&nbsp;B. GOVERNANCE OF PROXY VOTING ACTIVITIES

From time to time, MFS may receive comments on the MFS Proxy Voting Policies and Procedures from its clients. These comments are carefully considered by MFS when it reviews these MFS Proxy Voting Policies and Procedures and revises them as appropriate, in MFS' sole judgment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. MFS Proxy Voting Committee

The administration of these MFS Proxy Voting Policies and Procedures is overseen by the MFS Proxy Voting Committee, which includes senior personnel from the MFS Legal and Global Investment and Client Support Departments as well as members of the investment team. The Proxy Voting Committee does not include individuals whose primary duties relate to client relationship management, marketing, or sales. The MFS Proxy Voting Committee:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Reviews these MFS Proxy Voting Policies and Procedures
at least annually and recommends any amendments considered to be necessary or advisable;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Determines whether any potential material conflict
of interest exists with respect to instances in which MFS (i) seeks to override these MFS Proxy Voting Policies and Procedures; (ii) votes
on ballot items not governed by these MFS Proxy Voting Policies and Procedures; (iii) evaluates an excessive executive compensation issue
in relation to the election of directors; or (iv) requests a vote recommendation from an MFS portfolio manager or investment analyst (e.g.,
mergers and acquisitions);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. Considers special proxy issues as they may arise from time to time; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. Determines engagement priorities and strategies with
respect to MFS' proxy voting activities

The day-to-day application of the MFS Proxy Voting Policies and Procedures are conducted by the MFS Stewardship Team led by MFS' Director of Global Stewardship. The Stewardship Team are members of MFS' investment team.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Potential Conflicts of Interest

These policies and procedures are intended to address any potential material conflicts of interest on the part of MFS or its subsidiaries that are likely to arise in connection with the voting of proxies on behalf of MFS' clients. If such potential material conflicts of interest do arise, MFS will analyze, document and report on such potential material conflicts of interest (see below) and shall ultimately vote the relevant ballot items in what MFS believes to be the best long-term economic interests of its clients.

The MFS Proxy Voting Committee is responsible for monitoring potential material conflicts of interest on the part of MFS or its subsidiaries that could arise in connection with the voting of proxies on behalf of MFS' clients. Due to the client focus of our investment management business, we believe that the potential for actual material conflict of interest issues is small. Nonetheless, we have developed precautions to assure that all votes are cast in the best long-term economic interest of its clients.<sup>2</sup> Other MFS internal policies require all MFS employees to avoid actual and potential conflicts of interests between personal activities and MFS' client activities. If an employee (including investment professionals) identifies an actual or potential conflict of interest with respect to any voting decision (including the ownership of securities in their individual portfolio), then that employee must recuse himself/herself from participating in the voting process. Any significant attempt by an employee of MFS or its subsidiaries to unduly influence MFS' voting on a particular proxy matter should also be reported to the MFS Proxy Voting Committee.

In cases where ballots are voted in accordance with these MFS Proxy Voting Policies and Procedures, no material conflict of interest will be deemed to exist. In cases where (i) MFS is considering overriding these MFS Proxy Voting Policies and Procedures, (ii) matters presented for vote are not governed by these MFS Proxy Voting Policies and Procedures, (iii) MFS identifies and evaluates a potentially concerning executive compensation issue in relation to an advisory pay or severance package vote, or (iv) a vote recommendation is requested from an MFS portfolio manager or investment analyst for proposals relating to a merger, an acquisition, a sale of company assets or other similar transactions (collectively, "Non-Standard Votes"); the MFS Proxy Voting Committee will follow these procedures:

<sup>2</sup> For clarification purposes, note that MFS votes in what we believe to be the best, long-term economic interest of our clients entitled to vote at the shareholder meeting, regardless of whether other MFS clients hold "short" positions in the same issuer or whether other MFS clients hold an interest in the company that is not entitled to vote at the shareholder meeting (e.g., bond holder).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Compare the name of the issuer of such ballot or the
name of the shareholder (if identified in the proxy materials) making such proposal against a list of significant current (i) distributors
of MFS Fund shares, and (ii) MFS institutional clients (the "MFS Significant Distributor and Client List");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. If the name of the issuer does not appear on the
MFS Significant Distributor and Client List, then no material conflict of interest will be deemed to exist, and the proxy will be voted
as otherwise determined by the MFS Proxy Voting Committee;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. If the name of the issuer appears on the MFS Significant
Distributor and Client List, then the MFS Proxy Voting Committee will be apprised of that fact and each member of the MFS Proxy Voting
Committee (with the participation of MFS' Conflicts Officer) will carefully evaluate the proposed vote in order to ensure that the proxy
ultimately is voted in what MFS believes to be the best long-term economic interests of MFS' clients, and not in MFS' corporate
interests; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. For all potential material conflicts of interest identified
under clause (c) above, the MFS Proxy Voting Committee will document: the name of the issuer, the issuer's relationship to MFS,
the analysis of the matters submitted for proxy vote, the votes as to be cast and the reasons why the MFS Proxy Voting Committee determined
that the votes were cast in the best long-term economic interests of MFS' clients, and not in MFS' corporate interests. A copy of
the foregoing documentation will be provided to MFS' Conflicts Officer.

The members of the MFS Proxy Voting Committee are responsible for creating and maintaining the MFS Significant Distributor and Client List, in consultation with MFS' distribution and institutional business units. The MFS Significant Distributor and Client List will be reviewed and updated periodically, as appropriate.

For instances where MFS is evaluating a director nominee who also serves as a director/trustee of the MFS Funds, then the MFS Proxy Voting Committee will adhere to the procedures described in section (c) above regardless of whether the portfolio company appears on our Significant Distributor and Client List. In doing so, the MFS Proxy Voting Committee will adhere to such procedures for all Non-Standard Votes at the company's shareholder meeting at which the director nominee is standing for election.

If an MFS client has the right to vote on a matter submitted to shareholders by Sun Life Financial, Inc. or any of its affiliates (collectively "Sun Life"), MFS will cast a vote on behalf of such MFS client as such client instructs or in the event that a client instruction is unavailable pursuant to the recommendations of Institutional Shareholder Services, Inc.'s ("ISS") benchmark policy, or as required by law. Likewise, if an MFS client has the right to vote on a matter submitted to shareholders by a public company for which an MFS Fund director/trustee serves as an executive officer, MFS will cast a vote on behalf of such MFS client as such client instructs or in the event that client instruction is unavailable pursuant to the recommendations of ISS or as required by law.

Except as described in the MFS Fund's Prospectus, from time to time, certain MFS Funds (the "top tier fund") may own shares of other MFS Funds (the "underlying fund"). If an underlying fund submits a matter to a shareholder vote, the top tier fund will generally vote its shares in the same proportion as the other shareholders of the underlying fund. If there are no other shareholders in the underlying fund, the top tier fund will vote in what MFS believes to be in the top tier fund's best long-term economic interest. If an MFS client has the right to vote on a matter submitted to shareholders by a pooled investment vehicle advised by MFS (excluding those vehicles for which MFS' role is primarily portfolio management and is overseen by another investment adviser), MFS will cast a vote on behalf of such MFS client in the same proportion as the other shareholders of the pooled investment vehicle.<sup>3</sup>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Review of Policy

The MFS Proxy Voting Policies and Procedures are available on www.mfs.com and may be accessed by both MFS' clients and the companies in which MFS' clients invest. The MFS Proxy Voting Policies and Procedures are reviewed by the Proxy Voting Committee annually. From time to time, MFS may receive comments on the MFS Proxy Voting Policies and Procedures from its clients. These comments are carefully considered by MFS when it reviews these MFS Proxy Voting Policies and Procedures and revises them as appropriate, in MFS' sole judgment.

C. OTHER ADMINISTRATIVE MATTERS & USE OF PROXY ADVISORY FIRMS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Use of Proxy Advisory Firms

MFS, on behalf of itself and certain of its clients (including the MFS Funds) has entered into an agreement with an independent proxy administration firm pursuant to which the proxy administration firm performs various proxy vote related administrative services such as vote processing and recordkeeping functions. Except as noted below, the proxy administration firm for MFS and its clients, including the MFS Funds, is ISS. The proxy administration firm for MFS Development Funds, LLC is Glass, Lewis & Co., Inc. ("Glass Lewis"; Glass Lewis and ISS are each hereinafter referred to as the "Proxy Administrator").

<sup>3</sup> MFS Fund Distributors, Inc. ("MFD"), the principal underwriter of each series of the MFS Active Exchange Traded Funds Trust (each series, an "MFS Active ETF" and collectively, the "MFS Active ETFs"), has been appointed by each authorized participant with authority to vote such participant's shares of each MFS Active ETF on any matter submitted to a vote of the shareholders of the MFS Active ETF. If an MFS Active ETF submits a matter to a shareholder vote, MFD will vote (or abstain from voting) an authorized participant's shares in the same proportion as the other shareholders of the MFS Active ETF. If there are no other shareholders in the MFS Active ETF, MFS will vote in what MFS believes to be in the MFS Active ETF's best interest.

In addition, in the event MFS or an MFS subsidiary hold shares of an MFS Fund (including an MFS Active ETF) as seed money and the MFS Fund submits a matter to a shareholder vote, MFS or the MFS subsidiary, as the case may be, will vote (or abstain from voting) its shares in the same proportion as the other shareholders of the MFS Fund. If there are no other shareholders in the MFS Fund, MFS or the MFS subsidiary, as the case may be, will vote in what MFS believes to be in the MFS Fund's best interest.

The Proxy Administrator receives proxy statements and proxy ballots directly or indirectly from various custodians, logs these materials into its database and matches upcoming meetings with MFS Fund and client portfolio holdings, which are inputted into the Proxy Administrator's system by an MFS holdings data-feed. The Proxy Administrator then reconciles a list of all MFS accounts that hold shares of a company's stock and the number of shares held on the record date by these accounts with the Proxy Administrator's list of any upcoming shareholder's meeting of that company. If a proxy ballot has not been received, the Proxy Administrator and/or MFS may contact the client's custodian requesting the reason as to why a ballot has not been received. Through the use of the Proxy Administrator system, ballots and proxy material summaries for all upcoming shareholders' meetings are available on-line to certain MFS employees and members of the MFS Proxy Voting Committee.

MFS also receives research reports and vote recommendations from proxy advisory firms. These reports are only one input among many in our voting analysis, which includes other sources of information such as proxy materials, company engagement discussions, other third-party research and data. MFS has due diligence procedures in place to help ensure that the research we receive from our proxy advisory firms is materially accurate and that we address any material conflicts of interest involving these proxy advisory firms. This due diligence includes an analysis of the adequacy and quality of the advisory firm staff, its conflict of interest policies and procedures and independent audit reports. We also review the proxy policies, methodologies and peer-group-composition methodology of our proxy advisory firms at least annually. Additionally, we also receive reports from our proxy advisory firms regarding any violations or changes to conflict of interest procedures.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Analyzing and Voting Proxies

Proxies are voted in accordance with these MFS Proxy Voting Policies and Procedures. The Proxy Administrator, at the prior direction of MFS, automatically votes all proxy matters that do not require the particular exercise of discretion or judgment with respect to these MFS Proxy Voting Policies and Procedures as determined by MFS. In these circumstances, if the Proxy Administrator, based on MFS' prior direction, expects to vote against management with respect to a proxy matter and MFS becomes aware that the issuer has filed or will file additional soliciting materials sufficiently in advance of the deadline for casting a vote at the meeting, MFS will consider such information when casting its vote. With respect to proxy matters that require the particular exercise of discretion or judgment, the MFS Proxy Voting Committee or its representatives considers and votes on those proxy matters. In analyzing all proxy matters, MFS uses a variety of materials and information, including, but not limited to, the issuer's proxy statement and other proxy solicitation materials (including supplemental materials), our own internal research and research and recommendations provided by other third parties (including research of the Proxy Administrator). As described herein, MFS may also determine that it is beneficial in analyzing a proxy voting matter for members of the Proxy Voting Committee or its representatives to engage with the company on such matter. MFS also uses its own internal research, the research of Proxy Administrators and/or other third party research tools and vendors to identify (i) circumstances in which a board may have approved an executive compensation plan that is excessive or poorly aligned with the portfolio company's business or its shareholders, (ii) environmental, social and governance proposals that warrant further consideration, or (iii) circumstances in which a company is not in compliance with local governance or compensation best practices. Representatives of the MFS Proxy Voting Committee review, as appropriate, votes cast to ensure conformity with these MFS Proxy Voting Policies and Procedures.

For certain types of votes (e.g., mergers and acquisitions, proxy contests and capitalization matters), MFS' Stewardship Team will seek a recommendation from the MFS investment analyst that is responsible for analyzing the company and/or portfolio managers that holds the security in their portfolio. For certain other votes that require a case-by-case analysis per these policies (e.g., potentially excessive executive compensation issues, or certain shareholder proposals), the Stewardship Team will likewise consult with MFS investment analysts and/or portfolio managers.<sup>4</sup> However, the MFS Proxy Voting Committee will ultimately be responsible for the manner in which all ballots are voted.

As noted above, MFS reserves the right to override the guidelines when such an override is, in MFS' best judgment, consistent with the overall principle of voting proxies in the best long-term economic interests of MFS' clients. Any such override of the guidelines shall be analyzed, documented and reported in accordance with the procedures set forth in these policies.

In accordance with its contract with MFS, the Proxy Administrator also generates a variety of reports for the MFS Proxy Voting Committee and makes available on-line various other types of information so that the MFS Proxy Voting Committee or its representatives may review and monitor the votes cast by the Proxy Administrator on behalf of MFS' clients.

For those markets that utilize a "record date" to determine which shareholders are eligible to vote, MFS generally will vote all eligible shares pursuant to these guidelines regardless of whether all (or a portion of) the shares held by our clients have been sold prior to the meeting date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Securities Lending

From time to time, certain MFS Funds may participate in a securities lending program. In the event MFS or its agent receives timely notice of a shareholder meeting for a U.S. security, MFS and its agent will attempt to recall any securities on loan before the meeting's record date so that MFS will be entitled to vote these shares. However, there may be instances in which MFS is unable to timely recall securities on loan for a U.S. security, in which cases MFS will not be able to vote these shares. MFS will report to the appropriate board of the MFS Funds those instances in which MFS is not able to timely recall the loaned securities. MFS generally does not recall non-U.S. securities on loan because there may be insufficient advance notice of proxy materials, record dates, or vote cut-off dates to allow MFS to timely recall the shares in certain markets on an automated basis. As a result, non-U.S. securities that are on loan will not generally be voted. If MFS receives timely notice of what MFS determines to be an unusual, significant vote for a non-U.S. security whereas MFS shares are on loan and determines that voting is in the best long-term economic interest of shareholders, then MFS will attempt to timely recall the loaned shares.

<sup>4</sup> From time to time, due to travel schedules and other commitments, an appropriate portfolio manager or research analyst may not be available to provide a vote recommendation. If such a recommendation cannot be obtained within a reasonable time prior to the cut-off date of the shareholder meeting, the MFS Proxy Voting Committee may determine to abstain from voting.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Potential impediments to voting

In accordance with local law or business practices, some companies or custodians prevent the sale of shares that have been voted for a certain period beginning prior to the shareholder meeting and ending on the day following the meeting ("share blocking"). Depending on the country in which a company is domiciled, the blocking period may begin a stated number of days prior or subsequent to the meeting (e.g., one, three or five days) or on a date established by the company. While practices vary, in many countries the block period can be continued for a longer period if the shareholder meeting is adjourned and postponed to a later date. Similarly, practices vary widely as to the ability of a shareholder to have the "block" restriction lifted early (e.g., in some countries shares generally can be "unblocked" up to two days prior to the meeting whereas in other countries the removal of the block appears to be discretionary with the issuer's transfer agent). Due to these restrictions, MFS must balance the benefits to its clients of voting proxies against the potentially serious portfolio management consequences of a reduced flexibility to sell the underlying shares at the most advantageous time. For companies in countries with share blocking periods or in markets where some custodians may block shares, the disadvantage of being unable to sell the stock regardless of changing conditions generally outweighs the advantages of voting at the shareholder meeting for routine items. Accordingly, MFS will not vote those proxies in the absence of an unusual, significant vote that outweighs the disadvantage of being unable to sell the stock.

From time to time, governments may impose economic sanctions which may prohibit us from transacting business with certain companies or individuals. These sanctions may also prohibit the voting of proxies at certain companies or on certain individuals. In such instances, MFS will not vote at certain companies or on certain individuals if it determines that doing so is in violation of the sanctions.

In limited circumstances, other market specific impediments to voting shares may limit our ability to cast votes, including, but not limited to, late delivery of proxy materials, untimely vote cut-off dates, power of attorney and share re-registration requirements, or any other unusual voting requirements. In these limited instances, MFS votes securities on a best-efforts basis in the context of the guidelines described above.

&nbsp;&nbsp;&nbsp;&nbsp;D. ENGAGEMENT

As part of its approach to stewardship MFS engages with companies in which it invests on a range of priority issues. Where sufficient progress has not been made on a particular issue of engagement, MFS may determine a vote against management may be warranted to reflect our concerns and influence for change in the best long-term economic interests of our clients.

MFS may determine that it is appropriate and beneficial to engage in a dialogue or written communication with a company or other shareholders specifically regarding certain matters on the company's proxy statement that are of concern to shareholders, including environmental, social and governance matters. This may be to discuss and build our understanding of a certain proposal, or to provide further context to the company on our vote decision.

A company or shareholder may also seek to engage with members of the MFS Proxy Voting Committee or Stewardship Team in advance of the company's formal proxy solicitation to review issues more generally or gauge support for certain contemplated proposals. For further information on requesting engagement with MFS on proxy voting issues or information about MFS' engagement priorities, please contact proxyteam@mfs.com.

&nbsp;&nbsp;&nbsp;&nbsp;E. RECORDS RETENTION

MFS will retain copies of these MFS Proxy Voting Policies and Procedures in effect from time to time and will retain all proxy voting reports submitted to the Board of Trustees of the MFS Funds for the period required by applicable law. Proxy solicitation materials, including electronic versions of the proxy ballots completed by representatives of the MFS Proxy Voting Committee, together with their respective notes and comments, are maintained in an electronic format by the Proxy Administrator and are accessible on-line by the MFS Proxy Voting Committee and other MFS employees. All proxy voting materials and supporting documentation, including records generated by the Proxy Administrator's system as to proxies processed, including the dates when proxy ballots were received and submitted, and the votes on each company's proxy issues, are retained as required by applicable law.

&nbsp;&nbsp;&nbsp;&nbsp;F. REPORTS

<u>**U.S. Registered MFS Funds**</u>

MFS publicly discloses the proxy voting records of the U.S. registered MFS Funds on a quarterly basis. MFS will also report the results of its voting to the Board of Trustees of the U.S. registered MFS Funds. These reports will include: (i) a summary of how votes were cast (including advisory votes on pay and "golden parachutes"); (ii) a summary of votes against management's recommendation; (iii) a review of situations where MFS did not vote in accordance with the guidelines and the rationale therefore; (iv) a review of the procedures used by MFS to identify material conflicts of interest and any matters identified as a material conflict of interest; (v) a review of these policies and the guidelines; (vi) a review of our proxy engagement activity; (vii) a report and impact assessment of instances in which the recall of loaned securities of a U.S. issuer was unsuccessful; and (viii) as necessary or appropriate, any proposed modifications thereto to reflect new developments in corporate governance and other issues. Based on these reviews, the Trustees of the U.S. registered MFS Funds will consider possible modifications to these policies to the extent necessary or advisable.

<u>**Other MFS Clients**</u>

MFS may publicly disclose the proxy voting records of certain other clients (including certain MFS Funds) or the votes it casts with respect to certain matters as required by law. A report can also be printed by MFS for each client who has requested that MFS furnish a record of votes cast. The report specifies the proxy issues which have been voted for the client during the year and the position taken with respect to each issue and, upon request, may identify situations where MFS did not vote in accordance with the MFS Proxy Voting Policies and Procedures.

<u>**Firm-wide Voting Records**</u>

MFS also publicly discloses its firm-wide proxy voting records on a quarterly basis.

Except as described above, MFS generally will not divulge actual voting practices to any party other than the client or its representatives because we consider that information to be confidential and proprietary to the client. However, as noted above, MFS may determine that it is appropriate and beneficial to engage in a dialogue with a company regarding certain matters. During such dialogue with the company, MFS may disclose the vote it intends to cast in order to potentially effect positive change at a company in regard to environmental, social or governance issues.

![](image00002.jpg)

**<u>Proxy Voting Policy</u>**<br>Category: Portfolio Management<br>

Policy Statement

It is the policy of Mellon Investments Corporation ("MIC") to fully meet its fiduciary obligations in exercising the power, discretion and responsibility to vote proxies where clients have delegated such authority.

Background

Registered Investment Advisers have a number of responsibilities regarding voting of proxies for client securities that are under its management and that are governed by the Advisers Act. Rule 206(4)-6 requires investments advisers to (a) adopt and implement written policies and procedures that are reasonably designed to ensure that the adviser votes client securities in the best interests of clients, which procedures must include how material conflicts that may arise between an adviser's interests and those of its clients are addressed; (b) disclose to clients how they may obtain information from the adviser with respect to the voting of proxies for their securities; and (c) describe to clients its proxy voting policies and procedures and, upon request, furnish a copy to its clients. Rule 204-2 further requires an investment adviser to retain certain records relating to the exercise of its proxy voting authority.

Policy

As a registered Investment Advisor, MIC is often entrusted with the fiduciary responsibility to vote proxies for shares of corporate stock held on behalf of our clients. Proxy voting is an integral part of the management of the investment in those shares. In voting proxies, MIC takes into account long term economic value as we evaluate issues relating to corporate governance, including structures and practices, the nature of long-term business plans, including sustainability policies and practices to address environmental and social factors that are likely to have an impact on shareholder value, and other financial and non-financial measures of corporate performance.

MIC has established a Proxy Voting and Governance Committee to implement and maintain MIC's Proxy Voting Policy and related proxy voting guidelines (the "Voting Guidelines"). This Committee oversees MIC's proxy voting activities and ensures that the Voting Guidelines are generally applied consistently and impartially for securities held in accounts for which MIC has proxy voting authority. MIC will make every reasonable effort to ensure that proxies are received and voted in accordance with this policy and the Voting Guidelines. To assist us in that process, MIC retains Institutional Shareholder Services ("ISS") to provide various services related to proxy voting, such as research, analysis, voting services, proxy vote tracking, recordkeeping, and reporting. In addition, MIC retains Glass Lewis for research services only.

**Proxy Voting Conflicts of Interest**

MIC has appointed the BNY Mellon Proxy Voting Conflicts Committee to address certain conflicts associated with actual or potential material conflicts of interest involving The Bank of New York Mellon ("Parent Company"). These conflicts typically arise due to a relationship between a proxy issuer and the Parent Company, the Parent Company's Chief Executive Officer, or a member of the Parent Company's Board of Directors.

MIC leverages the Mellon Risk and Compliance Committee to assist in conflict mitigation and for interpretation of its Proxy Voting Policy from time to time. These conflicts typically arise at

![](image00003.jpg)

the MIC firm level and are not actual or potential material conflicts of interest involving the Parent Company as referenced above.

MIC may submit (or arrange to submit) proxy votes involving these conflict in accordance with the recommendation of an independent fiduciary selected and engaged for this purpose; or

proposals may be voted in the same proportion as all other voting shareholders ("mirror voting"), and will not be delegated to an independent fiduciary.

However, if "mirror voting" is not operationally feasible or if MIC determines that "mirror voting" in a particular situation may not be in our client's best interest, the conflicted proxy proposal will be presented to the BNYM Proxy Voting Conflict Committee (as described above) to determine how the proposal should be addressed.

MIC will furnish a copy of its Proxy Voting Policy and its Voting Guidelines upon request to each advisory client that has delegated voting authority.

**Voting BNY Mellon Stock**

It is the policy of MIC not to vote or make recommendations on how to vote shares of BNY Mellon stock, even where MIC has the legal power to do so under the relevant governing instrument. In order to avoid any appearance of conflict relating to voting BNY Mellon stock, MIC has contracted with an independent fiduciary (ISS) to direct all voting of BNY Mellon Stock held by any MIC accounts on any matter in which shareholders of BNY Mellon Stock are required or permitted to vote.

**Voting Non-US Company Proxies**

MIC seeks to effect vote decisions through the application of the Voting Guidelines. However, corporate governance practices, disclosure requirements and voting operations vary significantly among the various non-U.S. markets in which clients may invest. In these markets, MIC may face regulatory, compliance, legal or logistical limits with respect to voting securities held in client accounts which can affect the firm's ability to vote such proxies, as well as the desirability of voting such proxies. Non-U.S. regulatory restrictions or company-specific ownership limits, as well as legal matters related to consolidated groups, may restrict the total percentage of an issuer's voting securities that MIC can hold for clients and the nature of our voting in such securities. MIC's ability to vote proxies may also be affected by, among other things: (1) late receipt of meeting notices; (2) requirements to vote proxies in person: (3) restrictions on a foreigner's ability to exercise votes; (4) potential difficulties in translating the proxy; (5) requirements to provide local agents with unrestricted powers of attorney to facilitate voting instructions; and (6) requirements that investors who exercise their voting rights surrender the right to dispose of their holdings for some specified period in proximity to the shareholder meeting. Absent an issue that is likely to impact clients' economic interest in a company, MIC generally will not subject clients to the costs (which may include a loss of liquidity) that could be imposed by these requirements. In these markets, MIC will weigh the associative costs against the benefit of voting and may refrain from voting certain non-U.S. securities in instances where the items presented are not likely to have a material impact on shareholder value (where the expense and administrative inconvenience or other burdens outweigh the benefits to clients of voting the securities).

**Securities Lending**

Generally, MIC expects that the projected long-term economic benefit to clients in voting proxies would be exceeded by securities lending income on shares on loan. In our assessment, the

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resolutions being voted on are typically routine and will not have significant economic consequences and/or because the outcome would not be affected by voting all or a portion of loaned securities.

While most resolutions are routine, from time to time, the Proxy Voting and Governance Committee in conjunction with the investment management team may determine that the expected economic benefit of voting clients' entire holding is greater than the projected lending revenue. Shares on loan are not recalled to vote unless the case can be made that the optimal voting outcome would be economically beneficial for clients and voting all eligible shares in client portfolios would increase the likelihood of achieving that outcome.

**Index/Passive Fixed Income Mandates and Cash Strategies**

MIC has elected to forgo proxy voting for certain index and passively managed Fixed Income accounts. MIC typically does not vote proxies on behalf of cash mandates. The operational burden and costs of maintaining such accounts on vendor platforms was considered in making this decision. Recognizing that proxy voting is a rare event in the realm of fixed income investing, MIC has made a determination that the items presented for vote are not likely to have a material impact on shareholder value.

**Proxy Voting Disclosure** 

Clients who have delegated proxy voting authority to MIC may obtain the proxy voting records for their account upon written or verbal request.

**Oversight Activities - Operational**

The Pune Proxy Operations Team performs periodic oversight of the operational and voting processes implemented on behalf of clients to ensure that proxy ballots are voted in accordance with established guidelines. These activities may include, but are not limited to, monthly account reconciliation between the voting agent and MIC records and forensic testing of the application of vote instruction in relation to policy vote recommendations at the ballot level. These efforts are monitored as a component of our Rule 206(4) -7 compliance program.

**Oversight Activities – Proxy Advisors**

MIC, with the assistance of the BNY Mellon Proxy Research & Governance team, as well as certain BNY Mellon vendor review groups, provides oversight of the Proxy Advisors through various activities. Depending on the particular set of services a Proxy Advisor is engaged to provide, these activities may include, but are not limited to:

● Annual request and review of information related to compliance policies and procedures.

● Annual compliance due diligence questionnaires, certifications and/or document requests.

● Annual and ad hoc due diligence meetings, as well as periodic on-site due diligence meetings.

● Periodic meetings, correspondence and telephonic communications, as needed.

● Periodic review of the proxy advisor's systems to assess whether the Voting Guidelines are reflected accurately.

● Periodic review and testing of proxy votes, with respect to routine proposals, as well as those proposals which require more analysis.

● Periodic review of SSAE 18 and/or other external reports or summaries thereof, where applicable.

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● Periodic review of BNY Mellon's (internal and/or external) vendor review groups reports, where applicable.

**Maintenance of Required Records**

MIC, with the assistance of engaged service providers, shall maintain such records as required under Rule 204-2.

Reference

Rules 206(4)-6 and 204-2 under The Investment Advisers Act of 1940

ERISA Rule 404a-1

BNY Mellon Proxy Voting Conflicts of Interest Policy (II-K-052)

Policy Content Owners

Compliance

MIC Proxy Voting and Governance Committee

Revision History

September 2021

February 2023

<u>Last Updated: April 2023</u>

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![](nb-proxy0324_01.jpg)

Proxy Voting Policies and Procedures

![](nb-proxy0324_02.jpg)

March 2024

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;I. Introduction and General Principles

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. Certain investment adviser subsidiaries of Neuberger
Berman Group LLC ("NB") have been delegated the authority and responsibility to vote the proxies of their respective investment
advisory clients and exercise such responsibility according to these policies and procedures.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. NB understands that proxy voting is an integral
aspect of investment management. Accordingly, proxy voting must be conducted with the same degree of prudence and loyalty accorded any
fiduciary or other obligation of an investment manager.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C. NB believes that the following policies and procedures are reasonably
expected to ensure that proxy matters are conducted in the best interest of clients, in accordance with NB's fiduciary duties, applicable
rules under the Investment Advisers Act of 1940, fiduciary standards and responsibilities for ERISA clients set out in Department of Labor
interpretations, the UK Stewardship Code, the Japan Stewardship Code and other applicable laws and regulations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;D. In instances where NB does
not have authority to vote client proxies, it is the responsibility of the client to instruct the relevant custody bank or banks to mail
proxy material directly to such client.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;E. In all circumstances, NB will comply with specific
client directions to vote proxies, whether or not such client directions specify voting proxies in a manner that is different from NB's
proxy votes for other client accounts.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;F. NB will seek to vote all shares under its authority
so long as that action is not in conflict with client instructions. There may be circumstances under which NB may abstain from voting
a client proxy, such as when NB believes voting would not be in clients' best interests (e.g., not voting in countries with share blocking
or meetings in which voting would entail additional costs). NB understands that it must weigh the costs and benefits of voting proxy proposals
relating to foreign securities and make an informed decision with respect to whether voting a given proxy proposal is prudent and solely
in the interests of the clients and, in the case of an ERISA client and other accounts and clients subject to similar local laws, a plan's
participants and beneficiaries. NB's decision in such circumstances will take into account the effect that the proxy vote, either by itself
or together with other votes, is expected to have on the value of the client's investment and whether this expected effect would outweigh
the cost of voting.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;II. Responsibility and Oversight

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. NB has designated a Governance & Proxy Committee ("Proxy Committee") with the responsibility for:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) developing, authorizing, implementing and updating NB's policies and procedures;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) administering and overseeing the governance and proxy voting processes; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) engaging and overseeing any third-party vendors as voting delegates to review, monitor and/or vote
proxies.

NB, at the recommendation of the Proxy Committee, has retained Glass, Lewis & Co., LLC ("Glass Lewis") as its proxy voting service provider.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. The Proxy Committee will meet as frequently and in such manner as necessary
or appropriate to fulfill its responsibilities.

**Proxy Voting Policies and Procedures**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C. The members of the Proxy Committee will be appointed from time to time
and will include the Chief Investment Officer (Equities), the Director of Global Equity Research, the Head of ESG & Impact Investing,
and certain portfolio managers. A senior memberof the Legaland Compliance Department will advise the Proxy Committee and may vote as a
full member of the Committee if a vote is needed to establish a quorum or in the event that a vote is needed to break a tie. The Director
of Investment Stewardship serves in an advisory role to the Proxy Committee but may also vote as a full member of the Committeeif a vote
is needed to establish a quorum or in the event that a vote is needed to break a tie. The Proxy Committee may also appoint substitute
or additional members if needed to establish quorum in the absence of one or more members.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;D. In the event that one or more members of the Proxy
Committee are not independent with respect to a particularmatter, the remaining members of the Proxy Committee shall constitute an ad
hoc independent subcommittee of the Proxy Committee, which will have full authority to act upon such matter.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;III. Proxy Voting Guidelines

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. The Proxy Committee developed the Governance and Proxy Voting Guidelines
("Voting Guidelines") based on our Governance and Engagement Principles. These Guidelines are updated as appropriate and generally
at least on an annual basis. With input from certain of our investment professionals, the modifications are intended to reflect emerging
corporate governance issues and themes. The Proxy Committee recognizes that in certain circumstances it may be in the interests of our
clients to deviate from our Voting Guidelines.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. Our views regarding corporate governance and engagement,
and the related stewardship actions, are informed by our ESG Investing group, in consultation with professionals in the Legal & Compliance
and Global Equity Research groups, among others. These insightful, experienced and dedicated groups enable us to think strategically about
engagement and stewardship priorities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C. We believe NB's Voting Guidelines generally represent the voting
positions most likely to support our clients' best economic interests across a range of sectors and contexts. These guidelines are
not intended to constrain our consideration of the specific issues facing a particular company on a particular vote, and so there will
be times when we deviate from the Voting Guidelines.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;D. In the event that a portfolio manager or other
investment professional at Neuberger Berman believes that it is in the best interest of a client or clients to vote proxies other than
as provided in NB's Voting Guidelines, the portfolio manager or other investment professional will submit in writing to the Proxy
Committee the basis for his or her recommendation. The Proxy Committee will review this recommendation in the context of the specific
circumstances of the proxy vote being considered and with the intention of voting in the best interest of our clients.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;IV. Proxy Voting Procedures

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. NB will vote client proxies in accordance with
a client's specific request even if it is in a manner inconsistent with NB's proxy votes for other client accounts. Such specific
requests should be made in writing by the individual client or by an authorized officer, representative or named fiduciary of a client.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. NB has engaged Glass Lewis as its proxy voting service provider to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) provide research on proxy matters;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) in a timely manner, notify NB of and provide additional
solicitation materials made available reasonably in advance of a vote deadline;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) vote proxies in accordance with NB's Voting Guidelines
or as otherwise instructed and submit such proxies in a timely manner;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) handle other administrative functions of proxy voting;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) maintain records of proxy statements and additional
solicitation materials received in connection with proxy votes and provide copies of such proxy statements promptly upon request; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) maintain records of votes cast.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C. Except in instances where clients
have retained voting authority, NB will instruct custodians of client accounts to forward all proxy statements and materials received
in respect of client accounts to Glass Lewis.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;D. NB retains final authority and fiduciary responsibility, consistent
with applicable law, for proxy voting for clients that have delegated it authority and discretion to vote proxies.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;V. Conflicts of Interest

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. NB shall direct Glass Lewis to vote proxies in accordance with the Voting
Guidelines described in Section III or, in instances where a material conflict has been determined to exist, NB will generally instruct
that such shares be voted in the same proportion as other shares are voted with respect to a proposal, subject to applicable legal, regulatory
and operational requirements.. NB believes that this process isreasonably designed to address material conflicts of interest that may
arise in conjunction with proxy voting decisions. Potential conflicts considered by the Proxy Committee when it is determining whether
to deviate from NB's Voting Guidelines include, among others: a material client relationship with the corporate issuer being considered;
personal or business relationships between the portfolio managers and an executive officer; director, or director nominee of the issuer;
joint business ventures; or a direct transactional relationship between the issuer and senior executives of NB.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. In the event that an NB Investment Professional believes that it is in
the best interest of a client or clients to vote proxies in a manner inconsistent with the Voting Guidelines described in Section III,
such NB Investment Professional will contact a member of the Legal & Compliance Department advising the Proxy Committee and complete
and sign a questionnaire in the form adopted fromtime to time. Such questionnaires will require specific information, including the reasons
the NB Investment Professional believes a proxy vote in this manner is in the best interest of a client or clients and disclosure of specific
ownership, business or personal relationship, or other matters that may raise a potential material conflict of interest with respect to
the voting of the proxy. The Proxy Committee will meet with the NB Investment Professional to review the completed questionnaire and consider
such other matters as it deems appropriate to determine that there is no material conflict of interest with respect to the voting of the
proxy in the requested manner. The Proxy Committee shall document its consideration of such othermatters. In the event that the Proxy
Committee determines that such vote will not present a material conflict, the Proxy Committee will make a determination whether to vote
such proxy as recommended by the NB Investment Professional. In the event of a determination to vote the proxy as recommended by the NB
Investment Professional, an authorized member of the Proxy Committee will instruct Glass Lewis to vote in such manner with respect to
the client or clients. In the event that the Proxy Committee determines that the voting of a proxy as recommendedby the NB Investment
Professional would not be appropriate, the Proxy Committee will:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) take no further action, in which case the Committee shall vote such
proxy in accordance with the Voting Guidelines;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) disclose such conflict to the client or clients and obtain written direction
from the client with respect to voting the proxy;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) suggest that the client or clients engage another party to determine how to vote the proxy;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) instruct that such shares be voted in the same proportion as other shares
are voted with respect to a proposal, subject to applicable legal, regulatory and operational requirements; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) engage another independent third party to determine how to vote the proxy if voting in the manner
described in

&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) is not feasible.

A record of the Proxy Committee's determinations shall be prepared and maintained in accordance with applicable policies.

**Proxy Voting Policies and Procedures**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C. In the event that the Voting Guidelines described in Section III do not
address how a proxy should be voted the Proxy Committee will make a determination as to how the proxy should be voted. The Proxy Committee
will consider such matters as it deems appropriate to determine how such proxy should be voted, including whether there is a material
conflict of interest with respect to the voting of the proxy in accordance with its decision. The Proxy Committee shall document its consideration
of such matters, and an authorized member of the Proxy Committee will instruct Glass Lewis to vote in such manner with respect to such
client or clients.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;D. Material conflicts cannot be resolved by simply abstaining from voting.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;VI. Recordkeeping

NB will maintain records relating to the implementation of the Voting Guidelines and these procedures, including:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) a copy of the Voting Guidelines
and these procedures, which shall be made available to clients upon request;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) proxy statements received regarding
client securities (which will be satisfied by relying on EDGAR or Glass Lewis);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) a record of each vote cast
(which Glass Lewis maintains on NB's behalf);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) a copy of each questionnaire
completed by any NB Investment Professional under Section V above; and

regarding the voting of proxies on behalf of clients or that memorializes the basis for that decision.

Such proxy voting books and records shall be maintained in an easily accessible place, which may include electronic means, for a period of five years, the first two by the Legal & Compliance Department. Material conflicts cannot be resolved by simply abstaining from voting.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;VII. Engagement and Monitoring

Consistent with the firm's active management strategies, NB portfolio managers and members of the Global Equity Research team continuously monitor material investment factors at portfolio companies. NB professionals remain informed of trends and best practices related to the effective fiduciary administration of proxy voting. NB will make revisions to its Voting Guidelines and related procedures document when it determines it is appropriate or when we observe the opportunity to materially improve outcomes for our clients. Additionally, we will regularly undertake a review of selected voting and engagement cases to better learn how to improve the monitoring of our portfolio companies and the effectiveness of our stewardship activities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;VIII. Securities Lending

Some NB products or client accounts where NB has authority and responsibility to vote the proxies may participate in a securities lending program administered by NB. Wherea security is currently on loan ahead of a shareholder meeting, NB will generally attempt to terminate the loan in time to vote those shares. Where a security that is potentially subject to being loaned is eligible to be voted in a stockholder meeting a portfolio manager may restrict the security from lending. NB maintains the list of securities restricted from lending and receives daily updates on upcoming proxy events from the custodian.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;IX. Disclosure

Neuberger Berman will publicly disclose all voting records of its co-mingled funds (Undertakings for Collective Investment in Transferable Securities [UCITS] and mutual funds), which can be found at <u>https://</u>www.nb.com/en/global/esg/nb-votes -- Neuberger Berman cannot publicly disclose vote level records for separate accounts without express permission of the client. Neuberger Berman will publicly disclose aggregate reporting on at least an annual basis for all votes cast across co-mingled and separate accounts. Neuberger Berman welcomes the opportunity to discuss the rationale for a given vote with investee companies as part of our ongoing engagement activities. Neuberger Berman may also choose to provide broad explanations for certain voting positions on important or topical issues in advance of the vote. Additionally, our proxy voting guidelines can be found on our website: <u>https://</u>www.nb.com/en/global/esg/nb-votes.

**Proxy Voting Policies and Procedures**

**Proxy Committee Membership as from January 2023:**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Joseph Amato, President and Chief Investment Officer (Equities)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Jonathan Bailey, Global Head of ESG & Impact Investing

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Elias Cohen, Portfolio Manager

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Timothy Creedon, Director of Global Equity Research

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Richard Glasebrook, Portfolio Manager

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Brett Reiner, Portfolio Manager

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Amit Solomon, Portfolio Manager

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Corey Issing\*, Legal and Compliance

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Caitlin McSherry\*, Head of Investment Stewardship

\*Corey Issing and Caitlin McSherry serve in advisory roles to the Committee. They are ex officio members of the Committee. They will only vote as full members of the Committee if their votes are needed to establish a quorum or in the event that a vote is needed to break a tie vote.

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| 3/24©2024 Neuberger Berman Group LLC. All rights reserved. | ![](nb-proxy0324_03.jpg) |

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|:---|:---|:---|
| ***Policy***<br> ***Name:*** | ***Proxy Voting Policy*** | ***Last Reviewed***<br> *10/31/2023* |
| &nbsp;&nbsp;***Related***<br> ***Regulations:*** | &nbsp;&nbsp;*Investment Advisers Act of 1940, Rules 206(4)-6 and 204-2*<br> *ERISA Rule 404a-1* |  |
| &nbsp;&nbsp;***Related***<br> ***Policies:*** | &nbsp;&nbsp;*BNY Mellon Proxy Voting Conflicts of Interest Policy II-K-052*<br>|  |

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*Newton Investment Group ("Newton") is comprised of Newton Investment Management North America, LLC ("NIMNA" or the "Firm"), Newton Investment Management Ltd. ("NIM"), and Newton Investment Management Japan Limited. ("NIMJ"). The Newton entities are each a subsidiary of The Bank of New York Mellon ("BNY Mellon") and are therefore subject to its policies and procedures which may be mentioned throughout this policy. This policy is specific to NIMNA, however where Newton is referenced within the policy it should be viewed from the global perspective, unless otherwise noted.*

**Policy Statement**

As a fiduciary and to meet its obligations as an SEC registered investment adviser, Newton owes its clients a duty of care and a duty of loyalty with respect to all services undertaken on the client's behalf including (where applicable) the exercise of voting rights. Newton provides discretionary and non-discretionary investment advisory services to institutional investors in the form of, for example, separate accounts, model portfolios, and pooled investment vehicles that are offered or maintained by The Bank of New York Mellon and its affiliates, and to other investment advisers through sub-advisory agreements. In addition, we may also provide voting advice to accounts where Newton acts in an advisory capacity.

This Proxy Voting Policy (the "Policy") describes Newton's approach to exercising voting rights, where discretion over the voting decisions has been delegated to Newton by its clients and where Newton provides guidance on exercising voting rights in securities that Newton has recommended to clients on a non-discretionary basis, e.g. model accounts. Where applicable, Newton will use its best efforts to exercise voting rights as part of its authority to manage, acquire and dispose of account assets. With respect of funds, i.e. registered investment companies, UCITS or AIFs, which Newton manages and/or sub-advises, Newton will exercise voting rights under this Policy pursuant to an authority granted under the applicable client agreements.

Newton will exercise voting rights in a prudent and diligent manner and in the best interests of clients.

**Policy Summary**

Newton has adopted and implemented this Policy, which it believes is reasonably designed to:

● Ensure that voting rights are exercised;

● Ensure voting decisions are taken in the best interests of clients;

● Address potential material conflicts of interest that may arise; and

● Meet disclosure requirements and expectations in connection with voting responsibilities and activities undertaken.

**Voting Guidelines**

Newton has established overarching voting guidelines which inform our ultimate voting decision, based on guidance established by internationally recognized governance principles including the OECD Corporate Governance Principles, the ICGN Global Governance Principles, the UK Investment Association's Principles of Remuneration, and the UK Corporate Governance Code, in addition to other local governance codes.

All voting decisions are based on Newton's voting guidelines. We have used the services of an independent voting service provider to translate these guidelines into explicit voting actions forming a bespoke voting policy for Newton. This policy will be applied to all our votable holdings, enabling a universal approach to our voting while allowing us to deploy in-depth case-by-case analysis from Newton's stewardship team for those issuers and/or

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proposals which merit greater focus due to the materiality of our investment or the importance of the issue at hand (e.g., shareholder resolution, corporate action, related-party transactions). In these instances, communication with or input from the wider investment team may be sought, as well as, if relevant, engagement with the company. The stewardship team retains the ultimate discretion to deviate the vote instruction from Newton's bespoke policy's recommendation.

Our active approach to voting means that our voting decisions reflect our investment rationale and take into consideration engagement activity and the company's approach to relevant codes, market practices and regulations. These are applied to the company's unique situation, while also taking into account any explanations offered for why the company has adopted a certain position or policy.

Newton seeks to make proxy voting decisions that are in the best long-term financial interests of its clients and which seek to support investor value creation by supporting proposals that are consistent with our corporate governance views and investment case.

In general, voting decisions are taken consistently across all Newton's clients that are invested in the same underlying company. This is in line with Newton's investment process that focuses on the long-term success of the investee company. Further, it is Newton's intention to exercise voting rights in all circumstances where it retains voting authority.

**Voting Procedures**

All voting opportunities are communicated to Newton by way of an electronic voting platform.

The Responsible Investment team reviews all resolutions for matters of concern. Any such contentious issues identified may be referred to the appropriate global fundamental equity analyst or portfolio manager for comment. Where an issue remains contentious, Newton may also decide to confer or engage with the company or other relevant stakeholders.

An electronic voting service is employed to submit voting decisions. Each voting decision is submitted via the electronic voting service by a member of the Responsible Investment team but can only be executed by way of an alternate member of the team approving the vote within the same system.

Members of certain BNY Mellon operations teams are responsible for administrative elements surrounding the exercise of voting rights by ensuring the right to exercise clients' votes is available and that these votes are exercised.

**Acting Collectively**

Subject to applicable law and reporting regulations, Newton will work collectively with other investors as well as trade associations, government bodies and non-governmental organizations to develop best practice, raise awareness of a concern or enhance the effectiveness of engagement activities. When considering action and also when acting collectively on a specific issue of concern with a company, we exercise caution in order to avoid situations of being unintentionally in receipt of material non-public information, breaching relevant anti-trust or anti-competitive rules and regulations, or being considered acting in concert with one or more other investors.

**Voting Service Providers**

Newton utilizes an independent voting service provider for the purposes of managing upcoming meetings and instructing voting decisions via its electronic platform, and for providing research. Its voting recommendations are not routinely followed; it is only in the event that we recognize a potential material conflict of interest (as described below) that the recommendation of our external voting service provider will be applied.

Newton's external voting provider is subject to the requirements set by Newton's Vendor Management Oversight Group. As such, regular due diligence meetings are held and minutes maintained with this provider, which includes reviewing its operational performance, service quality, and robustness of research and its internal controls, including management of its potential material conflicts of interest. In addition, and along with its other clients, Newton participates in consultations that seek specific feedback on proxy voting matters. This helps ensure alignment of interest between Newton's expectations and the voting recommendations provided by the external provider.

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**Conflicts of Interest**

Where Newton acts as a proxy for its clients, a conflict could arise between Newton (including BNY Mellon funds or affiliate funds), the investee company and/or a client when exercising voting rights. Newton has in place procedures for ensuring potential material conflicts of interests are mitigated, while its clients' voting rights are exercised in their best interests. Newton seeks to avoid potential material conflicts of interest through:

&nbsp;&nbsp;&nbsp;&nbsp;1. the
establishment of these proxy voting guidelines;

&nbsp;&nbsp;&nbsp;&nbsp;2. the
Responsible Investment team;

&nbsp;&nbsp;&nbsp;&nbsp;3. internal
oversight groups; and

&nbsp;&nbsp;&nbsp;&nbsp;4. the
application of the proxy voting guidelines in an objective and consistent manner across client accounts, based on, as applicable, internal,
and external research and recommendations provided by third party proxy advisory services and without consideration of any Newton or
BNY Mellon client relationship factors.

Where a potential material conflict of interest exists between Newton, BNY Mellon, the underlying company and/or a client, the voting recommendations of an independent third-party proxy service provider will be applied.

A potential material conflict of interest could exist in the following situations, among others:

&nbsp;&nbsp;&nbsp;&nbsp;1. Where
a shareholder meeting is convened by Newton's parent company, BNY Mellon;

&nbsp;&nbsp;&nbsp;&nbsp;2. Where
a shareholder meeting is convened by a company for which the CEO of BNY Mellon serves as a Board member;

&nbsp;&nbsp;&nbsp;&nbsp;3. Where
a shareholder meeting is convened by a company that is a current client of BNY Mellon and contributed ore than 5% of BNY Mellon's
revenue as of the end of the last fiscal quarter;

&nbsp;&nbsp;&nbsp;&nbsp;4. Where
a shareholder meeting involves an issue that is being publicly challenged or promoted (e.g., a proxy contest) by (i) a BNY Mellon Board
member or (ii) a company for which a BNY Mellon Board member serves as Chairman of the Board of Directors, CEO, President, CFO or COO
(or functional equivalent);

&nbsp;&nbsp;&nbsp;&nbsp;5. Where
a shareholder meeting is convened by a pooled vehicle with agenda items relating to services provided by (or fees paid to) a BNY Mellon
affiliate (e.g., Investment Management Agreement, Custody Agreement, etc.);

&nbsp;&nbsp;&nbsp;&nbsp;6. Where
an employee, officer, or director of BNY Mellon or one of its affiliated companies has a personal interest in the outcome of a particular
proxy proposal); and

&nbsp;&nbsp;&nbsp;&nbsp;7. Where
the proxy relates to a security where Newton has invested in two or more companies that are subject to the same merger or acquisition.
All instances where a potential material conflict of interest has been recognized and Newton engages its proxy voting service provider
are reported separately in Newton's publicly available Responsible Investment Quarterly Reports.

Newton employees are required to identify any potential or actual conflicts of interest and take appropriate action to avoid or manage these and report them to Newton's Conflicts of Interest Committee for review, further information can be found in Newton's Conflicts of Interest Policy.

**Disclosures and Reporting**

Newton publishes publicly on its website its Responsible Investment Policies and Principles, which describes Newton's approach to Responsible Investment including the exercise of voting rights. The Responsible Investment quarterly reports are also published publicly, which include the details of certain engagements undertaken during the period in addition to a list all voting decisions taken and the voting rationale for decisions not aligned with the recommendations of the underlying company's management and for decisions on all shareholder-proposed resolutions.

Newton's Proxy Voting Policy and procedures is also summarized in its Form ADV, which is filed with the SEC and furnished to clients. Upon request, Newton will provide clients with a copy of the policies noted above as well as information on how their proxies were voted by Newton.

**Securities Lending**

Newton does not engage in securities lending on behalf of its clients; this activity is at the discretion of individual clients. For certain funds that are managed by BNY Mellon, and where Newton is appointed as investment manager or sub-advisor, the fund boards have entered into securities-lending programs.

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**Controls, Record Keeping and Auditing**

Newton has established a Sustainability Committee that oversees all aspects relating to sustainability at Newton, including Newton's investments, direct impacts and engagement with communities and engagement with financial markets (advocacy) regarding sustainability issues. All internal procedure documents related to voting matters, including this policy document, are overseen by the Sustainability Committee at least annually.

Records are kept of all voting decisions, including evidence of the submission and approval process, which are subject to external audit. In addition, the Corporate Actions team reports monthly on critical risk indicators in relation to voting matters.

**Roles and Responsibilities**

Members of certain BNY Mellon Operations teams are responsible for administrative processes and actions that ensures Newton has the ability to and does exercise its individual clients' voting rights:

● **Responsible Investment Team** members are also responsible for ensuring voting rights are exercised and that voting decisions are in line with Newton's voting guidelines.

● **Fundamental Equity** Analysts and **Portfolio Managers** provide specific company-level investment insight for consideration when arriving at voting decisions.

● The **Sustainability Committee** oversees Newton's Responsible Investment Policies and Principles, which may include this Policy.

**PROXY VOTING** 

**POLICY**

It is the Firm's policy, where it has accepted responsibility to vote proxies on behalf a particular client, to vote such proxies in the best interest of its clients and ensure that the vote is not the product of an actual or potential conflict of interest. For client's that are subject to ERISA, it is the Firm's policy to follow the provisions of any ERISA plan's investment policy statement or other documentation that might be provided in the voting of plan securities, unless it determines that to do so would breach its fiduciary duties under ERISA.

**RESPONSIBILITY**

Where the Firm has accepted responsibility to vote proxies on behalf a particular client, the Executive Committee is responsible for ensuring that proxies are voted in a manner consistent with the proxy voting guidelines adopted by the Firm (the "Proxy Voting Guidelines") and the Firm's policies and procedures.

**PROCEDURES**

The Firm will vote client proxies where a client requests and the Firm accepts such responsibility, or in the case of an employee benefit plan, as defined by ERISA, where such responsibility has been properly delegated to, and assumed by, the Firm. In such circumstances the Firm will only cast proxy votes in a manner consistent with the best interest of its clients or, to the extent applicable, their beneficiaries. The Firm shall, in its Form ADV, generally disclose to clients information about these policies and procedures and how clients may obtain information on how the Firm voted their proxies when applicable.

It is generally the responsibility of the custodian appointed by the client, or the program sponsor in the case of the SMA/UMA Accounts, to ensure ballots are generated sufficiently in advance of the relevant meeting to allow adequate time for the processing of both paper and electronic ballots to be delivered to Nuance's proxy voting vendor, ISS. Certain custodians provide Nuance with notice of eligible proxy ballots in the aggregate, rather than on the underlying account-level. In the case of aggregated ballots, Nuance is not afforded underlying account-level transparency. Nuance undertakes reasonable efforts to reconcile aggregated ballots to the account level but in instances where that is not possible, Nuance's policy is to vote such ballots in accordance with its policy. At any time, a client may contact the Firm to request information about its proxy voting policies. It is generally the Firm's policy not to disclose its proxy voting records to unaffiliated third parties or special interest groups.

The Firm's Trading & Portfolio Operations Department will be responsible for monitoring corporate actions and ensuring that proxies are submitted in a timely manner. The Firm may delegate the responsibility to vote client proxies to one or more persons (such person(s) are hereafter referred to as "Responsible Voting Parties") consistent with the Proxy Voting Guidelines. Specifically, when the Firm receives proxy proposals where the Proxy Voting Guidelines outline its general position as voting either "for" or "against," the proxy will be voted by one of the Responsible Voting Parties in accordance with the Firm's Proxy Voting Guidelines. When the Firm receives proxy proposals where the Proxy Voting Guidelines do not include a recommendation or otherwise outline a general position as voting on a case-by-case basis, the proxy will be forwarded to the Portfolio Management team, which will review the proposal and either vote the proxy or instruct one of the Responsible Voting Parties on how to vote the proxy.

It is intended that the Proxy Voting Guidelines will be applied with a measure of flexibility. Accordingly, except as otherwise provided in these policies and procedures, the Responsible Voting Parties may vote a proxy contrary to the Proxy Voting Guidelines if is the Firm has determined that such action is in the best interest of the Firm's clients. In the exercise of such discretion, the Responsible Voting Parties along with other relevant Firm personnel, may take into account a wide array of factors relating to the matter under consideration, the nature of the proposal and the company involved. Similarly, poor past performance, uncertainties about management and future directions and other factors may lead to a conclusion that particular proposals by an issuer present unacceptable investment risks and should be voted in accordance with such conclusions. In addition, the proposals should be evaluated in context. Special circumstances or instructions from clients may also justify casting different votes for different clients with respect to the same proxy vote.

The Responsible Voting Parties will document the rationale for all proxies voted contrary to the Proxy Voting Guidelines. Such information will be maintained as part of the Firm's recordkeeping process. In performing its responsibilities, the Firm may consider information from one or more sources including, but not limited to, management of the company presenting the proposal, shareholder groups, legal counsel and independent proxy research services. In all cases, however, the ultimate decisions on how to vote proxies is made by the Responsible Voting Parties. The Responsible Voting Parties may consult with various members of the Firm's staff including the Portfolio Management team or the Compliance & Risk Committee.

***ERISA Plans***

Plans managed by the Firm governed by ERISA shall be administered consistent with the terms and in consideration of the plan's investment policy statement or other documentation that might be provided and applicable provisions of ERISA. In cases where the Firm has been delegated sole proxy voting discretion, these policies and procedures will be followed subject to the fiduciary responsibility standards of ERISA. These standards require fiduciaries to act prudently and to discharge their duties solely in the interest of participants and beneficiaries. The Department of Labor has indicated that voting decisions of ERISA fiduciaries must generally focus on the course that would most likely increase the value of the stock being voted. Specifically, and pursuant to Rule 404a-1, the Firm will ensure that its voting policies applicable to authority exercised on behalf of ERISA plans follow the six-part principles test to:

● Act solely in accordance with the economic interests of the plan and its participants;

● Consider any costs involved;

● Not subordinate the financial interests of plan participants to any non-pecuniary objectives or promote non-pecuniary benefits or goals unrelated to plan participants' financial interests;

● Evaluate material facts that form the basis for any particular proxy vote or other exercise of shareholder rights;

● Maintain records on proxy voting activities and other exercises of shareholder rights; and

● Exercise prudence and diligence in the selection and monitoring of persons (if any) selected to advise or assist with proxy votes (such as providing research and analysis, recommendations regarding proxy votes or other administrative, recordkeeping and reporting services).

The Firm's policies and its review process do not consider environmental, social, corporate governance or similar considerations (ESG) in a way that would subordinate pecuniary factors when exercising its voting authority.

The documents governing ERISA individual account plans may set forth various procedures for voting "employer securities" held by the plan. Where authority over the investment of plan assets is granted to plan participants, many individual account plans provide that proxies for employer securities will be voted in accordance with directions received from plan participants as to shares allocated to their plan accounts. In some cases, the governing plan documents may further provide that unallocated shares and/or allocated shares for which no participant directions are received will be voted in accordance with a proportional voting method in which such shares are voted proportionately in the same manner as are allocated shares for which directions from participants have been received.

***Retention and Oversight of Proxy Advisory Firms***

The Firm has retained Institutional Shareholder Service ("ISS"), an independent adviser that specializes in providing a variety of fiduciary-level proxy services to financial service firms. The services provided include substantive, in-depth research, global and domestic issuer analysis, vote and issue recommendations, record retention, reconciliation, and ballot processing. To assist Nuance in facilitating proxy voting, ISS provides company level reports that summarize key data elements contained within an issuers proxy statement and an analysis on vote measures. While Nuance votes all proxies based on its own policies in the best interests of its clients, the Firm primarily relies on the ISS recommendations. ISS Voting Guidelines take into account a variety of factors, including social and environmental issues, but the overall principle guiding all vote recommendations focuses on how the proposal may enhance or protect shareholding value in either the short or long term. ISS provides vote execution, reporting and recordkeeping services in addition to vote research.

Nuance monitors its vendor communications to take into account additional information (i.e., subsequent notices or filings) and conducts an additional analysis if the Firm determines that information could impact the outcome of the Firm's vote determination.

As part of Nuance's ongoing oversight of vendors, periodic due diligence is performed on ISS to ensure policies regarding vote recommendation methodologies are understood, to make a reasonable inquiry that conflicts of interest are known and disclosed, and to ensure that we can form a reasonable belief that the proxy advisory firm has the capacity and competency to analyze the matters upon which it offers recommendations to Nuance. The Compliance Department along with the Responsible Voting Parties will ensure that any third party recommendations followed will be consistent with the Proxy Voting Guidelines.

***Conflicts of Interest***

The Firm may occasionally be subject to conflicts of interest in the voting of proxies due to business or personal relationships it maintains with persons having an interest in the outcome of certain votes. The Firm, along with any affiliates and/or employees, may also occasionally have business or personal relationships with other proponents of proxy proposals, participants in proxy contests, corporate directors, or candidates for directorships.

If the Responsible Voting Parties become aware of any potential or actual conflict of interest relating to a particular proxy proposal, they will promptly report such conflict to the Compliance & Risk Committee. Conflicts of interest will be handled in various ways depending on their type and materiality of the conflict. The Firm will take the below steps to ensure that its proxy voting decisions are made in the best interest of its clients and are not the product of such conflict.

● Where the Proxy Voting Guidelines outline the Firm's voting position, as either "for" or "against" such proxy proposal, voting will be in accordance with the Proxy Voting Guidelines.

● Where the Proxy Voting Guidelines outline the Firm's voting position to be determined on a "case-by-case" basis for such proxy proposal, or such proposal is not contemplated in the Proxy Voting Guidelines, then one of the two following methods will be selected by the Committee depending upon the facts and circumstances of each situation and the requirements of applicable law:

● vote the proxy in accordance with the voting recommendation of a non-affiliated third-party vendor; or

● provide the client with sufficient information regarding the proxy proposal and obtain the client's consent or direction before voting.

***Review of Third Party Research Service Conflicts of Interest***

 ****

We consider the research and recommendations of ISS, so the Responsible Vote Parties take reasonable steps to verify that ISS is, in fact, independent based on all of the relevant facts and circumstances. This includes reviewing ISS's conflict management

procedures and disclosed conflicts. When reviewing these conflict management procedures, we will consider, among other things, whether ISS (i) has the capacity and competency to adequately analyze proxy issues; (ii) can offer research in an impartial manner and in the best interests of our clients; and (iii) what conflicts ISS has disclosed to us.

***Mutual Fund***

The Firm acts as an investment adviser to the Nuance Concentrated Value Fund and the Nuance Mid Cap Value Fund custodied at US Bank N.A. US Bank will prepare and file Form N-PX in accordance with Nuance's proxy votes, as tracked by ISS. All proxies will be voted in accordance with any applicable investment restrictions of the Funds and, to the extent applicable, any resolutions or other instructions approved by an authorized person of the Funds. The Firm has oversight responsibility of the proper voting of proxies and the accuracy of the Form N-PX filing. The Compliance Department shall work with the Fund team to ensure accurate and timely filings are made for the funds.

***Special Circumstances***

The Firm may choose not to vote proxies in certain situations or for certain accounts, such as: (i) where a client has informed the Firm that they wish to retain the right to vote the proxy; (ii) where the Firm deems the cost of voting the proxy would exceed any anticipated benefit to the client; (iii) where a proxy is received for a client that has terminated the Firm's services; (iv) where a proxy is received for a security that the Firm no longer manages (i.e., the Firm had previously sold the entire position); and/or (v) where the exercise of voting rights could restrict the ability of an account's Portfolio Managers to freely trade the security in question (as is the case, for example, in certain foreign jurisdictions known as "blocking markets").

In addition, certain accounts over which the Firm has proxy-voting discretion may participate in securities lending programs administered by the custodian or a third party. Nuance does not determine what securities are sent out on loan. Because the title to loaned securities passes to the borrower, Nuance is unable to vote any security that is out on loan to a borrower on a proxy record date. If the Firm has investment discretion, however, the Firm shall reserve the right to instruct the lending agent to terminate a loan and recall the shares in situations where the matter to be voted upon is deemed to be material to the investment and the benefits of voting the security are deemed to outweigh the costs of terminating the loan. The Nuance Mid Cap Value Fund and the Nuance Concentrated Value Fund do not participate in securities lending.

**Proxy Voting GUIDELINES**

In accordance with Rules 30b1-4 & 206(4)-6 & 204-2 of the Investment Adviser Act of 1940, Nuance provides all clients with a summary of its proxy voting procedures.

● Upon opening an account with Nuance, clients are given the option to delegate proxy-voting discretion to Nuance by completing the appropriate documents. Nuance will only exercise proxy-voting discretion over client shares in the instances where clients give Nuance discretionary authority to vote on their behalf. Clients retain the responsibility to inform the custodian of their account of their intention to delegate proxy voting discretion to Nuance.

● It is Nuance's policy to vote client shares based on its proxy voting policy after consideration of the ISS recommendations. Our policy includes a review of potential conflicts that exist relative to voting decisions and that may impact our clients. If we identify a conflict of interest that exists between us and our client, our policy is to review each conflict on a case-by-case basis. ISS and Nuance retain a record of all recommendations.

● ISS is a neutral third party that issues recommendations based upon its own internal guidelines and outlines them in its "ISS United States Proxy Voting Guidelines – Benchmark Policy Recommendations" document available at: <u>https://www.issgovernance.com/file/policy/active/americas/US-Voting-Guidelines.pdf</u>. To the extent Nuance uses automated or pre-population of votes, the Firm will monitor communications, taking into account additional information (i.e., subsequent notices or filings) to determine if such information could impact the outcome of the Firm's vote determination when such determination is based on an ISS recommendation.

● Nuance may vote client shares inconsistent with ISS recommendations if Nuance believes, based on its internal review, that it is in the best interest of its clients. In such a case, Nuance will have on file written documentation detailing why they believe ISS's recommendation was not in the client's best interest.

● Nuance votes client shares via ISS, an electronic voting platform provided by Broadridge Financial Solutions, Inc. Additionally, ISS retains a record of proxy votes for each client.

● Annually, Nuance will file Form N-PX with the SEC, which will contain each fund's complete proxy voting record. Additionally, as the Firm is subject to the reporting requirements of Section 13(f), it will annually file Form N-PX disclosing its say-on-pay votes.

● The Compliance & Risk Committee will review all proxy votes to ensure consistency with its procedures.

● Upon request, clients can receive a copy of Nuance's proxy voting procedures and ISS's proxy voting guidelines.

● These procedures are currently in effect.

● If you have any questions or would like a copy of Nuance's proxy voting procedures, ISS's proxy voting guidelines and/or a record of how your shares were voted, please contact the Compliance Department at 816-743-7080.

**CLASS ACTION PROCEEDINGS**

Nuance also monitors corporate actions and class action proceedings. We engage ISS Class Action Services to file on behalf of our current clients for eligible proceedings pertaining to Nuance portfolio securities. Nuance has access to limited client data and cannot participate in filings that require taxpayer information.

**BOOKS AND RECORDS**

In its books and records, the Firm will maintain a copy of the following documents:

● proxy statement that the Firm receives regarding client's securities;

● votes that the Firm casts on behalf of a client;

● any document the Firm created that was material to making a decision on how to vote proxies on behalf of a client or that memorialize the basis for such decision; and

● written client request for information on how the Firm voted proxies on behalf of the requesting client and a copy of the Firm's written response to any (written or verbal) client request for information on how the Firm voted proxies on behalf of the requesting client.

The Firm may rely upon the Commission's EDGAR system to maintain certain records referred to above.

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Proxy Voting Policy

April 2020

**Policy**

*The proxy voting policy ("the Policy") is intended to foster PIMCO's compliance with its fiduciary obligations and applicable law; the Policy applies to any voting or consent rights with respect to securities held in accounts over which PIMCO has discretionary voting authority.**<sup>1</sup>***

*PIMCO will vote proxies**<sup>2</sup>** in accordance with this Policy and the relevant procedures related to proxy voting for each of its clients unless expressly directed by a client in writing to refrain from voting that client's proxies. PIMCO's authority to vote proxies on behalf of its clients results from its advisory contracts, comparable documents or by an overall delegation of discretionary authority over its client's assets. PIMCO will adhere to its fiduciary obligations for any proxies it has the authority to vote on behalf of its clients.* 

A. General Policy Statement

The Policy is designed in a manner reasonably expected to ensure that voting and consent rights are exercised in the best interests of PIMCO's clients.

When considering client proxies, PIMCO may determine not to vote a proxy if it has a reasonable belief that: (1) the effect on the client's economic interests or the value of the portfolio holding is insignificant in relation to the client's account; (2) the cost of voting the proxy outweighs the possible benefit to the client, including, without limitation, situations where a jurisdiction imposes share blocking restrictions which may affect the ability of the portfolio manager ("PM") to effect trades in the related security; (3) not taking action or affirmatively filing an abstention is in the best interest of the client account; (4) voting is not in the best interest of the client; or (5) the Legal and Compliance department or the Conflicts Committee has determined that it is consistent with PIMCO's fiduciary obligations not to vote.

B. Conflicts of Interest

1. Identification of Conflicts of Interest

When acting on client proxies, potential conflicts of interest may appear to or can interfere with PIMCO's ability to evaluate proxies in accordance with PIMCO's fiduciary standard. Actual or potential conflicts of interest could arise in many ways when PIMCO votes client proxies, such as (i) if PIMCO has a material business relationship with the issuer to which the proxy relates; (ii) if a PM/Analyst responsible for voting a proxy has a material personal<sup>3</sup> or business relationship with the issuer; (iii) if PIMCO clients have divergent interests in the proxy vote; and (iv) if the PM/Analyst voting a proxy becomes aware of a material business relationship between the issuer and a PIMCO Affiliate prior to voting.

<sup>1</sup> Voting or consent rights shall not include matters that are primarily decisions to buy or sell investments, such as tender offers, exchange offers, conversions, put options, redemptions, and Dutch auctions.

<sup>2</sup> Proxies generally describe corporate action-consent rights (relative to fixed income securities) and proxy voting ballots (relative to fixed income or equity securities) as determined by the issuer or custodian.

<sup>3</sup> Personal relationships include employee and immediate family member interests with an issuer.

**GLOBAL PROXY VOTING POLICY \| APRIL 2020** **1**

Furthermore, an independent industry service provider ("ISP") that PIMCO retains may have its own conflicts of interest in connection with the proxy research and voting recommendations it provides. Before voting a client proxy, each PM/Analyst will evaluate any conflicts of interest identified by the ISP and escalated to PIMCO. In each case, the determination will be made in the client's best interest and consistent with PIMCO's fiduciary duties.

Each PM/Analyst has a duty to disclose to the Legal and Compliance department any known potential or actual conflicts of interest relevant to a proxy vote prior to voting (whether the proxy will be voted by the ISP or PIMCO). If no potential or actual conflict of interest is identified by, or disclosed to, the Legal and Compliance department, the proxy may be voted by the responsible PM/Analyst in good faith and in the best interests of the client.

PIMCO seeks to prevent conflicts of interest from interfering with its voting of client proxies by identifying such conflicts and resolving them as described in this Policy.

2. Resolution of Potential/ Identified Conflicts of Interest

<u>Equity Securities.</u><sup>4</sup> PIMCO has retained an ISP<sup>5</sup> to provide research and voting recommendations for proxies relating to Equity Securities in accordance with the ISP's guidelines. By following the guidelines of an independent third party, PIMCO seeks to mitigate potential conflicts of interest PIMCO may have with respect to proxies covered by the ISP.

PIMCO will follow the recommendations of the ISP unless: (i) the ISP does not provide a voting recommendation; or (ii) a PM/Analyst decides to override the ISP's voting recommendation. In each case as described above, the Legal and Compliance department will review the proxy to determine whether an actual or potential conflict of interest exists. When the ISP does not provide a voting recommendation, the relevant PM/Analyst will make a determination regarding how, or if, the proxy will be voted by completing required documentation.

<u>Fixed Income Securities.</u> Fixed income securities can be processed as proxy ballots or corporate action-consents at the discretion of the issuer/custodian.

When processed as proxy voting ballots, the ISP generally does not provide a voting recommendation and their role is limited to election processing and recordkeeping. In such instances, any elections would follow the standard process discussed above for Equity Securities.

When processed as corporate action-consents, the Legal and Compliance department will review all election forms to determine whether an actual or potential conflict of interest exists with respect to the PM's consent election. PIMCO's Credit Research and Portfolio Management Groups are responsible for issuing recommendations on how to vote proxy ballots and corporate action-consents (collectively referred to herein as proxies) with respect to fixed income securities.

<u>Conflicting Client Interests.</u> Where the conflict at issue has arisen because PIMCO clients have divergent interests (which may include, but are not limited to, divergent investment strategies or objectives), the applicable PM/Analyst may vote the proxy as follows:

● If the conflict exists between the accounts of one or more PMs/Analysts on the one hand, and accounts of one or more different PMs/Analysts on the other, each PM/Analyst (if the conflict does not also exist among the PM's/Analyst's accounts) will vote on behalf of his or her accounts in such accounts' best interests.

<sup>4</sup> The term "Equity Securities" means common and preferred stock, including common and preferred shares issued by investment companies; it does not include debt securities convertible into equity securities.

<sup>5</sup> The ISP for Equity Securities proxy voting is Institutional Shareholder Services ("ISS"), Inc., 1177 Avenue of the Americas, 2nd Floor, New York, NY 10036.

**GLOBAL PROXY VOTING POLICY \| APRIL 2020** **2**

● If the conflict exists among the accounts of a PM/Analyst, the PM/Analyst shall vote the proxies in the best interest of each client and should be prepared to respond to inquiries regarding proxy decisions. Each PM/Analyst has the discretion to escalate questions regarding divergent interests to the head of the PM's desk, Operations or the Legal and Compliance department as necessary.

**<u>Affiliated Fund Considerations</u>**

<u>PIMCO-Affiliated Fund Shares Covered by ISP.</u> The ISP may make voting recommendations for proxies relating to PIMCO-affiliated fund shares in accordance with the ISP guidelines. PIMCO may determine to resolve a conflict of interest with respect to a PIMCO-managed separate account, fund or other collective investment vehicle holding such PIMCO-affiliated fund shares by following the recommendation of the ISP. When the ISP publishes a voting recommendation with respect to PIMCO-Affiliated Funds, PIMCO may elect to override the ISP when doing so is in the client's best interest and consistent with PIMCO's fiduciary duties.

<u>PIMCO-Affiliated Fund Shares Not Covered by ISP.</u> In certain circumstances, conflicts of interest with respect to the voting of proxies may also arise when PIMCO-managed separate accounts (including wrap program accounts advised or managed in whole or in part by PIMCO and other wrap program accounts for which PIMCO has proxy voting authority), funds or other collective investment vehicles are shareholders of PIMCO-affiliated funds that are the subject of proxies. PIMCO will vote client proxies relating to a PIMCO-affiliated fund in accordance with the offering or other disclosure documents or any applicable contract for the PIMCO-managed separate account, fund or other investment vehicle holding shares of the PIMCO-affiliated fund. Where such documents are silent on the issue, PIMCO will vote client proxies relating to a PIMCO-affiliated fund by "echoing" or "mirroring" the vote of the other shareholders in the underlying funds, or by applying other appropriate methods in the Policy.

3. Escalation of Conflicts of Interest

<u>Direct Resolution by the Proxy Working Group.</u> PIMCO may leverage a Working Group to assist in the evaluation and resolution of potential conflicts of interest. When a conflict is brought to the Working Group for resolution, the Working Group will seek to mitigate the actual or potential conflict in the best interest of clients. In considering the manner in which to mitigate a conflict of interest, the Working Group may take into account various factors, including:

● The extent and nature of the actual or potential conflict of interest;

● If the client is a fund, whether it has an independent body (such as a board of directors) that is willing to give direction to PIMCO;

● The nature of the relationship of the issuer with the PM/Analyst or PIMCO (if any);

● Whether there has been any attempt to directly or indirectly influence PIMCO's voting decision or actions; and

● Whether the direction of the proposed vote would appear to benefit the PM/Analyst (including any personal relationship), PIMCO, a related party or another PIMCO client.

<u>The Working Group Protocol.</u> To facilitate the efficient resolution of conflicts of interest, the Working Group may establish a protocol (the "Working Group Protocol") that directs the methods of resolution for specific types of conflicts, provided that such methods are consistent with this Policy. Generally, once a protocol has been established for a certain type of conflict all conflicts of that type will be resolved pursuant to the protocol.

<u>PIMCO Conflicts Committee.</u> The Working Group in its discretion may escalate potential conflicts of interest to the firm wide Conflicts Committee for review on an as needed basis.

**GLOBAL PROXY VOTING POLICY \| APRIL 2020** **3**

The Legal and Compliance department will record the manner in which each such conflict is resolved.

C. ISP Oversight

Consistent with its fiduciary obligations, PIMCO will perform periodic due diligence and oversight of ISP's engaged to provide PIMCO with proxy voting research and recommendations. PIMCO's due diligence and oversight process includes, but is not limited to, the evaluation of: the ISP's capacity and competency to provide proxy voting research and recommendations<sup>6</sup>, and the ISP's compliance program.

D. Delegation of Proxy Voting Authority

<u>Sub-Adviser Engagement.</u> As an investment manager, PIMCO may exercise its discretion to engage a Sub-Adviser to provide portfolio management services to certain PIMCO-affiliated Funds. Consistent with its management responsibilities, the Sub-Adviser will assume the authority for voting proxies on behalf of PIMCO for these funds. Sub-Advisers may utilize third parties to perform certain services related to their portfolio management responsibilities. As a fiduciary, PIMCO will maintain oversight of the investment management responsibilities (which may include proxy voting) performed by the Sub-Adviser and contracted third parties.

E. Reporting and Disclosure Requirements and the Availability of Proxy Voting Records **<sup>7</sup>** 

For each U.S. registered investment company ("fund") that PIMCO sponsors and manages, PIMCO will ensure that the proxy voting record for the twelve-month period ending June 30 is properly reported on Form N-PX, which is filed with the SEC no later than August 31 of each year. PIMCO will also ensure that each fund states in its Statement of Additional Information ("SAI") (or, with respect to Private Account Portfolio Series of PIMCO Funds ("PAPS Portfolios"), the Offering Memorandum Supplement) and its annual and semiannual report to shareholders that information concerning how the fund voted proxies relating to its portfolio securities for the most recent twelve-month period ending June 30 is available without charge through the fund's website and on the SEC's website. PIMCO's Funds Business Group is responsible for ensuring that this information is posted on each fund's website. PIMCO will ensure that proper disclosure is made in each fund's SAI (or, with respect to the PAPS Portfolios, the Offering Memorandum Supplement) and annual and semiannual reports describing (or, in the case of annual and semiannual reports, regarding the availability of a description of) the policies and procedures used to determine how to vote proxies relating to such fund's portfolio securities. PIMCO will also ensure that proper disclosure is made in each closed-end fund's Form N-CSR filing for an annual report describing the policies and procedures used to determine how to vote proxies relating to such fund's portfolio securities.

Except to the extent required by applicable law (including with respect to the filing of any Form N-PX) or otherwise approved by PIMCO, PIMCO or its agents will not disclose to third parties its voting intentions or how it voted a proxy on behalf of a client in order to reduce the occurrence of actual or potential conflicts of interest. However, upon request from an appropriately authorized individual, PIMCO will disclose to PIMCO-named affiliates, its clients or an entity delegating voting authority to PIMCO for such clients (e.g., trustees or consultants retained by the client), how PIMCO voted such client's proxy. In addition, PIMCO provides its clients with a copy of these Policies and Procedures or a summary thereof: (i) in PIMCO's Part 2 of Form ADV; or (ii) any other means as determined by PIMCO. The summary will state that these Policies and Procedures are available upon request and will inform clients that information about how PIMCO voted that client's proxies is available upon request.

<sup>6</sup> This includes the adequacy and quality of the ISP's operational infrastructure as it relates to its process for seeking timely input from issuers and its voting methodologies.

<sup>7</sup> For each Canadian mutual fund under NI 81-102 ("fund") that PIMCO Canada sponsors and manages, PIMCO will ensure that the proxy voting record for the twelve-month period ending June 30 is properly disclosed on the PIMCO Canada website no later than August 31 of each year.

**GLOBAL PROXY VOTING POLICY \| APRIL 2020** **4**

F. Records

PIMCO or its agent (e.g., IMS West or the ISP) will maintain proxy voting records in accordance with applicable law.

---

| | | |
|:---|:---|:---|
| **Effective:** | August 2003 |  |
| **Revised:** | May 2007 | June 2014 |
|  | May 2010 | November 2017 |
|  | October 2012 | April 2020 |

---

**GLOBAL PROXY VOTING POLICY \| APRIL 2020** **5**

**PPM AMERICA, INC.**

**PPM LOAN MANAGEMENT COMPANY 2, LLC**

**<u>Proxy Voting Policies and Procedures</u>**

The following policies and procedures are adopted pursuant to Rule 206(4)-6 of the Investment Advisers Act of 1940 (the "**<u>Act</u>**"). The policies and procedures are designed to prevent material conflicts of interest from affecting the manner in which PPM America, Inc. and PPM Loan Management Company 2, LLC (collectively, "**<u>PPM</u>**") vote proxies on behalf of their clients and to ensure that proxies are voted in the best economic interests of clients. The policies and procedures are tailored to suit PPM's advisory business, the types of securities and portfolios managed by PPM and the extent to which PPM clients have adopted their own proxy voting procedures.

**I.** **Responsibility for Voting.** PPM shall vote proxies solicited by or with respect to the issuers of securities in which assets of a client portfolio
are invested, unless:

● the investment management agreement between PPM and the client expressly precludes the voting of proxies by PPM;

● the client otherwise instructs PPM; or

● in PPM's judgment, the cost of voting the proxy would exceed the anticipated benefit to the client.

The financial interest of PPM's clients is the primary consideration in determining how proxies should be voted.

When making proxy voting decisions, PPM generally adheres to its Proxy Voting Guidelines set forth in Appendix A hereto (the "**<u>Voting Guidelines</u>**"). The Voting Guidelines, which have been developed with the assistance of Institutional Shareholder Services ("**<u>ISS</u>**"), set forth PPM's positions on recurring issues and the criteria for addressing non-recurring issues.

**II.** **Oversight.** Portfolio Services and Compliance oversee the proxy voting process and review these policies and procedures at least annually. Additionally,
on an annual basis, Compliance will select and review a sample of proxy votes to ensure the votes were cast in accordance with the recommendation
and Voting Guidelines. Compliance, with the assistance of Portfolio Services, will facilitate the annual review of the Voting Guidelines
with applicable portfolio managers.

**III.** **Administration.** All proxies received by PPM for accounts over which PPM has been delegated proxy voting authority will be forwarded to Portfolio
Services for administration. PPM has engaged an independent third-party service, ISS, to provide administrative assistance in connection
with the voting of proxies. ISS is a premier proxy research, advisory, voting and vote reporting service that specializes in proxy voting.
ISS' primary function with respect to PPM is to communicate shareholder meeting dates of all securities holdings, provide associated
research and recommend the manner in which PPM should vote on particular proxy proposals. ISS also will electronically vote proxies in
accordance with PPM's instructions.

Where delegated proxy voting authority, PPM retains final authority and fiduciary responsibility for the voting of proxies.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. Receipt
and recording of proxy information.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Portfolio
Services is responsible for establishing in each client record whether the client has:

● vested PPM with proxy voting authority; or

● has reserved or delegated that responsibility to another designated person

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. For
 each account that PPM advises and has discretion to vote shareholder proxies, Portfolio Services
 shall notify the client's custodian that all proxy materials and ballots shall be forwarded
 to ISS.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. Reconciliation
 of holdings

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Portfolio
 Services shall forward a current list of portfolio holdings to ISS twice weekly, on Tuesday
 and Thursday.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Portfolio
 Services receives a report twice weekly from ISS. The report serves as a notice of any upcoming
 (up to 30 days into the future) proxy meeting which PPM has a right to vote and breaks down
 each item which is to be voted on.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. For
 each proxy received, ISS shall confirm that share amounts reflected on proxy ballots are
 the actual number of shares entitled to vote.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**C.** **Transmission of ballots.** ISS shall transmit each proxy ballot (electronically or by mail).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**D.** **Records.** In accordance with Section 204-2 of the Act, the following documents shall be maintained
 for a period of five years:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. a
 copy of each proxy statement received (For retention of proxy statements, PPM will rely on
 public filings made by issuers via EDGAR and available on the SEC website as well as records
 available on the ISS ProxyEdge platform);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. a
 record of each proxy vote cast, including the issuer, the number of shares voted, a description
 of the proposal, how the shares were voted and the date on which the proxy was returned;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. a
 copy of any document generated by PPM, a PPM affiliate or a delegate of PPM that was integral
 to formulating the basis for a proxy voting decision or that memorializes the basis for a
 proxy voting decision;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. a
 copy of each written client request for PPM's proxy voting record; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. a
 copy of any written response from PPM to any client request (written or oral) for PPM's
 proxy voting record.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**E.** **Availability of records.** Copies of these policies and procedures, which may be updated from time to
 time, and records of all proxies voted shall be made available to clients, in such forms
 or intervals as clients reasonably request. ISS shall maintain electronic records of each
 vote cast and will make voting records available electronically to PPM clients. Client requests
 for such information will be forwarded to Portfolio Services for fulfillment, tracking and
 recordkeeping purposes.

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**IV.** **Due Diligence.** Portfolio Services and Compliance will, at least annually, conduct a due diligence review of ISS, consistent with the
requirement of the Jackson Financial Inc. Third Party Supply Policy, including reviews of due diligence documents and questionnaires
provided or completed by ISS. In conducting this diligence, Portfolio Services and Compliance will consider whether there are any identified
conflicts of interest or any other factors important in considering the nature and quality of the services provided by ISS.

**V.** **Voting Policy.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**A.** **Client instruction.** If a client delivers a proxy voting instruction to PPM prior to the record date stated in the proxy, PPM shall vote
each proxy solicited by or with respect to the issuers the respective securities held in that client's account in accordance with
that instruction. Portfolio managers shall be responsible for reviewing client-directed voting instructions, and Legal & Compliance
will periodically review votes cast to ensure compliance with such instructions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**B.** **No client instruction.** If a client does not deliver a proxy voting instruction to PPM prior
 to the record date stated in the proxy, PPM shall vote each proxy solicited by or with respect
 to the issuers of securities held in that client's account in accordance with the Voting
 Guidelines set forth in Appendix A hereto, or, in such other manner that, in the judgment
 of PPM, is in the best interests of the client.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**C.** **Mutual Fund – Echo Voting**. Where PPM or affiliates have made proprietary or seed investments
 in mutual funds for which PPM serves as investment adviser, PPM will vote proxies with respect
 to the fund shares held in those accounts in a proportionate manner as to echo the votes
 of all other institutional fund shareholders.

**VI.** **Voting Analysis and Guidelines.** Where PPM exercises voting authority, it has adopted the Voting Guidelines to provide guidance on how to
address specific proposals as they arise.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**A.** **Research.** PPM utilizes ISS to perform research and make recommendations to PPM based on the Voting
 Guidelines on matters for which votes are being solicited.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**B.** **Analysis.** ISS shall deliver to PPM research and vote recommendations electronically for analysis.

As soon as practicable after receipt, Portfolio Services shall forward the ISS research and vote recommendations to the appropriate portfolio manager(s) for their review. Prior to the response cutoff date, the portfolio manager(s) will respond to Portfolio Services, including Legal & Compliance as needed, confirming or providing notification of one of the following as soon as possible:

● agreement with the ISS vote recommendation developed pursuant to the Voting Guidelines.

● the decision to abstain from voting, and the rationale for such decision; or

● the recommendation is not consistent with the Voting Guidelines. Portfolio Services shall then instruct ISS to change the recommended vote accordingly; or

● the determination that the proposal will not enhance shareholder value, and the recommendation to vote the proxy in a manner contrary to the Voting

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Guidelines The portfolio manager shall then submit the recommended vote to Compliance to determine whether there is a potential conflict of interest. If there is no conflict of interest, the vote shall be submitted to ISS for transmission. If a conflict of interest is identified, the vote shall be submitted in accordance with Section VII below; or

● any other information of which the portfolio manager(s) believe(s) Portfolio Services, ISS, Legal & Compliance or any other business group should be aware.

If the proposal is not addressed in the Voting Guidelines or if the application of the Voting Guidelines is unclear, the portfolio manager shall review the proposal and submit the recommended vote to Portfolio Services and to Legal & Compliance for review and resolution in accordance with Section VII below as soon as practicable prior to the response cutoff date.

If ISS is unable to provide a recommendation for a vote, the portfolio manager of the affected portfolio shall research and recommend a vote in accordance with Section VII below as soon as practicable prior to the response cutoff date.

**VII.** **Conflicts of Interest.** To ensure that conflicts of interest have no effect on votes cast, the Voting Guidelines are designed to eliminate adviser
discretion from the voting process, and votes are generally cast based upon the recommendations of ISS. In the event that PPM determines
that a proxy should be voted in a manner contrary to the recommendation set forth in the Voting Guidelines, the following shall apply:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**A.** **Identification.** Legal & Compliance shall analyze the proxy to determine whether PPM may have a relationship
 with an issuer whose securities are also held in client portfolios. PPM will be deemed to
 have a potential conflict when voting a proxy of an issuer if:

● the issuer or an affiliate of the issuer is a client of PPM, or PPM is actively soliciting business from the issuer or an affiliate of this issuer, and accounts of other PPM clients hold securities of that issuer;

● an officer or board member of the issuer is also an employee of PPM;

● PPM has a personal or business relationship with a participant in the proxy contest, corporate directors or candidates for corporate directorship;

● PPM or an affiliate is providing a service to a company whose management is soliciting proxies;

● PPM has an interest in the outcome of the matter before shareholders; or

● the Chief Compliance Officer or other member of PPM senior management determines there to be an actual or potential conflict between the interests of PPM and the best interests of a PPM client.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**B.** **Resolution.** For any conflicts identified pursuant to Section VIIA., , the Conflicts Committee will conduct an independent review of the proposed
vote. In addition to the members and regular attendees, the Conflicts Committee meeting or discussion may include relevant portfolio
managers or credit analysts, but may not include a person with whom the Identified Issuer has a relationship or a member of the portfolio
management group that invests in such Identified Issuer.

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**PPM AMERICA, INC.**

**PPM LOAN MANAGEMENT COMPANY 2, LLC**

**Proxy Voting Policies and Procedures**

**Request for Vote Contrary to Voting Guidelines**

Section VI of the Proxy Voting Policies and Procedures of PPM America, Inc. and PPM Loan Management Company 2, LLC (the "**<u>Procedures</u>**") permits portfolio managers to submit recommendations for proxy votes that are contrary to Voting Guidelines to the Conflicts Committee. The Conflicts Committee is then responsible for reviewing the recommendation and must determine whether the recommendation is consistent with the Procedures and in the best economic interests of clients. Please note: capitalized terms not otherwise defined in this Appendix have the meanings ascribed to them in the Procedures. **In order to facilitate the process of reviewing any request for a vote contrary to the Voting Guidelines, please provide the following information:**

**<u>Part I. Request and Related Facts</u>** *(to be completed by the portfolio manager)*

&nbsp;&nbsp;&nbsp;&nbsp;1. State
the provision of the Voting Guidelines that applies to the shareholder proposal:

&nbsp;&nbsp;&nbsp;&nbsp;2. Describe
 below (or attach hereto) the recommended vote, together with the relevant factors you considered
 related to the recommended vote. **In particular, please describe any circumstance or factor in which the proposed recommendation may be deemed to be the product of a conflict of interest or result in a breach of the duties owed to PPM's clients by either any individual or PPM (if none, please indicate accordingly):** 

**Requested for approval:**

**I certify that I have read and understand the section(s) of the Voting Guidelines that would otherwise result in a vote contrary to the recommended vote listed above and to the best of my knowledge I believe that the proposed recommendation (i) is not the result of a**

5 \| Proxy Voting v1.15 Last Reviewed 01/01/24

**conflict of interest and (ii) does not result in a breach of the duties owed to PPM clients by me, any individual at PPM or PPM.**

      <br> Name Title Date

**Approved by (Department Head):**

      <br> Name Title Date

**<u>Part II: Legal and Compliance Review</u>**

**Legal & Compliance shall analyze the proxy to determine whether PPM may have a relationship with an issuer whose securities are also held in client portfolios. PPM will be deemed to have a potential conflict when voting a proxy of an issuer if (check as appropriate):**

☐ the issuer or an affiliate of the issuer is a client of PPM or PPM is actively soliciting business from the issuer or an affiliate of this issuer, and accounts of other PPM clients hold securities of that issuer;

☐ an officer or board member of the issuer is also an employee of PPM;

☐ PPM has a personal or business relationship with a participant in the proxy contest, corporate directors or candidates for corporate directorship;

☐ PPM or an affiliate is providing a service to a company whose management is soliciting proxies;

☐ PPM has an interest in the outcome of the matter before shareholders; or

☐ the Chief Compliance Officer or other member of PPM senior management determines there to be an actual or potential conflict between the interests of PPM and the best interests of a PPM client (see detail below).

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Based on the foregoing, it is determined that the proposed recommendation presents:

_______ No Conflict of Interest

_______ A Potential Conflict ***(and is hereby submitted to the Conflicts Committee for review)***

**Approved by:**

      <br> Name Title Date

**<u>Part III: Determination of the Conflicts Committee (if applicable)</u>**

**The Conflicts Committee shall review the foregoing information to determine whether the proposed recommendation (i) is not the product of a conflict of interest and (ii) does not result in a breach of the duties owed to clients by either the individuals listed or PPM. In light thereof and upon review of the foregoing, the proposed Exception is:**

_______ Approved\*

_______ Not Approved

      <br> Name Title Date

------

\* Any qualifications to such approval are set forth below; Portfolio Services is hereby directed to communicate the recommended vote to ISS for implementation.

***Portfolio Services shall retain in its files a copy of this Request and any related<br> information.***

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**Proxy Voting Policies**

**May 1, 2023**

Reinhart Partners, LLC (the "Adviser") may exercise voting authority with respect to proxy proposals on behalf of its clients. We do not have authority to vote proxies for every client. However, when we exercise such authority, these Proxy Voting Policies will apply. The guiding principle of the Proxy Voting Policies is that proxies should be voted consistent with the best interests of the client. In addition, we will abide by specific voting guidelines on certain policy issues as requested by particular clients on a case-by-case basis.

The Adviser's Chief Compliance Officer (the "CCO") is responsible for overseeing the day-to-day operation of these Proxy Voting Policies.

**Statement of Policy**

Because of the increasing complexity in administering policies in this area, the Adviser has engaged the firm of Glass, Lewis & Co., LLC ("Glass Lewis"), a nationally recognized proxy voting agent, to assist in researching proxy proposals, providing voting recommendations on each ballot issue, and administering client proxy votes.

These Proxy Voting Policies describe the general voting guidelines to be applied; the procedure to be followed if a vote is to be cast contrary to the Glass Lewis recommendation; the procedure to be followed in case of a conflict of interest between the Adviser and its clients with respect to how a ballot issue will be voted; the general voting procedures; and proxy voting record retention.

**General Voting Guidelines**

The Adviser has determined that the Proxy Paper Guidelines, as amended and supplemented from time- to-time (the "Guidelines"), published by Glass Lewis, are consistent with the guiding principle described above and we have instructed Glass Lewis to vote in accordance with the Guidelines unless one of the following conditions applies:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. The
 Adviser has decided to override the Glass Lewis vote decision for a client based on its own
 determination that the client would best be served with a vote contrary to the Glass Lewis
 vote decision. Such decision will be documented by the Adviser and communicated to Glass
 Lewis.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. Glass
 Lewis does not provide a vote decision, in which case the Adviser will independently determine
 how a particular issue should be voted. In these instances, the Adviser will document the
 reason(s) used in determining a vote decision and communicate the Adviser's vote decision
 to Glass Lewis.

**Conflicts of Interest**

Unless the Adviser makes a voting decision pursuant to condition (A) or (B) under the "General Voting Guidelines" section, above, we do not address material conflicts of interest that could arise between us and our clients. Since we rely on Glass Lewis to cast proxy votes independently, pursuant to the

Addendum K Page K-1

Guidelines, we have determined that any potential conflict of interest between us and our clients is adequately mitigated.

However, when the Adviser is involved in making the determination as to how a particular proxy ballot will be voted pursuant to paragraph (A) or (B) under the "General Voting Guidelines" section, above, we will take the following step to resolve the conflict: Disclose the conflict to the client and obtain the client's written consent or direction before voting.

**General Voting Procedures**

The CCO shall ensure that appropriate personnel understand their roles with respect to monitoring corporate actions, analyzing proxy proposals, and making voting decisions and, for proxies which are not voted electronically via Proxy Edge, voting proxies, as applicable.

**Recordkeeping**

We will maintain:

● a copy of our proxy voting policies and procedures;

● a copy of all proxy statements received (the Adviser may rely on a third-party proxy voting agent or the SEC's EDGAR system to satisfy this requirement);

● a record of each vote cast on behalf of a client (the Adviser may rely on a third-party proxy voting agent to satisfy this requirement);

● a copy of any document prepared by the Adviser that was material to making a voting decision or that memorializes the basis for that decision; and

● a copy of each written client request for information on how we voted proxies on the client's behalf, and a copy of any written response to any (written or oral) client request for information on how we voted proxies on behalf of the requesting client.

These books and records shall be made and maintained in accordance with the requirements and time periods provided in Rule 204-2 under the Investment Advisers Act of 1940, as amended.

**Disclosure To Clients; Filing Requirements**

We will disclose to clients in our Form ADV brochure how clients can obtain information from us on how their portfolio securities were voted and how they can obtain a copy of these Proxy Voting Policies, and that we will, upon request, provide them with a copy of the same. As it relates to the Reinhart Funds (the "Funds"), this disclosure is contained in the Fund's prospectus. In addition, with respect to the Funds only, a Form N-PX must be filed with the Securities and Exchange Commission annually, which discloses the Fund's proxy voting record for the 12-months ended August 31. The Fund's administrator is responsible for preparing the Form N-PX; however, the CCO shall review such form prior to filing to attempt to detect any irregularities.

Addendum K Page K-2

![](riverroad-proxy0724_01.jpg)

Proxy Voting, Corporate Actions, and Class Actions and Legal Proceedings

**POLICY**

River Road exercises discretionary voting authority over proxies issued on securities held in client accounts unless the client has explicitly reserved voting authority or has directed River Road to vote pursuant to the client's voting policy. Proxy voting authority is typically established and defined in the investment management agreement or other writing between River Road and the client. River Road, as a matter of policy and as a fiduciary to our clients, votes proxies for client securities consistent with the best economic interests of its clients. River Road's policy is to receive and vote client proxies, mitigate potential conflicts of interest, make information available to clients about the voting for their portfolio, and maintain required records. River Road engages a third-party voting agent, Glass Lewis & Co. ("Glass Lewis"), to help discharge its duties.

**BACKGROUND**

Registered investment advisers that exercise voting authority with respect to client securities are required by Rule 206(4)-6 of the Advisers Act to do the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ Adopt and implement written policies and procedures that are reasonably
designed to ensure that client securities are voted in the best interests of clients, which must include how an adviser addresses material
conflicts that may arise between an adviser's interests and those of its clients;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ Disclose to clients how they may obtain information from the adviser with
respect to the voting of proxies for their securities; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ Describe to clients a summary of its proxy voting policies and procedures
and, upon request, furnish a copy to its clients.

SEC guidance further states that to form a reasonable belief that its voting determinations are in the best interest of the client, advisers should conduct an investigation reasonably designed to ensure the voting determination is not based on materially inaccurate or incomplete information.

Advisers also must maintain certain records relating to proxy voting activities. See Books and Records.

**RESPONSIBILITY**

The Proxy Voting Policy Committee and the compliance department are responsible for implementing and monitoring this policy.

**PROCEDURE**

River Road has adopted the following procedures to implement and monitor the firm's policy:

<u>Voting Across Accounts</u>: Unless otherwise directed by a client as more fully described below, River Road votes proxies the same way for each client within a strategy/IBG. A portfolio manager for one strategy/IBG may choose to vote differently than the portfolio manager for another strategy/IBG. By allowing different vote directions, River Road can ensure flexibility to account for differing strategy and objectives. Given that River Road strategies are unified around River Road's general investment philosophy, instances of differing vote decisions have historically been and are anticipated to be limited.

<u>Proxy Committee and Operational Process</u>:

The Proxy Voting Policy Committee is responsible for reviewing voting guidelines and special issues. The committee consists of, at a minimum, the Chief Investment Officer and/or Director of Research, the Chief Compliance Officer and/or the Deputy Chief Compliance Officer, and a compliance department designee. The committee meets annually to review Glass Lewis' standard policies and determine if any policies conflict with the committee's view of appropriate corporate governance. If the committee identifies conflicts, it establishes a policy for voting when those conflicts arise. The committee is responsible for adopting the final voting guidelines. Meetings may be called by any committee member throughout the year based on issues that arise.

![](riverroad-proxy0724_01.jpg)

The compliance department is responsible for operational and procedural aspects of the proxy voting process. As necessary, the compliance department reviews operational or procedural issues related to the proxy process and reports material issues to the Proxy Voting Policy Committee, or such other committee as may be appropriate.

<u>Voting Agent</u>: Glass Lewis performs the following services:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ provides analysis of proxy proposals,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ tracks and receives proxies for which River Road clients are entitled to vote,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ votes the proxies as directed by River Road, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ compiles and provides client voting records.

<u>Voting Process</u>:

The compliance department coordinates the proxy voting process. The steps for reviewing and submitting votes are as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ The compliance department reviews the Glass Lewis web-based system on at
least a weekly basis for upcoming meetings.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ The compliance department reconciles the number of ballots reflected by
Glass Lewis to River Road's records and reports any discrepancies to Glass Lewis and/or the client's custodian for follow
up. River Road makes its best efforts to ensure all shares are voted. However, issues with receiving ballots from custodians may prevent
voting for a particular account. River Road typically continues to follow up with Glass Lewis and/or the custodian where necessary to
attempt to resolve all issues prior to the voting deadline.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ If the River Road policy recommendation (i.e., the Glass Lewis recommendation
in most instances) and the management recommendation for all votes on a ballot are the same, the compliance department will typically
vote accordingly.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ There are limited instances where River Road has (and may in the future)
vote differently from the policy and management recommendation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ When the Glass Lewis recommended vote contradicts the recommendation of
management, the primary analyst assigned to the stock consults with the relevant portfolio manager(s) and reviews the proposal. The analyst
and portfolio manager(s) then recommend to vote the issue in the way River Road believes is most beneficial to shareholder value. If this
vote decision is different than River Road's policy recommendation (i.e., the Glass Lewis recommendation in most instances), the
rationale is documented and a member of River Road's ESG investment group and the compliance department reviews and approves the
rationale before submitting the final vote via Glass Lewis' electronic voting system. The ESG review is to confirm consistency with
River Road's ESG policy and commitment as a PRI signatory, but in all instances the vote must be consistent with River Road's
proxy voting policy (i.e., in a manner believed most beneficial to shareholder value).

<u>Client Direction</u>: Clients are permitted to place reasonable restrictions on River Road's voting authority by providing their own voting guidelines or directing a vote in a particular solicitation with reasonably advance notice given to the CCO or designee. If clients provide River Road with their voting guidelines or direction and River Road accepts them, River Road will instruct the voting agent to vote proxies pursuant to the client guidelines or direction.

<u>Conflicts of Interest</u>: River Road has eliminated most conflicts of interest by using an independent third party (Glass Lewis) that votes pursuant to the guidelines adopted by the Proxy Voting Policy Committee or in accordance with River Road's direction based on the above process. Additionally, River Road's voting process of voting with policy recommendation and requiring compliance department signoff if voting differently addresses any potential conflict of River Road voting shares for a public company that is also a River Road client or an affiliate of a River Road client. In cases where River Road believes there is an actual or perceived conflict of interest, River Road requires additional steps that may include the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ documenting the potential conflict of interest,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ obtaining the prior approval of the Chief Investment Officer and the CCO,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ obtaining Proxy Voting Policy Committee review or approval,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ deferring to the voting recommendation of a third party,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ voting pursuant to client direction (following disclosure of the conflict),

![](riverroad-proxy0724_01.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ abstaining from voting,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ voting reflectively (in the same proportion and manner as other shareholders), or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ taking such other action as necessary to protect the interests of clients.

River Road will maintain a record of the resolution of any conflict of interest.

<u>Securities Lending and Other Issues</u>: Where clients have implemented securities lending programs, River Road will be unable to vote proxies for securities on loan. River Road also may determine that the cost of executing the proxy exceeds the benefits to a client account. As a general matter, River Road does not vote securities in countries that require the client to execute a power of attorney. Additionally, River Road uses its discretion to determine whether to vote securities in countries where voting rules do or could potentially limit River Road's ability to trade the security for a period or for other reasons.

<u>Disclosure and Client Requests for Information</u>: River Road discloses a summary of this policy and information on how clients may obtain a copy of this policy and records of how River Road voted securities for their accounts in its Form ADV Part 2A. Employees that receive a client request for information regarding proxy votes or proxy policies must forward such request to the compliance department where necessary. The compliance department is responsible for gathering the relevant information.

<u>Regulatory Reporting</u>: For information related to Form N-PX, see Registration and Regulatory Reporting.

<u>Clients That Reserve Proxy Voting Authority</u>: For clients that have reserved voting authority, clients should receive their proxies or other solicitations directly from their custodian or a transfer agent. They will not receive them from River Road. Clients may contact the CCO with questions about a particular solicitation.

<u>Corporate Actions</u>: Portfolio companies held in River Road client accounts from time to time have material changes to the company that affects its shareholders (Corporate Actions). In these instances, the shareholder can voluntarily, or sometimes must, participate in the action. The portfolio accounting department regularly reviews one or more databases to look for upcoming corporate actions. The investment team is also responsible for notifying the portfolio accounting department of any upcoming corporate actions to which they become aware, as applicable. For voluntary corporate actions, the portfolio accounting department works with the investment team to decide whether to participate and how the corporate action will be processed. The portfolio accounting department is responsible for communicating corporate action decisions to client custodians.

<u>Class Actions and Legal Proceedings</u>: Portfolio companies currently or formerly held in River Road client accounts may become subject to class actions, bankruptcy, or other legal proceedings. River Road does not monitor for, act on behalf of clients in, or assist clients in any such proceedings. To the extent requested in the client's investment management agreement, River Road will use its best efforts to forward to the client notices River Road receives related to proceedings for their specific account.

Employees that receive any such notices for a client account must promptly forward the notice to the compliance department.

Version Reference

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Version Date** | &nbsp;&nbsp;**Description of Changes** |
| &nbsp;&nbsp;01/31/2022 | &nbsp;&nbsp;Updated to reflect new process for voting non-U.S. companies and noted an ESG review in certain instances; added language regarding not voting in instances where cost outweighs benefits. |
| &nbsp;&nbsp;05/31/2023 | &nbsp;&nbsp;Added the Deputy Chief Compliance Officer as a potential committee member and immaterial edits. |
| &nbsp;&nbsp;07/31/2024 | &nbsp;&nbsp;Removed references to special process for non-US companies (international strategies closed); added reference to N-PX reporting. |

---

ITEM 17 - Voting Client Securities

**I.** **POLICY** 

SBH acts as a discretionary investment adviser for various clients, which includes clients governed by the Employee Retirement Income Security Act of 1974 ("ERISA") and registered open-end investment companies ("mutual funds"). When entering into an investment management agreement with a client, it is the general policy of SBH to not vote proxies unless the client opts into the service provided by SBH. In specific provisions of SBH's investment management agreement, clients retain responsibility for voting proxies or responding to other corporate actions. Accounts governed by ERISA (certain pension or retirement plans, non-IRA's) are treated differently based on Department of Labor guidelines. Unless an ERISA client specifically reserves the right, in writing, to vote its own proxies or to take shareholder action with respect to other corporate actions requiring shareholder actions, SBH will vote all proxies and act on all other actions in a timely manner as part of its full discretionary authority over ERISA client assets in accordance with Proxy Voting Policy. Corporate actions may include, for example and without limitation, tender offers or exchanges, bankruptcy proceedings, and class actions (handled by a third party). In some cases, corporate actions may not be addressed by SBH, but rather by the client's custodian.

When voting proxies or acting with respect to corporate actions for clients, SBH's intent is that all decisions be made solely in the best interest of the client (and for ERISA accounts, plan beneficiaries and participants, in accordance with the letter and spirit of ERISA). SBH will seek to act in a prudent and diligent manner intended to enhance the economic value of the assets of the client's account.

**II.** **PROCEDURES** 

SBH uses an outside service provider, Institutional Shareholder Services ("ISS"), to vote proxies.

As a general rule, the operations group will provide instructions to the custodian to forward all proxies to ISS. ISS receives all proxies and votes them in a timely manner and in a manner consistent with the determination of the client's best interests. Although many proxy proposals can be voted on in accordance with ISS' established guidelines (see Section IV. below, "Guidelines"), it is recognized that some proposals require special consideration which may dictate that ISS and/or SBH makes an exception to the Guidelines. ISS is also responsible for ensuring that all corporate action notices or requests which require shareholder action received are addressed in a timely manner and consistent action is taken across all similarly situated client accounts.

**A. Conflicts of Interest**

Where a proxy proposal raises a material conflict between ISS and/or SBH's interests and a client's interest, including a mutual fund client, SBH will resolve such a conflict in the manner described below:

1. <u>Vote in Accordance with the Guidelines</u>. To the extent that SBH has little or no discretion to deviate from the Guidelines with respect to the proposal in question, SBH shall vote in accordance with such pre-determined voting policy as established by ISS.

2. <u>Deviations to the ISS Policy.</u> To the extent that SBH has discretion to deviate from the Guidelines with respect to the proposal in question, if a portfolio manager or analyst believes the ISS recommendation would be detrimental to the client's best interests, they may override the ISS vote with prior approval from the Chief Compliance Officer or the President. The operations group will maintain a written record supporting the decision to override the ISS recommendation.

ISS will review the proxy proposal for conflicts of interest as part of the overall vote review process. All material conflict of interest so identified by ISS and/or SBH will be addressed as described above in this Section II.A.

**B. Limitations**

As described above, in accordance with a client's investment advisory contract (or other written directive) or where SBH has determined that it is in the client's best interest, ISS and/or SBH will not vote proxies received. The following are certain circumstances where ISS and/or SBH will limit its role in voting proxies:

1. <u>Client Maintains Proxy Voting Authority</u>: As is ordinarily the case, where a client specifies in writing that it will maintain the authority to vote proxies itself or that it has delegated the right to vote proxies to a third party, ISS and/or SBH will not vote the securities and will direct the relevant custodian to send the proxy material directly to the client. If any proxy material is received by SBH, it will promptly be forwarded to the client or specified third party.

2. <u>Terminated Account</u>: Once a client account has been terminated with SBH in accordance with its investment advisory agreement, ISS and/or SBH will not vote on any proxies received after the termination. However, the client may specify in writing that proxies should be directed to the client (or a specified third party) for action.

3. <u>Limited Value</u>: If ISS and/or SBH determines that the value of a client's economic interest or the value of the portfolio holding is indeterminable or insignificant, ISS

and/or SBH may abstain from voting a client's proxies. ISS and/or SBH also will not vote proxies received for securities which are no longer held by the client's account.

4. <u>Securities Lending Programs</u>: When securities are out on loan, they are transferred into the borrower's name and are voted by the borrower, in its discretion. However, where SBH determines that a proxy vote (or other shareholder action) is materially important to the client's account, SBH may recall the security for purposes of voting.

5. <u>Unjustifiable Costs</u>: In certain circumstances, after doing a cost-benefit analysis, SBH may abstain from voting where the cost of voting a client's proxy would exceed any anticipated benefits to the client of the proxy proposal.

**III.** **RECORD KEEPING** 

In accordance with Rule 204-2 under the Advisers Act, SBH will seek to maintain for the time periods set forth in the Rule (i) these proxy voting procedures and policies, and all amendments thereto; (ii) a record of all proxy statements received by ISS and/or SBH regarding client securities (provided however, that SBH may rely on the proxy statement filed on EDGAR as its records); (iii) a record of all votes cast on behalf of clients; (iv) records of all client requests for proxy voting information; (v) any material documents prepared by SBH were material to making a decision how to vote or that memorialized the basis for the decision; and (vi) all records relating to requests made to clients regarding conflicts of interest in voting the proxy. Currently, the requirement is six years, two of which shall be onsite.

Clients may obtain information on how proxies were voted with respect to the clients' portfolio securities or a copy of our Proxy Voting Policy by writing to SBH at 540 West Madison St., Suite 1900, Chicago, IL 60661 or by emailing contactus@sbhic.com.

**IV.** **GUIDELINES** 

ISS will seek to consider each proxy issue individually. Proxy voting may be different for different types of clients. ISS issues proxy voting guidelines which are used as guidelines but will not be used as rigid rules. These guidelines are available upon request.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;T. ROWE PRICE ASSOCIATES, INC. AND CERTAIN OF ITS <br> INVESTMENT ADVISER AFFILIATES

**PROXY VOTING POLICIES AND PROCEDURES**

**RESPONSIBILITY TO VOTE PROXIES**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;T. Rowe Price Associates, Inc. and certain of its investment adviser affiliates<sup>1</sup> (collectively, **"T. Rowe Price"**) have adopted these Proxy Voting Policies and Procedures ("**Policies and Procedures"**) for the purpose of establishing formal policies and procedures for performing and documenting their fiduciary duty with regard to the voting of client proxies. This document is reviewed at least annually and updated as necessary.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;T. Rowe Price recognizes and adheres to the principle that one of the privileges of owning stock in a company is the right to vote in the election of the company's directors and on matters affecting certain important aspects of the company's structure and operations that are submitted to shareholder vote. The U.S.-registered investment companies which T. Rowe Price sponsors and serves as investment adviser (the **"Price Funds"**) as well as other investment advisory clients have delegated to T. Rowe Price certain proxy voting powers. As an investment adviser, T. Rowe Price has a fiduciary responsibility to such clients when exercising its voting authority with respect to securities held in their portfolios. T. Rowe Price reserves the right to decline to vote proxies in accordance with client-specific voting guidelines.

**Fiduciary Considerations**. It is the policy of T. Rowe Price that decisions with respect to proxy issues will be made in light of the anticipated impact of the issue on the desirability of investing in the portfolio company from the viewpoint of the particular advisory client or Price Fund. Proxies are voted solely in the interests of the client, Price Fund shareholders or, where employee benefit plan assets are involved, in the interests of plan participants and beneficiaries. Our intent has always been to vote proxies, where possible to do so, in a manner consistent with our fiduciary obligations and responsibilities.

One of the primary factors T. Rowe Price considers when determining the desirability of investing in a particular company is the quality and depth of its management. We recognize that a company's management is entrusted with the day-to-day operations of the company, as well as its long-term direction and strategic planning, subject to the oversight of the company's board of directors. Accordingly, our proxy voting guidelines are not intended to substitute our judgment for management's with respect to the company's day-to-day operations. Rather, our proxy voting guidelines are designed to promote accountability of a company's management and board of directors to its shareholders; to align the interests of management with those of shareholders; and to encourage companies to adopt best practices in terms of their corporate governance and disclosure. In addition to our proxy voting guidelines, we rely on a company's public filings, its board recommendations, its track record, country-specific best practices codes, our research providers and – most importantly – our investment professionals' views in making voting decisions. T. Rowe Price investment personnel do not coordinate with investment personnel of its affiliated investment adviser, TRPIM, with respect to proxy voting decisions.

1 This document is not applicable to T. Rowe Price Investment Management, Inc. ("TRPIM"). TRPIM votes proxies independently from the other T. Rowe Price-related investment advisers and has adopted its own proxy voting policy.

TRPA 2024 Proxy Voting Policies and Procedures.doc

Updated: February 2024

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;T. Rowe Price seeks to vote all of its clients' proxies. In certain circumstances, T. Rowe Price may determine that refraining from voting a proxy is in a client's best interest, such as when the cost of voting outweighs the expected benefit to the client. For example, the practicalities and costs involved with international investing may make it impossible at times, and at other times disadvantageous, to vote proxies in every instance.

**ADMINISTRATION OF POLICIES AND PROCEDURES**

**Environmental, Social and Governance Investing Committee**. T. Rowe Price's Environmental, Social and Governance Investing Committee **("TRPA ESG Investing Committee"** or the **"Committee"**) is responsible for establishing positions with respect to corporate governance and other proxy issues. Certain delegated members of the Committee also review questions and respond to inquiries from clients and mutual fund shareholders pertaining to proxy issues. While the Committee sets voting guidelines and serves as a resource for T. Rowe Price portfolio management, it does not have proxy voting authority for any Price Fund or advisory client. Rather, voting authority and responsibility is held by the Chairperson of the Price Fund's Investment Advisory Committee or the advisory client's portfolio manager. The Committee is also responsible for the oversight of third-party proxy services firms that T. Rowe Price engages to facilitate the proxy voting process.

**Global Proxy Operations Team.** The Global Proxy Operations team is responsible for administering the proxy voting process as set forth in the Policies and Procedures.

**Governance Team.** Our Governance team is responsible for reviewing the proxy agendas for all upcoming meetings and making company-specific recommendations to our global industry analysts and portfolio managers with regard to the voting decisions in their portfolios.

**Responsible Investment Team**. Our Responsible Investment team oversees the integration of environmental and social factors into our investment processes across asset classes. In formulating vote recommendations for matters of an environmental or social nature, the Governance team frequently consults with the appropriate sector analyst from the Responsible Investment team.

**HOW PROXIES ARE REVIEWED, PROCESSED AND VOTED**

**In order to facilitate the proxy voting process, T. Rowe Price has retained Institutional Shareholder Services ("ISS") as an expert in the proxy voting and corporate governance area. ISS specializes in providing a variety of fiduciary-level proxy advisory and voting services. These services include custom vote recommendations, research, vote execution, and reporting. Services provided by ISS do not include automated processing of votes on our behalf using the ISS Benchmark Policy recommendations. Instead, in order to reflect T. Rowe Price's issue-by-issue voting guidelines as approved each year by the TRPA ESG Investing Committee, ISS maintains and implements custom voting policies for the Price Funds and other advisory client accounts.** 

TRPA 2024 Proxy Voting Policies and Procedures.doc

Updated: February 2024

**Meeting Notification**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;T. Rowe Price utilizes ISS' voting agent services to notify us of upcoming shareholder meetings for portfolio companies held in client accounts and to transmit votes to the various custodian banks of our clients. ISS tracks and reconciles our clients' holdings against incoming proxy ballots. If ballots do not arrive on time, ISS procures them from the appropriate custodian or proxy distribution agent. Meeting and record date information is updated daily and transmitted to T. Rowe Price through ProxyExchange, an ISS application.

**Vote Determination**

Each day, ISS delivers into T. Rowe Price's customized ProxyExchange environment a comprehensive summary of upcoming meetings, proxy proposals, publications discussing key proxy voting issues, and custom vote recommendations to assist us with proxy research and processing. For meetings with complex ballot items in certain international markets, research may be consulted from local domestic proxy research providers. The final authority and responsibility for proxy voting decisions remains with T. Rowe Price. Decisions with respect to proxy matters are made primarily in light of the anticipated impact of the issue on the desirability of investing in the company from the perspective of our clients.

Portfolio managers execute their responsibility to vote proxies in different ways. Some have decided to vote their proxies generally in line with the guidelines as set by the TRPA ESG Investing Committee. Others review the customized vote recommendations and approve them before the votes are cast. Portfolio managers have access to current reports summarizing all proxy votes in their client accounts. Portfolio managers who vote their proxies inconsistent with T. Rowe Price guidelines are required to document the rationale for their votes. The Global Proxy Operations team is responsible for maintaining this documentation and assuring that it adequately reflects the basis for any vote which is contrary to our proxy voting guidelines.

**T. Rowe Price Voting Guidelines**

Specific proxy voting guidelines have been adopted by the TRPA ESG Investing Committee for all regularly occurring categories of management and shareholder proposals. The guidelines include regional voting guidelines as well as the guidelines for investment strategies with objectives other than purely financial returns, such as Impact and Net Zero. A detailed set of proxy voting guidelines is available on the T. Rowe Price website, <u>www.troweprice.com/esg</u>.

TRPA 2024 Proxy Voting Policies and Procedures.doc

Updated: February 2024

**Global Portfolio Companies**

The TRPA ESG Investing Committee has developed custom international proxy voting guidelines based on our proxy advisor's general global policies, regional codes of corporate governance, and our own views as investors in these markets. We apply a two-tier approach to determining and applying global proxy voting policies. The first tier establishes baseline policy guidelines for the most fundamental issues, which span the corporate governance spectrum without regard to a company's domicile. The second tier takes into account various idiosyncrasies of different countries, making allowances for standard market practices, as long as they do not violate the fundamental goals of good corporate governance. The goal is to enhance shareholder value through effective use of the shareholder franchise, recognizing that application of a single set of policies is not appropriate for all markets.

**Fixed Income and Passively Managed Strategies**

Proxy voting for our fixed income and indexed portfolios is administered by the Global Proxy Operations team using T. Rowe Price's guidelines as set by the TRPA ESG Investing Committee. Indexed strategies generally vote in line with the T. Rowe Price guidelines. Fixed income strategies generally follow the proxy vote determinations on security holdings held by our equity accounts unless the matter is specific to a particular fixed income security such as consents, restructurings, or reorganization proposals.

**Shareblocking**

Shareblocking is the practice in certain countries of "freezing" shares for trading purposes in order to vote proxies relating to those shares. In markets where shareblocking applies, the custodian or sub-custodian automatically freezes shares prior to a shareholder meeting once a proxy has been voted. T. Rowe Price's policy is generally to refrain from voting shares in shareblocking countries unless the matter has compelling economic consequences that outweigh the temporary loss of liquidity in the blocked shares.

**Securities on Loan**

The Price Funds and our institutional clients may participate in securities lending programs to generate income for their portfolios. Generally, the voting rights pass with the securities on loan; however, lending agreements give the lender the right to terminate the loan and pull back the loaned shares provided sufficient notice is given to the custodian bank in advance of the applicable deadline. T. Rowe Price's policy is generally not to vote securities on loan unless we determine there is a material voting event that could affect the value of the loaned securities. In this event, we have the discretion to pull back the loaned securities for the Price Funds in order to cast a vote at an upcoming shareholder meeting. A monthly monitoring process is in place to review securities on loan for the Price Funds and how they may affect proxy voting.

TRPA 2024 Proxy Voting Policies and Procedures.doc

Updated: February 2024

**Monitoring and Resolving Conflicts of Interest**

 

The TRPA ESG Investing Committee is also responsible for monitoring and resolving potential material conflicts between the interests of T. Rowe Price and those of its clients with respect to proxy voting. We have adopted safeguards to ensure that our proxy voting is not influenced by interests other than those of our fund shareholders and other investment advisory clients. While membership on the Committee is diverse, it does not include individuals whose primary duties relate to client relationship management, marketing, or sales. Since T. Rowe Price's voting guidelines are predetermined by the Committee, application of the guidelines by portfolio managers to vote client proxies should in most instances adequately address any potential conflicts of interest. However, consistent with the terms of the Policies and Procedures, which allow portfolio managers to vote proxies opposite our general voting guidelines, the Committee regularly reviews all such proxy votes that are inconsistent with the proxy voting guidelines to determine whether the portfolio manager's voting rationale appears reasonable. The Committee also assesses whether any business or other material relationships between T. Rowe Price and a portfolio company (unrelated to the ownership of the portfolio company's securities) could have influenced an inconsistent vote on that company's proxy. Issues raising potential conflicts of interest are referred to designated members of the Committee for immediate resolution prior to the time T. Rowe Price casts its vote.

With respect to personal conflicts of interest, T. Rowe Price's Global Code of Conduct requires all employees to avoid placing themselves in a "compromising position" in which their interests may conflict with those of our clients and restrict their ability to engage in certain outside business activities. Portfolio managers or Committee members with a personal conflict of interest regarding a particular proxy vote must recuse themselves and not participate in the voting decisions with respect to that proxy.

**Specific Conflict of Interest Situations**

Voting of T. Rowe Price Group, Inc. common stock (sym: TROW) by certain T. Rowe Price Index Funds will be done in all instances in accordance with T. Rowe Price voting guidelines and votes inconsistent with the guidelines will not be permitted. In the event that there is no previously established guideline for a specific voting issue appearing on the T. Rowe Price Group proxy, the Price Funds will abstain on that voting item.

In addition, T. Rowe Price has voting authority for proxies of the holdings of certain Price Funds that invest in other Price Funds. Shares of the Price Funds that are held by other Price Funds will generally be voted in the same proportion as shares for which voting instructions from other shareholders are timely received. If voting instructions from other shareholders are not received, or if a T. Rowe Price Fund is only held by other T. Rowe Price Funds or other accounts for which T. Rowe Price has proxy voting authority, the fund will vote in accordance with its Board's instruction.

TRPA 2024 Proxy Voting Policies and Procedures.doc

Updated: February 2024

For shares of the Price Funds that are series of T. Rowe Price Equity Series, Inc., T. Rowe Price Fixed Income Series, Inc., and T. Rowe Price International Series, Inc. (collectively, the "Variable Insurance Portfolios") held by insurance company separate accounts for which the insurance company has not received timely voting instructions, as well as shares the insurance company owns, those shares shall be voted in the same proportion as shares for which voting instructions from contract holders are timely received.

**Limitations on Voting Proxies of Banks**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;T. Rowe Price has obtained relief from the U.S. Federal Reserve Board (the **"FRB Relief"**) which permits, subject to a number of conditions, T. Rowe Price to acquire in the aggregate on behalf of its clients, 10% or more of the total voting stock of a bank, bank holding company, savings and loan holding company or savings association (each a **"Bank"**), not to exceed a 15% aggregate beneficial ownership maximum in such Bank. One such condition affects the manner in which T. Rowe Price will vote its clients' shares of a Bank in excess of 10% of the Bank's total voting stock (**"Excess Shares"**). The FRB Relief requires that T. Rowe Price use its best efforts to vote the Excess Shares in the same proportion as all other shares voted, a practice generally referred to as "mirror voting," or in the event that such efforts to mirror vote are unsuccessful, Excess Shares will not be voted. With respect to a shareholder vote for a Bank of which T. Rowe Price has aggregate beneficial ownership of greater than 10% on behalf of its clients, T. Rowe Price will determine which of its clients' shares are Excess Shares on a pro rata basis across all of its clients' portfolios for which T. Rowe Price has the power to vote proxies.<sup>2</sup>

**REPORTING, RECORD RETENTION AND OVERSIGHT**

The TRPA ESG Investing Committee, and certain personnel under the direction of the Committee, perform the following oversight and assurance functions, among others, over T. Rowe Price's proxy voting: (1) periodically samples proxy votes to ensure that they were cast in compliance with T. Rowe Price's proxy voting guidelines; (2) reviews, no less frequently than annually, the adequacy of the Policies and Procedures to make sure that they have been implemented effectively, including whether they continue to be reasonably designed to ensure that proxies are voted in the best interests of our clients; (3) performs due diligence on whether a retained proxy advisory firm has the capacity and competency to adequately analyze proxy issues, including the adequacy and quality of the proxy advisory firm's staffing and personnel and its policies; and (4) oversees any retained proxy advisory firms and their procedures regarding their capabilities to (i) produce proxy research that is based on current and accurate information and (ii) identify and address any conflicts of interest and any other considerations that we believe would be appropriate in considering the nature and quality of the services provided by the proxy advisory firm.

2 The FRB Relief and the process for voting of Excess Shares described herein apply to the aggregate beneficial ownership of T. Rowe Price and TRPIM.

TRPA 2024 Proxy Voting Policies and Procedures.doc

Updated: February 2024

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;T. Rowe Price will furnish Vote Summary Reports, upon request, to its institutional clients that have delegated proxy voting authority. The report specifies the portfolio companies, meeting dates, proxy proposals, and votes which have been cast for the client during the period and the position taken with respect to each issue. Reports normally cover quarterly or annual periods and are provided to such clients upon request.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;T. Rowe Price retains proxy solicitation materials, memoranda regarding votes cast in opposition to the position of a company's management, and documentation on shares voted differently. In addition, any document which is material to a proxy voting decision such as the T. Rowe Price proxy voting guidelines, Committee meeting materials, and other internal research relating to voting decisions are maintained in accordance with applicable requirements.

TRPA 2024 Proxy Voting Policies and Procedures.doc

Updated: February 2024

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;T. ROWE PRICE INVESTMENT MANAGEMENT, INC.

**PROXY VOTING POLICIES AND PROCEDURES**

**RESPONSIBILITY TO VOTE PROXIES**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;T. Rowe Price Investment Management, Inc. ("TRPIM") views proxy voting as integral to its investment management responsibilities. Certain investment advisory clients of TRPIM, including U.S.-registered investment companies which TRPIM serves as investment adviser have delegated to TRPIM certain proxy voting powers. TRPIM seeks to vote all proxies of the securities held in client accounts for which it has proxy voting authority in the best interest of those clients.

**Fiduciary Responsibilities and Voting Considerations**. TRPIM believes that it has a fiduciary obligation to vote proxies solely in the best interests of its clients. Our intent is to vote proxies, where possible to do so, in a manner consistent with our fiduciary obligations and responsibilities. One of the primary factors TRPIM considers when determining the desirability of investing in a particular company is the quality and depth of its management. As the management of a portfolio company is responsible for its day-to-day operations, as well as its long-term direction and strategic planning, TRPIM believes that management, subject to the oversight of the relevant board of directors, is typically best suited to make decisions that serve the interests of shareholders. Accordingly, our proxy voting guidelines are not intended to substitute our judgment for management's with respect to the company's day-to-day operations. Rather, our proxy voting guidelines are designed to promote accountability of a company's management and board of directors to its shareholders; to align the interests of management with those of shareholders; and to encourage companies to adopt best practices in terms of their corporate governance and disclosure.

Our portfolio managers are responsible for making proxy voting decision in their clients' best interests based on the facts and circumstances applicable to each company and issue. In addition to our own internal research, our investment personnel take into account additional factors when making voting decisions, including: our proxy voting guidelines, the issuer's public filings, its board recommendations, its track record, country-specific best practices codes and input from external research providers. TRPIM investment personnel do not coordinate with investment personnel of its affiliated investment advisers with respect to proxy voting decisions. TRPIM's proxy voting decisions are independent.

TRPIM seeks to vote all of its clients' proxies. In certain circumstances, TRPIM may determine that refraining from voting a proxy is in a client's best interest, such as when the cost of voting outweighs the expected benefit to the client. For example, the practicalities and costs involved with international investing may make it impossible at times, and at other times disadvantageous, to vote proxies in every instance. Additionally, TRPIM reserves the right to decline to vote proxies in accordance with client-specific voting guidelines.

TRPIM 2024 Proxy Voting Policies and Procedures

Updated: February 2024

**ADMINISTRATION OF POLICIES AND PROCEDURES**

**Environmental, Social and Governance Investing Committee**. The TRPIM Environmental, Social and Governance Investing Committee (**"TRPIM ESG Investing Committee"** or the **"Committee"**) is responsible for establishing positions with respect to corporate governance and other proxy issues. While the Committee sets voting guidelines and serves as a resource for TRPIM portfolio management, it does not have proxy voting authority for any advisory client. Rather, voting authority and responsibility is held by the particular portfolio manager.

**Responsible Investment and Governance Team**. Our Responsible Investment and Governance team oversees the integration of environmental, social and governance factors into our investment processes across asset classes. This team is responsible for reviewing proxy agendas for all upcoming meetings and making company-specific recommendations, including for matters of an environmental or social nature.

**Global Proxy Operations Team.** A team of individuals employed by an affiliated entity of TRPIM is responsible for the administrative and operational aspects of the proxy voting process, which is a ministerial process that does not involve the exercise of discretion. This team is subject to policies that prevent the sharing of voting decisions between TRPIM and its affiliated investment advisers.

**HOW PROXIES ARE REVIEWED, PROCESSED AND VOTED**

**In order to facilitate the proxy voting process, TRPIM has retained Institutional Shareholder Services ("ISS") as an expert in the proxy voting and corporate governance area. ISS specializes in providing a variety of fiduciary-level proxy advisory and voting services. These services include custom vote recommendations, research, vote execution, and reporting. Services provided by ISS do not include automated processing of votes on our behalf using the ISS Benchmark Policy recommendations. Instead, in order to reflect TRPIM's issue-by-issue voting guidelines as approved by the TRPIM ESG Investing Committee, ISS maintains and implements custom voting policies for TRPIM's advisory clients that have given it proxy voting authority.** 

TRPIM utilizes ISS' voting agent services to notify us of upcoming shareholder meetings for portfolio companies held in client accounts and to transmit votes to the various custodian banks of our clients. ISS tracks and reconciles our clients' holdings against incoming proxy ballots. If ballots do not arrive on time, ISS procures them from the appropriate custodian or proxy distribution agent. Meeting and record date information is updated daily and transmitted to TRPIM through ProxyExchange, an ISS application.

Each day, ISS delivers into TRPIM's customized ProxyExchange environment a comprehensive summary of upcoming meetings, proxy proposals, publications discussing key proxy voting issues, and custom vote recommendations to assist us with proxy research and processing. The final authority and responsibility for proxy voting decisions remains with TRPIM.

TRPIM 2024 Proxy Voting Policies and Procedures

Updated: February 2024

**Monitoring and Resolving Conflicts of Interest**

The TRPIM ESG Investing Committee is also responsible for monitoring and resolving potential material conflicts between the interests of TRPIM or its affiliates and those of its clients with respect to proxy voting. We have adopted safeguards to ensure that our proxy voting is not influenced by interests other than those of our investment advisory clients. Membership on the Committee does not include individuals whose primary duties relate to client relationship management, marketing, or sales. Since our voting guidelines are predetermined by the Committee, application of the guidelines by portfolio managers to vote client proxies should in most instances adequately address any potential conflicts of interest. However, the Committee regularly reviews all proxy votes that are inconsistent with the proxy voting guidelines to determine whether the portfolio manager's voting rationale appears reasonable. The Committee also assesses whether any business or other material relationships between TRPIM and a portfolio company (unrelated to the ownership of the portfolio company's securities) could have influenced an inconsistent vote on that company's proxy. Issues raising potential conflicts of interest are referred to designated members of the Committee for immediate resolution prior to the vote.

With respect to personal conflicts of interest, the firm's Global Code of Conduct requires all employees to avoid placing themselves in a "compromising position" in which their interests may conflict with those of our clients and restrict their ability to engage in certain outside business activities. Portfolio managers or Committee members with a personal conflict of interest regarding a particular proxy vote must recuse themselves and not participate in the voting decisions with respect to that proxy.

**Specific Conflict of Interest Situations**

TRPIM has voting authority for proxies of the holdings of certain investment funds sponsored by an affiliate (the **"Price Funds"**) that invest in other Price Funds. Shares of the Price Funds that are held by other Price Funds will generally be voted in the same proportion as shares for which voting instructions from other shareholders are timely received. If voting instructions from other shareholders are not received, or if a Price Fund is only held by other Price Funds or other accounts for which TRPIM or an affiliate has proxy voting authority, the fund will vote in accordance with its Board's instruction.

For shares of the Price Funds that are series of T. Rowe Price Equity Series, Inc., T. Rowe Price Fixed Income Series, Inc., and T. Rowe Price International Series, Inc. (collectively, the "Variable Insurance Portfolios") held by insurance company separate accounts for which the insurance company has not received timely voting instructions, as well as shares the insurance company owns, those shares shall be voted in the same proportion as shares for which voting instructions from contract holders are timely received.

**TRPIM Voting Guidelines** 

Specific proxy voting guidelines have been adopted by the TRPIM ESG Investing Committee for all regularly occurring categories of management and shareholder proposals. Many guidelines indicate a "case by case" analysis, reflecting that the facts and circumstances of each issue may vary. A detailed set of proxy voting guidelines is available on the T. Rowe Price website, <u>www.troweprice.com/esg</u>.

TRPIM 2024 Proxy Voting Policies and Procedures

Updated: February 2024

**Fixed Income Strategies**

Proxy voting for our fixed income portfolios is administered by the Global Proxy Operations team using TRPIM's guidelines as set by the TRPIM ESG Investing Committee. Fixed income strategies generally follow the proxy vote determinations on security holdings held by our equity accounts unless the matter is specific to a particular fixed income security such as consents, restructurings, or reorganization proposals.

**Shareblocking**

Shareblocking is the practice in certain countries of "freezing" shares for trading purposes in order to vote proxies relating to those shares. In markets where shareblocking applies, the custodian or sub-custodian automatically freezes shares prior to a shareholder meeting once a proxy has been voted. Our policy is generally to refrain from voting shares in shareblocking countries unless the matter has compelling economic consequences that outweigh the temporary loss of liquidity in the blocked shares.

**Securities on Loan**

The Price Funds and our institutional clients may participate in securities lending programs to generate income for their portfolios. Generally, the voting rights pass with the securities on loan; however, lending agreements give the lender the right to terminate the loan and pull back the loaned shares provided sufficient notice is given to the custodian bank in advance of the applicable deadline. TRPIM's policy is generally not to vote securities on loan unless we determine there is a material voting event that could affect the value of the loaned securities. In this event, we have the discretion to pull back the loaned securities for Price Funds in order to cast a vote at an upcoming shareholder meeting. A monthly monitoring process is in place to review securities on loan for Price Funds and how they may affect proxy voting.

**Limitations on Voting Proxies of Banks**

TRPIM's parent holding company, T. Rowe Price Group, Inc. has obtained relief from the U.S. Federal Reserve Board (the **"FRB Relief"**) which permits, subject to a number of conditions, TRPIM and its affiliated investment advisers (collectively, **"T. Rowe Price"**) to acquire in the aggregate on behalf of their clients, 10% or more of the total voting stock of a bank, bank holding company, savings and loan holding company or savings association (each a **"Bank"**), not to exceed a 15% aggregate beneficial ownership maximum in such Bank. One such condition affects the manner in which T. Rowe Price will vote its clients' shares of a Bank in excess of 10% of the Bank's total voting stock (**"Excess Shares"**). The FRB Relief requires that T. Rowe Price (and thus also TRPIM) use its best efforts to vote the Excess Shares in the same proportion as all other shares voted, a practice generally referred to as "mirror voting," or in the event that such efforts to mirror vote are unsuccessful, Excess Shares will not be voted. With respect to a shareholder vote for a Bank of which T. Rowe Price has aggregate beneficial ownership of greater than 10% on behalf of its clients, T. Rowe Price will determine which of its clients' shares are Excess Shares on a pro rata basis across all of its clients' portfolios for which T. Rowe Price has the power to vote proxies.

TRPIM 2024 Proxy Voting Policies and Procedures

Updated: February 2024

**REPORTING, RECORD RETENTION AND OVERSIGHT**

The TRPIM ESG Investing Committee and the Global Proxy Operations team, perform the following oversight and assurance functions, among others, over TRPIM's proxy voting: (1) periodically samples proxy votes to ensure that they were cast in compliance with TRPIM's proxy voting guidelines; (2) reviews, no less frequently than annually, the adequacy of the our proxy voting policy and guidelines to make sure that they have been implemented effectively, including whether they continue to be reasonably designed to ensure that proxies are voted in the best interests of our clients; (3) performs due diligence on whether a retained proxy advisory firm has the capacity and competency to adequately analyze proxy issues, including the adequacy and quality of the proxy advisory firm's staffing and personnel and its policies; and (4) oversees any retained proxy advisory firms and their procedures regarding their capabilities to (i) produce proxy research that is based on current and accurate information and (ii) identify and address any conflicts of interest and any other considerations that we believe would be appropriate in considering the nature and quality of the services provided by the proxy advisory firm.

TRPIM will furnish Vote Summary Reports, upon request, to its institutional clients that have delegated proxy voting authority. The report specifies the portfolio companies, meeting dates, proxy proposals, and votes which have been cast for the client during the period and the position taken with respect to each issue. Reports normally cover quarterly or annual periods and are provided to such clients upon request.

TRPIM retains proxy solicitation materials, memoranda regarding votes cast in opposition to the position of a company's management, and documentation on shares voted differently. In addition, any document which is material to a proxy voting decision such as the TRPIM proxy voting guidelines, Committee meeting materials, and other internal research relating to voting decisions are maintained in accordance with applicable requirements.

TRPIM 2024 Proxy Voting Policies and Procedures

Updated: February 2024

![(graphic)](victory_proxy-img001.jpg)

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| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Compliance Policy Executive Summary** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Compliance Policy Executive Summary** |
| &nbsp;&nbsp;**Policy Name:** | &nbsp;&nbsp;H-12 Proxy Voting Policy |
| &nbsp;&nbsp;**Applicability:** | &nbsp;&nbsp;Victory Capital Management Inc. ("Victory Capital") |
| &nbsp;&nbsp;**Category:** | &nbsp;&nbsp;Investments - General |
| &nbsp;&nbsp;**Compliance Owner:** | &nbsp;&nbsp;Chief Compliance Officer, Victory Capital |
| &nbsp;&nbsp;**Business Owner:** | &nbsp;&nbsp;Director Responsible Investment, Victory Capital |
| &nbsp;&nbsp;**Effective Date:** | &nbsp;&nbsp;June 1, 2022 |
| &nbsp;&nbsp;**Executive Summary:** | &nbsp;&nbsp;Policy and procedures governing the voting of client securities |

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**BACKGROUND AND RISKS**

Voting rights associated with security ownership are closely related to the discretionary asset management services Victory Capital provides to its clients. Therefore, Victory Capital should be capable of accepting and exercising voting authority on behalf of clients with the same standard of care, skill, prudence, and diligence it is subject to when exercising its investment authority on behalf of clients. Further, in order to exercise voting authority on behalf of clients, Victory Capital must comply with Rule 206(4)-6 (the "proxy rule") which requires Victory Capital to adopt and implement written policies and procedures designed to ensure it votes securities in the best interest of clients including managing material conflicts of interest between Victory Capital and its clients. The proxy rule also requires Victory Capital to disclose to clients a summary of its proxy voting policies and procedures, how they may obtain a copy of these procedures, and information about how Victory Capital voted their securities.

Inability to accept and exercise voting authority on behalf of clients or failure to comply with the proxy rule could result in violations of securities law, breach of fiduciary duty, client harm, or damage to Victory Capital's reputation.

**POLICY**

Victory Capital will establish policies and procedures and retain resources necessary to ensure it is capable of exercising voting authority on behalf of clients according to the same standard of care with which it exercises investment authority. Because Victory Capital will exercise voting authority, it will comply with the proxy rule and must vote securities in the best interest of clients.

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![(graphic)](victory_proxy-img001.jpg)

For purposes of this policy, voting in the best interest of clients means using complete and accurate information to vote with the objective of increasing the long-term economic value of client assets. Similar to investment decision making, voting decisions are qualitative in nature and Victory Capital will consider a variety of factors to arrive at vote decisions. Further a voting decision in the same security may be different between clients for the same reasons Victory Capital clients are invested in different securities. For example, client agreements, investment strategies, or specific investment franchise views on ballot proposals may cause the same security to be voted in a different manner across Victory Capital's client base.

Victory Capital will vote all securities over which it has authority, provided the client has voting rights and there is sufficient time and information available to make informed decisions. Victory Capital will take reasonable steps to obtain appropriate and timely information. In situations where voting may impact the ability to trade a security (e.g., shareblocking), Victory Capital will not vote unless it determines that voting is in a client's best interest.

For a copy of the guidelines (as defined below) please visit Victory Capital's website at https://investor.vcm.com/policies. To obtain information on specific proxies voted by Victory Capital, clients may contact their Victory Capital client manager or email an inquiry to client_service_team@vcm.com.

Victory Capital will create, maintain, and retain appropriate records related to voting client securities.

**LIST OF REQUIRED CONTROLS**

● Proxy Voting Committee (the "committee")

● Client Investment Management Agreements ("IMAs")

● Third-party proxy firm ("proxy firm")

● M-19 Vendor Due Diligence and Oversight ("vendor oversight policy")

● Proxy voting guidelines

● Annual committee guideline review

● Form ADV, Part 2A

● M-13 Record Retention and Destruction, Appendix A ("recordkeeping requirements")

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**CONTROL IMPLEMENTATION PROCEDURES**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● The committee will consist of members with experience related to the functional areas applicable to voting client securities including responsible investing, investment management, operations, and compliance. The committee is responsible for exercising Victory Capital's fiduciary responsibilities related to voting client securities including voting in the best interests of clients and identifying and managing conflicts of interest. The committee will be active, keep a charter, and maintain records that demonstrate adequate execution of its responsibilities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● When a client enters into an advisory relationship with Victory Capital, proxy voting roles and responsibilities between the client and Victory Capital will be fully disclosed. Responsibilities delegated to Victory Capital will be communicated to the committee and the committee will be responsible for implementing voting requirements in accordance with each IMA.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● In order to support its fiduciary duty related to voting client securities, Victory Capital will retain, and the committee will oversee a third-party proxy advisory firm ("proxy firm") to provide both administrative and advisory services related to voting client securities. Selection and ongoing oversight of the proxy firm will be conducted in accordance with the vendor oversight policy. The Sponsor, as defined in the vendor oversight policy, must be a member of the committee. Currently, Victory Capital retains Institutional Shareholder Services Inc. as its proxy firm.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● The committee will adopt written proxy voting guidelines authored by the proxy firm ("guidelines"). These guidelines can be used as standing instructions on how the proxy firm must vote ballots provided that the committee must:

○ Have the ability to customize the guidelines.

○ Retain the ability to override the guidelines on individual ballot proposals at the client level.

○ Review the guidelines at least annually, implement customizations based on this review, and submit a written memo to the compliance committee documenting the results of the annual review that includes the name of the proxy firm, links to the specific guidelines adopted, and a description of customizations made.

○ Make the memo available to clients upon request.

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![(graphic)](victory_proxy-img001.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ● The purpose of the guidelines is 1) to benefit from the specialized expertise related to voting securities provided by the proxy firm and to provide an independent source to resolve conflicts of interest identified between Victory Capital and its clients. For the first purpose, the committee will take into account the guidelines but will have ultimate responsibility for voting decisions. The committee will, in its discretion, rely on additional sources such as portfolio manager input to ensure the voting decisions it makes are in the best interest of specific clients. If the guidelines are silent on any pending ballot proposal, the committee will exercise its voting responsibility with due care and document the rationale for the vote decision. For the second purpose, if the committee identifies a conflict of interest between Victory Capital and clients, the committee must vote in accordance with the guidelines unless the rationale for deviating from guidelines has unanimous consent from the committee and is put in writing, including an analysis of how the conflict of interest is eliminated, mitigated, or disclosed.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● The proxy firm will provide technology-based platform that provides operational controls over voting securities that include, at minimum, ballot reconciliation, casting complete ballots in a timely manner and in accordance with adopted written guidelines, ability to adjust or override a vote based on committee input, and reporting. The committee is responsible for ensuring these controls are operating as intended though must, at minimum, develop reporting designed to ensure all eligible client accounts are properly set up and configured on the proxy firm's platform and that the proxy firm is voting securities in accordance with the guidelines and this policy. Such reports should be reviewed by the committee at regular intervals and any exceptions should be referred to the LCR department

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● The disclosures required under the proxy rule will be contained in Victory Capital's Form ADV, Part 2A and will be delivered to clients at the time and frequency required by regulation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● The committee will be familiar with the recordkeeping requirements related to voting client securities and will maintain records and ensure the proxy firm maintains records for the required periods.

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**Proxy Voting Procedures**

WCM accepts responsibility for voting proxies whenever requested by a Client or as required by law. Each Client's investment management agreement should specify whether WCM is to vote proxies relating to securities held for the Client's account. If the agreement is silent as to the proxy voting and no instructions from the client are on file, WCM will assume responsibility of proxy voting.

In cases in which WCM has proxy voting authority for securities held by its advisory clients, WCM will ensure securities are voted for the exclusive benefit, and in the best economic interest, of those clients and their beneficiaries, subject to any restrictions or directions from a client. Such voting responsibilities will be exercised in a manner that is consistent with the general antifraud provisions of the Advisers Act, the Proxy Voting Rule, ***Rule 206(4)-6***, and for ERISA accounts, the DOL's Proxy Voting Rule, as well as with WCM's fiduciary duties under federal and state law to act in the best interests of its clients. Even when WCM has proxy voting authority, a Client may request that WCM vote in a certain manner. Any such instructions shall be provided to WCM, in writing or electronic communication, saved in the Client files and communicated to the Portfolio Associate and Proxy Admin.

***<u>Special Rules for ERISA.</u>***

Unless <u>proxy voting responsibility</u> has been expressly reserved by the plan, trust document, or investment management agreement, and is being exercised by another "named fiduciary" for an ERISA Plan Client, WCM, as the investment manager for the account, has the exclusive authority to vote proxies or exercise other shareholder relating to securities held for the Plan's account. The interests or desires of plan sponsors should not be considered. In addition, if a "named fiduciary" for the plan has provided WCM with written proxy voting guidelines, those guidelines must be followed, unless the guidelines, or the results of following the guidelines, would be contrary to the economic interests of the plan's participants or beneficiaries, imprudent or otherwise contrary to ERISA.

Investors in WCM Private Funds which are deemed to hold "plan assets" under ERISA accept WCM's investment policy statement and a proxy voting policy before they are allowed to invest.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.  **<u>Role of the Independent Proxy Adviser</u>** 

WCM utilizes the proxy voting recommendations of Glass Lewis (our "Proxy Adviser"). The purpose of the Proxy Advisers proxy research and advice is to facilitate shareholder voting in favor of governance structures that will drive performance, create shareholder value and maintain a proper tone at the top. Because the Proxy Adviser is not in the business of providing consulting services to public companies, it can focus solely on the best interests of investors. The Proxy Adviser's approach to corporate governance is to look at each company individually and determine what is in the best interests of the shareholders of each particular company. Research on proxies covers more than just corporate governance – the Proxy Adviser analyzes accounting, executive compensation, compliance with regulation and law, risks and risk disclosure, litigation and other matters that reflect on the quality of board oversight and company transparency.

The voting recommendations of the Proxy Adviser are strongly considered; however, the final determination for voting in the best economic interest of the clients is the responsibility of the relevant strategy Investment Strategy Group ("ISG"). When a decision is reached to vote contrary to the recommendation of the Proxy Adviser, the ISG will address any potential conflicts of interest (as described in this policy) and proceed accordingly. They will maintain documentation to support the decision, which will be reviewed by the Compliance Team.

WCM will take reasonable steps under the circumstances to make sure that all proxies are received and for those that WCM has determined should be voted, are voted in a timely manner.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.  **<u>Role of the Portfolio Associate.</u>** 

The Portfolio Associate is responsible for the onboarding and maintenance of Client accounts. For each Client, the Portfolio Associate:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Determines
 whether WCM is vested with proxy voting responsibility or whether voting is reserved to the
 Client or delegated to another designee;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Instructs
 registered owners of record (*e.g.* the Client, Trustee or Custodian) that receive proxy
 materials from the issuer or its information agent to send proxies electronically directly
 to Broadridge/ProxyEdge, a third party service provider, to: (1) provide notification of
 impending votes; (2) vote proxies based on the Proxy Adviser and/or WCM recommendations;
 and (3) maintain records of such votes electronically.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. Assigns
 the appropriate proxy voting guidelines based on a Client's Investment Policy Guidelines;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. Reports
 proxy voting record to Client, as requested.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.  **<u>Role of the Proxy Admin.</u>** 

The Proxy Admin circulates proxy ballot information and administers the proxy vote execution process. The Proxy Admin:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Monitors
 the integrity of the data feed between the Client's registered owner of record and
 Broadridge/Proxy Edge;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Executes
 votes based on the recommendation of the Proxy Adviser or ISG;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. Ensures
 all votes are cast in a timely manner.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.  **<u>Role of the ISG and Analysts</u>** 

With the support of the Analysts, and in consideration of the voting recommendation of the Proxy Adviser, the Investment Strategy Group (ISG) is responsible for review of the Proxy Adviser policy and final vote determination. The ISG:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Annually,
 reviews the policy of the Proxy Adviser to ensure voting recommendations are based on a Client's
 best interest;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Reviews
 the ballot voting recommendations of the Proxy Adviser;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. Investigates
 ballot voting issues during the normal course of research, company visits, or discussions
 with company representatives.

If the ISG:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Agrees
 with the voting recommendation of the Proxy Adviser, no further action is required;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Disagrees
 with the voting recommendation of the Proxy Adviser, they will:

1) Deal with conflicts of interest, as described below;

2) Provide updated voting instructions to the Proxy Admin;

3) Document the rationale for the decision, which is provided to Compliance.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.  **<u>Certain Proxy Votes May Not Be Cast</u>** 

In some cases, WCM may determine that it is in the best interests of our clients to abstain from voting certain proxies. WCM will abstain from voting in the event any of the following conditions are met with regard to a proxy proposal:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Neither
 the Proxy Adviser' recommendation nor specific client instructions cover an issue;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. In
 circumstances where, in WCM's judgment, the costs of voting the proxy exceed the expected
 benefits to the Client.

In addition, WCM will only seek to vote proxies for securities on loan when such a vote is deemed to have a material impact on the account. In such cases, materiality is determined and documented by the ISG.

Further, in accordance with local law or business practices, many foreign companies prevent the sales of shares that have been voted for a certain period beginning prior to the shareholder meeting and ending on the day following the meeting ("share blocking"). Depending on the country in which a company is domiciled, the blocking period may begin a stated number of days prior to the meeting (e.g., one, three or five days) or on a date established by the company. While practices vary, in many countries the block period can be continued for a longer period if the shareholder meeting is adjourned and postponed to a later date. Similarly, practices vary widely as to the ability of a shareholder to have the "block" restriction lifted early (e.g., in some countries shares generally can be "unblocked" up to two days prior to the meeting whereas in other countries the removal of the block appears to be discretionary with the issuer's transfer agent). WCM believes that the disadvantage of being unable to sell the stock regardless of changing conditions generally outweighs the advantages of voting at the shareholder meeting for routine items. Accordingly, WCM generally will not vote those proxies subject to "share blocking."

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.  **<u>Identifying and Dealing with Material Conflicts of Interest between WCM and Proxy Issuer</u>** 

WCM believes the use of the Proxy Adviser's independent guidelines helps to mitigate proxy voting related conflicts between the firm and its clients. Notwithstanding WCM may choose to vote a proxy against the recommendation of the Proxy Adviser, if WCM believes such vote is in the best economic interest of its clients. Such a decision will be made and documented by the ISG. Because WCM retains this authority, it creates a potential conflict of interest between WCM and the proxy issuer. As a result, WCM may not overrule the Proxy Adviser's recommendation with respect to a proxy unless the following steps are taken by the CCO:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. The
 CCO must determine whether WCM has a <u>conflict of interest with respect to the issuer</u> that is the subject of the proxy. The CCO will use the following standards to identify issuers
 with which WCM may have a conflict of interest.

1) *Significant Business Relationships* – The CCO will determine whether WCM may have a significant business relationship with the issuer, such as, for example, where WCM manages a pension plan. For this purpose, a "significant business relationship" is one that: (i) represents 1% or $1,000,000 of WCM's revenues for the fiscal year, whichever is less, or is reasonably expected to represent this amount for the current fiscal year; or (ii) may not directly involve revenue to WCM but is otherwise determined by the CCO to be significant to WCM.

2) *Significant Personal/Family Relationships* – the CCO will determine whether any Supervised Persons who are involved in the proxy voting process may have a significant personal/family relationship with the issuer. For this purpose, a "significant personal/family relationship" is one that would be reasonably likely to influence how WCM votes proxies. To identify any such relationships, the CCO shall obtain information about any significant personal/family relationship between any Supervised Person of WCM who is involved in the proxy voting process (e.g., ISG members) and senior Supervised Persons of issuers for which WCM may vote proxies.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. If
 the CCO determines that WCM has a conflict of interest with respect to the issuer, the CCO
 shall determine whether the <u>conflict is "material" to any specific proposal</u> included within the proxy. The CCO shall determine whether a proposal is material as
 follows:

1) *Routine Proxy Proposals* – Proxy proposals that are "routine" shall be presumed not to involve a material conflict of interest for WCM, unless the ISG has actual knowledge that a routine proposal should be treated as material. For this purpose, "routine" proposals would typically include matters such as the selection of an accountant, uncontested election of directors, meeting formalities, and approval of an annual report/financial statements.

2) *Non-Routine Proxy Proposals* – Proxy proposals that are "non-routine" shall be presumed to involve a material conflict of interest for WCM, unless the CCO determines that WCM's conflict is unrelated to the proposal in question (see 3. below). For this purpose, "non-routine" proposals would typically include any contested matter, including a contested election of directors, a merger or sale of substantial assets, a change in the articles of incorporation that materially affects the rights of shareholders, and compensation matters for management (e.g., stock option plans, retirement plans, profit sharing or other special remuneration plans).

3) *Determining that a Non-Routine Proposal is Not Material* – As discussed above, although non-routine proposals are presumed to involve a material conflict of interest, the CCO may determine on a case-by-case basis that particular non-routine proposals do not involve a material conflict of

interest. To make this determination, the CCO must conclude that a proposal is not directly related to WCM's conflict with the issuer or that it otherwise would not be considered important by a reasonable investor. The CCO shall record in writing the basis for any such determination.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. For
 any proposal where the CCO determines that <u>WCM has a material conflict of interest</u>,
 WCM may vote a proxy regarding that proposal in any of the following manners:

1) *Obtain Client Consent or Direction*– If the CCO approves the proposal to overrule the recommendation of the Proxy Adviser, WCM shall fully disclose to each client holding the security at issue the nature of the conflict and obtain the client's consent to how WCM will vote on the proposal (or otherwise obtain instructions from the client as to how the proxy on the proposal should be voted).

2) *Use the Proxy Adviser' Recommendation* – Vote in accordance with the Proxy Adviser' recommendation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. For
 any proposal where the CCO determines that <u>WCM does not have a material conflict of interest</u>,
 the ISG may overrule the Proxy Adviser's recommendation if the ISG reasonably determines
 that doing so is in the best interests of WCM's clients. If the ISG decides to overrule
 the Proxy Adviser's recommendation, the ISG will maintain documentation to support
 their decision.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.  **<u>Dealing with Material Conflicts of Interest between a Client and the Proxy Adviser or Proxy Issuer</u>** 

If WCM is notified by a client regarding a conflict of interest between them and the Proxy Adviser or the proxy issuer, The CCO will evaluate the circumstances and either

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. elevate
 the decision to the ISG who will make a determination as to what would be in the Client's
 best interest;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. if
 practical, seek a waiver from the Client of the conflict; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. if
 agreed upon in writing with the Clients, forward the proxies to affected Clients allowing
 them to vote their own proxies.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.  **<u>Maintenance of Proxy Voting Records</u>** 

As required by ***Rule 204-2*** under the Advisers Act, and for ERISA accounts, ***the DOL's Proxy Voting Rule***, WCM will maintain or procure the maintenance of the following records relating to proxy voting for a period of at least five years:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. a
 copy of these Proxy Policies, as they may be amended from time to time;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. copies
 of proxy statements received regarding Client securities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. a
 record of each proxy vote cast on behalf of its Clients;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. a

 to vote proxies on behalf of its Clients; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e. each
 written Client request for information on how WCM voted proxies on behalf of the Client and
 each written response by WCM to oral or written Client requests for this information.

As permitted by ***Rule 204-2(c)***, electronic proxy statements and the record of each vote cast on behalf of each Client account will be maintained by ProxyEdge. WCM shall obtain and maintain an undertaking from ProxyEdge to provide it with copies of proxy voting records and other documents relating to its Clients' votes promptly upon request. WCM and ProxyEdge may rely on the SEC's EDGAR system to keep records of certain proxy statements if the proxy statements are maintained by issuers on that system (e.g., large U.S.-based issuers).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.  **<u>Disclosure</u>** 

WCM will provide all Clients a summary of these Proxy Policies, either directly or by delivery to the Client of a copy of its Form ADV, Part 2A containing such a summary, and information on how to obtain a copy of the full text of these Proxy Policies and a record of how WCM has voted the Client's proxies. Upon receipt of a Client's request for more information, WCM will provide to the Client a copy of these Proxy Policies and/or in accordance with the Client's stated requirements, how the Client's proxies were voted during the period requested. Such periodic reports will not be made available to third parties absent the express written request of the Client. However, to the extent that WCM serves as a sub-adviser to another adviser to a Client, WCM will be deemed to be authorized to provide proxy voting records on such Client accounts to such other adviser.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.  **<u>Oversight of the Proxy Adviser</u>** 

Prior to adopting the proxy guidelines and recommendations of a Proxy adviser, WCM will exercise prudence and diligence to determine that the guidelines for proxy recommendations are consistent with WCM's fiduciary obligations. Each year, Compliance, in conjunction with input from the Proxy Admin, the ISG and others as determined by the CCO, will review WCM's relationship with, and services provided by the Proxy Adviser. To facilitate this review, WCM will request information from the Proxy Adviser in consideration of the Proxy Adviser processes, policies and procedures to:

● Analyze and formulate voting recommendations on the matters for which WCM is responsible for voting and to disclose its information sources and methods used to develop such voting recommendations;

● Ensure that it has complete and accurate information about issuers when making recommendations and to provide its clients and issuers timely opportunities to provide input on certain matters;

● Resolve any identified material deficiencies in the completeness or accuracy of information about issuers for whom voting recommendations are made; and

● Identify, resolve, and disclose actual and potential conflicts of interest associated with its recommendations;

Additionally, WCM will review the Proxy Adviser's proposed changes to its proxy voting guidelines to ensure alignment with the ISG's expectations. The Proxy Adviser typically distributes proposed changes to its guidelines annually; therefore, WCM's review of these proposed changes will typically coincide with the Proxy Adviser' schedule.

**WELLINGTON MANAGEMENT**

#### GLOBAL PROXY POLICY AND PROCEDURES
.................................................................................................................................................................................................................

INTRODUCTION

Wellington Management has adopted and implemented policies and procedures it believes are reasonably designed to ensure that proxies are voted in the best interests of clients for which it exercises proxy-voting discretion.

The purpose of this document is to outline Wellington Management's approach to executing proxy voting. Wellington Management's Proxy Voting Guidelines (the "Guidelines"), which are contained in a separate document, set forth broad guidelines and positions on common issues that Wellington Management uses for voting proxies. The Guidelines set out our general expectations on how we vote rather than rigid rules that we apply without consideration of the particular facts and circumstances.

STATEMENT OF POLICY

Wellington Management:

1) Votes client proxies for clients that have affirmatively delegated proxy voting authority, in writing, unless we have arranged in advance with a particular client to limit the circumstances in which the client would exercise voting authority, or we determine that it is in the best interest of one or more clients to refrain from voting a given proxy.

2) Seeks to vote proxies in the best financial interests of the clients for which we are voting.

3) Identifies and resolves all material proxy-related conflicts of interest between the firm and our clients in the best interests of the client.

RESPONSIBILITY AND OVERSIGHT

The Proxy Voting Team monitors regulatory requirements with respect to proxy voting and works with the firm's Legal and Compliance Group and the Investment Stewardship Committee to develop practices that implement those requirements. The Proxy Voting Team also acts as a resource for portfolio managers and investment research analysts on proxy matters as needed. Day-to-day administration of the proxy voting process is the responsibility of the Proxy Voting Team. The Investment Stewardship Committee a senior, cross-functional group of experienced professionals, is responsible for oversight of the implementation of the Global Proxy Policy and Procedures, review and approval of the Guidelines, and identification and resolution of conflicts of interest. The Investment Stewardship Committee reviews the Guidelines as well as the Global Proxy Policy and Procedures annually.

.................................................................................................................................................................................................................

**WELLINGTON MANAGEMENT**

**GLOBAL PROXY POLICY AND PROCEDURES**

.................................................................................................................................................................................................................

PROCEDURES

Use of Third-Party Voting Agent

Wellington Management uses the services of a third-party voting agent for research and to manage the administrative aspects of proxy voting. We view third-party research as an input to our process. Wellington Management complements the research provided by its primary voting agent with research from other firms.

Our primary voting agent processes proxies for client accounts and maintains records of proxies voted. For certain routine issues, as detailed below, votes may be instructed according to standing instructions given to our primary voting agent, which are based on the Guidelines.

We manually review instances where our primary voting agent discloses a material conflict of interest of its own, potentially impacting its research outputs. We perform oversight of our primary voting agent, which involves regular service calls and an annual due diligence exercise, as well as regular touchpoints in the normal course of business.

Receipt of Proxy

If a client requests that Wellington Management vote proxies on its behalf, the client must instruct its custodian bank to deliver all relevant voting materials to Wellington Management or its designated voting agent in a timely manner.

Reconciliation

Proxies for public equity securities received by electronic means are matched to the securities eligible to be voted, and a reminder is sent to custodians/trustees that have not forwarded the proxies due. This reconciliation is performed at the ballot level. Although proxies received for private equity securities, as well as those received in non-electronic format for any securities, are voted as received, Wellington Management is not able to reconcile these ballots and does not notify custodians of non-receipt; Wellington Management is only able to reconcile ballots where clients have consented to providing holdings information with its provider for this purpose.

Proxy Voting Process

Our approach to voting is investment-led and serves as an influential component of our engagement and escalation strategy. The Investment Stewardship Committee, a cross-functional group of experienced professionals, oversees Wellington Management's activities with regards to proxy voting practices.

Routine issues that can be addressed by the proxy voting guidance below are voted by means of standing instructions communicated to our primary voting agent. Some votes warrant analysis of specific facts and circumstances and therefore are reviewed individually. We examine such vote sources including internal research notes, third-party voting research and company engagement. While manual votes are often resolved by investment research teams, each portfolio manager is empowered to make a final decision for their relevant client portfolio(s), absent a material conflict of interest. Proactive portfolio manager input is sought under certain circumstances, which may include consideration of position size and proposal subject matter and nature. Where portfolio manager input is proactively sought, deliberation across the firm may occur. This collaboration does not prioritize consensus across the firm above all other interests but rather seeks to inform portfolio managers' decisions by allowing them to consider multiple perspectives. Portfolio managers may occasionally arrive at different voting conclusions for their clients, resulting in

.................................................................................................................................................................................................................

**WELLINGTON MANAGEMENT**

**GLOBAL PROXY POLICY AND PROCEDURES**

.................................................................................................................................................................................................................

different decisions for the same vote. Voting procedures and the deliberation that occurs before a vote decision are aligned with our role as active owners and fiduciaries for our clients.

Material Conflict of Interest Identification and Resolution Processes

Further detail on our management of conflicts of interest can be found in our Stewardship Conflicts of Interest Policy, available on our website.

OTHER CONSIDERATIONS

In certain instances, Wellington Management may be unable to vote or may determine not to vote a proxy on behalf of one or more clients. While not exhaustive, the following are potential instances in which a proxy vote might not be entered.

Securities Lending

Clients may elect to participate in securities lending Such lending may impact their ability to have their shares voted. Under certain circumstances, and where practical considerations allow, Wellington Management may determine that the anticipated value of voting could outweigh the benefit to the client resulting from use of securities for lending and recommend that a client attempt to have its custodian recall the security to permit voting of related proxies. We do not borrow shares for the sole purpose of exercising voting rights.

Share Blocking and Re-Registration

Certain countries impose trading restrictions or requirements regarding re-registration of securities held in omnibus accounts in order for shareholders to vote a proxy. The potential impact of such requirements is evaluated when determining whether to vote such proxies.

Lack of Adequate Information, Untimely Receipt of Proxy Materials, or Excessive Costs

Wellington Management may abstain from voting a proxy when the proxy statement or other available information is inadequate to allow for an informed vote; the proxy materials are not delivered in a timely fashion; or, in Wellington Management's judgment, the costs of voting exceed the expected benefits to clients (included but not limited to instances such as when powers of attorney or consularization or the disclosure of client confidential information are required).

ADDITIONAL INFORMATION

Wellington Management maintains records related to proxies pursuant to Rule 204-2 of the Investment Advisers Act of 1940 (the "Advisers Act"), the Employee Retirement Income Security Act of 1974, as amended ("ERISA"), and other applicable laws. In addition, Wellington Management discloses voting decisions through its website, including the rationale for votes against management.

Wellington Management provides clients with a copy of its Global Proxy Policy and Procedures, as well as the Voting Guidelines, upon written request. In addition, Wellington Management will provide specific client information relating to proxy voting to a client upon written request.

Dated: 15 September 2023

.................................................................................................................................................................................................................

**WESTCHESTER CAPITAL MANAGEMENT, LLC** 

**PROXY AND CORPORATE ACTION VOTING<br> POLICIES AND PROCEDURES (As adopted OCTOBER 1, 2021)**

I. <u>POLICY & DELEGATION OF AUTHORITY</u> 

Westchester Capital Management, LLC ("Adviser") acts as subadviser to The Merger Fund, The Merger Fund VL, Virtus Westchester Event-Driven Fund and Virtus Westchester Credit Event Fund (collectively, the "Virtus Subadvised Funds") and may act as subadviser for one or more additional funds from time-to-time (each a "Subadvised Fund" and together with the Virtus Subadvised Funds, the "Funds"). The Adviser has been delegated authority to vote proxies related to the Funds' portfolio holdings in accordance with these Proxy and Corporate Action Voting Policies and Procedures (the "Policy"). The Adviser has full authority to vote proxies and to act with respect to other shareholder or corporate actions on behalf of each Fund. Corporate actions may include, for example and without limitation, tender offers or exchanges, bankruptcy proceedings and class actions.

The Adviser shall consider each proxy proposal separately from all others. In that regard, the Adviser will seek to vote all proxies and act on all other actions in a timely manner as part of its full discretionary authority in accordance with this Policy. When voting proxies or acting with respect to corporate actions for the Funds, the Adviser's utmost concern is that all decisions be made solely in the best interest of each Fund. The Adviser manages Funds that pursue event-driven, merger-arbitrage and/or credit event strategies, which are generally designed to profit upon the completion of a merger, reorganization or other corporate event. When the Adviser determines that a proposal affects its investment thesis or a Fund's investment objectives or strategies, the Adviser will vote proxies in a manner consistent with its investment thesis and to seek to maximize the economic value of the investment for the Fund.

II. <u>PURPOSE</u> 

The purpose of this Policy is to memorialize the procedures and policies adopted by the Adviser to enable it to comply with its fiduciary responsibilities to clients and the requirements of Rule 206(4)-6 under the Investment Advisers Act of 1940, as amended ("Advisers Act").

III. <u>PROCEDURES</u> 

The Adviser's Chief Compliance Officer or his or her designee is ultimately responsible for ensuring that all proxies received by the Adviser are voted in accordance with this Policy and in a manner consistent with the Adviser's determination of each Fund's best interests. Although many proxy proposals can be voted in accordance with a Fund's established Guidelines (see Section V. below, "Guidelines"), the Adviser recognizes that some proposals require special consideration, which may dictate that the Adviser make an exception to the Guidelines.

The Chief Compliance Officer or his or her designee is also responsible for ensuring that all corporate action notices or requests which require shareholder action received by the Adviser are addressed in a timely manner and consistent action is taken for each Fund's account as appropriate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. Conflicts of Interest **<sup>1</sup>** 

Where a proxy proposal raises a material conflict between the Adviser's interests and an interest of a Fund, the Adviser will resolve such a conflict in the manner described below:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. <u>Vote in Accordance with the Guidelines</u>. The Adviser shall vote in accordance with the Guidelines;
or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. <u>Obtain Consent</u>. The Adviser will disclose the conflict to the Fund's investment adviser,
and recommend a proposed vote on the proposal. The disclosure shall include information regarding the matter to be voted on, the nature
of the Adviser's conflict such that the recipient of the information would be able to make an informed decision regarding the vote,
and the basis of the Adviser's recommendation. If the Fund's investment adviser does not respond to such a conflict-disclosure
request with a timely instruction, the Adviser may vote in accordance with the Adviser's recommendation or, in its discretion, abstain
from voting the securities held by that Fund's account.

The Adviser's Chief Compliance Officer or his or her designee will review proxy proposals for conflicts of interest as part of the overall vote review process.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. Resources

The Adviser may retain third-party services to provide research, summary information and/or recommendations with respect to proposals on which the Adviser must vote on behalf of its Fund clients. The Adviser may also retain third-party service providers to assist with the ministerial act of voting proxies and reporting the Adviser's or a Fund's proxy voting record. The Adviser may reasonably rely on information or recommendations provided by such third parties.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C. Limitations

In certain circumstances, in accordance with a Fund's sub-investment advisory agreement (or other written directive) or where the Adviser has determined that it is in the Fund's best interest, the Adviser will not vote proxies received. The following are certain circumstances where the Adviser may limit its role in voting proxies:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. <u>Fund Maintains Proxy Voting Authority</u>: Where a Fund specifies in writing that it will maintain
the authority to vote proxies itself or that it has delegated the right to vote proxies to a third party, the Adviser will not vote the
securities and will direct the relevant custodian to send the proxy material directly to the Fund. If any proxy material is received by
the Adviser, it will promptly be forwarded to the Fund or specified third party. This limitation does not apply to any Funds currently.

<sup>1</sup> Due to the nature of the Adviser's business, its focus on a limited number of investment strategies, and its absence of affiliated entities engaged in other lines of business, it is not anticipated that material conflicts of interest will arise with any frequency.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. <u>Terminated Account</u>: If the Adviser's investment advisory relationship with a Fund is terminated,
the Adviser will cease voting proxies on behalf of that Fund as soon as reasonably practicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. <u>Limited Value or Effect</u>: If the Adviser determines that the value of a Fund's economic interest
or the value of the portfolio holding is indeterminable or insignificant, the Adviser may abstain from voting a Fund's proxies.
The Adviser also will not generally vote proxies received for securities which are no longer held by the Fund's account.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. <u>Securities Lending Programs</u>: When securities are out on loan, they are transferred into the borrower's
name and are voted by the borrower, in its discretion. However, if the Adviser has knowledge that an event will occur having a material
effect on the Fund's investment in a loaned security, the Adviser will seek to call the loan in time to vote the securities or the
Adviser will seek to enter into an arrangement which ensures that the proxies for such material events may be voted as the Adviser believes
is in the Fund's best interests. There can be no assurance the Adviser will be able to call any loan in a manner that will allow
the Adviser to vote on the related proposal in a timely manner.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. <u>Unjustifiable Costs</u>: In certain circumstances, after doing a cost-benefit analysis, the Adviser
may abstain from voting where the cost of voting a Fund's proxy would exceed any anticipated benefits to the Fund of the proxy proposal.
For example, the Adviser may determine not to vote proxies regarding a non-material proposal that are provided only in a foreign language
if voting the proxy would require the Fund to incur significant translation costs.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;D. Proxies Issued by Underlying Investment Companies

To the extent a Fund invests in other investment companies that are not affiliated with the Fund in reliance on Section 12(d)(1)(E) or (F) of the 1940 Act ("Underlying Funds"), the Fund is required by the 1940 Act to handle proxies received from Underlying Funds in a certain manner. It is the policy of the Adviser to vote all proxies received from Underlying Funds in the same proportion that all other shares of the Underlying Funds are voted, or in accordance with instructions received from other shareholders of the Underlying Fund, pursuant to Section 12(d)(1)(E) or (F) of the 1940 Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;E. **Periodic Reviews** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. <u>Annual Compliance Review</u>: On an annual basis, the Adviser shall complete a review of the proxies
voted during the prior year to determine if proxies were voted in a manner consistent with this Policy (the "Compliance Review").
The Compliance Review shall be completed by personnel of the Adviser that have no authority for voting decisions as part of the Adviser's
process for voting proxies. The Compliance Review may be conducted using a random sampling of proxies voted by the Adviser during the
period.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. <u>Annual Review of Policy</u>: Each year, the Adviser's Chief Compliance Officer (or his or her
designee) shall conduct a review of this Policy and make necessary changes to the Policy that arise out of the review, including any recommended
updates to the established Guidelines (see Section V. below, "Guidelines"). As part of the Annual Review, the Chief Compliance
Officer (or his or her designee) shall consider industry developments regarding proxy voting through such methods as it determines appropriate,
including, for example, publications from the International Corporate Governance Network's Global Corporate Governance Principles
and the Council of Institutional Investors' Corporate Governance Policies regarding common shareholder proposals.

IV. <u>RECORD KEEPING</u> 

In accordance with Rule 204-2 under the Advisers Act, the Adviser will maintain for the time periods set forth in the Rule (i) these proxy voting procedures and policies, and all amendments thereto; (ii) all proxy statements received regarding securities held by the Fund (provided however, that the Adviser may rely on the proxy statement filed on EDGAR as its records); (iii) a record of all votes cast on behalf of each Fund; (iv) records of all client requests for proxy voting information; (v) any documents prepared by the Adviser that were material to making a decision how to vote or that memorialized the basis for the decision; and (vi) all records relating to requests made to the Funds regarding conflicts of interest in voting the proxy.

The Adviser will describe in its Part II of Form ADV (or other brochure fulfilling the requirement of Rule 204-3) its proxy voting policies and procedures and will inform each Fund as to how they may obtain information on how the Adviser voted proxies with respect to securities held by each Fund. Clients may obtain information on how their securities were voted or a copy of the Adviser's Policies and Procedures by written request addressed to the Adviser. The Adviser will coordinate with each Fund to assist in the provision of all information required to be filed on Form N-PX.

V. <u>PROXY VOTING GUIDELINES</u> 

The following proxy voting guidelines (the "Guidelines") apply to each proposal on which the Adviser is authorized to act unless the Adviser determines that a different voting result is in the best interest of the Fund holding the securities to which the proposal relates.

These Guidelines are not intended to address every potential proposal that an Adviser may need to consider and are not in every instance intended to be construed as rigid voting rules. In respect of proposals that the Adviser determines are reasonably likely to have a material economic effect on a Fund's investment and that are not addressed below, the Adviser will generally vote in accordance with management's recommendations.

The following Guidelines are grouped according to broad classifications for each type of proposal.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. Board of Directors

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The Adviser will generally vote in favor of incumbent and board-nominated directors, unless any such director
appears to have demonstrably failed to exercise reasonable business judgment or care or the Adviser determines that the director has failed
to take action that is in the best interest of the issuer for which he or she serves as a Director.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The Adviser will generally vote in favor of charter or bylaw amendments or other proposals that seek to
expand the indemnification available to directors or otherwise limit their liability, but the Adviser may oppose such proposals if they
would provide indemnity or limit liability for breaches of the duty of loyalty or care, intentional misconduct, or interested-director
transactions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. The Adviser will generally vote in favor of proposals that call for directors to be elected by an affirmative
majority of votes cast. The Adviser may vote against a proposal that requires majority voting in contested elections.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. The Adviser will generally vote against the imposition of supermajority voting requirements and will vote
for proposals seeking the removal of supermajority voting 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;5. The Adviser will generally oppose proposals that seek to establish cumulative voting rights for shareholders.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. The Adviser will generally vote against shareholder proposals to impose age or term limits or to establish
a mandatory retirement age for directors on a board or committee, to change the size of a board or committee, or to limit the pool of
directors that can be chosen for a board or committee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. The Adviser will generally vote for the declassification of an existing "classified board"
(i.e., one on which directors are divided into classes, each of which is elected on a staggered schedule). Similarly, the Adviser will
generally vote against any proposal to implement a classified 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;8. In contested director elections, the Adviser will vote proxies on a case-by-case basis evaluating factors
including, but not limited to, qualifications of the nominees, reasons a dissident shareholder is pursuing a contested election, the nature
of the dissident shareholder's concerns, and whether a change in the board would be likely to address the dissident shareholder's
concerns.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. The Adviser will vote proxy access proposals (those that seek to provide shareholders with greater access
to the ability to nominate directors) on a case-by-case basis with consideration given to, among other things, the economic and long-term
interests of the Funds which holds the securities to which proposal relates.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. Auditors and Audit-Related Issues

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The Adviser will typically vote in favor of the approval or ratification of a company's auditors,
except it may withhold its vote in cases where management is seeking to replace the current auditors and there has been a dispute over
audit policies or practices or disagreement regarding the company's recent financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C. Proposals Regarding Changes to a Company's Capital Structure

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The Adviser will typically oppose proposals to issue "blank check" preferred stock (preferred
stock with unspecified voting, conversion and/or other features), except in cases where the company has publicly stated that the blank
check preferred shares will not be used for anti-takeover purposes or has identifiable legitimate financing objectives for the issuance
of such blank check preferred shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The Adviser will generally vote against proposals that seek to establish a class of common stock with
separate or superior voting rights to existing common stock.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. The Adviser will generally vote against proposals that would allow for the use of a poison pill and vote
for proposals that would eliminate a company's ability to use a poison pill or restrict the conditions under which a poison pill
may be used (e.g., by requiring shareholder approval).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. The Adviser will evaluate proposals to eliminate dual-class voting structures on a case-by-case basis
and shall consider the costs associated with a restructuring of the current voting structure and the expected benefits to shareholders.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. The Adviser will oppose proposals requesting increases in authorized common or preferred stock where management
provides no acceptable explanation for the expected use of or need for these additional shares or in cases where the Adviser determines
that the additional stock is intended to be used to establish an anti-takeover mechanism for the company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. The Adviser will generally vote in favor of stock splits or reverse stock splits if the proposal would
not substantively impact the economic value or voting rights of the stock that would be impacted by the split.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;D. Compensation of Directors and Employees

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The Adviser will generally vote in favor of stock incentive plans submitted for shareholder approval in
order to qualify for favorable tax treatment under Section 162(m) of the Internal Revenue Code, unless the Adviser determines that the
performance criteria is inappropriate or poorly defined under the plan or that the maximum incentive payments are not excessive.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The Adviser will generally vote in favor of employee stock purchase plans that permit an issuer's
employees to purchase stock of the issuer at a discount to market value.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. The Adviser will consider proposals regarding severance agreements that provide for compensation to management
(golden parachutes) on a case-by-case basis taking into account the following considerations:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. The Adviser will generally vote in favor of proposals requesting that implementation of such arrangements
be subject to shareholder approval;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. The Adviser will generally vote in favor of proposals requiring shareholder approval of plans in which
the severance payment would exceed 300% of the executive's current salary and bonus (including equity compensation); 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;c. For proposals regarding approval of proposed severance plans, the Adviser will evaluate such proposals
on a case-by-case basis taking into consideration whether it considers the proposed plan to be in the best interests of shareholders,
whether the compensation payable thereunder is comparable to similar plans of peer companies, whether such compensation is excessive,
whether compensation is payable irrespective of the recipient's continued employment with the employer, and whether such plan may
have the effect of rewarding management that has failed to effectively manage the company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. The Adviser will generally vote in favor of claw back proposals (those designed to seek recoupment of
bonuses paid to company executives) regarding fraudulent or deceptive business practices.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;E. Political, Environmental or Social Issues

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Proposals in this category typically request that the issuer disclose or amend certain business practices.
The Adviser generally believes that these are "ordinary business matters" that are primarily the responsibility of the issuer's
management and should be evaluated and approved primarily by the issuer's board of directors. Often, these proposals may address
concerns with which the Adviser's personnel philosophically agree, but absent a compelling economic effect on shareholder value,
the Adviser will typically abstain from voting on these proposals. This reflects the belief that regardless of the Adviser's (or
its employees') perspective on an issue, these decisions should be the province of the issuer's management unless they have
a significant, tangible effect on the value of an investment in the issuer and management has not been responsive to the matter.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;F. Proposals Regarding Voting Procedures & Miscellaneous

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The Adviser will generally vote for proposals that seek to establish or enhance the confidentiality of
the shareholder voting process.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The Adviser will generally vote in favor of proposals seeking to eliminate preemptive rights for shareholders.
Although the Adviser generally supports elimination of preemptive rights, it may oppose the elimination of limited preemptive rights (for
example, preemptive rights that are invoked on proposed secondary issuances in situations where the secondary issuance would result in
more than an acceptable level of dilution of existing shareholder's rights).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. The Adviser will generally vote for proposals seeking to provide shareholders with the right to call a
special meeting.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. The Adviser will generally vote against proposals that seek to establish "fair price" provisions
in the event of a corporate takeover.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. The Adviser will generally vote against proposals that seek to permit "greenmail" (proposals
that would allow a company to repurchase shares at a premium from a large shareholder who is seeking to take over a company through a
proxy contest or other means).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. The Adviser will generally vote for proposals that seek to establish the date and location of a company's
annual meeting.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;October 25, 2023 <br> William Blair Investment <br> Management, LLC Proxy Voting Policy <br> Statement and Procedures

Under rule 206(4)-6, it is a fraudulent, deceptive, or manipulative act, practice or course of business within the meaning of section 206(4) of the Act for an investment adviser to exercise voting authority with respect to client securities, unless:

● the adviser has adopted and implemented written policies and procedures that are reasonably designed to ensure that the adviser votes proxies in the best interest of its clients

● the adviser describes its proxy voting procedures to its clients and provides copies on request, and

● the adviser discloses to clients how they may obtain information on how the adviser voted their proxies.

This statement sets forth the proxy voting policy and procedures of William Blair Investment Management, LLC ("WBIM"). It is provided to all covered clients as described below even if WBIM currently does not have authority to vote proxies for their account.

The Department of Labor ("DOL") has stated that the fiduciary act of managing plan assets by an investment adviser generally includes the authority to vote proxies for shares held by a plan unless the plan documents reserve this authority to some other entity. ERISA section 3(38) defines an investment manager as any fiduciary who is registered as an investment adviser under the Investment Advisers Act of 1940. WBIM is a registered investment adviser under the Investment Advisers Act of 1940. The Securities and Exchange Commission ("SEC") requires registered investment advisers to implement a proxy voting policy and procedures with respect to the voting of proxies for its advisory clients. Registered investment advisers are required to identify potential conflicts involved in the voting of proxies and meet specific recordkeeping and disclosure requirements. On June 30, 2014, the staff of the SEC Divisions of Investment Management and Corporation Finance issued Staff Legal Bulletin No. 20, which provides guidance on investment advisers' responsibilities in voting client proxies and retaining proxy advisory firms. On August 21, 2019, the staff of the SEC Division of Investment Management issued Release Nos. IA-5325 and IC- 33605, Commission Guidance Regarding Proxy Voting Responsibilities of Investment Advisers. This policy is intended to comply with the applicable rules and guidance of the DOL and the SEC.

#### General Policy
WBIM shall vote the proxies of its clients solely in the best interest of their participants and beneficiaries and for the exclusive purpose of providing benefits to them and shall not place WBIM's own interests ahead of the interests of its clients. WBIM shall act with the care, skill, prudence and diligence under the circumstances then prevailing that a prudent person acting in a like capacity and familiar with such matters would use in the conduct of an enterprise of a like character and with like aims. WBIM is not responsible for voting proxies it does not receive in a timely manner. However, WBIM will make reasonable efforts to obtain missing proxies. For clients participating in a securities lending program via their custodian, WBIM will not be eligible to vote proxies for the portion of shares on loan.

WBIM has adopted the Voting Guidelines of an independent proxy advisory firm (the "Proxy Administrator")1. All proxies are reviewed by the Proxy Administrator, subject to the requirement

------

1 WBIM has engaged Institutional Shareholder Services Inc. (ISS) to assist in the administration and voting of proxies. The complete Voting Guidelines (proxy voting policies) across all markets are available on ISS's website at: https://www.issgovernance.com/file/policy/active/specialty/Sustainability-US-Voting-Guidelines.pdf and https://www.issgovernance.com/file/policy/active/specialty/Sustainability-International-Voting-Guidelines.pdf

**2 \|** Proxy Voting Policy Statement and Procedures

that all votes shall be cast solely in the best interest of the clients in their capacity as shareholders of a company. The Proxy Administrator votes the proxies according to the Voting Guidelines, which are designed to address matters typically arising in proxy votes. In instances where WBIM has implemented a client provided proxy voting policy, WBIM will vote in accordance with the client's policy at all times even if the client's policy is inconsistent with WBIM's vote. In addition, if a client expressly directs in writing how an issue should be voted, William Blair will cast the vote with respect to such issue in the manner directed by the client. In the case when nominee voting is not allowed it may be impractical for WBIM to participate in those particular votes.

WBIM does not intend the Voting Guidelines to be exhaustive; hundreds of issues appear on proxy ballots and it is neither practical nor productive to fashion a guideline for each. Rather, the Voting Guidelines are intended to cover the most significant and frequent proxy issues that arise. For issues not covered or to be voted on a "Case-by-Case" basis by the Voting Guidelines, the Proxy Administrator will consult the Proxy Committee. In addition, portfolio managers and analysts covering specific companies are responsible for monitoring significant corporate developments, including proxy proposals submitted to shareholders and notifying the Proxy Committee of circumstances where the interests of WBIM's clients may warrant a vote contrary to the Voting Guidelines. In such instances, the portfolio manager or analyst will submit a written rationale to the Proxy Committee. In each case, the Proxy Committee will review the issues and will vote each proxy based on information from the company, our internal analysts and third party research sources, in the best interests of the clients in their capacity as shareholders of a company. The Proxy Committee consists of certain representatives from the Investment Management Department, including management, portfolio manager(s), analyst(s), operations, as well as a representative from the Compliance Department. The Proxy Committee reviews the Proxy Voting Policy and procedures annually and shall revise its guidelines as events warrant.

#### Conflicts of Interest Policy
WBIM is sensitive to conflicts of interest that may arise in the proxy decision-making process and has identified the following potential conflicts of interest:

● An affiliate of WBIM has received investment banking compensation from the company in the preceding 12 months or anticipates receiving investment banking compensation in the next three months

● A principal or employee of WBIM or an affiliate currently serves on the company's Board of Directors

● WBIM, its principals, employees and affiliates, in the aggregate, own 1% or more of the company's outstanding shares

● The Company is a client of WBIM

In the event that any of the above potential conflicts of interest arise, or the Proxy Committee otherwise determines that a potential conflict of interest exists, the Proxy Committee will vote all proxies for that company in the following manner:

● If our Voting Guidelines indicate a vote "For" or "Against" a specific issue WBIM will continue to vote according to the Voting Guidelines

● If our Voting Guidelines have no recommendation or indicate a vote on a "Case-by-Case" basis, WBIM will vote consistent with the voting recommendation provided by the Proxy Administrator

**3 \|** Proxy Voting Policy Statement and Procedures

#### Oversight of Proxy Administrator
WBIM believes that contracting with the Proxy Administrator to provide services including:

● Providing research and analysis regarding the matters subject to a vote

● Promulgating general voting guidelines

● Making voting recommendations on specific matters subject to vote

can reduce burdens for WBIM and potentially reduce costs for WBIM clients as compared to conducting them in-house.

The Proxy Administrator assists WBIM with voting execution, including through an electronic vote management system that allows the Proxy Administrator to:

● populate WBIM's votes shown on the Proxy Administrator's electronic voting platform with the Proxy Administrator's recommendations based on WBIM's voting instructions to the firm ("pre-population"), and

● automatically submit WBIM's votes to be counted ("automated voting").

WBIM shall provide reasonable oversight of the Proxy Administrator. In providing oversight, WBIM will seek to ascertain whether the Proxy Administrator has the capacity and competency to adequately analyze proxy issues. Specific oversight responsibilities will include the following:

● On at least an annual basis, the Proxy Committee will assess:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o Whether
 the Proxy Administrator has the competency and capacity to adequately analyze the matters
 for which WBIM is responsible for voting, including the adequacy and quality of the Proxy
 Administrator's staffing, personnel and technology

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o Assess
 whether the Proxy Administrator has adequate policies and procedures to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;■ Enable
 it to make proxy voting recommendations based on current and accurate information, including
 whether it has an effective process for seeking timely input from issuers and its clients
 with respect to, for example, its proxy voting policies, methodologies, and peer group constructions,
including for "say-on-pay" votes

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;■ If
 peer group constructions are a component of the evaluation does the Proxy Administrator incorporate
 appropriate input in formulating its methodologies for construction of peer groups, including
 taking into account unique characteristics of the issuer including, to the extent available,

&nbsp;&nbsp;&nbsp;&nbsp;● The issuer's size

&nbsp;&nbsp;&nbsp;&nbsp;● Its governance structure

&nbsp;&nbsp;&nbsp;&nbsp;● Its industry and any particular practices unique to that industry

**4 \|** Proxy Voting Policy Statement and Procedures

&nbsp;&nbsp;&nbsp;&nbsp;● Its history

&nbsp;&nbsp;&nbsp;&nbsp;● Its financial performance

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;■ Identify
 and address conflicts of interest relating to its voting recommendations, including:

&nbsp;&nbsp;&nbsp;&nbsp;● Conflicts relating to the provision of proxy voting recommendations and proxy voting services generally

&nbsp;&nbsp;&nbsp;&nbsp;● Conflicts relating to activities other than proxy voting recommendations and proxy voting services generally

&nbsp;&nbsp;&nbsp;&nbsp;● Conflicts presented by certain affiliations, including whether a third party with significant influence over the Proxy Administrator has taken a position on a particular voting issue or voting issues more generally

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;■ Are
 the Proxy Administrator's methodologies used in formulating recommendations adequately
 disclosed such that WBIM can understand the factors underlying the recommendation

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;■ Identify
 the nature of any third-party information sources the Proxy Administrator uses as a basis
 for its recommendations and when and how it engages with issuers and third parties

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;■ Provide
 adequate disclosure of the Proxy Administrator's actual and potential conflicts of
 interest with respect to the services it provides to WBIM, including whether the Proxy Administrator
 has provided consulting services to an issuer, and, if so, any compensation paid or whether
 a proponent of a shareholder proposal or an affiliate of the proponent is or has been a client
 of the Proxy Administrator

● WBIM personnel responsible for the administration of proxy voting shall periodically review a sample of votes recommended by the Proxy Administrator for consistency with the Voting Guidelines and report any inconsistencies to the Proxy Committee. The sample should include proxy votes that relate to proposals that may require more issuer-specific analysis (*e.g*. mergers and acquisitions, dissolutions, conversions or consolidations), to assist in evaluating whether WBIM's voting determinations are consistent with its voting policies and procedures and in its clients' best interest.

● WBIM personnel shall periodically review a sample of votes before the votes are cast for consistency with these procedures and client best interest which may include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o A
 sample of "pre-populated" votes

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o A
 sample of "automated votes"

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o Consideration
 of additional information that becomes available regarding a particular proposal after or
 around the same time that WBIM's votes have been pre- populated but before the submission
 deadline for proxies to be voted at the shareholder meeting, which may include an issuer
 or shareholder proponent's additional definitive proxy materials or other information
 conveyed to WBIM that could reasonably be expected to affect WBIM's voting determination

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o Matters
 where WBIM's policies do not address how it should vote a particular matter, or whether
 the matter is highly contested or controversial

**5 \|** Proxy Voting Policy Statement and Procedures

● WBIM personnel responsible for proxy voting shall periodically assess the extent to which potential factual errors, potential incompleteness, or potential methodological weaknesses in the Proxy Administrator's analysis (that the investment adviser becomes aware of and deems credible and relevant to its voting determinations) materially affected the Proxy Administrator's research or recommendations that the investment adviser utilized.

● WBIM personnel responsible for proxy voting shall periodically inquire whether the Proxy Administrator has learned that any recommendation was based on a factual errors, potential incompleteness, or potential methodological weaknesses in the Proxy Administrator's analysis, and, if so, WBIM shall investigate the factual errors, potential incompleteness, or potential methodological weaknesses and evaluate whether the Proxy Administrator is taking steps to mitigate making such errors in the future and report any such errors, as well as their resolution to the Proxy committee

● WBIM personnel responsible for proxy voting shall consider the effectiveness of the Proxy Administrator's policies and procedures for obtaining current and accurate information relevant to matters included in its research and on which it makes voting recommendations. As part of this assessment, WBIM should consider the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o The
 Proxy Administrator's engagement with issuers, including the firm's process for
 ensuring that it has complete and accurate information about the issuer and each particular
 matter, and the firm's process, if any, for investment advisers to access
the issuer's views about the firm's voting recommendations in a timely and efficient manner

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o The
 Proxy Administrator's efforts to correct any identified material deficiencies in the proxy
advisory firm's analysis

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o The
 Proxy Administrator's disclosure regarding the sources of information and methodologies
 used in formulating voting recommendations or executing voting instructions

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o The
 Proxy Administrator's consideration of factors unique to a specific issuer or proposal
 when evaluating a matter subject to a shareholder vote

● WBIM personnel responsible for proxy voting shall require the Proxy Administrator to update on business changes that may impact the Proxy Administrator's capacity and competency to provide proxy voting advice or conflict of interest policies and procedures

#### International Markets and Share Blocking Policy
In some cases, proxy votes cast by WBIM for clients may be rejected in certain markets. Some non- US markets have additional requirements for custodians in order to process votes in those markets. Two specific cases include Power of Attorney documentation and Split Voting. Power of Attorney documentation authorizes a local agent to facilitate the voting instruction on behalf of the client in the local market. If the appropriate documentation is not available for use, a vote instruction may be rejected. Split Voting occurs when a custodian utilizes an omnibus account to aggregate multiple customer accounts for voting into a single voting record. If one portion of the holdings would like to vote in one manner ("FOR") and another portion would like to vote in another manner ("AGAINST"), the custodian needs to ensure they are authorized to split the vote for an agenda item in certain markets.

**6 \|** Proxy Voting Policy Statement and Procedures

**JNL SERIES TRUST**

**PART C**

**OTHER INFORMATION**

Note: Items 28-35 have been answered with respect to all investment portfolios (series) of the Registrant.

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Item 28. Exhibits** | &nbsp;&nbsp;**Item 28. Exhibits** | &nbsp;&nbsp;**Item 28. Exhibits** |
| &nbsp;&nbsp;(a) |  | &nbsp;&nbsp;[Amended and Restated Agreement and Declaration of Trust of Registrant, dated September 25, 2017](https://www.sec.gov/Archives/edgar/data/933691/000093369118000036/exa1_dot.htm).<sup>33</sup> |
| &nbsp;&nbsp;(b) |  | &nbsp;&nbsp;[Amended and Restated By-Laws of Registrant, dated September 6, 2019](https://www.sec.gov/Archives/edgar/data/933691/000093369119000788/exb_bylaws20190906.htm).<sup>37</sup> |
| &nbsp;&nbsp;(c) |  | &nbsp;&nbsp;Not Applicable. |
|  |  | &nbsp;&nbsp;**Jackson National Asset Management, LLC ("JNAM")** |
| &nbsp;&nbsp;(d) | &nbsp;&nbsp;(1) &nbsp;&nbsp;(i) | &nbsp;&nbsp;[Amended and Restated Investment Advisory and Management Agreement between JNAM and Registrant, effective September 13, 2021](https://www.sec.gov/Archives/edgar/data/933691/000093369121000648/exd1i_advagmnt09132021.htm).<sup>41</sup> |
|  | &nbsp;&nbsp; &nbsp;&nbsp;(ii) | &nbsp;&nbsp;[Amendment, effective April 25, 2022, to Amended and Restated Investment Advisory and Management Agreement between JNAM and Registrant, effective September 13, 2021](https://www.sec.gov/Archives/edgar/data/933691/000138713122005093/exd1ii_advamend42522.htm).<sup>42</sup> |
|  | &nbsp;&nbsp; &nbsp;&nbsp;(iii) | &nbsp;&nbsp;[Amendment, effective June 1, 2022, to Amended and Restated Investment Advisory and Management Agreement between JNAM and Registrant, effective September 13, 2021](https://www.sec.gov/Archives/edgar/data/933691/000093369122000452/exd1iii_arainvadgt6122.htm).<sup>43</sup> |
|  | &nbsp;&nbsp; &nbsp;&nbsp;(iv) | &nbsp;&nbsp;[Amendment, effective November 15, 2022, to Amended and Restated Investment Advisory and Management Agreement between JNAM and Registrant, effective September 13, 2021](https://www.sec.gov/Archives/edgar/data/933691/000138713122011428/exd1iv.htm).<sup>44</sup> |
|  | &nbsp;&nbsp; &nbsp;&nbsp;(v) | &nbsp;&nbsp;[Amendment, effective May 1, 2023, to Amended and Restated Investment Advisory and Management Agreement between JNAM and Registrant, effective September 13, 2021](https://www.sec.gov/Archives/edgar/data/933691/000138713123005545/exd1v_advamend5123.htm).<sup>45</sup> |
|  | &nbsp;&nbsp; &nbsp;&nbsp;(vi) | &nbsp;&nbsp;[Amendment, effective April 29, 2024, to Amended and Restated Investment Advisory and Management Agreement between JNAM and Registrant, effective September 13, 2021](https://www.sec.gov/Archives/edgar/data/933691/000199937124005239/ex28d1vi_advamend.htm).<sup>47</sup> |
|  | &nbsp;&nbsp; &nbsp;&nbsp;(vii) | &nbsp;&nbsp;[Amendment, effective October 21, 2024, to Amended and Restated Investment Advisory and Management Agreement between JNAM and Registrant, effective September 13, 2021](https://www.sec.gov/Archives/edgar/data/933691/000199937124013447/exd1vii_adv102124.htm).<sup>49</sup> |
|  | &nbsp;&nbsp; &nbsp;&nbsp;(viii) | &nbsp;&nbsp;[Amendment, effective April 28, 2025, to Amended and Restated Investment Advisory and Management Agreement between JNAM and Registrant, effective September 13, 2021](https://www.sec.gov/Archives/edgar/data/933691/000199937125004636/exd1viii_adv042825.htm).<sup>50</sup> |
|  | &nbsp;&nbsp; &nbsp;&nbsp;(ix) | &nbsp;&nbsp;Amendment, effective April 27, 2026, to Amended and Restated Investment Advisory and Management Agreement between JNAM and Registrant, effective September 13, 2021, to be filed by amendment. |
| &nbsp;&nbsp;(d) | &nbsp;&nbsp;(2) &nbsp;&nbsp;(i) | &nbsp;&nbsp;[Unitary Fee Agreement between Registrant and JNAM, effective April 26, 2021](https://www.sec.gov/Archives/edgar/data/933691/000138713121004803/exd3i_unitaryfeeagt20210426.htm).<sup>40</sup> |
|  |  | &nbsp;&nbsp;**AllianceBernstein L.P. ("AB")** |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;(d) | &nbsp;&nbsp;(3)&nbsp;&nbsp;(i) | &nbsp;&nbsp;[Investment Sub-Advisory Agreement between JNAM and AB, effective April 25, 2022](https://www.sec.gov/Archives/edgar/data/933691/000138713122005093/exd4i_absub42522.htm).<sup>42</sup> |
|  |  | &nbsp;&nbsp;**AQR Capital Management, LLC ("AQR")** |
| &nbsp;&nbsp;(d) | &nbsp;&nbsp;(4) &nbsp;&nbsp;(i) | &nbsp;&nbsp;[Amended and Restated Sub-Advisory Agreement between JNAM and AQR, effective September 1, 2022](https://www.sec.gov/Archives/edgar/data/933691/000093369122000452/exd5i_aqrsubagmnt090122.htm).<sup>43</sup> |
|  | &nbsp;&nbsp; &nbsp;&nbsp;(ii) | &nbsp;&nbsp;[Amendment, effective March 2, 2023, to Amended and Restated Investment Sub-Advisory Agreement between JNAM and AQR, effective September 1, 2022](https://www.sec.gov/Archives/edgar/data/933691/000138713123005545/exd5ii_aqrsub03022023.htm).<sup>45</sup> |
|  |  | &nbsp;&nbsp;**BAMCO, Inc. ("BAMCO")** |
| &nbsp;&nbsp;(d) | &nbsp;&nbsp;(5) &nbsp;&nbsp;(i) | &nbsp;&nbsp;[Investment Sub-Advisory Agreement between JNAM and BAMCO, effective April 25, 2022](https://www.sec.gov/Archives/edgar/data/933691/000138713122005093/exd7i_bamsub42522.htm).<sup>42</sup> |
|  |  | &nbsp;&nbsp;**BlackRock International Limited ("BIL")** |
| &nbsp;&nbsp;(d) | &nbsp;&nbsp;(6) &nbsp;&nbsp;(i) | &nbsp;&nbsp;[Investment Sub-Advisory Agreement between JNAM and BIL, effective September 25, 2017](https://www.sec.gov/Archives/edgar/data/933691/000093369117000461/exd9i_bilsubagmnt09252017.htm).<sup>32</sup> |
|  | &nbsp;&nbsp; &nbsp;&nbsp;(ii) | &nbsp;&nbsp;[Amendment, effective September 6, 2019, to Investment Sub-Advisory Agreement between JNAM and BIL, effective September 25, 2017](https://www.sec.gov/Archives/edgar/data/933691/000093369119000788/exd4ii_bilsubamend20190906.htm).<sup>37</sup> |
|  | &nbsp;&nbsp; &nbsp;&nbsp;(iii) | &nbsp;&nbsp;[Sub-Advisory Agreement between JNAM and BIL, effective September 13, 2021](https://www.sec.gov/Archives/edgar/data/933691/000093369121000648/exd8iii_bilsubagmnt09132021.htm).<sup>41</sup> |
|  | &nbsp;&nbsp; &nbsp;&nbsp;(iv) | &nbsp;&nbsp;[Amendment, effective February 29, 2024, to Sub-Advisory Agreement between JNAM and BIL, effective September 13, 2021](https://www.sec.gov/Archives/edgar/data/933691/000199937124005239/ex28d7iv_bilsub22924.htm).<sup>47</sup> |
|  |  | &nbsp;&nbsp;**BlackRock Investment Management, LLC ("BIM")** |
| &nbsp;&nbsp;(d) | &nbsp;&nbsp;(7) &nbsp;&nbsp;(i) | &nbsp;&nbsp;[Amended and Restated Sub-Advisory Agreement between JNAM and BIM, effective September 1, 2022](https://www.sec.gov/Archives/edgar/data/933691/000093369122000452/exd9i_brimsubagmnt090122.htm).<sup>43</sup> |
|  | &nbsp;&nbsp; &nbsp;&nbsp;(ii) | &nbsp;&nbsp;[Amendment, effective March 1, 2023, to Amended and Restated Sub-Advisory Agreement between JNAM and BIM, effective September 1, 2022](https://www.sec.gov/Archives/edgar/data/933691/000138713123005545/exd9ii_brimsub03012023.htm).<sup>45</sup> |
|  | &nbsp;&nbsp; &nbsp;&nbsp;(iii) | &nbsp;&nbsp;[Amendment, effective June 2, 2023, to Amended and Restated Sub-Advisory Agreement between JNAM and BIM, effective September 1, 2022](https://www.sec.gov/Archives/edgar/data/933691/000093369123000397/exd9iii_brsubamend06022023.htm).<sup>46</sup> |
|  | &nbsp;&nbsp; &nbsp;&nbsp;(iv) | &nbsp;&nbsp;[Amendment, effective February 29, 2024, to Amended and Restated Sub-Advisory Agreement between JNAM and BIM, effective September 1, 2022](https://www.sec.gov/Archives/edgar/data/933691/000199937124005239/ex28d8iv_bimsub22924.htm).<sup>47</sup> |
|  | &nbsp;&nbsp; &nbsp;&nbsp;(v) | &nbsp;&nbsp;Amendment, effective April 27, 2026, to Amended and Restated Sub-Advisory Agreement between JNAM and BIM, effective September 1, 2022, to be filed by amendment. |
| &nbsp;&nbsp;(d) | &nbsp;&nbsp;(8) &nbsp;&nbsp;(i) | &nbsp;&nbsp;[Sub-Sub-Investment Advisory Agreement between BIM and BIL *(sub-sub-investment adviser for the JNL/BlackRock Global Allocation Fund)*, effective April 29, 2024](https://www.sec.gov/Archives/edgar/data/933691/000199937124005239/ex28d9i_bimbilsub424.htm).<sup>47</sup> |
| &nbsp;&nbsp;(d) | &nbsp;&nbsp;(9) &nbsp;&nbsp;(i) | &nbsp;&nbsp;[Amended and Restated Sub-Sub-Investment Advisory Agreement between BIM and BlackRock (Singapore) Limited, dated September 13, 2021](https://www.sec.gov/Archives/edgar/data/933691/000093369121000648/exd10i_brslsubsub09132021.htm).<sup>41</sup> |
|  |  | &nbsp;&nbsp;**Boston Partners Global Investors, Inc. ("Boston Partners")** |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;(d) | &nbsp;&nbsp;(10)&nbsp;&nbsp;(i) | &nbsp;&nbsp;[Second Amended and Restated Sub-Advisory Agreement between JNAM and Boston Partners, effective February 28, 2025](https://www.sec.gov/Archives/edgar/data/933691/000199937125004636/exd11i_bpsub022825.htm).<sup>50</sup> |
|  |  | &nbsp;&nbsp;**Causeway Capital Management LLC ("Causeway")** |
| &nbsp;&nbsp;(d) | &nbsp;&nbsp;(11) &nbsp;&nbsp;(i) | &nbsp;&nbsp;[Amended and Restated Sub-Advisory Agreement between JNAM and Causeway, effective August 30, 2024](https://www.sec.gov/Archives/edgar/data/933691/000199937124013447/exd12i_cway083024.htm).<sup>49</sup> |
|  | &nbsp;&nbsp; &nbsp;&nbsp;(ii) | &nbsp;&nbsp;Amendment, effective July 1, 2025, Amended and Restated Sub-Advisory Agreement between JNAM and Causeway, effective August 30, 2024, attached hereto. |
|  | &nbsp;&nbsp; &nbsp;&nbsp;(iii) | &nbsp;&nbsp;Amendment, effective April 27, 2026, Amended and Restated Sub-Advisory Agreement between JNAM and Causeway, effective August 30, 2024, to be filed by amendment. |
|  |  | &nbsp;&nbsp;**Champlain Investment Partners, LLC ("Champlain")** |
| &nbsp;&nbsp;(d) | &nbsp;&nbsp;(12) &nbsp;&nbsp;(i) | &nbsp;&nbsp;[Investment Sub-Advisory Agreement between JNAM and Champlain, effective September 19, 2016](https://www.sec.gov/Archives/edgar/data/933691/000093369116000855/exd17i_20160919champsubagt.htm).<sup>28</sup> |
|  | &nbsp;&nbsp; &nbsp;&nbsp;(ii) | &nbsp;&nbsp;[Amendment, effective September 6, 2019, to Investment Sub-Advisory Agreement between JNAM and Champlain, effective September 19, 2016](https://www.sec.gov/Archives/edgar/data/933691/000093369119000788/exd11ii_chpsubamend20190906.htm).<sup>37</sup> |
|  | &nbsp;&nbsp; &nbsp;&nbsp;(iii) | &nbsp;&nbsp;[Sub-Advisory Agreement between JNAM and Champlain, effective September 13, 2021](https://www.sec.gov/Archives/edgar/data/933691/000093369121000648/exd14iii_chamsubagmnt91321.htm).<sup>41</sup> |
|  | &nbsp;&nbsp; &nbsp;&nbsp;(iv) | &nbsp;&nbsp;Amendment, effective July 1, 2025, to Sub-Advisory Agreement between JNAM and Champlain, effective September 13, 2021, attached hereto. |
|  |  | &nbsp;&nbsp;**ClearBridge Investments, LLC ("ClearBridge")** |
| &nbsp;&nbsp;(d) | &nbsp;&nbsp;(13) &nbsp;&nbsp;(i) | &nbsp;&nbsp;[Investment Sub-Advisory Agreement between JNAM and ClearBridge, effective July 31, 2020](https://www.sec.gov/Archives/edgar/data/933691/000093369120000978/exd11i_cbsubagmnt07312020.htm).<sup>39</sup> |
|  | &nbsp;&nbsp; &nbsp;&nbsp;(ii) | &nbsp;&nbsp;[Sub-Advisory Agreement between JNAM and ClearBridge, effective September 13, 2021](https://www.sec.gov/Archives/edgar/data/933691/000093369121000648/exd14iii_chamsubagmnt91321.htm).<sup>41</sup> |
|  | &nbsp;&nbsp; &nbsp;&nbsp;(iii) | &nbsp;&nbsp;[Amendment, effective October 1, 2023, to Sub-Advisory Agreement between JNAM and ClearBridge, effective September 13, 2021](https://www.sec.gov/Archives/edgar/data/933691/000093369123000397/exd15iii_cbsubamend10012023.htm).<sup>46</sup> |
|  | &nbsp;&nbsp; &nbsp;&nbsp;(iv) | &nbsp;&nbsp;[Amendment, effective October 21, 2024, to Sub-Advisory Agreement between JNAM and ClearBridge, effective September 13, 2021](https://www.sec.gov/Archives/edgar/data/933691/000199937124013447/exd14iv_clear102124.htm).<sup>49</sup> |
|  |  | &nbsp;&nbsp;**Cohen & Steers Capital Management Inc. ("Cohen")** |
| &nbsp;&nbsp;(d) | &nbsp;&nbsp;(14) &nbsp;&nbsp;(i) | &nbsp;&nbsp;[Investment Sub-Advisory Agreement between JNAM and Cohen, effective October 21, 2024](https://www.sec.gov/Archives/edgar/data/933691/000199937124013447/exd15i_cohen102124.htm).<sup>49</sup> |
|  |  | &nbsp;&nbsp;**Congress Asset Management Company, LLP ("Congress")** |
| &nbsp;&nbsp;(d) | &nbsp;&nbsp;(15) &nbsp;&nbsp;(i) | &nbsp;&nbsp;[Investment Sub-Advisory Agreement between JNAM and Congress, effective September 15, 2017](https://www.sec.gov/Archives/edgar/data/933691/000093369117000461/exd20i_congresssubagmnt0917.htm).<sup>32</sup> |
|  | &nbsp;&nbsp; &nbsp;&nbsp;(ii) | &nbsp;&nbsp;[Amendment, effective September 1, 2018, to Investment Sub-Advisory Agreement between JNAM and Congress, effective September 15, 2017](https://www.sec.gov/Archives/edgar/data/933691/000093369118000680/exd23ii_conamend09012018.htm).<sup>35</sup> |

---

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;(iii) | &nbsp;&nbsp;[Amendment, effective September 6, 2019, to Investment Sub-Advisory Agreement between JNAM and Congress, effective September 15, 2017](https://www.sec.gov/Archives/edgar/data/933691/000093369119000788/exd15ii_congsubamend20190906.htm).<sup>37</sup> |
|  | &nbsp;&nbsp; &nbsp;&nbsp;(iv) | &nbsp;&nbsp;[Sub-Advisory Agreement between JNAM and Congress, effective September 13, 2021](https://www.sec.gov/Archives/edgar/data/933691/000093369121000648/exd16iii_congressubagt91321.htm).<sup>41</sup> |
|  |  | &nbsp;&nbsp;**Cooke & Bieler, L.P. ("Cooke")** |
| &nbsp;&nbsp;(d) | &nbsp;&nbsp;(16) &nbsp;&nbsp;(i) | &nbsp;&nbsp;[Amended and Restated Sub-Advisory Agreement between JNAM and Cooke, effective August 30, 2024](https://www.sec.gov/Archives/edgar/data/933691/000199937124013447/exd17i_cooke083024.htm).<sup>49</sup> |
|  |  | &nbsp;&nbsp;**Dimensional Fund Advisors LP ("DFA")** |
| &nbsp;&nbsp;(d) | &nbsp;&nbsp;(17) &nbsp;&nbsp;(i) | &nbsp;&nbsp;[Amended and Restated Sub-Advisory Agreement between JNAM and DFA, effective September 1, 2022](https://www.sec.gov/Archives/edgar/data/933691/000093369122000452/exd11i_bpsubagmnt090122.htm).<sup>43</sup> |
|  |  | &nbsp;&nbsp;**DoubleLine Capital LP ("DoubleLine")** |
| &nbsp;&nbsp;(d) | &nbsp;&nbsp;(18) &nbsp;&nbsp;(i) | &nbsp;&nbsp;[Amended and Restated Sub-Advisory Agreement between JNAM and DoubleLine, effective September 1, 2022](https://www.sec.gov/Archives/edgar/data/933691/000093369122000452/exd19i_dlagmnt090122.htm).<sup>43</sup> |
|  | &nbsp;&nbsp; &nbsp;&nbsp;(ii) | &nbsp;&nbsp;[Amendment, effective September 1, 2023, to Amended and Restated Sub-Advisory Agreement between JNAM and DoubleLine, effective September 1, 2022](https://www.sec.gov/Archives/edgar/data/933691/000093369123000397/exd19ii_dlsubamend09012023.htm).<sup>46</sup> |
|  | &nbsp;&nbsp; &nbsp;&nbsp;(iii) | &nbsp;&nbsp;[Amendment, effective September 1, 2024, to Amended and Restated Sub-Advisory Agreement between JNAM and DoubleLine, effective September 1, 2022](https://www.sec.gov/Archives/edgar/data/933691/000199937124013447/exd19iii_dl090124.htm).<sup>49</sup> |
|  |  | &nbsp;&nbsp;**Driehaus Capital Management LLC ("Driehaus")** |
| &nbsp;&nbsp;(d) | &nbsp;&nbsp;(19) &nbsp;&nbsp;(i) | &nbsp;&nbsp;[Investment Sub-Advisory Agreement between JNAM and Driehaus, effective October 21, 2024](https://www.sec.gov/Archives/edgar/data/933691/000199937124013447/exd20i_drie102124.htm).<sup>49</sup> |
|  |  | &nbsp;&nbsp;**FIAM LLC ("Fidelity")** |
| &nbsp;&nbsp;(d) | &nbsp;&nbsp;(20) &nbsp;&nbsp;(i) | &nbsp;&nbsp;[Investment Sub-Advisory Agreement between JNAM and Fidelity, effective June 24, 2019](https://www.sec.gov/Archives/edgar/data/933691/000093369119000788/exd20i_fiamsubagmnt20190624.htm).<sup>37</sup> |
|  | &nbsp;&nbsp; &nbsp;&nbsp;(ii) | &nbsp;&nbsp;[Amendment, effective September 3, 2021, to Investment Sub-Advisory Agreement between JNAM and Fidelity, effective June 24, 2019](https://www.sec.gov/Archives/edgar/data/933691/000093369121000648/exd20ii_fidelitysubamd9321.htm).<sup>41</sup> |
|  | &nbsp;&nbsp; &nbsp;&nbsp;(iii) | &nbsp;&nbsp;[Sub-Advisory Agreement between JNAM and Fidelity, effective September 13, 2021](https://www.sec.gov/Archives/edgar/data/933691/000093369121000648/exd20iii_fidelitysubagt91321.htm).<sup>41</sup> |
|  | &nbsp;&nbsp; &nbsp;&nbsp;(iv) | &nbsp;&nbsp;[Amendment, effective September 1, 2022, to Sub-Advisory Agreement between JNAM and Fidelity, effective September 13, 2021](https://www.sec.gov/Archives/edgar/data/933691/000093369122000452/exd20iv_fiamsubam0922.htm).<sup>43</sup> |
|  | &nbsp;&nbsp; &nbsp;&nbsp;(v) | &nbsp;&nbsp;[Amendment, effective October 21, 2024, to Sub-Advisory Agreement between JNAM and Fidelity, effective September 13, 2021](https://www.sec.gov/Archives/edgar/data/933691/000199937124013447/exd21v_fiam102124.htm).<sup>49</sup> |
|  | &nbsp;&nbsp; &nbsp;&nbsp;(vi) | &nbsp;&nbsp;Amendment, effective May 1, 2025, to Sub-Advisory Agreement between JNAM and Fidelity, effective September 13, 2021, attached hereto. |
|  | &nbsp;&nbsp; &nbsp;&nbsp;(vii) | &nbsp;&nbsp;Amendment, effective April 27, 2026, to Sub-Advisory Agreement between JNAM and Fidelity, effective September 13, 2021, to be filed by amendment. |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;(d) | &nbsp;&nbsp;(21)&nbsp;&nbsp;(i) | &nbsp;&nbsp;Sub-SubAdvisory Agreement between Fidelity and FMR Investment Management (UK) Limited *(sub-sub-investment adviser for a strategy of the JNL Multi-Manager International Small Cap Fund)*, effective April 27, 2026, to be filed by amendment. |
|  |  | &nbsp;&nbsp;**First Pacific Advisors, LP ("First Pacific")** |
| &nbsp;&nbsp;(d) | &nbsp;&nbsp;(22) &nbsp;&nbsp;(i) | &nbsp;&nbsp;[Investment Sub-Advisory Agreement between JNAM and First Pacific, effective April 27, 2015](https://www.sec.gov/Archives/edgar/data/933691/000107242815000025/exd12i_fpasubadagt.htm).<sup>22</sup> |
|  | &nbsp;&nbsp; &nbsp;&nbsp;(ii) | &nbsp;&nbsp;[Amendment, effective April 25, 2016, to Investment Sub-Advisory Agreement between JNAM and First Pacific, effective April 27, 2015](https://www.sec.gov/Archives/edgar/data/933691/000093369116000546/exd24ii_fpasubamend04252016.htm).<sup>26</sup> |
|  | &nbsp;&nbsp; &nbsp;&nbsp;(iii) | &nbsp;&nbsp;[Amendment, effective August 31, 2016, to Investment Sub-Advisory Agreement between JNAM and First Pacific, effective April 27, 2015](https://www.sec.gov/Archives/edgar/data/933691/000093369116001124/exd26iii_fpasubamnd083116.htm).<sup>29</sup> |
|  | &nbsp;&nbsp; &nbsp;&nbsp;(iv) | &nbsp;&nbsp;[Amendment, effective September 1, 2018, to Investment Sub-Advisory Agreement between JNAM and First Pacific, effective April 27, 2015](https://www.sec.gov/Archives/edgar/data/933691/000093369118000680/exd30iv_fpaamend09012018.htm).<sup>35</sup> |
|  | &nbsp;&nbsp; &nbsp;&nbsp;(v) | &nbsp;&nbsp;[Amendment, effective October 1, 2018, to Investment Sub-Advisory Agreement between JNAM and First Pacific, effective April 27, 2015](https://www.sec.gov/Archives/edgar/data/933691/000093369118000680/exd30v_fpaamend10012018.htm).<sup>35</sup> |
|  | &nbsp;&nbsp; &nbsp;&nbsp;(vi) | &nbsp;&nbsp;[Amendment, effective September 6, 2019, to Investment Sub-Advisory Agreement between JNAM and First Pacific, effective April 27, 2015](https://www.sec.gov/Archives/edgar/data/933691/000093369119000788/exd21vi_fpasubamend20190906.htm).<sup>37</sup> |
|  | &nbsp;&nbsp; &nbsp;&nbsp;(vii) | &nbsp;&nbsp;[Amendment, effective April 27, 2020, to Investment Sub-Advisory Agreement between JNAM and First Pacific, effective April 27, 2015](https://www.sec.gov/Archives/edgar/data/933691/000093369120000135/exd18vii_fpasubamnd20200427.htm).<sup>38</sup> |
|  | &nbsp;&nbsp; &nbsp;&nbsp;(viii) | &nbsp;&nbsp;[Amendment, effective September 1, 2020, to Investment Sub-Advisory Agreement between JNAM and First Pacific, effective April 27, 2015](https://www.sec.gov/Archives/edgar/data/933691/000093369120000978/exd17viii_fpasubamend090120.htm).<sup>39</sup> |
|  | &nbsp;&nbsp; &nbsp;&nbsp;(ix) | &nbsp;&nbsp;[Sub-Advisory Agreement between JNAM and First Pacific, effective September 13, 2021](https://www.sec.gov/Archives/edgar/data/933691/000093369121000648/exd21ix_fpasubagment09132021.htm).<sup>41</sup> |
|  |  | **First Sentier Investors (Australia) IM LTD** *(formerly, Colonial First State Asset Management (Australia) Limited)* **("First Sentier")** |
| &nbsp;&nbsp;(d) | &nbsp;&nbsp;(23) &nbsp;&nbsp;(i) | &nbsp;&nbsp;[Amended and Restated Sub-Advisory Agreement between JNAM and First Sentier, effective August 30, 2024](https://www.sec.gov/Archives/edgar/data/933691/000199937124013447/exd23i_fs083024.htm).<sup>49</sup> |
|  |  | &nbsp;&nbsp;**Franklin Advisers, Inc. ("Franklin Advisers")** |
| &nbsp;&nbsp;(d) | &nbsp;&nbsp;(24) &nbsp;&nbsp;(i) | &nbsp;&nbsp;[Amended and Restated Sub-Advisory Agreement between JNAM and Franklin Advisers, effective September 1, 2022](https://www.sec.gov/Archives/edgar/data/933691/000093369122000452/exd23i_faincsubagnt0922.htm).<sup>43</sup> |
|  | &nbsp;&nbsp; &nbsp;&nbsp;(ii) | &nbsp;&nbsp;[Amendment, effective October 1, 2023, to Amended and Restated Sub-Advisory Agreement between JNAM and Franklin, effective September 1, 2022](https://www.sec.gov/Archives/edgar/data/933691/000093369123000397/exd23ii_faincsubamend10123.htm).<sup>46</sup> |
|  | &nbsp;&nbsp; &nbsp;&nbsp;(iii) | &nbsp;&nbsp;Amendment, effective September 1, 2025, to Amended and Restated Sub-Advisory Agreement between JNAM and Franklin, effective September 1, 2022, attached hereto. |
|  |  | &nbsp;&nbsp;**Goldman Sachs Asset Management, L.P. ("Goldman Sachs")** |
| &nbsp;&nbsp;(d) | &nbsp;&nbsp;(25) &nbsp;&nbsp;(i) | &nbsp;&nbsp;[Amended and Restated Sub-Advisory Agreement between JNAM and Goldman Sachs, effective September 1, 2022](https://www.sec.gov/Archives/edgar/data/933691/000093369122000452/exd24i_gssubagmnt090122.htm).<sup>43</sup> |

---

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;(ii) | &nbsp;&nbsp;[Amendment, effective November 14, 2022, to Amended and Restated Sub-Advisory Agreement between JNAM and Goldman Sachs, effective September 1, 2022.](https://www.sec.gov/Archives/edgar/data/933691/000138713122011428/exd24ii_gssubamend111422.htm)<sup>44</sup> |
|  | &nbsp;&nbsp; &nbsp;&nbsp;(iii) | &nbsp;&nbsp;[Amendment, effective October 1, 2023, to Amended and Restated Sub-Advisory Agreement between JNAM and Goldman Sachs, effective September 1, 2022](https://www.sec.gov/Archives/edgar/data/933691/000093369123000397/exd24iii_gssubamend10123.htm).<sup>46</sup> |
|  | &nbsp;&nbsp; &nbsp;&nbsp;(iv) | &nbsp;&nbsp;[Amendment, effective October 21, 2024, to Amended and Restated Sub-Advisory Agreement between JNAM and Goldman Sachs, effective September 1, 2022](https://www.sec.gov/Archives/edgar/data/933691/000199937124013447/exd25iv_gs102124.htm).<sup>49</sup> |
|  |  | &nbsp;&nbsp;**GQG Partners LLC ("GQG")** |
| &nbsp;&nbsp;(d) | &nbsp;&nbsp;(26) &nbsp;&nbsp;(i) | &nbsp;&nbsp;[Investment Sub-Advisory Agreement between JNAM and GQG, effective September 25, 2017](https://www.sec.gov/Archives/edgar/data/933691/000093369117000461/exd34i_gqgsubagmnt09252017.htm).<sup>32</sup> |
|  | &nbsp;&nbsp; &nbsp;&nbsp;(ii) | &nbsp;&nbsp;[Amendment, effective December 12, 2019, to Investment Sub-Advisory Agreement between JNAM and GQG, effective September 25, 2017](https://www.sec.gov/Archives/edgar/data/933691/000093369119000133/exd30ii_gqgsubamend1218.htm).<sup>36</sup> |
|  | &nbsp;&nbsp; &nbsp;&nbsp;(iii) | &nbsp;&nbsp;[Amendment, effective September 6, 2019, to Investment Sub-Advisory Agreement between JNAM and GQG, effective September 25, 2017](https://www.sec.gov/Archives/edgar/data/933691/000093369119000788/exd32iii_gqgsubsmend20190906.htm).<sup>37</sup> |
|  | &nbsp;&nbsp; &nbsp;&nbsp;(iv) | &nbsp;&nbsp;[Amendment, effective September 3, 2021, to Investment Sub-Advisory Agreement between JNAM and GQG, effective September 25, 2017](https://www.sec.gov/Archives/edgar/data/933691/000093369121000648/exd28iv_gqgsubamend09032021.htm).<sup>41</sup> |
|  | &nbsp;&nbsp; &nbsp;&nbsp;(v) | &nbsp;&nbsp;[Sub-Advisory Agreement between JNAM and GQG, effective September 13, 2021](https://www.sec.gov/Archives/edgar/data/933691/000093369121000648/exd28v_gqgsubagmnt09132021.htm).<sup>41</sup> |
|  | &nbsp;&nbsp; &nbsp;&nbsp;(vi) | &nbsp;&nbsp;[Amendment, effective November 15, 2022, to Sub-Advisory Agreement between JNAM and GQG, effective September 13, 2021](https://www.sec.gov/Archives/edgar/data/933691/000138713122011428/exd25vi_gqgsubamend111522.htm).<sup>44</sup> |
|  | &nbsp;&nbsp; &nbsp;&nbsp;(vii) | &nbsp;&nbsp;[Amendment, effective September 1, 2023, to Sub-Advisory Agreement between JNAM and GQG, effective September 13, 2021](https://www.sec.gov/Archives/edgar/data/933691/000093369123000397/exd25vii_gqgsubamd9123.htm).<sup>46</sup> |
|  | &nbsp;&nbsp; &nbsp;&nbsp;(viii) | &nbsp;&nbsp;[Amendment, effective April 29, 2024, to Sub-Advisory Agreement between JNAM and GQG, effective September 13, 2021](https://www.sec.gov/Archives/edgar/data/933691/000199937124005239/ex28d24viii_gqgsub.htm).<sup>47</sup> |
|  | &nbsp;&nbsp; &nbsp;&nbsp;(ix) | &nbsp;&nbsp;Amendment, effective April 27, 2026, to Sub-Advisory Agreement between JNAM and GQG, effective September 13, 2021, to be filed by amendment. |
|  |  | &nbsp;&nbsp;**Granahan Investment Management, LLC ("Granahan")** |
| &nbsp;&nbsp;(d) | &nbsp;&nbsp;(27) &nbsp;&nbsp;(i) | &nbsp;&nbsp;[Investment Sub-Advisory Agreement between JNAM and Granahan, effective September 28, 2015](https://www.sec.gov/Archives/edgar/data/933691/000093369115000350/exd33i_granagree09282015.htm).<sup>24</sup> |
|  | &nbsp;&nbsp; &nbsp;&nbsp;(ii) | &nbsp;&nbsp;[Amendment, effective September 6, 2019, to Investment Sub-Advisory Agreement between JNAM and Granahan, effective September 28, 2015](https://www.sec.gov/Archives/edgar/data/933691/000093369119000788/exd33ii_gransubamend20190906.htm).<sup>37</sup> |
|  | &nbsp;&nbsp; &nbsp;&nbsp;(iii) | &nbsp;&nbsp;[Sub-Advisory Agreement between JNAM and Granahan, effective September 13, 2021](https://www.sec.gov/Archives/edgar/data/933691/000093369121000648/exd29iii_gransubagment91321.htm).<sup>41</sup> |
|  | &nbsp;&nbsp; &nbsp;&nbsp;(iv) | &nbsp;&nbsp;[Amendment, dated March 2, 2023 with a retro-active effective date of November 9, 2021, to Sub-Advisory Agreement between JNAM and Granahan, effective September 13, 2021](https://www.sec.gov/Archives/edgar/data/933691/000138713123005545/exd26iv_gransub03022023.htm).<sup>45</sup> |
|  |  | &nbsp;&nbsp;**Invesco Advisers, Inc. ("Invesco")** |
| &nbsp;&nbsp;(d) | &nbsp;&nbsp;(28) &nbsp;&nbsp;(i) | &nbsp;&nbsp;[Amended and Restated Sub-Advisory Agreement between JNAM and Invesco, effective September 1, 2022](https://www.sec.gov/Archives/edgar/data/933691/000093369122000452/exd29i_iaisubagmnt0922.htm).<sup>43</sup> |

---

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;(ii) | &nbsp;&nbsp;A[mendment, effective September 1, 2023, to Amended and Restated Sub-Advisory Agreement between JNAM and Invesco, effective September 1, 2022](https://www.sec.gov/Archives/edgar/data/933691/000093369123000397/exd29ii_iaincsubamd9123.htm).<sup>46</sup> |
|  | &nbsp;&nbsp; &nbsp;&nbsp;(iii) | &nbsp;&nbsp;Amendment, effective April 27, 2026, to Amended and Restated Sub-Advisory Agreement between JNAM and Invesco, effective September 1, 2022, to be filed by amendment. |
|  |  | &nbsp;&nbsp;**J.P. Morgan Investment Management Inc. ("JPMorgan")** |
| &nbsp;&nbsp;(d) | &nbsp;&nbsp;(29) &nbsp;&nbsp;(i) | &nbsp;&nbsp;[Amended and Restated Sub-Advisory Agreement between JNAM and JPMorgan, effective September 1, 2022](https://www.sec.gov/Archives/edgar/data/933691/000093369122000452/exd30i_jpmsubagmnt090122.htm).<sup>43</sup> |
|  | &nbsp;&nbsp; &nbsp;&nbsp;(ii) | &nbsp;&nbsp;[Amendment, effective November 1, 2022, to Amended and Restated Sub-Advisory Agreement between JNAM and JPMorgan, effective September 1, 2022](https://www.sec.gov/Archives/edgar/data/933691/000138713122011428/exd30ii_jpmsubamnd9122.htm).<sup>44</sup> |
|  | &nbsp;&nbsp; &nbsp;&nbsp;(iii) | &nbsp;&nbsp;[Amendment, effective October 21, 2024, to Amended and Restated Sub-Advisory Agreement between JNAM and JPMorgan, effective September 1, 2022](https://www.sec.gov/Archives/edgar/data/933691/000199937124013447/exd30iii_jpm102124.htm).<sup>49</sup> |
|  | &nbsp;&nbsp; &nbsp;&nbsp;(iv) | &nbsp;&nbsp;[Amendment, effective November 1, 2024, to Amended and Restated Sub-Advisory Agreement between JNAM and JPMorgan, effective September 1, 2022](https://www.sec.gov/Archives/edgar/data/933691/000199937125004636/exd29iv_jpmsub110124.htm).<sup>50</sup> |
|  | &nbsp;&nbsp; &nbsp;&nbsp;(v) | &nbsp;&nbsp;Amendment, effective April 27, 2026, to Amended and Restated Sub-Advisory Agreement between JNAM and JPMorgan, effective September 1, 2022, to be filed by amendment. |
| &nbsp;&nbsp;(d) | &nbsp;&nbsp;(30) &nbsp;&nbsp;(i) | &nbsp;&nbsp;[Non-Discretionary Sub-Advisory Agreement between JNAM and JPMorgan for the following funds: the JNL/JPMorgan Managed Aggressive Growth Fund, the JNL/JPMorgan Managed Growth Fund, the JNL/JPMorgan Managed Moderate Growth Fund, the JNL/JPMorgan Managed Moderate Fund, and the JNL/JPMorgan Managed Conservative Fund, effective October 21, 2024](https://www.sec.gov/Archives/edgar/data/933691/000199937124013447/exd31i_jpmnon102124.htm).<sup>49</sup> |
|  |  | &nbsp;&nbsp;**Kayne Anderson Rudnick Investment Management, LLC ("Kayne")** |
| &nbsp;&nbsp;(d) | &nbsp;&nbsp;(31) &nbsp;&nbsp;(i) | &nbsp;&nbsp;[Amended and Restated Sub-Advisory Agreement between JNAM and Kayne, effective August 30, 2024](https://www.sec.gov/Archives/edgar/data/933691/000199937124013447/exd32i_kayne083024.htm).<sup>49</sup> |
|  |  | &nbsp;&nbsp;**Lazard Asset Management LLC ("Lazard")** |
| &nbsp;&nbsp;(d) | &nbsp;&nbsp;(32) &nbsp;&nbsp;(i) | &nbsp;&nbsp;[Second Amended and Restated Investment Sub-Advisory Agreement between JNAM and Lazard, effective September 2, 2021](https://www.sec.gov/Archives/edgar/data/933691/000093369121000648/exd35i_lazsubagment09022021.htm).<sup>41</sup> |
|  | &nbsp;&nbsp; &nbsp;&nbsp;(ii) | &nbsp;&nbsp;[Sub-Advisory Agreement between JNAM and Lazard, effective September 13, 2021](https://www.sec.gov/Archives/edgar/data/933691/000093369121000648/exd35ii_lazsubagment09132021.htm).<sup>41</sup> |
|  | &nbsp;&nbsp; &nbsp;&nbsp;(iii) | &nbsp;&nbsp;[Amendment, effective September 1, 2022, to Sub-Advisory Agreement between JNAM and Lazard, effective September 13, 2021](https://www.sec.gov/Archives/edgar/data/933691/000093369122000452/exd32iii_lazsubamend0922.htm).<sup>43</sup> |
|  | &nbsp;&nbsp; &nbsp;&nbsp;(iv) | &nbsp;&nbsp;[Amendment, effective October 21, 2024, to Sub-Advisory Agreement between JNAM and Lazard, effective September 13, 2021](https://www.sec.gov/Archives/edgar/data/933691/000199937124013447/exd33iv_lazard102124.htm).<sup>49</sup> |
|  | &nbsp;&nbsp; &nbsp;&nbsp;(v) | &nbsp;&nbsp;Amendment, effective April 27, 2026, to Sub-Advisory Agreement between JNAM and Lazard, effective September 13, 2021, to be filed by amendment. |
|  |  | &nbsp;&nbsp;**Loomis, Sayles & Company, L.P. ("Loomis")** |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;(d) | &nbsp;&nbsp;(33)&nbsp;&nbsp;(i) | &nbsp;&nbsp;[Investment Sub-Advisory Agreement between JNAM and Loomis, effective April 30, 2018](https://www.sec.gov/Archives/edgar/data/933691/000093369118000036/exd45i_loomissubagmnt0418.htm).<sup>33</sup> |
|  | &nbsp;&nbsp; &nbsp;&nbsp;(ii) | &nbsp;&nbsp;[Amendment, effective August 13, 2018, to Investment Sub-Advisory Agreement between JNAM and Loomis, effective April 30, 2018](https://www.sec.gov/Archives/edgar/data/933691/000093369118000377/exd48iiloomissubamen08132018.htm).<sup>34</sup> |
|  | &nbsp;&nbsp; &nbsp;&nbsp;(iii) | &nbsp;&nbsp;[Amendment, effective September 6, 2019, to Investment Sub-Advisory Agreement between JNAM and Loomis, effective April 30, 2018](https://www.sec.gov/Archives/edgar/data/933691/000093369119000788/exd43iii_loomsamend20996.htm).<sup>37</sup> |
|  | &nbsp;&nbsp; &nbsp;&nbsp;(iv) | &nbsp;&nbsp;[Sub-Advisory Agreement between JNAM and Loomis, effective September 13, 2021](https://www.sec.gov/Archives/edgar/data/933691/000093369121000648/exd36iv_loomsubagmnt091321.htm).<sup>41</sup> |
|  | &nbsp;&nbsp; &nbsp;&nbsp;(v) | &nbsp;&nbsp;Amendment, effective April 27, 2026, to Sub-Advisory Agreement between JNAM and Loomis, effective September 13, 2021, to be filed by amendment. |
|  |  | &nbsp;&nbsp;**Lord, Abbett & Co. LLC ("Lord Abbett")** |
| &nbsp;&nbsp;(d) | &nbsp;&nbsp;(34) &nbsp;&nbsp;(i) | &nbsp;&nbsp;[Investment Sub-Advisory Agreement between JNAM and Lord Abbett, effective April 27, 2020](https://www.sec.gov/Archives/edgar/data/933691/000093369120000135/exd38i_lasubagmnt20200427.htm).<sup>38</sup> |
|  | &nbsp;&nbsp; &nbsp;&nbsp;(ii) | &nbsp;&nbsp;[Sub-Advisory Agreement between JNAM and Lord Abbett, effective September 13, 2021](https://www.sec.gov/Archives/edgar/data/933691/000093369121000648/exd37ii_lasubagmnt09132021.htm).<sup>41</sup> |
|  |  | &nbsp;&nbsp;**Massachusetts Financial Services Company d/b/a MFS Investment Management ("MFS")** |
| &nbsp;&nbsp;(d) | &nbsp;&nbsp;(35) &nbsp;&nbsp;(i) | &nbsp;&nbsp;[Amended and Restated Sub-Advisory Agreement between JNAM and MFS, effective August 30, 2024](https://www.sec.gov/Archives/edgar/data/933691/000199937124013447/exd36i_mfs083024.htm).<sup>49</sup> |
|  | &nbsp;&nbsp; &nbsp;&nbsp;(ii) | &nbsp;&nbsp;Amendment, effective April 27, 2026, to Amended and Restated Sub-Advisory Agreement between JNAM and MFS, effective August 30, 2024, to be filed by amendment. |
|  |  | &nbsp;&nbsp;**Mellon Investments Corporation ("Mellon")** |
| &nbsp;&nbsp;(d) | &nbsp;&nbsp;(36) &nbsp;&nbsp;(i) | &nbsp;&nbsp;[Amended and Restated Investment Sub-Advisory Agreement between JNAM and Mellon, effective September 2, 2021](https://www.sec.gov/Archives/edgar/data/933691/000093369121000648/exd39xxx_mellsubamend921.htm).<sup>41</sup> |
|  | &nbsp;&nbsp; &nbsp;&nbsp;(ii) | &nbsp;&nbsp;[Amendment, effective September 3, 2021, to Amended and Restated Investment Sub-Advisory Agreement between JNAM and Mellon, effective September 2, 2021.](https://www.sec.gov/Archives/edgar/data/933691/000093369121000648/exd39xxxi_mellsubagmnt9221.htm)<sup>41</sup> |
|  | &nbsp;&nbsp; &nbsp;&nbsp;(iii) | &nbsp;&nbsp;[Sub-Advisory Agreement between JNAM and Mellon, effective September 13, 2021](https://www.sec.gov/Archives/edgar/data/933691/000093369121000648/exd39xxxiii_mellsubagt91321.htm).<sup>41</sup> |
|  | &nbsp;&nbsp; &nbsp;&nbsp;(iv) | &nbsp;&nbsp;[Amendment, effective April 25, 2022, to Sub-Advisory Agreement between JNAM and Mellon, effective September 13, 2021](https://www.sec.gov/Archives/edgar/data/933691/000138713122005093/exd36iv_micsubamend42522.htm).<sup>42</sup> |
|  | &nbsp;&nbsp; &nbsp;&nbsp;(v) | &nbsp;&nbsp;[Amendment, effective November 14, 2022, to Sub-Advisory Agreement between JNAM and Mellon, effective September 13, 2021](https://www.sec.gov/Archives/edgar/data/933691/000138713122011428/exd36v_mellonsubamend1122.htm).<sup>44</sup> |
|  | &nbsp;&nbsp; &nbsp;&nbsp;(vi) | &nbsp;&nbsp;[Amendment, effective January 1, 2024, to Sub-Advisory Agreement between JNAM and Mellon, effective September 13, 2021](https://www.sec.gov/Archives/edgar/data/933691/000199937124005239/ex28d35vi_mellonsub.htm).<sup>47</sup> |
|  | &nbsp;&nbsp; &nbsp;&nbsp;(vii) | &nbsp;&nbsp;[Amendment, effective April 29, 2024, to Sub-Advisory Agreement between JNAM and Mellon, effective September 13, 2021](https://www.sec.gov/Archives/edgar/data/933691/000199937124005239/ex28d35vii_mellonsub.htm).<sup>47</sup> |
|  | &nbsp;&nbsp; &nbsp;&nbsp;(viii) | &nbsp;&nbsp;[Amendment, effective October 21, 2024, to Sub-Advisory Agreement between JNAM and Mellon, effective September 13, 2021](https://www.sec.gov/Archives/edgar/data/933691/000199937124013447/exd37viii_mell102124.htm).<sup>49</sup> |

---

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;(ix) | &nbsp;&nbsp;Amendment, effective April 27, 2026, to Sub-Advisory Agreement between JNAM and Mellon, effective September 13, 2021, to be filed by amendment. |
|  |  | &nbsp;&nbsp;**Neuberger Berman Investment Advisers LLC ("NBIA")** |
| &nbsp;&nbsp;(d) | &nbsp;&nbsp;(37) &nbsp;&nbsp;(i) | &nbsp;&nbsp;[Amended and Restated Sub-Advisory Agreement between JNAM and NBIA, effective September 1, 2022](https://www.sec.gov/Archives/edgar/data/933691/000093369122000452/exd37i_nbsubagmnt090122.htm).<sup>43</sup> |
|  |  | &nbsp;&nbsp;**Newton Investment Management North America, LLC ("Newton")** |
| &nbsp;&nbsp;(d) | &nbsp;&nbsp;(38) &nbsp;&nbsp;(i) | &nbsp;&nbsp;[Amended and Restated Sub-Advisory Agreement between JNAM and Newton, effective August 30, 2024](https://www.sec.gov/Archives/edgar/data/933691/000199937124013447/exd39i_new083024.htm).<sup>49</sup> |
|  |  | &nbsp;&nbsp;**Pacific Investment Management Company LLC ("PIMCO")** |
| &nbsp;&nbsp;(d) | &nbsp;&nbsp;(39) &nbsp;&nbsp;(i) | &nbsp;&nbsp;[Amended and Restated Sub-Advisory Agreement between JNAM and PIMCO, effective September 1, 2022](https://www.sec.gov/Archives/edgar/data/933691/000093369122000452/exd40i_pimcosubagmnt090122.htm).<sup>43</sup> |
|  | &nbsp;&nbsp; &nbsp;&nbsp;(ii) | &nbsp;&nbsp;[Amendment, effective January 1, 2025, to Amended and Restated Sub-Advisory Agreement between JNAM and PIMCO, effective September 1, 2022](https://www.sec.gov/Archives/edgar/data/933691/000199937125004636/exd40ii_pimsub010125.htm).<sup>50</sup> |
|  |  | &nbsp;&nbsp;**PPM America, Inc. ("PPM")** |
| &nbsp;&nbsp;(d) | &nbsp;&nbsp;(40) &nbsp;&nbsp;(i) | &nbsp;&nbsp;[Amended and Restated Sub-Advisory Agreement between JNAM and PPM, effective September 1, 2022](https://www.sec.gov/Archives/edgar/data/933691/000093369122000452/exd41i_ppmsubagmnt090122.htm).<sup>43</sup> |
|  | &nbsp;&nbsp; &nbsp;&nbsp;(ii) | &nbsp;&nbsp;[Amendment, effective April 29, 2024, to Amended and Restated Sub-Advisory Agreement between JNAM and PPM, effective September 1, 2022](https://www.sec.gov/Archives/edgar/data/933691/000199937124005239/ex28d40ii_ppmsub.htm).<sup>47</sup> |
|  | &nbsp;&nbsp; &nbsp;&nbsp;(iii) | &nbsp;&nbsp;[Amendment, effective October 21, 2024, to Amended and Restated Sub-Advisory Agreement between JNAM and PPM, effective September 1, 2022](https://www.sec.gov/Archives/edgar/data/933691/000199937124013447/exd42iii_ppm102124.htm).<sup>49</sup> |
|  | &nbsp;&nbsp; &nbsp;&nbsp;(iv) | &nbsp;&nbsp;Amendment, effective April 27, 2026, to Amended and Restated Sub-Advisory Agreement between JNAM and PPM, effective September 1, 2022, to be filed by amendment. |
|  |  | &nbsp;&nbsp;**Reinhart Partners, LLC ("Reinhart")** |
| &nbsp;&nbsp;(d) | &nbsp;&nbsp;(41) &nbsp;&nbsp;(i) | &nbsp;&nbsp;[Amended and Restated Investment Sub-Advisory Agreement between JNAM and Reinhart, effective August 31, 2023](https://www.sec.gov/Archives/edgar/data/933691/000093369123000397/exd42iv_reinsubagmnt83123.htm).<sup>46</sup> |
|  | &nbsp;&nbsp; &nbsp;&nbsp;(ii) | &nbsp;&nbsp;Amendment, effective April 27, 2026, to Amended and Restated Investment Sub-Advisory Agreement between JNAM and Reinhart, effective August 31, 2023, to be filed by amendment. |
|  |  | &nbsp;&nbsp;**River Road Asset Management, LLC ("River Road")** |
| &nbsp;&nbsp;(d) | &nbsp;&nbsp;(42) &nbsp;&nbsp;(i) | &nbsp;&nbsp;[Investment Sub-Advisory Agreement between JNAM and River Road, effective April 26, 2021](https://www.sec.gov/Archives/edgar/data/933691/000138713121004803/exd41i_rrsubagmnt20210426.htm).<sup>40</sup> |
|  | &nbsp;&nbsp; &nbsp;&nbsp;(ii) | &nbsp;&nbsp;Amendment, effective June 5, 2025, to Investment Sub-Advisory Agreement between JNAM and River Road, effective April 26, 2021, attached hereto. |
|  | &nbsp;&nbsp; &nbsp;&nbsp;(iii) | &nbsp;&nbsp;Amendment, effective August 29, 2025, to Investment Sub-Advisory Agreement between JNAM and River Road, effective April 26, 2021, attached hereto. |

---

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;(iv) | &nbsp;&nbsp;Amendment, effective April 27, 2026, to Investment Sub-Advisory Agreement between JNAM and River Road, effective April 26, 2021, to be filed by amendment. |
|  |  | &nbsp;&nbsp;**Segall Bryant & Hamill, LLC ("Segall")** |
| &nbsp;&nbsp;(d) | &nbsp;&nbsp;(43) &nbsp;&nbsp;(i) | &nbsp;&nbsp;Investment Sub-Advisory Agreement between JNAM and Segall, effective August 12, 2025, attached hereto. |
|  |  | &nbsp;&nbsp;**T. Rowe Price Associates, Inc. ("T. Rowe Price")** |
| &nbsp;&nbsp;(d) | &nbsp;&nbsp;(44) &nbsp;&nbsp;(i) | &nbsp;&nbsp;[Amended and Restated Sub-Advisory Agreement between JNAM and T. Rowe Price, effective September 1, 2022](https://www.sec.gov/Archives/edgar/data/933691/000093369122000452/exd45i_trpsubagmnt0922.htm).<sup>43</sup> |
|  | &nbsp;&nbsp; &nbsp;&nbsp;(ii) | &nbsp;&nbsp;[Amendment, effective April 1, 2023, to Amended and Restated Sub-Advisory Agreement between JNAM and T. Rowe Price, effective September 1, 2022](https://www.sec.gov/Archives/edgar/data/933691/000138713123005545/exd45ii_trsubamd4123.htm).<sup>45</sup> |
|  | &nbsp;&nbsp; &nbsp;&nbsp;(iii) | &nbsp;&nbsp;[Amendment, effective September 1, 2023, to Amended and Restated Sub-Advisory Agreement between JNAM and T. Rowe Price, effective September 1, 2022](https://www.sec.gov/Archives/edgar/data/933691/000093369123000397/exd45iii_trsubamend09012023.htm).<sup>46</sup> |
|  | &nbsp;&nbsp; &nbsp;&nbsp;(iv) | &nbsp;&nbsp;[Amendment, effective October 21, 2024, to Amended and Restated Sub-Advisory Agreement between JNAM and T. Rowe Price, effective September 1, 2022](https://www.sec.gov/Archives/edgar/data/933691/000199937124013447/exd46iv_tr102124.htm).<sup>49</sup> |
|  | &nbsp;&nbsp; &nbsp;&nbsp;(v) | &nbsp;&nbsp;[Amendment, effective March 1, 2025, to Amended and Restated Sub-Advisory Agreement between JNAM and T. Rowe Price, effective September 1, 2022](https://www.sec.gov/Archives/edgar/data/933691/000199937125004636/exd45v_trsub030125.htm).<sup>50</sup> |
|  | &nbsp;&nbsp; &nbsp;&nbsp;(vi) | &nbsp;&nbsp;Amendment, effective June 1, 2025, to Amended and Restated Sub-Advisory Agreement between JNAM and T. Rowe Price, effective September 1, 2022, attached hereto. |
|  | &nbsp;&nbsp; &nbsp;&nbsp;(vii) | &nbsp;&nbsp;Amendment, effective September 1, 2025, to Amended and Restated Sub-Advisory Agreement between JNAM and T. Rowe Price, effective September 1, 2022, attached hereto. |
|  | &nbsp;&nbsp; &nbsp;&nbsp;(viii) | &nbsp;&nbsp;Amendment, effective April 27, 2026, to Amended and Restated Sub-Advisory Agreement between JNAM and T. Rowe Price, effective September 1, 2022, to be filed by amendment. |
| &nbsp;&nbsp;(d) | &nbsp;&nbsp;(45) &nbsp;&nbsp;(i) | &nbsp;&nbsp;[Investment SubAdvisory Agreement between T. Rowe Price and T. Rowe Price Australia Limited ("TRP Australia") *(sub-sub-investment adviser for the JNL/T. Rowe Price Balanced Fund)*, effective January 1, 2024](https://www.sec.gov/Archives/edgar/data/933691/000199937124005239/ex28d45i_traussubsub.htm).<sup>47</sup> |
| &nbsp;&nbsp;(d) | &nbsp;&nbsp;(46) &nbsp;&nbsp;(i) | &nbsp;&nbsp;[Amended and Restated Investment SubAdvisory Agreement between T. Rowe Price and T. Rowe Price Hong Kong Limited ("TRP Hong Kong") *(sub-sub-investment adviser for the JNL Multi-Manager Emerging Markets Equity Fund and the JNL/T. Rowe Price Short-Term Bond Fund)*, effective September 1, 2022](https://www.sec.gov/Archives/edgar/data/933691/000093369122000452/exd46i_trphksubsub0922.htm).<sup>43</sup> |
| &nbsp;&nbsp;(d) | &nbsp;&nbsp;(47) &nbsp;&nbsp;(i) | &nbsp;&nbsp;[Investment SubAdvisory Agreement between T. Rowe Price and T. Rowe Price International Ltd ("TRP International") *(sub-sub-investment adviser for the JNL/T. Rowe Price Short-Term Bond Fund)*, effective September 1, 2022](https://www.sec.gov/Archives/edgar/data/933691/000093369122000452/exd47i_trpilsubsub0922.htm).<sup>43</sup> |
|  | &nbsp;&nbsp; &nbsp;&nbsp;(ii) | &nbsp;&nbsp;[Amendment, effective April 29, 2024, to Investment SubAdvisory Agreement between T. Rowe Price and TRP International *(sub-sub-investment adviser for the JNL/T. Rowe Price Short-Term Bond Fund and the JNL/T. Rowe Price Balanced Fund)*, effective September 1, 2022](https://www.sec.gov/Archives/edgar/data/933691/000199937124005239/ex28d47ii_trpilsub.htm).<sup>47</sup> |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;(d) | &nbsp;&nbsp;(48)&nbsp;&nbsp;(i) | &nbsp;&nbsp;[Investment Sub-Advisory Agreement between T. Rowe Price and T. Rowe Price Investment Management, Inc. ("TRP IM Inc.") *(sub-sub-investment adviser for the JNL/T. Rowe Price Balanced Fund, the JNL/T. Rowe Price Capital Appreciation Fund, the JNL/T. Rowe Price Mid-Cap Growth Fund, and the JNL/T. Rowe Price U.S. High Yield Fund)*, effective March 7, 2022](https://www.sec.gov/Archives/edgar/data/933691/000138713122005093/exd45xx_trsubamend1122.htm).<sup>42</sup> |
|  | &nbsp;&nbsp; &nbsp;&nbsp;(ii) | &nbsp;&nbsp;[Amendment, effective October 21, 2024, to Investment Sub-Advisory Agreement between T. Rowe Price and TRP IM Inc. *(sub-sub-investment adviser for the JNL/T. Rowe Price Balanced Fund, the JNL/T. Rowe Price Capital Appreciation Equity Fund, the JNL/T. Rowe Price Capital Appreciation Fund, the JNL/T. Rowe Price Mid-Cap Growth Fund, the JNL/T. Rowe Price U.S. High Yield Fund)*, effective March 7, 2022](https://www.sec.gov/Archives/edgar/data/933691/000199937124013447/exd50ii_trpim102124.htm).<sup>49</sup> |
|  |  | &nbsp;&nbsp;**Victory Capital Management Inc. ("Victory")** |
| &nbsp;&nbsp;(d) | &nbsp;&nbsp;(49) &nbsp;&nbsp;(i) | &nbsp;&nbsp;[Amended and Restated Sub-Advisory Agreement between JNAM and Victory, effective August 30, 2024](https://www.sec.gov/Archives/edgar/data/933691/000199937124013447/exd51i_vic083024.htm).<sup>49</sup> |
|  | &nbsp;&nbsp; &nbsp;&nbsp;(ii) | &nbsp;&nbsp;Amendment, effective August 28, 2025, to Amended and Restated Sub-Advisory Agreement between JNAM and Victory, effective August 30, 2024, attached hereto. |
|  |  | &nbsp;&nbsp;**WCM Investment Management, LLC ("WCM")** |
| &nbsp;&nbsp;(d) | &nbsp;&nbsp;(50) &nbsp;&nbsp;(i) | &nbsp;&nbsp;[Amended and Restated Sub-Advisory Agreement between JNAM and WCM, effective August 30, 2024](https://www.sec.gov/Archives/edgar/data/933691/000199937124013447/exd52i_wcm083024.htm).<sup>49</sup> |
|  | &nbsp;&nbsp; &nbsp;&nbsp;(ii) | &nbsp;&nbsp;[Amendment, effective September 1, 2024, to Amended and Restated Sub-Advisory Agreement between JNAM and WCM, effective August 30, 2024](https://www.sec.gov/Archives/edgar/data/933691/000199937124013447/exd52ii_wcm090124.htm).<sup>49</sup> |
|  | &nbsp;&nbsp; &nbsp;&nbsp;(iii) | &nbsp;&nbsp;Amendment, effective April 27, 2026, to Amended and Restated Sub-Advisory Agreement between JNAM and WCM, effective August 30, 2024, to be filed by amendment. |
|  |  | &nbsp;&nbsp;**Wellington Management Company LLP ("Wellington")** |
| &nbsp;&nbsp;(d) | &nbsp;&nbsp;(51) &nbsp;&nbsp;(i) | &nbsp;&nbsp;[Amended and Restated Sub-Advisory Agreement between JNAM and Wellington, effective September 1, 2022](https://www.sec.gov/Archives/edgar/data/933691/000093369122000452/exd51xvii_wellsubagmnt090122.htm).<sup>43</sup> |
|  | &nbsp;&nbsp; &nbsp;&nbsp;(ii) | &nbsp;&nbsp;[Amendment, effective September 1, 2023, to Amended and Restated Sub-Advisory Agreement between JNAM and Wellington, effective September 1, 2022](https://www.sec.gov/Archives/edgar/data/933691/000093369123000397/exd51ii_wellsubame9123.htm).<sup>46</sup> |
|  | &nbsp;&nbsp; &nbsp;&nbsp;(iii) | &nbsp;&nbsp;[Amendment, effective February 1, 2024, to Amended and Restated Sub-Advisory Agreement between JNAM and Wellington, effective September 1, 2022](https://www.sec.gov/Archives/edgar/data/933691/000199937124005239/ex28d51iii_wellsub.htm).<sup>47</sup> |
|  | &nbsp;&nbsp; &nbsp;&nbsp;(iv) | &nbsp;&nbsp;[Amendment, effective April 29, 2024, to Amended and Restated Sub-Advisory Agreement between JNAM and Wellington, effective September 1, 2022](https://www.sec.gov/Archives/edgar/data/933691/000199937124005239/ex28d51iv_wellsub.htm).<sup>47</sup> |
|  | &nbsp;&nbsp; &nbsp;&nbsp;(v) | &nbsp;&nbsp;[Amendment, effective October 21, 2024, to Amended and Restated Sub-Advisory Agreement between JNAM and Wellington, effective September 1, 2022](https://www.sec.gov/Archives/edgar/data/933691/000199937124013447/exd53v_well102124.htm).<sup>49</sup> |
|  | &nbsp;&nbsp; &nbsp;&nbsp;(vi) | &nbsp;&nbsp;Amendment, effective June 1, 2025, to Amended and Restated Sub-Advisory Agreement between JNAM and Wellington, effective September 1, 2022, attached hereto. |
|  | &nbsp;&nbsp; &nbsp;&nbsp;(vii) | &nbsp;&nbsp;Amendment, effective April 27, 2026, to Amended and Restated Sub-Advisory Agreement between JNAM and Wellington, effective September 1, 2022, to be filed by amendment. |

---

---

| | | |
|:---|:---|:---|
|  |  | &nbsp;&nbsp;**Westchester Capital Management, LLC ("Westchester")** |
| &nbsp;&nbsp;(d) | &nbsp;&nbsp;(52) &nbsp;&nbsp;(i) | &nbsp;&nbsp;[Investment Sub-Advisory Agreement between JNAM and Westchester, effective October 1, 2021](https://www.sec.gov/Archives/edgar/data/933691/000093369120000978/exd51i_westsubagmnt07312020.htm).<sup>41</sup> |
|  | &nbsp;&nbsp; &nbsp;&nbsp;(ii) | &nbsp;&nbsp;[Amendment, effective December 1, 2021, to Investment Sub-Advisory Agreement between JNAM and Westchester, effective October 1, 2021](https://www.sec.gov/Archives/edgar/data/933691/000138713122005093/exd52iii_westsubamend42522.htm).<sup>42</sup> |
|  |  | &nbsp;&nbsp;**William Blair Investment Management, LLC ("WB")** |
| &nbsp;&nbsp;(d) | &nbsp;&nbsp;(53) &nbsp;&nbsp;(i) | &nbsp;&nbsp;[Investment Sub-Advisory Agreement between JNAM and WB, effective April 25, 2022](https://www.sec.gov/Archives/edgar/data/933691/000138713122005093/exd55i_wbsub42522.htm).<sup>42</sup> |
|  | &nbsp;&nbsp; &nbsp;&nbsp;(ii) | &nbsp;&nbsp;Amendment, effective April 27, 2026, to Investment Sub-Advisory Agreement between JNAM and WB, effective April 25, 2022, to be filed by amendment. |
| &nbsp;&nbsp;(e) | &nbsp;&nbsp;(1) &nbsp;&nbsp;(i) | &nbsp;&nbsp;[Third Amended and Restated Distribution Agreement between Registrant and Jackson National Life Distributors LLC ("JNLD"), effective September 13, 2021](https://www.sec.gov/Archives/edgar/data/933691/000093369121000648/exe1i_thirdardisagmnt91321.htm).<sup>41</sup> |
|  | &nbsp;&nbsp; &nbsp;&nbsp;(ii) | &nbsp;&nbsp;[Amendment, effective April 25, 2022, to Third Amended and Restated Distribution Agreement between Registrant and JNLD, effective September 13, 2021](https://www.sec.gov/Archives/edgar/data/933691/000138713122005093/exe1ii_disamend42522.htm).<sup>42</sup> |
|  | &nbsp;&nbsp; &nbsp;&nbsp;(iii) | &nbsp;&nbsp;[Amendment, effective November 15, 2022, to Third Amended and Restated Distribution Agreement between Registrant and JNLD, effective September 13, 2021](https://www.sec.gov/Archives/edgar/data/933691/000138713122011428/exe1iii_disagamend111522.htm).<sup>44</sup> |
|  | &nbsp;&nbsp; &nbsp;&nbsp;(iv) | &nbsp;&nbsp;[Amendment, effective April 29, 2024, to Third Amended and Restated Distribution Agreement between Registrant and JNLD, effective September 13, 2021](https://www.sec.gov/Archives/edgar/data/933691/000199937124005239/ex28e1iv_disamend.htm).<sup>47</sup> |
|  | &nbsp;&nbsp; &nbsp;&nbsp;(v) | &nbsp;&nbsp;[Amendment, effective October 21, 2024, to Third Amended and Restated Distribution Agreement between Registrant and JNLD, effective September 13, 2021](https://www.sec.gov/Archives/edgar/data/933691/000199937124013447/exe1v_disagmnt102124.htm).<sup>49</sup> |
|  | &nbsp;&nbsp; &nbsp;&nbsp;(vi) | &nbsp;&nbsp;[Amendment, effective April 28, 2025, to Third Amended and Restated Distribution Agreement between Registrant and JNLD, effective September 13, 2021](https://www.sec.gov/Archives/edgar/data/933691/000199937125004636/exe1vi_disagmnt042825.htm).<sup>50</sup> |
|  | &nbsp;&nbsp; &nbsp;&nbsp;(vii) | &nbsp;&nbsp;Amendment, effective April 27, 2026, to Third Amended and Restated Distribution Agreement between Registrant and JNLD, effective September 13, 2021, to be filed by amendment. |
| &nbsp;&nbsp;(f) |  | &nbsp;&nbsp;Not Applicable. |
| &nbsp;&nbsp;(g) | &nbsp;&nbsp; (1) &nbsp;&nbsp;(i) | &nbsp;&nbsp;[Amended and Restated Master Global Custody Agreement between Registrant and JPMorgan Chase, dated December 1, 2022](https://www.sec.gov/Archives/edgar/data/933691/000138713123005545/exg1i_jpmcusagmnt12122.htm) (the "JPMorgan Custody Agreement").<sup>45</sup> |
|  | &nbsp;&nbsp; &nbsp;&nbsp;(ii) | &nbsp;&nbsp;[Amendment, effective September 30, 2023, to the JPMorgan Custody Agreement](https://www.sec.gov/Archives/edgar/data/933691/000093369123000397/exg1ii_jpmcusamend09302023.htm).<sup>46</sup> |
|  | &nbsp;&nbsp; &nbsp;&nbsp;(iii) | &nbsp;&nbsp;[Amendment, effective April 29, 2024, to the JPMorgan Custody Agreement](https://www.sec.gov/Archives/edgar/data/933691/000199937124005239/ex28g1iii_jpmcus042924.htm).<sup>47</sup> |
|  | &nbsp;&nbsp; &nbsp;&nbsp;(iv) | &nbsp;&nbsp;[Amendment, effective October 21, 2024, to the JPMorgan Custody Agreement](https://www.sec.gov/Archives/edgar/data/933691/000199937124013447/exg1iv_jpmcus102124.htm).<sup>49</sup> |
|  | &nbsp;&nbsp; &nbsp;&nbsp;(v) | &nbsp;&nbsp;Amendment, effective April 27, 2026, to the JPMorgan Custody Agreement, to be filed by amendment. |

---

(g) (2) (i) [Amended and Restated Master Custodian Agreement between Registrant, State Street Bank and Trust Company, JNL Investors Series Trust, JNL Multi-Manager Alternative Fund (Boston Partners) Ltd., and PPM Funds, dated December 1, 2022](https://www.sec.gov/Archives/edgar/data/933691/000138713123005545/exg2i_ssbtcusagmnt12122.htm) (the "State Street Custody Agreement").<sup>45</sup>

(ii) [Amendment, effective May 6, 2023, to the State Street Custody Agreement](https://www.sec.gov/Archives/edgar/data/933691/000093369123000397/exg2ii_ssbtcusamend05062023.htm) .<sup>46</sup>

(iii) [Amendment, effective September 30, 2023, to the State Street Custody Agreement *(this amendment adds Jackson Credit Opportunities Fund as a party thereto)*](https://www.sec.gov/Archives/edgar/data/933691/000093369123000397/exg2iii_ssbtcusamend09302023.htm) .<sup>46</sup>

(iv) [Amendment, effective December 15, 2023, to the State Street Custody Agreement *(this amendment removes JNL Multi-Manager Alternative Fund (Boston Partners) Ltd. as a party)*](https://www.sec.gov/Archives/edgar/data/933691/000199937124005239/ex28g2iv_sscus121523.htm) .<sup>47</sup>

(v) [Amendment, effective February 29, 2024, to the State Street Custody Agreement *(this amendment adds Jackson Real Assets Fund as a party thereto)*](https://www.sec.gov/Archives/edgar/data/933691/000199937124005239/ex28g2v_sscus22924.htm) .<sup>47</sup>

(vi) [Amendment, effective April 29, 2024, to the State Street Custody Agreement](https://www.sec.gov/Archives/edgar/data/933691/000199937124005239/ex28g2vi_sscus42924.htm) .<sup>47</sup>

(vii) [Amendment, effective June 10, 2024, to the State Street Custody Agreement *(this amendment adds Jackson Real Assets Fund LLC as a party thereto)*](https://www.sec.gov/Archives/edgar/data/933691/000199937124013447/exg2vii_sscus061024.htm) .<sup>49</sup>

(viii) [Amendment, effective August 29, 2024, to the State Street Custody Agreement *(this amendment adds Jackson Credit Opportunities Fund LLC as a party thereto)*](https://www.sec.gov/Archives/edgar/data/933691/000199937124013447/exg2viii_sscus082924.htm) .<sup>49</sup>

(ix) [Amendment, effective October 21, 2024, to the State Street Custody Agreement](https://www.sec.gov/Archives/edgar/data/933691/000199937124013447/exg2ix_sscust102124.htm) .<sup>49</sup>

(x) [Amendment, effective April 28, 2025, to the State Street Custody Agreement](https://www.sec.gov/Archives/edgar/data/933691/000199937125004636/exg2x_sscus042825.htm) .<sup>50</sup>

(xi) Amendment, effective June 11, 2025, to the State Street Custody Agreement, attached hereto.

(xii) Amendment, effective April 27, 2026, to the State Street Custody Agreement, to be filed by amendment.

(h) (1) (i) [Amended and Restated Administration Agreement between Registrant and JNAM, effective September 13, 2021](https://www.sec.gov/Archives/edgar/data/933691/000093369121000648/exh1i_adminagmnt09132021.htm) . <sup>41</sup>

(ii) [Amendment, effective April 25, 2022, to Amended and Restated Administration Agreement between Registrant and JNAM, effective September 13, 2021](https://www.sec.gov/Archives/edgar/data/933691/000138713122005093/exh1ii_adminamend42225.htm) .<sup>42</sup>

(iii) [Amendment, effective November 15, 2022, to Amended and Restated Administration Agreement between Registrant and JNAM, effective September 13, 2021](https://www.sec.gov/Archives/edgar/data/933691/000138713122011428/exh16xviii_taamend111522.htm) .<sup>44</sup>

(iv) [Amendment, effective April 29, 2024, to Amended and Restated Administration Agreement between Registrant and JNAM, effective September 13, 2021](https://www.sec.gov/Archives/edgar/data/933691/000199937124005239/ex28h1iv_admin42924.htm) .<sup>47</sup>

(v) [Amendment, effective October 21, 2024, to Amended and Restated Administration Agreement between Registrant and JNAM, effective September 13, 2021](https://www.sec.gov/Archives/edgar/data/933691/000199937124013447/exh1v_admin102124.htm) .<sup>49</sup>

(vi) [Amendment, effective April 28, 2025, to Amended and Restated Administration Agreement between Registrant and JNAM, effective September 13, 2021](https://www.sec.gov/Archives/edgar/data/933691/000199937125004636/exh1vi_admin042825.htm) .<sup>50</sup>

(vii) Amendment, effective April 27, 2026, to Amended and Restated Administration Agreement between Registrant and JNAM, effective September 13, 2021, to be filed by amendment.

(h) (2) (i) [Administrative Fee Waiver Agreement between Registrant and JNAM, dated September 25, 2017](https://www.sec.gov/Archives/edgar/data/933691/000093369117000461/exh5_adminfeewveragmt09017.htm) .<sup>32</sup>

(ii) [Amendment, effective April 30, 2018, to Administrative Fee Waiver Agreement between Registrant and JNAM, dated September 25, 2017](https://www.sec.gov/Archives/edgar/data/933691/000093369118000036/exh5ii_adminfw04302018.htm) .<sup>33</sup>

(iii) [Amendment, effective August 13, 2018, to Administrative Fee Waiver Agreement between Registrant and JNAM, dated September 25, 2017](https://www.sec.gov/Archives/edgar/data/933691/000093369118000377/exh6iii_adminfw08132018.htm) .<sup>34</sup>

(iv) [Amendment, effective June 24, 2019, to Administrative Fee Waiver Agreement between Registrant and JNAM, dated September 25, 2017](https://www.sec.gov/Archives/edgar/data/933691/000093369119000788/exh3iv_adminfeewr062419.htm) .<sup>37</sup>

(v) [Amendment, effective October 14, 2019, to Administrative Fee Waiver Agreement between Registrant and JNAM, dated September 25, 2017](https://www.sec.gov/Archives/edgar/data/933691/000093369119000788/exh3v_adminwvr20191014.htm) .<sup>37</sup>

(vi) [Amendment, effective April 27, 2020, to Administrative Fee Waiver Agreement between Registrant and JNAM, dated September 25, 2017](https://www.sec.gov/Archives/edgar/data/933691/000093369120000135/exh3vi_adminfwamnd20200427.htm) .<sup>38</sup>

(vii) [Amendment, effective April 26, 2021, to Administrative Fee Waiver Agreement between Registrant and JNAM, dated September 25, 2017](https://www.sec.gov/Archives/edgar/data/933691/000138713121004803/exh3vii_adminwvramd20210426.htm) . <sup>40</sup>

(viii) [Amendment, effective April 25, 2022, to Administrative Fee Waiver Agreement between Registrant and JNAM, dated September 25, 2017](https://www.sec.gov/Archives/edgar/data/933691/000138713122005093/exh3viii_adminfw42522.htm) .<sup>42</sup>

(h) (3) (i) [Amended and Restated Anti-Money Laundering Agreement between Registrant and Jackson National Life Insurance Company, dated November 27, 2012](https://www.sec.gov/Archives/edgar/data/933691/000093369113000030/exh105_amlamnt11272012.htm) .<sup>15</sup>

(ii) [Amendment, effective June 29, 2018, to Amended and Restated Anti-Money Laundering Agreement between Registrant and Jackson National Life Insurance Company, dated November 27, 2012](https://www.sec.gov/Archives/edgar/data/933691/000093369118000377/exh7ii_amlamend06292018.htm) .<sup>34</sup>

(iii) [Amendment, effective April 27, 2020, to Amended and Restated Anti-Money Laundering Agreement between Registrant and Jackson National Life Insurance Company, dated November 27, 2012](https://www.sec.gov/Archives/edgar/data/933691/000093369120000135/exh4iii_amlamnd20200427.htm) .<sup>38</sup>

(h) (4) (i) [Amended and Restated Contract Owner Information Agreement, pursuant to Rule 22c-2 between Registrant and Jackson National Life Insurance Company and its Separate Accounts, dated April 1, 2016](https://www.sec.gov/Archives/edgar/data/933691/000093369116000546/exh7i_jnlconowninfo04012016.htm) . <sup>26</sup>

(ii) [Amendment, effective June 29, 2018, to Amended and Restated Contract Owner Information Agreement, pursuant to Rule 22c-2 between Registrant and Jackson National Life Insurance Company and its Separate Accounts, dated April 1, 2016](https://www.sec.gov/Archives/edgar/data/933691/000093369118000377/exh8iijnlconowerame06292018.htm) .<sup>34</sup>

(iii) [Amendment, effective April 27, 2020, to Amended and Restated Contract Owner Information Agreement, pursuant to Rule 22c-2 between Registrant and Jackson National Life Insurance Company and its Separate Accounts, dated April 1, 2016](https://www.sec.gov/Archives/edgar/data/933691/000093369120000135/exh5iii_jnl22c2amnd20200427.htm) .<sup>38</sup>

(h) (5) (i) [Amended and Restated Contract Owner Information Agreement, pursuant to Rule 22c-2 between Registrant and Jackson National Life Insurance Company of New York and its Separate Accounts, dated April 1, 2016](https://www.sec.gov/Archives/edgar/data/933691/000093369116000546/exh8i_jnlnyconow04012016.htm) . <sup>26</sup>

(ii) [Amendment, effective June 29, 2018, to Amended and Restated Contract Owner Information Agreement, pursuant to Rule 22c-2 between Registrant and Jackson National Life Insurance Company of New York and its Separate Accounts, dated April 1, 2016](https://www.sec.gov/Archives/edgar/data/933691/000093369118000377/exh9iijnlnyconowera06292018.htm) .<sup>34</sup>

(iii) [Amendment, effective April 27, 2020, to Amended and Restated Contract Owner Information Agreement, pursuant to Rule 22c-2 between Registrant and Jackson National Life Insurance Company of New York and its Separate Accounts, dated April 1, 2016](https://www.sec.gov/Archives/edgar/data/933691/000093369120000135/exh6iii_jnlny22c2amnd200427.htm) .<sup>38</sup>

(h) (6) (i) [Master InterFund Lending Agreement, dated as April 27, 2015, by and among the series listed of the Registrant, JNL Investors Series Trust, JNL Variable Fund LLC, JNL Strategic Income Fund LLC, Jackson Variable Series Trust and Curian Series Trust and JNAM and Curian Capital LLC](https://www.sec.gov/Archives/edgar/data/933691/000107242815000025/exh26_interfundlendagmnt.htm) .<sup>22</sup>

(ii) [Amendment, effective February 2, 2016, to Master Interfund Lending Agreement dated April 27, 2015](https://www.sec.gov/Archives/edgar/data/933691/000093369116000546/exh10ii_interfundamend0216.htm) . <sup>26</sup>

(iii) [Amendment, effective June 1, 2018, to Master Interfund Lending Agreement dated April 27, 2015](https://www.sec.gov/Archives/edgar/data/933691/000093369118000377/exh11iii_minfundlendamend.htm) .<sup>34</sup>

(iv) [Amendment, effective April 27, 2020, to Master Interfund Lending Agreement dated April 27, 2015](https://www.sec.gov/Archives/edgar/data/933691/000093369120000135/exh7iv_milamnd20200427.htm) .<sup>38</sup>

(h) (7) (i) [Management Fee Waiver Agreement (for certain Master-Feeder Funds), dated May 1, 2010, between Registrant and JNAM](https://www.sec.gov/Archives/edgar/data/933691/000093369110000039/exh74_affwaiveragmt05012010.htm) .<sup>5</sup>

(ii) [Amendment, dated August 29, 2011, to Management Fee Waiver Agreement (for certain Master-Feeder Funds), dated May 1, 2010, between Registrant and JNAM](https://www.sec.gov/Archives/edgar/data/933691/000093369111000232/exh87_mfwveramnd08292011.htm) .<sup>9</sup>

(iii) [Amendment, dated June 3, 2013, to Management Fee Waiver Agreement (for certain Master-Feeder Funds), dated May 1, 2010, between Registrant and JNAM](https://www.sec.gov/Archives/edgar/data/933691/000093369113000283/exh12_9iiimfeewvraf06032013.htm) .<sup>16</sup>

(iv) [Amendment, dated April 27, 2015, to Management Fee Waiver Agreement (for certain Master-Feeder Funds), dated May 1, 2010, between Registrant and JNAM](https://www.sec.gov/Archives/edgar/data/933691/000107242815000025/exh18iv_affeewaivamend.htm) .<sup>22</sup>

(v) [Amendment, dated September 19, 2016, to Management Fee Waiver Agreement (for certain Master-Feeder Funds), dated May 1, 2010, between Registrant and JNAM](https://www.sec.gov/Archives/edgar/data/933691/000093369116000855/exh10v_mfwamendaf09192016.htm) . <sup>28</sup>

(vi) [Amendment, effective April 24, 2017, to Management Fee Waiver Agreement (for certain Master-Feeder Funds), dated May 1, 2010, between Registrant and JNAM](https://www.sec.gov/Archives/edgar/data/933691/000093369117000081/exh10vi_mfwamendmf04242017.htm) . <sup>30</sup>

(vii) [Amendment, effective September 25, 2017, to Management Fee Waiver Agreement (for certain Master-Feeder Funds), dated May 1, 2010, between Registrant and JNAM](https://www.sec.gov/Archives/edgar/data/933691/000093369117000461/exh11vii_manfeewveramend0917.htm) .<sup>32</sup>

(viii) [Amendment, effective April 30, 2018, to Management Fee Waiver Agreement (for certain Master-Feeder Funds), dated May 1, 2010, between Registrant and JNAM](https://www.sec.gov/Archives/edgar/data/933691/000093369118000036/exh11viii_mfwmsfund04302018.htm) .<sup>33</sup>

(ix) [Amendment, effective August 13, 2018, to Management Fee Waiver Agreement (for certain Master-Feeder Funds), dated May 1, 2010, between Registrant and JNAM](https://www.sec.gov/Archives/edgar/data/933691/000093369118000377/exh13xiinonmffmfw08132018.htm) .<sup>34</sup>

(x) [Amendment, effective April 29, 2019, to Management Fee Waiver Agreement (for certain Master-Feeder Funds), dated May 1, 2010, between Registrant and JNAM](https://www.sec.gov/Archives/edgar/data/933691/000093369119000133/exh9x_mfwamendmf04292019.htm) .<sup>36</sup>

(xi) [Amendment, effective April 27, 2020, to Management Fee Waiver Agreement (for certain Master-Feeder Funds), dated May 1, 2010, between Registrant and JNAM](https://www.sec.gov/Archives/edgar/data/933691/000093369120000135/exh8xi_mfwamndmf20200427.htm) .<sup>38</sup>

(xii) [Amendment, effective April 26, 2021, to Management Fee Waiver Agreement (for certain Master-Feeder Funds), dated May 1, 2010, between Registrant and JNAM](https://www.sec.gov/Archives/edgar/data/933691/000138713121004803/exh8xii_mfwvramendmf20210426.htm) . <sup>40</sup>

(xiii) [Amendment, effective April 25, 2022, to Management Fee Waiver Agreement (for certain Master-Feeder Funds), dated May 1, 2010, between Registrant and JNAM](https://www.sec.gov/Archives/edgar/data/933691/000138713122005093/exh8xii_mfwmf42522.htm) . <sup>42</sup>

(xiv) [Amendment, effective April 29, 2024, to Management Fee Waiver Agreement (for certain Master-Feeder Funds), dated May 1, 2010, between Registrant and JNAM](https://www.sec.gov/Archives/edgar/data/933691/000199937124005239/ex28h7xivmfeemf.htm) .<sup>47</sup>

(xv) Amendment, effective April 27, 2026, to Management Fee Waiver Agreement (for certain Master-Feeder Funds), dated May 1, 2010, between Registrant and JNAM, to be filed by amendment.

(h) (8) (i) [Management Fee Waiver Agreement (for certain funds), effective April 30, 2012, between Registrant and JNAM](https://www.sec.gov/Archives/edgar/data/933691/000114036111058622/exh95_manfeewaiver04302012.htm) .<sup>11</sup>

(ii) [Amendment, dated June 3, 2013, to Management Fee Waiver Agreement (for certain funds), dated April 30, 2012, between Registrant and JNAM](https://www.sec.gov/Archives/edgar/data/933691/000093369113000283/exh13_10iimfwvernoaf06032013.htm) .<sup>16</sup>

(iii) [Amendment, dated March 16, 2015, to Management Fee Waiver Agreement (for certain funds), dated April 30, 2012, between Registrant and JNAM](https://www.sec.gov/Archives/edgar/data/933691/000107242815000025/exh19iii_feewaivamendother.htm) .<sup>22</sup>

(iv) [Amendment, effective April 27, 2015, to Management Fee Waiver Agreement (for certain funds), dated April 30, 2012, between Registrant and JNAM](https://www.sec.gov/Archives/edgar/data/933691/000107242815000025/exh19iv_feewaivamendother.htm) .<sup>22</sup>

(v) [Amendment, effective October 1, 2015, to Management Fee Waiver Agreement (for certain funds), dated April 30, 2012, between Registrant and JNAM](https://www.sec.gov/Archives/edgar/data/933691/000093369115000350/exh19v_mfeewaiveramend.htm) . <sup>24</sup>

(vi) [Amendment, effective April 25, 2016, to Management Fee Waiver Agreement (for certain funds), dated April 30, 2012, between Registrant and JNAM](https://www.sec.gov/Archives/edgar/data/933691/000093369116000546/exh12vi_manfeewaiveramend.htm) . <sup>26</sup>

(vii) [Amendment, effective September 19, 2016, to Management Fee Waiver Agreement (for certain funds), dated April 30, 2012, between Registrant and JNAM](https://www.sec.gov/Archives/edgar/data/933691/000093369116000855/exh11vii_mfwamd09192016.htm) . <sup>28</sup>

(viii) [Amendment, effective April 24, 2017, to Management Fee Waiver Agreement (for certain funds), dated April 30, 2012, between Registrant and JNAM](https://www.sec.gov/Archives/edgar/data/933691/000093369117000081/exh11viii_mfwamendnon2017.htm) . <sup>30</sup>

(ix) [Amendment, effective July 1, 2017, to Management Fee Waiver Agreement (for certain funds), dated April 30, 2012, between Registrant and JNAM](https://www.sec.gov/Archives/edgar/data/933691/000093369117000461/exh12ix_manfeewveram0717.htm) .<sup>32</sup>

(x) [Amendment, effective September 25, 2017, to Management Fee Waiver Agreement (for certain funds), dated April 30, 2012, between Registrant and JNAM](https://www.sec.gov/Archives/edgar/data/933691/000093369117000461/exh12x_manfeewveramd0917.htm) .<sup>32</sup>

(xi) [Amendment, effective April 30, 2018, to Management Fee Waiver Agreement (for certain funds), dated April 30, 2012, between Registrant and JNAM](https://www.sec.gov/Archives/edgar/data/933691/000093369118000036/exh12xi_mfwotherfunds0418.htm) .<sup>33</sup>

(xii) [Amendment, effective August 13, 2018, to Management Fee Waiver Agreement (for certain funds), dated April 30, 2012, between Registrant and JNAM](https://www.sec.gov/Archives/edgar/data/933691/000093369118000377/exh12ix_msmfwamend08132018.htm) .<sup>34</sup>

(xiii) [Amendment, effective April 29, 2019, to Management Fee Waiver Agreement (for certain funds), dated April 30, 2012, between Registrant and JNAM](https://www.sec.gov/Archives/edgar/data/933691/000093369119000133/exh10xiii_mfwamend04219.htm) .<sup>36</sup>

(xiv) [Amendment, effective June 24, 2019, to Management Fee Waiver Agreement (for certain funds), dated April 30, 2012, between Registrant and JNAM](https://www.sec.gov/Archives/edgar/data/933691/000093369119000788/exh9xiv_mfw20190624.htm) .<sup>37</sup>

(xv) [Amendment, effective October 14, 2019, to Management Fee Waiver Agreement (for certain funds), dated April 30, 2012, between Registrant and JNAM](https://www.sec.gov/Archives/edgar/data/933691/000093369119000788/exh9xv_mfw20191014.htm) .<sup>37</sup>

(xvi) [Amendment, effective April 27, 2020, to Management Fee Waiver Agreement (for certain funds), dated April 30, 2012, between Registrant and JNAM](https://www.sec.gov/Archives/edgar/data/933691/000093369120000135/exh9xvi_mfwamndnonmf20200427.htm) .<sup>38</sup>

(xvii) [Amendment, effective April 26, 2021, to Management Fee Waiver Agreement (for certain funds), dated April 30, 2012, between Registrant and JNAM](https://www.sec.gov/Archives/edgar/data/933691/000138713121004803/exh9xvii_mfwvradnonmf2021426.htm) . <sup>40</sup>

(xviii) [Amendment, effective April 25, 2022, to Management Fee Waiver Agreement (for certain funds), dated April 30, 2012, between Registrant and JNAM](https://www.sec.gov/Archives/edgar/data/933691/000138713122005093/exh9xviii_mfwnonmf42522.htm) .<sup>42</sup>

(xix) [Amendment, effective May 1, 2023, to Management Fee Waiver Agreement (for certain funds), dated April 30, 2012, between Registrant and JNAM](https://www.sec.gov/Archives/edgar/data/933691/000138713123005545/exh9xix_mfwother05012023.htm) . <sup>45</sup>

(xx) [Amendment, effective April 28, 2025, to Management Fee Waiver Agreement (for certain funds), dated April 30, 2012, between Registrant and JNAM](https://www.sec.gov/Archives/edgar/data/933691/000199937125004636/exh8xx_mfwother042825.htm) .<sup>50</sup>

(xxi) Amendment, effective April 27, 2026, to Management Fee Waiver Agreement (for certain funds), dated April 30, 2012, between Registrant and JNAM, to be filed by amendment.

(h) (9) (i) [Management Fee Waiver Agreement (for funds sub-advised by T. Rowe Price Associates, Inc.), effective April 27, 2020, between Registrant and JNAM](https://www.sec.gov/Archives/edgar/data/933691/000093369120000135/exh10i_mfwagmnttrprice200427.htm) .<sup>38</sup>

(ii) [Amendment, effective October 21, 2024, to Management Fee Waiver Agreement (for funds sub-advised by T. Rowe Price Associates, Inc.), effective April 27, 2020, between Registrant and JNAM](https://www.sec.gov/Archives/edgar/data/933691/000199937124013447/exh9ii_mfwtr102124.htm) .<sup>49</sup>

(iii) Amendment, effective April 27, 2026, to Management Fee Waiver Agreement (for funds sub-advised by T. Rowe Price Associates, Inc.), effective April 27, 2020, between Registrant and JNAM, to be filed by amendment.

(h) (10) (i) [Master Fund Participation Agreement between Registrant, Jackson National Life Insurance Company, American Funds Insurance Series, and Capital Research and Management Company, dated May 1, 2010](https://www.sec.gov/Archives/edgar/data/933691/000093369110000039/exe28_jnlpartagmnt05012010.htm) .<sup>5</sup>

(ii) [First Amendment, dated January 18, 2012, to the Master Fund Participation Agreement between Registrant, Jackson National Life Insurance Company, American Funds Insurance Series, and Capital Research and Management Company, dated May 1, 2010](https://www.sec.gov/Archives/edgar/data/933691/000093369115000006/ex99h2ii.htm) . <sup>21</sup>

(iii) [Second Amendment, dated December 31, 2014, to the Master Fund Participation Agreement between Registrant, Jackson National Life Insurance Company, American Funds Insurance Series, and Capital Research and Management Company, dated May 1, 2010](https://www.sec.gov/Archives/edgar/data/933691/000107242815000025/exh2ii_jnlmfpa12312014.htm) .<sup>22</sup>

(iv) [Third Amendment, dated April 24, 2017, to the Master Fund Participation Agreement between Registrant, Jackson National Life Insurance Company, American Funds Insurance Series, and Capital Research and Management Company, dated May 1, 2010](https://www.sec.gov/Archives/edgar/data/933691/000093369117000081/exh12iv_paamendjnl04242017.htm) . <sup>30</sup>

(v) [Fourth Amendment, dated August 13, 2018, to the Master Fund Participation Agreement between Registrant, Jackson National Life Insurance Company, American Funds Insurance Series, and Capital Research and Management Company, dated May 1, 2010](https://www.sec.gov/Archives/edgar/data/933691/000093369118000377/exh14v_crmcpartamend08132018.htm) .<sup>34</sup>

(vi) [Fifth Amendment, dated April 27, 2020, to the Master Fund Participation Agreement between Registrant, Jackson National Life Insurance Company, American Funds Insurance Series, and Capital Research and Management Company, dated May 1, 2010](https://www.sec.gov/Archives/edgar/data/933691/000093369120000135/exh11vi_mfpaamendafis_042020.htm) .<sup>38</sup>

(vii) [Sixth Amendment, dated April 26, 2021, to the Master Fund Participation Agreement between Registrant, Jackson National Life Insurance Company, American Funds Insurance Series, and Capital Research and Management Company](https://www.sec.gov/Archives/edgar/data/933691/000138713121004803/exh11vi_afpamf6amndj210426.htm) dated May 1, 2010. <sup>40</sup>

(viii) [Seventh Amendment, effective September 1, 2023, to the Master Fund Participation Agreement between Registrant, Jackson National Life Insurance Company, American Funds Insurance Series, and Capital Research and Management Company dated May 1, 2010](https://www.sec.gov/Archives/edgar/data/933691/000093369123000397/exh11viii_afpaamd9123.htm) .<sup>46</sup>

(ix) Seventh Amendment, effective April 27, 2026, to the Master Fund Participation Agreement between Registrant, Jackson National Life Insurance Company, American Funds Insurance Series, and Capital Research and Management Company dated May 1, 2010, to be filed by amendment.

(h) (11) (i) [Master Fund Participation Agreement between Registrant, Jackson National Life Insurance Company of New York, American Funds Insurance Series, and Capital Research and Management Company, dated May 1, 2010](https://www.sec.gov/Archives/edgar/data/933691/000093369110000039/exe29_jnlnypartagmnt05012010.htm) .<sup>5</sup>

(ii) [First Amendment, dated January 18, 2012, to the Master Fund Participation Agreement between Registrant, Jackson National Life Insurance Company of New York, American Funds Insurance Series, and Capital Research and Management Company, dated May 1, 2010](https://www.sec.gov/Archives/edgar/data/933691/000093369115000006/ex99h3ii.htm) . <sup>21</sup>

(iii) [Second Amendment, dated December 31, 2014, to the Master Fund Participation Agreement between Registrant, Jackson National Life Insurance Company of New York, American Funds Insurance Series, and Capital Research and Management Company, dated May 1, 2010](https://www.sec.gov/Archives/edgar/data/933691/000107242815000025/exh3iii_jnlnymfpa12312014.htm) .<sup>22</sup>

(iv) [Third Amendment, dated April 24, 2017, to the Master Fund Participation Agreement between Registrant, Jackson National Life Insurance Company of New York, American Funds Insurance Series, and Capital Research and Management Company, dated May 1, 2010](https://www.sec.gov/Archives/edgar/data/933691/000093369117000081/exh13iv_paamendny04242017.htm) . <sup>30</sup>

(v) [Fourth Amendment, dated August 13, 2018, to the Master Fund Participation Agreement between Registrant, Jackson National Life Insurance Company of New York, American Funds Insurance Series, and Capital Research and Management Company, dated May 1, 2010](https://www.sec.gov/Archives/edgar/data/933691/000093369118000377/exh15v_crmcpartamend08132018.htm) .<sup>34</sup>

(vi) [Fifth Amendment, dated April 27, 2020, to the Master Fund Participation Agreement between Registrant, Jackson National Life Insurance Company of New York, American Funds Insurance Series, and Capital Research and Management Company, dated May 1, 2010](https://www.sec.gov/Archives/edgar/data/933691/000093369120000135/exh12vi_mfpaafis0420.htm) .<sup>38</sup>

(vii) [Sixth Amendment, dated April 26, 2021, to the Master Fund Participation Agreement between Registrant, Jackson National Life Insurance Company of New York, American Funds Insurance Series, and Capital Research and Management Company, dated May 1, 2010](https://www.sec.gov/Archives/edgar/data/933691/000138713121004803/exh12vi_afpamf6amdjny210426.htm) . <sup>40</sup>

(viii) [Seventh Amendment, effective September 1, 2023, to the Master Fund Participation Agreement between Registrant, Jackson National Life Insurance Company of New York, American Funds Insurance Series, and Capital Research and Management Company, dated May 1, 2010](https://www.sec.gov/Archives/edgar/data/933691/000093369123000397/exh12viii_afpanyamd9123.htm) .<sup>46</sup>

(ix) Seventh Amendment, effective April 27, 2026, to the Master Fund Participation Agreement between Registrant, Jackson National Life Insurance Company of New York, American Funds Insurance Series, and Capital Research and Management Company, dated May 1, 2010, to be filed by amendment.

(h) (12) (i) [Rule 12d1-4 Funds of Funds Investment Agreement among Registrant, on behalf of itself and its separate series listed on Schedule A of the Agreement; and ALPS ETF Trust, on behalf of itself and its separate series listed on Schedule B of the Agreement, effective February 28, 2025](https://www.sec.gov/Archives/edgar/data/933691/000199937125004636/exh12i_alps12d1022825.htm) .<sup>50</sup>

(h) (13) (i) [Fund of Funds Investment Agreement by and among Registrant, on behalf of itself and each fund listed on Attachment A of the Agreement; JNAM; American Funds Insurance Series on behalf of itself and each of the Series Funds listed on Attachment B of the Agreement; Capital Research and Management Company; and Capital Research and Management Company and behalf of each of the Retail Funds listed on Attachment B of the Agreement, effective January 19, 2022](https://www.sec.gov/Archives/edgar/data/933691/000138713122005093/exh13i_affofiagmnt11922.htm) .<sup>42</sup>

(ii) [Amendment, effective October 21, 2024, to the Fund of Funds Investment Agreement by and among Registrant, on behalf of itself and each fund listed on Attachment A of the Agreement; JNAM; American Funds Insurance Series on behalf of itself and each of the Series Funds listed on Attachment B of the Agreement; Capital Research and Management Company; and Capital Research and Management Company and behalf of each of the Retail Funds listed on Attachment B of the Agreement, effective January 19, 2022](https://www.sec.gov/Archives/edgar/data/933691/000199937124013447/exh12ii_affof102124.htm) .<sup>49</sup>

(h) (14) (i) [BlackRock Rule 12d1-4 Fund of Funds Investment Agreement between Registrant, on behalf of its applicable series listed on Schedule A of the Agreement, BlackRock ETF Trust, BlackRock ETF Trust II, iShares Trust, iShares, Inc., iShares U.S. ETF Trust, on behalf of its applicable series listed on Schedule B of the Agreement, effective January 19, 2022](https://www.sec.gov/Archives/edgar/data/933691/000138713122005093/exh14i_is12d1agmnt11922.htm) .<sup>42</sup>

(ii) [Amended Schedule A, effective October 21, 2024, to BlackRock Rule 12d1-4 Fund of Funds Investment Agreement between Registrant, on behalf of its applicable series listed on Schedule A of the Agreement, BlackRock ETF Trust, BlackRock ETF Trust II, iShares Trust, iShares, Inc., iShares U.S. ETF Trust, on behalf of its applicable series listed on Schedule B of the Agreement, effective January 19, 2022](https://www.sec.gov/Archives/edgar/data/933691/000199937124013447/exh13ii_br12d1sch.htm) .<sup>49</sup>

(h) (15) (i) [Fund of Funds Investment Agreement by and among the Registrant, on behalf of itself and each of the Acquiring Funds listed on Attachment A of the Agreement; and Capital Research and Management Company and behalf of each Acquired Trust and each of the Acquired Funds listed on Attachment B of the Agreement, effective February 28, 2025](https://www.sec.gov/Archives/edgar/data/933691/000199937125004636/exh15i_cg12d1022825.htm) .<sup>50</sup>

(h) (16) (i) Cohen & Steers Fund of Funds Investment Agreement between Registrant, on behalf of itself and each of the Acquiring Funds listed in Schedule A of the Agreement, and Cohen & Steers Capital Management, Inc., on behalf of each of the Acquired Funds listed on Schedule B of the Agreement, effective October 23, 2025, attached hereto.

(h) (17) (i) [Fund of Funds Investment Agreement among Registrant, on behalf of itself and each Acquiring Fund listed on Schedule A of the Agreement; and DoubleLine ETF Trust on behalf of itself and each Acquired Fund listed on Schedule A of the Agreement, effective February 28, 2025](https://www.sec.gov/Archives/edgar/data/933691/000199937125004636/exh16i_dl12d1022825.htm) .<sup>50</sup>

(ii) First Amendment, effective July 22, 2025, to Fund of Funds Investment Agreement among Registrant, on behalf of itself and each Acquiring Fund listed on Schedule A of the Agreement; and DoubleLine ETF Trust on behalf of itself and each Acquired Fund listed on Schedule A of the Agreement, effective February 28, 2025, attached hereto.

(h) (18) (i) Amended and Restated Rule 12d1-4 Fund of Funds Investment Agreement by and among Registrant, on behalf of itself and its respective series identified on Schedule A; and Fidelity Commonwealth Trust, Fidelity Covington Trust, Fidelity Greenwood Street Trust, and Fidelity Merrimack Street Trust, each on behalf of itself and each of the series identified on Schedule B of the Agreement, effective June 5, 2025, attached hereto.

(h) (19) (i) Rule 12d1-4 Fund of Funds Investment Agreement among Registrant, on behalf of itself and each of the Acquiring Funds listed in Appendix A of the Agreement, and First Trust Exchange-Traded Fund, First Trust Exchange-Traded Fund II, First Trust Exchange-Traded Fund III, First Trust Exchange-Traded Fund IV, First Trust Exchange-Traded Fund V, First Trust Exchange-Traded Fund VI, First Trust Exchange-Traded Fund VII, First Trust Exchange-Traded Fund VIII, First Trust Exchange-Traded AlphaDEX<sup>®</sup> Fund, and First Trust Exchange-Traded AlphaDEX<sup>®</sup> Fund II, each on behalf of its applicable series listed on Appendix B of the Agreement, effective October 23, 2025, attached hereto.

(h) (20) (i) [Rule Fund of Funds Investment Agreement by and among Registrant, on behalf of itself and its separate series listed on Schedule A of the Agreement; and Investment Managers Series Trust III, on behalf of itself and its separate series listed on Schedule A of the Agreement, effective February 28, 2025](https://www.sec.gov/Archives/edgar/data/933691/000199937125004636/exh18i_fpa12d1022825.htm) .<sup>50</sup>

(h) (21) (i) [Fund of Funds Investment Agreement among Registrant, on behalf of itself and each of its series listed on Schedule A of the Agreement; and J.P. Morgan Exchange-Traded Fund Trust, on behalf of each series of the Trust listed on Schedule A of the Agreement, effective February 28, 2025](https://www.sec.gov/Archives/edgar/data/933691/000199937125004636/exh19i_jpm12d1022825.htm) .<sup>50</sup>

(h) (22) (i) Rule 12d1-4 Fund of Funds Investment Agreement between Registrant, on behalf of itself and each Acquiring Fund listed on Schedule A of the Agreement; and Lazard Active ETF Trust, on behalf of itself and each Acquired Fund listed on Schedule B of the Agreement, effective October 23, 2025, attached hereto.

(h) (23) (i) [T. Rowe Price Rule 12d1-4 Fund of Funds Investment Agreement between T. Rowe Price Exchange-Traded Funds, Inc. on behalf of itself and the T. Rowe Price Capital Appreciation Equity ETF; and the Registrant, on behalf of itself and the JNL Moderate ETF Allocation Fund, the JNL Moderate Growth ETF Allocation Fund, and the JNL Growth ETF Allocation Fund, effective October 21, 2024](https://www.sec.gov/Archives/edgar/data/933691/000199937124013447/exh14i_trfof102124.htm) .<sup>49</sup>

(h) (24) (i) [Rule 12d1-4 Fund of Funds Investment Agreement between VanEck ETF Trust and Registrant, on behalf of itself and the JNL Moderate ETF Allocation Fund, the JNL Moderate Growth ETF Allocation Fund, and the JNL Growth ETF Allocation Fund, effective October 21, 2024](https://www.sec.gov/Archives/edgar/data/933691/000199937124013447/exh15i_vefof102124.htm) .<sup>49</sup>

(h) (25) (i) [Rule 12d1-4 Fund of Funds Investment Agreement between Registrant, on behalf of itself and its separate series listed on Schedule A of the Agreement, and the Vanguard Funds listed on Schedule A of the Agreement, effective January 19, 2022](https://www.sec.gov/Archives/edgar/data/933691/000138713122005093/exh15i_vg12d1agmnt11922.htm) .<sup>42</sup>

(h) (26) (i) [Amended and Restated Transfer Agency Agreement between Registrant and JNAM, dated February 28, 2012](https://www.sec.gov/Archives/edgar/data/933691/000093369112000035/exh99_aandrtaagmnt02282012.htm) .<sup>12</sup>

(ii) [Amendment, effective April 30, 2012, to Amended and Restated Transfer Agency Agreement between Registrant and JNAM, dated February 28, 2012](https://www.sec.gov/Archives/edgar/data/933691/000093369112000035/exh96_revtaamend04302012.htm) .<sup>12</sup>

(iii) [Amendment, effective April 29, 2013, to Amended and Restated Transfer Agency Agreement between Registrant and JNAM, dated February 28, 2012](https://www.sec.gov/Archives/edgar/data/933691/000114036112051960/exh104_taamend04292013.htm) .<sup>14</sup>

(iv) [Amendment, effective September 16, 2013, to Amended and Restated Transfer Agency Agreement between Registrant and JNAM dated February 28, 2012](https://www.sec.gov/Archives/edgar/data/933691/000093369113000283/exh11_7ivtaamd09162013.htm) .<sup>16</sup>

(v) [Amendment, effective April 28, 2014, to Amended and Restated Transfer Agency Agreement between Registrant and JNAM, dated February 28, 2012](https://www.sec.gov/Archives/edgar/data/933691/000093369114000077/exh16v_ta04282014.htm) .<sup>18</sup>

(vi) [Amendment, effective September 15, 2014, to Amended and Restated Transfer Agency Agreement between Registrant and JNAM, dated February 28, 2012](https://www.sec.gov/Archives/edgar/data/933691/000093369114000439/exh16vi_taamend09152014.htm) . <sup>20</sup>

(vii) [Amendment, effective April 27, 2015, to Amended and Restated Transfer Agency Agreement between Registrant and JNAM, dated February 28, 2012](https://www.sec.gov/Archives/edgar/data/933691/000107242815000025/exh16vii_taamend04272015.htm) .<sup>22</sup>

(viii) [Amendment, effective September 28, 2015, to Amended and Restated Transfer Agency Agreement between Registrant and JNAM, dated February 28, 2012](https://www.sec.gov/Archives/edgar/data/933691/000093369115000350/exh16viii_taamend09282015.htm) . <sup>24</sup>

(ix) [Amendment, effective April 25, 2016, to Amended and Restated Transfer Agency Agreement between Registrant and JNAM, dated February 28, 2012](https://www.sec.gov/Archives/edgar/data/933691/000093369116000546/exh35ix_taamend04252016.htm) . <sup>26</sup>

(x) [Amendment, effective September 19, 2016, to Amended and Restated Transfer Agency Agreement between Registrant and JNAM, dated February 28, 2012](https://www.sec.gov/Archives/edgar/data/933691/000093369116000855/exh34x_20160919taamend.htm) . <sup>28</sup>

(xi) [Amendment, effective April 24, 2017, to Amended and Restated Transfer Agency Agreement between Registrant and JNAM, dated February 28, 2012](https://www.sec.gov/Archives/edgar/data/933691/000093369117000081/exh35xi_taamend04242017.htm) . <sup>30</sup>

(xii) [Amendment, effective September 25, 2017, to Amended and Restated Transfer Agency Agreement between Registrant and JNAM, dated February 28, 2012](https://www.sec.gov/Archives/edgar/data/933691/000093369117000461/exh35xii_taamend09252017.htm) .<sup>32</sup>

(xiii) [Amendment, effective August 13, 2018, to Amended and Restated Transfer Agency Agreement between Registrant and JNAM, dated February 28, 2012](https://www.sec.gov/Archives/edgar/data/933691/000093369118000377/exh40xiii_taamend08132018.htm) .<sup>34</sup>

(xiv) [Amendment, effective June 24, 2019, to Amended and Restated Transfer Agency Agreement between Registrant and JNAM, dated February 28, 2012](https://www.sec.gov/Archives/edgar/data/933691/000093369119000788/exh20xiv_taamend20190624.htm) .<sup>37</sup>

(xv) [Amendment, effective April 27, 2020, to Amended and Restated Transfer Agency Agreement between Registrant and JNAM, dated February 28, 2012](https://www.sec.gov/Archives/edgar/data/933691/000093369120000135/exh22xv_taamnd20200427.htm) .<sup>38</sup>

(xvi) [Amendment, effective April 26, 2021, to Amended and Restated Transfer Agency Agreement between Registrant and JNAM, dated February 28, 2012](https://www.sec.gov/Archives/edgar/data/933691/000138713121004803/exh18xvi_taamend210426.htm) . <sup>40</sup>

(xvii) [Amendment, effective April 25, 2022, to Amended and Restated Transfer Agency Agreement between Registrant and JNAM, dated February 28, 2012](https://www.sec.gov/Archives/edgar/data/933691/000138713122005093/exh16xvii_tamend42522.htm) .<sup>42</sup>

(xviii) [Amendment, effective November 15, 2022, to Amended and Restated Transfer Agency Agreement between Registrant and JNAM, dated February 28, 2012](https://www.sec.gov/Archives/edgar/data/933691/000138713122011428/exh16xviii_taamend111522.htm) .<sup>44</sup>

(xix) [Amendment, effective April 29, 2024, to Amended and Restated Transfer Agency Agreement between Registrant and JNAM, dated February 28, 2012](https://www.sec.gov/Archives/edgar/data/933691/000199937124005239/ex28h15xixta042924.htm) .<sup>47</sup>

(xx) [Amendment, effective October 21, 2024, to Amended and Restated Transfer Agency Agreement between Registrant and JNAM, dated February 28, 2012](https://www.sec.gov/Archives/edgar/data/933691/000199937124013447/exh17xx_ta102124.htm) .<sup>49</sup>

(xxi) [Amendment, effective April 28, 2025, to Amended and Restated Transfer Agency Agreement between Registrant and JNAM, dated February 28, 2012](https://www.sec.gov/Archives/edgar/data/933691/000199937125004636/exh23xxi_ta042825.htm) .<sup>50</sup>

(xxii) Amendment, effective April 27, 2026, to Amended and Restated Transfer Agency Agreement between Registrant and JNAM, dated February 28, 2012, to be filed by amendment.

(i) Opinion and Consent of Counsel, attached hereto.

(j) Consent of Auditors, to be filed by amendment.

(k) Not Applicable.

(l) Not Applicable.

(m) (1) (i) [Amended and Restated Distribution Plan, effective July 1, 2017](https://www.sec.gov/Archives/edgar/data/933691/000093369117000461/exm1i_aandrdisplan07012017.htm) .<sup>32</sup>

(ii) [Amendment, effective September 25, 2017, to Amended and Restated Distribution Plan, effective July 1, 2017](https://www.sec.gov/Archives/edgar/data/933691/000093369117000461/exm1ii_displanamend09252017.htm) .<sup>32</sup>

(iii) [Amendment, effective August 13, 2018, to Amended and Restated Distribution Plan, effective July 1, 2017](https://www.sec.gov/Archives/edgar/data/933691/000093369118000377/exm1iii_displanamend08132018.htm) .<sup>34</sup>

(iv) [Amendment, effective June 24, 2019, to Amended and Restated Distribution Plan, effective July 1, 2017](https://www.sec.gov/Archives/edgar/data/933691/000093369119000788/exm1iv_displan20190624.htm) .<sup>37</sup>

(v) [Amendment, effective April 27, 2020, to Amended and Restated Distribution Plan, effective July 1, 2017](https://www.sec.gov/Archives/edgar/data/933691/000093369120000135/exm1v_displanamnd20200427.htm) .<sup>38</sup>

(vi) [Amendment, effective April 26, 2021, to Amended and Restated Distribution Plan, effective July 1, 2017](https://www.sec.gov/Archives/edgar/data/933691/000138713121004803/exm1vi_displanamd20210426.htm) . <sup>40</sup>

(vii) [Amendment, effective April 25, 2022, to Amended and Restated Distribution Plan, effective July 1, 2017](https://www.sec.gov/Archives/edgar/data/933691/000138713122005093/exm1vii_dpamend42522.htm) .<sup>42</sup>

(viii) [Amendment, effective November 15, 2022, to Amended and Restated Distribution Plan, effective July 1, 2017](https://www.sec.gov/Archives/edgar/data/933691/000138713122011428/exm1viii_dpamend111522.htm) .<sup>44</sup>

(ix) [Amendment, effective April 29, 2024, to Amended and Restated Distribution Plan, effective July 1, 2017](https://www.sec.gov/Archives/edgar/data/933691/000199937124005239/ex28m1ix_displan.htm) .<sup>47</sup>

(x) [Amendment, effective October 21, 2024, to Amended and Restated Distribution Plan, effective July 1, 2017](https://www.sec.gov/Archives/edgar/data/933691/000199937124013447/exm1x_displan102124.htm) .<sup>49</sup>

(xi) [Amendment, effective April 28, 2025, to Amended and Restated Distribution Plan, effective July 1, 2017](https://www.sec.gov/Archives/edgar/data/933691/000199937125004636/exm1xi_disaplan042825.htm) .<sup>50</sup>

(xii) Amendment, effective April 27, 2026, to Amended and Restated Distribution Plan, effective July 1, 2017, to be filed by amendment.

(n) (1) (i) [Multiple Class Plan, effective April 29, 2013](https://www.sec.gov/Archives/edgar/data/933691/000114036112051960/exn23_mcplan04292013.htm) .<sup>14</sup>

(ii) [Amendment, effective September 16, 2013, to Multiple Class Plan, effective April 29, 2013](https://www.sec.gov/Archives/edgar/data/933691/000093369113000283/exn1_1iimcplanamd09162013.htm) .<sup>16</sup>

(iii) [Amendment, effective April 28, 2014, to Multiple Class Plan, effective April 29, 2013](https://www.sec.gov/Archives/edgar/data/933691/000093369114000077/exn1iii_mcplan04282014.htm) .<sup>18</sup>

(iv) [Amendment, effective September 15, 2014, to Multiple Class Plan, effective April 29, 2013](https://www.sec.gov/Archives/edgar/data/933691/000093369114000439/exn1iv_multicpamend0914.htm) . <sup>20</sup>

(v) [Amendment, effective April 27, 2015, to Multiple Class Plan, effective April 29, 2013](https://www.sec.gov/Archives/edgar/data/933691/000107242815000025/exn1v_mcplan04272015.htm) .<sup>22</sup>

(vi) [Amendment, effective September 28, 2015, to Multiple Class Plan, effective April 29, 2013](https://www.sec.gov/Archives/edgar/data/933691/000093369115000350/exn1vi_multiclassplan.htm) . <sup>24</sup>

(vii) [Amendment, effective April 25, 2016, to Multiple Class Plan, effective April 29, 2013](https://www.sec.gov/Archives/edgar/data/933691/000093369116000546/exn1vii_multiclassplanam0416.htm) . <sup>26</sup>

(viii) [Amendment, effective September 19, 2016, to Multiple Class Plan, effective April 29, 2013](https://www.sec.gov/Archives/edgar/data/933691/000093369116000855/exn1viii_20160919mcplanamd.htm) . <sup>28</sup>

(ix) [Amendment, effective April 24, 2017, to Multiple Class Plan, effective April 29, 2013](https://www.sec.gov/Archives/edgar/data/933691/000093369117000081/exn1ix_mcplan04242017.htm) . <sup>30</sup>

(x) [Amendment, effective September 25, 2017, to Multiple Class Plan, effective April 29, 2013](https://www.sec.gov/Archives/edgar/data/933691/000093369117000461/exn1x_multiclassplanamd0917.htm) .<sup>32</sup>

(xi) [Amendment, effective August 13, 2018, to Multiple Class Plan, effective April 29, 2013](https://www.sec.gov/Archives/edgar/data/933691/000093369118000377/exn1xi_mcpamend08132018.htm) .<sup>34</sup>

(xii) [Amendment, effective June 24, 2019, to Multiple Class Plan, effective April 29, 2013](https://www.sec.gov/Archives/edgar/data/933691/000093369119000788/exn1xii_mcplanamend20190624.htm) .<sup>37</sup>

(xiii) [Amendment, effective April 27, 2020, to Multiple Class Plan, effective April 29, 2013](https://www.sec.gov/Archives/edgar/data/933691/000093369120000135/exn1xiii_mcplanamnd20200427.htm) .<sup>38</sup>

(xiv) [Amendment, effective April 26, 2021, to Multiple Class Plan, effective April 29, 2013](https://www.sec.gov/Archives/edgar/data/933691/000138713121004803/exn1xiv_mcplanamd20210426.htm) . <sup>40</sup>

(xv) [Amendment, effective April 25, 2022, to Multiple Class Plan, effective April 29, 2013](https://www.sec.gov/Archives/edgar/data/933691/000138713122005093/exn1xv_mcpamend42522.htm) .<sup>42</sup>

(xvi) [Amendment, effective November 15, 2022, to Multiple Class Plan, effective April 29, 2013](https://www.sec.gov/Archives/edgar/data/933691/000138713122011428/exn1xvi_mcpamend111522.htm) .<sup>44</sup>

(xvii) [Amendment, effective April 29, 2024, to Multiple Class Plan, effective April 29, 2013](https://www.sec.gov/Archives/edgar/data/933691/000199937124005239/ex28n1xvii_mcp42924.htm) .<sup>47</sup>

(xviii) [Amendment, effective October 21, 2024, to Multiple Class Plan, effective April 29, 2013](https://www.sec.gov/Archives/edgar/data/933691/000199937124013447/exn1xviii_mcp102124.htm) .<sup>49</sup>

(xix) [Amendment, effective April 28, 2025, to Multiple Class Plan, effective April 29, 2013](https://www.sec.gov/Archives/edgar/data/933691/000199937125004636/exn1xxix_mcplan042825.htm) .<sup>50</sup>

(xx) Amendment, effective April 27, 2026, to Multiple Class Plan, effective April 29, 2013, to be filed by amendment.

(o) Not Applicable

(p) (1) Jackson Financial Inc. Advisory Code of Ethics Policy for Registrant, JNAM, JNLD, and PPM, dated September 12, 2025, attached hereto.

(p) (2) [Code of Business Conduct and Ethics for AB, dated January 2024](https://www.sec.gov/Archives/edgar/data/933691/000199937124013447/exp2_abcoe0124.htm) <sup>49</sup>; and [Insider Trading and Control of Material Nonpublic Information Policy for AB, dated January 2023](https://www.sec.gov/Archives/edgar/data/933691/000093369123000397/exp2_abcoe0123.htm) .<sup>46</sup>

(p) (3) [Business Conduct Manual and Code of Ethics for AQR, dated March 2024](https://www.sec.gov/Archives/edgar/data/933691/000199937124013447/exp3_aqrcoe0324.htm) .<sup>49</sup>

(p) (4) Code of Ethics for BAMCO, dated August 14, 2025; and Policy on Insider Trading for BAMCO, effective July
 9, 2024, attached hereto.

(p) (5) [Revised Code of Business Conduct and Ethics for BIL, BIM, and BlackRock (Singapore) Limited dated December 7, 2021](https://www.sec.gov/Archives/edgar/data/933691/000199937125004636/exp6_blackrockcoe120721.htm) .<sup>50</sup>

(p) (6) [Code of Ethics for Boston Partners, dated May 2023](https://www.sec.gov/Archives/edgar/data/933691/000199937124013447/exp7_bpcoe0523.htm) .<sup>49</sup>

(p) (7) [Code of Ethics for Causeway, dated December 30, 2022](https://www.sec.gov/Archives/edgar/data/933691/000093369123000397/exp8_causewaycoe1222.htm) ; and [Insider Trading Policy for Causeway, dated June 30, 2022](https://www.sec.gov/Archives/edgar/data/933691/000093369123000397/exp8_causewaycoe1222.htm) .<sup>46</sup>

(p) (8) [Code of Ethics for Champlain, dated August 2024](https://www.sec.gov/Archives/edgar/data/933691/000199937125004636/exp9_champlaincoe0824.htm) .<sup>50</sup>

(p) (9) [Code of Ethics for ClearBridge, dated September 9, 2021](https://www.sec.gov/Archives/edgar/data/933691/000093369122000452/exp10_clearbridgecoe0921.htm) <sup>43</sup>; and [Policy Regarding Material Non-Public Information for ClearBridge, dated March 2022](https://www.sec.gov/Archives/edgar/data/933691/000093369123000397/exp10_clearbridgeitp0322.htm) .<sup>46</sup>

(p) (10) Code of Ethics for Cohen, dated May 2025, attached hereto.

(p) (11) [Code of Ethics for Congress, dated November 2024](https://www.sec.gov/Archives/edgar/data/933691/000199937125004636/exp12_congresscoe1124.htm) .<sup>50</sup>

(p) (12) [Code of Ethics for Cooke, effective July 17, 2024](https://www.sec.gov/Archives/edgar/data/933691/000199937124013447/exp13_cbcoe0724.htm) .<sup>49</sup>

(p) (13) [Global Code of Ethics and Standard of Conduct for DFA, dated January 1, 2024](https://www.sec.gov/Archives/edgar/data/933691/000199937124005239/ex28p13_dfacoe0124.htm) .<sup>47</sup>

(p) (14) [Code of Ethics for DoubleLine, dated February 15, 2022](https://www.sec.gov/Archives/edgar/data/933691/000093369122000452/exp14_dlcoe0222.htm) .<sup>43</sup>

(p) (15) Code of Ethics for Driehaus, dated September 10, 2025, attached hereto.

(p) (16) [Code of Ethics for Personal Investing for Fidelity, effective December 19, 2024](https://www.sec.gov/Archives/edgar/data/933691/000199937125004636/exp17_fiamcoe121924.htm) .<sup>50</sup>

(p) (17) Code of Ethics for First Pacific, dated January 2, 2025, attached hereto.

(p) (18) [Code of Ethics for First Sentier, dated January 2024](https://www.sec.gov/Archives/edgar/data/933691/000199937124005239/ex28p17_fscoe012024.htm) <sup>47</sup>; and [Global Personal Dealing Policy for First Sentier, effective November 2023](https://www.sec.gov/Archives/edgar/data/933691/000199937124013447/exp19_fsitp1123.htm) .<sup>49</sup>

(p) (19) Personal Investments and Insider Trading Policy, which serves as a Code of Ethics for Franklin Advisers, dated July 21, 2025, attached hereto.

(p) (20) [Policy on GSAM Code of Ethics for Goldman Sachs, effective August 29, 2019 and as revised through September 26, 2023 *(note: this replaces the previously filed Code of Business Conduct and Ethics for Goldman Sachs, effective June 20, 2023)*.](https://www.sec.gov/Archives/edgar/data/933691/000199937124013447/exp21_gscoe0819.htm) <sup>49</sup>

(p) (21) Code of Ethics for GQG, dated May 30, 2025, attached hereto.

(p) (22) [Code of Ethics for Granahan, dated April 26, 2022](https://www.sec.gov/Archives/edgar/data/933691/000093369122000452/exp21_granahancoe0422.htm) .<sup>43</sup>

(p) (23) [Code of Ethics and Personal Trading Policy for North America for Invesco, dated January 2024](https://www.sec.gov/Archives/edgar/data/933691/000093369124000320/exp26_invescocoe0124.htm) .<sup>48</sup>

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;(p) | &nbsp;&nbsp;(24) | &nbsp;&nbsp;[Code of Ethics for JPMorgan, dated April 26, 2023](https://www.sec.gov/Archives/edgar/data/933691/000199937124013447/exp26_jpmcoe0423.htm).<sup>49</sup> |
| &nbsp;&nbsp;(p) | &nbsp;&nbsp;(25) | &nbsp;&nbsp; [Code of Ethics for Virtus, dated April 1, 2023, adopted by Kayne](https://www.sec.gov/Archives/edgar/data/933691/000093369123000397/exp26_karitp0714.htm); and<br> [Insider Trading Policy and Procedures for Virtus, dated July 1, 2014, adopted by Kayne](https://www.sec.gov/Archives/edgar/data/933691/000093369123000397/exp26_karitp0714.htm).<sup>46</sup> |
| &nbsp;&nbsp;(p) | &nbsp;&nbsp;(26) | &nbsp;&nbsp;[Code of Ethics and Personal Investment Policy for Lazard, effective April 2022](https://www.sec.gov/Archives/edgar/data/933691/000093369123000397/exp27_lazardcoe0422.htm).<sup>46</sup> |
| &nbsp;&nbsp;(p) | &nbsp;&nbsp;(27) | &nbsp;&nbsp; [Code of Ethics for Loomis, dated November 30, 2023](https://www.sec.gov/Archives/edgar/data/933691/000199937124005239/ex28p28_loomiscoe.htm); and<br> [Insider Trading Policies and Procedures, dated January 2024](https://www.sec.gov/Archives/edgar/data/933691/000199937124005239/ex28p28_loomisitpp.htm).<sup>47</sup> |
| &nbsp;&nbsp;(p) | &nbsp;&nbsp;(28) | &nbsp;&nbsp;Code of Ethics and Personal Trading Policy for Lord Abbett, dated August 2025, attached hereto. |
| &nbsp;&nbsp;(p) | &nbsp;&nbsp;(29) | &nbsp;&nbsp;Code of Ethics for MFS, dated April 2, 2025, attached hereto. |
| &nbsp;&nbsp;(p) | &nbsp;&nbsp;(30) | &nbsp;&nbsp; [Personal Trading Policy and Code of Conduct for Mellon, dated October 6, 2022](https://www.sec.gov/Archives/edgar/data/933691/000093369123000397/exp31_melloncoe1022.htm)<sup>46</sup>; and<br> [Personal Securities Trading Policy for Mellon, dated January 29, 2024](https://www.sec.gov/Archives/edgar/data/933691/000199937124013447/exp32_meitp0124.htm).<sup>49</sup> |
| &nbsp;&nbsp;(p) | &nbsp;&nbsp;(31) | &nbsp;&nbsp;[Code of Ethics for NBIA, dated January 16, 2024](https://www.sec.gov/Archives/edgar/data/933691/000199937124013447/exp33_nbcoe0124.htm).<sup>49</sup> |
| &nbsp;&nbsp;(p) | &nbsp;&nbsp;(32) | &nbsp;&nbsp; [Code of Ethics Policy for Newton, dated October 31, 2023](https://www.sec.gov/Archives/edgar/data/933691/000199937124013447/exp34_newcoe1023.htm)<sup>49</sup>; and<br> [Insider Trading & Securities Firewall Policy, dated October 31, 2023](https://www.sec.gov/Archives/edgar/data/933691/000199937124013447/exp34_newitp1023.htm).<sup>49</sup> |
| &nbsp;&nbsp;(p) | &nbsp;&nbsp;(33) | &nbsp;&nbsp;Code of Ethics for PIMCO, dated July 2025, attached hereto. |
| &nbsp;&nbsp;(p) | &nbsp;&nbsp;(34) | &nbsp;&nbsp;[Code of Ethics and Personal Trading Policy for Reinhart, dated November 28, 2023](https://www.sec.gov/Archives/edgar/data/933691/000199937124013447/exp37_recoe1123.htm).<sup>49</sup> |
| &nbsp;&nbsp;(p) | &nbsp;&nbsp;(35) | &nbsp;&nbsp; Code of Ethics for River Road, dated February 4, 2025; and<br> Insider Trading [Policy] for River Road, dated July 31, 2024, attached hereto. |
| &nbsp;&nbsp;(p) | &nbsp;&nbsp;(36) | &nbsp;&nbsp;[Code of Ethics for Segall, dated January 2, 2025](https://www.sec.gov/Archives/edgar/data/933691/000199937125004636/exp38_sbhcoe010225.htm).<sup>50</sup> |
| &nbsp;&nbsp;(p) | &nbsp;&nbsp;(37) | &nbsp;&nbsp;[Code of Ethics and Personal Transactions Policy for T. Rowe Price, TRP Australia, TRP Hong Kong, TRP International, and TRP IM Inc., dated February 1, 2023](https://www.sec.gov/Archives/edgar/data/933691/000093369123000397/exp39_trpcoe0223.htm).<sup>46</sup> |
| &nbsp;&nbsp;(p) | &nbsp;&nbsp;(38) | &nbsp;&nbsp; Code of Ethics for Victory, dated April 1, 2025, attached hereto; and<br> [Insider Trading Policy for Victory, effective July 2023](https://www.sec.gov/Archives/edgar/data/933691/000199937124013447/exp38_rritp0523.htm).<sup>49</sup> |
| &nbsp;&nbsp;(p) | &nbsp;&nbsp;(39) | &nbsp;&nbsp;[Code of Ethics for WCM, dated October 1, 2023](https://www.sec.gov/Archives/edgar/data/933691/000199937124013447/exp42_wcmcoe1023.htm).<sup>49</sup> |
| &nbsp;&nbsp;(p) | &nbsp;&nbsp;(40) | &nbsp;&nbsp;[Code of Ethics for Wellington, dated December 1, 2023](https://www.sec.gov/Archives/edgar/data/933691/000199937124013447/exp43_welcoe1223.htm).<sup>49</sup> |
| &nbsp;&nbsp;(p) | &nbsp;&nbsp;(41) | &nbsp;&nbsp; [Code of Ethics for Virtus, dated April 1, 2023, adopted by Westchester](https://www.sec.gov/Archives/edgar/data/933691/000093369123000397/exp43_westchesteritp0714.htm); and<br> [Insider Trading Policy and Procedures for Virtus, dated July 1, 2014, adopted by Westchester](https://www.sec.gov/Archives/edgar/data/933691/000093369123000397/exp43_westchesteritp0714.htm).<sup>46</sup> |
| &nbsp;&nbsp;(p) | &nbsp;&nbsp;(42) | &nbsp;&nbsp;[Code of Ethics for WB, dated July 31, 2018](https://www.sec.gov/Archives/edgar/data/933691/000093369121000648/exp45_williamblaircoe0718.htm).<sup>41</sup> |
| &nbsp;&nbsp;(p) | &nbsp;&nbsp;(43) | &nbsp;&nbsp;Code of Ethics for Capital Research and Management Company, the investment adviser to American Funds Insurance Series, dated May 2025, attached hereto. *(Certain feeder funds of the Registrant utilize American Funds Insurance Series master funds.)* |

---

 <sup>1</sup> Incorporated by reference to Registrant's Post-Effective Amendment No. 5 to its registration statement on Form N-1A (033-87244; 811-8894) ("Registration Statement") filed with the Securities and Exchange Commission ("SEC") on June 26, 1996.

<sup>2</sup> Incorporated by reference to Registrant's Post-Effective Amendment No. 44 to its Registration Statement on Form N-1A filed with the SEC on September 18, 2006.

<sup>3</sup> Incorporated by reference to Registrant's Post-Effective Amendment No. 73 to its Registration Statement on Form N-1A filed with the SEC on September 23, 2009.

<sup>4</sup> Incorporated by reference to Registrant's Post-Effective Amendment No. 74 to its Registration Statement on Form N-1A filed with the SEC on December 18, 2009.

<sup>5</sup> Incorporated by reference to Registrant's Post-Effective Amendment No. 78 to its Registration Statement on Form N-1A filed with the SEC on April 30, 2010.

<sup>6</sup> Incorporated by reference to Registrant's Post-Effective Amendment No. 83 to its Registration Statement on Form N-1A filed with the SEC on October 8, 2010.

<sup>7</sup> Incorporated by reference to Registrant's Post-Effective Amendment No. 86 to its Registration Statement on Form N-1A filed with the SEC on January 3, 2011.

<sup>8</sup> Incorporated by reference to Registrant's Post-Effective Amendment No. 89 to its Registration Statement on Form N-1A filed with the SEC on April 29, 2011.

<sup>9</sup> Incorporated by reference to Registrant's Post-Effective Amendment No. 95 to its Registration Statement on Form N-1A filed with the SEC on August 26, 2011.

<sup>10</sup> Incorporated by reference to Registrant's Post-Effective Amendment No. 99 to its Registration Statement on Form N-1A filed with the SEC on December 9, 2011.

<sup>11</sup> Incorporated by reference to Registrant's Post-Effective Amendment No. 101 to its Registration Statement on Form N-1A filed with the SEC on December 22, 2011.

<sup>12</sup> Incorporated by reference to Registrant's Post-Effective Amendment No. 104 to its Registration Statement on Form N-1A filed with the SEC on April 26, 2012.

<sup>13</sup> Incorporated by reference to Registrant's Post-Effective Amendment No. 106 to its Registration Statement on Form N-1A filed with the SEC on August 24, 2012.

<sup>14</sup> Incorporated by reference to Registrant's Post-Effective Amendment No. 108 to its Registration Statement on Form N-1A filed with the SEC on December 19, 2012.

<sup>15</sup> Incorporated by reference to Registrant's Post-Effective Amendment No. 111 to its Registration Statement on Form N-1A filed with the SEC on April 26, 2013.

<sup>16</sup> Incorporated by reference to Registrant's Post-Effective Amendment No. 116 to its Registration Statement on Form N-1A filed with the SEC on September 13, 2013.

<sup>17</sup> Incorporated by reference to Registrant's Post-Effective Amendment No. 118 to its Registration Statement on Form N-1A filed with the SEC on December 20, 2013.

<sup>18</sup> Incorporated by reference to Registrant's Post-Effective Amendment No. 121 to its Registration Statement on Form N-1A filed with the SEC on April 25, 2014.

<sup>19</sup> Incorporated by reference to Registrant's Post-Effective Amendment No. 123 to its Registration Statement on Form N-1A filed with the SEC on June 5, 2014.

<sup>20</sup> Incorporated by reference to Registrant's Post-Effective Amendment No. 125 to its Registration Statement on Form N-1A filed with the SEC on September 12, 2014.

<sup>21</sup> Incorporated by reference to Registrant's Post-Effective Amendment No. 127 to its Registration Statement on Form N-1A filed with the SEC on January 16, 2015.

<sup>22</sup> Incorporated by reference to Registrant's Post-Effective Amendment No. 129 to its Registration Statement on Form N-1A filed with the SEC on April 24, 2015.

<sup>23</sup> Incorporated by reference to Registrant's Post-Effective Amendment No. 131 to its Registration Statement on Form N-1A filed with the SEC on June 10, 2015.

<sup>24</sup> Incorporated by reference to Registrant's Post-Effective Amendment No. 134 to its Registration Statement on Form N-1A filed with the SEC on September 25, 2015.

<sup>25</sup> Incorporated by reference to Registrant's Post-Effective Amendment No. 136 to its Registration Statement on Form N-1A filed with the SEC on December 14, 2015.

<sup>26</sup> Incorporated by reference to Registrant's Post-Effective Amendment No. 139 to its Registration Statement on Form N-1A filed with the SEC on April 22, 2016.

<sup>27</sup> Incorporated by reference to Registrant's Post-Effective Amendment No. 141 to its Registration Statement on Form N-1A filed with the SEC on June 8, 2016.

<sup>28</sup> Incorporated by reference to Registrant's Post-Effective Amendment No. 144 to its Registration Statement on Form N-1A filed with the SEC on September 16, 2016.

<sup>29</sup> Incorporated by reference to Registrant's Post-Effective Amendment No. 146 to its Registration Statement on Form N-1A filed with the SEC on December 16, 2016.

<sup>30</sup> Incorporated by reference to Registrant's Post-Effective Amendment No. 149 to its Registration Statement on Form N-1A filed with the SEC on April 21, 2017.

<sup>31</sup> Incorporated by reference to Registrant's Post-Effective Amendment No. 152 to its Registration Statement on Form N-1A filed with the SEC on June 6, 2017.

<sup>32</sup> Incorporated by reference to Registrant's Post-Effective Amendment No. 155 to its Registration Statement on Form N-1A filed with the SEC on September 22, 2017.

<sup>33</sup> Incorporated by reference to Registrant's Post-Effective Amendment No. 157 to its Registration Statement on Form N-1A filed with the SEC on April 27, 2018.

<sup>34</sup> Incorporated by reference to Registrant's Post-Effective Amendment No. 161 to its Registration Statement on Form N-1A filed with the SEC on August 10, 2018.

<sup>35</sup> Incorporated by reference to Registrant's Post-Effective Amendment No. 163 to its Registration Statement on Form N-1A filed with the SEC on December 17, 2018.

<sup>36</sup> Incorporated by reference to Registrant's Post-Effective Amendment No. 166 to its Registration Statement on Form N-1A filed with the SEC on April 26, 2019.

<sup>37</sup> Incorporated by reference to Registrant's Post-Effective Amendment No. 168 to its Registration Statement on Form N-1A filed with the SEC on December 16, 2019.

<sup>38</sup> Incorporated by reference to Registrant's Post-Effective Amendment No. 171 to its Registration Statement on Form N-1A filed with the SEC on April 23, 2020.

<sup>39</sup> Incorporated by reference to Registrant's Post-Effective Amendment No. 174 to its Registration Statement on Form N-1A filed with the SEC on December 11, 2020.

<sup>40</sup> Incorporated by reference to Registrant's Post-Effective Amendment No. 177 to its Registration Statement on Form N-1A filed with the SEC on April 22, 2021.

<sup>41</sup> Incorporated by reference to Registrant's Post-Effective Amendment No. 179 to its Registration Statement on Form N-1A filed with the SEC on December 13, 2021.

<sup>42</sup> Incorporated by reference to Registrant's Post-Effective Amendment No. 182 to its Registration Statement on Form N-1A filed with the SEC on April 21, 2022.

<sup>43</sup> Incorporated by reference to Registrant's Post-Effective Amendment No. 183 to its Registration Statement on Form N-1A filed with the SEC on September 1, 2022.

<sup>44</sup> Incorporated by reference to Registrant's Post-Effective Amendment No. 184 to its Registration Statement on Form N-1A filed with the SEC on November 15, 2022.

<sup>45</sup> Incorporated by reference to Registrant's Post-Effective Amendment No. 186 to its Registration Statement on Form N-1A filed with the SEC on April 27, 2023.

<sup>46</sup> Incorporated by reference to Registrant's Post-Effective Amendment No. 187 to its Registration Statement on Form N-1A filed with the SEC on December 6, 2023.

<sup>47</sup> Incorporated by reference to Registrant's Post-Effective Amendment No. 191 to its Registration Statement on Form N-1A filed with the SEC on April 26, 2024.

<sup>48</sup> Incorporated by reference to Registrant's Post-Effective Amendment No. 192 to its Registration Statement on Form N-1A filed with the SEC on May 31, 2024.

<sup>49</sup> Incorporated by reference to Registrant's Post-Effective Amendment No. 196 to its Registration Statement on Form N-1A filed with the SEC on October 17, 2024.

<sup>50</sup> Incorporated by reference to Registrant's Post-Effective Amendment No. 197 to its Registration Statement on Form N-1A filed with the SEC on April 24, 2025.

---

| |
|:---|
| &nbsp;&nbsp;**Item 29. Persons controlled by or under Common Control with Registrant.** |
| &nbsp;&nbsp;Shares of the Registrant are sold directly through the separate accounts (listed below) of Jackson National Life Insurance Company and Jackson National Life Insurance Company of New York, each a stock life insurance company organized under the laws of the state of Michigan and under the laws of the state of New York, respectively, and each is a wholly owned subsidiary of Jackson Financial Inc., a publicly traded life insurance company in the United States. |
| &nbsp;&nbsp; <u>Separate Accounts</u>:<br> Jackson National Separate Account I<br> Jackson National Separate Account III<br> Jackson National Separate Account IV<br> Jackson National Separate Account V<br> JNLNY Separate Account I<br> JNLNY Separate Account II<br> JNLNY Separate Account IV |
| &nbsp;&nbsp;Certain "fund of funds" of the Registrant may also invest in other of the Registrant's series (funds). |
| &nbsp;&nbsp;The organizational chart for Jackson Financial Inc. indicates those persons who are controlled by or under common control with Jackson National Life Insurance Company and Jackson National Life Insurance Company of New York. No person is controlled by the Registrant. |
| &nbsp;&nbsp;The organizational chart for Jackson Financial Inc. is attached hereto. |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Item 30. Indemnification.** | &nbsp;&nbsp;**Item 30. Indemnification.** |
| &nbsp;&nbsp;<u>Amended and Restated Declaration of Trust</u>: Article IV of the Registrant's Amended and Restated Declaration of Trust, as amended, provides that each of its Trustees and Officers (including persons who serve at the Registrant's request as directors, officers or trustees of another organization in which the Registrant has any interest as a shareholder, creditor or otherwise) (each, a "Covered Person") shall be indemnified by the Registrant against all liabilities and expenses that may be incurred by reason of being or having been such a Covered Person, except that no Covered Person shall be indemnified against any liability to the Registrant or its shareholders to which such Covered Person would otherwise be subject by reason of willful misfeasance, bad faith, gross negligence or reckless disregard of the duties involved in the conduct of such Covered Person's office. | &nbsp;&nbsp;<u>Amended and Restated Declaration of Trust</u>: Article IV of the Registrant's Amended and Restated Declaration of Trust, as amended, provides that each of its Trustees and Officers (including persons who serve at the Registrant's request as directors, officers or trustees of another organization in which the Registrant has any interest as a shareholder, creditor or otherwise) (each, a "Covered Person") shall be indemnified by the Registrant against all liabilities and expenses that may be incurred by reason of being or having been such a Covered Person, except that no Covered Person shall be indemnified against any liability to the Registrant or its shareholders to which such Covered Person would otherwise be subject by reason of willful misfeasance, bad faith, gross negligence or reckless disregard of the duties involved in the conduct of such Covered Person's office. |
| &nbsp;&nbsp;Article IV, Section 4.3 of the Registrant's Amended and Restated Declaration of Trust, as amended, provides the following: | &nbsp;&nbsp;Article IV, Section 4.3 of the Registrant's Amended and Restated Declaration of Trust, as amended, provides the following: |
| &nbsp;&nbsp;(a) | &nbsp;&nbsp;Subject to the exceptions and limitations contained in paragraph (b) below: |
| &nbsp;&nbsp; &nbsp;&nbsp;(i) | &nbsp;&nbsp;every person who is, or has been, a Trustee, officer, employee or agent of the Trust (including any individual who serves at its request as director, officer, partner, trustee or the like of another organization in which it has any interest as a shareholder, creditor or otherwise) shall be indemnified by the Trust, or by one or more Series thereof if the claim arises from his or her conduct with respect to only such Series (unless the Series was terminated prior to any such liability or claim being known to the Trustees, in which case such obligations, to the extent not satisfied out of the assets of a Series, the obligation shall be an obligation of the Trust), to the fullest extent permitted by law against all liability and against all expenses reasonably incurred or paid by him in connection with any claim, action, suit or proceeding in which he becomes involved as a party or otherwise by virtue of his being or having been a Trustee or officer and against amounts paid or incurred by him in the settlement thereof; |

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(ii) the words "claim," "action," "suit," or "proceeding" shall apply to all claims, actions, suits or proceedings (civil, criminal, or other, including appeals), actual or threatened; and the words "liability" and "expenses" shall include, without limitation, attorneys' fees, costs, judgments, amounts paid in settlement, fines, penalties and other liabilities.

(b) No indemnification shall be provided hereunder to a Trustee or officer:

 (i) against any liability to the Trust, a Series thereof or the Shareholders by reason of willful misfeasance, bad faith, gross negligence or reckless disregard of the duties involved in the conduct of his office;

 (ii) with respect to any matter as to which he shall have been finally adjudicated not to have acted in good faith in the reasonable belief that his action was in the best interest of the Trust or a Series thereof;

 (iii) in the event of a settlement or other disposition not involving a final adjudication as provided in paragraph (b)(ii) resulting in a payment by a Trustee or officer, unless there has been a determination that such Trustee or officer did not engage in willful misfeasance, bad faith, gross negligence or reckless disregard of the duties involved in the conduct of his office:

 (A) by the court or other body approving the settlement or other disposition;

 (B) based upon a review of readily available facts (as opposed to a full trial-type inquiry) by (i) vote of a majority of the Non-interested Trustees acting on the matter (provided that a majority of the Non-interested Trustees then in office act on the matter) or (ii) written opinion of independent legal counsel; or

 (C) by a vote of a majority of the Shares outstanding and entitled to vote (excluding Shares owned of record or beneficially by such individual).

(c) The rights of indemnification herein provided may be insured against by policies maintained by the Trust, shall be severable, shall not affect any other rights to which any Trustee or officer may now or hereafter be entitled, shall continue as to a person who has ceased to be such Trustee or officer and shall inure to the benefit of the heirs, executors, administrators and assigns of such a person. Nothing contained herein shall affect any rights to indemnification to which personnel of the Trust or any Series thereof other than Trustees and officers may be entitled by contract or otherwise under law.

(d) Expenses of preparation and presentation of a defense to any claim, action, suit or proceeding of the character described in paragraph (a) of this Section 4.3 may be advanced by the Trust or a Series thereof prior to final disposition thereof upon receipt of an undertaking by or on behalf of the recipient to repay such amount if it is ultimately determined that he is not entitled to indemnification under this Section 4.3, provided that either:

 (i) such undertaking is secured by a surety bond or some other appropriate security provided by the recipient, or the Trust or Series thereof shall be insured against losses arising out of any such advances; or

 (ii) a majority of the Non-interested Trustees acting on the matter (provided that a majority of the Non-interested Trustees act on the matter) or an independent legal counsel in a written opinion shall determine, based upon a review of readily available facts (as opposed to a full trial-type inquiry), that there is reason to believe that the recipient ultimately will be found entitled to indemnification.

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| |
|:---|
| &nbsp;&nbsp; As used in Section 4.3 of the Registrant's Amended and Restated Declaration of Trust, a "Non-interested Trustee" is one who (i) is not an Interested Person of the Trust (including anyone who has been exempted from being an Interested Person by any rule, regulation or order of the Commission), and (ii) is not involved in the claim, action, suit or proceeding.<br>|
| &nbsp;&nbsp;<u>Indemnification Arrangements</u>: The foregoing indemnification arrangements are subject to the provisions of Section 17(h) of the Investment Company Act of 1940. |
| &nbsp;&nbsp;Insofar as indemnification by the Registrant for liabilities arising under the Securities Act of 1933 may be permitted to directors, officers and controlling persons of the Registrant pursuant to the foregoing provisions, or otherwise, the Registrant has been advised that in the opinion of the Securities and Exchange Commission such indemnification is against public policy as expressed in the Act and is, therefore, unenforceable. In the event that a claim for indemnification against such liabilities (other than the payment by the Registrant of expenses incurred or paid by a director, officer or controlling person of the Registrant in the successful defense of any action, suit or proceeding) is asserted against the Registrant by such director, officer or controlling person in connection with the securities being registered, the Registrant will, unless in the opinion of its counsel the matter has been settled by controlling precedent, submit to a court of appropriate jurisdiction the question whether such indemnification by it is against public policy as expressed in the Act and will be governed by the final adjudication of such issue. |
| &nbsp;&nbsp;In addition to the above indemnification, Jackson National Life Insurance Company extends its indemnification of its own officers, directors and employees to cover such persons' activities as officers, trustees or employees of the Registrant. |

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|:---|
| &nbsp;&nbsp;**Item 31. Business and Other Connections of Investment Adviser.** |
| &nbsp;&nbsp;Incorporated herein by reference from the Prospectus and Statement of Additional Information relating to the Trust are the following: the description of the business of JNAM contained in the section entitled "Management of the Trust" of the Prospectus, and the biographical information pertaining to Messrs. Anyah, Bouchard, Gillespie, Rybak, Wehrle, Wood, Childs, Gorman, Harding, Lueck, O'Boyle, Nerud, and Tedeschi; and Mses. Carnahan, Woodworth, Bennett, Crosser, Leeman, Nelson, and Rhee contained in the section entitled "Trustees and Officers of the Trust" and the description of JNAM contained in the section entitled "Investment Adviser and Other Services" of the Statement of Additional Information. |

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| | | |
|:---|:---|:---|
| &nbsp;&nbsp;<br> **<u>Directors and Officers of JNAM:</u>** | &nbsp;&nbsp;<br> **<u>Directors and Officers of JNAM:</u>** | &nbsp;&nbsp;<br> **<u>Directors and Officers of JNAM:</u>** |
| &nbsp;&nbsp;<u>NAME</u> | &nbsp;&nbsp;<u>ADDRESS</u> | &nbsp;&nbsp;<u>PRINCIPAL OCCUPATION</u> |
| &nbsp;&nbsp;Lisa Benkowski | &nbsp;&nbsp; 1 Corporate Way<br> Lansing, Michigan 48951 | &nbsp;&nbsp; Assistant Vice President, Business Systems (08/20/2016 to 02/26/2022).<br> Vice President, Technology Solutions Integration (02/26/2022 to 07/31/2023). |
| &nbsp;&nbsp;Emily Bennett | &nbsp;&nbsp; 1 Corporate Way<br> Lansing, Michigan 48951 | &nbsp;&nbsp; Assistant Vice President, Legal (02/17/2018 to 08/27/2022).<br> Deputy General Counsel (08/30/2021 to present); and<br> Vice President, Legal (08/27/2022 to present). |
| &nbsp;&nbsp;Steven Birch | &nbsp;&nbsp; 1 Corporate Way<br> Lansing, Michigan 48951 | &nbsp;&nbsp; Director, Risk (08/31/2019 to 08/23/2024).<br> Assistant Vice President, Risk (08/24/2024 to present). |
| &nbsp;&nbsp;Eric Bjornson | &nbsp;&nbsp; 1 Corporate Way<br> Lansing, Michigan 48951 | &nbsp;&nbsp; Vice President, Operations (06/28/2014 to 02/26/2022).<br> Senior Vice President, Operations (02/26/2022 to present).<br> Chief Operating Officer (08/19/2025 to present). |

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| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Garett J. Childs | &nbsp;&nbsp; 1 Corporate Way<br> Lansing, Michigan 48951 | &nbsp;&nbsp; Vice President, Finance and Risk (02/16/2019 to present); and<br> Chief Financial Officer (08/28/2021 to present).<br> Senior Vice President (08/19/2025 to present). |
| &nbsp;&nbsp;Robert Dombrower | &nbsp;&nbsp; 1 Corporate Way<br> Lansing, Michigan 48951 | &nbsp;&nbsp;Vice President (07/01/2017 to present). |
| &nbsp;&nbsp;Kevin Frank | &nbsp;&nbsp; 1 Corporate Way<br> Lansing, Michigan 48951 | &nbsp;&nbsp; Assistant Vice President, Fund Operations and Accounting Policy (09/11/2018 to 02/26/2022).<br> Vice President, Fund Operations and Accounting Policy (02/26/2022 to present). |
| &nbsp;&nbsp;Devkumar Ganguly | &nbsp;&nbsp; 1 Corporate Way<br> Lansing, Michigan 48951 | &nbsp;&nbsp; Managing Board Member (01/01/2023 to present).<br>|
| &nbsp;&nbsp;Mark Godfrey | &nbsp;&nbsp; 1 Corporate Way<br> Lansing, Michigan 48951 | &nbsp;&nbsp;Vice President (07/01/2017 to present). |
| &nbsp;&nbsp;Scott Golde | &nbsp;&nbsp; 1 Corporate Way<br> Lansing, Michigan 48951 | &nbsp;&nbsp; Managing Board Member (01/01/2023 to present).<br>|
| &nbsp;&nbsp;Stephanie Goodrich | &nbsp;&nbsp; 1 Corporate Way<br> Lansing, Michigan 48951 | &nbsp;&nbsp;Assistant Vice President, Sub-Adviser Oversight (08/31/2019 to present). |
| &nbsp;&nbsp;Richard Gorman | &nbsp;&nbsp; 1 Corporate Way<br> Lansing, Michigan 48951 | &nbsp;&nbsp;Senior Vice President, Chief Compliance Officer (08/20/2018 to present). |
| &nbsp;&nbsp;William Harding | &nbsp;&nbsp; 1 Corporate Way<br> Lansing, Michigan 48951 | &nbsp;&nbsp;Senior Vice President, Chief Investment Officer (06/28/2014 to present). |
| &nbsp;&nbsp;Kelli Hill | &nbsp;&nbsp; 1 Corporate Way<br> Lansing, Michigan 48951 | &nbsp;&nbsp;Vice President (07/01/2017 to present). |
| &nbsp;&nbsp;Sean Hynes | &nbsp;&nbsp; 1 Corporate Way<br> Lansing, Michigan 48951 | &nbsp;&nbsp; Assistant Vice President, Investment Management (08/20/2016 to 02/24/2024).<br> Vice President, Investment Management (02/24/2024 to present). |
| &nbsp;&nbsp;Daniel W. Koors | &nbsp;&nbsp; 1 Corporate Way<br> Lansing, Michigan 48951 | &nbsp;&nbsp; Senior Vice President (01/2009 to present); and<br> Chief Operating Officer (04/11/2011 to 08/19/2025). |
| &nbsp;&nbsp;Jim McCartin | &nbsp;&nbsp; 1 Corporate Way<br> Lansing, Michigan 48951 | &nbsp;&nbsp;Vice President (09/01/2018 to present). |
| &nbsp;&nbsp;Christopher Miller | &nbsp;&nbsp; 1 Corporate Way<br> Lansing, Michigan 48951 | &nbsp;&nbsp;Assistant Vice President, Valuation (08/26/2023 to present). |
| &nbsp;&nbsp;Mia K. Nelson | &nbsp;&nbsp; 1 Corporate Way<br> Lansing, Michigan 48951 | &nbsp;&nbsp; Assistant Vice President, Tax (02/18/2017 to 08/27/2022).<br> Vice President, Tax (08/27/2022 to present). |
| &nbsp;&nbsp;Mark D. Nerud | &nbsp;&nbsp; 1 Corporate Way<br> Lansing, Michigan 48951 | &nbsp;&nbsp; Managing Board Member (05/20/2015 to present);<br> Chairman (09/19/2022 to present);<br> President (01/01/2007 to present); and<br> Chief Executive Officer (01/01/2010 to present). |
| &nbsp;&nbsp;Joseph B. O'Boyle | &nbsp;&nbsp; 1 Corporate Way<br> Lansing, Michigan 48951 | &nbsp;&nbsp;Vice President, Compliance (09/10/2015 to present). |

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| | | |
|:---|:---|:---|
| &nbsp;&nbsp; Joseph Patracuollo<br>| &nbsp;&nbsp; 300 Innovation Drive<br> Franklin, Tennessee 37067 | &nbsp;&nbsp; Jackson National Life Distributors – Vice President (08/01/2018 to 09/10/2022)<br> Head of Portfolio Specialist Group (09/10/2022 to present). |
| &nbsp;&nbsp;Mark Pliska | &nbsp;&nbsp; 1 Corporate Way<br> Lansing, Michigan 48951 | &nbsp;&nbsp; Assistant Vice President, Investment Management (03/01/2021 to 02/24/2024).<br> Vice President, Investment Management (02/24/2024 to present). |
| &nbsp;&nbsp;Alison Reed | &nbsp;&nbsp; 300 Innovation Drive<br> Franklin, Tennessee 37067 | &nbsp;&nbsp; Managing Board Member (06/30/2016 to present).<br>|
| &nbsp;&nbsp;Susan S. Rhee | &nbsp;&nbsp; 1 Corporate Way<br> Lansing, Michigan 48951 | &nbsp;&nbsp; Secretary (11/2000 to present);<br> Senior Vice President (01/01/2010 to present); and<br> General Counsel (01/01/2010 to present). |
| &nbsp;&nbsp;Kristan L. Richardson | &nbsp;&nbsp; 1 Corporate Way<br> Lansing, Michigan 48951 | &nbsp;&nbsp;Assistant Secretary (06/12/2014 to present). |
| &nbsp;&nbsp;Andrew Tedeschi | &nbsp;&nbsp; 1 Corporate Way<br> Lansing, Michigan 48951 | &nbsp;&nbsp;Vice President, Financial Reporting (01/28/2019 to present). |
| &nbsp;&nbsp;Tiffany Williams | &nbsp;&nbsp; 1 Corporate Way<br> Lansing, Michigan 48951 | &nbsp;&nbsp;Assistant Secretary (11/15/2021 to 05/26/2023). |
| &nbsp;&nbsp;Bryan Yates | &nbsp;&nbsp; 1 Corporate Way<br> Lansing, Michigan 48951 | &nbsp;&nbsp; Assistant Vice President, Investment Operations (08/20/2016 to 02/26/2022).<br> Vice President, Investment Operations (02/26/2022 to present). |

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&nbsp;&nbsp;AllianceBernstein L.P.; AQR Capital Management, LLC; BAMCO, Inc.; BlackRock International Limited.; BlackRock Investment Management, LLC; BlackRock (Singapore) Limited; Boston Partners Global Investors, Inc.; Causeway Capital Management LLC; Champlain Investment Partners, LLC; ClearBridge Investments, LLC; Cohen & Steers Capital Management Inc.; Congress Asset Management Company, LLP; Cooke & Bieler, L.P.; Dimensional Fund Advisors LP; DoubleLine Capital LP; Driehaus Capital Management LLC; FIAM LLC; First Pacific Advisors, LP; First Sentier Investors (Australia) IM LTD; Franklin Advisers, Inc.; Goldman Sachs Asset Management, L.P.; GQG Partners LLC; Granahan Investment Management, LLC; Invesco Advisers, Inc.; J.P. Morgan Investment Management Inc.; Kayne Anderson Rudnick Investment Management, LLC; Lazard Asset Management LLC; Loomis, Sayles & Company, L.P.; Lord, Abbett & Co. LLC; Massachusetts Financial Services Company d/b/a MFS Investment Management; Mellon Investments Corporation; Neuberger Berman Investment Advisers LLC; Newton Investment Management North America, LLC; Pacific Investment Management Company LLC; PPM America, Inc.; Reinhart Partners, LLC; River Road Asset Management, LLC; Segall Bryant & Hamill, LLC; T. Rowe Price Associates, Inc.; T. Rowe Price Australia Limited; T. Rowe Price Hong Kong Limited; T. Rowe Price International Ltd; T. Rowe Price Investment Management, Inc.; Victory Capital Management Inc.; WCM Investment Management, LLC; Wellington Management Company LLP; Westchester Capital Management, LLC; and William Blair Investment Management, LLC, the sub-advisers, co-sub-advisers, and sub-sub-advisers of certain funds of the Trust, are primarily engaged in the business of rendering investment advisory services. Reference is made to the most recent Form ADV and schedules thereto on file with the Commission for a description of the names and employment of the directors and officers of the sub-advisers and sub-sub-advisers and other required information:

<u>SUB-ADVISERS, CO-SUB-ADVISERS,</u> <u>AND SUB-SUB-ADVISERS:</u> <u>FILE NO.:</u> <br>

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| | |
|:---|:---|
| &nbsp;&nbsp;Alliance Bernstein L.P. | &nbsp;&nbsp;801-56720 |
| &nbsp;&nbsp;AQR Capital Management, LLC | &nbsp;&nbsp;801-55543 |
| &nbsp;&nbsp;BAMCO, Inc. | &nbsp;&nbsp;801-29080 |
| &nbsp;&nbsp;BlackRock International Limited | &nbsp;&nbsp;801-51087 |
| &nbsp;&nbsp;BlackRock Investment Management, LLC | &nbsp;&nbsp;801-56972 |
| &nbsp;&nbsp;BlackRock (Singapore) Limited | &nbsp;&nbsp;801-76926 |
| &nbsp;&nbsp;Boston Partners Global Investors, Inc. | &nbsp;&nbsp;801-61786 |
| &nbsp;&nbsp;Causeway Capital Management LLC | &nbsp;&nbsp;801-60343 |
| &nbsp;&nbsp;Champlain Investment Partners, LLC | &nbsp;&nbsp;801-63424 |
| &nbsp;&nbsp;ClearBridge Investments, LLC | &nbsp;&nbsp;801-64710 |
| &nbsp;&nbsp;Cohen & Steers Capital Management Inc. | &nbsp;&nbsp;801-27721 |
| &nbsp;&nbsp;Congress Asset Management Company, LLP | &nbsp;&nbsp;801-23386 |
| &nbsp;&nbsp;Cooke & Bieler, L.P. | &nbsp;&nbsp;801-60411 |
| &nbsp;&nbsp;Dimensional Fund Advisors LP | &nbsp;&nbsp;801-16283 |
| &nbsp;&nbsp;DoubleLine Capital LP | &nbsp;&nbsp;801-70942 |
| &nbsp;&nbsp;Driehaus Capital Management LLC | &nbsp;&nbsp;801-18439 |
| &nbsp;&nbsp;FIAM LLC | &nbsp;&nbsp;801-63658 |
| &nbsp;&nbsp;First Pacific Advisors, LP | &nbsp;&nbsp;801-67160 |
| &nbsp;&nbsp;First Sentier Investors (Australia) IM LTD | &nbsp;&nbsp;801-73006 |
| &nbsp;&nbsp;Franklin Advisers, Inc. | &nbsp;&nbsp;801-26292 |
| &nbsp;&nbsp;Goldman Sachs Asset Management, L.P. | &nbsp;&nbsp;801-37591 |
| &nbsp;&nbsp;GQG Partners LLC | &nbsp;&nbsp;801-107734 |
| &nbsp;&nbsp;Granahan Investment Management, LLC | &nbsp;&nbsp;801-23705 |
| &nbsp;&nbsp;Invesco Advisers, Inc. | &nbsp;&nbsp;801-33949 |
| &nbsp;&nbsp;J.P. Morgan Investment Management Inc. | &nbsp;&nbsp;801-21011 |
| &nbsp;&nbsp;Kayne Anderson Rudnick Investment Management, LLC | &nbsp;&nbsp;801-24241 |
| &nbsp;&nbsp;Lazard Asset Management LLC | &nbsp;&nbsp;801-61701 |
| &nbsp;&nbsp;Loomis, Sayles & Company, L.P. | &nbsp;&nbsp;801-170 |
| &nbsp;&nbsp;Lord, Abbett & Co. LLC | &nbsp;&nbsp;801-6997 |
| &nbsp;&nbsp;Massachusetts Financial Services Company d/b/a MFS Investment Management | &nbsp;&nbsp;801-17352 |
| &nbsp;&nbsp;Mellon Investments Corporation | &nbsp;&nbsp;801-19785 |
| &nbsp;&nbsp;Neuberger Berman Investment Advisers LLC | &nbsp;&nbsp;801-61757 |
| &nbsp;&nbsp;Newton Investment Management North America, LLC | &nbsp;&nbsp;801-120501 |
| &nbsp;&nbsp;Pacific Investment Management Company LLC | &nbsp;&nbsp;801-48187 |
| &nbsp;&nbsp;PPM America, Inc. | &nbsp;&nbsp;801-40783 |
| &nbsp;&nbsp;Reinhart Partners, LLC | &nbsp;&nbsp;801-40278 |
| &nbsp;&nbsp;River Road Asset Management, LLC | &nbsp;&nbsp;801-64175 |
| &nbsp;&nbsp;Segall Bryant & Hamill, LLC | &nbsp;&nbsp;801-47232 |
| &nbsp;&nbsp;T. Rowe Price Associates, Inc. | &nbsp;&nbsp;801-856 |
| &nbsp;&nbsp;T. Rowe Price Australia Limited | &nbsp;&nbsp;801-112672 |
| &nbsp;&nbsp;T. Rowe Price Hong Kong Limited | &nbsp;&nbsp;801-72035 |
| &nbsp;&nbsp;T. Rowe Price International Ltd | &nbsp;&nbsp;801-61894 |
| &nbsp;&nbsp;T. Rowe Price Investment Management, Inc. | &nbsp;&nbsp;801-121434 |
| &nbsp;&nbsp;Victory Capital Management Inc. | &nbsp;&nbsp;801-46878 |
| &nbsp;&nbsp;WCM Investment Management, LLC | &nbsp;&nbsp;801-11916 |
| &nbsp;&nbsp;Wellington Management Company LLP | &nbsp;&nbsp;801-15908 |
| &nbsp;&nbsp;Westchester Capital Management, LLC | &nbsp;&nbsp;801-72002 |
| &nbsp;&nbsp;William Blair Investment Management, LLC | &nbsp;&nbsp;801-80640 |

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|:---|:---|
| &nbsp;&nbsp;**Item 32. Principal Underwriters.** | &nbsp;&nbsp;**Item 32. Principal Underwriters.** |
| &nbsp;&nbsp;(a) | &nbsp;&nbsp;JNLD acts as general distributor for the Registrant. JNLD also acts as general distributor for the Jackson National Separate Account I, the Jackson National Separate Account III, the Jackson National Separate Account IV, the Jackson National Separate Account V, the JNLNY Separate Account I, the JNLNY Separate Account II, the JNLNY Separate Account IV, JNL Investors Series Trust, Jackson Credit Opportunities Fund, and Jackson Real Assets Fund. |

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(b) Directors and Officers of JNLD:

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| | | |
|:---|:---|:---|
| &nbsp;&nbsp;NAME AND BUSINESS ADDRESS: | &nbsp;&nbsp; POSITIONS AND OFFICERS<br> WITH UNDERWRITER: | &nbsp;&nbsp; POSITIONS AND<br> OFFICES WITH FUND |
| &nbsp;&nbsp; Savvas P. Binioris<br> 1 Corporate Way<br> Lansing, MI 48951 | &nbsp;&nbsp;Chairman | &nbsp;&nbsp;N/A |
| &nbsp;&nbsp; Marina C. Ashiotou<br> 1 Corporate Way<br> Lansing, MI 48951 | &nbsp;&nbsp;Manager |  |
| &nbsp;&nbsp; Garett J. Childs<br> 1 Corporate Way<br> Lansing, MI 48951 | &nbsp;&nbsp;Manager | &nbsp;&nbsp;Vice President |
| &nbsp;&nbsp; Hilary R. Cranmore<br> 1 Corporate Way<br> Lansing, MI 48951 | &nbsp;&nbsp;Manager | &nbsp;&nbsp;N/A |
| &nbsp;&nbsp; Alison Reed<br> 300 Innovation Drive<br> Franklin TN, 37067 | &nbsp;&nbsp; Chief Product Development<br> and Strategy Execution Officer<br>| &nbsp;&nbsp; <br> N/A |
| &nbsp;&nbsp; Lauren Caputo<br> 300 Innovation Drive<br> Franklin TN, 37067 | &nbsp;&nbsp;Senior Vice President | &nbsp;&nbsp;N/A |
| &nbsp;&nbsp; Ashley S. Golson<br> 300 Innovation Drive<br> Franklin TN, 37067 | &nbsp;&nbsp; Senior Vice President, National Sales<br> Desk and Distribution Intelligence | &nbsp;&nbsp;N/A |
| &nbsp;&nbsp; Aileen Herndon<br> 300 Innovation Drive<br> Franklin TN, 37067 | &nbsp;&nbsp;Senior Vice President | &nbsp;&nbsp;N/A |
| &nbsp;&nbsp; Heidi Kaiser<br> 1 Corporate Way<br> Lansing, MI 48951 | &nbsp;&nbsp;Senior Vice President, General Counsel & Anti-Money Laundering Compliance Officer | &nbsp;&nbsp;N/A |
| &nbsp;&nbsp; Matt Lemieux<br> 300 Innovation Drive<br> Franklin TN, 37067 | &nbsp;&nbsp;Senior Vice President | &nbsp;&nbsp;N/A |
| &nbsp;&nbsp; Kevin Luebbers<br> 300 Innovation Drive<br> Franklin TN, 37067 | &nbsp;&nbsp;Senior Vice President | &nbsp;&nbsp;N/A |
| &nbsp;&nbsp; Greg Masucci<br> 300 Innovation Drive<br> Franklin TN, 37067 | &nbsp;&nbsp;Senior Vice President | &nbsp;&nbsp;N/A |

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| | | |
|:---|:---|:---|
| &nbsp;&nbsp; Kimberly Plyer<br> 300 Innovation Drive<br> Franklin TN, 37067 | &nbsp;&nbsp;Senior Vice President | &nbsp;&nbsp;N/A |
| &nbsp;&nbsp; Tom Smith<br> 300 Innovation Drive<br> Franklin TN, 37067 | &nbsp;&nbsp;Senior Vice President | &nbsp;&nbsp;N/A |
| &nbsp;&nbsp; Myles Womack<br> 300 Innovation Drive<br> Franklin TN, 37067 | &nbsp;&nbsp;Senior Vice President | &nbsp;&nbsp;N/A |
| &nbsp;&nbsp; Brian Sward<br> 300 Innovation Drive<br> Franklin TN, 37067 | &nbsp;&nbsp;Head of Product Solutions | &nbsp;&nbsp;N/A |
| &nbsp;&nbsp; Ty Anderson<br> 300 Innovation Drive<br> Franklin TN, 37067 | &nbsp;&nbsp;Vice President | &nbsp;&nbsp;N/A |
| &nbsp;&nbsp; Lisa Backens<br> 300 Innovation Drive<br> Franklin TN, 37067 | &nbsp;&nbsp;Vice President | &nbsp;&nbsp;N/A |
| &nbsp;&nbsp; Mercedes Biretto<br> 1 Corporate Way<br> Lansing, MI 48951 | &nbsp;&nbsp;Vice President | &nbsp;&nbsp;N/A |
| &nbsp;&nbsp; Chris Bogren<br> 300 Innovation Drive<br> Franklin TN, 37067 | &nbsp;&nbsp;Vice President | &nbsp;&nbsp;N/A |
| &nbsp;&nbsp; J. Edward Branstetter, Jr.<br> 300 Innovation Drive<br> Franklin TN, 37067 | &nbsp;&nbsp;Vice President | &nbsp;&nbsp;N/A |
| &nbsp;&nbsp; Robert Butler<br> 300 Innovation Drive<br> Franklin TN, 37067 | &nbsp;&nbsp;Vice President | &nbsp;&nbsp;N/A |
| &nbsp;&nbsp; Michael Cobianchi<br> 300 Innovation Drive<br> Franklin TN, 37067 | &nbsp;&nbsp;Vice President | &nbsp;&nbsp;N/A |
| &nbsp;&nbsp; Chardae Hawley<br> 300 Innovation Drive<br> Franklin TN, 37067 | &nbsp;&nbsp;Vice President | &nbsp;&nbsp;N/A |
| &nbsp;&nbsp; Yesenia Lankford<br> 300 Innovation Drive<br> Franklin TN, 37067 | &nbsp;&nbsp;Vice President | &nbsp;&nbsp;N/A |
| &nbsp;&nbsp; Kristine Lowry<br> 300 Innovation Drive<br> Franklin TN, 37067 | &nbsp;&nbsp;Vice President, FinOp and Controller | &nbsp;&nbsp;N/A |

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| | | |
|:---|:---|:---|
| &nbsp;&nbsp; Dana Rene Malesky Flegler<br> 1 Corporate Way<br> Lansing, MI 48951 | &nbsp;&nbsp;Vice President | &nbsp;&nbsp;N/A |
| &nbsp;&nbsp; Bob McAllister<br> 300 Innovation Drive<br> Franklin TN, 37067 | &nbsp;&nbsp;Vice President | &nbsp;&nbsp;N/A |
| &nbsp;&nbsp; Brian Nicolarsen<br> 300 Innovation Drive<br> Franklin TN, 37067 | &nbsp;&nbsp; Vice President, Divisional<br> and HPW Sales Manager | &nbsp;&nbsp;N/A |
| &nbsp;&nbsp; Matt Ohme<br> 300 Innovation Drive<br> Franklin TN, 37067 | &nbsp;&nbsp;Vice President | &nbsp;&nbsp;N/A |
| &nbsp;&nbsp; Joseph Cavanaugh Pierce<br> 300 Innovation Drive<br> Franklin TN, 37067 | &nbsp;&nbsp;Vice President | &nbsp;&nbsp;N/A |
| &nbsp;&nbsp; David Russell<br> 300 Innovation Drive<br> Franklin TN, 37067 | &nbsp;&nbsp;Vice President | &nbsp;&nbsp;N/A |
| &nbsp;&nbsp; Molly Stevens<br> 300 Innovation Drive<br> Franklin TN, 37067 | &nbsp;&nbsp;Vice President | &nbsp;&nbsp;N/A |
| &nbsp;&nbsp; Jeremy Swartz<br> 300 Innovation Drive<br> Franklin TN, 37067 | &nbsp;&nbsp;Vice President | &nbsp;&nbsp;N/A |
| &nbsp;&nbsp; Michelle Tidey<br> 300 Innovation Drive<br> Franklin TN, 37067 | &nbsp;&nbsp;Vice President | &nbsp;&nbsp;N/A |
| &nbsp;&nbsp; Kendall Wetzel<br> 300 Innovation Drive<br> Franklin TN, 37067 | &nbsp;&nbsp;Vice President | &nbsp;&nbsp;N/A |
| &nbsp;&nbsp; Darweshi Whitfield<br> 300 Innovation Drive<br> Franklin TN, 37067 | &nbsp;&nbsp;Vice President | &nbsp;&nbsp;N/A |
| &nbsp;&nbsp; Corey Bonnette<br> 300 Innovation Drive<br> Franklin TN, 37067 | &nbsp;&nbsp;Assistant Vice President | &nbsp;&nbsp;N/A |
| &nbsp;&nbsp; Kyle Burke<br> 300 Innovation Drive<br> Franklin TN, 37067 | &nbsp;&nbsp;Assistant Vice President | &nbsp;&nbsp;N/A |
| &nbsp;&nbsp; Danielle Cox<br> 300 Innovation Drive<br> Franklin TN, 37067 | &nbsp;&nbsp;Assistant Vice President | &nbsp;&nbsp;N/A |

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| | | |
|:---|:---|:---|
| &nbsp;&nbsp; Jordan Dobberstein<br> 300 Innovation Drive<br> Franklin TN, 37067 | &nbsp;&nbsp;Assistant Vice President | &nbsp;&nbsp;N/A |
| &nbsp;&nbsp; Glen Franklin<br> 300 Innovation Drive<br> Franklin TN, 37067 | &nbsp;&nbsp;Assistant Vice President | &nbsp;&nbsp;N/A |
| &nbsp;&nbsp; Amanda Geml<br> 300 Innovation Drive<br> Franklin TN, 37067 | &nbsp;&nbsp;Assistant Vice President | &nbsp;&nbsp;N/A |
| &nbsp;&nbsp; Paul Hardy<br> 300 Innovation Drive<br> Franklin TN, 37067 | &nbsp;&nbsp;Assistant Vice President | &nbsp;&nbsp;N/A |
| &nbsp;&nbsp; Jake Hill<br> 300 Innovation Drive<br> Franklin TN, 37067 | &nbsp;&nbsp;Assistant Vice President | &nbsp;&nbsp;N/A |
| &nbsp;&nbsp; Todd Maneval<br> 300 Innovation Drive<br> Franklin TN, 37067 | &nbsp;&nbsp;Assistant Vice President | &nbsp;&nbsp;N/A |
| &nbsp;&nbsp; Heather Mayes<br> 300 Innovation Drive<br> Franklin TN, 37067 | &nbsp;&nbsp;Assistant Vice President | &nbsp;&nbsp;N/A |
| &nbsp;&nbsp; James Pryor<br> 300 Innovation Drive<br> Franklin TN, 37067 | &nbsp;&nbsp;Assistant Vice President | &nbsp;&nbsp;N/A |
| &nbsp;&nbsp; Marland Richardson<br> 300 Innovation Drive<br> Franklin TN, 37067 | &nbsp;&nbsp;Assistant Vice President | &nbsp;&nbsp;N/A |
| &nbsp;&nbsp; Sam Rosenbrock<br> 300 Innovation Drive<br> Franklin TN, 37067 | &nbsp;&nbsp;Assistant Vice President | &nbsp;&nbsp;N/A |
| &nbsp;&nbsp; Noah Sanders<br> 300 Innovation Drive<br> Franklin TN, 37067 | &nbsp;&nbsp;Assistant Vice President | &nbsp;&nbsp;N/A |
| &nbsp;&nbsp; Bill Smalley<br> 300 Innovation Drive<br> Franklin TN, 37067 | &nbsp;&nbsp;Assistant Vice President | &nbsp;&nbsp;N/A |
| &nbsp;&nbsp; Jeffrey Toerne<br> 300 Innovation Drive<br> Franklin TN, 37067 | &nbsp;&nbsp;Assistant Vice President | &nbsp;&nbsp;N/A |
| &nbsp;&nbsp; Phil Tulotta<br> 300 Innovation Drive<br> Franklin TN, 37067 | &nbsp;&nbsp;Assistant Vice President | &nbsp;&nbsp;N/A |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp; Sharon Wilson<br> 300 Innovation Drive<br> Franklin TN, 37067 | &nbsp;&nbsp;Assistant Vice President | &nbsp;&nbsp;N/A |
| &nbsp;&nbsp; Phil Wright<br> 300 Innovation Drive<br> Franklin TN, 37067 | &nbsp;&nbsp;Assistant Vice President | &nbsp;&nbsp;N/A |
| &nbsp;&nbsp; Ryan Lupton<br> 300 Innovation Drive<br> Franklin TN, 37067 | &nbsp;&nbsp;Chief Compliance Officer | &nbsp;&nbsp;N/A |
| &nbsp;&nbsp; Kristan L. Richardson<br> 1 Corporate Way<br> Lansing, MI 48951 | &nbsp;&nbsp;Secretary | &nbsp;&nbsp;N/A |

---

(c) The Funds have no principal underwriter who is not an affiliated person of the Funds or an affiliated person of such person.

---

| | |
|:---|:---|
| &nbsp;&nbsp;<br> **Item 33. Location of Accounts and Records** | &nbsp;&nbsp;<br> **Item 33. Location of Accounts and Records** |
| &nbsp;&nbsp;The accounts and records of the Registrant are located at the offices of the Registrant at 1 Corporate Way, Lansing, Michigan 48951, at 225 West Wacker Drive, Suite 1200, Chicago, Illinois 60606, and at the following locations: | &nbsp;&nbsp;The accounts and records of the Registrant are located at the offices of the Registrant at 1 Corporate Way, Lansing, Michigan 48951, at 225 West Wacker Drive, Suite 1200, Chicago, Illinois 60606, and at the following locations: |
| &nbsp;&nbsp;Office of the Administrator | &nbsp;&nbsp; 1 Corporate Way,<br> Lansing, Michigan 48951 |
| &nbsp;&nbsp; Office of the Custodian:<br> JPMorgan Chase Bank, N.A. | &nbsp;&nbsp; 270 Park Avenue,<br> New York, New York 10017 |
| &nbsp;&nbsp; Office of the Custodian:<br> State Street Bank and Trust Company | &nbsp;&nbsp; One Congress Street, Suite 1<br> Boston, Massachusetts 02114-2016 |
| &nbsp;&nbsp;AllianceBernstein L.P. | &nbsp;&nbsp; 501 Commerce Street<br> Nashville, Tennessee 37203 |
| &nbsp;&nbsp; AQR Capital Management, LLC<br>| &nbsp;&nbsp; One Greenwich Plaza, Suite 130<br> Greenwich, Connecticut 06830 |
| &nbsp;&nbsp;BAMCO, Inc. | &nbsp;&nbsp; 767 5<sup>th</sup> Avenue, 49<sup>th</sup> Floor<br> New York, New York 10153-0023 |
| &nbsp;&nbsp;BlackRock International Limited | &nbsp;&nbsp; Exchange Place One<br> 1 Semple Street<br> Edinburgh, United Kingdom EH3 8BL |
| &nbsp;&nbsp; BlackRock Investment Management, LLC<br>| &nbsp;&nbsp; 1 University Square Drive,<br> Princeton, New Jersey 08540-6455 |
| &nbsp;&nbsp; BlackRock (Singapore) Limited<br>| &nbsp;&nbsp; Twenty Anson,<br> 20 Anson Road #18-01<br> Singapore, 79912 |
| &nbsp;&nbsp;Boston Partners Global Investors, Inc. | &nbsp;&nbsp; 350 S. Grand Avenue, Suite 1550<br> Los Angeles, California 90071 |
| &nbsp;&nbsp; Causeway Capital Management LLC<br>| &nbsp;&nbsp; 11111 Santa Monica Boulevard, 15th Floor,<br> Los Angeles, California 90025 |
| &nbsp;&nbsp;Champlain Investment Partners, LLC | &nbsp;&nbsp; 180 Battery Street, Suite 400,<br> Burlington, Vermont 05401 |
| &nbsp;&nbsp;ClearBridge Investments, LLC | &nbsp;&nbsp; One Madison Avenue,<br> New York, New York 10010 |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;Cohen & Steers Capital Management Inc. | &nbsp;&nbsp; 1166 Avenue of the Americas 30<sup>th</sup> Floor<br> New York, New York 10036 |
| &nbsp;&nbsp; Congress Asset Management Company, LLP<br>| &nbsp;&nbsp; 2 Seaport Lane,<br> Boston, Massachusetts 02210-2001 |
| &nbsp;&nbsp; Cooke & Bieler, L.P.<br>| &nbsp;&nbsp; Two Commerce Square<br> 2001 Market Street, Suite 4000,<br> Philadelphia, Pennsylvania 19103 |
| &nbsp;&nbsp; Dimensional Fund Advisors LP<br>| &nbsp;&nbsp; 6300 Bee Cave Road, Building One,<br> Austin, Texas 78746 |
| &nbsp;&nbsp; DoubleLine Capital LP<br>| &nbsp;&nbsp; 2002 North Tampa Street, Suite 200,<br> Tampa, Florida 33602 |
| &nbsp;&nbsp;Driehaus Capital Management LLC | &nbsp;&nbsp; 25 East Erie Street<br> Chicago, Illinois 60611-2703 |
| &nbsp;&nbsp;FIAM LLC | &nbsp;&nbsp; 900 Salem Street,<br> Smithfield, Rhode Island 02917 |
| &nbsp;&nbsp; First Pacific Advisors, LP<br>| &nbsp;&nbsp; 11601 Wilshire Blvd, Suite 1200,<br> Los Angeles, California 90064 |
| &nbsp;&nbsp;First Sentier Investors (Australia) IM LTD | &nbsp;&nbsp; Level 5, Tower 3, International Towers<br> 300 Barangaroo Avenue,<br> Barangaroo, NSW 2000 Australia |
| &nbsp;&nbsp; Franklin Advisers, Inc.<br>| &nbsp;&nbsp; One Franklin Parkway,<br> San Mateo, California 94403 |
| &nbsp;&nbsp; Goldman Sachs Asset Management, L.P.<br>| &nbsp;&nbsp; 200 West Street,<br> New York, New York, 10282 |
| &nbsp;&nbsp; GQG Partners, LLC<br>| &nbsp;&nbsp; 450 East Las Olas Boulevard, Suite 750,<br> Fort Lauderdale, Florida 33301 |
| &nbsp;&nbsp; Granahan Investment Management, LLC<br>| &nbsp;&nbsp; 404 Wyman Street, Suite 460,<br> Waltham, Massachusetts 02451 |
| &nbsp;&nbsp; Invesco Advisers, Inc.<br>| &nbsp;&nbsp; 1555 Peachtree, N.E.,<br> Atlanta, Georgia 30309 |
| &nbsp;&nbsp; J.P. Morgan Investment Management Inc.<br>| &nbsp;&nbsp; 270 Park Avenue,<br> New York, New York 10017-2014 |
| &nbsp;&nbsp;Kayne Anderson Rudnick Investment Management, LLC | &nbsp;&nbsp; 2000 Avenue of the Stars,<br> Los Angeles, California 90067 |
| &nbsp;&nbsp; Lazard Asset Management LLC<br>| &nbsp;&nbsp; 30 Rockefeller Plaza,<br> New York, New York 10112 |
| &nbsp;&nbsp; Loomis, Sayles & Company, L.P.<br>| &nbsp;&nbsp; One Financial Center,<br> Boston, Massachusetts 02111-2621 |
| &nbsp;&nbsp; Lord, Abbett & Co. LLC<br>| &nbsp;&nbsp; 30 Hudson Street,<br> Jersey City, NJ 07302-4804 |
| &nbsp;&nbsp; Massachusetts Financial Services Company<br> d/b/a MFS Investment Management | &nbsp;&nbsp; 111 Huntington Avenue,<br> Boston, Massachusetts 02199-7618 |
| &nbsp;&nbsp; Mellon Investments Corporation<br>| &nbsp;&nbsp; 500 Ross Street<br> Pittsburgh, Pennsylvania 15258 |
| &nbsp;&nbsp;Neuberger Berman Investment Advisers LLC | &nbsp;&nbsp; 1290 Avenue of the Americas,<br> New York, New York 10104 |
| &nbsp;&nbsp;Newton Investment Management North America, LLC | &nbsp;&nbsp; One Boston Place,<br> 201 Washington Street,<br> Boston, Massachusetts 02108 |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;Pacific Investment Management Company LLC | &nbsp;&nbsp; 650 Newport Center Drive,<br> Newport Beach, California 92660 |
| &nbsp;&nbsp;PPM America, Inc. | &nbsp;&nbsp; 225 West Wacker Drive, Suite 1200,<br> Chicago, Illinois 60606 |
| &nbsp;&nbsp;Reinhart Partners, LLC | &nbsp;&nbsp; 11090 N. Weston Drive,<br> Mequon, Wisconsin 53092 |
| &nbsp;&nbsp;River Road Asset Management, LLC | &nbsp;&nbsp; 462 South Fourth Street, Suite 2000<br> Louisville, Kentucky 40202-3466 |
| &nbsp;&nbsp; Segall Bryant & Hamill, LLC<br>| &nbsp;&nbsp; 10 South Wacker Drive, Suite 3100<br> Chicago, Illinois 60606 |
| &nbsp;&nbsp; T. Rowe Price Associates, Inc.<br>| &nbsp;&nbsp; 100 East Pratt Street,<br> Baltimore, Maryland 21202 |
| &nbsp;&nbsp;T. Rowe Price Australia Limited | &nbsp;&nbsp;Level 28, Governor Phillip Tower, 1 Farrer Place, Sydney NSW 2000, Australia |
| &nbsp;&nbsp;T. Rowe Price Hong Kong Limited | &nbsp;&nbsp; 6/F Chater House 8 Connaught Place,<br> Central Hong Kong |
| &nbsp;&nbsp;T. Rowe Price International Ltd | &nbsp;&nbsp; 60 Queen Victoria Street<br> London, England EC4N 4TZ |
| &nbsp;&nbsp;T. Rowe Price Investment Management, Inc. | &nbsp;&nbsp; 100 East Pratt Street,<br> Baltimore, Maryland 21202 |
| &nbsp;&nbsp;Victory Capital Management Inc. | &nbsp;&nbsp; 15935 La Cantera Parkway,<br> San Antonio, Texas 78256 |
| &nbsp;&nbsp; WCM Investment Management, LLC<br>| &nbsp;&nbsp; 281 Brooks Street,<br> Laguna Beach, California 92651-2974 |
| &nbsp;&nbsp; Wellington Management Company LLP<br>| &nbsp;&nbsp; 280 Congress Street,<br> Boston, Massachusetts 02210 |
| &nbsp;&nbsp; Westchester Capital Management, LLC<br>| &nbsp;&nbsp; 100 Summit Lake Drive,<br> Valhalla, New York 10595 |
| &nbsp;&nbsp; William Blair Investment Management, LLC<br>| &nbsp;&nbsp; 150 North Riverside Plaza<br> Chicago, Illinois 60606-1598 |

---

---

| |
|:---|
| &nbsp;&nbsp;**Item 34. Management Services.** |
| &nbsp;&nbsp;Not Applicable. |

---

---

| |
|:---|
| &nbsp;&nbsp;**Item 35. Undertakings.** |
| &nbsp;&nbsp;Not Applicable. |

---

---

| |
|:---|
| &nbsp;&nbsp;**SIGNATURES** |
| &nbsp;&nbsp;Pursuant to the requirements of the Securities Act and the Investment Company Act, JNL Series Trust has duly caused this Post-Effective Amendment No. 198 to its registration statement on Form N-1A to be signed on its behalf by the undersigned, duly authorized, in the City of Lansing and the State of Michigan on the 15<sup>th</sup> day of December, 2025. |
| &nbsp;&nbsp;**JNL SERIES TRUST** |
| &nbsp;&nbsp;***/s/ Emily J. Bennett*** |
| &nbsp;&nbsp;Emily J. Bennett |
| &nbsp;&nbsp; Vice President and Assistant Secretary; and<br> \*Attorney-in-Fact, pursuant to Powers of Attorney |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;Pursuant to the requirements of the Securities Act, this Post-Effective Amendment has been signed below by the following persons in the capacities and on the date indicated. | &nbsp;&nbsp;Pursuant to the requirements of the Securities Act, this Post-Effective Amendment has been signed below by the following persons in the capacities and on the date indicated. |
| &nbsp;&nbsp;***/s/ Emily J. Bennett*** &nbsp;&nbsp;\* | &nbsp;&nbsp;December 15, 2025 |
| &nbsp;&nbsp;Eric O. Anyah |  |
| &nbsp;&nbsp;Trustee |  |
| &nbsp;&nbsp;***/s/ Emily J. Bennett*** &nbsp;&nbsp;\* | &nbsp;&nbsp;December 15, 2025 |
| &nbsp;&nbsp;Michael Bouchard |  |
| &nbsp;&nbsp;Trustee |  |
| &nbsp;&nbsp;***/s/ Emily J. Bennett*** &nbsp;&nbsp;\* | &nbsp;&nbsp;December 15, 2025 |
| &nbsp;&nbsp;Ellen Carnahan |  |
| &nbsp;&nbsp;Trustee |  |
| &nbsp;&nbsp;***/s/ Emily J. Bennett*** &nbsp;&nbsp;\* | &nbsp;&nbsp;December 15, 2025 |
| &nbsp;&nbsp;John W. Gillespie |  |
| &nbsp;&nbsp;Trustee |  |
| &nbsp;&nbsp;***/s/ Emily J. Bennett*** &nbsp;&nbsp;\* | &nbsp;&nbsp;December 15, 2025 |
| &nbsp;&nbsp;William R. Rybak |  |
| &nbsp;&nbsp;Trustee |  |
| &nbsp;&nbsp;***/s/ Emily J. Bennett*** &nbsp;&nbsp;\* | &nbsp;&nbsp;December 15, 2025 |
| &nbsp;&nbsp;Mark S. Wehrle |  |
| &nbsp;&nbsp;Trustee |  |
| &nbsp;&nbsp;***/s/ Emily J. Bennett*** &nbsp;&nbsp;\* | &nbsp;&nbsp;December 15, 2025 |
| &nbsp;&nbsp;Edward C. Wood |  |
| &nbsp;&nbsp;Trustee |  |
| &nbsp;&nbsp;***/s/ Emily J. Bennett*** &nbsp;&nbsp;\* | &nbsp;&nbsp;December 15, 2025 |
| &nbsp;&nbsp;Patricia A. Woodworth |  |
| &nbsp;&nbsp;Trustee |  |
| &nbsp;&nbsp;***/s/ Emily J. Bennett*** &nbsp;&nbsp;\* | &nbsp;&nbsp;December 15, 2025 |
| &nbsp;&nbsp;Mark D. Nerud |  |
| &nbsp;&nbsp;Trustee, President, Chief Executive Officer (Principal Executive Officer), and Chief Operating Decision Maker | &nbsp;&nbsp;Trustee, President, Chief Executive Officer (Principal Executive Officer), and Chief Operating Decision Maker |
| &nbsp;&nbsp;***/s/ Emily J. Bennett*** &nbsp;&nbsp;\* | &nbsp;&nbsp;December 15, 2025 |
| &nbsp;&nbsp;Andrew Tedeschi |  |
| &nbsp;&nbsp;Treasurer and Chief Financial Officer (Principal Financial Officer) | &nbsp;&nbsp;Treasurer and Chief Financial Officer (Principal Financial Officer) |

---

---

| |
|:---|
| &nbsp;&nbsp;**POWER OF ATTORNEY** |
| &nbsp;&nbsp;KNOW ALL MEN BY THESE PRESENTS, that each of the undersigned as trustees of **JNL SERIES TRUST** (33-87244), a Massachusetts business trust, which has filed or will file with the Securities and Exchange Commission under the provisions of the Securities Act of 1933 and Investment Company Act of 1940, as amended, various Registration Statements and amendments thereto for the registration under said Acts of the sale of shares of beneficial interest of JNL Series Trust, hereby constitute and appoint Susan S. Rhee and Emily J. Bennett, his/her attorney, with full power of substitution and re-substitution, for and in his name, place and stead, in any and all capacities to approve and sign such Registration Statements and any and all amendments thereto and to file the same, with all exhibits thereto and other documents, granting unto said attorneys, each of them, full power and authority to do and perform all and every act and thing requisite to all intents and purposes as he might or could do in person, hereby ratifying and confirming that which said attorneys, or any of them, may lawfully do or cause to be done by virtue hereof. This instrument may be executed in one or more counterparts. |
| &nbsp;&nbsp;**IN WITNESS WHEREOF**, the undersigned have herewith set their names as of June 1, 2025. |
| &nbsp;&nbsp;***/s/ Eric O. Anyah*** |
| &nbsp;&nbsp;Eric O. Anyah |

---

---

| |
|:---|
| &nbsp;&nbsp;Trustee |
| &nbsp;&nbsp;***/s/ Michael J. Bouchard*** |
| &nbsp;&nbsp;Michael J. Bouchard |
| &nbsp;&nbsp;Trustee |
| &nbsp;&nbsp;***/s/ Ellen Carnahan*** |
| &nbsp;&nbsp;Ellen Carnahan |
| &nbsp;&nbsp;Trustee |
| &nbsp;&nbsp;***/s/ John W. Gillespie*** |
| &nbsp;&nbsp;John W. Gillespie |
| &nbsp;&nbsp;Trustee |
| &nbsp;&nbsp;***/s/ William R. Rybak*** |
| &nbsp;&nbsp;William R. Rybak |
| &nbsp;&nbsp;Trustee |
| &nbsp;&nbsp;***/s/ Mark S. Wehrle*** |
| &nbsp;&nbsp;Mark S. Wehrle |
| &nbsp;&nbsp;Trustee |
| &nbsp;&nbsp;***/s/ Edward C. Wood*** |
| &nbsp;&nbsp;Edward C. Wood |
| &nbsp;&nbsp;Trustee |
| &nbsp;&nbsp;***/s/ Patricia A. Woodworth*** |
| &nbsp;&nbsp;Patricia A. Woodworth |
| &nbsp;&nbsp;Trustee |
| &nbsp;&nbsp;***/s/ Mark D. Nerud*** |
| &nbsp;&nbsp;Mark D. Nerud |
| &nbsp;&nbsp;Trustee, President Chief Executive Officer (Principal Executive Officer), and Chief Operating Decision Maker |
| &nbsp;&nbsp;***/s/ Andrew Tedeschi*** |
| &nbsp;&nbsp;Andrew Tedeschi |
| &nbsp;&nbsp;Treasurer and Chief Financial Officer (Principal Financial Officer) |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;<br>**EXHIBIT LIST** | &nbsp;&nbsp;<br>**EXHIBIT LIST** | &nbsp;&nbsp;<br>**EXHIBIT LIST** |
| &nbsp;&nbsp; **Exhibit** <br> **Number 28** | &nbsp;&nbsp; **Exhibit** <br> **Number 28** | &nbsp;&nbsp; **Exhibit**<br> **Description** |
| &nbsp;&nbsp;(d) | &nbsp;&nbsp;(11) &nbsp;&nbsp;(ii) | &nbsp;&nbsp;Amendment, effective July 1, 2025, Amended and Restated Sub-Advisory Agreement between JNAM and Causeway, effective August 30, 2024, attached hereto as EX 99.28(d)(11)(ii). |
| &nbsp;&nbsp;(d) | &nbsp;&nbsp;(12) &nbsp;&nbsp;(iv) | &nbsp;&nbsp;Amendment, effective July 1, 2025, to Sub-Advisory Agreement between JNAM and Champlain, effective September 13, 2021, attached hereto as EX 99.28(d)(12)(iv). |
| &nbsp;&nbsp;(d) | &nbsp;&nbsp;(20) &nbsp;&nbsp;(vi) | &nbsp;&nbsp;Amendment, effective May 1, 2025, to Sub-Advisory Agreement between JNAM and Fidelity, effective September 13, 2021, attached hereto as EX 99.28(d)(20)(vi). |

---

(d) (24) (iii) Amendment, effective September 1, 2025, to Amended and Restated Sub-Advisory Agreement between JNAM and Franklin, effective September 1, 2022, attached hereto as EX 99.28(d)(24)(iii).

(d) (42) (ii) Amendment, effective June 5, 2025, to Investment Sub-Advisory Agreement between JNAM and River Road, effective April 26, 2021, attached hereto as EX 99.28(d)(42)(ii).

(d) (42) (iii) Amendment, effective August 29, 2025, to Investment Sub-Advisory Agreement between JNAM and River Road, effective April 26, 2021, attached hereto as EX 99.28(d)(42)(iii).

(d) (43) (i) Investment Sub-Advisory Agreement between JNAM and Segall, effective August 12, 2025, attached hereto as EX 99.28(d)(43)(i).

(d) (44) (vi) Amendment, effective June 1, 2025, to Amended and Restated Sub-Advisory Agreement between JNAM and T. Rowe Price, effective September 1, 2022, attached hereto as EX 99.28(d)(44)(vi).

(d) (44) (vii) Amendment, effective September 1, 2025, to Amended and Restated Sub-Advisory Agreement between JNAM and T. Rowe Price, effective September 1, 2022, attached hereto as EX 99.28(d)(44)(vii).

(d) (49) (ii) Amendment, effective August 28, 2025, to Amended and Restated Sub-Advisory Agreement between JNAM and Victory, effective August 30, 2024, attached hereto as EX 99.28(d)(49)(ii).

(d) (51) (vi) Amendment, effective June 1, 2025, to Amended and Restated Sub-Advisory Agreement between JNAM and Wellington, effective September 1, 2022, attached hereto as EX 99.28(d)(51)(vi).

(g) (2) (xi) Amendment, effective June 11, 2025, to the State Street Custody Agreement, attached hereto as EX 99.28(g)(2)(xi).

(h) (16) (i) Cohen & Steers Fund of Funds Investment Agreement between Registrant, on behalf of itself and each of the Acquiring Funds listed in Schedule A of the Agreement, and Cohen & Steers Capital Management, Inc., on behalf of each of the Acquired Funds listed on Schedule B of the Agreement, effective October 23, 2025, attached hereto as EX 99.28(h)(16)(i).

(h) (17) (ii) First Amendment, effective July 22, 2025, to Fund of Funds Investment Agreement among Registrant, on behalf of itself and each Acquiring Fund listed on Schedule A of the Agreement; and DoubleLine ETF Trust on behalf of itself and each Acquired Fund listed on Schedule A of the Agreement, effective February 28, 2025, attached hereto as EX 99.28(h)(17)(ii).

(h) (18) (i) Amended and Restated Rule 12d1-4 Fund of Funds Investment Agreement by and among Registrant, on behalf of itself and its respective series identified on Schedule A; and Fidelity Commonwealth Trust, Fidelity Covington Trust, Fidelity Greenwood Street Trust, and Fidelity Merrimack Street Trust, each on behalf of itself and each of the series identified on Schedule B of the Agreement, effective June 5, 2025, attached hereto as EX 99.28(h)(18)(i).

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;(h) | &nbsp;&nbsp;(19)&nbsp;&nbsp;(i) | &nbsp;&nbsp;Rule 12d1-4 Fund of Funds Investment Agreement among Registrant, on behalf of itself and each of the Acquiring Funds listed in Appendix A of the Agreement, and First Trust Exchange-Traded Fund, First Trust Exchange-Traded Fund II, First Trust Exchange-Traded Fund III, First Trust Exchange-Traded Fund IV, First Trust Exchange-Traded Fund V, First Trust Exchange-Traded Fund VI, First Trust Exchange-Traded Fund VII, First Trust Exchange-Traded Fund VIII, First Trust Exchange-Traded AlphaDEX® Fund, and First Trust Exchange-Traded AlphaDEX® Fund II, each on behalf of its applicable series listed on Appendix B of the Agreement, effective October 23, 2025, attached hereto as EX 99.28(h)(19)(i). |
| &nbsp;&nbsp;(h) | &nbsp;&nbsp;(22) &nbsp;&nbsp;(i) | &nbsp;&nbsp;Rule 12d1-4 Fund of Funds Investment Agreement between Registrant, on behalf of itself and each Acquiring Fund listed on Schedule A of the Agreement; and Lazard Active ETF Trust, on behalf of itself and each Acquired Fund listed on Schedule B of the Agreement, effective October 23, 2025, attached hereto as EX 99.28(h)(22)(i). |
| &nbsp;&nbsp;(i) |  | &nbsp;&nbsp;Opinion and Consent of Counsel, attached hereto as EX 99.28(i) as EX 99.28(i). |
| &nbsp;&nbsp;(p) | &nbsp;&nbsp;(1) | &nbsp;&nbsp;Jackson Financial Inc. Advisory Code of Ethics Policy for Registrant, JNAM, JNLD, and PPM, dated September 12, 2025, attached hereto as EX 99.28(p)(1). |
| &nbsp;&nbsp;(p) | &nbsp;&nbsp;(4) | &nbsp;&nbsp; Code of Ethics for BAMCO, dated August 14, 2025; and<br> Policy on Insider Trading for BAMCO, effective July 9, 2024, attached hereto as EX 99.28(p)(4). |
| &nbsp;&nbsp;(p) | &nbsp;&nbsp;(10) | &nbsp;&nbsp;Code of Ethics for Cohen, dated May 2025, attached hereto as EX 99.28(p)(10). |
| &nbsp;&nbsp;(p) | &nbsp;&nbsp;(15) | &nbsp;&nbsp;Code of Ethics for Driehaus, dated September 10, 2025, attached hereto as EX 99.28(p)(15). |
| &nbsp;&nbsp;(p) | &nbsp;&nbsp;(17) | &nbsp;&nbsp;Code of Ethics for First Pacific, dated January 2, 2025, attached hereto as EX 99.28(p)(17). |
| &nbsp;&nbsp;(p) | &nbsp;&nbsp;(19) | &nbsp;&nbsp;Personal Investments and Insider Trading Policy, which serves as a Code of Ethics for Franklin Advisers, dated July 21, 2025, attached hereto as EX 99.28(p)(19). |
| &nbsp;&nbsp;(p) | &nbsp;&nbsp;(21) | &nbsp;&nbsp;Code of Ethics for GQG, dated May 30, 2025, attached hereto as EX 99.28(p)(21). |
| &nbsp;&nbsp;(p) | &nbsp;&nbsp;(28) | &nbsp;&nbsp;Code of Ethics and Personal Trading Policy for Lord Abbett, dated August 2025, attached hereto as EX 99.28(p)(28). |
| &nbsp;&nbsp;(p) | &nbsp;&nbsp;(29) | &nbsp;&nbsp;Code of Ethics for MFS, dated April 2, 2025, attached hereto as EX 99.28(p)(29). |
| &nbsp;&nbsp;(p) | &nbsp;&nbsp;(33) | &nbsp;&nbsp;Code of Ethics for PIMCO, dated July 2025, attached hereto as EX 99.28(p)(33). |
| &nbsp;&nbsp;(p) | &nbsp;&nbsp;(35) | &nbsp;&nbsp; Code of Ethics for River Road, dated February 4, 2025; and<br> Insider Trading [Policy] for River Road, dated July 31, 2024, attached hereto as EX 99.28(p)(35). |
| &nbsp;&nbsp;(p) | &nbsp;&nbsp;(38) | &nbsp;&nbsp;Code of Ethics for Victory, dated April 1, 2025, attached hereto as EX 99.28(p)(38). |
| &nbsp;&nbsp;(p) | &nbsp;&nbsp;(43) | &nbsp;&nbsp;Code of Ethics for Capital Research and Management Company, the investment adviser to American Funds Insurance Series, dated May 2025, attached hereto as EX 99.28(p)(43). |
| &nbsp;&nbsp; **Exhibit** <br> **Number 29** | &nbsp;&nbsp; **Exhibit** <br> **Number 29** | &nbsp;&nbsp; **Exhibit**<br> **Description** |
|  |  | &nbsp;&nbsp;[The organizational chart for Jackson Financial Inc. is attached](http://www.sec.gov/Archives/edgar/data/927730/000092773022000606/organizationalchart2022-.htm) hereto as EX 99.29. |

---

## Ex-99.D

**Ex. 99.28(d)(11)(ii)**

**Amendment to Amended and Restated Sub-Advisory Agreement Between**

**Jackson National Asset Management, LLC and Causeway Capital Management, LLC**

This **Amendment** is made by and between **Jackson National Asset Management, LLC**, a Michigan limited liability company and registered investment adviser (the "Adviser"), and **Causeway Capital Management, LLC**, a Delaware limited liability company and registered investment adviser (the "Sub-Adviser").

**Whereas**, the Adviser and the Sub-Adviser (the "Parties") entered into an Amended and Restated Sub-Advisory Agreement effective August 30, 2024 (the "Agreement"), whereby the Adviser appointed the Sub-Adviser to provide certain sub-investment advisory services to certain investment portfolios (the "Funds") of JNL Series Trust (the "Trust"), as listed on Schedule A to the Agreement.

**Whereas**, pursuant to the Agreement, the Adviser agreed to pay sub-advisory fees as set forth on Schedule B to the Agreement to the Sub-Adviser for the services provided and the expenses assumed by the Sub-Adviser, and the Sub-Adviser agreed to accept such sub-advisory fees as full compensation under the Agreement for such services and expenses.

**Whereas**, the Board of Trustees of the Trust approved, and the Parties have agreed to amend the sub-advisory fees, as set forth on Schedule B to the Agreement, to reflect fee reductions for the JNL/Causeway International Value Select Fund, effective July 1, 2025.

**Now Therefore**, in consideration of the mutual covenants herein contained, the Parties hereby agree to amend the Agreement as follows:

1) Schedule B to the Agreement is hereby deleted and replaced in its entirety with Schedule B dated July 1, 2025, attached hereto.

2) Except as specifically amended hereby, the Agreement shall remain in full force and effect in accordance with its terms.

3) Each of the Parties represents and warrants to the others that it has full authority to enter into this Amendment, upon the terms and conditions hereof, and that the individual executing this Amendment is duly authorized to bind the respective party to this Amendment.

4) This Amendment may be executed in one or more counterparts, which together shall constitute one document.

**In Witness Whereof**, the Parties have caused this Amendment to be executed, effective as of July 1, 2025.

---

| | | | |
|:---|:---|:---|:---|
| **Jackson National Asset Management, LLC** | **Jackson National Asset Management, LLC** | **Causeway Capital Management LLC** | **Causeway Capital Management LLC** |
| By: | <br> ***/s/ Emily J. Bennett*** |  |  |
| By: | <br> ***/s/ Emily J. Bennett*** | By: | ***/s/ Gracie V. Fermelia*** |
| Name: | Emily J. Bennett | Name: | Gracie V. Fermelia |
| Title: | VP and Deputy General Counsel | Title: | Chief Operating Officer |

---

**Schedule B**

Dated July 1, 2025

*(Compensation)*

---

| | |
|:---|:---|
| &nbsp;&nbsp;**JNL/Causeway International Value Select Fund** | &nbsp;&nbsp;**JNL/Causeway International Value Select Fund** |
| &nbsp;&nbsp;<u>Average Daily Net Assets</u> | &nbsp;&nbsp;<u>Annual Rate</u> |
| &nbsp;&nbsp;$0 to $1 billion | &nbsp;&nbsp;0.35% |
| &nbsp;&nbsp;$1 billion to $2 billion | &nbsp;&nbsp;0.325% |
| &nbsp;&nbsp;Over $2 billion | &nbsp;&nbsp;0.30% |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp; **JNL Multi-Manager International Small Cap Fund**<br> *(for the portion of assets managed by Causeway Capital Management LLC)* | &nbsp;&nbsp; **JNL Multi-Manager International Small Cap Fund**<br> *(for the portion of assets managed by Causeway Capital Management LLC)* |
| &nbsp;&nbsp;<u>Average Daily Net Assets</u> | &nbsp;&nbsp;<u>Annual Rate</u> |
| &nbsp;&nbsp;[Fees Omitted] | &nbsp;&nbsp;[Fees Omitted] |

---

**B-1**

## Ex-99.D

**Ex. 99.28(d)(12)(iv)**

**Amendment to**

**Sub-Advisory Agreement Between**

**Jackson National Asset Management, LLC**

**and Champlain Investment Partners, LLC**

This **Amendment** is made by and between **Jackson National Asset Management, LLC**, a Michigan limited liability company and registered investment adviser (the "Adviser"), and **Champlain Investment Partners, LLC**, a Delaware limited liability company and registered investment adviser (the "Sub-Adviser").

**Whereas**, the Adviser and the Sub-Adviser (the "Parties") entered into a Sub-Advisory Agreement effective as of September 13, 2021 wherein the September 19, 2016 Agreement, as amended, was incorporated by reference (the "Agreement"), whereby the Adviser appointed the Sub-Adviser to provide certain sub-investment advisory services to the fund or funds (each, a "Fund") of JNL Series Trust (the "Trust"), as identified on Schedule A to the Agreement, for the portion of each Fund's assets allocated to the Sub-Adviser.

**Whereas**, pursuant to the Agreement, the Adviser agreed to pay sub-advisory fees as set forth on Schedule B of the Agreement to the Sub-Adviser for the services provided and the expenses assumed by the Sub-Adviser, and the Sub-Adviser agreed to accept such sub-advisory fees as full compensation under the Agreement for such services and expenses.

**Whereas**, the Board of Trustees of the Trust has approved sub-advisory fee changes for the JNL Multi-Manager Mid Cap Fund, for the portion of the average daily net assets managed by the Sub-Adviser, effective July 1, 2025.

**Whereas**, the Parties have agreed to amend Schedule B of the Agreement to modify the sub-advisory fee for JNL Multi-Manager Mid Cap Fund, for the portion of the average daily net assets managed by the Sub-Adviser, effective July 1, 2025.

**Now Therefore**, in consideration of the mutual covenants herein contained, the Parties hereby agree to amend the Agreement as follows:

1) Schedule B to the Agreement is hereby deleted and replaced, in its entirety, with Schedule B dated July 1, 2025, attached hereto.

2) Except as specifically amended hereby, the Agreement shall remain in full force and effect in accordance with its terms.

3) Each of the Parties represents and warrants to the others that it has full authority to enter into this Amendment, upon the terms and conditions hereof, and that the individual executing this Amendment is duly authorized to bind the respective party to this Amendment.

4) This Amendment may be executed in one or more counterparts, which together shall constitute one document.

**In Witness Whereof**, the Parties have caused this Amendment to be executed, effective July 1, 2025.

---

| | | | |
|:---|:---|:---|:---|
| **Jackson National Asset Management, LLC** | **Jackson National Asset Management, LLC** | **Champlain Investment Partners, LLC** | **Champlain Investment Partners, LLC** |
| By: | ***/s/ Emily J. Bennett*** | By: | ***/s/ Eric Ode*** |
| Name: | Emily J. Bennett | Name: | Eric Ode |
| Title: | VP and Deputy General Counsel | Title: | President & COO |

---

**-1-**

**Schedule B**

July 1, 2025

*(Compensation)*

---

| |
|:---|
| **JNL Multi-Manager Mid Cap Fund** |
| <u>Average Daily Net Assets</u> <u>Annual Rate<sup>2</sup></u> |
| Fees Omitted<sup>1</sup> |

---

<sup>1</sup> For the portion of the Average Daily Net Assets managed by Champlain Investment Partners, LLC.

<sup>2</sup> Footnote Omitted.

**B-1**

## Ex-99.D

Ex. 99.28(d)(20)(vi)

**Amendment** 

**to Sub-Advisory Agreement Between** 

**Jackson National Asset Management, LLC**

**and FIAM LLC**

This **Amendment** is made by and between **Jackson National Asset Management, LLC**, a Michigan limited liability company and registered investment adviser (the "Adviser"), and **FIAM LLC**, a limited liability company organized in the State of Delaware (the "Sub-Adviser").

**Whereas**, the Adviser and the Sub-Adviser (the "Parties") entered into a Sub-Advisory Agreement effective as of September 13, 2021 wherein the June 24, 2019 Agreement, as amended, was incorporated by reference, and as amended thereafter (the "Agreement"), whereby the Adviser appointed the Sub-Adviser to provide certain sub-investment advisory services to certain investment portfolios (each, a "Fund") of JNL Series Trust (the "Trust"), as listed on Schedule A to the Agreement, for the portion of each Fund's assets allocated to the Sub-Adviser.

**Whereas**, pursuant to the Agreement, the Adviser agreed to pay sub-advisory fees as set forth on Schedule B of the Agreement to the Sub-Adviser for the services provided and the expenses assumed by the Sub-Adviser, and the Sub-Adviser agreed to accept such sub-advisory fees as full compensation under the Agreement for such services and expenses.

**Whereas**, the Board of Trustees of the Trust has approved sub-advisory fee changes for the JNL/Fidelity Institutional Asset Management<sup>®</sup> Total Bond Fund, effective May 1, 2025.

**Whereas**, the Parties have agreed to amend Schedule B of the Agreement to modify the sub-advisory fee for the JNL/Fidelity Institutional Asset Management<sup>®</sup> Total Bond Fund, effective May 1, 2025.

**Now Therefore**, in consideration of the mutual covenants herein contained, the Parties hereby agree to amend the Agreement as follows:

1) Schedule B to the Agreement is hereby deleted and replaced in its entirety with Schedule B dated May 1, 2025, attached hereto.

2) Except as specifically amended hereby, the Agreement shall remain in full force and effect in accordance with its terms.

3) Each of the Parties represents and warrants to the others that it has full authority to enter into this Amendment, upon the terms and conditions hereof, and that the individual executing this Amendment is duly authorized to bind the respective party to this Amendment.

4) This Amendment may be executed in one or more counterparts, which together shall constitute one document.

**In Witness Whereof**, the Parties have caused this Amendment to be executed, effective May 1, 2025.

---

| | | | |
|:---|:---|:---|:---|
| **Jackson National Asset Management, LLC** | **Jackson National Asset Management, LLC** | **FIAM LLC** | **FIAM LLC** |
| By: | ***/s/ Emily J. Bennett*** | By: | ***/s/ Brad Sweeney*** |
| Name: | Emily J. Bennett | Name: | Brad Sweeney |
| Title: | VP and Deputy General Counsel | Title: | VP, Business Development |
| Dated: | June 5, 2025 | Dated: | April 22, 2025 |

---

**-1-**

**Schedule B**

Dated May 1, 2025

*(Compensation)*

---

| | |
|:---|:---|
| &nbsp;&nbsp;**JNL/Fidelity Institutional Asset Management<sup>®</sup> Total Bond Fund** | &nbsp;&nbsp;**JNL/Fidelity Institutional Asset Management<sup>®</sup> Total Bond Fund** |
| &nbsp;&nbsp;<u>Average Daily Net Assets</u> | &nbsp;&nbsp;<u>Annual Rate</u> |
| &nbsp;&nbsp;$0 to $500 Million | &nbsp;&nbsp;0.13% |
| &nbsp;&nbsp;$500 Million to $1 Billion | &nbsp;&nbsp;0.10% |
| &nbsp;&nbsp;$1 Billion to $1.5 Billion | &nbsp;&nbsp;0.08% |
| &nbsp;&nbsp;Over $1.5 Billion | &nbsp;&nbsp;0.07% |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;**JNL Multi-Manager Floating Rate Income Fund<sup>\*</sup>** | &nbsp;&nbsp;**JNL Multi-Manager Floating Rate Income Fund<sup>\*</sup>** |
| &nbsp;&nbsp;<u>Average Daily Net Assets</u> | &nbsp;&nbsp;<u>Annual Rate</u> |
| &nbsp;&nbsp;[Fees Omitted] | &nbsp;&nbsp;[Fees Omitted] |

---

 

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

**B-1**

## Ex-99.D

Ex. 99.28(d)(24)(iii)

**Amendment to Amended and Restated Sub-Advisory Agreement Between** 

**Jackson National Asset Management, LLC and Franklin Advisers, Inc.**

This **Amendment** is made by and between **Jackson National Asset Management, LLC**, a Michigan limited liability company and registered investment adviser (the "Adviser"), and **Franklin Advisers, Inc.**, a California corporation and registered investment adviser (the "Sub-Adviser").

**Whereas**, the Adviser and the Sub-Adviser (the "Parties") entered into an Amended and Restated Sub-Advisory Agreement, effective September 1, 2022 (the "Agreement"), whereby the Adviser appointed the Sub-Adviser to provide certain sub-investment advisory services to certain investment portfolios (each, a "Fund") of JNL Series Trust (the "Trust"), as listed on Schedule A to the Agreement.

**Whereas**, pursuant to the Agreement, the Adviser agreed to pay sub-advisory fees as set forth on Schedule B to the Agreement to the Sub-Adviser for the services provided and the expenses assumed by the Sub-Adviser, and the Sub-Adviser agreed to accept such sub-advisory fees as full compensation under the Agreement for such services and expenses.

**Whereas**, the Board of Trustees of the Trust has approved, and the Parties have agreed to amend the sub-advisory fees, as set forth on Schedule B of the Agreement, to reflect fee reductions for the JNL/Franklin Templeton Income Fund, effective September 1, 2025.

**Now Therefore**, in consideration of the mutual covenants herein contained, the Parties hereby agree to amend the Agreement as follows:

1) Schedule B to the Agreement is hereby deleted and replaced in its entirety with Schedule B dated September 1, 2025, attached hereto.

2) Except as specifically amended hereby, the Agreement shall remain in full force and effect in accordance with its terms.

3) Each of the Parties represents and warrants to the others that it has full authority to enter into this Amendment, upon the terms and conditions hereof, and that the individual executing this Amendment is duly authorized to bind the respective party to this Amendment.

4) This Amendment may be executed in one or more counterparts, which together shall constitute one document.

**In Witness Whereof**, the Parties have caused this Amendment to be executed, effective as of September 1, 2025.

---

| | | | |
|:---|:---|:---|:---|
| **Jackson National Asset Management, LLC** | **Jackson National Asset Management, LLC** | **Franklin Advisers, Inc.** | **Franklin Advisers, Inc.** |
| By: | ***/s/ Emily J. Bennett*** | By: | ***/s/ Edward J. Perks*** |
| Name: | Emily J. Bennett | Name: | Edward J. Perks |
| Title: | VP and Deputy General Counsel | Title: | President and CIO |

---

**Schedule B**

Dated September 1, 2025

*(Compensation)*

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br> **JNL/Franklin Templeton Income Fund** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br> **JNL/Franklin Templeton Income Fund** |
| &nbsp;&nbsp; <u>Average Daily Net Assets</u> | &nbsp;&nbsp; <u>Annual Rate</u> |
| &nbsp;&nbsp; $0 to $500 million | &nbsp;&nbsp; 0.310% |
| &nbsp;&nbsp; $500 million to $1 billion | &nbsp;&nbsp; 0.290% |
| &nbsp;&nbsp; $1 billion to $1.5 billion | &nbsp;&nbsp; 0.270% |
| &nbsp;&nbsp; Amounts over $1.5 billion | &nbsp;&nbsp; 0.250% |

---

 

**B-1**

## Ex-99.D

**Ex. 99.28(d)(42)(ii)**

**Amendment to JNL Series Trust**

**Investment Sub-Advisory Agreement Between** 

**Jackson National Asset Management, LLC**

**and River Road Asset Management, LLC**

This **Amendment** is made by and between **Jackson National Asset Management, LLC**, a Michigan limited liability company and registered investment adviser (the "Adviser"), and **River Road Asset Management, LLC,** a Delaware limited liability company and registered investment adviser (the "Sub-Adviser").

**Whereas**, the Adviser and Sub-Adviser (the "Parties") entered into an Investment Sub-Advisory Agreement effective as of April 26, 2021 (the "Agreement"), whereby the Adviser appointed the Sub-Adviser to provide certain sub-investment advisory services to a certain fund or funds (each a "Fund") of JNL Series Trust (the "Trust"), as listed on Schedule A of the Agreement, for the portion of each Fund's assets allocated to the Sub-Adviser.

**Whereas**, pursuant to the Agreement, the Adviser agreed to pay sub-advisory fees as set forth on Schedule B to the Agreement to the Sub-Adviser for the services provided and the expenses assumed by the Sub-Adviser, and the Sub-Adviser agreed to accept such sub-advisory fees as full compensation under the Agreement for such services and expenses.

**Whereas**, the Board of Trustees of the Trust has approved the Sub-Adviser to provide sub-investment advisory services for a portion of assets of the JNL Multi-Manager Mid Cap Fund of the Trust, effective June 5, 2025.

**Whereas**, the Parties have agreed to amend Schedule A and Schedule B of the Agreement to add the JNL Multi-Manager Mid Cap Fund and its fees, effective June 5, 2025.

**Now Therefore**, in consideration of the mutual covenants herein contained, the Parties hereby agree to amend the Agreement as follows:

1) Schedule A to the Agreement is hereby deleted and replaced in its entirety with Schedule A dated June 5, 2025, attached hereto.

2) Schedule B to the Agreement is hereby deleted and replaced in its entirety with Schedule B dated June 5, 2025, attached hereto.

3) Except as specifically amended hereby, the Agreement shall remain in full force and effect in accordance with its terms.

4) Each of the Parties represents and warrants to the others that it has full authority to enter into this Amendment, upon the terms and conditions hereof, and that the individual executing this Amendment is duly authorized to bind the respective party to this Amendment.

5) This Amendment may be executed in one or more counterparts, which together shall constitute one document.

**In Witness Whereof**, the Parties have caused this Amendment to be executed, effective June 5, 2025.

---

| | | | |
|:---|:---|:---|:---|
| **Jackson National Asset Management, LLC** | **Jackson National Asset Management, LLC** | **River Road Asset Management, LLC** | **River Road Asset Management, LLC** |
| By: | ***/s/ Emily J. Bennett*** | By: | ***/s/ Thomas Mueller*** |
| Name: | Emily J. Bennett | Name: | Thomas Mueller |
| Title: | VP and Deputy General Counsel | Title: | COO/CCO |

---

**Schedule A**

Dated June 5, 2025

 ****

---

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

---

 

<sup>\*</sup> For the portion of the Average Daily Net Assets managed by the Sub-Adviser.

 

**A-1**

 

**Schedule B**

Dated June 5, 2025

*(Compensation)*

---

| | |
|:---|:---|
| **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> |
| [Fees Omitted] | [Fees Omitted] |

---

<sup>___________________________________________________________________________________________________</sup>

<sup>\*</sup>For the portion of the Average Daily Net Assets managed by the Sub-Adviser.

---

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

---

<sup>\*</sup>For the portion of the Average Daily Net Assets managed by the Sub-Adviser.

**B-1**

## Ex-99.D

**Ex. 99.28(d)(42)(iii)**

**Amendment to JNL Series Trust**

**Investment Sub-Advisory Agreement Between** 

**Jackson National Asset Management, LLC**

**and River Road Asset Management, LLC**

This **Amendment** is made by and between **Jackson National Asset Management, LLC**, a Michigan limited liability company and registered investment adviser (the "Adviser"), and **River Road Asset Management, LLC,** a Delaware limited liability company and registered investment adviser (the "Sub-Adviser").

**Whereas**, the Adviser and Sub-Adviser (the "Parties") entered into an Investment Sub-Advisory Agreement effective as of April 26, 2021 (the "Agreement"), whereby the Adviser appointed the Sub-Adviser to provide certain sub-investment advisory services to a certain fund or funds (each a "Fund") of JNL Series Trust (the "Trust"), as listed on Schedule A of the Agreement, for the portion of each Fund's assets allocated to the Sub-Adviser.

**Whereas**, pursuant to the Agreement, the Adviser agreed to pay sub-advisory fees as set forth on Schedule B to the Agreement to the Sub-Adviser for the services provided and the expenses assumed by the Sub-Adviser, and the Sub-Adviser agreed to accept such sub-advisory fees as full compensation under the Agreement for such services and expenses.

**Whereas**, the Board of Trustees of the Trust has approved the Sub-Adviser to provide sub-investment advisory services for a portion of assets of the JNL Multi-Manager U.S. Select Equity Fund of the Trust, August 29, 2025.

**Whereas**, the Parties have agreed to amend Section 3. "<u>Compensation of Sub-Adviser</u>" of the Agreement, as set forth below, and to amend and Schedule A and Schedule B of the Agreement to add the JNL Multi-Manager U.S. Select Equity Fund and its fees, effective August 29, 2025.

**Now Therefore**, in consideration of the mutual covenants herein contained, the Parties hereby agree to amend the Agreement as follows:

1) Section 3. "<u>Compensation of Sub-Adviser</u>" shall be deleted and replaced, in its entirety, with the following:

"The Adviser will pay the Sub-Adviser a sub-advisory fee, calculated and 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 Adviser shall submit payment to the Sub-Adviser within thirty (30) calendar days after each month end along with fee calculation supporting documentation. The Sub-Adviser shall not provide an invoice to the Adviser.

The Sub-Adviser agrees that the fee rate paid to the Sub-Adviser shall not be in excess of the fee rates charged by the Sub-Adviser to any other future investment company client, registered under the Investment Company Act, being managed on a discretionary basis by the Sub-Adviser pursuant to (i) the Sub-Adviser's Small-Mid Cap Value II strategy when applying this provision to the JNL Multi-Manager Small Cap Value Fund, (ii) the Sub-Adviser's Mid Cap Value strategy when applying this provision to the JNL Multi-Manager Mid Cap Fund, and (iii) the Sub-Adviser's Large Cap Value Select strategy when applying this provision to the JNL Multi-Manager U.S. Select Equity Fund (for the purpose of this provision, each a "Sub-Adviser Strategy"), provided, however, that the foregoing shall not apply to any Sub-Adviser client or fund (i) that is an investment company or fund (registered under the Investment Company Act or otherwise) that is launched by the Sub-Adviser pursuant to a Sub-Adviser Strategy (ii) that is affiliated with the Sub-Adviser or that is an internal client (i.e., employees and their family members) of the Sub-Adviser, (iii) whose fees are structured to include a performance-based fee component, or (iv) whose anticipated aggregate assets under management in a Sub-Adviser Strategy are larger than the aggregate assets under management of a Fund, as listed on Schedule A of the Agreement, invested in the same Sub-Adviser Strategy. For the avoidance of doubt, this provision shall only be assessed at the time the Sub-Adviser formally offers the fee schedule to the future investment company and, if this provision is not triggered then, the Sub-Adviser shall have no ongoing or continuing obligation under this provision, regardless of any subsequent changes in assets under management."

2) Schedule A to the Agreement is hereby deleted and replaced in its entirety with Schedule A dated August 29, 2025, attached hereto.

3) Schedule B to the Agreement is hereby deleted and replaced in its entirety with Schedule B dated August 29, 2025, attached hereto.

4) Except as specifically amended hereby, the Agreement shall remain in full force and effect in accordance with its terms.

5) Each of the Parties represents and warrants to the others that it has full authority to enter into this Amendment, upon the terms and conditions hereof, and that the individual executing this Amendment is duly authorized to bind the respective party to this Amendment.

6) This Amendment may be executed in one or more counterparts, which together shall constitute one document.

**In Witness Whereof**, the Parties have caused this Amendment to be executed, effective August 29, 2025.

---

| | | | |
|:---|:---|:---|:---|
| **Jackson National Asset Management, LLC** | **Jackson National Asset Management, LLC** | **River Road Asset Management, LLC** | **River Road Asset Management, LLC** |
| By: | ***/s/ Emily J. Bennett*** | By: | ***/s/ Meagan Snyder*** |
| Name: | Emily J. Bennett | Name: | Meagan Snyder |
| Title: | VP and Deputy General Counsel | Title: | Chief Compliance Officer |

---

**- 2 -**

**Schedule A**

Dated August 29, 2025

 ****

---

| |
|:---|
| **<u>Funds</u>** |
| JNL Multi-Manager Small Cap Value Fund<sup>\*</sup> |
| JNL Multi-Manager Mid Cap Fund<sup>\*</sup> |
| JNL Multi-Manager U.S. Select Equity Fund<sup>\*</sup> |

---

 

<sup>\*</sup> For the portion of the Average Daily Net Assets managed by the Sub-Adviser.

 

**A-1**

 

**Schedule B**

Dated August 29, 2025

*(Compensation)*

---

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

---

<sup>___________________________________________________________________________________________________</sup>

<sup>\*</sup>For the portion of the Average Daily Net Assets managed by the Sub-Adviser.

---

| | |
|:---|:---|
| &nbsp;&nbsp;**JNL Multi-Manager Mid Cap Fund<sup>\*</sup>** | &nbsp;&nbsp;**JNL Multi-Manager Mid Cap Fund<sup>\*</sup>** |
| &nbsp;&nbsp;<u>Average Daily Net Assets</u> | &nbsp;&nbsp;<u>Annual Rate</u> |
| &nbsp;&nbsp;[Fees Omitted] | &nbsp;&nbsp;[Fees Omitted] |

---

<sup>___________________________________________________________________________________________________</sup>

<sup>\*</sup>For the portion of the Average Daily Net Assets managed by the Sub-Adviser.

---

| | |
|:---|:---|
| &nbsp;&nbsp;**JNL Multi-Manager U.S. Select Equity Fund<sup>\*</sup>** | &nbsp;&nbsp;**JNL Multi-Manager U.S. Select Equity Fund<sup>\*</sup>** |
| &nbsp;&nbsp;<u>Average Daily Net Assets</u> | &nbsp;&nbsp;<u>Annual Rate</u> |
| &nbsp;&nbsp;[Fees Omitted] | &nbsp;&nbsp;[Fees Omitted] |

---

<sup>\*</sup>For the portion of the Average Daily Net Assets managed by the Sub-Adviser.

**B-1**

## Ex-99.D

Ex. 99.28(d)(43)(i)

**JNL Series Trust** 

**Investment Sub-Advisory Agreement**

This **Agreement**, effective as of August 12, 2025, is by and between **Jackson National Asset Management, LLC**, a limited liability company organized in the State of Michigan (the "Adviser"), and **Segall Bryant & Hamill, 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 Adviser has entered into an Amended and Restated Investment Advisory and Management Agreement effective 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");

**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 fund or funds listed on Schedule A hereto (each, a "Fund") are series of the Trust;

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

**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, 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. <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 upon written notice to the Sub-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 in writing, 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. <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. 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. 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) 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) 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) 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) 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) 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 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) 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;

**Page 2 of 15**

&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) 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) 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) 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. 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 promptly 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. 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.

**Page 3 of 15**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;E. 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. 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 reasonably requested by the Board or the Adviser.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;G. 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. 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 Adviser's request, if applicable. 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 seek 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.

**Page 4 of 15**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;J. 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. 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. The Sub-Adviser shall not be responsible for any loss or damages in relation to any failure under the provisions cited above, if such failure was the result of the Sub-Adviser acting in reliance upon information provided to the Sub-Adviser by the Adviser.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;L. 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 discretion, 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.

**Page 5 of 15**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;M. 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. 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. 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. <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 (at the time of this Agreement's inception) 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. <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. <u>Liability and Indemnification</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. 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 provided 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.

**Page 6 of 15**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. 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. <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. 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. 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. 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 the services contemplated by this Agreement; and (v) will promptly notify the Sub-Adviser of the occurrence of any event that would disqualify the 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.

**Page 7 of 15**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;D. 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. 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. <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. 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. 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 the 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. 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.

**Page 8 of 15**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;D. 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. 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. 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. 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. 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. 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. 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. 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.

**Page 9 of 15**

8. <u>Commodity Exchange Act Matters</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. 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) 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) 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) 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. 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) 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) 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) 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. 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) 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;

**Page 10 of 15**

&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) 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) 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) 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. <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. <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. <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. <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.

**Page 11 of 15**

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. <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, 2026. 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 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. <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 by the 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. <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.

**Page 12 of 15**

16. <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. <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. <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. <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. <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.

**Page 13 of 15**

21. <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.

---

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

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;To the Sub-Adviser: | Michael Spitz |
|  | Segall Bryant & Hamill, LLC |
|  | 10 S. Wacker Drive, Suite 3100 |
|  | Chicago, IL 60606 |
|  | Email address: mspitz@sbhic.com |

---

---

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

---

22. <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. <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. <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.

**Page 14 of 15**

25. <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 as of the date first mentioned above.

---

| | |
|:---|:---|
| **Jackson National Asset Management, LLC** | **Jackson National Asset Management, LLC** |
| By: | ***/s/ Mark D. Nerud*** |
| Name: | Mark D. Nerud |
| Title: | President and Chief Executive Officer |
| <br> **Segall Bryant & Hamill, LLC** | <br> **Segall Bryant & Hamill, LLC** |
| By: | ***/s/ Carolyn Goldhaber*** |
| Name: | Carolyn Goldhaber |
| Title: | President |

---

**Page 15 of 15**

**Schedule A**

**August 12, 2025**

---

| |
|:---|
| &nbsp;&nbsp;**<u>Funds</u>** |
| &nbsp;&nbsp; JNL Multi-Manager Small Cap Growth Fund<br> *(for the portion of the Average Daily Net Assets managed by Segall Bryant & Hamill, LLC)* |

---

**A-1**

**Schedule B**

**August 12, 2025** 

*(Compensation)*

---

| | |
|:---|:---|
| &nbsp;&nbsp;(1) | &nbsp;&nbsp;(1) |
| &nbsp;&nbsp; **JNL Multi-Manager Small Cap Growth Fund**<br> *(for the portion of the Average Daily Net Assets managed by Segall Bryant & Hamill, LLC)*  | &nbsp;&nbsp; **JNL Multi-Manager Small Cap Growth Fund**<br> *(for the portion of the Average Daily Net Assets managed by Segall Bryant & Hamill, LLC)*  |
| &nbsp;&nbsp;<u>Average Daily Net Assets</u> | &nbsp;&nbsp;<u>Annual Rate</u> |
| [Fees Omitted] | [Fees Omitted] |
| (2) | (2) |

---

**B-1**

## Ex-99.D

**Ex. 99.28(d)(44)(vi)**

**Amendment to Amended and Restated Sub-Advisory Agreement Between**

**Jackson National Asset Management, LLC and T. Rowe Price Associates, Inc.**

This **Amendment** is made by and between **Jackson National Asset Management, LLC**, a Michigan limited liability company and registered investment adviser (the "Adviser"), and **T. Rowe Price Associates, Inc.**, a Maryland corporation and registered investment adviser (the "Sub-Adviser").

**Whereas**, the Adviser and the Sub-Adviser (the "Parties") entered into an Amended and Restated Sub-Advisory Agreement effective September 1, 2022, as amended (the "Agreement"), whereby the Adviser appointed the Sub-Adviser to provide certain sub-investment advisory services to certain investment portfolios (the "Funds") of JNL Series Trust (the "Trust"), as listed on Schedule A to the Agreement.

**Whereas**, pursuant to the Agreement, the Adviser agreed to pay sub-advisory fees as set forth on Schedule B to the Agreement to the Sub-Adviser for the services provided and the expenses assumed by the Sub-Adviser, and the Sub-Adviser agreed to accept such sub-advisory fees as full compensation under the Agreement for such services and expenses.

**Whereas**, the Board of Trustees of the Trust approved, and the Parties have agreed to amend the sub-advisory fees, as set forth on Schedule B to the Agreement, to reflect fee reductions for the JNL/T. Rowe Price Growth Stock Fund, effective June 1, 2025.

**Now Therefore**, in consideration of the mutual covenants herein contained, the Parties hereby agree to amend the Agreement as follows:

1) Schedule B to the Agreement is hereby deleted and replaced in its entirety with Schedule B dated June 1, 2025, attached hereto.

2) Except as specifically amended hereby, the Agreement shall remain in full force and effect in accordance with its terms.

3) Each of the Parties represents and warrants to the others that it has full authority to enter into this Amendment, upon the terms and conditions hereof, and that the individual executing this Amendment is duly authorized to bind the respective party to this Amendment.

4) This Amendment may be executed in one or more counterparts, which together shall constitute one document.

**In Witness Whereof**, the Parties have caused this Amendment to be executed, effective as of June 1, 2025.

---

| | | | |
|:---|:---|:---|:---|
| **Jackson National Asset Management, LLC** | **Jackson National Asset Management, LLC** | **T. Rowe Price Associates, Inc.** | **T. Rowe Price Associates, Inc.** |
| By: | ***/s/ Emily J. Bennett*** |  |  |
| By: | ***/s/ Emily J. Bennett*** | By: | ***/s/ Terence Baptiste*** |
| Name: | Emily J. Bennett | Name: | Terence Baptiste |
| Title: | VP and Deputy General Counsel | Title: | Vice President |

---

**Schedule B**

Dated June 1, 2025

*(Compensation)*

 

---

| |
|:---|
| **JNL Multi-Manager Emerging Markets Equity Fund** **<sup>\*(1)</sup>** |
| [Fees Omitted] |

---

<sup>\*</sup> For the portion of the Average Daily Net Assets managed by T. Rowe Price Associates, Inc.

<sup>(1)</sup> [Fees Footnote Omitted.]

---

| | |
|:---|:---|
| &nbsp;&nbsp;**JNL/T. Rowe Price Balanced Fund<sup>(2)</sup>** | &nbsp;&nbsp;**JNL/T. Rowe Price Balanced Fund<sup>(2)</sup>** |
| &nbsp;&nbsp;***Assets up to $200 million:*** | &nbsp;&nbsp;***Assets up to $200 million:*** |
| &nbsp;&nbsp;**<u>Average Daily Net Assets</u>** | &nbsp;&nbsp;**<u>Annual Rate</u>** |
| &nbsp;&nbsp;All Assets | &nbsp;&nbsp;0.375% |
| &nbsp;&nbsp;***When assets exceed $200 million, but are less than $500 million:*** | &nbsp;&nbsp;***When assets exceed $200 million, but are less than $500 million:*** |
| &nbsp;&nbsp;**<u>Average Daily Net Assets</u>** | &nbsp;&nbsp;**<u>Annual Rate</u>** |
| &nbsp;&nbsp;All Assets | &nbsp;&nbsp;0.325% |
| &nbsp;&nbsp;***When assets exceed $500 million, but are less than $1 billion:*** | &nbsp;&nbsp;***When assets exceed $500 million, but are less than $1 billion:*** |
| &nbsp;&nbsp;**<u>Average Daily Net Assets</u>** | &nbsp;&nbsp;**<u>Annual Rate</u>** |
| &nbsp;&nbsp;$0 to $500 million | &nbsp;&nbsp;0.300% |
| &nbsp;&nbsp;Over $500 million | &nbsp;&nbsp;0.250% |
| &nbsp;&nbsp;***When assets exceed $1 billion:*** | &nbsp;&nbsp;***When assets exceed $1 billion:*** |
| &nbsp;&nbsp;All Assets | &nbsp;&nbsp;0.25% |

---

<sup>(2)</sup> The Sub-Adviser will provide JNL a transitional credit to eliminate any discontinuity between the flat 0.375% fee and flat 0.325% fee once assets exceed $200 million, between the flat 0.325% fee and tiered 0.3% fee once assets exceed $500 million, and between the tiered 0.3% fee and flat 0.25% fee once assets exceed $1 billion. The credit will apply at an Aggregate Asset range between approximately $173.3 million and $200 million, $461.5 million and $500 million, and $900.0 million and $1 billion.

To accommodate circumstances where Aggregate Assets either approach or fall beneath $200 million and to prevent a decline in Aggregate Assets from causing an increase in the absolute dollar fee, the Subadviser will provide a transitional credit to cushion the impact of reverting to the original fee schedule. The credit will be applied against the fees assessed under the existing fee schedule and will have the effect of reducing the dollar fee until Aggregate Assets either (a) exceed $200 million, when the 0.325% flat fee would be triggered, or (b) fall below a threshold of approximately $173.3 million, where the 0.375% flat fee schedule would be fully re-applied.

The credit is determined by multiplying the difference between the 0.375% flat fee schedule and the flat 0.325% fee schedule by the difference between the current portfolio size for billing purposes and the $173.3 million threshold, divided by the difference between $200 million and the $173.3 million threshold. The credit would approach $100,000 annually when Aggregate Assets were close to $200 million and fall to zero at approximately $173.3 million.

The annualized transitional credit is determined as follows, and the appropriate portion thereof (based upon the number of days in the month) will be applied as a credit to fees assessed:

---

| | |
|:---|:---|
| Current Portfolio Size for Billing Purposes - $173,333,333.33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;X $100,000 |
| $26666666.67 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;X $100,000 |

---

**B-1**

To accommodate circumstances where Aggregate Assets either approach or fall beneath $500 million and to prevent a decline in Aggregate Assets from causing an increase in the absolute dollar fee, the Subadviser will provide a transitional credit to cushion the impact of reverting to the original fee schedule. The credit will be applied against the fees assessed under the existing fee schedule and will have the effect of reducing the dollar fee until Aggregate Assets either (a) exceed $500 million, when the 0.3% tiered fee would be triggered, or (b) fall below a threshold of approximately $461.5 million, where the 0.325% flat fee schedule would be fully re-applied.

The credit is determined by multiplying the difference between the 0.325% flat fee schedule and the tiered 0.3% fee schedule by the difference between the current portfolio size for billing purposes and the $461.5 million threshold, divided by the difference between $500 million and the $461.5 million threshold. The credit would approach $125,000 annually when Aggregate Assets were close to $500 million and fall to zero at approximately $461.5 million.

The annualized transitional credit is determined as follows, and the appropriate portion thereof (based upon the number of days in the month) will be applied as a credit to fees assessed:

---

| | |
|:---|:---|
| Current Portfolio Size for Billing Purposes - $461,538,461.54 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;X $125,000 |
| $38461538.46 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;X $125,000 |

---

To accommodate circumstances where Aggregate Assets either approach or fall beneath $1 billion and to prevent a decline in Aggregate Assets from causing an increase in the absolute dollar fee, the Subadviser will provide a transitional credit to cushion the impact of reverting to the original fee schedule. The credit will be applied against the fees assessed under the existing fee schedule and will have the effect of reducing the dollar fee until Aggregate Assets either (a) exceed $1 billion, when the 0.25% flat fee would be triggered, or (b) fall below a threshold of approximately $900.0 million, where the 0.3% tiered fee schedule would be fully re-applied.

The credit is determined by multiplying the difference between the 0.3% tiered fee schedule and the flat 0.25% fee schedule by the difference between the current portfolio size for billing purposes and the $900.0 million threshold, divided by the difference between $1 billion and the $900.0 million threshold. The credit would approach $250,000 annually when Aggregate Assets were close to $1 billion and fall to zero at approximately $900.0 million.

The annualized transitional credit is determined as follows, and the appropriate portion thereof (based upon the number of days in the month) will be applied as a credit to fees assessed:

---

| | |
|:---|:---|
| Current Portfolio Size for Billing Purposes - $900,000,000.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;X $250,000 |
| $100000000.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;X $250,000 |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;**JNL/T. Rowe Price Capital Appreciation Equity Fund<sup>(3)</sup>** | &nbsp;&nbsp;**JNL/T. Rowe Price Capital Appreciation Equity Fund<sup>(3)</sup>** |
| &nbsp;&nbsp;***Assets up to $500 million:*** | &nbsp;&nbsp;***Assets up to $500 million:*** |
| &nbsp;&nbsp;**<u>Average Daily Net Assets</u>** | &nbsp;&nbsp;**<u>Annual Rate</u>** |
| &nbsp;&nbsp;$0 to $500 million | &nbsp;&nbsp;0.300% |
| &nbsp;&nbsp;***Assets over $500 million and up to $1 billion:*** | &nbsp;&nbsp;***Assets over $500 million and up to $1 billion:*** |
| &nbsp;&nbsp;**<u>Average Daily Net Assets</u>** | &nbsp;&nbsp;**<u>Annual Rate</u>** |
| &nbsp;&nbsp;$0 to $500 million | &nbsp;&nbsp;0.275% |
| &nbsp;&nbsp;Over $500 million | &nbsp;&nbsp;0.250% |
| &nbsp;&nbsp;***When assets exceed $1 billion:*** | &nbsp;&nbsp;***When assets exceed $1 billion:*** |
| &nbsp;&nbsp;**<u>Average Daily Net Assets</u>** | &nbsp;&nbsp;**<u>Annual Rate</u>** |
| &nbsp;&nbsp;All Assets | &nbsp;&nbsp;0.250% |

---

<sup>(3)</sup> The Sub-Adviser will provide JNL/T. Rowe Price Capital Appreciation Equity Fund a transitional credit to eliminate any discontinuity between the flat 0.3% fee and tiered 0.275% fee once assets exceed $500 million, and between the tiered 0.275% fee and flat 0.25% fee once assets exceed $1 billion. The credit will apply at an Aggregate Asset range between approximately $458.3 million and $500 million, and $950 million and $1 billion.

**B-2**

To accommodate circumstances where Aggregate Assets either approach or fall beneath $500 million and to prevent a decline in Aggregate Assets from causing an increase in the absolute dollar fee, the Subadviser will provide a transitional credit to cushion the impact of reverting to the original fee schedule. The credit will be applied against the fees assessed under the existing fee schedule and will have the effect of reducing the dollar fee until Aggregate Assets either (a) exceed $500 million, when the 0.275% tiered fee would be triggered, or (b) fall below a threshold of approximately $458.3 million, where the 0.3% flat fee schedule would be fully re-applied.

The credit is determined by multiplying the difference between the 0.3% flat fee schedule and the tiered 0.275% fee schedule by the difference between the current portfolio size for billing purposes and the $458.3 million threshold, divided by the difference between $500 million and the $458.3 million threshold. The credit would approach $125,000 annually when Aggregate Assets were close to $500 million and fall to zero at approximately $458.3 million.

The annualized transitional credit is determined as follows, and the appropriate portion thereof (based upon the number of days in the month) will be applied as a credit to fees assessed:

---

| | |
|:---|:---|
| Current Portfolio Size for Billing Purposes - $458,333,333.33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;X $125,000 |
| $41666666.67 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;X $125,000 |

---

To accommodate circumstances where Aggregate Assets either approach or fall beneath $1 billion and to prevent a decline in Aggregate Assets from causing an increase in the absolute dollar fee, the Subadviser will provide a transitional credit to cushion the impact of reverting to the original fee schedule. The credit will be applied against the fees assessed under the existing fee schedule and will have the effect of reducing the dollar fee until Aggregate Assets either (a) exceed $1 billion, when the 0.25% flat fee would be triggered, or (b) fall below a threshold of approximately $950.0 million, where the 0.275% tiered fee schedule would be fully re-applied.

The credit is determined by multiplying the difference between the 0.275% tiered fee schedule and the flat 0.25% fee schedule by the difference between the current portfolio size for billing purposes and the $950.0 million threshold, divided by the difference between $1 billion and the $950.0 million threshold. The credit would approach $125,000 annually when Aggregate Assets were close to $1 billion and fall to zero at approximately $950.0 million.

The annualized transitional credit is determined as follows, and the appropriate portion thereof (based upon the number of days in the month) will be applied as a credit to fees assessed:

---

| | |
|:---|:---|
| Current Portfolio Size for Billing Purposes - $950,000,000.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;X $125,000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $50000000.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;X $125,000 |

---

In order to prevent the Funds from paying duplicate management fees, the net asset value of shares of the T. Rowe Price Institutional Floating Rate Fund or shares of any other T. Rowe Price institutional fund held in a Fund's portfolio will be excluded from the Fund's total assets in calculating the sub-advisory fees payable to the Sub-Adviser.

---

| | |
|:---|:---|
| &nbsp;&nbsp;**JNL/T. Rowe Price Capital Appreciation Fund<sup>(4)</sup>** | &nbsp;&nbsp;**JNL/T. Rowe Price Capital Appreciation Fund<sup>(4)</sup>** |
| &nbsp;&nbsp;***Assets up to $500 million:*** | &nbsp;&nbsp;***Assets up to $500 million:*** |
| &nbsp;&nbsp;**<u>Average Daily Net Assets</u>** **<sup>(5)</sup>** | &nbsp;&nbsp;**<u>Annual Rate</u>** |
| &nbsp;&nbsp;$0 to $250 million | &nbsp;&nbsp;0.50% |
| &nbsp;&nbsp;$250 million to $500 million | &nbsp;&nbsp;0.40% |
| &nbsp;&nbsp;***Assets over $500 million and up to $2 billion:*** | &nbsp;&nbsp;***Assets over $500 million and up to $2 billion:*** |
| &nbsp;&nbsp;**<u>Average Daily Net Assets</u>** | &nbsp;&nbsp;**<u>Annual Rate</u>** |
| &nbsp;&nbsp;$0 to $1 billion | &nbsp;&nbsp;0.40% |
| &nbsp;&nbsp;Over $1 billion | &nbsp;&nbsp;0.35% |
| &nbsp;&nbsp;***Assets over $2 billion and up to $3 billion:*** | &nbsp;&nbsp;***Assets over $2 billion and up to $3 billion:*** |
| &nbsp;&nbsp;**<u>Average Daily Net Assets</u>** | &nbsp;&nbsp;**<u>Annual Rate</u>** |
| &nbsp;&nbsp;$0 to $500 million | &nbsp;&nbsp;0.40% |
| &nbsp;&nbsp;Over $500 million | &nbsp;&nbsp;0.35% |

---

**B-3**

---

| | |
|:---|:---|
| &nbsp;&nbsp;***When assets exceed $3 billion:*** | &nbsp;&nbsp;***When assets exceed $3 billion:*** |
| &nbsp;&nbsp;**<u>Average Daily Net Assets</u>** | &nbsp;&nbsp;**<u>Annual Rate</u>** |
| &nbsp;&nbsp;All Assets | &nbsp;&nbsp;0.35% |

---

<sup>(4)</sup> For the JNL/T. Rowe Capital Appreciation Fund, the Sub-Adviser will provide the Adviser a transitional credit to eliminate any discontinuity between the tiered fee schedule and the flat fee once assets exceed $3 billion. The credit will apply at asset levels between approximately $2.93 billion and $3 billion.

To accommodate circumstances where a Fund's assets fall beneath $3 billion and to prevent a decline in a Fund's assets from causing an increase in the absolute dollar fee, the Sub-Adviser will provide a transitional credit to cushion the impact of reverting to the original tiered fee schedule. The credit will be applied against the fees assessed under the existing fee schedule and will have the effect of reducing the dollar fee until assets either (a) exceed $3 billion, when the flat fee would be triggered, or (b) fall below a threshold of approximately $2.93 billion, where the tiered fee schedule would be fully re-applied.

The credit is determined by multiplying the difference between the tiered fee schedule and the flat 0.35% fee schedule by the difference between the current portfolio size for billing purposes and the $2.93 billion threshold, divided by the difference between $3 billion and the $2.93 billion threshold. The credit would approach $250,000 annually when a Fund's assets were close to $3 billion and fall to zero at approximately $2.93 billion.

The annualized transitional credit is determined as follows, and the appropriate portion thereof (based upon the number of days in the month) will be applied as a credit to fees assessed:

---

| | |
|:---|:---|
| Current Portfolio Size for Billing Purposes – $2,928,571,429 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;X $250,000 |
| $71428571 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;X $250,000 |

---

<sup>(5)</sup> In order to prevent the Funds from paying duplicate management fees, the net asset value of shares of the T. Rowe Price Institutional Floating Rate Fund or shares of any other T. Rowe Price institutional fund held in a Fund's portfolio will be excluded from the Fund's total assets in calculating the sub-advisory fees payable to the Sub-Adviser.

---

| | |
|:---|:---|
| &nbsp;&nbsp;**JNL/T. Rowe Price Growth Stock Fund<sup>(6)</sup>** | &nbsp;&nbsp;**JNL/T. Rowe Price Growth Stock Fund<sup>(6)</sup>** |
| &nbsp;&nbsp;***Assets up to $100 million:*** | &nbsp;&nbsp;***Assets up to $100 million:*** |
| &nbsp;&nbsp;**<u>Average Daily Net Assets</u>** | &nbsp;&nbsp;**<u>Annual Rate</u>** |
| &nbsp;&nbsp;$0 to $50 million | &nbsp;&nbsp;0.50% |
| &nbsp;&nbsp;$50 million to $100 million | &nbsp;&nbsp;0.40% |
| &nbsp;&nbsp;***Assets over $100 million and up to $200 million:*** | &nbsp;&nbsp;***Assets over $100 million and up to $200 million:*** |
| &nbsp;&nbsp;**<u>Average Daily Net Assets</u>** | &nbsp;&nbsp;**<u>Annual Rate</u>** |
| &nbsp;&nbsp;$0 to $200 million | &nbsp;&nbsp;0.40% |
| &nbsp;&nbsp;***Assets over $200 million and up to $500 million:*** | &nbsp;&nbsp;***Assets over $200 million and up to $500 million:*** |
| &nbsp;&nbsp;**<u>Average Daily Net Assets</u>** | &nbsp;&nbsp;**<u>Annual Rate</u>** |
| &nbsp;&nbsp;$0 to $500 million | &nbsp;&nbsp;0.33% |
| &nbsp;&nbsp;***Assets over $500 million and up to $1 billion:*** | &nbsp;&nbsp;***Assets over $500 million and up to $1 billion:*** |
| &nbsp;&nbsp;**<u>Average Daily Net Assets</u>** | &nbsp;&nbsp;**<u>Annual Rate</u>** |
| &nbsp;&nbsp;$0 to $1 billion | &nbsp;&nbsp;0.325% |
| &nbsp;&nbsp;***Assets over $1 billion and up to $2 billion:*** | &nbsp;&nbsp;***Assets over $1 billion and up to $2 billion:*** |
| &nbsp;&nbsp;**<u>Average Daily Net Assets</u>** | &nbsp;&nbsp;**<u>Annual Rate</u>** |
| &nbsp;&nbsp;$0 to $1 billion | &nbsp;&nbsp;0.30% |
| &nbsp;&nbsp;$1 billion to $2 billion | &nbsp;&nbsp;0.29% |

---

**B-4**

---

| | |
|:---|:---|
| &nbsp;&nbsp;***Assets over $2 billion and up to $3 billion:*** | &nbsp;&nbsp;***Assets over $2 billion and up to $3 billion:*** |
| &nbsp;&nbsp;**<u>Average Daily Net Assets</u>** | &nbsp;&nbsp;**<u>Annual Rate</u>** |
| &nbsp;&nbsp;$0 to $3 billion | &nbsp;&nbsp;0.29% |
| &nbsp;&nbsp;$3 billion to $7.5 billion | &nbsp;&nbsp;0.275% |
| &nbsp;&nbsp;***Assets over $7.5 billion*** | &nbsp;&nbsp;***Assets over $7.5 billion*** |
| &nbsp;&nbsp;**<u>Average Daily Net Assets</u>** | &nbsp;&nbsp;**<u>Annual Rate</u>** |
| &nbsp;&nbsp;$0 to $7.5 billion | &nbsp;&nbsp;0.260% |

---

<sup>(6)</sup> For the JNL/T. Rowe Price Growth Stock Fund, the Sub-Adviser will provide the Adviser a transitional credit to eliminate any discontinuity between the tiered fee schedule and the flat fee once assets exceed $100 million. The credit will apply at asset levels between $87.5 million and $100 million.

To accommodate circumstances where a Fund's assets fall beneath $100 million and to prevent a decline in the Fund's assets from causing an increase in the absolute dollar fee, the Sub-Adviser will provide a transitional credit to cushion the impact of reverting to the original tiered fee schedule. The credit will be applied against the fees assessed under the existing fee schedule and will have the effect of reducing the dollar fee until assets either (a) exceed $100 million, when the flat fee would be triggered, or (b) fall below a threshold of $87.5 million, where the tiered fee schedule would be fully re-applied.

The credit is determined by multiplying the difference between the tiered fee schedule and the flat 0.40% fee schedule by the difference between the current portfolio size for billing purposes and the $87.5 million threshold, divided by the difference between $100 million and the $87.5 million threshold. The credit would approach $50,000 annually when a Fund's assets were close to $100 million and fall to zero at approximately $87.5 million.

The annualized transitional credit is determined as follows, and the appropriate portion thereof (based upon the number of days in the month) will be applied as a credit to fees assessed:

---

| | |
|:---|:---|
| Current Portfolio Size for Billing Purposes - $87,500,000  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;X $50,000 |
| $12500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;X $50,000 |

---

For the JNL/T. Rowe Price Growth Stock Fund, the Sub-Adviser will provide the Adviser a transitional credit to eliminate any discontinuity between the flat fee schedule when net assets are below $200 million and the flat fee once assets reach $200 million. The credit will apply at asset levels between $165 million and $200 million.

To accommodate circumstances where the Portfolio's assets fall beneath $200 million and to prevent a decline in the Portfolios' assets from causing an increase in the absolute dollar fee, the Sub-Adviser will provide a transitional credit to cushion the impact of reverting to the flat 0.40% fee schedule. The credit will be applied against the fees assessed under the existing fee schedule and will have the effect of reducing the dollar fee until assets either (a) exceed $200 million, when the flat 0.33% bps fee would be triggered, or (b) fall below a threshold of $165 million, where the flat 0.40% fee schedule would be fully re-applied.

The credit is determined by multiplying the difference between the flat 0.40% fee schedule and the flat 0.33% fee schedule by the difference between $165 million and the current portfolio size for billing purposes, divided by the difference between the $200 million and the $165 million threshold. The credit would approach $140,000 annually when a Fund's assets were close to $200 million and fall to zero at $165 million.

The annualized transitional credit is determined as follows, and the appropriate portion thereof (based upon the number of days in the month) will be applied as a credit to fees assessed:

---

| | |
|:---|:---|
| Current Portfolio Size for Billing Purposes - $165,000,000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;X $140,000 |
| $35000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;X $140,000 |

---

**B-5**

For the JNL/T. Rowe Price Growth Stock Fund, the Sub-Adviser will provide the Adviser a transitional credit to eliminate any discontinuity between the flat fee schedule when net assets are below $500 million and the flat fee once assets reach $500 million. The credit will apply at asset levels between approximately $492.4 million and $500 million.

To accommodate circumstances where the Portfolio's assets fall beneath $500 million and to prevent a decline in the Portfolios' assets from causing an increase in the absolute dollar fee, the Sub-Adviser will provide a transitional credit to cushion the impact of reverting to the flat 0.33% fee schedule. The credit will be applied against the fees assessed under the existing fee schedule and will have the effect of reducing the dollar fee until assets either (a) exceed $500 million, when the flat 0.325% bps fee would be triggered, or (b) fall below a threshold of approximately $492.4 million, where the flat 0.33% fee schedule would be fully re-applied.

The credit is determined by multiplying the difference between the flat 0.33% fee schedule and the flat 0.325% fee schedule by the difference between approximately $492.4 million and the current portfolio size for billing purposes, divided by the difference between the $500 million and the $492.4 million threshold. The credit would approach $25,000 annually when a Fund's assets were close to $500 million and fall to zero at approximately $492.4 million.

The annualized transitional credit is determined as follows, and the appropriate portion thereof (based upon the number of days in the month) will be applied as a credit to fees assessed:

---

| | |
|:---|:---|
| Current Portfolio Size for Billing Purposes - $492,424,242.42 | &nbsp;&nbsp;&nbsp;&nbsp;X $25,000 |
| $7575757.58 | &nbsp;&nbsp;&nbsp;&nbsp;X $25,000 |

---

For the JNL/T. Rowe Price Growth Stock Fund, the Sub-Adviser will provide the Adviser a transitional credit to eliminate any discontinuity between the flat fee schedule when net assets are below $1 billion and the flat fee once assets reach $1 billion. The credit will apply at asset levels between approximately $923 million and $1 billion.

To accommodate circumstances where the Portfolio's assets fall beneath $1 billion and to prevent a decline in the Portfolios' assets from causing an increase in the absolute dollar fee, the Sub-Adviser will provide a transitional credit to cushion the impact of reverting to the flat 0.325% fee schedule. The credit will be applied against the fees assessed under the existing fee schedule and will have the effect of reducing the dollar fee until assets either (a) exceed $1 billion, when the flat 0.30% bps fee would be triggered, or (b) fall below a threshold of approximately $923 million, where the flat 0.325% fee schedule would be fully re-applied.

The credit is determined by multiplying the difference between the flat 0.325% fee schedule and the flat 0.30% fee schedule by the difference between approximately $923 million and the current portfolio size for billing purposes, divided by the difference between the $1 billion and the $923 million threshold. The credit would approach $250,000 annually when a Fund's assets were close to $1 billion and fall to zero at approximately $923 million.

The annualized transitional credit is determined as follows, and the appropriate portion thereof (based upon the number of days in the month) will be applied as a credit to fees assessed:

---

| | |
|:---|:---|
| Current Portfolio Size for Billing Purposes - $923,076,923.08 | &nbsp;&nbsp;&nbsp;&nbsp;X $250,000 |
| $76923076.92 | &nbsp;&nbsp;&nbsp;&nbsp;X $250,000 |

---

For the JNL/T. Rowe Price Growth Stock Fund, the Sub-Adviser will provide the Adviser a transitional credit to eliminate any discontinuity between the tiered fee schedule and the flat fee once assets exceed $2 billion. The credit will apply at asset levels between approximately $1.96 billion and $2 billion.

To accommodate circumstances where a Fund's assets fall beneath $2 billion and to prevent a decline in the Fund's assets from causing an increase in the absolute dollar fee, the Sub-Adviser will provide a transitional credit to cushion the impact of reverting to the original tiered fee schedule. The credit will be applied against the fees assessed under the existing fee schedule and will have the effect of reducing the dollar fee until assets either (a) exceed $2 billion, when the flat fee would be triggered, or (b) fall below a threshold of approximately $1.96 billion, where the tiered fee schedule would be fully re-applied.

The credit is determined by multiplying the difference between the tiered fee schedule and the flat 0.29% fee schedule by the difference between the current portfolio size for billing purposes and approximately $1.96 billion, divided by the difference between $2 billion and the $1.96 billion threshold. The credit would approach $100,000 annually when a Fund's assets were close to $2 billion and fall to zero at approximately $1.96 billion.

**B-6**

The annualized transitional credit is determined as follows, and the appropriate portion thereof (based upon the number of days in the month) will be applied as a credit to fees assessed:

---

| | |
|:---|:---|
| Current Portfolio Size for Billing Purposes - $1,965,517,241.38 | &nbsp;&nbsp;&nbsp;&nbsp;X $100,000 |
| $34482758.62 | &nbsp;&nbsp;&nbsp;&nbsp;X $100,000 |

---

For the JNL/T. Rowe Price Growth Stock Fund, the Sub-Adviser will provide the Adviser a transitional credit to eliminate any discontinuity between the tiered fee schedule and the flat fee once assets exceed $7.5 billion. The credit will apply at asset levels between approximately $6.93 billion and $10 billion.

To accommodate circumstances where a Fund's assets fall beneath $7.5 billion and to prevent a decline in the Fund's assets from causing an increase in the absolute dollar fee, the Sub-Adviser will provide a transitional credit to cushion the impact of reverting to the original tiered fee schedule. The credit will be applied against the fees assessed under the existing fee schedule and will have the effect of reducing the dollar fee until assets either (a) exceed $7.5 billion, when the flat fee would be triggered, or (b) fall below a threshold of approximately $6.93 billion, where the tiered fee schedule would be fully re-applied.

The credit is determined by multiplying the difference between the tiered fee schedule and the flat 0.26% fee schedule by the difference between the current portfolio size for billing purposes and approximately $6.93 billion, divided by the difference between $7.5 billion and the $6.93 billion threshold. The credit would approach $1,575,000 annually when a Fund's assets were close to $7.5 billion and fall to zero at approximately $6.93 billion.

The annualized transitional credit is determined as follows, and the appropriate portion thereof (based upon the number of days in the month) will be applied as a credit to fees assessed:

---

| | |
|:---|:---|
| Current Portfolio Size for Billing Purposes - $6,927,272,727.27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;X $1,575,000 |
| $572727272.73  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;X $1,575,000 |

---

---

| | |
|:---|:---|
| **JNL/T. Rowe Price Mid-Cap Growth Fund<sup>(7)</sup>** | **JNL/T. Rowe Price Mid-Cap Growth Fund<sup>(7)</sup>** |
| &nbsp;&nbsp;**<u>Average Daily Net Assets</u>** | **<u>Annual Rate</u>** |
| &nbsp;&nbsp;$0 to $1 billion | 0.50% |
| &nbsp;&nbsp;***When assets exceed $1 billion:*** |  |
| &nbsp;&nbsp;All Assets | 0.415% |
| &nbsp;&nbsp;***When assets exceed $2 billion:*** |  |
| &nbsp;&nbsp;All Assets | 0.410% |
| &nbsp;&nbsp;***When assets exceed $3 billion:*** |  |
| &nbsp;&nbsp;All Assets | 0.405% |
| &nbsp;&nbsp;***When assets exceed $5.5 billion:*** |  |
| &nbsp;&nbsp;All Assets | 0.400% |

---

<sup>(7)</sup> Fees will be paid based on assets invested in the actively managed portion of the Fund managed by T. Rowe Price, not including assets from the mid-cap growth index strategy portion of the Fund managed by Mellon Investments Corporation.

To accommodate circumstances where a Fund's assets either approach or fall beneath $1 billion and to prevent a decline in the Fund's assets from causing an increase in the absolute dollar fee, the Subadviser will provide a transitional credit to cushion the impact of reverting to the original fee schedule. The credit will be applied against the fees assessed under the existing fee schedule and will have the effect of reducing the dollar fee until assets either (a) exceed $1 billion, when the 0.415% flat fee would be triggered, or (b) fall below a threshold of approximately $830 million, where the 0.5% flat fee schedule would be fully re-applied.

The credit is determined by multiplying the difference between the 0.5% flat fee schedule and the flat 0.415% fee schedule by the difference between the current portfolio size for billing purposes and the $830 million threshold, divided by the difference between $1 billion and the $830 million threshold. The credit would approach $850,000 annually when a Fund's assets were close to $1 billion and fall to zero at approximately $830 million.

**B-7**

---

| | |
|:---|:---|
| Current Portfolio Size for Billing Purposes - $830,000,000.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;x $850,000 |
| $170000000.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;x $850,000 |

---

To accommodate circumstances where a Fund's assets either approach or fall beneath $2 billion and to prevent a decline in the Fund's assets from causing an increase in the absolute dollar fee, the Subadviser will provide a transitional credit to cushion the impact of reverting to the original fee schedule. The credit will be applied against the fees assessed under the existing fee schedule and will have the effect of reducing the dollar fee until assets either (a) exceed $2 billion, when the 0.41% flat fee would be triggered, or (b) fall below a threshold of approximately $1.975 billion, where the 0.415% flat fee schedule would be fully re-applied.

The credit is determined by multiplying the difference between the 0.415% flat fee schedule and the flat 0.41% fee schedule by the difference between the current portfolio size for billing purposes and the $1.975 billion threshold, divided by the difference between $2 billion and the $1.975 billion threshold. The credit would approach $100,000 annually when a Fund's assets were close to $2 billion and fall to zero at approximately $1.975 billion.

---

| | |
|:---|:---|
| Current Portfolio Size for Billing Purposes - $1,975,903,614.46 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;x $100,000 |
| $24096385.54 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;x $100,000 |

---

To accommodate circumstances where a Fund's either approach or fall beneath $3 billion and to prevent a decline in the Fund's assets from causing an increase in the absolute dollar fee, the Subadviser will provide a transitional credit to cushion the impact of reverting to the original fee schedule. The credit will be applied against the fees assessed under the existing fee schedule and will have the effect of reducing the dollar fee until assets either (a) exceed $3 billion, when the 0.405% flat fee would be triggered, or (b) fall below a threshold of approximately $2.963billion, where the 0.41% flat fee schedule would be fully re-applied.

The credit is determined by multiplying the difference between the 0.41% flat fee schedule and the flat 0.405% fee schedule by the difference between the current portfolio size for billing purposes and the $2.963billion threshold, divided by the difference between $3 billion and the $2.963billion threshold. The credit would approach $150,000 annually when a Fund's assets were close to $3 billion and fall to zero at approximately $2.963 billion.

---

| | |
|:---|:---|
| Current Portfolio Size for Billing Purposes - $2,963,414,634.15 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;x $150,000 |
| $36585365.85 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;x $150,000 |

---

To accommodate circumstances where a Fund's assets either approach or fall beneath $5.5 billion and to prevent a decline in the Fund's assets from causing an increase in the absolute dollar fee, the Subadviser will provide a transitional credit to cushion the impact of reverting to the original fee schedule. The credit will be applied against the fees assessed under the existing fee schedule and will have the effect of reducing the dollar fee until assets either (a) exceed $5.5 billion, when the 0.4% flat fee would be triggered, or (b) fall below a threshold of approximately $5.432 billion, where the 0.405% flat fee schedule would be fully re-applied.

The credit is determined by multiplying the difference between the 0.405% flat fee schedule and the flat 0.4% fee schedule by the difference between the current portfolio size for billing purposes and the $5.432 billion threshold, divided by the difference between $5.5 billion and the $5.432 billion threshold. The credit would approach $275,000 annually when a Fund's assets were close to $5.5 billion and fall to zero at approximately $5.432 billion.

---

| | |
|:---|:---|
| Current Portfolio Size for Billing Purposes - $5,432,098,765.43 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;x $275,000 |
| $67901234.57 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;x $275,000 |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;**JNL/T. Rowe Price Short-Term Bond Fund** | &nbsp;&nbsp;**JNL/T. Rowe Price Short-Term Bond Fund** |
| &nbsp;&nbsp;**<u>Average Daily Net Assets</u>** | &nbsp;&nbsp;**<u>Annual Rate</u>** |
| &nbsp;&nbsp;$0 to $50 million | &nbsp;&nbsp;0.180% |
| &nbsp;&nbsp;$50 million to $100 million | &nbsp;&nbsp;0.150% |
| &nbsp;&nbsp;***When assets exceed $100 million*** | &nbsp;&nbsp;***When assets exceed $100 million*** |
| &nbsp;&nbsp;**<u>Average Daily Net Assets</u>** | &nbsp;&nbsp;**<u>Annual Rate</u>** |
| &nbsp;&nbsp;All Assets | &nbsp;&nbsp;0.15% |

---

**B-8**

---

| | |
|:---|:---|
| &nbsp;&nbsp;***When assets exceed $250 million*** | &nbsp;&nbsp;***When assets exceed $250 million*** |
| &nbsp;&nbsp;**<u>Average Daily Net Assets</u>** | &nbsp;&nbsp;**<u>Annual Rate</u>** |
| &nbsp;&nbsp;All Assets | &nbsp;&nbsp; 0.125% |
| &nbsp;&nbsp;***When assets exceed $500 million*** | &nbsp;&nbsp;***When assets exceed $500 million*** |
| &nbsp;&nbsp;**<u>Average Daily Net Assets</u>** | &nbsp;&nbsp;**<u>Annual Rate</u>** |
| &nbsp;&nbsp;$0 to $500 million | &nbsp;&nbsp;0.115% |
| &nbsp;&nbsp;Amounts over $500 million | &nbsp;&nbsp;0.10% |
| &nbsp;&nbsp;***When assets exceed $1 billion*** | &nbsp;&nbsp;***When assets exceed $1 billion*** |
| &nbsp;&nbsp;**<u>Average Daily Net Assets</u>** | &nbsp;&nbsp;**<u>Annual Rate</u>** |
| &nbsp;&nbsp;All Assets | &nbsp;&nbsp;0.10%<sup>(8)</sup> |

---

<sup>(8)</sup> To accommodate circumstances where a Fund's assets fall beneath $100 million and to prevent a decline in a Fund's assets from causing an increase in the absolute dollar fee, the Sub-Adviser will provide a transitional credit to cushion the impact of reverting to the original tiered fee schedule. The credit will be applied against the fees assessed under the existing fee schedule and will have the effect of reducing the dollar fee until assets either (a) exceed $100 million, when the flat fee would be triggered, or (b) fall below a threshold of approximately $90 million, where the tiered fee schedule would be fully re-applied.

The credit is determined by multiplying the difference between the tiered fee schedule and the flat 0.15% fee schedule by the difference between the current portfolio size for billing purposes and the $90 million threshold, divided by the difference between $100 million and the $90 million threshold. The credit would approach $15,000 annually when a Fund's assets were close to $100 million and fall to zero at approximately $90 million.

The annualized transitional credit is determined as follows, and the appropriate portion thereof (based upon the number of days in the month) will be applied as a credit to fees assessed:

---

| | |
|:---|:---|
| Current Portfolio Size for Billing Purposes - $90,000,000.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;X $15,000 |
| $10000000.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;X $15,000 |

---

To accommodate circumstances where a Fund's assets fall beneath $250 million and to prevent a decline in a Fund's assets from causing an increase in the absolute dollar fee, the Sub-Adviser will provide a transitional credit to cushion the impact of reverting to the original tiered fee schedule. The credit will be applied against the fees assessed under the existing fee schedule and will have the effect of reducing the dollar fee until assets either (a) exceed $250 million, when the flat fee would be triggered, or (b) fall below a threshold of approximately $208.3 million, where the flat 0.15% fee schedule would be fully re-applied.

The credit is determined by multiplying the difference between the flat 0.15% fee schedule and the flat 0.125% fee schedule by the difference between the current portfolio size for billing purposes and the $208.3 million threshold, divided by the difference between $250 million and the $208.3 million threshold. The credit would approach $62,500 annually when a Fund's assets were close to $250 million and fall to zero at approximately $208.3 million.

The annualized transitional credit is determined as follows, and the appropriate portion thereof (based upon the number of days in the month) will be applied as a credit to fees assessed:

---

| | |
|:---|:---|
| Current Portfolio Size for Billing Purposes - $208,333,333.33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;X $62,500 |
| $41666667.67 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;X $62,500 |

---

 

To accommodate circumstances where a Fund's assets fall beneath $500 million and to prevent a decline in a Fund's assets from causing an increase in the absolute dollar fee, the Sub-Adviser will provide a transitional credit to cushion the impact of reverting to the original flat fee schedule. The credit will be applied against the fees assessed under the existing fee schedule and will have the effect of reducing the dollar fee until assets either (a) exceed $500 million, when the tiered fee would be triggered, or (b) fall below a threshold of approximately $460 million, where the flat fee schedule would be fully re-applied.

**B-9**

The credit is determined by multiplying the difference between the flat 0.125% fee schedule and the tiered 0.115% fee schedule by the difference between the current portfolio size for billing purposes and the $460 million threshold, divided by the difference between $500 million and the $460 million threshold. The credit would approach $50,000 annually when a Fund's assets were close to $500 million and fall to zero at approximately $460 million.

The annualized transitional credit is determined as follows, and the appropriate portion thereof (based upon the number of days in the month) will be applied as a credit to fees assessed:

---

| | |
|:---|:---|
| Current Portfolio Size for Billing Purposes - $460,000,000.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;X $50,000 |
| $40000000.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;X $50,000 |

---

To accommodate circumstances where a Fund's assets fall beneath $1 billion and to prevent a decline in a Fund's assets from causing an increase in the absolute dollar fee, the Sub-Adviser will provide a transitional credit to cushion the impact of reverting to the original tiered fee schedule. The credit will be applied against the fees assessed under the existing fee schedule and will have the effect of reducing the dollar fee until assets either (a) exceed $1 billion, when the flat fee would be triggered, or (b) fall below a threshold of approximately $925 million, where the tiered fee schedule would be fully re-applied.

The credit is determined by multiplying the difference between the tiered fee schedule and the flat 0.10% fee schedule by the difference between the current portfolio size for billing purposes and the $925 million threshold, divided by the difference between $1 billion and the $925 million threshold. The credit would approach $75,000 annually when a Fund's assets were close to $1 billion and fall to zero at approximately $925 million.

The annualized transitional credit is determined as follows, and the appropriate portion thereof (based upon the number of days in the month) will be applied as a credit to fees assessed:

---

| | |
|:---|:---|
| Current Portfolio Size for Billing Purposes - $925,000,000.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;X $75,000 |
| $75000000.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;X $75,000 |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;**JNL/T. Rowe Price U.S. High Yield Fund<sup>(9)</sup>** | &nbsp;&nbsp;**JNL/T. Rowe Price U.S. High Yield Fund<sup>(9)</sup>** |
| &nbsp;&nbsp;***Assets up to $100 million:*** | &nbsp;&nbsp;***Assets up to $100 million:*** |
| &nbsp;&nbsp;**<u>Average Daily Net Assets</u>** | &nbsp;&nbsp;**<u>Annual Rate</u>** |
| &nbsp;&nbsp;$0 to $50 million | &nbsp;&nbsp;0.450% |
| &nbsp;&nbsp;$50 million to $100 million | &nbsp;&nbsp;0.350% |
| &nbsp;&nbsp;***Assets over $100 million and up to $250 million:*** | &nbsp;&nbsp;***Assets over $100 million and up to $250 million:*** |
| &nbsp;&nbsp;**<u>Average Daily Net Assets</u>** | &nbsp;&nbsp;**<u>Annual Rate</u>** |
| &nbsp;&nbsp;All Assets | &nbsp;&nbsp;0.350% |
| &nbsp;&nbsp;***Assets over $250 million and up to $500 million:*** | &nbsp;&nbsp;***Assets over $250 million and up to $500 million:*** |
| &nbsp;&nbsp;**<u>Average Daily Net Assets</u>** | &nbsp;&nbsp;**<u>Annual Rate</u>** |
| &nbsp;&nbsp;All Assets | &nbsp;&nbsp;0.325% |
| &nbsp;&nbsp;***Assets over $500 million and up to $1 billion:*** | &nbsp;&nbsp;***Assets over $500 million and up to $1 billion:*** |
| &nbsp;&nbsp;**<u>Average Daily Net Assets</u>** | &nbsp;&nbsp;**<u>Annual Rate</u>** |
| &nbsp;&nbsp;All Assets | &nbsp;&nbsp;0.300% |
| &nbsp;&nbsp;***Assets over $1 billion to $2 billion:*** | &nbsp;&nbsp;***Assets over $1 billion to $2 billion:*** |
| &nbsp;&nbsp;**<u>Average Daily Net Assets</u>** | &nbsp;&nbsp;**<u>Annual Rate</u>** |
| &nbsp;&nbsp;All Assets | &nbsp;&nbsp;0.275 |
| &nbsp;&nbsp;***When assets exceed $2 billion:*** | &nbsp;&nbsp;***When assets exceed $2 billion:*** |
| &nbsp;&nbsp;**<u>Average Daily Net Assets</u>** | &nbsp;&nbsp;**<u>Annual Rate</u>** |
| &nbsp;&nbsp;All Assets | &nbsp;&nbsp;0.250% |

---

**B-10**

<sup>(9)</sup> For the JNL/T. Rowe Price U.S. High Yield Fund, the Sub-Adviser will provide the Adviser a transitional credit to eliminate any discontinuity between the tiered fee when assets are below $100 million and the flat 0.35% fee once assets reach $100 million. The credit will apply at asset level between approximately $85.7 million and $100 million.

To accommodate circumstances where the Fund's assets fall beneath $100 million and to prevent a decline in the Fund's assets from causing an increase in the absolute dollar fee, the Sub-Adviser will provide a transitional credit to cushion the impact of reverting to the tiered 0.35% fee. The credit will be applied against the fees assessed under the existing fee schedule and will have the effect of reducing the dollar fee until assets either (a) exceed $100 million, when the flat 0.35% fee would be triggered, or (b) fall below a threshold of approximately $85.7 million, where the tiered 0.35% fee would be fully re-applied.

The credit is determined by multiplying the difference between the tiered 0.35% fee and the flat 0.35% fee by the difference between the current portfolio size for billing purposes and the $85.7 million threshold, divided by the difference between $100 million and the $85.7 million threshold. The credit would approach $50,000 annually when the Fund's assets were close to $100 million and fall to zero at approximately $85.7 million.

The annualized transitional credit is determined as follows, and the appropriate portion thereof (based upon the number of days in the month) will be applied as a credit to fees assessed:

---

| | |
|:---|:---|
| <u>Current Portfolio Size for Billing Purposes - $85,714,285.71</u> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;X $50,000 |
| $14285714.29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;X $50,000 |

---

For the JNL/T. Rowe Price U.S. High Yield Fund, the Sub-Adviser will provide the Adviser a transitional credit to eliminate any discontinuity between the flat fee when assets are below $250 million and the flat 0.325% fee once assets reach $250 million. The credit will apply at asset level between approximately $232.1 million and $250 million.

To accommodate circumstances where the Fund's assets fall beneath $250 million and to prevent a decline in the Fund's assets from causing an increase in the absolute dollar fee, the Sub-Adviser will provide a transitional credit to cushion the impact of reverting to the flat 0.35% fee. The credit will be applied against the fees assessed under the existing fee schedule and will have the effect of reducing the dollar fee until assets either (a) exceed $250 million, when the flat 0.325% fee would be triggered, or (b) fall below a threshold of approximately $232.1 million, where the flat 0.35% fee would be fully re-applied.

The credit is determined by multiplying the difference between the flat 0.35% fee and the flat 0.325% fee by the difference between the current portfolio size for billing purposes and the $232.1 million threshold, divided by the difference between $250 million and the $232.1 million threshold. The credit would approach $62,500 annually when the Fund's assets were close to $250 million and fall to zero at approximately $232.1 million.

The annualized transitional credit is determined as follows, and the appropriate portion thereof (based upon the number of days in the month) will be applied as a credit to fees assessed:

---

| | |
|:---|:---|
| <u>Current Portfolio Size for Billing Purposes - $232,142,857.14</u> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;X $62,500 |
| $17857142.86 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;X $62,500 |

---

For the JNL/T. Rowe Price U.S. High Yield Fund, the Sub-Adviser will provide the Adviser a transitional credit to eliminate any discontinuity between the flat fee when assets are below $500 million and the flat 0.30% fee once assets reach $500 million. The credit will apply at asset level between approximately $461.5 million and $500 million.

To accommodate circumstances where the Fund's assets fall beneath $500 million and to prevent a decline in the Fund's assets from causing an increase in the absolute dollar fee, the Sub-Adviser will provide a transitional credit to cushion the impact of reverting to the flat 0.325% fee. The credit will be applied against the fees assessed under the existing fee schedule and will have the effect of reducing the dollar fee until assets either (a) exceed $500 million, when the flat 0.30% fee would be triggered, or (b) fall below a threshold of approximately $461.5 million, where the flat 0.325% fee would be fully re-applied.

The credit is determined by multiplying the difference between the flat 0.325% fee and the flat 0.30% fee by the difference between the current portfolio size for billing purposes and the $461.5 million threshold, divided by the difference between $500 million and the $461.5 million threshold. The credit would approach $125,000 annually when the Fund's assets were close to $500 million and fall to zero at approximately $461.5 million.

**B-11**

The annualized transitional credit is determined as follows, and the appropriate portion thereof (based upon the number of days in the month) will be applied as a credit to fees assessed:

---

| | |
|:---|:---|
| <u>Current Portfolio Size for Billing Purposes - $461,538,461.54</u> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;X $125,000.00 |
| $38461538.46 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;X $125,000.00 |

---

For the JNL/T. Rowe Price U.S. High Yield Fund, the Sub-Adviser will provide the Adviser a transitional credit to eliminate any discontinuity between the flat fee when assets are below $1 billion and the flat 0.275% fee once assets reach $1 billion. The credit will apply at asset level between approximately $916.7 million and $1 billion.

To accommodate circumstances where the Fund's assets fall beneath $1 billion and to prevent a decline in the Fund's assets from causing an increase in the absolute dollar fee, the Sub-Adviser will provide a transitional credit to cushion the impact of reverting to the flat 0.30% fee. The credit will be applied against the fees assessed under the existing fee schedule and will have the effect of reducing the dollar fee until assets either (a) exceed $1 billion, when the flat 0.275% fee would be triggered, or (b) fall below a threshold of approximately $916.7 million, where the flat 0.30% fee would be fully re-applied.

The credit is determined by multiplying the difference between the flat 0.30% fee and the flat 0.275% fee by the difference between the current portfolio size for billing purposes and the $916.7 million threshold, divided by the difference between $1 billion and the $916.7 million threshold. The credit would approach $250,000 annually when the Fund's assets were close to $1 billion and fall to zero at approximately $916.7 million.

The annualized transitional credit is determined as follows, and the appropriate portion thereof (based upon the number of days in the month) will be applied as a credit to fees assessed:

---

| | |
|:---|:---|
| <u>Current Portfolio Size for Billing Purposes - $916,666,666.67</u> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;X $250,000.00 |
| $83333333.33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;X $250,000.00 |

---

For the JNL/T. Rowe Price U.S. High Yield Fund, the Sub-Adviser will provide the Adviser a transitional credit to eliminate any discontinuity between the flat fee when assets are below $2 billion and the flat 0.25% fee once assets reach $2 billion. The credit will apply at asset level between approximately $1.82 billion and $2 billion.

To accommodate circumstances where the Fund's assets fall beneath $2 billion and to prevent a decline in the Fund's assets from causing an increase in the absolute dollar fee, the Sub-Adviser will provide a transitional credit to cushion the impact of reverting to the flat 0.275% fee. The credit will be applied against the fees assessed under the existing fee schedule and will have the effect of reducing the dollar fee until assets either (a) exceed $2 billion, when the flat 0.25% fee would be triggered, or (b) fall below a threshold of approximately $.1.82 billion, where the flat 0.275% fee would be fully re-applied.

The credit is determined by multiplying the difference between the flat 0.275% fee and the flat 0.25% fee by the difference between the current portfolio size for billing purposes and the $1.82 billion threshold, divided by the difference between $2 billion and the $1.82 billion threshold. The credit would approach $500,000 annually when the Fund's assets were close to $2 billion and fall to zero at approximately $1.82 billion.

The annualized transitional credit is determined as follows, and the appropriate portion thereof (based upon the number of days in the month) will be applied as a credit to fees assessed:

---

| | |
|:---|:---|
| Current Portfolio Size for Billing Purposes - $1,818,181,818.18 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;X $500,000.00 |
| $181818181.82 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;X $500,000.00 |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;**JNL/T. Rowe Price Value Fund <sup>(10)</sup>** | &nbsp;&nbsp;**JNL/T. Rowe Price Value Fund <sup>(10)</sup>** |
| &nbsp;&nbsp;***Assets up to $100 million:*** | &nbsp;&nbsp;***Assets up to $100 million:*** |
| &nbsp;&nbsp;**<u>Average Daily Net Assets</u>** | &nbsp;&nbsp;**<u>Annual Rate</u>** |
| &nbsp;&nbsp;$0 to $50 million | &nbsp;&nbsp;.475% |
| &nbsp;&nbsp;$50 million to $100 million | &nbsp;&nbsp;.425% |

---

**B-12**

---

| | |
|:---|:---|
| &nbsp;&nbsp;***When assets exceed $100 million, but are less than $200 million:*** | &nbsp;&nbsp;***When assets exceed $100 million, but are less than $200 million:*** |
| &nbsp;&nbsp;**<u>Average Daily Net Assets</u>** | &nbsp;&nbsp;**<u>Annual Rate</u>** |
| &nbsp;&nbsp;All Assets | &nbsp;&nbsp;.375% |
| &nbsp;&nbsp;***When assets exceed $200 million, but are less than $500 million:*** | &nbsp;&nbsp;***When assets exceed $200 million, but are less than $500 million:*** |
| &nbsp;&nbsp;**<u>Average Daily Net Assets</u>** | &nbsp;&nbsp;**<u>Annual Rate</u>** |
| &nbsp;&nbsp;All Assets | &nbsp;&nbsp;.325% |
| &nbsp;&nbsp;***When assets exceed $500 million, but are less than $1 billion:*** | &nbsp;&nbsp;***When assets exceed $500 million, but are less than $1 billion:*** |
| &nbsp;&nbsp;**<u>Average Daily Net Assets</u>** | &nbsp;&nbsp;**<u>Annual Rate</u>** |
| &nbsp;&nbsp;$0 to $500 million | &nbsp;&nbsp;.300% |
| &nbsp;&nbsp;$500 million to $1 billion | &nbsp;&nbsp;.275% |
| &nbsp;&nbsp;***When assets exceed $1 billion, but are less than $1.5 billion:*** | &nbsp;&nbsp;***When assets exceed $1 billion, but are less than $1.5 billion:*** |
| &nbsp;&nbsp;**<u>Average Daily Net Assets</u>** | &nbsp;&nbsp;**<u>Annual Rate</u>** |
| &nbsp;&nbsp;All Assets | &nbsp;&nbsp;.275% |
| &nbsp;&nbsp;***When assets exceed $1.5 billion, but are less than $2 million:*** | &nbsp;&nbsp;***When assets exceed $1.5 billion, but are less than $2 million:*** |
| &nbsp;&nbsp;**<u>Average Daily Net Assets</u>** | &nbsp;&nbsp;**<u>Annual Rate</u>** |
| &nbsp;&nbsp;All Assets | &nbsp;&nbsp;.250% |
| &nbsp;&nbsp;***When assets exceed $2 billion, but are less than $3 million:*** | &nbsp;&nbsp;***When assets exceed $2 billion, but are less than $3 million:*** |
| &nbsp;&nbsp;**<u>Average Daily Net Assets</u>** | &nbsp;&nbsp;**<u>Annual Rate</u>** |
| &nbsp;&nbsp;All Assets | &nbsp;&nbsp;.245% |
| &nbsp;&nbsp;***When assets exceed $3 billion, but are less than $4 million:*** | &nbsp;&nbsp;***When assets exceed $3 billion, but are less than $4 million:*** |
| &nbsp;&nbsp;**<u>Average Daily Net Assets</u>** | &nbsp;&nbsp;**<u>Annual Rate</u>** |
| &nbsp;&nbsp;All Assets | &nbsp;&nbsp;.240% |
| &nbsp;&nbsp;***When assets exceed $4 billion, but are less than $5.5 million:*** | &nbsp;&nbsp;***When assets exceed $4 billion, but are less than $5.5 million:*** |
| &nbsp;&nbsp;**<u>Average Daily Net Assets</u>** | &nbsp;&nbsp;**<u>Annual Rate</u>** |
| &nbsp;&nbsp;All Assets | &nbsp;&nbsp;.230% |
| &nbsp;&nbsp;***When assets exceed $5.5 billion, but are less than $7.5 million:*** | &nbsp;&nbsp;***When assets exceed $5.5 billion, but are less than $7.5 million:*** |
| &nbsp;&nbsp;**<u>Average Daily Net Assets</u>** | &nbsp;&nbsp;**<u>Annual Rate</u>** |
| &nbsp;&nbsp;All Assets | &nbsp;&nbsp;.225% |
| &nbsp;&nbsp;***When assets exceed $7.5 billion:*** | &nbsp;&nbsp;***When assets exceed $7.5 billion:*** |
| &nbsp;&nbsp;**<u>Average Daily Net Assets</u>** | &nbsp;&nbsp;**<u>Annual Rate</u>** |
| &nbsp;&nbsp;All Assets | &nbsp;&nbsp;.220% |

---

<sup>(10)</sup> For the JNL/T. Rowe Price Value Fund, the Sub-Adviser will provide the Adviser a transitional credit to eliminate any discontinuity between the flat fee schedule when net assets are below $1.5 billion and the flat fee once assets reach $1.5 billion. The credit will apply at asset levels between $1.364 billion and $1.5 billion.

To accommodate circumstances where the Portfolio's assets fall beneath $1.5 billion and to prevent a decline in the Portfolios' assets from causing an increase in the absolute dollar fee, the Sub-Adviser will provide a transitional credit to cushion the impact of reverting to the flat 0.275% fee schedule. The credit will be applied against the fees assessed under the existing fee schedule and will have the effect of reducing the dollar fee until assets either (a) exceed $1.5 billion, when the flat 0.25% bps fee would be triggered, or (b) fall below a threshold of approximately $1.364 billion, where the flat 0.275% fee schedule would be fully re-applied.

**B-13**

The credit is determined by multiplying the difference between the flat 0.275% fee schedule and the flat 0.25% fee schedule by the difference between $1.364 billion and the current portfolio size for billing purposes, divided by the difference between the $1.5 billion and the $1.364 billion threshold. The credit would approach $375,000 annually when the T. Rowe Price Large Cap Value Portfolio's assets were close to $1.5 billion and fall to zero at approximately $1.364 billion.

The annualized transitional credit is determined as follows, and the appropriate portion thereof (based upon the number of days in the month) will be applied as a credit to fees assessed:

---

| | |
|:---|:---|
| Current Portfolio Size for Billing Purposes - $1,363,636,363 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;X $375,000 |
| $136363636 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;X $375,000 |

---

For the JNL/T. Rowe Price Value Fund, the Sub-Adviser will provide the Adviser a transitional credit to eliminate any discontinuity between the flat fee when net assets are below $2 billion and the flat fee once assets reach $2 billion. The credit will apply at asset levels between approximately $1.96 billion and $2 billion.

To accommodate circumstances where the Fund's assets fall beneath $2 billion and to prevent a decline in the Fund's assets from causing an increase in the absolute dollar fee, the Sub-Adviser will provide a transitional credit to cushion the impact of reverting to the flat 0.250% fee. The credit will be applied against the fees assessed under the existing fee schedule and will have the effect of reducing the dollar fee until assets either (a) exceed $2 billion, when the flat 0.245% fee would be triggered, or (b) fall below a threshold of approximately $1.96 billion, where the flat 0.250% fee would be fully re-applied.

The credit is determined by multiplying the difference between the flat 0.250% fee and the flat 0.245% fee by the difference between the current portfolio size for billing purposes and the $1.96 billion, divided by the difference between $2 billion and the $1.96 billion threshold. The credit would approach $100,000 annually when the Fund's assets were close to $2 billion and fall to zero at approximately $1.96 billion.

The annualized transitional credit is determined as follows, and the appropriate portion thereof (based upon the number of days in the month) will be applied as a credit to fees assessed:

---

| | |
|:---|:---|
| Current Portfolio Size for Billing Purposes - $1,960,000,000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;X $100,000 |
| $40000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;X $100,000 |

---

For the JNL/T. Rowe Price Value Fund, the Sub-Adviser will provide the Adviser a transitional credit to eliminate any discontinuity between the flat fee when net assets are below $3 billion and the flat fee once assets reach $3 billion. The credit will apply at asset levels between approximately $2.94 billion and $3 billion.

To accommodate circumstances where the Fund's assets fall beneath $3 billion and to prevent a decline in the Fund's assets from causing an increase in the absolute dollar fee, the Sub-Adviser will provide a transitional credit to cushion the impact of reverting to the flat 0.245% fee. The credit will be applied against the fees assessed under the existing fee schedule and will have the effect of reducing the dollar fee until assets either (a) exceed $3 billion, when the flat 0.240% fee would be triggered, or (b) fall below a threshold of approximately $2.94 billion, where the flat 0.245% fee would be fully re-applied.

The credit is determined by multiplying the difference between the flat 0.245% fee and the flat 0.240% fee by the difference between the current portfolio size for billing purposes and the $2.94 billion, divided by the difference between $3 billion and the $2.94 billion threshold. The credit would approach $150,000 annually when the Fund's assets were close to $3 billion and fall to zero at approximately $2.94 billion.

The annualized transitional credit is determined as follows, and the appropriate portion thereof (based upon the number of days in the month) will be applied as a credit to fees assessed:

---

| | |
|:---|:---|
| Current Portfolio Size for Billing Purposes - $2,938,775,510.20 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;X $150,000 |
| $61224489.80 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;X $150,000 |

---

For the JNL/T. Rowe Price Value Fund, the Sub-Adviser will provide the Adviser a transitional credit to eliminate any discontinuity between the flat fee when net assets are below $4 billion and the flat fee once assets reach $4 billion. The credit will apply at asset levels between approximately $3.83 billion and $4 billion.

**B-14**

To accommodate circumstances where the Fund's assets fall beneath $4 billion and to prevent a decline in the Fund's assets from causing an increase in the absolute dollar fee, the Sub-Adviser will provide a transitional credit to cushion the impact of reverting to the flat 0.240% fee. The credit will be applied against the fees assessed under the existing fee schedule and will have the effect of reducing the dollar fee until assets either (a) exceed $4 billion, when the flat 0.230% fee would be triggered, or (b) fall below a threshold of approximately $3.83 billion, where the flat 0.240% fee would be fully re-applied.

The credit is determined by multiplying the difference between the flat 0.240% fee and the flat 0.230% fee by the difference between the current portfolio size for billing purposes and the $3.83 billion, divided by the difference between $4 billion and the $3.83 billion threshold. The credit would approach $400,000 annually when the Fund's assets were close to $4 billion and fall to zero at approximately $3.83 billion.

The annualized transitional credit is determined as follows, and the appropriate portion thereof (based upon the number of days in the month) will be applied as a credit to fees assessed:

---

| | |
|:---|:---|
| Current Portfolio Size for Billing Purposes - $3,833,333,333.33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;X $400,000 |
| $166666666.67 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;X $400,000 |

---

For the JNL/T. Rowe Price Value Fund, the Sub-Adviser will provide the Adviser a transitional credit to eliminate any discontinuity between the flat fee when net assets are below $5.5 billion and the flat fee once assets reach $5.5 billion. The credit will apply at asset levels between approximately $5.38 billion and $5.5 billion.

To accommodate circumstances where the Fund's assets fall beneath $5.5 billion and to prevent a decline in the Fund's assets from causing an increase in the absolute dollar fee, the Sub-Adviser will provide a transitional credit to cushion the impact of reverting to the flat 0.230% fee. The credit will be applied against the fees assessed under the existing fee schedule and will have the effect of reducing the dollar fee until assets either (a) exceed $5.5 billion, when the flat 0.225% fee would be triggered, or (b) fall below a threshold of approximately $5.38 billion, where the flat 0.230% fee would be fully re-applied.

The credit is determined by multiplying the difference between the flat 0.230% fee and the flat 0.225% fee by the difference between the current portfolio size for billing purposes and the $5.38 billion, divided by the difference between $5.5 billion and the $5.38 billion threshold. The credit would approach $275,000 annually when the Fund's assets were close to $5.5 billion and fall to zero at approximately $5.38 billion.

The annualized transitional credit is determined as follows, and the appropriate portion thereof (based upon the number of days in the month) will be applied as a credit to fees assessed:

---

| | |
|:---|:---|
| Current Portfolio Size for Billing Purposes - $5,380,434,782.61 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;X $275,000 |
| $119565217.39 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;X $275,000 |

---

For the JNL/T. Rowe Price Value Fund, the Sub-Adviser will provide the Adviser a transitional credit to eliminate any discontinuity between the flat fee when net assets are below $7.5 billion and the flat fee once assets reach $7.5 billion. The credit will apply at asset levels between approximately $7.33 billion and $7.5 billion.

To accommodate circumstances where the Fund's assets fall beneath $7.5 billion and to prevent a decline in the Fund's assets from causing an increase in the absolute dollar fee, the Sub-Adviser will provide a transitional credit to cushion the impact of reverting to the flat 0.225% fee. The credit will be applied against the fees assessed under the existing fee schedule and will have the effect of reducing the dollar fee until assets either (a) exceed $7.5 billion, when the flat 0.220% fee would be triggered, or (b) fall below a threshold of approximately $7.33 billion, where the flat 0.225% fee would be fully re-applied.

The credit is determined by multiplying the difference between the flat 0.225% fee and the flat 0.220% fee by the difference between the current portfolio size for billing purposes and the $7.33 billion, divided by the difference between $7.5 billion and the $7.33 billion threshold. The credit would approach $375,000 annually when the Fund's assets were close to $7.5 billion and fall to zero at approximately $7.33 billion.

The annualized transitional credit is determined as follows, and the appropriate portion thereof (based upon the number of days in the month) will be applied as a credit to fees assessed:

---

| | |
|:---|:---|
| Current Portfolio Size for Billing Purposes - $7,333,333,333.33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;X $375,000 |
| $166666666.67 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;X $375,000 |

---

**B-15**

## Ex-99.D

Ex. 99.28(d)(44)(vii)

**Amendment to Amended and Restated Sub-Advisory Agreement Between**

**Jackson National Asset Management, LLC and T. Rowe Price Associates, Inc.**

This **Amendment** is made by and between **Jackson National Asset Management, LLC**, a Michigan limited liability company and registered investment adviser (the "Adviser"), and **T. Rowe Price Associates, Inc.**, a Maryland corporation and registered investment adviser (the "Sub-Adviser").

**Whereas**, the Adviser and the Sub-Adviser (the "Parties") entered into an Amended and Restated Sub-Advisory Agreement effective September 1, 2022, as amended (the "Agreement"), whereby the Adviser appointed the Sub-Adviser to provide certain sub-investment advisory services to certain investment portfolios (the "Funds") of JNL Series Trust (the "Trust"), as listed on Schedule A to the Agreement.

**Whereas**, pursuant to the Agreement, the Adviser agreed to pay sub-advisory fees as set forth on Schedule B to the Agreement to the Sub-Adviser for the services provided and the expenses assumed by the Sub-Adviser, and the Sub-Adviser agreed to accept such sub-advisory fees as full compensation under the Agreement for such services and expenses.

**Whereas**, the Board of Trustees of the Trust approved, and the Parties have agreed to amend the sub-advisory fees, as set forth on Schedule B to the Agreement, to reflect fee reductions for the JNL/T. Rowe Price Mid-Cap Growth Fund, effective September 1, 2025.

**Now Therefore**, in consideration of the mutual covenants herein contained, the Parties hereby agree to amend the Agreement as follows:

1) Schedule B to the Agreement is hereby deleted and replaced in its entirety with Schedule B dated September 1, 2025, attached hereto.

2) Except as specifically amended hereby, the Agreement shall remain in full force and effect in accordance with its terms.

3) Each of the Parties represents and warrants to the others that it has full authority to enter into this Amendment, upon the terms and conditions hereof, and that the individual executing this Amendment is duly authorized to bind the respective party to this Amendment.

4) This Amendment may be executed in one or more counterparts, which together shall constitute one document.

**In Witness Whereof**, the Parties have caused this Amendment to be executed, effective as of September 1, 2025.

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Jackson National Asset Management, LLC** | &nbsp;&nbsp;**Jackson National Asset Management, LLC** | &nbsp;&nbsp;**T. Rowe Price Associates, Inc.** | &nbsp;&nbsp;**T. Rowe Price Associates, Inc.** |
| &nbsp;&nbsp;By: | &nbsp;&nbsp;***/s/ Emily J. Bennett*** |  |  |
| &nbsp;&nbsp;By: | &nbsp;&nbsp;***/s/ Emily J. Bennett*** | &nbsp;&nbsp;By: | &nbsp;&nbsp;***/s/ Terence Baptiste*** |
| &nbsp;&nbsp;Name: | &nbsp;&nbsp;Emily J. Bennett | &nbsp;&nbsp;Name: | &nbsp;&nbsp;Terence Baptiste |
| &nbsp;&nbsp;Title: | &nbsp;&nbsp;VP and Deputy General Counsel | &nbsp;&nbsp;Title: | &nbsp;&nbsp;Vice President |

---

**Schedule B**

Dated September 1, 2025

*(Compensation)*

 

---

| |
|:---|
| **JNL Multi-Manager Emerging Markets Equity Fund<sup>\*(1)</sup>** |
| [Fees Omitted] |

---

<sup>\*</sup> For the portion of the Average Daily Net Assets managed by T. Rowe Price Associates, Inc.

<sup>(1)</sup> [Fees Footnote Omitted.]

---

| | |
|:---|:---|
| &nbsp;&nbsp;**JNL/T. Rowe Price Balanced Fund<sup>(2)</sup>** | &nbsp;&nbsp;**JNL/T. Rowe Price Balanced Fund<sup>(2)</sup>** |
| &nbsp;&nbsp;***Assets up to $200 million:*** | &nbsp;&nbsp;***Assets up to $200 million:*** |
| &nbsp;&nbsp;**<u>Average Daily Net Assets</u>** | **<u>Annual Rate</u>** |
| &nbsp;&nbsp;All Assets | 0.375% |
| &nbsp;&nbsp;***When assets exceed $200 million, but are less than $500 million:*** | &nbsp;&nbsp;***When assets exceed $200 million, but are less than $500 million:*** |
| &nbsp;&nbsp;**<u>Average Daily Net Assets</u>** | **<u>Annual Rate</u>** |
| &nbsp;&nbsp;All Assets | 0.325% |
| &nbsp;&nbsp;***When assets exceed $500 million, but are less than $1 billion:*** | &nbsp;&nbsp;***When assets exceed $500 million, but are less than $1 billion:*** |
| &nbsp;&nbsp;**<u>Average Daily Net Assets</u>** | **<u>Annual Rate</u>** |
| &nbsp;&nbsp;$0 to $500 million | 0.300% |
| &nbsp;&nbsp;Over $500 million | 0.250% |
| &nbsp;&nbsp;***When assets exceed $1 billion:*** | &nbsp;&nbsp;***When assets exceed $1 billion:*** |
| &nbsp;&nbsp;All Assets | 0.25% |

---

<sup>(2)</sup> The Sub-Adviser will provide JNL a transitional credit to eliminate any discontinuity between the flat 0.375% fee and flat 0.325% fee once assets exceed $200 million, between the flat 0.325% fee and tiered 0.3% fee once assets exceed $500 million, and between the tiered 0.3% fee and flat 0.25% fee once assets exceed $1 billion. The credit will apply at an Aggregate Asset range between approximately $173.3 million and $200 million, $461.5 million and $500 million, and $900.0 million and $1 billion.

To accommodate circumstances where Aggregate Assets either approach or fall beneath $200 million and to prevent a decline in Aggregate Assets from causing an increase in the absolute dollar fee, the Subadviser will provide a transitional credit to cushion the impact of reverting to the original fee schedule. The credit will be applied against the fees assessed under the existing fee schedule and will have the effect of reducing the dollar fee until Aggregate Assets either (a) exceed $200 million, when the 0.325% flat fee would be triggered, or (b) fall below a threshold of approximately $173.3 million, where the 0.375% flat fee schedule would be fully re-applied.

The credit is determined by multiplying the difference between the 0.375% flat fee schedule and the flat 0.325% fee schedule by the difference between the current portfolio size for billing purposes and the $173.3 million threshold, divided by the difference between $200 million and the $173.3 million threshold. The credit would approach $100,000 annually when Aggregate Assets were close to $200 million and fall to zero at approximately $173.3 million.

The annualized transitional credit is determined as follows, and the appropriate portion thereof (based upon the number of days in the month) will be applied as a credit to fees assessed:

---

| | |
|:---|:---|
| &nbsp;&nbsp;<u>Current Portfolio Size for Billing Purposes - $173,333,333.33</u> | &nbsp;&nbsp;X $100,000 |
| &nbsp;&nbsp;$26666666.67 |  |

---

------

**B-1**

To accommodate circumstances where Aggregate Assets either approach or fall beneath $500 million and to prevent a decline in Aggregate Assets from causing an increase in the absolute dollar fee, the Subadviser will provide a transitional credit to cushion the impact of reverting to the original fee schedule. The credit will be applied against the fees assessed under the existing fee schedule and will have the effect of reducing the dollar fee until Aggregate Assets either (a) exceed $500 million, when the 0.3% tiered fee would be triggered, or (b) fall below a threshold of approximately $461.5 million, where the 0.325% flat fee schedule would be fully re-applied.

The credit is determined by multiplying the difference between the 0.325% flat fee schedule and the tiered 0.3% fee schedule by the difference between the current portfolio size for billing purposes and the $461.5 million threshold, divided by the difference between $500 million and the $461.5 million threshold. The credit would approach $125,000 annually when Aggregate Assets were close to $500 million and fall to zero at approximately $461.5 million.

The annualized transitional credit is determined as follows, and the appropriate portion thereof (based upon the number of days in the month) will be applied as a credit to fees assessed:

---

| | |
|:---|:---|
| &nbsp;&nbsp;<u>Current Portfolio Size for Billing Purposes - $461,538,461.54</u> | &nbsp;&nbsp;X $125,000 |
| &nbsp;&nbsp;$38461538.46 |  |

---

To accommodate circumstances where Aggregate Assets either approach or fall beneath $1 billion and to prevent a decline in Aggregate Assets from causing an increase in the absolute dollar fee, the Subadviser will provide a transitional credit to cushion the impact of reverting to the original fee schedule. The credit will be applied against the fees assessed under the existing fee schedule and will have the effect of reducing the dollar fee until Aggregate Assets either (a) exceed $1 billion, when the 0.25% flat fee would be triggered, or (b) fall below a threshold of approximately $900.0 million, where the 0.3% tiered fee schedule would be fully re-applied.

The credit is determined by multiplying the difference between the 0.3% tiered fee schedule and the flat 0.25% fee schedule by the difference between the current portfolio size for billing purposes and the $900.0 million threshold, divided by the difference between $1 billion and the $900.0 million threshold. The credit would approach $250,000 annually when Aggregate Assets were close to $1 billion and fall to zero at approximately $900.0 million.

The annualized transitional credit is determined as follows, and the appropriate portion thereof (based upon the number of days in the month) will be applied as a credit to fees assessed:

---

| | |
|:---|:---|
| &nbsp;&nbsp;<u>Current Portfolio Size for Billing Purposes -</u> <u>$900,000,000.00</u> | &nbsp;&nbsp;X $250,000 |
| &nbsp;&nbsp;$100000000.00 |  |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;**JNL/T. Rowe Price Capital Appreciation Equity Fund<sup>(3)</sup>** | &nbsp;&nbsp;**JNL/T. Rowe Price Capital Appreciation Equity Fund<sup>(3)</sup>** |
| &nbsp;&nbsp;***Assets up to $500 million:*** | &nbsp;&nbsp;***Assets up to $500 million:*** |
| &nbsp;&nbsp;**<u>Average Daily Net Assets</u>** | **<u>Annual Rate</u>** |
| &nbsp;&nbsp;$0 to $500 million | 0.300% |
| &nbsp;&nbsp;***Assets over $500 million and up to $1 billion:*** | &nbsp;&nbsp;***Assets over $500 million and up to $1 billion:*** |
| &nbsp;&nbsp;**<u>Average Daily Net Assets</u>** | **<u>Annual Rate</u>** |
| &nbsp;&nbsp;$0 to $500 million | 0.275% |
| &nbsp;&nbsp;Over $500 million | 0.250% |
| &nbsp;&nbsp;***When assets exceed $1 billion:*** | &nbsp;&nbsp;***When assets exceed $1 billion:*** |
| &nbsp;&nbsp;**<u>Average Daily Net Assets</u>** | **<u>Annual Rate</u>** |
| &nbsp;&nbsp;All Assets | 0.250% |

---

<sup>(3)</sup> The Sub-Adviser will provide JNL/T. Rowe Price Capital Appreciation Equity Fund a transitional credit to eliminate any discontinuity between the flat 0.3% fee and tiered 0.275% fee once assets exceed $500 million, and between the tiered 0.275% fee and flat 0.25% fee once assets exceed $1 billion. The credit will apply at an Aggregate Asset range between approximately $458.3 million and $500 million, and $950 million and $1 billion.

------

**B-2**

To accommodate circumstances where Aggregate Assets either approach or fall beneath $500 million and to prevent a decline in Aggregate Assets from causing an increase in the absolute dollar fee, the Subadviser will provide a transitional credit to cushion the impact of reverting to the original fee schedule. The credit will be applied against the fees assessed under the existing fee schedule and will have the effect of reducing the dollar fee until Aggregate Assets either (a) exceed $500 million, when the 0.275% tiered fee would be triggered, or (b) fall below a threshold of approximately $458.3 million, where the 0.3% flat fee schedule would be fully re-applied.

The credit is determined by multiplying the difference between the 0.3% flat fee schedule and the tiered 0.275% fee schedule by the difference between the current portfolio size for billing purposes and the $458.3 million threshold, divided by the difference between $500 million and the $458.3 million threshold. The credit would approach $125,000 annually when Aggregate Assets were close to $500 million and fall to zero at approximately $458.3 million.

The annualized transitional credit is determined as follows, and the appropriate portion thereof (based upon the number of days in the month) will be applied as a credit to fees assessed:

---

| | |
|:---|:---|
| &nbsp;&nbsp;<u>Current Portfolio Size for Billing Purposes - $458,333,333.33</u> | &nbsp;&nbsp;X $125,000 |
| &nbsp;&nbsp;$41666666.67 |  |

---

To accommodate circumstances where Aggregate Assets either approach or fall beneath $1 billion and to prevent a decline in Aggregate Assets from causing an increase in the absolute dollar fee, the Subadviser will provide a transitional credit to cushion the impact of reverting to the original fee schedule. The credit will be applied against the fees assessed under the existing fee schedule and will have the effect of reducing the dollar fee until Aggregate Assets either (a) exceed $1 billion, when the 0.25% flat fee would be triggered, or (b) fall below a threshold of approximately $950.0 million, where the 0.275% tiered fee schedule would be fully re-applied.

The credit is determined by multiplying the difference between the 0.275% tiered fee schedule and the flat 0.25% fee schedule by the difference between the current portfolio size for billing purposes and the $950.0 million threshold, divided by the difference between $1 billion and the $950.0 million threshold. The credit would approach $125,000 annually when Aggregate Assets were close to $1 billion and fall to zero at approximately $950.0 million.

The annualized transitional credit is determined as follows, and the appropriate portion thereof (based upon the number of days in the month) will be applied as a credit to fees assessed:

---

| | |
|:---|:---|
| &nbsp;&nbsp;<u>Current Portfolio Size for Billing Purposes - $950,000,000.00</u> | &nbsp;&nbsp;X $125,000 |
| &nbsp;&nbsp;$50000000.00 |  |

---

------

**B-3**

In order to prevent the Funds from paying duplicate management fees, the net asset value of shares of the T. Rowe Price Institutional Floating Rate Fund or shares of any other T. Rowe Price institutional fund held in a Fund's portfolio will be excluded from the Fund's total assets in calculating the sub-advisory fees payable to the Sub-Adviser.

---

| | |
|:---|:---|
| &nbsp;&nbsp;**JNL/T. Rowe Price Capital Appreciation Fund<sup>(4)</sup>** | &nbsp;&nbsp;**JNL/T. Rowe Price Capital Appreciation Fund<sup>(4)</sup>** |
| &nbsp;&nbsp;***Assets up to $500 million:*** | &nbsp;&nbsp;***Assets up to $500 million:*** |
| &nbsp;&nbsp;**<u>Average Daily Net Assets</u>** **<sup>(5)</sup>** | **<u>Annual Rate</u>** |
| &nbsp;&nbsp;$0 to $250 million | 0.50% |
| &nbsp;&nbsp;$250 million to $500 million | 0.40% |
| &nbsp;&nbsp;***Assets over $500 million and up to $2 billion:*** | &nbsp;&nbsp;***Assets over $500 million and up to $2 billion:*** |
| &nbsp;&nbsp;**<u>Average Daily Net Assets</u>** | **<u>Annual Rate</u>** |
| &nbsp;&nbsp;$0 to $1 billion | 0.40% |
| &nbsp;&nbsp;Over $1 billion | 0.35% |
| &nbsp;&nbsp;***Assets over $2 billion and up to $3 billion:*** | &nbsp;&nbsp;***Assets over $2 billion and up to $3 billion:*** |
| &nbsp;&nbsp;**<u>Average Daily Net Assets</u>** | **<u>Annual Rate</u>** |
| &nbsp;&nbsp;$0 to $500 million | 0.40% |
| &nbsp;&nbsp;Over $500 million | 0.35% |
| &nbsp;&nbsp;***When assets exceed $3 billion:*** | &nbsp;&nbsp;***When assets exceed $3 billion:*** |
| &nbsp;&nbsp;**<u>Average Daily Net Assets</u>** | **<u>Annual Rate</u>** |
| &nbsp;&nbsp;All Assets | 0.35% |

---

<sup>(4)</sup> For the JNL/T. Rowe Capital Appreciation Fund, the Sub-Adviser will provide the Adviser a transitional credit to eliminate any discontinuity between the tiered fee schedule and the flat fee once assets exceed $3 billion. The credit will apply at asset levels between approximately $2.93 billion and $3 billion.

To accommodate circumstances where a Fund's assets fall beneath $3 billion and to prevent a decline in a Fund's assets from causing an increase in the absolute dollar fee, the Sub-Adviser will provide a transitional credit to cushion the impact of reverting to the original tiered fee schedule. The credit will be applied against the fees assessed under the existing fee schedule and will have the effect of reducing the dollar fee until assets either (a) exceed $3 billion, when the flat fee would be triggered, or (b) fall below a threshold of approximately $2.93 billion, where the tiered fee schedule would be fully re-applied.

The credit is determined by multiplying the difference between the tiered fee schedule and the flat 0.35% fee schedule by the difference between the current portfolio size for billing purposes and the $2.93 billion threshold, divided by the difference between $3 billion and the $2.93 billion threshold. The credit would approach $250,000 annually when a Fund's assets were close to $3 billion and fall to zero at approximately $2.93 billion.

The annualized transitional credit is determined as follows, and the appropriate portion thereof (based upon the number of days in the month) will be applied as a credit to fees assessed:

---

| | |
|:---|:---|
| &nbsp;&nbsp;<u>Current Portfolio Size for Billing Purposes – $2,928,571,429</u> | &nbsp;&nbsp;X $250,000 |
| &nbsp;&nbsp;$71428571 |  |

---

<sup>(5)</sup> In order to prevent the Funds from paying duplicate management fees, the net asset value of shares of the T. Rowe Price Institutional Floating Rate Fund or shares of any other T. Rowe Price institutional fund held in a Fund's portfolio will be excluded from the Fund's total assets in calculating the sub-advisory fees payable to the Sub-Adviser.

------

**B-4**

---

| | |
|:---|:---|
| &nbsp;&nbsp;**JNL/T. Rowe Price Growth Stock Fund<sup>(6)</sup>** | &nbsp;&nbsp;**JNL/T. Rowe Price Growth Stock Fund<sup>(6)</sup>** |
| &nbsp;&nbsp;***Assets up to $100 million:*** | &nbsp;&nbsp;***Assets up to $100 million:*** |
| &nbsp;&nbsp;**<u>Average Daily Net Assets</u>** | **<u>Annual Rate</u>** |
| &nbsp;&nbsp;$0 to $50 million | 0.50% |
| &nbsp;&nbsp;$50 million to $100 million | 0.40% |
| &nbsp;&nbsp;***Assets over $100 million and up to $200 million:*** | &nbsp;&nbsp;***Assets over $100 million and up to $200 million:*** |
| &nbsp;&nbsp;**<u>Average Daily Net Assets</u>** | **<u>Annual Rate</u>** |
| &nbsp;&nbsp;$0 to $200 million | 0.40% |
| &nbsp;&nbsp;***Assets over $200 million and up to $500 million:*** | &nbsp;&nbsp;***Assets over $200 million and up to $500 million:*** |
| &nbsp;&nbsp;**<u>Average Daily Net Assets</u>** | **<u>Annual Rate</u>** |
| &nbsp;&nbsp;$0 to $500 million | 0.33% |
| &nbsp;&nbsp;***Assets over $500 million and up to $1 billion:*** | &nbsp;&nbsp;***Assets over $500 million and up to $1 billion:*** |
| &nbsp;&nbsp;**<u>Average Daily Net Assets</u>** | **<u>Annual Rate</u>** |
| &nbsp;&nbsp;$0 to $1 billion | 0.325% |
| &nbsp;&nbsp;***Assets over $1 billion and up to $2 billion:*** | &nbsp;&nbsp;***Assets over $1 billion and up to $2 billion:*** |
| &nbsp;&nbsp;**<u>Average Daily Net Assets</u>** | **<u>Annual Rate</u>** |
| &nbsp;&nbsp;$0 to $1 billion | 0.30% |
| &nbsp;&nbsp;$1 billion to $2 billion | 0.29% |
| &nbsp;&nbsp;***Assets over $2 billion and up to $3 billion:*** | &nbsp;&nbsp;***Assets over $2 billion and up to $3 billion:*** |
| &nbsp;&nbsp;**<u>Average Daily Net Assets</u>** | **<u>Annual Rate</u>** |
| &nbsp;&nbsp;$0 to $3 billion | 0.29% |
| &nbsp;&nbsp;$3 billion to $7.5 billion | 0.275% |
| &nbsp;&nbsp;***Assets over $7.5 billion*** | &nbsp;&nbsp;***Assets over $7.5 billion*** |
| &nbsp;&nbsp;**<u>Average Daily Net Assets</u>** | **<u>Annual Rate</u>** |
| &nbsp;&nbsp;$0 to $7.5 billion | 0.260% |

---

<sup>(6)</sup> For the JNL/T. Rowe Price Growth Stock Fund, the Sub-Adviser will provide the Adviser a transitional credit to eliminate any discontinuity between the tiered fee schedule and the flat fee once assets exceed $100 million. The credit will apply at asset levels between $87.5 million and $100 million.

To accommodate circumstances where a Fund's assets fall beneath $100 million and to prevent a decline in the Fund's assets from causing an increase in the absolute dollar fee, the Sub-Adviser will provide a transitional credit to cushion the impact of reverting to the original tiered fee schedule. The credit will be applied against the fees assessed under the existing fee schedule and will have the effect of reducing the dollar fee until assets either (a) exceed $100 million, when the flat fee would be triggered, or (b) fall below a threshold of $87.5 million, where the tiered fee schedule would be fully re-applied.

The credit is determined by multiplying the difference between the tiered fee schedule and the flat 0.40% fee schedule by the difference between the current portfolio size for billing purposes and the $87.5 million threshold, divided by the difference between $100 million and the $87.5 million threshold. The credit would approach $50,000 annually when a Fund's assets were close to $100 million and fall to zero at approximately $87.5 million.

------

**B-5**

The annualized transitional credit is determined as follows, and the appropriate portion thereof (based upon the number of days in the month) will be applied as a credit to fees assessed:

---

| | |
|:---|:---|
| &nbsp;&nbsp;<u>Current Portfolio Size for Billing Purposes - $87,500,000</u> | &nbsp;&nbsp;X $50,000 |
| &nbsp;&nbsp;$12500000 |  |

---

For the JNL/T. Rowe Price Growth Stock Fund, the Sub-Adviser will provide the Adviser a transitional credit to eliminate any discontinuity between the flat fee schedule when net assets are below $200 million and the flat fee once assets reach $200 million. The credit will apply at asset levels between $165 million and $200 million.

To accommodate circumstances where the Portfolio's assets fall beneath $200 million and to prevent a decline in the Portfolios' assets from causing an increase in the absolute dollar fee, the Sub-Adviser will provide a transitional credit to cushion the impact of reverting to the flat 0.40% fee schedule. The credit will be applied against the fees assessed under the existing fee schedule and will have the effect of reducing the dollar fee until assets either (a) exceed $200 million, when the flat 0.33% bps fee would be triggered, or (b) fall below a threshold of $165 million, where the flat 0.40% fee schedule would be fully re-applied.

The credit is determined by multiplying the difference between the flat 0.40% fee schedule and the flat 0.33% fee schedule by the difference between $165 million and the current portfolio size for billing purposes, divided by the difference between the $200 million and the $165 million threshold. The credit would approach $140,000 annually when a Fund's assets were close to $200 million and fall to zero at $165 million.

The annualized transitional credit is determined as follows, and the appropriate portion thereof (based upon the number of days in the month) will be applied as a credit to fees assessed:

---

| | |
|:---|:---|
| &nbsp;&nbsp;<u>Current Portfolio Size for Billing Purposes - $165,000,000</u> | &nbsp;&nbsp; X $140,000 |
| &nbsp;&nbsp;$35000000 |  |

---

For the JNL/T. Rowe Price Growth Stock Fund, the Sub-Adviser will provide the Adviser a transitional credit to eliminate any discontinuity between the flat fee schedule when net assets are below $500 million and the flat fee once assets reach $500 million. The credit will apply at asset levels between approximately $492.4 million and $500 million.

To accommodate circumstances where the Portfolio's assets fall beneath $500 million and to prevent a decline in the Portfolios' assets from causing an increase in the absolute dollar fee, the Sub-Adviser will provide a transitional credit to cushion the impact of reverting to the flat 0.33% fee schedule. The credit will be applied against the fees assessed under the existing fee schedule and will have the effect of reducing the dollar fee until assets either (a) exceed $500 million, when the flat 0.325% bps fee would be triggered, or (b) fall below a threshold of approximately $492.4 million, where the flat 0.33% fee schedule would be fully re-applied.

The credit is determined by multiplying the difference between the flat 0.33% fee schedule and the flat 0.325% fee schedule by the difference between approximately $492.4 million and the current portfolio size for billing purposes, divided by the difference between the $500 million and the $492.4 million threshold. The credit would approach $25,000 annually when a Fund's assets were close to $500 million and fall to zero at approximately $492.4 million.

The annualized transitional credit is determined as follows, and the appropriate portion thereof (based upon the number of days in the month) will be applied as a credit to fees assessed:

---

| | |
|:---|:---|
| &nbsp;&nbsp;<u>Current Portfolio Size for Billing Purposes - $492,424,242.42</u> | &nbsp;&nbsp; X $25,000 |
| &nbsp;&nbsp;$7575757.58 |  |

---

For the JNL/T. Rowe Price Growth Stock Fund, the Sub-Adviser will provide the Adviser a transitional credit to eliminate any discontinuity between the flat fee schedule when net assets are below $1 billion and the flat fee once assets reach $1 billion. The credit will apply at asset levels between approximately $923 million and $1 billion.

To accommodate circumstances where the Portfolio's assets fall beneath $1 billion and to prevent a decline in the Portfolios' assets from causing an increase in the absolute dollar fee, the Sub-Adviser will provide a transitional credit to cushion the impact of reverting to the flat 0.325% fee schedule. The credit will be applied against the fees assessed under the existing fee schedule and will have the effect of reducing the dollar fee until assets either (a) exceed $1 billion, when the flat 0.30% bps fee would be triggered, or (b) fall below a threshold of approximately $923 million, where the flat 0.325% fee schedule would be fully re-applied.

------

**B-6**

The credit is determined by multiplying the difference between the flat 0.325% fee schedule and the flat 0.30% fee schedule by the difference between approximately $923 million and the current portfolio size for billing purposes, divided by the difference between the $1 billion and the $923 million threshold. The credit would approach $250,000 annually when a Fund's assets were close to $1 billion and fall to zero at approximately $923 million.

The annualized transitional credit is determined as follows, and the appropriate portion thereof (based upon the number of days in the month) will be applied as a credit to fees assessed:

---

| | |
|:---|:---|
| &nbsp;&nbsp;<u>Current Portfolio Size for Billing Purposes - $923,076,923.08</u> | &nbsp;&nbsp; X $250,000 |
| &nbsp;&nbsp;$76923076.92 |  |

---

For the JNL/T. Rowe Price Growth Stock Fund, the Sub-Adviser will provide the Adviser a transitional credit to eliminate any discontinuity between the tiered fee schedule and the flat fee once assets exceed $2 billion. The credit will apply at asset levels between approximately $1.96 billion and $2 billion.

To accommodate circumstances where a Fund's assets fall beneath $2 billion and to prevent a decline in the Fund's assets from causing an increase in the absolute dollar fee, the Sub-Adviser will provide a transitional credit to cushion the impact of reverting to the original tiered fee schedule. The credit will be applied against the fees assessed under the existing fee schedule and will have the effect of reducing the dollar fee until assets either (a) exceed $2 billion, when the flat fee would be triggered, or (b) fall below a threshold of approximately $1.96 billion, where the tiered fee schedule would be fully re-applied.

The credit is determined by multiplying the difference between the tiered fee schedule and the flat 0.29% fee schedule by the difference between the current portfolio size for billing purposes and approximately $1.96 billion, divided by the difference between $2 billion and the $1.96 billion threshold. The credit would approach $100,000 annually when a Fund's assets were close to $2 billion and fall to zero at approximately $1.96 billion.

The annualized transitional credit is determined as follows, and the appropriate portion thereof (based upon the number of days in the month) will be applied as a credit to fees assessed:

---

| | |
|:---|:---|
| &nbsp;&nbsp;<u>Current Portfolio Size for Billing Purposes - $1,965,517,241.38</u> | &nbsp;&nbsp;X $100,000 |
| &nbsp;&nbsp;$34482758.62 |  |

---

For the JNL/T. Rowe Price Growth Stock Fund, the Sub-Adviser will provide the Adviser a transitional credit to eliminate any discontinuity between the tiered fee schedule and the flat fee once assets exceed $7.5 billion. The credit will apply at asset levels between approximately $6.93 billion and $10 billion.

To accommodate circumstances where a Fund's assets fall beneath $7.5 billion and to prevent a decline in the Fund's assets from causing an increase in the absolute dollar fee, the Sub-Adviser will provide a transitional credit to cushion the impact of reverting to the original tiered fee schedule. The credit will be applied against the fees assessed under the existing fee schedule and will have the effect of reducing the dollar fee until assets either (a) exceed $7.5 billion, when the flat fee would be triggered, or (b) fall below a threshold of approximately $6.93 billion, where the tiered fee schedule would be fully re-applied.

The credit is determined by multiplying the difference between the tiered fee schedule and the flat 0.26% fee schedule by the difference between the current portfolio size for billing purposes and approximately $6.93 billion, divided by the difference between $7.5 billion and the $6.93 billion threshold. The credit would approach $1,575,000 annually when a Fund's assets were close to $7.5 billion and fall to zero at approximately $6.93 billion.

The annualized transitional credit is determined as follows, and the appropriate portion thereof (based upon the number of days in the month) will be applied as a credit to fees assessed:

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br> <u>Current Portfolio Size for Billing Purposes - $6,927,272,727.27</u> | &nbsp;&nbsp;X $1,575,000 |
| &nbsp;&nbsp;$572727272.73 |  |

---

------

**B-7**

---

| | |
|:---|:---|
| **JNL/T. Rowe Price Mid-Cap Growth Fund<sup>(7)</sup>** | **JNL/T. Rowe Price Mid-Cap Growth Fund<sup>(7)</sup>** |
| &nbsp;&nbsp;**<u>Average Daily Net Assets</u>** | **<u>Annual Rate</u>** |
| &nbsp;&nbsp;$0 to $1 billion | 0.50% |
| &nbsp;&nbsp;***When assets exceed $1 billion:*** |  |
| &nbsp;&nbsp;All Assets | 0.415% |
| &nbsp;&nbsp;***When assets exceed $2 billion:*** |  |
| &nbsp;&nbsp;All Assets | 0.410% |
| &nbsp;&nbsp;***When assets exceed $3 billion:*** |  |
| &nbsp;&nbsp;All Assets | 0.405% |
| &nbsp;&nbsp;***When assets exceed $4 billion:*** |  |
| &nbsp;&nbsp;All Assets | 0.355% |

---

<sup>(7)</sup> Fees will be paid based on assets invested in the actively managed portion of the Fund managed by T. Rowe Price, not including assets from the mid-cap growth index strategy portion of the Fund managed by Mellon Investments Corporation.

To accommodate circumstances where a Fund's assets either approach or fall beneath $1 billion and to prevent a decline in the Fund's assets from causing an increase in the absolute dollar fee, the Subadviser will provide a transitional credit to cushion the impact of reverting to the original fee schedule. The credit will be applied against the fees assessed under the existing fee schedule and will have the effect of reducing the dollar fee until assets either (a) exceed $1 billion, when the 0.415% flat fee would be triggered, or (b) fall below a threshold of approximately $830 million, where the 0.5% flat fee schedule would be fully re-applied.

The credit is determined by multiplying the difference between the 0.5% flat fee schedule and the flat 0.415% fee schedule by the difference between the current portfolio size for billing purposes and the $830 million threshold, divided by the difference between $1 billion and the $830 million threshold. The credit would approach $850,000 annually when a Fund's assets were close to $1 billion and fall to zero at approximately $830 million.

---

| | |
|:---|:---|
| &nbsp;&nbsp;<u>Current Portfolio Size for Billing Purposes - $830,000,000.00</u> | &nbsp;&nbsp;x $850,000 |
| &nbsp;&nbsp;$170000000.00 |  |

---

To accommodate circumstances where a Fund's assets either approach or fall beneath $2 billion and to prevent a decline in the Fund's assets from causing an increase in the absolute dollar fee, the Subadviser will provide a transitional credit to cushion the impact of reverting to the original fee schedule. The credit will be applied against the fees assessed under the existing fee schedule and will have the effect of reducing the dollar fee until assets either (a) exceed $2 billion, when the 0.41% flat fee would be triggered, or (b) fall below a threshold of approximately $1.975 billion, where the 0.415% flat fee schedule would be fully re-applied.

The credit is determined by multiplying the difference between the 0.415% flat fee schedule and the flat 0.41% fee schedule by the difference between the current portfolio size for billing purposes and the $1.975 billion threshold, divided by the difference between $2 billion and the $1.975 billion threshold. The credit would approach $100,000 annually when a Fund's assets were close to $2 billion and fall to zero at approximately $1.975 billion.

---

| | |
|:---|:---|
| &nbsp;&nbsp;<u>Current Portfolio Size for Billing Purposes - $1,975,903,614.46</u> | &nbsp;&nbsp;x $100,000 |
| &nbsp;&nbsp;$24096385.54 |  |

---

To accommodate circumstances where a Fund's either approach or fall beneath $3 billion and to prevent a decline in the Fund's assets from causing an increase in the absolute dollar fee, the Subadviser will provide a transitional credit to cushion the impact of reverting to the original fee schedule. The credit will be applied against the fees assessed under the existing fee schedule and will have the effect of reducing the dollar fee until assets either (a) exceed $3 billion, when the 0.405% flat fee would be triggered, or (b) fall below a threshold of approximately $2.963billion, where the 0.41% flat fee schedule would be fully re-applied.

------

**B-8**

The credit is determined by multiplying the difference between the 0.41% flat fee schedule and the flat 0.405% fee schedule by the difference between the current portfolio size for billing purposes and the $2.963billion threshold, divided by the difference between $3 billion and the $2.963billion threshold. The credit would approach $150,000 annually when a Fund's assets were close to $3 billion and fall to zero at approximately $2.963 billion.

---

| | |
|:---|:---|
| &nbsp;&nbsp;<u>Current Portfolio Size for Billing Purposes - $2,963,414,634.15</u> | &nbsp;&nbsp;x $150,000 |
| &nbsp;&nbsp;$36585365.85 |  |

---

To accommodate circumstances where a Fund's assets either approach or fall beneath $4 billion and to prevent a decline in the Fund's assets from causing an increase in the absolute dollar fee, the Subadviser will provide a transitional credit to cushion the impact of reverting to the original fee schedule. The credit will be applied against the fees assessed under the existing fee schedule and will have the effect of reducing the dollar fee until assets either (a) exceed $4 billion, when the 0.355% flat fee would be triggered, or (b) fall below a threshold of approximately $3.506 billion, where the 0.405% flat fee schedule would be fully re-applied.

The credit is determined by multiplying the difference between the 0.405% flat fee schedule and the flat 0.355% fee schedule by the difference between the current portfolio size for billing purposes and the $3.506 billion threshold, divided by the difference between $4 billion and the $3.506 billion threshold. The credit would approach $2,000,000 annually when a Fund's assets were close to $4 billion and fall to zero at approximately $3.506 billion.

---

| | |
|:---|:---|
| &nbsp;&nbsp;<u>Current Portfolio Size for Billing Purposes - $3,506,172,839.51</u> | &nbsp;&nbsp;x $2,000,000 |
| &nbsp;&nbsp;$493827160.49 |  |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;**JNL/T. Rowe Price Short-Term Bond Fund** | &nbsp;&nbsp;**JNL/T. Rowe Price Short-Term Bond Fund** |
| &nbsp;&nbsp;**<u>Average Daily Net Assets</u>** | **<u>Annual Rate</u>** |
| &nbsp;&nbsp;$0 to $50 million | 0.180% |
| &nbsp;&nbsp;$50 million to $100 million | 0.150% |
| &nbsp;&nbsp;***When assets exceed $100 million*** | &nbsp;&nbsp;***When assets exceed $100 million*** |
| &nbsp;&nbsp;**<u>Average Daily Net Assets</u>** | **<u>Annual Rate</u>** |
| &nbsp;&nbsp;All Assets | 0.15% |
| &nbsp;&nbsp;***When assets exceed $250 million*** | &nbsp;&nbsp;***When assets exceed $250 million*** |
| &nbsp;&nbsp;**<u>Average Daily Net Assets</u>** | **<u>Annual Rate</u>** |
| &nbsp;&nbsp;All Assets | 0.125% |
| &nbsp;&nbsp;***When assets exceed $500 million*** | &nbsp;&nbsp;***When assets exceed $500 million*** |
| &nbsp;&nbsp;**<u>Average Daily Net Assets</u>** | **<u>Annual Rate</u>** |
| &nbsp;&nbsp;$0 to $500 million | 0.115% |
| &nbsp;&nbsp;Amounts over $500 million | 0.10% |
| &nbsp;&nbsp;***When assets exceed $1 billion*** | &nbsp;&nbsp;***When assets exceed $1 billion*** |
| &nbsp;&nbsp;**<u>Average Daily Net Assets</u>** | **<u>Annual Rate</u>** |
| &nbsp;&nbsp;All Assets | 0.10%<sup>(8)</sup> |

---

<sup>(8)</sup> To accommodate circumstances where a Fund's assets fall beneath $100 million and to prevent a decline in a Fund's assets from causing an increase in the absolute dollar fee, the Sub-Adviser will provide a transitional credit to cushion the impact of reverting to the original tiered fee schedule. The credit will be applied against the fees assessed under the existing fee schedule and will have the effect of reducing the dollar fee until assets either (a) exceed $100 million, when the flat fee would be triggered, or (b) fall below a threshold of approximately $90 million, where the tiered fee schedule would be fully re-applied.

------

**B-9**

The credit is determined by multiplying the difference between the tiered fee schedule and the flat 0.15% fee schedule by the difference between the current portfolio size for billing purposes and the $90 million threshold, divided by the difference between $100 million and the $90 million threshold. The credit would approach $15,000 annually when a Fund's assets were close to $100 million and fall to zero at approximately $90 million.

The annualized transitional credit is determined as follows, and the appropriate portion thereof (based upon the number of days in the month) will be applied as a credit to fees assessed:

---

| | |
|:---|:---|
| &nbsp;&nbsp;<u>Current Portfolio Size for Billing Purposes - $90,000,000.00</u> | &nbsp;&nbsp; X $15,000 |
| &nbsp;&nbsp;$10000000.00 |  |

---

To accommodate circumstances where a Fund's assets fall beneath $250 million and to prevent a decline in a Fund's assets from causing an increase in the absolute dollar fee, the Sub-Adviser will provide a transitional credit to cushion the impact of reverting to the original tiered fee schedule. The credit will be applied against the fees assessed under the existing fee schedule and will have the effect of reducing the dollar fee until assets either (a) exceed $250 million, when the flat fee would be triggered, or (b) fall below a threshold of approximately $208.3 million, where the flat 0.15% fee schedule would be fully re-applied.

The credit is determined by multiplying the difference between the flat 0.15% fee schedule and the flat 0.125% fee schedule by the difference between the current portfolio size for billing purposes and the $208.3 million threshold, divided by the difference between $250 million and the $208.3 million threshold. The credit would approach $62,500 annually when a Fund's assets were close to $250 million and fall to zero at approximately $208.3 million.

The annualized transitional credit is determined as follows, and the appropriate portion thereof (based upon the number of days in the month) will be applied as a credit to fees assessed:

---

| | |
|:---|:---|
| &nbsp;&nbsp;<u>Current Portfolio Size for Billing Purposes - $208,333,333.33</u> | &nbsp;&nbsp;X $62,500 |
| &nbsp;&nbsp;$41666667.67 |  |

---

 

To accommodate circumstances where a Fund's assets fall beneath $500 million and to prevent a decline in a Fund's assets from causing an increase in the absolute dollar fee, the Sub-Adviser will provide a transitional credit to cushion the impact of reverting to the original flat fee schedule. The credit will be applied against the fees assessed under the existing fee schedule and will have the effect of reducing the dollar fee until assets either (a) exceed $500 million, when the tiered fee would be triggered, or (b) fall below a threshold of approximately $460 million, where the flat fee schedule would be fully re-applied.

The credit is determined by multiplying the difference between the flat 0.125% fee schedule and the tiered 0.115% fee schedule by the difference between the current portfolio size for billing purposes and the $460 million threshold, divided by the difference between $500 million and the $460 million threshold. The credit would approach $50,000 annually when a Fund's assets were close to $500 million and fall to zero at approximately $460 million.

The annualized transitional credit is determined as follows, and the appropriate portion thereof (based upon the number of days in the month) will be applied as a credit to fees assessed:

---

| | |
|:---|:---|
| &nbsp;&nbsp;<u>Current Portfolio Size for Billing Purposes - $460,000,000.00</u> | &nbsp;&nbsp;X $50,000 |
| &nbsp;&nbsp;$40000000.00 |  |

---

To accommodate circumstances where a Fund's assets fall beneath $1 billion and to prevent a decline in a Fund's assets from causing an increase in the absolute dollar fee, the Sub-Adviser will provide a transitional credit to cushion the impact of reverting to the original tiered fee schedule. The credit will be applied against the fees assessed under the existing fee schedule and will have the effect of reducing the dollar fee until assets either (a) exceed $1 billion, when the flat fee would be triggered, or (b) fall below a threshold of approximately $925 million, where the tiered fee schedule would be fully re-applied.

The credit is determined by multiplying the difference between the tiered fee schedule and the flat 0.10% fee schedule by the difference between the current portfolio size for billing purposes and the $925 million threshold, divided by the difference between $1 billion and the $925 million threshold. The credit would approach $75,000 annually when a Fund's assets were close to $1 billion and fall to zero at approximately $925 million.

------

**B-10**

The annualized transitional credit is determined as follows, and the appropriate portion thereof (based upon the number of days in the month) will be applied as a credit to fees assessed:

---

| | |
|:---|:---|
| &nbsp;&nbsp;<u>Current Portfolio Size for Billing Purposes - $925,000,000.00</u> | &nbsp;&nbsp; X $75,000 |
| &nbsp;&nbsp;$75000000.00 |  |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;**JNL/T. Rowe Price U.S. High Yield Fund<sup>(9)</sup>** | &nbsp;&nbsp;**JNL/T. Rowe Price U.S. High Yield Fund<sup>(9)</sup>** |
| &nbsp;&nbsp;***Assets up to $100 million:*** | &nbsp;&nbsp;***Assets up to $100 million:*** |
| &nbsp;&nbsp;**<u>Average Daily Net Assets</u>** | **<u>Annual Rate</u>** |
| &nbsp;&nbsp;$0 to $50 million | 0.450% |
| &nbsp;&nbsp;$50 million to $100 million | 0.350% |
| &nbsp;&nbsp;***Assets over $100 million and up to $250 million:*** | &nbsp;&nbsp;***Assets over $100 million and up to $250 million:*** |
| &nbsp;&nbsp;**<u>Average Daily Net Assets</u>** | **<u>Annual Rate</u>** |
| &nbsp;&nbsp;All Assets | 0.350% |
| &nbsp;&nbsp;***Assets over $250 million and up to $500 million:*** | &nbsp;&nbsp;***Assets over $250 million and up to $500 million:*** |
| &nbsp;&nbsp;**<u>Average Daily Net Assets</u>** | **<u>Annual Rate</u>** |
| &nbsp;&nbsp;All Assets | 0.325% |
| &nbsp;&nbsp;***Assets over $500 million and up to $1 billion:*** | &nbsp;&nbsp;***Assets over $500 million and up to $1 billion:*** |
| &nbsp;&nbsp;**<u>Average Daily Net Assets</u>** | **<u>Annual Rate</u>** |
| &nbsp;&nbsp;All Assets | 0.300% |
| &nbsp;&nbsp;***Assets over $1 billion to $2 billion:*** | &nbsp;&nbsp;***Assets over $1 billion to $2 billion:*** |
| &nbsp;&nbsp;**<u>Average Daily Net Assets</u>** | **<u>Annual Rate</u>** |
| &nbsp;&nbsp;All Assets | 0.275 |
| &nbsp;&nbsp;***When assets exceed $2 billion:*** | &nbsp;&nbsp;***When assets exceed $2 billion:*** |
| &nbsp;&nbsp;**<u>Average Daily Net Assets</u>** | **<u>Annual Rate</u>** |
| &nbsp;&nbsp;All Assets | 0.250% |

---

<sup>(9)</sup> For the JNL/T. Rowe Price U.S. High Yield Fund, the Sub-Adviser will provide the Adviser a transitional credit to eliminate any discontinuity between the tiered fee when assets are below $100 million and the flat 0.35% fee once assets reach $100 million. The credit will apply at asset level between approximately $85.7 million and $100 million.

To accommodate circumstances where the Fund's assets fall beneath $100 million and to prevent a decline in the Fund's assets from causing an increase in the absolute dollar fee, the Sub-Adviser will provide a transitional credit to cushion the impact of reverting to the tiered 0.35% fee. The credit will be applied against the fees assessed under the existing fee schedule and will have the effect of reducing the dollar fee until assets either (a) exceed $100 million, when the flat 0.35% fee would be triggered, or (b) fall below a threshold of approximately $85.7 million, where the tiered 0.35% fee would be fully re-applied.

The credit is determined by multiplying the difference between the tiered 0.35% fee and the flat 0.35% fee by the difference between the current portfolio size for billing purposes and the $85.7 million threshold, divided by the difference between $100 million and the $85.7 million threshold. The credit would approach $50,000 annually when the Fund's assets were close to $100 million and fall to zero at approximately $85.7 million.

The annualized transitional credit is determined as follows, and the appropriate portion thereof (based upon the number of days in the month) will be applied as a credit to fees assessed:

---

| | |
|:---|:---|
| &nbsp;&nbsp;<u>Current Portfolio Size for Billing Purposes - $85,714,285.71</u> | &nbsp;&nbsp;X $50,000 |
| &nbsp;&nbsp;$14285714.29 |  |

---

------

**B-11**

For the JNL/T. Rowe Price U.S. High Yield Fund, the Sub-Adviser will provide the Adviser a transitional credit to eliminate any discontinuity between the flat fee when assets are below $250 million and the flat 0.325% fee once assets reach $250 million. The credit will apply at asset level between approximately $232.1 million and $250 million.

To accommodate circumstances where the Fund's assets fall beneath $250 million and to prevent a decline in the Fund's assets from causing an increase in the absolute dollar fee, the Sub-Adviser will provide a transitional credit to cushion the impact of reverting to the flat 0.35% fee. The credit will be applied against the fees assessed under the existing fee schedule and will have the effect of reducing the dollar fee until assets either (a) exceed $250 million, when the flat 0.325% fee would be triggered, or (b) fall below a threshold of approximately $232.1 million, where the flat 0.35% fee would be fully re-applied.

The credit is determined by multiplying the difference between the flat 0.35% fee and the flat 0.325% fee by the difference between the current portfolio size for billing purposes and the $232.1 million threshold, divided by the difference between $250 million and the $232.1 million threshold. The credit would approach $62,500 annually when the Fund's assets were close to $250 million and fall to zero at approximately $232.1 million.

The annualized transitional credit is determined as follows, and the appropriate portion thereof (based upon the number of days in the month) will be applied as a credit to fees assessed:

---

| | |
|:---|:---|
| &nbsp;&nbsp;<u>Current Portfolio Size for Billing Purposes - $232,142,857.14</u> | &nbsp;&nbsp;X $62,500 |
| &nbsp;&nbsp;$17857142.86 |  |

---

For the JNL/T. Rowe Price U.S. High Yield Fund, the Sub-Adviser will provide the Adviser a transitional credit to eliminate any discontinuity between the flat fee when assets are below $500 million and the flat 0.30% fee once assets reach $500 million. The credit will apply at asset level between approximately $461.5 million and $500 million.

To accommodate circumstances where the Fund's assets fall beneath $500 million and to prevent a decline in the Fund's assets from causing an increase in the absolute dollar fee, the Sub-Adviser will provide a transitional credit to cushion the impact of reverting to the flat 0.325% fee. The credit will be applied against the fees assessed under the existing fee schedule and will have the effect of reducing the dollar fee until assets either (a) exceed $500 million, when the flat 0.30% fee would be triggered, or (b) fall below a threshold of approximately $461.5 million, where the flat 0.325% fee would be fully re-applied.

The credit is determined by multiplying the difference between the flat 0.325% fee and the flat 0.30% fee by the difference between the current portfolio size for billing purposes and the $461.5 million threshold, divided by the difference between $500 million and the $461.5 million threshold. The credit would approach $125,000 annually when the Fund's assets were close to $500 million and fall to zero at approximately $461.5 million.

The annualized transitional credit is determined as follows, and the appropriate portion thereof (based upon the number of days in the month) will be applied as a credit to fees assessed:

---

| | |
|:---|:---|
| &nbsp;&nbsp;<u>Current Portfolio Size for Billing Purposes - $461,538,461.54</u> | &nbsp;&nbsp;X $125,000.00 |
| &nbsp;&nbsp;$38461538.46 |  |

---

For the JNL/T. Rowe Price U.S. High Yield Fund, the Sub-Adviser will provide the Adviser a transitional credit to eliminate any discontinuity between the flat fee when assets are below $1 billion and the flat 0.275% fee once assets reach $1 billion. The credit will apply at asset level between approximately $916.7 million and $1 billion.

To accommodate circumstances where the Fund's assets fall beneath $1 billion and to prevent a decline in the Fund's assets from causing an increase in the absolute dollar fee, the Sub-Adviser will provide a transitional credit to cushion the impact of reverting to the flat 0.30% fee. The credit will be applied against the fees assessed under the existing fee schedule and will have the effect of reducing the dollar fee until assets either (a) exceed $1 billion, when the flat 0.275% fee would be triggered, or (b) fall below a threshold of approximately $916.7 million, where the flat 0.30% fee would be fully re-applied.

The credit is determined by multiplying the difference between the flat 0.30% fee and the flat 0.275% fee by the difference between the current portfolio size for billing purposes and the $916.7 million threshold, divided by the difference between $1 billion and the $916.7 million threshold. The credit would approach $250,000 annually when the Fund's assets were close to $1 billion and fall to zero at approximately $916.7 million.

------

**B-12**

The annualized transitional credit is determined as follows, and the appropriate portion thereof (based upon the number of days in the month) will be applied as a credit to fees assessed:

---

| | |
|:---|:---|
| &nbsp;&nbsp;<u>Current Portfolio Size for Billing Purposes - $916,666,666.67</u> | &nbsp;&nbsp;X $250,000.00 |
| &nbsp;&nbsp;$83333333.33 |  |

---

For the JNL/T. Rowe Price U.S. High Yield Fund, the Sub-Adviser will provide the Adviser a transitional credit to eliminate any discontinuity between the flat fee when assets are below $2 billion and the flat 0.25% fee once assets reach $2 billion. The credit will apply at asset level between approximately $1.82 billion and $2 billion.

To accommodate circumstances where the Fund's assets fall beneath $2 billion and to prevent a decline in the Fund's assets from causing an increase in the absolute dollar fee, the Sub-Adviser will provide a transitional credit to cushion the impact of reverting to the flat 0.275% fee. The credit will be applied against the fees assessed under the existing fee schedule and will have the effect of reducing the dollar fee until assets either (a) exceed $2 billion, when the flat 0.25% fee would be triggered, or (b) fall below a threshold of approximately $.1.82 billion, where the flat 0.275% fee would be fully re-applied.

The credit is determined by multiplying the difference between the flat 0.275% fee and the flat 0.25% fee by the difference between the current portfolio size for billing purposes and the $1.82 billion threshold, divided by the difference between $2 billion and the $1.82 billion threshold. The credit would approach $500,000 annually when the Fund's assets were close to $2 billion and fall to zero at approximately $1.82 billion.

The annualized transitional credit is determined as follows, and the appropriate portion thereof (based upon the number of days in the month) will be applied as a credit to fees assessed:

---

| | |
|:---|:---|
| &nbsp;&nbsp;<u>Current Portfolio Size for Billing Purposes - $1,818,181,818.18</u> | &nbsp;&nbsp;X $500,000.00 |
| &nbsp;&nbsp;$181818181.82 |  |

---

------

**B-13**

---

| | |
|:---|:---|
| &nbsp;&nbsp;**JNL/T. Rowe Price Value Fund<sup>(10)</sup>** | &nbsp;&nbsp;**JNL/T. Rowe Price Value Fund<sup>(10)</sup>** |
| &nbsp;&nbsp;***Assets up to $100 million:*** | &nbsp;&nbsp;***Assets up to $100 million:*** |
| &nbsp;&nbsp;**<u>Average Daily Net Assets</u>** | **<u>Annual Rate</u>** |
| &nbsp;&nbsp;$0 to $50 million | .475% |
| &nbsp;&nbsp;$50 million to $100 million | .425% |
| &nbsp;&nbsp;***When assets exceed $100 million, but are less than $200 million:*** | &nbsp;&nbsp;***When assets exceed $100 million, but are less than $200 million:*** |
| &nbsp;&nbsp;**<u>Average Daily Net Assets</u>** | **<u>Annual Rate</u>** |
| &nbsp;&nbsp;All Assets | .375% |
| &nbsp;&nbsp;***When assets exceed $200 million, but are less than $500 million:*** | &nbsp;&nbsp;***When assets exceed $200 million, but are less than $500 million:*** |
| &nbsp;&nbsp;**<u>Average Daily Net Assets</u>** | **<u>Annual Rate</u>** |
| &nbsp;&nbsp;All Assets | .325% |
| &nbsp;&nbsp;***When assets exceed $500 million, but are less than $1 billion:*** | &nbsp;&nbsp;***When assets exceed $500 million, but are less than $1 billion:*** |
| &nbsp;&nbsp;**<u>Average Daily Net Assets</u>** | **<u>Annual Rate</u>** |
| &nbsp;&nbsp;$0 to $500 million | .300% |
| &nbsp;&nbsp;$500 million to $1 billion | .275% |
| &nbsp;&nbsp;***When assets exceed $1 billion, but are less than $1.5 billion:*** | &nbsp;&nbsp;***When assets exceed $1 billion, but are less than $1.5 billion:*** |
| &nbsp;&nbsp;**<u>Average Daily Net Assets</u>** | **<u>Annual Rate</u>** |
| &nbsp;&nbsp;All Assets | .275% |
| &nbsp;&nbsp;***When assets exceed $1.5 billion, but are less than $2 million:*** | &nbsp;&nbsp;***When assets exceed $1.5 billion, but are less than $2 million:*** |
| &nbsp;&nbsp;**<u>Average Daily Net Assets</u>** | **<u>Annual Rate</u>** |
| &nbsp;&nbsp;All Assets | .250% |
| &nbsp;&nbsp;***When assets exceed $2 billion, but are less than $3 million:*** | &nbsp;&nbsp;***When assets exceed $2 billion, but are less than $3 million:*** |
| &nbsp;&nbsp;**<u>Average Daily Net Assets</u>** | **<u>Annual Rate</u>** |
| &nbsp;&nbsp;All Assets | .245% |
| &nbsp;&nbsp;***When assets exceed $3 billion, but are less than $4 million:*** | &nbsp;&nbsp;***When assets exceed $3 billion, but are less than $4 million:*** |
| &nbsp;&nbsp;**<u>Average Daily Net Assets</u>** | **<u>Annual Rate</u>** |
| &nbsp;&nbsp;All Assets | .240% |
| &nbsp;&nbsp;***When assets exceed $4 billion, but are less than $5.5 million:*** | &nbsp;&nbsp;***When assets exceed $4 billion, but are less than $5.5 million:*** |
| &nbsp;&nbsp;**<u>Average Daily Net Assets</u>** | **<u>Annual Rate</u>** |
| &nbsp;&nbsp;All Assets | .230% |
| &nbsp;&nbsp;***When assets exceed $5.5 billion, but are less than $7.5 million:*** | &nbsp;&nbsp;***When assets exceed $5.5 billion, but are less than $7.5 million:*** |
| &nbsp;&nbsp;**<u>Average Daily Net Assets</u>** | **<u>Annual Rate</u>** |
| &nbsp;&nbsp;All Assets | .225% |
| &nbsp;&nbsp;***When assets exceed $7.5 billion:*** | &nbsp;&nbsp;***When assets exceed $7.5 billion:*** |
| &nbsp;&nbsp;**<u>Average Daily Net Assets</u>** | **<u>Annual Rate</u>** |
| &nbsp;&nbsp;All Assets | .220% |

---

<sup>(10)</sup> For the JNL/T. Rowe Price Value Fund, the Sub-Adviser will provide the Adviser a transitional credit to eliminate any discontinuity between the flat fee schedule when net assets are below $1.5 billion and the flat fee once assets reach $1.5 billion. The credit will apply at asset levels between $1.364 billion and $1.5 billion.

------

**B-14**

To accommodate circumstances where the Portfolio's assets fall beneath $1.5 billion and to prevent a decline in the Portfolios' assets from causing an increase in the absolute dollar fee, the Sub-Adviser will provide a transitional credit to cushion the impact of reverting to the flat 0.275% fee schedule. The credit will be applied against the fees assessed under the existing fee schedule and will have the effect of reducing the dollar fee until assets either (a) exceed $1.5 billion, when the flat 0.25% bps fee would be triggered, or (b) fall below a threshold of approximately $1.364 billion, where the flat 0.275% fee schedule would be fully re-applied.

The credit is determined by multiplying the difference between the flat 0.275% fee schedule and the flat 0.25% fee schedule by the difference between $1.364 billion and the current portfolio size for billing purposes, divided by the difference between the $1.5 billion and the $1.364 billion threshold. The credit would approach $375,000 annually when the T. Rowe Price Large Cap Value Portfolio's assets were close to $1.5 billion and fall to zero at approximately $1.364 billion.

The annualized transitional credit is determined as follows, and the appropriate portion thereof (based upon the number of days in the month) will be applied as a credit to fees assessed:

---

| | |
|:---|:---|
| &nbsp;&nbsp;<u>Current Portfolio Size for Billing Purposes - $1,363,636,363</u> | &nbsp;&nbsp; X $375,000 |
| &nbsp;&nbsp;$136363636 |  |

---

For the JNL/T. Rowe Price Value Fund, the Sub-Adviser will provide the Adviser a transitional credit to eliminate any discontinuity between the flat fee when net assets are below $2 billion and the flat fee once assets reach $2 billion. The credit will apply at asset levels between approximately $1.96 billion and $2 billion.

To accommodate circumstances where the Fund's assets fall beneath $2 billion and to prevent a decline in the Fund's assets from causing an increase in the absolute dollar fee, the Sub-Adviser will provide a transitional credit to cushion the impact of reverting to the flat 0.250% fee. The credit will be applied against the fees assessed under the existing fee schedule and will have the effect of reducing the dollar fee until assets either (a) exceed $2 billion, when the flat 0.245% fee would be triggered, or (b) fall below a threshold of approximately $1.96 billion, where the flat 0.250% fee would be fully re-applied.

The credit is determined by multiplying the difference between the flat 0.250% fee and the flat 0.245% fee by the difference between the current portfolio size for billing purposes and the $1.96 billion, divided by the difference between $2 billion and the $1.96 billion threshold. The credit would approach $100,000 annually when the Fund's assets were close to $2 billion and fall to zero at approximately $1.96 billion.

The annualized transitional credit is determined as follows, and the appropriate portion thereof (based upon the number of days in the month) will be applied as a credit to fees assessed:

---

| | |
|:---|:---|
| &nbsp;&nbsp;<u>Current Portfolio Size for Billing Purposes - $1,960,000,000</u> | &nbsp;&nbsp;X $100,000 |
| &nbsp;&nbsp;$40000000 |  |

---

For the JNL/T. Rowe Price Value Fund, the Sub-Adviser will provide the Adviser a transitional credit to eliminate any discontinuity between the flat fee when net assets are below $3 billion and the flat fee once assets reach $3 billion. The credit will apply at asset levels between approximately $2.94 billion and $3 billion.

To accommodate circumstances where the Fund's assets fall beneath $3 billion and to prevent a decline in the Fund's assets from causing an increase in the absolute dollar fee, the Sub-Adviser will provide a transitional credit to cushion the impact of reverting to the flat 0.245% fee. The credit will be applied against the fees assessed under the existing fee schedule and will have the effect of reducing the dollar fee until assets either (a) exceed $3 billion, when the flat 0.240% fee would be triggered, or (b) fall below a threshold of approximately $2.94 billion, where the flat 0.245% fee would be fully re-applied.

The credit is determined by multiplying the difference between the flat 0.245% fee and the flat 0.240% fee by the difference between the current portfolio size for billing purposes and the $2.94 billion, divided by the difference between $3 billion and the $2.94 billion threshold. The credit would approach $150,000 annually when the Fund's assets were close to $3 billion and fall to zero at approximately $2.94 billion.

------

**B-15**

The annualized transitional credit is determined as follows, and the appropriate portion thereof (based upon the number of days in the month) will be applied as a credit to fees assessed:

---

| | |
|:---|:---|
| &nbsp;&nbsp;<u>Current Portfolio Size for Billing Purposes - $2,938,775,510.20</u> | &nbsp;&nbsp;X $150,000 |
| &nbsp;&nbsp;$61224489.80 |  |

---

For the JNL/T. Rowe Price Value Fund, the Sub-Adviser will provide the Adviser a transitional credit to eliminate any discontinuity between the flat fee when net assets are below $4 billion and the flat fee once assets reach $4 billion. The credit will apply at asset levels between approximately $3.83 billion and $4 billion.

To accommodate circumstances where the Fund's assets fall beneath $4 billion and to prevent a decline in the Fund's assets from causing an increase in the absolute dollar fee, the Sub-Adviser will provide a transitional credit to cushion the impact of reverting to the flat 0.240% fee. The credit will be applied against the fees assessed under the existing fee schedule and will have the effect of reducing the dollar fee until assets either (a) exceed $4 billion, when the flat 0.230% fee would be triggered, or (b) fall below a threshold of approximately $3.83 billion, where the flat 0.240% fee would be fully re-applied.

The credit is determined by multiplying the difference between the flat 0.240% fee and the flat 0.230% fee by the difference between the current portfolio size for billing purposes and the $3.83 billion, divided by the difference between $4 billion and the $3.83 billion threshold. The credit would approach $400,000 annually when the Fund's assets were close to $4 billion and fall to zero at approximately $3.83 billion.

The annualized transitional credit is determined as follows, and the appropriate portion thereof (based upon the number of days in the month) will be applied as a credit to fees assessed:

---

| | |
|:---|:---|
| &nbsp;&nbsp;<u>Current Portfolio Size for Billing Purposes - $3,833,333,333.33</u> | &nbsp;&nbsp;X $400,000 |
| &nbsp;&nbsp;$166666666.67 |  |

---

For the JNL/T. Rowe Price Value Fund, the Sub-Adviser will provide the Adviser a transitional credit to eliminate any discontinuity between the flat fee when net assets are below $5.5 billion and the flat fee once assets reach $5.5 billion. The credit will apply at asset levels between approximately $5.38 billion and $5.5 billion.

To accommodate circumstances where the Fund's assets fall beneath $5.5 billion and to prevent a decline in the Fund's assets from causing an increase in the absolute dollar fee, the Sub-Adviser will provide a transitional credit to cushion the impact of reverting to the flat 0.230% fee. The credit will be applied against the fees assessed under the existing fee schedule and will have the effect of reducing the dollar fee until assets either (a) exceed $5.5 billion, when the flat 0.225% fee would be triggered, or (b) fall below a threshold of approximately $5.38 billion, where the flat 0.230% fee would be fully re-applied.

The credit is determined by multiplying the difference between the flat 0.230% fee and the flat 0.225% fee by the difference between the current portfolio size for billing purposes and the $5.38 billion, divided by the difference between $5.5 billion and the $5.38 billion threshold. The credit would approach $275,000 annually when the Fund's assets were close to $5.5 billion and fall to zero at approximately $5.38 billion.

The annualized transitional credit is determined as follows, and the appropriate portion thereof (based upon the number of days in the month) will be applied as a credit to fees assessed:

---

| | |
|:---|:---|
| &nbsp;&nbsp;<u>Current Portfolio Size for Billing Purposes - $5,380,434,782.61</u> | &nbsp;&nbsp;X $275,000 |
| &nbsp;&nbsp;$119565217.39 |  |

---

For the JNL/T. Rowe Price Value Fund, the Sub-Adviser will provide the Adviser a transitional credit to eliminate any discontinuity between the flat fee when net assets are below $7.5 billion and the flat fee once assets reach $7.5 billion. The credit will apply at asset levels between approximately $7.33 billion and $7.5 billion.

To accommodate circumstances where the Fund's assets fall beneath $7.5 billion and to prevent a decline in the Fund's assets from causing an increase in the absolute dollar fee, the Sub-Adviser will provide a transitional credit to cushion the impact of reverting to the flat 0.225% fee. The credit will be applied against the fees assessed under the existing fee schedule and will have the effect of reducing the dollar fee until assets either (a) exceed $7.5 billion, when the flat 0.220% fee would be triggered, or (b) fall below a threshold of approximately $7.33 billion, where the flat 0.225% fee would be fully re-applied.

------

**B-16**

The credit is determined by multiplying the difference between the flat 0.225% fee and the flat 0.220% fee by the difference between the current portfolio size for billing purposes and the $7.33 billion, divided by the difference between $7.5 billion and the $7.33 billion threshold. The credit would approach $375,000 annually when the Fund's assets were close to $7.5 billion and fall to zero at approximately $7.33 billion.

The annualized transitional credit is determined as follows, and the appropriate portion thereof (based upon the number of days in the month) will be applied as a credit to fees assessed:

---

| | |
|:---|:---|
| &nbsp;&nbsp;<u>Current Portfolio Size for Billing Purposes - $7,333,333,333.33</u> | &nbsp;&nbsp;X $375,000 |
| &nbsp;&nbsp;$166666666.67 |  |

---

------

**B-17**

## Ex-99.D

Ex. 99.28(d)(49)(ii)

**Amendment to Amended and Restated Sub-Advisory Agreement Between** 

**Jackson National Asset Management, LLC and Victory Capital Management Inc.**

This **Amendment** is made by and between **Jackson National Asset Management, LLC**, a Michigan limited liability company and registered investment adviser (the "Adviser"), and **Victory Capital Management Inc.,** a corporation organized in the State of New York and registered investment adviser (the "Sub-Adviser").

**Whereas**, the Adviser and Sub-Adviser (the "Parties") entered into a Sub-Advisory Agreement effective as of September 13, 2021 and Amended and Restated effective August 30, 2024 (the "Agreement"), whereby the Adviser appointed the Sub-Adviser to provide certain sub-investment advisory services to certain series (the "Funds") of JNL Series Trust (the "Trust"), as listed on Schedule A of the Agreement, for the portion of each Fund's assets allocated to the Sub-Adviser.

**Whereas**, pursuant to the Agreement, the Adviser agreed to pay sub-advisory fees as set forth on Schedule B to the Agreement to the Sub-Adviser for the services provided and the expenses assumed by the Sub-Adviser, and the Sub-Adviser agreed to accept such sub-advisory fees as full compensation under the Agreement for such services and expenses.

**Whereas**, the Board of Trustees of the Trust has approved termination of Victory Capital Management Inc. as the Sub-Adviser for a strategy of the JNL Multi-Manager Small Cap Growth Fund of the Trust, effective August 28, 2025.

**Whereas**, the Parties have agreed to amend Schedule A and Schedule B of the Agreement to remove the JNL Multi-Manager Small Cap Growth Fund and its fees, effective August 28, 2025.

**Now Therefore**, in consideration of the mutual covenants herein contained, the Parties hereby agree to amend the Agreement as follows:

1) Schedule A to the Agreement is hereby deleted and replaced in its entirety with Schedule A dated August 28, 2025, attached hereto.

2) Schedule B to the Agreement is hereby deleted and replaced in its entirety with Schedule B dated August 28, 2025, attached hereto.

3) Except as specifically amended hereby, the Agreement shall remain in full force and effect in accordance with its terms.

4) Each of the Parties represents and warrants to the others that it has full authority to enter into this Amendment, upon the terms and conditions hereof, and that the individual executing this Amendment is duly authorized to bind the respective party to this Amendment.

5) This Amendment may be executed in one or more counterparts, which together shall constitute one document.

**In Witness Whereof**, the Parties have caused this Amendment to be executed, effective August 28, 2025.

---

| | | | |
|:---|:---|:---|:---|
| **Jackson National Asset Management, LLC** | **Jackson National Asset Management, LLC** | **Victory Capital Management Inc.** | **Victory Capital Management Inc.** |
| By: | ***/s/ Emily J. Bennett*** | By: | ***/s/ Michael D. Policarpo*** |
| Name: | Emily J. Bennett | Name: | Michael D. Policarpo |
| Title: | VP and Deputy General Counsel | Title: | President, CFO & CAO |

---

**Schedule A**

Dated August 28, 2025

---

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

---

 

<sup>\*</sup>For the portion of the Average Daily Net Assets managed by Victory Capital Management Inc.

**A-1**

**Schedule B**

Dated August 28, 2025

*(Compensation)*

---

| | |
|:---|:---|
| **JNL Multi-Manager Mid Cap Fund** | **JNL Multi-Manager Mid Cap Fund** |
| &nbsp;&nbsp;<u>Average Daily Net Assets</u> | <u>Annual Rate</u> |
| [Fees Omitted<sup>1</sup>] | [Fees Omitted<sup>1</sup>] |

---

<sup>1</sup> For the portion of the Average Daily Net Assets of the JNL Multi-Manager Mid Cap Fund managed by Victory Capital Management Inc.

**B-1**

## Ex-99.D

**Ex. 99.28(d)(51)(vi)**

**Amendment to Amended and Restated Sub-Advisory Agreement Between** 

**Jackson National Asset Management, LLC and Wellington Management Company LLP**

This **Amendment** is made by and between **Jackson National Asset Management, LLC**, a Michigan limited liability company and registered investment adviser (the "Adviser"), and **Wellington Management Company LLP**, a Delaware limited liability partnership and registered investment adviser (the "Sub-Adviser").

**Whereas**, the Adviser and the Sub-Adviser (the "Parties") entered into an Amended and Restated Sub-Advisory Agreement effective September 1, 2022, as amended (the "Agreement"), whereby the Adviser appointed the Sub-Adviser to provide certain sub-investment advisory services to certain investment portfolios (the "Funds") of JNL Series Trust (the "Trust"), as listed on Schedule A to the Agreement.

**Whereas**, pursuant to the Agreement, the Adviser agreed to pay the Sub-Adviser for the services provided and the expenses assumed by the Sub-Adviser a sub-advisory fee as set forth on Schedule B to the Agreement, and the Sub-Adviser agreed to accept such sub-advisory fee as full compensation under the Agreement for such services and expenses.

**Whereas**, the Board of Trustees of the Trust has approved, and the Parties have agreed to amend Schedule B to the Agreement to reflect sub-advisory fee changes for the JNL/WMC Value Fund, effective June 1, 2025.

**Now Therefore**, in consideration of the mutual covenants herein contained, the Parties hereby agree to amend the Agreement as follows:

1) Schedule B to the Agreement is hereby deleted and replaced, in its entirety, with Schedule B dated June 1, 2025, attached hereto.

2) Except as specifically amended hereby, the Agreement shall remain in full force and effect in accordance with its terms.

3) Each of the Parties represents and warrants to the other that it has full authority to enter into this Amendment, upon the terms and conditions hereof, and that the individual executing this Amendment is duly authorized to bind the respective party to this Amendment.

4) This Amendment may be executed in one or more counterparts, which together shall constitute one document.

**In Witness Whereof**, the Parties have caused this Amendment to be executed, effective June 1, 2025.

---

| | | | |
|:---|:---|:---|:---|
| **Jackson National Asset Management, LLC** | **Jackson National Asset Management, LLC** | **Wellington Management Company LLP** | **Wellington Management Company LLP** |
| <br> By: | <br> ***/s/ Emily J. Bennett*** | <br> By: | <br> ***/s/ Desmond Havlicek*** |
| Name: | Emily J. Bennett | Name: | Desmond Havlicek |
| Title: | VP and Deputy General Counsel | Title: | Senior Managing Director |

---

**Schedule B**

Dated June 1, 2025

*(Compensation)*

---

| | |
|:---|:---|
| &nbsp;&nbsp;**JNL/WMC Balanced Fund** | &nbsp;&nbsp;**JNL/WMC Balanced Fund** |
| &nbsp;&nbsp;<u>Average Daily Net Assets</u> | &nbsp;&nbsp;<u>Annual Rate</u> |
| &nbsp;&nbsp;*Assets up to $5 Billion:* | &nbsp;&nbsp;*Assets up to $5 Billion:* |
| &nbsp;&nbsp;$0 to $200 Million | &nbsp;&nbsp;.270% |
| &nbsp;&nbsp;$200 Million to $400 Million | &nbsp;&nbsp;.250% |
| &nbsp;&nbsp;$400 Million to $2.5 Billion | &nbsp;&nbsp;.220% |
| &nbsp;&nbsp;$2.5 Billion to $5 Billion | &nbsp;&nbsp;.200% |
| &nbsp;&nbsp;Over $5 Billion | &nbsp;&nbsp;.180% |
| &nbsp;&nbsp;*When assets exceed $5 Billion:* | &nbsp;&nbsp;*When assets exceed $5 Billion:* |
| &nbsp;&nbsp;$0 to $2.5 Billion | &nbsp;&nbsp;.210% |
| &nbsp;&nbsp;$2.5 Billion to $5 Billion | &nbsp;&nbsp;.200% |
| &nbsp;&nbsp;$5 Billion to $10 Billion | &nbsp;&nbsp;.150% |
| &nbsp;&nbsp;Over $10 Billion | &nbsp;&nbsp;.140% |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;**JNL/WMC Equity Income Fund** | &nbsp;&nbsp;**JNL/WMC Equity Income Fund** |
| &nbsp;&nbsp;<u>Average Daily Net Assets</u> | &nbsp;&nbsp;<u>Annual Rate</u> |
| &nbsp;&nbsp;$0 to $500 Million | &nbsp;&nbsp;.250% |
| &nbsp;&nbsp;$500 Million to $1 Billion | &nbsp;&nbsp;.220% |
| &nbsp;&nbsp;Over $1 Billion | &nbsp;&nbsp;.200% |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;**JNL/WMC Global Real Estate Fund** | &nbsp;&nbsp;**JNL/WMC Global Real Estate Fund** |
| &nbsp;&nbsp;<u>Average Daily Net Assets</u> | &nbsp;&nbsp;<u>Annual Rate</u> |
| &nbsp;&nbsp;$0 to $250 Million | &nbsp;&nbsp;.375% |
| &nbsp;&nbsp;$250 Million to $750 Million | &nbsp;&nbsp;.350% |
| &nbsp;&nbsp;Over $750 Million | &nbsp;&nbsp;.300% |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;**JNL/WMC Value Fund** | &nbsp;&nbsp;**JNL/WMC Value Fund** |
| &nbsp;&nbsp;<u>Average Daily Net Assets</u> | &nbsp;&nbsp;<u>Annual Rate</u> |
| &nbsp;&nbsp;$0 to $500 Million | &nbsp;&nbsp;.190% |
| &nbsp;&nbsp;$500 Million to $1 Billion | &nbsp;&nbsp;.150% |
| &nbsp;&nbsp;Over $1 Billion | &nbsp;&nbsp;.130% |

---

**B-1**

## Ex-99.G

Ex. 99.28(g)(2)(xi)

**Amendment to Amended and Restated Master Custodian Agreement**

This amendment, made as of June 27, 2025, and effective June 11, 2025 (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 <u>Appendix A</u> 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**, the Board of Trustees of PPM Funds (the "Board") has approved the liquidation, de-registration, and termination of its portfolios, the PPM Core Plus Fixed Income Fund and PPM High Yield Core Fund (the "Terminated Funds"), as identified on Appendix A, and PPM Funds have ceased its operations of the Terminated Funds (the "Fund Terminations"); and

**Whereas**, the Parties have agreed to amend the Agreement, including its Appendix A, to remove PPM Funds as a party and to remove the Terminated Funds, effective June 11, 2025.

**Now, Therefore**, in consideration of the promises and mutual covenants herein contained, the Parties hereto agree as follows:

1) PPM Funds is hereby removed as a party to the Agreement, effective June 11, 2025.

2) <u>Appendix A</u> to the Agreement is hereby deleted, in its entirety, and replaced with the <u>Appendix A</u> attached hereto to reflect the removal of the Terminated Funds, effective June 11, 2025.

3) Except as specifically amended hereby, all other terms and conditions of the Agreement shall remain in full force and effect.

4) 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

**In Witness Whereof,** the Parties hereto have caused this Amendment to be executed by their officers designated below, effective June 11, 2025.

---

| | |
|:---|:---|
| <br> **JNL Series Trust, and**<br> **JNL Investors Series Trust,**<br> *each on behalf of its Portfolios listed on Appendix A of the Agreement* <br> **Jackson Credit Opportunities Fund** <br> **Jackson Credit Opportunities Fund LLC** <br> **Jackson Real Assets Fund** <br> **Jackson Real Assets Fund LLC**  | <br> **JNL Series Trust, and**<br> **JNL Investors Series Trust,**<br> *each on behalf of its Portfolios listed on Appendix A of the Agreement* <br> **Jackson Credit Opportunities Fund** <br> **Jackson Credit Opportunities Fund LLC** <br> **Jackson Real Assets Fund** <br> **Jackson Real Assets Fund LLC**  |
| By: | ***/s/ Emily J. Bennett*** |
| Name: | Emily J. Bennett |
| Title: | Vice President and Assistant Secretary |

---

---

| | |
|:---|:---|
| **State Street Bank and Trust Company**  | **State Street Bank and Trust Company**  |
| By: | ***/s/ Agostino Bonavita*** |
| Name: | Agostino Bonavita |
| Title: | Managing Director |

---

Information Classification: Limited Access

**-2-**

**Appendix A**

*(Updated as of June 11, 2025)*

---

| |
|:---|
| &nbsp;&nbsp; **Management Investment Company** **:** <br> **JNL Series Trust***, for the following Portfolios*  |
| &nbsp;&nbsp;JNL Multi-Manager Alternative Fund |
| &nbsp;&nbsp;JNL Multi-Manager Emerging Markets Equity Fund |
| &nbsp;&nbsp;JNL Multi-Manager Floating Rate Income Fund |
| &nbsp;&nbsp;JNL Multi-Manager International Small Cap Fund |
| &nbsp;&nbsp;JNL Multi-Manager Mid Cap Fund |
| &nbsp;&nbsp;JNL Multi-Manager U.S. Select Equity Fund |
| &nbsp;&nbsp;JNL/Causeway International Value Select Fund |
| &nbsp;&nbsp;JNL/ClearBridge Large Cap Growth Fund |
| &nbsp;&nbsp;JNL/Cohen & Steers U.S. Realty Fund |
| &nbsp;&nbsp;JNL/DFA International Core Equity Fund |
| &nbsp;&nbsp;JNL/DFA U.S. Core Equity Fund |
| &nbsp;&nbsp;JNL/DFA U.S. Small Cap Fund |
| &nbsp;&nbsp;JNL/DoubleLine<sup>®</sup> Core Fixed Income Fund |
| &nbsp;&nbsp;JNL/DoubleLine<sup>®</sup> Emerging Markets Fixed Income Fund |
| &nbsp;&nbsp;JNL/DoubleLine<sup>®</sup> Shiller Enhanced CAPE<sup>®</sup> Fund |
| &nbsp;&nbsp;JNL/DoubleLine<sup>®</sup> Total Return Fund |
| &nbsp;&nbsp;JNL/Fidelity Institutional Asset Management<sup>®</sup> Total Bond Fund |
| &nbsp;&nbsp;JNL/GQG Emerging Markets Equity Fund |
| &nbsp;&nbsp;JNL/Invesco Diversified Dividend Fund |
| &nbsp;&nbsp;JNL/Invesco Global Growth Fund |
| &nbsp;&nbsp;JNL/Invesco Small Cap Growth Fund |
| &nbsp;&nbsp;JNL/JPMorgan Global Allocation Fund |
| &nbsp;&nbsp;JNL/JPMorgan Hedged Equity Fund |
| &nbsp;&nbsp;JNL/JPMorgan Managed Aggressive Growth Fund |
| &nbsp;&nbsp;JNL/JPMorgan Managed Conservative Fund |
| &nbsp;&nbsp;JNL/JPMorgan Managed Growth Fund |
| &nbsp;&nbsp;JNL/JPMorgan Managed Moderate Fund |
| &nbsp;&nbsp;JNL/JPMorgan Managed Moderate Growth Fund |
| &nbsp;&nbsp;JNL/JPMorgan Nasdaq<sup>®</sup> Hedged Equity Fund |
| &nbsp;&nbsp;JNL/JPMorgan Midcap Growth Fund |
| &nbsp;&nbsp;JNL/JPMorgan U.S. Government & Quality Bond Fund |
| &nbsp;&nbsp;JNL/JPMorgan U.S. Value Fund |
| &nbsp;&nbsp;JNL/Lazard International Quality Growth Fund |
| &nbsp;&nbsp;JNL/Loomis Sayles Global Growth Fund |
| &nbsp;&nbsp;JNL/Lord Abbett Short Duration Income Fund |
| &nbsp;&nbsp;JNL/Mellon World Index Fund |
| &nbsp;&nbsp;JNL/Mellon Nasdaq<sup>®</sup> 100 Index Fund |
| &nbsp;&nbsp;JNL/MFS Mid Cap Value Fund |
| &nbsp;&nbsp;JNL/Neuberger Berman Commodity Strategy Fund |
| &nbsp;&nbsp;JNL/Neuberger Berman Gold Plus Strategy Fund |
| &nbsp;&nbsp;JNL/Neuberger Berman Strategic Income Fund |
| &nbsp;&nbsp;JNL/PPM America High Yield Bond Fund |
| &nbsp;&nbsp;JNL/PPM America Investment Grade Credit Fund |
| &nbsp;&nbsp;JNL/PPM America Total Return Fund |
| &nbsp;&nbsp;JNL/RAFI<sup>®</sup> Fundamental U.S. Small Cap Fund |
| &nbsp;&nbsp;JNL/RAFI<sup>®</sup> Multi-Factor U.S. Equity Fund |
| &nbsp;&nbsp;JNL/T. Rowe Price Balanced Fund |
| &nbsp;&nbsp;JNL/T. Rowe Price Capital Appreciation Equity Fund |

---

Information Classification: Limited Access

**A-1**

---

| |
|:---|
| &nbsp;&nbsp;JNL/T. Rowe Price Capital Appreciation Fund |
| &nbsp;&nbsp;JNL/T. Rowe Price Growth Stock Fund |
| &nbsp;&nbsp;JNL/T. Rowe Price Mid-Cap Growth Fund |
| &nbsp;&nbsp;JNL/T. Rowe Price Short-Term Bond Fund |
| &nbsp;&nbsp;JNL/T. Rowe Price U.S. High Yield Fund |
| &nbsp;&nbsp;JNL/T. Rowe Price Value Fund |
| &nbsp;&nbsp;JNL/Westchester Capital Event Driven Fund |
| &nbsp;&nbsp;JNL/William Blair International Leaders Fund |

---

---

| |
|:---|
| &nbsp;&nbsp; **Management Investment Company** **:** <br> **JNL Investors Series Trust** |
| &nbsp;&nbsp;[Reserved] |

---

&nbsp;&nbsp; **Management Investment Company** **:** <br> **Jackson Credit Opportunities Fund**<br>

&nbsp;&nbsp; **Limited Liability Company** **:**<br> **Jackson Credit Opportunities Fund LLC**<br>

&nbsp;&nbsp; **Management Investment Company** **:** <br> **Jackson Real Assets Fund**<br>

&nbsp;&nbsp; **Limited Liability Company** **:**<br> **Jackson Real Assets Fund LLC**<br>

Information Classification: Limited Access

**A-2**

## Ex-99.H

Ex. 99.28(h)(16)(i)

**COHEN & STEERS** 

**FUND OF FUNDS INVESTMENT AGREEMENT**

THIS AGREEMENT, dated as of October 23, 2025, between the trust identified on <u>Schedule A</u> ("**Acquiring Trust**"), on behalf of itself and its respective series identified on <u>Schedule A</u>, as may be amended from time to time, severally and not jointly (each, an "**Acquiring Fund**"), and each acquired fund managed by Cohen & Steers Capital Management, Inc. listed on <u>Schedule B</u>, as may be amended from time to time, (each, an "**Acquired Fund**" and together with the Acquiring Funds, the "**Funds**").

WHEREAS, each Fund is registered with the U.S. Securities and Exchange Commission ("**SEC**") as an investment company under the Investment Company Act of 1940, as amended, (the "**1940 Act**");

WHEREAS, Section 12(d)(1)(A) of the 1940 Act limits the extent to which a registered investment company may invest in shares of registered investment companies, Section 12(d)(1)(B) limits the extent to which a registered investment company, its principal underwriter ("**Distributor**") or registered brokers or dealers ("**Brokers**") may knowingly sell shares of such registered investment company to other investment companies, and Section 12(d)(1)(C) limits the extent to which a registered investment company may invest in the shares of a registered closed-end investment company;

WHEREAS, Rule 12d1-4 under the 1940 Act (the "**Rule**") permits registered investment companies, such as the Acquiring Funds, to invest in shares of other registered investment companies, such as the Acquired Funds, in excess of the limits of Section 12(d)(1) of the 1940 Act, subject to compliance with the conditions of the Rule; and

WHEREAS, an Acquiring Fund may, from time to time, invest in shares of one or more Acquired Funds in excess of the limitations of Section 12(d)(1) of the 1940 Act in reliance on the Rule, and an Acquired Fund, Distributor, or Broker may, from time to time, knowingly sell shares of one or more Acquired Funds to an Acquiring Fund in excess of the limitations of Section 12(d)(1)(B) in reliance on the Rule; and

NOW THEREFORE, in accordance with the Rule, the Acquiring Funds and the Acquired Funds desire to set forth the following terms pursuant to which the Acquiring Funds may invest in the Acquired Funds in reliance on the Rule.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Terms of Investment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) In order to help reasonably address the risk of undue influence on an Acquired Fund by an Acquiring Fund, and to assist the Acquired Fund's investment adviser with making the required findings under the Rule, each Acquiring Fund and each Acquired Fund agree as follows:

&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) *Reserved*.

&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) *Reserved*.

&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) *Scale of investment.* Upon a reasonable request by an Acquired Fund, the Acquiring Fund will provide summary information regarding the anticipated timeline of its investment in the Acquired Fund and the scale of its contemplated investments in the Acquired Fund. The Acquired Fund acknowledges and agrees that any information provided pursuant to the foregoing is not a commitment to purchase and constitutes an estimate that may differ materially from the amount, timing and manner in which an investment in the Acquired Fund is made, if any.

&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) *Reserved.*

 

&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) *Reserved.*

&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) *Reserved*.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) In order to assist an Acquiring Fund's investment adviser with evaluating the complexity of the structure and the fees and expenses associated with an investment in an Acquired Fund, each Acquired Fund shall provide each Acquiring Fund with information on the fees and expenses of the Acquired Fund reasonably requested by the Acquiring Fund with reference to the Rule. For the avoidance of doubt, the Acquiring Fund acknowledges and agrees that any information provided by the Acquired Fund under this section is limited to publicly available fee and expense information.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) When used in this Agreement, the term "**Account**" shall mean any account managed by a member of the Acquiring Fund's "advisory group" (as such term is defined in the Rule) where such member of the Acquiring Fund's "advisory group" (as such term is defined in the Rule) exercises voting power, within the meaning of Rule 13d-3(a)(1) under the Securities Exchange Act of 1934, over the securities of any Acquired Fund held in such account.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Acquiring Fund will notify the Acquired Fund of its investment in an Acquired Fund in excess of the limitations in Section 12(d)(1)(A)(i) of the 1940 Act.

2. Representations of the Acquired Funds.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) In connection with any investment by an Acquiring Fund in an Acquired Fund in excess of the limitations in Section 12(d)(1)(A) or knowing sale of shares by an Acquired Fund, Distributor, or Broker to an Acquiring Fund in excess of the limitations in Section 12(d)(1)(B), the Acquired Fund agrees to: (i) comply with all conditions of the Rule, as interpreted or modified by the SEC or its staff from time to time, applicable to the Acquired Funds; (ii) comply with its obligations under this Agreement; and (iii) promptly notify the Acquiring Fund if such Acquired Fund fails to comply with the Rule with respect to an investment by the Acquiring Fund, as interpreted or modified by the SEC or its staff from time to time, or this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Each Acquired Fund agrees that any information regarding planned purchases, sales or redemptions of shares of an Acquired Fund provided by an Acquiring Fund pursuant to Section 1(c) of this Agreement will be used solely for the purposes of this Agreement.

3. Representations of the Acquiring Funds.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) In connection with any investment by an Acquiring Fund in an Acquired Fund in excess of the limitations in Section 12(d)(1)(A), the Acquiring Fund agrees to: (i) comply with all conditions of the Rule, as interpreted or modified by the SEC or its staff from time to time, applicable to the Acquiring Funds; (ii) comply with its obligations under this Agreement; and (iii) promptly notify the Acquired Fund if such Acquiring Fund fails to comply with the Rule with respect to its investment in such Acquired Fund, as interpreted or modified by the SEC or its staff from time to time, or this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Acquiring Funds have adopted policies and procedures designed to ensure that an Acquiring Fund, its "advisory group", as such term is defined in the Rule, and any Account (individually or in the aggregate) do not acquire or hold securities of an Acquired Fund for the purpose of controlling or influencing (or attempting to control or influence) the operations, management or policies of any Acquired Fund. An Acquiring Fund and its Advisory Group (as defined in the Rule), individually or in the aggregate, will not hold more than 25% of such Acquired Fund's total outstanding voting securities, except as the result of a decrease in the outstanding voting securities of an Acquired Fund; provided that upon such occurrence, an Acquiring Fund shall promptly notify an Acquired Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) *Reserved*.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The Acquiring Fund further agrees that, upon any direct or indirect change in control (as defined in Section 2(a)(9) of the 1940 Act) of its investment adviser or depositor, it shall promptly notify the respective Acquired Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) *Reserved.*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) *Reserved*.

4. Governing Law.

This Agreement shall be construed in accordance with the laws of New York, without giving effect to conflict of laws principles.

5. Entire Agreement.

This Agreement and the Schedules hereto (which are incorporated by reference) contain the full and complete understanding between the parties with respect to the matters covered and contemplated hereunder and supersede all prior agreements or understandings between the parties relating to the subject matter hereof, whether oral or written, express or implied.

6. Notices.

All notices, including all information that either party is required to provide under the terms of this Agreement and the Rule, shall be in writing and shall be delivered by registered or overnight mail, or electronic mail to the address for each party specified below.

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If to the Acquiring Funds: | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If to the Acquired Funds: |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Emily Bennett<br> c/o JNL Series Trust<br> 1 Corporate Way, Mail Code 8N41<br> Lansing, MI 48951<br> Email: emily.bennett@jackson.com<br>With a copy to:<br> JNAM Legal<br> c/o Jackson National Asset Management, LLC1 Corporate Way, Mail Code 8N41<br> Lansing, MI 48951<br> Email: JNAM-Legal@jackson.com | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dana A. DeVivo<br> c/o Cohen & Steers Capital Management, Inc.<br> 1166 Avenue of the Americas, Fl. 30<br> New York, NY 10036<br> Email: FundLegalGroup@cohenandsteers.com<br>With a copy to:<br> Fund Legal Group<br> c/o Cohen & Steers Capital Management, Inc.<br> 1166 Avenue of the Americas, Fl. 30<br> New York, NY 10036<br> Email: FundLegalGroup@cohenandsteers.com<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. Term and Termination; Assignment; Amendment; Miscellaneous.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) This Agreement shall be effective for the duration of the Acquired Funds' and the Acquiring Funds' reliance on the Rule, as interpreted or modified by the SEC or its staff from time to time. While the terms of the Agreement shall only be applicable to investments in Acquired Funds made in reliance on the Rule, as interpreted or modified by the SEC or its staff from time to time, the Agreement shall continue in effect until terminated pursuant to Section 7(b). Notwithstanding any provision of this Agreement to the contrary, the obligations set forth in Section 3(b) and Section 3(d) hereof shall apply as of and beginning on the date hereof, and shall continue in effect for the term of this Agreement and thereafter as set forth in Section 7(c) hereof, regardless of whether the Acquiring Fund has made an investment in an Acquired Fund in reliance on the Rule.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) This Agreement shall continue until terminated in writing by either party upon 60 days' advance notice to the other party. Upon termination of this Agreement, the Acquiring Fund may not purchase additional shares of the Acquired Fund beyond the Section 12(d)(1)(A) limits in reliance on the Rule. Termination of this Agreement with respect to a particular Acquired Fund shall not terminate the Agreement as to other Acquired Funds that are parties hereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) If this Agreement is terminated pursuant to Section 7(b) hereof with respect to an Acquiring Fund and corresponding Acquired Fund, the obligations set forth in Section 3(b) and Section 3(d) of the respective Acquiring Fund shall survive and remain continuing obligations of such Acquiring Fund so long as the Acquiring Fund holds voting securities of the applicable Acquired Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) This Agreement may not be assigned by either party without the prior written consent of the other.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) This Agreement may be amended only by a writing that is signed by each affected party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) In any action involving the Acquiring Funds under this Agreement, each Acquired Fund agrees to look solely to the individual Acquiring Fund that is involved in the matter in controversy and not to any other series of the Acquiring Funds.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) In any action involving the Acquired Funds under this Agreement, each Acquiring Fund agrees to look solely to the individual Acquired Fund that is involved in the matter in controversy and not to any other Acquired Funds.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) In the case of each Acquiring Fund, a copy of the Declaration of Trust is on file with the Secretary of The Commonwealth of Massachusetts, and notice is hereby given that no trustee, officer, employee, agent, employee or shareholder of an Acquiring Fund shall have any personal liability under this Agreement, and that this Agreement is binding only upon the assets and property of the applicable Acquiring Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) The Acquiring Funds and the Acquired Funds may file a copy of this Agreement with the SEC or any other regulatory body if required by applicable law.

\*\*\*

IN WITNESS WHEREOF, the parties have executed this Agreement as of the date first written above.

**JNL Series Trust, on behalf of itself and each of the Acquiring Funds listed in Schedule A, Severally and Not Jointly**

Signature: ***<u>/s/ Emily Bennett</u>***

Name: Emily Bennett

Title: Vice President

**COHEN & STEERS CAPITAL MANAGEMENT, INC., on behalf of each of the Acquired Funds listed on Schedule B, Severally and Not Jointly**

Signature: ***<u>/s/ Francis Poli</u>***

Name: Francis Poli

Title: Executive Vice President,

General Counsel and Secretary

Signature: ***<u>/s/ James Giallanza</u>***

Name: James Giallanza

Title: Executive Vice President

**SCHEDULE A**

**<u>Acquiring Funds</u>**

*<u>The following series of JNL Series Trust:</u>*

JNL Moderate ETF Allocation Fund

JNL Moderate Growth ETF Allocation Fund

JNL Growth ETF Allocation Fund

**SCHEDULE B**

**<u>Acquired Funds</u>**

Cohen & Steers Real Estate Active ETF

## Ex-99.H

Ex. 99.28(h)(17)(ii)

**FIRST AMENDMENT** 

**TO THE FUND OF FUNDS INVESTMENT AGREEMENT**

**THIS FIRST AMENDMENT** dated as of July 22, 2025, to the Fund of Funds Investment Agreement (the "Agreement") dated as of February 28, 2025, is made among JNL Series Trust on behalf of each Acquiring Fund (as defined and listed in Schedule A), severally and not jointly (each, an "**Acquiring Fund**"), and each Acquired Fund (as defined and listed in Schedule A), severally and not jointly (each, an "**Acquired Fund**," and together with the Acquiring Funds, the "**Funds**").

**RECITALS**

**WHEREAS,** the parties have entered into the Agreement; and

**WHEREAS,** the parties desire to amend the Agreement to add the DoubleLine Commercial Real Estate ETF to Schedule A; and

**WHEREAS,** Sections 4 (with respect to Schedule A) and 6(d) of the Agreement allow for its amendment by a written instrument executed by both parties.

**NOW, THEREFORE,** the parties agree as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Schedule A of the Agreement is hereby superseded and replaced in its entirety with Amended Schedule A attached hereto.

Except to the extent supplemented hereby, the Agreement shall remain in full force and effect.

**IN WITNESS WHEREOF**, the parties hereto have caused this First Amendment to be executed by a duly authorized officer on one or more counterparts as of the date and year first written above.

**DoubleLine ETF Trust, on behalf of itself and each of the Acquired Funds listed in Schedule A**

---

| | | |
|:---|:---|:---|
| <br> Name of Authorized Signer | <br> Print | <br> Signature |
| Title: Authorized Signer | Ronald Redell | ***/s/ Ronald Redell*** |

---

**JNL Series Trust, on behalf of itself and each of the Acquiring Funds listed in Schedule A**

---

| | | |
|:---|:---|:---|
| <br> Name of Authorized Signer | <br> Print | <br> Signature |
| Title: Vice President & Assistant<br> Secretary | Emily Bennett | ***/s/ Emily Bennett*** |

---

**AMENDED SCHEDULE A**

**List of Funds to Which the Agreement Applies**

 

**<u>Acquiring Funds</u>**

*<u>The following series of JNL Series Trust:</u>*

 

JNL Moderate ETF Allocation Fund

JNL Moderate Growth ETF Allocation Fund

JNL Growth ETF Allocation Fund

**<u>Acquired Funds</u>**

*<u>The following series of DoubleLine ETF Trust:</u>*

DoubleLine Commercial Real Estate ETF (DCRE)

DoubleLine Commodity Strategy ETF (DCMT)

DoubleLine Fortune 500 Equal Weight ETF (DFVE)

DoubleLine Mortgage ETF (DMBS)

DoubleLine Shiller CAPE US Equities ETF (CAPE)

DoubleLine Multi-Sector Income ETF (DMX)

DoubleLine Asset-Backed Securities ETF (DABS)

## Ex-99.H

Ex. 99.28(h)(18)(i)

**AMENDED & RESTATED RULE 12d1-4**

**FUND OF FUNDS INVESTMENT AGREEMENT**

THIS AGREEMENT, is made this 5<sup>th</sup> of June, 2025, by and among the trust identified on Schedule A, (each, an "**Acquiring Trust**"), on behalf of itself and its respective series identified on Schedule A, severally and not jointly (each, an "**Acquiring Fund**"), and each trust identified on Schedule B (each, an "**Underlying Trust**"), on behalf of itself and its respective series current and future, as identified on Schedule B, severally and not jointly (each, an "**Acquired Fund**" and together with the Acquiring Funds, the "**Funds**").

WHEREAS, each Fund is registered with the U.S. Securities and Exchange Commission ("**SEC**") as an investment company under the Investment Company Act of 1940, as amended, (the "**1940 Act**");

WHEREAS, Section 12(d)(1)(A) of the 1940 Act limits the extent to which a registered investment company may invest in shares of other registered investment companies, Section 12(d)(1)(B) limits the extent to which a registered investment company, its principal underwriter (the "**Distributor**") or registered brokers or dealers ("**Brokers**") may knowingly sell shares of such registered investment company to other investment companies, and Section 12(d)(1)(C) limits the extent to which an investment company may invest in the shares of a registered closed-end investment company;

WHEREAS, Rule 12d1-4 under the 1940 Act (the "**Rule**") permits registered investment companies, such as the Acquiring Funds, to invest in shares of other registered investment companies, such as the Acquired Funds, in excess of the limits of Section 12(d)(1) of the 1940 Act subject to compliance with the conditions of the Rule;

WHEREAS, an Acquiring Fund may, from time to time, invest in shares of one or more Acquired Funds in excess of the limitations of Section 12(d)(1)(A) in reliance on the Rule, and an Acquired Fund, Distributor, or Broker may, from time to time, knowingly sell shares of one or more Acquired Funds to an Acquiring Fund in excess of the limitations of Section 12(d)(1)(B) in reliance on the Rule; and

WHEREAS, the Acquiring Trust and the Underlying Trust have entered into that certain Rule 12d1-4 Fund of Funds Investment Agreement, dated February 28, 2025, and desire to amend and restate the agreement.

NOW THEREFORE, in accordance with the Rule, the Acquiring Funds and the Acquired Funds desire to set forth the following terms pursuant to which the Acquiring Funds may invest in the Acquired Funds in reliance on the Rule.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.** **Terms of Investment** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Because the Acquired Funds operate as exchange-traded funds, the Funds note that each Acquired Fund is designed to accommodate large investments and redemptions, whether from Acquiring Funds or other investors. Creation and redemption order for shares of the Acquired Fund can only be submitted by Brokers or other participants of a registered clearing agency (collectively, "**Authorized Participants**", as such term is defined under Rule 6c-11 of the 1940 Act) that have entered into an agreement ("**Authorized Participant Agreement**") with Acquired Funds' Distributor to transact in shares of the Acquired Funds. The Acquired Funds also have policies and procedures (the "**Basket Policies**") that have been adopted pursuant to Rule 6c-11 under the 1940 Act, which govern creation and redemptions of the Acquired Funds' shares. Any creation or redemption order submitted by an Acquiring Fund through an Authorized Participant will be satisfied pursuant to the Basket Policies and the relevant Authorized Participant Agreement. The Basket Policies include provisions that govern in-kind creations and redemptions, as well as cash transactions. In any event, the Funds generally expect 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) the Acquiring Funds will transact in shares in the Acquired Funds on the secondary market rather than through direct creation and redemption transactions with the Acquired 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;(ii) Upon a reasonable request by an Acquired Fund, the Acquiring Fund will provide summary information regarding the anticipated timeline of its investment in the Acquired Fund and the scale of its contemplated investment in the Acquired Fund. The Acquired Fund acknowledges and agrees that any information provided pursuant to the foregoing is not a commitment to purchase and constitutes an estimate that may differ materially from the amount, timing and manner in which an investment in the Acquired Fund is made, if any.

The Funds believe that these material terms regarding an Acquiring Fund's investment in shares of an Acquired Fund should assist the Acquired Fund's investment adviser or sub-adviser with making the required findings under the Rule.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) In order to assist the Acquiring Fund's investment adviser or sub-adviser with evaluating the complexity of the structure and fees and expenses associated with an investment in an Acquired Fund, each Acquired Fund shall provide each Acquiring Fund and its investment adviser or sub-adviser with information on the fees and expenses of the Acquired Fund reasonably requested by the Acquiring Fund to comply with the Rule. For the avoidance of doubt, the Acquiring Fund acknowledges and agrees that any information provided by the Acquired Fund under this section is limited to publicly available fee and expense information.

**2.** **Representations of the Acquired Funds.** 

In connection with any investment by an Acquiring Fund in an Acquired Fund in excess of the limitations in Section 12(d)(1)(A) or knowing sale of shares by an Acquired Fund, Distributor, or Broker to an Acquiring Fund in excess of the limitations in Section 12(d)(1)(B), the Acquired Fund agrees to: (i) comply with all conditions of the Rule, as interpreted or modified by the SEC or its staff from time to time, applicable to Acquired Funds; (ii) comply with its obligations under this Agreement; and (iii) promptly notify the Acquiring Fund if such Acquired Fund fails to comply with the Rule with respect to an investment by the Acquiring Fund, as interpreted or modified by the SEC or its staff from time to time, or this Agreement.

**3.** **Representations of the Acquiring Funds.** 

In connection with any investment by an Acquiring Fund in an Acquired Fund in excess of the limitations in Section 12(d)(1)(A), the Acquiring Fund agrees to: (i) comply with all conditions of the Rule, as interpreted or modified by the SEC or its staff from time to time, applicable to Acquiring Funds; (ii) comply with its obligations under this Agreement; and (iii) promptly notify the Acquired Fund if such Acquiring Fund fails to comply with the Rule with respect to its investment in such Acquired Fund, as interpreted or modified by the SEC or its staff from time to time, or this Agreement.

**4.** **[RESERVED]** 

**5.** **Notices** 

All notices, including all information that either party is required to provide under the terms of this Agreement and the Rule, shall be in writing and shall be delivered by registered or overnight mail, or electronic mail to the address for each party specified below.

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If to the Acquiring Fund: | If to the Acquired Fund: |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Emily Bennett c/o JNL Series Trust<br> 1 Corporate Way, Mail Code 8N41<br> Lansing, MI 48951<br> Email: <u>emily.bennett@jackson.com</u><br>With a copy to:<br>JNAM Legal<br> c/o Jackson National Asset Management, LLC<br> 1 Corporate Way, Mail Code 8N41<br> Lansing, MI 48951  | Email: fofcoe@fmr.com<br>With a copy to:<br>Shelley Harding<br> Attn: Legal Dept.<br> 6501 S Fiddlers Green Circle, Suite 600<br> Greenwood Village, CO 80111<br> Email: <u>shelley.harding@fmr.com</u> |

---

6. **Term and Termination; Assignment; Amendment**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) This Agreement shall be effective for the duration of the Acquired Funds' and/or the Acquiring Funds' reliance on the
Rule, as interpreted or modified by the SEC or its staff from time to time. While the terms of the Agreement shall only be applicable
to investments in Funds made in reliance on the Rule, as interpreted or modified by the SEC or its staff from time to time, the Agreement
shall continue in effect until terminated pursuant to Section 6(b).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) This Agreement shall continue until terminated in writing by either party upon 60 days' notice to the other party. Upon termination
of this Agreement, the Acquiring Fund may not purchase additional shares of the Acquired Fund beyond the Section 12(d)(1)(A) limits in
reliance on the Rule.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) This Agreement may not be assigned by either party without the prior written consent of the other. In the event either party assigns
this Agreement to a third party as provided in this Section, such permitted third party shall be bound by the terms and conditions of
this Agreement applicable to the assigning party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) This Agreement may be amended only by a writing that is signed by each affected party; provided, however, that Schedule B to this
Agreement may be amended by the Acquired Fund to add additional Underlying Trusts permitted to be acquired or Funds not permitted to be
acquired by providing notice to the Acquiring Fund in accordance with Section 5.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) This Agreement will be governed by the laws of the Commonwealth of Massachusetts without regard to its choice of law principles.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) In any action involving the Acquiring Funds under this Agreement, each Acquired Fund agrees to look solely to the individual Acquiring
Funds that are involved in the matter in controversy and not to any other series of the Acquiring Trust.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) In any action involving the Acquired Funds under this Agreement, each Acquiring Fund agrees to look solely to the individual Acquired
Funds that are involved in the matter in controversy and not to any other series of the Acquired Trusts.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. **Miscellaneous** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Counterparts</u>. This Agreement may be executed in two or more counterparts, each of which is deemed an original but all of which together constitute one and the same instrument.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Severability</u>. If any provision of this Agreement is determined to be invalid, illegal, in conflict with any law or otherwise unenforceable, the remaining provisions hereof will be considered severable and will not be affected thereby, and every remaining provision hereof will remain in full force and effect and will remain enforceable to the fullest extent permitted by applicable law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Entire Agreement</u>. This Agreement constitutes the entire agreement of the parties with respect to the subject matter hereof and supersedes all prior written or oral and all contemporaneous oral agreements, understandings and negotiations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>Notice</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) The Acquiring Funds are hereby expressly put on notice of the limitation of shareholder liability as set forth in each Underlying Trust's Declaration of Trust (each, a "Trust Document") of which each Acquired Fund is a series or other organizational documents and agrees that the obligations assumed by the Underlying Trusts pursuant to this Agreement shall be limited in all cases to the relevant Acquired Funds and their assets, and the Acquiring Funds shall not seek satisfaction of any such obligation from the shareholders or any shareholder of the relevant Acquired Funds or any other series of the Underlying Trusts. In addition, the Acquiring Funds shall not seek satisfaction of any such obligations from the trustees of an Underlying Trust or any individual trustee of an Underlying Trust. The Acquiring Funds understands that the rights and obligations of any Acquired Fund under the respective Underlying Trust Document or other organizational document are separate and distinct from those of any and all other series of the Underlying Trusts.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) The Acquired Funds are hereby expressly put on notice of the limitation of shareholder liability as set forth in the Acquiring Trust's Declaration of Trust (the "Acquiring Trust Document") of which each Acquiring Fund is a series or other organizational documents and agrees that the obligations assumed by the Acquiring Trust pursuant to this Agreement shall be limited in all cases to the relevant Acquiring Funds and their assets, and the Acquired Funds shall not seek satisfaction of any such obligation from the shareholders or any shareholder of the relevant Acquiring Funds or any other series of the Acquiring Trust. In addition, the Acquired Funds shall not seek satisfaction of any such obligations from the trustees of the Acquiring Trust or any individual trustee of the Acquiring Trust. The Acquired Funds understand that the rights and obligations of any Acquiring Fund under the respective Acquiring Trust Document or other organizational document are separate and distinct from those of any and all other series of the Acquiring Trust.

IN WITNESS WHEREOF, the parties have executed this Agreement as of the date first written above.

---

| | |
|:---|:---|
| **JNL Series Trust,** on behalf of itself and each of the Acquiring Funds listed on Schedule A, Severally and Not Jointly | **JNL Series Trust,** on behalf of itself and each of the Acquiring Funds listed on Schedule A, Severally and Not Jointly |
| ***/s/ Emily Bennett*** | ***/s/ Emily Bennett*** |
| Name: | Emily Bennett |
| Title: | Vice President and Assistant Secretary |
| **Each Fidelity Trust listed on Schedule B,** each on behalf of itself and each of the Acquired Funds, Severally and Not Jointly | **Each Fidelity Trust listed on Schedule B,** each on behalf of itself and each of the Acquired Funds, Severally and Not Jointly |
| ***/s/ Stacie Smith*** | ***/s/ Stacie Smith*** |
| Name: | Stacie Smith |
| Title: | Authorized Signer |

---

**SCHEDULE A**

<u>Acquiring Trust and Acquiring Funds</u>

**Acquiring Trust**

JNL Series Trust

**Acquiring Funds**

JNL Moderate ETF Allocation Fund

JNL Moderate Growth ETF Allocation Fund

JNL Growth ETF Allocation Fund

**SCHEDULE B**

<u>Acquired Trusts and Acquired Funds</u>

---

| | |
|:---|:---|
| &nbsp;&nbsp;**<u>Fidelity Trust</u>** | &nbsp;&nbsp;**<u>Acquired Funds</u>** |
| &nbsp;&nbsp;Fidelity Commonwealth Trust | &nbsp;&nbsp;All current and future series |
| &nbsp;&nbsp;Fidelity Covington Trust | &nbsp;&nbsp; All current and future series<br> \*excluding Fidelity Disruptors ETF |
| &nbsp;&nbsp;Fidelity Greenwood Street Trust | &nbsp;&nbsp; All current and future series<br> \*excluding Fidelity Municipal Bond Opportunities ETF |
| &nbsp;&nbsp;Fidelity Merrimack Street Trust | &nbsp;&nbsp;All current and future series |

---

## Ex-99.H

Ex. 99.28(h)(19)(i)

**RULE 12d1-4**

**FUND OF FUNDS ETF INVESTMENT AGREEMENT**

This Agreement, dated as of October 23, 2025, among JNL Series Trust ("**Acquiring Trust**"), on behalf of each of itself and its separate series listed in Appendix A, as may be amended from time to time, that invests in an Acquired Fund in reliance on the Rule as such terms are defined below, severally and not jointly (each, an "**Acquiring Fund**"), and First Trust Exchange-Traded Fund, First Trust Exchange-Traded Fund II, First Trust Exchange-Traded Fund III, First Trust Exchange-Traded Fund IV, First Trust Exchange-Traded Fund V, First Trust Exchange-Traded Fund VI, First Trust Exchange-Traded Fund VII, First Trust Exchange-Traded Fund VIII, First Trust Exchange-Traded AlphaDEX® Fund, and First Trust Exchange-Traded AlphaDEX® Fund II, (each an "**Acquired Trust**"), on behalf of each Acquired Trust and each applicable series listed on Appendix B, as may be amended from time to time, severally and not jointly (each, an "**Acquired Fund**" and together with the Acquiring Funds, the "**Funds**").

WHEREAS, each Fund is registered with the U.S. Securities and Exchange Commission ("**SEC**") as an investment company under the Investment Company Act of 1940, as amended, (the "**1940 Act**"); and

WHEREAS, Section 12(d)(1)(A) of the 1940 Act limits the extent to which a registered investment company may invest in shares of other registered investment companies, and Section 12(d)(1)(B) limits the extent to which a registered investment company, its principal underwriter (the "**Distributor")** or any registered brokers or dealers ("**Brokers**") may knowingly sell shares of such registered investment company to other investment companies; and

WHEREAS, Rule 12d1-4 under the 1940 Act (the "**Rule**") permits registered investment companies, such as the Acquiring Funds, to invest in shares of other registered investment companies, such as the Acquired Funds, as well as Distributors and Brokers to knowingly sell shares of the Acquired Funds to the Acquiring Funds in excess of the limits of Section 12(d)(1) of the 1940 Act subject to compliance with the conditions of, and in reliance on the Rule; and

WHEREAS, an Acquiring Fund may, from time to time, invest in shares of one or more Acquired Funds in excess of the limitations of Section 12(d)(1)(A) in reliance on the Rule; and

WHEREAS, an Acquired Fund, Distributor, or Broker may, from time to time, knowingly sell shares of one or more Acquired Funds to an Acquiring Fund in excess of the limitations of Section 12(d)(1)(B) in reliance on the Rule; and

NOW THEREFORE, in accordance with the Rule, the Acquiring Funds and the Acquired Funds desire to set forth the following terms pursuant to which the Acquiring Funds may invest in the Acquired Funds in reliance on the Rule and the Acquired Funds, Distributor, or Broker may sell shares of the Acquired Funds to the Acquiring Funds in reliance on the Rule.

&nbsp;&nbsp;&nbsp;&nbsp;1. Terms of Investment.

In order to help reasonably address the risk of undue influence on an Acquired Fund by an Acquiring Fund, and to assist the Acquired Fund's investment adviser with making the required findings under the Rule, the Funds agree as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Funds note that each Acquired Fund operates as an exchange-traded fund and is designed to accommodate large investments and redemptions, whether from Acquiring Funds or other investors. Creation and redemption orders for shares of the Acquired Funds can only be submitted by Brokers or other participants of a registered clearing agency (collectively, "**Authorized Participants**", as such term is defined under Rule 6c-11 of the 1940 Act) that have entered into an agreement ("**Participation Agreement**") with the Acquired Funds' Distributor to transact in shares of the Acquired Funds. The Acquired Funds also have policies and procedures (the "**Basket Policies**") that have been adopted pursuant to Rule 6c-11 under the 1940 Act, which govern creations and redemptions of the Acquired Funds' shares. Any creation or redemption order submitted by an Acquiring Fund through an Authorized Participant will be satisfied pursuant to the Basket Policies and the relevant Participation Agreement. The Basket Policies include provisions that govern in-kind creations and redemptions, as well as cash transactions. In any event, the Funds generally expect that the Acquiring Funds will transact in shares in the Acquired Funds on the secondary market rather than through direct creation and redemption transactions with the Acquired Fund. The Funds believe that these material terms regarding an Acquiring Fund's investment in shares of an Acquired Fund should assist the Acquired Fund's investment adviser, with making the required findings under the Rule.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) *Scale of investment.* Upon a reasonable request by an Acquired Fund, the Acquiring Fund will provide summary information regarding the anticipated timeline of its investment in the Acquired Fund and the scale of its contemplated investments in the Acquired Fund. The Acquired Fund acknowledges and agrees that any information provided pursuant to the foregoing is not a commitment to purchase and constitutes an estimate that may differ materially from the amount, timing and manner in which an investment in the Acquired Fund is made, if any

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) In order to assist an Acquiring Fund's investment adviser with evaluating the complexity of the structure and the fees and expenses associated with an investment in an Acquired Fund, each Acquired Fund shall provide the each Acquiring Fund with information on the fees and expenses of the Acquired Fund reasonably requested by such Acquiring Fund with reference to the Rule. For the avoidance of doubt, the Acquiring Fund acknowledges and agrees that any information provided by the Acquired Fund under this section is limited to publicly available fee and expense information.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Representations of the Acquired Funds.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) In connection with any investment by an Acquiring Fund in an Acquired Fund in excess of the limitations in Section 12(d)(1)(A) or knowing sale of shares by an Acquired Fund, Distributor, or Broker to an Acquiring Fund in excess of the limitations in Section 12(d)(1)(B), the Acquired Fund agrees to: (i) comply with all conditions of the Rule, as interpreted or modified by the SEC or its staff from time to time, applicable to Acquired Funds; (ii) comply with its obligations under this Agreement; and (iii) promptly notify the Acquiring Fund if such Acquired Fund fails to comply with the Rule with respect to an investment by the Acquiring Fund, as interpreted or modified by the SEC or its staff from time to time, or this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Each Acquired Fund agrees that any information regarding planned purchases, sales or redemptions of shares of an Acquired Fund provided by an Acquiring Fund pursuant to Section 1(c) of this Agreement will be used solely for the purposes of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Representations and warranties of the Acquiring Funds.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) In connection with any investment by an Acquiring Fund in an Acquired Fund in excess of the limitations in Section 12(d)(1)(A), the Acquiring Fund agrees to: (i) comply with all conditions of the Rule, as interpreted or modified by the SEC or its staff from time to time, applicable to Acquiring Funds; (ii) comply with its obligations under this Agreement; and (iii) promptly notify the Acquired Fund if such Acquiring Fund fails to comply with the Rule with respect to its investment in such Acquired Fund, as interpreted or modified by the SEC or its staff from time to time, or this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Additionally, an Acquiring Fund shall promptly notify an Acquired Fund:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. prior to the purchase or acquisition of shares in an Acquired Fund that causes such Acquiring Fund to hold 3% or more of such Acquired
Fund's total outstanding voting securities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii. of any purchase or acquisition of shares in an Acquired Fund that causes such Acquiring Fund to hold 5% or more of such Acquired Fund's
total outstanding voting securities; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iii. where an Acquiring Fund and its Advisory Group (as defined in the Rule), individually or in the aggregate, hold more than 25% of such
Acquired Fund's total outstanding voting securities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) An Acquiring Fund shall provide an Acquired Fund with information regarding the amount of such Acquiring Fund's investments in the Acquired Fund, and information regarding affiliates of the Acquiring Fund, upon the Acquired Fund's reasonable request.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Each Acquiring Fund acknowledges that it may not rely on this Agreement to invest in any funds listed on the 12d1-4 Excluded Funds List (as defined in Appendix B). Each Acquiring Fund acknowledges that the 12d1-4 Excluded Funds List is available as described in Appendix B, and further acknowledges that it is an Acquiring Fund's obligation to review the 12d1-4 Excluded Funds List on an ongoing basis for any changes which may occur from time to time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Notices.

All notices, including all information that either party is required to provide under the terms of this Agreement and the Rule, shall be in writing and shall be delivered by registered or overnight mail, or electronic mail to the address for each party specified below.

---

| | |
|:---|:---|
| **If to the Acquiring Funds:** | **If to the Acquired Funds:** |
| Emily Bennett | Kristi Maher |
| c/o JNL Series Trust | First Trust Portfolios, L.P. |
| 1 Corporate Way, Mail Code 8N41 | 120 E. Liberty Drive, Suite 400 |
| Lansing, MI 48951 | Wheaton, IL 60187 |
| Email: emily.bennett@jackson.com | Email: foflegal@ftportfolios.com |
| **With a copy to:** | **With a copy to:** |
| JNAM Legal | W. Scott Jardine, Esq. |
| c/o Jackson National Asset Management, LLC | Attn: Legal Dept. |
| 1 Corporate Way | First Trust Portfolios L.P. |
| Mail Code 8N41<br> Lansing, MI 48951 | 120 E. Liberty Drive, Suite 400<br> Wheaton, IL 60187 |
| Email: JNAM-Legal@jackson.com | Email: <u>foflegal@ftportfolios.com</u><br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. Term and Termination.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) This Agreement shall be effective for the duration of the Acquired Funds' and the Acquiring Funds' reliance on the Rule, as interpreted or modified by the SEC or its staff from time to time. While the terms of the Agreement shall only be applicable to investments in Acquired Funds made in reliance on the Rule, as interpreted or modified by the SEC or its staff from time to time, the Agreement shall continue in effect until terminated pursuant to this Section 5.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) This Agreement shall continue until terminated in writing by either party upon 60 days' notice to the other party. Upon termination of this Agreement, the Acquiring Funds may not purchase additional shares of the Acquired Fund beyond the Section 12(d)(1)(A) limits in reliance on the Rule. For purposes of clarity, upon termination of the Agreement, an Acquiring Fund will not be required to reduce its holdings of the respective Acquired Fund. Termination of this Agreement with respect to a particular Acquired Fund shall not terminate the Agreement as to other Acquired Funds that are parties hereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. Assignment; Amendment; Miscellaneous

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) This Agreement may not be assigned by either party without the prior written consent of the other.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) This Agreement may be amended only by a writing that is signed by each affected party; provided, however, that the 12d1-4 Excluded Funds List, as defined in Appendix B to this Agreement may be amended by the Acquired Funds, in their sole discretion. For the avoidance of doubt, it is acknowledged and agreed that no notice is required to update, supplement or otherwise amend the 12d1-4 Excluded Fund List.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) In any action involving the Acquiring Funds under this Agreement, each Acquired Fund agrees to look solely to the individual Acquiring Fund that is involved in the matter in controversy and not to any other series of the Acquiring Trust.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) In any action involving the Acquired Funds under this Agreement, each Acquiring Fund agrees to look solely to the individual Acquired Fund that is involved in the matter in controversy and not to any other Acquired Fund hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) The Acquiring Fund and Acquired Funds may file a copy of this Agreement with the SEC or any other regulatory body if required by applicable law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) Each of the Acquired Trusts is a Massachusetts business trust, a copy of the Declaration of Trust of each such Acquired Trust is on file with the Secretary of The Commonwealth of Massachusetts, and notice is hereby given that no trustee, officer, employee, agent, employee or shareholder of the respective Acquired Trust or the respective Acquired Fund shall have any personal liability under this Agreement and that this Agreement is binding only upon the assets and property of the applicable Acquired Fund. Similarly, the Acquiring Trust is a Massachusetts business trust, and a copy of the Declaration of Trust of such Acquiring Trust is on file with the Secretary of The Commonwealth of Massachusetts, and notice is hereby given that no trustee, officer, employee, agent, employee or shareholder of the respective Acquiring Fund shall have any personal liability under this Agreement and that this Agreement is binding only upon the assets and property of the applicable Acquired Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) This Agreement shall be construed on behalf of an Acquired Fund in accordance with the laws of the State of organization of such Acquired Fund.

IN WITNESS WHEREOF, the parties have executed this Agreement as of the date first written above.

**JNL Series Trust**

on behalf of itself and each of the Acquiring Funds listed in Appendix A

---

| | |
|:---|:---|
| Name: | ***/s/ Emily Bennett*** |
|  | Emily Bennett |
| Title: | Vice President |

---

**First Trust Exchange-Traded Fund**

**First Trust Exchange-Traded Fund II**

**First Trust Exchange-Traded Fund III**

**First Trust Exchange-Traded Fund IV**

**First Trust Exchange-Traded Fund V**

**First Trust Exchange-Traded Fund VI**

**First Trust Exchange-Traded Fund VII**

**First Trust Exchange-Traded Fund VIII**

**First Trust Exchange-Traded AlphaDEX® Fund**

**First Trust Exchange-Traded AlphaDEX® Fund II**

Each on behalf of its applicable series listed on Appendix B

---

| | |
|:---|:---|
| Name: | ***/s/ James M. Dykas*** |
|  | James M. Dykas |
| Title: | President and CEO |

---

**Appendix A – Acquiring Funds**

***The following series of JNL Series Trust:***

**JNL Moderate ETF Allocation Fund**

**JNL Moderate Growth ETF Allocation Fund**

**JNL Growth ETF Allocation Fund**

**Appendix B – Acquired Funds**

**Exchange-Traded Funds**

**First Trust Exchange-Traded Fund**

**All Series**

**First Trust Exchange-Traded Fund II**

**All Series**

**First Trust Exchange-Traded Fund III**

**All Series**

**First Trust Exchange-Traded Fund IV**

**All Series**

**First Trust Exchange-Traded Fund V**

**All Series**

**First Trust Exchange-Traded Fund VI**

**All Series**

**First Trust Exchange-Traded Fund VII**

**All Series**

**First Trust Exchange-Traded Fund VIII**

**All Series**

**First Trust Exchange-Traded AlphaDEX® Fund**

**All Series**

**First Trust Exchange-Traded AlphaDEX® Fund II**

**All Series**

This Appendix B is amended to exclude any Acquired Fund that is at the time included on the list of funds that are not permissible as Acquired Funds, along with related requirements (the "12d1-4 Excluded Funds List"), all such additional terms and requirements being deemed incorporated by reference into this Agreement, which is maintained at First Trust's website https://www.ftportfolios.com/Common/ContentFileLoader.aspx?ContentGUID=b043947d-1a3d-4c6d-a149-41ebd693d5b6 and is available as the 12d1-4 Excluded Funds List under the News & Literature tab for each First Trust-advised ETF, as such site is amended, supplemented or revised and in effect from time to time.

## Ex-99.H

Ex. 99.28(h)(22)(i)

**RULE 12d1-4 FUND OF FUNDS INVESTMENT AGREEMENT**

THIS AGREEMENT, dated as of October 23, 2025, is made by and among each registrant identified on Schedule A (each, an "Acquiring Company"), each on behalf of itself and its series identified on Schedule A (if any), severally and not jointly (each, an "Acquiring Fund" and collectively, the "Acquiring Funds"), and each registrant identified on Schedule B (each, an "Acquired Company"), on behalf of itself and its series identified on Schedule B (if any), severally and not jointly (each, an "Acquired Fund" and collectively the "Acquired Funds" and together with the Acquiring Funds, the "Funds").

WHEREAS, each Acquired Company and Acquiring Company is registered with the U.S. Securities and Exchange Commission (the "SEC") as an investment company under the Investment Company Act of 1940, as amended (the "1940 Act");

WHEREAS, Section 12(d)(1)(A) of the 1940 Act limits the extent to which a registered investment company may invest in shares of other registered investment companies, Section 12(d)(1)(B) limits the extent to which a registered open-end investment company, its principal underwriter ("Distributor") or registered brokers or dealers ("Brokers") may knowingly sell shares of such registered investment company to other investment companies;

WHEREAS, Rule 12d1-4 under the 1940 Act (the "Rule") permits registered investment companies, such as the Acquiring Funds, to invest in shares of other registered investment companies, such as the Acquired Funds, in excess of the limits of Section 12(d)(1) of the 1940 Act subject to compliance with the conditions of the Rule; and registered open-end investment companies, such as the Acquired Funds, as well as their Distributor and Brokers, knowingly to sell shares of the Acquired Funds to the Acquiring Funds in excess of the limits of Section 12(d)(1)(B) of the 1940 Act;

WHEREAS, an Acquiring Fund may, from time to time, invest in shares of one or more Acquired Funds in excess of the limitations of Section 12(d)(1)(A) of the 1940 Act, in reliance on the Rule; and

WHEREAS, an Acquired Fund, Distributor or Broker may, from time to time, knowingly sell shares of one or more Acquired Funds to an Acquiring Fund in excess of the limitations of Section 12(d)(1)(B) in reliance on the Rule;

NOW THEREFORE, in accordance with the Rule, the Acquiring Funds and the Acquired Funds desire to set forth the following terms pursuant to which the Acquiring Funds may invest in the Acquired Funds, and the Acquired Funds, Distributor or Brokers may sell shares of the Acquired Funds to the Acquiring Funds, in reliance on the Rule.

&nbsp;&nbsp;&nbsp;&nbsp;1. <u>Terms of Investment</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) In order to help reasonably address the risk of undue influence on an Acquired Fund by an Acquiring Fund,
and to assist the Acquired Fund's investment adviser with making the required findings under the Rule, each Acquiring Fund and each Acquired
Fund agree as follows:

&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) *In-kind redemptions.* Each Acquiring Fund acknowledges and agrees that, if and to the extent consistent with the Acquired Fund's then-current registration statement, as amended from time to time, and Rule 6c-11 under the 1940 Act, the Acquired Fund may honor any redemption request from an Authorized Participant (as defined under Rule 6c-11 under the 1940 Act) acting as an intermediary to execute the Acquiring Fund's transaction partially or wholly in-kind.

&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) *Timing/advance notice of redemptions.* The Acquiring Fund will promptly notify the Acquired Fund of anticipated orders that are reasonably expected to result in one or more Authorized Participants redeeming greater than 5% of the Acquired Fund's total outstanding shares. Only upon the request of the Acquired Fund, the Acquiring Fund will use reasonable efforts to spread such orders given to an Authorized Participant over multiple days whenever practicable and only if consistent with the Acquiring Fund's and its shareholders' best interests. Each Acquired Fund acknowledges and agrees that any notification provided pursuant to the foregoing is not a commitment to sell the Acquired Fund's shares and constitutes an estimate that may differ materially from the amount, timing and manner in which a redemption request is submitted, if any.

&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) *Scale of investment.* Upon a reasonable request by an Acquired Fund, the Acquiring Fund will provide summary information regarding the anticipated timeline of its investment in the Acquired Fund and the scale of its contemplated investments in the Acquired Fund. The Acquired Fund acknowledges and agrees that any information provided pursuant to the foregoing is not a commitment to purchase and constitutes an estimate that may differ materially from the amount, timing and manner in which an investment in the Acquired Fund is made, if any.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) For the avoidance of doubt, the parties acknowledge and agree that Section 1(a) shall not apply to the
purchase or redemption of Acquired Fund shares in secondary market transactions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) In order to assist an Acquiring Fund's investment adviser with evaluating the complexity of the structure
and fees and expenses associated with an investment in an Acquired Fund, each Acquired Fund shall provide each Acquiring Fund with information
on the fees and expenses of the Acquired Fund reasonably requested by the Acquiring Fund with reference to the Rule.

2. <u>Representations and Obligations of the Acquired Funds</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) In connection with any investment by an Acquiring Fund in an Acquired
Fund in excess of the limitations in Section 12(d)(1)(A) or knowing sale of shares by an Acquired Fund or its Distributor or Brokers
to an Acquiring Fund in excess of the limitations in Section 12(d)(1)(B), the Acquired Fund agrees to: (i) comply with all conditions
of the Rule, as interpreted or modified by the SEC or its staff (the "Staff") from time to time, applicable to Acquired Funds;
(ii) comply with its obligations under this Agreement; and (iii) promptly notify the Acquiring Fund if such Acquired Fund fails to comply
with the Rule with respect to an investment by the Acquiring Fund, as interpreted or modified by the SEC or its Staff from time to time,
or this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Each Acquired Fund agrees that any information regarding planned purchases or sales of shares of an Acquired
Fund provided by an Acquiring Fund pursuant to Section 1(a) will be used solely for the purposes of this Agreement.

3. <u>Representations and Obligations of the Acquiring Funds</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) In connection with any investment by an Acquiring Fund in an Acquired
Fund in excess of the limitations in Section 12(d)(1)(A), the Acquiring Fund agrees to: (i) comply with all conditions of the Rule, as
interpreted or modified by the SEC or its Staff from time to time, applicable to Acquiring Funds; (ii) comply with its obligations under
this Agreement; and (iii) promptly notify the Acquired Fund if such Acquiring Fund fails to comply with the Rule with respect to its
investment in such Acquired Fund, as interpreted or modified by the SEC or its Staff from time to time, or this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) An Acquiring Fund shall promptly notify an Acquired Fund where
an Acquiring Fund and its Advisory Group (as defined in the Rule), individually or in the aggregate, hold more than 25% of such Acquired
Fund's total outstanding voting securities.

4. <u>Indemnification; Liability</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Each Acquiring Fund, severally and not jointly, agrees to hold harmless and indemnify each Acquired Fund,
including any of its directors or trustees, officers, employees and agents, against and from any and all losses, expenses or liabilities
incurred by or claims or actions ("Claims") asserted against the Acquired Fund, including any of its principals, directors or
trustees, officers, employees and agents, to the extent such Claims result from a violation or alleged violation by such Acquiring Fund
of any provision of this Agreement, such indemnification to include any reasonable counsel fees and expenses incurred in connection with
investigating and/or defending such Claims; provided that no Acquiring Fund shall be liable for indemnifying any Acquired Fund for any
Claims resulting from violations that occur directly as a result of incomplete or inaccurate information provided by the Acquired Fund
to such Acquiring Fund pursuant to terms and conditions of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Each Acquired Fund, severally and not jointly, agrees to hold harmless and indemnify an Acquiring Fund,
including any of its directors or trustees, officers, employees and agents, against and from any and all losses, expenses or liabilities
incurred by or Claims asserted against the Acquiring Fund, including any of its directors or trustees, officers, employees or agents,
to the extent such Claims result from a violation or alleged violation by such Acquired Fund of any provision of this Agreement, such
indemnification to include any reasonable counsel fees and expenses incurred in connection with investigating and/or defending such Claims;
provided that no Acquired Fund shall be liable for indemnifying any Acquiring Fund for any Claims resulting from violations that occur
directly as a result of incomplete or inaccurate information provided by the Acquiring Fund to such Acquired Fund pursuant to terms and
conditions of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) In any action involving the parties to this Agreement, the parties agree to look solely to the relevant
Acquiring Fund(s) of the Acquiring Company or the relevant Acquired Fund(s) of the Acquired Company, as the case may be, that are involved
in the matter in controversy and not to any other Acquiring Funds and/or Acquired Funds, as the case may be.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) In the case the Acquiring Company, on behalf of each Acquiring Fund, a copy of the Declaration of Trust
is on file with the Secretary of The Commonwealth of Massachusetts. Each Acquiring Fund or Acquired Fund, as applicable, acknowledges
that (i) the obligations hereunder are binding only upon the applicable Acquiring Fund to which such obligations pertain and the assets
and property of such Acquiring Fund, and (ii) no trustee, officer, employee, agent, or shareholder of an Acquiring Fund shall have any
personal liability under this Agreement.

5. <u>Notices</u> 

All notices, including all information that a party is required to provide to one or more other parties hereto under the terms of this Agreement and the Rule, shall be in writing and shall be delivered by registered or overnight mail or electronic mail to the address for each party specified below for receipt of such notice or to such other person as a party may designate to the other parties in writing in accordance with the terms of this Section.

---

| | |
|:---|:---|
| &nbsp;&nbsp;If to an Acquiring Company: | &nbsp;&nbsp;If to an Acquired Company: |
| &nbsp;&nbsp; Emily Bennett<br> c/o JNL Series Trust<br> 1 Corporate Way, Mail Code 8N41<br> Lansing, MI 48951<br> Email: emily.bennett@jackson.com<br>With a copy to:<br> JNAM Legal<br> c/o Jackson National Asset Management, LLC<br> 1 Corporate Way, Mail Code 8N41<br> Lansing, MI 48951<br> Email: <u>JNAM-Legal@jackson.com</u><br>| &nbsp;&nbsp; Lazard Asset Management LLC<br> Attn: General Counsel<br> 30 Rockefeller Plaza<br> New York, NY 10112<br> Email: <u>lam.ny.legal@lazard.com</u><br>|

---

6. <u>Term and Termination; Assignment; Amendment</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) This Agreement shall be effective for the duration of the Acquired Funds' and the Acquiring Funds' reliance
on the Rule, as interpreted or modified by the SEC or its Staff from time to time. While the terms of this Agreement shall only be applicable
to investments in Funds made in reliance on the Rule, as interpreted or modified by the SEC or its Staff from time to time, this Agreement
shall continue in effect until terminated pursuant to Section 6(b).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) This Agreement shall continue until terminated in writing by either party upon
60 days' notice to the other party. This Agreement may be terminated with respect to one or more Acquiring Companies, Acquiring Funds,
Acquired Companies or Acquired Funds, and remain effective with respect to the remaining Acquiring Companies, Acquiring Funds, Acquired
Companies or Acquired Funds subject to this Agreement. Upon termination of this Agreement with respect to an Acquiring Fund, the Acquiring
Fund may not purchase additional shares of any Acquired Fund beyond the Section 12(d)(1)(A) limits in reliance on the Rule.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) This Agreement may not be assigned by a party without the prior written consent
of the other parties. In the event that either party assigns this Agreement to a third party as provided in this Section, such permitted
third party shall be bound by the terms and conditions of this Agreement applicable to the assigning party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Other than as set forth in Section 7 below and with respect to notice information,
this Agreement may be amended only by a writing that is signed by each party.

7. <u>Additional Acquiring Companies and Acquired Companies; Additional Acquiring Funds and Acquired Funds</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) In the event that any investment company in addition to those listed on Schedule
A and Schedule B hereto desires to become a party to this Agreement, it shall notify the other parties in writing, and, if the other parties
agree in writing, such investment company (and any of its series requested to become subject to this Agreement) shall become an Acquiring
Company or Acquired Company hereunder, and such Acquiring Company or Acquired Company, and its requested Acquiring Fund(s) or Acquired
Fund(s), respectively, shall be bound by all terms and conditions and provisions hereof including, without limitation, the representations
and warranties set forth herein, and Schedule A or Schedule B, as appropriate, shall be amended accordingly.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) In the event that an Acquiring Company or an Acquired Company wishes to include
one or more of its series in addition to those listed on Schedule A or Schedule B, respectively (to the extent such schedule does not
already encompass future series) or exclude one or more of its series that are included or contemplated on Schedule A or Schedule B, the
relevant party shall notify the other parties in writing, and, with respect to any addition to Schedule B only, if the other parties agree
in writing, such series shall become Acquiring Fund(s) or Acquired Fund(s) hereunder, and the Acquiring Company or Acquired Company, as
the case may be, on behalf of its relevant series
being added as Acquiring Fund(s) or Acquired Fund(s), respectively, shall be bound by all terms and conditions and provisions hereof including,
without limitation, the representations and warranties set forth herein, and Schedule A or Schedule B, as appropriate, shall be amended
accordingly.

8. <u>Miscellaneous</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All representations, warranties, covenants, acknowledgements or other agreements set forth in this Agreement
made by an Acquiring Fund or an Acquired Fund, shall be considered to be made by the relevant Acquiring Company, on behalf of the Acquiring
Fund, or the relevant Acquired Company, on behalf of the Acquired Fund, respectively.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) If an Acquiring Company or an Acquired Company does not have any Acquiring Funds or Acquired Funds, respectively,
then any reference to an Acquiring Fund or Acquired Fund shall refer to such Acquiring Company or Acquired Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Except as expressly set forth herein, nothing in this Agreement shall confer any rights upon any person
or entity other than the parties hereto and their respective successors and permitted assigns.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) If any provision of this Agreement is determined to be invalid, illegal, in conflict with any law or otherwise
unenforceable, the remaining provisions hereof will be considered severable and will not be affected thereby, and every remaining provision
hereof will remain in full force and effect and enforceable to the fullest extent permitted by applicable law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) This Agreement will be governed by the laws of the State of New York without regard
to any conflicts of law principles.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) This Agreement constitutes the entire agreement of the parties with respect to
the subject matter hereof and supersedes any prior or contemporaneous written or oral agreements, understandings and negotiations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) This Agreement may be executed in two or more counterparts, each of which is deemed
an original but all of which together constitute one and the same instrument.

IN WITNESS WHEREOF, the parties have executed this Agreement on the date(s) indicated below.

---

| | |
|:---|:---|
| JNL SERIES TRUST | JNL SERIES TRUST |
| on behalf of itself and each Acquiring Fund listed on Schedule A, severally and not jointly | on behalf of itself and each Acquiring Fund listed on Schedule A, severally and not jointly |
| ***/s/ Emily Bennett*** | ***/s/ Emily Bennett*** |
| Name: | Emily Bennett |
| Title: | Vice President |
| Date: | 10/22/2025 |
| LAZARD ACTIVE ETF TRUST | LAZARD ACTIVE ETF TRUST |
| on behalf of itself and each Acquired Fund listed on Schedule B, severally and not jointly | on behalf of itself and each Acquired Fund listed on Schedule B, severally and not jointly |
| ***/s/ Robert Spiro*** | ***/s/ Robert Spiro*** |
| Name: | Robert Spiro |
| Title: | Assistant Secretary |
| Date: | October 23, 2025 |

---

**SCHEDULE A**

**<u>Acquiring Companies and Acquiring Funds</u>**

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Acquiring Companies** | &nbsp;&nbsp;**Acquiring Funds** |
| &nbsp;&nbsp;JNL Series Trust | &nbsp;&nbsp;JNL Moderate ETF Allocation Fund |
| &nbsp;&nbsp;JNL Series Trust | &nbsp;&nbsp;JNL Moderate Growth ETF Allocation Fund |
| &nbsp;&nbsp;JNL Series Trust | &nbsp;&nbsp;JNL Growth ETF Allocation Fund |

---

**SCHEDULE B**

**<u>Acquired Companies and Acquired Funds</u>**

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Acquired Companies** | &nbsp;&nbsp;**Acquired Funds** |
| &nbsp;&nbsp;Lazard Active ETF Trust | &nbsp;&nbsp;All current and future series of the Acquired Company, unless otherwise indicated by the Acquired Company in writing. |

---

## Ex-99.I

Ex. 99.28(i)

![](image_002.jpg)

1 Corporate Way

Lansing, MI 48951

517/381-5500

December 15, 2025

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp; **Board of Trustees**<br> JNL Series Trust<br> 1 Corporate Way<br> Lansing, Michigan 48951 | &nbsp;&nbsp; **Board of Trustees**<br> JNL Series Trust<br> 1 Corporate Way<br> Lansing, Michigan 48951 | &nbsp;&nbsp; **Board of Trustees**<br> JNL Series Trust<br> 1 Corporate Way<br> Lansing, Michigan 48951 |
| &nbsp;&nbsp;Re: | &nbsp;&nbsp;Re: | &nbsp;&nbsp;Opinion of Counsel - JNL Series Trust |
| &nbsp;&nbsp;Ladies and Gentlemen: | &nbsp;&nbsp;Ladies and Gentlemen: | &nbsp;&nbsp;Ladies and Gentlemen: |
| &nbsp;&nbsp;You have requested our Opinion of Counsel in connection with the filing with the Securities and Exchange Commission of Post-Effective Amendment No. 198 to the Registration Statement on Form N-1A with respect to JNL Series Trust. We have made such examination of the law and have examined such records and documents as in our judgment are necessary or appropriate to enable us to render the opinions expressed below. | &nbsp;&nbsp;You have requested our Opinion of Counsel in connection with the filing with the Securities and Exchange Commission of Post-Effective Amendment No. 198 to the Registration Statement on Form N-1A with respect to JNL Series Trust. We have made such examination of the law and have examined such records and documents as in our judgment are necessary or appropriate to enable us to render the opinions expressed below. | &nbsp;&nbsp;You have requested our Opinion of Counsel in connection with the filing with the Securities and Exchange Commission of Post-Effective Amendment No. 198 to the Registration Statement on Form N-1A with respect to JNL Series Trust. We have made such examination of the law and have examined such records and documents as in our judgment are necessary or appropriate to enable us to render the opinions expressed below. |
| &nbsp;&nbsp;We are of the following opinions: | &nbsp;&nbsp;We are of the following opinions: | &nbsp;&nbsp;We are of the following opinions: |
| &nbsp;&nbsp;1. | &nbsp;&nbsp;JNL Series Trust ("Trust") is an open-end management investment company. | &nbsp;&nbsp;JNL Series Trust ("Trust") is an open-end management investment company. |
| &nbsp;&nbsp;2. | &nbsp;&nbsp;The Trust is a business Trust created and validly existing pursuant to Massachusetts Laws. | &nbsp;&nbsp;The Trust is a business Trust created and validly existing pursuant to Massachusetts Laws. |
| &nbsp;&nbsp;3. | &nbsp;&nbsp;All of the prescribed Trust procedures for the issuance of the shares have been followed, and, when such shares are issued in accordance with the Prospectus contained in the Registration Statement for such shares, all state requirements relating to such Trust shares will have been complied with. | &nbsp;&nbsp;All of the prescribed Trust procedures for the issuance of the shares have been followed, and, when such shares are issued in accordance with the Prospectus contained in the Registration Statement for such shares, all state requirements relating to such Trust shares will have been complied with. |
| &nbsp;&nbsp;4. | &nbsp;&nbsp;Upon the acceptance of purchase payments made by shareholders in accordance with the Prospectus contained in the Registration Statement and upon compliance with applicable law, such shareholders will have legally-issued, fully paid, non-assessable shares of the Trust. | &nbsp;&nbsp;Upon the acceptance of purchase payments made by shareholders in accordance with the Prospectus contained in the Registration Statement and upon compliance with applicable law, such shareholders will have legally-issued, fully paid, non-assessable shares of the Trust. |

---

You may use this opinion letter, or a copy thereof, as an exhibit to the Registration.

Sincerely,

/s/ Emily J. Bennett

**Emily J. Bennett**

Vice President & Assistant Secretary

## Ex-99.P

Ex. 99.28(p)(1)

---

| | |
|:---|:---|
| <br>**Jackson Financial Inc. Advisory Code of Ethics Policy**<br>9/12/2025 | ![](exp1_jficoe001.jpg) |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Version** | &nbsp;&nbsp;**Date** | &nbsp;&nbsp;**Amended By** | &nbsp;&nbsp;**Comment** |
| &nbsp;&nbsp;1.0 | &nbsp;&nbsp;June 9, 2021 |  | &nbsp;&nbsp;Initial Version. |
| &nbsp;&nbsp;1.1 | &nbsp;&nbsp;April 1, 2022 | &nbsp;&nbsp;JFI Compliance | &nbsp;&nbsp;Updates to Covered Persons categories and overall re-organization of Policy. |
| &nbsp;&nbsp;1.2 | &nbsp;&nbsp;October 26, 2022 | &nbsp;&nbsp;JFI Compliance | &nbsp;&nbsp;Update to Identified Entities. |
| &nbsp;&nbsp;1.3 | &nbsp;&nbsp;July 18, 2023 | &nbsp;&nbsp;JFI Compliance | &nbsp;&nbsp;To reflect template revision and to update references to the Insider Trading Policy. |
| &nbsp;&nbsp;1.4 | &nbsp;&nbsp;August 28, 2023 | &nbsp;&nbsp;JFI Compliance | &nbsp;&nbsp;To reflect updated effective date. |
| &nbsp;&nbsp;1.5 | &nbsp;&nbsp;February 29, 2024 | &nbsp;&nbsp;JFI Ethics & Compliance | &nbsp;&nbsp;To reflect updated effective date. |
| &nbsp;&nbsp;1.6 | &nbsp;&nbsp;March 31, 2025 | &nbsp;&nbsp;JFI Ethics & Compliance | &nbsp;&nbsp;New introductory language and certain other non-material revisions. |
| &nbsp;&nbsp;1.7 | &nbsp;&nbsp;September 12, 2025 | &nbsp;&nbsp;JFI Ethics & Compliance | &nbsp;&nbsp;To reflect MCO system implementation. |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Document Information** | &nbsp;&nbsp;**Document Information** |
| &nbsp;&nbsp;Title | &nbsp;&nbsp;Jackson Financial Inc. Advisory Code of Ethics |
| &nbsp;&nbsp;Location | &nbsp;&nbsp;JACK |
| &nbsp;&nbsp;Impacted Entities | &nbsp;&nbsp;JFI and all subsidiaries |
| &nbsp;&nbsp;Policy Overview | &nbsp;&nbsp;This policy discusses and describes the various requirements to address potential conflicts of interest as they relate to personal securities trading by associates as required by various U.S. securities laws. |
| &nbsp;&nbsp;Owner | &nbsp;&nbsp;Enterprise Chief Ethics & Compliance Officer |
| &nbsp;&nbsp;Prepared by | &nbsp;&nbsp;Jeffrey Martell |

---

Advisory Code of Ethics \| i

![](exp1_jficoe002.jpg)

**Summary of Covered Person categorization identifications and Application of the Personal Trading Rules**

&nbsp;&nbsp;**Covered Person Status\***

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Independent Directors of the Jackson** | &nbsp;&nbsp;**JNLD** | &nbsp;&nbsp;**Non-Employee Directors and Identified Jackson associates with access to PPM Information** | &nbsp;&nbsp;**Non-Employee Directors and Identified Jackson associates with access to PPM Information deemed "closely connected".** | &nbsp;&nbsp; **JNAM**<br> (General) | &nbsp;&nbsp; **JNAM**<br> (Investment Management Group) | &nbsp;&nbsp;**PPM** |
|  | &nbsp;&nbsp;←---------------------------------------------------**Covered Persons**------------------------------------------------------→ | &nbsp;&nbsp;←---------------------------------------------------**Covered Persons**------------------------------------------------------→ | &nbsp;&nbsp;←---------------------------------------------------**Covered Persons**------------------------------------------------------→ | &nbsp;&nbsp;←---------------------------------------------------**Covered Persons**------------------------------------------------------→ | &nbsp;&nbsp;←---------------------------------------------------**Covered Persons**------------------------------------------------------→ | &nbsp;&nbsp;←---------------------------------------------------**Covered Persons**------------------------------------------------------→ |
| &nbsp;&nbsp;*Supervised Persons* | &nbsp;&nbsp;*Supervised Persons (with additional identified requirements)* | &nbsp;&nbsp;*Non-Employee Access Persons* | &nbsp;&nbsp;*Pre-Clearance Non-Employee Access Persons* | &nbsp;&nbsp;*General Access Persons* | &nbsp;&nbsp;*Investment Access Persons* | &nbsp;&nbsp;*Investment Access Persons* |

---

\*General designations, individual status may change as determined by the Identified Entity CCO.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Personal Trading Rules** | &nbsp;&nbsp;**Covered Persons** | &nbsp;&nbsp;**Covered Persons** | &nbsp;&nbsp;**Covered Persons** | &nbsp;&nbsp;**Covered Persons** | &nbsp;&nbsp;**Covered Persons** | &nbsp;&nbsp;**Covered Persons** |
| &nbsp;&nbsp;**Personal Trading Rules** | &nbsp;&nbsp;**Independent Fund Directors** | &nbsp;&nbsp;**Supervised Persons** | &nbsp;&nbsp;**JNLD Supervised Persons** | &nbsp;&nbsp;**Non-Employee Access Persons** | &nbsp;&nbsp;**General Access Persons** | &nbsp;&nbsp;**Investment Access Persons & Pre-Clearance Non-Employee Access Persons** |
| &nbsp;&nbsp; 3. General Standards Applicable to all Covered Persons<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. Fair Dealing<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. Confidentiality<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C. Service as a Director | &nbsp;&nbsp;**Apply** | &nbsp;&nbsp;**Apply** | &nbsp;&nbsp;**Apply** | &nbsp;&nbsp;**Apply** | &nbsp;&nbsp;**Apply** | &nbsp;&nbsp;**Apply** |
| &nbsp;&nbsp; 4. C. Prohibited Personal Securities Transactions and Related Procedures<br> &nbsp;&nbsp;&nbsp;&nbsp;1. Rules Applicable to Identified Entity Covered Persons<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Front Running<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Securities on Restricted Lists; Inside Information | &nbsp;&nbsp;**Apply** | &nbsp;&nbsp;**Apply** | &nbsp;&nbsp;**Apply** | &nbsp;&nbsp;**Apply** | &nbsp;&nbsp;**Apply** | &nbsp;&nbsp;**Apply** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; c. Transactions in Parent Company Stock | &nbsp;&nbsp;**Not Applied** | &nbsp;&nbsp;**Apply** | &nbsp;&nbsp;**Apply** | &nbsp;&nbsp;**Apply** | &nbsp;&nbsp;**Apply** | &nbsp;&nbsp;**Apply** |
| &nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;2. Rules Applicable to All Access Persons<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Dealing with Clients<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Initial Public Offerings<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. Private Placements | &nbsp;&nbsp;**Not Applied** | &nbsp;&nbsp;**Not Applied** | &nbsp;&nbsp;**Not Applied** | &nbsp;&nbsp;**Apply** | &nbsp;&nbsp;**Apply** | &nbsp;&nbsp;**Apply** |
| &nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;3. Rules Applicable to General Access Persons, Pre-Clearance Non-Employee Access Persons and Investment Access Persons<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Preclearance | &nbsp;&nbsp;**Not Applied** | &nbsp;&nbsp;**Not Applied** | &nbsp;&nbsp;**Not Applied** | &nbsp;&nbsp;**Not Applied** | &nbsp;&nbsp;**Apply** | &nbsp;&nbsp;**Apply** |
| &nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;4. Rules Applicable to Investment Access Persons and Pre-Clearance Non-Employee Access Persons<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Blackout Period<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Minimum Holding and Re-holding Periods<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. Short Sales Conflicting with Client Holdings | &nbsp;&nbsp;**Not Applied** | &nbsp;&nbsp;**Not Applied** | &nbsp;&nbsp;**Not Applied** | &nbsp;&nbsp;**Not Applied** | &nbsp;&nbsp;**Not Applied** | &nbsp;&nbsp;**Apply** |

---

Advisory Code of Ethics \| ii

![](exp1_jficoe002.jpg)

1. Introduction

Jackson Financial Inc. (together with its subsidiaries, the "Company") seeks to conduct its businesses openly, honestly, and ethically.

The subsidiaries identified in Section 2.A. below ("Identified Entities") are also subject to certain regulatory requirements, which are addressed in this Advisory Code of Ethics. As background:

● Entities serving as registered investment advisers owe their clients, and the shareholders of any investment company for which they serve as adviser or sub-adviser, the highest duty of diligence and loyalty. The U.S. Securities and Exchange Commission (the "SEC") has adopted Rule 204A-1 under the Investment Advisers Act of 1940 as amended (the "Advisers Act"), which requires registered investment advisers to adopt a code of ethics setting forth standards of conduct expected of their advisory personnel and addressing conflicts that arise from personal trading by advisory personnel.

● In addition to relevant policies and procedures, the Identified Entities rely on and incorporate the Company's Insider Trading Policy with respect to certain requirements, including, but not limited to, the application of prohibited trading requirements involving publicly listed securities.

● Further, entities serving as (i) adviser or sub-adviser or (ii) principal underwriter to any investment company registered under the Investment Company Act of 1940 (the "1940 Act") and the investment companies themselves or similar entities are also required by Rule 17j-1 under the 1940 Act to adopt a code of ethics subject to approval at least annually by the board of directors of each investment company which hold associates to a high standard of integrity and business practices, and strive to avoid conflicts of interest or the appearance of conflicts of interest in connection with its dealings with such registered investment companies.

This Advisory Code of Ethics (the "Code of Ethics" or "Code") supplements other policies established by the Company<sup>1</sup>.

Each Identified Entity has also adopted other policies addressing related matters that are appropriate or required by their business and the regulatory regime in which they operate. Associates subject to such policies and procedures must comply with them, as well as this Code of Ethics.

If any provision of this Code of Ethics appears to conflict with another policy of the Company and an associate is unsure about how to proceed, then the associate should consult his or her Compliance Department for guidance.

<sup>1</sup> Except with respect to this Advisory Code of Ethics, the Jackson Funds as defined below are not subject to the policies established by the Company. Copies of each of the above referenced Policies are available on <u>JACK</u>.

1 \| Page

2. Scope

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. Identified Entities

This Code of Ethics applies to the following Identified Entities:

● PPM America, Inc., PPM Loan Management Company 2, LLC, each registered investment advisers, and PPM America, Inc.'s immediate parent company, PPM Holdings, Inc. (referred to collectively in the Code of Ethics as "PPM");

● Jackson National Asset Management, LLC ("JNAM"), a registered investment adviser;

● Jackson National Life Distributors LLC ("JNLD"), principal underwriter for registered investment companies advised by PPM and/or JNAM; and

● Registered investment companies for which PPM, JNAM, or JNLD serve as investment advisers or principal underwriters (the "Jackson Funds", collectively the "Funds").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. Covered Persons

The Code of Ethics applies to all Supervised Persons and Access Persons of each Identified Entity as defined below. Supervised Persons and Access Persons are collectively referred to as "Covered Persons."

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Supervised Persons. A "Supervised Person" is any person under the oversight of an Identified
Entity, including each partner, officer, director (or other person occupying a similar status or performing similar functions), associate,
temporary employee, independent contractor, or any other person deemed appropriate to be covered under this Code of Ethics as determined
by the applicable Identified Entity's Chief Compliance Officer ("CCO").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Access Persons. Certain Supervised Persons are subject to heightened personal securities trading and
oversight under the Code of Ethics and accordingly are deemed to be an "Access Person." An Access Person is a Supervised Person
of an Identified Entity who (i) makes, or has access to, recommendations to clients that are not public and (ii) has access to non-public
information about purchases, sales, and holdings in client accounts.

Based on the degree of access to client information, the Code of Ethics establishes the following categories of Access Persons:

&nbsp;&nbsp;&nbsp;&nbsp;&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. Non-Employee Access Persons ("NEAP"). A NEAP of an Identified Entity will be designated as such by an Identified Entities'
CCO. A NEAP may be an individual who is an associate of the Company, but not an employee of the Identified Entity, who (i) is serving
on the Board of Managers or Directors of an Identified Entity, (ii) is providing support or services to an Identified Entity, or (iii)
may come into contact with material, non-public information held by the Identified Entity through access to offices, systems, or attendance
at certain meetings.

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&nbsp;&nbsp;&nbsp;&nbsp;&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. Pre-Clearance Non-Employee Access Persons. A "Pre-Clearance Non-Employee Access Person"
of an Identified Entity is an associate of the Company, but not an employee of the Identified Entity, who is deemed by the CCO of the
Identified Entity to have immediate access to non-public trading information of the Identified Entity, either due to physical access to
certain areas or as part of the associate's ongoing job-related responsibilities supporting the Identified Entity.

&nbsp;&nbsp;&nbsp;&nbsp;&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. General Access Persons. A "General Access Person" is any Supervised Person who in
connection with his or her regular functions or duties, has access to Post-Trade Confidential Information.

&nbsp;&nbsp;&nbsp;&nbsp;&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. Investment Access Persons. An "Investment Access Person" is any Supervised Person
or Access Person of an Identified Entity who, in connection with his or her regular functions or duties, has access to Pre-Trade and Post-Trade
Confidential Information.

In determining whether someone should be deemed to be an Investment Access Person, the Identified Entity CCO shall consider whether he or she has access to non-public trading information relating to client transactions.

How a person is classified under this Code of Ethics is determined by an applicable Identified Entity's CCO. Associates who are not "supervised persons" of the adviser are not Access Persons.

Only associates of the Company who are not employees of an Identified Entity may be designated as a NEAP. In certain circumstances, the CCO may only require further assurances or certifications from parties conducting business with or performing services for the Identified Entity to make this determination.

The obligation to safeguard sensitive client information does not preclude the adviser from providing confidential or otherwise necessary information to entities/persons that provide services to the adviser or the Funds, such as brokers, accountants, custodians, and fund transfer agents, and potentially other circumstances. In those instances, the CCO shall determine whether to disseminate such information.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C. Determination of Covered Person Category

The Compliance Department of each Identified Entity shall determine (i) which of its Supervised Persons are Access Persons and (ii) their appropriate Access Person categorization. **Unless otherwise determined by the CCO of the applicable Identified Entity**, Covered Persons are generally categorized by the Identified Entities as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Independent Mutual Fund Directors. Directors, Trustees, or Managers of the Jackson Funds or PPM Funds who are not "interested persons" of PPM, JNAM and JNLD
as defined under Section 2(a)(19) of the 1940 Act ("Independent
Mutual Fund Directors") are deemed to be Supervised Persons only. They are not Access Persons of any Identified Entity unless so
deemed by the Identified Entity's CCO.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. JNLD Associates. All associates of
JNLD are deemed to be Supervised Persons.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. JNLD Supervised Persons may be designated an Access Person of another Identified Entity pursuant to their job 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;b. Employees of another Identified Entity, if registered with FINRA through JNLD, will be designated pursuant to that Identified Entity's
determination.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. JNAM Associates. Generally, all associates
of JNAM are deemed to be General Access Persons, except that the Investment Management Group are deemed to be Investment Access Persons
in relation to identified ETF trading.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. PPM Associates. Generally, all associates
of PPM are deemed to be Investment Access Persons.

A summary of the Identified Entity Covered Person categorization identifications and the respective application of the personal trading rules is included above.

For other defined terms used in this Code of Ethics, please refer to Section 5.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;D. Annual Review of Procedures

The Code of Ethics shall be reviewed by each respective Identified Entity at least annually and as necessary if there are material events within the scope of the policy that may require changes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;E. Review by Identified Entity and Funds' Boards

Each Identified Entity serving as an investment adviser, sub-adviser, or principal underwriter to a Reportable Fund, together with an appropriate officer of any such investment company (who may be an officer or employee of the Identified Entity) shall provide, at least annually, a written report to (i) its Board of Directors/Managers and (ii) the board of the Reportable Fund that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Evaluates procedures concerning personal investing and any changes in those procedures during the past year;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Describes issues that arose during the previous year under the Code of Ethics or procedures concerning personal investing, including
but not limited to information about material violations of the Code of Ethics and sanctions imposed;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Certifies to the board when applicable that the investment adviser, and sub-advisers, and the principal underwriter have adopted procedures
reasonably necessary to prevent its Access Persons from violating the Code of Ethics; and

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Identifies any recommended changes in existing restrictions or procedures based upon experience under the Code of Ethics, evolving
industry practices, or developments in applicable laws or regulations.

An Identified Entity may provide more frequent reporting to a Reportable Fund board at its request, which shall meet the foregoing annual report requirement and shall be considered an annual report.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;F. Notification of Reporting Obligations

The CCO of each Identified Entity (or his/her designee) will identify all Covered Persons of any Reportable Fund and inform such persons of their reporting obligations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;G. Exemptions from the Code of Ethic's Provisions

The Identified Entity's Compliance Department for each Identified Entity has the authority to grant an exemption from any provision of this Code of Ethics (except the provisions requiring (i) reporting of Personal Securities Transactions for Access Persons and (ii) preclearance of acquisitions of securities in private placements) if, in the judgment of the applicable CCO, (a) compliance with the provision of the Code of Ethics would result in financial hardship to the Covered Person or (b) the proposed conduct involves no material opportunity for abuse and, in each case, the requested exemption would not result in any breach by the applicable Identified Entity of its duties to its clients. Exemptions from the Code of Ethics are expected to be granted rarely.

3. Summary of Policy

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. Fair Dealing

Each Covered Person shall act in a manner consistent with the obligation of the applicable Identified Entity and deal fairly with all clients when taking investment action. For example, a Covered Person may not use Pre-Trade or Post-Trade Confidential Information, or usurp a client investment opportunity, for his or her personal advantage, whether it disadvantages a client or not.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. Confidentiality

Covered Persons must maintain the confidentiality of clients' and the Identified Entity's Confidential Information both during and after employment with such Identified Entity. Specific responsibilities related to the use of Confidential Information are set forth in the Company's Policies listed in Section 1 above.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C. Service as a Director

No Covered Person shall serve on the board of directors (or equivalent) of any for-profit company or charitable organization, except in accordance with the compliance procedures for the applicable Identified Entity or Entities.

4. Policy Requirements

&nbsp;&nbsp;&nbsp;&nbsp;A. Overview

In addition to the General Standards Applicable to All Covered Persons, this Code of Ethics regulates Personal Securities Transactions.

&nbsp;&nbsp;&nbsp;&nbsp;B. Personal Trading Accounts

Each Supervised & Access Person subject to this Code must report Personal Trading Accounts or other Personal Securities Transactions promptly to their respective Compliance Department.<sup>2</sup>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. JNLD Supervised Persons must obtain approval from their Compliance Department <u>prior</u> to opening a Personal Securities Account.
In addition, JNLD Supervised Persons are subject to additional reporting, training, and other requirements as set forth in the JNLD Written
Supervisory Procedures.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. If at any time MCO is not functioning correctly, Access Persons are required to pre-clear Personal Securities Transactions may not
affect a personal trade until the problem has been addressed, or they have received appropriate direction from their respective Identified
Entity's Compliance Department.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. When an Access Person closes an existing Personal Trading Account, or no longer has influence or control over a Personal Trading account
he or she shall promptly report such events to their Compliance Department.

&nbsp;&nbsp;&nbsp;&nbsp;C. Prohibited Personal Securities Transactions

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Rules Applicable to <u>All Covered Persons</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. <u>Front-Running</u>. No Covered Person shall engage in "front-running" a client order
or recommendation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. <u>Securities on Restricted Lists.</u> No Covered Person may execute a Personal Securities Transaction
to the extent prohibited by applicable policies and procedures relating to handling material, non-public information
("Inside Information") established by the applicable Identified Entity or Entities.

<sup>2</sup> Notice should generally be given concurrent with the opening of an account, and in normal circumstances, not later than 10 calendar days thereafter. JNLD Associated Persons require pre-approval of accounts.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. Transactions in the Company's Stock

&nbsp;&nbsp;&nbsp;&nbsp;&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. *JFI Securities.* No Covered Persons (except Independent Directors of the Jackson Funds)
may engage in any transactions in the Company's Securities unless permitted under the Jackson Financial Inc. Insider Trading Policy.

&nbsp;&nbsp;&nbsp;&nbsp;&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. *Short Sales.* No Covered Person (except Independent Directors of the Jackson Funds) may
engage in any "short-selling" of the Company's securities.

&nbsp;&nbsp;&nbsp;&nbsp;&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. *Options Trading*. All Covered Persons and JFI and JNY non-employee Directors, are prohibited from transactions in options on
JFI Securities (including puts, calls and other derivative securities) on a public exchange or in any other third-party market.

&nbsp;&nbsp;&nbsp;&nbsp;&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. *Hedging*. Certain forms of hedging or monetization transactions (such as zero-cost collars and forward sale contracts) allow
a person to lock in much of the value of his or her stock holdings, often in exchange for all or part of the potential for upside appreciation
in the stock. All associates and JFI and JNY nonemployee Directors, are prohibited from engaging in hedging or monetization transactions
involving JFI Securities.

&nbsp;&nbsp;&nbsp;&nbsp;&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. *Margin Accounts and Pledging.* All Covered Persons, Section 16 Officers and senior vice presidents of the Company are prohibited
from pledging or holding shares in a margin account. All other Company associates should carefully consider whether to engage in such
transactions, which may result in forfeiting your collateral. JFI Securities held in a margin account or pledged as collateral for a loan
may be sold without your consent by the broker if you fail to meet a margin call or by the lender in foreclosure if you default on the
loan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Rules Applicable to <u>All Access Persons</u> 

No Access Person may purchase or sell any Security in which the Access Person has, or by reason of such transaction acquires, a direct or indirect Beneficial Interest, except in accordance with this Code of Ethics.

In addition to the transactions listed in Section 4.C.1 above, **Non-Employee Access Persons, General Access Persons, Pre-Clearance Non-Employee Access Persons, and Investment Access Persons are subject to the following**:

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. <u>Dealing with Clients.</u> No Access Person may sell or purchase any security to or from a client
portfolio for that Access Person's account, for any account in which the Access Person has or would have a Beneficial Interest,
or for any account directly or indirectly controlled by or under the influence of the Access Person.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. <u>Initial Public Offerings.</u> No Access Person may purchase any equity security or any security
convertible into an equity security in an Initial Public Offering of that security.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. <u>Private Placements.</u> No Access Person may purchase or sell, directly or indirectly, any
security in a private placement without the prior written approval of the CCO of their applicable Identified Entity.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. <u>Minimum Holding and Re-Holding Periods for Reportable Funds.</u> Shares of Reportable Funds
acquired by an Access Person, including those held in the Jackson 401(K) Plan, may not be sold for a minimum of thirty (30) calendar days
following their purchase or repurchased for a minimum of thirty (30) calendar days following the sale.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e. <u>For JNAM Only.</u> Access Persons are prohibited from trading Bitcoin futures.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Rules Applicable to <u>General Access Persons, Pre-Clearance Non-Employee Access Persons,</u> and <u>Investment Access Persons</u> 

In addition to the transactions listed Sections 4.C.1 and 4.C.2 above, **all General Access Persons, Pre-Clearance Non-Employee Access Persons, and Investment Access Persons are subject to the following**:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. <u>Pre-Clearance.</u> General Access Persons and Investment Access Persons must obtain approval
of their Personal Securities Transactions. Accordingly, except for Exempt Transactions and as otherwise identified in Section 4.C.3.b
below, each proposed Personal Securities Transaction is required to be precleared in MCO.

&nbsp;&nbsp;&nbsp;&nbsp;&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. *<u>Approval Window for Approved Transactions.</u>* Any MCO pre-clearance approval for a
securities transaction is effective for the **same business day only** on which the approval is granted. Should the time period for
executing a proposed transaction lapse (i.e., trade is not completed within the allotted time period), the individual is prohibited from
executing the trade until a new preclearance request is submitted and approved. Good-till-cancel orders are prohibited.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. MCO generally will approve a Personal Securities Transaction If:

&nbsp;&nbsp;&nbsp;&nbsp;● The transaction is not prohibited by the Code of Ethics;

&nbsp;&nbsp;&nbsp;&nbsp;● The transaction does not violate other applicable policies established by each applicable Identified Entity or Entities; and

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&nbsp;&nbsp;&nbsp;&nbsp;● The transaction does not violate any other rules established in MCO by the Identified Entity's Compliance Department from time to time.

&nbsp;&nbsp;&nbsp;&nbsp;&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. *<u>De Minimis Trades</u>* <u>.</u> Preclearance requests for personal trades not exceeding
500 shares or $10,000 in large-capitalization securities (securities with over $10 billion in market capitalization) that would normally
be restricted due to a blackout period may be approved by Compliance.

&nbsp;&nbsp;&nbsp;&nbsp;&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. *<u>Effect of Pre-Clearance Approval or Denial</u>* <u>.</u> If a Personal Securities Transaction
is approved, the transaction may be affected during the window set forth in Section 4.C.3.a.i above. The approval of any Personal Securities
Transaction does not relieve an individual of his or her responsibilities under the federal securities laws, including those relating
to insider trading, or other applicable policies, including this Code of Ethics.

If a Personal Securities Transaction is denied, the transaction may not be affected.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. <u>Securities Exempt from Pre-Clearance</u> 

The following transactions do not require pre-clearance:

&nbsp;&nbsp;&nbsp;&nbsp;&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. Exempt Transactions, as defined in Section 4.D;

&nbsp;&nbsp;&nbsp;&nbsp;&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. Reportable Funds;

&nbsp;&nbsp;&nbsp;&nbsp;&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. Participation in and acquisition of securities through an issuer's automatic investment, DRP, or other direct purchase plan
("DPP"), **although sales of such securities acquired and changes in participation levels in a DPP must be pre-cleared**;

&nbsp;&nbsp;&nbsp;&nbsp;&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. Any acquisition or disposition of securities that is non-volitional on the part of the individual, including:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Purchases or sales upon the exercise of puts or calls written by such person where the purchase or sale is affected based on the terms
of the option and without action by the covered person (**but not the writing of the option, which must be pre-cleared**);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. "Sell Out" transactions initiated by a broker in connection with a margin call; and

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Corporate actions, such as acquisitions or dispositions of securities through stock splits, reverse stock splits, mergers, consolidations,
spin-offs or other similar corporate reorganizations or distributions generally applicable to all holders of the same class of securities.

&nbsp;&nbsp;&nbsp;&nbsp;&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. Sales as a result of an odd-lot tender offer (all other sales in connection with a tender offer must be pre-cleared);

&nbsp;&nbsp;&nbsp;&nbsp;&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. Purchases or sales of listed index options or index futures contracts;

&nbsp;&nbsp;&nbsp;&nbsp;&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. Securities transactions involving direct obligations of any state or municipal government ("Municipal Bonds"); 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;&nbsp;&nbsp;&nbsp;&nbsp;viii. For PPM Only:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Purchases or Sales of Exchange-Traded Funds.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Rules Applicable to Investment Access Persons and Pre-Clearance Non-Employee Access Persons

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. <u>Blackout Period</u>. No Investment Access Person or Pre-Clearance Non-Employee Access Person
may purchase or sell any security which:

&nbsp;&nbsp;&nbsp;&nbsp;&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. Is being purchased or sold on behalf of a client (i.e., an order has been entered but not executed for a client);

&nbsp;&nbsp;&nbsp;&nbsp;&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. Has been purchased or sold by a client during any of the prior seven (7) calendar days; or

&nbsp;&nbsp;&nbsp;&nbsp;&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. Is being planned for purchase or sale on any client's behalf during any of the next seven (7) calendar days. Trades executed
in the seven (7) calendar days preceding the client trade shall be reviewed for any potential conflicts.

Additionally, Personal Securities Transactions executed during that portion of the Blackout Period that would otherwise be prohibited by this Code of Ethics will not be deemed as a violation of the Code of Ethics if the Identified Entity's Compliance Department subsequently determines that at the time of the transaction the Investment Access Person or Pre-Clearance Non-Employee Access Person had no knowledge of any relevant non-public trading information relating to the transaction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. <u>Minimum Holding and Re-Holding Periods</u>. A Security (including shares of Reportable Funds
but not including Securities Exempt from Pre-Clearance) acquired by an Investment Access Person or Pre-Clearance Non-Employee Access Person
may not be sold for a minimum of thirty (30) calendar days following their purchase. Additionally, any Security sold by an Investment
Access Person or Pre-Clearance Non-Employee Access Person may not be repurchased
for a minimum of thirty (30) calendar days following the sale.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. <u>Short Sales Conflicting with Client Holdings</u>. No Investment Access Person or Pre-Clearance
Non-Employee Access Person, with knowledge of client holdings, may sell short any security of an issuer held in any client account of
the applicable Identified Entity or Entities.

&nbsp;&nbsp;&nbsp;&nbsp;D. Exempt Transactions

Except as noted below, the following transactions are exempt from the Personal Securities Transaction Rules <u>and</u> the Reporting requirements under Section 4.F below:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Open End Funds . Securities transactions
involving shares of registered open-end investment companies, **except for Reportable Funds**;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Government Securities . Securities
transactions involving direct obligations of the government of the United States (i.e., Cash Management Bills, Treasury Bills, Treasury
Notes, Treasury Bonds and STRIPS);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Short-Term Instruments . Securities
transactions involving bankers' acceptances; certificates of deposit; commercial paper; high quality short-term debt securities,
including repurchase agreements, auction rate or remarketed preferred shares of closed-end exchange traded funds;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Money Market Funds . Securities transactions
involving shares issued by money market funds;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. Unit Investment Trusts . Securities
transactions involving units issued by unit investment trusts that are invested exclusively in one or more open-end funds, none of which
are Reportable Funds;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. 529 Plans . Securities Transactions
involving qualified tuition programs established pursuant to Section 529 of the Internal Revenue Code (a "529 Plan"), provided
no Identified Entity serves as investment adviser and no control affiliates manages, distributes, markets, or underwrites the 529 Plan;
and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. Commodities. Transactions involving
physical commodities, including options, futures, or other derivative instruments on physical commodities.

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&nbsp;&nbsp;&nbsp;&nbsp;E. Managed Accounts

Transactions in Managed Accounts<sup>3</sup> are exempt from the Prohibited Personal Securities Transactions requirements but are subject to certain of the Reporting Requirements of Section 4.F.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Required Documentation . An Access
Person must provide documentation verifying that an account meets the definition of Managed Account, together with all pertinent information
about the trustee or third-party manager's relationship to the Access Person.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Account Review . The Identified Entity's
Compliance Department will perform a periodic review of Managed Account transactions against provisions of the Code of Ethics. Access
Persons will be required to provide Managed Account transactions for a specific period when subject to such review.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Certification . All Access Persons
disclosing Managed Accounts will be required to certify quarterly that the Covered Person did not exercise influence or control and was
neither consulted nor advised of transactions ahead of trading.

&nbsp;&nbsp;&nbsp;&nbsp;F. Personal Securities Reporting

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Initial and Annual Account and Holdings Report

Upon designation as an Access Person by an Identified Entity and annually thereafter, each Access Person must submit to the Identified Entity's Compliance Department the information contained in the Personal Securities Accounts and Holdings Report ("Personal Securities Report") through the electronic certification process contained in MCO with respect to every Security and Securities account in which he or she has or expects to have a Beneficial Interest and every account (other than an account for a client) for which he or she exercises influence or control over investment decisions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. <u>Personal Trading Accounts</u>. Access Persons must identify the brokerage firm or other entity
at which each Personal Trading Account is maintained, including the title of the account, the account number, and the name and address
of the brokerage firm or other entity.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. <u>Securities Holdings</u>. Access Persons must also disclose the Securities held in each Personal
Trading Account, including the name of the security, the type of security, the number of shares or principal amount (for debt securities),
the nature of the Access Person's interest in the security, and the brokerage firm where it is held. Securities holdings may be
reported through account statements provided to the Identified Entity's Compliance Department as contemplated in this Code.

<sup>3</sup> Managed Accounts not applicable to JNLD.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. Timing of Reports

&nbsp;&nbsp;&nbsp;&nbsp;&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. <u>Initial Report</u>. The initial Personal Securities Report must be provided to the Identified
Entity's Compliance Department within ten (10) calendar days after any designation as an Access Person by an applicable Identified
Entity. The Report shall include their securities accounts and holdings as of the date of the individual's designation.

&nbsp;&nbsp;&nbsp;&nbsp;&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. <u>Annual Report</u>. An annual Personal Securities Report shall be provided to the Identified
Entity's Compliance Department reporting each Access Person's securities accounts and holdings as of December 31 of the prior
year. The annual Personal Securities Report must be submitted no later than January 30<sup>th</sup> of the current year (30 days after
December 31). Each Access Person is required to review his or her annual Personal Securities Account Report provided by the Compliance
Department and either confirm its accuracy or, to the extent that securities accounts that are required to be disclosed are not reflected,
or the report is otherwise inaccurate, report such securities accounts or corrections via MCO. In addition, to the extent that account
statements containing applicable securities information have not been received by the Identified Entity's Compliance Department,
the Access Person shall provide copies of such statements or report such securities holdings on the Personal Securities Report or as otherwise
permitted in writing by the Identified Entity's Compliance Department.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Confirmations and Statements

Upon request, the applicable Identified Entity Compliance Department must receive confirmations and account statements for each account listed by the Access Person in his or her Personal Securities Report for all reportable Securities. To the extent possible, Personal Securities Account statements must be provided to the Identified Entity's Compliance Department at least thirty (30) calendar days from quarter end.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Quarterly Transaction Reporting

Each Access Person shall certify that all reportable Personal Securities Transactions have been reported to the Identified Entity's Compliance Department within thirty (30) calendar days following the end of the quarter in which the transaction was completed.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Personal Securities Transactions of Compliance Personnel

Compliance personnel may not review their own Access Person reporting. The Chief Compliance Officer and General Counsel at each Identified Entity shall have their reporting reviewed by someone designated by the CCO.

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&nbsp;&nbsp;&nbsp;&nbsp;G. Responsibility to Report Violations and Suspected Violations of the Code

Each Covered Person is responsible for reporting, promptly upon discovery, any evidence of an actual violation, or, to the extent reasonably believed by such Covered Person, any suspected material violation of the Code or of applicable law. Such reporting must be made to the Covered Person's supervisor and to his or her Compliance Department or, as appropriate, by using the Speak Out Confidential Reporting system.

---

| | |
|:---|:---|
| **Speak Out Confidential Reporting Hotline** | **844-506-0767** |
| **Speak Out Confidential Reporting Website** | <u>Jackson.ethicspoint.com</u> |
| **Speak Out Confidential Reporting Mobile Phone Site** | Jackson.mobile.ethicspoint.com |

---

 ****

5. Definitions

Definitions of terms as used in this Policy are as follows:

---

| | |
|:---|:---|
| &nbsp;&nbsp; Beneficial Interest<br>| &nbsp;&nbsp; A Covered Person has a Beneficial Interest in a Security in which he or she has a direct or indirect opportunity to profit or share in any profit derived from the transaction in a Security and includes transactions in (i) the personal account of a Covered Person, (ii) the account of any immediate family member of the Covered Person living in the Covered Person's home; (iii) any other account in which the Covered Person has a direct or indirect financial or beneficial ownership interest; and (iv) any account (other than an account for a client) controlled by or under the influence of the Covered Person.<br>As required by the SEC, Beneficial Interest is defined broadly; see **<u>Appendix A</u>** to the Code of Ethics for specific examples of ownership arrangements where a Covered Person will be deemed to have a Beneficial Interest in a security. Having a Beneficial Interest in a security for purposes of the Code is not necessarily the same thing as ownership for other purposes (including, for example, tax purposes).<br>Any report required by the Code may contain a statement that the report will not be construed as an admission that the person making the report has any direct or indirect beneficial ownership in the security listed on the report. |
| &nbsp;&nbsp;Compliance Department | &nbsp;&nbsp;Refers to such person or persons designated by each respective Identified Entity's CCO from time to time. |
| &nbsp;&nbsp; Confidential Information<br>| &nbsp;&nbsp;Refers to information concerning (i) client portfolios or activities, (ii) the business, operations, plans, finances, employees, and assets of the applicable Identified Entity or Entities or (iii) other information that is not generally known outside of such Identified Entity and/or its affiliates and other related entities. |
| &nbsp;&nbsp;Front Running | &nbsp;&nbsp;Executing a Personal Securities Transaction in the same or an underlying Security, based on the knowledge of a forthcoming transaction or recommendation for purchase or sale by the applicable Identified Entity for an account of a client. |

---

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---

| | |
|:---|:---|
| &nbsp;&nbsp;Initial Public Offering (IPO) | &nbsp;&nbsp;An offering of securities registered under the Securities Act of 1933, the issuer of which, immediately before the registration, was not subject to the reporting requirements of Sections 13 or 15(d) of the Securities Exchange Act of 1934. |
| &nbsp;&nbsp;JNLD Associated Person | &nbsp;&nbsp;Any individual who holds a securities registration with JNLD or is non-registered and fingerprinted for association with the broker-dealer. |
| &nbsp;&nbsp; Managed Account<br>| &nbsp;&nbsp; An account in which a Covered Person has a Beneficial Interest, but the:<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Access Person has no direct or indirect influence or control (e.g., transactions effected for an Access Person by a trustee of a blind trust), or<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Personal Trading Account is managed on a discretionary basis by a person other than the Access Person, over which the Access Person does not exercise influence or control, and for which the Access Person is neither consulted nor advised of purchase or sale transactions before such transactions are executed. |
| &nbsp;&nbsp;MCO | &nbsp;&nbsp;"MyComplianceOffice" refers to the electronic personal securities trading compliance system employed by certain of the Identified Entities to facilitate, among other things, Personal Trading Account reporting and Personal Securities Transaction review and approval. |
| &nbsp;&nbsp;Personal Securities Transaction | &nbsp;&nbsp;A transaction in a security by or for the benefit of a Covered Person, including the acquisition or disposition of a security by gift or the acquisition of securities through an automatic dividend reinvestment plan. |
| &nbsp;&nbsp; Personal Trading Account<br>| &nbsp;&nbsp;Any account in which a Covered Person has a Beneficial Interest and the ability to effect the purchase or sale of a Security that is not an Exempt Transaction (Section 4.B) at a broker-dealer, bank, or other financial institution. For the purpose of this definition, it is irrelevant whether a Covered Person actually effects purchases or sales of a Security that is not an Exempt Transaction in an account. The test is whether the Covered Person <u>has the ability</u> to effect the purchase or sale of a Security that is not an Exempt Transaction in the account. |
| &nbsp;&nbsp; Reportable Fund<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Any registered investment company for which an Identified Entity serves as an investment adviser as defined in section 2(a)(20) of the 1940 Act; or any registered investment company whose investment adviser or principal underwriter controls the Identified Entity, is controlled by the Identified Entity, or is under common control<sup>4</sup> with the Identified Entity. <br>The Jackson Funds are Reportable Funds for purposes of this Code of Ethics.<br>|
| &nbsp;&nbsp; Security<br>| &nbsp;&nbsp;Includes any note, stock, bond, debenture, investment contract, or limited partnership interest and includes any right to acquire any security (i.e., options, warrants, and futures contracts) and investments in investment funds, hedge funds and investment clubs. |

---

<sup>4</sup> For purposes of this section, control has the same meaning as it does in section 2(a)(9) of the 1940 Act.

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6. Consequences of Violation

Associates who fail to comply with this Code of Ethics or assist in a violation will be subject to corrective action, up to and including termination.

Violations of this Code of Ethics may also violate the federal securities laws. Sanctions for violations of the federal securities laws, particularly violations of the antifraud provisions, include fines, money damages, injunctions, imprisonment, and bars from certain types of employment in the securities business.

Each Identified Entity's CCO may also report conduct believed to violate the law or regulations applicable to the Identified Entity or the Covered Person to the appropriate regulatory authorities.

Any concerns regarding this Policy should be directed to your supervisor, Identified Entity's CCO, or the Enterprise Chief Ethics & Compliance Officer <u>(JFIChiefComplianceOfficer@jackson.com</u>).

 

7. Related Guidance, Procedures and Policies

● Advisory Code of Ethics – Request for Exception

● Conflicts of Interest Policy

● Examples of Beneficial Interest/Ownership

● Fair Disclosure Policy

● Information Security Policy

● Insider Trading Policy

● MCO Quick Reference Guide

\| 16

![](exp1_jficoe002.jpg)

## Ex-99.P

Ex. 99.28(p)(4)

BARON INVESTMENT FUNDS TRUST

BARON SELECT FUNDS

BARON ETF TRUST

BAMCO, INC.

BARON CAPITAL MANAGEMENT, INC.

BARON CAPITAL, INC.

CODE OF ETHICS

Amended and Restated

**August 14, 2025**

**Introduction**

This Code of Ethics (the "Code") establishes rules of conduct for employees, officers, directors and trustees of Baron Investment Funds Trust, Baron Select Funds, and Baron ETF Trust, registered investment companies, and their respective series (each, a "Baron Fund" and collectively, the "Baron Funds"), Baron Capital Group, Inc. ("BCG"), and its subsidiaries, Baron Capital, Inc. ("BCI"), the distributor of the Baron Funds, BAMCO, Inc. ("BAMCO"), a registered investment adviser that provides investment advisory services to the Baron Funds and sub-advisory services to unaffiliated registered investment companies, foreign investment companies and other pooled investment vehicles, and Baron Capital Management, Inc. ("BCM"), a registered investment adviser that provides investment advisory services to separately managed accounts, including wrap accounts, offshore funds and a private partnership (BAMCO and BCM, each, an "Adviser" and collectively, the "Advisers" and BCG, BCI, BAMCO and BCM, collectively, "Baron" or the "Firm"). In addition, certain provisions of the Code also apply to **Immediate Family Member(s)** living in the same household. The restrictions on personal investment transactions may also be applied to temporary personnel (i.e, interns, contractors, or consultants), whose tenure exceeds 90 days and/or who are deemed to have access to nonpublic systems. Capitalized terms not previously defined in the Code may be found in the Glossary of Terms at the end of this document.

**Statement of General Fiduciary Principles**

The following general fiduciary principles will govern Personal Securities Transactions and the interpretation and administration of this Code:

● The interests of Clients must be placed first at all times;

● All Personal Securities Transactions must be conducted consistent with this Code and in such a manner as to avoid any actual or potential conflicts of interest or any abuse of an individual's position of trust and responsibility; and

● Persons subject to the Code should not take inappropriate advantage of their positions.

This Code does not attempt to identify all possible conflicts of interest, and literal compliance with each of its specific provisions will not shield persons subject to the Code from liability for Personal Securities Transactions or other conduct that violates a fiduciary duty to Clients.

The Code reinforces the Baron Principles:

● We are committed to complying with both the letter and spirit of the laws, regulations, and ethical standards that govern our industry;

● Our actions must never be dictated by self-interest or perceived as such;

● If we treat our Clients ethically and with respect, and provide them with high quality services, we will be successful;

● We insist on honesty, integrity, and fair dealing;

● We maintain high ethical standards in dealing with our Clients, the companies in which we invest on their behalf, our community, our regulators, our competitors, and our co-workers; and

● Professionalism is critical to our business.

We are proud of our reputation for hard work, the quality of the individuals who work at our Firm, and the quality of the investment research they produce and the asset management services they provide. Our most important assets are our employees and our reputation. Although our business would be adversely affected if we lost either, our reputation would be more difficult to regain. The provisions of the Code are designed to help us safeguard our reputation.

Baron is committed to fostering a culture of compliance and therefore requires employees to contact the Chief Compliance Officer ("CCO"), or Chief Legal Officer (the "Designated Persons") about any actual or suspected compliance matters. The CCO will receive reports on all violations of the Code reported to a Designated Person. Employees have the option of reporting compliance matters on a confidential basis by utilizing the Confidential Compliance Reporting email address, <u>ComplianceReporting@Baroncapitalgroup.com</u>. Retaliation against any employee for reporting compliance related issues is prohibited and cause for disciplinary action up to and including termination of employment.

If you have questions about any aspect of the Code, or if you have questions regarding application of the Code to a particular situation, contact one of the Designated Persons.

**Prohibited Transactions and Other Restrictions on Personal Trading**

<u>Restrictions</u>

**Securities Issued by a Publicly Traded Company**

● No Access Person may purchase Securities Issued by a Publicly Traded Company, including securities issued in an Initial Public Offering, options, warrants, and derivatives.

● An Access Person may sell Securities Issued by a Publicly Traded Company (i.e., those that were purchased prior to joining the Firm or prior to the institution of the Code) subject to the Pre-Clearance and Holding Period provisions below, **provided that** the Access Person first confirms, by consulting the appropriate Portfolio Managers, that such securities are not Covered Securities being considered for Purchase or Sale and indicates that such confirmation has been obtained in the "Comments" field in StarCompliance ("STAR"), the Firm's automated system for administration of the Code.

● No Access Person may sell Securities Issued by a Publicly Traded Company short.

● No Research Analyst may recommend the purchase or sale of a Covered Security, to a Portfolio Manager without first disclosing his or her interest, if any, in the Covered Security to the Designated Persons. The disclosure should include the Research Analyst's Beneficial Ownership, the potential impact that the recommended purchase or sale of a Covered Security may have on that Beneficial Ownership, and any other information that would be relevant in assessing whether such recommendation creates a conflict of interest.

● These restrictions do not apply to Independent Trustees or Independent Directors, except as set forth below.

<u>Blackout Periods</u>

A pre-clearance request will be denied if there has been a transaction by a Client of Baron within (15) calendar days. If a Client purchases a Covered Security within seven (7) calendar days after an Access Person purchases that security, or if a Client sells a Covered Security within seven (7) calendar days after an Access Person sells that security, the Client must receive the better price.

The Compliance Department will monitor trading activity for seven (7) calendar days following the pre-clearance approval date for conflicts of interests.

The total amount of the difference between the Access Person's price and the Client's price is calculated by multiplying the difference in price by the number of shares purchased or sold by the Access Person, not to exceed the number of shares purchased or sold by the Client. If the discrepancy is less than $250, the Designated Persons will decide how to resolve the situation.

<u>Short Term Trading</u>

The minimum holding period for Covered Securities is six (6) months. The holding period does not apply to Covered Securities owned by employees before they joined the Firm.

The holding period described above does not apply to transactions to close a legitimate hedge, provided that the underlying security being hedged has been held for the required holding period.

<u>Prohibition on Initial Public Offerings ("IPOs") and Short Sales</u>

Access Persons may not participate in IPOs or effect short sales.

<u>Private Placements</u>

An Access Person may purchase securities in a private placement transaction ("Private Placements") only if approval of the CCO has been obtained. This approval will be based upon a determination that the investment opportunity need not be reserved for clients, that the Access Person is not being offered the investment opportunity due to his or her employment with Baron, and other relevant factors on a case-by-case basis.

Investment personnel who have been approved to acquire securities in a private placement are required to disclose that investment when they are involved in any Baron Fund's subsequent consideration of an investment or divestment in the issuer. In such circumstances, the investment company's decision to purchase or sell securities of the issuer are subject to an independent review by investment personnel with no personal interest in the matter and at least one of the Designated Persons.

Because there is often no broker-dealer involved in a private placement, the employee must provide other evidence of the purchase or sale that is satisfactory to the CCO. The documentation must explain the circumstances surrounding the transaction, including the title of each security involved, the quantity of each security purchased or sold, the date of the transaction, and the price at which the transaction was executed.

**Capital calls made pursuant to private investments that have already been approved do not require further pre-clearance.**

<u>Insider Trading</u>

All Access Persons should pay particular attention to potential violations of insider trading laws. Insider trading is both unethical and illegal and would be cause for termination were it to occur. Employees are expected to familiarize themselves with the Insider Trading Policy adopted by Baron.

<u>Proprietary Accounts</u>

Except under certain limited circumstances described below, the Firm is prohibited from buying securities issued by Publicly Traded Companies for the Firms's proprietary account(s) unless it seeks an exception therefrom. Such requests will be made to the Board of the Baron Funds and the Advisers' Board and will be subject to strict compliance procedures to ensure that any conflicts of interest between the Adviser and its Clients are appropriately managed.

From time to time the Firm may establish Proprietary Accounts for the purpose of creating incubator funds for new investment mandates or strategies or holding on the Advisers' balance sheets to facilitate the launching of new investment vehicles or for investment purposes. Proprietary Accounts established for the purpose of creating incubator funds for new investment mandates or strategies are exempt from the pre-clearance, holding period, reporting requirements and the prohibition on purchasing Securities Issued by a Publicly Traded Company. Proprietary accounts established for the purpose of holding securities on Advisers' balance sheet to facilitate the launching of new investment vehicles or for investment purposes are exempt from the prohibition on purchasing Securities Issued by a Publicly Traded company but remain subject to the pre-clearance, holding period, and reporting requirements.

With respect to Proprietary Accounts established for the purpose of creating incubator funds for new investment mandates or strategies, orders for the purchase or sale of securities may be aggregated on behalf of two or more of its accounts, (including Proprietary Accounts), so long as the aggregation is done for the purpose of achieving best execution and no client is systematically advantaged or disadvantaged by the aggregation.

With respect to Proprietary Accounts established for the purpose of holding on the Advisers' balance sheets to facilitate the launching new investment vehicles or for investment purposes, the Proprietary Accounts will only be established when client accounts that are permitted and desire to own the Covered Securities in question own the full amount permitted by relevant investment guidelines and restrictions and, with respect to sales of such Covered Securities when the Advisers have decided to reduce or exit the position, the Propriety Accounts will only sell after client accounts have sold.

<u>Exceptions to Code Restrictions</u>

The Designated Persons may grant exemptions from the restrictions in this Code. The decision will be based on a determination that the transaction for which an exemption is requested would not result in a conflict with or violate any other policy embodied in this Code. Exceptions will likely be granted in the following cases:

&nbsp;&nbsp;&nbsp;&nbsp;1. The transaction would be very unlikely to affect a highly liquid market ('de minimis exemption");

&nbsp;&nbsp;&nbsp;&nbsp;2. The transaction is clearly not related economically to Covered Securities being considered for Purchase
or Sale or Covered Securities Held or to be Acquired;

&nbsp;&nbsp;&nbsp;&nbsp;3. Special circumstances exist and granting an exception would not be inconsistent with the provisions
of the Code.

Any exemption will be evidenced in writing and will be reported to the Board of Trustees of the Baron Funds and/or the Board of Directors of BCG, as necessary.

<u>Outside Business Activities</u>

From time to time, Baron employees are asked to serve as directors, advisory directors, trustees or officers of various corporations, charitable organizations and foundations (collectively, "Outside Organizations"). Other involvement with Outside Organizations may include part-time jobs, charitable work or voluntary commitments. Some of these outside activities may involve participation in, or knowledge of, proposed financial investments by the Outside Organization.

While there is no absolute prohibition on an employee participating in such activities with an Outside Organization, the proposed participation must comply with all applicable policies and procedures. However, there may be circumstances in which it would not be in Baron's best interests to allow an employee to participate in activities with an Outside Organization, even if the employee's participation would not violate Baron's policies and procedures. The initial consideration must be whether the activity will absorb so much of the employee's time that it will affect his or her performance at Baron.

The most important consideration, however, is whether the outside activity will subject Baron and the employee to potential conflicts of interest. Baron's business requires strict adherence to the highest ethical standards and the avoidance of an appearance of impropriety, conflicts of interest or the appearance of a conflict must be managed. It is impossible to anticipate every conflict of interest that may arise, but activities with Outside Organizations should be limited to those that either do not present or have the least potential of presenting conflicts of interest.

**No Baron employee may be employed by, or accept compensation from, any other person as a result of any business activity, other than a passive investment, outside the scope of his or her relationship with the Firm, without the prior written approval from the Designated Persons.**

<u>Serving on Boards of Public Companies</u>

No Access Person may serve on the board of directors of a Publicly Traded Company. This restriction does not apply to Independent Trustees or Independent Directors.

**Policies on Personal Securities Transactions**

<u>Pre-Clearance Policy and Procedures</u>

All Access Persons (other than Independent Trustees and Independent Directors who are not employees of the Firm) must pre-clear their Personal Securities Transactions in Covered Securities prior to execution, except as specifically exempted in subsequent sections of the Code.

Transactions in Covered Securities in which Access Persons have Beneficial Ownership must be pre-cleared and reported. This includes transactions in the following:

● Stocks;

● Preferred Stocks;

● Convertible Securities;

● ADRs and GDRs;

● Fixed Income Securities;

● Private Placements;

● Exchange Traded Funds;

● Exchange Traded Notes;

● Closed- End Funds;

● Shares issued by Unit Investment Trusts;

● Derivatives (including options, futures, forwards, etc.); and

● Limited partnerships and limited liability company interests.

Spouses and dependent children living in the Access Person's household who make their own investment decisions are exempt from restrictions prohibiting purchases and sales of Securities Issued by Publicly Traded Companies, the pre-clearance requirements, the 6-month holding period, and the blackout periods. Compliance will review transactions in Covered Securities being considered for Purchase or Sale and Covered Securities Held or to be Acquired for activity that raises a question of impropriety.

All Personal Securities Transaction reporting and requests for pre-clearance must be processed through StarCompliance at: http://baronfunds.starcompliance.com/Auth/Login. The CCO or another Designated Person will evaluate and review each pre-clearance request and notification will be provided to employees through StarCompliance.

If an Access Person's proposed transaction is not approved on the day it is submitted, it may not be executed. If it is not executed on the day approval is given, the approval lapses. Approvals are only valid for the day they are given. In both cases, the proposed transaction would need to be re-entered in StarCompliance for pre-clearance.

Reporting, but not pre-clearance, is required for non-volitional investment activity in the following:

● Transactions that result from corporate actions applicable to all similar security holders, such as splits, tender offers, mergers, stock dividends, etc.; or

● Purchases which are part of an automatic dividend reinvestment plan; or

● Purchases effected upon the exercise of rights issued by an issuer pro rata to all holders of a class of its securities, to the extent such rights were acquired from such issuer, and sales of such rights; and

● Gifts of shares in Covered Securities over which the Access Person has no control.

**Reporting and Certification Requirements**

All Access Persons' Personal Securities Transactions and holdings reports will be reviewed by Compliance. The records and reports created or maintained pursuant to the Code are intended solely for internal use and are confidential unless required to be disclosed to a regulatory or governmental agency.

<u>Initial Holdings Report</u>

Within ten (10) calendar days of the start of employment, each Access Person must list all Baron Funds, Covered Accounts, and Covered Securities held at the time of hiring in which they have beneficial ownership. **You are deemed to have beneficial ownership of securities held by members of your immediately family sharing the same household (e.g., your spouse and dependent children) or by certain partnerships, trusts, corporations, or other arrangements.** Statement(s) must be current as of a date not more than 45 days prior to the Access Person's employment start date. Within ten (10) calendar days of the start of employment, each Access Person must request that all broker-dealers or banks with which he or she has managed and/or brokerage accounts send duplicate confirmations and statements of their transactions in Covered Securities to the Compliance Department. If the Access Person requests, the Compliance Department will send a standard letter to the broker-dealer or bank in question, making a request on the Access Person's behalf.

It remains the Access Person's responsibility, however, to ensure that the duplicate statements and confirmations are provided.

Access Persons who fail to submit the report within ten (10) calendar days of their employment start date will be prohibited from engaging in any Personal Securities Transactions until such report is submitted and may be subject to other sanctions.

<u>New Accounts</u>

All Access Persons must receive written permission from the Compliance Department prior to opening any new managed accounts, brokerage accounts, or any other types of accounts that may hold Covered Securities in which they have beneficial ownership. **You are deemed to have beneficial ownership of securities held by members of your immediately family sharing the same household (e.g., your spouse and dependent children) or by certain partnerships, trusts, corporations, or other arrangements.** Unless the account has been reported, the Access Person is prohibited from engaging in Personal Securities Transactions in the account.

<u>Managed Accounts</u>

Personal Securities Transactions in Managed Accounts are excluded from the restrictions on purchasing Securities Issued by a Publicly Traded Company, as well pre-clearance, holding period, restricted period and quarterly transaction reporting. Each Managed Account (not the holdings) must be included in the Annual Holdings Report. On a quarterly basis, employees will need to certify that they do not have any trading discretion in any Managed Account, will not attempt to exercise any trading discretion in the future, and will not discuss any information or recommendation regarding any Covered Security with the person or persons trading discretion over the account or provide an explanation for why they cannot make such a certification. Employees also must inform the Compliance Department of any changes to their Managed Accounts (e.g., a change to the trading discretion over the account).

<u>Quarterly Transaction Reports</u>

Within twenty (20) days of the end of each calendar quarter, each Access Person must submit a quarterly transaction report indicating all Personal Securities Transactions in Covered Securities made during the previous quarter.

<u>Annual Holdings Report</u>

On an annual basis within 30 days after December 31st of each year and/or at any other time as requested by the Firm, all Access Persons will report through StarCompliance all holdings of Covered Securities and Baron Funds which such Access Person has direct or indirect Beneficial Ownership. **You are deemed to have beneficial ownership of securities held by members of your immediately family sharing the same household (e.g., your spouse and dependent children) or by certain partnerships, trusts, corporations or other arrangements.**

<u>Certification Requirements</u>

Access Persons are required to complete a Code certification upon commencement of their employment with Baron, and annually thereafter, to acknowledge and certify that they have received, reviewed, understand and will comply with the Code. In addition, all material amendments to, or any new interpretations of, the Code will be conveyed to Access Persons and require their acknowledgement of receipt and understanding. In addition, all Access Persons complete an annual compliance questionnaire, designed to identify potential conflicts of interest.

<u>Gifts</u>

During each calendar year, all Access Persons will report all gifts and entertainment through StarCompliance. No Access Person may accept any gift or other item of more than $100 in value from any person or entity that does business with the Firm without pre-approval of the CCO. Meals and entertainment that are attended by both the Access Person and a representative of the company providing the meal or entertainment are not subject to the $100 limit, however, meals and entertainment may neither be so frequent nor so extensive as to raise a question of impropriety. This restriction does not apply to Independent Trustees or Independent Directors. The Firm's Policy Regarding Receipt of Goods and Services provides more details.

<u>Sanctions</u>

Depending on the severity of the infraction, Access Persons may be subject to certain sanctions for violating the Code. Sanctions may include, verbal or written warnings, letters of reprimand, suspension of personal trading activity, disgorgement and forfeiture of profits, and/or suspension or termination of employment. Material violations will be escalated to the Chief Legal Officer and subsequently reported to the Board of Trustees of the Baron Funds and or the Board of Directors of BCG, as necessary.

<u>Communications with Independent Trustees and Independent Directors</u>

As a regular business practice, we attempt to keep Independent Trustees and Independent Directors informed with respect to the Firm's investment activities through reports and other information provided to them in connection with board meetings and other events.

Independent Trustees and Independent Directors do not have ongoing day to day involvement with the Baron Funds or their Adviser. Accordingly, Independent Trustees and Independent Directors are exempt from the Restrictions set forth in the Code, **<u>unless</u>** the Independent Trustee or Independent Director executed a Personal Securities Transaction involving a security about which he or she received non-public information in the course of fulfilling his or her official duties on the Fund or Firm Board indicating that such security was a Covered Security being considered for Purchase or Sale or a Covered Security Held or to be Acquired within a 15 day period of the transaction, provided that, because monitoring the publication of the portfolio holdings of series of Baron ETF Trust is not construed to be within the course of fulfilling the official duties of a trustee, the publication or availability of such portfolio holdings shall not be construed to impart actual or constructive knowledge of such series' portfolio transactions on a trustee.

As a general matter, the Adviser does not provide the Independent Trustees or Independent Directors non-public information about Covered Securities being considered for Purchase or Sale or Covered Securities Held or to be acquired within 15 days of such transaction. However, in order to assist the Independent Trustees and Independent Directors in meeting their obligations pursuant to the Code, the Adviser will notify them whenever such non-public information is discussed at a meeting or in materials provided for a meeting.

<u>**GLOSSARY OF TERMS**</u>

"**Access Person**" means any Firm employee. This includes all full-time and part-time employees, consultants and contract or temporary employees (including interns) if the duration of their employment with the firm is anticipated to be greater than 90 days. It does not include custodial staff. It also includes any Independent Trustees of the Baron Funds and any Independent Directors of the Firm Board.

"**Adviser**" and "**Advisers**" have the meanings given to them in the Introduction.

"**BAMCO**" has the meaning given to it in the Introduction.

"**Baron**" has the meaning given to it in the Introduction.

"**Baron Fund**" and "**Baron Funds**" have the meanings given to them in the Introduction.

"**BCI**" has the meaning given to it in the Introduction.

"**BCG**" has the meaning given to it in the Introduction.

"**BCM**" has the meaning given to it in the Introduction.

"**Beneficial Ownership**" means the Access Person has or shares a direct or indirect pecuniary interest in the securities held in the account. Employees have a pecuniary interest in securities if they have the ability to directly or indirectly profit from a securities transaction. **You are deemed to have beneficial ownership of securities held by members of your immediately family sharing the same household (e.g., your spouse and dependent children) or by certain partnerships, trusts, corporations or other arrangements**

**"Board of Directors"** means the Firm's Board of Directors.

**"Board of Trustees"** means the Baron Funds Board of Trustees.

"**Client**" means any client of the Advisers, to include the Baron Funds.

**"Chief Compliance Officer"** means the Firm's Chief Compliance Officer.

"**Code**" has the meaning given to it in the Introduction.

"**Compliance Department**" means the Firm's Compliance Department.

"**StarCompliance**" ("STAR") means the Firm's automated system for administration of the Code.

**"Confidential Compliance Reporting"** means an email address, <u>ComplianceReporting@Baroncapitalgroup.com</u>.

**"Covered Account"** means an account that holds Covered Securities in which Access Person has a beneficial ownership.

"**Covered Security**" means any note, stock, treasury stock, security future, bond, debenture, exchange traded fund, evidence of indebtedness, certificate of interest or participation in any profit sharing agreement, collateral trust certificate, reorganization certificate or subscription, transferable share, investment contract, voting trust certificate, certificate of deposit for a security, fractional undivided interest in oil, gas, or other mineral rights, any put, call, straddle, option, or privilege on any security (including a certificate of deposit) or on any group or index of securities (including any interest therein or based on the value thereof or exchange traded fund), or any put, call, straddle, option, or privilege entered into on a national securities exchange relating to foreign currency, or, in general, any interest or instrument commonly known as a "security," or any certificate of interest or participation in, temporary or interim certificate for, receipt for, guarantee of, warrant or right to subscribe to or purchase, any of the foregoing. **Covered Security does not include: (i) Direct obligations of the Government of the United States; (ii) banker's acceptances, bank certificates of deposit, commercial paper and high quality short-term debt instruments, including repurchase agreements; and (iii) shares issued by open-end funds.**

"**Covered Security being considered for Purchase or Sale**" means a Covered Security that has been recommended for purchase or sale to a Portfolio Manager, and, with respect to the person making the recommendation, when such person decides to make the recommendation, notwithstanding whether such recommendation has been made to the Portfolio Manager.

"**Covered Security Held or to be Acquired**" means any Covered Security that, within the most recent 15 days, is or has been held by a Client and is or has been considered for purchase by a Client.

"**Designated Person**" means any of the Chief Compliance Officer and Chief Legal Officer.

"**Firm**" has the meaning given to it in the Introduction.

"**Firm Board**" means the Firm's Board of Directors.

"**Chief Legal Officer**" means the Firm's Chief Legal Officer.

**"Immediate Family Member of an Employee"** means any of the following person(s) sharing the same household with the employee: spouse, civil union or domestic partner, child, stepchild, grandchild, parent, stepparent, grandparent, sibling, mother-in-law, father-in-law, son-in-law, daughter-in-law, brother-in-law, sister-in-law, adoptive relationships and legal guardianships; someone who holds account(s) in which the employee is a joint owner, has trading authority, or Beneficial Ownership; and/or someone for whom the employee materially contributes to the maintenance of the household and the financial support of such person.

"**Independent Director**" means a director of the Firm who is not an employee of BCI, BAMCO or BCM.

"**Independent Trustee**" means a trustee of the Baron Funds who is not an interested person of the Baron Funds within the meaning of Section 2(a)(19) of the Investment Company Act of 1940 (the "Investment Company Act").

"**Initial Public Offering**" means an offering of securities registered under the Securities Act of 1933 (the "Securities Act"), the issuer of which, immediately before the registration, was not subject to the reporting requirements of Sections 13 or 15(d) of the Exchange Act.

**"Insider Trading Policy"** means the Firm's Policy on Insider Trading.

"**Managed Account**" means an account over which the Beneficial Owner has no discretion or direct control over the trading activity in the account.

"**Personal Securities Transactions**" mean (i) transactions in securities for your own account, including IRAs, and (ii) transactions in securities for an account in which you have Beneficial Ownership, unless it is a Managed Account.

"**Portfolio Manager**" means the person (or one of the persons) primarily responsible for the day-to-day management of a Baron Fund's portfolio, or a Managed Baron Fund's portfolio.

**"Proprietary Account"** means an account owned and managed by the Firm

"**Publicly Traded Company**" means a company that has issued securities through an initial public offering (IPO) and is traded on at least one stock exchange or the over-the-counter market.

"**Research Analyst**" means the person (or one of the persons) primarily responsible for recommending the Purchase or Sale of a Covered Security to a Portfolio Manager.

"**Securities Issued by a Publicly Traded Company**" means securities that a company offers to the general public, typically through a stock exchange or through a market maker in the over the counter market.

**Baron Investment Funds Trust Baron Select Funds Baron Capital, Inc. BAMCO, Inc.**

**Baron Capital Management, Inc.**

**Policy on Insider Trading**

Baron Investment Funds Trust, Baron Select Funds, Baron Capital, Inc., BAMCO, Inc. and Baron Capital Management, Inc. (collectively, the "Firm" or "Baron") are subject to various laws and regulations that prohibit purchasing or selling a security while in possession of material, non-public information. They also impose sanctions for providing such information to others ("tipping") and, moreover, impose sanctions on a "controlling person" of an insider trader or tipper, if the controlling person knowingly or recklessly failed to take appropriate steps to prevent such acts before they occurred.

The term "insider trading" is not specifically defined by these laws and regulations. What specific activity is covered is interpreted on a case-by-case basis, but it is generally understood that the law prohibits:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) trading by an insider, while in possession of material, non-public information; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) trading by a non-insider, while in possession of material, non-public
information, where the information either was disclosed to the non-insider in violation of an insider's duty to keep it confidential
or was misappropriated; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) communicating material, non-public information to others.

The term "insider" is broad. It includes officers, directors and employees of a company. A person could be a temporary insider if he enters into a confidential relationship with the company and, as a result, is given access to inside information. A temporary insider might include, for example, a company's outside attorneys, accountants, consultants and bankers. In certain circumstances, any of the Firm entities may be deemed an insider.

Information is material if it has potential market significance, meaning that (i) there is a substantial likelihood that knowledge of the information would be considered important by a reasonable investor in making an investment decision regarding an issuer's securities, or (ii) there is a substantial likelihood that a reasonable investor would consider disclosure of the information to alter significantly the total mix of information publicly available relating to an issuer's securities. Generally, information should be considered material if it would likely affect the price of an issuer's securities.

Material information may come from sources outside of the company. A "Heard on the Street" columnist for *The Wall Street Journal* was found liable for disclosing the dates that stories on certain companies would appear and whether those stories would be favorable.

The term "non-public" means information that has not been effectively communicated to the marketplace. Information that has appeared in an SEC filing, Dow Jones, Reuters, *The Wall Street Journal*, Bloomberg, the Internet, social media or the like would be considered public.

There are several theories for liability under existing case law. The fiduciary duty theory requires a relationship between the parties to a transaction such that one has a right to expect that the other will disclose any material, non-public information or refrain from trading. This includes tippees if they are aware or should have been aware that they have been given confidential information by an insider who has violated his fiduciary duty. In the tippee situation, liability arises only where the insider personally benefits, directly or indirectly, from the disclosure. Recent case law suggest that the benefit must be pecuniary.

Another basis for liability is the misappropriation theory, where liability arises when trading occurs on material, non-public information that was stolen or misappropriated from another person. *The Wall Street Journal* case mentioned above is an example. This theory has been interpreted by the courts in a very broad manner.

Analysts should be mindful of situations in which they may be considered an insider. Any time an analyst receives material, non-public information, whether deliberately pursuant to a non-disclosure agreement, in connection with an offering, or inadvertently if a company discloses such information in a research meeting, they become an insider with a duty to disclose or abstain from trading. In those instances, they should immediately report the receipt of that information to the General Counsel.

The penalties for insider trading and tipping are severe, including substantial monetary penalties and fines, as well as imprisonment. The Department of Justice and the Securities and Exchange Commission are empowered to bring actions against insider traders, tippers and their controlling persons. Any Firm entity may be liable as a "controlling person" of its employees. An insider trader, including a tippee who trades on the information, may also be liable to a contemporaneous trader of the same securities. An employee, officer or director would also be subject to sanctions by the Firm, which would almost certainly be termination of his relationship with the Firm.

We have established procedures in an effort to prevent and detect insider trading or tipping. This policy applies to every employee, officer and director and extends to activities within and outside their duties at the Firm. Every employee, officer and director must read, retain and acknowledge receipt of this policy. Any questions regarding the policies or procedures should be referred to the General Counsel or, in his absence, the Chief Compliance Officer. As used below, the term "employee" also refers to officers and directors. In addition to equities, "securities" include debt instruments, convertible securities, derivative securities, options and warrants on the underlying stock.

Employees may not purchase or sell any security, for themselves or any other person (including clients) or recommend the purchase or sale of any security, while in possession of material, non-public information or communicate such information to another person.

**If an Employee believes they are in receipt of material, non-public information or if they have any questions as to whether information is material and non-public, they should immediately report it to the General Counsel.** The General Counsel will analyze the information and determine whether the security in question should be added to the Firm's "Do Not Trade List."

**Sources of Material Non-public Information**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;I. Obtaining Information From Sources Outside the Firm

*Sources Generally.* In the ordinary course of their work, analysts are expected and encouraged to obtain as much publicly available information as possible, through industry and trade data from industry sources and periodic financial reports; meeting with and/or questioning corporate officers, public relations persons, large shareholders and others who may be considered insiders of the issuers and other third parties, such as suppliers or competitors of the issuer. Subject to restrictions described below, analysts are expected to obtain as much relevant information as possible regarding the issuers they follow and to use all information in formulating their investment views.

*Material, Non-Public Information.* Analysts may not base any recommendation or other research comment or opinion on material, non-public information. This rule applies whether or not such recommendation, comment or opinion is for internal or external distribution.

Information should be presumed to be non-public unless an analyst can point to some specific fact or event indicating that the information has been generally disseminated to the public, such as disclosure in a press release, over a wire service, on the broad tape, in newspapers, or in publicly filed SEC documents, such as 8-Ks, annual, or quarterly reports. If analysts have discussions with company officers and have reason to believe that the company officers have provided information that they would not have provided to another party, assuming another party had requested it, the analysts should consider it non-public.

*Selective Disclosure.* Analysts may be prohibited from using or disseminating material information they receive if that information is disclosed to them selectively, rather than to a group of industry analysts or by press release. This type of selective disclosure of material information may be a violation of Regulation FD and should be distinguished from situations in which corporate representatives in the course of their duties routinely answer questions from analysts about previously issued press releases, earnings reports, regulatory filings, etc., or otherwise provide analysts with immaterial or public information to fill in gaps in reviewing and interpreting publicly available information about the issuer. If an analyst has a question about whether information received in a meeting with a company is material, non-public information, the analyst should consult the General Counsel.

*Wall Crossing*. From time to time, employees may receive material, non-public information about an issuer in connection with an offering. Upon receipt of material, non-public information, the shares of the issuer will be placed on the Firm's Do Not Trade List by the Compliance Department at the direction of the Legal Department, and will be removed from the Firm's Do Not Trade List by the Compliance Department at the direction of the Legal Department when such information becomes stale or public.

The use of this information is typically subject to a non- disclosure agreement that will define what the information is, how it may be used and when it may be disclosed.

*Rules When Gathering Information.* The Firm has certain specific rules relating to the gathering of information: (1) analysts must identify themselves as a member of the Firm and of its research department at the beginning of any conversation with any party in which they are seeking information about an issuer; and (2) analysts must not request projections or forward looking data (even on an "off the record" basis) unless such information has been publicly disclosed or unless obtaining such information has been specifically approved by the General Counsel, in consultation with the Chief Investment Officer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;II. Obtaining Information From Sources Within the Firm

Analysts are prohibited from receiving or making any effort to obtain confidential information from any other employee of the Firm. Analysts are also prohibited from making any effort to obtain knowledge of or access to the Firm's Do Not Trade List.

*General.* From time to time, the Firm may establish a Chinese Wall with respect to an issuer when certain persons at the Firm have confidential or material non-public information regarding an issuer. Whenever a Chinese Wall needs to be created, the General Counsel should be informed immediately. The General Counsel will designate those individuals who receive material, non-public information as

"Access Persons," and communicate that information to all relevant personnel. Access Persons may not communicate with any non-Access Person regarding the issuer in question without prior authorization from the General Counsel.

*Maintenance of Information.* Access Persons must maintain all confidential or material, non-public information, whether in written, pictorial, computer or other storable form, in files that are physically separated from all other non-confidential files of the issuer or of the Firm. Access Persons may not add any material to general Firm files regarding the issuer during the period in which they are Access Persons. Access Persons must be careful to ensure the confidentiality of any written materials (e.g., memos, faxes, correspondence) they may receive. The materials must be received, opened, reviewed, discussed and stored in a secure location away from traders, assistants, and other analysts who have not been brought over the Chinese Wall.

*Restricted Activities.* Access Persons may not participate in any manner in any decision to buy, sell, or hold for any account, any security to which the confidential or material non-public information applies. Access Persons must be careful not to discuss the confidential information under circumstances where anyone else may learn about such information (e.g., offices with the door open, elevators, restrooms, restaurants, airplanes, etc.) An Access Person may respond to inquiries about the issuer from clients, employees, or other third parties who are not aware of the Chinese Wall, as long as the responses contain only publicly available information. In all these cases, the Access Person should first consult with the General Counsel. The Access Person should, in most circumstances, avoid indicating to any other person that the Access Person is over the Chinese Wall.

It is the responsibility of the Access Person to ensure that all of the Chinese Wall procedures are followed. An Access Person who is unsure whether the Chinese Wall-crossing procedures have been or are being followed should contact the General Counsel. If an inadvertent Chinese Wall crossing occurs, the person who crosses should immediately notify the General Counsel.

*Reporting Leaked Information.* If an analyst or any Access Person has any reason to believe that confidential information or material, non-public information has leaked in any form to anyone who is not authorized to have such information, whether or not such leak was intentional and whether it is the result of words or actions of the analyst, Access Person, or any other person, the analyst or Access Person must immediately notify the General Counsel.

If any Employee of the Firm has received material, non-public information about an issuer from an Access Person that he or she should not have, such person should immediately notify the General Counsel and should not use such information or disseminate it to any other person. The receipt of such information may restrict such person's responsibilities with respect to that issuer.

**Confidential Information**

From time to time, Employees may receive confidential information ("Confidential Information") Confidential Information, whether received deliberately or inadvertently, will be reported immediately to the General Counsel, providing all relevant and necessary particulars. A determination of whether that information is material, non-public information will be made by the General Counsel, as well as the determination that the information is no longer confidential.

**Guidelines for Using Expert Networks**

As a matter of policy, Baron rarely uses expert networks to supplement its research. All relationships must be pre-approved in writing by the Chief Investment Officer, Director of Research, and General Counsel. As a prerequisite for approval of the relationship, analysts must provide information to them concerning the types of experts that will be used and a copy of the standard consultant contract the expert signs. The following conditions must be met before the relationship may be approved:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Baron will not use outside expert consultants who are current employees
of a publicly traded company or have been within the last 12 months; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Baron will not use outside experts who are under non-disclosure agreements
with publicly traded companies.

Relationships with firms that provide access to experts must be pursuant to a written agreement reviewed by the Legal Department with the following representations from the firm:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. It understands that none of the information the expert will provide to
Baron is material non-public information disclosed in violation of a duty;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. It understands that the expert is not violating any confidentiality or
non-disclosure agreements by providing information to Baron; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. It understands that Baron does not wish to receive material, non-public information.

Prior to having a call or meeting with an expert, the analyst must pre-clear the call with the with the Chief Compliance Officer. The analyst must provide the following information:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The name and background of the expert;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The brokerage firm providing access to the expert;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. The anticipated topics of discussion; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Whether the expert is a current employee of a publicly traded company
or has been within the past 12 months or whether the expert is subject to any confidential or non-disclosure agreements with a publicly
traded company.

Upon completion of the call, the analyst will prepare a memo for the Chief Compliance Officer summarizing the topics discussed and confirming that no material, non-public information had been provided in any manner during the communication. If an analyst believes that he has received material non-public information, he needs to immediately report it to the General Counsel. In addition, the analyst will provide an estimate of the duration of the call and an estimated value of the information provided.

**Guidelines for Using Firms/Platforms that provide Expert Calls and/or Peer-led Call Transcripts**

Baron will from time to time access such platforms to review pre-existing peer-led call transcripts that have been reviewed and cleansed of any potential materiality by the service provider(s), and/or request to initiate calls with experts. With respect to pre-existing peer-led call transcripts, Baron shall waive the requirements set forth in paragraphs 1 and 2 below and rely on the service provider (provided that the Legal Department has approved of them) to review and cleanse any/all pre-existing transcripts of any potential materiality. With respect to Baron's request to initiate calls with experts the following conditions must be met before a request to initiate an expert call may be approved:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Baron will typically not use expert consultants/advisors who are current
employees of a publicly traded company or have been within the last 6 months; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Baron will not use experts who are under non-disclosure agreements with publicly traded companies.

Under certain circumstances the Firm may grant an exception to speaking to experts who are currently employees of a publicly traded company or have within the last six months provided the expert is not employed by the company that is the subject of the call (public or private). In order to receive such an exception(s), the requester must submit a request in writing detailing:

● Relevant background information on the expert

● The company which is the subject of the call

● Reasoning for the request

● Certification attesting to only discuss the company they are researching and not the public company that employs the expert.

Once an exemption is granted, the publicly traded company that employs the expert will be added to the Expert Exemption Restricted List for an embargo period of 10 calendar days.

Utilization of firms/platforms that provide access to experts and/or peer-led call transcripts must be pursuant to a written agreement reviewed by the Legal Department with following representations from the firm/platform

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. It understands that none of the information the experts will provide
to Baron is material non-public information disclosed in violation of duty;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. It understands that the expert is not violating any confidentiality or
non-disclosure agreements by providing information to Baron; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. It understands that Baron does not wish to receive material, non-public information.

In the event that the expert provides material, non-public information to the Firm in contravention of the expert's contractual obligations, the persons receiving such information must immediately contact the General Counsel, who will put the affected issuers on the Firm's Do No Trade List.

## Ex-99.P

Ex. 99.28(p)(10)

![](exp10_cohencoe001.jpg)

Code of Ethics

Amended and restated: October 1, 2009

Last updated: May 2025

Contents

---

| | | |
|:---|:---|:---|
| Overview and Scope 4 | Overview and Scope 4 |  |
| I. | Statement of General Fiduciary Principles | 5.0 |
| II. | Definitions | 6.0 |
| III. | Personal Securities Transactions | 8.0 |
| A. | Preclearance Requests | 8.0 |
| B. | Preclearance of Private Placement/Private Investment transactions | 9.0 |
| C. | CNSREIT | 9.0 |
| D. | Transactions Exempt from Preclearance | 10.0 |
| E. | Managed Accounts | 10.0 |
| IV. | Restrictions | 11.0 |
| A. | Blackout Periods | 11.0 |
| B. | Holding Periods | 12.0 |
| C. | Excessive Trading | 13.0 |
| D. | Initial Public Offerings | 13.0 |
| E. | Cohen & Steers Closed-End Funds | 13.0 |
| F. | CNSREIT | 14.0 |
| G. | Cohen & Steers Open-End Funds | 15.0 |
| H. | Prohibition on Gifts | 15.0 |
| I. | Investment Clubs | 15.0 |
| J. | Outside Directorships | 15.0 |
| K. | Restricted List | 15.0 |
| V. | Reporting | 15.0 |
| A. | Initial Holdings Reports | 15.0 |
| B. | Quarterly Transaction Reports | 16.0 |
| C. | Annual Holdings Reports | 17.0 |
| D. | Opening a New Brokerage Account | 17.0 |
| E. | Compliance Review | 17.0 |
| F. | Exception | 17.0 |

---

---

| | | |
|:---|:---|:---|
| G. | Annual Certification | 18 |
| H. | Independent Directors | 18 |
| I. | CNSREIT Independent Directors | 18 |
| J. | Confidentiality | 18 |
| K. | Disclaimer | 19 |
| VI. | Administration of the Code of Ethics | 19 |
| A. | Use of Preferred Brokers | 19 |
| B. | Duplicate Confirms and Statements | 19 |
| C. | Exemptions from the Code | 19 |
| D. | Fund Board of Directors Reporting and Approval | 20 |
| E. | Violations and Sanctions | 20 |
| F. | Acknowledgments | 20 |
| G. | Records | 20 |
| Appendix A | Appendix A | 22 |

---

**Overview and Scope**

The Cohen & Steers Code of Ethics (the "Code") applies to Cohen & Steers, Inc. ("CNS") as well as its current or future subsidiaries and affiliates (together with CNS, "Cohen & Steers") and theCohen & Steers U.S. registered investment companies. The provisions of this Code shall apply to all Cohen & Steers employees, wherever located though certain non-U.S. countries local lawsor customs may impose requirements in addition to the Code. This Code does not apply to directors of Cohen & Steers who are not also Cohen & Steers employees, but sections of this Code do apply to the independent directors of the Cohen & Steers U.S. registered investment companies and Cohen & Steers Income Opportunities REIT, Inc., a public reporting, non-listed corporation qualified as a real estate investment trust for U.S. federal income tax purposes ("CNSREIT").

CNS is a publicly-traded company with securities listed on the New York Stock Exchange. Accordingly, any transactions in CNS securities by directors, officers and employees of Cohen & Steers must comply not only with the terms and provisions of the Code but also the separate, written *Policies and Procedures for Transacting in Securities of Cohen & Steers, Inc.*, as may be modified or amended from time to time (the "CNS Insider Trading Policy"). The CNS Insider Trading Policy is accessible on the Legal & Compliance intranet under Corporate Policies. The CNS Insider Trading Policy will also be a publicly-available exhibit to CNS Annual Reports on Form 10-K filed with the Securities and Exchange Commission ("SEC"), beginning with the 10-Kto be filed in respect of the 2024 fiscal year.

CNSREIT is a corporation registered with the U.S. Securities and Exchange Commission ("SEC"), in accordance with applicable rules and regulations. Accordingly, any transactions in CNSREIT securities by directors, officers and employees of Cohen & Steers must comply not only with the terms and provisions of the Code but also the separate, written *Policies and Procedures for Transacting in Securities of Cohen & Steers Income Opportunities REIT, Inc.*, as may be modified or amended from time to time(the "CNSREIT Insider Trading Policy"). The CNSREIT Insider Trading Policy is accessible on the Legal & Compliance intranet under Corporate Policies. The CNSREIT Insider Trading Policy will also be a publicly-available exhibit to CNSREIT Annual Reports on Form 10-K filed with the SEC,beginning with the 10-K to be filed in respect of the 2024 fiscal year.

The Code is structured as follows:

● Section I contains a statement of general fiduciary principles

● Section II defines certain terms used in the Code

● Section III describes the preclearance requirements for personal securitiestransactions, among other things

● Section IV details the limitations and restrictions imposed by the Code

● Section V describes the reporting requirements under the Code

● Section VI details the administration and procedural requirements of the Code

I. Statement of General Fiduciary Principles

The following general fiduciary principles shall govern personal investment activitiesand the interpretation and administration of this Code:

● The interests of clients must be placed first at all times;

● All investment opportunities must first be offered to clients before Cohen & Steersor its employees may act on them;

● All personal securities transactions must be conducted in a manner that is consistent with the Code (and, if applicable, the CNS Insider Trading Policy and the CNSREIT Insider Trading Policy) and in a way to avoid any actual or potential conflict of interest or any abuse of an individual's position of trust and responsibility;

● Individuals must not take advantage of their own positions at Cohen &Steers to misappropriate investment opportunities from clients; and

● Individuals must comply with the applicable federal and state securities laws and regulations<sup>1</sup>.

When making personal investment decisions, all employees must exercise extreme care to avoid violating the prohibitions of this Code. Furthermore, employees should conduct their personal investing in such a manner that will minimize the employee's time and attention thatare devoted to personal investments at the expense of time and attention that should be devoted to duties at Cohen & Steers.

It is not possible for this policy to address every situation involving Cohen & Steers employees' personal trading. The Global Chief Compliance Officer of Cohen & Steers Capital Management, Inc. ("GCCO") or designee in consultation with the Cohen & Steers' Executive Committee is charged with oversight and interpretation of this Code in a manner considered fair and equitable, with a view in all cases of placing Cohen & Steers clients' interests first. Technical compliance with the Code will not insulate an employee from scrutiny of, or sanctionsfor, employee abuses of his or her position, fiduciary duty or securities transactions which maypotentially conflict with any client of Cohen & Steers.

<sup>1</sup> For purposes of this Code, "applicable federal securities laws" is defined as the Securities Act of 1933, the Securities Exchange Act of 1934, the Sarbanes-Oxley Act of 2002, the Investment Company Act of 1940 (the "Investment Company Act"), the Investment Advisers Act of 1940, Title V of the Gramm-Leach-Bliley Act of 1999, any rules adopted by the Securities and Exchange Commission (the "SEC") under any of these statutes, the Bank Secrecy Act of 1970 as it applies to funds and investment advisors, any rules adopted thereunder by the SEC or the Department of the Treasury, and any applicable local legislation, including the rules and regulations of the United Kingdom Financial Conduct Authority, the rules and regulations of the Financial Services Agency of Japan and the rules and regulations of the Hong Kong Securities and Futures Commission.

II. Definitions

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. "Access Person" means any employee, director, officer, or general partner
of Cohen &Steers Capital Management, Inc., its affiliated investment advisors or CNSREIT.  **<u>All employees are considered Access Persons.</u>** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. "Automatic Investment Plan" means a program in which regular periodic
purchases (or withdrawals) are automatically made in (or from) investment accounts in accordance with a predetermined schedule and allocation.
An Automatic InvestmentPlan includes a dividend reinvestment plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C. "Beneficial Ownership" shall be interpreted in the same manner as it
would be under Rule 16a-1(a)(2) under the Securities Exchange Act of 1934 in determining whether a person is the beneficial owner of a
security for the purposes of Section 16 of the Securities Exchange Act of 1934 and the rules thereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;D. "Board of Directors" shall mean the directors of the Funds.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;E. "CNSREIT Affiliated Directors and Officers" shall mean affiliated directors
and "executive officers" (as such term is defined in Rule 3b-7 promulgated under the Exchange Act) of CNSREIT.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;F. "CNSREIT Independent Director" means those members of the CNSREIT board
ofdirectors who have been determined to be independent in accordance with the CNSREIT articles of amendment and restatement (as may be
amended and restated from time to time) and applicable rules and regulations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;G. "Code" shall mean this Code of Ethics.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;H. "Control" shall have the same meaning as that set forth in Section
2(a)(9)of theInvestment Company Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;I. "Covered Account" means any account held by the Access Person's
spouse, domesticpartner, dependent household members, immediate family members sharing thesame household and any account over which the
Access Person has beneficial interestor control.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;J. "Covered Security" shall have the meaning set forth in Section
 2(a)(36) of the Investment Company Act. This definition includes, but is not limited to, any note, stock, treasury stock, security
 future, cryptocurrency futures, bond, debenture, evidence of indebtedness, certificate of interest or participation in any
 profit-sharing agreement, collateral-trust certificate, preorganization certificate or subscription, transferable share, investment
 contract, voting-trust certificate, certificate of depositfor a security, fractional undivided interest in oil, gas, or other
 mineral rights, any put, call, straddle, option, or privilege on any security (including a certificate of deposit) oron any group or
 index of securities (including any interest therein or based on the value thereof), or any put, call, straddle, option, or privilege
 entered into on a nationalsecurities exchange relating to foreign currency, or, in general, any interest or instrument commonly
 known as a "security", or any certificate of interest or participation in, temporary or interim certificate
for, receipt for, guarantee of, or warrant or right to subscribe to or purchase, any of the foregoing.

Covered Security shall **<u>not</u>** include the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Direct obligations of the government of the United States or any other sovereign
country or supra-national agency; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Bankers' acceptances, bank certificates of deposit, commercial paper and
high-quality short-term debt instruments<sup>2</sup> , including repurchase agreements; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Shares issued by an open-end registered investment company, including Cohen &
Steers open-end investment companies, other than shares of Exchange Traded Funds (including Cohen & SteersExchange Traded Funds) and
Exchange Traded Notes; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Any digital or virtual currency (cryptocurrency) held in a device orphysical medium
for storing cryptocurrency transactions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;K. "Exchange Traded Fund" or "ETF" is an open-end management
company (a) that issues (and redeems) creating units to (and from) authorized participants in exchange for a basket and a cash balancing
amount, if any and (b) whose shares are listed on a national securities exchangeand traded at market-determined prices.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;L. "Exchange Traded Notes" or "ETNs" are senior, unsubordinated
debt securities that are linked to the performance of a market index and trade on a national
securities exchange.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;M. "Executive Committee" shall mean the Executive Committee of Cohen & Steers, Inc.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;N. "Firm Investment Universe" generally will include securities in relevant
benchmarks and any security held in a client account in the past three (3) years. Certain exclusions<sup>3</sup>
apply.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;O. "Fund" or "Funds" mean the U.S. registered Cohen &
Steers open (including the Cohen & Steers Exchange Traded Funds) and closed-end registered investment companies.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;P. "Independent Director" means a director of the Funds who is not an
"interested person" of the Fund within the meaning of Section 2(a)(19) of the Investment CompanyAct, and who would be required
to make a report under Section V of this Code solely by reason of being a director of the Funds.

<sup>2</sup> High quality short-term debt instrument means any instrument that has a maturity at issuance of less than 366 days and that is rated in one of the two highest rating categories by a Nationally Recognized Statistical Rating Organization.

<sup>3</sup> Exclusions include securities held in Daiwa North America Equity Income Fund (DAI9855), Cohen & Steers Digital Infrastructure (CNSDIGI) and certain ETFs (EIPI, IWD, IWM, MBB, PFF, SPY and VOO).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Q. "Initial Public Offering" means an offering of securities registered
under the SecuritiesAct of 1933 the issuer of which, immediately before the registration, was not subject to the reporting requirements
of Section 13 or 15(d) of the Securities Exchange Act of 1934, including the rules and regulations promulgated thereunder (the "Exchange
Act").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;R. "Investment Personnel" refers to any employee who, in connection with
his or her regular functions or duties, makes or participates in making recommendations regarding the purchase or sale of securities on
behalf of client accounts. Investment Personnel include portfolio managers and analysts but does not include traders or portfolio manager
assistants

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;S. "Personal Trading System" means the automated personal trading system
used by Cohen & Steers for administration of this Code, as well as the CNS Insider Trading Policy and the CNSREIT Insider Trading
Policy.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;T. "Portfolio Manager Assistants ("PMAs") & Traders" refers
to any employee who, in connection with his or her regular functions or duties, works alongside Investment Personnel to implement investment
decisions and/or is responsible for executing securities purchases and sales authorized by Investment Personnel.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;U. "Private Placement/Private Investment" means a security offering that
is exempt from registration under certain provisions of the U.S. securities laws and/or similar laws ofnon-U.S. jurisdictions (if you are unsure whether the
securities are issued in a private placement you must consult with the Compliance department).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;V. "Purchase or sale of a Covered Security" includes, among other things,
the writingof an option to purchase or sell a Covered Security.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;W. "Real Estate Security" means any security of a company that derives
at least 50% of its revenues from the ownership, construction, financing, management or sale of commercial, industrial or residential
real estate, or has at least 50% of its assets in suchreal estate. It also means equity and debt securities of both publicly traded and
privatecompanies, including REITs and pass-through entities, that own real property or loanssecured by real estate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;X. "Reportable Fund" means any open-end fund for which Cohen & Steers
acts as investment advisor or subadvisor or principal underwriter. See <u>Appendix A</u> for a list ofReportable Funds.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Y. "Reportable Security" means any Covered Security and Reportable Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Z. "Restricted List" means a security or current list of issuers whose securities
may not be traded by the firm, Access Persons and others specified in the Code.

III. Personal Securities Transactions

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. Preclearance Requests

Except as specifically exempted in this section, all Access Persons must obtain preclearance approval prior to executing a personal securities transaction in any Covered Security, including closed-end funds and ETFs. This includes personal securities transactions in any Covered Account. For U.S. employees, preclearance approval for personal securities transactions is valid only for the day the request is submitted and approved. Any preclearance request submitted and approved after themarket close, must be executed in the after-market trading hours for that same trade date. For non-U.S. employees' preclearance approval for personal securities transactions is valid only for the day of approval plus the following business day. Any personal securities transaction for which preclearance approval has been granted andis not executed in accordance with the above, must be resubmitted for approval on asubsequent business day during an open trading window.

In order to obtain preclearance approval, an Access Person must submit a preclearance request using the Personal Trading System on the day they intend to trade. Apreclearance request may be denied for any reason. An Access Person is not entitled to receive an explanation or reason if their preclearance request is denied.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. Preclearance of Private Placement/Private Investment transactions

Access Persons must obtain prior approval from the GCCO or a designee before directly or indirectly acquiring Beneficial Ownership in a Private Placement/Private Investment. The GCCOor designee may consult a member of the Executive Committeeand other appropriate parties in evaluating the request. To request preclearance approval, Access Persons must submit a Private Placement Approval Request using the Personal Trading System along with sufficient supporting documentation (e.g., subscription documentation, offering memorandum, prospectus, etc.). In most cases the Compliance department expects to notify Access Persons within five (5) business days of submitting their request if it has been approvedor denied.

If the request is approved, the Access Person must confirm and certify to the trade ontheir Quarterly Transaction certification (see Section V). Access Persons must report anycapital call on a Private Placement/Private Investment that has been previously approved to the Compliance department. Subsequent investments must also be submitted for preclearance approval and reported.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C. CNSREIT

Access Persons who meet the eligibility standards set forth in the CNSREIT prospectusare permitted to buy shares of CNSREIT through their financial advisor, a participatingbroker-dealer or other financial intermediary that has a selling agreement with Cohen & Steers Securities, LLC. Access Persons must obtain preclearance approval prior to entering into a decision to execute a personal security transaction in CNSREIT. To obtain preclearance approval, an Access Person must submit a preclearance request using the Personal Trading System.

Notwithstanding the provisions of <u>Section III(A.)</u> above, preclearance approval granted during an open window period to an Access Person with respect to a personaltransaction in the securities of CNSREIT shall remain in effect for the duration of such open window period. Accordingly, a request for preclearance approval for any single transaction need not be submitted by an Access Person more than once in a single open window period. Access Persons who obtain preclearance approval to execute a personal securities transaction in CNSREIT must take all reasonable steps necessary to complete the transaction by the relevant deadline and otherwise comply with the terms and conditions set forth in the CNSREIT Insider Trading Policy.

Requests to participate in the monthly repurchase plan for CNSREIT must be submitted for preclearance using the Personal Trading System. Access Persons may be subject to repurchase and other trading restrictions in addition to those that apply to shareholdersof CNSREIT generally. Such restrictions include closed trading window periods (as further described in <u>Section IV(F)(2)</u> herein), a minimum required 60-day holding periodfor acquired CNSREIT securities (as further described in <u>Section IV(B)</u> herein), and subordination of repurchase eligibility to other CNSREIT shareholders in certain circumstances.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;D. Transactions Exempt from Preclearance

Preclearance approval is **<u>not</u>** required for the below list of transactions:

● Purchases or sales of a security that is not a Covered Security

● Purchases or sales that are not volitional (e.g., option assignment, dividend reinvestment)

● Purchases or sales which are part of an Automatic Investment Plan that has been disclosed to the Compliance department in advance

● Trades in an account where trading discretion is delegated to an independentthird party (see Managed Accounts below) except transactions in securities ofCNS (the preclearance approval requirements for which are as further described inthe CNS Insider Trading Policy and this Code), any of the Cohen & Steers closed-end funds or Exchange Traded Funds which must be submitted for preclearanceapproval

● Purchases or sales of Cohen & Steers Real Estate Opportunities Fund, L.P. by Access Persons who have been identified as an eligible employee (under the securities laws and by Cohen & Steers) and invited by Cohen & Steers to participate in the offering

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;E. Managed Accounts

Transactions in personal accounts for which an Access Person does not have direct or indirect influence or control (e.g., a professionally managed account over which the Access Person has authorized complete trading discretion to the financial advisor or investment manager) are not subject to the preclearance requirements of the Code. These accounts are referred to as discretionary or managed accounts. All transactions in CNS (as further described in the CNS Insider Trading Policy and this Code), any of the Cohen & Steers closed-end funds, Exchange Traded Funds or CNSREIT must be submitted for preclearance approval before trading in Managed Accounts.

If an Access Person has beneficial interest in an account but does not have direct or indirect influence or control, the Access Person must provide the Compliance department with written confirmation of their lack of trading discretion over the account. For most managed accounts an executed copy of the relevant agreement withthe person who does control the account (e.g., trustee or discretionary third-party manager) or a signed letter from the third party investment manager on company letterhead with the account information will be required.

Upon approval from the GCCO or a designee, transactions in such accounts will not require preclearance or be subject to the restrictions as set forth in Section IV below. At least annually, the Compliance department will require Access Persons to certify to the accounts over which the Access Person does not have direct or indirect trading influence or control.

&nbsp;&nbsp;&nbsp;&nbsp;IV. Restrictions

Preclearance requests will be denied under the circumstances described below. Please notethat the following restrictions are equally applied to the Covered Security and to instrumentsrelated to the Covered Security. A related instrument is any security or instrument that givesthe right to acquire additional units of the Covered Security including options, rights, warrants, and instruments otherwise convertible into the Covered Security, or any other instrument derived from a Covered security (e.g., OTC options) regardless of issuer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. Blackout Periods

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Real Estate Securities

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. No Access Person shall purchase or sell any Real Estate Security (as defined in
Section II) except that an Access Person may invest in shares of open-end funds, closed-end funds, ETFs, CNSREIT and Cohen & Steers
Real Estate Opportunities Fund, L.P., subject to the applicable preclearance and reporting requirements of this Code and, in the caseof
CNSREIT securities, the CNSREIT Insider Trading Policy.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Non-Real Estate Securities

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. No Access Person shall execute any securities transaction on a day during which
any client has a pending buy or sell order in that same security unless preclearance approval was granted prior to the initiation of the
order or until that order is executedor withdrawn.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Investment Personnel are prohibited from trading a security in a personal account
or Covered Account as described in Section II that is in the investment universe of the strategy in which they specialize. Generally,
the investment universe includes securitiesin the relevant benchmarks and may also include some out of benchmark securities, and any security
held in a client account in the past three (3) years.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. Traders and PMAs are prohibited from trading a security in a personal or Covered Account as described in Section
II that is in the Firm Investment Universe.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. Holding Periods

All personal securities transactions in any Reportable Security, other than CNSREIT, by an Access Person in their account or any Covered Account are subject to a 30-day holding period. Personal securities transactions in CNSREIT by an Access Person in their account or any Covered Account are subject to a 60-day holding period. Option transactions are subject to the 30-day holding period from the date on which you entered the contract. All Access Persons are prohibited from profiting from the purchase and sale or the sale and purchase of the same security (or equivalent) within 30 calendar days (within 60 calendar days for CNSREIT). Any profits realized from the purchase and sale or the sale and purchaseof the same security (or equivalent) within the 30-day restriction period, or 60 day restrictionperiod for CNSREIT, **shall be disgorged**. Transactions that would result in a loss are not subject to the minimum holding periods described above.

The holding period is calculated using FIFO method (first-in-first out) and therefore the holding period rule is violated if there is a profit when:

● The first purchase(s) during the timeframe are followed by a sale at a higherprice; or

● The first sale(s) during the timeframe are followed by a purchase at a lowerprice in the same account.

The price is calculated by looking at the price of the earliest opposite-side transactions during the thirty-day period.

*FIFO Example:*

 

*If an employee purchased 100 shares of XYZ on March 1 and 100 more on March 15,on April 1 the employee would be permitted to sell at a profit only the 100 sharespurchased on March 1. She/he would have to wait until April 15 to sell the additional 100 shares at a profit.*

Certain limited exceptions to this holding period are available on a case-by-case basis and must be approved by the GCCO or a designee prior to execution. Exceptions to this policy include, but are not limited to, hardships and extended disability. Non-volitional trades such as automatic investment and withdrawal programs and automatic rebalancing are permitted transactions under this policy.

The 30-day holding period also applies to transactions in Cohen & Steers open-end funds. However, the holding period does not apply to shares acquired through an Automatic Investment Plan and Access Persons will be permitted to fully redeem a Cohen & Steers open-end fund in their 401K account as long as any transaction in the previous thirty (30) days was an automatic pay-period contribution.

Officers and directors of the Cohen & Steers' closed-end funds are subject to additional holding periods as set forth in Section IV. E below and the Cohen & Steers Inside Information Policy and Procedures.

Officers and directors of the Cohen & Steers' Exchange Traded Funds are subject to the Cohen & Steers Inside Information Policy and Procedures.

CNSREIT Independent Directors and CNSREIT Affiliated Directors and Officers are subject to additional holding periods as set forth in Section IV.F below.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C. Excessive Trading

Excessive or inappropriate trading is prohibited. The Compliance department monitorsall employees' personal trading and provides reporting to the Executive Committee regarding the volume and nature of employee personal securities transactions. A pattern of excessive trading may lead to disciplinary action under the Code, up to andincluding termination.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;D. Initial Public Offerings

All Access Persons are prohibited from purchasing equity securities in an initial public offering. The purchase of corporate bonds at the time of issuance is allowed subject to submitting and receiving preclearance approval.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;E. Cohen & Steers Closed-End Funds

Additional restrictions regarding the closed-end funds managed by Cohen & Steers, inorder to ensure no improper trading takes place, include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Holding Period: Directors and officers of the Cohen & Steers closed-end Funds
are prohibited by the federal securities laws from selling shares of these Funds withinsix months of purchasing them, or purchasing shares
of these Funds within six months of selling them, and must advise the Fund Legal department of transactions in order for forms to be filed
promptly with the SEC regarding their transactions in shares of these Funds. Any violation of this six-month holding period will require
disgorgement of any profits<sup>4</sup>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Blackout Periods: Independent Directors and Access Persons may not purchase or
sell shares of the Cohen & Steers closed-end Funds on certain days prior to board meetings and/or dividend declarations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. For Independent Directors, the blackout period begins on the date of receipt of
information pertaining to quarterly dividend declarations and ends with the public announcement of dividends declared in a formal press
release. Independent Directors may be further restricted after the dividend declaration press release through the end of the board meeting
in the event information intheir possession related to the upcoming meeting is material and non-public.

<sup>4</sup> Pursuant to Section 16 of the Securities Exchange Act of 1934, the holding period for the closed-end funds and CNSREIT is

calculated using LIFO ("last in-first out") whereas the holding period in Section IV.B above is calculated using FIFO.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. For Access Persons, the blackout period customarily begins three (3) weeks priorto
the end of the quarter or when internal dividend discussions becomematerial. The blackout period may but will not always end after the
press release announcing dividend declarations for the closed-end funds.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. The GCCO or General Counsel may impose additional blackout periods for trading
in the closed-end funds as necessary.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;F. CNSREIT

Additional restrictions regarding CNSREIT, to ensure no improper trading takes placeand, in some cases, to ensure legal liabilities are not otherwise incurred by an AccessPerson, include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. "Short Swing Profit" Rules: Upon the effectiveness of a filing by
CNSREIT of a Form8-A registration statement with the SEC, CNSREIT Independent Directors, CNSREITAffiliated Directors and Officers and
any other persons deemed to be CNSREIT reporting persons pursuant to Section 16 of the Exchange Act will become subjectto liability under
the federal securities laws (including Section 16(b) of the Exchange Act and the rules promulgated thereunder) in connection with "non-exempt" acquisitions and dispositions of CNSREIT securities consummated withina six month period, from which a profit is derived
("Short Swing Profit Liability"). Access Persons subject to Short Swing Profit Liability must therefore avoid execution of
non-exempt acquisitions and dispositions within a six-month period that may be "matched" with one another, if a profit would
be deemed to derive from such transactions, to prevent such liability from arising.

Short Swing Profit Liability incurred by any such person will require disgorgement to CNSREIT of any profits derived from such matching transactions in accordance with applicable rules and regulations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Monthly Trading Blackout Periods: CNSREIT Independent Directors, CNSREIT Affiliated
Directors and Officers and all other Access Persons may not participate in restricted transactions in CNSREIT <sup>5</sup>
from the 26<sup>th</sup> calendar day of each month through and including the day of publication of CNSREIT's monthly net asset
value (NAV) in the immediately subsequent month. The monthly trading window will open on the calendar day immediately following the date
of such NAV publication.

<sup>5</sup> Restricted transactions in CNSREIT during a blackout period include the submission of subscription orders and redemption requests, execution of subscriptions or redemptions (other than pursuant to a submission precleared and properly placed during an open trading window period), withdrawals of subscription orders and redemption requests, dividend reinvestment plan ("DRIP") enrollment and de-enrollment decisions, gifts, trust transfers, estate planning and redemptions of operating partnership units.

Restricted transactions in CNSREIT do not include vesting of CNSREIT shares or operating partnership units, automatic CNSREIT share acquisitions via prior enrollment in the DRIP, automatic receipt of operating partnership distribution units and conversion of operating partnership units into CNSREIT shares. Redemption of operating partnership units converted into CNSREIT shares is a restricted transaction.

The GCCO or General Counsel may impose additional or longer blackout periods for trading securities of CNSREIT as necessary or appropriate in either such officer's discretion.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;G. Cohen & Steers Open-End Funds

All Access Persons are subject to the same frequent trading policies that apply to the shareholders of the Cohen & Steers open-end funds. As such, with respect to those Cohen & Steers open-end funds that do not operate as Exchange Traded Funds, no Access Person or Independent Director may make more than two (2) round trips in a sixty (60) calendar day period. A round trip is defined by a purchase and sale/exchangeof shares of the same fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;H. Prohibition on Gifts

No Access Person shall give or receive any gift in violation of the Cohen & Steers Giftsand Entertainment Policy and Procedures which permit gifts valued cumulatively at $100 or less per person per calendar year. Additional restrictions are set forth in theCohen & Steers Gifts and Entertainment Policy and Procedures.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;I. Investment Clubs

Employee participation in Investment Clubs is permitted but all Investment Clubtransactions are subject to the preclearance and reporting requirements in this Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;J. Outside Directorships

No Access Person shall serve on the board of directors of a publicly traded company unless approved in advance by Senior Management. This authorization will be providedonly if the Executive Committee concludes that service on the board would not be inconsistent with the interests of Cohen & Steers' clients. Access Persons who have received this approval shall not trade for a client or their own account in the securitiesof the company while in possession of material, non-public information. Outside business activities, other than service on a board of a publicly traded company, are addressed in the Cohen & Steers Outside Activities and Related Persons Policy.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;K. Restricted List

Occasionally, the GCCO or their designee may place a Reportable Security on a Restricted List as deemed necessary. As such, Access Persons are prohibited from effecting any transactions in any security on the Restricted List in any Covered Accountover which they have discretion in trading.

For Managed Accounts: This prohibition applies to CNS (as further described in the CNSInsider Trading Policy and this Code) or any of the Cohen & Steers closed-end or open-end funds when placed on the Restricted List.

&nbsp;&nbsp;&nbsp;&nbsp;V. Reporting

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. Initial Holdings Reports

Within 10 calendar days of the commencement of employment with Cohen & Steers, each Access Person must provide the Compliance department with a statement of all Reportable Securities and brokerage accounts including any Covered Account as set forth in the Initial Holdings Report. Statements must be current as of a date no more than 45 days prior to becoming an Access Person. The Initial Holdings Report will be provided to the Access Person upon the commencement of employment. More specifically, each Access Person must provide the following information:

● The title and type of security, and as applicable the exchange ticker symbol orCUSIP number, number of shares, and principal amount of each Reportable Security in which the Access Person has any direct or indirect beneficial ownership;

● The name of any broker, dealer or bank with which the Access Person maintains an account or the Covered Account in which any securities are heldfor the Access Person's direct or indirect benefit; and

● The date the Access Person submits the report.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. Quarterly Transaction Reports

Within 30 days after the end of a calendar quarter, all Access Persons must report andcertify to the following information:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. With respect to transactions during the quarter in any Reportable Security in which
such Access Person has, or by reason of such transaction acquires, any direct or indirect beneficial ownership in the Reportable Security:

● The date of the transaction, the title, and as applicable the exchange ticker symbol or CUSIP number, interest rate and maturity date, number of shares, and principal amount of each Reportable Security involved;

● The nature of the transaction (i.e., purchase, sale or any other type of acquisition or disposition);

● The price of the security at which the transaction was effected;

● The name of the broker, dealer or bank with or through which thetransaction was effected; and

● The date the Access Person submits the report.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. With respect to any account established by the Access Person including any Covered Account in which any securities were held
during the quarter for thedirect or indirect benefit of the Access Person:

● The name of the broker, dealer or bank with whom the Access Person established the account or the Covered Account;

● The date the account or Covered Account was established; and

● The date the Access Person submits the report.

Quarterly transactions are uploaded into the Personal Trading System throughout the quarter.At the end of the quarter, all Access Persons must review and certify to their transactions in thePersonal Trading System or through comparable means.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C. Annual Holdings Reports

Annually, all Access Persons must report the following information (which must becurrent as of a date no more than 45 days before the report is submitted):

● The title and type of security, and as applicable the exchange ticker symbolor CUSIP number, number of shares, and principal amount of each Reportable Security in which the Access Person has any direct or indirect beneficial ownership;

● The name of any broker dealer or bank with which the Access Person maintains an account or any Covered Account in which any securities are held for the Access Person's direct or indirect benefit; and

● The date the Access Person submits the report.

Each Access Person shall submit an Annual Holdings certification through the Personal TradingSystem or an equivalent format within 45 days after the beginning of each calendar year.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;D. Opening a New Brokerage Account

Access Persons must receive written approval from the Compliance department prior to opening new brokerage accounts or any Covered Account and must disclose the account(s) immediately to Compliance.

Failure to comply with the requirements above will be considered a violation of the Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;E. Compliance Review

The GCCO or a designee shall be responsible for reviewing the reports made pursuantto this section. The GCCO will not approve his/her own preclearance requests nor will he/she be responsible for the review of his/her own reports made pursuant to this section. Such responsibility to review the GCCO's submitted transactions and reports shall be delegated to another member of the Compliance team.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;F. Exception

An Access Person need not make a report under this section with respect to securitiesheld in any account over which that person had no direct or indirect influence or control.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;G. Annual Certification

Each Access Person must certify annually within sixty (60) days of year-end that he or she has read and understands the Code and recognizes that he or she is subject to theCode. In addition, each Access Person must certify annually that he or she has compliedwith all the requirements of the Code and that he or she has disclosed or reported all personal securities transactions and accounts required to be disclosed or reported pursuant to the requirements of the Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;H. Independent Directors

An Independent Director shall report transactions in Reportable Securities only if the director knew or, in the ordinary course of fulfilling his or her official duties as a directorshould have known, that during the 15-day period immediately preceding or followingthe date of the transaction (or such period prescribed by applicable law), such securitywas purchased or sold, or was being considered for purchase or sale, by any Cohen & Steers client.

The "should have known standard" implies no duty of inquiry, does not presume thereshould have been any deduction or extrapolation from discussions or memoranda dealing with tactics to be employed meeting any Fund's investment objectives, or thatany knowledge is to be imputed because of prior knowledge of any Fund's portfolio holdings, market considerations, or any Fund's investment policies, objectives and restrictions.

Independent Directors need not provide an Initial or Annual Holdings Report and theyare not subject to the restrictions in Section IV other than E and G.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;I. CNSREIT Independent Directors

A CNSREIT Independent Director shall report transactions in Reportable Securities onlyif the director knew or, in the ordinary course of fulfilling his or her official duties as a director should have known, that during the 15-day period immediately preceding or following the date of the transaction (or such period prescribed by applicable law), suchsecurity was purchased or sold, or was being considered for purchase or sale, by any Cohen & Steers client. Generally speaking, Cohen & Steers does not expect to transactin shares of CNSREIT on behalf of any client.

The "should have known standard" implies no duty of inquiry, does not presume thereshould have been any deduction or extrapolation from discussions or memoranda dealing with tactics to be employed meeting CNSREIT's investment objectives, or that any knowledge is to be imputed because of prior knowledge of CNSREIT's portfolio holdings, market considerations, or CNSREIT's investment policies, objectives andrestrictions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;J. Confidentiality

All reports of securities transactions and any other information filed with the Compliance department pursuant to this Code shall be treated as confidential. In this regard, no Access Person shall reveal to any other person (except in the normal courseof his or her duties on behalf of Cohen & Steers) any information regarding securities transactions made or being considered by or on behalf of any client account.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;K. Disclaimer

Any such report may contain a statement that the report shall not be construed as an admission by the person making such report that he has any direct or indirect beneficial ownership in the Reportable Security to which the report relates.

&nbsp;&nbsp;&nbsp;&nbsp;VI. Administration of the Code of Ethics

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. Use of Preferred Brokers

All Access Persons located in the United States (US) must maintain their personal trading accounts and any Covered Account at, and execute all transactions in Reportable Securities through, one or more brokers that offer electronic data feeds. Accounts held at electronically feeding brokers provide more accurate account information and require less reconciliation for the Access Person at certification time. The Compliance department maintains a list of such brokers. Any exception to this requirement for US employees will be determined on a case-by-case basis by the GCCOor a designee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. Duplicate Confirms and Statements

All Access Persons must require their brokers to supply duplicate confirmations of all personal securities transactions on a timely basis to the Compliance department. When possible, the duplicate confirmation requirement will be satisfied by an electronic datafeed directly from the brokers to the Personal Trading System.

If under local market practice, brokers are restricted by law from delivering duplicate confirmations to the Compliance department, it is the Access Person's responsibility to provide promptly to the Compliance department with a duplicate confirmation for eachtrade. If a broker is unwilling to deliver duplicate confirmations for any other reason, the employee will not be permitted to maintain an account with that broker.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C. Exemptions from the Code

In cases of hardship, the GCCO, the General Counsel or their respective designees can grant exemptions from the personal trading restrictions in this Code. The decision will be based on a determination that a hardship exists and the transaction for which an exemption is requested would not result in a conflict with Cohen & Steers clients' interests. Other factors that may be considered include: the size and holding period ofthe Access Person's position in the security, the market capitalization of the issuer, theliquidity of the security, the amount and timing of client trading in the same or a relatedsecurity and other relevant factors.

Any Access Persons seeking an exemption should submit a written request setting forththe nature of the hardship along with any pertinent facts and reasons why the Access Person believes the exemption should be granted. Access Persons are cautioned that exemptions are exceptions and repetitive requests for exemptions by an Access Personare not likely to be granted.

Records of the approval of exemptions and the reasons for granting the exemptions will be maintained by the Compliance department.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;D. Fund Board of Directors Reporting and Approval

The Board of Directors of each Fund, as applicable, including a majority of theIndependent Directors, must approve this Code and any material changes to it. This approval shall be based on a determination that this Code contains provisions reasonably necessary to prevent Access Persons from engaging in any conduct prohibited by Rule 17j-1 under the Investment Company Act or any other applicable rules and regulations. In connection with this approval, Cohen & Steers shall provide acertification to the Board that Cohen & Steers and the Funds have adopted proceduresreasonably necessary to prevent Access Persons from violating this Code.

No less frequently than annually, Cohen & Steers shall furnish to the Board of Directors, and the Board of Directors must consider, a written report 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;(1) Describes any issues arising under the Code or procedures since the lastreport
to the Board of Directors, including, but not limited to, information about material violations of the Code or procedures or sanctions
imposed in response to the material violations; 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;(2) Certifies that the Funds and Cohen & Steers have adopted procedures reasonably
necessary to prevent Access Persons from violating the Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;E. Violations and Sanctions

Access Persons must report any violations or potential violations of this Code promptlyto the GCCO or another member of the Compliance department. This policy forbids any form of intimidation or retaliation against an Access Person for fulfilling this obligation. Retaliation against an Access Person who reports a Code violation is in itself

a violation of the Code.

Upon discovering a violation of this Code, Cohen & Steers may impose such sanctionsas it deems appropriate, including, but not limited to, Compliance retraining, meeting with the Executive Committee and Regulatory Compliance disgorgement of profits, reduction in bonus and/or monetary penalty, personal trading suspension, a letter of censure, possible termination of the employment of the violator.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;F. Acknowledgments

Each Access Person must be provided with a copy of this Code and any amendments. In addition, each Access Person must provide the Compliance department with a written (or electronic) acknowledgment of their receipt of the Code and any amendments.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;G. Records

The Compliance department shall maintain records<sup>6</sup> in the manner and to the extent set forth below, under the conditions described in Rule 31a-2 of the Investment Company Act and Rule 204-2 the Investment Advisers Act of 1940, or under no-action letters or interpretations under these rules, and shall be available for examination bythe SEC or any representatives of the SEC.

● A copy of this Code of Ethics shall be preserved in an easily accessibleplace (including for five (5) years after this **C** ode of Ethics is no longerin effect).

● A record of any violation of this Code of Ethics and of any action taken asa result of such violation shall be preserved in an easily accessible place for a period of not less than five (5) years following the end of the fiscal year in which the violation occurs.

● A copy of each report, including annual reports to the Fund Board of Directors, and any information provided in lieu of a report, made by an Access Person pursuant to this Code of Ethics shall be preserved for a period of not less than five (5) years from the end of the fiscal year in which it is made or the information is provided, the first two years in aneasily accessible place.

● A record of any decision, and the reasons supporting the decision, to approve the acquisition of an IPO (if an exception is made) or Private Placement/Private Investment shall be preserved in an easily accessible place for a period of not less than five (5) years after the end of the fiscalyear in which the approval is granted.

● A list of all Access Persons who are, or within the past five (5) years havebeen, required to make reports or are responsible for reviewing these reports, pursuant to this Code of Ethics shall be maintained in an easily accessible place.

● A record of all written acknowledgments for each Access Person who iscurrently, or within the past five years was, an Access Person of the investment advisor.

<sup>6</sup> For Funds, records shall be maintained at the Funds' principal place of business. For advisors, records shall

be maintained at an appropriate office of the investment advisor.

**Appendix A**

**Reportable Funds**

As of May 2025\*

**Cohen & Steers Open-End Funds**

Cohen & Steers Realty Shares

Cohen & Steers Real Estate Securities Fund

Cohen & Steers Global Infrastructure Fund

Cohen & Steers Global Realty Shares

Cohen & Steers International Realty Fund

Cohen & Steers Institutional Realty Shares

Cohen & Steers Preferred Securities and Income Fund

Cohen & Steers Real Assets Fund

Cohen & Steers Future of Energy Fund

Cohen & Steers Low Duration Preferred and Income Fund

Cohen & Steers Preferred Securities & Income SMA Shares, Inc.

**Cohen & Steers Sub-Advised Funds**

Goldman Sachs Trust II - Goldman Sachs Multi-Manager Real Assets Strategy Fund

Jackson Real Assets Fund

Northern Multi-Manager Global Listed Infrastructure Fund

Penn Series Real Estate Securities Fund

Russell Investments Multi-Strategy Income Fund

\* *Reportable Funds include any future open-end investment companies advised or sub-advised by Cohen & Steers.*

## Ex-99.P

Ex. 99.28(p)(15)

**Driehaus Capital Management LLC**

**Driehaus Mutual Funds**

**Driehaus Capital Management (USVI) LLC**

**<u>CODE OF ETHICS AND BUSINESS CONDUCT</u>**

**<u>Statement of General Policy and Business Principles</u>**

This Code of Ethics and Business Conduct ("Code") has been adopted under Rule 17j-1 of the Investment Company Act of 1940 ("Rule 17j-1") and Rule 204A-1 of the Investment Advisers Act of 1940 ("Rule 204A-1"). Rule 17j-1 is applicable because Driehaus Capital Management LLC (the "Adviser") is the investment adviser to the Driehaus Mutual Funds (each a "Fund" and collectively the "Funds"), a registered investment company. The Code also applies to any registered investment company for which the Adviser may serve as an investment adviser or sub-adviser. The Code covers all Employees of the Adviser and Driehaus Capital Management (USVI) LLC (collectively the "Firm," "we" or "us"); the Funds' Disinterested Trustees and Advisory Board Members; and others as may be designated from time to time by the Firm (each such individual an "Access Person" and collectively "Access Persons").1 Our Employees are also subject to the Firm's policies and procedures, including the compliance manuals and employee handbooks that are readily accessible on our Firm's intranet, which may impose additional restrictions on their conduct, including personal securities transactions.

The Code is specifically and reasonably designed for how we conduct our activities and addresses the particular types of conflicts of interest that we may encounter. A long-standing core business principle of our Firm is our commitment to maintaining the highest legal and ethical standards in the conduct of our business consistent with our fiduciary duty to place the interest of our Clients first at all times. We have built our reputation for excellence on Client trust and confidence in our professional abilities and integrity. The Code seeks to prevent Employee misuse of material non-public information regarding current and prospective investments we make for our Clients, investment research we perform for our Clients and actual and proposed trading on behalf of our Clients. Together with this Code, we have adopted and implemented various internal policies and procedures to detect and prevent the misuse of material non-public information. Compliance with this Code as well as additional policies and procedures is monitored and enforced by our legal and compliance professionals, who are supported by our strong "culture of compliance." Failure to comply with this Code of Ethics may result in disciplinary action, including termination of employment.

<sup>1</sup> Capitalized terms used in the Code are defined when first used or in Section 1 of the Code.

Integral to our investment management process is "real time" internal sharing of information by the Adviser's portfolio managers and research analysts ("Investment Personnel"). Investment Personnel are required to systematically enter research information about long-only equity securities held by or under consideration for purchase or sale for a Client, in our Internal Research Notes database ("IRN") before placing any orders in our Order Management System ("OMS") for execution. The data in the IRN is accessible to, among others, Employees and Investment Personnel responsible for the Firm's investment and trading activities on behalf of our Clients. Investment Personnel are not required to use the IRN for other types of securities, such as bonds, options and swaps, as they cannot be entered into this system. However, information sharing occurs on a regular and continuous basis among the portfolio management teams. The Adviser believes that no strategy is disadvantaged despite this limitation because of the marked differences between the portfolio holdings of the equity-only strategies and those that utilize other types of securities, such as bonds, options and swaps. Transactions are monitored by the Legal and Compliance Department for potential conflicts of interest with our Clients and the results of such monitoring are reported to the Ethics Committee.

We believe that these information sharing and trading procedures, along with comprehensive Employee education and training, personal securities transaction reporting, compliance monitoring and the imposition of sanctions, where appropriate, work collectively to ensure that, as fiduciaries, we and all Access Persons do not place our interests above our Clients' interests and comply with the applicable Federal securities laws, rules and regulations.

Any questions regarding the Code's operation should be directed to the Firm's Chief Compliance Officer ("CCO"). Throughout the Code, there are also specific references to the assistance that the CCO can provide to Access Persons. The CCO shall act in accordance with the Firm's policies and procedures, the Code, guidance from the Ethics Committee and in consultation with counsel.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. <u>DEFINITIONS OF TERMS USED</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) "Access Person" means (i) any Fund trustee, Fund officer, Advisory
Board Member or Employee of the Fund or the Firm; and (ii) any natural person who is employed by an entity which controls, is controlled
by or is under common control with the Fund or the Firm who obtains or has access to information concerning the Firm's purchase
or sale of Covered Securities, those Covered Securities under consideration by the Firm for purchase or sale, or current holdings of a
Client.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) "Acknowledgment" means the initial and annual written certification
by each Access Person of receipt and compliance with the Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) "Adviser" means Driehaus Capital Management LLC.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) "Advisory Board Member" means any individual serving as a member of
an Advisory Board appointed by the Board of Trustees of the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) "Automatic Investment Plan" means a program in which regular periodic
purchases (or withdrawals) are made automatically in (or from) investment accounts in accordance with a predetermined
schedule and allocation. An Automatic Investment Plan includes a dividend reinvestment plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) "Beneficial Interest" shall be interpreted in the same manner as it
would be in determining whether a person is subject to the provisions of Section 16 of the Securities Exchange Act of 1934 (the "Exchange
Act") and rules thereunder, which includes any interest in which a person, directly or indirectly, has or shares a direct or indirect
pecuniary interest. A pecuniary interest is the opportunity, directly or indirectly, to profit or share in any profit derived from any
transaction. Each Access Person will be assumed to have a pecuniary interest, and therefore, beneficial interest or ownership, in all
securities held by the Access Person, the Access Person's spouse or domestic partner, all minor children, all dependent adult children
and adults sharing the same household with the Access Person (other than mere roommates) and in all accounts subject to their direct or
indirect influence or control and/or through which they obtain the substantial equivalent of ownership, such as trusts in which they are
a trustee or beneficiary, partnerships in which they are the general partner, except where the amount invested by the general partner
is limited to an amount reasonably necessary in order to maintain the status as a general partner, corporations in which they are a controlling
shareholder, except any investment company, mutual fund trust or similar entity registered under applicable U.S. or foreign law, or any
other similar arrangement. Any questions an Access Person may have about whether an interest in a security or an account constitutes beneficial
interest or ownership should be directed to the Firm's CCO.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) "Client" means an advisory client of the Adviser, including the Fund
and any Sub-Advised Funds.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) "Covered Security" shall have the meaning set forth in Section 2(a)(36)
of the Investment Company Act of 1940 (the "Company Act") and Section 202(a)(18) of the Investment Advisers Act of 1940 (the
"Advisers Act"), including stocks, warrants, units and other stock rights, options, equity-based futures contracts, all digital
assets (cryptocurrencies and cryptoassets), corporate bonds, convertible bonds, corporate preferred stock and other corporate debt instruments,
and includes any right to acquire such security, such as puts, calls, other options or rights in such securities, and securities-based
futures contracts, except that it shall not include shares issued by registered open-end investment companies, direct obligations of the
U.S. Government, bankers' acceptances, bank certificates of deposit or commercial paper and high quality short-term debt instruments,
including repurchase agreements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) "Disinterested Trustee" means any trustee of a Fund who is not an
interested person of the Firm, is not an officer of the Fund and is not otherwise an "interested person"
of the Fund as defined in the Company Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) "Driehaus Mutual Funds" means any investment company for which Driehaus
Capital Management acts and investment adviser.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) "Employee" means any person employed by the Firm, whether on a full
or part-time basis, all officers, shareholders and directors of the Firm and any natural person who is employed by an entity which controls,
is controlled by or is under common control with the Fund or the Firm who obtains or has access to information concerning the Firm's
purchase or sale of Covered Securities, those Covered Securities under consideration by the Firm for purchase or sale, or current holdings
of a Client.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) The "Ethics Committee" shall consist of at least three but no more
than five members who shall be Employees. One of the members shall be the Adviser's General Counsel. The Ethics Committee shall
be comprised of Employees with sufficient experience and knowledge of the legal obligations and regulatory responsibilities of the Fund
and the Firm. The Ethics Committee shall promptly advise the Fund's Board of Trustees of any appointment or resignation by a member
of the Ethics Committee. The Ethics Committee as a whole and each member shall act in accordance with Section 11 below.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) "Federal Securities Laws" has the same meaning as that term is defined
in Rule 204A-1(e)(4) under the Advisers Act, and includes the Securities Act of 1933 ("Securities Act"), the Exchange Act,
the Company Act, the Advisers Act, Title V of the Gramm-Leach-Bliley Act, any rules adopted by the U.S. Securities and Exchange Commission
(the "SEC") under any of these statutes, the Bank Secrecy Act as it applies to funds and investment advisers, and any rules
adopted thereunder by the SEC or the U.S. Department of the Treasury.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n) "Fund" means Driehaus Mutual Funds.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o) "IRN" is the Adviser's Internal Research Notes database, a proprietary
software application that Employees of the Adviser's Investment Management and Research Department are required to use to enter,
update, make available and maintain research information about long-only equity securities held by or under consideration for purchase
or sale for a Client. The IRN data is available to Employees, including those with responsibility for investment management and research,
trading, and legal and regulatory compliance.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(p) "Limited Offering" includes private placements and means an offering
that is exempt from registration under Section 4(2) or Section 4(6) under the Securities Act or pursuant to Rule 504,
Rule 505, or Rule 506 under the Securities Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(q) "Managed Account" means an account where full discretion for all investment
decisions has been given to a financial advisor not affiliated with the Adviser, the Access Person does not have direct or indirect influence
or control over investment decisions made for the account, including the ability to suggest purchases or sales, or consult as to the particular
allocation of investments to be made in the account.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(r) "Initial Public Offering" means an offering of securities registered
under the Securities Act, the issuer of which, immediately before the registration, was not required to file reports under Sections 13
or 15(d) of the Exchange Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(s) "Permitted Investments" includes open-end and closed-end funds, non-single stock ETFs,
 ETNs and ETCs, municipal bonds, foreign currency, U.S. Government and government
agency securities, as well as index, commodity and currency based futures contracts, bankers' acceptances, bank certificates of
deposit or commercial paper, high quality short-term debt instruments including repurchase agreements, all digital assets (cryptocurrency
and cryptoassets),

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(t) "Personal Benefit" includes any intended benefit for oneself or any
other individual, company, group or organization of any kind whatsoever except a benefit for a Client or any entity that adopts this Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(u) "ACA ComplianceAlpha" ("ComplianceAlpha") is the Firm's
vended web-based compliance and personal trading system, which is primarily used for tracking Employees' holdings, securities transactions,
gifts and political contributions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) "Sub-Advised Fund" means a Client fund sub-advised by the Adviser
that is an investment company registered under the Company Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. <u>STANDARDS OF BUSINESS CONDUCT AND COMPLIANCE WITH LAWS</u> 

Access Persons are required at all times to comply with the Federal Securities Laws as applicable in conducting the business of the Firm or the Fund. Accordingly, a violation of the Federal Securities Laws will be a violation of this Code and may subject an Access Person to sanctions or other appropriate remedial action under the Code.

In addition, as a SEC registered investment adviser subject to the Advisers Act, the Adviser has fiduciary obligations to its Clients. Further, the Code requires that the conduct of Access Persons comply with the fundamental principles of integrity, honesty and trust.

The Code is designed to ensure that Access Persons understand and comply with their fiduciary obligations and to protect Clients by deterring misconduct. The Code also educates Access Persons about the expectations of the Firm and the Fund regarding their behavior and the Federal Securities Laws that govern their conduct, as applicable.

The Code and related policies and procedures contain provisions reasonably necessary to prevent Access Persons from engaging in acts in violation of the Code. Access Persons are required to report any violations of the Code to the CCO. The CCO is primarily responsible for monitoring compliance with the Code and reporting material violations of the Code to the Ethics Committee to ensure the Code's enforcement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. <u>TRANSACTIONS WITH A FUND</u> 

No Access Person shall sell to, or purchase from, a Fund any security or other property (except merchandise in the ordinary course of business), in which such Access Person has or would acquire a Beneficial Interest, unless such purchase or sale involves shares of that Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. <u>DISCLOSURE OF INFORMATION</u> 

No Access Person shall discuss with or otherwise inform others of any security held or to be acquired by a Client except in the performance of employment duties or in an official capacity and then only for the benefit of the Client, and in no event for Personal Benefit or for the benefit of others.

No Access Person shall release information to dealers or brokers or others (except to those concerned with the execution and settlement of a transaction) as to any changes in a Client's investments, proposed or in process, except (i) upon the completion of such changes, or (ii) when the disclosure results from the publication of a prospectus or pursuant to the Funds' or any Sub-Advised Funds' Selective Disclosure of Fund Holdings Policy or (iii) in conjunction with a regular report to shareholders or to any governmental authority resulting in such information becoming public knowledge, or (iv) in connection with any report to which shareholders are entitled by reason of provisions of the declaration of trust, by-laws, rules and regulations, contracts or similar documents governing the operations of the Client.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. <u>PREFERENTIAL TREATMENT, GIFTS AND BUSINESS ENTERTAINMENT</u> 

As fiduciaries to the Firm's Clients, Employees must always place the Firm's Clients' interests first and Employees are prohibited from allowing gifts or entertainment opportunities to influence the actions they take on behalf of the Firm's Clients. Employees are prohibited from soliciting, seeking, or accepting favors, preferential treatment, gifts, entertainment opportunities, charitable or political contributions for themselves, on behalf of Clients, prospects, or others, or from receiving any other Personal Benefit arising from their association with the Firm or a Client.

*Gifts and Business Entertainment from Broker-Dealers*. Employees are prohibited from accepting from any source, including broker-dealers, any compensation, including gifts or entertainment, for the purchase or sale of any property, including securities and other portfolio holdings, to or for a Client. This includes compensation, including gifts or entertainment, from companies in which Clients may invest.

● This includes, but is not limited to, receipt of all gifts from broker-dealers (not including branded promotional items of de minimis value, i.e., less than $25), attendance at dinners hosted by broker-dealers that do not serve a valid and direct business purpose or benefit to a Client, and <u>all</u> concerts, sporting events, cocktail parties, golf outings and other similar events or performances hosted by broker-dealers.

● This prohibition does <u>not</u> include on- or off-site meetings and conferences that serve a valid and direct business purpose or benefit to a Client (e.g., road shows, meetings with investment strategists, economists, company management, etc.) that may also include incidental meals hosted by a broker-dealer as such incidental meals are not provided by the broker-dealer as compensation for the purchase or sale of any property to or for a Client.

*Gifts from all other non-broker-dealer vendors*. Employees may only accept gifts of nominal value (i.e., less than $100) from current or prospective vendors that are not engaged in the business of purchasing or selling property to or for Clients, (i.e., vendors that are not broker-dealers). Employees may only accept such gifts when the value involved clearly will not place the Employee under any real or perceived obligation to the gift-giver or raise any question of impropriety.

● Under no circumstances may an Employee accept a gift of cash, including a cash equivalent such as a gift certificate or a security, regardless of the amount.

● If an Employee receives a gift that violates the Code, they must return the gift or consult with the CCO to determine appropriate action under the circumstances, which can include donating such gift to charity.

*Business entertainment from all other non-broker-dealer vendors*. In addition to the receipt of gifts, attendance at dinners, cocktail parties, golf outings, sporting events, theater and other similar events or performances also may create or appear to create a conflict of interest between the Firm and its Clients. Attendance at such events where the person offered the invitation and the person extending the invitation are both in attendance and discuss business benefitting a Client (e.g., the purpose of the outing is relationship building or is otherwise business-related) is considered "business entertainment."

● No Employee shall seek or accept any business entertainment from any person or entity that does business with the Firm or a Client or that is seeking to do business with the Firm or a Client other than usual and customary business entertainment that is not excessive in value.

● If an Employee is unsure as to whether something might be considered excessive in value, he or she must check with the CCO or another member of the Firm's Legal and Compliance Department prior to accepting the usual and customary business entertainment.

*Reporting*. Employees are required to promptly report all gifts and business entertainment to the CCO no later than thirty days after the calendar quarter during which the business entertainment took place. Such reporting should be made through ComplianceAlpha. The CCO shall report any exceptions to the gifts and business entertainment policy to the Ethics Committee for appropriate action consistent with enforcement of the Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. <u>CONFLICTS OF INTEREST</u> 

The Adviser, as a fiduciary, has an affirmative duty of care, loyalty, honesty and good faith to act in the best interests of its Clients. This duty includes fully disclosing all material facts concerning any conflicts that arise with respect to any Client. If any Access Person is aware of a personal interest that is, or might be, in conflict with the interest of a Client, that Access Person should disclose the situation or transaction and the nature of the conflict to the CCO for appropriate consideration by the Ethics Committee. The Ethics Committee may consult with counsel with respect to any appropriate action that should be taken. Employees should refer to the Adviser's Conflicts of Interest Policy.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. <u>SERVICE AS A DIRECTOR</u> 

Employees are prohibited from serving on the boards of directors of unaffiliated for-profit or not-for-profit corporations, business trusts or similar business entities, whether or not their securities are publicly traded, absent prior written approval by the Ethics Committee, based upon a determination that the board service would not be inconsistent with the interests of the Firm and its Clients. Copies of all written approvals obtained under this paragraph must be provided to and maintained by the CCO.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. <u>MATERIAL NON-PUBLIC INFORMATION</u> 

Securities laws and regulations prohibit the misuse of material non-public information when trading or recommending securities.

Material non-public information obtained by any Access Person from any source must be kept strictly confidential. All material non-public information should be kept secure, and access to files and computer files containing such information should be restricted. Access Persons shall not act upon or disclose material non-public information except as may be necessary for legitimate business purposes on behalf of a Client or the Firm as appropriate. Questions and requests for assistance regarding material non-public information should be promptly directed to the CCO.

Material non-public information may include, but is not limited to, knowledge of pending orders or research recommendations, corporate finance activity, mergers or acquisitions, and other material non-public information that could reasonably be expected to affect the price of a security.

Client account information and Fund shareholder account information are also confidential and must not be discussed with any individual whose responsibilities do not require knowledge of such information.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. <u>RESTRICTIONS ON PERSONAL SECURITY TRANSACTIONS</u> 

No Access Person shall knowingly take unlawful advantage of his or her position with the Firm or with its Clients, for Personal Benefit, or take action inconsistent with such Access Person's obligations to the Firm, or any Client. All personal securities transactions must be consistent with this Code and must be conducted in a manner designed to avoid any actual or potential conflict of interest or any abuse of any Access Person's position of trust and responsibility. Any transaction effected with the purpose of profiting as a result of one or more transactions effected or anticipated for a Client ("scalping" or "frontrunning") is prohibited.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>All Employees</u>:

Employees are prohibited in transacting in Covered Securities absent an exception. Employees are not required to close out existing individual equity securities positions held at the commencement of their employment. However, any Employee wishing to sell a Covered Security, other than Permitted Investments, owned prior to employment must first request and receive preclearance through the ComplianceAlpha system. Transactions receiving approval must be executed the same day preclearance is granted. No Employee shall sell a Covered Security within seven calendar days before or after a Client trade in that Covered Security. The fifteen day blackout restriction shall not apply to the following unless the Ethics Committee determines that the conduct is inconsistent with the Code or the Federal Securities Laws.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1. "Permitted Investments" Transactions may be effected in U.S. Government and government agency securities, municipal bonds, foreign currency, index, commodity and currency based futures contracts, bankers' acceptances, bank certificates of deposit, commercial paper, high quality short-term debt instruments including repurchase agreements and shares of U.S. registered open-end investment companies, closed-end funds, non-single stock ETFs, ETNs and ETCs, all digital assets (cryptocurrency and cryptoassets).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. "Investment Companies" Transactions may be effected in U.S. registered closed-end investment companies and foreign registered open-end and closed-end investment companies.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. "Managed Accounts" Transactions may be effected in a Managed Account as long as the account is managed on a discretionary basis and/or that you (or, if applicable, your spouse or domestic partner) do not exercise investment discretion or otherwise have direct or indirect influence or control over investment decisions. Managed Accounts must receive pre-approval from and be reported to the Legal and Compliance Department along with written confirmation from the manager, investment adviser or trustee managing the account, who may not be affiliated with the Firm or the Fund, that it is managed on a discretionary basis.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)  **<u>Limited Offerings and Initial Public Offerings</u>:** No Employee shall
directly or indirectly acquire a Beneficial Interest in Limited Offering securities or securities in an Initial Public Offering without
the prior consent of the Ethics Committee. Consideration will be given to whether the opportunity should be reserved for a Client. The
Ethics Committee will review these proposed investments on a case-by-case basis except for those circumstances in which advance general
approval may be appropriate because it is clear that conflicts are very unlikely to arise due to the nature of the opportunity for investing
in the Initial Public Offering or Limited Offering.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)  **<u>Related Instruments</u>:** When anything in this section 9 prohibits the
purchase or sale of a security, it also prohibits the purchase or sale of any related securities, such as puts, calls, other options or
rights in such securities and securities-based futures contracts and any securities convertible into or exchangeable for such security.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)  **<u>Spousal and Domestic Partner Accounts</u>:** An Employee's spouse or domestic partner is
 not prohibited from buying or selling Covered Securities for his or her own account. However,
 the Employee may **not** participate in the investment decisions of his/her spouse or
 domestic partner, either directly or indirectly.  **<u>The Employee's spouse or domestic partner must provide the Adviser with trade confirmations and quarterly account statements</u>.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)  **<u>Disinterested Trustees and Advisory Board Members</u>:** No Disinterested Trustee or
 Advisory Board Member of a Fund shall purchase or sell, directly or indirectly, any Covered Security
in which he or she has, or by reason of such transaction acquires, any direct or indirect beneficial ownership or interest when the Disinterested
Trustee or Advisory Board Member knows that securities of the same class are being purchased or sold or are being considered for purchase
or sale by the Fund, until such time as the Fund's transactions have been completed or consideration of such transaction is abandoned.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)  **<u>Sanction Guidelines</u>:** Unless an exception exists, if an Access Person
trades in violation of this section 9, the Ethics Committee will determine the appropriate sanction consistent with the Sanction Guidelines
of the Code, which may include disgorgement of profits to a charity selected by the Ethics Committee. A copy of the Sanction Guidelines
will be provided to the Fund's Board of Trustees annually.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10. <u>PRECLEARANCE AND REPORTING PROCEDURES</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Preclearance Requirement. All Employees must receive prior approval for all purchases
and sales of shares of Driehaus Mutual Funds and Sub-Advised Funds, initial purchases of all Limited Offerings other than Firm-affiliated
limited partnerships, and the sale of all Covered Securities held prior to employment with the Firm that are not Permitted Investments.
All preclearance approvals shall be valid for the same day preclearance is granted.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)  **<u>Reports - All Access Persons</u>:** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) <u>Brokerage confirmations and statements</u>: Each Access Person must provide
to the Firm's CCO identifying information for  **<u>all securities or commodities brokerage accounts in which that Access Person has a Beneficial Interest (including Spousal and Domestic Partner accounts) including in any Managed Accounts. This includes accounts that hold shares of the Fund or a Sub-Advised Fund, other than holding of such funds in the Driehaus 401(k) and Profit Sharing Plan.</u>** Before opening any brokerage account, including a Managed Account, each Access Person shall enter the account information into the ComplianceAlpha
system or otherwise provide the information required to the CCO of the Firm. The CCO will arrange to receive trade confirmations and monthly/quarterly
account statements from the Access Person's broker-dealer, bank and/or financial institution directly through ComplianceAlpha. If
a direct feed is not available in ComplianceAlpha, Access Persons are required to upload paper statements into the ComplianceAlpha system.

To the extent that a security transaction in which an Access Person has any Beneficial Interest or ownership is not reported on brokerage confirmations and statements either in hard copy or through ComplianceAlpha such transaction must be reported to the Firm's CCO as part of the quarterly transactions report set forth in section 10(b)(2).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) <u>Initial and Annual Holdings Reports and Quarterly Transactions Reports</u>:
Each Access Person must provide a holdings report for Covered Securities and shares of the Fund and Sub-Advised Funds within 10 days after
becoming an Access Person (an "Initial Holdings Report") and annually thereafter (an "Annual Holdings Report").
The Annual Holdings Report must be current within 45 days of the date of the report, and should be made through ComplianceAlpha. Any supplemental
supporting documentation should be submitted to the CCO in hard copy, if necessary. This requirement includes Spousal and Domestic Partner
Accounts, Managed Accounts and any account in which an Access Person has a Beneficial Interest, other than the Driehaus 401(k) and Profit
Sharing Plan.

Each Access Person must also provide a quarterly transaction report within 30 days after the close of a quarter for each transaction during the quarter in a Covered Security and shares of the Fund and Sub-Advised Funds other than transactions in the Driehaus 401(k) and Profit Sharing Plan, in which the Access Person had any Beneficial Interest, including Spousal and Domestic Partner Accounts and Managed Accounts, and provide information for any account established by the Access Person, Spouse or Domestic Partner during the quarter that holds Covered Securities or shares of the Fund or Sub-Advised Funds other than accounts established in the Driehaus 401(k) and Profit Sharing Plan. The quarterly transaction reports and new account disclosure should be made through ComplianceAlpha. Any supplemental supporting documentation should be submitted to the CCO in hard copy, if necessary.

Each report must state the title, number of shares and principal amount of each Covered Security in which the Access Person had any Beneficial Interest, the broker/dealer, bank and/or financial institution maintaining the account for the Access Person in which any securities were held for the benefit of the Access Person, and the date that the report is submitted by the Access Person. In addition, the quarterly transaction report must state the date of the transaction, the interest rate and maturity date of the Covered Security (if applicable), the nature of the transaction (i.e., purchase, sale or other), the purchase or sale price, and the date the account was established if established in the current reporting quarter.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Exceptions to Reporting</u>:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) Access Persons need not file a quarterly transaction report if the information
would duplicate information that the CCO received in a broker's confirmation or account statement or that is contained in the records
of the Firm, including within ComplianceAlpha.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) An Access Person need not make a quarterly transaction report hereunder with respect
to transactions effected pursuant to an Automatic Investment Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) Access Persons are not required to provide initial or annual holdings reports,
or quarterly brokerage confirmations and statements on digital assets (cryptocurrency and cryptoassets).

Access Persons are not required to provide initial or annual holdings reports or quarterly confirmations and statements for the Driehaus Companies 401(k) and Profit Sharing Plan, or for Driehaus Mutual Funds held directly at Northern Trust, the Fund's Transfer Agent.

Disinterested Trustee or Advisory Board Member who would be required to make a report referenced in Section 10(b) solely by virtue of being a Trustee or Advisory Board Member is not required to make a report unless Section 10(d)(1) applies.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) An Access Person who is not an Employee of the Firm may provide required reports
to the CCO in hard copy in lieu of using ComplianceAlpha.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>Reports - Disinterested Trustees and Advisory Board Members</u>:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) A Disinterested Trustee or Advisory Board Member must provide a quarterly report
to the Ethics Committee of any purchase or sale of any Covered Security in which such person has, or by virtue of such transaction acquires,
any Beneficial Interest if at the time of the transaction the Disinterested Trustee or Advisory Board Member knew, or in the ordinary
course of fulfilling his or her official duties as a Trustee or Advisory Board Member of a Fund should have known that, on the date of
the transaction or within 15 days before or after the transaction, purchase or sale of that class of security was made or considered for
the Fund. The form of the report must conform to the provisions of subsection (b)(2) above.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) This subsection (d) shall not apply to non-volitional purchases and sales, such
as dividend reinvestment programs or "calls" or redemptions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) <u>Review of Reports</u>:

The CCO of the Firm or a designee of the CCO will review reports submitted by Access Persons, except no person shall be permitted to review his or her own reports. Any report required to be filed shall not be construed as an admission by the person making such report that he/she has any direct or indirect Beneficial Interest in the security to which the report relates.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11. <u>ETHICS COMMITTEE</u> 

The Ethics Committee will take whatever action it deems necessary and appropriate, consistent with its Sanction Guidelines, with respect to any Access Person of the Firm or the Fund other than as noted below who violates any provision of this Code, and will inform the Fund's Board of Trustees as to the nature of such violation and the action taken by the Committee. However, any information received by the Ethics Committee relating to questionable practices or transactions by a Disinterested Trustee or an Advisory Board Member of a Fund shall immediately be forwarded to the Audit Committee of the Fund for that committee's consideration and such action as it, in its sole judgment, shall deem warranted.

At least once a year, each Fund, the Adviser must provide a written report prepared by the Ethics Committee to the Fund's Board of Trustees that describes any issues arising under the Code or procedures since the last report to the Board of Trustees, including, but not limited to, information about material violations of the Code or procedures and sanctions imposed in response to the material violations. The report will also certify to the Board of Trustees that each Fund and the Firm each have adopted procedures reasonably necessary to prevent Access Persons from violating the Code. The Report should also address any significant conflicts of interest that arose involving the Fund and Firm's personal investment policies, even if the conflicts have not resulted in a violation of the Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12. <u>WAIVERS</u> 

The Ethics Committee may, in its discretion, waive compliance with any provision of the Code after considering whether the waiver (i) is necessary or appropriate to alleviate undue hardship, or in view of unforeseen circumstances, (ii) will not be inconsistent with the purposes and policies of the Code; (iii) will not adversely affect the interests of any Client or the interests of the Firm and/or (iv) will not result in a transaction or conduct that would violate provisions of applicable laws or rules. Normally, all waiver applications must be made in advance and in writing. A written record shall be kept of all waivers granted by the Ethics Committee, including a brief summary of the reasons for the waiver.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13. <u>CODE REVISIONS</u> 

Any material changes to this Code will be approved by the Fund's Board of Trustees prior to the effective date of such changes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14. <u>RECORD KEEPING REQUIREMENTS</u> 

The Firm shall maintain records, at its principal place of business, of the following: a copy of each Code in effect during the past five years; a record of any violation of the Code and any action taken as a result of the violation for at least five years after the end of the fiscal year in which the violation occurs; a copy of each report made by Access Persons as required in this Code, including any information provided in place of the reports during the past five years after the end of the fiscal year in which the report is made or the information is provided; a copy of each Fund trustee report made during the past five years; a copy of each Acknowledgment of the Code made by Access Persons during the past five years; a record of all Access Persons required to make reports currently and during the past five years; a record of all who are or were responsible for reviewing these reports during the past five years; and, for at least five years after approval, a record of any decision and the reasons supporting that decision, to approve an Access Person's purchase of a New Issue or a Limited Offering.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15. <u>CONDITION OF EMPLOYMENT OR SERVICE</u> 

All Access Persons shall conduct themselves at all times in the best interests of Clients. Compliance with the Code is a condition of employment or continued affiliation with a Fund or the Firm. Conduct not in accordance with the Code is grounds for sanctions which may include, but are not limited to, a reprimand, a restriction on activities, disgorgement, termination of employment or removal from office. All Access Persons shall certify initially upon employment and annually thereafter to the Ethics Committee that they have read and agree to comply in all respects with this Code and that they have disclosed or reported all personal securities transactions, holdings and accounts required to be disclosed or reported by this Code.

Effective: September 10, 2025

## Ex-99.P

Ex. 99.28(p)(17)

**FIRST PACIFIC ADVISORS, LP**

**CODE OF ETHICS**

**January 2025**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**A.** **Background** 

First Pacific Advisors, LP ("FPA" or the "Company") serves as the investment adviser to certain series of the Investment Managers Series Trust III (the "Trust"), and Source Capital (collectively, the "FPA Funds"). In addition, FPA serves as the investment adviser to certain separately managed accounts, sub-advised mutual funds, and FPA Private Funds (together with the FPA Funds, the "Clients"). This Code of Ethics ("CODE") is being adopted by FPA in compliance with the requirements of Rule 17j-1 under the Investment Company Act of 1940, as amended (the "IC Act"), and Sections 204A and 206 of the Investment Advisers Act of 1940, as amended (the "Advisers Act"), and Rule 204A-1 thereunder, to effectuate the purposes and objectives of those provisions. These provisions make it unlawful for any Employee (as defined below), officer or director of FPA, in connection with the purchase or sale by such person of a security held or to be acquired by a Client:<sup>1</sup>

● To employ a device, scheme or artifice to defraud the Client;

● To make to the Client any untrue statement of a material fact or omit to state to the Client a material fact necessary in order to make the statements made, in light of the circumstances in which they are made, not misleading;

● To engage in any act, practice or course of business which operates or would operate as a fraud or deceit upon the Client; or

● To engage in a manipulative practice with respect to the Client.

Each reference herein to "Employee" means:

● all FPA personnel;

● certain consultants employed by FPA from time to time, as determined by FPA's Chief Compliance Officer (the "CCO"); and

● certain of FPA's temporary workers, as determined from time to time by the CCO, who are hired on a temporary basis, including those employed by a third party, and interns.

<sup>1</sup> A security is deemed to be "held or to be acquired" if within the most recent fifteen (15) calendar days it (i) is or has been held by a Client, or (ii) is being or has been considered by FPA for purchase by the Client.

This CODE is predicated on the principle that FPA owes a fiduciary duty to its Clients. As a fiduciary, FPA at all times must serve in its Clients' best interests and comply with all applicable provisions of the Federal Securities Laws (as defined below). FPA's Employees must avoid activities, interests, and relationships that run contrary to the best interests of Clients, whether as a result of a possible conflict of interest, the improper use of confidential information, diversion of an investment opportunity, or other impropriety with respect to dealing with or acting on behalf of a Client. FPA has implemented separate policies and procedures that seek to address the aforementioned potential conflicts, including, but not limited to:

● Insider trading

● Trade Aggregation and Allocation, Best Execution, and Soft Dollars

● Business Gifts and Entertainment

● Outside Business Activities

● Political Contributions

This CODE does not attempt to identify all possible conflicts of interest, and literal compliance with each specific provision will not act as a shield from liability for personal trading or other conduct that violates a fiduciary duty to Clients. Although no written code can take the place of personal integrity, the following, in addition to common sense and sound judgment, should serve as a guide to the minimum standards of proper conduct.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**B.** **Reporting Violations** 

Improper actions by FPA or its Employees could have severe negative consequences for FPA, its Clients, including investors in its pooled investment vehicles ("Investors"), and its Employees. Impropriety, or even the appearance of impropriety, could negatively impact all Employees, including people who had no involvement in the problematic activities.

Employees must promptly report any improper or suspicious activities, including any suspected violations of the CODE*,* to the CCO. Issues can be reported in person, or by telephone, email, or written letter. Reports of potential issues may be made anonymously. Any reports of potential problems will be thoroughly investigated by the CCO, who will report directly to the Directors of the General Partner on the matter. Any problems identified during the review will be addressed in ways that reflect FPA's fiduciary duty to its Clients.

An Employee's identification of a material compliance issue will be viewed favorably by FPA's senior executives. Retaliation against any Employee who reports a violation of the CODE in good faith is strictly prohibited and will be cause for corrective action, up to and including dismissal. If an Employee believes that he or she has been retaliated against, he or she should notify a Director of the General Partner and/or the CCO.

If the CCO determines that a material violation of this CODE has occurred, he/she will promptly report the violation, and any associated action(s), to the Directors of the General Partner. If the Directors of the General Partner determine that the material violation may involve a fraudulent, deceptive or manipulative act, FPA will report its findings to the Board (as defined below) pursuant to Rule 17j-1.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**C.** **Definitions** 

*"Access Person"* means any director, officer, or employee of: (i) FPA, including their spouses/partners or their Immediate Families (as defined below); or (ii) any company in a control relationship to FPA.<sup>2</sup> In addition, "Access Person" means any natural person in a control relationship to FPA who obtains information concerning recommendations made to a Client with regard to the purchase or sale of Covered Securities.

*"Automatic Investment Plan"* means a program in which regular periodic purchases (or withdrawals) are made automatically in (or from) investment accounts in accordance with a predetermined schedule and allocation. An Automatic Investment Plan includes a dividend reinvestment plan.

A security is *"being considered for purchase or sale"* or is *"being purchased or sold"* when a recommendation to purchase or sell the security has been made and communicated, which includes when a Client has a pending "buy" or "sell" order with respect to a security, and, with respect to the person making the recommendation, when such person seriously considers making such a recommendation. "Purchase or sale of a security" includes the writing, purchasing or selling of an option to purchase or sell a security.

*"Beneficial Interest"* means the opportunity, directly or indirectly, through any contract, arrangement, understanding, relationship, or otherwise, to profit, or share in any profit derived from, a transaction in the subject securities. An Access Person is deemed to have a Beneficial Interest in securities owned by members of his or her Immediate Family. Common examples of Beneficial Interest include joint accounts, spousal accounts, Uniform Transfers to Minors Act accounts, partnerships, trusts, and controlling interests in corporations. **Uncertainty as to whether an Access Person has a Beneficial Interest in a security should be brought to FPA's Compliance Department ("Compliance").** Such questions will be resolved in accordance with, and this definition shall be subject to, the definition of "beneficial owner" found in Rules 16a- 1(a)(2) and (5) promulgated under the Securities Exchange Act of 1940, as amended.

*"Board"* refers to the Board of Trustees of Source Capital and the Board of Trustees of the Investment Managers Series Trust III.

<sup>2</sup> For purposes of this Code, "control" has the same meaning as it does under Section 2(a)(9) of the IC Act.

<sup>3</sup> A *Security* means any note, stock, treasury stock, security future, bond, debenture, evidence of indebtedness, certificate of interest or participation in any profit-sharing agreement, collateral-trust certificate, preorganization certificate or subscription, transferable share, investment contract, voting- trust certificate, certificate of deposit for a security, fractional undivided interest in oil, gas, or other mineral rights, any put, call, straddle, option, or privilege on any security (including a certificate of deposit) or on any group or index of securities (including any interest therein or based on the value thereof), or any put, call, straddle, option, or privilege entered into on a national securities exchange relating to foreign currency, or, in general, any interest or instrument commonly known as a ''security'', or any certificate of interest or participation in, temporary or interim certificate for, receipt for, guarantee of, or warrant or right to subscribe to or purchase, any of the foregoing.

*"Covered Security"* means a security as defined in Section 202(a)(18) of the Advisers Act and Section 2(a)(36) of the IC Act.<sup>3</sup> For the avoidance of doubt, exchange-traded funds ("ETFs"), closed-end funds (such as Source Capital), Private Placements, and limited offerings are also considered Covered Securities. Also included in the category of investments that are considered Covered Securities are exchange-traded crypto-currency related securities and businesses (e.g., Coinbase (NASDAQ: COIN)), crypto "futures" (e.g., instruments traded on the CME or any other authorized exchange), governance tokens or other crypto-related instruments that provide its holders with governance/voting power, crypto currency with a *profits interest* contingent on the management efforts of others,<sup>4</sup> private crypto funds, Initial Coin Offerings ("ICOs"), Security Token Offerings ("STOs"), security tokens, and non-fungible tokens ("NFTs") that are marketed to provide an expectation of profit to the buyer based on the efforts of others (e.g., the issuer or promoter).<sup>5</sup> **All Covered Securities are subject to pre-clearance and reporting requirements outlined below.**

A *Covered Security* **does not** include: (i) direct obligations of the Government of the United States;

(ii) bankers' acceptances, bank certificates of deposit, commercial paper, high quality short-term debt instruments (maturity of less than 366 days at issuance and rated in one of the two highest rating categories by a nationally recognized statistical rating organization), and repurchase agreements; (iii) shares issued by money market funds; (iv) shares issued by open-end funds (other than Reportable Funds, as defined below); (v) interests in 529 college savings plans; (vi) shares issued by unit investment trusts that are invested exclusively in one or more open-end registered investment companies; (vii) physical commodities, (e.g., gold coins), including foreign currencies; (ix) currency (FX) forwards and currency (FX) futures; (x) non-exchange traded crypto-currency that act more like currencies (i.e., Bitcoin, Ethereum, Dogecoin, Litecoin, Ripple, etc.), and are not listed above under Covered Securities; and (xi) Contracts for Difference ("CFDs"), however CFDs are subject to the reporting requirements outlined in **Section G** below. **Any question as to whether a particular investment constitutes a "security" or a 'Covered Security' should be referred to Compliance.**

*"Employee-Related Account"* means an account for any of the following persons: (i) the Employee, (ii) the Employee's Immediate Family (as defined); and (iii) an entity or individual for whom/which the Employee acts as general partner / managing member, trustee, executor, or agent.<sup>6</sup>

*"Equivalent Security"* means any security issued by the same entity as the issuer of a Covered Security, including options, rights, stock appreciation rights, warrants, preferred stock, restricted stock, phantom stock, futures on single securities, bonds, and other obligations of that company or security otherwise convertible into that security. Options on securities and futures on single securities are included even if, technically, they are issued by the Options Clearing Corporation, a futures clearing corporation, or a similar entity.

<sup>4</sup> *Profits Interest* refers to a right to receive a percentage of the profits without having to contribute capital.

<sup>5</sup> One example of this is a fractional NFT, where an investor shares a partial interest in an NFT with others.

<sup>6</sup> FPA Private Funds for which an Employee or group of Employees hold a greater than 25% Beneficial Interest are exempt from the following provisions: Sections D.2 and G.; *provided however*, such funds shall be subject to FPA's Trade Aggregation and Allocation, Best Execution, and Soft Dollars policies and procedures.

"*Federal Securities Laws*" means the Securities Act of 1933, the Securities Exchange Act of 1934, the Sarbanes-Oxley Act of 2002, the IC Act, the Advisers Act, Title V of the Gramm-Leach-Bliley Act (governing disclosure of nonpublic personal information), and any rules adopted by the U.S. Securities and Exchange Commission (the "Commission") under any of these statutes, the Bank Secrecy Act (imposing restrictions designed to prevent financial intermediaries from being used in money laundering activities) as it applies to mutual funds and investment advisers, and any rules adopted thereunder by the Commission or the Department of the Treasury.

*"Immediate Family"* includes your spouse/domestic partner, minor children and/or stepchildren, and other Relatives who live with you (including adult children and/or stepchildren) if you contribute to their financial support. The definition also includes adoptive relationships. "Relative" means relative by blood, marriage, or adoption and not more remote than a first cousin.

"*Initial Public Offering*" means an offering of securities registered under the Securities Act of 1933, the issuer of which, immediately before the registration, was not subject to the reporting requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934.

*"Private Placement"* means an offering that is exempt from registration under the Securities Act of 1933 pursuant to Section 4(2) or Section 4(5) or pursuant to Rule 504, Rule 505, or Rule 506 under the Securities Act of 1933.

*"Reportable Fund"* means any open-end fund for which FPA serves as an investment adviser or sub-adviser as defined in Section 2(a)(20) of the IC Act or any open-end fund whose investment adviser or principal underwriter controls FPA, is controlled by FPA, or is under common control with FPA. Reportable Funds are considered Covered Securities, but do not require pre-clearance and are not subject to the 60-day hold requirement, but they are subject to the reporting requirements described in **Section G** below.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**D.** **Prohibited Transactions** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. No Access Person shall:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Engage in any act, practice or course of conduct, which would violate the provisions of Rules 17j-1
and 204A-1 set forth above.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Transact in any Covered or Equivalent Security if the Access Person knows that, at the time of such
personal transaction, the Covered or Equivalent Security:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) is being considered for purchase or sale for Clients, or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) is being purchased or sold for Clients.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Disclose to other persons the portfolio holdings of Clients, except as expressly
permitted by FPA.<sup>7</sup> In addition, except as required to effectuate securities transactions on behalf
of a Client or for other legitimate business purposes, Access Persons must keep non-public information about Clients (including former
Clients) in strict confidence, including the Client's identity (unless the Client consents), the Client's financial circumstances,
and advice furnished to the Client by FPA. Compliance procedures regarding the use and treatment of confidential information are set forth
in FPA's PRIVACY POLICY and FPA'S INFORMATION SECURITY POLICY.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) "Front-run" any Client transaction, which is a practice generally understood to be

knowingly personally trading ahead of or in anticipation of client orders.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Acquire personally or beneficially any securities in an Initial Public Offering
(IPO), in order to preclude any possibility of such person profiting from his or her position with FPA. Fixed income IPOs are excluded
from this prohibition. Access Persons must pre- clear any such purchases with Compliance, as described below.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) Purchase personally or beneficially any securities in a Private Placement,<sup>8</sup>
without prior approval of Compliance, as described below. Any person authorized to purchase securities in a Private Placement shall disclose
that investment when such person plays a part in any subsequent consideration of an investment on behalf of a Client in the issuer. In
such circumstances, FPA's decision to purchase securities of the issuer shall be subject to independent review by investment personnel
with no personal interest in the issuer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. No Access Person shall, personally or beneficially:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Transact in Covered or Equivalent Securities that are held in any Client account.<sup>9</sup>

Existing positions held by Client accounts that also are held by Access Persons in any account in which the Access Person has a Beneficial Interest, control, or trading authority may not be sold/covered without the approval of Compliance, as described below. Such approval shall not be granted if the amount of the transaction is above a deminimus dollar amount (i.e., $10,000 per day per security) and there is an open block trade in such security.

<sup>7</sup> This prohibition is rooted in the fiduciary principle that information concerning the identity of security holdings and financial circumstances of its Clients is confidential.

<sup>8</sup> FPA Private Funds are exempt from the requirements set forth in Section D.1.(f).

<sup>9</sup> ETFs that are based on a broad-based index are exempt from this restriction. However, they are still subject to the other prohibitions described in Section D, as well as to the pre-clearance and reporting requirements described herein. FPA Private Funds are exempt from this restriction, as well as the seven (7) calendar day restriction set forth in Section D.2.(b).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Transact in Covered Securities within the seven (7) calendar day period prior to
transaction(s) for a Client in the same or an Equivalent Security if Compliance determines that the Access Person had knowledge that such
security was under consideration for purchase or sale. Access Persons who transact in a Covered Security within such period may be required
to unwind the transaction at their own cost if Compliance determines that the Access Person had or is deemed to have had knowledge of
the Client transaction at the time of their personal or beneficial investment.

Access Persons should be aware that if they sell short a Covered Security and a Client account transacts in the same or an Equivalent Security within seven (7) calendar days, they may be prevented from covering their short transaction with a subsequent purchase.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Purchase and sell, or sell and purchase, the same (or Equivalent) Covered Securities
within sixty (60) calendar days. This prohibition applies to short sales and option transactions. Options transactions require the expiration
date to be at a minimum sixty (60) days from trade date. This
prohibition applies without regard to tax lot considerations and without regard to profitability. Any exceptions to this policy (e.g.,
if a security is experiencing unprecedented losses) require advance written approval from the CCO or designee.

Trades made in violation of this prohibition may be required to be unwound, if possible. Otherwise, any profits realized on such short-term trades shall be subject to disgorgement to a qualified charity, with the exception of trades in shares of an FPA Fund, in which case any profits realized shall be subject to disgorgement to such FPA Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**E.** **Restricted List** 

Compliance maintains a "Restricted List" of companies about which a determination has been made by the Legal Department ("Legal") and/or the CCO that it is prudent to restrict trading activity. This might include, for example, a company about which investment personnel may have acquired material, nonpublic information. Legal generally only communicates the Restricted List to Employees who need to know as part of their job function. Employees are not permitted to: (i) disclose the name of any company on the Restricted List to anyone outside the firm; or (ii) discuss any company on the Restricted List with anyone outside the firm.

As a general rule, trading is restricted for companies appearing on FPA's Restricted List, both for Client and Employee accounts. Similarly, any determination to remove a company from the Restricted List must be approved by Legal. Restrictions with regard to securities on the Restricted List extend to Equivalent Securities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**F.** **Exempted Transactions** 

The prohibitions of Subparagraphs D.1.(b), D.2.(a), D.2.(b), and D.2.(c) **<u>shall not</u>** apply to:

1. Purchases or sales effected in any account over which the Access Person has no
direct or indirect influence or control, and Compliance has exempted such account from personal securities transaction reporting;

2. Purchases or sales that are non-volitional on the part of the Access Person or
Client, as applicable;

&nbsp;&nbsp;&nbsp;&nbsp;3. Transactions which are part of an Automatic Investment Plan;

4. Purchases effected upon the exercise of rights issued by an issuer pro rata to
all holders of a class of its securities, to the extent such rights were acquired from such issuer, and sales of such rights so acquired;
and

5. Acquisitions through stock dividends, dividend reinvestments, stock splits, reverse
stock splits, mergers, consolidations, spin-offs, or other similar corporate reorganizations or distributions generally applicable to
all holders of the same class of securities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**G.** **Compliance Procedures** 

FPA utilizes a web-based compliance reporting platform ("Personal Trading Control Center" or "PTCC") to facilitate Access Persons' completion of compliance obligations, and certain forms and disclosures required by this CODE. Employee Related Accounts and holdings reports (as set forth below), must be reported through PTCC, unless Compliance permits acceptance of such reports in another form. PTCC is available at <u>https://aca.complysci.com/default.aspx</u>. To the extent that all required information is included in the broker feeds linked to Employee Related Accounts in PTCC, the reports set forth in the Reporting Requirements section below will be deemed complete. Access Persons should note, however, if Covered Securities are held directly, as is the case of Private Placements, they must manually enter the information such that it is included in applicable reports.

Access Persons are encouraged to establish new Employee Related Accounts at PTCC- eligible brokers. With respect to non-PTCC eligible accounts, Access Persons are required to ensure that Compliance receives duplicate account statements within the time periods required by the CODE.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. <u>Pre-clearance</u>. All Access Persons shall receive prior written approval
from Compliance<sup>10</sup> before purchasing, selling, or gifting<sup>11</sup>
Covered or Equivalent Securities, including investments in Private Placements, closed-end funds, ETFs, and certain crypto-currency related
investments. Transactions in open-end mutual funds, including Reportable Funds, are not subject to the pre-clearance requirement. Prior
to approval of a transaction, Compliance will consider, among other things, the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) If the security requested for pre-clearance is a sale transaction (or a buy-to-cover
of an existing short position) of a Covered or Equivalent security that is currently held by any Client account, and is above the deminimus
amount (i.e., $10,000/day per security), Compliance will confirm whether an open order in the same security or a related security is currently
on the trade blotter. Compliance will also seek to confirm with the portfolio manager(s) if they have an expectation (to the best of their
knowledge) of transacting in the security within the next seven (7) days. If the amount of the sales transaction (or a buy-to-cover of
an existing short position) is at or <u>below</u> the deminimus amount, the transaction will typically be allowed (unless another restriction
applies).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) If the security requested for pre-clearance is a buy (or sell short) transaction
in an ETF that is currently held by any Client account, Compliance will confirm whether: (i) the ETF is based on a broad-based index;
and (ii) an open order in the same ETF is currently on the trade blotter.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) If the security requested for pre-clearance is on FPA's Restricted List,
Compliance will review the facts and circumstances surrounding both the pre-clearance request and the reason for the inclusion of the
security on the Restricted List.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) If the security requested for pre-clearance is a Private Placement not advised
or sub- advised by FPA, review and approval from a Managing Partner and/or Legal is also required.

**In all cases, pre-clearance approval is only effective on the day the approval is granted.<sup>12</sup>**

<sup>10</sup> In the event that the Access Person requesting pre-clearance is unable to submit a written request for pre-clearance, Compliance may grant telephonic approval and will document such approval in writing. Pre-clearance requests made by members of the Compliance team, including the CCO, will be reviewed and approved by another member of the Compliance team.

<sup>11</sup> The pre-clearance requirements also apply if an Employee gifts a Covered or Equivalent Security held to another individual, entity or as a charitable donation.

<sup>12</sup> Compliance recognizes that there may be a timing issue for foreign transactions, whereby a pre-approval may be granted on a certain day, but when the transaction is executed, it may already be the next day in the country of origin. This is acceptable as long as the Employee executes the transaction on the date of pre-approval. Similarly, there may be a timing issue for private placements, whereby a pre-approval is granted, but the actual subscription date is later in the month. This is acceptable given the time it takes to complete and submit subscription documentation. If any conflicts arise that the employee or others at the firm become aware of after the pre-approval date but prior to the subscription date, they should promptly disclose that to the CCO so a determination can be made if the investment can still be made.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. <u>Reporting Requirements</u>. In order to provide FPA with information to enable
it to determine with reasonable assurance whether there are any indications of scalping,<sup>13</sup> front-
running, other abusive trading, or the appearance of a conflict of interest with the trading on behalf of Clients, all Access Persons
shall submit the following reports to Compliance showing all holdings and transactions in Covered or Equivalent Securities and securities
accounts in which the person has, or by reason of such transaction acquires, any direct or indirect Beneficial Interest. For the avoidance
of doubt, Reportable Funds are Covered Securities and therefore subject to the Reporting Requirements set forth below.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Disclosure of Personal Holdings</u>. All Access Persons shall disclose to Compliance  **<u>all accounts</u>** that hold any securities (including any accounts that may hold "Non-Covered Securities") and  **<u>all holdings in Covered Securities</u>** within ten (10) calendar days of becoming an Access Person (which must be current as of a date
not more than forty- five (45) calendar days before the report is submitted) (the "Initial Report")<sup>14</sup>
and annually thereafter (which must be current as of a date not more than forty-five (45) calendar days before submitting the report)
(the "Annual Report"). Such reports shall include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) The title, number of shares and principal amount of each Covered Security in which
the Access Person has any direct or indirect Beneficial Interest;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) The name of any broker, dealer or bank with whom the Access Person maintains an
account in which securities are held for the direct or indirect benefit of the Access Person; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) The date that the report is submitted by the Access Person.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Quarterly Reporting Requirements</u>. Except as provided in Subparagraphs G.3.
and G.6. of this Section, Access Persons shall report transactions in any Covered or Equivalent Security in which such person has, or
by reason of such transaction acquires, any direct or indirect Beneficial Interest in the security. Reports required to be made under
this Subparagraph shall be made not later than thirty (30) calendar days after the end of the calendar quarter in which the transaction
to which the report relates was effected and shall contain the following information:<sup>15</sup>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) The date of the transaction, the title and the number of shares, and the principal
amount of each security involved;

<sup>13</sup> *Scalping* occurs when an employee purchases securities for clients for the sole purpose of increasing the value of the same securities held in such employee's personal accounts.

<sup>14</sup> Along with the Initial Report, such Access Person must complete an initial certification that they have received, read, and understood the Code and that they agree to comply with the terms thereof. Access Persons are required to complete this certification in PTCC.

<sup>15</sup> All Access Persons shall be required to submit a report for all periods, including those periods in which no securities transactions were effected (i.e., negative reporting).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) The nature of the transaction (i.e., purchase, sale or any other type of acquisition or disposition);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) The price at which the transaction was effected;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) The name of the broker, dealer or bank with or through whom the transaction was effected; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) The date that the report is submitted by the Access Person.

With respect to any account established by the Access Person in which any securities (including Non-Covered Securities) were held during the quarter for the direct or indirect benefit of the Access Person, such information shall contain:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) The name of the broker, dealer or bank with which the Access Person established the account;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) The date that the account was established; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) The date that the report is submitted by the Access Person.

Employees are reminded that they must also report transactions by members of their Immediate Family in accounts over which the Employee has a direct or indirect influence or control.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Access Persons are not required to make reports under this Section to the extent
that information in the report would duplicate information received by FPA pursuant to Rule 204-2(a)(13) of the Advisers Act and that
such information is received no later than thirty (30) days after the applicable calendar quarter end.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Except as provided in Subparagraph G.2(c) of this Section, Access Persons, with
respect to any account in which such person holds any Covered Securities for his or her direct or indirect benefit, shall direct their
broker-dealers to send to Compliance duplicate account statements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. <u>Exceptions from Reporting Requirements</u>. Access Persons need not make a
report under this Section with respect to: (i) transactions effected for, and Covered Securities held in, any account over which the person  **<u>has no direct or indirect influence or control</u>** if such account has been exempted in writing from reporting by Compliance,<sup>16</sup>
and (ii) transactions effected pursuant to an Automatic Investment Plan.

<sup>16</sup> In making this determination, Compliance may ask for supporting documentation, such as a copy of the applicable account agreement and/or a written certification from the account manager. In addition, the Access Person will be required to complete additional certifications to confirm the Access Person's lack of influence or control over the account. To the extent the Access Person is able to direct a trade in an otherwise non-discretionary account, e.g., in the case of tax-loss harvesting or an investment in a Private Placement where the Access Person must sign the offering documents, the Access Person must pre-clear such transaction through PTCC and ensure it is included in the quarterly and annual reports, as necessary.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. <u>Certification of Compliance with the CODE</u>. Every Access Person shall be
provided with a copy of the CODE and any amendments and shall certify within ten (10) calendar days of hire, annually, and upon any material
changes to the CODE that such Access Person:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) has received, read and understands the Code and recognizes that he or she is subject
thereto;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) has complied with the requirements of the CODE and will continue to do so; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) understands and agrees that they have an affirmative duty to report violations
(or suspected violations) of the Code of Ethics to the CCO (or designee) or to the Head of Legal.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**H.** **Liquidation Procedures for the FPA Funds** 

In the event that it is determined by the Board to liquidate a FPA Fund advised by FPA, including Source Capital (collectively, "FPA Funds"), Employees shall be subject to one or more of the following procedures during the liquidation period, as determined by the Managing Partners, Legal and/or the CCO:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Employees will be required to pre-clear any transactions in the FPA Fund; and/or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Employees will be restricted from trading in the FPA Fund.

Note, these restrictions would apply to transactions in an Automatic Investment Plan (e.g., 401K) or Managed account where the Employee does not have discretion.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**I.** **Implementation, Review, and Sanctions** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. <u>Implementation and Review</u>. Compliance has primary responsibility for enforcing
the CODE. Access Persons are required to promptly report any violations of the CODE to Compliance. Enforcement of the CODE includes reviewing
the transaction reports and assessing whether Access Persons followed all required internal procedures (e.g., pre - clearance). In this
connection, Compliance periodically will compare reports of personal securities transactions with completed and contemplated Client transactions
to determine whether noncompliance with the CODE or other applicable trading procedures may have occurred. Access Persons should note
that technical compliance with the CODE's procedures does not automatically insulate from scrutiny trades that show a pattern of
abuse of an Access Person's fiduciary duties to all Clients.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. <u>Sanctions</u>. If a violation of this CODE occurs or a preliminary determination
is made that a violation may have occurred, a report of the alleged violation may be made to the Directors of the General Partner and
to the Board. Sanctions for CODE violations may include any or all of the following: (a) a written censure; (b) temporary or permanent
suspension of trading for any Employee-Related Account; (c) disgorgement of profit to a qualified charity; and/or (d) any other sanction
deemed appropriate by the Directors of the General Partner.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**J.** **Reports to the Board** 

No less frequently than annually, Compliance shall furnish to the Board a written report that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Describes any issues arising under the CODE or procedures since the last report,
including, but not limited to, information about material violations of the CODE and sanctions imposed in response to material violations;
and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Certifies that FPA has adopted procedures reasonably necessary to prevent Access
Persons from violating the CODE.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**K.** **Retention of Records** 

This CODE; a list of all persons required to make reports and review reports hereunder from time to time, as shall be updated by Compliance; a copy of each report made by an Access Person hereunder; each memorandum made by Compliance hereunder and a record of any violation hereof and any action taken as a result of such violation; and all other records required under Rules 17j-1 and 204A-1 shall be maintained by FPA as required under those provisions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**L.** **Temporary Exemption From Code Application** 

Employees of FPA on approved leaves of absence (e.g., maternity leave) may not be subject to the pre-clearance and reporting provisions of the CODE, provided that they meet the following requirements:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. They do not participate in, obtain information with respect to, or make recommendations
as to, the purchase and sale of securities on behalf of any Client;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. They do not have access to information regarding the day-to-day investment activities
of FPA;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. They do not devote significant time to the activities of FPA; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Compliance approves such an exemption in writing.

**<u>REVISION HISTORY</u>**

**Adopted: May 2, 2005**

**Revised: February 13, 2015**

**Revised: May 12, 2015**

**Revised: February 8, 2016**

**Revised: May 14, 2018**

**Revised: June 5, 2018**

**Revised: October 10, 2019**

**Revised: January 24, 2020; Effective: January 7, 2020 Revised: November 1, 2020** *(Add Bragg Capital Trust)*

**Revised: February 8, 2021** *(Remove FPA Capital Fund, Inc.; Update name of FPA U.S. Value Fund, Inc.)*

**Revised: July 8, 2021; Crypto-currency related updates effective: May 21, 2021**

**Revised: July 8, 2022**

**Revised: September 29, 2023**

**Revised: January 2, 2025**

## Ex-99.P

Ex. 99.28(p)(19)

![](exp19_franklincoe001.jpg)

(This Policy serves as a code of ethics adopted pursuant to Rule 17j-1 under the

Investment Company Act of 1940 and Rule 204A-1 under the Investment Advisers Act of 1940)

**Revised July 21, 2025**

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| | | |
|:---|:---|:---|
| **SECTION 1.** | &nbsp;&nbsp;**PURPOSE OF THE POLICY** | &nbsp;&nbsp;**1** |
| 1.1 | &nbsp;&nbsp;Scope and Purpose of the Policy | &nbsp;&nbsp;2 |
| 1.2 | &nbsp;&nbsp;Statement of Principles | &nbsp;&nbsp;2 |
| 1.3 | &nbsp;&nbsp;Prohibited Activities | &nbsp;&nbsp;2 |
| 1.4 | &nbsp;&nbsp;Monitoring of the Policy and Additional Information | &nbsp;&nbsp;3 |
| **SECTION 2.** | &nbsp;&nbsp;**PERSONAL INVESTMENTS** | &nbsp;&nbsp;**3** |
| 2.1 | &nbsp;&nbsp;Statement on Covered Employee Investments | &nbsp;&nbsp;3 |
| 2.2 | &nbsp;&nbsp;Categories of Persons Subject to the Policy | &nbsp;&nbsp;3 |
| 2.3 | &nbsp;&nbsp;Accounts and Transactions Covered by the Policy | &nbsp;&nbsp;4 |
| 2.4 | &nbsp;&nbsp;Prohibited Transactions | &nbsp;&nbsp;4 |
| 2.5 | &nbsp;&nbsp;Additional Prohibitions and Requirements for Access Persons and Portfolio Persons | &nbsp;&nbsp;5 |
| 2.6 | &nbsp;&nbsp;Reporting Requirements | &nbsp;&nbsp;6 |
| 2.7 | &nbsp;&nbsp;Pre-Clearance Requirements | &nbsp;&nbsp;7 |
| 2.8 | &nbsp;&nbsp;Requirements for Independent Directors | &nbsp;&nbsp;8 |
| **SECTION 3.** | &nbsp;&nbsp;**INSIDER TRADING** | &nbsp;&nbsp;**8** |
| 3.1 | &nbsp;&nbsp;Policy on Insider Trading | &nbsp;&nbsp;8 |
| **SECTION 4.** | &nbsp;&nbsp;**RELATED POLICIES AND REQUIREMENTS** | &nbsp;&nbsp;**9** |
| 4.1 | &nbsp;&nbsp;Statement on Other Policies and Requirements | &nbsp;&nbsp;9 |
| **SECTION 5.** | &nbsp;&nbsp;**ADMINISTRATION OF THE POLICY, WAIVERS & REPORTING VIOLATIONS** | &nbsp;&nbsp;**9** |
| 5.1 | &nbsp;&nbsp;Code of Ethics Committee; Reporting to FT Fund Boards | &nbsp;&nbsp;**9** |
| 5.2 | &nbsp;&nbsp;Violations of the Policy | &nbsp;&nbsp;**9** |
| 5.3 | &nbsp;&nbsp;Waivers of the Policy | &nbsp;&nbsp;**9** |
| 5.4 | &nbsp;&nbsp;Reporting Violations | &nbsp;&nbsp;**10** |

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***This document is the proprietary product of Franklin Templeton. Any unauthorized use, reproduction or transfer of this document is strictly prohibited. Franklin Templeton© 2024. All Rights Reserved.***

 ****

**Franklin Templeton**

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| **Personal investments and insider trading policy** | July 2025 **2** |

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**SECTION 1. PURPOSE OF THE POLICY**

&nbsp;&nbsp;&nbsp;&nbsp;1.1 Scope and Purpose of the Policy

The Franklin Templeton Personal Investments and Insider Trading Policy (the "Policy") applies to the personal investment activities of all Covered Employees (as defined in section 2.2 of the Policy) of Franklin Resources, Inc. ("FRI") and all of its subsidiaries (collectively, "Franklin Templeton").

Franklin Templeton provides services to the funds that are advised or sub-advised by a Franklin Templeton investment adviser (the "FT Funds") and other client accounts ("Client Accounts"). Thus, for purposes of this Policy, "FT Fund" includes all open-end and closed-end funds within the Franklin Templeton Group of Funds, as well as any other fund that is advised or sub-advised by a Franklin Templeton investment adviser, such as the Putnam Funds.

The purpose of the Policy is to summarize the values, principles and business practices that guide Franklin Templeton's business conduct and to establish a set of principles to guide Covered Employees regarding the conduct expected of them when managing their personal investments.

&nbsp;&nbsp;&nbsp;&nbsp;1.2 Statement of Principles

All Covered Employees are required to conduct themselves in a lawful, honest and ethical manner in their business practices and to maintain an environment that fosters fairness, respect and integrity.

Franklin Templeton's policy is that the interests of the FT Funds and Client Accounts are paramount and come before the interests of any employee. Information concerning the securities, which include derivatives, such as futures, options and swaps, holdings and financial circumstances of the FT Funds and Client Accounts, as well as the identity of certain Client Accounts, is confidential and Covered Employees are required to safeguard this information.

The personal investment activities of Covered Employees must be conducted in a manner to avoid actual or potential conflicts of interest with the FT Funds and Client Accounts. In particular, to the extent that a Covered Employee learns of an investment opportunity because of his or her position with Franklin Templeton (e.g., internal or third party research, Franklin Templeton or company sponsored conferences, or communications with company officers), the Covered Employee must give preference to the FT Funds or Client Accounts.

Personal transactions in a security may not be executed, regardless of quantity, if the Covered Employee has access to information regarding, or knowledge or even a presumed knowledge of, FT Fund or Client Account activity in such security, including proposed activity and recommendations.

&nbsp;&nbsp;&nbsp;&nbsp;1.3 Prohibited Activities

Covered Employees generally are prohibited from engaging or participating in any activity that has the potential to cause harm to an FT Fund or Client Account. Examples of prohibited activities include, but are not limited to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Making investment decisions, changes in research ratings and trading decisions other than exclusively
for the benefit of, and in the best interest of, the FT Funds or Client Accounts;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Taking, delaying or omitting to take any action with respect to any research recommendation, report
or rating or any investment or trading decision for an FT Fund or Client Account in order to avoid economic injury to themselves or anyone
other than the FT Funds or Client Accounts;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Purchasing or selling a security on the basis of knowledge of a possible trade by or for an FT Fund
or Client Account with the intent of personally profiting from, or avoiding a loss with respect to, personal holdings in the same or related
securities;

**Franklin Templeton**

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| **Personal investments and insider trading policy** | July 2025 **3** |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Revealing to any other person (except in the normal course of the Covered Employee's duties on behalf of an FT Fund or Client Account) any information regarding
securities transactions by any FT Fund or Client Account or the consideration by any FT Fund or Client Account of any such securities
transactions; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Engaging in any act, practice or course of business that operates or would operate as a fraud or deceit
on an FT Fund or Client Account or engaging in any manipulative practice with respect to any FT Fund or Client Account.

&nbsp;&nbsp;&nbsp;&nbsp;1.4 Monitoring of the Policy and Additional Information

Questions regarding the Policy and related requirements should be directed to the Code of Ethics Department located in San Mateo, CA. The Code of Ethics Department can be reached by e-mail at lpreclear@franklintempleton.com. The Code of Ethics Department uses StarCompliance, https://franklintempleton.starcompliance.com/ an automated transaction pre-clearance system, to manage the oversight of personal investments. Administration of the Policy is the responsibility of the Code of Ethics Committee.

**SECTION 2. PERSONAL INVESTMENTS**

&nbsp;&nbsp;&nbsp;&nbsp;2.1 Statement on Covered Employee Investments

Franklin Templeton recognizes the importance to Covered Employees of managing their own financial resources. However, because of the potential conflicts of interest inherent in its business, Franklin Templeton has implemented this Policy with regard to personal investments of Covered Employees. This Policy is designed to minimize these conflicts and help ensure that Franklin Templeton focuses on meeting its duties as a fiduciary to the FT Funds or Client Accounts.

Covered Employees should be aware that their ability to invest in certain securities and to liquidate those positions may be severely restricted under this Policy due to trading by the FT Funds or Client Accounts, including during times of market volatility. Therefore, as a general matter, Franklin Templeton encourages Covered Employees to exercise caution when investing in individual securities, particularly in situations where a Covered Employee wishes to invest in securities held or likely to be held by the FT Funds or Client Accounts.

Franklin Templeton also discourages Covered Employees from engaging in a pattern of securities transactions that is so excessively frequent as to potentially impact the Covered Employee's ability to carry out their assigned responsibilities, increases the possibility of potential conflicts or violates the Policy or the FT Funds' prospectuses.

&nbsp;&nbsp;&nbsp;&nbsp;2.2 Categories of Persons Subject to the Policy

All persons subject to the Policy are assigned to the following categories based on their access to information regarding, or involvement in, investment activities. In limited circumstances, certain affiliates of FRI may adopt separate policies or codes of ethics governing personal trading to address the specific features of their investment activities and operations. Persons subject to other personal trading policies or codes of ethics adopted by Franklin Templeton or its affiliates generally are exempt from this Policy. Please consult the Code of Ethics Department if you have any questions about how this Policy applies to you.

**Covered Employees:** Covered Employees are: (1) partners, officers, directors (or persons occupying a similar status or having similar functions) and employees (including certain designated temporary employees or consultants) of any Franklin Templeton investment adviser, as well as any other persons who provide advice on behalf of any Franklin Templeton investment adviser and are subject to the supervision and control of that investment adviser; (2) Access Persons, as defined below; and (3) Independent directors of FT Funds within the Franklin Templeton Group of Funds and independent directors of Franklin Templeton investment advisers (collectively, "Independent Directors").

**Franklin Templeton**

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| **Personal investments and insider trading policy** | July 2025 **4** |

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**Access Persons:** Access Persons are a subset of Covered Employees and generally include: (1) employees of any Franklin Templeton investment adviser; and (2) those who have access to non-public information regarding FT Funds' or Client Accounts' securities transactions; or have access to recommendations that are non-public; or have access to non-public information regarding the portfolio holdings of the FT Funds or Client Accounts.

**Portfolio Persons:** Portfolio Persons, a subset of Access Persons, are those who, in connection with their regular functions or duties, make or participate in the decision to purchase or sell a security by an FT Fund or Client Account or if his or her functions relate to the making of any recommendations about those purchases or sales.

Please see the Appendix to this Policy for a table indicating how the provisions of the Policy apply to each category of persons. In addition, please see section 2.8 of the Policy for a description of the requirements for Independent Directors.

&nbsp;&nbsp;&nbsp;&nbsp;2.3 Accounts and Transactions Covered by the Policy

The Policy covers two types of securities accounts and transactions: (1) those in which Covered Employees have or share investment control, and (2) those in which Covered Employees have direct or indirect beneficial ownership. Generally, a person has a beneficial ownership in a security if he or she, directly or indirectly, through any contract, arrangement, understanding, relationship or otherwise, has or shares a direct or indirect pecuniary interest in the security. "Pecuniary interest" has the same meaning as in Rule 16a-1(a)(2) under the Securities Exchange Act of 1934. Generally, a pecuniary interest in a security means the opportunity, directly or indirectly, to profit or share in any profit derived from a transaction in the security. Covered Employees are presumed to have a pecuniary interest in securities held by members of their immediate family or domestic partners sharing the same household.

Certain types of securities and investments are exempt from the Policy. These include, but are not limited to, direct obligations of the U.S. government, money market instruments, and registered open-end funds other than the FT Funds. Cryptocurrencies and digital assets must be precleared and are reportable only, (1) by members of those investment teams investing in cryptocurrencies, or any FT employee involved in trading or the creation and redemption process for any FT digital currency Fund or account, and (2) for the cryptocurrencies in which they are investing on behalf of clients or funds, and (3) those involved in the creation and redemption process for any FT digital currency ETF must also preclear their investments in FT digital Funds. Please consult the Code of Ethics Department for further information about specific types of securities that are exempt from the Policy.

&nbsp;&nbsp;&nbsp;&nbsp;2.4 Prohibited Transactions

**Trading that Conflicts with FT Funds or Client Accounts**

Covered Employees are prohibited from any trading activity that conflicts with the FT Funds' or Client Accounts' trading activity. Examples of prohibited trading activity include, but are not limited to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "front running" or trading ahead of an FT Fund or Client Account; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• trading parallel to or against an FT Fund or Client Account.

**Short Sales of Securities Issued by Franklin Resources and FT Sponsored Closed-end Funds and Exchange Traded Funds (ETFs)**

Covered Employees are prohibited from effecting short sales, including "short sales against the box," of securities issued by FRI, or any FT sponsored closed-end funds or FT exchange traded funds (ETFs). This prohibition includes economically equivalent transactions such as call or put options, swap transactions or other derivatives that would result in having a net short exposure to FRI or any closed-end fund or ETF sponsored or advised by Franklin Templeton.

**Franklin Templeton**

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**Pledged Securities**

Directors and Executive Officers are also prohibited from pledging, hypothecating or otherwise encumbering securities issued by Franklin Resources as described in greater detail in the FRI Code of Ethics and Business Conduct.

**Trading in Shares of the FT Funds**

A Covered Employee is prohibited from buying or selling shares of an FT Fund while in possession of material non- public information about the FT Fund. Specifically, Covered Employees are prohibited from taking personal advantage of their non-public knowledge of recent or impending investment activities of FT Funds or the FT Funds' investment advisers or any other non-public information that a reasonable investor would likely consider important in making his or her investment decisions, including information that may have a material effect on an FT Fund's share price or net asset value.

In addition, Covered Employees must keep confidential at all times non-public information they may obtain about an FT Fund, including but not limited to information such as portfolio holdings, pricing or valuation of an FT Fund's portfolio holdings, recent or impending securities transactions by an FT Fund, changes related to an FT Fund's investment adviser, offerings of new FT Funds, changes to investment minimums, FT Fund closures or liquidations, changes to investment personnel, FT Fund flow activity, and information on current or prospective FT Fund shareholders.

Please consult your local Legal or Compliance department if you have any questions about materiality, confidentiality, or any other concerns before trading on or sharing non-public information relating to FT Funds.

**Special Provision Relating to Ownership of Putnam Funds**

Employees of Putnam Investment Management, LLC, The Putnam Advisory Company LLC, Putnam Investments Limited and of the principal underwriter of the Putnam open-end U.S. mutual funds Franklin Distributors, LLC (collectively, the "Putman Entities") must hold shares of Putnam open-end U.S. mutual funds through the Putnam transfer agent (Putnam Investor Services, Inc.) and all transactions must be executed through Franklin Distributors, LLC as dealer of record. Holding Putnam mutual fund shares in discretionary accounts is prohibited. This requirement does not apply to shares of Putnam mutual funds owned in retirement accounts or other accounts required to be held through third-party administrators.

**Short-Term Trading in Open-end FT Funds**

Franklin Templeton discourages short-term or excessive trading, often referred to as "market timing," in shares of the open-end FT Funds. Covered Employees must be familiar with the "Frequent Trading Policy" or its equivalent described in the prospectus of each open-end FT Fund in which they invest and must not engage in trading activity that might violate the purpose or intent of such policy. Accordingly, all Covered Employees must comply with the purpose and intent of each open-end FT Fund's Frequent Trading Policy or its equivalent and must not engage in any short-term trading (if the relevant FT Fund has adopted a policy regarding short-term trading) or excessive trading in open-end FT Funds.

For open-end FT Funds within the Franklin Templeton Group of Funds, including FT Funds purchased through a 401(k) plan, trading activity by Covered Employees is monitored and any trading patterns or behaviors that may constitute short-term or excessive trading is reported to the Code of Ethics Department. These reports will include descriptions of any actions taken and any sanctions or penalties imposed in response to such trading activity. This policy does not apply to purchases and sales of money market funds.

&nbsp;&nbsp;&nbsp;&nbsp;2.5 Additional Prohibitions and Requirements for Access Persons and Portfolio Persons

**Initial Public Offerings**

Access Persons are prohibited from investing in securities sold in an initial public offering or a secondary offering (including Initial Coin Offerings ("ICOs")) by an issuer except for offerings of securities made by closed-end FT Funds advised or sub-advised by Franklin Templeton. However, IPOs may be permissible in certain circumstances or jurisdictions. Please contact the Code of Ethics department or your local Compliance Officer in advance of executing any IPO.

**Franklin Templeton**

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|:---|:---|
| **Personal investments and insider trading policy** | July 2025 **6** |

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**Single Stock ETFs**

Access Persons are prohibited from investing in single stock ETFs including derivatives of the single stock ETF such as options.

**Short Sales of Securities**

Portfolio Persons are prohibited from selling short any security held by the FT Funds, including "short sales against the box." This prohibition also applies to effecting economically equivalent transactions, including, but not limited to, sales of uncovered call options, sales of put options while not owning the underlying security, and short sales of bonds that are convertible into equity positions, swaps or other derivatives where the security is held by FT Funds.

**Short Swing Rule**

Portfolio Persons are subject to a short swing rule whereby they cannot sell shares of a security at a price higher than any price paid within the prior 60 calendar days or buy a security at a price below any price which they sold it within the past 60 calendar days, including transactions in derivatives and transactions that may occur in margin and option accounts. Any profits made must be disgorged. Please consult the Code of Ethics Department for any exemptions and how profits are calculated.

**Disclosure of Interest in Securities or Private Investments**

Portfolio Persons are required to disclose any interest they have in the securities of an issuer or direct investment in any company if they are involved in either analysis or investment decisions related to the issuer or company.

Portfolio Persons must re-disclose any such interest if they participate in later recommendations or investment decisions related to the issuer or company.

Portfolio Persons must also disclose any personal transactions they are contemplating in the securities referenced above, any position they hold with the issuer and any proposed business relationship between the issuer and the Portfolio Person or any party in which the Portfolio Person has an interest.

The disclosures above must be made to their Chief Investment Officer and /or Director of Research.

&nbsp;&nbsp;&nbsp;&nbsp;2.6 Reporting Requirements

**All Accounts**

All Covered Employees must complete an Initial Code of Ethics Certification no later than 10 calendar days after the date the person is notified by a member of the Human Resources Department of the requirement to do so.

Additionally, by **February 15<sup>th</sup>** of each subsequent year they must complete an annual certification that they have complied with and will comply with the Policy.

Access Persons must also file an Initial Broker Accounts Certification and Initial Holdings Certification no later than 10 calendar days after the date the person is notified by a member of the Human Resources Department of the requirement to do so. Additionally, by **February 15<sup>th</sup>** of each subsequent year, Access Persons must file a then current **annual** report of all personal securities accounts and securities holdings and must certify that they have complied with and will comply with the Policy.

**Non-Discretionary Accounts**

On a **quarterly** basis, and no later than 30 calendar days after the end of each calendar quarter, every Access Person must report all transactions in securities covered by this Policy, except for those executed through an Automatic Investment Plan or that would duplicate information already provided in broker confirmations or statements sent to the Code of Ethics Department directly from the broker.

**Franklin Templeton**

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|:---|:---|
| **Personal investments and insider trading policy** | July 2025 **7** |

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No later than 30 calendar days after the calendar quarter, Access Persons must report any account established in which any securities were held during that calendar quarter.

**Discretionary Accounts**

Reporting of transactions is not required for discretionary accounts. A discretionary account is managed by a non- affiliated third party (registered broker-dealer, a registered investment adviser, or other investment manager acting in a similar fiduciary capacity) who exercises sole investment discretion.

The Access Person must certify initially and annually thereafter that they do not have investment control of the discretionary account other than the right to terminate. If the Access Person makes or participates in an investment decision for an account that has been reported as a discretionary account, any transactions related to that investment decision must be pre-cleared. If there is any uncertainty about whether a particular account would be deemed discretionary for purposes of the Policy, please consult the Code of Ethics Department.

&nbsp;&nbsp;&nbsp;&nbsp;2.7 Pre-Clearance Requirements

**Securities Transactions**

Access Persons must obtain pre-clearance from the Code of Ethics Department before buying or selling any security (other than those not requiring pre-clearance, a full list of which is available from the Code of Ethics Department) and are always prohibited from executing transactions in a security if aware that the FT Funds or Client Accounts are active or contemplate being active in the security (even if the transactions have been pre- cleared). Pre-clearance requests should be submitted via StarCompliance.

**Private Investments and Limited Offerings**

Access Persons must obtain pre-clearance from the Code of Ethics Department before investing in a private placement or purchasing other securities in a limited offering. For example, investments in private or unregistered funds (i.e., hedge funds) are required to be pre-cleared under the Policy.

**Discretionary Accounts**

Transactions in discretionary accounts do not need to be pre-cleared if satisfactory evidence has been provided to the Code of Ethics Department that sole investment discretion has been granted to an investment manager. If the Access Person makes or participates in an investment decision for an account that has been reported as a discretionary account, any transactions related to that investment decision must be pre-cleared.

**Exemptions from Pre-Clearance**

Certain types of securities and transactions are exempt from pre-clearance requirements. Examples of these types of securities and transactions include, but are not limited to, shares issued by FRI; shares of open-end Funds (including FT open-ended Funds) and permitted ETFs (including FT ETFs for certain FT employees) and closed- end funds (excluding FT sponsored closed-end Funds); certain government obligations and transactions effected pursuant to dividend reinvestment plans. In addition, transactions in small quantities of securities (e.g., in the case of equity securities, 500 shares within a 30 calendar day period) are not required to be pre-cleared. Please consult the Code of Ethics Department for further information about the types of securities and transactions that are exempt from the pre-clearance requirements of the Policy.

**"Intent" Is Important**

While pre-clearance of Access Persons' transactions is a cornerstone of Franklin Templeton's compliance efforts, it cannot detect inappropriate or illegal transactions where the intent conflicts with the principles of the Policy. Thus, the fact that a proposed transaction received pre-clearance is not a defense against a charge of violating the Policy or the securities laws. For example, even if an Access Person received pre-clearance for a transaction, that transaction might constitute front-running if it occurred shortly before a transaction by an FT Fund or Client Account that the Access Person was aware of. In cases like this, the intent may not be evident when a particular transaction request is analyzed for pre-clearance.

**Franklin Templeton**

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|:---|:---|
| **Personal investments and insider trading policy** | July 2025 **8** |

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&nbsp;&nbsp;&nbsp;&nbsp;2.8 Requirements for Independent Directors

**Pre-clearance and Reporting Requirements**

Unless covered by a separate policy, an Independent Director is subject to the pre-clearance and transaction reporting requirements of the Policy only if such Independent Director, at the time of his or her transaction, knew or should have known that, during the 15 calendar day period before or after the date of the Independent Director's transaction, the security was purchased or sold or considered for purchase or sale by an FT Fund or Client Account. The pre-clearance and reporting requirements of the Policy do not apply to securities transactions conducted in an account where an Independent Director has granted full investment discretion to a brokerage firm, bank or investment adviser or conducted in a trust account in which the trustee has full investment discretion. Independent Directors are not required to disclose any securities holdings or brokerage accounts, including brokerage accounts where he/she has granted discretionary authority to a brokerage firm, bank or investment adviser.

**Initial and Annual Acknowledgment Reports**

An Independent Director must complete and return an executed Acknowledgment Form to the Code of Ethics Department no later than 10 calendar days after the date the person becomes an Independent Director.

Independent Directors will be asked to certify by **February 15<sup>th</sup>** of each year that they have complied with and will comply with the Policy by filing the Acknowledgment Form with the Code of Ethics Department.

**SECTION 3. INSIDER TRADING**

&nbsp;&nbsp;&nbsp;&nbsp;3.1 Policy on Insider Trading

Insider trading, or trading on material non-public information, is against the law and penalties are severe, both for individuals involved in such unlawful conduct and their employers. No Covered Employee may (1) trade, either personally or on behalf of the FT Funds or Client Accounts, while in possession of material non-public information, or (2) communicate material non-public information to others.

Material non-public information may be obtained by many means, both in connection with a Covered Employee's job functions (e.g., from meetings with company executives or consultations with expert networks) or independent of the Covered Employee's employment or relationship with Franklin Templeton (e.g., from friends or relatives).

Before trading for themselves or others (including FT Funds and Client Accounts) in the securities of a company about which a Covered Employee potentially may have material non-public information, the Covered Employee should consider the following questions:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• First, is the information material? Information is considered material if there is a substantial likelihood
that a reasonable investor would consider the information to be important in making his or her investment decision, or if it is reasonably
certain to have a substantial effect on the price of the company's securities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Second, is the information non-public? Information is non-public until it has been effectively communicated
to the marketplace. For example, information in a report filed with the U.S. Securities and Exchange Commission, or that appears in a
publication of general circulation (e.g., The Wall Street Journal or Reuters) would be considered public. If the information has been
obtained from someone who is betraying an obligation not to share the information (e.g., a company insider), that information is very
likely to be non-public.

If, after consideration of these questions, the Covered Employee believes that the information that they have about a company may be material and non-public, or if the Covered Employee has questions as to whether the information is material or non-public, he or she must report the matter immediately to Trading Desk Compliance/IC, the designated Compliance Officer or Legal Department. In addition, the Covered Employee must not purchase or sell any securities issued by such company on behalf of themselves or others (including on behalf of any FT Fund or Client Account), or communicate the information inside or outside Franklin Templeton.

**Franklin Templeton**

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|:---|:---|
| **Personal investments and insider trading policy** | July 2025 **9** |

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Trading Desk Compliance/IC or the Compliance Officer will promptly contact the Legal Department for advice. After review of the facts, the Legal Department, Trading Desk Compliance/IC or the Compliance Officer will provide instructions to the Covered Employee. If the information in the Covered Employee's possession is determined to be material and non-public, the Covered Employee is required to keep the information confidential and secure. Those securities for which the Covered Employee has material non-public information will be placed on restricted trading lists for a timeframe determined by the Compliance Officer.

**SECTION 4. RELATED POLICIES AND REQUIREMENTS**

&nbsp;&nbsp;&nbsp;&nbsp;4.1 Statement on Other Policies and Requirements

In addition to the Policy, Covered Employees are required to observe the applicable policies and procedures prescribed in the *Code of Ethics and Business Conduct*, the policies contained in the U.S. and non-U.S. employee handbooks (as applicable), and various other policies adopted by Franklin Templeton.

**SECTION 5. ADMINISTRATION OF THE POLICY, WAIVERS & REPORTING VIOLATIONS**

&nbsp;&nbsp;&nbsp;&nbsp;5.1 Code of Ethics Committee; Reporting to FT Fund Boards

The Code of Ethics Committee is responsible for the administration of the Policy and provides oversight of compliance with the personal trading requirements of the Policy. Among other things, the Committee has the authority and responsibility to review the Policy periodically, review sanction guidelines for violations of the Policy and review trading violations and waivers granted.

At least annually, the FT Fund Boards who have adopted this policy will be provided with a report describing any issues arising under the Policy if requested. FT Fund Boards may require more frequent reporting, including detailing all violations of the Policy.

&nbsp;&nbsp;&nbsp;&nbsp;5.2 Violations of the Policy

A Covered Employee that violates this Policy will be sanctioned in a manner commensurate with the violation. Prescribed sanctions range from warning memos for a first time failure to pre-clear a transaction to the immediate sale of positions, disgorgement of profits, personal trading suspensions and other sanctions, up to and including termination and reporting to regulatory authorities for more serious violations*.*

&nbsp;&nbsp;&nbsp;&nbsp;5.3 Waivers of the Policy

The Chief Compliance Officer of the relevant investment adviser, or primary regional officer, may, in his or her discretion, waive compliance by any Covered Employee with the provisions of the Policy, if he or she finds that such a waiver:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) is necessary to alleviate undue hardship or in view of unforeseen circumstances or is otherwise appropriate
under all the relevant facts and circumstances;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) will not be inconsistent with the purposes and objectives of the Policy;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) will not adversely affect the interests of the FT Funds or Client Accounts or the interests of Franklin
Templeton; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) will not result in a transaction or conduct that would violate provisions of applicable laws or regulations.

**Franklin Templeton**

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|:---|:---|
| **Personal investments and insider trading policy** | July 2025 **10** |

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Any waiver will be in writing, will contain a statement of the basis for it, and any waivers granted by the Chief Compliance Officer of the relevant investment adviser, or primary regional officer, will be reported to the SVP of Regulatory Compliance.

&nbsp;&nbsp;&nbsp;&nbsp;5.4 Reporting Violations

Covered Employees are required to report violations of the Policy or the related Procedures, whether by themselves or by others.

Franklin Templeton is dedicated to providing Covered Employees with the means and opportunity to report violations of the Policy or the related Procedures, or other instances of wrongdoing, or any concerns they may have regarding ethical violations or accounting, internal control or auditing matters, including fraud. Several means are provided by which reports to the Compliance and Ethics Hotline can be made including:

Online at: <u>https://franklintempleton.ethicspoint.com</u>

U.S., U.S. Territories or Canada can call toll-free 1-800-648-7932

All other countries can call collect at 704-540-0139

Franklin Templeton will not allow retaliation against any Covered Employee who has submitted a report of a violation of the Policy or the related Procedures in good faith.

**Franklin Templeton**

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|:---|:---|
| **Personal investments and insider trading policy** | July 2025 **11** |

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**Appendix**

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| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Covered Employees** | &nbsp;&nbsp;**Access Persons** | &nbsp;&nbsp;**Portfolio Persons** | &nbsp;&nbsp;**Independent Directors** |
| &nbsp;&nbsp;**Prohibited Activities (Section 1.3)** | X | X | X | X |
| &nbsp;&nbsp;**Prohibited Transactions and Other Requirements (Sections 2.4 and 2.5)** | &nbsp;&nbsp;**Prohibited Transactions and Other Requirements (Sections 2.4 and 2.5)** | &nbsp;&nbsp;**Prohibited Transactions and Other Requirements (Sections 2.4 and 2.5)** | &nbsp;&nbsp;**Prohibited Transactions and Other Requirements (Sections 2.4 and 2.5)** | &nbsp;&nbsp;**Prohibited Transactions and Other Requirements (Sections 2.4 and 2.5)** |
| &nbsp;&nbsp;&nbsp;&nbsp;Prohibition on Trading Activity that Conflicts with FT Funds or Client Accounts | <br> X | <br> X | <br> X | <br> X |
| &nbsp;&nbsp;&nbsp;&nbsp;Prohibition on Short Sales of FRI and Closed-end FT Funds and ETFs | <br> X | <br> X | <br> X | <br> X |
| &nbsp;&nbsp;&nbsp;&nbsp;Trading in Shares of the FT Funds When in Possession of Material Non-Public Information | <br> X | <br> X | <br> X | <br> X |
| &nbsp;&nbsp;&nbsp;&nbsp;Special Provision on Ownership of Putnam Funds |  | X | X |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Short-Term Trading in Open-end FT Funds | X | X | X | X |
| &nbsp;&nbsp;&nbsp;&nbsp;Prohibition on Investments in Initial Public Offerings |  | X | X |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Prohibition on Single Stock ETFs |  | X | X |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Prohibition on Short Sales of All Securities |  |  | X |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Short Swing Rule |  |  | X |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Disclosure of Interest in Securities |  |  | X |  |
| &nbsp;&nbsp;**Reporting Requirements (Section 2.6)** | &nbsp;&nbsp;**Reporting Requirements (Section 2.6)** | &nbsp;&nbsp;**Reporting Requirements (Section 2.6)** | &nbsp;&nbsp;**Reporting Requirements (Section 2.6)** | &nbsp;&nbsp;**Reporting Requirements (Section 2.6)** |
| &nbsp;&nbsp;&nbsp;&nbsp;Initial Certification/Acknowledgment | X | X | X | X |
| &nbsp;&nbsp;&nbsp;&nbsp;Initial Disclosure of Accounts and Holdings |  | X | X |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Annual Disclosure of Accounts and Holdings |  | X | X |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Annual Certification of Compliance | X | X | X | X |
| &nbsp;&nbsp;&nbsp;&nbsp;Quarterly Disclosure of Transactions |  | X | X | X\* |
| &nbsp;&nbsp;&nbsp;&nbsp;Quarterly Disclosure of New Accounts |  | X | X |  |
| &nbsp;&nbsp;**Pre-Clearance Requirements (Section 2.7)** |  | X | X | X\* |
| &nbsp;&nbsp;**Insider Trading (Section 3)** | X | X | X | X |
| &nbsp;&nbsp;**Requirement to Report Violations (Section 5.4)** | X | X | X | X |

---

\*Only applicable if the Independent Director, at the time of his or her transaction, knew or should have known that, during the 15 calendar day period before or after the date of the Independent Director's transaction, the security was purchased or sold or considered for purchase or sale by an FT Fund or Client Account.

**Franklin Templeton**

## Ex-99.P

**Ex. 99.28(p)(21)**

**GQG Partners**

**Investment Advisory Compliance Manual**

![](exp21_gqgcoe001.jpg)

&nbsp;&nbsp; <br> **GQG Partners LLC**<br>**GQG Partners (UK)Ltd.**<br>**GQG Partners (Australia) Pty Ltd.**<br>**GQG Partners Ltd**<br>**GQG Private Capital Solutions LLC**<br>

**May 30, 2025**

**Appendix A – Code of Ethics**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;I. <u>Professional Standards</u> 

GQG and its affiliated companies ("GQG") have adopted this Code of Ethics to specify and prohibit certain types of transactions deemed to create conflicts of interest (or at least the potential for or the appearance of such a conflict), and to establish reporting requirements and enforcement procedures relating to personal trading by Supervised Persons. "Supervised Persons" <sup>36</sup> include employees, officers, and directors (excluding independent directors) as well as any other person determined by the Chief Compliance Officer ("CCO") in the CCO's sole discretion, and thus are subject to the policies and procedures contained within this Code of Ethics. Supervised Persons may include temporary employees, contract workers, consultants or other third- parties. Supervised Persons must act in an ethical and professional manner

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. All Supervised Persons must at all times reflect the professional standards expected
of persons in the investment advisory business. These standards require all Supervised Persons to be judicious, accurate, objective and
reasonable in dealing with both clients and other parties.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. All Supervised Persons must act within the spirit and the letter of the federal,
state and local laws and regulations pertaining to investment advisers and the general conduct of business.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C. At all times, the interests of GQG's Clients are paramount, and all Supervised
Persons will place the interests of GQG's Clients ahead of any personal interests or GQG's, except as may otherwise be approved
or disclosed to Clients. Accordingly, personal transactions in securities by Supervised Persons must be accomplished so as to avoid even
the appearance of a conflict of interest on the part of such personnel with the interests of GQG's Clients. Since a conflict of
interest cannot be avoided in all cases that may arise over time, in the event of an identified conflict of interest or appearance of
one, the Compliance Department will work with the Supervised Person to eliminate, address (including through client disclosure and consent
as appropriate), or mitigate any such conflict. Likewise, Supervised Persons must avoid actions or activities that allow (or appear to
allow) a person to profit or benefit from his or her position with GQG at the expense of Clients, or that otherwise bring into question
the person's independence or judgment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;D. GQG has adopted Insider Trading Policies, which set parameters for the establishment,
maintenance and enforcement of policies and procedures to detect and prevent the misuse of material non-public information by Supervised
Persons. The Insider Trading Policies are a part of this Code of Ethics.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;E. GQG has adopted Personal Trading Policies which set parameters for the establishment,
maintenance and enforcement of policies and procedures to detect and prevent Supervised Persons from taking advantage of, or even appearing
to take advantage of, their fiduciary relationship with our Clients. The Personal Trading Policies are a part of this Code of Ethics.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;F. GQG has adopted an FCPA Policy to ensure compliance by Supervised Persons with
the Foreign Corrupt Practices Act (the "FCPA"), and maintenance of the highest level of professional and ethical standards
in the conduct of GQG's business affairs. The FCPA policy is an additional document that Supervised Persons must review and acknowledge.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;G. Supervised Persons will not accept compensation for services from outside sources
without the specific permission of GQG's CCO or designee.

<sup>36</sup> All Supervised Persons are considered Access Persons. "Access Persons" are any Supervised Persons who have access to non-public information regarding client transactions or reportable fund holdings, make securities recommendations to clients or have access to such recommendations that are non-public, and, for most advisers, all officers, directors and partners.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;H. When any Supervised Persons face a conflict between their personal interest and the interests of Clients,
they will report the conflict to GQG's CCO for instruction regarding how to proceed.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;I. The recommendations and actions of GQG are confidential and private matters. Accordingly,
it is GQG's policy to prohibit, prior to general public release, the transmission, distribution or communication of any information
regarding securities transactions of Client accounts to third parties, except when GQG has a legitimate business purpose for doing so,
and the recipients are subject to a duty of confidentiality. Further, GQG will only make such disclosures if, in GQG's opinion,
it is in the best interest of GQG's Clients.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;J. In addition, no information obtained during employment regarding particular securities
(including internal reports and recommendations) may be transmitted, distributed, or communicated to anyone who is not affiliated with
GQG, without the prior written approval of the CCO or designee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;K. The policies and guidelines set forth in this Code of Ethics must be strictly adhered
to by all Supervised Persons. Severe disciplinary actions, including dismissal, may be imposed for violations of this Code of Ethics.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;II. <u>Insider Trading & Material Non-Public Information</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**A.**  **<u>Overview and Purpose</u>** 

The purpose of the policies and procedures in this Section II (the "Insider Trading Policies") is to detect and prevent "insider trading" by any person associated with GQG. The term "insider trading" is not defined in the securities laws, but generally refers to the use of material, non-public information ("MNPI") to trade in securities or the communication of MNPI information to others.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. <u>General Policy</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.**  **<u>Prohibited Activities</u>** 

All Supervised Persons are prohibited from the following activities:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. trading or recommending trading in securities for any account (personal or Client) while in possession
of MNPI about the issuer of the securities; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. communicating MNPI about any issuer of securities to any other person.

The activities described above are not only violations of these Insider Trading Policies, but also may be violations of applicable law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.**  **<u>Identification of Material, Non-Public Information</u>** 

GQG will conduct monitoring or periodic testing designed to identify any MNPI of which the Firm becomes aware. Monitoring includes written electronic communications surveillance and may include targeted reviews of candidates seeking a role who may provide writing samples about companies as part of the hiring process.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.**  **<u>Reporting of MNPI</u>** 

Any Supervised Person who possesses or believes that she/he may possess MNPI about any issuer of securities (other than GQG Partners Inc.) must:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. report the matter immediately to the CCO or designee who will review the matter
and provide further instructions regarding appropriate handling of the information to the reporting individual;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. refrain from trading the securities or derivatives related to any company which
the reporting individual may possess MNPI;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. refrain from discussing any potentially MNPI with anyone, including colleagues,
except as directed by the CCO or General Counsel; 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;d. refrain from conducting research, trading, or other investment activities regarding
a security for which the Supervised Person may have MNPI until the CCO dictates an appropriate course of action.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C. <u>Material Information, Non-Public Information, Insider Trading and Insiders</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.** <u>Material Information</u> **.** "Material information" generally includes:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. any information that a reasonable investor would likely consider important in
making an investment decision; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. any information that is reasonably certain to have a substantial effect on the
price of a company's securities. Examples of material information include the following: dividend changes, earnings estimates, changes
in previously released earnings estimates, significant merger or acquisition proposals or agreements, major litigation, liquidation problems
and extraordinary management developments.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. <u>Non-Public Information</u>. Information is "non-public" until it
has been effectively communicated to the market and the market has had time to "absorb" the information. For example, information
found in an internal company report which has not been released to the public would likely be considered "non-public". Examples
of public information would be information found in a report filed with the Securities and Exchange Commission, or appearing in Dow Jones,
Reuters Economic Services, The Wall Street Journal, or other publications of general circulation, including the online versions would
be considered public.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. <u>Insider Trading</u>. While the law concerning "insider trading"
is not static and varies from country to country, in the United States, it generally prohibits: (1) trading by an insider while in possession
of MNPI; (2) trading by non-insiders while in possession of MNPI, where the information was either disclosed to the non-insider in violation
of an insider's duty to keep it confidential or was misappropriated; and (3) communicating MNPI to others. In other countries, insider
trading laws may prohibit any trading on MNPI, no matter how obtained. GQG may be subject to those other laws in the normal course of
its business, so it is best not to trade when in possession of MNPI, unless the CCO explicitly permits the activity.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. <u>Insiders</u>. The concept of "insider"
 is broad and includes all employees of a company. In addition, any person may be a temporary
 insider if she/he enters into a special, confidential relationship with a company in the
 conduct of a company's affairs and as a result has access to information solely for
 the company's purposes. Any person associated with GQG may become a temporary insider
 for a company it advises or for which it performs other services. Temporary insiders may
 also include the following: a company's attorneys, accountants, consultants, bank lending
 officers and the employees of such organizations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;D. <u>Penalties for Insider Trading</u> 

The legal consequences for trading on or communicating MNPI are severe, both for individuals involved in such unlawful conduct and their employers. A person can be subject to some or all of the penalties below even if he/she does not personally benefit from the violation. Penalties may include: civil injunctions, jail sentences, revocation of applicable securities-related registrations and licenses, fines for the person who committed the violation of up to three times the profit gained or loss avoided, whether or not the person actually benefited; and fines for the Supervised Person or other controlling person of up to the greater of US$1,000,000 or three times the amount of the profit gained or loss avoided. In addition, GQG's management will impose serious sanctions on any person who violates the Insider Trading Policies. These sanctions may include suspension or dismissal of the person or persons involved.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;E. <u>Trading Restricted List</u> 

Based on the facts and circumstances, the CCO, generally in consultation with General Counsel, may determine that knowing a company's potential inside information requires GQG to restrict trading activity in securities issued by the company for a period of time. The company name will be placed on the restricted list and the trade order management system and code of ethics platform to prevent trading in the name. The name will be removed from the list at such time that MNPI is announced by the company, otherwise in the public domain or sufficient time has passed (e.g., after a subsequent earnings announcement that does not mention the MNPI).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;III. <u>General Trading Policies</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**A.**  **<u>General Principles</u>** 

The pre-clearance procedures, trading restrictions and reporting requirements in this Section III (the "Personal Trading Policies") have been approved by the management of GQG. Securities transactions by Supervised Persons in Covered Accounts, as each of these terms are defined below, must be conducted in accordance with the Personal Trading Policies. In the conduct of any and all personal securities transactions, all Supervised Persons must act in accordance with the following general principles:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. the interests of Clients must be placed before personal interests at all times;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. no Supervised Person may take inappropriate advantage of his or her position; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. the Personal Trading Policies shall be followed in such a manner as to avoid any actual or potential
conflict of interest or any abuse of a Supervised Person's position of trust and responsibility.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. <u>Definitions</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. **SUPERVISED PERSONS** All directors (excluding the independent director),
officers and employees of GQG, including part-time employees or persons designated by the CCO, are "Supervised Persons" under
the Personal Trading Policies.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. **COVERED ACCOUNTS** A "covered account" under the Personal Trading
Policies is any brokerage or other investment account, including accounts for private investments, health saving accounts, trusts, retirement
accounts, etc., which has the ability to purchase or sell Covered Securities as outlined in this policy in which a Supervised Person:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. has a direct or indirect interest, including, without limitation, an account of an immediate family
member living in the same household;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. has direct or indirect control over purchase or sale of securities; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. has been established by any other person or entity and in which the Supervised Person may have a "Beneficial
Ownership" interest or derive a direct or indirect benefit. (As used in this Code of Ethics, "Beneficial Ownership"
has the meaning given to it in Advisers Act Rule 204A-1 <sup>37</sup>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. **ADDITIONAL DEFINITIONS** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. "Initial Public Offering" ("IPO") means any security which
is being offered for the first time on a recognized stock exchange and in the United States particularly means an offering of securities
registered under the Securities
Act of 1933 the issuer
of which, immediately before the registration, was not subject to the reporting requirements of sections 13 or 15(d) of the Securities
Exchange
Act of 1934.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. "Part-time employees" means employees employed on a permanent basis,
who works less than a thirty hours work week.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. "Covered Security" includes stock, closed-end funds, exchange traded
funds/ exchange traded notes ("ETFs"), GQG advised or sub-advised funds, fixed income securities, including municipal bonds,
and other evidences of indebtedness (including loan participations and assignments), limited partnership interests, investment contracts,
and all derivative instruments, such as options and warrants .

For the avoidance of doubt, "Covered Security" includes all securities issued by GQG Partners Inc., including common and preferred stock, GQG Performance Stock Units ("PSUs"), Restricted Stock Units ("RSUs"), CHESS depository receipts ("CDIs"), limited partnership interests, notes and bonds and any derivative of the foregoing.

Covered Security require disclosure and preclearance as outline below in Section E and F.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C. <u>Administration of the Code of Ethics Procedures</u> 

GQG utilizes Orion to assist in the administration of the Code of Ethics program. Orion must be used by Supervised Persons to submit all necessary statements, disclosures, and preclearance requests, unless a different arrangement has been approved by the CCO.

Any person with the authority to approve personal security transactions, exemptions, or outside business activity disclosures under the Code of Ethics may not approve their personal submissions, without the approval of the CCO or the designee.

<sup>37</sup> For purposes of this Code of Ethics, "Beneficial Ownership" is interpreted in the same manner as it would be under Rule 16a-1(a)(2) under the Exchange Act, and includes (among other things), ownership by any person who, directly or indirectly, through any contract, agreement, understanding, relationship or otherwise, has or shares a direct or indirect pecuniary interest in the securities. For this purpose, a pecuniary interest in securities means the opportunity, directly or indirectly, to profit or share in any profit derived from a transaction in the securities. It generally includes, but is not limited to, securities held by members of a person's immediate family sharing the same household; a general partner's interest in the portfolio securities held by a partnership; the right to a performance-related fee under certain circumstances; the right to dividends under certain circumstances; a person's interest in securities held by a trust under certain circumstances; and the right to acquire securities through the exercise or conversion of any derivative security, whether or not presently exercisable. However, a person is not deemed to have a pecuniary interest in the portfolio securities held by a corporation or similar entity in which the person owns securities if the shareholder is not a controlling shareholder of the entity and does not have or share investment control over the entity's portfolio. This interpretation of the term "beneficial ownership" may vary slightly from the definition of "beneficial ownership" used elsewhere in the GQG Compliance Manual, but in any event Supervised Persons should assume that the term applies broadly.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;D. <u>Covered Accounts</u> 

Supervised Persons are expected to maintain their Covered Accounts at an Electronic Broker subject the exceptions outlined below. An "Electronic Broker" is a broker that transmits security transactions and holding information through an electronic data feed to Orion. Where able, GQG will establish on behalf of a Supervised Person an electronic data feed in accordance with the Electronic Brokers procedures that may or may not include the Supervised Person completing a letter of authorization or similar document for inclusion into the data feed.

New Supervised Persons are required to transition their covered accounts within 90 days of hire, unless an exception has been approved by the Compliance Department.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. <u>Electronic Broker Covered Accounts</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Supervised Persons hired after June 1, 2022, are expected to maintain all covered
accounts at an "Electronic Broker".

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Supervised Persons hired prior to June 1, 2022, that open a new covered account
after June 1, 2022, are expected to maintain the covered account at an Electronic Broker.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. An exception request is not required for investments in private securities, i.e.,
hedge funds, private equity funds, GQG Private Funds, etc., GQG advised funds held at the transfer agent/administrator, or covered accounts
of Non-U.S. Supervised Persons.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. Supervised Persons seeking an exception to this section must complete an Electronic
Broker Exception Request Form approved by the CCO or designee. Supervised Persons that are granted an exception and permitted to maintain
a covered account not at an Electronic Broker are still required to provide account statements on a quarterly basis. Failure to provide
account statements as necessary may result in disciplinary action.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;E. <u>Personal Securities Transactions</u> 

Supervised Persons are prohibited from purchasing securities except as set forth below. Generally, Supervised Persons are not permitted to purchase publicly traded equity or fixed income securities or related derivatives.

Any sale of securities in a Covered Account (for instance, securities acquired before the individual became a Supervised Person or before the account became a covered account or securities acquired through a gift or an inheritance) must be pre-cleared by the Compliance Department.

Supervised Persons are required to submit all preclearance requests through Orion, unless another arrangement has been approved by the CCO. The Compliance Department evaluates the request and approves or denies as deemed appropriate. A notice of the decision will be sent from Orion to the Supervised Person.

Approved preclearance request is valid for two (2) trading days. For the avoidance of doubt, if pre- clearance is approved and the trading day is still in session, that day is considered the first trading day.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. <u>Permitted Transactions Required to be Pre-cleared</u> 

The following transactions by Supervised Persons are permitted, provided that the transaction has been pre-cleared by the Compliance Department.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Any transaction in shares of GQG advised or sub-advised fund (e.g., a mutual fund,
private fund, Australian or Canadian publicly offered fund, SICAV, UCIT, exchange trade funds, etc.).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Any transaction in any GQG issued security, including PSUs, RSUs, and CDIs. For
additional information please consult the GQG Partners Inc. Securities Dealing Policy.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. As provided below, subject to pre-clearance requirements, transactions in shares
of certain ETFs are permissible.

&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. Transactions in shares of ETFs that are comprised of equity securities are permissible
only if the ETF is a "broad-based" ETF. For these purposes, "broad-based" means (i) an ETF that tracks an index
or average that provides a substantial representation of a broad segment of the market such as an index fund (which may include leveraged
ETFs) or (ii) an active ETF that has at least (50) holdings (which may include, without limitation, long/short ETFs and levered ETFs);
or.

&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. Transactions in shares of ETFs that invest primarily in (i) securities or other investments that are
 not subject to pre-clearance requirements under this code (e.g., U.S. Treasury securities) or (ii) "non equity"
 securities or other investments that are deemed not to present conflicts with investments on behalf of GQG's clients (e.g., ETFs that invest in fixed income securities
or precious metals); or

&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. Transactions in shares of ETF where GQG serves as investment advisor.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. Any transaction in shares of a closed end fund. (Note: Only transactions in shares of "broad-based"
closed end funds are permitted. For these purposes, "broad-based" has the same meaning as described above for broad based
ETFs).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e. Any transaction in shares, units, or other interests in a privately offered, privately traded, or privately
held investment, including GQG private funds (collectively "Limited Offerings").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;f. Any sale transaction in a stock or fixed income security acquired prior to being
identified as a Supervised Person or inherited or gifted to a Supervised Person. For the avoidance of doubt, purchasing a stock or fixed
income security, excluding US Treasuries and GNMAs, is not permitted.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;g. Any transaction in interests in a variable annuity product issued by an insurance
company separate account if such separate account is linked to a fund that is advised or sub-advised by GQG.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. <u>Transactions Not Required to be Pre-cleared or Disclosed</u> 

All transactions involving the securities below are not subject to pre-clearance or reporting requirements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Open-end mutual funds (not closed-end mutual funds) and unit investment trusts that are not advised
or sub-advised by GQG.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Variable annuities issued by an insurance company separate account if such separate account is not linked
to a fund that is advised or sub-advised by GQG. .

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. Australian or Canadian publicly offered funds that are not advised or sub-advised by GQG.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. UCITS funds (excluding ETFs) that are not advised or sub-advised by GQG.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e. United States government securities (i.e., U.S. Treasury bonds and GNMAs).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;f. Money market instruments (e.g., bankers' acceptances, Certificates of Deposit,
and repurchase agreements).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;g. Any transaction in cryptocurrency (e.g., digital or virtual currency such as Bitcoin).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. <u>Transactions in Delegated Discretion Accounts</u> 

Pre-clearance is not required on trades in a covered account over which a Supervised Person has no discretion (except for acquisition of any security in an initial public offering or in a limited offering) if:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. the Supervised Person submits a Delegated Discretion Account(s) Exemption Request
Form (found in Orion), which includes evidence that investment discretion for the account has been delegated in writing to a fiduciary;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. the Supervised Person certifies in writing that she/he has not and cannot direct,
suggest, recommend, or consult on potential specific investment decisions with the independent fiduciary; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. the Supervised Person complies with the Reporting Requirements outlined in Section F.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. <u>Exemptions</u> 

Because no written policy can provide for every possible contingency, the CCO may consider granting an exemption from the preclearance requirements on a case-by-case basis considering the facts and circumstances presented. Any request for such consideration must be submitted by the Supervised Person in writing to the CCO. An exemption will be granted only in those cases in which the CCO determines that granting the request will not create a conflict of interest or where the conflict of interest is deemed immaterial. For example, an exemption may be provided for reason of financial hardship where a divestment of company stock that GQG may be trading is determined to be immaterial to the overall trading volume of the security and the divestment reasonably has no impact on the security price. Each exemption to the preclearance requirements will be documented and approved by the CCO, or designee. Documentation will include the reason the exemption was granted, including a discussion on conflicts.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. <u>Supervised Person's GQG Accounts</u> 

To foster an alignment of Supervised Persons' financial interest with that of Clients, the Code's preclearance requirements do not apply to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Supervised Persons' accounts managed by GQG that are (i) considered "seed"
accounts for potential strategy offerings by GQG (or are otherwise approved by the CCO) or (ii) managed in a similar manner to one or
more accounts following a corresponding investment strategy that GQG offers or manages for one or more other GQG clients (a "Supervised
Person GQG Account"); or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. the purchase of interests in any unregistered pooled investment vehicle for which GQG serves as investment
adviser (the purchase of which, if part of a limited offering, is specifically approved for all Supervised Persons in accordance
with Advisers Act Rule 204A- 1(c), i.e., obtaining approval before directly or indirectly acquiring beneficial ownership, as
presenting no potential conflicts of interest). For avoidance of doubt, Supervised Persons are still required to seek pre-clearance
on purchases and sales of unregistered pooled investment vehicle for which GQG serves as investment adviser in accordance with
Section E. The exemption under this section is in reference to 204A-1(c), which relates to beneficial ownership.

Additionally, to prevent an incentive to favor a Supervised Person GQG Account over Client accounts, transactions for Supervised Person GQG Accounts are placed in accordance with the same trade aggregation and allocation procedures that apply to all other Client accounts.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. <u>Blackout Period</u> 

Supervised Persons may not trade in a Covered Security on any day that a Client account or fund advised or sub-advised by GQG has a pending buy or sell order in the same Covered Security. In addition, a Supervised Person may not buy or sell a Covered Security during a period beginning seven calendar days before and ending seven calendar days after a GQG advised or sub-advised fund or client account transaction in that security.

The blackout period will not apply to purchases or sales which are (i) part of an automatic dividend reinvestment plan, (ii) purchases effected upon the exercise of rights issued by an issuer pro-rata to all holders of a class of its securities and sales of such rights acquired from the issuer, (iii) purchases or sales associated with a Delegated Discretionary Account or (iv) conflicting with Client transactions based upon a cash flow.

Securities issued by GQG Inc. are subject to certain blackout periods as specified in the Securities Dealing Policy. Please consult the Compliance Department for additional information.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;F. <u>Reporting Requirements</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.**  **<u>Initial Account and Annual Holdings Reports</u>** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Within
 ten (10) calendar days of being identified and notified as a Supervised Person, each Supervised
 Person must provide a list of Covered Accounts and Covered Securities owned by the Supervised
 Person, the Supervised Person's immediate family members living in the same household,
 or any other person or entity in which the Supervised Person may have a "Beneficial
 Ownership" interest or derive a direct or indirect benefit. (As used in this Code of
 Ethics, "Beneficial Ownership" has the meaning given it in Advisers Act Rule
 204A-1 <sup>38</sup>

<sup>38</sup> For purposes of this Code of Ethics, "Beneficial Ownership" is interpreted in the same manner as it would be under Rule 16a-1(a)(2) under the Exchange Act, and includes (among other things), ownership by any person who, directly or indirectly, through any contract, agreement, understanding, relationship or otherwise, has or shares a direct or indirect pecuniary interest in the securities. For this purpose, a pecuniary interest in securities means the opportunity, directly or indirectly, to profit or share in any profit derived from a transaction in the securities. It generally includes, but is not limited to, securities held by members of a person's immediate family sharing the same household; a general partner's interest in the portfolio securities held by a partnership; the right to a performance-related fee under certain circumstances; the right to dividends under certain circumstances; a person's interest in securities held by a trust under certain circumstances; and the right to acquire securities through the exercise or conversion of any derivative security, whether or not presently exercisable. However, a person is not deemed to have a pecuniary interest in the portfolio securities held by a corporation or similar entity in which the person owns securities if the shareholder is not a controlling shareholder of the entity and does not have or share investment control over the entity's portfolio. This interpretation of the term "beneficial ownership" may vary slightly from the definition of "beneficial ownership" used elsewhere in the GQG Compliance Manual, but in any event Supervised Persons should assume that the term applies broadly.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Each Supervised Person must submit annually thereafter a holdings report setting
forth the above-specified information, which must be current as of a date no more than forty-five (45) calendar days before the report
is submitted. .

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. The holdings report must include the title and type of security, ticker symbol
or CUSIP, the number of shares or par value and the principal amount. All Supervised Persons are deemed to have authorized GQG to access
all records of account holdings in GQG managed accounts for purposes of satisfying reporting and record keeping requirements associated
with the Code of Ethics.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. <u>Immediate Trade Confirmations for Unbrokered Trades</u> 

If no broker is involved in a trade by a Supervised Person, the Supervised Person shall provide a transaction report within ten (10) calendar days of the trade. Such report must include the following information:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. The date of the transaction, the title, and as applicable the exchange ticker symbol
or CUSIP number, interest rate and maturity date, number of shares, and principal amount
of each reportable security involved;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. The nature of the transaction (i.e., purchase, sale or any other type of acquisition
or disposition);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. The price of the security at which the transaction was effected;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. The name of the institution with or through which the transaction was effected; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e. The date the Supervised Person submits the report.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. <u>Quarterly Transaction Reports</u> 

Each Supervised Person must report to the CCO or designee no later than thirty (30) calendar days after the end of the calendar quarter, the following information:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. With respect to any transaction during the quarter in a Covered Security in which
the Supervised Person had any direct or indirect Beneficial Ownership, report the following for each transaction:

&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. The transaction date, the title, ticker symbol or CUSIP, the interest rate and maturity date (if applicable),
the number of shares or par value and the principal amount;

&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. The nature of the transaction (*i.e.,* purchase, sale or any other type of acquisition or disposition);

&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. The price at which the transaction was effected;

&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. The name of the broker, dealer or bank with or through which the transaction was effected; 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;v. The date that the report is submitted by the Supervised Person.

The foregoing reporting obligation includes securities acquired via a gift or inheritance.

Reporting required under Item (i) is satisfied by either (1) a direct broker feed for the account is delivered to GQG's personal trading system, currently Orion, for the entire reporting period (or from when the account was established during the reporting period) OR (2) the Supervised Person uploads the account statement(s) covering the reporting period to Orion. On an exception basis, statements may be delivered to the CCO or designee. Failure to provide account statements may result in disciplinary action.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. With respect to any account established by the Supervised Person in which any Covered
Securities were held during the quarter for the direct or indirect benefit of the Supervised Person:

&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. The name of the broker, dealer or bank where the account was established;

&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. The date the account was established; 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. The date that the report is submitted by the Supervised Person.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. If a Supervised Person instructs each entity where a Covered Account is established
to provide duplicate account statements required under the above section to the CCO or designee within the time period required for a
Quarterly Transaction Report (*i.e.*, within thirty (30) calendar days after the end of the applicable calendar quarter) and provides
the information required in partF.3.a above, then such Supervised Person need only represent on the Quarterly Transaction Report:

&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. that he/she has directed each entity where a covered account is established to
send duplicate confirmations and account statements to the CCO;

&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. the form of such confirmations, account statements or records provided to GQG
contains all the information required in a Quarterly Transaction Report; 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. with respect to any account established during the applicable quarter in which
the Supervised Person has Beneficial Ownership in Covered Securities, the information provided in accordance with part ii. is true and
accurate.

It is the obligation of each Supervised Person relying on part iii to ensure compliance with its requirements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. <u>Exception to Reporting Requirements:</u> 

A person need not make a report to the CCO under the Reporting Section above with respect to transactions effected for, and Covered Securities held in, any account over which the person has no direct or indirect influence or control and/or direct financial interest, however, such accounts are subject to periodic transactions requests and certifications to confirm compliance. Further, any GQG managed accounts is also exempt from the reporting requirement (due to the fact that GQG maintains these records within its trading records). (For example, if a Supervised Person makes an affirmative demonstration that control has been delegated to an independent third party, or that Supervised Person's ownership involves a blind trust.)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;G. <u>Reporting Violations & Penalties for Violations</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.**  **<u>Reporting Violations</u>** 

All Supervised Persons shall promptly report to the Compliance Department all apparent violations of the Code without fear of retaliation. All reports will be treated confidentially and investigated promptly and appropriately. GQG will not permit any form of intimidation or retaliation against any Supervised Person who reports a violation of GQG's policies.

The CCO shall report to senior management all material violations of the Code. When the CCO finds that a violation otherwise reportable to senior management could not be reasonably found to have resulted in a fraud, deceit, or a manipulative practice in violation of Section 206 of the Advisers Act, he or she may, in his or her discretion, submit a written memorandum of such finding and the reasons therefore to a reporting file created for this purpose in lieu of reporting the matter to senior management.

For the avoidance of doubt, nothing in this Code prohibits Supervised Persons from reporting possible violations of federal law or regulation to any governmental agency or entity, including but not limited to the Department of Justice, the SEC, Congress, and any agency Inspector General, or making other disclosures that are protected under the whistleblower provisions of federal law or regulation. Supervised Persons do not need prior authorization from their supervisor, senior management, the Board of Directors, the CCO, or anyone else affiliated with GQG to make any such reports or disclosures and are not required to notify GQG that they have made such reports or disclosures.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. <u>Penalties for Violations</u> 

Supervised Persons who violate the Personal Trading Policies may be subject to disciplinary actions, which will be made and administered on a case-by-case basis by the Compliance Department, which may consult with senior management. Such determinations will take into consideration the severity of the violation and generally will be in line with the following guidelines:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Initial occurrence will include education and notification of supervisor, as appropriate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Second occurrence will include notification of the Supervised Person's supervisor.
The Compliance Department may impose other actions as its deems appropriate, such as temporarily prohibition on personal trading, reversal
of the position, or transition the personal account to an Electronic Broker..

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. Third occurrence will include notification to the Supervised Person's Department
Head and CEO, who may impose disciplinary action as deemed appropriate, including impact of year end cash incentives or termination of
the Supervised Person.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. .

If a violation results in a financial gain to a Supervised Person, he/or she may be required to donate the resulting gain to charity.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;IV. <u>Outside Activities of Supervised Persons</u> 

From time-to-time Supervised Persons may be asked to serve as Directors, Advisory Directors, Trustees or officers of various corporations, charitable organizations, foundations, and the like. Sometimes these are non-paid positions and sometimes they are compensated. Sometimes the corporations are public or are thinking of becoming public and sometimes they are closely held corporations never expected to be publicly traded. Some of the activities may involve participation in, or knowledge of, proposed financial investments by the group involved. This section will briefly address the issues raised by these activities.

There is no absolute prohibition on any Supervised Persons participating in outside activities. As a practical matter, however, there may be circumstances in which it would not be in GQG's best interest to allow Supervised Persons to participate in outside activities. The first consideration must be whether the activity will take so much of the Supervised Person's time that it will affect his or her performance. As important, however, is whether the activity will subject the Supervised Persons to conflicts of interest that will reflect poorly on both him or her and GQG.

Any Supervised Persons wishing to accept (or, if a new Supervised Person, to continue) a position with a corporation (public or private), charitable organization, foundation or similar group must seek prior approval from their direct manager prior to submitting an Outside Activity request in Orion to the Compliance Department.

These types of requests will be treated on a case-by-case basis with the interests of clients being paramount and will require the approval of the CCO or designee.

No Supervised Person may use GQG property, services, Supervised Persons, or other resources, for his or her personal benefit or the benefit of another person or entity, without approval of the CCO. For this purpose, "property" means both tangible and intangible property, including funds, premises, equipment, supplies, information, business plans, business opportunities, confidential research, intellectual property, proprietary processes, and ideas for new research or services.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**V.** **Gifts and Entertainment<sup>39 40</sup>** 

The purpose of this provision is to prevent Supervised Persons from receiving business through improper influence or accepting gifts or entertainment that could influence decision making and result in an actual or perceived conflict of interest.

All Supervised Persons must exercise good judgment in considering the value, frequency, the recipient or provider, and the intent of gifts and entertainment. Supervised Persons may not accept any gift or entertainment that might influence their investment decisions or that might make the Supervised Person feel beholden to any person or firm. No Supervised Person may give or accept cash or cash equivalents (Visa and Amex Gift cards), stocks, bonds, notes, loans, or any other evidence of ownership or obligation. In addition, Supervised Persons must not accept entertainment, gifts or other gratuities from individuals seeking to conduct business with GQG, or on behalf of an advisory client, unless in compliance with the Gift & Entertainment Restrictions discussed below. If there is a question regarding gifts and entertainment, it should be reviewed by the CCO or designee. The CCO or designee may make exceptions to this provision (including in consultation with outside legal counsel if he or she deems advisable), but should not be expected to, and no decision not to provide for an exception shall be escalated, retaliated against in any way, or otherwise be the subject of a formal or informal complaint.

Normal business entertainment, which include occasional meals, tickets to theatrical performances, sporting events and other events at which representatives of both the giver and recipient are in attendance, and which meet the guidelines below, is generally not considered a gift under this policy, but are reportable as entertainment. Gifts or entertainment will not be so frequent or extensive as to raise any questions regarding GQG's ethical conduct or performance of fiduciary obligations, irrespective of the value of such activity. For an activity to qualify as entertainment a GQG Supervised Person as well as the person providing the Entertainment must be in attendance.

● **Receiving Entertainment:** No Supervised Person should knowingly accept any entertainment other than normal business entertainment, without the approval of his/her manager and the CCO or designee. Types of entertainment which may be considered outside of normal business entertainment would be tickets to exclusive events (e.g. Superbowl, World Series, World Cup or other events of this nature).

<sup>39</sup> GQG Partners (Australia) Pty Ltd employees should also consult the Compliance Annex for additional gift and entertainment procedures.

<sup>40</sup> GQG Partners employees associated with a third party, i.e., IQEQ, ACA/ Foreside, etc. need to ensure they adherence to the third party's requirements in addition to those related to GQG.

● **Receiving Gifts & Entertainment from Securities Brokers, Commodities Brokers and Transaction Counterparties:** No Supervised Person shall accept any gift from any securities broker, commodities broker or transaction counterparty. No Supervised person shall accept any entertainment from any securities broker, commodities broker or transaction counterparty other than normal business meals without the approval of his/her manager and the CCO or designee.

● **Receiving Gifts:** No Supervised Person shall knowingly directly or indirectly accept in any one year any gift(s) with a total value (in the aggregate) in excess of US$100 from anyone having a business and/or professional relationship with GQG or any of its affiliates without disclosure to and approval by the CCO or designee. <u>Note</u>: Some entertainment, discounts or special deals may be considered gifts within the meaning of this policy. All questions regarding the policy should be directed to the CCO or designee.

● **Giving Gifts:** No Supervised Person shall knowingly directly or indirectly give in any one year any gift(s) with a total value (in the aggregate) in excess of US$100 to any person, or the principal, proprietor, employee, agent or representative of another person ("Other Person"), if the person or the Other Person (as the case may be) has a business or professional relationship with GQG or any of its affiliates without disclosure to and approval by the CCO or designee.

● **Giving Entertainment:** No Supervised Person shall knowingly provide business entertainment other than normal business entertainment as described above, without the approval of his/her manager and the CCO or designee. Types of entertainment which may be considered outside of normal business entertainment would be tickets to exclusive events (e.g. Superbowl, World Series, World Cup or other events of this nature).

● **Union officials, ERISA plan fiduciaries and government officials:** No Supervised Person shall provide any gift or entertainment to any union officials, ERISA plan fiduciaries or any government officials or government employees, or designees, without the *<u>prior</u>* written consent of the CCO. Any gifts and entertainment provided to union officials, ERISA plan fiduciaries, government officials or government employees, regardless of value, must be reported to the CCO (even if pre- approved) in order to facilitate compliance with various federal, state and municipal requirements and with Department of Labor Form LM-10 requirements, pursuant to the Labor-Management Reporting and Disclosure Act of 1959 (LMRDA).

● **Foreign Corrupt Practices Act of 1977 ("FCPA")**: GQG has implemented a policy regarding the FCPA. Supervised Persons must comply at all times with the FCPA. The FCPA anti-bribery section prohibits payments, offers, or gifts of money or anything of value, with corrupt intent, to a foreign official in order to obtain or retain business or to secure an improper advantage anywhere in the world. The prohibition applies whether an item would benefit the official directly or another person, such as a family member, friend or business associate. Supervised Persons are required to comply with GQG's FCPA Policy. Facilitation payments are prohibited.

● **Valuation of Gifts:** The valuation of a gift is either the market price or its face value, whichever is higher. In the event a gift valued at more than US$100 is received by a Supervised Person, the gift should be promptly returned unless the gift is perishable in nature, than the contents maybe shared with the office location for which it was delivered. The valuation of a gift may exclude tax and shipping costs.

**<u>Reporting Requirements</u>**

● Reporting of Gifts: Supervised Persons must report all gifts given or received which are not considered nominal <sup>41</sup> value in nature. Examples of nominal gifts not subject to disclosure are branded items, such as stress balls, mugs, etc.

● Reporting of Entertainment: Supervised Persons must report all entertainment given or received which has a value of greater than $100 per person.

<sup>41</sup> The Firm considers gifts of de minimis value (e.g. pens, notepads or modest ornaments) or promotional items that display the firm's logo (e.g. umbrellas, tote bags or shirts) below $25.00 as "nominal".

## Ex-99.P

Ex. 99.28(p)(28)

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**CODE OF ETHICS AND PERSONAL TRADING POLICY**

August 2025

<u>APPLIES TO:</u>

● Lord, Abbett & Co. LLC and its affiliates

● Lord Abbett Distributor LLC

● Lord Abbett Funds

<u>RISKS ADDRESSED BY THIS POLICY</u>

● Client accounts are harmed due to fraudulent and/or deceptive personal trading by Employees

<u>RELEVANT LAW AND OTHER SOURCES</u>

● Rule 17j-1 under the Investment Company Act

● Rule 204A-1 under the Investment Advisers Act

● Section 204A of the Investment Advisers Act

<u>RELATED POLICIES AND PROCEDURES</u>

● Gifts and Entertainment Policy

● Insider Trading Policy

● Outside Business Activities Policy

● U.S. Political Contributions and Activities Policy

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;I. <u>SCOPE</u> 

This Code of Ethics and Personal Trading Policy (the "Code") sets forth the standards of business conduct expected of all (i) partners and employees of Lord Abbett and their Family Members (as defined in Section V); (ii) officers, directors and employees of the Lord Abbett Funds; and (iii) contractors, consultants, and any other personnel who are determined to be Access Persons and have been notified by Global Compliance that they are subject to this Code (collectively referred to as "Employees") in connection with their personal trading transactions.

This Code is designed to:

● reflect the fiduciary duty of Lord Abbett to its clients;

● address compliance with the rules and regulations applicable to Lord Abbett's business, including, but not limited to Rule 204A-1 under the Investment Advisers Act and Rule 17j-1 under the Investment Company Act ("Rule 17j-1");

● address certain regulatory, business and ethical conflicts as they relate to Employee personal trading transactions;

● minimize the potential of a personal trading transaction that a regulatory agency would view as inconsistent with Lord Abbett's role as a fiduciary;

● avoid situations in which it might appear that an Employee might benefit personally at the expense of a client or a Lord Abbett Fund shareholder or take inappropriate advantage of their fiduciary position; and

● detect and prevent the misuse of material, non-public information.

This policy is proprietary and may not be distributed to, or shared with, any third-parties, unless required by applicable law or approved by Lord Abbett Global Compliance.

![](exp28_lordabbetcoe001.jpg)

**CODE OF ETHICS AND PERSONAL TRADING POLICY**

All Employees subject to this Code are designated as "Access Persons" as that term is defined under Rule 17j-1. The Independent Directors/Trustees of the Lord Abbett Funds are subject only to the requirements of the Policy set forth in Exhibit A.

Lord Abbett, the Lord Abbett Advisers, Lord Abbett Distributor LLC and the Lord Abbett Funds have each adopted this Code to ensure that the personal trading activities of Employees are conducted in compliance with the applicable provisions of law and regulation and in a manner consistent with the firm's responsibilities to its clients.

Certain terms used in this Code are defined in Section V.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;II. <u>STANDARDS OF BUSINESS CONDUCT</u> 

Lord Abbett has established a *Code of Business Principles* that sets standards expected of all Employees and provides the framework for conducting business in a fair and ethical manner. Consistent with the *Code of Business Principles*, Lord Abbett and each Employee have a fiduciary duty to always act in the best interests of clients. Employees must comply with applicable legal requirements, securities laws, the *Code of Business Principles*, this Code and related policies and procedures.

**Addressing conflicts of interest**

Conflicts of interest may arise between clients, between clients and Lord Abbett, and between clients and Employees. Lord Abbett takes reasonable steps to identify and manage conflicts. It is the responsibility of each Employee to disclose to Global Compliance all material conflicts of which they are aware and to act in a manner consistent with the letter and the spirit of this Code. Conflicts or potential conflicts of interest involving an Employee's behavior may arise through, among other activities, an Employee's personal trading transactions, outside business activities, political contributions and activities and the exchange of gifts and business entertainment.

*Outside business activities*

Employees may wish to engage in business activities outside of Lord Abbett. Outside business activities are permissible, as long as the activity has been approved by the Employee's manager and Global Compliance and does not conflict with, or appear to conflict with, their duties on behalf of Lord Abbett. Refer to the *Outside Business Activities Policy* for more information.

*Gifts and business entertainment*

Gifts and business entertainment are key components to establishing and maintaining business relationships with clients and business partners. Employees may offer, give, provide, or accept gifts or business entertainment as long as such gift or entertainment:

● is reasonable and customary under the circumstances;

● is not lavish in value, unique in nature, or excessive in frequency;

● is not, and cannot be construed as, a bribe, payoff, or kickback to obtain or retain business;

● is an appropriate reimbursable business expense (in the case of a gift or business entertainment given); and

● does not violate any applicable law or regulation.

This policy is proprietary and may not be distributed to, or shared with, any third-parties, unless required by applicable law or approved by Lord Abbett Global Compliance.

![](exp28_lordabbetcoe001.jpg)

**CODE OF ETHICS AND PERSONAL TRADING POLICY**

Refer to the *Gifts and Entertainment Policy* for more information.

*Political contributions and activities*

Employees wishing to participate in the political process must obtain pre-clearance for their political contributions and activities in support of candidates for political office in the U.S. Political contributions and political activities undertaken by Employees must always be lawful and consistent with Lord Abbett policies.

Employees may not:

● coordinate or solicit third parties to make a contribution or payment to any candidate, officeholder, political party, political action committee, political organization or bond ballot campaign in the U.S.

● do anything indirectly that, if done directly, would violate Lord Abbett policies or applicable regulation.

Refer to the *U.S. Political Contributions and Activities Policy* for more information.

*Personal trading transactions*

An Employee's personal trading transactions may present an actual, potential or apparent conflict or other risk that could harm Lord Abbett, its clients or the shareholders in the Lord Abbett Funds. In order for Lord Abbett to identify and manage the conflicts and risks associated with Employee personal trading, Employees must disclose their personal brokerage accounts and holdings, and conduct approved personal trading transactions in accordance with the requirements of this Code.

Employees may not:

● trade a security or instrument in their personal account if it is on the Restricted List;

● improperly benefit personally by causing a client to act, or fail to act, in making investment decisions;

● profit, or cause others to profit, based on their knowledge of completed or contemplated client transactions;

● transact while aware of material, non-public information regarding the issuer, security or instrument; or

● engage in personal trading transactions that conflict with the interests of clients, the parameters set by this Code, or the restrictions imposed by Restricted Lists.

Employees must contact Global Compliance for guidance if they believe that a perceived or actual conflict may arise under any of the activities described above or otherwise.

This policy is proprietary and may not be distributed to, or shared with, any third-parties, unless required by applicable law or approved by Lord Abbett Global Compliance.

![](exp28_lordabbetcoe001.jpg)

**CODE OF ETHICS AND PERSONAL TRADING POLICY**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;III. <u>EMPLOYEE PERSONAL TRADING</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. <u>Account Disclosure and Reporting Requirements</u> 

A personal trading account subject to this Code (a "Personal Account") is generally defined as an account that satisfies one of the following conditions:

● the Employee or their Family Member (as defined in Section V) is a direct or Beneficial Owner of the account;  **<u>OR</u>** 

● the Employee or their Family Member Controls or directs trading for another person or entity, even if they are not the Beneficial Owner of the account;

**<u>AND</u>**

the account invests in or has the ability to invest in or hold Securities (as defined in Section V).

**Initial Disclosure of Existing Accounts**

Employees must disclose all their Personal Accounts and the accounts of their Family Members (including Managed Accounts) maintained with any broker, dealer, investment adviser, bank or other financial institution via the Code of Ethics app. Such disclosure must take place within <u>ten calendar days</u> after becoming subject to the Code.

**Disclosure of New Accounts**

Employees may open a new Personal Account as long as the financial institution is on the Approved List and should disclose the account via the Code of Ethics app as soon as they have the account number. Employees wishing to open an account with a firm that is not on the Approved List must contact personaltrading@lordabbett.com before they open the account. Employees outside the U.S. may be permitted to maintain accounts with financial institutions that are not on the Approved List. Such Employees should contact personaltrading@lordabbett.com before they disclose their accounts in the Code of Ethics app. The current Approved List shall be posted in the Code of Ethics app<u>.</u>

Employees who are asked to close Personal Accounts maintained with firms that are not on the Approved List will generally have 60 days to do so.

For the avoidance of doubt, Employees are not permitted to open or maintain margin accounts.

**Exceptions to the Account Reporting Requirement**

The following accounts are not subject to reporting to Global Compliance and are not subject to the provisions of the Code:

● Lord Abbett-sponsored health savings accounts; and

● accounts that can only hold open-end mutual funds advised by a third-party (*e.g.*, certain 529 plans).

This policy is proprietary and may not be distributed to, or shared with, any third-parties, unless required by applicable law or approved by Lord Abbett Global Compliance.

![](exp28_lordabbetcoe001.jpg)

**CODE OF ETHICS AND PERSONAL TRADING POLICY**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. <u>Holdings Disclosure</u> 

**Initial Disclosure of Holdings**

All Employees must disclose and certify, via Code of Ethics app, all holdings in Securities in which they have a Beneficial Interest or Control (the "Initial Holdings Report") no later than <u>ten calendar days</u> after they become subject to the Code. The term "Securities" includes, but is not limited to:

● individual equity securities, including any derivatives (*e.g.,* options, futures) of these securities;

● bonds, including any derivatives of these securities;

● ETFs, including any derivatives of these securities;

● Private Placements;

● closed-end funds, including business development companies and interval funds; and

● funds advised or sub-advised by a Lord Abbett Adviser.

The Initial Holdings Report must be current as of a date no more than 45 calendar days prior to the date the Employee becomes subject to the Code, and include, among other things:

● the title, number of shares and principal amount of each security;

● the name of the broker, dealer or bank with which the Employee maintains an account in which the Securities are held for the Employee's direct or indirect benefit; and

● the date the Access Person submits the Initial Holdings Report.

The following Securities and instruments are <u>not subject to reporting</u>:

● bankers' acceptances, bank certificates of deposit and commercial paper;

● currency;

● cryptocurrency;

● direct obligations of the U.S. government;

● open end mutual funds, including money market funds and UCITS advised by a third party;

● variable insurance products that invest in third-party funds; and

● securities held in a Managed Account.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C. <u>Transaction Reporting</u> 

As long as a Personal Account is maintained with a firm on the Approved List, no additional transaction reporting is required. If transactions are not feeding electronically, the Employee shall be required to upload transaction data or account statements via the Code of Ethics app on a quarterly basis.

**Exceptions to the Transaction Reporting Requirements**

 ****

● *Managed Accounts*. A Managed Account is a securities account for which an Employee has completely relinquished decision-making authority to a professional money manager (who is not a Family Member and not otherwise subject to this Code) and over which the Employee has no direct or indirect influence or Control. When disclosing Managed Accounts, Employees shall be required to provide Global Compliance with a Managed Account Certification, or its equivalent, executed by the adviser to the Managed Account.

This policy is proprietary and may not be distributed to, or shared with, any third-parties, unless required by applicable law or approved by Lord Abbett Global Compliance.

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**CODE OF ETHICS AND PERSONAL TRADING POLICY**

● *Robo Adviser Accounts*. Accounts held through a robo-adviser platform that invest solely in third party collective investment vehicles that are not advised by a Lord Abbett Adviser. Transactions effected in such accounts do not need to be reported. Questions on whether an account is classified as a robo-adviser should be directed to Global Compliance.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;D. <u>Pre-Clearance Requirements</u> 

Except as noted below, Employees shall pre-clear all transactions involving Securities held in their Personal Accounts via the Code of Ethics app and must refrain from executing the transaction until they are notified that it has been approved. **Approval shall be denied if an Employee is requesting to trade in a Security that is on the Restricted List.**

<u>The following transactions are exempt from the pre-clearance requirement:</u>

● purchases or sales effected in a Managed Account (except that investments in Private Placements in a Managed Account require pre-clearance);

● purchases or sales of Broad-based ETFs (as defined in Section V);

● purchases or sales of closed-end funds;

● purchases or sales of shares of ETNs (as defined in Section V);

● purchases or sales of shares of Lord Abbett Funds;

● purchases or sales of money market instruments;

● purchases or sales of unit investment trusts;

● purchases or sales of open end mutual funds;

● purchases or sales of U.S. government and agency securities; and

● purchases of Securities that are made involuntarily, such as:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o securities received pursuant to a dividend reinvestment plan;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o securities received as part of employment compensation (except that the disposition
of such Securities requires pre-clearance);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o securities received pursuant to issuer distributions due to stock split or exercise
of rights acquired as part of a *pro rata* distribution to all holders; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o securities acquired or sold pursuant to an automatic investment program in which
regular purchases (or withdrawals) are made according to a predetermined schedule and allocation. For the avoidance of doubt, the initial
set-up of such a program requires pre-clearance.

*Pre-clearance for Private Placements*

Employees must obtain pre-clearance via the Code of Ethics app when investing in a Private Placement, including purchasing limited partnership interests. When requesting pre-clearance for a new Private Placement, the Employee must provide the Private Placement offering document and complete the information requested in the Private Placement Approval Request.

This policy is proprietary and may not be distributed to, or shared with, any third-parties, unless required by applicable law or approved by Lord Abbett Global Compliance.

![](exp28_lordabbetcoe001.jpg)

**CODE OF ETHICS AND PERSONAL TRADING POLICY**

An Employee who has invested in a Private Placement and who later anticipates participating in an investment decision regarding the purchase or sale of securities or a financing of the issuer of that Private Placement or its affiliates on behalf of any Lord Abbett Adviser client, must immediately notify Global Compliance for further review.

*Duration of Pre-clearance Approval*

Pre-clearance approval is valid until the end of the second business day after the date of approval, (*e.g*., if approval is communicated on Monday, the Employee has until close of business on Wednesday to act on executing the trade). Pre-clearance approval for Private Placements may take additional time to review and will generally be valid for 90 calendar days. Any trades not executed within the prescribed timeframe after approval is granted must be re-submitted for approval.

Refer to <u>Exhibit B</u> for additional pre-clearance requirements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;E. <u>Special Requirements for Investment Professionals</u> 

Investment Professionals may not:

● transact in any Security in their Personal Account if they have knowledge of client activity or potential client activity in, or have recommended, the same Security; or

● trade in any Security **seven calendar days** before or **seven calendar days** after the same Security is traded for a client account.

If an Investment Professional obtained approval for a purchase or sale of a Security for their Personal Account, and a purchase or sale of the same Security for a client account, is effected within seven calendar days following the Investment Professional's personal transaction, the personal transaction may be subject to a price adjustment and/or disgorgement of profits.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;F. <u>Holding Period Requirements</u> 

Employees are prohibited from selling ETFs, closed end funds, and any Security the purchase of which was subject to pre-clearance from their Personal Account **within 30 calendar days** following the purchase of such Security or ETF. Lord Abbett Funds are also subject to a holding period as specified below. Refer to Exhibit B for additional information regarding the holding period.

The holding period restriction does not apply to:

● transactions effected in a Managed Account;

● sales of Securities made involuntarily, such as those made pursuant to an automatic withdrawal program (note: the initial set-up of such a program requires pre-clearance);

● sales of open end mutual funds (other than Lord Abbett open end mutual funds – see below);

● sales of U.S. Government and agency securities; or

● sales of money market instruments.

This policy is proprietary and may not be distributed to, or shared with, any third-parties, unless required by applicable law or approved by Lord Abbett Global Compliance.

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**CODE OF ETHICS AND PERSONAL TRADING POLICY**

*Holding Period for the Lord Abbett Family of Funds*

Employees must comply with the provisions of the holding restrictions set forth in the prospectus for the applicable Lord Abbett Fund or Sub-Advised Fund, typically 30 calendar days. The holding restriction does not apply to shares of a Lord Abbett money market fund or the Lord Abbett Ultra Short Bond Fund.

Please note that there are two exceptions to this holding period requirement.

● The minimum 30-day holding period does not apply to shares of a Lord Abbett Fund that are exchanged for shares of a newly-offered Lord Abbett Fund for a period of up to 90 days after the newly-offered Lord Abbett Fund first accepts investments; and

● Regular, recurring/automatic contributions (such as in your 401(k)) are exempt from the 30-day holding period calculation.

The holding period requirements are calculated on a "first in, first out" basis. Profits realized from a violation of these restrictions will generally be disgorged to charity and violations shall nevertheless be subject to the Violations and Sanction section below.

Refer to <u>Exhibit B</u> for additional holding period requirements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;G. <u>Additional Trading Restrictions/Considerations</u> 

Employees are prohibited from:

● Transacting in Securities for which orders have been placed by a Lord Abbett Adviser. This prohibition may not apply to purchases and sales of Securities that comply with certain specifications (*e.g*., a small number of shares of stocks with large market capitalizations), as may be determined from time to time by Global Compliance. **For the avoidance of doubt, pre-clearance is still required, even if the transaction is within the exception parameters**.

● Engaging in personal trading that, in the discretion of the Global Chief Compliance Officer, in consultation with the Employee's manager where appropriate, is excessive or that compromises Lord Abbett's fiduciary duty to clients.

● Engaging in front running.

● Trading while in possession of material, non-public information about the issuer of the Security (see the *Insider Trading Policy*).

● Purchasing securities in an initial public offering.

● Participating in an investment club.

● Participating in an initial coin offering.

● Transacting in Securities on a Restricted List.

● Wagering or betting related to individual securities or financial indices or instruments. Furthermore, establishing an account with or engaging in activity on a prediction market is prohibited.

This policy is proprietary and may not be distributed to, or shared with, any third-parties, unless required by applicable law or approved by Lord Abbett Global Compliance.

![](exp28_lordabbetcoe001.jpg)

**CODE OF ETHICS AND PERSONAL TRADING POLICY**

*Limit Orders*

Limit orders are discouraged in light of the fact that pre-clearance approval is valid for two business days after the day it was granted. Employees are encouraged to use "day" limit orders.

*Stock Options*

The following rules apply to stock options received or exercised by an Employee's spouse or domestic partner who is a director or employee of, or a consultant to, a company providing such options:

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Pre-approval and Reporting Required** | &nbsp;&nbsp;**Preapproval and Reporting Not Required** |
| &nbsp;&nbsp;Sale of underlying securities in connection with "cashless" exercise of options by spouse/ domestic partner | &nbsp;&nbsp;Receipt of options by spouse/domestic partner |
| &nbsp;&nbsp;Sale of underlying securities after initial "cash exercise" of options by spouse/domestic partner | &nbsp;&nbsp;Exercise of options without sale of underlying securities by spouse/domestic partner |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;H. <u>Certification Requirements</u> 

Employees must attest to receipt and understanding of the Code:

● upon becoming subject to it;

● on an annual basis; and

● whenever material amendments to the Code are made.

*Quarterly Certification Requirements*

Within 30 days after the end of each calendar quarter, Employees shall certify that all transactions effected in Securities during the quarter in their accounts have been recorded accurately in the Code of Ethics app.

*Annual Certification Requirements*

Employees must certify annually, that, among other things, their securities accounts, holdings and transactions are accurately disclosed. This requirement does not apply to Managed Accounts. Employees with Managed Accounts shall provide a separate certification.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;I. <u>Administration</u> 

*In General*

Global Compliance shall be responsible for administering and monitoring Employee adherence to the Code, including reviewing disclosures, providing training and identifying violations. From time to time, situations may arise with respect to certain provisions of this Code that require interpretation. Employees may contact personaltrading@lordabbett.com for clarification regarding the applicability, meaning or administration of this Code, in advance of any contemplated transaction and should not proceed until they receive a response.

This policy is proprietary and may not be distributed to, or shared with, any third-parties, unless required by applicable law or approved by Lord Abbett Global Compliance.

![](exp28_lordabbetcoe001.jpg)

**CODE OF ETHICS AND PERSONAL TRADING POLICY**

*Material Changes*

Material changes to the Code shall be approved by the Standards & Practices Committee, which shall also serve as a point of escalation for matters relating to the Code. Material changes to the Code shall also be approved by the board of trustees/directors of each Lord Abbett Fund, including a majority of the Independent Trustees/Directors. Approval of any material change to the Code by the board of trustees/directors of the Lord Abbett Funds shall be obtained within six months after the change is implemented.

*CCO Reporting*

At least annually, the Chief Compliance Officer of the Lord Abbett Funds shall provide:

● a report to the boards of trustees/directors of each Lord Abbett Fund that describes any issues arising under the Code, including, but not limited to, information about material violations of the Code or procedures and sanctions imposed in response to material violations; and

● a certification that the Lord Abbett Funds and Lord Abbett have each adopted procedures reasonably designed to prevent Employees from violating the Code.

*Recordkeeping*

Records shall be retained in accordance with the requirements of Rule 17j-1(f) under the Investment Company Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;J. <u>Violations and Sanctions</u> 

Violations are taken seriously and may result in sanctions or other consequences, including one or more of the following:

● a letter of education;

● disgorgement of profit;

● a suspension of trading privileges;

● termination of employment; or

● any other sanction as may be determined by Global Compliance.

Employees are required to self-report to Global Compliance if they believe they have violated the Code.

Global Compliance applies a rolling two-year look-back period when tracking violations of the Code. All violations of the Code shall be reported to the boards of trustees/directors of the Lord Abbett Funds and any other applicable board or client, upon request.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;IV. <u>EXCEPTIONS</u> 

Exceptions to the Code may be granted in the discretion of the Global Chief Compliance Officer. All exceptions will be considered on a case-by-case basis once it is determined that the proposed conduct involves no opportunity for abuse and does not conflict with the interests of clients.

This policy is proprietary and may not be distributed to, or shared with, any third-parties, unless required by applicable law or approved by Lord Abbett Global Compliance.

![](exp28_lordabbetcoe001.jpg)

**CODE OF ETHICS AND PERSONAL TRADING POLICY**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;V. <u>DEFINED TERMS</u> 

***Access Persons*** means:

● Any partner or employee (including a contingent worker, contractor, consultant, or any other personnel who has access to client trading information or been notified by Global Compliance that they are subject to this Code) of Lord Abbett, the Lord Abbett Funds (except the Independent Directors/Trustees of the Lord Abbett Funds);

● Any person employed by Lord Abbett who, in connection with their regular functions or duties:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o makes, participates in, obtains or has access to non-public information regarding the purchase or sale
of securities or instruments by any Lord Abbett Adviser client;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o has access to non-public information regarding the holdings of any Lord Abbett Adviser client or of
any issuer of such securities or instruments; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o makes recommendations with respect to the purchases or sales of securities for a Lord Abbett Adviser
client; or

● Any other person classified as such by Global Compliance.

***Approved List*** means a financial institution that agrees to provide Global Compliance with an automated data feed of the transactions effected in an Employee's personal securities account. The Approved List will be available to Employees in the Code of Ethics app.

***Beneficial Owner*** means an individual with the opportunity, directly or indirectly, through any contract, arrangement, understanding, relationship or otherwise, to share at any time in any economic interest or profit derived from ownership of or a transaction in a security. An Employee may be deemed to be the Beneficial Owner of securities belonging to others and not registered in their name. The SEC will presume that a person Beneficially Owns securities held by a Family Member who shares their household or securities held by a trust of which the individual is a beneficiary or a trustee with investment Control. An Employee is not considered to be the Beneficial Owner of a 401(k) account, individual retirement account or a transfer upon death account of a Family Member for which they are solely a named beneficiary, assuming the Employee does not reside with the Family Member and does not have the ability to Control and/or direct transactions in such account.

***Broad-based ETF*** means an exchange traded fund that is <u>not</u> a Narrow ETF (see definition below).

***Control*** means the power to exercise a controlling influence over the management or policies of a company. Ownership of more than 25% of a company's outstanding voting securities is presumed to give the holder thereof Control over the company.

***Employee*** means any person who is a partner or employee (or Family Member of a partner or employee) of Lord Abbett; or an officer, director or employee of the Lord Abbett Funds; or a contractor, consultant, or any other person who has been deemed to be an Access Person and been notified by Global Compliance that they are subject to this Code. For the avoidance of doubt, the term "Employee" also includes those interns who are determined to be Access Persons.

This policy is proprietary and may not be distributed to, or shared with, any third-parties, unless required by applicable law or approved by Lord Abbett Global Compliance.

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**CODE OF ETHICS AND PERSONAL TRADING POLICY**

***ETF*** *means* an exchange-traded fund.

***ETN*** means an exchange-traded note.

***Family Member*** means the Employee's spouse, domestic partner, parent, stepparent, child, stepchild, sibling, grandparent, grandchild, or in-law (including mother, father, sister, brother, daughter or son) as well as adoptive relationships <u>sharing the same household as the Employee</u>. For the avoidance of doubt, this definition includes children who reside in the Employee's home while not attending college but does not include an Employee's adult children who no longer share the Employee's home.

***Independent Directors/Trustees*** means those directors/trustees of the Lord Abbett Funds who are not deemed to be "interested persons" (as defined in Section 2(a)(19) of the Investment Company Act) of Lord, Abbett & Co. LLC or the Lord Abbett Funds.

***Investment Advisers Act*** means the U.S. Investment Advisers Act of 1940, as amended.

***Investment Company Act*** means the U.S. Investment Company Act of 1940, as amended.

***Investment Professional*** means an Employee who is also:

● a portfolio manager;

● a securities analyst or trader who provides information and advice to a portfolio manager or who assists in the execution of a portfolio manager's investment decisions;

● any other person who, in connection with their duties, makes or participates in making recommendations regarding the purchase or sale of securities in a client account;

● any Employee who works directly with a portfolio manager or in the same department as the portfolio manager and is likely to be exposed to sensitive information relating to the accounts for which that portfolio manager has responsibility; or

● any Employee who has been notified by Global Compliance that, for purposes of this Policy, they have been designated as an Investment Professional due to the nature of the Employee's duties and functions.

***Lord Abbett*** means Lord, Abbett & Co. LLC, an investment adviser registered with the SEC, and its affiliates, including the Lord Abbett Advisers and Lord Abbett Distributor LLC.

***Lord Abbett Advisers*** means Lord, Abbett & Co. LLC and its advisory affiliates.

***Lord Abbett Funds*** means collectively, (i) the family of open end mutual funds registered with the SEC and advised by a Lord Abbett Adviser and (ii) the family of funds consisting of: (a) closed-end investment companies that have elected to be regulated as business development companies under the Investment Company Act and advised by a Lord Abbett Adviser, and (b) the closed-end interval funds registered under the Investment Company Act and advised by a Lord Abbett Adviser.

***Managed Account*** means a Personal Account that meets the following requirements:

● The Employee has no direct or indirect influence or control over purchase or sale decisions.

This policy is proprietary and may not be distributed to, or shared with, any third-parties, unless required by applicable law or approved by Lord Abbett Global Compliance.

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**CODE OF ETHICS AND PERSONAL TRADING POLICY**

● The Employee has delegated all investment discretion to an independent third party or fiduciary.

● The Employee does not share or retain any discretion over purchase and sale decisions for the account:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o the Employee does not suggest purchases or sales of investments to the third party or fiduciary;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o the Employee does not direct purchases or sales of investments.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o the Employee does not consult with the fiduciary or third party regarding the particular allocation
of investments in the account.

***Managed Account Certification*** means the document executed by the adviser to a Managed Account that generally states that:

● the Employee has no investment discretion/decision-making over the account;

● the adviser has not consulted with the Employee as to the allocation of specific securities to be made in the account

● the Employee does not have the ability, directly or indirectly, to influence or control the adviser.

***Narrow ETF*** means an exchange traded fund that: (i) has 20 or fewer holdings; <u>or</u> (ii) is concentrated in a specific sector or industry (*e.g.*, energy, healthcare, financial services).

***Private Placement*** means an offering of securities (*e.g.,* hedge fund, private equity fund, venture capital fund) that is exempt from registration by a regulatory authority and sold through a private offering. For the avoidance of doubt, investments made: (i) in a small business sourced through family, friends or any referral source; and (ii) through a crowdfunding site that matches entrepreneurs with investors through which investors receive an equity stake in the business, are considered Private Placements.

***Restricted List*** means the list of issuers maintained by Global Compliance for which Lord Abbett or an Employee may be in possession of material, non-public information.

***SEC*** means the U.S. Securities and Exchange Commission.

***Security*** means, except as noted below:

● generally, any investment, instrument, asset or holding, whether publicly or privately traded, any ETF, ETN or closed end fund and any option, future, forward contract, listed depositary receipt (*e.g.,* American Depositary Receipts, American Depositary Shares, Global Depositary Receipts) or any other obligation involving securities, a commodity, or an index thereof, including an instrument whose value is derived thereof ("derivative");

● funds advised by a Lord Abbett Adviser; and

● Sub-Advised Funds.

This policy is proprietary and may not be distributed to, or shared with, any third-parties, unless required by applicable law or approved by Lord Abbett Global Compliance.

![](exp28_lordabbetcoe001.jpg)

**CODE OF ETHICS AND PERSONAL TRADING POLICY**

The term Security <u>does not include</u>:

● shares of a registered open-end mutual fund, shares of a money market fund that holds itself out as a money market fund under Rule 2a-7 of the Investment Company Act, or shares of a unit investment trust that invests exclusively in registered open-end investment companies;

● securities issued by the U.S. government, its agencies, instrumentalities and government sponsored enterprises;

● bankers' acceptances, bank certificates of deposit, commercial paper, short-term debt instruments (including repurchase agreements) provided such debt instruments have a maturity at the date of issuance of less than 366 calendar days;

● insurance contracts, including life insurance or annuity contracts;

● cryptocurrency;

● direct investments in real estate, private franchises or similar ventures; and

● physical commodities (including foreign currencies)

***Sub-Advised Fund*** means a mutual fund sponsored by a third party and advised or sub-advised by a Lord Abbett Adviser.

This policy is proprietary and may not be distributed to, or shared with, any third-parties, unless required by applicable law or approved by Lord Abbett Global Compliance.

![](exp28_lordabbetcoe001.jpg)

**CODE OF ETHICS AND PERSONAL TRADING POLICY**

**EXHIBIT A**

**CODE OF ETHICS AND PERSONAL TRADING POLICY**

**Provisions Applicable to Independent Directors/Trustees of the Lord Abbett Funds**

The Independent Directors/Trustees of the Lord Abbett Funds (the "Independent Board Members") are not subject to the Code except to the extent set forth below.

*In General*

The Lord Abbett Advisers make every effort to ensure that the Independent Board Members do not receive information that will subject their personal securities transactions to the requirements of the Code; therefore, Independent Board Members generally are not required to obtain pre-clearance to purchase or sell Securities, or to submit holdings and transaction reports.

However, no Independent Board Member shall in connection with the purchase or sale, directly or indirectly, of a Security held or to be acquired by one of the Lord Abbett Funds:

● employ any device, scheme or artifice to defraud a Fund;

● make any untrue statement of a material fact to a Fund or omit to state a material fact necessary in order to make the statements made to the Fund, in light of the circumstances under which they are made, not misleading;

● engage in any act, practice or course of business that operates or would operate as a fraud or deceit on the Fund; or

● engage in any manipulative practice with respect to the Fund.

*Quarterly Transaction Reporting Requirement*

Independent Board Members are required to submit a quarterly transaction report to Global Compliance (personaltrading@lordabbett.com) when they know or reasonably should have known at the time of a transaction in a particular Security that a Lord Abbett Fund was transacting or considering a transaction in that Security during the 15-day period immediately before or after the date of the transaction by the Lord Abbett Fund. If the Independent Board Member enters into that transaction, they must report all securities transactions effected during the quarter for their Personal Account or for any account that would be in scope under the Code in the manner required by Rule 17j-1(d)(ii).

*Other Board Positions*

Prior to becoming a director of any public company, Independent Board Members must inform the Legal Department to discuss whether accepting such appointment will create any conflict of interest or other issues.

*Annual Certifications*

Independent Board Members are required to annually certify to their compliance with Exhibit A to the Code.

This policy is proprietary and may not be distributed to, or shared with, any third-parties, unless required by applicable law or approved by Lord Abbett Global Compliance.

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**CODE OF ETHICS AND PERSONAL TRADING POLICY**

**EXHIBIT B**

**PRE-CLEARANCE/REPORTING/30-DAY HOLD MATRIX**

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Pre-Clearance Required?** | &nbsp;&nbsp;**Reporting Required?** | &nbsp;&nbsp;**Subject to 30 Day Hold?** |
| &nbsp;&nbsp;**Stocks/Bonds/Derivatives** | &nbsp;&nbsp;**Stocks/Bonds/Derivatives** | &nbsp;&nbsp;**Stocks/Bonds/Derivatives** | &nbsp;&nbsp;**Stocks/Bonds/Derivatives** |
| &nbsp;&nbsp;Equity securities (common and preferred stock) | &nbsp;&nbsp;Yes | &nbsp;&nbsp;Yes | &nbsp;&nbsp;Yes |
| &nbsp;&nbsp;American Depositary Receipts | &nbsp;&nbsp;Yes | &nbsp;&nbsp;Yes | &nbsp;&nbsp;Yes |
| &nbsp;&nbsp;Fixed income securities | &nbsp;&nbsp;Yes | &nbsp;&nbsp;Yes | &nbsp;&nbsp;Yes |
| &nbsp;&nbsp;Corporate and municipal bonds | &nbsp;&nbsp;Yes | &nbsp;&nbsp;Yes | &nbsp;&nbsp;Yes |
| &nbsp;&nbsp;Convertible bonds | &nbsp;&nbsp;Yes | &nbsp;&nbsp;Yes | &nbsp;&nbsp;Yes |
| &nbsp;&nbsp;High yield bonds | &nbsp;&nbsp;Yes | &nbsp;&nbsp;Yes | &nbsp;&nbsp;Yes |
| &nbsp;&nbsp;Foreign government issued securities | &nbsp;&nbsp;Yes | &nbsp;&nbsp;Yes | &nbsp;&nbsp;Yes |
| &nbsp;&nbsp;Disposition of securities acquired through employee compensation | &nbsp;&nbsp;Yes | &nbsp;&nbsp;Yes | &nbsp;&nbsp;N/A |
| &nbsp;&nbsp;Acquisition of securities through employee compensation | &nbsp;&nbsp;No | &nbsp;&nbsp;Yes | &nbsp;&nbsp;No |
| &nbsp;&nbsp;Exchange traded notes | &nbsp;&nbsp;No | &nbsp;&nbsp;Yes | &nbsp;&nbsp;No |
| &nbsp;&nbsp;Stock dividends and dividend reinvestment plans | &nbsp;&nbsp;No | &nbsp;&nbsp;Yes | &nbsp;&nbsp;No |
| &nbsp;&nbsp;U.S. Government obligations (*e.g.*, Treasuries) | &nbsp;&nbsp;No | &nbsp;&nbsp;No | &nbsp;&nbsp;No |
| &nbsp;&nbsp;Money market instruments | &nbsp;&nbsp;No | &nbsp;&nbsp;No | &nbsp;&nbsp;No |
| &nbsp;&nbsp;IPOs and secondaries | &nbsp;&nbsp;Prohibited | &nbsp;&nbsp;Prohibited | &nbsp;&nbsp;Prohibited |
| &nbsp;&nbsp;**Funds/Collective Investment Products** | &nbsp;&nbsp;**Funds/Collective Investment Products** | &nbsp;&nbsp;**Funds/Collective Investment Products** | &nbsp;&nbsp;**Funds/Collective Investment Products** |
| &nbsp;&nbsp;***Funds advised by a Lord Abbett Adviser*** | &nbsp;&nbsp;***Funds advised by a Lord Abbett Adviser*** | &nbsp;&nbsp;***Funds advised by a Lord Abbett Adviser*** | &nbsp;&nbsp;***Funds advised by a Lord Abbett Adviser*** |
| &nbsp;&nbsp;Closed end funds (including interval funds and business development companies) | &nbsp;&nbsp;No | &nbsp;&nbsp;Yes | &nbsp;&nbsp;Yes |
| &nbsp;&nbsp;Private placements (subsequent capital calls do not require pre-clearance) | &nbsp;&nbsp;Yes | &nbsp;&nbsp;Yes | &nbsp;&nbsp;Yes |
| &nbsp;&nbsp;Mutual funds (open end) | &nbsp;&nbsp;No | &nbsp;&nbsp;Yes | &nbsp;&nbsp;Yes |
| &nbsp;&nbsp;UCITS | &nbsp;&nbsp;No | &nbsp;&nbsp;Yes | &nbsp;&nbsp;No |
| &nbsp;&nbsp;***Funds advised by a third party*** | &nbsp;&nbsp;***Funds advised by a third party*** | &nbsp;&nbsp;***Funds advised by a third party*** | &nbsp;&nbsp;***Funds advised by a third party*** |
| &nbsp;&nbsp;Narrow ETFs (see Section V) | &nbsp;&nbsp;Yes | &nbsp;&nbsp;Yes | &nbsp;&nbsp;Yes |
| &nbsp;&nbsp;Broad-based ETFs (see Section V) | &nbsp;&nbsp;No | &nbsp;&nbsp;Yes | &nbsp;&nbsp;Yes |
| &nbsp;&nbsp;Levered or inverse ETFs | &nbsp;&nbsp;Prohibited | &nbsp;&nbsp;Prohibited | &nbsp;&nbsp;Prohibited |
| &nbsp;&nbsp;Closed end funds (including interval funds and business development companies) | &nbsp;&nbsp;No | &nbsp;&nbsp;Yes | &nbsp;&nbsp;Yes |
| &nbsp;&nbsp;Mutual funds (open-end) and CITs | &nbsp;&nbsp;No | &nbsp;&nbsp;No | &nbsp;&nbsp;No |
| &nbsp;&nbsp;Private Placements (initial investment) | &nbsp;&nbsp;Yes | &nbsp;&nbsp;Yes | &nbsp;&nbsp;Yes |
| &nbsp;&nbsp;Private Placement (subsequent capital calls) | &nbsp;&nbsp;No | &nbsp;&nbsp;No | &nbsp;&nbsp;N/A |
| &nbsp;&nbsp;Unit Investment Trusts | &nbsp;&nbsp;No | &nbsp;&nbsp;Yes | &nbsp;&nbsp;No |

---

This policy is proprietary and may not be distributed to, or shared with, any third-parties, unless required by applicable law or approved by Lord Abbett Global Compliance.

![](exp28_lordabbetcoe001.jpg)

**CODE OF ETHICS AND PERSONAL TRADING POLICY**

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Pre-Clearance Required?** | &nbsp;&nbsp;**Reporting Required?** | &nbsp;&nbsp;**30 Day Hold?** |
| &nbsp;&nbsp;**Options and Futures** | &nbsp;&nbsp;**Options and Futures** | &nbsp;&nbsp;**Options and Futures** | &nbsp;&nbsp;**Options and Futures** |
| &nbsp;&nbsp;Futures or exchange-traded call or put options on currencies, commodities or other than Narrow ETFs | &nbsp;&nbsp;Yes | &nbsp;&nbsp;Yes | &nbsp;&nbsp;Yes |
| &nbsp;&nbsp;Futures or exchange-traded call or put options on equity or fixed income securities | &nbsp;&nbsp;Yes | &nbsp;&nbsp;Yes | &nbsp;&nbsp;Yes |
| &nbsp;&nbsp;Writing covered options on Broad-based ETFs | &nbsp;&nbsp;Yes | &nbsp;&nbsp;Yes | &nbsp;&nbsp;Yes |
| &nbsp;&nbsp;Writing covered options on Narrow ETFs | &nbsp;&nbsp;Yes | &nbsp;&nbsp;Yes | &nbsp;&nbsp;Yes |
| &nbsp;&nbsp;Writing uncovered (naked) options on Broad-based and Narrow ETFs | &nbsp;&nbsp;PROHIBITED | &nbsp;&nbsp;PROHIBITED | &nbsp;&nbsp;PROHIBITED |
| &nbsp;&nbsp;Writing options on equity | &nbsp;&nbsp;PROHIBITED | &nbsp;&nbsp;PROHIBITED | &nbsp;&nbsp;PROHIBITED |
| &nbsp;&nbsp;Writing options on levered/inverse ETFs | &nbsp;&nbsp;PROHIBITED | &nbsp;&nbsp;PROHIBITED | &nbsp;&nbsp;PROHIBITED |
| &nbsp;&nbsp;**Other Securities/Transactions** | &nbsp;&nbsp;**Other Securities/Transactions** | &nbsp;&nbsp;**Other Securities/Transactions** | &nbsp;&nbsp;**Other Securities/Transactions** |
| &nbsp;&nbsp; Commercial paper and similar instruments (bankers' acceptances, certificates of deposit, commercial paper,<br> high quality short-term debt instruments, including repurchase agreements) | &nbsp;&nbsp;No | &nbsp;&nbsp;No | &nbsp;&nbsp;No |
| &nbsp;&nbsp;Currency | &nbsp;&nbsp;No | &nbsp;&nbsp;No | &nbsp;&nbsp;No |
| &nbsp;&nbsp;Cryptocurrency | &nbsp;&nbsp;No | &nbsp;&nbsp;No | &nbsp;&nbsp;No |
| &nbsp;&nbsp;Securities acquired through an automatic investment plan (initial purchase) | &nbsp;&nbsp;Yes | &nbsp;&nbsp;Yes | &nbsp;&nbsp;Yes |
| &nbsp;&nbsp;Securities acquired through an automatic investment plan (subsequent investments) | &nbsp;&nbsp;No | &nbsp;&nbsp;Yes | &nbsp;&nbsp;N/A |
| &nbsp;&nbsp;Securities received via bankruptcy/insolvency/involuntary corporate action | &nbsp;&nbsp;No | &nbsp;&nbsp;Yes | &nbsp;&nbsp;No |
| &nbsp;&nbsp;Short-sales or purchases on margin | &nbsp;&nbsp;PROHIBITED | &nbsp;&nbsp;PROHIBITED | &nbsp;&nbsp;PROHIBITED |
| &nbsp;&nbsp;Initial coin offerings | &nbsp;&nbsp;PROHIBITED | &nbsp;&nbsp;PROHIBITED | &nbsp;&nbsp;PROHIBITED |
| &nbsp;&nbsp;Securities connected to activity prohibited by federal law | &nbsp;&nbsp;PROHIBITED | &nbsp;&nbsp;PROHIBITED | &nbsp;&nbsp;PROHIBITED |
| &nbsp;&nbsp;Securities an Employee is aware are trading/being considered for clients | &nbsp;&nbsp;PROHIBITED | &nbsp;&nbsp;PROHIBITED | &nbsp;&nbsp;PROHIBITED |

---

This policy is proprietary and may not be distributed to, or shared with, any third-parties, unless required by applicable law or approved by Lord Abbett Global Compliance.

## Ex-99.P

Ex. 99.28(p)(29)

![](exp29_mfscoe001.jpg)

Applies to

All MFS full-time, part-time and temporary employees globally

All MFS contractors, interns and co-ops who have been notified by Compliance that they are subject to this policy

All MFS entities

Questions?

iComply@mfs.com

Compliance Helpline, x54290

Ryan Erickson, x54430

Elysa Aswad, x54535

Carrie Arnott, x55971

Joe Peterson, x57574

For more information on administration such as regulatory authority, supervision, interpretation and escalation, monitoring, related policies, amendment or recordkeeping please <u>click this link</u>.

The inherent nature of MFS' services in selecting and trading securities has the potential to create a real or apparent conflict of interest with your personal investing activities. As a result, every individual subject to this policy has a fiduciary duty to avoid taking personal advantage of any knowledge of our clients' investment activities.

Following the letter and spirit of the rules in this policy is central to meeting client expectations and ensuring that we remain a trusted and respected firm.

Personal Investing \| Page 1

Rules That Apply to Everyone

![](exp29_mfscoe002.jpg)

Your fiduciary duty

Always place client interests ahead of your own. You must never:

■ Take advantage of your position at MFS to misappropriate investment opportunities from MFS clients.

■ Seek to defraud an MFS client or do anything that could have the effect of creating fraud or manipulation.

■ Mislead a client.

Account reporting obligations

Make sure you understand which accounts are reportable accounts. To determine whether an account is reportable, ask the following questions:

1 Is the account one of the following? ŭ A brokerage account.

ŭ Any other type of account (such as employee stock option or stock purchase plans or UK Stocks and Shares ISA accounts) in which you have the ability to hold or trade reportable securities (see the list of reportable securities on page 8).

ŭ Any account, including MFS-sponsored retirement or benefit plans, that holds a reportable fund (see definition of reportable fund on page 9 and a list of these funds on iComply).

2 Is any of the following true?

ŭ You beneficially own the account.

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|:---|:---|
| ŭ | The account is beneficially owned by your spouse or domestic partner. |

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|:---|:---|
| ŭ | The account is beneficially owned by another member of your household such as a parent, sibling or child for whom you provide financial support, such as sharing of household expenses. |

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| | |
|:---|:---|
| ŭ | The account is beneficially owned by anyone who you claim as a tax deduction. |

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ŭ The account is controlled (such as via trading authority or power of attorney) by you or another member of your household (other than to fulfill duties of employment) for whom you provide financial support, such as sharing of household expenses.

If you answered "yes" to both questions, the account is reportable.

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|:---|
| &nbsp;&nbsp;&nbsp;**HELPFUL TO KNOW** |
| &nbsp;&nbsp;&nbsp;&nbsp; <br> **Beneficial ownership**<br>The concept of beneficial ownership is broader than that of outright ownership. Anyone who is in a position to benefit from the gains or income from, or who controls, an account or investment is considered to have beneficial ownership. This means that this policy applies not only to you, but to others that share beneficial ownership in these accounts or securities. See examples on page 7. Frequently Asked Questions on the topic can be found <u>here</u>.<br>|

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Ensure that MFS receives account statements for all your reportable accounts. Depending on the type of account or your location, you may need to provide them to Compliance directly.

Promptly report any newly opened reportable account or any existing account that has become reportable (including those at an approved broker). This includes accounts that become reportable accounts through life events, such as marriage, divorce, power of attorney or inheritance.

ADDITIONAL REQUIREMENT FOR US EMPLOYEES

*Does not include interns, contractors, co-ops, or temporary employees*

Maintain your reportable accounts at an approved broker. When you join MFS, if you have accounts at non- approved brokers you must close them or move them to an approved broker (list available on iComply).

In rare cases, if you file a request that includes valid reasons for an exception, we may permit you to maintain a reportable account at a broker not on the approved broker list (for instance, if you have a fully discretionary account).

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|:---|
| &nbsp;&nbsp;&nbsp;**HELPFUL TO KNOW** |
| &nbsp;&nbsp;&nbsp;&nbsp; <br> **Mobile Investing Apps**<br>Many brokerage firms offer apps for mobile devices that allow you to quickly invest in reportable securities. Be aware that these apps are brokerage accounts that are covered by this policy, and all of its rules apply to those accounts as they would to any other brokerage account. Be aware of these rules and be sure to speak with your family or household members about the applicability of this policy when using such apps.<br>|

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Personal Investing \| Page 2

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|:---|
| &nbsp;&nbsp;&nbsp;**HELPFUL TO KNOW** |
| &nbsp;&nbsp;&nbsp;&nbsp; <br> **Discretionary accounts and automatic investment plans**<br>Discretionary accounts (accounts that are managed for you by a third-party registered investment adviser or bank or trust company) and transactions made under an automatic investment plan (such as an Employee Stock Ownership Plan) are reportable, but with approval from Compliance they are:<br>■ exempt from quarterly transaction and annual holdings certifications (though you must still provide account statements).<br>■ exempt from the Access Person and Research Analyst/Institutional Portfolio Manager/Portfolio Manager trading rules (such as the rules concerning pre- clearance and the 60-day holding period, pp. 5–6), but you still must obtain pre-approval before your advisor participates in an IPO or private placement.<br>■ exempt from certain "Ethical Personal Investing" trading rules such as excessive trading and trading of MFS funds (pp. 3–4).<br>Request approval for these accounts using the Account Exception form found in iComply.<br>|

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Securities reporting obligations

Make sure you understand which securities are reportable securities. This includes most stocks, bonds, MFS funds, exchange- traded funds (ETFs), futures, options, structured products, private placements and other unregistered securities even if they are not held in a reportable account. See the table on page 8.

Report all applicable accounts, transactions and holdings timely. Use the iComply system and submit all reports by these deadlines:

■ Initial Accounts & Holdings reports: Submit within 10 calendar days of hire or upon an access level
change. Information about these holdings must be no more than 45 days old when submitted.

■ Quarterly Personal Transaction Report: Submit within 30 days of the end of each calendar quarter.

■ Annual Holdings Report: Submit within 30 days of the end of each calendar year.

Note that you must submit each report even if no transactions or other changes occurred during the time period.

The Quarterly Personal Transaction Reports do not need to include:

■ Transactions or holdings in non-reportable securities.

■ Transactions or holdings in discretionary accounts for which there is an approval on file with Compliance.

■ Involuntary transactions, such as automatic investment plans, dividend reinvestments, etc. The Annual Holdings Report, however, must
reflect these transactions.

ADDITIONAL REQUIREMENTS FOR APPOINTED REPRESENTATIVES IN SINGAPORE

Provide a copy of the contract note for any trade of any security, including reportable securities and non- reportable securities, to Singapore Compliance, within 7 days of the trade. Check with Singapore Compliance on the information you must provide.

Ethical Personal Investing

Never trade securities based on the improper use of information, and never help anyone else to do so. This includes any trade

based on:

■ Information about the investments of any MFS client, including front-running and tailgating (trading
just before or just after a similar trade for a client account).

■ Confidential information or inside information (information about the issuer of a security, or the
security itself, that is both material and non-public).

Do not buy or sell options on Reportable Securities. This includes options on equities (but not employee stock options), ETFs and indexes. This rule does not apply to those securities listed in the Exempt Securities box below.

Do not sell securities short. This rule does not apply to those securities listed in the Exempt Securities box below.

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| |
|:---|
| &nbsp;&nbsp;&nbsp;**IMPORTANT TO KNOW** |
| &nbsp;&nbsp;&nbsp;&nbsp; <br> Securities exempt from options and short selling rules<br>■ Options on, or ETFs that track, the following indexes: S&P 500; NASDAQ 100; Russell 2000; S&P Europe 350; FTSE 100; FTSE Mid 250; Hang Seng 100; Nikkei 225; S&P ASX 200; S&P TSX; STOXX Europe 600<br>■ Options (but not ETFs) based on non-reportable securities (*e.g.* commodities, currencies, US Treasuries)<br>Consult with Compliance when uncertain. Compliance may update this list with approval from the Employee Conduct Oversight Committee and maintain a current list on iComply.<br>|

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Personal Investing \| Page 3

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Do not trade excessively. At MFS, personal trading is a privilege, not a right. It should never interfere with your job performance. MFS may limit the number of trades you are allowed during a given period, or may discipline you for trading excessively. In addition, frequent trading in MFS funds may trigger other penalties, as described in the relevant fund prospectuses.

Do not accept investment discretion over accounts that are not yours. In limited circumstances, and with advance approval from Compliance, you may be allowed to assume power of attorney relating to financial or investment matters for another person or entity.

If you become an executor or trustee of an estate and it involves control over a securities account, you must notify Compliance upon assuming the role, and you must meet any reporting or pre-clearance obligations that apply.

Do not participate in any investment contest or club. This applies whether or not any compensation or prize is awarded.

Do not trade securities that MFS has restricted. Follow MFS' instructions when you are notified of a restriction in designated securities.

Only make investments in MFS open-end funds or funds sub- advised by MFS through these methods:

■ Directly through MFS Service Center (for US open-end funds) or State Street (Lux)
(for Meridian Funds)

■ Through an MFS Approved Broker (US employees)

■ Non-US employees may invest through a financial institution of their choice

■ Through an MFS-sponsored benefit plan account

■ Accounts for which you have received an exception from Compliance, such as a fully
discretionary account

Note that investments in non-MFS accounts are publicly available share classes only. You must also follow all rules of the relevant prospectus and all rules in this policy, such as reporting and statements.

Do not participate in initial public offerings (IPOs) or other limited offerings of securities except with advance approval from MFS. This rule includes initial, secondary and follow-on offerings of equity securities and closed-end funds and new issues of corporate debt securities.

To request approval for an IPO or secondary offering, enter an Initial Public Offering Request using the form found on iComply. Note that approval is not typically granted, and when granted often involves strict limits.

Never use a derivative, or any other instrument or technique, to get around a rule. If an investment transaction is prohibited, then you are also prohibited from effectively accomplishing the same thing by using futures, options, ETFs or any other type of financial instrument.

Do not invest in Contracts for Difference or engage in spread betting on financial markets. This includes any wagering on market spreads or behaviors and any off-exchange trading.

Do not invest in exchange traded funds based on exposure to a single security or issuer ("single-stock ETFs"). These products offer leveraged, inverse, or other complex exposure and are often designed to provide returns over short periods of time.

Do not trade on margin and do not use good 'til canceled limit orders. This rule does not apply to securities that are not subject to pre- clearance or to accounts where a registered investment adviser has investment discretion.

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|:---|
| &nbsp;&nbsp;&nbsp;**HELPFUL TO KNOW** |
| &nbsp;&nbsp;&nbsp;&nbsp; <br> **Changes in job status and life events**<br>When changing jobs within MFS, ensure that you understand the rules that apply to you. Confirm with your new manager and Compliance what your access level is and what restrictions and requirements apply to you.<br>When going on leave, you must continue to comply with this policy unless otherwise approved by Compliance. When you return from leave you must complete any outstanding obligations.<br>Be cognizant of reporting obligations under this policy when life events occur such as marriage, divorce or inheritance of an account. Consult with Compliance when uncertain.<br>|

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|:---|
| &nbsp;&nbsp;&nbsp;**HELPFUL TO KNOW** |
| &nbsp;&nbsp;&nbsp;&nbsp; <br> **Virtual Currency/Cryptocurrency Accounts and Cryptocurrencies**<br>■ Virtual currency/cryptocurrency accounts do not require reporting<br>■ Cryptocurrencies, as well as options and futures on cryptocurrencies, do not require pre-clearance nor reporting<br>■ Cryptocurrency investment trusts require both pre-clearance and reporting. They are also subject to the 60-day profit rule among other rules<br>■ Cryptocurrency ETFs do not require pre-clearance, but are subject to reporting<br>■ Initial Coin Offerings are considered as private placements, requiring compliance pre-approval and reporting<br>|

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Personal Investing \| Page 4

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Rules that Apply Only to Access Persons

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Pre-clearing personal trades

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|:---|
| &nbsp;&nbsp;&nbsp;**WHICH ACCESS LEVEL ARE YOU?** |
| &nbsp;&nbsp;&nbsp;&nbsp; <br> **Access Persons** Most MFS personnel, including all officers and directors, are designated as Access Persons. You should consider yourself an Access Person unless it has been communicated to you by Compliance that you are not.<br>**Research Analysts, Institutional Portfolio Managers and Portfolio Managers** In addition to the rules for Access Persons, these individuals are subject to additional rules, as noted on the following pages.<br>*Compliance may designate other personnel as Access Persons. This may include consultants, contractors or interns who provide services to MFS, and employees of Sun Life Financial Inc.*<br>|

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Make sure you understand which securities require pre-clearance. Note that there are some differences between which securities require pre-clearance and which must be reported.

See the table on page 8 of this policy.

Pre-clear all personal trades in applicable securities. Request pre- clearance on the day you want to execute the trade by entering your request in the iComply system. Remember that you must pre-clear trades for all of your reportable accounts (such as those of a spouse or domestic partner) as well as for securities not held in an account.

Once you have requested pre-clearance, wait for a response. Do NOT place any trade order until you have received notice of approval for that trade. Note that pre-clearance requests can be denied at any time and for any reason.

Pre-clearance approvals expire at the end of the trading day on which they are issued, trades must be executed on the same day pre-clearance approval is granted.

Obtain advance approval for any private investments or other unregistered securities. This includes private placements (investments in private companies), private investment in public equity securities (PIPES), hedge funds or other private funds, "crowdfunding" or "crowdsourcing" investments, peer-to-peer lending, pooled vehicles (such as partnerships), Initial Coin Offerings (ICO's), Security Tokens and other similar investments.

Before investing, enter a Private Placement/Unregistered Securities Approval Request found on iComply, and do not act until you have received approval.

Limits to personal investment practices

Do not buy and then sell (or sell and then buy) at a profit the same or equivalent reportable security within 60 calendar days. MFS may interpret this rule very broadly. For example, it may look at transactions across all of your reportable accounts and may match trades that are not of the same size, security type or tax lot. Any gains realized in connection with these transactions must be surrendered.

Note that this rule does not apply to securities that are not subject to pre-clearance, to accounts where a registered investment adviser has investment discretion, or to involuntary transactions. *Japan-based personnel: See rule with higher standard below.*

ADDITIONAL REQUIREMENTS FOR JAPAN-BASED PERSONNEL

Do not buy and then sell (or sell and then buy) the same or equivalent reportable security within six months.

Never trade personally in any security you have researched in the prior 30 days or are scheduled to research in the future.

Personal Investing \| Page 5

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ADDITIONAL REQUIREMENTS FOR RESEARCH ANALYSTS

*including, Research Associates, Institutional Portfolio Managers and Portfolio Managers who may write research notes*

Never trade (or transfer ownership of) reportable securities personally while in possession of material information about an issuer you have researched or been assigned to research unless you have already communicated the information in a research note. *Japan- based personnel: See rule with higher standard below.*

Understand and fulfill your duties with regard to research recommendations. You have an affirmative duty to provide unbiased and timely research recommendations in a research note. You must:

■ Disclose trading opportunities for client accounts prior to trading personally in any securities of
that issuer.

■ Provide a research recommendation if a security is suitable for the client accounts even if you have already traded the security personally
or if making such a recommendation would create the appearance of a conflict of interest. Notify Compliance promptly of any apparent conflicts,
but do not refrain from making a research recommendation.

ADDITIONAL REQUIREMENTS FOR PORTFOLIO MANAGERS

*including Research Analysts and Institutional Portfolio Managers assigned to a fund as a portfolio manager*

Never personally trade (or transfer ownership of) a reportable security within seven calendar days before or after a trade in any security or derivative of the same issuer in any client account that you manage. In practice, this means:

■ Contacting Compliance promptly when deciding to make a portfolio trade in any security you have personally
traded within the past seven calendar days (but do not refrain from making a trade that is suitable for a client account even if you have
traded the security personally).

■ Refraining from personally trading any reportable securities you think any of your client accounts might
wish to trade within the next seven calendar days.

■ Delaying personal trades in any reportable securities your client accounts have traded until the eighth
calendar day after the most recent trade by a client account (or longer, to be certain of avoiding any appearance of conflict of interest).

Note that this rule does not apply to securities that are not subject to pre-clearance, to accounts where a registered investment adviser has investment discretion or to involuntary transactions.

Never buy and then sell (or sell and then buy), within 14 calendar days, any shares of a fund you manage.

Contact Compliance before any fund you manage invests in any securities of an issuer whose private securities you own or if the private entity enters into a material transaction with a public issuer. You will need to disclose your private interest and assist Compliance in performing review.

Personal Investing \| Page 6

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Additional Information for all Personnel Subject to this Policy

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&nbsp;&nbsp;&nbsp;**BENEFICIAL OWNERSHIP: PRACTICAL EXAMPLES**<br>

**Accounts of parents or children**

&nbsp;&nbsp;&nbsp;&nbsp;■ You share a household with one or both parents, but you do not provide any financial support to the parent(s):
You are not a beneficial owner of the parents' accounts and securities.

&nbsp;&nbsp;&nbsp;&nbsp;■ You share a household with one or more of your children, whether minor or adult, and you provide financial
support to the child: You are a beneficial owner of the child's accounts and securities.

&nbsp;&nbsp;&nbsp;&nbsp;■ You have a child who lives elsewhere whom you claim as a dependent for tax purposes: You are a beneficial
owner of the child's accounts and securities.

**Accounts of domestic partners or roommates**

&nbsp;&nbsp;&nbsp;&nbsp;■ You are a joint owner or named beneficiary on an account of which a domestic partner is an owner: You
are a beneficial owner of the domestic partner's accounts and securities.

&nbsp;&nbsp;&nbsp;&nbsp;■ You provide financial support to a domestic partner, either directly or by paying
any portion of household costs: You are a beneficial owner of the domestic partner's accounts and securities.

&nbsp;&nbsp;&nbsp;&nbsp;■ You have a roommate: Generally, roommates are presumed to be temporary and to have no beneficial interest
in one another's accounts and securities.

**UGMA/UTMA accounts**

&nbsp;&nbsp;&nbsp;&nbsp;■ Either you or your spouse is the custodian of a Uniform Gift/ Trust to Minor Account (UGMA/UTMA) for
a minor, and one or both of you is a parent of the minor: You are a beneficial owner of the account. (If someone else is the custodian,
you are not a beneficial owner.)

&nbsp;&nbsp;&nbsp;&nbsp;■ Either you or your spouse is the beneficiary of an UGMA/UTMA account and is of majority age (for instance,
18 years or older in Massachusetts): You are a beneficial owner of the account.

**Transfer on death (TOD) accounts**

&nbsp;&nbsp;&nbsp;&nbsp;■ You automatically become the registered owner upon the death of the prior account owner: You are a beneficial
owner as of the date the account is re- registered in your name, but not before.

**Trusts**

&nbsp;&nbsp;&nbsp;&nbsp;■ You are a trustee for an account whose beneficiaries are not immediate family members: Beneficial ownership
is determined on a case-by-case basis, including whether it constitutes an outside business activity (see the Outside Activities &
Affiliations Policy).

&nbsp;&nbsp;&nbsp;&nbsp;■ You are a trustee for an account and you or a family member is a beneficiary: You are a beneficial
owner of the account.

&nbsp;&nbsp;&nbsp;&nbsp;■ You are a beneficiary of the account and can make investment decisions without consulting a trustee:
You are a beneficial owner of the account.

&nbsp;&nbsp;&nbsp;&nbsp;■ You are a beneficiary of the account but have no investment control: You are a beneficial owner as of
the date the trust is distributed, but not before.

&nbsp;&nbsp;&nbsp;&nbsp;■ You are the settlor of a revocable trust: You are a beneficial owner of the account.

&nbsp;&nbsp;&nbsp;&nbsp;■ Your spouse or domestic partner is a trustee and a beneficiary: Beneficial ownership is determined on
a case-by-case basis.

**Investment powers over an account**

&nbsp;&nbsp;&nbsp;&nbsp;■ You have power of attorney over an account: You are a beneficial owner as of the date you assume control
of the trading or investment decisions on the account, but not before.

&nbsp;&nbsp;&nbsp;&nbsp;■ You have investment discretion over an account that holds, or could hold, reportable securities: You
are a beneficial owner of the account, regardless of the location, account type or the registered owner(s) (other than to fulfill duties
of employment).

&nbsp;&nbsp;&nbsp;&nbsp;■ You are serving in a role that allows or requires you to delegate investment discretion to an independent
third party: Beneficial ownership is determined on a case-by-case basis.

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| &nbsp;&nbsp;&nbsp;**HELPFUL TO KNOW** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br> **How we enforce this policy**<br>Compliance is responsible for interpreting and enforcing this policy. Exceptions may only be granted by Compliance. In that capacity, Compliance reviews and monitors transactions and reports and also investigates potential violations.<br>The Employee Conduct Oversight Committee reviews potential violations, and where it determines that a violation has occurred, it usually imposes a penalty. These may range from a violation notice to a requirement to surrender profits to a termination of employment, among other possibilities.<br>|

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Additional Information for all Personnel Subject to this Policy

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| | | |
|:---|:---|:---|
| Security types and transactions that must be reported and/or pre-cleared | &nbsp;&nbsp;Report<br> All personnel | &nbsp;&nbsp;Pre-clear<br> Access persons only |
| *Note: Securities terminology varies widely in global markets. If a security type is not listed here or you are unsure how a security is treated under this policy, please contact Compliance directly.* | *Note: Securities terminology varies widely in global markets. If a security type is not listed here or you are unsure how a security is treated under this policy, please contact Compliance directly.* | *Note: Securities terminology varies widely in global markets. If a security type is not listed here or you are unsure how a security is treated under this policy, please contact Compliance directly.* |
| Funds |  |  |
| Money market funds (MFS or other) | &nbsp;&nbsp;No | &nbsp;&nbsp;No |
| Open-end funds and other pooled products that are advised or sub-advised by MFS (and are not money market funds) | &nbsp;&nbsp;Yes | &nbsp;&nbsp;No |
| Open-end funds that are *not* advised or sub-advised by MFS | &nbsp;&nbsp;No | &nbsp;&nbsp;No |
| 529 Plans holding MFS advised or sub-advised funds | &nbsp;&nbsp;Yes | &nbsp;&nbsp;No |
| Closed-end funds (including venture capital trusts, investment trusts and MFS closed-end funds) | &nbsp;&nbsp;Yes | &nbsp;&nbsp;Yes |
| Exchange-traded funds (ETFs), including MFS ETFs, and exchange-traded notes (ETNs), including options, futures, structured notes and other derivatives related to these exchange-traded securities | &nbsp;&nbsp;Yes | &nbsp;&nbsp;No |
| Private funds | &nbsp;&nbsp;Yes | &nbsp;&nbsp;Yes |
| Equities |  |  |
| Sun Life Financial Inc. (publicly traded shares) | &nbsp;&nbsp;Yes | &nbsp;&nbsp;Yes |
| Equity securities, including real estate investment trusts (REITS), and including options, futures, structured notes or other | &nbsp;&nbsp;Yes | &nbsp;&nbsp;Yes |
| derivatives on equities |  |  |
| Fixed income |  |  |
| Corporate and municipal bond securities, including options, futures or other derivatives | &nbsp;&nbsp;Yes | &nbsp;&nbsp;Yes |
| US Treasury securities and other obligations backed by the full faith and credit of the US government | &nbsp;&nbsp;No | &nbsp;&nbsp;No |
| Government agency debt obligations that are not backed by the full faith and credit of the issuing government (for example, in the US Fannie Mae, Freddie Mac, Federal Home Loan Banks, Federal Farm Credit Banks and Tennessee Valley Authority) | &nbsp;&nbsp;Yes | &nbsp;&nbsp;No |
| Government securities issued by Australia, Canada, Japan, Singapore, France, Germany, Italy, The Netherlands, Spain and the UK | &nbsp;&nbsp;Yes | &nbsp;&nbsp;No |
| All other government securities issued from countries not shown above, and options, futures or other derivatives on these<br> securities. | &nbsp;&nbsp;Yes | &nbsp;&nbsp;No |
| Money market instruments, such as certificates of deposit and commercial paper | &nbsp;&nbsp;No | &nbsp;&nbsp;No |
| Other types of assets |  |  |
|  Initial and subsequent investments (including capital calls) in any private placement or other unregistered securities (including real estate limited partnerships or cooperatives) | &nbsp;&nbsp;Yes | &nbsp;&nbsp;Yes |
| Private MFS stock and private shares of Sun Life of Canada (US) Financial Services Holdings, Inc. | &nbsp;&nbsp;No | &nbsp;&nbsp;No |
| Limited offerings, IPOs, secondary offerings | &nbsp;&nbsp;Yes | &nbsp;&nbsp;Yes |
| Derivatives (such as options, futures or swaps) on security indexes | &nbsp;&nbsp;Yes | &nbsp;&nbsp;No |
| Derivatives (such as options, futures or swaps) on commodities and currencies, including virtual currencies | &nbsp;&nbsp;Only if notified by<br> Compliance | &nbsp;&nbsp;Only if notified by<br> Compliance |
| Virtual Currency/Cryptocurrencies (including options and futures on cryptocurrencies) | &nbsp;&nbsp;No | &nbsp;&nbsp;No |
| Other types of transactions |  |  |
|  Involuntary transactions (see definition below) | &nbsp;&nbsp;No | &nbsp;&nbsp;No |
| Gifts of securities, including charitable donations, transfers of ownership, and inheritances | &nbsp;&nbsp;Yes | &nbsp;&nbsp;No |

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**Terms with special meanings**

Within this policy, the following terms carry the specific meanings indicated below.

**contract for difference** A contract for difference (CFD) is a contract between an investor and an investment bank or a spread-betting firm. At the end of the contract, the parties exchange the difference between the opening and closing prices of a specified financial instrument, including shares or commodities.

**involuntary transaction** Transactions that are not under your direct or indirect influence or control, such as inheritances, gifts received, automatic investment plans, dividends and dividend reinvestments, corporate actions (such as stock splits, reverse splits, mergers, consolidations, spin-offs and reorganizations), exercise of a conversion or redemption right or automatic expiration of an option.

**reportable funds** Any fund for which MFS acts as investment advisor, sub-advisor, or principal underwriter including MFS retail funds, MFS Variable Insurance Trust and MFS Meridian funds. See the iComply system Policies & Procedures page for a current list of reportable funds.

Personal Investing \| Page 9

## Ex-99.P

Ex. 99.28(p)(33)

![](exp33_pimcocoe001.jpg)

**TABLE OF CONTENTS**

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| | | | |
|:---|:---|:---|:---|
| I. | PIMCO Code of Ethics Overview | PIMCO Code of Ethics Overview | 3 |
|  | A. | What are the Objectives of the Code? | 3 |
|  | B. | Who is Subject to the Code? | 3 |
|  | C. | What are the Basic Requirements under the Code? | 3 |
|  | D. | What are the Consequences for Violations of this Code? | 3 |
|  | E. | Duty to Report Violations | 3 |
|  | F. | Right to communicate Directly with Governmental, Regulatory or Self-Regulatory Bodies | 3 |
| II. | Rules for all Employees | Rules for all Employees | 4 |
|  | A. | What is Required? | 4 |
|  | B. | What is Prohibited? | 6 |
| III. | Additional Requirements for Applicable Portfolio Persons | Additional Requirements for Applicable Portfolio Persons | 7 |
|  | A. | All Portfolio Persons | 7 |
|  | B. | Real Estate Portfolio Person Obligations | 7 |
|  | C. | Cryptocurrency Portfolio Person Obligations | 8 |
| IV. | Additional Requirements for Reporting Persons Under Section 16 | Additional Requirements for Reporting Persons Under Section 16 | 9 |
| V. | Code Administration | Code Administration | 9 |
|  | A. | Authority to Grant Waivers of the Requirements of the Code | 9 |
|  | B. | Non-Employee Personnel | 9 |
|  | C. | Annual Report to Boards of Funds that PIMCO Advises or Sub-Advises | 9 |
|  | D. | Maintenance of Records | 9 |
| **Appendix I** - Pre-clearance, Reporting, and 30 Calendar Day Rule Requirements and Exclusions by Asset Type | **Appendix I** - Pre-clearance, Reporting, and 30 Calendar Day Rule Requirements and Exclusions by Asset Type | **Appendix I** - Pre-clearance, Reporting, and 30 Calendar Day Rule Requirements and Exclusions by Asset Type | 10 |
| Appendix II - Options Trading: Pre-Clearance and 30 Calendar Day Rule | Appendix II - Options Trading: Pre-Clearance and 30 Calendar Day Rule | Appendix II - Options Trading: Pre-Clearance and 30 Calendar Day Rule | 12 |
| GLOSSARY | GLOSSARY | GLOSSARY | 12 |

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**CODE OF ETHICS \| July 2025 2**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;I. PIMCO CODE OF ETHICS OVERVIEW

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. What are the Objectives of the Code?

This Code of Ethics ("Code") establishes standards of conduct to help Employees avoid potential conflicts that may arise from their Personal Securities Transactions and outside business activities.<sup>1</sup>

Pacific Investment Management Company LLC ("PIMCO") is committed to fostering a culture of honesty and high ethical standards. This Code is designed to assist Employees in adhering to the high ethical standards that PIMCO follows in conducting its business. The following general fiduciary principles must govern your activities:

● **You have a duty to place the interests of clients first.** 

● **You must disclose, avoid, or mitigate any actual or potential conflict of interest.** 

● **You must not take inappropriate advantage of your position at PIMCO.** 

● **You must comply with associated PIMCO policies and procedures and applicable Securities and Commodities Laws.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. Who is Subject to the Code?

The Code applies to PIMCO's directors, officers and employees (each, an "Employee" and collectively, "Employees").<sup>2</sup> The Code also applies to certain non-Employee personnel, as referenced in Section V.B., and certain activities of an Employee's Immediate Family Members.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C. What are the Basic Requirements under the Code?

● Acknowledging receipt of the Code and ongoing compliance with the Code

● Reporting Personal Securities Accounts and holdings

● Maintaining Personal Securities Accounts at Approved Brokers<sup>3</sup>

● Pre-clearing and obtaining approval for Personal Securities Transactions

● Disclosing Personal Securities Transactions

● Obtaining approval of activities outside of PIMCO

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;D. What are the Consequences for Violations of this Code?

Violations of the Code may be subject to remedial actions, pursuant to the Compliance Policy Violations Remedial Guide, which may include termination of employment or any other sanction or remedial action required or permitted by law or regulation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;E. Duty to Report Violations

Employees must promptly report any known violations of this Code, whether their own or another Employee's. Reports concerning another Employee's violations may be made anonymously and confidentially to a Compliance Officer in accordance with the **Policy for Reporting Suspicious Activities and Concerns**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**F.** **Right to communicate Directly with Governmental, Regulatory or Self-Regulatory Bodies** 

This Code will not be interpreted or applied in any manner that would violate any Employee's legal rights as an employee under applicable law. For example, nothing in this Code or its Appendices attached hereto prohibits or in any way restricts any Employee from reporting possible violations of law or regulation to, otherwise communicating directly with, cooperating with or providing information to any governmental or regulatory body or any self-regulatory organization or making other disclosures that are protected under applicable law or regulations of the Securities and Exchange Commission or any other governmental or regulatory body or self-regulatory organization. An Employee does not need prior PIMCO authorization before taking any such action and an Employee is not required to inform PIMCO if he or she chooses to take such action.

\* \* \*

<sup>1</sup> All capitalized terms have the meaning set forth in the Glossary unless otherwise specified herein.

<sup>2</sup> Employees of PIMCO-named subsidiaries and affiliates are subject to this Code unless their local employer has its own code of ethics to which they are subject. A Compliance Officer, in consultation with the Global Chief Compliance Officer, may determine that certain requirements under the Code are inapplicable for Employees who are on formal leave of absence or garden leave.

<sup>3</sup> This is required of Employees of Applicable PIMCO Companies. Reference the PIMCO Approved Brokers list on PIMCO's intranet for the list of Applicable PIMCO Companies.

**CODE OF ETHICS \| July 2025 3**

**The Code includes additional requirements that may restrict your personal securities transactions or other activities in addition to those summarized above. Please review the entire Code. If you have any questions, please ask your local Compliance Officer.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;II. RULES FOR ALL EMPLOYEES

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. What is Required?

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.** **Acknowledging Receipt of the Code and Ongoing Compliance with the Code** 

PIMCO will provide Employees with a copy of this Code and any amendments. Employees are required to periodically certify their receipt of this Code and any amendments, as well as their ongoing compliance with this Code. Required certifications must be completed within the specified deadline, unless otherwise approved by a Compliance Officer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Reporting Personal Securities Transactions and Holdings

Employees must report each of their own and their Immediate Family Member's Personal Securities Accounts<sup>4</sup> and promptly update information regarding these accounts in the event of changes.

Within 10 calendar days of hire or otherwise becoming subject to the Code, Employees must submit via the personal trading system (accessible through the PIMCO Intranet) an initial report of Personal Securities Accounts and all reportable holdings in Financial Instruments and Private Placements, unless subject to an exclusion in Appendix I.

Employees are required to certify on a quarterly basis within 30 calendar days following quarter end that they have reported their own and their Immediate Family Members' Personal Securities Accounts to Compliance.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Maintaining Personal Securities Accounts at Approved Brokers

Employees of Applicable PIMCO Companies<sup>5</sup> and their Immediate Family Members must maintain their Personal Securities Accounts with an Approved Broker, unless an exemption is granted by a Compliance Officer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Pre-Clearing and Obtaining Approval for Personal Securities Transactions

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. <u>General Pre-Clearance and Approval Requirement</u> 

Employees must pre-clear and receive prior approval for their own and their Immediate Family Members' Personal Securities Transactions, including Initial Public Offerings and Private Placements, unless the transaction is subject to an exclusion in Appendix I.

**<u>Pre-Clearance and Approval Process</u>**

**Step 1:** Input the details of the proposed transaction into the personal trading system (accessible through the PIMCO Intranet) and follow the instructions.

**Step 2:** You will be notified whether the proposed transaction is approved or denied.

**Time Limits:** If the proposed transaction is approved, the approval is valid for the day on which the approval was granted and the following business day, unless you are notified differently by a Compliance Officer. If a Good-until Cancel or Limit Order is not fully executed or filled by the end of the following business day (mid-night local time), you must repeat the pre-clearance process.

<u>If the transaction is not executed within the required timeframe or if you seek to transact in a larger amount than the original pre-clearance request, you MUST repeat the pre-clearance process prior to proceeding with the transaction.</u>

<sup>4</sup> For the avoidance of doubt, Non-Discretionary Accounts and accounts on automated asset allocation platforms must be disclosed and a managed account certification or robo-advised certification, respectively, must be completed in the personal trading system.

<sup>5</sup> Reference the PIMCO Approved Brokers list on PIMCO's intranet for the list of Applicable PIMCO Companies.

**CODE OF ETHICS \| July 2025 4**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. <u>Exclusions from Pre-Clearance Requirement for Non-Discretionary Accounts and Certain Automated Transactions</u> 

Personal Securities Transactions in Non-Discretionary Accounts and certain automated transactions where neither the Employee nor an Immediate Family Member exercises any investment discretion are excluded from the pre-clearance and approval requirement, including: (i) transactions pursuant to an Automatic Investment Plan (including the Allianz Employee Stock Purchase Plan) and (ii) transactions in Personal Securities Accounts held on automated asset allocation platforms.

For the avoidance of doubt, directed sales or any transaction overriding an Automatic Investment Plan's predetermined schedule and allocation must be pre-cleared and approved.<sup>6</sup> Additionally, voluntary corporate actions must be pre-cleared and approved.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. Disclosing Personal Securities Transactions

Employees must report all transactions in their own and their Immediate Family Member's Personal Securities Accounts (including Private Placements), unless the transaction is subject to an exclusion in Appendix I.

Compliance will receive automated reports for transactions executed in Personal Securities Accounts held at Approved Brokers.

If an Employee or Immediate Family Member maintains (i) Personal Securities Accounts with broker-dealers that are not on the list of Approved Brokers, or (ii) a Beneficial Interest in a Financial Instrument not held in a Personal Securities Account, the Employee must submit quarterly and annual reports via the personal trading system within 30 days of quarter end, unless otherwise approved by a Compliance Officer.

Real Estate Portfolio Persons and Cryptocurrency Portfolio Persons have specific reporting responsibilities described in Section III.B and III.C, respectively.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. Obtaining Approval for Activities Outside of PIMCO

Without prior written approval from PIMCO's General Counsel, the Global Chief Compliance Officer, or their delegate, Employees must not engage in certain activities outside of PIMCO, regardless of whether compensation is received, including: (i) service on a board of directors, including in an advisory capacity, (ii) full-or part-time employment or service for a business organization or non-profit organization other than PIMCO or related to your activities on behalf of PIMCO, (iii) providing financial advice to a private, educational, or charitable organization, (iv) writing a book or periodical for publication<sup>7</sup>, and (v) serving as an employee, independent contractor, sole proprietor, officer, director or partner or accepting compensation in any form other than from PIMCO or one of its affiliates.

A designated Compliance Officer may approve an outside activity if they determine that an Employee's service or activities outside of PIMCO would not be inconsistent with the interests of PIMCO and its clients. Factors that may be considered include any remuneration received or proposed to be received as part of the activity, whether the activity or expected time spent is consistent with your duties to PIMCO and its clients, and any other factors deemed relevant in the Compliance Officer's discretion. Compliance may also stipulate that approval of your participation in the outside activity is subject to specified conditions. Requests to serve on the board of a publicly traded entity will generally be denied.

If approval is granted, Employees are responsible for notifying Compliance immediately if any conflict or potential conflict arises in the course of the outside activity or if the nature of the activity materially changes.

<sup>6</sup> An employee may adjust future percentage investment allocations in the Allianz Employee Stock Purchase Plan without pre-clearance and approval.

<sup>7</sup> Finance-related books or periodicals will be subject to additional review, including by PIMCO's Content Committee.

**CODE OF ETHICS \| July 2025 5**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. What is Prohibited?

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.** **Insider Trading** 

The fiduciary principles of this Code and applicable Securities and Commodities laws prohibit Employees from trading on the basis of material, non-public information ("MNPI") received from any source or communicating this information to others. This insider trading prohibition applies notwithstanding any applicable pre-clearance exclusions (e.g., in the case of MNPI received with respect to open-end mutual funds advised or sub-advised by PIMCO or its affiliates).8 If you are unsure about whether information is material or non-public, please consult a Compliance Officer and the **PIMCO MNPI Policy prior to conducting any trading**.

Personal trading requests to purchase or sell any security on the Firmwide Trade Restricted Securities List, or any other applicable Restricted List to which the Employee is subject, will be denied.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Excessive Trading and Market Timing of Mutal Fund Shares

Any excessive or inappropriate trading that, in PIMCO's view, interfered with job performance or compromises the duty that PIMCO owes to its clients, is not permitted.

In addition, Employees investing in open-end mutual funds are subject to the terms and restrictions in the respective fund's prospectus, including any restrictions on excessive trading and market timing. Trading shares of an open-end mutual fund in a manner inconsistent with the fund's prospectus is prohibited.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Certain Trading for a Personal Account in the Same Financial Instrument or Related Financial Instrument
as Firm Trading

Employees and their Immediate Family Members are generally prohibited from transacting in a Financial Instrument or a Related Financial Instrument if the gross aggregate market value exposure of the Employee's and all of the Employee's Immediate Family Members' transactions in that Financial Instrument over a 30-calendar day period across all of the Employee's and their Immediate Family Members' Personal Securities Accounts exceeds $250,000 for securities in the S&P 500® Index or $25,000 for securities of all other issuers, <u>and</u> either (i)-there is a pending client order in the Financial Instrument or Related Financial Instrument, or (ii) a client has purchased or sold the Financial Instrument or a Related Financial Instrument on that day.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Trading in an Applicable Blackout Period

Employees and their Immediate Family Members may not trade in shares of Allianz SE9 or shares of a PIMCO-advised or sub-advised closed-end fund during a designated blackout period. A list of applicable blackout periods is accessible through the PIMCO Intranet.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. Short-Term Trading

If a Personal Securities Transaction is subject to pre-clearance and approval, then Employees and their Immediate Family Members may not engage in any purchase followed by a sale, or any sale followed by a purchase, of the same Financial Instrument within 30 calendar days across all of their Personal Securities Accounts ("30 Day Calendar Rule"), unless subject to an exclusion in Appendix I or otherwise approved by Legal and Compliance.

The date of the first transaction is considered day one, and Employees may not execute a transaction in the opposite direction until day 31.10 This prohibition applies on a last in/first out basis, even if the purchase and sell transactions occur in different accounts.

If a transaction violates the 30 Calendar Day Rule, Employees may be required to reverse the transaction and absorb any losses or disgorge profits greater than or equal to $25 associated with the short-term trade.

Employees who are reporting persons under Section 16 of the Securities Exchange Act of 1934 should refer to Section IV for additional information.

<sup>8</sup> Non-public information regarding a mutual fund is considered MNPI if such information could materially impact the fund's net asset value.

<sup>9</sup> This restriction also applies to the exercise of cash-settled options or any kind of rights granted under compensation or incentive programs that completely or in part refer to Allianz SE.

<sup>10</sup> Options must have an expiration date that is at least 31 days from the initial purchase or sale date. For avoidance of doubt, employees may trade a different options contract (i.e., different expiration or strike) within 30 calendar days.

**CODE OF ETHICS \| July 2025 6**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. IPOs, ICOs, SPACs

Pre-clearance requests involving Initial Public Offerings, initial coin offerings, and SPACs generally will be denied.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. Futures

Investments in Futures, including options on Futures are prohibited.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;III. ADDITIONAL REQUIREMENTS FOR APPLICABLE PORTFOLIO PERSONS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. All
 Portfolio Persons <sup>11</sup>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.** **Pre-Clearance and Approval of non-G-7 Government Securities** 

Portfolio Persons are required to pre-clear and receive prior approval for purchases and sales of direct obligations of national governments, excluding the G-7<sup>12</sup>, and European Union.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. General Blackout Period Restrictions for Portfolio Persons

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. <u>Prior to a Client Transaction</u> 

A Portfolio Person and their Immediate Family Members may not transact in a Financial Instrument prior to, and including, seven calendar days before: (i) the Portfolio Person transacts in the same Financial Instrument or a Related Financial Instrument for a client; or (ii) another Portfolio Person's transaction in the same Financial Instrument for a client, if the Portfolio Person knows of such other Portfolio Person's intention to do so.

The blackout period restriction shall apply unless a Compliance Officer provides specific written approval outside of the personal trading system.

**Rules for Research Analysts.** A research analyst and their Immediate Family Members may not transact in the same Financial Instrument, any other Financial Instrument issued by the same issuer, or a Related Financial Instrument that the research analyst is analyzing for a client account (whether such analysis was requested by another person or was undertaken on the research analyst's own initiative). This prohibition remains in effect until the research analyst is notified in writing that the Financial Instrument has been selected or rejected for purchase or sale for a client account or until the research analyst obtains permission to transact in the same Financial Instrument, any other Financial Instrument issued by the same issuer or a Related Financial Instrument from a Managing Director supervisor and a Compliance Officer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. <u>Following a Client Transaction</u> 

A Portfolio Person and their Immediate Family Members may not transact in a Financial Instrument within three calendar days after: (i) the Portfolio Person transacts in the same Financial Instrument or a Related Financial Instrument for a client; or (ii) another Portfolio Person has transacted in such Financial Instrument or a Related Financial Instrument for a client, if the Portfolio Person knows of such other Portfolio Person's intention to do so.

The blackout period restriction shall apply unless a Compliance Officer provides specific written approval outside of the personal trading system.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. Real
 Estate Portfolio Person Obligations <sup>13</sup>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.** **Additional Requirements for Reporting and Pre-Clearance of Real Estate Investments** 

Real Estate Portfolio Persons and their Immediate Family Members must report Real Estate Investments and obtain pre-clearance and prior approval of transactions in Real Estate Investments.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Exceptions to Reporting and Pre-Clearance of Real Estate Investment Transactions

Real Estate Portfolio Persons are not required to report, pre-clear and obtain prior approval for transactions in Real Estate Investments that are not for investment purposes, this includes transactions involving residential properties for personal use (e.g., a primary residence or a vacation home)<sup>14</sup>, as well as loans, advances or gifts to Immediate Family Members to assist in their purchase or maintenance of such properties, are not subject to the pre-clearance or reporting requirements.

<sup>11</sup> These requirements do not apply to Cryptocurrency Portfolio Persons in Operations.

<sup>12</sup> G-7 countries are Canada, France, Germany, Italy, Japan, the United Kingdom, and the United States.

<sup>13</sup> For purposes of this Section III.B, the term Financial Instrument as it applies to Personal Securities Transactions of Portfolio Persons shall include Real Estate Investment Transactions.

**CODE OF ETHICS \| July 2025 7**

In addition, transactions involving one-to four-unit residential properties purchased for investment purposes are not subject to pre-clearance, provided such transactions would not (i) constitute a Security (e.g., an interest in an entity of which you are not a general partner, managing member, or equivalent), or (ii) violate any of your responsibilities under the Code. Such transactions are subject to the reporting requirements, however.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C. Cryptocurrency Portfolio Person Obligations

The following additional requirements apply to Cryptocurrency Portfolio Persons and their Immediate Family Members.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Additional Requirements for Reporting of Cryptocurrency Accounts

Cryptocurrency Portfolio Persons and their Immediate Family Members must report all Cryptocurrency accounts within the personal trading system and provide quarterly and annual statements of transactions and holdings reports to Compliance within 30 calendar days following each quarter end.<sup>15</sup>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Additional Pre-Clearance Requirements

Cryptocurrency Portfolio Persons must pre-clear within the personal trade surveillance system and receive approval for all of their own and their Immediate Family Members' transactions in Applicable Cryptocurrency (including purchases, sales, and conversions between Applicable Cryptocurrency and another asset).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Prohibition on Short-Term Trading of Cryptocurrency

Cryptocurrency Portfolio Persons and their Immediate Family Members are prohibited from executing opposite-way transactions within 30-calendar days in Applicable Cryptocurrency (purchase and sale, sale and purchase, or equivalent conversions). See Section II.B.5 for further details regarding the short-term trading prohibition.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Firm Trading and Blackout Period Restrictions for Personal Transactions in Cryptocurrency

Cryptocurrency Portfolio Persons and their Immediate Family Members must not transact in any Applicable Cryptocurrency:

● the same day of a PIMCO client trade in an Applicable Cryptocurrency;

● Prior to, and including, seven calendar days before: (i) the Portfolio Person transacts in the Applicable Cryptocurrency for a PIMCO client account; or (ii) another Portfolio Person has transacted in the Applicable Cryptocurrency for a PIMCO client account, if the Portfolio Person knows of such other Portfolio Person's intention to do so; and

● Within three calendar days after: (i) the Portfolio Person transacts in the Applicable Cryptocurrency for a PIMCO client account or (ii) another Portfolio Person has transacted in the Applicable Cryptocurrency for a PIMCO client account, if the Portfolio Person knows of such other Portfolio Person's intention to do so.

The blackout period restriction shall apply unless a Compliance Officer provides specific written approval outside of the personal trading system.

See Section III.A.2, for further details regarding blackout period prohibitions.

<sup>14</sup> Personal use means you will occupy the property for more than two weeks a year or for more than 10 percent of the days that it is available for rent.

<sup>15</sup> A Cryptocurrency Portfolio Persons is responsible for ensuring that all of their Cryptocurrency Accounts are held with a provider that can generate a transactions history report for submission to Compliance.

**CODE OF ETHICS \| July 2025 8**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;IV. ADDITIONAL REQUIREMENTS FOR REPORTING PERSONS UNDER SECTION 16

Employees are responsible for determining whether they are subject to Section 16 requirements and arranging appropriate filings.

Employees who are reporting persons under Section 16 of the Securities Exchange Act of 1934 are subject to a 6-month holding period with respect to applicable PIMCO-advised or sub-advised closed-end funds and are subject to certain additional requirements (including that they may not short applicable PIMCO-advised or sub-advised closed-end funds and must pre-clear and obtain prior approval for transferring holdings in PIMCO-advised or sub-advised closed-end funds). Please consult a Compliance Officer for more information.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;V. CODE ADMINISTRATION

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. Authority to Grant Waivers of the Requirements of the Code

A Compliance Officer, in consultation with PIMCO's General Counsel or the Global Chief Compliance Officer, has the authority to exempt any Employee or any Personal Investment Transaction from any or all of the provisions of this Code if the Compliance Officer determines that such exemption would not be against the interests of any client and is consistent with applicable laws and regulations, including Rule 204A-1 under the Advisers Act and Rule 17j-1 under the Investment Company Act. The Compliance Officer will prepare and file a written memorandum of any exemption granted, describing the circumstances and reasons for the exemption.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. Non-Employee Personnel

Certain contractors, advisors, long-term consultants, temporary employees, interns and other individuals associated with PIMCO ("non-employee personnel") will be subject to this Code based on the individual's role and responsibilities, among other factors, as determined by Legal and Compliance in consultation with Human Resources and the hiring manager, as appropriate. Non-employee personnel will be notified in the event that they will be subject to the Code. Where determined to be applicable, the obligations of Employees as set forth in this Code shall apply to non-employee personnel, except Section II.A.3.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C. Annual Report to Boards of Funds that PIMCO Advises or Sub-Advises

PIMCO will furnish a written report annually to the directors or trustees of each fund that PIMCO advises or sub-advises. Each report will describe any issues arising under this Code, or under procedures implemented by PIMCO to prevent violations of this Code, since PIMCO's last report, including, but not limited to, information about material violations of this Code, procedures and sanctions imposed in response to such material violations, and certify that PIMCO has adopted procedures reasonably necessary to prevent its Employees from violating this Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;D. Maintenance of Records

Records will be maintained in accordance with PIMCO's Records Management Policy and applicable law.

\* \* \*

**CODE OF ETHICS \| July 2025 9**

**APPENDIX I - PRE-CLEARANCE, REPORTING, AND 30 CALENDAR DAY RULE REQUIREMENTS AND EXCLUSIONS BY ASSET TYPE**

All Financial Instruments are subject to pre-clearance and approval unless specifically excluded below. Please contact your local Compliance Officer with questions.

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Asset Type** | &nbsp;&nbsp;**Do Transactions Require Pre-clearance and Approval?** | &nbsp;&nbsp;**Is Reporting of Securities Required?**<sup>1</sup> | &nbsp;&nbsp;**Are Transactions Subject to the 30 Calendar Day Rule?** |
| &nbsp;&nbsp;**Equities** | &nbsp;&nbsp;**Equities** | &nbsp;&nbsp;**Equities** | &nbsp;&nbsp;**Equities** |
| &nbsp;&nbsp;Shares of common or preferred stock | &nbsp;&nbsp;**Yes** | &nbsp;&nbsp;**Yes** | &nbsp;&nbsp;**Yes** |
| &nbsp;&nbsp;Initial Public Offerings (IPOs)<sup>(2)</sup> | &nbsp;&nbsp;**Yes** | &nbsp;&nbsp;**Yes** | &nbsp;&nbsp;**Yes** |
| &nbsp;&nbsp;American Depository Receipts (ADRs) | &nbsp;&nbsp;**Yes** | &nbsp;&nbsp;**Yes** | &nbsp;&nbsp;**Yes** |
| &nbsp;&nbsp;Options & Warrants on equity securities | &nbsp;&nbsp;**Yes** | &nbsp;&nbsp;**Yes** | &nbsp;&nbsp;**Yes** |
| &nbsp;&nbsp;**Bonds** | &nbsp;&nbsp;**Bonds** | &nbsp;&nbsp;**Bonds** | &nbsp;&nbsp;**Bonds** |
| &nbsp;&nbsp;Corporate or Municipal Bonds | &nbsp;&nbsp;**Yes** | &nbsp;&nbsp;**Yes** | &nbsp;&nbsp;**Yes** |
| &nbsp;&nbsp;Bonds convertible into common stock | &nbsp;&nbsp;**Yes** | &nbsp;&nbsp;**Yes** | &nbsp;&nbsp;**Yes** |
| &nbsp;&nbsp;Direct obligations of non-G-7<sup>(3)</sup> national governments for **Portfolio Persons** | &nbsp;&nbsp;**Yes** | &nbsp;&nbsp;**Yes** | &nbsp;&nbsp;**Yes** |
| &nbsp;&nbsp;Direct obligations of US Government or other G-7,<sup>(3)</sup> and European Union national governments for **Portfolio Persons** | &nbsp;&nbsp;No | &nbsp;&nbsp;**Yes** | &nbsp;&nbsp;No |
| &nbsp;&nbsp; Direct obligations of U.S Government or other national government for **non-Portfolio Persons** | &nbsp;&nbsp;No | &nbsp;&nbsp;**Yes** | &nbsp;&nbsp;No |
| &nbsp;&nbsp;Derivatives on any bonds | &nbsp;&nbsp;**Yes** | &nbsp;&nbsp;**Yes** | &nbsp;&nbsp;**Yes** |
| &nbsp;&nbsp;**Exchange Traded Funds** | &nbsp;&nbsp;**Exchange Traded Funds** | &nbsp;&nbsp;**Exchange Traded Funds** | &nbsp;&nbsp;**Exchange Traded Funds** |
| &nbsp;&nbsp;ETFs advised or sub-advised by PIMCO, and single-stock ETFs<sup>(4)</sup> | &nbsp;&nbsp;**Yes** | &nbsp;&nbsp;**Yes** | &nbsp;&nbsp;**Yes** |
| &nbsp;&nbsp;Single-cryptocurrency ETFs for **Cryptocurrency Portfolio Persons**<sup>(5)</sup> | &nbsp;&nbsp;**Yes** | &nbsp;&nbsp;**Yes** | &nbsp;&nbsp;**Yes** |
| &nbsp;&nbsp;Single-cryptocurrency ETFs for **non-Cryptocurrency Portfolio Persons** | &nbsp;&nbsp;No | &nbsp;&nbsp;**Yes** | &nbsp;&nbsp;No |
| &nbsp;&nbsp;Derivatives on ETFs | &nbsp;&nbsp;**Yes** | &nbsp;&nbsp;**Yes** | &nbsp;&nbsp;**Yes** |
| &nbsp;&nbsp;All other ETFs | &nbsp;&nbsp;No | &nbsp;&nbsp;**Yes** | &nbsp;&nbsp;No |
| &nbsp;&nbsp; <br>**Mutual Funds and Closed-End Funds** | &nbsp;&nbsp; <br>**Mutual Funds and Closed-End Funds** | &nbsp;&nbsp; <br>**Mutual Funds and Closed-End Funds** | &nbsp;&nbsp; <br>**Mutual Funds and Closed-End Funds** |
| &nbsp;&nbsp; Open-end mutual funds advised or sub-advised by PIMCO or an Allianz affiliated entity or unit investment trusts that are exclusively invested in one or more open-end mutual funds that is advised or sub-advised by PIMCO or an Allianz affiliated entity | &nbsp;&nbsp; <br>No<br>| &nbsp;&nbsp; <br>**Yes**<br>| &nbsp;&nbsp; <br>No<br>|
| &nbsp;&nbsp;Unit investment trusts that are invested exclusively in one or more open-end mutual funds that are **NOT** advised or sub-advised by PIMCO or an Allianz affiliated entity | &nbsp;&nbsp;No | &nbsp;&nbsp;**No** | &nbsp;&nbsp;No |
| &nbsp;&nbsp;Open-end mutual funds **NOT** advised or sub-advised by PIMCO or an Allianz affiliated entity | &nbsp;&nbsp;No | &nbsp;&nbsp;No | &nbsp;&nbsp;No |
| &nbsp;&nbsp;Closed-end mutual funds advised or sub-advised by PIMCO | &nbsp;&nbsp;**Yes** | &nbsp;&nbsp;**Yes** | &nbsp;&nbsp;**Yes** |
| &nbsp;&nbsp;Closed-end mutual funds **NOT** advised or sub-advised by PIMCO | &nbsp;&nbsp;**Yes** | &nbsp;&nbsp;**Yes** | &nbsp;&nbsp;**Yes** |
| &nbsp;&nbsp;Interval funds advised or sub-advised by PIMCO or an Allianz affiliated entity | &nbsp;&nbsp;**Yes** | &nbsp;&nbsp;**Yes** | &nbsp;&nbsp;Yes |
| &nbsp;&nbsp;Interval funds **NOT** advised or sub-advised by PIMCO or an Allianz affiliated entity | &nbsp;&nbsp;No | &nbsp;&nbsp;**Yes** | &nbsp;&nbsp;No |
| &nbsp;&nbsp;**Currencies & Commodities** | &nbsp;&nbsp;**Currencies & Commodities** | &nbsp;&nbsp;**Currencies & Commodities** | &nbsp;&nbsp;**Currencies & Commodities** |
| &nbsp;&nbsp;Currencies for investment purposes | &nbsp;&nbsp;**Yes** | &nbsp;&nbsp;**Yes** | &nbsp;&nbsp;**Yes** |
| &nbsp;&nbsp;Currency futures<sup>(6)</sup>, forwards, swaps, or options thereon | &nbsp;&nbsp;**Yes** | &nbsp;&nbsp;**Yes** | &nbsp;&nbsp;**Yes** |
| &nbsp;&nbsp;Forex Spot **NOT** for investment purposes (e.g., to settle an investment transaction) | &nbsp;&nbsp;No | &nbsp;&nbsp;No | &nbsp;&nbsp;No |
| &nbsp;&nbsp;Physical Currencies (e.g., traveling abroad) | &nbsp;&nbsp;No | &nbsp;&nbsp;No | &nbsp;&nbsp;No |

---

**CODE OF ETHICS \| July 2025 10**

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Asset Type** | &nbsp;&nbsp;**Do Transactions Require Pre-clearance and Approval?** | &nbsp;&nbsp; **Is Reporting of Securities Required? 1** | &nbsp;&nbsp;**Are Transactions Subject to the 30 Calendar Day Rule?** |
| &nbsp;&nbsp;**Currencies & Commodities (cont.)** | &nbsp;&nbsp;**Currencies & Commodities (cont.)** | &nbsp;&nbsp;**Currencies & Commodities (cont.)** | &nbsp;&nbsp;**Currencies & Commodities (cont.)** |
| &nbsp;&nbsp;Commodities for investment purposes | &nbsp;&nbsp;**Yes** | &nbsp;&nbsp;**Yes** | &nbsp;&nbsp;**Yes** |
| &nbsp;&nbsp;Commodity futures<sup>(6)</sup>, forwards, swaps, or options thereon | &nbsp;&nbsp;**Yes** | &nbsp;&nbsp;**Yes** | &nbsp;&nbsp;**Yes** |
| &nbsp;&nbsp;Physical Commodities **NOT** for investment purposes (e.g., for personal use) | &nbsp;&nbsp;No | &nbsp;&nbsp;No | &nbsp;&nbsp;No |
| &nbsp;&nbsp;Cryptocurrencies (direct transactions) for **non-Cryptocurrency Portfolio Persons** | &nbsp;&nbsp;No | &nbsp;&nbsp;No | &nbsp;&nbsp;No |
| &nbsp;&nbsp;Cryptocurrencies (direct transactions) for **Cryptocurrency Portfolio Persons** <sup>(5)</sup> | &nbsp;&nbsp;**Yes** | &nbsp;&nbsp;**Yes** | &nbsp;&nbsp;**Yes** |
| &nbsp;&nbsp;Initial coin offerings (ICOs) <sup>(7)</sup> | &nbsp;&nbsp;**Yes** | &nbsp;&nbsp;**Yes** | &nbsp;&nbsp;**Yes** |
| &nbsp;&nbsp;Derivatives on cryptocurrencies | &nbsp;&nbsp;**Yes** | &nbsp;&nbsp;**Yes** | &nbsp;&nbsp;**Yes** |
| &nbsp;&nbsp;**Other** | &nbsp;&nbsp;**Other** | &nbsp;&nbsp;**Other** | &nbsp;&nbsp;**Other** |
| &nbsp;&nbsp;Private placements, hedge funds, private equity, or any other private offering | &nbsp;&nbsp;**Yes** | &nbsp;&nbsp;**Yes** | &nbsp;&nbsp;No |
| &nbsp;&nbsp;Cash equivalents <sup>(8)</sup> | &nbsp;&nbsp;No | &nbsp;&nbsp;No | &nbsp;&nbsp;No |
| &nbsp;&nbsp;Real Estate Physical Property (Commercial or 5 or more residential units) for investment purposes **for non-Real Estate Portfolio Persons** | &nbsp;&nbsp;No | &nbsp;&nbsp;No | &nbsp;&nbsp;No |
| &nbsp;&nbsp;Real Estate Physical Property (Commercial or 5 or more residential units) for investment purposes **for Real Estate Portfolio Persons** | &nbsp;&nbsp;**Yes** | &nbsp;&nbsp;**Yes** | &nbsp;&nbsp;No |
| &nbsp;&nbsp;Real Estate Physical Property (1-4 residential units) for investment purposes **for Real Estate Portfolio Persons** | &nbsp;&nbsp;No | &nbsp;&nbsp;**Yes** | &nbsp;&nbsp;No |
| &nbsp;&nbsp;Real Estate Property (personal use) | &nbsp;&nbsp;No | &nbsp;&nbsp;No | &nbsp;&nbsp;No |
| &nbsp;&nbsp;Any Financial Instrument not referenced above | &nbsp;&nbsp;**Yes** | &nbsp;&nbsp;**Yes** | &nbsp;&nbsp;**Yes** |

---

**PIMCO/Allianz Retirement and Investment Account Requirements**

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Asset Type** | &nbsp;&nbsp;**Do Transactions Require Pre-clearance and Approval?** | &nbsp;&nbsp; **Is Reporting of Securities Required?** | &nbsp;&nbsp;**Are Transactions Subject to the 30 Calendar Day Rule?** |
| &nbsp;&nbsp;**Currencies & Commodities (cont.)** | &nbsp;&nbsp;**Currencies & Commodities (cont.)** | &nbsp;&nbsp;**Currencies & Commodities (cont.)** | &nbsp;&nbsp;**Currencies & Commodities (cont.)** |
| &nbsp;&nbsp;Charles Schwab Personal Choice Retirement Account within the Allianz 401k | &nbsp;&nbsp;**Yes** | &nbsp;&nbsp;**Yes** | &nbsp;&nbsp;**Yes** |
| &nbsp;&nbsp;Allianz Employee Stock Purchase Plan (ESPP) | &nbsp;&nbsp;**Yes** | &nbsp;&nbsp;**Yes** | &nbsp;&nbsp;**Yes** |
| &nbsp;&nbsp;Allianz Executive Deferred Compensation Plan (EDCP) | &nbsp;&nbsp;**Yes** | &nbsp;&nbsp;**Yes** | &nbsp;&nbsp;**Yes** |
| &nbsp;&nbsp;529 Plan through PIMCO Benefits | &nbsp;&nbsp;No | &nbsp;&nbsp;**Yes** | &nbsp;&nbsp;No |
| &nbsp;&nbsp;PIMCO Direct Investment Accounts | &nbsp;&nbsp;No | &nbsp;&nbsp;**Yes** | &nbsp;&nbsp;No |
| &nbsp;&nbsp;Fund Invest Accounts through Charles Schwab and Fidelity | &nbsp;&nbsp;No | &nbsp;&nbsp;**Yes** | &nbsp;&nbsp;No |
| &nbsp;&nbsp; State Street Global Investor Series | &nbsp;&nbsp; No | &nbsp;&nbsp; **Yes** | &nbsp;&nbsp; <br> No |

---

<sup>(1)</sup> If an investment account has the ability to invest in a reportable security within its investment options, the account is reportable to Compliance via the personal trading system.

<sup>(2)</sup> As a general matter, most pre-clearance requests involving IPOs will be denied.

<sup>(3)</sup> G-7 countries are Canada, France, Germany, Italy, Japan, the United Kingdom, and the United States.

<sup>(4)</sup> As a general matter, most pre-clearance requests involving single-stock ETFs will be denied.

<sup>(5)</sup> Cryptocurrency Portfolio Persons are required to report their and Immediate Family Members' Personal Securities Accounts that hold Applicable Cryptocurrency, pre-clear transactions in Applicable Cryptocurrency, including single-cryptocurrency ETFs on Applicable Cryptocurrency, and abide by the 30 calendar day rule for Applicable Cryptocurrency. Applicable Cryptocurrency is cryptocurrency that PIMCO is trading on behalf of clients. Cryptocurrency transactions include purchases, sales, and conversions between an Applicable Cryptocurrency and another asset.

<sup>(6)</sup> Futures, including options on futures are prohibited.

**CODE OF ETHICS \| July 2025 11**

<sup>(7)</sup> Initial coin offerings (ICOs) are prohibited for all employees and their Immediate Family Members.

<sup>(8)</sup> Cash equivalents include bank certificates of deposit ("CDs"), bankers acceptances, commercial paper and other high quality, non-sovereign short-term debt instruments (with an original maturity less than one year), including repurchase agreements.

**APPENDIX II - OPTIONS TRADING: PRE-CLEARANCE AND 30 CALENDAR DAY RULE**

The following chart provides specific guidance on pre-clearance and short-term trading prohibitions for options trading.

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Option Trading** | &nbsp;&nbsp;**Pre-clearance Required** | &nbsp;&nbsp;**Subject to Short Term Trading Restriction ("30 Calendar Day Rule")** |
| &nbsp;&nbsp; <br>Purchasing/Selling an Option<sup>16</sup> | &nbsp;&nbsp; Yes | &nbsp;&nbsp; Yes<br> The option's expiration date must be greater than 30 days from the date of the option transaction.<br>An options contract cannot be bought and sold, or sold and bought, within 30 calendar days.<br>For avoidance of doubt, employees may trade a different options contract (i.e., different expiration or strike) within 30 calendar days.<br>|
| &nbsp;&nbsp; <br> Involuntary Option Assignment/Exercise of Existing Option Position | &nbsp;&nbsp; <br> No<br> Purchase or sale of underlying Security not directed by the Employee | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; No<br> The acquisition/disposition of a security resulting from an existing option<br> position via an involuntary assignment/exercise is not subject to the 30 Calendar Day Rule |
| &nbsp;&nbsp; <br>Directing an Option Exercise of Existing Options Position | &nbsp;&nbsp; <br> Yes<br> To exercise an option, the purchase or sale of the underlying security must be pre-cleared before directing the option exercise | &nbsp;&nbsp; Yes<br> After the receipt or disposal of the underlying security due to a directed option exercise, employees are prohibited from executing an opposite way transaction in the underlying security for 30 calendar days |
| &nbsp;&nbsp; <br> Rolling<sup>17</sup> an Option on All Other Underlying Securities | &nbsp;&nbsp; Yes<br> Pre-clearance of both legs of the transaction is required to roll the option | &nbsp;&nbsp; Yes<br> Other options are not allowed to roll within 30 calendar days (i.e., they are subject to the 30 Calendar Day Rule) |

---

<sup>16</sup> Voluntary corporate actions require pre-clearance.

<sup>17</sup> The simultaneous closing and opening of an option to extend the expiration or maturity of the initial position to the next available contract period immediately following such expiration or maturity.

**CODE OF ETHICS \| July 2025 12**

**GLOSSARY**

The following definitions apply to the capitalized terms used in the Code:

**Applicable Cryptocurrency** – means cryptocurrency that PIMCO is trading on behalf of clients.

**Approved Broker** – means a broker-dealer approved by the Compliance Officer. The list of Approved Brokers for each PIMCO location is accessible through the PIMCO Intranet or can be obtained from the Compliance Officer.

**Automatic Investment Plan** – means a program in which regular periodic purchases (or withdrawals) are made automatically in (or from) investment accounts in accordance with a predetermined schedule and allocation. An Automatic Investment Plan includes a dividend reinvestment plan.

**Beneficial Interest** – means when a person has or shares direct or indirect pecuniary interest in accounts or in reportable Financial Instruments. Pecuniary interest means that a person has the ability to profit, directly or indirectly, or share in any profit from a transaction. Indirect pecuniary interest extends to, unless specifically excepted by a Compliance Officer, an interest in a Financial Instrument held by: (1) a joint account to which you are a party; (2) a partnership in which you are a general partner; (3) a partnership in which you or an Immediate Family Member holds a controlling interest and with respect to which Financial Instrument you or an Immediate Family Member has investment discretion; (4) a limited liability company in which you are a managing member; (5) a limited liability company in which you or an Immediate Family Member holds a controlling interest and with respect to which Financial Instrument you or an Immediate Family Member has investment discretion; (6) a trust in which you or an Immediate Family Member has a vested interest or serves as a trustee with investment discretion; (7) a closely-held corporation in which you or an Immediate Family Member holds a controlling interest and with respect to which Financial Instrument you or an Immediate Family Member has investment discretion; or (8) any account (including retirement, pension, deferred compensation or similar account) in which you or an Immediate Family has a substantial economic interest. A pecuniary interest (thus, Beneficial Interest) may arise with respect to any Financial Instrument including without limitation those (such as private equity and hedge fund investments) obtained through Private Placements.

**Cryptocurrency Account** – solely for the purposes of the Cryptocurrency Portfolio Person addendum, means any Personal Securities Account that holds or is expected to hold Applicable Cryptocurrency.

**Cryptocurrency Portfolio Person** – means any person who directly supports or directs trading in Applicable Cryptocurrency on behalf of PIMCO clients.

**Cryptocurrency** – means any virtual or digital representation of value, token or other asset in which encryption techniques are used to regulate the generation of such assets and to verify the transfer of assets, which is not a Security or otherwise characterized as a security under the relevant law.

**Derivative** – means (1) any Futures (as defined below); and (2) a forward contract, a "swap", a "cap", a "collar", a "floor" and an over-the-counter option (other than an option on a foreign currency, an option on a basket of currencies, an option on a Security or an option on an index of Securities, which are included in the definition of "Security"). Questions regarding whether a particular instrument or transaction is a Derivative for purposes of this policy should be directed to the Compliance Officer or his or her designee. For avoidance of doubt, a derivative on a Cryptocurrency is considered to be a "Derivative" for purposes of the Code.

**Financial Instrument** – means a Security, Derivative, commodity or currency as investment, but does not include Cryptocurrencies. For the avoidance of doubt, futures contracts on Cryptocurrencies are "Financial Instruments" for purposes of the Code.

**Futures** – means a futures contract and an option on a futures contract traded on a U.S. or non-U.S. board of trade, such as the Chicago Board of Trade or the London International Financial Futures Exchange.

**CODE OF ETHICS \| July 2025 13**

**Immediate Family Member**– generally means: (1) an Employee's spouse; (2) any of the following persons sharing the same household with the Employee (which does not include temporary house guests): a person's child, stepchild, grandchild, parent, stepparent, grandparent, sibling, mother-in-law, father-in-law, son-in-law, daughter-in-law, brother-in-law, sister-in-law, legal guardian, adoptive relative, or domestic partner; (3) any person sharing the same household with the Employee (which does not include temporary house guests) that holds an account in which the Employee is a joint owner or listed as a beneficiary; or (4) any person sharing the same household with the Employee in which the Employee contributes to the maintenance of the household and material financial support of such person.

**Initial Public Offering** – means an offering of securities registered under the Securities Act of 1933, the issuer of which, immediately before the registration, was not subject to the reporting requirements of Sections 13 or 15(d) of the Securities Exchange Act of 1934. This also includes any non-US equity security offered publicly for the first time in any jurisdiction. Initial Public Offerings excludes fixed-income, preferred, business development companies, registered investment companies, commodity pools and convertible securities offerings.

**Non-Discretionary Account** – means any account managed by a broker dealer, futures commission merchant, or trustee as to which neither the Employee nor an Immediate Family Member: (1) exercises investment discretion; and (2) receives notice of specific transactions prior to execution.

**Personal Securities Account** – means (1) any account (including any custody account, safekeeping account, retirement account such as an IRA or 401(k) plan, and any account maintained by an entity that may act as a broker or principal) in which an Employee has any direct or indirect Beneficial Interest, including Personal Securities Accounts and trusts for the benefit of such persons; and (2) any account maintained for a financial dependent. Thus, the term "Personal Securities Accounts" also includes, among others:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Trusts for which the Employee acts as trustee, executor or custodian;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Accounts of or for the benefit of a person who receives financial support from the Employee;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) Accounts of or for the benefit of an Immediate Family Member; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) Accounts in which the Employee is a joint owner or has trading authority.

For the avoidance of doubt, the term "Personal Securities Account" does not include: (1) an account on the U.S. Department of the Treasury's TreasuryDirect system, so long as the securities purchased through and/or held in such account may only be, or were, purchased through a non-competitive bid process; or (2) any account limited to direct holdings of Cryptocurrencies. For avoidance of doubt, an account that holds Derivatives on Cryptocurrencies would constitute a "Personal Securities Account" for purposes of the Code, and is subject to the requirements of Section II.A.2 above.

**Personal Securities Transaction** – means transactions in Securities (whether publicly offered or a Private Placement), Derivatives, currencies for investment purposes and commodities for investment purposes, but does not include direct transactions in a Cryptocurrency, except for Cryptocurrency Portfolio Persons as noted in Appendix IV. For the avoidance of doubt, "Personal Securities Transaction" includes Derivatives on a Cryptocurrency.

**Portfolio Person** – means an Employee who: (1) provides information or advice with respect to the purchase or sale of a Financial Instrument, such as a research analyst; or (2) helps execute a portfolio manager's investment decisions. This includes Portfolio Managers, Economists, Traders, Portfolio Associates/Trade Assistants, Research Analysts, Portfolio Risk Management, members of Capital Markets team, and Asset Management team.

**Private Placement** – means an offering that is exempt from registration under the Securities Act of 1933 pursuant to Section 4(a)(2) or Section 4(a)(5) or pursuant to SEC Rules 504, 505 or 506 under the Securities Act of 1933, including hedge funds or private equity funds or similar laws of non-U.S. jurisdictions.

**CODE OF ETHICS \| July 2025 14**

**Real Estate Portfolio Person** – means a Portfolio Person, employees of PIMCO Prime Real Estate LLC, or any other Employee designated by a Compliance Officer, with respect to PIMCO advised private funds that executes transactions in Real Estate Investment.

**Real Estate Investments**– means investments involving real estate for an investment purposes and not for personal use (such as, without limitation, purchases, sales, financings or other forms of investments in office, multifamily, retail, commercial, industrial or hospitality properties or interest in real estate services or service providers), either directly or through investments in funds (other than registered investment companies or publicly traded Securities that are otherwise subject to the Code of Ethics), joint ventures, partnerships, limited liability companies, mortgage or mezzanine loans or other Securities (other than publicly traded Securities that are otherwise subject to the Code of Ethics).

**Related Financial Instrument** – means any Derivative directly tied to the same underlying Financial Instrument, including, but not limited to, any swap, option or warrant to purchase or sell that same underlying Financial Instrument, and any Derivative convertible into or exchangeable for that same underlying Financial Instrument. For example, the purchase and exercise of an option to acquire a Security is subject to the same restrictions that would apply to the purchase of the Security itself.

**Securities and Commodities Laws** – means the securities and/or commodities laws of any jurisdiction applicable to any Employee, including for any employee located in the U.S. or employed by PIMCO, the following laws: Securities Act of 1933, the Securities Exchange Act of 1934, the Sarbanes-Oxley Act of 2002, the Investment Company Act of 1940, the Investment Advisers Act of 1940, Title V of the Gramm-Leach-Bliley Act, any rules adopted by the U.S. Securities and Exchange Commission under any of these statutes, the Bank Secrecy Act as it applies to funds, broker-dealers and investment advisers, and any rules adopted thereunder by the U.S. Securities and Exchange Commission or the U.S. Department of the Treasury, the Commodity Exchange Act, any rules adopted by the U.S. Commodity Futures Trading Commission under this statute, and applicable rules adopted by the National Futures Association.

**Security** – means any note, stock, treasury stock, security future, security-based swap, bond, debenture, evidence of indebtedness, certificate of indebtedness, certificate of interest or participation in any profit-sharing agreement, collateral-trust certificate, preorganization certificate or subscription, transferable share, investment contract (e.g., investment in a business), voting-trust certificate, certificate of deposit for a security, fractional undivided interest in oil, gas or other mineral rights, any put, call, straddle, option, or privilege on any security, (including a certificate of deposit) or on any group or index of securities (including any interest therein or based on the value thereof), or any put, call, straddle, option, or privilege entered into on a national securities exchange relating to foreign currency, or in general, any interest of instrument commonly known as a "security", or any certificate of interest or participation in, temporary or interim certificate for, receipt for, guaranty of, or warrant or right to subscribe to or purchase any of the foregoing.

**CODE OF ETHICS \| July 2025 15**

## Ex-99.P

Ex. 99.28(p)(35)

![](exp35_riverroadcoe001.jpg)

![](exp35_riverroadcoe002.jpg)

**Table of Contents**

---

| | |
|:---|:---|
| Background | 2 |
| Standards of Conduct | 2 |
| &nbsp;&nbsp;&nbsp;&nbsp;Policy | 2 |
| &nbsp;&nbsp;&nbsp;&nbsp;Procedure | 2 |
| Personal Securities Transactions | 5 |
| &nbsp;&nbsp;&nbsp;&nbsp;Background | 5 |
| &nbsp;&nbsp;&nbsp;&nbsp;Definitions | 5 |
| &nbsp;&nbsp;&nbsp;&nbsp;Policy | 6 |
| &nbsp;&nbsp;&nbsp;&nbsp;Procedures | 8 |
| Insider Trading | 10 |

---

River Road Code of Ethics I Page 1

Background

Rule 204A-1 of the Investment Advisers Act of 1940 ("Advisers Act") requires investment advisers to establish, maintain, and enforce a written code of ethics that applies to all "supervised persons."<sup>1</sup> An adviser to registered investment companies is also required to adopt a Code of Ethics regarding personal investment activities under the Investment Company Act of 1940, Rule 17j-1. An investment adviser's Code of Ethics represents an internal control and supervisory review to seek to detect and prevent possible insider trading, conflicts of interests, and regulatory violations.

Each employee, temp-to-hire employee, or intern of River Road Asset Management, LLC ("River Road") is considered a supervised person ("Employee"). Upon hire and on an annual basis thereafter, each Employee must certify in writing or through an online application that they have received and read, understand, and agree to comply with River Road's Code of Ethics. Employees will receive and shall be required to make a similar certification following any amendment to the Code of Ethics.

Standards of Conduct

**Policy**

Employees must exercise good faith in their dealings with both River Road and its clients, consistent with the high degree of trust and confidence that is placed in each Employee by River Road. The need for the stringent application of this principle is heightened by the necessity that River Road, in turn, exercises the highest degree of ethical conduct in its dealings with its clients.

If an Employee discovers that he or she will derive personal gain or benefit from any transaction between River Road and any individual or firm, the Employee must immediately refer the matter and disclose all pertinent facts to River Road's Chief Compliance Officer ("CCO").

River Road's standards of conduct are necessarily strict because they are intended for the benefit and protection of River Road and its Employees. No attempt to delineate guidelines for proper conduct can hope to cover every potential situation that may arise during an Employee's service with River Road. Whenever there is any doubt about the propriety of any action, Employees must discuss the matter with River Road's CCO. Violations of the Code of Ethics are grounds for disciplinary action, up to and including dismissal. The standards of conduct set forth herein must be applied fully and fairly without reliance upon technical distinctions to justify questionable conduct.

**Procedure**

**Conflicts of Interest:** Employees may not engage in personal activities that conflict with the best interests of River Road or with the best interests of River Road's clients. Upon initial hire and annually thereafter, every Employee is required to complete a conflicts of interest questionnaire designed to identify any actual or potential conflicts of interests the Employee may have. If there is any doubt about how to answer the questionnaire, the Employee shall discuss such matters with the CCO or their designee. For the avoidance of doubt, Employees are required to disclose any actual or potential conflicts of interest the Employee may have even if not specifically addressed by a question on the conflict of interest questionnaire.

**Disclosure or Use of Confidential Information**: In the normal course of business, Employees may be given or may acquire information about the business of River Road, its clients, or its affiliates which is not available to the general public. This information is confidential and may include, but is not limited to, financial data, business plans and strategies, regulatory information, and information concerning specific trading decisions. In addition to an Employee's obligations under any other River Road policies or contract with River Road, all Employees are responsible for respecting and maintaining the confidential nature of such information, including taking reasonable care in how and where they discuss, document, store, and dispose of confidential information. Confidential information may only be disclosed within River Road to those who need to know the information to perform their job functions. Nothing in any agreements you may have with River Road or in any River Road policies or handbooks is intended to or shall preclude or impede you from cooperating with any governmental or regulatory entity or agency in any investigation, or from communicating any suspected wrongdoing or violation of law to any such entity or agency, including, but not limited to, reporting pursuant to the "whistleblower rules" promulgated by the Securities and Exchange Commission (Securities Exchange Act Rules 21F-1, et seq.). For the avoidance of doubt, you are not required to give River Road prior notice of, or obtain River Road's prior written consent in connection with regulatory communications contemplated under the SEC's or other regulatory entity or agency's "whistleblower rules."

<sup>1</sup> *Supervised Person* is defined as any partner, officer, director (or other person occupying a similar status or performing similar functions), or employee of an investment adviser, or other person who provides investment advice on behalf of the investment adviser and is subject to the supervision and control of the investment adviser.

River Road Code of Ethics I Page 2

![](exp35_riverroadcoe002.jpg)

**Material, Non-public Information**: Some confidential information is also material, non-public information and subject to the restrictions of federal and state banking and securities laws and regulations as to its communication and use. Material information should be treated as non-public until it is clear the information can be deemed public or ceases to be material, which should be determined in accordance with River Road's Insider Trading Policies and Procedures.

**Outside Business or Other Activities**: Employees must receive pre-approval from the CCO or their designee for the following outside business or other activities:

&nbsp;&nbsp;&nbsp;&nbsp;▪ Performing outside employment or accepting payment for services rendered
to others. This includes engagements for teaching, speaking, and the writing of books and articles. Unless it otherwise presents an actual
or potential conflict of interest, interns are not required to report outside employment or payment for services rendered.

&nbsp;&nbsp;&nbsp;&nbsp;▪ Apart from your duties as an Employee of River Road, providing investment
advice, guidance or discretion. Examples include, but are not limited to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o Acting as an executor or trustee for a family or non-family member

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o Providing investment advice as a member of a non-profit or other organization's finance committee

&nbsp;&nbsp;&nbsp;&nbsp;▪ Any other activities or ventures (including, but not limited to, business,
personal, charitable, or otherwise) that conflict with or could potentially conflict with or interfere with your duties at River Road.

Where necessary, the CCO will consult with and/or defer to the CEO for determining whether an activity is approved.

**Political Activity**: To comply with the provisions of Rule 206(4)-5 of the Adviser Act, all Employees must comply with the following policies and procedures:

<u>Prohibited Activity</u>:

River Road Employees are prohibited from making political contributions (defined below) to an incumbent, candidate, or successful candidate for elective office ("Official") of any state or local governments, their agencies and instrumentalities, and all public pension plans and other collective government funds ("Government Entity").

&nbsp;&nbsp;&nbsp;&nbsp;▪ A contribution includes a gift, subscription, loan, advance, deposit of money,
or anything of value made for the purpose of influencing an election. It also includes transition or inaugural expenses incurred by a
successful candidate for state or local office.

&nbsp;&nbsp;&nbsp;&nbsp;▪ A contribution *does not* include a donation of time by an Employee,
so long as River Road has not solicited the Employee's efforts and River Road's resources are not used, e.g. office space,
telephones, etc. An Employee's donation of his or her time generally would not be viewed as a contribution if such volunteering
were to occur during non-work hours or vacation time.

&nbsp;&nbsp;&nbsp;&nbsp;▪ Employees are also prohibited from hosting fundraising meetings for an Official
of a Government Entity or allowing the use of Employee's name on any fundraising literature, including being listed on an invitation
or other marketing and collateral pieces.

A political contribution to a federal government official or candidate for federal office is allowed with pre-approval from CCO or their designee in writing, including via email, before any such contributions are made. If the federal candidate is a state or local government official at the time of running for federal office, the donation is prohibited. However, River Road's Executive Committee reserves the right to prohibit any federal contributions if the Executive Committee finds that it conflicts with the best interests of River Road.

Employees are prohibited from doing any of the above prohibited activities directly or indirectly. For example, an Employee cannot channel political contributions through family, friends, an attorney, or a political action committee.

<u>Immediate family sharing the same household</u>:

Immediate family sharing the same household of an Employee are not prohibited from making political contributions, but the Employee must provide notice to the CCO or their designee in writing, including via email, before any such contributions are made by immediate family sharing the same household. For definitions of immediate family sharing the same household, see Personal Securities Transactions section below.

A Political Contribution Form is available via River Road's online compliance application.

River Road Code of Ethics I Page 3

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**Borrowing from Clients:** You may not borrow money from a client of River Road unless such borrowing is from a bank or other financial institution made in the ordinary course of business on substantially the same terms, including interest rates and collateral, as those prevailing at the time for comparable transactions with members of the general public.

**Business Transactions for River Road:** You may not represent or exercise authority on behalf of River Road in any transaction with any person, firm, company, or organization with which you have any material connection (including, but not limited to, a directorship, officership, family relationship or significant borrowing relationship) or in which you have a material financial interest. You must report any existing or proposed business relationships with any such person, firm, company, or organization to River Road's CCO or their designee, who will determine with the appropriate levels of management whether such business relationship is "material" for purposes of this prohibition.

**Business Transactions with River Road:** If you are authorized by an outside organization to transact business with River Road on the outside organization's behalf, you must report such authorization to River Road's CCO or their designee.

**Gifts and Entertainment:** 

<u>Gifts Received by Employees</u> 

Employees cannot receive any gift that is more than $50 annually (calendar year basis) per giver (either person or entity) if:

&nbsp;&nbsp;&nbsp;&nbsp;▪ the giver is paid with client commissions or soft dollars ("Client
Assets") or

&nbsp;&nbsp;&nbsp;&nbsp;▪ the giver is a party dealing with one of River Road's ERISA client
plans in connection with a transaction involving that plan's assets.

Where a gift is shared among a group, the estimated amount of the gift can be pro-rated among the recipients.

Employees are prohibited from receiving gifts from companies that River Road invests in or may invest in on behalf of its clients (excluding de minimis gifts, such as a reasonable onsite lunch or snack during an onsite visit).

<u>Gifts Given by Employees</u>

No Employee shall, directly or indirectly, give (or permit anyone else to give) anything of service or value, including gratuities, in excess of $100 annually (calendar year basis) to:

&nbsp;&nbsp;&nbsp;&nbsp;▪ any person who is licensed with FINRA, or

&nbsp;&nbsp;&nbsp;&nbsp;▪ a plan fiduciary of one of River Road's ERISA clients where the gift
relates to the business of recipient's employer.

No Employees shall, directly or indirectly, give (or permit any else to give) any gifts to executives of public companies or their public company board members. This excludes any public companies that are also affiliates or clients of River Road and such gifts are given because of the affiliate or client relationship.

<u>Examples of Gifts</u>

An example of a gift includes but is not limited to the following: gift certificates, event tickets, gift baskets, golf shirts, sleeves of golf balls, etc. Employees are strictly prohibited from giving or receiving cash or cash equivalents (e.g. gift cards) as gifts. No part of this gifting policy is meant to prohibit personal gifts where the relationship is of a personal nature outside of and not arising from employment at River Road.

<u>Entertainment</u>

If an Employee attends an event or dinner with any person or entity, this is not considered a gift but is considered entertainment.

Employees are not allowed to be entertained by:

&nbsp;&nbsp;&nbsp;&nbsp;▪ any person or entity that is paid with Client Assets, or

&nbsp;&nbsp;&nbsp;&nbsp;▪ any person or entity that is a party dealing with one of River Road's
ERISA client plans in connection with a transaction involving the plan's assets.

&nbsp;&nbsp;&nbsp;&nbsp;▪ Any companies that River Road invests in or may invest in on behalf of its
clients

Employees can attend the event or dinner at River Road's or the Employee's expense. This provision does not apply if it is logistically unreasonable for the Employee or River Road to pay for the Employee at such event or dinner. For example, if an Employee attends a conference and is incidentally entertained in the normal course of the conference, this provision does not apply.

River Road Code of Ethics I Page 4

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<u>Reporting and Logging</u>

Employees are required to report all gifts given or received covered by this policy so they can be tracked by the compliance department to ensure compliance with this policy. The compliance department monitors and logs all gifts in River Road's online compliance application and determines whether the gift can be kept or must be returned.

If there are any questions about Gifts and Entertainment, the Employee shall discuss such matters with the CCO or their designee.

**Improper Payments (Bribes or Kickbacks):** Employees shall not take any action that might result in a violation by River Road of the laws of the United States, the Commonwealth of Kentucky, or any other jurisdiction in which River Road does business. The Foreign Corrupt Practices Act (FCPA) provides that in no event may payment of anything of value be offered, promised or made to any government, government entity, government official, candidate for political office, political party or official of a political party (including any possible intermediary for any of the above), foreign or domestic, which is, or could be construed as being, for the purposes of receiving favorable treatment or influencing any act or decision by any such person, organization or government for the benefit of River Road or any other person.

**Economic Sanctions:** The Office of Foreign Assets Control ("OFAC") of the U.S. Department of the Treasury promulgates regulations dealing with economic sanctions. No Employee on behalf of River Road may intentionally transact business with those countries or specially designated nationals against which economic sanctions have been imposed unless the appropriate license has been obtained from the OFAC allowing such transaction.

**Prohibition on the Use of Information from Your Previous Employer:** Employees are prohibited from bringing any documents, software or other items to River Road that may contain the Employee's previous employer's confidential, trade secret, or proprietary information. This would include such things as computer files, client lists, financial reports, or other materials that belong to your previous employer. If an Employee has any such materials in his or her possession, they should be returned to the former employer immediately unless the Employee (and River Road, as necessary) has received permission from the previous employer to use such materials and the Employee has discussed the issue with River Road's CCO.

**Your Duty to Report Abuses of the Code of Ethics and Standards of Conduct Policy or Other Illegal or Unethical Conduct:** Employees have a special obligation to advise River Road of any suspected abuses of River Road policy, suspected criminal or unethical conduct, or any violation of securities law, anti-trust, health and safety, environmental, government contract compliance, any other laws, or River Road policies. Employees are required to report any of the preceding promptly to the CCO or the Chief Executive Officer. A Confidential Reporting Form (Whistle) is available in River Road's online compliance application for employees to anonymously report any potential violations to the CCO or the Chief Executive Officer. If reported to the Chief Executive Officer, the CCO will also receive notice of such report. For the avoidance of doubt, the Employee is not required to give River Road prior notice of, or obtain River Road's prior consent in connection with regulatory communications contemplated under the SEC's or other regulatory entity or agency's "whistleblower rules." The Employee will not be subjected to any form of retaliation for reporting legitimate suspected abuses.

**Investigations of Reported or Suspected Misconduct:** In the event of an investigation regarding possible wrongdoing, Employees must cooperate fully. Information relating to any investigation, including information provided by the Employee or the fact of the Employee's participation in any investigation, is considered confidential and will only be revealed to individuals not associated with the investigation on a need to know basis. Any request for information or subpoenas involving River Road must be in writing and directed to the CCO who will coordinate with legal counsel.

**Federal Securities Laws:** Employees must comply with applicable Federal Securities Laws.

Personal Securities Transactions

**Background**

Rule 204A-1 of the Advisers Act requires the reporting of personal securities transactions and holdings periodically as provided below and the maintenance of records of personal securities transactions for those supervised persons who are considered "access persons."

**Definitions**

**Access Persons:** River Road considers the following persons to be Access Persons:

&nbsp;&nbsp;&nbsp;&nbsp;▪ All officers and employees of River Road, and

River Road Code of Ethics I Page 5

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&nbsp;&nbsp;&nbsp;&nbsp;▪ All interns and temp-to-hire employees with access to non-public information
regarding any clients' purchase or sale of securities, or nonpublic information regarding the portfolio holdings of any Affiliated
Fund (defined below).

**Covered Securities:** Covered Securities include **everything not defined below**, including, convertible securities, preferred securities, corporate bonds, single-stock exchange traded funds, and royalty trusts.

**Open Securities:** The following are Open Securities:

1) direct obligations of the Government of the United States,

2) bankers' acceptances, bank certificates of deposit, commercial paper and high quality short-term debt instruments*,* including repurchase agreements,

3) shares issued by money market funds,

4) shares issued by non-affiliated, open-end funds,

5) shares issued by unit investment trusts that are invested exclusively in one or more non-affiliated, open-end funds, and

6) municipal bonds (Note: This is still a reportable security for purposes of holdings report/account list report/transaction report, as more fully explained below)

7) exchange traded funds ("ETF") except those that are defined as Covered Securities above (i.e. single-stock ETFs) (Note: This is still a reportable security for purposes of holdings report/account list report/transaction report, as more fully explained below)

8) closed-end funds (Note: This is still a reportable security for purposes of holdings report/account list report/transaction report, as more fully explained below)

**Affiliated Fund:** An Affiliated Fund is any mutual fund or collective investment trust for which River Road serves as an investment adviser or sub-adviser or any mutual fund or collective investment trust whose investment adviser or principal underwriter controls River Road, is controlled by River Road, or is under common control with River Road. A full list of Affiliated Funds is available from the compliance department upon request.

**Stocks:** Anything generally accepted as a stock, such as common stock, ADR, and ordinary shares of stock on foreign exchanges. River Road typically relies on the classification per the security master of its code of ethics monitoring tool.

**Policy**

River Road's policy allows Access Persons to maintain personal securities accounts provided any personal investing by an Access Person in any accounts in which the Access Person has any direct or indirect beneficial ownership is consistent with River Road's fiduciary duties to its clients, regulatory requirements, and this Code of Ethics. An Access Person is presumed to have beneficial ownership in any personal securities accounts that are held by Access Person's immediate family sharing the same household.

*Immediate family* shall mean any child, stepchild, grandchild, parent, stepparent, grandparent, spouse, sibling, mother-in-law, father-in-law, son-in-law, daughter-in-law, brother-in-law, or sister-in-law, and shall include adoptive relationships.

*Sharing the same household* shall mean:

&nbsp;&nbsp;&nbsp;&nbsp;▪ A permanent resident of the home where the Access Person resides.

&nbsp;&nbsp;&nbsp;&nbsp;▪ A temporary resident of the home where the Access Person resides if that
temporary resident stays for 6 consecutive months.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o An Access Person's immediate family that is in college/school student is still considered a permanent resident of the Access
Person's home if they have not "moved out" of the Access Person's home. For example, even if an Access Person's
child lives in a dormitory or a short term lease arrangement at their school, the child would still be considered a permanent resident
of the Access Person's home.

River Road Code of Ethics I Page 6

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To the extent available, Access Persons consent to brokers transmitting holdings, trading, and other account information for themselves and their immediate family members sharing the same household, to River Road's compliance application or consent to the compliance application accessing such information via other electronic means.

Access Persons' and their minor children (17 years old and under) are subject to the following rules:

1) <u>Covered Securities</u>:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Access Persons **may not** purchase, short, or execute any derivative transactions on any Covered Securities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Sell transactions (or its equivalent) are allowed on Covered Securities that were owned prior to employment with preclearance of such
transactions from the CCO or their designee. A preclearance may be denied or delayed

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. Sell transactions of fractional shares due to stock splits or similar corporate actions do not require preclearance.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. Donation, gift, or other transfers of ownership of Covered Securities by an Access Person is allowed with preclearance of such donation
from the CCO or their designee.

2) <u>Stocks:</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Access Persons **may** purchase any Stock that has a market cap of $20B or larger at the time of purchase with preclearance. A
preclearance may be denied or delayed. Access Persons **may not** purchase any Stock that has a market cap less than $20B.

&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. River Road typically relies on market cap per the security master of its code of ethics monitoring tool.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Access Persons **may** sell any Stock with preclearance. A preclearance may be denied or delayed.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. Sell transactions of fractional shares due to stock splits or similar corporate actions do not require preclearance.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. Only long purchases and long sells of a Stock are allowed. No options, derivatives, short sells, etc are allowed.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e. Access Persons may only make 10 purchases of Stocks on a rolling 90 day period in aggregate across accounts of the employee and their
minor children. Multiple purchases of the same Stock count towards this maximum. Sell transactions are not limited, but selling a Stock
does not increase the number of available purchases.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;f. Access Persons must only use an approved broker listed on the Approved Brokers for Personal Trading document, provided separately,
to buy Stocks.

3) <u>Open Securities and Affiliated Funds</u>: Access Persons **may** purchase, sell, short, cover, donate or execute derivative transactions on Open Securities or Affiliated Funds without preclearance. Except see Minimum Holding Period section below related to Affiliated Funds.

Access Persons may apply for an exception from a trading restriction from the CCO, which application may be granted or denied based on the surrounding facts and circumstances.

The CCO must obtain preapproval from another member of the compliance department when effecting a transaction that requires preclearance.

Immediate family sharing the same households (other than minor children, who are subject to the rules above) are subject to the following rules:

1) <u>Covered Securities and Stocks</u>:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Immediate family sharing the same household **may** purchase, sell, short, cover, or execute derivative transactions on Covered
Securities or Stocks with preclearance of such transactions from the CCO or their designee. A preclearance may be denied or delayed. Sell
transactions of fractional shares due to stock splits or similar corporate actions do not require preclearance.

River Road Code of Ethics I Page 7

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Donation, gift, or other transfers of ownership of Covered Securities or Stocks by immediate family sharing the same household is
allowed with preclearance of such donation from the CCO or their designee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. All transactions in Covered Securities by immediate family sharing the same household must be made in an account that is in the name
of the immediate family member and is not in the name of the Access Person or is not a joint account with the Access Person. Accounts
in the name of an Access Person or joint accounts including the Access Person are subject to the Access Person rules above.

2) <u>Open Securities and Affiliated Funds</u>: Immediate family sharing the same household **may** purchase, sell, short, cover, donate or perform derivative transactions on Open Securities or Affiliated Funds without any preclearance. Except see Minimum Holding Period section below related to Affiliated Funds.

**Preclearance:** As noted above, Access Persons must request preclearance for their trades or trades of immediate family member sharing the same household by filling out a preclearance transaction form (which may be through an online application), which will then be approved or denied by the compliance department. Preclearance of a trade shall be valid and in effect **only until the end of the same trading day** as the day preclearance is given. If a trade is not made in that timeframe, then a new preclearance must be obtained. Preclearance also expires if and when the person becomes, or should have become, aware of facts or circumstances that would prevent a proposed trade from being precleared. Additionally, the Access Person must trade in accordance with the terms of the preclearance, such as only trading the number of shares that were precleared for.

**Minimum Holding Period:** Access Persons shall not purchase and sell or sell and purchase the same Affiliated Fund within 30 calendar days. Exceptions may be pre-approved on a case-by-case basis by the CCO. In addition to the exclusions listed above, this rule will not be triggered by purchases made pursuant to an automatic investment plan (e.g., purchases made at pre-defined intervals and amounts).

**Miscellaneous:** If an Access Persons comes across a situation that is not specifically addressed by this policy, the Access Person must bring the situation to the CCO or their designee for review. The Executive Committee has the right to limit an Access Person's personal trading if the Executive Committee deems it to be excessive in volume or complexity as to require a level of personal time and attention that interferes with the performance of employment duties. This will be determined by the Executive Committee based upon surrounding facts and circumstances.

**Procedures**

River Road has adopted the following procedures to implement and monitor the firm's policy:

**Holdings Report**

<u>Requirements</u>: In accordance with Rule 204A-1 under the Investment Advisers Act of 1940, Access Persons shall identify on a form provided by the CCO or their designee (which may be through an online application) all Covered Securities, Stocks, Affiliated Funds, ETFs, closed-end funds, and municipal bonds in which the Access Person has any direct or indirect beneficial ownership, including any of the preceding held in certificate form (excludes securities held in accounts over which the Access Person has no direct or indirect influence or control). Each Holdings Report must contain the following information:

1) The title and type of security

2) The exchange ticker symbol or CUSIP number (as applicable)

3) The number of shares

4) The principal amount of each security

5) The name of any broker, dealer or bank with which the Access Person maintains an account in which securities are held

6) The date the Access Person submits the report

An Access Person can satisfy the initial or annual holdings report requirement by timely filing and dating a copy of each investment account statement that lists all the Access Person's Covered Securities, Stocks, Affiliated Funds, ETFs, closed-end funds, and municipal bonds **but only if** the statement provides all information required in (1) through (6) above. This can also be satisfied by allowing the compliance department to have electronic view-only access to the Employee's account/statements directly via the custodian or broker website. If an Access Person has previously provided statements with all the required information and the CCO or their designee has maintained a copy of the statements, the Access Person can satisfy the initial or annual holdings report requirement by timely confirming the accuracy of the statements (in writing or through an online application). If the statements do not contain all of the required information or if the securities are not held in an account, the Access Person must list out the required information for those securities on the Holdings Report.

River Road Code of Ethics I Page 8

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<u>Timing</u>: Each Access Person must submit a Holdings Report to the CCO or their designee within 10 days of becoming an Access Person and annually thereafter. The CCO or their designee is responsible for contacting new Access Persons and sending out initial and annual Holdings Report forms to all Access Persons. The information on the Holdings Report or its equivalent must be current as of a date:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ Not more than 45 days prior to the date the person became an Access Person,
in the case of an initial Holdings Report, or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ Not more than 45 days prior to the date the report was submitted, in the
case of an annual Holdings Report.

**Investment Account List**

<u>Requirements</u>: Each Access Person shall identify on a form provided by the CCO or their designee (which may be through an online application) a list of all investment accounts over which the Access Person has direct or indirect beneficial ownership, except that the Access Person is not required to list any of the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ Accounts where Covered Securities, Stocks, Affiliated Funds, ETFs, closed-end
funds, and municipal bonds are not available for purchase or sale.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ Accounts where Access Person has no direct or indirect influence or control.

<u>Timing</u>: Each Access Person must submit an Account List to the CCO or their designee within 10 days of becoming an Access Person and annually thereafter. Additionally, after becoming an Access Person, each Access Person must promptly disclose to the CCO or their designee any new investment accounts required to be reported pursuant to this Code of Ethics.

**Brokerage:** No Access Person shall open or maintain personal accounts with the institutional broker representatives through which River Road executes non-directed transactions on behalf of advisory clients.

**Quarterly Investment Account Statements:** It is the responsibility of the Access Person to provide copies of their investment account statements and transaction confirmations or direct their broker to send copies of their investment account statements and transaction confirmations directly to River Road or to where the compliance department designates (which may be satisfied via electronic feed or online access, as available).

The investment account statements and confirmations shall contain all transactions of Access Person, including transactions in Covered Securities, Stocks, Affiliated Funds, ETFs, closed-end funds, and municipal bonds. As necessary, investment account statements and confirmations shall be received no later than 30 days after the end of the applicable calendar quarter. Confirmations do not need to be received for transactions that are effected pursuant to an automatic investment plan.

**Transaction Reports**

<u>Requirements</u>: Each person shall identify on a form provided by the CCO or their designee (which may be through an online application) a quarterly securities transaction report that lists all transactions in Covered Securities, Stocks, Affiliated Funds, ETFs, closed-end funds, and municipal bonds. Each Transaction Report must contain the following information:

1) The date of the transaction

2) The title of the security

3) The exchange ticker symbol or CUSIP number (as applicable)

4) The interest rate and maturity date (as applicable)

5) The number of shares

6) The principal amount of each security involved

7) The nature of the transactions (i.e., purchase, sale or any other type of acquisition or disposition)

8) The price of the security at which the transaction was effected

9) The name of the broker, dealer or bank with or through which the transaction was effected

10) The date the Access Person submits the report

River Road Code of Ethics I Page 9

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<u>Timing</u>: Each Access Person must submit the Transaction Report no later than 30 days after the end of each calendar quarter. The report must cover all transactions during the quarter.

**The following are excluded from Preclearance Rules, Minimum Holding Period Rule, and Transaction Reports:** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ Purchases or sales effected in any account over which the Access Person has
no direct influence or control, including non-volitional investment programs or rights;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ Purchases effected by reinvesting cash dividends pursuant to an automatic
dividend reimbursement program ("DRIP"). This exemption does not apply, however, to optional cash purchase pursuant to a DRIP;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ Purchases of rights issued by an issuer pro rata to all holders of a class
of its securities (if such rights were acquired from such issuer) and the exercise of such rights; and,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ Transactions involving the exercise of employee stock options.

**Personal Investments:** You must exercise sound judgment in making personal investments to avoid situations contrary to the best interests of River Road. You must also avoid imprudent and questionable activity.

**Prohibited Dealings:** Trading based upon or communicating "inside information" is prohibited under any and all circumstances. It is prohibited to use the facilities of River Road to secure new issues for any non-clients, directly or indirectly. Access Persons are not permitted to, directly or indirectly, purchase securities from or sell securities to client accounts.

**Initial Public Offerings and Limited Offerings:** Access Persons may not directly or indirectly acquire beneficial ownership in any security in an initial public offering. Access Persons may not directly or indirectly acquire an interest in a limited offering without approval from the CCO. The approval is based, in part, on whether the investment opportunity should be reserved for clients.

&nbsp;&nbsp;&nbsp;&nbsp;▪ **Initial public offering** means an offering of securities registered
under the Securities Act of 1933 (15 U.S.C. 77a), the issuer of which, immediately before the registration, was not subject to the reporting
requirements of sections 13 or 15(d) of the Securities Exchange Act of 1934 (15 U.S.C. 78m or 78o(d)).

&nbsp;&nbsp;&nbsp;&nbsp;▪ **Limited offering** means an offering that is exempt from registration
under the Securities Act of 1933 pursuant to section 4(2) or section 4(6) (15 U.S.C. 77d(2) or 77d(6)) or pursuant to §§ 230.504,
230.505, or 230.506 of this chapter.

**Investment Person Disclosure:** Access Persons who have been authorized to acquire securities in a private placement or who have beneficial interests prior to employment with River Road are required to disclose the investment when they play a part in any subsequent consideration of client investments in the issuer. In such circumstances, River Road's decision to purchase securities is subject to an independent review by investment personnel with no personal interest in the issuer.

**Conflicts:** Investment personnel, when recommending any security, shall disclose any direct, indirect, or potential conflict of interest related to the issuer of the security being recommended.

**Oversight Review:** The compliance department will review (which includes via automated processes) all Access Persons' transactions and reporting outlined in this document for compliance with the firm's policies, including the Insider Trading Policy, regulatory requirements, and the firm's fiduciary duties to its clients, among other things. The CCO tracks any apparent violations or other issues or items, as necessary, and reports such activity to the Executive Committee typically quarterly. The Executive Committee will determine any corrective action and/or sanctions that should be imposed.

**Records:** River Road shall maintain records in accordance with the Books and Records Policies and Procedures found in River Road's Policies and Procedures Manual.

Insider Trading

The Employee certifies that he/she has read, and will abide by, the Insider Trading Policies and Procedures found in River Road's Policies and Procedures Manual.

River Road Code of Ethics I Page 10

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Insider Trading

**Policy**

River Road's policy prohibits any employee from acting upon, misusing, or disclosing any material non- public information, known as inside information. Any instances or questions regarding possible inside information must be immediately brought to the attention of the compliance department, and any violations of the firm's policy will result in disciplinary action and/or termination.

**Background**

Various federal and state securities laws and the Advisers Act (Section 204A) require every investment adviser to establish, maintain, and enforce written policies and procedures reasonably designed, taking into consideration the nature of such adviser's business, to prevent insider trading by the investment adviser or any person associated with the investment adviser. The term "insider trading" is not defined in the federal securities laws, but generally is used to refer to the use of material, non-public information to trade in securities (whether or not one is an "insider" of the company that issued the securities) or the communication of material, non-public information to others who may trade on the basis of such information.

While U.S. law concerning insider trading is not static, it is generally understood that the law prohibits:

&nbsp;&nbsp;&nbsp;&nbsp;▪ Trading in securities in any capacity (including in options or other derivative
securities) while in possession of material, non-public information.

&nbsp;&nbsp;&nbsp;&nbsp;▪ Having others trade on the insider's behalf while the insider is
in possession of material, non-public information.

&nbsp;&nbsp;&nbsp;&nbsp;▪ Communicating non-public information concerning securities to others
who may then trade in securities or pass on the information to others who may trade in such securities. Such conduct, also known as "tipping,"
results in liability for the insider who communicated such information (even if such insider does not actually trade themself) and for
the person who received the information if they act on such information or pass it on to others who may act on it.

<u>Insider</u>: The concept of "insider" is broad and generally includes any person who possesses material, non-public information about a company and who has a duty to the company to keep this information confidential.

<u>Material</u>: Trading while in the possession of inside information is not a basis for liability unless the information is "material." Generally, information is "material" if there is a substantial likelihood that a reasonable investor would consider it important in making an investment decision, or if it is reasonably certain to have an effect on the price, whether it is positive or negative, of an issuer's securities. There is no bright-line standard for assessing materiality; rather, materiality is based on an assessment of all the facts and circumstances, and is often evaluated by enforcement authorities with the benefit of hindsight. "Inside" information could be material because of its expected effect on the price of the issuer's securities, the securities of another company, or the securities of several companies. Moreover, the resulting prohibition against the misuse of "inside" information includes not only restrictions on trading in the issuer's securities, but restrictions on trading in the securities of other companies affected by the inside information as well (e.g., in the event the issuer was in negotiations to acquire a public company).

River Road Compliance Policies & Procedures I Page 1

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Although there is no precise, generally accepted definition of materiality, information is likely to be "material" if it relates to:

&nbsp;&nbsp;&nbsp;&nbsp;▪ Earnings information and quarterly results

&nbsp;&nbsp;&nbsp;&nbsp;▪ Projections of future earnings or losses or other earnings guidance (including
confirming previous earnings guidance)

&nbsp;&nbsp;&nbsp;&nbsp;▪ A pending or proposed merger, joint venture, acquisition, or tender offer,
or an acquisition or disposition of significant assets (including significant affiliates)

&nbsp;&nbsp;&nbsp;&nbsp;▪ Significant new investments or financings or related developments

&nbsp;&nbsp;&nbsp;&nbsp;▪ Major events regarding the company's securities (including the declaration
of a stock split or dividend, calls of securities for redemption, repurchase plans, changes to the rights of security holders or the offering
of additional securities)

&nbsp;&nbsp;&nbsp;&nbsp;▪ Severe financial liquidity problems

&nbsp;&nbsp;&nbsp;&nbsp;▪ Significant litigation and regulatory matters

&nbsp;&nbsp;&nbsp;&nbsp;▪ Changes in auditors or auditor notification that the company may no longer
rely on an audit report

&nbsp;&nbsp;&nbsp;&nbsp;▪ Expansion or curtailment of significant operations

&nbsp;&nbsp;&nbsp;&nbsp;▪ Bankruptcy or insolvency

<u>Non-public</u>: For information to qualify as "inside" information, in addition to being "material," the information also must be "non-public." "Non-public" information is information that has not been made available to investors generally. This includes information received from sources or in circumstances indicating that the information has not been circulated generally. When material, non-public information is released to the investing public, it loses its status as "inside" information. For "non-public" information to become public information, however, it must be disseminated through recognized channels of distribution designed to reach the securities marketplace, and sufficient time must pass for the information to become available in the market. Material, non-public information is not made public by selective dissemination.

Similarly, partial disclosure does not constitute public dissemination.

<u>Penalties</u>: Penalties for trading on or communicating material non-public information are severe both for the individuals involved in such unlawful conduct and potentially their employers. A person can be subject to all such penalties even if he or she does not benefit personally from the violation. Penalties can include substantial fines and jail sentences. In addition, any violation of this policy can be expected to result in serious sanctions by River Road, which may include termination of the person involved.

<u>"Special Relationship" Under Canadian Law</u>: In addition to the above, Canadian law prohibits purchasing or selling securities of an issuer, recommending or encouraging another person to purchase or sell a security of an issuer, or informing another person of a material fact or material change, where the person or company taking the action is in a "special relationship" with the issuer and has knowledge of a material fact or change with respect to such issuer that has not generally been disclosed. A "special relationship" with the issuer includes:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ a person or company that is an insider, affiliate or associate of the issuer,
or a person or company that is considering, evaluating or proposing to make a take-over bid for the securities of the issuer (or considering,
evaluating or proposing to enter into another similar transaction with the issuer, such as a reorganization, amalgamation, merger or arrangement
or similar business combination);

River Road Compliance Policies & Procedures I Page 2

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ a person or company that is engaging in, considering or evaluating whether
to engage in, or proposes to engage in, any business or professional activity with or on behalf of the issuer or a person described above;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ a person who is a director, officer or employee of the issuer, a subsidiary
of the issuer, a person or company that controls, directly or indirectly, the issuer, or a person or company described above;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ a person or company that learned of the material fact or material change
with respect to the issuer while the person or company was a person or company described above; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ a person or company that learns of a material fact or material change
with respect to the issuer from any other person or company described above and knows or ought reasonably to have known that the other
person or company was in a special relationship.

**Responsibility**

The compliance department is responsible for implementing and monitoring this policy.

**Procedure**

River Road has adopted the following procedures to implement and monitor the firm's policy:

<u>Public Company Conversations/Access Limitations</u>: Typically, only River Road portfolio managers, analysts, or other employees that are involved with the research team/stock coverage are approved to speak to public company employees for purposes of River Road's business. Contact at public companies typically must be limited to contact with the public company Board members, Investor Relations, or C- Suite employees. This is to help limit potential exposure to material non-public information as such individuals at River Road and the company should be most aware of insider trading laws and requirements.

<u>Management Contact Documentation</u>: Portfolio managers, analysts, and research coordinators must document relevant contact with public companies using the Management Contact reporting field in FactSet.

<u>Distribution and Acknowledgement</u>: The Insider Trading Policy is distributed to all employees upon hire and annually thereafter. All employees are required to acknowledge that they have received, read, understand, and agree to comply with the Code of Ethics and Insider Trading Policy.

<u>Guidance Process</u>: The CCO provides guidance to employees on any possible insider trading situations or questions. If an employee believes information is material and non-public or if they are unsure if information is material and/or non-public, then they must report the matter immediately to the compliance department (and the CCO will also be notified, as necessary). Additionally, the employee is prohibited from the following:

&nbsp;&nbsp;&nbsp;&nbsp;▪ Purchasing or selling the securities on behalf of the firm, the firm's
clients, themselves, or for others; and/or

&nbsp;&nbsp;&nbsp;&nbsp;▪ Communicating the information to anyone inside or outside the firm, other
than if directed to do so by the CCO.

The CCO will review the issue with counsel, as appropriate, and instruct the employee on appropriate actions going forward.

River Road Compliance Policies & Procedures I Page 3

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<u>Reporting</u>: Employees must report all business, financial, or personal relationships that may result in access to material non-public information to the compliance department. Employees are prohibited from serving on the boards of directors of publicly traded companies absent prior written authorization from River Road's Executive Committee. The decision will be based upon a determination that the board service will be consistent with or not inconsistent with the interests of River Road and its clients. In circumstances in which board service is authorized, the employees will be isolated from those making investment decisions in that security through appropriate procedures.

<u>Protection of Material Non-public Information</u>: Care must be taken so that material and non-public information is secure and not communicated to anyone, except as directed by the CCO during the guidance process. This does not preclude River Road from providing necessary information to persons providing services to River Road or River Road's client accounts, such as brokers, attorneys, accountants, custodians, or other third parties.

<u>Executive Committee Reporting</u>: The CCO prepares a written report to the Executive Committee when there is any possible violation of the firm's Insider Trading Policy and the Executive Committee implements corrective and/or disciplinary action.

<u>Updates</u>: River Road's Insider Trading Policy is reviewed and evaluated on a periodic basis and updated as may be appropriate.

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| | |
|:---|:---|
| &nbsp;&nbsp;Version Reference |  |
| &nbsp;&nbsp;**Version Date** | &nbsp;&nbsp;**Description of Changes** |
| &nbsp;&nbsp;08/01/2020 | &nbsp;&nbsp;Added additional details under Background. Added new procedures regarding public company conversations and access limitations and noted Management Contact field requirement. |
| &nbsp;&nbsp;05/31/2023 | &nbsp;&nbsp;Immaterial updates. |

---

River Road Compliance Policies & Procedures I Page 4

## Ex-99.P

Ex. 99.28(p)(38)

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| | |
|:---|:---|
| ![](exp38_victorycoe001.jpg) | ![](exp38_victorycoe002.jpg) |

---

Code of Ethics for Victory Capital Management Inc. and WestEnd Advisors, LLC

Code of Ethics for Victory Capital Management Inc. and WestEnd Advisors, LLC

Effective April 1, 2025

Code of Ethics for Victory Capital Management Inc. and WestEnd Advisors, LLC April 1, 2025

Previously updated: July 1, 2023

---

| | | |
|:---|:---|:---|
| **1.** | **Introduction** | **1** |
| **2.** | **Definitions** | **2** |
| **3.** | **Culture of Compliance** | **4** |
| **4.** | **Policy Statement on Insider Trading** | **5** |
| &nbsp;&nbsp;&nbsp;A. Introduction. | &nbsp;&nbsp;&nbsp;A. Introduction. | 5 |
| &nbsp;&nbsp;&nbsp;B. Scope of the Policy Statement | &nbsp;&nbsp;&nbsp;B. Scope of the Policy Statement | 5 |
| &nbsp;&nbsp;&nbsp;C. What is Material Information?. | &nbsp;&nbsp;&nbsp;C. What is Material Information?. | 5 |
| &nbsp;&nbsp;&nbsp;D. What is Non-Public Information? | &nbsp;&nbsp;&nbsp;D. What is Non-Public Information? | 6 |
| &nbsp;&nbsp;&nbsp;E. Identifying Inside Information | &nbsp;&nbsp;&nbsp;E. Identifying Inside Information |  |
| &nbsp;&nbsp;&nbsp;F. Contact with Public Companies | &nbsp;&nbsp;&nbsp;F. Contact with Public Companies |  |
| &nbsp;&nbsp;&nbsp;G. Tender Offers | &nbsp;&nbsp;&nbsp;G. Tender Offers | 7 |
| &nbsp;&nbsp;&nbsp;H. Protecting Sensitive Information | &nbsp;&nbsp;&nbsp;H. Protecting Sensitive Information | 7 |
| &nbsp;&nbsp;&nbsp;I. Trading in Securities Listed on Exchanges in Other Countries | &nbsp;&nbsp;&nbsp;I. Trading in Securities Listed on Exchanges in Other Countries |  |
| &nbsp;&nbsp;&nbsp;J. Public Company Confidential Records | &nbsp;&nbsp;&nbsp;J. Public Company Confidential Records | 8 |
| **5.** | **Conflicts of Interest.** | **8** |
| &nbsp;&nbsp;&nbsp;A. Gifts and Entertainment | &nbsp;&nbsp;&nbsp;A. Gifts and Entertainment |  |
| &nbsp;&nbsp;&nbsp;B. Political Contributions | &nbsp;&nbsp;&nbsp;B. Political Contributions | 10 |
| &nbsp;&nbsp;&nbsp;C. Outside Business Activities | &nbsp;&nbsp;&nbsp;C. Outside Business Activities | 11 |
| &nbsp;&nbsp;&nbsp;D. Other Prohibitions on Conduct | &nbsp;&nbsp;&nbsp;D. Other Prohibitions on Conduct | 2 |
| &nbsp;&nbsp;&nbsp;E. Review of Employee Communications | &nbsp;&nbsp;&nbsp;E. Review of Employee Communications | 3 |
| **6.** | **Standards of Business Conduct** | **13** |
| **7.** | **Personal Trading, Code of Ethics Reporting and Certifications** | **3** |
| &nbsp;&nbsp;&nbsp;A. Employee Investment Accounts | &nbsp;&nbsp;&nbsp;A. Employee Investment Accounts | 3 |
| &nbsp;&nbsp;&nbsp;B. Employee Investment Account Reporting | &nbsp;&nbsp;&nbsp;B. Employee Investment Account Reporting | 14 |
| &nbsp;&nbsp;&nbsp;C. Personal Trading Requirements and Restrictions | &nbsp;&nbsp;&nbsp;C. Personal Trading Requirements and Restrictions | 15 |
| &nbsp;&nbsp;&nbsp;D. Representation and Warranties | &nbsp;&nbsp;&nbsp;D. Representation and Warranties | 18 |
| E. Quarterly and Annual Certifications of Compliance | E. Quarterly and Annual Certifications of Compliance | 18 |

---

Code of Ethics for Victory Capital Management Inc. and WestEnd Advisors, LLC April 1, 2025

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;F. Review Procedures | &nbsp;&nbsp;&nbsp;F. Review Procedures | 9 |
| &nbsp;&nbsp;&nbsp;G. Recordkeeping | &nbsp;&nbsp;&nbsp;G. Recordkeeping | 19 |
| &nbsp;&nbsp;&nbsp;H. Whistleblower Provisions | &nbsp;&nbsp;&nbsp;H. Whistleblower Provisions | 19 |
| &nbsp;&nbsp;&nbsp;I. Confidentiality | &nbsp;&nbsp;&nbsp;I. Confidentiality | 19 |
| &nbsp;&nbsp;&nbsp;J. Reporting to the Board of Directors of Affiliated Funds | &nbsp;&nbsp;&nbsp;J. Reporting to the Board of Directors of Affiliated Funds | 9 |
| **8.** | **Code of Ethics Violation Guidelines** | **20** |
| **Appendix** – Affiliated Funds, Proprietary Products & Reportable Funds i | **Appendix** – Affiliated Funds, Proprietary Products & Reportable Funds i |  |
| **Appendix** – Approved Brokers List | **Appendix** – Approved Brokers List | ii |
| **Appendix** – Investment Account Disclosure iii | **Appendix** – Investment Account Disclosure iii |  |
| **Appendix** – Preclearance and Reporting By Security Type | **Appendix** – Preclearance and Reporting By Security Type | iv |
| **Appendix** – ETFs Eligible for De Minimis Transaction Exemption | **Appendix** – ETFs Eligible for De Minimis Transaction Exemption | vi |
| **Supplement** - RS Investment Management (Singapore) Pte. Ltd. ("RSIMS") Code of Ethics Supplement ("Singapore Supplement") | **Supplement** - RS Investment Management (Singapore) Pte. Ltd. ("RSIMS") Code of Ethics Supplement ("Singapore Supplement") | vii |

---

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Code of Ethics for Victory Capital Management Inc. and WestEnd Advisors, LLC April 1, 2025

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. INTRODUCTION

Rule 204A-1 of the Investment Advisers Act of 1940 ("Advisers Act") requires all investment advisers registered with the Securities and Exchange Commission ("SEC") to adopt codes of ethics that set forth standards of conduct and require compliance with federal securities laws. Victory Capital Management Inc. ("VCM") and WestEnd Advisors, LLC ("WestEnd") are both registered investment advisers under the Advisers Act and also both wholly owned subsidiaries of Victory Capital Holdings, Inc. ("VCH"). WestEnd and VCM, together with VCM's subsidiaries, RS Investments (UK) Limited, RS Investments (Hong Kong) Limited, and RS Investment Management (Singapore) Pte. Ltd. (collectively the "Affiliated Advisers"), have adopted this Code of Ethics ("Code"), which sets forth the standards of business conduct that are required of Access Persons*.* As an adviser to regulated investment companies, VCM also adopts this Code in adherence to Rule 17j-1<sup>1</sup> under the Investment Company Act of 1940, as amended (the "Investment Company Act"). Officers and employees of RS Investments (Hong Kong) Limited and RS Investment Management (Singapore) Pte. Ltd. should also review the related Code supplements.

VCH is a Delaware corporation with its Class A common stock listed on the NASDAQ Global Select Market, under the ticker symbol "VCTR." As a public company, compliance policies were adopted that apply to VCH and the Affiliated Advisers (collectively "Victory Capital'). The VCH policies are in addition to the compliance program of the Affiliated Advisers. In particular, the policies that apply to Victory Capital include: (1) Code of Business Conduct and Ethics, (2) Corporate Communications Policy and (3) Insider Trading Policy. Affiliated Advisers make these policies readily available to their Access Persons.

Victory Capital Services, Inc. ("VCS"), is a Victory Capital affiliated broker-dealer that (i) provides marketing and distribution support for the Victory Funds and the 529 Plan; (ii) introduces retail customers to the Victory Funds and the 529 Plan on a direct-application basis; and (iii) introduces retail customers to a clearing broker-dealer pursuant to a fully-disclosed clearing arrangement.

Access Persons have a responsibility to adhere to the highest ethical principles. Thus, the Code imposes obligations in addition to those required under applicable laws and regulations. The Code is a minimum standard of conduct. Additionally, Access Persons must act in accordance with their fiduciary duty owed to Affiliated Adviser clients. Therefore, literal compliance with the Code will not protect an Access Persons if their behavior otherwise violates their fiduciary duty. If an Access Person is uncertain as to the intent or purpose of any provision of the Code, or whether a proposed action is compatible with their fiduciary duty, they should consult the appropriate Affiliated Adviser Chief Compliance Officer ("CCO") or a member of the Compliance team.

The Affiliated Advisers recognize the importance of an Access Person's ability to manage and develop their own and their dependents' financial resources through long-term investments and strategies. However, because of the potential conflicts of interest inherent in our business and our industry, the Affiliated Advisers have implemented certain standards and limitations designed to minimize these conflicts.

Victory Capital's reputation is of paramount importance; therefore, the Affiliated Advisers will not tolerate blemishes due to careless personal trading or other conduct prohibited by the Code. Consequently, Material Violations (as defined herein) of the Code may be subject to harsh sanctions. Frequent violations of the Code may result in limitations on personal securities trading or other disciplinary actions, which can include termination of employment.

<sup>1</sup> Rule 17j-1 requires that fund advisers adopt written codes of ethics and have procedures in place to prevent their personnel from abusing their access to information about the fund's securities trading and requires "access persons" to submit reports periodically containing information about their personal securities holdings and transactions.

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Code of Ethics for Victory Capital Management Inc. and WestEnd Advisors, LLC April 1, 2025

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. DEFINITIONS

<u>"Access Person"</u> means any employee of VCM. It also includes anyone deemed an Access Person by a CCO. As a matter of practice, the Board of Directors of the Victory Portfolios, Victory Portfolios II, Victory Portfolios III, Victory Portfolios IV, Victory Variable Insurance Funds, Victory Variable Insurance Funds II, and the Pioneer Closed-End Funds (collectively the "Victory Funds") generally consists of members who are not employees or officers of Victory Capital, or their affiliates. Unless designated by the COO, a non-employee director is not treated as an "access person" within the meaning of Rule 204A-1 under the Advisers Act and is not treated as either an "access person" or an "advisory person" of VCM.

<u>"Affiliated Funds"</u> means any individual series portfolio of the Victory Funds, as well as other sub-advised affiliates listed in Appendix 1, each an investment company registered under the Investment Company Act.

"<u>Automatic or Periodic Investment Plan"</u> is a program in which regular periodic purchases (or withdrawals) are made automatically in (or from) investment accounts in accordance with a predetermined schedule and allocation. An Automatic Investment Plan includes a dividend reinvestment plan.

<u>"Beneficial Interest"</u> means the opportunity, directly or indirectly, through any contract, arrangement, understanding, relationship or otherwise, to profit, or share in any profit derived from, a transaction in the subject Securities. An Access Person is deemed to have a Beneficial Interest in securities owned by members of his or her Immediate Family. Common examples of Beneficial Interest include joint accounts, spousal accounts (including Non-Victory Capital Employee Compensation Programs, Non-Victory Capital Employee Stock Participation Program, and Employer-Sponsored Retirement Plan Accounts), Uniform Transfers to Minors Act accounts, partnerships, trusts and controlling interests in corporations. Any uncertainty as to whether an Access Person has a Beneficial Interest in a Security should be brought to the attention of the Compliance Department. Such questions will be resolved in accordance with, and this definition shall be interpreted in a manner consistent with, the definition of "beneficial owner" set forth in Rules 16a-1(a)(2) and (5) promulgated under the Securities Exchange Act of 1934.

<u>"Blackout Period"</u> means seven (7) calendar days before through seven (7) calendar days after the date a client trade is executed for VCM or the month in which a security is added to the Securities Under Consideration list for WestEnd.

<u>"Business Entertainment"</u> includes any social event, hospitality event, charitable event, sporting event, entertainment event, meal, leisure activity or event of like nature or purpose, and any transportation or lodging accompanying or related to such activity or event, including any entertainment activity offered in connection with an educational event or business conference, irrespective of whether any business is conducted during, or is attendant to, such activity.

<u>"Covered Government Official</u>" means a 1) state or local governmental official; 2) candidate for state or local office; or 3) federal candidate currently holding state or local office. A governmental "official" includes an incumbent, candidate, or successful candidate for elective office of a state or local government entity, if the office is directly or indirectly responsible for, or can influence the outcome of, the hiring of an investment adviser, or has authority to appoint any person who is directly or indirectly responsible for, or can influence the outcome of, the hiring of an investment adviser, by a state or a political subdivision of a state.

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Code of Ethics for Victory Capital Management Inc. and WestEnd Advisors, LLC April 1, 2025

<u>"De Minimis Security</u>" means an ETF listed in Appendix 5 of this Code of Ethics. In certain situations, a client trade in a De Minimis Security may not trigger a Blackout Period (see *Section 7.C. Personal Trading Requirements and Restrictions* for more detailed information). Personal Trades in De Minimis Securities in Personal Accounts always require pre-clearance and are subject to all other provisions of the Code.

<u>"De Minimis Trade"</u> means a Personal Trade Request that at the time is request is either 1) for an equity security with a market capitalization between $3 billion and $50 billion and the market value for the request is less than $10,000 or 2) for an equity security with a market capitalization above $50 billion and the market value for the request is less than $50,000. In certain situations, a De Minimis Trade may not trigger a Blackout Period (see *Section 7.C. Personal Trading Requirements and Restrictions* for more detailed information). Personal Trades in De Minimis Securities in Personal Accounts always require pre-clearance and are subject to all other provisions of the Code.

<u>"Exempt Securities"</u> means 1) direct obligations of the U.S. Government; 2) bankers' acceptances, bank certificates of deposit and commercial paper; 3) investment grade, short-term debt instruments, including repurchase agreements; 4) shares held in money market funds; 5) variable insurance products that invest in funds for which an Affiliated Adviser does not act as adviser or sub-adviser; 6) open-end mutual funds for which an Affiliated Advisers does not act as adviser or sub-adviser; and 7) investments in qualified tuition programs ("529 Plans"). Exempt Securities do not need to be pre-cleared.

<u>"Franchise"</u> means a group of employees who report directly or indirectly to the same Chief Investment Officer that oversees a brand-named strategy

"<u>Immediate Family</u>" means all family members who share the same household, including but not limited to, a spouse, domestic partner, fiancée, parents, grandparents, children, grandchildren, siblings, step-siblings, step-children, step-parents, or in-laws. Immediate Family includes adoptive relationships and any other relationships (whether or not recognized by law) that a CCO determines could lead to conflicts of interest, diversions of corporate opportunity, or create the appearance of impropriety.

"<u>Initial Holdings Report</u>" is a report that discloses all securities holdings of every Access Person, which must be submitted to the Compliance Department within ten (10) calendar days of becoming an Access Person.

"<u>Initial Public Offering" or "IPO"</u> means an offering of securities registered under the Securities Act of 1933, the issuer of which, immediately before such registration, was not subject to the reporting requirements of Sections 13 or 15(d) of the 1934 Act.

<u>"Managed Accounts"</u> means investment advisory or brokerage accounts over which an Access Person has no direct or indirect influence or control in the investment decisions or activities.

"<u>Material Non-Public Information" or "MNPI"</u> means information that is both <u>material</u> *and* <u>non-public</u> that might have an effect on the market for a security. Access Persons who possess MNPI must not act or cause others to act on such information.

<u>"Material Violation"</u> means any violation of this Code or other misconduct deemed material by a CCO, in conjunction with the Compliance Committee or the VCM Board of Directors.

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Code of Ethics for Victory Capital Management Inc. and WestEnd Advisors, LLC April 1, 2025

"<u>Maximum Allowable Trades</u>" means Access Persons are limited to 15 trades in individual securities per calendar quarter across their Personal Accounts. A trade in the same security in multiple accounts on the same day will count as one trade towards the Maximum Allowable Trades in a quarter. Individual securities transactions that do not require pre-clearance (i.e. open-end mutual funds, dividend reinvestments) will not count towards the Maximum Allowable Trades.

<u>"MCO"</u> means MyComplianceOffice, which is a web-based compliance system used to track and approve employee personal trading, gifts and entertainment, political contributions, and outside business activities, store policies, and facilitate employee certifications and manage other compliance objectives.

<u>"Personal Account"</u> means an investment account in which an employee retains investment discretion.

"<u>Personal Trading" or "Personal Trades</u>" means trades or transactions by Access Persons in their Personal Accounts.

<u>"Proprietary Product"</u> is a fund or product in which Victory Capital or its employees have an aggregate of 25% or more Beneficial Interest. See *Appendix 1 – Affiliated Funds, Proprietary Products & Reportable Funds* for more information.

<u>"Reportable Fund"</u> means any investment company registered under the Investment Company Act for which an Affiliated Adviser is an investment adviser or a sub-adviser, or any registered investment company whose investment adviser or principal underwriter controls Victory Capital, is controlled by Victory Capital, or is under common control with Victory Capital. See *Appendix 1 – Affiliated Funds, Proprietary Products & Reportable Funds* for more information.

<u>"Reportable Security"</u> means any security that is not an Exempt Security, for which Access persons must submit holdings and transaction reports. See the list of Exempt Securities under *Appendix 4*, as defined by rule 204A-1 under the Investment Advisers Act of 1940.

<u>"RIC"</u> means a Regulated Investment Company.

<u>"Short-Sell" or "Short-Selling"</u> means the sale of a security that is not owned by the seller. Access Persons may not take a short position in a security. However, mutual funds or ETFs that correspond to the inverse performance of a broad-based index are not considered to be Short-Sales. For example, buying (long) the ProShares Short S&P500 ETF is permitted. Employees may also trade in funds that track a volatility index.

<u>"Solutions Team"</u> means any employee who is a member of the Solutions Platform group, generally involved in passive investments.

"<u>Victory Capital Stock</u>" means securities offered by VCH or any subsidiary through a registration statement that has been declared effective by the SEC (e.g., "VCTR").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. CULTURE OF COMPLIANCE

The Affiliated Advisers' primary objective is to provide value through investment advisory, sub-advisory and other financial services to a wide range of clients, including governments, corporations, financial institutions, high net worth individuals, pension funds, and retail clients.

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Code of Ethics for Victory Capital Management Inc. and WestEnd Advisors, LLC April 1, 2025

The Affiliated Advisers require that all dealings on behalf of existing and prospective clients be handled with honesty, integrity and high ethical standards, and that such dealings adhere to the letter and the spirit of applicable laws, regulations and contractual guidelines. As a general matter, the Affiliated Advisers are fiduciaries that owe their clients a duty of undivided loyalty, and you have a responsibility to act in a manner consistent with this duty. You must actively work to avoid the possibility that the advice or services provided to clients is, or gives the appearance of being, based on your self-interest or the interests of the Affiliated Advisers and not in the clients' best interests. Violations of the Code must be reported promptly to the appropriate CCO or his/her designee.

You must act solely in the best interests of our clients. Statutory and regulatory requirements impose specific responsibilities governing the behavior of personnel in carrying out their responsibilities to clients and you must comply fully with these rules and regulations. Your respective Compliance Department professionals are available to assist you in meeting these requirements.

Since no set of rules can anticipate every possible situation, it is essential that you obtain guidance from the appropriate CCO, Chief Legal Officer ("CLO"), or their designees when you are unsure how to follow these rules in letter and in spirit. It is your responsibility to fully understand and comply with the Code and other applicable policies or seek guidance from a CCO. Technical compliance with the Code and its procedures will not necessarily validate an action. Any activity that compromises the Affiliated Advisers integrity, even if it does not expressly violate a rule, may result in further action from a CCO. In some instances, a CCO holds discretionary authority to apply exceptions under the Code. In a CCO's absence, the CLO may act in his or her place.

The Affiliated Advisers' fiduciary responsibilities apply to a broad range of investment and related activities, including sales and marketing, portfolio management, securities trading, allocation of investment opportunities, client service, operations support, performance measurement and reporting, new product development as well as personal investing activities. These obligations include the duty to avoid material conflicts of interest (and, if this is not possible, to provide full and fair disclosure to clients in communications), to keep accurate books and records, and to supervise personnel appropriately. These concepts are further described in the sections that follow.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. POLICY STATEMENT ON INSIDER TRADING

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. Introduction

The Affiliated Advisers seek to foster a culture of compliance, a reputation for integrity, professionalism and values, and endeavors to protect the confidence and trust placed in us by our clients. To further that goal, this Policy Statement implements procedures to deter the misuse of MNPI in securities transactions.

The term "insider trading" is not defined in the federal securities laws but refers generally to the situation when a person trades while aware of MNPI or communicates MNPI to others in breach of a duty of trust or confidence.

While the law concerning insider trading is not static, it is generally understood that the law prohibits any of the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Trading by an insider, while aware of MNPI;

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Code of Ethics for Victory Capital Management Inc. and WestEnd Advisors, LLC April 1, 2025

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Trading by a non-insider, while aware of MNPI, where the information was disclosed to the non-insider
in violation of an insider's duty to keep it confidential; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Communicating MNPI to others in breach of a duty of trust or confidence.

Trading securities while in possession of MNPI or improperly communicating that information to others may result in stringent penalties. Criminal sanctions may include fines of up to $5,000,000, twenty years' imprisonment, or both. The civil penalty for a violator may be an amount up to three times the profit (or loss avoided) as a result of the insider trading violation, and a permanent bar from working in the securities industry. Investors may sue and seek to recover damages for insider trading violations.

Regardless of whether a regulatory inquiry occurs, the Affiliated Advisers take seriously any violation of this Policy Statement. Such violations constitute grounds for disciplinary sanctions, up to and including dismissal.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. Scope of the Policy Statement

This Policy Statement is drafted broadly and will be applied and interpreted in a similar manner. It applies to all Access Persons and to transactions in any security participated in by Immediate Family members of Access Persons or trusts or corporations controlled by Access Persons.

Any questions relating to this Policy Statement should be directed to a CCO or his/her designee. You must notify compliance immediately if you have any reason to believe that a violation of this Policy Statement has occurred or is about to occur.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C. What is Material Information?

Trading on inside information is not a basis for liability unless the information relied upon is deemed to be material. "Material" information is defined generally as information for which there is a substantial likelihood that a reasonable investor would consider it important in making his or her investment decisions, or information that is reasonably certain to have a substantial effect on the price of a company's securities. If the disclosure of that information would be expected to alter the total mix of information that is publicly available about that company, then the information is considered material. Any questions about whether information is material should be directed to a member of compliance.

Material information often relates to a company's financial results and operations, including, for example, dividend changes, earning results, changes in previously released earnings estimates, significant merger or acquisition proposals or agreements, major litigation, liquidation problems, and extraordinary management developments. Information about a company could be material because of its expected effect on a particular class of the company's securities, all of the company's securities, the securities of another company, or the securities of several companies. Material information does not have to relate to a company's business. For example, in *Carpenter v. U.S.*, the Supreme Court considered as material certain information about the contents of a forthcoming newspaper column that was expected to affect the market price of a security. In that case, a reporter for The Wall Street Journal was found criminally liable for disclosing to others the dates that reports on various companies would appear in the Journal and whether those reports would be favorable or not.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;D. What is Non-Public Information?

For issues concerning insider trading to arise, information must not only be material, it must also be

"non-public". Non-public information is information that has not been made available to investors generally. Information received in circumstances indicating that it is not yet in general circulation or where the recipient knows or should know that the information could only have been provided by an "insider" is also deemed non-public information. For non-public information to become public information, it must be disseminated through recognized channels of distribution designed to broadly reach the securities marketplace.

Facts verifying that the information is public (and therefore has become generally available) may include, for example, and without limitation, disclosure in:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• National business and financial wire service, such as Dow Jones or Reuters;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• National news service or newspaper, such as AP or The Wall Street Journal; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Publicly disseminated disclosure document, such as a proxy statement or prospectus.

The circulation of rumors or "talk on the street", even if accurate, widespread and reported in the media, does not constitute the requisite public disclosure. In addition, the information must not only be publicly disclosed, there must also be adequate time for the market to digest the information. Material non-public information is not made public by selective dissemination. Material information improperly disclosed only to institutional investors or to a fund analyst or a favored group of analysts retains its status as "non-public" information that must not be disclosed or otherwise misused.

Partial disclosure does not constitute public dissemination. So long as any material component of the "inside" information has yet to be publicly disclosed, the information is deemed non-public and may not be misused.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;E. Identifying Inside Information

Before executing any Personal Trades or trades for client accounts, Access Persons must determine whether they have access to MNPI. If you believe that you might have access to MNPI, you should take the following steps:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Report the information and proposed trade immediately to a CCO or a member of compliance;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Do not purchase or sell the securities as Personal Trades or for clients without written clearance to
do so from a CCO or a member of compliance; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Do not communicate the inside information other than to compliance and, if necessary, your direct manager.

A member of the Compliance Department will determine whether the information is material and nonpublic.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;F. Contact with Public Companies

The Affiliated Advisers contact with public companies may help form the basis of investment decisions. Legal issues may arise if, in the course of these contacts, you become aware of MNPI. This could happen, for example, if a company's chief financial officer were to prematurely disclose quarterly results, or an investor relations representative selectively discloses adverse news to a handful of investors.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;G. Tender Offers

Tender offers represent a particular concern in the law of insider trading for two reasons. First, tender offer activity often produces extraordinary gyrations in the price of the target company's securities. Trading during this time is more likely to attract regulatory attention (and produces a disproportionate percentage of insider trading cases). Second, the SEC forbids trading and "tipping" while in possession of MNPI regarding the receipt of a tender offer, the tender offeror, the target company or anyone acting on behalf of either of these parties. You should exercise caution any time you become aware of non-public information relating to a tender offer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;H. Protecting Sensitive Information

You are responsible for safeguarding all confidential information relating to investment research, fund and client holdings, including analyst research reports, investment meeting discussions or notes, and current fund or client transaction information, regardless whether such information is deemed MNPI. Other types of information (for example, marketing plans, employment issues and shareholder identities) may also be confidential and should not be shared with individuals outside the company unless approved by a CCO or an executive officer.

You are expressly prohibited from knowingly spreading any false rumor concerning any company, or any purported market development, that is designed to impact trading in or the price of that company's or any other company's securities, and from engaging in any other type of activity that constitutes illegal market manipulation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; I. Trading in Securities Listed on Exchanges in Other Countries

Trading in securities listed on exchanges in other countries is governed by the laws of that country. When trading in such securities, you must ensure compliance with applicable law, which in all relevant cases prohibits trading on the basis of MNPI or price-sensitive information, as those terms are defined in the relevant jurisdiction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;J. Public Company Confidential Records

VCH's and Affiliated Adviser records must always be treated as confidential and must not be disclosed or used for any purpose at any time other than for the normal course of business. Information learned about other entities in a special relationship with VCH, such as acquisition, joint venture and partnership negotiations, is confidential and must not be disclosed without proper authorization.

At all times, you are prohibited from making any recommendation or expressing any opinion as to trading in Victory Capital Stock

See VCH's *Corporate Communications Policy* and *Insider Trading Policy* for more information.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. CONFLICTS OF INTEREST

A "conflict of interest" exists when your interests may be contrary to our clients' and shareholders' interests. A conflict may arise if you take action or have business, financial or other interests that may make it difficult to perform your work objectively and effectively.

Conflicts of interest may arise, for example, if you or your Immediate Family member receives improper personal benefits (for example, personal loans, services, or payment for services) as a result of your position at an Affiliated Adviser or you gain personal enrichment or benefits through access to confidential information. Conflicts may also arise if you or an Immediate Family member holds a financial interest in a company that does business with an Affiliated Adviser or has outside business interests that may result in divided loyalties or compromised independent judgment. Conflicts may also arise when making securities investments for Proprietary Products or Personal Accounts or when determining how to allocate trading opportunities.

Conflicts of interest can arise in many common situations, despite best efforts to avoid them. This Code does not attempt to identify all possible conflicts of interest. Literal compliance with each of the specific procedures will not shield you from liability for Personal Trading or other conduct that violates your fiduciary duties to clients. You are encouraged to seek clarification of, and discuss questions about, potential conflicts of interest. Any questions regarding a conflict of interest or potential conflict of interest should be directed to a manager, a CCO or a representative of compliance.

The following areas represent many common types of conflicts of interests and the procedures to be followed; however, the list is not intended to be all-inclusive. A summary is provided for each case, but further details can be found in the related policies and procedures for your specific Affiliated Adviser. To the extent there is a conflict between an Affiliated Adviser's related policies and procedures and the requirements of the Code, the Code shall prevail. For questions related to conflicts of interest, please contact a member of your Affiliated Adviser's compliance department.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. Gifts and Entertainment

 <u>Gifts</u>

Giving or receiving gifts or other items of value to or from persons doing business or seeking to do business with an Affiliated Adviser could call into question the independence of its judgment as a fiduciary of its clients. Accordingly, such conduct is only permitted in accordance with the limitations stated herein.

Affiliated Adviser policies on gifts and entertainment are derived from industry practices. You should be aware that there are various laws and regulations that prohibit you from giving anything of value to employees of various financial institutions in connection with attempts to obtain any business transaction with the institution, which is viewed as a form of bribery. If there is any question about the appropriateness of any particular gift, you should consult a member of compliance.

Under no circumstances may a gift be received as any form of compensation for services provided by an Affiliated Adviser or an Access Person. Gifts of nominal value may be given to or accepted from present or prospective customers, brokers, service providers, suppliers or vendors with whom there is an actual or potential business relationship. You are required to pre-clear all gifts given and received in MCO, and promptly report all gifts given in the Affiliated Adviser's expense reporting system. Any gifts received must promptly be disclosed in MCO. Gifts from an individual or entity may not exceed $100 in aggregate value in any calendar year unless pre-approval is obtained from your direct manager and compliance.

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Gifts of up to $100 per person per year may be provided to present or prospective customers, brokers, service providers, suppliers or vendors with whom there is an actual or potential business relationship.

Additional policies concerning gifts may be applicable depending on the type of customer (e.g., ERISA, foreign, union, government officials, or Covered Government Officials).

Please refer to the *Gifts and Entertainment Policy* (F-3) for more information.

 <u>Entertainment</u>

You may sponsor and participate in Reasonable and Customary Business Entertainment. Any Business Entertainment that is not Reasonable and Customary must be pre-approved by a CCO and your manager. You must accompany the persons being entertained for an entertainment activity to qualify as permissible Business Entertainment. All Business Entertainment expenses must be reported promptly in the applicable expense reporting system, listing each attendee at the entertainment event. The receipt of Business Entertainment must be disclosed promptly after each occurrence in MCO, with the exception of infrequent business meals that cost no more than $25 per person. If the client, broker, service provider, vendor or supplier is not present, the entertainment is considered a gift. Items that are normally associated with entertainment that are given or received during a virtual event can be considered entertainment as long as the appropriate parties are in attendance at the virtual event.

Additional policies concerning gifts and entertainment may be applicable depending on the type of customer (e.g., ERISA, foreign, union, government officials, or Covered Government Officials).

Please refer to the *Gifts and Entertainment Policy* (F-3) for more information.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. Political Contributions

SEC regulations limit political contributions to Covered Government Officials by employees of investment advisory firms and certain affiliated companies. The SEC's "Pay-to-Play" Rule 206(4)-5 (the "Rule") prohibits advisers from receiving any compensation for providing investment advice to a government entity within two years after a contribution has been made by the adviser or one of its covered associates. The two-year time out is triggered by a political contribution to an official of a government entity. The date of the contribution starts the time out.

The Rule permits contributions of up to $350 per person for any election to an elected official or candidate for whom the individual is entitled to vote, and up to $150 per person for any election to an elected official or candidate for whom the individual is not entitled to vote. Many U.S. cities, states and other government entities have also adopted regulations restricting political contributions by associates of investment management firms seeking to provide services to a governmental entity. While contributions to candidates in federal elections would generally not raise any issues under state or local laws, contributions to state and local officials are generally not approved. Prior to the commencement of employment, you must disclose all political contributions in the past 2 years to Human Resources. During employment, you must receive approval from compliance through MCO before making personal political contributions at all levels. Political contributions which require pre-approval include, but are not limited to, the following:

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Covered Government Officials;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Federal candidate campaigns and affiliated committees;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Political Action Committees (PACs) and Super PACs; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Non-profit organizations that may engage in political activities, such as 501(c)(4), 501(c)(6) organizations,
and 527 organizations

Note: U.S. national political party donations (e.g. Democratic or Republican) do not require preclearance, provided the donation is not earmarked for a specific candidate.

Contributions include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Monetary contributions, gifts or loans;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "In kind" contributions (e.g. donations of goods or services or underwriting or hosting fundraisers);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Contributions to help pay a debt incurred in connection with an election (including transition or inaugural
expenses, purchasing tickets to inaugural events);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Contributions to joint fund-raising committees; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Contributions made by a PAC that is controlled by an Access Person.

See the *Political Contributions Policy* (F-2) for more information.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C. Outside Business Activities

Prior to commencement of employment with VCM, all Outside Business Activities ("OBAs") must be disclosed to Human Resources. During employment and prior to commencement of any new OBA, you must fill out and submit an OBA request form in MCO. You are responsible for notifying compliance of any material OBA changes and must review, update and certify quarterly to your OBA activities.

<u>Holding Political Office/Appointments</u>

You must avoid any political appointment that may conflict with the performance of your duties on behalf of the Affiliated Advisers and their clients. Prior written approval must be obtained from a CCO before holding political office and, if approved, must be confirmed annually through the compliance certification process. You must expressly remove yourself from any discussions and decisions regarding products or services offered by the Affiliated Advisers.

<u>Outside Employment or Business Activities</u>

You may pursue other interests on your own time as long as the activity doesn't conflict, interfere, or reflect negatively on the Affiliated Advisers or their clients. However, full-time employees should consider their position to be their primary employment.

All outside business activities must be reported to and pre-approved by both your manager and a CCO (or CCO designee). Outside employment or business activities may be considered any activity conducted by you for another organization or business purpose that is outside the scope of your job function with the Affiliated Advisers. This includes, but is not limited to, being an employee, independent contractor, consultant, sole proprietor, officer, director or partner of another organization, or being compensated by, or having the reasonable expectation of compensation from, any other person or organization as a result of any business activity outside the scope of the relationship with the Affiliated Advisers. Certain activities are <u>not</u> considered reportable OBAs, including any non-investment related activity that is exclusively charitable, civic, religious or fraternal, and is recognized as tax exempt.

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Passive investments requirements are governed by the Limited Offerings and Private Placement sections of this Code. If you are unsure if a specific activity is an OBA or passive investment, you should consults with a member of compliance.

Absent prior approval of a CCO and the Chief Executive Officer, you or your Immediate Family member may not serve on the board of directors of any publicly traded company or investment company. You or your Immediate Family member's service on a for-profit private company's board of directors must also be pre-approved by your direct manager and a CCO or CLO, and reported on the your annual Code certification.

All outside employment or business activities must be reported to and pre-approved by both your direct manager and a CCO and reported on your quarterly certification. You are prohibited from the commencement of any outside employment or business activities until a CCO's approval within MCO has occurred.

In addition to these outside employment or business activity procedures, if you are a registered representatives of VCS, you must also adhere to related requirements as set forth in VCS's Written Supervisory Procedures Manual.

See the *Outside Business Activity* Policy (F-4) for more information.

<u>Bequests</u>

A bequest is the act of leaving or giving something of value in a will. The acceptance of a bequest from a client, vendor or business partner may raise questions about the propriety of that relationship. Any potential or actual bequest in excess of $100 made to you by a client, vendor, or business partner under a will or trust agreement must be reported to compliance, unless the grantor is a member of your immediate family. Such bequests shall be subject to the approval of your direct manage and a CCO.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;D. Other Prohibitions on Conduct

In addition to the specific prohibitions detailed elsewhere in the Code, you are subject to a general requirement not to engage or participate in any act or practice that would defraud Affiliated Adviser clients. This general prohibition includes, among other things:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Making any untrue statement of a material fact or employing any device, scheme or artifice to defraud
a client;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Omitting to state a material fact, or failing to provide any information necessary to properly clarify
any statements made, in light of the circumstances, thereby creating a materially misleading impression;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Misuse of client confidential information;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Making investment decisions, changing internal research ratings and trading decisions other than exclusively
for the benefit and in the best interest of our clients;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Using information about investment or trading decisions or changes in research ratings (whether considered,
proposed or made) to benefit or avoid economic injury to an Access Person or anyone other than our clients.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Taking, delaying or failing to take any action with respect to any research recommendation, report or
rating or any investment or trading decision for a client in order to avoid economic injury to an Access Person or anyone other than a
client;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Purchasing or selling a security on the basis of knowledge of a possible trade by or for a client with
the intent of personally profiting from personal holdings in the same or related securities ("front-running" or "scalping");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Revealing to any other person (except in the normal course of your duties on behalf of a client) any information
regarding securities transactions by any client or the consideration by any client of any such securities transactions; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Engaging in any act, practice or course of business that operates or would operate as a fraud or deceit
on a client or engaging in any manipulative practice with respect to any client.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;E. Review of Employee Communications

All correspondence related to the Affiliated Advisers' business and any client correspondence is subject to review by compliance. The Affiliated Advisers are required to maintain original records of employee correspondence that is communicated on approved devices (such as through email). In addition, the Affiliated Advisers are required to monitor employee communications and compliance with conflicts of interest and insider trading policies and procedures. Consequently, all employee communications, including emails and other forms of electronic communication are archived and subject to review for compliance purposes. You are advised that you should have no expectation of privacy regarding personal communications that are sent or received on company-provided or connected electronic devices or communication platforms, such as instant messages or emails.

Additionally, you are prohibited from sending client communications via any personal email account, instant messaging, text or other method that is not captured in our archiving system. You may only use an Affiliated Adviser's e-mail system, instant messaging system, Bloomberg and other explicitly approved methods for business-related communications. You are permitted to communicate on an Affiliated Adviser's e-mail system connected through personal mobile devices such as smartphones. See the appropriate technology policy for more information*.* 

6. STANDARDS OF BUSINESS CONDUCT

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• You have a duty to place the interests of client accounts first and not take advantage of your position
at the expense of clients

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• You must not mislead or defraud any clients by any statement, act or manipulative practice.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• All personal securities transactions must be conducted in a manner to avoid any actual, potential, or
appearance of, a conflict of interest, or any abuse of your position of trust and responsibility.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• You may not induce or cause a client to take action, or not to take action, for personal benefit.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• You may not share portfolio holdings information except as permitted by the applicable portfolio holdings
disclosure policy. See the policy for more information.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• You must notify a CCO or CLO, as soon as reasonably practical, if you are arrested, arraigned, indicted
or plead no contest or guilty to any criminal offense (other than minor traffic violations) or if named as a defendant in any investment-related
civil proceeding or any administrative or disciplinary action.

7. PERSONAL TRADING, CODE OF ETHICS REPORTING AND CERTIFICATIONS

Personal Trading is a privilege granted by the Affiliated Advisers that may be withdrawn at any time. All personal investment activities must be conducted in accordance with your fiduciary duty and the requirements of the Code at all times. The CCOs have complete discretion over all Personal Trading activity and have no obligation to explain any denial or restriction relating thereto. You may be required to disgorge any gains generated (or losses avoided) from Personal Trading violations. Access Persons must maintain adequate records of all Personal Trading transactions and be prepared to disclose those transactions to compliance.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. Employee Investment Accounts

Subject to disclosure and pre-clearance requirements, Access Persons may open and maintain Managed Accounts and Personal Accounts with select brokers supported by MCO through direct electronic feeds ("Approved Brokers"). Any accounts held with a broker that is not on the Approved Broker List must be transferred to an Approved Broker within 90 days of the commencement of employment.

On a case-by-case basis, compliance may approve certain accounts held with brokers that are not on the Approved Brokers List. Compliance must still receive statements for each of these types of accounts, regardless of whether they are Managed or Personal Accounts.

For a list of Approved Brokers see *Appendix 2 – Approved Brokers List.* For a summary of account disclosure requirements see *Appendix 3 – Investment Account Disclosure.* For a summary of preclearance requirements see *Appendix 4 – Preclearance and Reporting By Security Type.*

<u>Managed Accounts</u>

Access Persons may open and maintain Managed Accounts with Approved Brokers. With the exception of IPOs and Limited Offerings, the requirements listed below under Personal Trading Requirements and Restrictions do not apply to Managed Accounts. Participation in an IPO or a private placement in a Managed Account still requires prior approval of a CCO or his/her designee.

Managed Accounts require the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• They must be approved by compliance prior to trading or on the next quarterly certification, whichever
is sooner;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• At the end of each quarter, <u>all employees</u> must certify that all Managed Accounts have been disclosed
and verify all transactions are correctly reflected in MCO;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The employee must certify and compliance must be able to independently verify that the account is truly
discretionary; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Access Persons must certify quarterly that they had no direct or indirect influence or control over any
transactions that occurred in their Managed Accounts.

Failure to adhere to these requirements could lead to disciplinary actions and penalties up to and including termination.

<u>Personal Accounts</u>

Access Persons may open and maintain Personal Accounts at Victory Capital Services and with brokers on the Approved Brokers List (see Appendix 2). All requirements listed below under Personal Trading Requirements and Restrictions apply to Personal Accounts.

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Personal Accounts require the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• They must be approved by compliance prior to trading or on the next quarterly certification, whichever
is sooner;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• At the end of each quarter, <u>all employees</u> must certify that all Personal Accounts have been disclosed
and verify all Personal Trades or transactions are correctly reflected in MCO.

Access Persons acknowledge and agree that the Affiliated Advisers may request and obtain information regarding Personal Accounts from broker-dealers. Affiliated Advisers may use personal information, including name, address and social security numbers, to identify and verify employee accounts.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. Employee Investment Account Reporting

<u>Investment Account Disclosure</u>

All Personal Accounts and Managed Accounts must be disclosed to and approved by compliance prior to trading or on the next quarterly certification, whichever is sooner. New Hires may not trade in their existing accounts until they have been disclosed and approved by compliance. By regulation, such disclosure must take place within 10 days of hire. Failure to comply may result in sanctions imposed by the VCM Compliance Committee and/or Board of Directors.

<u>Initial Holdings Report/Annual Holdings Report</u>

No Personal Trading will be authorized before compliance has received a completed Initial Holdings Report as part of the new hire on-boarding process. Any exceptions must be approved by a CCO.

The Initial Holdings Report must be submitted to compliance within ten (10) calendar days of becoming an Access Person. All Access Persons must submit a similar report annually to compliance. These reports must include the following information:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The date when the individual became an Access Person (Initial Holdings Report only);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The name of each Personal Account in which any securities are or could be held in the Beneficial Interest
of the Access Person, and the name of the broker-dealer or financial institution holding these accounts;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Current holdings in private placements (or non-public offering), including private equity, hedge funds
or partnerships; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Each Reportable Security or Reportable Fund in which the Access Person has a Beneficial Interest, including
title, number of shares, and principal amount. Holdings information must be current as of 45 calendar days before the report is submitted.

<u>Quarterly Securities Transaction Report</u>

At the end of each quarter, every Access Person must verify his or her Personal Trades or transactions in Personal Accounts through MCO by submitting a Securities Transaction Report

("STR") no later than 30 calendar days following the end of each calendar quarter (whether or not trades were made). The STR must include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• A description of any transaction in a Reportable Security or Reportable Fund effected during the preceding
quarter, such as the date, number of shares, principal amount of securities involved, nature of the transaction (i.e., a buy or a sell),
price, and the name of the broker/dealer or financial institution that effected the transaction; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The name and number for any account established in the preceding quarter

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Certain transactions are exempt from the quarterly reporting requirement. See *"Summary of Preclearance Requirements"* in *Appendix 4 – Preclearance and Reporting By Security Type* for more information.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C. Personal Trading Requirements and Restrictions

<u>Prohibited Securities and Transactions</u>

Commodities, currencies, futures, options, and selling securities short are prohibited in Personal Accounts.

Investments in companies under common control of VCH are also prohibited in Personal Accounts.

<u>Pre-clearance Requirement</u>

You must obtain compliance approval prior to executing a transaction that requires pre-clearance (see Appendix 4 – *Preclearance and Reporting By Security Type)*. Approval may only be requested by submitting a *Personal Trade Pre-Clearance Request* ("PTR") in MCO. Compliance approval expires at the end of the trading day approval was provided (see exception granted to Covered Persons, as defined in VCH's *Insider Trading Policy*). In certain circumstances, an approved and executed Personal Trade may need to be broken or profits disgorged (e.g. a Blackout Period triggered by subsequent client trading).

*Cryptocurrencies* – Trading in cryptocurrencies must be pre-cleared using the appropriate section of the Trade Pre-Clearance form within MCO. Such trades must be executed either in an account at a firm that is on our approved broker list (see Appendix 2) or in an account that does not offer any security trading capability. Accounts established to trade cryptocurrencies that do not have security trading capabilities must be reported in MCO. Receiving pre-clearance approval does not relieve you of your fiduciary duty and the responsibility to follow the spirit of the Code.

Compliance will review cryptocurrency trade requests for perceived or actual conflicts. As a general rule, compliance expects that cryptocurrencies traded on common crypto exchanges (e.g. Coinbase) will not pose a conflict and would be approved. Trades in cryptocurrencies will not be subject to the Short-Term Trading Period or count towards your Maximum Allowable Trades, however compliance may deny trades if it determines an actual or perceived conflict exists or an employee is trading too frequently. Decisions for approval and denial are the sole responsibility of compliance and are final.

You should be aware that the regulatory environment continues to evolve with respect to cryptocurrencies. In the future, you may be required to divest crypto holdings or hold them only at approved account providers if deemed necessary to meet regulatory requirements.

<u>Prohibition on Personal Trades Ahead of Client Pending Orders</u>

You are prohibited from executing Personal Trades in securities where you are aware of any pending orders in such securities by any Franchise that, if executed, would trigger a Blackout Period, create a conflict, or disadvantage a client. Adherence to the above Pre-Clearance Requirement does not provide relief from this prohibition.

<u>Franchise Blackout Period</u>

The Franchise Blackout Period is triggered by all client trades within an employee's specific Franchise. De Minimis Trades and ETFs listed in Appendix 5 are not subject to the blackout period.

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Employees may not make De Minimis Trades in the same security on consecutive trading days. The LCR Department does not provide exceptions to the Franchise Blackout Period beyond De Minimis Trades and ETFs.

<u>Standard Blackout Period</u>

For all other employees (e.g. support staff) and the Victory Solutions Team the Standard Blackout Period is triggered by all client trades. Therefore, a Personal Trade by an employee during a Blackout Period in the same name as any client is generally prohibited. De Minimis Trades and ETFs listed in Appendix 5 are not subject to the Standard Blackout Period. Employees may not make De Minimis Trades in the same security on consecutive trading days. The appropriate CCO, or his/her designee, may determine that a nonvolitional client trade (e.g. cash flow trading) did not trigger a Blackout Period. In such cases, Compliance will confirm that there are no other potential conflicts before approving or reviewing a Personal Trade. Additionally, in certain situations (e.g. shared office spaces), the CCO, or his/her designee, may apply the Standard Blackout Period to Franchises.

<u>Private Equity Prohibitions</u>

Employees who are part of a franchise that invests in private equity on behalf of clients are prohibited from investing in any publicly-listed portfolio companies held by such franchise. Publicly-listed companies that are not portfolio companies but are in similar sectors and industries as those that are held will be reviewed on a case-by-case basis for potential conflicts.

<u>Short-Term Holding Period</u>

Personal Trading must be for investment purposes rather than for speculation. You may not purchase and sell or sell and purchase the same security within sixty (60) calendar days, calculated on a LIFO basis. This means each purchase will require you to hold your entire position in that security for 60 days. Similarly, this means each sale will require you not to purchase that name for 60 days. Excess profits (or losses avoided) as a result of violating this restriction may be subject to disgorgement. You should carefully consider whether you have the conviction to hold an entire position or refrain from adding to a position for at least 60 days before engaging in buy or sell transactions. See exceptions related to trading in Victory Capital stock. The Short-Term Holding Period only applies to transactions that require pre-clearance.

The appropriate CCO, in his/her sole discretion, may approve exceptions to this requirement.

<u>Maximum Allowable Trades</u>

You are limited to 15 Personal Trades in individual securities per calendar quarter across your Personal Accounts. A trade in the same security in multiple accounts on the same day will count as one trade. Transactions listed in the "Reportable ONLY (Preclearance NOT Required)" section of Appendix 4 do not count toward the 15 allowable trades. A CCO, in his/her sole discretion, may approve exceptions to this requirement.

<u>Prohibition on Small Market Capitalization Securities</u>

Personal Trade purchases in smaller market capitalization stocks of $3 billion market capitalization or less are prohibited. Due to potential conflicts associated with such names, Victory reserves this universe for client use. New hires who hold names in such securities or existing employees who hold names that have since gone below $3 billion should speak to the LCR Department prior to submitting a request to sell.

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<u>IPO Rule</u>

You may <u>not</u> directly or indirectly acquire a Beneficial Interest in any securities offered in an IPO or in an Initial Coin Offering (ICO), in a Personal Account or Managed Account, without prior approval of a CCO or his/her designee.

<u>Limited Offerings (Private Placements)</u>

You may <u>not</u> acquire a Beneficial Interest in a private placement without the prior approval of a CCO or his/her designee. Prior approval is required whether investing directly or through a Personal Account or Managed Account. Private placements, such as investment in a private company, investments in a hedge fund or other private investment fund are reportable through the preclearance process. Subsequent capital contributions and full or partial redemptions must be precleared through MCO.

<u>Market Timing Mutual Fund Transactions</u>

You shall not participate in any activity that may be construed as market timing of mutual funds. Specifically, you shall <u>not</u> engage in excessive trading or market timing activities as described in each prospectus of a Proprietary Product or Reportable Fund.

<u>Trading in Victory Capital Stock</u>

Victory Capital Stock (VCTR) is a Reportable Security under the Code and any transaction in VCTR in a Personal Account must be precleared. You may be eligible for certain benefits related to VCTR, such as participation in the ESPP and grants of stock options or restricted stock. Certain transactions related to these benefits will require pre-clearance. For a summary of pre-clearance requirements for VCTR see *Pre-Clearance Requirements for Victory Capital Stock* under *Appendix 4 – Preclearance and Reporting By Security Type*. If you are uncertain whether a transaction requires pre-clearance, you should consult with compliance prior to trading.

VCTR transactions related to the above employee benefits will not trigger the Short-Term Holding Period in a Personal Account. Likewise, VCTR transactions in a Personal Account will not affect an employee's ability to exercise such employee benefits.

Covered Persons, as defined in VCH's *Insider Trading Policy,* will have 3 business days upon receipt of approval to effect transactions in VCTR.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;D. Representations and Warranties

Each time you submit a PTR, you shall be deemed to make the following representations and warranties:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• You are not in possession of any MNPI for the requested security;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• You are not aware of any client trading in the same security during any Blackout Period to which you are
subject

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• You have not traded the same position in the opposite direction, in the past 60 days (Mandatory Short-Term
Holding Period);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;E. Quarterly and Annual Certifications of Compliance

You are required to certify quarterly that you have disclosed all reportable:

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Gifts and entertainment;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Outside Business Activities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Political activity and contributions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. All Personal Trading Accounts, including Managed Accounts; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. Personal Trades.

You are required to certify annually to the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. You have read, understand and complied with this Code and other related policies;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. You have read, understand and complied with Victory Capital's Corporate Information Protection and
Technology Use Policy (A-8);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. You have provided and verified all reportable holdings data; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. You have answered all additional questions and disclosures within the Annual Code of Ethics Certification
in an accurate and truthful manner.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;F. Review Procedures

Compliance will maintain review procedures consistent with this Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;G. Recordkeeping

All Code of Ethics records will be maintained pursuant to the provisions of Rule 204A-1 under the Advisers Act and Rule 17j-1 under the Investment Company Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;H. Whistleblower Provisions

If you believe that there has been a violation of this Code, any federal law, or regulation of any governmental agency or entity, you must promptly notify VCM and WestEnd via: 1) a Chief Legal Officer, 2) a Chief Compliance Officer, or 3) the anonymous VCM Hotline at 800-854-9055.

Nothing in this Code shall prohibit you from: 1) making any disclosure of relevant and necessary information to any law enforcement agency, regulatory authority, or self-regulatory organization, or as required by law; 2) participating, cooperating, or testifying in any action, investigation, or proceeding with any law enforcement agency, regulatory authority, or self-regulatory organization; or 3) accepting any U.S. Securities and Exchange Commission awards.

You are protected from retaliation for reporting violations of this Code. Retaliation or the threat of retaliation against you for reporting a violation constitutes a further violation of this Code and may lead to immediate suspension and further sanctions.

VCM is also responsible for communicating the Victory Funds whistleblower procedures to applicable employees. The Victory Funds have implemented procedures for receiving anonymous reports of suspected or actual violations of the Victory Funds' policies and questionable accounting, internal accounting controls, or auditing matters.

Call 866-844-3863 to initiate a report regarding Victory Portfolios, Victory Portfolios II, or the Victory Variable Insurance Funds trusts.

Call 877-711-3336 to initiate a report regarding Victory Portfolios III trust.

Call 866-992-3741 to initiate a reporting regarding Victory Portfolios IV, Victory Variable Insurance Funds II, or Pioneer Closed-End Funds.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;I. Confidentiality

All information obtained from any employee shall be kept in strict confidence, except when requested by the SEC or any other regulatory or self-regulatory organization, and may otherwise be disclosed to the extent required by law or regulation. Additionally, certain information may be provided to a broker-dealer, service provider or vendor, such as employee name, social security number and home address, in order to ascertain Personal Trading activity that is required to be disclosed by an Access Person.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;J. Reporting to the Board of Directors of Affiliated Funds

At least annually, the appropriate Affiliated Advisers will provide the Board of Directors of Affiliated Funds with information regarding: 1) any Material Violations under this Code and any sanctions imposed as a response to such Material Violation; and 2) certification that it has adopted procedures necessary to prevent Access Persons from violating this Code.

8. CODE OF ETHICS VIOLATION GUIDELINES

You are responsible for conducting your activities in accordance with this Code. Violations of the Code may result in applicable sanctions.

Sanctions may correlate to the severity of the violation and may take into consideration, among other things, such factors as the frequency and severity of any prior violations. A CCO may recommend escalation to the VCM Board of Directors and Compliance Committee. When necessary, the VCM Board of Directors may obtain input from the Compliance Committee and a CCO when determining whether such violation is a Material Violation.

The CCOs hold discretionary authority to revoke Personal Trading privileges for any length of time and also reserve the right to lift Personal Trading sanctions in response to market conditions. Additionally, a CCO or Compliance Committee may impose a monetary penalty for any violation. A CCO will report all warnings, violations, exceptions granted and sanctions to the Compliance Committee.

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| | |
|:---|:---|
| **Minor Violations** | **Potential Actions** |
| • Provided incorrect or incomplete account or trading information<br> • Engaging in a pattern of discouraged or excessive trading<br> • Trading without pre-clearance approval when trade would have normally been approved and additional violations did not occur<br> • Failure to submit a complete or timely initial or annual holdings or securities transactions report<br> • Failure to provide the Compliance Department a duplicate confirmation in a timely manner after request or notice by the Compliance Department<br> • Failure to pre-clear properly an OBA or political contribution that would have been approved<br> • Failure to complete a quarterly or annual certification by due date<br> • Failure to pre-clear an investment in a private placement that would have been approved | • Compliance may question you and document response<br> • 1<sup>st</sup> violation within a 12-month period may result in a warning letter<br> • CCO and Compliance Committee may be notified of all warnings and citations given to employees<br> • You may be required to break a trade or disgorge profits from the trade<br> • Any additional actions a CCO or Compliance deem appropriate under the circumstances |
| **Technical Violations** | **Potential Actions** |
| • Any pattern of a Minor Violation within a 12-month period may qualify as a Technical Violation<br> • Failure to report a Personal Account in which trades requiring pre-clearance have occurred<br> • Trading without pre-clearance approval when trade would <u>not</u> have been approved<br> • Trading without pre-clearance or supplied incorrect information, which may have resulted in additional violations<br> • Failure to pre-clear any activity that would have been denied by the Compliance Department<br> • Any willful violations of the Code, as determined by a CCO, to be more severe than a Minor Violation | • Compliance may question you and document response<br> • Compliance may issue a warning letter<br> • Compliance Committee may be notified<br> • Human Resources may be notified<br> • You may be required to break a trade or disgorge profits from the trade – any such profits will be donated to charity<br> • Temporary ban from Personal Trading for no less than 30 calendar days<br> • A fine may be imposed, as determined by a CCO on a case-by-case basis<br> • Any other actions deemed appropriate by a CCO or compliance |
| **Repeat Technical Violations** | **Potential Actions** |
| • Any Technical Violation that is repeated at least two<br> (2) times during a 12-month period | • A CCO may meet with your direct manager to discuss violation<br> • Human Resources may be notified<br> • You may be required to break a trade or disgorge profits from the trade – any such profits will be donated to charity<br> • Three (3) or more technical violations within a 12month period may receive a citation letter, monetary fine and loss of Personal Trading privileges for no less than 90 calendar days<br> • Any other actions deemed appropriate by a CCO or compliance<br>|
| **Material Violations / Fraudulent Actions** | **Potential Actions** |
| &nbsp;&nbsp;• Any Material Violation | • Compliance Committee will review and recommend sanctions and penalties up to and including termination of employment<br> • The Board of Directors and, when applicable, clients may be notified<br> • Possible criminal sanctions imposed by regulatory authorities<br> • A fine of $10,000 may be imposed by the Board of Directors<br> • Any other actions deemed appropriate by a CCO, Compliance Committee or the Board of Directors |

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The Code of Ethics Violation Guidelines provides examples of potential Code violations and the actions that Victory Capital might take if you violate the Code; it is not intended to serve as an exhaustive list of potential Code violations or actions relating thereto. All findings of Code violations and any actions relating thereto will be made on a case-by-case basis. The CCOs have discretion to interpret violations and impose various sanctions in response to such violations as deemed necessary.

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 **Reconsideration**

If you wish to dispute a violation notice, you may submit a written explanation of the circumstances of the violation to a CCO. The CCOs (and the CLO if escalation is deemed necessary) will review submissions on a case-by-case basis. The CCOs and CLO are under no obligation to change any sanction that has been imposed.

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**Appendix 1 – Affiliated Funds, Proprietary Products & Reportable Funds**

As described in this Code, certain restrictions apply to trading in an Affiliated Fund, a Proprietary Product and any fund sub-advised by an Affiliated Adviser. Please refer to the company's intranet site "Under the wing" for a complete list or follow one of the links below.

**Affiliated Funds** 

For the most up-to-date list of Affiliated Victory Funds, please visit <u>www.vcm.com</u>.

**Proprietary Products**

Proprietary Products, are funds or products in which Victory Capital or its employees have an aggregate of 25% or more Beneficial Interest. Employees are required to pre-clear trades in any Proprietary Products.

On a quarterly basis Victory's compliance and fund administration department will review fund ownership levels to determine if any funds meet the criteria to be deemed a Proprietary Product. A list of current Proprietary Products will be maintained on the Compliance page of Victory's intranet site.

**Sub-Advised Funds**

VCM acts as sub-adviser to a number of unaffiliated registered investment companies (mutual funds).

Please refer to VCM's ADV filed with the SEC by searching for the firm name on <u>https://www.adviserinfo.sec.gov</u>. ADV Part 1 contains SECTION 5.G.(3), which lists "Advisers to Registered Investment Companies and Business Development Companies". The name of the fund complex can be obtained by searching for the SEC File Number (under More Options) using EDGAR: <u>https://www.sec.gov/edgar/searchedgar/companysearch.html</u>. A complete list is also available on the company's intranet site "Under the wing" under the compliance tab.

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**Appendix 2 – Approved Brokers List**

In addition to accounts on Victory Capital's retail brokerage platform, you are allowed to open new or maintain existing personal or managed accounts at any of the external brokers listed below. However, you may NOT begin trading in a brokerage account (in-house or external) until it is reported in MCO and set up on our broker data feed. The approved external brokers have been divided into tiers based on how responsive they typically are to our requests to add new accounts to the broker data feed.

**<u>Tier 1 Approved Brokers</u>**

These brokers provide enhanced broker data feed functionality and typically add new accounts to our broker data feed within 1 – 3 business days.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Charles Schwab (acquired TD Ameritrade)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Fidelity Investments

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Interactive Brokers

**<u>Tier 2 Approved Brokers</u>**

These brokers may take longer than Tier 1 Approved Brokers, but they generally add new accounts to our broker data feed within 5 business days.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Ameriprise Financial Services

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Edward Jones

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Merrill Lynch

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. UBS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. Vanguard

**<u>Tier 3 Approved Brokers</u>**

These brokers may require you to sign a form before they will add a new account to our broker data feed, and/or typically take longer to update the feed once all their requirements are met – your ability to trade in a new account at these firms may be significantly delayed.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. JP Morgan Chase

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Morgan Stanley (acquired E\*TRADE)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Northern Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Raymond James

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. RBC

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. Wells Fargo

**<u>Approved Non-Brokers</u>**

The following types of accounts are typically not held through a traditional brokerage firm but are still allowed under the Code of Ethics – you may be required to manually report transactions effected in reportable securities within these types of accounts.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Employer Sponsored Retirement Plans

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. ESOP/ESPP

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Direct Registration Service (DRS – i.e. Computershare, American Stock Transfer
Company, etc.)

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**Appendix 3 – Investment Account Disclosure**

New Hires may not trade in their existing accounts until they have been disclosed and approved by compliance. By regulation, such disclosure must take place within 10 days of hire. All new Personal Accounts and Managed Accounts must be reported to compliance prior to trading or on the next quarterly certification, whichever is sooner. Failure to comply may result in sanctions imposed by the VCM Compliance Committee and/or Board of Directors.

The below chart summarizes certain account types and their disclosure requirements. If you have a beneficial interest in any account identified below, you must follow the disclosure requirements. If you are uncertain whether an account should be disclosed or if you have a beneficial interest in an account not listed below, you should consult with a CCO or a member of the Compliance team.

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| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Account Type** | &nbsp;&nbsp;**Initial Disclosure** | &nbsp;&nbsp;**Periodic Verification** |
| &nbsp;&nbsp;All Personal Accounts | &nbsp;&nbsp;Yes | &nbsp;&nbsp;Yes |
| &nbsp;&nbsp;All Managed Accounts | &nbsp;&nbsp;Yes | &nbsp;&nbsp;Yes |
| &nbsp;&nbsp;Affiliated Fund Direct Accounts | &nbsp;&nbsp;Yes | &nbsp;&nbsp;Yes |
| &nbsp;&nbsp;401(k) if able to hold Reportable Securities | &nbsp;&nbsp;Yes | &nbsp;&nbsp;Yes |
| &nbsp;&nbsp;Security Lending Accounts | &nbsp;&nbsp;Yes | &nbsp;&nbsp;Yes |
| &nbsp;&nbsp;Margin Accounts | &nbsp;&nbsp;Yes | &nbsp;&nbsp;Yes |
| &nbsp;&nbsp;Investment Club Accounts | &nbsp;&nbsp;Yes | &nbsp;&nbsp;Yes |
| &nbsp;&nbsp;Private Placements | &nbsp;&nbsp;Yes | &nbsp;&nbsp;No |
| &nbsp;&nbsp;Unaffiliated Open-end Mutual Fund Direct Accounts | &nbsp;&nbsp;No | &nbsp;&nbsp;No |
| &nbsp;&nbsp;Retirement accounts if unable to hold Reportable Securities | &nbsp;&nbsp;No | &nbsp;&nbsp;No |
| &nbsp;&nbsp;529 Plans | &nbsp;&nbsp;No | &nbsp;&nbsp;No |
| &nbsp;&nbsp;Bank accounts if unable to hold Reportable Securities | &nbsp;&nbsp;No | &nbsp;&nbsp;No |
| &nbsp;&nbsp;Donor Advised Fund (only pre-clear gift of stock to account) | &nbsp;&nbsp;No | &nbsp;&nbsp;No |
| &nbsp;&nbsp;HSA Investments (if unable to hold Reportable Securities) | &nbsp;&nbsp;No | &nbsp;&nbsp;No |
| &nbsp;&nbsp;Accounts that facilitate trading cryptocurrencies | &nbsp;&nbsp;Yes | &nbsp;&nbsp;Yes |

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**Also see the Account Reporting Job Aid for more details.**

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**Appendix 4 – Preclearance and Reporting By Security Type**

Most transactions in Personal Accounts require you to submit a PTR through MCO. See *Section VI: Personal Trading Requirements and Restrictions* for more information.

**Summary of Pre-clearance and Reporting Requirements**

The below chart summarizes the pre-clearance and reporting requirements of certain security types. Additional details can be found in the Pre-Clearance Job Aid. If you are uncertain whether a transaction requires pre-clearance, you should consult with a CCO or a member of the Compliance team. For Victory Capital Stock, please refer to the *Summary of Pre-Clearance Requirements for Victory Capital Stock* provided in this Appendix.

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| |
|:---|
| &nbsp;&nbsp;**Prohibited in Personal Accounts** |
| &nbsp;&nbsp;Commodity Futures |
| &nbsp;&nbsp;Futures |
| &nbsp;&nbsp;Options |
| &nbsp;&nbsp;Currency Futures |
| &nbsp;&nbsp;Selling Securities Short |
| &nbsp;&nbsp;Single Stock ETFs (and similar instruments that provide exposure to a single stock) |
| &nbsp;&nbsp;Companies under common control with VCH |
| &nbsp;&nbsp;**Pre-clear in Managed Accounts and Personal Accounts** |
| &nbsp;&nbsp;Initial Public Offerings (IPO) |
| &nbsp;&nbsp;Initial Coin Offerings (ICO) |
| &nbsp;&nbsp;Private placements |
| &nbsp;&nbsp;**Pre-clear in Personal Accounts** |
| &nbsp;&nbsp;Equities |
| &nbsp;&nbsp;Corporate, High-Yield, Convertible, International, and Municipal Bonds |
| &nbsp;&nbsp;Exchange-traded funds (ETFs), including affiliated ETFs |
| &nbsp;&nbsp;Exchange-traded notes (ETNs) |
| &nbsp;&nbsp;Closed-end funds |
| &nbsp;&nbsp;Mortgage-Backed Securities |
| &nbsp;&nbsp;Agency Securities (e.g., Fannie Mae, Freddie Mac etc.) |
| &nbsp;&nbsp;Trust preferred & traditional preferred securities |
| &nbsp;&nbsp;Any pre-clearance securities that are gifted or donated by an Access Person (e.g., direct to charity or to donor advised fund) |
| &nbsp;&nbsp;Unit investment trusts |
| &nbsp;&nbsp;Victory Proprietary Products (currently there are none) |
| &nbsp;&nbsp;VCM 401(k) transactions greater than $100,000 in a Proprietary Product |
| &nbsp;&nbsp;Cryptocurrencies (e.g., Bitcoin, Ethereum, etc.) |
| &nbsp;&nbsp;**Reportable <u>ONLY</u> (pre-clearance NOT required)** |
| &nbsp;&nbsp;Dividend Reinvestment Plans (DRIPs) |
| &nbsp;&nbsp;Victory Mutual Funds, unless it's a Proprietary Product |
| &nbsp;&nbsp;Variable insurance products only where an Affiliated Adviser serves as adviser or sub-adviser |
| &nbsp;&nbsp;**Exempt Transactions (only the effect of these transactions will be captured as an update on the annual holdings certification)** |

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| |
|:---|
| &nbsp;&nbsp;Approved automatic or periodic investment plans |
| &nbsp;&nbsp;Dividend reinvestment transactions |
| &nbsp;&nbsp;Corporate action transactions (e.g., stock splits, rights offerings, mergers and acquisitions) |
| &nbsp;&nbsp;Security lending transactions |
| &nbsp;&nbsp;**Exempt Securities not subject to the Code** |
| &nbsp;&nbsp;Direct obligations of the U.S. government |
| &nbsp;&nbsp;Bankers' acceptances, bank certificates of deposit and commercial paper |
| &nbsp;&nbsp;Investment grade, short-term debt instruments, including repurchase agreements |

---

---

| |
|:---|
| &nbsp;&nbsp;Money market funds |
| &nbsp;&nbsp;Variable insurance products unless an Affiliated Adviser acts as adviser or sub-adviser |
| &nbsp;&nbsp;Unaffiliated open-end mutual funds |
| &nbsp;&nbsp;Investments in qualified tuition programs ("529 Plans"), including the USAA College Savings Plan |
| &nbsp;&nbsp;Physical Commodities (i.e., precious metals) |
| &nbsp;&nbsp;Foreign Currencies held in order to use as currency (not for investment/speculation purposes) |

---

**Summary of Pre-Clearance Requirements for Victory Capital Stock (ticker "VCTR")**

---

| | |
|:---|:---|
| &nbsp;&nbsp;**VCTR Transaction Description** | &nbsp;&nbsp;**Pre-Clear** |
| &nbsp;&nbsp;**Common Stock (Class A Shares)** |  |
| &nbsp;&nbsp;Employee purchase or sale in any Personal Account (e.g., a brokerage account for the benefit of the employee or for the benefit of the employee's Immediate Family) | &nbsp;&nbsp;Yes |
| &nbsp;&nbsp;Employee purchase or sale in a Managed Account approved by Compliance. | &nbsp;&nbsp;No |
| &nbsp;&nbsp;**Employee Stock Purchase Plan (ESPP)** |  |
| &nbsp;&nbsp;Purchases made pursuant to Employee Stock Purchase Plan | &nbsp;&nbsp;No |
| &nbsp;&nbsp;Sales of shares acquired through the Employee Stock Purchase Plan | &nbsp;&nbsp;Yes |
| &nbsp;&nbsp;**Options** |  |
| &nbsp;&nbsp;Sale of shares in the open market acquired through the exercise of any options | &nbsp;&nbsp;Yes |
| &nbsp;&nbsp;Cash Exercise - Employee pays the entire cost of the exercise. | &nbsp;&nbsp;No |
| &nbsp;&nbsp;Withhold Shares - Victory Capital withholds shares equal to the cost of the exercise. | &nbsp;&nbsp;No |
| &nbsp;&nbsp;**Restricted Stock (Class B Shares)** |  |
| &nbsp;&nbsp;Selling restricted stock in the open market | &nbsp;&nbsp;Yes |
| &nbsp;&nbsp;Cash - Cash payment to cover vested shares tax liability | &nbsp;&nbsp;No |
| &nbsp;&nbsp;Net - Surrender shares to Victory Capital to cover vested shares tax liability | &nbsp;&nbsp;No |
| &nbsp;&nbsp;**10b5-1 Trading Plan** |  |
| &nbsp;&nbsp;Officers of VCH required to make filings under Section 16 of the Securities and Exchange Act of 1934, as amended, conducting trades in accordance with an approved 10b5-1 Trading Plan. | &nbsp;&nbsp;No |

---

Copyright© 2025, Victory Capital Management Inc. v of ix

Code of Ethics for Victory Capital Management Inc. and WestEnd Advisors, LLC April 1, 2025

---

| | |
|:---|:---|
| ![](exp38_victorycoe001.jpg) | ![](exp38_victorycoe002.jpg) |

---

**Appendix 5 – ETFs Eligible for De Minimis Transaction Exemption**

Firm trades in the following ETFs will not trigger any Blackout Period due to their use as highly liquid cash management vehicles in various client accounts.

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Name** | &nbsp;&nbsp;**Symbol** | &nbsp;&nbsp;**CUSIP** |
| &nbsp;&nbsp;iShares 7-10 Year Treasury Bond ETF | &nbsp;&nbsp;IEF | &nbsp;&nbsp;464287440 |
| &nbsp;&nbsp;iShares 20+ Year Treasury Bond ETF | &nbsp;&nbsp;TLT | &nbsp;&nbsp;464287432 |
| &nbsp;&nbsp;iShares Core MSCI EAFE ETF | &nbsp;&nbsp;IEFA | &nbsp;&nbsp;46432F842 |
| &nbsp;&nbsp;iShares Core MSCI Emerging Markets ETF | &nbsp;&nbsp;IEMG | &nbsp;&nbsp;46434G103 |
| &nbsp;&nbsp;iShares Core S&P 500 ETF | &nbsp;&nbsp;IVV | &nbsp;&nbsp;464287200 |
| &nbsp;&nbsp;iShares Core U.S. Aggregate Bond ETF | &nbsp;&nbsp;AGG | &nbsp;&nbsp;464287226 |
| &nbsp;&nbsp;iShares FTSE China 25 Index | &nbsp;&nbsp;FXI | &nbsp;&nbsp;464287184 |
| &nbsp;&nbsp;iShares iBoxx $ High Yield Corporate Bond | &nbsp;&nbsp;HYG | &nbsp;&nbsp;464288513 |
| &nbsp;&nbsp;iShares iBoxx $ Investment Grade Corporate Bond ETF | &nbsp;&nbsp;LQD | &nbsp;&nbsp;464287242 |
| &nbsp;&nbsp;iShares MSCI ACWI Index Fund | &nbsp;&nbsp;ACWI | &nbsp;&nbsp;464288257 |
| &nbsp;&nbsp;iShares MSCI China Index Fund | &nbsp;&nbsp;MCHI | &nbsp;&nbsp;46429B671 |
| &nbsp;&nbsp;iShares MSCI Emerging Index Fund ETF | &nbsp;&nbsp;EEM | &nbsp;&nbsp;464287234 |
| &nbsp;&nbsp;iShares MSCI EAFE Index Fund ETF | &nbsp;&nbsp;EFA | &nbsp;&nbsp;464287465 |
| &nbsp;&nbsp;iShares MSCI Japan Index Fund ETF | &nbsp;&nbsp;EWJ | &nbsp;&nbsp;464286848 |
| &nbsp;&nbsp;iShares MSCI India | &nbsp;&nbsp;INDA | &nbsp;&nbsp;46429B598 |
| &nbsp;&nbsp;iShares Russell 1000 | IWF | &nbsp;&nbsp;464287614 |
| &nbsp;&nbsp;iShares Russell 2000 ETF | &nbsp;&nbsp;IWM | &nbsp;&nbsp;464287655 |
| &nbsp;&nbsp;iShares Russell 2000 Value | &nbsp;&nbsp;IWN | &nbsp;&nbsp;464287630 |
| &nbsp;&nbsp;iShares Russell Mid-Cap Value | &nbsp;&nbsp;IWS | &nbsp;&nbsp;464287473 |
| &nbsp;&nbsp;SPDR Bloomberg Barclays High Yield Bond ETF | &nbsp;&nbsp;JNK | &nbsp;&nbsp;78468R622 |
| &nbsp;&nbsp;SPDR S&P 500 ETF | &nbsp;&nbsp;SPY | &nbsp;&nbsp;78462F103 |
| &nbsp;&nbsp;SPDR S&P MidCap 400 ETF | &nbsp;&nbsp;MDY | &nbsp;&nbsp;78467Y107 |
| &nbsp;&nbsp;Vanguard FTSE All-World ex-US ETF | &nbsp;&nbsp;VEU | &nbsp;&nbsp;922042775 |
| &nbsp;&nbsp;Vanguard FTSE Developed Markets ETF | &nbsp;&nbsp;VEA | &nbsp;&nbsp;921943858 |
| &nbsp;&nbsp;Vanguard FTSE Emerging Markets ETF | &nbsp;&nbsp;VWO | &nbsp;&nbsp;922042858 |
| &nbsp;&nbsp;Vanguard FTSE Europe ETF | &nbsp;&nbsp;VGK | &nbsp;&nbsp;922042874 |
| &nbsp;&nbsp;Vanguard Mortgage-Backed Securities ETF | &nbsp;&nbsp;VMBS | &nbsp;&nbsp;92206C771 |
| &nbsp;&nbsp;Vanguard Real Estate ETF | &nbsp;&nbsp;VNQ | &nbsp;&nbsp;922908553 |
| &nbsp;&nbsp;Vanguard Short-Term Bond ETF | &nbsp;&nbsp;BSV | &nbsp;&nbsp;921937827 |
| &nbsp;&nbsp;Vanguard Short-Term Corporate Bond ETF | &nbsp;&nbsp;VCSH | &nbsp;&nbsp;92206C409 |
| &nbsp;&nbsp;Vanguard S&P 500 ETF | &nbsp;&nbsp;VOO | &nbsp;&nbsp;922908363 |
| &nbsp;&nbsp;Vanguard Total Bond Market ETF | &nbsp;&nbsp;BND | &nbsp;&nbsp;921937835 |
| &nbsp;&nbsp;Vanguard Total International Stock ETF | &nbsp;&nbsp;VXUS | &nbsp;&nbsp;921909768 |
| &nbsp;&nbsp;Vanguard Total Stock Market ETF | &nbsp;&nbsp;VTI | &nbsp;&nbsp;922908769 |

---

Copyright© 2025, Victory Capital Management Inc. vi of ix

Code of Ethics for Victory Capital Management Inc. and WestEnd Advisors, LLC April 1, 2025

**Supplement 1** 

**RS Investment Management (Singapore) Pte. Ltd. ("RSIMS") Code <br> of Ethics Supplement ("Singapore Supplement")**

The policies and procedures in this Singapore Supplement to the Code apply to Access Persons of RSIMS and are in addition to, and supplement, the policies and procedures detailed in the Code.

Matters set out in the relevant sections of this Singapore Supplement shall be read in conjunction, and as one, with the Code. To the extent there is any inconsistency between the Code and this Singapore Supplement, this Singapore Supplement shall prevail.

**Short-Selling of Securities**

All Victory Capital employees, including employees of RSIMS, are prohibited from Short-Selling any security.

**Trading on Inside Information**

In addition to the requirements set out in the Code, all employees of RSIMS and all members of their Immediate Family are required to comply with all applicable laws in Singapore in relation to any Securities Transactions. Such laws include but are not limited to Part XII (Market Conduct) of the Securities and

Futures Act (Chapter 289 of Singapore) ("SFA") which set out prohibitions against the following conduct:

&nbsp;&nbsp;&nbsp;&nbsp;• False trading and market rigging transactions;

&nbsp;&nbsp;&nbsp;&nbsp;• Securities market manipulation and manipulation of prices of futures contracts and cornering;

&nbsp;&nbsp;&nbsp;&nbsp;• The making of false or misleading statements or the dissemination of information that is false or misleading;

&nbsp;&nbsp;&nbsp;&nbsp;• Fraudulently inducing persons to deal in securities or trade in futures contracts;

&nbsp;&nbsp;&nbsp;&nbsp;• Employment of fraudulent or deceptive devices, or manipulative and deceptive devices;

&nbsp;&nbsp;&nbsp;&nbsp;• Bucketing; and

&nbsp;&nbsp;&nbsp;&nbsp;• Insider trading and tipping off.

**Reporting Requirements**

In addition to the Personal Account and Personal Trading requirements and restrictions set out in the Code, each employee of RSIMS who acts as a representative of RSIMS in RSIMS' capacity as the holder of a capital markets services license issued pursuant to the SFA for fund management (each a "Relevant Access Person") is required to maintain a register of his or her interests in securities (as such term is defined in section 2(1) of the SFA, the relevant extract of which is set out in the Appendix) that are listed for quotation, or quoted, on a securities exchange or recognized market operator in the prescribed Form 15 to the Securities and Futures (Licensing and Conduct of Business) Regulations (Rg 10).

Within 7 days after the date he or she acquires the interest in the relevant securities, each Relevant Access Person shall be required to enter into his or her register:

&nbsp;&nbsp;&nbsp;&nbsp;1. Particulars of securities in which such Relevant Access Person has any interest; and

&nbsp;&nbsp;&nbsp;&nbsp;2. Particulars of such interests.

Where there is any change in any interest in the securities of such Relevant Access Person, he or she shall enter particulars of the change (including the date of the change and the circumstances by reason of which the change has occurred), within 7 days after the date of the change.

Copyright© 2025, Victory Capital Management Inc. vii of ix

Code of Ethics for Victory Capital Management Inc. and WestEnd Advisors, LLC April 1, 2025

All entries in the register must be kept in an easily accessible form for a period of not less than 5 years after the date on which such entry was first made. The register shall:

&nbsp;&nbsp;&nbsp;&nbsp;1. If in physical form, be kept at RSIMS's principal place of business in Singapore; or

&nbsp;&nbsp;&nbsp;&nbsp;2. If in electronic form, be kept in such manner so as to ensure that full access to the register may be
gained by the Monetary Authority of Singapore ("MAS") at RSIMS's principal place of business in Singapore.

RSIMS is required to maintain records of the place at which the Relevant Access Persons keep their respective registers and the places at which copies of those registers are kept in Singapore. As a separate matter, RSIMS is also required to maintain a Form 15 in relation to RSIMS' own interests in the relevant Securities.

Copyright© 2025, Victory Capital Management Inc. viii of ix

## Ex-99.P

Ex. 99.28(p)(43)

Capital Group associates are responsible for maintaining the highest ethical standards. The Code of Ethics is intended to help associates observe exemplary standards of integrity, honesty and trust. It sets out standards for our personal conduct, including personal investing, gifts and entertainment, outside business interests and affiliations, political contributions, insider trading, and client confidentiality.

Our fund shareholders and clients have placed their trust in Capital to manage their assets. As investment advisers, we act as fiduciaries to our clients. This means we owe them both a duty of care and a duty of loyalty.

Capital has earned a reputation over many years for acting with the highest integrity and ethics. Reputations are fragile, however, and Capital's reputation can be harmed if any of us fails to act ethically and in the best interests of our clients. We each must hold ourselves to the highest standards of behavior, regardless of business custom, and strive to avoid even the appearance of impropriety. We all share this responsibility — if you have any doubt whether an action or circumstance is consistent with our standards, raise it.

Associates should be aware that their actions outside of the workplace can reflect on the ethics of our organization and potentially harm our reputation. For this reason, associates should exercise caution and good judgment in order to avoid having their actions outside of the workplace impact Capital, our workplace or our associates.

No set of rules can anticipate every possible situation, so it is essential that associates adhere to the spirit as well as the letter of the Code of Ethics. Any activity that compromises the trust our clients have placed in us, even if it does not expressly violate a rule, has the potential to harm our reputation. Associates are reminded of one of Capital's core principles: that we must do the right thing as a matter of principle, not just in observance of policy.

In addition to the specific policies described below, associates have the following fundamental obligations under the Code of Ethics:

- Associates must avoid those situations that might place, or appear to place, their personal interests in conflict with the interests of Capital, our clients or fund shareholders.

- Associates must not take advantage of their role with Capital to benefit themselves or another party.

- Associates must comply with the laws, rules and regulations that apply to us in the conduct of our business.

- Associates must promptly report violations of the Code of Ethics.

It is important that all associates comply with the Code of Ethics, including its related guidelines and policies. **Failure to do so could result in disciplinary action, including termination.**

Questions regarding the Code of Ethics may be directed to the Code of Ethics Team.

**Working ethically**

In order to maintain the highest ethical standards, Capital strives to recruit, hire and retain exceptional and diverse talent. We can only do so by offering a work environment where associates have a voice, feel respected and can thrive, grow, and bring their most authentic selves to the workplace. In order to help foster such an environment, we have established certain employment policies designed in part to ensure associates interact in a professional, productive and inclusive manner. All associates are expected to be familiar and comply with these and the other policies included in our Associate Handbooks. Because we hold ourselves to the highest ethical standards, our policies often exceed what may be required by law or observed at other companies.

Code of Ethics 1 May 2025 <br>*For external use*

The following sections summarize some of your obligations under the Associate Handbook. Due to their importance to our workplace, violation of the policies in our Associate Handbooks could result in disciplinary action, up to and including termination of employment.

Providing equal employment opportunities and preventing discrimination and harassment

All associates at Capital are responsible for maintaining a professional, inclusive work environment. As an equal opportunity employer, we do not tolerate discrimination. Our policies prohibit unlawful discrimination on the basis of race, religion, color, national origin, ancestry, sex (including gender, gender expression and gender identity), pregnancy, childbirth and related medical conditions, age, physical or mental disability, medical condition, genetic information, marital status, sexual orientation, citizenship status, AIDS/HIV status, political activities or affiliations, military or veteran status, status as a victim of domestic violence, assault or stalking or any other characteristic protected by federal, state or local law.

Harassment is a form of discrimination and violates our commitment to equal employment opportunities. Harassment in violation of our policies occurs when unwelcome comments or conduct based on a protected status unreasonably interfere with an associate's work performance or create an intimidating, hostile or offensive work environment.

We are committed to promptly investigating and taking action to eliminate any discrimination and harassment that occurs in the workplace. When requested by our Human Resources or Legal Department, all associates are expected to cooperate fully in any investigation into a violation of our policies against discrimination and harassment. Our commitment is to address such claims promptly and to take corrective action as appropriate.

Associates are encouraged to report harassment to Human Resources, any manager in the organization or through our Open Line (contact information for Open Line is outlined below in **Reporting requirements**).

Close personal relationships in the office

When associates have a close personal, intimate or familial relationship in the workplace, it can create an actual or potential conflict of interest. It can also negatively impact the work environment. For this reason, Capital requires that all associates report any personal intimate or familial relationship with another associate or a business partner employee to Human Resources. Under this policy, certain relationships are prohibited, such as intimate relationships between managers and associates in their reporting lines.

Interacting with the public

Regardless of whether you are speaking on behalf of Capital or simply using social media for personal use, we expect all associates to maintain both client and firm confidentiality, and to protect the firm's reputation. The lines between public and private, personal and professional, can become blurred, particularly within the realm of social media. By identifying yourself as a Capital associate within a social network, you are connected, either directly or indirectly, to colleagues, managers, clients and investors. Information originally intended for friends and family can be forwarded and, ultimately, lead to unintended consequences. For this reason, associates should exercise extra caution and good judgment and avoid mixing personal and business social networks and ensure that they abide by all local laws and regulations and applicable Capital policies, such as the policy against harassment.

Code of Ethics 2 May 2025 <br>*For external use*

Protecting sensitive information

Capital Group regularly creates, collects, and maintains valuable proprietary information, which is essential to our business operations and the performance of services for our clients. This information derives its value, in part, from not being generally known outside of Capital (hereinafter "Confidential Information"). It includes confidential electronic information in any medium, hard-copy information, and information shared orally or visually (such as by telephone or video conference). The confidentiality, integrity and limited availability of such information is regarded as fundamental to the successful business operations of Capital Group. The purpose of the Confidential Information Policy is to protect our information from disclosure – intentional or inadvertent – and to ensure that associates understand their obligation to protect and maintain its confidentiality.

**Code of Ethics guidelines**

No special treatment from broker-dealers

Associates may not accept negotiated commission rates or any other terms they believe may be more favorable than the broker-dealer grants to accounts with similar characteristics. U.S. broker-dealers are subject to certain rules designed to prevent favoritism toward such accounts. Favors or preferential treatment from broker-dealers may not be accepted. This rule applies to the associate's spouse/spouse equivalent and any immediate family member residing in the same household.

No excessive trading of Capital-affiliated funds

Associates should not engage in excessive trading of the American Funds or other Capital-managed investment vehicles worldwide in order to take advantage of short-term market movements. Excessive activity, such as a frequent pattern of exchanges, could involve actual or potential harm to shareholders or clients. This rule applies to the associate's spouse/spouse equivalent and any immediate family member residing in the same household.

Ban on Initial Public Offerings (IPOs) and Initial Coin Offerings (ICOs)

All associates and immediate family members residing in the same household may not participate in IPOs or ICOs.

Exceptions for participation in IPOs are rarely granted; however, they will be considered on a case-by-case basis (for example, where a family member is employed by the IPO company and IPO shares are considered part of that family member's compensation).

Avoiding conflicts

Associates must avoid conflicts of interest that can occur when their business, financial or other interests interfere, or reasonably appear to interfere, with their duty to serve the interests of Capital and our clients. Conflicts of interest include any situation where financial or other personal factors compromise objectivity or professional judgment. Even the appearance of conflict could negatively impact Capital and harm our reputation.

Code of Ethics 3 May 2025 <br>*For external use*

Portfolio managers and investment analysts should be aware of the potential conflicts that can arise when they invest on behalf of fund shareholders and clients. The investments we make for our clients must be based on their best interests, and should not be, or appear to be, based on the self-interest of our associates. Accordingly, members of the investment group must disclose to the Code of Ethics Team if they or any of their family members, such as parents, children, siblings, in-laws or other family members with whom they have a close relationship, has a material business, financial or personal relationship with a company that they hold or are eligible to purchase professionally. Examples of a material relationship include: (1) a family member serving as a senior officer or executive of a portfolio company, (2) significant beneficial ownership of a portfolio company by the associate or their family members, and (3) involvement by the associate or a family member in a significant transaction or business opportunity with a portfolio company.

In addition, associates should avoid conflicts related to Capital's business, and therefore must not:

- Engage in a business that competes, directly or indirectly, with the interests of Capital, or is related to their role or responsibilities at Capital;

- Act for Capital in any transaction or business relationship that involves the associate, members of their family or other people or organizations with whom the associate or their family member(s) have a significant personal connection or financial interest;

- Negotiate with Capital on behalf of any such people or organizations; or

- Use or attempt to use their position at Capital to obtain any improper personal benefit for themselves, family member(s) or any other party.

No policy can anticipate every possible conflict of interest and all associates must be vigilant in guarding against anything that could color our judgment. Any associate who is aware of a transaction or relationship that could reasonably be expected to give rise to a conflict of interest or perceived conflict of interest must disclose the matter promptly to a member of the Code of Ethics Team. If there is any doubt or if something does not feel consistent with our standards, raise the issue.

Any changes in a previously disclosed potential conflict, outside business interest or affiliation that could be relevant to an evaluation of a potential conflict must also be promptly disclosed. Examples of changes to disclose include: (1) a change in research coverage of an investment analyst to include a company with a family member serving as a senior executive (even if the senior executive relationship had previously been disclosed); (2) a change in an associate's role to trader if the associate had previously disclosed a sibling who works as a sell-side trader; and (3) a change in the line of business or activities of an outside business interest of an associate.

Outside business interests/affiliations

Associates should avoid outside business interests or affiliations that may give rise to conflicts of interest or that may create divided loyalties, divert substantial amounts of their time, or compromise their independent judgment.

Associates must obtain approval from the Code of Ethics Team to serve on the board of directors or as an advisory board member of any public or private company. This rule does not apply to: (1) boards of Capital companies or funds; (2) board service that is a direct result of the associate's responsibilities at Capital, such as for portfolio companies of private equity funds managed by Capital; or (3) boards of non-profit and charitable organizations. Associates must disclose to the Code of Ethics Team if they serve on the board of a non-profit or charitable organization that has issued or has future plans to issue publicly held securities, including debt obligations.

Submit pre-approval to serve on the board of directors or as an advisory board member directly in the compliance reporting application.

Code of Ethics 4 May 2025 <br>*For external use*

In addition, associates must disclose to the Code of Ethics Team if they or any of their family members, such as parents, children, siblings, in-laws or other family members with whom they have a close relationship:

- serves as a board director or as an advisory board member of,

- holds a senior officer position, such as CEO, CFO or Treasurer with, or

owns 5% or more, individually or together with other such family members, of

any public company or any private company that may be reasonably expected to go public.

In addition to the disclosure obligations set forth above, associates should be mindful of and must disclose to the Code of Ethics Team any other outside business interest or activity that may present a conflict of interest or the appearance of a conflict of interest or that may compromise their independent judgment. For example, associates must disclose if they have a significant interest in a private company that does business with or competes with Capital, even if that company is not reasonably expected to go public.

Family members employed by a financial institution

Associates who are "Covered Associates" (as defined below) must disclose if any of their family members, such as parents, children, siblings, in-laws or other family members with whom they have a close relationship, is employed by a broker-dealer, investment adviser or other firm that provides investment research or trade execution services to Capital.

Requests for approval or questions may be directed to the Code of Ethics Team.

Other guidelines

Statements and disclosures about Capital, including those made to fund shareholders and clients and in regulatory filings, should be accurate and not misleading.

**Reporting requirements**

Annual certification of the Code of Ethics

All associates are required to certify at least annually that they have read and understand the Code of Ethics. Questions or issues relating to the Code of Ethics should be directed to the associate's manager or the Code of Ethics Team.

Reporting violations

All associates are responsible for complying with the Code of Ethics. As part of that responsibility, associates are obligated to report violations of the Code of Ethics promptly, including: (1) fraud or illegal acts involving any aspect of Capital's business; (2) noncompliance with applicable laws, rules and regulations; (3) intentional or material misstatements in regulatory filings, internal books and records, or client records and reports; or (4) activity that is harmful to fund shareholders or clients. Deviations from controls or procedures that safeguard Capital, including the assets of shareholders and clients, should also be reported. Reported violations of the Code of Ethics will be investigated and appropriate action will be taken, which may include reporting the matter to the firm's regulator if determined to be appropriate by legal counsel. Once a violation has been reported, all associates are required to cooperate with Capital in the internal investigation of any matter by providing honest, truthful and complete information.

Associates may report confidentially to a manager/department head or to the Open Line Committee.

Code of Ethics 5 May 2025 <br>*For external use*

Associates may also contact the Chief Compliance Officers of CB&T, CGPCS, CIInc, CRC, CIAM, CRMC, or legal counsel employed with Capital.

**Capital strictly prohibits retaliation against any associate who in good faith makes a complaint, raises a concern, provides information or otherwise assists in an investigation regarding any conduct that he or she reasonably believes to be in violation of the Code of Ethics. This policy is designed to ensure that associates comply with their obligations to report violations without fear of retaliation.**

**Policies**

Capital's policies regarding gifts and entertainment, political contributions, insider trading and personal investing are summarized below.

Gifts and Entertainment Policy

The Gifts and Entertainment Policy is intended to ensure that gifts and entertainment involving associates do not raise questions of propriety regarding Capital's current or prospective business relationships, or Capital's interactions with government officials. If a gift or entertainment is excessive, repetitive or extravagant, it can raise the appearance of favoritism or the potential for a conflict of interest. By understanding and following the Gifts and Entertainment Policy requirements, associates help Capital safeguard the company and ensure compliance with regulatory rules.

Associates are prohibited from receiving or extending cash gifts, including cash equivalents, such as credit gift cards or cryptocurrencies. Any gifts from or to a Business Partner, a Business Partner Employee or Contingent Worker who is currently on assignment at Capital is also prohibited. Associates may also not accept from or give to any one individual or entity a gift or group of gifts exceeding in aggregate US$100 in a 12-month calendar year period if such a person or entity conducts, or may conduct, business with Capital. Trading department associates are subject to different limits and reporting requirements and are generally not permitted to receive gifts. Trading associates may be asked to return gifts received.

Associates must receive approval from their manager and the Code of Ethics Team before accepting or extending entertainment with a market value greater than US$500. This value is cumulative for associates and their invited guests. All ticketed events should be approved by the associate's manager. Trading department associates are prohibited from accepting entertainment, regardless of value, unless the associate or Capital pays.

Submit pre-approval for an entertainment request directly in the compliance reporting application.

Gifts or entertainment extended by a Capital associate and approved by the associate's manager for reimbursement by Capital do not need to be reported (or pre-approved). Trading department associates should report gifts and entertainment extended regardless of reimbursement. Dollar amounts refer to U.S. dollars.

Please note CCG/PCS associates are subject to separate policies regarding extending or receiving gifts and entertainment and are also required under the Gifts and Entertainment Policy to report all gifts and entertainment, regardless of value.

Capital Group is registered as a federal lobbyist and special rules apply to gifts and entertainment involving government officials and employees as a result. Associates must receive approval from Capital's Code of Ethics Team prior to either: (1) hosting a federal government official or employee at a Capital facility if anything of value (e.g. food, tangible item) will be presented to that individual; or (2) providing anything of value to a federal government official or employee if Capital will pay or reimburse for the related cost.

Code of Ethics 6 May 2025 <br>*For external use*

Reporting

The limitations relating to gifts and entertainment apply to all associates as described above, and associates will be asked to complete quarterly disclosures. Associates must report any gift exceeding $50 and business entertainment in which an event exceeds $75 (although it is recommended that associates report all gifts and entertainment). Trading department associates should notify the Code of Ethics Team *when gifts are received* and report such gifts quarterly, whether the gift is received by an individual associate or by a department. In addition, trading associates should report all gifts and entertainment regardless of reimbursement.

Charitable contributions

Associates must not allow Capital's present or anticipated business to be a factor in soliciting political or charitable contributions from outside parties. In addition, it is generally not appropriate to solicit these outside parties or Capital associates for donations to a family-run non-profit organization, family foundation, donor-advised fund or other charitable organization in which an associate or their family members are significantly involved. Board membership alone would not be considered significant involvement.

Entertainment, Gifts and Personal Investing Committee (Committee)

The Committee oversees administration of the Gifts and Entertainment Policy. Questions regarding the Gifts and Entertainment Policy may be directed to the Code of Ethics Team.

Political Contributions Policy

Associates must be cautious when engaging in personal political activities, particularly when supporting officials, candidates, or organizations that may be in a position to influence decisions to award business to investment management firms. Associates should not make political contributions to officials or candidates (in any country) for the purpose of influencing the hiring of a Capital Group company as an advisor to a governmental entity. Associates are encouraged to contact the Code of Ethics Team with any questions about the Political Contributions Policy.

Associates may not use Capital offices or equipment to engage in political fundraising or solicitation activity, for example, hosting a fundraising event at the office or using Capital phones or email systems to help solicit donations for an elected official, a candidate, Political Action Committee (PAC) or political party. Associates may volunteer their time on behalf of a candidate or political organization but should limit volunteer activities to non-work hours.

For contributions or activities supporting candidates or political organizations *within the U.S.*, we have adopted the guidelines set forth below, which apply to associates classified as "Restricted Associates."<br>

Guidelines for political contributions and activities within the U.S.

<br> U.S. Securities and Exchange Commission (SEC) regulations limit political contributions to certain Covered Government Officials by certain employees of investment advisory firms and certain affiliated companies. "Covered Government Official," for purposes of the Political Contributions Policy, is defined as: (1) a state or local official; (2) a candidate for state or local office; or (3) a federal candidate currently holding state or local office.

Many U.S. cities and states have also adopted regulations restricting political contributions by associates of investment management firms seeking to provide services to a governmental entity. Some associates are also subject to these regulations.

Code of Ethics 7 May 2025 <br>*For external use*

Restricted Associates

Certain associates are deemed "Restricted Associates" under the Political Contributions Policy. Restricted Associates include (1) "covered associates" as defined in the SEC's rule relating to political contributions by investment advisers (Rule 206(4)-5 under the Investment Advisors Act of 1940); and (2) other associates who do not meet that definition but whom Capital has determined should be subject to the restrictions on political contributions contained in the Political Contributions Policy based on their roles and responsibilities at Capital. Contributions by Restricted Associates and their spouse/spouse equivalent are subject to specific limitations, pre-approval, and reporting requirements as described below.

Pre-approval of political contributions

Contributions by Restricted Associates to any of the following must be pre-approved:

- State or local officials, or candidates for state or local office

- Federal candidate campaigns and affiliated committees, including federal incumbents and presidential candidates

- Political organizations such as Political Action Committees (PACs), Super PACs and 527 organizations and ballot measure committees

- Non-profit organizations that may engage in political activities, such as 501(c)(4) and 501(c)(6) organizations

Restricted Associates must also obtain pre-approval for U.S. political contributions by their spouse/spouse equivalent to any of the foregoing, as well as contributions to any state, local or federal political party or political party committee, **<u>if</u>** the aggregate contributions by the Restricted Associate and spouse/spouse equivalent to any one candidate or political entity equals or exceeds $100,000 in a calendar year.

Certain documentation is required for contributions to Covered Governmental Officials, PACs or Super PACs, and may be required for contributions to other entities that engage in political activity. See "Required documentation" below for further details. Submit pre-approval requests directly in the compliance reporting application.

Contributions include:

- Monetary contributions, gifts or loans

- "In kind" contributions (for example, donations of goods or services or underwriting or hosting fundraisers)

- Contributions to help pay a debt incurred in connection with an election (including transition or inaugural expenses, and purchasing tickets to inaugural events)

- Contributions to joint fund-raising committees

- Contributions made by a Political Action Committee (PAC) controlled by a Restricted Associate<sup>1</sup>

Required documentation

Restricted Associates must obtain additional documentation from an independent legal authority before they will be approved to contribute to Covered Government Officials. The purpose of the legal documentation is to verify that a specific state or local office does not have the ability to directly or indirectly influence the awarding of business to an investment manager. For contributions to PACs, Super PACs, or other entities that engage in political activities, Restricted Associates may be required to obtain a certification that the entity does not contribute to Covered Government Officials. The Code of Ethics Team will provide language for the documentation when you obtain pre-approval for the contribution.

<u> </u>

1 "Control" for this purpose includes service as an officer or member of the board (or other governing body) of a PAC.

Code of Ethics 8 May 2025 <br>*For external use*

If a candidate currently holds a state/local office and is running for a different state/local office, legal documentation must be obtained for both the current position and the office for which the candidate is running. Exceptions to the documentation requirements may be granted on a case-by-case basis.

Special political contribution requirements – CollegeAmerica and ABLEAmerica

Certain associates involved with "CollegeAmerica," the American Funds 529 college savings plan and "ABLEAmerica," the American Funds nationwide plan for individuals with disabilities, sponsored by the Commonwealth of Virginia, are subject to additional restrictions which prohibit them from contributing to Virginia political candidates or parties.

Administration of the Political Contributions Policy

The U.S. Public Policy Coordinating Group oversees the administration of the Political Contributions Policy, including considering and granting possible exceptions. Questions regarding the Political Contributions Policy may be directed to the Code of Ethics Team.

Insider Trading Policy

Antifraud provisions of U.S. securities laws as well as the laws of other countries generally prohibit persons in possession of material non-public information from trading on or communicating the information to others. Sanctions for violations can include civil injunctions, permanent bars from the securities industry, civil penalties up to three times the profits made or losses avoided, criminal fines and jail sentences. In addition, trading in fund shares while in possession of material, non-public information that may have an immediate impact on the value of the fund's shares may constitute insider trading.

While investment research analysts are most likely to come in contact with material non-public information, the rules (and sanctions) in this area apply to all Capital associates and extend to activities both within and outside each associate's duties. Associates who believe they have material non-public information should contact any lawyer in the organization.

Personal Investing Policy

*This policy applies only to "Covered Associates." Special rules apply to certain associates in some non-U.S. offices.*

The Personal Investing Policy sets forth specific rules regarding personal investments that apply to "covered" associates. These associates may have access to confidential information that places them in a position of special trust. Under the Code of Ethics, associates are responsible for maintaining the highest ethical standards. Associates are reminded that the requirements of the Code of Ethics apply to personal investing activities, even if the matter is not covered by a specific provision of the Personal Investing Policy.

**Personal investing should be viewed as a privilege, not a right. As such, the Personal Investing Committee may place limitations on the number of preclearance/trade requests and/or transactions associates make.** 

Covered Associates

"Covered Associates" are associates with access to non-public information relating to current or imminent fund/client transactions, investment recommendations or fund portfolio holdings.<br> The Personal Investing Policy applies to the personal investments of Covered Associates, as well as those of any Covered Family Members. Covered Family Members include your spouse or dependent family member, whether they do or do not reside in your household. It also includes any immediate family members or a person with whom you have a committed relationship residing in your household. A family member may be children, siblings, and parents, including adoptive, step and in-law relationships.

Code of Ethics 9 May 2025 <br>*For external use*

Questions regarding coverage status should be directed to the Code of Ethics Team.

Additional rules apply to Investment Access Persons

Under this policy, additional restrictions apply to Investment Access Persons, including:

- Investment Professionals, such as portfolio managers, research analysts, research directors, trading associates, and fundamental research group associates, and

- Other associates in roles that support certain investment group activities or applications, such as private wealth advisors, investment group administrative assistants, global investment control associates, environmental and social governance associates, and investment group technology associates.

These restrictions also apply to any Covered Family Members.

Prohibited transactions

The following transactions are prohibited:

- Initial Public Offering (IPO) investments (this prohibition applies to all Capital associates)

*Note: Exceptions are rarely granted; however, they will be considered on a case-by-case basis (for example, where a family member is employed by the IPO company and IPO shares are considered part of that family member's compensation).*

- Initial Coin Offering (ICO) investments (this prohibition applies to all Capital associates)

- Excessive trading of Capital-affiliated funds

- Spread betting/contracts for difference (CFD) on securities

- Transactions in derivatives on securities and financial contracts, such as options, futures and forwards contracts, with limited exceptions described below

- Short selling of securities – including short selling "against the box," with limited exceptions described below

- Interest rate swaps (IRS), with limited exceptions described below

Exceptions:

- Derivatives, financial contracts, and short selling transactions are permitted only if they are based on non-reportable instruments (such as currencies and commodities) or if they are based on the S&P 500, Russell 2000 or MSCI EAFE indices

- Interest rate swaps are permitted if based on currencies and government bonds of the G7

Reporting requirements

Covered Associates are required to report any securities accounts, holdings and transactions: (1) in which the Covered Associate or any Covered Family Member has a pecuniary interest (in other words, the ability to obtain an economic benefit or otherwise profit from a security) or (2) over which the Covered Associate or any Covered Family Member exercises investment discretion or has direct or indirect influence or control. Quarterly or annual certifications of accounts, holdings and transactions must also be submitted. An electronic reporting platform is available for these disclosures.

Code of Ethics 10 May 2025 <br>*For external use*

Examples of accounts that must be disclosed include: (1) trusts if the Covered Associate or Covered Family Member are the grantor or serve as trustee or custodian or have the ability to appoint or remove the trustee, (2) trusts that you or a Covered Family Member have the power to revoke, (3) trusts for which you or a Covered Family Member are a beneficiary and exercise investment discretion or have direct or indirect influence or control, and (4) accounts of another person or entity if the Covered Associate or Covered Family Member makes or influences investment decisions, such as by suggesting purchases and sales of securities in the account. The obligation to disclose accounts includes professionally managed accounts. Please see "Professionally managed accounts" in the Personal Investing Policy for more information.

Covered Associates should immediately notify the Code of Ethics Team when opening new securities accounts by logging into the compliance reporting application and entering the account information directly.

All Covered Associates and Covered Family Members must use an approved electronic reporting firm for all U.S.-based brokerage accounts. There are some exceptions to this requirement which include professionally managed accounts, employer-sponsored retirement accounts, and employee stock purchase plans. Contact the Code of Ethics Team with questions. Account documentation, such as statements, trade confirmations or approved equivalent documentation is required for compliance purposes. This requirement includes employer-sponsored retirement accounts and employee stock purchase plans (ESPP, ESOP, 401(k)). Documentation allowing the acquisition of shares via an employer-sponsored plan may be required.

Pre-approval procedures

**Certain transactions may be exempt from pre-approval; please refer to the Personal Investing Policy for more details.**

Before any purchase or sale of securities subject to pre-approval, including securities that are not publicly traded, Covered Associates must receive approval from the Code of Ethics Team. This requirement applies to any purchase or sale of securities in which the Covered Associate or any Covered Family Member (1) has, or by reason of such transaction may acquire, pecuniary interest (in other words, the ability to obtain an economic benefit or otherwise profit from a security), or (2) exercises investment discretion or direct or indirect influence or control. Transactions in an approved professionally managed account are not subject to pre-approval, except for private investments or other limited offerings which require pre-approval and reporting. Please refer to the Personal Investing Policy for more details on securities that require pre-approval.

**Submitting preclearance/trade requests**

Submit preclearance/trade requests directly in the compliance reporting application.

Requests are reviewed during New York Stock Exchange (NYSE) hours. A response will generally be sent within one business day.

Unless a different period is specified, clearance is good until the close of the NYSE on the day of the request.

If the pre-approved trade has not been executed within the approved timeframe, a preclearance/trade request **must** be submitted again. For this reason, limit orders and margin accounts are strongly discouraged. Preclearance/trade requests should be submitted in the amount intended to trade and in the specific account in which the trade will take place.

Private investments or other limited offerings

Code of Ethics 11 May 2025 <br>*For external use*

Participation in private investments or other limited offerings are subject to special review. The following types of private investments must be pre-approved:

- Hedge funds

- Private companies

- Limited Liability Companies (LLCs)

- Limited Partnerships (LPs)

- Private equity funds

- Private funds

- Private placements

- Private real estate investment companies

- Venture capital funds

In addition, opportunities to acquire a stock that is "limited" (that is, a broker-dealer is only given a certain number of shares to sell and is offering the opportunity to buy) may be subject to the Gifts and Entertainment Policy.

**Pre-approval procedures for private investments**

Submit pre-approval for private investments directly in the compliance reporting application. Pre-approval is also required for additional investments in the same vehicle.

Additional policies for Investment Access Persons and CIKK associates

Ban on short-term trading

Investment Access Persons and CIKK associates are prohibited from engaging in short-term trading of reportable securities.

Associates and their Covered Family Members may not buy and then sell or sell and then buy the same security:

- Within 60 calendar days for Investment Access Persons

- Within 6 months for CIKK associates

This ban applies to transactions in all your accounts as well as accounts held by your Covered Family Members. For example, if you sell ABC company in your account, your spouse cannot purchase ABC company for 60 calendar days in their account.

Failure to comply with this requirement may result in remedial action, including disgorgement of the profits.

Blackout periods

Investment Access Persons may not buy or sell a security during the seven calendar days after Capital has transacted in that security's issuer for a fund or client account.

Code of Ethics 12 May 2025 <br>*For external use*

If Capital transacts in securities of the same issuer within seven calendar days after you transact, your personal transaction may be reviewed to determine the appropriate action, if any. For example, if you received a better price than the fund or client accounts, you may be subject to a price adjustment, and may be asked to donate to a charitable organization. This blackout period helps mitigate the appearance of front running.

Report cross-holdings for certain Investment Professionals

Portfolio managers, research directors and investment analysts are required to report issuers owned personally by you or a Covered Family Member that you also own professionally, on a quarterly basis. If you are a research director or an investment analyst, you are also required to report issuers owned personally by you or a Covered Family Member that are within your research responsibilities. This reporting must be made to the Code of Ethics Team and may be reviewed by various Capital committees.

When recommending a security for purchase or sale in a fund or client account that you or a Covered Family Member own personally, you should first disclose such personal ownership either in writing (in a company write-up) or verbally (when discussing the company at investment meetings) prior to making a recommendation. This disclosure requirement is consistent with both the CFA Institute standards as well as the ICI Advisory Group Guidelines.

Penalties for violating the Personal Investing Policy

Covered Associates may be subject to penalties for violating the Personal Investing Policy, such as restrictions on personal trading, disgorgement of profits, and other disciplinary action, up to and including termination. In addition, information about particular transactions may be provided to an associate's manager, appropriate Human Resources manager and/or a Chief Compliance Officer (CCO) by the Code of Ethics Team if the transactions are in violation of the Personal Investing Policy. These violations may raise conflict of interest-related issues or impact the associate's performance review.

Violations to the Personal Investing Policy include failure to obtain approval before trading and failure to report securities transactions, and accounts and reportable holdings.

Entertainment, Gifts and Personal Investing Committee (Committee)

The Committee oversees the administration of the Personal Investing Policy. Among other duties, the Committee considers certain types of preclearance/trade requests as well as requests for exceptions to the Personal Investing Policy.

Questions regarding the Personal Investing Policy may be directed to the Code of Ethics Team.

**\* \* \* \* \***

Questions regarding the Code of Ethics may be directed to the Code of Ethics Team.

Code of Ethics 13 May 2025 <br>*For external use*

## Exhibit 99.29

Ex. 99.29

![](ex29_jackaff001.jpg)

**JACKSON FINANCIAL INC.**

**Restricted Securities/Affiliates List**

Effective October 1, 2025<sup>1</sup>

**<u>Restricted Securities</u>**

---

| |
|:---|
| **COMPANY** |
| Jackson Financial Inc. |
| Jackson National Life Global Funding |

---

**<u>Minority Interest Holders</u>**

---

| | |
|:---|:---|
| **Company** | **Country of** <br> **Organization** |
| The Vanguard Group | United States (Pennsylvania) &nbsp;&nbsp;&nbsp;13.41% Minority Interest held in Jackson Financial Inc.<sup>2</sup> |
| BlackRock, Inc. | United States (Delaware) &nbsp;&nbsp;&nbsp;9.8% Minority Interest held in Jackson Financial Inc.<sup>3</sup> |
| BlackRock Life Limited | United Kingdom &nbsp;&nbsp;&nbsp;<5% Minority Interest held in Jackson Financial Inc.<sup>3</sup> |
| Aperio Group, LLC | California &nbsp;&nbsp;&nbsp;<5% Minority Interest held in Jackson Financial Inc.<sup>3</sup> |
| BlackRock Advisors, LLC | Delaware &nbsp;&nbsp;&nbsp;<5% Minority Interest held in Jackson Financial Inc.<sup>3</sup> |
| BlackRock (Netherlands) B.V. | Netherlands &nbsp;&nbsp;&nbsp;<5% Minority Interest held in Jackson Financial Inc.<sup>3</sup> |
| BlackRock Institutional Trust Company, National Association | California &nbsp;&nbsp;&nbsp;<5% Minority Interest held in Jackson Financial Inc.<sup>3</sup> |
| BlackRock Asset Management Ireland Limited | Ireland &nbsp;&nbsp;&nbsp;<5% Minority Interest held in Jackson Financial Inc.<sup>3</sup> |
| BlackRock Financial Management, Inc. | Delaware &nbsp;&nbsp;&nbsp;<5% Minority Interest held in Jackson Financial Inc.<sup>3</sup> |
| BlackRock Asset Management Schweiz AG | Switzerland &nbsp;&nbsp;&nbsp;<5% Minority Interest held in Jackson Financial Inc.<sup>3</sup> |
| BlackRock Investment Management, LLC | Delaware &nbsp;&nbsp;&nbsp;<5% Minority Interest held in Jackson Financial Inc.<sup>3</sup> |
| BlackRock Investment Management (UK) Limited | United Kingdom &nbsp;&nbsp;&nbsp;<5% Minority Interest held in Jackson Financial Inc.<sup>3</sup> |
| BlackRock Asset Management Canada Limited | Canada &nbsp;&nbsp;&nbsp;<5% Minority Interest held in Jackson Financial Inc.<sup>3</sup> |
| BlackRock (Luxembourg) S.A. | Luxembourg &nbsp;&nbsp;&nbsp;<5% Minority Interest held in Jackson Financial Inc.<sup>3</sup> |
| BlackRock Investment Management (Australia) Limited | Australia &nbsp;&nbsp;&nbsp;<5% Minority Interest held in Jackson Financial Inc.<sup>3</sup> |
| BlackRock Fund Advisors | California &nbsp;&nbsp;&nbsp;5% or more Minority Interest held in Jackson Financial Inc.<sup>3</sup> |
| BlackRock Fund Managers Ltd | United Kingdom &nbsp;&nbsp;&nbsp;<5% Minority Interest held in Jackson Financial Inc.<sup>3</sup> |
| Dimensional Fund Advisors LP | Delaware &nbsp;&nbsp;&nbsp;5.3% Minority Interest held in Jackson Financial Inc.<sup>4</sup> |

---

1. **Information as of October 1, 2025, except where otherwise indicated, based on information contained in public filings on EDGAR. To the extent entities have not amended their beneficial ownership filings on EDGAR, actual percentages may differ.**

2. Percentage held as of February 13, 2024, as reported on SC 13G/A (Amendment No. 3) filed by The Vanguard Group on EDGAR, subject to change. For a more detailed description, please see Jackson Financial Inc.'s Proxy Statement filed on EDGAR on April 8, 2025.

3. Percentage held as of March 7, 2024, as reported on SC 13G/A (Amendment No. 2) filed by BlackRock, Inc. on EDGAR, subject to change. For a more detailed description, please see Jackson Financial Inc.'s Proxy Statement filed on EDGAR on April 8, 2025.

4. Percentage held as of February 9, 2024, as reported on SC 13G filed by Dimensional Fund Advisors LP on EDGAR, subject to change. For a more detailed description, please see Jackson Financial Inc.'s Proxy Statement filed on EDGAR on April 8, 2025.

---

| | |
|:---|:---|
| - **1** - |  |
|  | As of October 1, 2025<br> updated by: Jackson Legal, Office of the Corporate Secretary |

---

![](ex29_jackaff001.jpg)

**<u>Affiliates</u>**

---

| | | |
|:---|:---|:---|
| **Company** | **State / Country of** <br> **Organization**  | &nbsp;&nbsp;&nbsp; **Control/Ownership<sup>5</sup>** <br> **Publicly Traded indicated in red** <br> **Broker/Dealer indicated in green**  |
| Allied Life Brokerage Agency, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Iowa | &nbsp;&nbsp;&nbsp;100% Jackson National Life Insurance Company |
| Brier Capital LLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Michigan | &nbsp;&nbsp;&nbsp;100% Brooke Life Insurance Company |
| Brooke Life Insurance Company | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Michigan | &nbsp;&nbsp;&nbsp;100% Jackson Holdings LLC |
| Brooke Life Reinsurance Company | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Michigan | &nbsp;&nbsp;&nbsp;100% Brooke Life Insurance Company |
| Hermitage Management, LLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Michigan | &nbsp;&nbsp;&nbsp;100% Jackson National Life Insurance Company |
| Jackson Finance LLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Michigan | &nbsp;&nbsp;&nbsp;100% Jackson Financial Inc. |
| Jackson Holdings LLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Delaware | &nbsp;&nbsp;&nbsp;100% Jackson Financial Inc. |
| Jackson National Asset Management, LLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Michigan | &nbsp;&nbsp;&nbsp;100% Jackson National Life Insurance Company |
| Jackson National Life Distributors LLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Delaware | &nbsp;&nbsp;&nbsp; Broker/Dealer / *Identifiers:* CRD#: 40178; SEC#: 8-48984 <br> 100% Jackson National Life Insurance Company  |
| Jackson National Life Insurance Agency, LLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Illinois | &nbsp;&nbsp;&nbsp;100% Jackson National Life Distributors LLC |
| Jackson National Life Insurance Company | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Michigan | &nbsp;&nbsp;&nbsp;100% Brooke Life Insurance Company |
| Jackson National Life Insurance Company of New York | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;New York | &nbsp;&nbsp;&nbsp;100% Jackson National Life Insurance Company |
| Mission Plans of America, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Texas | &nbsp;&nbsp;&nbsp;100% Jackson National Life Insurance Company |
| National Planning Holdings LLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Delaware | &nbsp;&nbsp;&nbsp;100% Jackson National Life Insurance Company |
| PGDS (US One) LLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Delaware | &nbsp;&nbsp;&nbsp;100% Jackson National Life Insurance Company |
| PPM America Capital Partners III, LLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Delaware | &nbsp;&nbsp;&nbsp;60.50% PPM America, Inc. |
| PPM America Capital Partners IV, LLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Delaware | &nbsp;&nbsp;&nbsp;34.50% PPM America, Inc. |
| PPM America Capital Partners V, LLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Delaware | &nbsp;&nbsp;&nbsp;34% PPM America, Inc. |
| PPM America Capital Partners VI, LLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Delaware | &nbsp;&nbsp;&nbsp;32% PPM America, Inc. |
| PPM America Capital Partners VII, LLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Delaware | &nbsp;&nbsp;&nbsp;15.18% PPM America, Inc. |
| PPM America Capital Partners VIII, LLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Delaware | &nbsp;&nbsp;&nbsp;50.01% PPM America, Inc. |
| PPM America Capital Partners IX, LLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Delaware | &nbsp;&nbsp;&nbsp;35% PPM America, Inc. |

---

---

| | |
|:---|:---|
| - **2** - |  |
|  | As of October 1, 2025<br> updated by: Jackson Legal, Office of the Corporate Secretary |

---

![](ex29_jackaff001.jpg)

---

| | | |
|:---|:---|:---|
| PPM Pomona Capital Partners, LLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Delaware | &nbsp;&nbsp;&nbsp;45% PPM America, Inc. |
| PPM OV Capital Partners, LLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Delaware | &nbsp;&nbsp;&nbsp;100% PPM America, Inc. |
| PPM Strategic Opportunities Capital Partners I, LLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Delaware | &nbsp;&nbsp;&nbsp;100% PPM America, Inc. |
| PPM America, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Delaware | &nbsp;&nbsp;&nbsp;100% PPM Holdings, Inc. |
| PPM Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Delaware | &nbsp;&nbsp;&nbsp;100% Jackson Holdings LLC |
| PPM Loan Management Company 2, LLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Delaware | &nbsp;&nbsp;&nbsp; Management and Originator Series: 100% PPM America, Inc. <br> Any Retention Series: 100% Jackson National Life Insurance Company or 100% Jackson Financial Inc.  |
| REALIC of Jacksonville Plans, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Texas | &nbsp;&nbsp;&nbsp;100% Jackson National Life Insurance Company |
| ROP, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Delaware | &nbsp;&nbsp;&nbsp;100% Jackson National Life Insurance Company |
| Squire Reassurance Company II, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Michigan | &nbsp;&nbsp;&nbsp;100% Jackson National Life Insurance Company |
| VFL International Life Company SPC, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cayman Islands | &nbsp;&nbsp;&nbsp;100% Jackson National Life Insurance Company |

---

5. Based on most recently available information.

---

| | |
|:---|:---|
| **PPM's Investment Products and related Entities where ultimate JFI ownership is greater than 5%<sup>6</sup>** | &nbsp;&nbsp;**State / Country of Organization** |
| AA Euro Investment Fund (Lux) SCSP | Luxembourg |
| AA GP Solutions Fund, L.P. | Delaware |
| AA MMF 1 Holdco LP | Delaware |
| AA Tundra Investor, L.P. | Delaware |
| AA WH Holdco, L.P. | Delaware |
| AG Essential Housing Fund II, L.P. | Delaware |
| AOP Finance Partners, L.P. | Delaware |
| B2B Solutions, LLC | Delaware |
| Carlyle Infrastructure Credit Fund Note Issuer, L.P. | Delaware |
| Centre Capital Non-Qualified Investors V AIV-ELS, L.P. | Delaware |
| Centre Capital Non-Qualified Investors V, L.P. | Delaware |
| CEP IV-A CWV AIV Limited Partnership | Canada |
| CEP IV-A Davenport AIV LP | Canada |
| CEP IV-A NMR AIV Limited Partnership | Canada |
| CEP V-A CS AIV Limited Partnership | Canada |
| CEP V-A DR AIV Limited Partnership | Canada |

---

---

| | |
|:---|:---|
| - **3** - |  |
|  | As of October 1, 2025<br> updated by: Jackson Legal, Office of the Corporate Secretary |

---

![](ex29_jackaff001.jpg)

---

| | |
|:---|:---|
| CEP V-A WBLI AIV Limited Partnership | Canada |
| CEP VI-A AEP AIV Limited Partnership | Canada |
| CEP VI-A BTD AIV Limited Partnership | Canada |
| <u>CEP VI-A MLPT AIV Limited Partnership</u> | Canada |
| CEP VI-A Nextech AIV Limited Partnership | Canada |
| CEP VI-A NH Gaming AIV Limited Partnership | Canada |
| CEP VI-A RO AIV Limited Partnership | Canada |
| CEP VI-A SW AIV LP | Canada |
| CEP VI-A WY Gaming AIV Limited Partnership | Canada |
| Chartwell Investments II, LP | Delaware |
| CIABB Holdings LLC | Delaware |
| Family Bakery Holdings, LLC | Delaware |
| FH VH Co-Invest Aggregator, L.P. | Delaware |
| Haveli VC Gaming Fund I, LP | Delaware |
| Island NYC Recovery Fund I L.P. | Delaware |
| Leeds Learnosity Co-Invest, L.P. | Delaware |
| LGP Sage PC Coinvest LP | Delaware |
| LM Carpenter Co-Invest I LP | Delaware |
| Lovell Minnick Equity Partners III LP | Delaware |
| Lovell Minnick Equity Partners Tailwind Co-Invest I LP | Delaware |
| Motive Capital Fund II-A (AIV 1), LP | Delaware |
| Motive Capital Fund II-A, LP | Delaware |
| NewSpring Growth Capital III, L.P. | Delaware |
| NNN AGP Opportunities Fund, L.P. | Delaware |
| NNN AGP Opportunities Fund II, L.P. | Delaware |
| NNN AGP Opportunities Fund III, L.P. | Delaware |
| NOVA Infrastructure Fund I L.P. | Delaware |
| NOVA Infrastructure Holdings LP | Delaware |
| Novacap FS Revau CV, L.P. | Canada |
| NSG III S2S (Unblocked), L.P. | Delaware |
| NSG V Unblocked AIV, L.P. | Delaware |

---

---

| | |
|:---|:---|
| - **4** - |  |
|  | As of October 1, 2025<br> updated by: Jackson Legal, Office of the Corporate Secretary |

---

![](ex29_jackaff001.jpg)

---

| | |
|:---|:---|
| Old Hickory Fund I, LLC | Delaware |
| PP Napa Holdings, LLC | Delaware |
| PPM America Private Equity Fund VIII-A LP | Delaware |
| PPM America Private Equity Aggregator Fund IX LP | Delaware |
| PPM America Private Equity Fund IX LP | Delaware |
| PPM Strategic Opportunities Fund I LP | Delaware |
| PPM Strategic Opportunities Aggregator Fund I LP | Delaware |
| PPM CLO 2018-1 Ltd. | Cayman Islands |
| PPM CLO 2018-1, LLC | Delaware |
| PPM CLO 2 Ltd. | Cayman Islands |
| PPM CLO 2, LLC | Delaware |
| PPM CLO 3 Ltd. | Cayman Islands |
| PPM CLO 3, LLC | Delaware |
| PPM CLO 4 Ltd. | Cayman Islands |
| PPM CLO 4, LLC | Delaware |
| PPM CLO 5 Ltd. | Cayman Islands |
| PPM CLO 5, LLC | Delaware |
| PPM CLO 6-R Ltd. | Jersey |
| PPM CLO 6, LLC | Delaware |
| PPM CLO 7, LLC | Delaware |
| PPM CLO 7 Ltd. | Jersey |
| PPM CLO 8, LLC | Delaware |
| PPM CLO 8 Ltd. | Cayman Islands |
| Pretium Olympus JV, L.P. | Delaware |
| PT Co-Investor Holdings, L.P. | Delaware |
| Seidler Equity Partners IV, L.P. | Delaware |
| SEP VII RB Holdings, L.P. | Delaware |
| SFR Delos Partners, L.P. | Delaware |
| TCP Analytical Holdings II, LLC | Delaware |

---

6. Based on most recently available information.

---

| | |
|:---|:---|
| - **5** - |  |
|  | As of October 1, 2025<br> updated by: Jackson Legal, Office of the Corporate Secretary |

---

![](ex29_jackaff001.jpg)

---

| |
|:---|
| <br> **Open-End Management Investment Companies Registered with the** <br> **U.S. Securities and Exchange Commission,** *in accord with the provisions of the 1940 Act*<br>|
| JNL Investors Series Trust |
| JNL Series Trust |

---

---

| |
|:---|
| <br> **Closed-End Management Investment Companies Registered with the** <br> **U.S. Securities and Exchange Commission,** *in accord with the provisions of the 1940 Act*<br>|
| Jackson Credit Opportunities Fund |
| Jackson Real Assets Fund |

---

---

| | |
|:---|:---|
| - **6** - |  |
|  | As of October 1, 2025<br> updated by: Jackson Legal, Office of the Corporate Secretary |

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## Corresp

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|:---|:---|
| &nbsp;&nbsp; <br> ![](image_003.gif)<br>1 Corporate Way<br> Lansing, MI 48951<br> 517/381-5500 | &nbsp;&nbsp; <br> ![](image_003.gif)<br>1 Corporate Way<br> Lansing, MI 48951<br> 517/381-5500 |
| &nbsp;&nbsp;December 15, 2025 | &nbsp;&nbsp;December 15, 2025 |
| &nbsp;&nbsp;Securities and Exchange Commission | &nbsp;&nbsp;Securities and Exchange Commission |
| &nbsp;&nbsp;100 F Street, N.E. | &nbsp;&nbsp;100 F Street, N.E. |
| &nbsp;&nbsp;Washington, D.C. 20549 | &nbsp;&nbsp;Washington, D.C. 20549 |
| &nbsp;&nbsp;Re: | &nbsp;&nbsp;JNL Series Trust |
|  | &nbsp;&nbsp;File Nos: 33-87244 and 811-8894 |
| &nbsp;&nbsp;Dear Sir/Madam: | &nbsp;&nbsp;Dear Sir/Madam: |
| &nbsp;&nbsp;We are transmitting for filing through EDGAR Post-Effective Amendment No. 198 to the Registration Statement under the Securities Act of 1933, as amended and Amendment No. 199 under the Investment Company Act of 1940, as amended for the above-referenced Registrant. This filing is being made pursuant to paragraph (a) of Rule 485. This Amendment is being filed to reflect the following changes effective April 27, 2026: | &nbsp;&nbsp;We are transmitting for filing through EDGAR Post-Effective Amendment No. 198 to the Registration Statement under the Securities Act of 1933, as amended and Amendment No. 199 under the Investment Company Act of 1940, as amended for the above-referenced Registrant. This filing is being made pursuant to paragraph (a) of Rule 485. This Amendment is being filed to reflect the following changes effective April 27, 2026: |
| &nbsp;&nbsp;1) | &nbsp;&nbsp;To add the following new fund and respective Sub-Adviser: |
|  | &nbsp;&nbsp;-JNL/PPM America Emerging Markets Debt Fund (existing Sub-Adviser: PPM America, Inc.); |
| &nbsp;&nbsp;2) | &nbsp;&nbsp;To add a Sub-Adviser to the JNL Multi-Manager International Small Cap Fund (existing Sub-Adviser: FIAM LLC); |
| &nbsp;&nbsp;3) | &nbsp;&nbsp;To change the investment strategy for the JNL Multi-Manager U.S. Select Equity Fund and to change the fund name to: JNL Multi-Manager Select Equity Fund; |
| &nbsp;&nbsp;4) | &nbsp;&nbsp;To change the investment strategy and remove the Investment Adviser to the Master Fund for the JNL/American Funds Global Small Capitalization Fund and to change the fund name to: JNL Multi-Manager Global Small Cap Fund (existing Investment Adviser: Jackson National Asset Management, LLC); |
| &nbsp;&nbsp;5) | &nbsp;&nbsp;To change the Sub-Adviser and investment strategy for the JNL/ClearBridge Large Cap Growth Fund to existing Sub-Advisers: FIAM LLC and J.P Morgan Investment Management Inc., and to change the fund name to: JNL/Fidelity Institutional AM<sup>®</sup> & JPMorgan Large Cap Growth Fund; |
| &nbsp;&nbsp;6) | &nbsp;&nbsp;To change the Sub-Adviser and investment strategy for the JNL/Invesco Diversified Dividend Fund to existing Sub-Adviser: Massachusetts Financial Services Company, and to change the fund name to: JNL/MFS Equity Income Fund; |
| &nbsp;&nbsp;7) | &nbsp;&nbsp;To reflect other changes. |

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If you have any questions, please contact me at (517) 574-2089.

Sincerely,

/s/ Emily J. Bennett

Emily J. Bennett

Vice President & Assistant Secretary

encs.