# EDGAR Filing Document

**Accession Number:** 0000933691
**File Stem:** 0000933691-26-000048
**Filing Date:** 2026-2
**Character Count:** 333007
**Document Hash:** 912e40f99c91568cd74203649e21aa11
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000933691-26-000048.hdr.sgml**: 20260213

**ACCESSION NUMBER**: 0000933691-26-000048

**CONFORMED SUBMISSION TYPE**: 497

**PUBLIC DOCUMENT COUNT**: 5

**FILED AS OF DATE**: 20260213

**DATE AS OF CHANGE**: 20260213

**EFFECTIVENESS DATE**: 20260213

**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:** 497
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 333-292348
- **FILM NUMBER:** 26629241

**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/BLACKROCK GLOBAL ALLOCATION FUND (Series ID: S000029611)

---

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

---

## Series and Classes Contracts Data

### 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) |  |

**JACKSON NATIONAL LIFE INSURANCE COMPANY**

**JACKSON NATIONAL LIFE INSURANCE COMPANY OF NEW YORK**

1 Corporate Way

Lansing, Michigan 48951

February 13, 2026

Dear Contract Owner:

We are writing to inform you of an important matter concerning your allocation of contract values under your variable life insurance policy or variable annuity contract to the investment division of your separate account that invests in the JNL/JPMorgan Global Allocation Fund (the "JPMorgan Fund" or the "Acquired Fund"), a series of the JNL Series Trust (the "Trust"). At a meeting held on December 10-11, 2025, the Board of Trustees of the Acquired Fund (the "Board") approved the reorganization (the "Reorganization") of the Acquired Fund into the JNL/BlackRock Global Allocation Fund (the "BlackRock Fund" or the "Acquiring Fund"), also a series of the Trust. The Acquired Fund and the Acquiring Fund are each sometimes referred to herein as a "Fund" and collectively, the "Funds."

 

The Board considered that the Acquired Fund was launched to maximize long-term total return. The Board also considered that the Acquired Fund has underperformed its peer group since-inception, as well as in all calendar years since 2021, noting that the Acquired Fund has also underperformed its benchmark during the trailing one-, three-, five-, and ten-year periods ended September 30, 2025. The Board also considered Jackson National Asset Management, LLC's ("JNAM or Adviser") assertion that the Acquired Fund's underperformance is the primary driver behind the proposed Reorganization. Thus, the Board considered the recommendation of JNAM to merge the Acquired Fund into the Acquiring Fund given the similar investment mandate, close investment style fit, and the fact that the Acquired Fund is in the same Morningstar peer group. The Board also considered JNAM belief that the existing shareholders of the Acquired Fund will benefit from lower fees, economies of scale, and a history of more consistent and favorable performance achieved through the Reorganization with the Acquiring Fund.

After considering JNAM's recommendation, the Board concluded that: (i) the Reorganization will benefit the shareholders of the Acquired Fund; (ii) the Reorganization is in the best interests of the Acquired Fund; and (iii) the interests of the shareholders of the Acquired Fund will not be diluted as a result of the Reorganization. No one factor was determinative, and each Trustee may have attributed different weights to the various factors. The Board did not determine any considerations related to this Reorganization to be adverse. The Board, after careful consideration, approved the Reorganization.

Effective as of the close of business on April 24, 2026, or on such later date as may be deemed necessary in the judgment of the Board in accordance with the Plan of Reorganization (the "Closing Date"), you will invest indirectly in shares of the Acquiring Fund in an amount equal to the dollar value of your interest in the Acquired Fund on the Closing Date. No sales charge, redemption fees, or other transaction fees will be imposed in the Reorganization. There will, however, be transaction costs associated with the Reorganization, which typically include, but are not limited to, trade commissions, related fees and taxes, and any foreign exchange spread costs. The Acquired Fund will bear the transaction expenses due to the portfolio repositioning based on its relative net asset value at the time of the Reorganization. Such costs are estimated to be $946,172 (0.10% of net assets). There is no tax impact to contract owners as a result of portfolio repositioning. Additionally, the repositioning is not expected to have a material impact on the performance of the Acquired Fund prior to the Reorganization. Following the Reorganization, the Acquired Fund will cease to exist and the Acquired Fund's performance will not be reflected in the performance of the Acquiring Fund. The Reorganization will not cause any fees or charges under your contract to be greater after the Reorganization than before the Reorganization, and the Reorganization will not alter your rights under your contract or the obligations of the insurance company that issued the contract. Following the Reorganization, the Acquiring Fund will be the accounting and performance survivor.

You may wish to take actions relating to your future allocation of premium payments under your insurance contract to the various investment divisions (the "Divisions") of the separate account issued by Jackson National Life Insurance Company ("Jackson National") or Jackson National Life Insurance Company of New York ("Jackson National NY") (each, an "Insurance Company" and, together, the "Insurance Companies"). The Insurance Companies are the record owner of all of the shares of beneficial interest in the Acquired Fund held by its Division of a separate account or accounts . You may execute certain changes prior to the Reorganization, in addition to participating in the Reorganization with regard to the Acquiring Fund, such as allocating your premium payments to other Divisions.

All actions with regard to the Acquired Fund need to be completed by the Closing Date. In the absence of new instructions prior to the Closing Date, future premium payments previously allocated to the Acquired Fund Division will be allocated to the Acquiring Fund Division. The Acquiring Fund Division will be the Division for future allocations under the Dollar Cost Averaging, Earnings Sweep, and Rebalancing Programs (together, the "Programs"). In addition to the Acquiring Fund Division, there are other Divisions investing in mutual funds that seek high total investment return. If you want to transfer all or a portion of your Contract value out of the Acquired Fund Division prior to the Reorganization, you may do so and that transfer will not be treated as a transfer for the purpose of determining how many subsequent transfers may be made in any period or how many may be made in any period without charge. In addition, if you want to transfer all or a portion of your Contract value out of the Acquiring Fund Division after the Reorganization, you may do so within 60 days following the Closing Date and that transfer will not be treated as a transfer for the purpose of determining how many subsequent transfers may be made in any period or how many may be made in any period without charge. You will be provided with an additional notification of this free-transfer policy on or about April 27, 2026.

If you want to change your allocation instructions as to your future premium payments or the Programs or if you require summary descriptions of the other underlying funds and Divisions available under your contract or additional copies of the prospectuses for other funds underlying the Divisions, please contact:

For Jackson National variable annuity policies:

---

| |
|:---|
| &nbsp;&nbsp;Annuity Customer Care |
| &nbsp;&nbsp;P.O. Box 24068 |
| &nbsp;&nbsp;Lansing, Michigan 48909-4068 |
| &nbsp;&nbsp;1-800-644-4565 |
| &nbsp;&nbsp;www.jackson.com |

---

For Jackson National variable universal life policies:

---

| |
|:---|
| &nbsp;&nbsp;Jackson<sup>®</sup> National Customer Care |
| &nbsp;&nbsp;P.O. Box 24068 |
| &nbsp;&nbsp;Lansing, Michigan 48909-4068 |
| &nbsp;&nbsp;1-800-644-4565 |
| &nbsp;&nbsp;www.jackson.com |

---

For Jackson National NY variable annuity policies:

---

| |
|:---|
| &nbsp;&nbsp;Jackson National NY Customer Care |
| &nbsp;&nbsp;P.O. Box 24068 |
| &nbsp;&nbsp;Lansing, Michigan 48909-4068 |
| &nbsp;&nbsp;1-800-599-5651 |
| &nbsp;&nbsp;www.jackson.com |

---

**NO ACTION ON YOUR PART IS REQUIRED REGARDING THE REORGANIZATION. YOU WILL AUTOMATICALLY RECEIVE SHARES OF THE ACQUIRING FUND IN EXCHANGE FOR YOUR SHARES OF THE ACQUIRED FUND AS OF THE CLOSING DATE. THE BOARD IS NOT ASKING YOU FOR A PROXY AND YOU ARE NOT REQUESTED TO SEND A PROXY.** 

---

| |
|:---|
| Very truly yours, |
| /s/ Mark D. Nerud |
| Mark D. Nerud |
| Trustee, President, and Chief Executive Officer |
| JNL Series Trust |

---

**INFORMATION STATEMENT**

**for**

**JNL/JPMorgan Global Allocation Fund , a series of JNL Series Trust**

**and**

**PROSPECTUS**

**for**

**JNL/BlackRock Global Allocation Fund, a series of JNL Series Trust**

**Dated**

**February 13, 2026**

**1 Corporate Way**

**Lansing, Michigan 48951**

**(517) 381-5500**

------

This Information Statement and Prospectus (the "Information Statement/Prospectus") is being furnished to owners of variable life insurance policies or variable annuity contracts or certificates (the "Contracts") (the "Contract Owners") issued by Jackson National Life Insurance Company ("Jackson National") or Jackson National Life Insurance Company of New York (each, an "Insurance Company" and together, the "Insurance Companies") who, as of January 31, 2026, had net premiums or contributions allocated to the investment divisions of an Insurance Company's separate accounts (the "Separate Accounts") that are invested in shares of beneficial interest in the JNL/JPMorgan Global Allocation Fund (the "JPMorgan Fund" or the "Acquired Fund"), a series of the JNL Series Trust (the "Trust"), an open-end management investment company registered with the Securities and Exchange Commission ("SEC").

This Information Statement/Prospectus also is being furnished to the Insurance Companies as the record owners of shares and to other shareholders that were invested in the Acquired Fund as of January 31, 2026.

**THE SEC HAS NOT APPROVED OR DISAPPROVED THE SECURITIES DESCRIBED IN THIS INFORMATION STATEMENT/PROSPECTUS OR DETERMINED IF THIS INFORMATION STATEMENT/PROSPECTUS IS TRUTHFUL OR COMPLETE. ANY REPRESENTATION TO THE CONTRARY IS A CRIMINAL OFFENSE.** 

i

At a meeting of the Board of Trustees (the "Board") held on December 10-11, 2025, the Board approved the Plan of Reorganization, which provides for the reorganization of the JPMorgan Fund into the JNL/BlackRock Global Allocation Fund ("BlackRock Fund" or the "Acquiring Fund"), also a series of the Trust. The reorganization referred to above is referred to herein as the "Reorganization." The following documents have been filed with the SEC and are incorporated by reference into this Information Statement/Prospectus:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. [The Prospectus and Statement of Additional Information of the Trust, each dated April 28, 2025, as supplemented, with respect to the Acquired Fund (File Nos. 033-87244 and 811-08894)](https://www.sec.gov/ix?doc=/Archives/edgar/data/933691/000199937125004636/jnlst-485bpos_042425.htm) ;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. [The Annual Financial Statements of the Trust with respect to the Acquired Fund for the fiscal year ended December 31, 2024 included in the Trust's Form N-CSR filing with the SEC (File Nos. 033-87244 and 811-08894)](https://www.sec.gov/Archives/edgar/data/933691/000138713125000030/jnlst-ncsr_12312024part3of3.htm) ;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. [The Semi-Annual Financial Statements of the Trust with respect to the Acquired Fund for the period ended June 30, 2025 included in the Trust's Form N-CSR filing with the SEC (File Nos. 033-87244 and 811-08894)](https://www.sec.gov/ix?doc=/Archives/edgar/data/933691/000138713125000238/jnlst-ncsrs_063025.htm) ;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. The Statement of Additional Information
 dated February 13, 2026, relating to the Reorganization (File No. 333- 292348).

**For a free copy of any of the above documents, please call or write to the phone numbers or address below.**

**Contract Owners can learn more about the Acquired Fund and the Acquiring Fund in any of the documents incorporated into this Information Statement/Prospectus, including the Annual Financial Statements and Semi-Annual Financial Statements listed above, which have been furnished to Contract Owners. Contract Owners may request a copy thereof, without charge, by calling 1-800-644-4565 (Jackson National Customer Care) or 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 www.jackson.com.** 

The Trust is subject to the informational requirements of the Securities Act of 1933, as amended (the "1933 Act"), the Securities Exchange Act of 1934, as amended, and the Investment Company Act of 1940, as amended (the "1940 Act"). Accordingly, it must file certain reports and other information with the SEC. Proxy materials, reports, and other information filed by the Trust are available on the SEC's website at http://www.sec.gov.

ii

**TABLE OF CONTENTS**

---

| | |
|:---|:---|
| [SUMMARY](#pren14jpmglblalloca001) | 1 |
| [DESCRIPTION OF THE PLAN OF REORGANIZATION WITH RESPECT TO THE REORGANIZATION OF THE JPMORGAN FUND INTO THE BLACKROCK FUND](#pren14jpmglblalloca002) | 2 |
| &nbsp;&nbsp;&nbsp;&nbsp;[Comparative Fee and Expense Tables](#pren14jpmglblalloca003) | 4 |
| &nbsp;&nbsp;&nbsp;&nbsp;[Expense Examples](#pren14jpmglblalloca004) | 4 |
| &nbsp;&nbsp;&nbsp;&nbsp;[Portfolio Turnover](#pren14jpmglblalloca005) | 5 |
| &nbsp;&nbsp;&nbsp;&nbsp;[Comparison of Investment Adviser, Sub-Advisers, and Sub-Sub-Advisers](#pren14jpmglblalloca006) | 5 |
| &nbsp;&nbsp;&nbsp;&nbsp;[Comparison of Investment Objectives and Principal Investment Strategies](#pren14jpmglblalloca007) | 5 |
| &nbsp;&nbsp;&nbsp;&nbsp;[Comparison of Principal Risk Factors](#pren14jpmglblalloca008) | 9 |
| &nbsp;&nbsp;&nbsp;&nbsp;[Comparison of Fundamental Policies](#pren14jpmglblalloca009) | 12 |
| &nbsp;&nbsp;&nbsp;&nbsp;[Comparative Performance Information](#pren14jpmglblalloca010) | 13 |
| &nbsp;&nbsp;&nbsp;&nbsp;[Capitalization](#pren14jpmglblalloca011) | 16 |
| [ADDITIONAL INFORMATION ABOUT THE REORGANIZATION](#pren14jpmglblalloca012) | 17 |
| &nbsp;&nbsp;&nbsp;&nbsp;[Terms of the Plan of Reorganization](#pren14jpmglblalloca013) | 17 |
| &nbsp;&nbsp;&nbsp;&nbsp;[Description of the Securities to Be Issued](#pren14jpmglblalloca014) | 17 |
| &nbsp;&nbsp;&nbsp;&nbsp;[Board Considerations](#pren14jpmglblalloca015) | 17 |
| &nbsp;&nbsp;&nbsp;&nbsp;[Description of Risk Factors](#pren14jpmglblalloca016) | 19 |
| &nbsp;&nbsp;&nbsp;&nbsp;[Federal Income Tax Consequences of the Reorganization](#pren14jpmglblalloca017) | 19 |
| [ADDITIONAL INFORMATION ABOUT THE FUNDS](#pren14jpmglblalloca018) | 20 |
| &nbsp;&nbsp;&nbsp;&nbsp;[Management of the Trust](#pren14jpmglblalloca019) | 20 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[The Trust](#pren14jpmglblalloca020) | 20 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[The Adviser](#pren14jpmglblalloca021) | 20 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Management Fees](#pren14jpmglblalloca022) | 21 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[The Sub-Advisers and Sub-Sub-Advisers](#pren14jpmglblalloca023) | 22 |
| &nbsp;&nbsp;&nbsp;&nbsp;[Additional Information](#pren14jpmglblalloca024) | 25 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Classes of Shares](#pren14jpmglblalloca025) | 25 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Distribution Arrangements](#pren14jpmglblalloca026) | 25 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Payments to Broker-Dealers and Financial Intermediaries](#pren14jpmglblalloca027) | 26 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Investment in Trust Shares](#pren14jpmglblalloca028) | 26 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;["Market Timing" Policy](#pren14jpmglblalloca029) | 27 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Share Redemption](#pren14jpmglblalloca030) | 28 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Dividends and Other Distributions](#pren14jpmglblalloca031) | 28 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Tax Status](#pren14jpmglblalloca032) | 28 |
| [FINANCIAL HIGHLIGHTS](#pren14jpmglblalloca033) | 29 |
| &nbsp;&nbsp;&nbsp;&nbsp;[Outstanding Shares and Principal Shareholders](#pren14jpmglblalloca034) | 31 |
| [APPENDIX A](#pren14jpmglblalloca035) | A-1 |
| [APPENDIX B](#pren14jpmglblalloca036) | B-1 |
| [STATEMENT OF ADDITIONAL INFORMATION](#pren14jpmglblalloca037) | C-1 |

---

iii

**SUMMARY**

You should read this entire Information Statement/Prospectus carefully. For additional information, you should consult the Plan of Reorganization, a copy of which is attached hereto as **Appendix A**.

This Information Statement/Prospectus is being distributed to shareholders with amounts invested in the Acquired Fund as of January 31, 2026, to inform them of the Plan of Reorganization, whereby the Acquired Fund will be reorganized into the Acquiring Fund. (The Acquired Fund and Acquiring Fund are each sometimes referred to herein as a "Fund" and collectively, the "Funds.")

The Acquired Fund has two share classes, designated Class A and Class I shares ("Acquired Fund Shares"). The Acquiring Fund also has two share classes, designated Class A and Class I shares ("Acquiring Fund Shares").

The Plan of Reorganization provides for:

● the transfer of all of the assets of the Acquired Fund to the Acquiring Fund in exchange for Acquiring Fund Shares having an aggregate net asset value equal to the Acquired Fund's net assets;

● the Acquiring Fund's assumption of all the liabilities of the Acquired Fund;

● the distribution to the shareholders (for the benefit of the Separate Accounts, as applicable, and thus the Contract Owners) of those Acquiring Fund Shares; and

● the complete termination of the Acquired Fund.

A comparison of the investment objective(s), principal investment policies and strategies, and principal risks of the Acquired Fund and the Acquiring Fund is included in the "Comparison of Investment Objectives and Principal Investment Strategies," "Comparison of Principal Risk Factors," and "Comparison of Fundamental Policies" sections below. The Funds have identical distribution procedures, purchase procedures, exchange rights, and redemption procedures, which are discussed in "Additional Information about the Funds" below. Each Fund offers its shares to Separate Accounts and certain other eligible investors. Shares of each Fund are offered and redeemed at their net asset value without any sales load. You will not incur any sales loads or similar transaction charges as a result of the Reorganization.

The Reorganization is expected to be effective as of the close of business on April 24, 2026, or on such later date as may be deemed necessary in the judgment of the Board in accordance with the Plan of Reorganization (the "Closing Date"). As a result of the Reorganization, a shareholder invested in shares of the Acquired Fund would become an owner of shares of the Acquiring Fund. Such shareholder would hold, immediately after the Closing Date, Acquiring Fund Shares having an aggregate net asset value equal to the aggregate net asset value of the Acquired Fund Shares that were held by the shareholder as of the Closing Date. Similarly, each Contract Owner whose Contract values are invested indirectly in shares of the Acquired Fund through the Investment Divisions of a Separate Account would become indirectly invested in shares of the Acquiring Fund through the Investment Divisions of a Separate Account. The Contract value of each such Contract Owner would be invested indirectly through the Investment Divisions of a Separate Account, immediately after the Closing Date, in shares of the Acquiring Fund having an aggregate net asset value equal to the aggregate net asset value of the Acquired Fund Shares in which the Contract Owner invested indirectly through the Investment Divisions of a Separate Account as of the Closing Date. Following the Reorganization, the Acquiring Fund will be the accounting and legal survivor. It is expected that the Reorganization will not be a taxable event for U.S. federal income tax purposes for Contract Owners. Please see "Additional Information about the Reorganization – Federal Income Tax Consequences of the Reorganization" below for further information.

The Board unanimously approved the Plan of Reorganization with respect to the JPMorgan Fund. The Trust's Declaration of Trust, By-Laws, and applicable state law do not require shareholder approval of the Reorganization. Moreover, Rule 17a-8 under the Investment Company Act of 1940, as amended (the "1940 Act"), does not require shareholder approval of the Reorganization, provided certain conditions are met. Because applicable legal requirements do not require shareholder approval under these circumstances and the Board has determined that the Reorganization is in the best interests of the Acquired Fund, shareholders are not being asked to vote on the Reorganization. Please see "Additional Information about the Reorganization – Board Considerations" below for further information.

**DESCRIPTION OF THE PLAN OF REORGANIZATION WITH RESPECT TO THE REORGANIZATION OF THE JPMORGAN FUND INTO THE BLACKROCK FUND.**

The following summarizes key information regarding the Funds and the Reorganization. More complete discussions are located elsewhere in the Information Statement/Prospectus.

● **Investment Objectives.** The Funds have different investment objectives. The JPMorgan Fund seeks to maximize long-term total return, while the BlackRock Fund seeks high total investment return. For a detailed comparison of each Fund's investment policies and strategies, see "Comparison of Investment Objectives and Principal Investment Strategies" below and **Appendix B.** 

● **Principal Investment Strategies.** The Funds have similar principal investment strategies. Both Funds are actively managed sub-advised funds, but the BlackRock Fund also has two sub-sub-advisers. Each Fund invests approximately 40% or more of its respective assets in non-U.S. securities unless market conditions are not deemed favorable by the respective sub-advisers, in which case the Funds would invest at least 30%. Additionally, both Funds invest in equity securities of companies in the U.S. and other markets throughout the world, REITs, options, futures and forwards contracts, junk bonds, and non-U.S. currencies. For a detailed comparison of each Fund's investment policies and strategies, see "Comparison of Investment Objectives and Principal Investment Strategies" below and **Appendix B**.

● **Fundamental Policies.** The Funds have the same fundamental policies. For a detailed comparison of each Fund's fundamental investment policies, see "Comparison of Fundamental Policies" below.

● **Principal Risks.** While there are some similarities in the risk profiles of the Funds, there are also some differences of which you should be aware. Each Fund's principal risks include allocation risk, commodity risk, commodity-linked derivatives risk, convertible securities risk, corporate loan, sovereign entity loan, and bank loan risk, credit risk, depositary receipts risk, derivatives risk, emerging market and less developed countries risk, equity securities risk, fixed-income risk, foreign securities risk, forward and futures contract risk, high-yield bonds, lower-rated bonds, and unrated securities risk, interest rate risk, managed portfolio risk, market risk, portfolio turnover risk, real estate investment risk, and REIT investment risk. However, the JPMorgan Fund is also subject to currency risk, exchange-traded funds investing risk, exchange-traded note risk, hedging instruments risk, investment in other investment companies risk, leverage risk, master limited partnership risk, mortgage-related and other asset-backed securities risk, preferred stock risk, privately placed securities risk, sector risk, short sales risk, TIPS and inflation-linked bonds risk, U.S. Government securities risk, and warrants risk, which are not principal risks of investing in the BlackRock Fund. In addition, the principal risks of investing in the BlackRock Fund include accounting risk, call risk, clearance and settlement risk, commodities regulatory risk, commodity-linked notes risk, company risk, custody risk, distressed debt risk, European investment risk, extension risk, financial services risk, forward foreign currency exchange contracts risk, investment strategy risk, investment style risk, mid-capitalization investing risk, options risk, Pacific Rim investing risk, settlement risk, small-capitalization investing risk, sovereign debt risk, stock risk, structured note risk, swaps risk, tax risk, and volatility risk, which are not principal risks of investing in the JPMorgan Fund. For a detailed comparison of each Fund's risks, see both "Comparison of Principal Risk Factors" below and **Appendix B**.

● **Investment Adviser and Other Service Providers.** JNAM serves as the investment adviser and administrator for each Fund and would continue to manage and administer the BlackRock Fund after the Reorganization. JNAM has received an exemptive order from the SEC that generally permits JNAM, with approval from the Board, to appoint, dismiss, and replace each Fund's unaffiliated sub-adviser(s) and to amend the advisory agreements between JNAM and the unaffiliated sub-advisers, without obtaining shareholder approval. However, any amendment to an advisory agreement between JNAM and the Trust that would result in an increase in the management fee rate specified in that agreement (*i.e.*, the aggregate management fee) charged to a Fund will be submitted to shareholders for approval. JNAM has appointed J.P. Morgan Investment Management Inc. ("JPMorgan") as the sub-adviser, to manage the assets of the JPMorgan Fund, and BlackRock Investment Management, LLC ("BlackRock") as the sub-adviser, and BlackRock (Singapore) Limited ("BlackRock Singapore") and BlackRock International Limited ("BlackRock International") as the sub-sub-advisers, to manage the assets of the BlackRock Fund. It is anticipated that BlackRock will continue to sub-advise the BlackRock Fund, and BlackRock Singapore and BlackRock International will continue to sub-sub-advise the BlackRock Fund, after the Reorganization. For a detailed description of JNAM, JPMorgan, BlackRock, BlackRock Singapore, and BlackRock International, please see "Additional Information about the Funds - The Adviser" and "Additional Information about the Funds - The Sub-Advisers and Sub-Sub-Advisers" below.

● **Asset Base.** The JPMorgan Fund and BlackRock Fund had net assets of approximately $912.72 million and $2.66 billion, respectively, as of June 30, 2025. Thus, if the Reorganization had been in effect on that date, the combined Fund (the "Combined Fund") would have had net assets of approximately $3.57 billion (net of estimated transaction expenses).

● **Description of the Securities to be Issued.** Class A Shareholders of the JPMorgan Fund will receive Class A shares of the BlackRock Fund, and Class I Shareholders of the JPMorgan Fund will receive Class I shares of the BlackRock Fund pursuant to the Reorganization. Shareholders will not pay any sales charges in connection with the Reorganization. Please see "Comparative Fee and Expense Tables," "Additional Information about the Reorganization," and "Additional Information about the Funds" below for more information.

● **Operating Expenses.** Following the Reorganization, the total annual fund operating expense ratio and management fee for the BlackRock Fund are expected to be lower than that of the JPMorgan Fund currently due to economies of scale achieved through the Reorganization. For a more detailed comparison of the fees and expenses of the Funds, please see "Comparative Fee and Expense Tables" and "Additional Information about the Funds" below.

The maximum management fee for each of the JPMorgan Fund and the BlackRock Fund is equal to an annual rate of 0.60% of its average daily net assets. The minimum management fee for the JPMorgan Fund is equal to an annual rate of 0.53% of its average daily net assets over $5 billion, while the minimum management fee for the BlackRock Fund is equal to an annual rate of 0.54% of its average daily net assets over $5 billion. As of December 31, 2024, the actual management fees of the JPMorgan Fund and the BlackRock Fund were 0.60% and 0.58% respectively. In addition, the maximum administrative fee for each of the JPMorgan Fund and the BlackRock Fund is equal to an annual rate of 0.15% of its average daily net assets. As of December 31, 2024, the actual administrative fees of the JPMorgan Fund and the BlackRock Fund were 0.15%. For a more detailed description of the fees and expenses of the Funds, please see "Comparative Fee and Expense Tables" and "Additional Information about the Funds" below.

● **Costs of Reorganization.** Following the Reorganization, the Combined Fund will be managed in accordance with the investment objective, policies and strategies of the BlackRock Fund. It is currently anticipated that approximately 23% of the JPMorgan Fund's holdings will be transferred to the BlackRock Fund in connection with the Reorganization. Prior to the Reorganization, JNAM will likely use a transition manager to assist in the transition of the JPMorgan Fund. It is anticipated that approximately 77% of the JPMorgan Fund's holdings will be aligned or sold and the proceeds invested in securities that the BlackRock Fund wishes to hold. There is no tax impact to Contract Owners as a result of portfolio repositioning. Additionally, the repositioning is not expected to have a material impact on the performance of the JPMorgan Fund prior to the Reorganization. Following the Reorganization, the JPMorgan Fund will cease to exist and the JPMorgan Fund's performance will not be reflected in the performance of the BlackRock Fund. It is not expected that the BlackRock Fund will revise any of its investment policies following the Reorganization to reflect those of the JPMorgan Fund. Additionally, the JPMorgan Fund currently holds 2 Russian securities that are unable to be sold or transferred to the BlackRock Fund. Because these assets are valued at zero and cannot be transferred to the BlackRock Fund, they will be managed by JPMorgan in separate accounts until they can be disposed of and the proceeds , if any, contributed as a receivable to the BlackRock Fund.

The costs and expenses associated with the Reorganization relating to preparing, filing, printing, and mailing of related disclosure documents, and the costs and expenses related to obtaining a consent of an independent registered public accounting firm will be borne by JNAM whether or not the Reorganization is consummated. The costs and expenses associated with the Reorganization relating to the legal fees, including the legal fees incurred in connection with the analysis under the Code of the tax treatment of this transaction, as well as the costs associated with the preparation of the tax opinion, will be borne by the BlackRock Fund whether or not the Reorganization is consummated. No sales or other charges will be imposed on Contract Owners in connection with the Reorganization. The JPMorgan Fund will bear the Transaction Costs associated with the Reorganization. Such Transaction Costs are estimated to be $946,172 (0.10% of net assets). Please see "Additional Information about the Reorganization" below for more information.

● **Federal Income Tax Consequences.** The Reorganization is not expected to be a taxable event for U.S. federal income tax purposes for owners of variable contracts whose contract values are determined by investment in shares of the JPMorgan Fund. Provided that the Contracts qualify to be treated as life insurance contracts under Section 7702(a) of the Code or annuity contracts under Section 72 of the Code, the Reorganization will not be a taxable event for federal income tax purposes for Contract Owners regardless of the tax status of the Reorganization, and any dividends declared, allocations or distributions in connection with the Reorganization will not be taxable to Contract Owners. The Insurance Companies, as shareholders, and Contract Owners are urged to consult with their own tax advisers as to the specific consequences to them of the Reorganizations, including the applicability and effect of any possible state, local, non-U.S. and other tax consequences of the Reorganization. Please see "Additional Information about the Reorganization – Federal Income Tax Consequences of the Reorganization" below for more information.

**Comparative Fee and Expense Tables**

The following tables show the current fees and expenses of each Fund and the estimated *pro forma* fees and expenses of Class A and Class I shares of the Acquiring Fund after giving effect to the Reorganization. The fee and expense information is presented as of December 31, 2024. The tables below do not reflect any fees and expenses related to the Contracts, which would increase overall fees and expenses. See a Contract prospectus for a description of those fees and expenses.

**Annual Fund Operating Expenses**

*(expenses that you pay each year as a percentage of the value of your investment)*

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  | **Acquired Fund:**<br> **JPMorgan Fund** | **Acquired Fund:**<br> **JPMorgan Fund** | **Acquiring Fund:**<br> **BlackRock Fund** | **Acquiring Fund:**<br> **BlackRock Fund** | *Pro Forma* **BlackRock Fund** (assuming expected operating expenses following the Reorganization) | *Pro Forma* **BlackRock Fund** (assuming expected operating expenses following the Reorganization) |
|  |  | **Class A** | **Class I** | **Class A** | **Class I** | **Class A** | **Class I** |
| &nbsp;&nbsp;Management Fee | &nbsp;&nbsp;Management Fee | 0.60% | 0.60% | 0.58% | 0.58% | 0.57% | 0.57% |
| &nbsp;&nbsp;Distribution and/or Service (12b-1) Fees | &nbsp;&nbsp;Distribution and/or Service (12b-1) Fees | 0.30% | 0.00% | 0.30% | 0.00% | 0.30% | 0.00% |
| &nbsp;&nbsp;Other Expenses <sup>1</sup> | &nbsp;&nbsp;Other Expenses <sup>1</sup> | 0.16% | 0.16% | 0.15% | 0.15% | 0.15% | 0.15% |
| &nbsp;&nbsp;Acquired Fund Fees and Expenses <sup>2</sup> | &nbsp;&nbsp;Acquired Fund Fees and Expenses <sup>2</sup> | 0.02% | 0.02% | 0.03% | 0.03% | 0.03% | 0.03% |
| &nbsp;&nbsp;Total Annual Fund Operating Expenses | &nbsp;&nbsp;Total Annual Fund Operating Expenses | 1.08% | 0.78% | 1.06% | 0.76% | 1.05% | 0.75% |
| &nbsp;&nbsp;Less Waiver/Reimbursement <sup>3</sup> | &nbsp;&nbsp;Less Waiver/Reimbursement <sup>3</sup> | 0.02% | 0.02% | 0.00% | 0.00% | 0.00% | 0.00% |
| &nbsp;&nbsp;Total Annual Fund Operating Expenses After Waiver/Reimbursement <sup>4</sup> | &nbsp;&nbsp;Total Annual Fund Operating Expenses After Waiver/Reimbursement <sup>4</sup> | 1.06% | 0.76% | 1.06% | 0.76% | 1.05% | 0.75% |
| <sup>1</sup> | "Other Expenses" include an Administrative Fee of 0.15% for both Funds, which is payable to JNAM. | "Other Expenses" include an Administrative Fee of 0.15% for both Funds, which is payable to JNAM. | "Other Expenses" include an Administrative Fee of 0.15% for both Funds, which is payable to JNAM. | "Other Expenses" include an Administrative Fee of 0.15% for both Funds, which is payable to JNAM. | "Other Expenses" include an Administrative Fee of 0.15% for both Funds, which is payable to JNAM. | "Other Expenses" include an Administrative Fee of 0.15% for both Funds, which is payable to JNAM. | "Other Expenses" include an Administrative Fee of 0.15% for both Funds, which is payable to JNAM. |
| <sup>2</sup> | Acquired Fund Fees and Expenses ("AFFE") are the indirect expenses of investing in other investment companies. Accordingly, the expense ratio presented in the Financial Highlights section of this Information Statement/Prospectus will not correlate to the Total Annual Fund Operating Expenses disclosed above. | Acquired Fund Fees and Expenses ("AFFE") are the indirect expenses of investing in other investment companies. Accordingly, the expense ratio presented in the Financial Highlights section of this Information Statement/Prospectus will not correlate to the Total Annual Fund Operating Expenses disclosed above. | Acquired Fund Fees and Expenses ("AFFE") are the indirect expenses of investing in other investment companies. Accordingly, the expense ratio presented in the Financial Highlights section of this Information Statement/Prospectus will not correlate to the Total Annual Fund Operating Expenses disclosed above. | Acquired Fund Fees and Expenses ("AFFE") are the indirect expenses of investing in other investment companies. Accordingly, the expense ratio presented in the Financial Highlights section of this Information Statement/Prospectus will not correlate to the Total Annual Fund Operating Expenses disclosed above. | Acquired Fund Fees and Expenses ("AFFE") are the indirect expenses of investing in other investment companies. Accordingly, the expense ratio presented in the Financial Highlights section of this Information Statement/Prospectus will not correlate to the Total Annual Fund Operating Expenses disclosed above. | Acquired Fund Fees and Expenses ("AFFE") are the indirect expenses of investing in other investment companies. Accordingly, the expense ratio presented in the Financial Highlights section of this Information Statement/Prospectus will not correlate to the Total Annual Fund Operating Expenses disclosed above. | Acquired Fund Fees and Expenses ("AFFE") are the indirect expenses of investing in other investment companies. Accordingly, the expense ratio presented in the Financial Highlights section of this Information Statement/Prospectus will not correlate to the Total Annual Fund Operating Expenses disclosed above. |
| <sup>3</sup> | Expense information for the JPMorgan Fund has been restated to reflect current fees. | Expense information for the JPMorgan Fund has been restated to reflect current fees. | Expense information for the JPMorgan Fund has been restated to reflect current fees. | Expense information for the JPMorgan Fund has been restated to reflect current fees. | Expense information for the JPMorgan Fund has been restated to reflect current fees. | Expense information for the JPMorgan Fund has been restated to reflect current fees. | Expense information for the JPMorgan Fund has been restated to reflect current fees. |
| <sup>4</sup> | JNAM has contractually agreed to waive a varying portion of its management fee in an amount equivalent to the AFFE attributable to the JPMorgan Fund's investment in funds managed by JPMorgan (each a "JPMorgan Underlying Fund"). The AFFE for each JPMorgan Underlying Fund is the "Total Annual Fund Operating Expenses after Fee Waivers and/or Expense Reimbursements" disclosed in the current prospectus for each JPMorgan Underlying Fund. | JNAM has contractually agreed to waive a varying portion of its management fee in an amount equivalent to the AFFE attributable to the JPMorgan Fund's investment in funds managed by JPMorgan (each a "JPMorgan Underlying Fund"). The AFFE for each JPMorgan Underlying Fund is the "Total Annual Fund Operating Expenses after Fee Waivers and/or Expense Reimbursements" disclosed in the current prospectus for each JPMorgan Underlying Fund. | JNAM has contractually agreed to waive a varying portion of its management fee in an amount equivalent to the AFFE attributable to the JPMorgan Fund's investment in funds managed by JPMorgan (each a "JPMorgan Underlying Fund"). The AFFE for each JPMorgan Underlying Fund is the "Total Annual Fund Operating Expenses after Fee Waivers and/or Expense Reimbursements" disclosed in the current prospectus for each JPMorgan Underlying Fund. | JNAM has contractually agreed to waive a varying portion of its management fee in an amount equivalent to the AFFE attributable to the JPMorgan Fund's investment in funds managed by JPMorgan (each a "JPMorgan Underlying Fund"). The AFFE for each JPMorgan Underlying Fund is the "Total Annual Fund Operating Expenses after Fee Waivers and/or Expense Reimbursements" disclosed in the current prospectus for each JPMorgan Underlying Fund. | JNAM has contractually agreed to waive a varying portion of its management fee in an amount equivalent to the AFFE attributable to the JPMorgan Fund's investment in funds managed by JPMorgan (each a "JPMorgan Underlying Fund"). The AFFE for each JPMorgan Underlying Fund is the "Total Annual Fund Operating Expenses after Fee Waivers and/or Expense Reimbursements" disclosed in the current prospectus for each JPMorgan Underlying Fund. | JNAM has contractually agreed to waive a varying portion of its management fee in an amount equivalent to the AFFE attributable to the JPMorgan Fund's investment in funds managed by JPMorgan (each a "JPMorgan Underlying Fund"). The AFFE for each JPMorgan Underlying Fund is the "Total Annual Fund Operating Expenses after Fee Waivers and/or Expense Reimbursements" disclosed in the current prospectus for each JPMorgan Underlying Fund. | JNAM has contractually agreed to waive a varying portion of its management fee in an amount equivalent to the AFFE attributable to the JPMorgan Fund's investment in funds managed by JPMorgan (each a "JPMorgan Underlying Fund"). The AFFE for each JPMorgan Underlying Fund is the "Total Annual Fund Operating Expenses after Fee Waivers and/or Expense Reimbursements" disclosed in the current prospectus for each JPMorgan Underlying Fund. |

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**Expense Examples**

This example is intended to help you compare the costs of investing in the Funds with the cost of investing in other mutual funds. This example does not reflect fees and expenses related to the Contracts, and the total expenses would be higher if they were included. The example assumes that:

● You invest $10,000 in a Fund for the time periods indicated;

● Your investment has a 5% annual return;

● The Fund's operating expenses remain the same as they were as of December 31, 2024; and

● You redeem your investment at the end of each time period.

Although your actual costs may be higher or lower, based on these assumptions, your costs would be:

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **1 Year** | **3 Years** | **5 Years** | **10 Years** |
| &nbsp;&nbsp;**JPMorgan Fund (Acquired Fund)** |  |  |  |  |
| &nbsp;&nbsp;Class A | $108 | $341 | $594 | $1315 |
| &nbsp;&nbsp;Class I | $78 | $247 | $431 | $964 |
| &nbsp;&nbsp;**BlackRock Fund (Acquiring Fund)** |  |  |  |  |
| &nbsp;&nbsp;Class A | $108 | $337 | $585 | $1294 |
| &nbsp;&nbsp;Class I | $78 | $243 | $422 | $942 |
| &nbsp;&nbsp; ***Pro Forma* BlackRock Fund** <br> (assuming expected operating expenses following the Reorganization) |  |  |  |  |
| &nbsp;&nbsp;Class A | $107 | $334 | $579 | $1283 |
| &nbsp;&nbsp;Class I | $77 | $240 | $417 | $930 |

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**Portfolio Turnover**

Each 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 Examples, affect a Fund's performance. For the period ended June 30, 2025, the portfolio turnover rates for the JPMorgan Fund and the BlackRock Fund were 43% and 73%, respectively, of the average value of each portfolio.

**Comparison of Investment Adviser, Sub-Advisers, and Sub-Sub-Advisers**

The following table compares the investment adviser, sub-adviser, and sub-sub-advisers of the JPMorgan Fund with that of the BlackRock Fund.

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| | |
|:---|:---|
| &nbsp;&nbsp;**Acquired Fund** | &nbsp;&nbsp;**Acquiring Fund** |
| &nbsp;&nbsp;**JPMorgan Fund** | &nbsp;&nbsp;**BlackRock Fund** |
| &nbsp;&nbsp; *Investment Adviser*<br>Jackson National Asset Management, LLC<br>*Investment Sub-Adviser*<br>J.P. Morgan Investment Management Inc.<br>*Investment Sub-Sub-Adviser*<br>None<br>| &nbsp;&nbsp; *Investment Adviser*<br>Jackson National Asset Management, LLC<br>*Investment Sub-Adviser*<br>BlackRock Investment Management, LLC<br>*Investment Sub-Sub-Advisers*<br>BlackRock (Singapore) Limited<br>BlackRock International Limited |

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**Comparison of Investment Objectives and Principal Investment Strategies**

The following table compares the investment objectives and principal investment strategies of the JPMorgan Fund with those of the BlackRock Fund. The Funds have different investment objectives. The JPMorgan Fund seeks to maximize long-term total return, while the BlackRock Fund seeks high total investment return. The Funds have similar principal investment strategies. Both Funds are actively managed sub-advised funds, but the BlackRock Fund also has two sub-sub-advisers. Each Fund invests approximately 40% or more of its respective assets in non-U.S. securities unless market conditions are not deemed favorable by the respective sub-advisers, in which case the Funds would invest at least 30%. Additionally, both Funds invest in equity securities of companies in the U.S. and other markets throughout the world, REITs, options, futures and forwards contracts, junk bonds, and non-U.S. currencies. The Board may change the investment objective of a Fund without a vote of the Fund's shareholders. For more detailed information about each Fund's investment strategies and risks, see below and **Appendix B**.

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| | |
|:---|:---|
| &nbsp;&nbsp;**Acquired Fund** | &nbsp;&nbsp;**Acquiring Fund** |
| &nbsp;&nbsp;**JPMorgan Fund** | &nbsp;&nbsp;**BlackRock Fund** |
| &nbsp;&nbsp; *Investment Objective*<br>The investment objective of the Fund is to maximize long-term total return.<br>| &nbsp;&nbsp; *Investment Objective*<br>The investment objective of the Fund is high total investment return.<br>|
| &nbsp;&nbsp; *Principal Investment Strategies*<br>In seeking to achieve its investment objective, the Fund has significant flexibility to invest in a broad range of equity, fixed income, and alternative asset classes in the U.S. and other markets throughout the world, both developed and emerging. J.P. Morgan Investment Management Inc. ("JPMorgan" or the "Sub-Adviser") uses a flexible asset allocation approach in constructing the Fund's portfolio.<br>| &nbsp;&nbsp; *Principal Investment Strategies*<br>The Fund invests in a portfolio of equity, debt and money market securities. Generally, the Fund will invest in both equity and debt securities.<br>Generally, the Fund may invest in the securities of corporate and governmental issuers located anywhere in the world in both developed and emerging markets. The Fund may emphasize foreign securities when the Sub-Adviser expects these investments to outperform U.S. securities. When choosing investment markets, the Sub-Adviser considers various factors, including economic and political conditions, potential for economic growth and possible changes in currency exchange rates.<br>|

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| | |
|:---|:---|
| &nbsp;&nbsp;**Acquired Fund** | &nbsp;&nbsp;**Acquiring Fund** |
| &nbsp;&nbsp;**JPMorgan Fund** | &nbsp;&nbsp;**BlackRock Fund** |
| &nbsp;&nbsp;Under normal circumstances, the Fund will invest at least 40% of its total assets in countries other than the United States unless JPMorgan determines that conditions are not favorable. If JPMorgan determines that conditions are not favorable, the Fund may invest under 40% of its total assets in non-U.S. countries provided that the Fund will not invest less than 30% of its total assets in non-U.S. countries under normal circumstances except for temporary defensive purposes. JPMorgan will invest in issuers in at least three countries other than the U.S. under normal circumstances. The Fund will invest across the full range of asset classes. | &nbsp;&nbsp;The Fund's composite "Reference Benchmark" has at all times since the Fund's formation included a 40% weighting in non-U.S. securities. The Reference Benchmark is an unmanaged weighted index comprised as follows: 36% of the Standard & Poor's ("S&P") 500 Index; 24% FTSE World (ex-U.S.) Index; 24% ICE BofA Current 5-Year US Treasury Index; and 16% FTSE Non-US Dollar World Government Bond Index. <br>Throughout its history, the Fund has maintained a weighting in non-U.S. securities, often exceeding the 40% Reference Benchmark weighting and rarely falling below this allocation. Under normal circumstances, the Fund anticipates it will continue to allocate a substantial amount (approximately 40% or more — unless market conditions are not deemed favorable by the Sub-Adviser, in which case the Fund would invest at least 30%) — of its total assets in securities of (i) foreign government issuers; (ii) issuers organized or located outside the U.S.; (iii) issuers which primarily trade in a market located outside the U.S.; or (iv) issuers doing a substantial amount of business outside the U.S., which the Fund considers to be companies that derive at least 50% of their revenue or profits from business outside the U.S. or have at least 50% of their sales or assets outside the U.S. The Fund will allocate its assets among various regions and countries, including the United States (but in no less than three different countries). For temporary defensive purposes, when purchases or redemptions require, or during transitions, the Fund may deviate very substantially from the allocation described above. |
| &nbsp;&nbsp;The Fund's equity investments may include common stock, preferred stock, exchange traded funds ("ETFs"), convertible securities, depositary receipts, warrants to buy common stocks, master limited partnerships ("MLPs"), and other unaffiliated mutual funds and ETFs advised by JPMorgan ("JPMorgan Funds") and, for the limited purposes described below, market cap weighted index ETFs that are managed by investment advisers that are unaffiliated with JPMorgan ("Unaffiliated Passive ETFs", and together with JPMorgan Funds, the "Underlying Funds"). The Fund is generally unconstrained by any particular capitalization with regard to its equity investments. | &nbsp;&nbsp;At any given time, the Fund may emphasize either debt securities or equity securities; however, over time the Fund's portfolio of assets will tend to be relatively balanced between equity and debt securities and widely diversified among many individual investments. In selecting equity investments, the Fund mainly seeks securities that BlackRock Investment Management, LLC ("Sub-Adviser") believes are undervalued. The Fund may buy debt securities with varying maturities. <br>For purposes of this Fund, equity securities include common stock, rights and warrants, preferred stock, securities convertible into common stock, or securities or other instruments whose price is linked to the value of common stock. <br>When choosing investments, the Sub-Adviser considers various factors, including opportunities for equity or debt investments to increase in value, expected dividends and interest rates. The Fund generally seeks diversification across markets, industries and issuers as one of its strategies to reduce volatility. The Fund may invest in the securities of companies of any market capitalization. Market capitalization is the number of shares of a company's stock, multiplied by the price per share of that stock. Market capitalization is a measure of a company's size. |

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| | |
|:---|:---|
| &nbsp;&nbsp;**Acquired Fund** | &nbsp;&nbsp;**Acquiring Fund** |
| &nbsp;&nbsp;**JPMorgan Fund** | &nbsp;&nbsp;**BlackRock Fund** |
| &nbsp;&nbsp;The Fund's fixed income investments may include bank obligations, convertible securities, U.S. Government securities (including agencies and instrumentalities), mortgage-backed and mortgage-related securities (which may include securities that are issued by non-governmental entities), domestic and foreign corporate bonds, high yield securities ("junk bonds"), loan assignments and participations, debt obligations issued or guaranteed by a foreign sovereign government or its agencies, authorities or political subdivisions, floating rate securities, inflation-indexed bonds, inflation-linked securities such as Treasury Inflation Protected Securities ("TIPS"), JPMorgan Funds, and, for the limited purposes described below, Unaffiliated Passive ETFs. The Fund is generally unconstrained with regard to the duration of its fixed income investments. | &nbsp;&nbsp;The Fund may invest up to 35% of its total assets in high yield or junk bonds, corporate loans and distressed securities. Junk bonds are fixed-income securities rated below investment-grade by independent rating agencies or are bonds that are unrated but that the Sub-Adviser believes are of comparable quality. The Fund may invest in corporate loans.<br>For purposes of this Fund, debt securities include, but are not limited to, U.S. and foreign government bonds, corporate bonds, convertible bonds, structured notes, credit-linked notes, mortgage- and asset-backed securities, loan assignments and loan participations, and securities issued by certain international organizations such as the World Bank. The Fund uses derivatives as a means of managing exposure to foreign currencies and other adverse market movements, as well as to increase returns. |
| &nbsp;&nbsp;The Fund's alternative investments include securities that are not a part of the Fund's global equity or global fixed income investments. These investments may include individual securities (such as convertible securities, inflation-sensitive securities and preferred stock), JPMorgan Funds, ETFs, exchange traded notes ("ETNs"), exchange-traded commodities ("ETCs"), and, for the limited purposes described below, Unaffiliated Passive ETFs. The investments in this asset class may give the Fund exposure to: market neutral strategies, long/short strategies, real estate (including real estate investment trusts ("REITS")), currencies, and commodities.<br>To the extent the Fund invests in the Underlying Funds, JPMorgan expects to select JPMorgan Funds without considering or canvassing the universe of unaffiliated underlying funds available, even though there may (or may not) be one or more unaffiliated underlying funds that investors might regard as more attractive for the Fund or that have superior returns. JPMorgan also generally expects to select a JPMorgan ETF unless JPMorgan determines the investment is not available to or appropriate for the Fund. To the extent JPMorgan determines that an investment in a JPMorgan ETF is not available to or appropriate for the Fund, only then will JPMorgan consider investing in an Unaffiliated Passive ETF. JPMorgan expects that, to the extent the Fund invests in ETFs, JPMorgan will primarily invest in passive ETFs. A "passive ETF" is a registered investment company that seeks to track the performance of a particular market security or index. The index may be a broad-based market index or it may relate to particular sectors, markets, regions or industries. | &nbsp;&nbsp;The Fund may invest in Real Estate Investment Trusts ("REITs"). The Fund may also seek to provide exposure to the investment returns of real assets that trade in the commodity markets through investment in commodity-linked derivative instruments, such as structured notes, and other investment vehicles that exclusively invest in commodities, such as exchange-traded funds ("ETFs"). The Fund may invest up to 25% of its total assets in commodity-related instruments (which may include, among others, commodity options, futures, swaps on commodity futures, ETFs that invest in commodities, and commodity-linked structured notes) (collectively, "Commodities'"). |

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| | |
|:---|:---|
| &nbsp;&nbsp;**Acquired Fund** | &nbsp;&nbsp;**Acquiring Fund** |
| &nbsp;&nbsp;**JPMorgan Fund** | &nbsp;&nbsp;**BlackRock Fund** |
| &nbsp;&nbsp;The Fund may also hold cash and cash equivalents. | &nbsp;&nbsp;In addition to investing in foreign securities, the Fund actively manages its exposure to foreign currencies through the use of forward currency contracts and other currency derivatives. From time to time, the Fund may own foreign cash equivalents or foreign bank deposits as part of the Fund's investment strategy. |
| &nbsp;&nbsp;In addition to direct investments in securities, derivatives, which are instruments that have a value based on another instrument, ex-change rate or index, may also be used as substitutes for securities in which the Fund can invest. For example, in implementing equity market neutral strategies and macro-based strategies, the Fund may use a total return swap to establish both long and short positions to gain the desired exposure rather than physically purchasing and selling short each instrument. The Fund may use futures contracts, options, forwards, and swaps to more effectively gain targeted equity and fixed income exposure from its cash positions, to hedge investments, for risk management and to attempt to increase the Fund's gain. The Fund may use futures contracts, forward contracts, options (including options on interest rate futures contracts and interest rate swaps), swaps, and credit default swaps to help manage duration, sector and yield curve exposure and credit and spread volatility. The Fund may utilize exchange-traded futures contracts for cash management and to gain exposure to equities pending investment in individual securities. To the extent that the Fund does not utilize underlying funds to gain exposure to commodities, it may utilize commodity linked derivatives or commodity swaps to gain exposure to commodities. | &nbsp;&nbsp;The Fund may use derivatives, including options, futures, indexed securities, inverse securities, swaps and forward contracts both to seek to increase in the return of the Fund and to hedge (or protect) the value of its assets against adverse movements in currency exchange rates, interest rates and movements in the securities markets. |
| &nbsp;&nbsp;The Fund may invest in securities denominated in any currency. The Fund may utilize forward currency transactions to hedge expo-sure to non-dollar investments back to the U.S. dollar. The Fund may engage in short sales. | &nbsp;&nbsp;The Fund will also invest in non-U.S. currencies, however, the Fund may underweight or overweight a currency based on the Sub-Adviser's outlook.<br>Total investment return is the combination of capital appreciation and investment income. |
| &nbsp;&nbsp;The Fund will likely engage in active and frequent trading. | &nbsp;&nbsp;No corresponding strategy. |

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| | |
|:---|:---|
| &nbsp;&nbsp;**Acquired Fund** | &nbsp;&nbsp;**Acquiring Fund** |
| &nbsp;&nbsp;**JPMorgan Fund** | &nbsp;&nbsp;**BlackRock Fund** |
| &nbsp;&nbsp;Jackson National Asset Management, LLC ("JNAM") manages certain private investments held by the Fund. As of the date of this prospectus, it is contemplated that the duration of JNAM's involvement in managing these private investments will be for however long it takes the Fund to sell such private investments. | &nbsp;&nbsp;No corresponding strategy. |

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**Comparison of Principal Risk Factors**

While there are some similarities in the risk profiles of the Funds, there are also some differences of which you should be aware. Each Fund's principal risks include allocation risk, commodity risk, commodity-linked derivatives risk, convertible securities risk, corporate loan, sovereign entity loan, and bank loan risk, credit risk, depositary receipts risk, derivatives risk, emerging market and less developed countries risk, equity securities risk, fixed-income risk, foreign securities risk, forward and futures contract risk, high-yield bonds, lower-rated bonds, and unrated securities risk, interest rate risk, managed portfolio risk, market risk, portfolio turnover risk, real estate investment risk, and REIT investment risk. However, the JPMorgan Fund is also subject to currency risk, exchange-traded funds investing risk, exchange-traded note risk, hedging instruments risk, investment in other investment companies risk, leverage risk, master limited partnership risk, mortgage-related and other asset-backed securities risk, preferred stock risk, privately placed securities risk, sector risk, short sales risk, TIPS and inflation-linked bonds risk, U.S. Government securities risk, and warrants risk, which are not principal risks of investing in the BlackRock Fund. In addition, the principal risks of investing in the BlackRock Fund include accounting risk, call risk, clearance and settlement risk, commodities regulatory risk, commodity-linked notes risk, company risk, custody risk, distressed debt risk, European investment risk, extension risk, financial services risk, forward foreign currency exchange contracts risk, investment strategy risk, investment style risk, mid-capitalization investing risk, options risk, Pacific Rim investing risk, settlement risk, small-capitalization investing risk, sovereign debt risk, stock risk, structured note risk, swaps risk, tax risk, and volatility risk, which are not principal risks of investing in the JPMorgan Fund.

An investment in a Fund is not guaranteed. As with any mutual fund, the value of a Fund's shares will change, and an investor could lose money by investing in a Fund. The following table compares the principal risks of an investment in each Fund. For additional information about each principal risk and other applicable risks, see **Appendix B**.

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| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;**Acquired Fund** | &nbsp;&nbsp;**Acquiring Fund** |
| &nbsp;&nbsp;**Risks** | &nbsp;&nbsp;**JPMorgan Fund** | &nbsp;&nbsp;**BlackRock Fund** |
| &nbsp;&nbsp;Accounting risk |  | &nbsp;&nbsp;X |
| &nbsp;&nbsp;Allocation risk | &nbsp;&nbsp;X | &nbsp;&nbsp;X |
| &nbsp;&nbsp;Call risk |  | &nbsp;&nbsp;X |
| &nbsp;&nbsp;Clearance and settlement risk |  | &nbsp;&nbsp;X |
| &nbsp;&nbsp;Commodities regulatory risk |  | &nbsp;&nbsp;X |
| &nbsp;&nbsp;Commodity risk | &nbsp;&nbsp;X | &nbsp;&nbsp;X |
| &nbsp;&nbsp;Commodity-linked derivatives risk | &nbsp;&nbsp;X | &nbsp;&nbsp;X |
| &nbsp;&nbsp;Commodity-linked notes risk |  | &nbsp;&nbsp;X |
| &nbsp;&nbsp;Company risk |  | &nbsp;&nbsp;X |
| &nbsp;&nbsp;Convertible securities risk | &nbsp;&nbsp;X | &nbsp;&nbsp;X |

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| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;**Acquired Fund** | &nbsp;&nbsp;**Acquiring Fund** |
| &nbsp;&nbsp;**Risks** | &nbsp;&nbsp;**JPMorgan Fund** | &nbsp;&nbsp;**BlackRock Fund** |
| &nbsp;&nbsp;Corporate loan, sovereign entity loan, and bank loan risk | &nbsp;&nbsp;X | &nbsp;&nbsp;X |
| &nbsp;&nbsp;Credit risk | &nbsp;&nbsp;X | &nbsp;&nbsp;X |
| &nbsp;&nbsp;Currency risk | &nbsp;&nbsp;X |  |
| &nbsp;&nbsp;Custody risk |  | &nbsp;&nbsp;X |
| &nbsp;&nbsp;Depositary receipts risk | &nbsp;&nbsp;X | &nbsp;&nbsp;X |
| &nbsp;&nbsp;Derivatives risk | &nbsp;&nbsp;X | &nbsp;&nbsp;X |
| &nbsp;&nbsp;Distressed debt risk |  | &nbsp;&nbsp;X |
| &nbsp;&nbsp;Emerging markets and less developed countries risk | &nbsp;&nbsp;X | &nbsp;&nbsp;X |
| &nbsp;&nbsp;Equity securities risk | &nbsp;&nbsp;X | &nbsp;&nbsp;X |
| &nbsp;&nbsp;European investment risk |  | &nbsp;&nbsp;X |
| &nbsp;&nbsp;Exchange-traded funds investing risk | &nbsp;&nbsp;X |  |
| &nbsp;&nbsp;Exchange-traded note risk | &nbsp;&nbsp;X |  |
| &nbsp;&nbsp;Extension risk |  | &nbsp;&nbsp;X |
| &nbsp;&nbsp;Financial services risk |  | &nbsp;&nbsp;X |
| &nbsp;&nbsp;Fixed-income risk | &nbsp;&nbsp;X | &nbsp;&nbsp;X |
| &nbsp;&nbsp;Foreign securities risk | &nbsp;&nbsp;X | &nbsp;&nbsp;X |
| &nbsp;&nbsp;Forward and futures contract risk | &nbsp;&nbsp;X | &nbsp;&nbsp;X |
| &nbsp;&nbsp;Forward foreign currency exchange contracts risk |  | &nbsp;&nbsp;X |
| &nbsp;&nbsp;Hedging instruments risk | &nbsp;&nbsp;X |  |
| &nbsp;&nbsp;High-yield bonds, lower-rated bonds, and unrated securities risk | &nbsp;&nbsp;X | &nbsp;&nbsp;X |
| &nbsp;&nbsp;Interest rate risk | &nbsp;&nbsp;X | &nbsp;&nbsp;X |
| &nbsp;&nbsp;Investment in other investment companies risk | &nbsp;&nbsp;X |  |
| &nbsp;&nbsp;Investment strategy risk |  | &nbsp;&nbsp;X |
| &nbsp;&nbsp;Investment style risk |  | &nbsp;&nbsp;X |

---

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;**Acquired Fund** | &nbsp;&nbsp;**Acquiring Fund** |
| &nbsp;&nbsp;**Risks** | &nbsp;&nbsp;**JPMorgan Fund** | &nbsp;&nbsp;**BlackRock Fund** |
| &nbsp;&nbsp;Leverage risk | &nbsp;&nbsp;X |  |
| &nbsp;&nbsp;Managed portfolio risk | &nbsp;&nbsp;X | &nbsp;&nbsp;X |
| &nbsp;&nbsp;Market risk | &nbsp;&nbsp;X | &nbsp;&nbsp;X |
| &nbsp;&nbsp;Master limited partnership risk | &nbsp;&nbsp;X |  |
| &nbsp;&nbsp;Mid-capitalization investing risk |  | &nbsp;&nbsp;X |
| &nbsp;&nbsp;Mortgage-related and other asset-backed securities risk | &nbsp;&nbsp;X |  |
| &nbsp;&nbsp;Options risk |  | &nbsp;&nbsp;X |
| &nbsp;&nbsp;Pacific Rim investing risk |  | &nbsp;&nbsp;X |
| &nbsp;&nbsp;Portfolio turnover risk | &nbsp;&nbsp;X | &nbsp;&nbsp;X |
| &nbsp;&nbsp;Preferred stock risk | &nbsp;&nbsp;X |  |
| &nbsp;&nbsp;Privately placed securities risk | &nbsp;&nbsp;X |  |
| &nbsp;&nbsp;Real estate investment risk | &nbsp;&nbsp;X | &nbsp;&nbsp;X |
| &nbsp;&nbsp;REIT investment risk | &nbsp;&nbsp;X | &nbsp;&nbsp;X |
| &nbsp;&nbsp;Sector risk | &nbsp;&nbsp;X |  |
| &nbsp;&nbsp;Settlement risk |  | &nbsp;&nbsp;X |
| &nbsp;&nbsp;Short sales risk | &nbsp;&nbsp;X |  |
| &nbsp;&nbsp;Small-capitalization investing risk |  | &nbsp;&nbsp;X |
| &nbsp;&nbsp;Sovereign debt risk |  | &nbsp;&nbsp;X |
| &nbsp;&nbsp;Stock risk |  | &nbsp;&nbsp;X |
| &nbsp;&nbsp;Structured note risk |  | &nbsp;&nbsp;X |
| &nbsp;&nbsp;Swaps risk |  | &nbsp;&nbsp;X |
| &nbsp;&nbsp;Tax risk |  | &nbsp;&nbsp;X |
| &nbsp;&nbsp;TIPS and inflation-linked bonds risk | &nbsp;&nbsp;X |  |
| &nbsp;&nbsp;U.S. Government securities risk | &nbsp;&nbsp;X |  |
| &nbsp;&nbsp;Volatility risk |  | &nbsp;&nbsp;X |
| &nbsp;&nbsp; Warrants risk | &nbsp;&nbsp;X |  |

---

**Comparison of Fundamental Policies**

Each Fund is subject to certain fundamental policies and restrictions that may not be changed without shareholder approval. The following table compares the fundamental policies of the JPMorgan Fund with those of the BlackRock Fund.

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Acquired Fund** | &nbsp;&nbsp;**Acquiring Fund** |
| &nbsp;&nbsp;**JPMorgan Fund** | &nbsp;&nbsp;**BlackRock Fund** |
| &nbsp;&nbsp;(1) The Fund is a "diversified company," as such term is defined under the 1940 Act. | &nbsp;&nbsp;Same. |
| &nbsp;&nbsp;(2) The Fund will not invest more than 25% of the value of its assets in any particular industry (other than U.S. Government securities and/or foreign sovereign debt securities). | &nbsp;&nbsp; Same.<br>|
| &nbsp;&nbsp;(3) The Fund may not invest directly in real estate or interests in real estate; however, the Fund may own debt or equity securities issued by companies engaged in those businesses. | &nbsp;&nbsp;Same. |
| &nbsp;&nbsp;(4) The Fund may not 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). | &nbsp;&nbsp; Same.<br>|
| &nbsp;&nbsp;(5) The Fund may not lend any security or make any other loan if, as a result, more than 33 1/3% 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). | &nbsp;&nbsp; Same.<br>|
| &nbsp;&nbsp;(6) The Fund may not act as an underwriter of securities issued by others, except to the extent that the Fund may be deemed an underwriter in connection with the disposition of portfolio securities of the Fund. | &nbsp;&nbsp;Same. |
| &nbsp;&nbsp;(7) The Fund may not invest more than 15% of its net assets in illiquid securities | &nbsp;&nbsp;Same. |
| &nbsp;&nbsp;(8) The Fund may not borrow money, except to the extent permitted by the 1940 Act, the rules and regulations thereunder, and any applicable exemptive relief. | &nbsp;&nbsp;Same. |
| &nbsp;&nbsp;(9) The Fund may not issue senior securities, except to the extent permitted by the 1940 Act, the rules and regulations thereunder, and any applicable exemptive relief.\* | &nbsp;&nbsp;Same. |

---

*\** *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.*

**Comparative Performance Information**

The performance information shown below provides some indication of the risks of investing in each Fund by showing changes in each Fund's performance from year to year and by showing how each Fund's average annual returns compared with those of a broad-based securities market index and composite indices that the Adviser believes more closely reflects the market segments in which the Fund invests. For the JPMorgan Fund, performance results include the effect of expense waiver/reduction arrangements for some or all of the periods shown and, if such arrangements had not been in place, performance for those periods would have been lower. Each Fund's past performance is not necessarily an indication of how the Fund will perform in the future.

The returns shown in the bar charts and tables below do not include charges imposed under the Contracts. If these amounts were reflected, returns would be less than those shown.

Effective December 31, 2024, for consistency with the JPMorgan Fund's principal investment strategies, the JPMorgan Fund replaced the 60% Morningstar Global Target Market Exposure Index (Net), 40% Bloomberg Global Aggregate Index with the 60% Morningstar Global Target Market Exposure Index (Net), 40% Bloomberg Global Aggregate ex-China Index as the Fund's secondary benchmark.

Performance prior to June 24, 2019 reflects the JPMorgan Fund's results when managed by the former sub-adviser, AllianceBernstein L.P.

Following the Reorganization, the Acquiring Fund will be the accounting and performance survivor.

**JPMorgan Fund – Calendar Year Total Returns**

**(Acquired Fund)**

**Class A**![](pren14jpmglblalloc001.jpg)

**Best Quarter (ended 12/31/2020):** 13.26%; **Worst Quarter (ended 3/31/2020):** -15.74%

**Class I**![](pren14jpmglblalloc002.jpg)

**Best Quarter (ended 12/31/2020):** 13.32%; **Worst Quarter (ended 3/31/2020):** -15.66%

**BlackRock Fund – Calendar Year Total Returns** 

**(Acquiring Fund)**

**Class A**

![](pren14jpmglblalloc003.jpg)

**Best Quarter (ended 6/30/2020):** 14.48%; **Worst Quarter (ended 3/31/2020):** -12.65%

**Class I**

![](pren14jpmglblalloc004.jpg)

**Best Quarter (ended 6/30/2020):** 14.56%; **Worst Quarter (ended 3/31/2020):** -12.65%

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Acquired Fund – Average Annual Total Returns as of 12/31/2024** | | | |
|  | **1 year** | **5 year** | **10 year** |
| &nbsp;&nbsp;JPMorgan Fund (Class A) | 8.36% | 3.76% | 4.35% |
| &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;60% Morningstar Global Target Market Exposure Index (Net), 40% Bloomberg Global Aggregate ex-China Index (reflects no deduction for fees, expenses, or taxes) | 9.02% | 5.08% | 5.59% |
| &nbsp;&nbsp;Bloomberg Global Aggregate ex-China Index (reflects no deduction for fees, expenses, or taxes) | -2.38% | -2.45% | -0.10% |
| &nbsp;&nbsp;60% Morningstar Global Target Market Exposure Index (Net), 40% Bloomberg Global Aggregate Index (reflects no deduction for fees, expenses, or taxes) | 9.33% | 5.29% | 5.70% |
| &nbsp;&nbsp;Bloomberg Global Aggregate Index (reflects no deduction for fees, expenses, or taxes) | -1.69% | -1.96% | 0.15% |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Acquired Fund – Average Annual Total Returns as of 12/31/2024** | | | |
|  | **1 year** | **5 year** | **Life of Class**<br> **(September 25, 2017)** |
| &nbsp;&nbsp;JPMorgan Fund (Class I) | 8.73% | 4.07% | 4.47% |
| &nbsp;&nbsp;Morningstar Global Target Market Exposure Index (Net) (reflects no deduction for fees, expenses, or taxes) | 17.20% | 10.01% | 9.70% |
| &nbsp;&nbsp;60% Morningstar Global Target Market Exposure Index (Net), 40% Bloomberg Global Aggregate ex-China Index (reflects no deduction for fees, expenses, or taxes) | 9.02% | 5.08% | 5.56% |
| &nbsp;&nbsp;Bloomberg Global Aggregate ex-China Index (reflects no deduction for fees, expenses, or taxes) | -2.38% | -2.45% | -0.90% |
| &nbsp;&nbsp;60% Morningstar Global Target Market Exposure Index (Net), 40% Bloomberg Global Aggregate Index (reflects no deduction for fees, expenses, or taxes) | 9.33% | 5.29% | 5.71% |
| &nbsp;&nbsp;Bloomberg Global Aggregate Index (reflects no deduction for fees, expenses, or taxes) | -1.69% | -1.96% | -0.56% |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Acquiring Fund – Average Annual Total Returns as of 12/31/2024** | | | |
|  | **1 year** | **5 year** | **10 year** |
| &nbsp;&nbsp;BlackRock Fund (Class A) | 9.38% | 6.10% | 5.49% |
| &nbsp;&nbsp;Morningstar Developed Markets Target Market Exposure Index (Net) (reflects no deduction for fees, expenses, or taxes) | 18.48% | 11.06% | 9.87% |
| &nbsp;&nbsp;36% S&P 500 Index, 24% FTSE World (ex U.S.) Index, 24% ICE BofA Current 5-Year U.S. Treasury Index, 16% FTSE Non-U.S. Dollar World Government Bond Index (reflects no deduction for fees, expenses, or taxes) | 9.09% | 5.87% | 6.25% |
| &nbsp;&nbsp;S&P 500 Index (reflects no deduction for fees, expenses, or taxes) | 25.02% | 14.53% | 13.10% |
| &nbsp;&nbsp;FTSE World ex-U.S. Index TR (reflects no deduction for fees, expenses, or taxes) | 4.64% | 5.60% | 5.84% |
| &nbsp;&nbsp;ICE BofA Current 5-Year U.S. Treasury Index (reflects no deduction for fees, expenses, or taxes) | 1.23% | -0.26% | 0.87% |
| &nbsp;&nbsp;FTSE Non-U.S. Dollar World Government Bond Index (reflects no deduction for fees, expenses, or taxes) | -5.32% | -4.81% | -1.53% |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Acquiring Fund – Average Annual Total Returns as of 12/31/2024** | | | |
|  | **1 year** | **5 year** | **10 year** |
| &nbsp;&nbsp;BlackRock Fund (Class I) | 9.76% | 6.42% | 5.78% |
| &nbsp;&nbsp;Morningstar Developed Markets Target Market Exposure Index (Net) (reflects no deduction for fees, expenses, or taxes) | 18.48% | 11.06% | 9.87% |
| &nbsp;&nbsp;36% S&P 500 Index, 24% FTSE World (ex U.S.) Index, 24% ICE BofA Current 5-Year U.S. Treasury Index, 16% FTSE Non-U.S. Dollar World Government Bond Index (reflects no deduction for fees, expenses, or taxes) | 9.09% | 5.87% | 6.25% |
| &nbsp;&nbsp;S&P 500 Index (reflects no deduction for fees, expenses, or taxes) | 25.02% | 14.53% | 13.10% |
| &nbsp;&nbsp;FTSE World ex-U.S. Index TR (reflects no deduction for fees, expenses, or taxes) | 4.64% | 5.60% | 5.84% |
| &nbsp;&nbsp;ICE BofA Current 5-Year U.S. Treasury Index (reflects no deduction for fees, expenses, or taxes) | 1.23% | -0.26% | 0.87% |
| &nbsp;&nbsp;FTSE Non-U.S. Dollar World Government Bond Index (reflects no deduction for fees, expenses, or taxes) | -5.32% | -4.81% | -1.53% |

---

**Capitalization**

The following table shows the capitalization of each Fund as of December 1, 2025, and of the BlackRock Fund on a pro forma combined basis as of December 1, 2025 after giving effect to the Reorganization. The actual net assets of the JPMorgan Fund and the BlackRock Fund on the Closing Date will differ due to fluctuations in net asset values, subsequent purchases, and redemptions of shares. No assurance can be given as to how many shares of the BlackRock Fund will be received by shareholders of JPMorgan Fund on the Closing Date, and the following table should not be relied upon to reflect the number of shares of the BlackRock Fund that will actually be received.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  |  | **Net** <br> **Assets** | **Net Asset Value Per** <br> **Share** | **Shares** <br> **Outstanding** |
| &nbsp;&nbsp;**JPMorgan Fund (Acquired Fund) – Class A** | &nbsp;&nbsp;**JPMorgan Fund (Acquired Fund) – Class A** | $881139686 | 16.92 | 52067860 |
| &nbsp;&nbsp;**BlackRock Fund (Acquiring Fund) – Class A** | &nbsp;&nbsp;**BlackRock Fund (Acquiring Fund) – Class A** | $2588136443 | 21.02 | 123122907 |
| &nbsp;&nbsp;**Adjustments** | &nbsp;&nbsp;**Adjustments** | $(965024) (a) | 0 | (10193622) (b) |
| &nbsp;&nbsp;***Pro forma* BlackRock Fund – Class A (following the Reorganization**) | &nbsp;&nbsp;***Pro forma* BlackRock Fund – Class A (following the Reorganization**) | $3468311105 | 21.02 | 164997145 |
| &nbsp;&nbsp;**JPMorgan Fund (Acquired Fund) – Class I** | &nbsp;&nbsp;**JPMorgan Fund (Acquired Fund) – Class I** | $2777019 | 17.31 | 160437 |
| &nbsp;&nbsp;**BlackRock Fund (Acquiring Fund) – Class I** | &nbsp;&nbsp;**BlackRock Fund (Acquiring Fund) – Class I** | $20826642 | 21.65 | 961983 |
| &nbsp;&nbsp;**Adjustments** | &nbsp;&nbsp;**Adjustments** | $(3148) (a) | 0 | (32306) (b) |
| &nbsp;&nbsp;***Pro forma* BlackRock Fund – Class I (following the Reorganization)** | &nbsp;&nbsp;***Pro forma* BlackRock Fund – Class I (following the Reorganization)** | $23600513 | 21.65 | 1090114 |
| (a) | The costs and expenses associated with the Reorganization relating to preparing, filing, printing, and mailing of related disclosure documents, and the costs and expenses related obtaining a consent of an independent registered public accounting firm will be borne by JNAM whether or not the Reorganization is consummated. The costs and expenses associated with the Reorganization relating to the legal fees, including the legal fees incurred in connection with the analysis under the Code of the tax treatment of this transaction, as well as the costs associated with the preparation of the tax opinion, will be borne by the Acquiring Fund whether or not the Reorganization is consummated. Such legal fees are estimated to be $22,000 (0.0008% of net assets). No sales or other charges will be imposed on Contract Owners in connection with the Reorganization. It is currently anticipated that approximately 23% of the Acquired Fund's holdings will be transferred to the Acquiring Fund in connection with the Reorganization. Prior to the Reorganization, JNAM will likely use a transition manager to assist in the transition of the Acquired Fund. It is anticipated that approximately 77% of the Acquired Fund's holdings will be aligned or sold and the proceeds invested in securities that the Acquiring Fund wishes to hold. It is not expected that the Acquiring Fund will revise any of its investment policies following the Reorganization to reflect those of the Acquired Fund. Additionally, the Acquired Fund currently holds 2 Russian securities that are unable to be sold or transferred to the Acquiring Fund. Because these assets are valued at zero and cannot be transferred to the Acquiring Fund, they will be managed by JPMorgan in separate accounts until they can be disposed of and the proceeds , if any, contributed as a receivable to the Acquiring Fund. The Acquired Fund will bear the Transaction Costs associated with the Reorganization. Such Transaction Costs are estimated to be $946,172 (0.10% of net assets). Please see "Additional Information about the Reorganization" below for more information. | The costs and expenses associated with the Reorganization relating to preparing, filing, printing, and mailing of related disclosure documents, and the costs and expenses related obtaining a consent of an independent registered public accounting firm will be borne by JNAM whether or not the Reorganization is consummated. The costs and expenses associated with the Reorganization relating to the legal fees, including the legal fees incurred in connection with the analysis under the Code of the tax treatment of this transaction, as well as the costs associated with the preparation of the tax opinion, will be borne by the Acquiring Fund whether or not the Reorganization is consummated. Such legal fees are estimated to be $22,000 (0.0008% of net assets). No sales or other charges will be imposed on Contract Owners in connection with the Reorganization. It is currently anticipated that approximately 23% of the Acquired Fund's holdings will be transferred to the Acquiring Fund in connection with the Reorganization. Prior to the Reorganization, JNAM will likely use a transition manager to assist in the transition of the Acquired Fund. It is anticipated that approximately 77% of the Acquired Fund's holdings will be aligned or sold and the proceeds invested in securities that the Acquiring Fund wishes to hold. It is not expected that the Acquiring Fund will revise any of its investment policies following the Reorganization to reflect those of the Acquired Fund. Additionally, the Acquired Fund currently holds 2 Russian securities that are unable to be sold or transferred to the Acquiring Fund. Because these assets are valued at zero and cannot be transferred to the Acquiring Fund, they will be managed by JPMorgan in separate accounts until they can be disposed of and the proceeds , if any, contributed as a receivable to the Acquiring Fund. The Acquired Fund will bear the Transaction Costs associated with the Reorganization. Such Transaction Costs are estimated to be $946,172 (0.10% of net assets). Please see "Additional Information about the Reorganization" below for more information. | The costs and expenses associated with the Reorganization relating to preparing, filing, printing, and mailing of related disclosure documents, and the costs and expenses related obtaining a consent of an independent registered public accounting firm will be borne by JNAM whether or not the Reorganization is consummated. The costs and expenses associated with the Reorganization relating to the legal fees, including the legal fees incurred in connection with the analysis under the Code of the tax treatment of this transaction, as well as the costs associated with the preparation of the tax opinion, will be borne by the Acquiring Fund whether or not the Reorganization is consummated. Such legal fees are estimated to be $22,000 (0.0008% of net assets). No sales or other charges will be imposed on Contract Owners in connection with the Reorganization. It is currently anticipated that approximately 23% of the Acquired Fund's holdings will be transferred to the Acquiring Fund in connection with the Reorganization. Prior to the Reorganization, JNAM will likely use a transition manager to assist in the transition of the Acquired Fund. It is anticipated that approximately 77% of the Acquired Fund's holdings will be aligned or sold and the proceeds invested in securities that the Acquiring Fund wishes to hold. It is not expected that the Acquiring Fund will revise any of its investment policies following the Reorganization to reflect those of the Acquired Fund. Additionally, the Acquired Fund currently holds 2 Russian securities that are unable to be sold or transferred to the Acquiring Fund. Because these assets are valued at zero and cannot be transferred to the Acquiring Fund, they will be managed by JPMorgan in separate accounts until they can be disposed of and the proceeds , if any, contributed as a receivable to the Acquiring Fund. The Acquired Fund will bear the Transaction Costs associated with the Reorganization. Such Transaction Costs are estimated to be $946,172 (0.10% of net assets). Please see "Additional Information about the Reorganization" below for more information. | The costs and expenses associated with the Reorganization relating to preparing, filing, printing, and mailing of related disclosure documents, and the costs and expenses related obtaining a consent of an independent registered public accounting firm will be borne by JNAM whether or not the Reorganization is consummated. The costs and expenses associated with the Reorganization relating to the legal fees, including the legal fees incurred in connection with the analysis under the Code of the tax treatment of this transaction, as well as the costs associated with the preparation of the tax opinion, will be borne by the Acquiring Fund whether or not the Reorganization is consummated. Such legal fees are estimated to be $22,000 (0.0008% of net assets). No sales or other charges will be imposed on Contract Owners in connection with the Reorganization. It is currently anticipated that approximately 23% of the Acquired Fund's holdings will be transferred to the Acquiring Fund in connection with the Reorganization. Prior to the Reorganization, JNAM will likely use a transition manager to assist in the transition of the Acquired Fund. It is anticipated that approximately 77% of the Acquired Fund's holdings will be aligned or sold and the proceeds invested in securities that the Acquiring Fund wishes to hold. It is not expected that the Acquiring Fund will revise any of its investment policies following the Reorganization to reflect those of the Acquired Fund. Additionally, the Acquired Fund currently holds 2 Russian securities that are unable to be sold or transferred to the Acquiring Fund. Because these assets are valued at zero and cannot be transferred to the Acquiring Fund, they will be managed by JPMorgan in separate accounts until they can be disposed of and the proceeds , if any, contributed as a receivable to the Acquiring Fund. The Acquired Fund will bear the Transaction Costs associated with the Reorganization. Such Transaction Costs are estimated to be $946,172 (0.10% of net assets). Please see "Additional Information about the Reorganization" below for more information. |
| (b) | The adjustment to the pro forma shares outstanding number represents a decrease in shares outstanding of the Acquiring Fund to reflect the exchange of shares of the Acquired Fund. | The adjustment to the pro forma shares outstanding number represents a decrease in shares outstanding of the Acquiring Fund to reflect the exchange of shares of the Acquired Fund. | The adjustment to the pro forma shares outstanding number represents a decrease in shares outstanding of the Acquiring Fund to reflect the exchange of shares of the Acquired Fund. | The adjustment to the pro forma shares outstanding number represents a decrease in shares outstanding of the Acquiring Fund to reflect the exchange of shares of the Acquired Fund. |

---

The Reorganization provides for the acquisition of all the assets and all the liabilities of the JPMorgan Fund by the BlackRock Fund. If the Reorganization had taken place on December 1, 2025, shareholders of the JPMorgan Fund would have received 41,874,238 and 128,131 Class A and Class I shares, respectively, of the BlackRock Fund.

**After careful consideration, the Board unanimously approved the Plan of Reorganization with respect to the JPMorgan Fund.** 

\* \* \* \* \*

**ADDITIONAL INFORMATION ABOUT THE REORGANIZATION**

**Terms of the Plan of Reorganization**

The terms of the Plan of Reorganization are summarized below. For additional information, you should consult the Plan of Reorganization, a copy of which is attached as **Appendix A**.

The assets of the Acquired Fund will be acquired by, and in exchange for, Class A and Class I shares, respectively, of the Acquiring Fund and the liabilities of the Acquired Fund will be assumed by the Acquiring Fund. The Acquired Fund will then be terminated by the Trust, and the Class A and Class I shares of the Acquiring Fund distributed to the Class A and Class I shareholders, respectively, of the Acquired Fund in the redemption of the Class A and Class I Acquired Fund Shares. Immediately after completion of the Reorganization, the number of shares of the Acquiring Fund then held by former shareholders of the Acquired Fund may be different than the number of shares of the Acquired Fund that had been held immediately before completion of the Reorganization, but the total investment will remain the same (*i.e*., the total value of the Acquiring Fund shares held immediately after the completion of the Reorganization will be the same as the total value of the Acquired Fund shares formerly held immediately before completion of the Reorganization).

It is anticipated that the Reorganization will be consummated as of the close of business on April 24, 2026, or on such later date as may be deemed necessary in the judgment of the Board and in accordance with the Plan of Reorganization, subject to the satisfaction of all conditions precedent to the closing. It is not anticipated that the Acquired Fund will hold any investment that the Acquiring Fund would not be permitted to hold ("non-permitted investments").

**Description of the Securities to Be Issued**

The Class A shareholders of the Acquired Fund will receive Class A shares of the Acquiring Fund, and the Class I shareholders of the Acquired Fund will receive Class I shares of the Acquiring Fund in accordance with the procedures provided for in the Plan of Reorganization. Each such share will be fully paid and non-assessable by the Trust when issued and will have no preemptive or conversion rights.

The Trust may issue an unlimited number of full and fractional shares of beneficial interest of the Acquiring Fund and 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 the Acquiring 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 the Acquiring Fund would participate equally in the earnings, dividends, and assets of the Fund. Upon liquidation of the Acquiring Fund, shareholders are entitled to share proportionally (according to the net asset value of their shares of the Acquiring Fund) in the net assets of the Fund available for distribution to shareholders. The Acquiring Fund is a series of the Trust.

The Trust currently offers two classes of shares, Class A and Class I shares, for the Acquired Fund and the Acquiring Fund. Each series of the Trust has adopted a distribution plan in accordance with the provisions of Rule 12b-1 under the 1940 Act. Pursuant to the distribution plan, Class A shares of the Acquired Fund and Acquiring Fund are charged a Rule 12b-1 fee at the annual rate of 0.30% of the average daily net assets attributable to the Class A shares of the respective Fund. Because these distribution/service fees are paid out of the Funds' assets on an ongoing basis, over time these fees will increase your cost of investing and may cost more than paying other types of charges. Class I shares are not charged a Rule 12b-1 fee.

**Board Considerations**

At a meeting of the Board held on December 10-11, 2025 (the "Board Meeting"), the Board, including all of the independent trustees who are not interested persons of the Funds (as defined in the Investment Company Act of 1940, as amended) (the "Independent Trustees"), considered information relating to the reorganization of the Acquired Fund, a series of the Trust, into the Acquiring Fund, also a series of the Trust (the "Reorganization"). Before approving the Reorganization, the Independent Trustees reviewed the foregoing information with their independent legal counsel and with management, reviewed with independent legal counsel applicable law and their duties in considering such matters, and met with independent legal counsel in a private session without management present.

The Board considered that the Acquired Fund was launched to maximize long-term total return. The Board also considered the Acquired Fund has underperformed its peer group since-inception, as well as in all calendar years since 2021, noting that the Acquired Fund has also underperformed its benchmark during the trailing one-, three-, five-, and ten-year periods ended September 30, 2025. The Board also considered JNAM's assertion that the Acquired Fund's underperformance is the primary driver behind the proposed Reorganization. The Board considered that the Reorganization is part of an overall rationalization of the Trust's offerings and is designed to eliminate inefficiencies arising from offering overlapping funds with similar investment objectives and investment strategies that serve as investment options for the Contracts issued by the Insurance Companies and certain non-qualified plans. The Board also considered that the Reorganization also seeks to increase assets under management in the Acquiring Fund in an effort to achieve additional economies of scale for beneficial owners of the Acquired Fund. The Board noted that the objective of the Reorganization is to seek to ensure that a consolidated family of investments offers a streamlined, complete, and competitive set of underlying investment options to serve the interests of shareholders and Contract Owners. Thus, the Board considered the recommendation of JNAM to merge the Acquired Fund into the Acquiring Fund given the similar investment mandate, close investment style fit, and the fact that the Acquired Fund is in the same Morningstar peer group. The Board also considered JNAM belief that the existing shareholders of the Acquired Fund will benefit from lower fees, economies of scale and a history of more consistent and favorable performance achieved through the Reorganization with the Acquiring Fund.

The Board considered a number of principal factors presented at the time of the Board Meeting in reaching its determinations, including the following:

● **Investment Objectives and Investment Strategies.** The Board considered that the Reorganization will permit the Contract Owners and others with beneficial interest in the Acquired Fund to continue to invest in a professionally managed global allocation fund with similar investment goals, while noting that the Acquired Fund's investment objective is different than that of the Acquiring Fund. The Acquired Fund seeks to maximize long-term total return, while the Acquiring Fund seeks high total investment return. In addition, the Board considered the similarities between the Funds' principal investment strategies, while also considering management's statement that the Acquiring Fund's better performance record will provide Acquired Fund shareholders with a better investor experience, as well as the potential for economies of scale. As described below, the Board also considered how the Acquired Fund's shareholders will benefit from the Reorganization. For a full description of the investment objectives and investment strategies of the Acquired Fund and Acquiring Fund, see "Comparison of Investment Objectives and Principal Investment Strategies."

● **Operating Expenses.** The Board considered that the Reorganization is expected to result in a Combined Fund with a total annual fund operating expense ratio and management fee that are expected to be lower than those of the Acquired Fund and Acquiring Fund currently. The Board further noted that the Acquiring Fund's total annual fund operating expense ratio and management fee are expected to be lower as a result of the management fee reductions and economies of scale achieved through the Reorganization. The Board further noted that following the Reorganization, based on the Funds' assets under management ("AUM") and fee schedules, the management fee to be paid by shareholders of the Acquired Fund will be lower than it was before the Reorganization because the combined assets of the Acquired Fund and the Acquiring Fund will be able to utilize breakpoints and, therefore, pay a smaller percentage than the 0.60% management fee the Acquired Fund currently pays. If pro forma AUM of the combined Fund declines to a management fee breakpoint lower than $3 billion following the Reorganization, the Acquired Fund's shareholders will pay a management fee percentage that is equal to or less than their current management fee of 0.60%. See "Comparative Fee and Expense Tables."

● **Larger Asset Base.** The Board considered that the Reorganization may benefit Contract Owners and others with beneficial interests in the Acquired Fund by allowing them to invest in the Combined Fund that has a larger asset base than that of the Acquired Fund currently. The Board noted that as of September 30, 2025, the Acquired Fund had assets of approximately $912.00 million as compared to assets of $2.65 billion for the Acquiring Fund. The Board considered that reorganizing the Acquired Fund into the Acquiring Fund offers Contract Owners and other investors the ability to benefit from economies of scale.

● **Performance.** The Board considered the Funds' Class A shares performance, noting that the Acquiring Fund has had a better performance track record than the Acquired Fund for the year-to-date, one-, three-, five- and ten-year periods ended September 30, 2025, while the Acquired Fund had a better performance track record than the Acquiring Fund for the quarter ended September 30, 2025. The Board noted that during the 2024 calendar year, the Acquiring Fund returned 9.38%, while the Acquired Fund returned 8.36%. The Board also noted that the Acquiring Fund had better performance than the Acquired Fund for the 2024, 2023, and 2022 calendar years, and that the Acquired Fund had better performance than the Acquiring Fund for the 2021 calendar year.

● **Investment Adviser and Other Service Providers.** The Board considered that the Funds currently have the same investment adviser and administrator, JNAM, and many of the same service providers, with the exception of having different sub-advisers, sub-sub-advisers, and custodians. Specifically, the Board considered that the Acquired Fund is sub-advised by JPMorgan, and that the Acquiring Fund is sub-advised by BlackRock and sub-sub-advised by BlackRock Singapore and BlackRock International. See "Comparison of Investment Adviser, Sub-Advisers, and Sub-Sub-Advisers." The Board also noted that the custodian for the Acquired Fund is State Street Bank & Trust Company, and the custodian for the Acquiring Fund is JPMorgan Chase Bank, N.A. The Board also considered that the transfer agent for the Acquiring Fund, JNAM, and the Distributor for shares of the Acquiring Fund, Jackson National Life Distributors LLC ("JNLD"), are the same as for the Acquired Fund and will remain the same immediately after the Reorganization.

● **Federal Income Tax Consequences.** The Board considered that the Reorganization is not expected to be a taxable event for U.S. federal income tax purposes for Contract Owners.

● **Costs of Reorganization.** The Board considered that the costs and expenses associated with the Reorganization relating to preparing, filing, printing, and mailing of related disclosure documents, and the costs and expenses related obtaining a consent of an independent registered public accounting firm will be borne by JNAM whether or not the Reorganization is consummated. The costs and expenses associated with the Reorganization relating to the legal fees, including the legal fees incurred in connection with the analysis under the Code of the tax treatment of this transaction, as well as the costs associated with the preparation of the tax opinion, will be borne by the Acquiring Fund whether or not the Reorganization is consummated. It is currently anticipated that approximately 23% of the Acquired Fund's holdings will be transferred to the Acquiring Fund in connection with the Reorganization and that, prior to the Reorganization, JNAM will likely use a transition manager to align or sell approximately 77% of the Acquired Fund's holdings and invest the proceeds in securities that the Acquiring Fund wishes to hold. Additionally, the Acquired Fund currently holds 2 Russian securities that are unable to be sold or transferred to the Acquiring Fund. Because these assets are valued at zero and cannot be transferred to the Acquiring Fund, they will be managed by JPMorgan in separate accounts until they can be disposed of and the proceeds , if any, contributed as a receivable to the Acquiring Fund. The Acquired Fund will bear the Transaction Costs associated with the Reorganization. Such Transaction Costs are estimated to be $946,172 (0.10% of net assets).

In summary, in determining whether to approve the Reorganization, the Board considered factors including (1) the terms and conditions of the Reorganization and whether the Reorganization would result in dilution of the Acquired Fund's and Acquiring Fund's shareholders', Contract Owners', and plan participants' interests; (2) the compatibility of the Funds' investment objectives, investment strategies, and investment restrictions, as well as shareholder services offered by the Funds; (3) the expense ratios and information regarding the fees and expenses of the Funds; (4) the advantages and disadvantages to the Acquired Fund's and Acquiring Fund's shareholders, Contract Owners, and plan participants of having a larger asset base in the Combined Fund; (5) the relative historical performance of the Funds; (6) the management of the Funds; (7) the U.S. federal income tax consequences of the Reorganization; and (8) the costs of the Reorganization. No one factor was determinative and each Trustee may have attributed different weights to the various factors. The Board did not determine any considerations related to the Reorganization to be adverse.

JNAM also advised the Board that the Trust's Declaration of Trust, By-Laws, and applicable state law do not require shareholder approval of the Reorganization. Moreover, JNAM advised the Board that Rule 17a-8 under the 1940 Act allows for the Reorganization without the need for shareholder approval because there is no material difference between the investment policies that under Section 13 of the 1940 Act could not be changed without a vote of a majority of its outstanding voting securities of the Acquired Fund and the Acquiring Fund, and there is no material difference between the respective advisory contracts.

The Board, including the Independent Trustees, determined that the Reorganization would be in the best interests of the Acquired Fund and Acquiring Fund and that the interests of the Acquired Fund's and Acquiring Fund's Contract Owners and other investors would not be diluted as a result of the Reorganization. The Board voted unanimously to approve the Reorganization. In addition, the Board determined that, because applicable legal requirements do not require shareholder approval under these circumstances, the Acquired Fund's shareholders would not be asked to vote on the Reorganization.

**Description of Risk Factors**

A Fund's performance may be affected by one or more risk factors. For a detailed description of each Fund's risk factors, please see "More Information on Strategies and Risk Factors" in **Appendix B**.

**Federal Income Tax Consequences of the Reorganization**

As a condition to the consummation of the Reorganization, each Fund will have received one or more opinions of Ropes & Gray LLP, dated on or before the effective date of the Reorganization, substantially to the effect that, on the basis of the existing provisions of the Code, U.S. Treasury regulations issued thereunder, current administrative rules, pronouncements and court decisions, for U.S. federal income tax purposes, the Reorganization will not be a taxable event for Contract Owners whose contract values are determined by investment in shares of the Acquired Fund. The opinion will be based on certain factual certifications made by officers of the Funds, the Adviser and the Insurance Companies offering the Contracts, and will also be based on reasonable assumptions.

None of the Trust, the Acquired Fund, or the Acquiring Fund has sought a tax ruling from the Internal Revenue Service (the "IRS"), but each is acting in reliance upon the opinions of counsel discussed in the previous paragraph. The opinions are not binding on the IRS and do not preclude the IRS from adopting a contrary position. Contract Owners should consult their own tax advisors concerning the potential tax consequences, including state and local income taxes.

**ADDITIONAL INFORMATION ABOUT THE FUNDS**

**Management of the Trust**

This section provides information about the Trust, the Adviser, sub-advisers, and sub-sub-advisers for the Funds.

**The Trust**

The Trust is organized as a Massachusetts business trust and is registered with the SEC as an open-end management investment company. Under Massachusetts law and the Trust's Declaration of Trust and By-Laws, the management of the business and affairs of the Trust is the responsibility of its Board. Each Fund is a series of the Trust.

**The Adviser**

JNAM, located at 1 Corporate Way, Lansing, Michigan 48951, serves as the investment adviser to the Trust and provides the Funds with professional investment supervision and management. JNAM is registered with the SEC under the Investment Advisers Act of 1940, as amended. 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 the Trust pursuant to an Investment Advisory and Management Agreement. Under the Investment Advisory and Management Agreement, JNAM 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 the Funds will be exercised. JNAM also provides recordkeeping, administrative and exempt transfer agent services to the Funds and oversees the performance of services provided to the Funds by other service providers, including the custodian and shareholder servicing agent. JNAM 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. JNAM is solely responsible for payment of any fees to the sub-adviser.

JNAM plays an active role in advising and monitoring each Fund and sub-adviser. When appropriate, JNAM recommends to the Board potential sub-advisers for a Fund. For those Funds managed by a sub-adviser, JNAM monitors each sub-adviser's Fund management team to determine whether its investment activities remain consistent with the Funds' investment strategies and objectives. JNAM 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, JNAM obtains detailed, comprehensive information concerning each Fund's and sub-adviser's performance and Fund operations. JNAM is responsible for providing regular reports on these matters to the Board.

The Investment Advisory and Management 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. It may be terminated at any time upon 60 days' notice by JNAM, 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 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. As compensation for its services, the Trust pays JNAM a fee in respect of each Fund as described in each Fund's Prospectus.

**Management Fees**

As compensation for its advisory services, JNAM receives a fee from the Trust computed separately for the Funds, accrued daily and payable monthly. The fee JNAM 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 the aggregate annual fee the Fund paid to JNAM for the fiscal year ended December 31, 2024. 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.

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| | | | | |
|:---|:---|:---|:---|:---|
| **Fund** | **Fund** | **Assets** | **Advisory Fee** <br> (Annual Rate Based on Average Daily Net Assets of each Fund) | **Aggregate Fee Paid to Adviser based on Average Daily Net Assets as of December 31, 2024** |
| &nbsp;&nbsp;JPMorgan Fund<sup>1</sup> | &nbsp;&nbsp;JPMorgan Fund<sup>1</sup> | $0 to $1 billion<br> $1 billion to $3 billion<br> $3 billion to $5 billion<br> Over $5 billion<br>| 0.600%<br> 0.550%<br> 0.540%<br> 0.530%<br>| 0.60% |
| &nbsp;&nbsp;BlackRock Fund<sup>2</sup> | &nbsp;&nbsp;BlackRock Fund<sup>2</sup> | $0 to $1 billion<br> $1 billion to $3 billion<br> $3 billion to $5 billion<br> Over $5 billion<br>| 0.600%<br> 0.565%<br> 0.550%<br> 0.540%<br>| 0.58% |
| <sup>1</sup> | JNAM has contractually agreed to waive a varying portion of its management fee in an amount equivalent to the AFFE attributable to the JPMorgan Fund's investment in funds managed by JPMorgan (each an "JPMorgan Underlying Fund"). The AFFE for each JPMorgan Underlying Fund is the "Total Annual Fund Operating Expenses after Fee Waivers and/or Expense Reimbursements" disclosed in the current prospectus for each JPMorgan Underlying Fund. | JNAM has contractually agreed to waive a varying portion of its management fee in an amount equivalent to the AFFE attributable to the JPMorgan Fund's investment in funds managed by JPMorgan (each an "JPMorgan Underlying Fund"). The AFFE for each JPMorgan Underlying Fund is the "Total Annual Fund Operating Expenses after Fee Waivers and/or Expense Reimbursements" disclosed in the current prospectus for each JPMorgan Underlying Fund. | JNAM has contractually agreed to waive a varying portion of its management fee in an amount equivalent to the AFFE attributable to the JPMorgan Fund's investment in funds managed by JPMorgan (each an "JPMorgan Underlying Fund"). The AFFE for each JPMorgan Underlying Fund is the "Total Annual Fund Operating Expenses after Fee Waivers and/or Expense Reimbursements" disclosed in the current prospectus for each JPMorgan Underlying Fund. | JNAM has contractually agreed to waive a varying portion of its management fee in an amount equivalent to the AFFE attributable to the JPMorgan Fund's investment in funds managed by JPMorgan (each an "JPMorgan Underlying Fund"). The AFFE for each JPMorgan Underlying Fund is the "Total Annual Fund Operating Expenses after Fee Waivers and/or Expense Reimbursements" disclosed in the current prospectus for each JPMorgan Underlying Fund. |
| <sup>2</sup> | Effective April 27, 2026, the advisory fee schedule for the BlackRock Fund will be 0.600% on assets between $0 and $1 billion, 0.560% on assets between $1 billion and $3 billion, 0.510% on assets between $3 billion and $5 billion and 0.500% on assets over $5 billion. | Effective April 27, 2026, the advisory fee schedule for the BlackRock Fund will be 0.600% on assets between $0 and $1 billion, 0.560% on assets between $1 billion and $3 billion, 0.510% on assets between $3 billion and $5 billion and 0.500% on assets over $5 billion. | Effective April 27, 2026, the advisory fee schedule for the BlackRock Fund will be 0.600% on assets between $0 and $1 billion, 0.560% on assets between $1 billion and $3 billion, 0.510% on assets between $3 billion and $5 billion and 0.500% on assets over $5 billion. | Effective April 27, 2026, the advisory fee schedule for the BlackRock Fund will be 0.600% on assets between $0 and $1 billion, 0.560% on assets between $1 billion and $3 billion, 0.510% on assets between $3 billion and $5 billion and 0.500% on assets over $5 billion. |

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A discussion of the basis for the Board's approval of the Investment Advisory and Management Agreement is available in the Trust's N-CSR filing for the period ended December 31, 2024 and will be available in the Trust's N-CSR filing for the year ended December 31, 2025.

JNAM selects, contracts with, and compensates the sub-advisers to manage the investment and reinvestment of the assets of the Funds. JNAM monitors the compliance of the sub-advisers and sub-sub-advisers with the investment objectives and related policies of the Funds, reviews the performance of the sub-advisers and sub-sub-advisers, and reports periodically on such performance to the Board. Under the terms of each of the sub-advisory agreements, the sub-adviser is responsible for supervising and managing the investment and reinvestment of the assets of the assigned Fund and for directing the purchase and sale of the Fund's investment securities, subject to the oversight and supervision of JNAM and the Board. The sub-advisers and the Acquiring Fund's sub-sub-advisers formulate a continuous investment program for an assigned Fund consistent with the Fund's investment strategies, objectives and policies outlined in its Prospectus. Each sub-adviser implements such program by purchases and sales of securities and regularly reports to JNAM 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 JNAM, computed separately for the applicable Fund, stated as an annual percentage of the Fund's net assets. JNAM currently is obligated to pay the sub-advisers out of the advisory fee it receives from the applicable Fund.

JNAM and the Trust, together with other investment companies of which JNAM is investment adviser, have received an exemptive order (the "Order") that allows JNAM 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. However, any amendment to an advisory agreement between JNAM and the Trust that would result in an increase in the management fee rate specified in that agreement (*i.e.*, the aggregate management fee) charged to a Fund will be submitted to shareholders for approval. Under the terms of the Order, if a new sub-adviser is hired by JNAM, the affected Fund will provide shareholders with information about the new sub-adviser and the new sub-advisory agreement within ninety (90) days of the change. The Order allows the Funds to operate more efficiently and with greater flexibility. JNAM provides oversight and evaluation services to the Funds, including, but not limited to the following services: performing initial due diligence on prospective sub-advisers for the Funds; monitoring the performance of sub-advisers; communicating performance expectations to the sub-advisers; and ultimately recommending to the Board whether a sub-adviser's contract should be renewed, modified or terminated.

JNAM does not expect to recommend frequent changes of sub-advisers. Although JNAM will monitor the performance of the sub-advisers and sub-sub-advisers, there is no certainty that the sub-advisers, sub-sub-advisers, or the Funds will obtain favorable results at any given time.

As compensation for the services for their respective Funds, the sub-adviser to the Acquired Fund, JPMorgan, and the sub-adviser to the Acquiring Fund, BlackRock, each receive a sub-advisory fee that is payable by JNAM. The following table shows the amount of sub-advisory fees that JNAM paid the sub-advisers (out of JNAM's advisory fees) for the services provided by the respective sub-advisers for the fiscal year ended December 31, 2024:

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| | | | |
|:---|:---|:---|:---|
| **Fund** | **Fund** | **Aggregate Fees Paid to Sub-Advisers** | **Aggregate Fees Paid to Sub-Advisers** |
| **Fund** | **Fund** | **Dollar Amount** | **As a Percentage of Average Daily Net Assets as of December 31, 2024** |
| JPMorgan Fund<sup>1</sup> | JPMorgan Fund<sup>1</sup> | $3376254 | 0.34% |
| BlackRock Fund | BlackRock Fund | $9241430 | 0.33% |
| <sup>1</sup> | For the purpose of calculating the sub-advisory fee for the JNL/JPMorgan Hedged Equity Fund, JPMorgan Fund, JNL/JPMorgan MidCap Growth Fund, JNL/JPMorgan Nasdaq<sup>®</sup> Hedged Equity Fund, and JNL/JPMorgan U.S. Value Fund, a fee discount is applied based on the combined average daily net assets of the portfolios. | For the purpose of calculating the sub-advisory fee for the JNL/JPMorgan Hedged Equity Fund, JPMorgan Fund, JNL/JPMorgan MidCap Growth Fund, JNL/JPMorgan Nasdaq<sup>®</sup> Hedged Equity Fund, and JNL/JPMorgan U.S. Value Fund, a fee discount is applied based on the combined average daily net assets of the portfolios. | For the purpose of calculating the sub-advisory fee for the JNL/JPMorgan Hedged Equity Fund, JPMorgan Fund, JNL/JPMorgan MidCap Growth Fund, JNL/JPMorgan Nasdaq<sup>®</sup> Hedged Equity Fund, and JNL/JPMorgan U.S. Value Fund, a fee discount is applied based on the combined average daily net assets of the portfolios. |

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A discussion of the basis for the Board's approval of the sub-advisory agreements is available in the Trust's N-CSR filing for the year ended December 31, 2024 and will be available in the Trust's N-CSR filing for the period ended December 31, 2025.

In addition to the investment advisory fee, each Fund currently pays to JNAM (the "Administrator") an administrative fee as an annual percentage of the average daily net assets of each Fund, accrued daily and paid monthly, as set forth below.

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| | | |
|:---|:---|:---|
| **Fund** | **Assets** | **Administrative Fee**<br> (Annual Rate Based on<br> Average Net Assets) |
| &nbsp;&nbsp;JPMorgan Fund | $0 to $3 billion<br> Assets over $3 billion | 0.15%<br> 0.13% |
| &nbsp;&nbsp;BlackRock Fund | $0 to $3 billion<br> Assets over $3 billion | 0.15%<br> 0.13% |

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In return for the administrative fee, the Administrator provides or procures all necessary administrative functions and services for the operation of each Fund. 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 Sub-Advisers and Sub-Sub-Advisers**

The sub-adviser to the Acquired Fund is JPMorgan. JPMorgan has principal offices at 383 Madison Avenue, New York, New York 10179. 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.

The following table describes the Acquired Fund's sub-adviser, portfolio managers, and each portfolio manager's business experience. Information about the portfolio managers' compensation, other accounts they manage and their ownership of securities of the Acquired Fund is available in the Trust's Statement of Additional Information.

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| | |
|:---|:---|
| &nbsp;&nbsp;**JPMorgan Fund (Acquired Fund)** | &nbsp;&nbsp;**JPMorgan Fund (Acquired Fund)** |
| &nbsp;&nbsp;**Sub-Adviser & Portfolio Managers** | &nbsp;&nbsp;**Portfolio Managers' Business Experience** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **J.P. Morgan Investment Management Inc.** <br> 383 Madison Avenue<br> New York, New York 10179<br>*Portfolio Managers*<br> Jeffrey A. Geller, CFA<br> Grace Koo<br> Michael Feser<br> Philip Camporeale<br> Daniel Bloomgarden, CFA<br>| &nbsp;&nbsp; Jeffrey A. Geller, Managing Director, CFA, is the Chief Investment Officer of JPMorgan's Multi-Asset Solutions Group and has investment oversight responsibility for all accounts managed by JPMorgan's Multi-Asset Solutions Group. In addition, Mr. Geller has direct portfolio management responsibilities for JPMorgan's Multi-Asset Solutions Group's less constrained mandates as well as those with large alternative allocations. Mr. Geller joined JPMorgan in 2006 and has been a portfolio manager of the Fund since June 2019.<br>Grace Koo, Executive Director, is a portfolio manager within JPMorgan's Multi-Asset Solutions Group and has responsibility for quantitative multi-asset portfolio strategies, dynamic asset allocation and long-term capital market assumptions. Ms. Koo joined JPMorgan in 2007 and has been a portfolio manager of the Fund since June 2019.<br>Michael Feser is a managing director and a portfolio manager on the Multi-Asset Solutions team based in New York. In this role, Mr. Feser is responsible for managing portfolios and expanding the Multi-Asset Solutions team's capabilities in the sub-advisory segment. A particular area of focus is the design and management of risk/volatility-controlled investment strategies. In addition, Mr. Feser also serves on JPMAM's long-term capital markets assumptions committee, advises clients on investment strategy design and strategic asset allocation issues. An employee since 1994, Mr. Feser has more than two decades of markets, multi-asset and fixed income research and investment experience. Previously, Mr. Feser served as the Global Investment Director of Global Investment Management Solutions, where he oversaw the investment activities of the group's portfolio managers, new product development and worked with the Funds' boards globally. Prior to this, Mr. Feser held a number of roles across global investment management, including leading Multi-Asset Solution's quantitative research and portfolio management team, and heading fixed income quantitative research and portfolio management functions in London. Mr. Feser obtained an M.A. in Business Administration from the University of Cologne. He is a CFA charterholder and is Series 3, 7 and 63 licensed.<br>Philip Camporeale is a managing director and a portfolio manager on the Multi-Asset Solutions team, based in New York. In this role, Mr. Camporeale is responsible for developing and implementing global macro trading insights consistent with the Multi Asset Solutions investment process. A particular area of focus is the impact of global monetary policy on asset prices. Mr. Camporeale joined the Multi Asset Solutions team in 2011 and prior to his current role, Mr. Camporeale managed the Investment Specialist team focused on US Funds. An employee since 2000, Mr. Camporeale was previously a portfolio manager in the New York fixed income group where he was responsible for managing duration and yield curve strategies. Mr. Camporeale has also appeared in various media outlets including CNBC, Bloomberg, and The Wall Street Journal. Mr. Camporeale earned a B.S. in Accounting and an M.B.A. in Finance from Fordham University. He is Series 3, 7, and 63 licensed.<br>Daniel Bloomgarden, Managing Director, CFA, became the Global Head of Multi-Asset Solutions Group Research in Q2 of 2025. Mr. Bloomgarden has been with JPMorgan since 2015, where he served as a portfolio manager and research analyst within the U.S. Equity Group. During his tenure, he led the consumer sector coverage for the J.P. Morgan Mid Cap Growth and Small Cap Growth Strategies and was a co-portfolio manager for the Mid Cap Growth and Mid Cap Equity Strategies. Prior to joining JPMorgan, Mr. Bloomgarden was a senior analyst at Schroders and AllianceBernstein, covering the consumer/retail sectors. He also worked at Sigma Capital and the Merrill Lynch Proprietary Trading Group, focusing on the mid and small cap consumer space. Mr. Bloomgarden holds an M.B.A from the University of Michigan and an undergraduate degree from SUNY Albany. He is a member of the CFA Institute and a CFA charterholder. |

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The sub-adviser to the Acquiring Fund is BlackRock. The sub-sub-advisers to the Acquiring Fund are BlackRock Singapore and BlackRock International. BlackRock is located at 1 University Square Drive, Princeton, New Jersey 08540-6455.

BlackRock Singapore is located at 20 Anson Road #18-01, Singapore, 079912 and BlackRock International is located at Exchange Place One, 1 Semple Street, Edinburgh, United Kingdom, EH3 8BL.

The following table describes the Acquiring Fund's sub-adviser and sub-sub-advisers, portfolio managers, and each portfolio manager's business experience. Information about the portfolio managers' compensation, other accounts they manage and their ownership of securities of the Acquiring Fund is available in the Trust's Statement of Additional Information.

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| | |
|:---|:---|
| &nbsp;&nbsp;**BlackRock Fund (Acquiring Fund)** | &nbsp;&nbsp;**BlackRock Fund (Acquiring Fund)** |
| &nbsp;&nbsp;**Sub-Adviser, Sub-Sub-Advisers & Portfolio Managers** | &nbsp;&nbsp;**Portfolio Managers' Business Experience** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **<u>Sub-Adviser</u>**<br> **BlackRock Investment Management, LLC** <br> 1 University Square Drive<br> Princeton, New Jersey 08540<br>**<u>Sub-Sub-Adviser</u>s**<br> **BlackRock (Singapore) Limited** <br> 20 Anson Road #18-01<br> Singapore, 079912<br>**BlackRock International Limited** <br> Exchange Place One, 1 Semple Street<br> Edinburgh, United Kingdom, EH3 8BL<br>*Portfolio Managers*<br> Rick Rieder<br> Russ Koesterich<br>| &nbsp;&nbsp; Rick Rieder, Managing Director, and portfolio manager is head of the Global Allocation Investment team. Mr. Rieder is BlackRock's Chief Investment Officer of Global Fixed Income, head of the Fundamental Fixed Income business, a member of BlackRock's Executive Sub-Committee on Investments, a member of BlackRock's Global Operating Committee and Chairman of the firm-wide BlackRock Investment Council. Mr. Rieder joined the BlackRock Global Allocation team in 2019, in addition to retaining his leadership role in Global Fixed Income. Before joining BlackRock in 2009, Mr. Rieder was President and Chief Executive Officer of R3 Capital Partners. He served as Vice Chairman and member of the Borrowing Committee for the U.S. Treasury and is currently a member of the Federal Reserve Investment Advisory Committee on Financial Markets. Mr. Rieder earned a BBA degree in Finance from Emory University in 1983 and an MBA degree from The Wharton School of the University of Pennsylvania in 1987. He is a member of the board of Emory University, Emory's Business School, and the University's Finance Committee, and is the Vice Chairman of the Investment Committee. Mr. Rieder is founder and chairman of the business school's BBA investment fund and community financial literacy program.<br>Russ Koesterich, CFA, JD, Managing Director and portfolio manager, is a member of the Global Allocation team and the lead portfolio manager of the GA Selects Model Portfolios. Mr. Koesterich's service with BlackRock dates back to 2005, including his years with Barclays Global Investors (BGI), which merged with BlackRock in 2009. He joined the BlackRock Global Allocation team in 2016 as Head of Asset Allocation and was named a portfolio manager of the Fund in 2017. Previously, he was BlackRock's Global Chief Investment Strategist and Chairman of the Investment Committee for the Model Portfolio Solutions business, and formerly served as the Global Head of Investment Strategy for scientific active equities and as senior portfolio manager in the US Market Neutral Group. Prior to joining BGI, Mr. Koesterich was the Chief North American Strategist at State Street Bank and Trust. He began his investment career at Instinet Research Partners where he occupied several positions in research, including Director of Investment Strategy for both U.S. and European research, and Equity Analyst. He is a frequent contributor to financials news media and the author of three books, including his most recent "Portfolio Construction for Today's Markets." Mr. Koesterich earned a BA in history from Brandeis University, a JD from Boston College and an MBA from Columbia University. He is a CFA® Charterholder. |

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**Additional Information**

**Classes of Shares**

The Trust has adopted a multi-class plan pursuant to Rule 18f-3 under the 1940 Act. Under the multi-class plan, the Funds have two classes of shares, Class A and Class I. As discussed in "Distribution Arrangements" below, the Class A shares of the Funds 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 the Funds represent interests in the same portfolio of securities and are substantially the same except for "class expenses."

The expenses of the Funds 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 funded by shares of such class) materials such as Prospectuses, shareholder reports and (ii) professional fees relating solely to one class.

**Distribution Arrangements**

JNLD (or the "Distributor"), 300 Innovation Dr., Franklin, Tennessee 37067 is the principal underwriter of the Funds of the Trust. JNLD is an indirect, wholly owned subsidiary of Jackson. JNLD is responsible for promoting sales of each Fund's shares. The Distributor also is the principal underwriter of the variable annuity insurance products issued by Jackson National and its subsidiaries. On behalf of the Funds, the Trust has adopted, in accordance with the provisions of Rule 12b-1 under the 1940 Act, an Amended and Restated Distribution Plan ("Plan") with respect to the Class A shares of each Fund. The Board, including all of the Independent Trustees, must approve, at least annually, the continuation of the Plan. Under the 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. Class I shares are not subject to a Rule 12b-1 fee. Because these fees are paid out of a 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 the Plan and applicable law, the Distributor 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 Distributor and/or an affiliate have the following relationships with one or more of the sub-advisers and/or their respective 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 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.

● The Distributor acts as distributor of variable insurance contracts and variable life insurance policies issued by the Insurance Companies. 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 variable insurance contracts and variable life insurance policies.

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

Only Separate Accounts of the Insurance Companies and series, including fund of funds, of registered investment companies in which either or both of the Insurance Companies invest may purchase shares of the Funds. You may invest indirectly in the Funds through your purchase of a variable annuity or life insurance contract issued by Separate Accounts of the Insurance Companies that invests directly, or through a fund of funds, in these Funds. Any minimum initial or subsequent investment requirements and redemption procedures are governed by the applicable Separate Account through which you invest indirectly. If an investor invests in the Funds 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 Funds and their 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 the salesperson to recommend the Fund over another investment. Ask your salesperson or visit your financial intermediary's website for more information.

**Investment in Trust Shares**

Shares of the Funds are presently offered only to Separate Accounts of the Insurance Companies to fund the benefits under certain Contracts, to non-qualified retirement plans, other regulated investment companies, other affiliated funds and to Jackson. The Separate Accounts, through their various sub-accounts that invest in designated Funds, purchase the shares of the Funds at their net asset value ("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.

The Funds are managed by sub-advisers, and the Acquiring Fund is also managed by a sub-sub-adviser, who manage publicly available mutual funds that have similar names and investment objectives. While the Funds may be similar to or modeled after publicly available mutual funds, Contract Owners 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. may differ substantially.

The price of each Fund's shares is based on its NAV. The NAV of each Fund's shares is generally determined by JNAM 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 each 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. 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 JNAM 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 JNAM in good faith, that the owner of such security might reasonably expect to receive upon its current sale.

JNAM 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.

The Funds 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 JNAM to determine the "fair value" of such foreign securities for purposes of calculating a Fund's NAV. When fair valuing foreign equity securities, JNAM 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.

JNAM will "fair value" securities held by a 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 the Insurance Companies, the 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 the Separate Accounts. 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. 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 the 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.

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 "fair value" pricing policy applies to all Funds where a significant event (as described above) has occurred. The "fair value" pricing policy is described under "Investment in Trust Shares" above.

The policies and procedures described above are intended to deter and curtail market timing in the Funds. However, there can be no assurance that these policies, together with those of the Insurance Companies, 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 the Insurance Companies 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 National'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.

**Share Redemption**

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 Fund's 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 each 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, JNAM 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.

**Dividends and Other Distributions**

The Funds, which currently qualify and intend to continue to qualify and be eligible for treatment as partnerships for U.S. federal income tax purposes, generally do not expect to make distributions of their net investment income and net realized capital gains.

For each Fund, distributions other than in redemption of Fund shares, if any, are automatically reinvested at net asset value in shares of the distributing class of that Fund.

**Tax Status**

Each Fund is currently and intends (and the Acquiring Fund intends to continue, following the Closing Date) to be treated as a partnership for U.S. federal income tax purposes, and neither Fund expects to make regular distributions (other than in redemption of Fund Shares) to shareholders. The interests in the Funds are generally owned by one or more Separate Accounts that hold such interests pursuant to Contracts.

Each Fund is treated as a partnership separate from the Trust for purposes of the Code. Therefore, the assets, income, and distributions, if any, of each Fund are considered separately for purposes of determining the tax classification of such Fund.

Because the shareholders of the Funds are Separate Accounts of variable insurance contracts, there are no tax consequences to those shareholders from buying, holding, exchanging and selling shares of the Funds. Distributions from the Funds, if any, are not taxable to those shareholders. However, owners of Contracts should consult the applicable Separate Account Prospectus for more detailed information on tax issues related to the Contracts.

Each Fund currently complies and intends (and the Acquiring Fund intends to continue, following the Closing Date) 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 tax-advantaged status of the Contracts issued by Separate Accounts. The Investment Advisory and Management Agreement and sub-advisory agreement for both Funds, and, for the Acquiring Fund, the sub-sub-advisory agreements, require the Funds to be operated in compliance with these diversification requirements. The Adviser, sub-advisers, and/or sub-sub-advisers may depart from the investment strategy of a Fund only to the extent necessary to meet these diversification requirements.

**FINANCIAL HIGHLIGHTS**

The financial highlights table is intended to help you understand the financial performance of the Acquired Fund and the Acquiring Fund for the past five years or, if shorter, the period of the Fund's operations. The following tables provide selected per share data for one share of each Fund. The total returns in the financial highlights table represent the rate that an investor would have earned (or lost) on an investment in the Acquired Fund or the Acquiring Fund (assuming reinvestment of all dividends and distributions) held for the entire period. The information does not reflect any charges imposed under a Contract. If charges imposed under a variable contract were reflected, the returns would be lower. You should refer to the appropriate Contract prospectus regarding such charges. Following the Reorganization, the Acquiring Fund will be the accounting and performance survivor.

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 N-CSR filing. The information for the period ended June 30*,* 2025 has not been audited. The unaudited interim financial statements as of June 30, 2025 reflect all adjustments which are, in the opinion of management, of a normal recurring nature and necessary for a fair statement of the results for the interim period presented. Each Fund's financial statements are included in the Trust's N-CSR filings, which are available upon request.

**JNL Series Trust – Acquired Fund and Acquiring Fund**

**Financial Highlights**

**For a Share Outstanding**

*The information for the period ended June 30, 2025 has not been audited.* 

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| | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | Increase (decrease) from<br> investment operations | Increase (decrease) from<br> investment operations | Increase (decrease) from<br> investment operations | Distributions from | Distributions from | | | Supplemental data | Supplemental data | Ratios | Ratios | Ratios |
| Period ended | Net asset value, beginning of period($) | Net investment income (loss)($) | Net realized & unrealized gains (losses)($) | Total from investment operations($) | Net investment income($) | Net realized gains on investment transactions($) | Net asset value, end of period($) | Total return(%) | Net assets, end of period (in thousands)($) | Portfolio turnover (%) | Net expenses to average net assets(%) | Total expenses to average net assets(%) | Net investment income (loss) to average net assets(%) |
| **JNL/JPMorgan Global Allocation Fund (Acquired Fund)** | **JNL/JPMorgan Global Allocation Fund (Acquired Fund)** | **JNL/JPMorgan Global Allocation Fund (Acquired Fund)** | **JNL/JPMorgan Global Allocation Fund (Acquired Fund)** | **JNL/JPMorgan Global Allocation Fund (Acquired Fund)** | **JNL/JPMorgan Global Allocation Fund (Acquired Fund)** | **JNL/JPMorgan Global Allocation Fund (Acquired Fund)** | **JNL/JPMorgan Global Allocation Fund (Acquired Fund)** | **JNL/JPMorgan Global Allocation Fund (Acquired Fund)** | **JNL/JPMorgan Global Allocation Fund (Acquired Fund)** | **JNL/JPMorgan Global Allocation Fund (Acquired Fund)** | **JNL/JPMorgan Global Allocation Fund (Acquired Fund)** | **JNL/JPMorgan Global Allocation Fund (Acquired Fund)** |  |
| Class A |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 06/30/25 | 14.90 | 0.23 | 1.02 | 1.25 |  |  | 16.15 | 8.39 | 909835 | 43 | 1.04 | 1.06 | 3.00 |
| 12/31/24 | 13.75 | 0.39 | 0.76 | 1.15 |  |  | 14.90 | 8.36 | 911729 | 100 | 1.05 | 1.06 | 2.68 |
| 12/31/23 | 12.20 | 0.31 | 1.24 | 1.55 |  |  | 13.75 | 12.70 | 1001003 | 128 | 1.06 (a) | 1.06 <sup>(a)</sup> | 2.39 |
| 12/31/22 | 15.07 | 0.14 | (3.01) | (2.87) |  |  | 12.20 | (19.04) | 1014331 | 110 | 1.06 (a) | 1.06 <sup>(a)</sup> | 1.09 |
| 12/31/21 | 13.84 | 0.12 | 1.11 | 1.23 |  |  | 15.07 | 8.89 | 1410178 | 106 | 1.06 (a) | 1.06 <sup>(a)</sup> | 0.86 |
| 12/31/20 | 12.39 | 0.11 | 1.34 | 1.45 |  |  | 13.84 | 11.70 | 1467097 | 138 | 1.06 (a) | 1.06 <sup>(a)</sup> | 0.90 |
| Class I |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 06/30/25 | 15.20 | 0.25 | 1.05 | 1.30 |  |  | 16.50 | 8.55 | 2889 | 43 | 0.74 | 0.76 | 3.30 |
| 12/31/24 | 13.98 | 0.44 | 0.78 | 1.22 |  |  | 15.20 | 8.73 | 3039 | 100 | 0.75 | 0.76 | 2.98 |
| 12/31/23 | 12.37 | 0.35 | 1.26 | 1.61 |  |  | 13.98 | 13.02 | 3252 | 128 | 0.76 (a) | 0.76 <sup>(a)</sup> | 2.69 |
| 12/31/22 | 15.24 | 0.18 | (3.05) | (2.87) |  |  | 12.37 | (18.83) | 3212 | 110 | 0.76 (a) | 0.76 <sup>(a)</sup> | 1.41 |
| 12/31/21 | 13.95 | 0.17 | 1.12 | 1.29 |  |  | 15.24 | 9.25 | 3868 | 106 | 0.76 (a) | 0.76 <sup>(a)</sup> | 1.12 |
| 12/31/20 | 12.45 | 0.14 | 1.36 | 1.50 |  |  | 13.95 | 12.05 | 2305 | 138 | 0.64 (a) | 0.77 <sup>(a)</sup> | 1.17 |
| **JNL/BlackRock Global Allocation Fund (Acquiring Fund)** | **JNL/BlackRock Global Allocation Fund (Acquiring Fund)** | **JNL/BlackRock Global Allocation Fund (Acquiring Fund)** | **JNL/BlackRock Global Allocation Fund (Acquiring Fund)** | **JNL/BlackRock Global Allocation Fund (Acquiring Fund)** | **JNL/BlackRock Global Allocation Fund (Acquiring Fund)** | **JNL/BlackRock Global Allocation Fund (Acquiring Fund)** | **JNL/BlackRock Global Allocation Fund (Acquiring Fund)** | **JNL/BlackRock Global Allocation Fund (Acquiring Fund)** | **JNL/BlackRock Global Allocation Fund (Acquiring Fund)** | **JNL/BlackRock Global Allocation Fund (Acquiring Fund)** | **JNL/BlackRock Global Allocation Fund (Acquiring Fund)** | **JNL/BlackRock Global Allocation Fund (Acquiring Fund)** |  |
| Class A |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 06/30/25 | 17.96 | 0.20 | 1.72 | 1.92 |  |  | 19.88 | 10.69 | 2639654 | 73 | 1.03 | 1.03 | 2.14 |
| 12/31/24 | 16.42 | 0.39 | 1.15 | 1.54 |  |  | 17.96 | 9.38 | 2595734 | 156 | 1.03 (b) | 1.03 <sup>(b)</sup> | 2.25 |
| 12/31/23 | 14.41 | 0.35 | 1.66 | 2.01 |  |  | 16.42 | 13.95 | 2793033 | 221 | 1.03 (b) | 1.03 <sup>(b)</sup> | 2.28 |
| 12/31/22 | 17.05 | 0.16 | (2.80) | (2.64) |  |  | 14.41 | (15.48) | 2780861 | 126 | 1.03 (b) | 1.03 <sup>(b)</sup> | 1.04 |
| 12/31/21 | 15.89 | 0.12 | 1.04 | 1.16 |  |  | 17.05 | 7.30 | 3684164 | 137 | 1.03 (b) | 1.03 <sup>(b)</sup> | 0.69 |
| 12/31/20 | 13.36 | 0.08 | 2.45 | 2.53 |  |  | 15.89 | 18.94 | 3721428 | 169 | 1.03 (b) | 1.04 <sup>(b)</sup> | 0.60 |
| Class I |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 06/30/25 | 18.45 | 0.23 | 1.77 | 2.00 |  |  | 20.45 | 10.84 | 20384 | 73 | 0.73 | 0.73 | 2.44 |
| 12/31/24 | 16.81 | 0.46 | 1.18 | 1.64 |  |  | 18.45 | 9.76 | 20380 | 156 | 0.73 (b) | 0.73 <sup>(b)</sup> | 2.54 |
| 12/31/23 | 14.70 | 0.40 | 1.71 | 2.11 |  |  | 16.81 | 14.35 | 20626 | 221 | 0.73 (b) | 0.73 <sup>(b)</sup> | 2.57 |
| 12/31/22 | 17.35 | 0.19 | (2.84) | (2.65) |  |  | 14.70 | (15.27) | 107533 | 126 | 0.73 (b) | 0.73 <sup>(b)</sup> | 1.27 |
| 12/31/21 | 16.12 | 0.17 | 1.06 | 1.23 |  |  | 17.35 | 7.63 | 349665 | 137 | 0.73 (b) | 0.73 <sup>(b)</sup> | 0.99 |
| 12/31/20 | 13.52 | 0.14 | 2.46 | 2.60 |  |  | 16.12 | 19.23 | 374455 | 169 | 0.73 (b) | 0.74 <sup>(b)</sup> | 0.90 |

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(a) The total and net expense ratios, respectively, to average net assets without dividend expenses, net borrowing fees on securities sold short or interest expense for the JPMorgan Fund were as follows: Class A: December 31, 2023: 1.06%, 1.06% December 31, 2022: 1.05%, 1.05% December 31, 2021: 1.04%, 1.04% December 31, 2020: 1.05%, 1.05% Class I: December 31, 2023: 0.76%, 0.76% December 31, 2022: 0.75%, 0.75% December 31, 2021: 0.74%, 0.74% December 31, 2020: 0.74%, 0.74%.

(b) The total and net expense ratios, respectively, to average net assets without dividend expenses, net borrowing fees on securities sold short or interest expense for the BlackRock Fund were as follows: Class A: December 31, 2024: 1.03%, 1.03% December 31, 2023: 1.03%, 1.03% December 31, 2022: 1.03%, 1.03% December 31, 2021: 1.02%, 1.02% December 31, 2020: 1.04%, 1.03% Class I: December 31, 2024: 0.73%, 0.73% December 31, 2023: 0.73%, 0.73% December 31, 2022: 0.72%, 0.72% December 31, 2021: 0.72%, 0.72% December 31, 2020: 0.74%, 0.73%

**Outstanding Shares and Principal Shareholders**

As of January 31, 2026 (the "Record Date"), the Trustees and officers of the Trust, as a group, beneficially owned less than 1% of the outstanding shares of the Acquired Fund.

Because the shares of the Funds are sold only to the separate accounts of the Insurance Companies, certain funds of the Trust organized as funds-of-funds, and certain non-qualified retirement plans, the Insurance Companies, through the Separate Accounts which hold shares in the Trust as funding vehicles for the Contracts and certain retirement plans, are the owners 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. The table below shows the number of outstanding shares of the Acquired Fund as of the Record Date.

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Fund** | &nbsp;&nbsp;**Total Number of<br> Outstanding Shares** |
| &nbsp;&nbsp;JPMorgan Fund (Class A) | &nbsp;&nbsp; 50620838.180 |
| &nbsp;&nbsp;JPMorgan Fund (Class I) | &nbsp;&nbsp; 164496.072 |

---

As of the Record Date, January 31, 2026, no person(s) owned 5% or more of the shares of the Acquired Fund either beneficially or of record .

\* \* \* \* \*

**APPENDIX A**

**PLAN OF REORGANIZATION**

**<u>JNL SERIES TRUST</u>**

JNL/JPMorgan Global Allocation Fund

JNL/BlackRock Global Allocation Fund

This Plan of Reorganization has been entered into on April 24, 2026, by JNL SERIES TRUST (the "Trust"), a Massachusetts business trust, on behalf of its JNL/JPMorgan Global Allocation Fund (the "Acquired Fund") and its JNL/BLACKROCK GLOBAL ALLOCATION FUND (the "Acquiring Fund").

**WHEREAS**, the Trust is registered with the U.S. Securities and Exchange Commission in accord with the provisions of the Investment Company Act of 1940, as amended (the "1940 Act"), as an open-end management investment company, and has established several separate series of shares ("funds"), with each fund having its own assets and investment policies;

**WHEREAS**, the Trust's Board of Trustees, including a majority of the Trustees who are not interested persons of the Trust, has determined that participation in the transaction described herein is in the best interests of the Acquired Fund and the Acquiring Fund, and that the interests of the existing shareholders of the Acquired Fund and the Acquiring Fund will not be diluted as a result of the transaction described herein;

**WHEREAS**, Article II, Section 2.1 of the Trust's Amended and Restated Declaration of Trust, dated September 25, 2017 (the "Declaration of Trust"), authorizes the Board of Trustees to conduct the business of the Trust and carry on its operations; and

**WHEREAS**, the Trust's Board of Trustees, including a majority of the Trustees who are not interested persons of the Trust, has approved the reorganization of the Acquired Fund with and into the Acquiring Fund (the "Reorganization").

**NOW, THEREFORE**, all the assets, liabilities, and interests of the Acquired Fund shall be transferred on the Closing Date to the Acquiring Fund, as described below; provided, that the Board of Trustees may terminate this Plan of Reorganization at or prior to the Closing Date:

&nbsp;&nbsp;&nbsp;&nbsp;1. The Closing Date shall be April
24, 2026, or if the New York Stock Exchange or another primary trading market for portfolio securities of the Acquired Fund or the Acquiring
Fund (each, an "Exchange") is closed to trading or trading thereon is restricted, or trading or the reporting of trading
on an Exchange or elsewhere is disrupted so that, in the judgment of the Board of Trustees, accurate appraisal of the value of either
the Acquired Fund's or the Acquiring Fund's net assets and/or the net asset value per share of Acquiring Fund shares is impracticable,
the Closing Date shall be postponed until the first business day after the day when such trading has been fully resumed and such reporting
has been restored;

&nbsp;&nbsp;&nbsp;&nbsp;2. The obligations of the Acquired
Fund and the Acquiring Fund to complete the transaction described herein shall be subject to receipt by the Acquired Fund and the Acquiring
Fund of an opinion of Ropes & Gray LLP dated on the Closing Date (which opinion will be subject to certain qualifications) satisfactory
to both parties substantially to the effect that, for U.S. federal income tax purposes, on the basis of the existing provisions of the
Internal Revenue Code of 1986, as amended (the "Code"), Treasury regulations promulgated thereunder, current administrative
rules, and court decisions, and assuming, among other assumptions, that the variable annuity contracts or variable life insurance policies
funded by insurance company separate accounts that hold shares of the Funds (for purposes of this paragraph, each a "contract"
and collectively, the "contracts") and the insurance companies issuing the contracts are properly structured under Subchapter
L of the Code, the Reorganization will not be a taxable event for contract owners (the "Tax Opinion"). The Tax Opinion will
be based on certain factual certifications made by officers of the Trust, on behalf of each Fund and will also be based on reasonable
assumptions. The Tax Opinion may state that it is not a guarantee that the tax consequences of the Reorganization will be as described
above, and that there is no assurance that the Internal Revenue Service or a court would agree with the opinion.

&nbsp;&nbsp;&nbsp;&nbsp;3. On or before the Closing Date, and
before effecting the Reorganization described herein, the Trust shall have received a satisfactory written opinion of legal counsel as
to such transaction that the securities to be issued in connection with such transaction have been duly authorized and, when issued in
accordance with this Plan of Reorganization, will have been validly issued and fully paid and will be non-assessable by the Trust on
behalf of the Acquiring Fund.

&nbsp;&nbsp;&nbsp;&nbsp;4. In exchange for all of its shares
of the Acquired Fund, each shareholder of such Acquired Fund shall receive a number of shares, including fractional shares, of the corresponding
share class of the Acquiring Fund equal in dollar value to the number of whole and fractional shares that such shareholder owns in such
Acquired Fund. Each shareholder of such Acquired Fund shall thereupon become a shareholder of the Acquiring Fund.

&nbsp;&nbsp;&nbsp;&nbsp;5. For purposes of this transaction,
the value of the shares of the Acquiring Fund and the Acquired Fund shall be determined as of 4:00 p.m., Eastern Time, on the Closing
Date. Those valuations shall be made in the usual manner as provided in the relevant prospectus of the Trust.

&nbsp;&nbsp;&nbsp;&nbsp;6. Upon completion of the foregoing
transaction (and, notwithstanding anything to the contrary herein, within 24 months of the date hereof), the Acquired Fund shall be terminated
and no further shares shall be issued by it. The classes of the Trust's shares representing such Acquired Fund shall thereupon
be closed and the shares previously authorized for those classes shall be reclassified by the Board of Trustees. The Trust's Board
of Trustees and management of the Trust shall take whatever actions may be necessary under Massachusetts law and the 1940 Act to effect
the termination of the Acquired Fund.

&nbsp;&nbsp;&nbsp;&nbsp;7. The costs and expenses associated
with the Reorganization relating to preparing, filing, printing, and mailing of related disclosure documents, and the costs and expenses
related obtaining a consent of an independent registered public accounting firm will be borne by Jackson National Asset Management, LLC
("JNAM") whether or not the Reorganization is consummated. No sales or other charges will be imposed on contract owners in
connection with the Reorganization. The costs and expenses associated with the Reorganization relating to the legal fees, including the
legal fees incurred in connection with the analysis under the Code of the tax treatment of this transaction, as well as the costs associated
with the preparation of the Tax Opinion, will be borne by the Acquiring Fund whether or not the Reorganization is consummated.

A copy of the Declaration of Trust is on file with the Secretary of the Commonwealth of Massachusetts. Notice is hereby given that this instrument is executed on behalf of the Trustees as Trustees, and is not binding on any of the Trustees, officers, or shareholders of the Trust individually, but only binding on the assets and properties of the Acquired Fund or the Acquiring Fund, respectively.

**IN WITNESS WHEREOF**, the Trust, on behalf of the Acquired Fund and Acquiring Fund, has caused this Plan of Reorganization to be executed and attested in the City of Chicago, State of Illinois, on the date first written above.

---

| | |
|:---|:---|
| JNL SERIES TRUST | JNL SERIES TRUST |
| By: |  |
|  | Mark D. Nerud, Trustee, President, and Chief Executive Officer |
| Attest: |  |
|  | Susan S. Rhee, Vice President, Chief Legal Officer, and Secretary |

---

Acknowledged and agreed to with respect to Paragraph 7 above:

---

| | |
|:---|:---|
| **Jackson National Asset Management, LLC** | **Jackson National Asset Management, LLC** |
| By: |  |
| Name: | Mark D. Nerud |
| Title: | President and Chief Executive Officer |

---

**APPENDIX B**

**More Information on Strategies and Risk Factors**

**<u>Acquired Fund</u>**

**JNL/JPMorgan Global Allocation Fund**

**Class A**

**Class I**

**Investment Objective.** The investment objective of the Fund is to maximize long-term total return.

**Principal Investment Strategies.** In seeking to achieve its investment objective, the Fund has significant flexibility to invest in a broad range of equity, fixed income, and alternative asset classes in the U.S. and other markets throughout the world, both developed and emerging. J.P. Morgan Investment Management Inc. ("JPMorgan" or the "Sub-Adviser") uses a flexible asset allocation approach in constructing the Fund's portfolio.

Under normal circumstances, the Fund will invest at least 40% of its total assets in countries other than the United States unless JPMorgan determines that conditions are not favorable. If JPMorgan determines that conditions are not favorable, the Fund may invest under 40% of its total assets in non-U.S. countries provided that the Fund will not invest less than 30% of its total assets in non-U.S. countries under normal circumstances except for temporary defensive purposes. JPMorgan will invest in issuers in at least three countries other than the U.S. under normal circumstances. The Fund will invest across the full range of asset classes.

The Fund's equity investments may include common stock, preferred stock, exchange traded funds ("ETFs"), convertible securities, depositary receipts, warrants to buy common stocks, master limited partnerships ("MLPs"), and other unaffiliated mutual funds and ETFs advised by JPMorgan ("JPMorgan Funds") and, for the limited purposes described below, market cap weighted index ETFs that are managed by investment advisers that are unaffiliated with JPMorgan ("Unaffiliated Passive ETFs", and together with JPMorgan Funds, the "Underlying Funds"). The Fund is generally unconstrained by any particular capitalization with regard to its equity investments.

The Fund's fixed income investments may include bank obligations, convertible securities, U.S. Government securities (including agencies and instrumentalities), mortgage-backed and mortgage-related securities (which may include securities that are issued by non-governmental entities), domestic and foreign corporate bonds, high yield securities ("junk bonds"), loan assignments and participations, debt obligations issued or guaranteed by a foreign sovereign government or its agencies, authorities or political subdivisions, floating rate securities, inflation-indexed bonds, inflation-linked securities such as Treasury Inflation Protected Securities ("TIPS"), JPMorgan Funds, and, for the limited purposes described below, Unaffiliated Passive ETFs. The Fund is generally unconstrained with regard to the duration of its fixed income investments.

The Fund's alternative investments include securities that are not a part of the Fund's global equity or global fixed income investments. These investments may include individual securities (such as convertible securities, inflation-sensitive securities and preferred stock), JPMorgan Funds, ETFs, exchange traded notes ("ETNs"), exchange-traded commodities ("ETCs"), and, for the limited purposes described below, Unaffiliated Passive ETFs. The investments in this asset class may give the Fund exposure to: market neutral strategies, long/short strategies, real estate (including real estate investment trusts ("REITS")), currencies, and commodities.

To the extent the Fund invests in the Underlying Funds, JPMorgan expects to select JPMorgan Funds without considering or canvassing the universe of unaffiliated underlying funds available, even though there may (or may not) be one or more unaffiliated underlying funds that investors might regard as more attractive for the Fund or that have superior returns. JPMorgan also generally expects to select a JPMorgan ETF unless JPMorgan determines the investment is not available to or appropriate for the Fund. To the extent JPMorgan determines that an investment in a JPMorgan ETF is not available to or appropriate for the Fund, only then will JPMorgan consider investing in an Unaffiliated Passive ETF. JPMorgan expects that, to the extent the Fund invests in ETFs, JPMorgan will primarily invest in passive ETFs. A "passive ETF" is a registered investment company that seeks to track the performance of a particular market security or index. The index may be a broad-based market index or it may relate to particular sectors, markets, regions or industries.

The Fund may also hold cash and cash equivalents.

In addition to direct investments in securities, derivatives, which are instruments that have a value based on another instrument, exchange rate or index, may also be used as substitutes for securities in which the Fund can invest. For example, in implementing equity market neutral strategies and macro-based strategies, the Fund may use a total return swap to establish both long and short positions to gain the desired exposure rather than physically purchasing and selling short each instrument. The Fund may use futures contracts, options, forwards, and swaps to more effectively gain targeted equity and fixed income exposure from its cash positions, to hedge investments, for risk management and to attempt to increase the Fund's gain. The Fund may use futures contracts, forward contracts, options (including options on interest rate futures contracts and interest rate swaps), swaps, and credit default swaps to help manage duration, sector and yield curve exposure, and credit and spread volatility. The Fund may utilize exchange-traded futures contracts for cash management and to gain exposure to equities pending investment in individual securities. To the extent that the Fund does not utilize underlying funds to gain exposure to commodities, it may utilize commodity linked derivatives or commodity swaps to gain exposure to commodities.

The Fund may invest in securities denominated in any currency. The Fund may utilize forward currency transactions to hedge exposure to non-dollar investments back to the U.S. dollar. The Fund may engage in short sales.

The Fund will likely engage in active and frequent trading.

Jackson National Asset Management, LLC ("JNAM") manages certain private investments held by the Fund. As of the date of this prospectus, it is contemplated that the duration of JNAM's involvement in managing these private investments will be for however long it takes the Fund to sell such private 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 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:

● *Allocation risk* 

● *Equity securities risk* 

● *Market risk* 

● *Interest rate risk* 

● *Credit risk* 

● *Sector risk* 

● *Foreign securities risk* 

● *Emerging markets and less developed countries risk* 

● *Currency risk* 

● *Derivatives risk* 

● *Fixed-income risk* 

● *High-yield bonds, lower-rated bonds, and unrated securities risk* 

● *Mortgage-related and other asset-backed securities risk* 

● *Corporate loan, sovereign entity loan, and bank loan risk* 

● *Real estate investment risk* 

● *REIT investment risk* 

● *Master limited partnership risk* 

● *U.S. Government securities risk* 

● *Exchange-traded funds investing risk* 

● *Exchange-traded note risk* 

● *Short sales risk* 

● *Commodity risk* 

● *Commodity-linked derivatives risk* 

● *Convertible securities risk* 

● *Portfolio turnover risk* 

● *Managed portfolio risk* 

● *Depositary receipts risk* 

● *Forward and futures contract risk* 

● *Hedging instruments risk* 

● *Investment in other investment companies risk* 

● *Leverage risk* 

● *Preferred stock risk* 

● *TIPS and inflation-linked bonds risk* 

● *Warrants risk* 

● *Privately placed securities risk* 

Please see the "Glossary of Risks" section at the end of **Appendix B** 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 Fund's Statement of Additional Information.

**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* 

● *Investment strategy 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 at the end of **Appendix B** 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 Fund's Statement of Additional Information has more information about the Fund's authorized investments and

strategies, as well as the risks and restrictions that may apply to it.

**<u>Acquiring Fund</u>**

**JNL/BlackRock Global Allocation Fund**

**Class A**

**Class I**

**Investment Objective.** The investment objective of the Fund is high total investment return.

**Investment Process.** In making investment decisions, Fund management tries to identify the long term trends and changes that could benefit particular markets and/or industries relative to other markets and industries. The Sub-Adviser will consider a variety of factors when selecting the markets, such as the rate of economic growth, natural resources, capital reinvestment and the social and political environment.

In selecting stocks and other securities that are convertible into stocks, the Sub-Adviser emphasizes stocks that it believes are undervalued.

The Fund may invest in individual securities, baskets of securities or particular measurements of value or rate, and may consider a variety of factors and systematic inputs. The Sub-Adviser may employ derivatives for a variety of reasons, including but not limited to, adjusting its exposures to markets, sectors, asset classes and securities. As a result, the economic exposure of the Fund to any particular market, sector, or asset class may vary relative to the market value of any particular exposure.

The Sub-Adviser will invest in high-yield bonds or "junk" bonds, corporate loans and distressed securities only when it believes that they will provide an attractive total return, relative to their risk, as compared to higher quality debt securities.

The Sub-Adviser will invest in distressed securities when the Sub-Adviser believes they offer significant potential for higher returns or can be exchanged for other securities that offer this potential. However, there can be no assurance that the Fund will generally achieve these returns or that the issuer will make an exchange offer or adopt a plan of reorganization.

**Principal Investment Strategies.** The Fund seeks to achieve its objective by investing in both equity and debt securities, money market securities and other short-term securities or instruments, of issuers located around the world. There is no limit on the percentage of assets the Fund can invest in a particular type of security. Generally, the Fund seeks diversification across markets, industries and issuers as one of its strategies to reduce volatility. Except as described below, the Fund has no geographic limits on where its investments may be located. This flexibility allows the Sub-Adviser to look for investments in markets around the world that it believes will provide the best relative asset allocation to meet the Fund's objective. The Fund may invest in securities of any market capitalization. The Fund uses derivatives as a means of managing exposure to foreign currencies and other adverse market movements, as well as to increase returns.

The Sub-Adviser uses the Fund's investment flexibility to create a portfolio of assets that, over time, tends to be relatively balanced between equity and debt securities and that is widely diversified among many individual investments. The Fund may invest in both developed and emerging markets. In addition to investing in foreign securities, the Fund actively manages its exposure to foreign currencies through the use of forward currency contracts and other currency derivatives. From time to time, the Fund may own foreign cash equivalents or foreign bank deposits as a part of the Fund's investment strategy. The Fund will also invest in non-U.S. currencies, however, the Fund may underweight or overweight a currency based on the Sub-Adviser's outlook.

The Fund may also invest in REITs. REITs are companies that own interests in real estate or in real estate related loans or other interests, and have revenue primarily consisting of rent derived from owned, income producing real estate properties and capital gains from the sale of such properties. REITs can generally be classified as equity REITs, mortgage REITs and hybrid REITs. Equity REITs invest the majority of their assets directly in real property and derive their income primarily from rents. Equity REITs can also realize capital gains by selling properties that have appreciated in value. Mortgage REITs invest the majority of their assets in real estate mortgages and derive their income primarily from interest payments. Hybrid REITs combine the characteristics of both equity REITs and mortgage REITs. REITs are not taxed on income distributed to shareholders provided they comply with the requirements of the Internal Revenue Code of 1986, as amended.

The Fund's composite Reference Benchmark has at all times since the Fund's formation included a 40% weighting in non-US securities. The Reference Benchmark is an unmanaged weighted index comprised as follows: 36% of the Standard & Poor's ("S&P") 500 Index; 24% FTSE World (ex-U.S.) Index; 24% ICE BofA Current 5-Year US Treasury Index; and 16% FTSE Non-US Dollar World Government Bond Index. Throughout its history, the Fund has maintained a weighting in non-US securities, often exceeding the 40% Reference Benchmark weighting and rarely falling below this allocation. Under normal circumstances, the Fund anticipates it will continue to allocate a substantial amount (approximately 40% or more — unless market conditions are not deemed favorable by the Sub-Adviser, in which case the Fund would invest at least 30%) — of its total assets in securities of (i) foreign government issuers; (ii) issuers organized or located outside the U.S.; (iii) issuers which primarily trade in a market located outside the U.S.; or (iv) issuers doing a substantial amount of business outside the U.S., which the Fund considers to be companies that derive at least 50% of their revenue or profits from business outside the U.S. or have at least 50% of their sales or assets outside the U.S. The Fund will allocate its assets among various regions and countries, including the United States (but in no less than three different countries). For temporary defensive purposes, the Fund may deviate very substantially from the allocation described above.

The Fund may invest a portion of its assets in securities related to real assets (like real estate or precious metals-related securities) such as shares, bonds or convertible bonds issued by REITs or companies that mine precious metals.

The Fund may use derivatives, including options, futures, indexed securities, inverse securities, swaps and forward contracts both to seek to increase in the return of the Fund and to hedge (or protect) the value of its assets against adverse movements in currency exchange rates, interest rates and movements in the securities markets.

Derivatives are financial instruments whose value is derived from another security, a commodity (such as oil or gas), a currency or an index such as the S&P 500 Index and the VIX. The use of options, futures, indexed securities, inverse securities, swaps and forward contracts can be effective in protecting or enhancing the value of the Fund's assets.

The Fund may seek to provide exposure to the investment returns of real assets that trade in the commodity markets through investment in commodity-linked derivative instruments, such as structured notes, and other investment vehicles that exclusively invest in commodities, such as ETFs. The Fund may invest up to 25% of its total assets in commodity-related instruments (which may include, among others, commodity options and futures, swaps on commodity futures, ETFs that invest in commodities, and commodity-linked structured notes) (collectively, "Commodities").

The Fund can invest in all types of equity securities, including common stock, preferred stock, convertible securities, warrants and stock purchase rights of companies of any market capitalization. The Sub-Adviser may seek to invest in the stock of smaller or emerging growth companies that it expects will provide a higher total return than other equity investments. Investing in smaller or emerging growth companies involves greater risk than investing in more established companies.

The Fund can invest in all types of debt securities, including U.S. and foreign government bonds, corporate bonds and convertible bonds, mortgage-and asset-backed securities, structured notes, credit-linked notes, loan assignments and participations and securities issued or guaranteed by certain international organizations such as the World Bank.

The Fund may invest up to 35% of its total assets in high-yield bonds or "junk" bonds, corporate loans and distressed securities. Junk bonds are bonds that are rated below investment grade by independent rating agencies or are bonds that are not rated but which the Sub-Adviser considers to be of comparable quality. Corporate loans are direct obligations of U.S. or foreign corporations. Distressed securities are securities, including loans purchased by the Fund in the secondary market, that are in default or at risk of being in default on payments of interest or principal at the time the Fund buys the securities or are issued by a bankrupt entity. These securities offer the possibility of relatively higher returns but are significantly riskier than higher rated debt securities.

Alongside other factors, the Sub-Adviser 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-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 ESG factors may vary across types of investments, industries, regions and issuers, and ESG factors and weights considered may change over time. The Sub-Adviser may not assess every investment for ESG factors, and, when it does, not every ESG factor may be identified or evaluated.

**Other Strategies**

In addition to the main strategies discussed above, the Fund may use certain other investment strategies. The Fund may also invest or engage in the following investments/strategies:

● Borrowing — The Fund may borrow for temporary or emergency purposes, including to meet redemptions, for the payment of dividends, for share repurchases or for the clearance of transactions.

● Contract for Difference – The Fund may enter into contracts for difference ("CFD"), a type of derivative. A CFD is a contract between two parties, typically described as "buyer" and "seller," stipulating that the seller will pay to the buyer the difference between the current value of an asset and its value in the future. (If the difference is negative, then the buyer instead pays the seller.) In effect, CFDs are financial derivatives that allow a fund to take advantage of values moving up (long positions) or values moving down (short positions) on underlying assets. For example, when applied to equities, a CFD is an equity derivative that allows a fund to obtain investment exposure to share price movements, without the need for ownership of the underlying shares.

● Depositary Receipts — The Fund may invest in securities of foreign issuers in the form of depositary receipts or other securities that are convertible into securities of foreign issuers. The Fund may invest in unsponsored Depositary Receipts.

● Illiquid Investments — The Fund may invest up to an aggregate amount of 15% of its net assets in illiquid investments. An illiquid investment is any investment that the Fund reasonably expects cannot be sold or disposed of in current market conditions in seven calendar days or less without the sale or disposition significantly changing the market value of the investment.

● Restricted Securities — Restricted securities are securities that cannot be offered for public resale unless registered under the applicable securities laws or that have a contractual restriction that prohibits or limits their resale. They may include Rule 144A securities, which are privately placed securities that can be resold to qualified institutional buyers but not to the general public, and securities of U.S. and non-U.S. issuers that are offered pursuant to Regulation S under the Securities Act of 1933, as amended.

● Indexed and Inverse Securities — The Fund may invest in securities that provide a return based on fluctuations in a stock or other financial index. For example, the Fund may invest in a security that increases in value with the price of a particular securities index. In some cases, the return of the security may be inversely related to the price of the index. This means that the value of the security will rise as the price of the index falls and vice versa. Although these types of securities can make it easier for the Fund to access certain markets or hedge risks of other assets held by the Fund, these securities are subject to the risks related to the underlying index or other assets.

● Investment Companies — The Fund has the ability to invest in other investment companies, such as exchange-traded funds, money market funds, unit investment trusts, and open-end and closed-end funds, including affiliated investment companies.

● Non-U.S. Dollar Cash Investments — The Fund may hold non-U.S. dollar cash investments.

● Repurchase Agreements, Purchase and Sale Contracts — The Fund may enter into certain types of repurchase agreements or purchase and sale contracts. Under a repurchase agreement, the seller agrees to repurchase a security at a mutually agreed-upon time and price. A purchase and sale contract is similar to a repurchase agreement, but purchase and sale contracts also provide that the purchaser receives any interest on the security paid during the period.

● Securities Lending — The Fund may lend securities with a value up to 33 1⁄3% of its total assets to financial institutions that provide cash or securities issued or guaranteed by the U.S. Government as collateral.

● Short Sales — The Fund may engage in short sales. The Fund may make short sales of securities, either as a hedge against potential declines in value of a portfolio security or to realize appreciation when a security that the Fund does not own declines in value. The Fund will not make a short sale if, after giving effect to such sale, the market value of all securities sold short exceeds 20% of the value of its total assets. The Fund may also make short sales "against the box" without being subject to this limitation. In this type of short sale, at the time of the sale, the Fund owns or has the immediate and unconditional right to acquire the identical securities at no additional cost.

● Short-Term Securities or Instruments — The Fund can invest in high quality short-term U.S. dollar or non-U.S. dollar denominated fixed-income securities or other instruments, such as U.S. or foreign government securities, commercial paper and money market instruments issued by U.S. or foreign commercial banks or depository institutions. The Sub-Adviser may increase the Fund's investment in these instruments in times of market volatility or when it believes that it is prudent or timely to be invested in lower yielding but less risky securities. Large investments in such securities or instruments may prevent the Fund from achieving its investment objective.

● Standby Commitment Agreements — Standby commitment agreements commit the Fund, for a stated period of time, to purchase a stated amount of securities that may be issued and sold to the Fund at the option of the issuer.

● Temporary Defensive Strategies — For temporary defensive purposes, the Fund may restrict the markets in which it invests and may invest without limitation in cash, cash equivalents, money market securities, such as U.S. Treasury and agency obligations, other U.S. Government securities, short-term debt obligations of corporate issuers, certificates of deposit, bankers acceptances, commercial paper (short term, unsecured, negotiable promissory notes of a domestic or foreign issuer) or other high quality fixed-income securities.

● Warrants – A warrant gives the Fund the right to buy stock. The warrant specifies the amount of underlying stock, the purchase (or "exercise" price), and the date the warrant expires. The Fund has no obligation to exercise the warrant and buy the stock. A warrant has value only if the Fund is able to exercise it or sell it before it expires.

● When-Issued and Delayed Delivery Securities and Forward Commitments — The purchase or sale of securities on a when-issued basis or on a delayed delivery basis or through a forward commitment involves the purchase or sale of securities by the Fund at an established price with payment and delivery taking place in the future. The Fund enters into these transactions to obtain what is considered an advantageous price to the Fund at the time of entering into the transaction.

**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* 

● *Foreign securities risk* 

● *Derivatives risk* 

● *Fixed-income risk* 

● *Emerging markets and less developed countries risk* 

● *Managed portfolio risk* 

● *Market risk* 

● *Credit risk* 

● *Allocation risk* 

● *Accounting risk* 

● *Call risk* 

● *Clearance and settlement risk* 

● *Commodities regulatory risk* 

● *Commodity risk* 

● *Commodity-linked derivatives risk* 

● *Commodity-linked notes risk* 

● *Company risk* 

● *Convertible securities risk* 

● *Corporate loan, sovereign entity loan, and bank loan risk* 

● *Custody risk* 

● *Depositary receipts risk* 

● *Distressed debt risk* 

● *European investment risk* 

● *Extension risk* 

● *Financial services risk* 

● *Forward and futures contract risk* 

● *Forward foreign currency exchange contracts risk* 

● *High-yield bonds, lower-rated bonds, and unrated securities risk* 

● *Interest rate risk* 

● *Investment strategy risk* 

● *Investment style risk* 

● *Mid-capitalization investing risk* 

● *Options risk* 

● *Pacific Rim investing risk* 

● *Portfolio turnover risk* 

● *Real estate investment risk* 

● *REIT investment risk* 

● *Settlement risk* 

● *Small-capitalization investing risk* 

● *Sovereign debt risk* 

● *Stock risk* 

● *Structured note risk* 

● *Swaps risk* 

● *Tax risk* 

● *Volatility risk* 

Please see the "Glossary of Risks" section at the end of **Appendix B** 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 Fund's Statement of Additional Information.

**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:

● *Borrowing risk* 

● *China and India country specific risk* 

● *Currency risk* 

● *Cybersecurity risk* 

● *Debt securities ratings risk* 

● *Event driven and special situations risk* 

● *Expense risk* 

● *Government regulatory risk* 

● *Indexed and inverse securities risk* 

● *Inflation-indexed securities risk* 

● *Investing through Stock Connect risk* 

● *Investments in IPOs risk* 

● *Investment in other investment companies risk* 

● *Leverage risk* 

● *Liquidity risk* 

● *Master limited partnership risk* 

● *Mortgage-related and other asset-backed securities risk* 

● *Preferred stock risk* 

● *Redemption risk* 

● *Regulatory investment limits risk* 

● *Restricted securities risk* 

● *Repurchase agreements, purchase and sale contracts risk* 

● *Russia investment risk* 

● *Sector risk* 

● *Securities lending risk* 

● *Short sales risk* 

● *Standby commitment agreements risk* 

● *Temporary defensive positions and large cash positions risk* 

● *TIPS and inflation-linked bonds risk* 

● *U.S. Government securities risk* 

● *Warrants risk* 

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

Please see the "Glossary of Risks" section at the end of **Appendix B** 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 Fund's Statement of Additional Information has more information about the Fund's authorized investments and strategies, as well as the risks and restrictions that may apply to it.

**Glossary of Risks**

**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.

**Borrowing risk** *–* Borrowing may exaggerate changes in the net asset value of Fund shares and in the return on the Fund's portfolio. Borrowing will cost the Fund interest expense and other fees. The costs of borrowing may reduce the Fund's return. Borrowing may cause the Fund to increase its cash position and/or liquidate positions when it may not be advantageous to do so to satisfy its obligations.

**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 and India country specific risk –** Investments in equity and equity-related securities in the Greater China region and India will expose the Fund to that country's market, currency, and other risks, including volatility and structural risks. Government reforms and the move to capitalism may not positively impact the economies of either country. Stable economic growth may be hampered by a number of factors, including burdensome regulatory requirements, inflation, poor allocation of resources and the reinvestment of capital, government price controls and capital restrictions, currency fluctuations, and social instability. As a result, investments in the Greater China region and India may be volatile.

**Clearance and settlement risk –** Foreign securities markets have different clearance and settlement procedures, and in certain markets there have been times when settlements have been unable to keep pace with the volume of securities transactions, making it difficult to conduct such transactions. Delays in clearance and settlement could result in temporary periods when assets of a Fund are uninvested and no return is earned. A Fund's inability to make intended security purchases due to clearance and settlement problems could cause it to miss attractive investment opportunities. Inability to dispose of portfolio securities due to clearance and settlement problems could result either in losses to a Fund due to subsequent declines in the value of the portfolio security or, if the Fund has entered into a contract to sell the security, liability to the purchaser. This risk may be magnified in emerging markets because settlement systems may be less organized, creating a risk that settlements may be delayed or lost because of failures or defects in such systems.

**Commodities regulatory risk** – Commodity-related operating companies typically are subject to significant foreign, federal, state and local government regulation in virtually every aspect of their operations, including how facilities are constructed, maintained and operated, environmental and safety controls, and the prices they may charge for the products and services they provide.

Commodity derivatives markets are subject to comprehensive statutes and regulations promulgated by the Commodity Futures Trading Commission ("CFTC") and self-regulatory organizations, such as the National Futures Association. Among other things, the CFTC and the exchanges on which futures contracts and related options are traded are authorized to take extraordinary actions in the event of a market emergency, including, for example, the establishment of daily limits and the suspension of trading. Any of these actions, if taken, could adversely affect the returns of the Fund by limiting or precluding investment decisions the Fund might otherwise make. The regulation of commodity derivatives transactions in the U.S. is a rapidly changing area of law and is subject to ongoing modification by government, self-regulatory and judicial action. In addition, U.S. and various foreign national governments have expressed concern regarding the disruptive effects of speculative trading in the currency markets and the need to regulate the derivatives markets in general. The effect of any future regulatory change on the Fund is impossible to predict, but could be substantial and adverse to the Fund and/or may impact the Fund's ability to invest in commodity-linked derivatives.

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 derivatives would likely need to significantly change their investment strategies in order to qualify as a RIC under the Code.

If a Fund were to fail to qualify as a regulated investment company accorded special tax treatment in any taxable year, it would be subject to tax on its taxable income at corporate rates, and all distributions from earnings and profits, including any distributions of net tax-exempt income and net long-term capital gains, would be taxable to shareholders as ordinary income, and the Fund could be required to pay substantial taxes, penalties and interest and to make substantial distributions, in order to re-qualify for such special treatment. If a Fund is a partnership for federal income tax purposes, income of the Fund will be treated as qualifying income in the hands of RICs that invest in the Fund only to the extent such income is attributable to items of income of the Fund which would be qualifying income if realized directly by the RIC.

**Commodity risk –** Commodity prices can 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). In addition, some commodities are subject to limited pricing flexibility because of supply and demand factors, and others are subject to broad price fluctuations as a result of the volatility of prices for certain raw materials and the instability of supplies of other materials.

Actions of and changes in governments, and political and economic instability, in commodity-producing and commodity-exporting countries may affect the production and marketing of commodities. In addition, commodity-related industries throughout the world are subject to greater political, environmental, and other governmental regulation than many other industries. Changes in government policies and the need for regulatory approvals may adversely affect the products and services of companies in the commodities industries. The effect of future regulations affecting commodity-related industries cannot be predicted. Because of a Fund's exposure to the commodities market, the value of the Fund may decline and fluctuate in a rapid and unpredictable manner.

**Commodity-linked derivatives risk** *–* The value of a commodity-linked derivative investment is typically based upon the price movements of a commodity, a commodity futures contract, or a commodity index, or some other readily measurable economic variable. The value of commodity-linked derivative instruments may be affected by changes in overall market movements, volatility of the underlying benchmark, volatility in the spot market, changes in interest rates, war, or factors affecting a particular industry or commodity, such as drought, floods, weather, livestock disease, embargoes, insufficient storage capacity, tariffs and international economic, and political and regulatory developments. The value of commodity-linked derivatives will rise or fall in response to changes in the underlying commodity or related index. Investments in commodity-linked derivatives may be subject to greater volatility than non-derivative based investments. A liquid market may not exist for certain commodity-linked derivatives, and there can be no assurance that such market will develop.

Commodity-linked derivatives also may be subject to credit and interest rate risks that generally affect the values of fixed-income securities. Therefore, at maturity, the Fund may receive more or less principal than it originally invested. The Fund may also receive interest payments that are more or less than the stated coupon interest payments.

In connection with the Fund's investments in commodity-linked derivatives, the Fund will attempt to manage its counterparty exposure so as to limit its exposure to any one counterparty. However, due to the limited number of entities that may serve as counterparties (and which the Fund believes are creditworthy) at any one time, the Fund may enter into swap agreements with a limited number of counterparties and may invest in commodity-linked notes issued by a limited number of issuers that will act as counterparties, which may increase the Fund's exposure to counterparty risk. There can be no assurance that the Fund will be able to limit exposure to any one counterparty at all times.

**Commodity-linked notes risk** *–* Commodity-linked notes involve substantial risks, including the risk of loss of a significant portion of their principal value. In addition to commodity risk and derivatives risk, they may be subject to additional risks, such as risk of loss of interest and principal, lack of secondary market and risk of greater volatility, that do not affect traditional equity and debt securities. There may be a change in the tax treatment of commodity-linked notes, which could impact the Fund's use of commodity-linked notes in the implementation of its investment strategy. The Fund could lose money investing in commodity-linked notes.

**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.

**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.

**Corporate loan, sovereign entity loan, and bank loan risk** – Commercial banks, sovereign entities, and other financial institutions or institutional investors make corporate loans to companies or sovereign entities that need capital to grow, restructure, or for infrastructure projects. These instruments are commonly referred to as "loans" or "bank loans." Borrowers generally pay interest on corporate loans at "floating" rates that change in response to changes in market interest rates such as the Secured Overnight Financing Rate ("SOFR") or the prime rates of U.S. banks. As a result, the value of such loan investments is generally less exposed to the adverse effects of interest rate fluctuations than investments that pay a fixed rate of interest. However, the market for certain loans may not be sufficiently liquid, and the Fund may have difficulty selling such securities. It may take longer than seven days for transactions in loans to settle. As a result, sale proceeds related to the sale of loans may not be available to make additional investments until a substantial period after the sale of the loans. Certain loans may be classified as "illiquid" securities.

Due to restrictions on transfers in loan agreements and the nature of private syndication of loans, some loans are not as easily purchased or sold as publicly traded securities. Some loans are illiquid, which may make it difficult for the Fund to value them or dispose of them at the price at which the Fund has valued the loan. In addition, compared to public securities, purchases and sales of loans generally take longer to settle. To the extent the extended loan settlement process gives rise to short-term liquidity needs, such as the need to satisfy redemption requests, the Fund may hold cash, sell investments or temporarily borrow to meet its short-term liquidity needs. Additionally, because a loan may not be considered a security, the Fund may not be afforded the same legal protections afforded securities under federal securities laws. Thus, the Fund must rely on contractual provisions in the loan agreement and common-law fraud protections under applicable state law.

Bank loans may not be considered securities under the federal securities laws and accordingly, may offer less legal protection in the event of fraud or misrepresentation in connection with the purchase or sale of such instruments. Instead, lenders generally rely on the contractual provisions in the loan agreement itself, and common-law fraud protections under applicable state law.

Bank loans usually have mandatory and optional prepayment provisions. If a borrower prepays a loan, the Fund will have to reinvest the proceeds in other loans or financial assets that may pay lower rates of return.

A Sub-Adviser may take steps to ensure that it does not receive material nonpublic information about the issuers of loans who also issue (directly or through a related entity) publicly traded securities. In that circumstance, a Sub-Adviser may have less information than other investors about certain of the loans in which it invests or seeks to invest. This may place the Fund at a disadvantage relative to other investors in loans.

A lead bank or other financial institution will often act as agent for all holders of a particular corporate loan. The agent administers the terms of the loan, as specified in the loan agreement. Unless a holder of the corporate loan, such as the Fund, has direct recourse against the borrower, the holder may have to rely on the agent to apply appropriate credit remedies against a borrower under the terms of the loan or other indebtedness. The agent may also be responsible for distributing income from the corporate loan and, as a result, holders of the loan might incur certain costs and delays in realizing payment on the loan and could suffer a loss of principal or interest. In addition, investments in corporate loans may expose the holders of the corporate loan, including the Fund, to the credit risk of both the financial institution and the underlying borrower. In the event of the insolvency of an agent bank, a corporate loan could be subject to settlement risk, as well as the risk of interruptions in the administrative duties performed in the day-to-day administration of the loan (such as processing interest rate calculations and processing draws).

Certain corporate loans may be issued in connection with highly leveraged transactions, including leveraged buyout loans, leveraged recapitalization loans, and other types of acquisition financing. Leveraged buyout loans are subject to greater credit risks than other investments including a greater possibility that the borrower may default or enter bankruptcy.

Some loans may be "covenant lite" loans which do not include terms which allow the lender to monitor the performance of the borrower and declare a default if certain criteria are breached.

If a Fund invests in a loan via participation, the Fund will be exposed to the ongoing counterparty risk of the entity providing exposure to the loan (and in certain circumstances, such entity's credit risk) in addition to the exposure the Fund has to the creditworthiness of the borrower.

**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.

**Custody risk** *–* The Fund may invest in securities markets that are less developed than those in the U.S., which may expose the Fund to risks in the process of clearing and settling trades and the holding of securities by local banks, agents and depositories. Some foreign banks and securities depositories may be recently organized or new to the foreign custody business. In addition, there may be limited or no regulatory oversight of their operations. Also, the laws of certain countries may limit a Fund's ability to recover its assets if a foreign bank, depository or issuer of a security, or any of their agents, goes bankrupt. Custody risk is heightened in countries with less developed securities markets.

**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.

**Distressed debt risk** – Certain Funds may invest in securities of issuers that are, or are about to be, involved in reorganizations, financial restructurings, or bankruptcy (also known as "distressed debt"). Such distressed debt securities involve substantial risk in addition to the risks of investing in lower-grade debt securities. To the extent that a Fund invests in distressed debt, the Fund is subject to the risk that it may lose a portion or all or its investment in the distressed debt and may incur higher expenses trying to protect its interests in distressed debt. Distressed securities and any securities received in an exchange for such securities may be subject to restrictions on resale and may be subject to liquidity risk.

**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 ("ECB"). 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, in June 2016, the United Kingdom approved a referendum to leave the EU (commonly known as "Brexit"). The United Kingdom left the EU on January 31, 2020. Following the withdrawal, there was an eleven-month transition period, ending December 31, 2020, during which the United Kingdom and the EU agreed to a Trade and Cooperation Agreement governing the future relationship between the United Kingdom and the EU. The Trade and Cooperation Agreement does not provide the United Kingdom with the same level of rights or access to all goods and services in the EU as the United Kingdom 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 United Kingdom. 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 United Kingdom government has enacted legislation that will repeal, replace or otherwise make substantial amendments to the EU laws that currently apply in the United Kingdom. It is impossible to predict the consequences of these amendments on the Fund and its investments. 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 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.

**Event driven and special situations risk** *–* At times, the Fund may seek to benefit from what are considered "special situations," such as mergers, acquisitions, consolidations, liquidations, spin-offs, tender or exchange offers, reorganizations, restructurings or other unusual events that are expected to affect a particular issuer. Such special situations may involve so-called "distressed companies," the debt obligations of which typically are unrated, lower-rated, in default or close to default. Also, securities of distressed companies are generally more likely to become worthless. There is a risk that the expected change or event might not occur, which could cause the price of the security to fall, perhaps sharply. In that case, the investment might not produce the expected gains or might cause a loss. This is an aggressive investment technique that may be considered speculative.

**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.

**Exchange-traded note risk** *–* The value of an exchange-traded note ("ETN") may be influenced by maturity, level of supply and demand for the ETN, volatility and lack of liquidity in the underlying securities' markets, changes in the applicable interest rates, changes in the issuer's credit rating and economic, legal, political or geographic events that affect the referenced index. In addition, the notes issued by ETNs and held by the Fund are unsecured debt of the issuer.

**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.

**Forward foreign currency exchange contracts risk** *–* Forward foreign currency exchange contracts do not eliminate fluctuations in the value of non-U.S. securities but rather allow the Fund to establish a fixed rate of exchange for a future point in time. Depending upon currency movements, this strategy can have the effect of reducing returns and minimizing opportunities for gain.

**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.

**Indexed and inverse securities risk** *–* Certain indexed and inverse securities have greater sensitivity to changes in interest rates or index levels than other securities, and the Fund's investment in such instruments may decline significantly in value if interest rates or index levels move in a way the Fund's investment manager does not anticipate.

**Inflation-indexed securities risk –** Inflation-indexed securities have a tendency to react to changes in real interest rates. Real interest rates represent nominal (stated) interest rates lowered by the anticipated effect of inflation. In general, the price of an inflation-indexed security can decrease when real interest rates increase, and can increase when real interest rates decrease. Interest payments on inflation-indexed securities will fluctuate as the principal and/or interest is adjusted for inflation and can be unpredictable. In periods of deflation, the Fund may not receive any income from such investments. 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.

**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 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 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.

**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 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.

**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.

**Options risk** *–* If the Fund buys an option, it buys a legal contract giving it the right to buy or sell a specific amount of the underlying instrument or futures contract on the underlying instrument at an agreed-upon price typically in exchange for a premium paid by the Fund. If the Fund sells an option, it sells to another person the right to buy from or sell to the Fund a specific amount of the underlying instrument or futures contract on the underlying instrument at an agreed upon price typically in exchange for a premium received by the Fund.

When options are purchased OTC, the Fund bears the risk that the counterparty that wrote the option will be unable or unwilling to perform its obligations under the option contract. OTC options may also be illiquid and the Fund may have difficulty closing out its position. A decision as to whether, when and how to use options involves the exercise of skill and judgment and even a well-conceived option transaction may be unsuccessful because of market behavior or unexpected events. The prices of options can be highly volatile and the use of options can lower total returns.

**Pacific Rim investing risk** *–* The Pacific Rim economies are in various stages of economic development. Many of the economies in the region can be characterized as developing, newly industrialized, or developed. Many of the Pacific Rim economies may be intertwined, so they may experience recessions at the same time. Furthermore, many of the Pacific Rim economies are characterized by high inflation, undeveloped financial services sectors, heavy reliance on international trade, frequent currency fluctuations, devaluations, or restrictions, political and social instability, and less efficient markets. The Australia and New Zealand economies are largely dependent on the economies of Asian countries and on the price and demand for agricultural products and natural resources. If a Fund concentrates investments in Pacific Rim markets, the Fund's performance is expected to be closely tied to social, political, and economic conditions within the Pacific Rim region and to be more volatile than the performance of more geographically diversified funds.

**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.

**Privately placed securities risk** – While it is the Funds' policy to restrict investments in privately placed securities, the Fund's investments may also include privately-placed securities. Generally, privately placed securities are illiquid and are subject to resale restrictions. Typically, the securities are sold as an offering exempt from registration with the SEC. Investments in these securities usually will decrease a Fund's liquidity level to the extent the Fund may be unable to sell or transfer these securities due to restrictions on transfers or on the ability to find buyers interested in purchasing the securities. The illiquid nature of the market for privately placed securities, as well as the lack of publicly available information regarding these securities, may also adversely affect the Fund's ability to fair value such securities at certain times and could make it difficult for the Fund to sell them. The Fund could lose money on such investments.

**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.

**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.

**Repurchase agreements, purchase and sale contracts risk** *–* If the other party to a repurchase agreement or purchase and sale contract defaults on its obligation under the agreement, the Fund may suffer delays and incur costs or lose money in exercising its rights under the agreement. If the seller fails to repurchase the security under a repurchase agreement or purchase and sale contract, and the market value of the security declines, the Fund may lose money.

**Restricted securities risk** *–* Restricted securities are subject to legal restrictions on their sale and may not be sold to the public without an effective registration statement. Before they are registered, such securities may be sold only in a privately negotiated transaction or pursuant to an exemption from registration. Restricted securities may be illiquid. The Fund may be unable to sell them on short notice or may be able to sell them only at a price below current value. Also, the Fund may get only limited information about the issuer of a restricted security, so it may be less able to predict a loss. In addition, if Fund management receives certain material nonpublic information about the issuer, the Fund may be unable to sell the securities in accordance with laws and regulations prohibiting insider trading.

**Russia investment risk *–*** During periods when sanctions are in place, there are risks related to holding positions located in or with ties to Russia. This may include, but is not limited to, 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 securities. Absent sanctions prohibiting these investments, the Fund may invest a portion of its assets in securities issued by companies located in Russia. Because of the underdeveloped state of Russia's banking system and securities markets, settlement, clearing and registration of securities transactions are subject to significant risks. Prior to 2013, there was no central registration system for equity share registration in Russia and registration was carried out by either the issuers themselves or by registrars located throughout Russia. Such registrars were not necessarily subject to effective state supervision nor were they licensed with any governmental entity, thereby increasing the risk that the Fund could lose ownership of its securities through fraud, negligence, or even mere oversight. With the implementation of the National Settlement Depository ("NSD") in Russia as a recognized central securities depository, title to Russian equity securities is now based on the records of the NSD and not the registrars. Although the implementation of the NSD is generally expected to decrease the risk of loss in connection with recording and transferring title to securities, issues resulting in loss still might occur. In addition, issuers and registrars are still prominent in the validation and approval of documentation requirements for corporate action processing in Russia. Because the documentation requirements and approval criteria vary between registrars and/or issuers, there remain unclear and inconsistent market standards in the Russian market with respect to the completion and submission of corporate action elections. To the extent that the Fund suffers a loss relating to title or corporate actions relating to its portfolio securities, it may be difficult for the Fund to enforce its rights or otherwise remedy the loss.

Many investments in Russia are tied to commodities, particularly, oil. The price of commodities and volatility in the commodities market could have a negative impact on the Russian economy, Russian companies, and Russian investments. The geopolitical environment with the Ukraine and Middle East enhance the possibility of conflict with 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 resulted in the U.S. Government imposing sanctions on Russia. 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. The extent and duration of Russia's military actions and the repercussions of such actions (including any retaliatory actions or countermeasures that may be taken by those subject to sanctions) are impossible to predict, but could result in significant market disruptions, including in the oil and natural gas markets, and may negatively affect global supply chains, inflation and global growth. These and any related events could have significant impact on Fund performance and the value of an investment in the Fund.

**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.

**Standby commitment agreements risk** *–* Standby commitment agreements involve the risk that the security the Fund buys will lose value prior to its delivery to the Fund and will no longer be worth what the Fund has agreed to pay for it. These agreements also involve the risk that if the security increases in value, the counterparty will decide not to issue the security. In this case, 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.

**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 note risk** – A Fund may invest in notes, sometimes called "structured notes," linked to the performance of securities or commodities. Commodity-linked structured notes provide exposure, which may include long and/or short exposure, to the investment returns of "real assets" (i.e., assets that have tangible properties such as oil, gold and silver) that trade in the commodities markets without investing directly in physical commodities. The performance of these notes is determined by the price movement of the commodities underlying the note. These notes are subject to the credit risk of the issuing party and may be less liquid than other types of securities. This means that a Fund may lose money if the issuer of the note defaults and that a Fund may not be able to readily close out its investment in such notes without incurring losses.

**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.

**TIPS and inflation-linked bonds risk** – The value of inflation-protected securities generally fluctuates in response to changes in real interest rates, which are tied to the relationship between nominal interest rates and the rate of inflation. As a result, if inflation rates were to rise at a faster rate than nominal rates, real interest rates might decline, leading to an increase in the value of inflation-protected securities. In contrast, if nominal interest rates increased at a faster rate than inflation, real interest rates might rise, leading to a decrease in the value of inflation-protected securities. If the Fund purchases inflation-protected securities in the secondary market whose principal values have been adjusted upward due to inflation since issuance, the Fund may experience a loss if there is a subsequent period of deflation. The inflation-protected securities markets are generally much smaller and less liquid than the nominal bonds from the same issuers and, as such, can suffer from losses during time of economic stress or illiquidity.

**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.

**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.

**Warrants risk** *–* If the price of the underlying stock does not rise above the exercise price before the warrant expires, the warrant generally expires without any value and the Fund loses any amount it paid for the warrant. As a result, investments in warrants may involve substantially more risk than investments in common stock. Warrants may trade in the same markets as their underlying stock; however, the price of the warrant does not necessarily move with the price of the underlying stock.

**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.

**STATEMENT OF ADDITIONAL INFORMATION**

**February 13, 2026**

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**JNL SERIES TRUST** 

**JNL/JPMorgan Global Allocation Fund** 

**(a series of JNL Series Trust)**

**AND**

**JNL/BlackRock Global Allocation Fund**

**(a series of JNL Series Trust)** 

**1 Corporate Way<br> Lansing, Michigan 48951<br> (517) 381-5500**

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Acquisition of the assets and assumption of the liabilities of: <u>By and in exchange for shares of:</u> <br> <u>JNL/JPMorgan Global Allocation Fund </u> <u>JNL/BlackRock Global Allocation Fund</u>

This Statement of Additional Information (the "SAI") relates specifically to the reorganization of the JNL/JPMorgan Global Allocation Fund (the "Acquired Fund") into the JNL/BlackRock Global Allocation Fund (the "Acquiring Fund") under which the Acquiring Fund would acquire all of the assets of the Acquired Fund in exchange solely for shares of the Acquiring Fund and that Acquiring Fund's assumption of all of the Acquired Fund's liabilities (the "Reorganization"). This SAI is available to separate accounts, registered investment companies, and non-qualified plans of Jackson National Life Insurance Company or Jackson National Life Insurance Company of New York with amounts allocated to the Acquired Fund and to other shareholders of the Acquired Fund as of January 31, 2026.

This SAI consists of the cover page, the information set forth below and the following described documents, each of which is incorporated by reference herein and accompanies this SAI:

(1) [The Statement of Additional Information of the Trust dated April 28, 2025, as supplemented, with respect to the Acquired Fund and Acquiring Fund (File Nos. 033-87244 and 811-08894)](https://www.sec.gov/ix?doc=/Archives/edgar/data/933691/000199937125004636/jnlst-485bpos_042425.htm);

(2) [The Annual Financial Statements of the Trust with respect to the Acquired Fund and Acquiring Fund for the fiscal year ended December 31, 2024 included in the Trust's Form N-CSR filing with the SEC (File Nos. 033-87244 and 811-08894)](https://www.sec.gov/Archives/edgar/data/933691/000138713125000030/jnlst-ncsr_12312024part3of3.htm); and

(3) [The Semi-Annual Financial Statements of the Trust with respect to the Acquired Fund and Acquiring Fund for the period ended June 30, 2025 included in JNL Series Trust's Form N-CSR filing with the SEC (File Nos. 033-87244 and 811-08894)](https://www.sec.gov/ix?doc=/Archives/edgar/data/933691/000138713125000238/jnlst-ncsrs_063025.htm).

This SAI is not a prospectus. An Information Statement and Prospectus dated February 13, 2026, relating to the Reorganization (the "Information Statement/Prospectus") 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 www.jackson.com. This SAI should be read in conjunction with the Information Statement/Prospectus.

**SUPPLEMENTAL FINANCIAL INFORMATION**

The Reorganization is expected to be effective as of the close of business on April 24, 2026, or on such later date as may be deemed necessary in the judgment of the Board of Trustees (the "Board") of the JNL Series Trust (the "Trust") in accordance with the Plan of Reorganization (the "Closing Date").

Following the Reorganization, the Acquiring Fund will be the accounting and performance survivor.

A table showing the fees of the Acquiring Fund and the Acquired Fund, and the fees and expenses of the Acquiring Fund on a pro forma basis after giving effect to the proposed Reorganization, is included in the section entitled "Comparative Fee and Expense Tables" of the of the Information Statement/Prospectus.

A schedule of investments of the Acquired Fund modified to show the effects of the Reorganization is not required and is not included. The Reorganization will not result in a material change in the Acquired Fund's investment portfolio due to the investment restrictions of the Acquiring Fund. It is currently anticipated that approximately 23% of the Acquired Fund's holdings will be transferred to the Acquiring Fund in connection with the Reorganization and that, prior to the Reorganization, approximately 77% of the Acquired Fund's holdings will be aligned or sold and the resulting proceeds will be invested in accordance with the Acquiring Fund's principal investment strategies. Additionally, the Acquired Fund currently holds 2 Russian securities asset that are unable to be sold or transferred to the Acquiring Fund. Because these assets are valued at zero and cannot be transferred to the Acquiring Fund, they will be managed by JPMorgan in separate accounts until they can be disposed of and the proceeds , if any, contributed as a receivable to the Acquiring Fund. There is no tax impact to Contract Owners as a result of portfolio repositioning. Additionally, the repositioning is not expected to have a material impact on the performance of the Acquired Fund prior to the Reorganization. Following the Reorganization, the Acquired Fund will cease to exist and the Acquired Fund's performance will not be reflected in the performance of the Acquiring Fund. It is not expected that the Acquiring Fund will revise any of its investment policies following the Reorganization to reflect those of the Acquired Fund. Notwithstanding the foregoing, changes may be made to the Acquired Fund's portfolio in advance of the Reorganization and/or the Acquiring Fund's portfolio following the Reorganization.

There are no material differences in accounting policies of the Acquired Fund as compared to those of the Acquiring Fund.

The Reorganization is not expected to be a taxable event for U.S. federal income tax purposes for Contract Owners.

Each Fund currently is and intends to be treated as a partnership for U.S. federal income tax purposes, and neither Fund expects to make regular distributions (other than in redemption of Fund Shares) to shareholders.

If the Reorganization is consummated, the Combined Fund would seek to continue to be treated as a partnership for U.S. federal income tax purposes, if such qualification is in the best interests of shareholders. Partnerships generally are not subject to federal income tax. In addition, the Acquired Fund, intends to qualify for treatment as a partnership for U.S. federal income tax purposes through the Closing Date of the Reorganization.

The Funds generally do not expect to make distributions of their net investment income and net realized capital gains.

For each Fund, distributions other than in redemption of Fund shares, if any, are automatically reinvested at net asset value in shares of the distributing class of that Fund.