# EDGAR Filing Document

**Accession Number:** 0000933691
**File Stem:** 0000933691-25-001295
**Filing Date:** 2025-12
**Character Count:** 353765
**Document Hash:** 127ddef0f6f01cd3e73d00a491d0c0cb
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000933691-25-001295.hdr.sgml**: 20251222

**ACCESSION NUMBER**: 0000933691-25-001295

**CONFORMED SUBMISSION TYPE**: N-14

**PUBLIC DOCUMENT COUNT**: 25

**FILED AS OF DATE**: 20251222

**DATE AS OF CHANGE**: 20251222

**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:** N-14
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 333-292355
- **FILM NUMBER:** 251591883

**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
**CENTRAL INDEX KEY**: 0000933691

**CENTRAL INDEX KEY**: 0000933691

**CENTRAL INDEX KEY**: 0000933691

**CENTRAL INDEX KEY**: 0000933691

## Series and Classes Contracts Data

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

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

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

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

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

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

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

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

File No. 333-[ ]

AS FILED WITH THE SECURITIES AND EXCHANGE COMMISSION ON DECEMBER 22, 2025

**SECURITIES AND EXCHANGE COMMISSION**

**WASHINGTON, D.C. 20549**

**FORM N-14**

REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933

Pre-Effective Amendment No. ☐

Post-Effective Amendment No. ☐

**JNL Series Trust**

(Exact Name of Registrant as Specified in Charter)

**1 Corporate Way**

**Lansing, Michigan 48951**

(Address of Principal Executive Offices)

**(517) 381-5500**

(Registrant's Area Code and Telephone Number)

**225 West Wacker Drive**

**Chicago, Illinois 60606**

(Mailing Address)

With copies to:

---

| | |
|:---|:---|
| **EMILY J. BENNETT, ESQ.**<br> **JNL Series Trust**<br> **1 Corporate Way**<br> **Lansing, Michigan 48951** | **PAULITA PIKE, ESQ.**<br> **Ropes & Gray LLP**<br> **191 North Wacker Drive**<br> **Chicago, Illinois 60606** |

---

------

Approximate Date of Proposed Public Offering:

As soon as practicable after this Registration Statement becomes effective.

It is proposed that this Registration Statement will become effective on January 21, 2026, pursuant to Rule 488 under the Securities Act of 1933, as amended.

Title of securities being registered: Class A and Class I Shares of beneficial interest in the series of the registrant designated as the JNL/Cohen & Steers U.S. Realty Fund.

No filing fee is required because the registrant is relying on Section 24(f) of the Investment Company Act of 1940, as amended, pursuant to which it has previously registered an indefinite number of shares (File Nos. 033-87244 and 811-08894).

**JNL SERIES TRUST**

**CONTENTS OF REGISTRATION STATEMENT**

This Registration Statement contains the following papers and documents:

Cover Sheet

Contents of Registration Statement

Letter to Contract Owners

Notice of Special Meeting

Contract Owner Voting Instructions

Part A - Proxy Statement/Prospectus

Part B - Statement of Additional Information

Part C - Other Information

Signature Page

Exhibits

**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:

Enclosed is a notice of a Special Meeting of Shareholders of the JNL/WMC Global Real Estate Fund (the "WMC Fund" or the "Acquired Fund"), a series of the JNL Series Trust (the "Trust"). The Special Meeting of Shareholders of the Acquired Fund is scheduled to be held at the offices of Jackson National Life Insurance Company, 1 Corporate Way, Lansing, Michigan 48951, on March 25, 2026, at 1:00 p.m., Eastern Time (the "Meeting"). At the Meeting, the shareholders of the Acquired Fund will be asked to approve the proposal described below.

The Trust's Board of Trustees (the "Board") called the Meeting to request shareholder approval of the reorganization (the "Reorganization") of the Acquired Fund into the JNL/Cohen & Steers U.S. Realty Fund (the "C&S 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."

Both the Acquired Fund and the Acquiring Fund are managed by Jackson National Asset Management, LLC ("JNAM"), and each is sub-advised by an investment sub-adviser. If the Reorganization is approved and implemented, each person that invests indirectly in the Acquired Fund will automatically become an investor indirectly in the Acquiring Fund.

The Board considered that the Acquired Fund was launched to provide long-term total return. The Board considered that the Acquired Fund has failed to gain traction with shareholders. 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. Thus, the Board considered the recommendation of JNAM to merge the Acquired Fund into the Acquiring Fund given the Funds' similar investment strategies. The Board also considered JNAM's belief that the Acquired Fund's shareholders will benefit from the investment expertise and resources of the Acquiring Fund's sub-adviser.

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.

Pending shareholder approval, 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. As of the date hereof, it is not expected that the Closing Date will be postponed. If the Closing Date is postponed to allow for additional time to solicit shareholder votes, shareholders will remain shareholders of their respective Fund(s). 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 $1,941,646 (0.35% of net assets). There is no tax impact to contract owners as a result of portfolio repositioning. 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. 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 with similar investment objectives as the Acquiring Fund. 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 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 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 New York variable annuity policies:

---

| |
|:---|
| &nbsp;&nbsp;Jackson National of 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 |

---

For Jackson New York variable universal life policies:

---

| |
|:---|
| &nbsp;&nbsp;Jackson National of NY<sup>®</sup> 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 |

---

An owner of a variable life insurance policy or variable annuity contract or certificate that participates in the Acquired Fund through the Divisions of separate accounts established by Jackson National Life Insurance Company or Jackson National Life Insurance Company of New York (each, an "Insurance Company") is entitled to instruct the applicable Insurance Company how to vote the Acquired Fund shares related to the ownership interest in those accounts as of the close of business on January 31, 2026. The attached Notice of Special Meeting of Shareholders and Proxy Statement and Prospectus concerning the Meeting describe the matters to be considered at the Meeting.

ii

You are cordially invited to attend the Meeting. Because it is important that your vote be represented whether or not you are able to attend, you are urged to consider these matters and to exercise your right to vote your shares by completing, dating, signing, and returning the enclosed voting instruction card in the accompanying return envelope at your earliest convenience or by relaying your voting instructions via telephone or the Internet by following the enclosed instructions. Of course, we hope that you will be able to attend the Meeting, and if you wish, you may vote your shares in person, even if you may have already returned a voting instruction card or submitted your voting instructions via telephone or the Internet. At any time prior to the Meeting, you may revoke your voting instructions by providing the Insurance Company with a properly executed written revocation of such voting instructions, properly executing later-dated voting instructions by a voting instruction card, telephone, or the Internet, or appearing and voting in person at the Meeting. Please respond promptly in order to save additional costs of proxy solicitation and to make sure you are represented.

---

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

---

iii

**JNL SERIES TRUST** 

**JNL/WMC Global Real Estate Fund** 

1 Corporate Way

Lansing, Michigan 48951

**NOTICE OF SPECIAL MEETING OF SHAREHOLDERS** 

**TO BE HELD ON MARCH 25, 2026**

 ****

To the Shareholders:

NOTICE IS HEREBY GIVEN that a Special Meeting of Shareholders of the JNL/WMC Global Real Estate Fund (the "WMC Fund" or the "Acquired Fund"), a series of JNL Series Trust (the "Trust"), will be held on March 25, 2026 at 1:00 p.m., Eastern Time, at the offices of Jackson National Life Insurance Company, 1 Corporate Way, Lansing, Michigan 48951 (the "Meeting").

The Meeting will be held to act on the following proposals:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. To approve the Plan of Reorganization, adopted by the Trust's Board of Trustees (the "Board"),
which provides for the reorganization of the WMC Fund into the JNL/Cohen & Steers U.S. Realty Fund, also a series of the Trust.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. To transact other business that may properly come before the Meeting or any adjournments thereof.

Please note that owners of variable life insurance policies or variable annuity contracts or certificates (the "Contract Owners") issued by Jackson National Life Insurance Company or Jackson National Life Insurance Company of New York (each, an "Insurance Company") who have invested in shares of the Acquired Fund through the investment divisions of a separate account or accounts of an Insurance Company ("Separate Account") will be given the opportunity, to the extent required by law, to provide the applicable Insurance Company with voting instructions on the above proposals.

You should read the Proxy Statement and Prospectus attached to this notice prior to completing your proxy or voting instruction card. The record date for determining the number of shares outstanding, the shareholders entitled to vote, and the Contract Owners entitled to provide voting instructions at the Meeting and any adjournments thereof has been fixed as the close of business on January 31, 2026. If you attend the Meeting, you may vote or give your voting instructions in person.

**YOUR VOTE IS IMPORTANT.**

**PLEASE RETURN YOUR PROXY CARD OR VOTING INSTRUCTION CARD PROMPTLY.**

Regardless of whether you plan to attend the Meeting, you should vote or give voting instructions by promptly completing, dating, signing, and returning the enclosed proxy or voting instruction card for the Acquired Fund in the enclosed postage-paid envelope. You also can vote or provide voting instructions through the Internet or by telephone using the 16-digit control number that appears on the enclosed proxy or voting instruction card and following the simple instructions. At any time prior to the Meeting, you may revoke your voting instructions by providing the Insurance Company with a properly executed written revocation of such voting instructions, properly executing later-dated voting instructions by a voting instruction card, telephone, or the Internet, or appearing and voting in person at the Meeting. If you are present at the Meeting, you may change your vote or voting instructions, if desired, at that time. The Board recommends that you vote or provide voting instructions to vote FOR the proposal.

---

| |
|:---|
| By order of the Board, |
| [•] |
| Mark D. Nerud |
| Trustee, President, and Chief Executive Officer |

---

February 13, 2026

Lansing, Michigan

ii

**JACKSON NATIONAL LIFE INSURANCE COMPANY**

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

**CONTRACT OWNER VOTING INSTRUCTIONS**

**REGARDING A SPECIAL MEETING OF SHAREHOLDERS OF**

**JNL/WMC GLOBAL REAL ESTATE FUND**

**A SERIES OF THE JNL SERIES TRUST**

**TO BE HELD ON MARCH 25, 2026**

**DATED: FEBRUARY 13, 2026**

**GENERAL** 

These Contract Owner voting instructions are being furnished 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"), to owners of their variable life insurance policies or variable annuity contracts or certificates (the "Contracts") (the "Contract Owners") who, as of January 31, 2026 (the "Record Date"), had net premiums or contributions allocated to the investment divisions of their separate accounts (the "Separate Accounts") that are invested in shares of the JNL/WMC Global Real Estate Fund (the "WMC Fund" or "Acquired Fund"), a series of the JNL Series Trust (the "Trust").

The Trust is a Massachusetts business trust registered with the Securities and Exchange Commission (the "SEC") as an open-end management investment company.

Each Insurance Company is required to offer Contract Owners the opportunity to instruct it, as the record owner of all of the shares of beneficial interest in the Acquired Fund (the "Shares") held by its Separate Accounts, as to how it should vote on the reorganization proposal (the "Proposal") to be considered at the Special Meeting of Shareholders of the Acquired Fund referred to in the preceding Notice and at any adjournments (the "Meeting"). The enclosed Proxy Statement and Prospectus, which you should retain for future reference, concisely sets forth information about the proposed reorganization involving the Acquired Fund and another series of the Trust that a Contract Owner should know before completing the enclosed voting instruction card.

These Contract Owner Voting Instructions and the accompanying voting instruction card are being mailed to Contract Owners on or about February 19, 2026.

**HOW TO INSTRUCT AN INSURANCE COMPANY**

To instruct an Insurance Company as to how to vote the Shares held in the investment divisions of its Separate Accounts, Contract Owners are asked to promptly complete their voting instructions on the enclosed voting instruction card(s) and sign, date, and mail the voting instruction card(s) in the accompanying postage-paid envelope. Contract Owners also may provide voting instructions by phone at 1-800-690-6903 or by Internet at our website at www.proxyvote.com.

**If a voting instruction card is not marked to indicate voting instructions but is signed, dated, and returned, it will be treated as an instruction to vote the Shares in favor of the Proposal.**

The number of Shares held in the investment division of a Separate Account corresponding to the Acquired Fund for which a Contract Owner may provide voting instructions was determined as of the Record Date by dividing (i) a Contract's account value (minus any Contract indebtedness) allocable to that investment division by (ii) the net asset value of one Share of the Acquired Fund. At any time prior to an Insurance Company's voting at the Meeting, a Contract Owner may revoke his or her voting instructions with respect to that investment division by providing the Insurance Company with a properly executed written revocation of such voting instructions, properly executing later-dated voting instructions by a voting instruction card, telephone or the Internet, or appearing and voting in person at the Meeting.

i

**HOW AN INSURANCE COMPANY WILL VOTE**

An Insurance Company will vote the Shares for which it receives timely voting instructions from Contract Owners in accordance with those instructions. Shares in each investment division of a Separate Account for which an Insurance Company receives a voting instruction card that is signed, dated, and timely returned but is not marked to indicate voting instructions will be treated as an instruction to vote the Shares in favor of the Proposal. Shares in each investment division of a Separate Account for which an Insurance Company receives no timely voting instructions from a Contract Owner, or that are attributable to amounts retained by an Insurance Company or its affiliate as surplus or seed money, will be voted by the applicable Insurance Company either for or against approval of the Proposal, or as an abstention, in the same proportion as the Shares for which Contract Owners (other than the Insurance Company) have provided voting instructions to the Insurance Company. Similarly, the Insurance Companies and their affiliates will vote their own shares and will vote shares that are held by the Fund of Funds whose shares are held by a Separate Account in the same proportion as voting instructions timely given by Contract Owners. As a result of proportionate voting, a small number of Contract Owners could determine the outcome of the Proposal. Please see "Additional Information about the Funds – Tax Status" below.

**OTHER MATTERS**

The Insurance Companies are not aware of any matters, other than the Proposal, to be acted on at the Meeting. If any other matters come before the Meeting, an Insurance Company will vote the Shares upon such matters in its discretion. Voting instruction cards may be solicited by employees of Jackson National or its affiliates as well as officers and agents of the Trust. The principal solicitation will be by mail, but voting instructions may also be solicited by telephone, personal interview, the Internet, or other permissible means.

The Meeting may be adjourned whether or not a quorum is present, by the chairperson of the Meeting from time to time to reconvene at the same or some other place as determined by the chairperson of the Meeting for any reason, including failure of a Proposal to receive sufficient votes for approval. No shareholder vote shall be required for any adjournment. No notice need be given that the Meeting has been adjourned other than by announcement at the Meeting. Any business that might have been transacted at the original Meeting may be transacted at any adjourned Meeting.

It is important that your Contract be represented. Please promptly mark your voting instructions on the enclosed voting instruction card; then sign, date, and mail the voting instruction card in the accompanying postage-paid envelope. You may also provide your voting instructions by phone at 1-800-690-6903 or by Internet at our website at www.proxyvote.com.

ii

**PROXY STATEMENT**

**for**

**JNL/WMC Global Real Estate Fund, a series of JNL Series Trust**

**and**

**PROSPECTUS**

**for**

**JNL/Cohen & Steers U.S. Realty Fund, a series of JNL Series Trust**

**Dated**

**February 13, 2026**

**1 Corporate Way**

**Lansing, Michigan 48951**

**(517) 381-5500**

------

This Proxy Statement and Prospectus (the "Proxy 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/WMC Global Real Estate Fund (the "WMC 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"). The purpose of this Proxy Statement/Prospectus is for shareholders of the WMC Fund to vote on a Plan of Reorganization, adopted by the Trust's Board of Trustees (the "Board"), which provides for the reorganization of the WMC Fund into the JNL/Cohen & Steers U.S. Realty Fund (the "C&S Fund" or the "Acquiring Fund"), also a series of the Trust.

This Proxy 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. Contract Owners are being provided the opportunity to instruct the applicable Insurance Company to approve or disapprove the proposal contained in this Proxy Statement/Prospectus in connection with the solicitation by the Board of proxies to be used at the Special Meeting of Shareholders of the Acquired Fund to be held at 1 Corporate Way, Lansing, Michigan 48951, on March 25, 2026, at 1:00 p.m., Eastern Time, or any adjournment or adjournments thereof (the "Meeting").

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

i

---

| | |
|:---|:---|
| **Proposal** | **Shareholders Entitled to Vote<br> on the Proposal** |
| &nbsp;&nbsp;1. To approve the Plan of Reorganization, adopted by the Board, which provides for the reorganization of the WMC Fund into the C&S Fund. | Shareholders of the<br> WMC Fund  |

---

The reorganization referred to in the above proposal is referred to herein as the "Reorganization."

This Proxy Statement/Prospectus, which you should retain for future reference, contains important information regarding the proposal that you should know before voting or providing voting instructions. Additional information about the Trust has been filed with the SEC and is available upon oral or written request without charge. This Proxy Statement/Prospectus is being provided to the Insurance Companies and mailed to Contract Owners on or about February 19, 2026. It is expected that one or more representatives of each Insurance Company will attend the Meeting in person or by proxy and will vote shares held by the Insurance Company in accordance with voting instructions received from its Contract Owners and in accordance with voting procedures established by the Trust.

The following documents have been filed with the SEC and are incorporated by reference into this Proxy 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-[ ]).

**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 Proxy 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](#pren14wmcglblrea137) | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;[The Proposed Reorganization](#pren14wmcglblrea138) | 1 |
| [PROPOSAL: APPROVAL OF THE PLAN OF REORGANIZATION WITH RESPECT TO THE REORGANIZATION OF THE WMC FUND INTO THE C&S FUND.](#pren14wmcglblrea139) | 2 |
| &nbsp;&nbsp;&nbsp;&nbsp;[Comparative Fee and Expense Tables](#pren14wmcglblrea140) | 4 |
| &nbsp;&nbsp;&nbsp;&nbsp;[Expense Examples](#pren14wmcglblrea141) | 5 |
| &nbsp;&nbsp;&nbsp;&nbsp;[Portfolio Turnover](#pren14wmcglblrea142) | 5 |
| &nbsp;&nbsp;&nbsp;&nbsp;[Comparison of Investment Adviser and Sub-Advisers](#pren14wmcglblrea143) | 5 |
| &nbsp;&nbsp;&nbsp;&nbsp;[Comparison of Investment Objectives and Principal Investment Strategies](#pren14wmcglblrea144) | 5 |
| &nbsp;&nbsp;&nbsp;&nbsp;[Comparison of Principal Risk Factors](#pren14wmcglblrea145) | 8 |
| &nbsp;&nbsp;&nbsp;&nbsp;[Comparison of Fundamental Policies](#pren14wmcglblrea146) | 10 |
| &nbsp;&nbsp;&nbsp;&nbsp;[Comparative Performance Information](#pren14wmcglblrea147) | 11 |
| &nbsp;&nbsp;&nbsp;&nbsp;[Capitalization](#pren14wmcglblrea148) | 14 |
| [ADDITIONAL INFORMATION ABOUT THE REORGANIZATION](#pren14wmcglblrea149) | 15 |
| &nbsp;&nbsp;&nbsp;&nbsp;[Terms of the Plan of Reorganization](#pren14wmcglblrea150) | 15 |
| &nbsp;&nbsp;&nbsp;&nbsp;[Description of the Securities to Be Issued](#pren14wmcglblrea151) | 16 |
| &nbsp;&nbsp;&nbsp;&nbsp;[Board Considerations](#pren14wmcglblrea152) | 16 |
| &nbsp;&nbsp;&nbsp;&nbsp;[Description of Risk Factors](#pren14wmcglblrea153) | 18 |
| &nbsp;&nbsp;&nbsp;&nbsp;[Federal Income Tax Consequences of the Reorganization](#pren14wmcglblrea154) | 18 |
| &nbsp;&nbsp;&nbsp;&nbsp;[Contingency Plan](#pren14wmcglblrea155) | 18 |
| [ADDITIONAL INFORMATION ABOUT THE FUNDS](#pren14wmcglblrea156) | 18 |
| &nbsp;&nbsp;&nbsp;&nbsp;[Management of the Trust](#pren14wmcglblrea157) | 18 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[The Trust](#pren14wmcglblrea158) | 18 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[The Adviser](#pren14wmcglblrea159) | 19 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Management Fees](#pren14wmcglblrea160) | 19 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[The Sub-Advisers](#pren14wmcglblrea161) | 21 |
| &nbsp;&nbsp;&nbsp;&nbsp;[Additional Information](#pren14wmcglblrea162) | 22 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Classes of Shares](#pren14wmcglblrea163) | 22 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Distribution Arrangements](#pren14wmcglblrea164) | 22 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Payments to Broker-Dealers and Financial Intermediaries](#pren14wmcglblrea165) | 23 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Investment in Trust Shares](#pren14wmcglblrea166) | 23 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;["Market Timing" Policy](#pren14wmcglblrea167) | 24 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Share Redemption](#pren14wmcglblrea168) | 25 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Dividends and Other Distributions](#pren14wmcglblrea169) | 26 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Tax Status](#pren14wmcglblrea170) | 26 |
| [FINANCIAL HIGHLIGHTS](#pren14wmcglblrea171) | 27 |
| [VOTING INFORMATION](#pren14wmcglblrea172) | 29 |
| &nbsp;&nbsp;&nbsp;&nbsp;[The Meeting](#pren14wmcglblrea173) | 29 |
| &nbsp;&nbsp;&nbsp;&nbsp;[Quorum and Voting](#pren14wmcglblrea174) | 29 |
| &nbsp;&nbsp;&nbsp;&nbsp;[Required Vote](#pren14wmcglblrea175) | 29 |
| &nbsp;&nbsp;&nbsp;&nbsp;[Contract Owner Voting Instructions](#pren14wmcglblrea176) | 29 |
| &nbsp;&nbsp;&nbsp;&nbsp;[Proxy and Voting Instruction Solicitations](#pren14wmcglblrea177) | 30 |
| &nbsp;&nbsp;&nbsp;&nbsp;[Adjournments](#pren14wmcglblrea178) | 30 |
| &nbsp;&nbsp;&nbsp;&nbsp;[Revocation of Voting Instructions](#pren14wmcglblrea179) | 30 |
| &nbsp;&nbsp;&nbsp;&nbsp;[Outstanding Shares and Principal Shareholders](#pren14wmcglblrea180) | 30 |
| [APPENDIX A](#pren14wmcglblrea181) | A-1 |
| [APPENDIX B](#pren14wmcglblrea182) | B-1 |
| [STATEMENT OF ADDITIONAL INFORMATION](#pren14wmcglblrea183) | C-1 |

---

iii

**SUMMARY**

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

**The Proposed Reorganization**

The proposed Reorganization is as follows:

---

| | |
|:---|:---|
| **Proposal** | **Shareholders Entitled to Vote<br> on the Proposal** |
| &nbsp;&nbsp;1. To approve the Plan of Reorganization, adopted by the Board, which provides for the Reorganization of the WMC Fund into the C&S Fund. | Shareholders of the<br> WMC Fund  |

---

This Proxy Statement/Prospectus is soliciting shareholders with amounts invested in the Acquired Fund as of January 31, 2026, to approve 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 WMC Fund. Accordingly, the Board is submitting the Plan of Reorganization for approval by the Acquired Fund's shareholders. In considering whether to approve the proposal ("Proposal"), you should review the Proposal for the Acquired Fund in which you were invested on the Record Date (as defined under "Voting Information"). In addition, you should review the information in this Proxy Statement/Prospectus that relates to the Proposal and the Plan of Reorganization generally.

**The Board recommends that you vote "FOR" the Proposal to approve the Plan of Reorganization.**

PROPOSAL: APPROVAL OF THE PLAN OF REORGANIZATION WITH RESPECT TO THE REORGANIZATION OF THE WMC FUND INTO THE C&S FUND.

This Proposal requests the approval of WMC Fund shareholders of the Plan of Reorganization pursuant to which the WMC Fund will be reorganized into the C&S Fund.

In considering whether you should approve this Proposal, you should note that:

● **Investment Objectives.** The Funds have different investment objectives. The WMC Fund seeks long-term total return, while the C&S Fund seeks total return through investment in real estate securities. 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 investment principal investment strategies, but there are notable differences. Both Funds are actively managed by a sub-adviser and invest in real estate investment trusts ("REITs"), depositary receipts, and equity securities, including common and preferred stock, of domestic and foreign issuers. Both Funds may also invest in real estate companies of any market capitalization. However, the Funds have different 80% investment policies. The WMC Fund seeks to meet its investment objective by investing, normally, at least 80% of its assets (net assets plus the amount of any borrowings made for investment purposes) in the securities of real estate and real estate-related issuers and derivatives and other instruments that have economic characteristics similar to such securities, whereas, the C&S Fund, under normal market conditions, seeks to achieve its investment objective by investing at least 80% of its assets (net assets plus the amount of any borrowings made for investment purposes) in equity securities issued by real estate companies operating in the United States, including REITs. The WMC Fund invests, under normal circumstances, in securities of issuers located in at least three different countries, including the United States, while the C&S Fund may invest in REIT-like entities organized outside of the U.S. that have operations and receive tax treatment in their respective countries similar to that of U.S. REITs, and may invest in securities of foreign issuers that meet the same criteria for investment as domestic companies, including investments in American Depositary Receipts, Global Depositary Receipts, and European Depositary Receipts. Additionally, the C&S Fund may invest without limit in shares of REITs in the U.S. and 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. 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**.

The C&S Fund is a "non-diversified" fund, as defined in the 1940 Act, and may invest more of its assets in fewer issuers than "diversified" mutual funds. The WMC Fund is a "diversified" fund."

Both Funds concentrate their investments. The WMC Fund concentrates its investments in the securities of domestic and foreign real estate and real estate-related companies. For purposes of the WMC Fund's concentration, real estate and real estate-related companies shall consist of companies (i) where at least 50% of its assets, gross income or net profits are attributable to ownership, construction, management, or sale of residential, commercial or industrial real estate, including listed equity REITs that own property, and mortgage REITs which make short-term construction and development mortgage loans or which invest in long-term mortgages or mortgage pools, or (ii) whose products and services are related to the real estate industry, such as manufacturers and distributors of building supplies and financial institutions which issue or service mortgages. The C&S Fund concentrates its investments in equity securities issued by real estate companies operating in the United States, including REITS.

● **Fundamental Policies.** The Funds have the similar fundamental policies; however, there are also differences. The C&S Fund is a "non-diversified" fund, whereas the WMC Fund is a "diversified" fund. A non-diversified fund may invest in a limited number of issuers. Under a definition provided by the 1940 Act, a non-diversified fund may invest in fewer securities, or in larger proportions of the securities of single companies or industries. If these securities were to decline in value, there could be a substantial loss of the investment. In addition, because of the investment strategies of a non-diversified fund, the fund may hold a smaller number of issuers than if it were "diversified." There is increased risk in investing in a smaller number of different issuers than there is in investing in a larger number of issuers since changes in the financial condition or market status of a single issuer may cause greater fluctuation in a non-diversified portfolio with respect to total return and share price. While both Funds have fundamental policies regarding industry concentration, they are different. The WMC Fund will invest more than 25% of the value of its total assets in securities of domestic and foreign real estate and real estate-related companies, the C&S Fund will invest more than 25% of the value of its total assets in equity securities issued by real estate companies operating in the United States, including REITs. In addition, the C&S Fund may not invest directly in real estate or interests in real estate; however, the C&S Fund may own debt or equity securities issued by companies engaged in those businesses. The WMC has no corresponding fundamental policy. 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 concentration risk, depositary receipts risk, foreign securities risk, interest rate risk, managed portfolio risk, market risk, mid-capitalization and small-capitalization investing risk, preferred stock risk, real estate investment risk, and REIT investment risk. However, the WMC Fund is also subject to accounting risk, company risk, convertible securities risk, credit risk, derivatives risk, emerging markets and less developed countries risk, European investment risk, high-yield bonds, lower-rated bonds, and unrated securities risk, investing in China A Shares risk, mortgage-related and other asset-backed securities risk, and short sales risk, which are not principal risks of investing in the C&S Fund. In addition, the principal risks of investing in the C&S Fund include equity securities risk, exchange-traded funds investing risk, government regulatory risk, investment in other investment companies risk, large-capitalization investing risk, non-diversification risk, portfolio turnover risk, and sector risk, which are not principal risks of investing in the WMC 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.** Jackson National Asset Management, LLC ("JNAM" or the "Adviser") serves as the investment adviser and administrator for each Fund and would continue to manage and administer the C&S 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 Wellington Management Company LLP ("WMC") as the sub-adviser, to manage the assets of the WMC Fund, and Cohen & Steers Capital Management, Inc. ("C&S") as the sub-adviser to manage the assets of the C&S Fund. It is anticipated that C&S will continue to sub-advise the C&S Fund after the Reorganization. For a detailed description of JNAM, WMC, and C&S, please see "Additional Information about the Funds - The Adviser" and "Additional Information about the Funds - The Sub-Advisers" below.

● **Asset Base.** The WMC Fund and C&S Fund had net assets of approximately $565.62 million and $86.86 million, 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 $652.48 million (net of estimated transaction expenses).

● **Description of the Securities to be Issued.** Class A Shareholders of the WMC Fund will receive Class A shares of the C&S Fund, and Class I Shareholders of the WMC Fund will receive Class I shares of the C&S 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 C&S Fund are expected to be lower than those of the WMC Fund currently. 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 the WMC Fund is equal to an annual rate of 0.575% of its average daily net assets, while the maximum management fee for the C&S Fund is equal to an annual rate of 0.580% of its average daily net assets. The minimum management fee for the WMC Fund is equal to an annual rate of 0.520% of its average daily net assets over $5 billion, while the minimum management fee for the C&S Fund is equal to an annual rate of 0.530% of its average daily net assets over $5 billion. As of December 31, 2024, the actual management fees of the WMC Fund and the C&S Fund were 0.580% and 0.64%, respectively. In addition, the maximum administrative fee for each of the WMC Fund and the C&S 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 both the WMC Fund and the C&S 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 C&S Fund. It is currently anticipated that approximately 32% of the WMC Fund's holdings will be transferred to the C&S Fund in connection with the Reorganization. Prior to the Reorganization, JNAM will likely use a transition manager to assist in the transition of the WMC Fund. It is anticipated that approximately 68% of the WMC Fund's holdings will be aligned or sold and the proceeds invested in securities that the C&S Fund wishes to hold. It is not expected that the C&S Fund will revise any of its investment policies following the Reorganization to reflect those of the WMC Fund.

The costs and expenses associated with the Reorganization relating to the solicitation of proxies, including preparing, filing, printing, and mailing of the Proxy Statement/Prospectus and related disclosure documents, and the costs and expenses relating 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 Internal Revenue Code of 1986, as amended (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 C&S 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 WMC Fund will bear transaction expenses, which typically include, but are not limited to, trade commissions, related fees and taxes, and any foreign exchange spread costs, where applicable (the "Transaction Costs"), associated with the Reorganization. Such Transaction Costs are estimated to be $1,941,646 (0.35% 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 WMC 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 proposed 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)*

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  | &nbsp;&nbsp; **Acquired Fund:**<br> **WMC Fund** | &nbsp;&nbsp; **Acquired Fund:**<br> **WMC Fund** | &nbsp;&nbsp; **Acquiring Fund:**<br> **C&S Fund** | &nbsp;&nbsp; **Acquiring Fund:**<br> **C&S Fund** | &nbsp;&nbsp;*Pro Forma* **C&S Fund** (assuming expected operating expenses if the Reorganization is approved) | &nbsp;&nbsp;*Pro Forma* **C&S Fund** (assuming expected operating expenses if the Reorganization is approved) |
|  |  | &nbsp;&nbsp;**Class A** | &nbsp;&nbsp;**Class I** | &nbsp;&nbsp;**Class A** | &nbsp;&nbsp;**Class I** | &nbsp;&nbsp;**Class A** | &nbsp;&nbsp;**Class I** |
| &nbsp;&nbsp;Management Fee | &nbsp;&nbsp;Management Fee | &nbsp;&nbsp;0.58% | &nbsp;&nbsp;0.58% | &nbsp;&nbsp;0.58% | &nbsp;&nbsp;0.58% | &nbsp;&nbsp;0.58% | &nbsp;&nbsp;0.58% |
| &nbsp;&nbsp;Distribution and/or Service (12b-1) Fees | &nbsp;&nbsp;Distribution and/or Service (12b-1) Fees | &nbsp;&nbsp;0.30% | &nbsp;&nbsp;0.00% | &nbsp;&nbsp;0.30% | &nbsp;&nbsp;0.00% | &nbsp;&nbsp;0.30% | &nbsp;&nbsp;0.00% |
| &nbsp;&nbsp;Other Expenses<sup>1</sup> | &nbsp;&nbsp;Other Expenses<sup>1</sup> | &nbsp;&nbsp;0.15% | &nbsp;&nbsp;0.15% | &nbsp;&nbsp;0.15% | &nbsp;&nbsp;0.15% | &nbsp;&nbsp;0.15% | &nbsp;&nbsp;0.15% |
| &nbsp;&nbsp;Total Annual Fund Operating Expenses<sup>2</sup> | &nbsp;&nbsp;Total Annual Fund Operating Expenses<sup>2</sup> | &nbsp;&nbsp;1.03% | &nbsp;&nbsp;0.73% | &nbsp;&nbsp;1.03% | &nbsp;&nbsp;0.73% | &nbsp;&nbsp;1.03% | &nbsp;&nbsp;0.73% |
| <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> | Expense information for the C&S Fund has been restated to reflect current fees. | Expense information for the C&S Fund has been restated to reflect current fees. | Expense information for the C&S Fund has been restated to reflect current fees. | Expense information for the C&S Fund has been restated to reflect current fees. | Expense information for the C&S Fund has been restated to reflect current fees. | Expense information for the C&S Fund has been restated to reflect current fees. | Expense information for the C&S Fund has been restated to reflect current fees. |

---

**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:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **1 Year** | **3 Years** | **5 Years** | **10 Years** |
| &nbsp;&nbsp;**WMC Fund (Acquired Fund)** |  |  |  |  |
| &nbsp;&nbsp;Class A | $105 | $328 | $569 | $1259 |
| &nbsp;&nbsp;Class I | $75 | $233 | $406 | $906 |
| &nbsp;&nbsp;**C&S Fund (Acquiring Fund)** |  |  |  |  |
| &nbsp;&nbsp;Class A | $105 | $328 | $569 | $1259 |
| &nbsp;&nbsp;Class I | $75 | $233 | $406 | $906 |
| &nbsp;&nbsp; ***Pro Forma* C&S Fund** <br> (assuming expected operating expenses if the Reorganization is approved) |  |  |  |  |
| &nbsp;&nbsp;Class A | $105 | $328 | $569 | $1259 |
| &nbsp;&nbsp;Class I | $75 | $233 | $406 | $906 |

---

**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 WMC Fund and the C&S Fund were 58% and 23%, respectively, of the average value of each portfolio.

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

The following table compares the investment adviser and sub-adviser of the WMC Fund with that of the C&S Fund.

---

| | |
|:---|:---|
| **Acquired Fund** | **Acquiring Fund** |
| **WMC Fund** | **C&S Fund** |
| *Investment Adviser*<br>Jackson National Asset Management, LLC<br>*Investment Sub-Adviser*<br>Wellington Management Company LLP | *Investment Adviser*<br>Jackson National Asset Management, LLC<br>*Investment Sub-Adviser*<br>Cohen & Steers Capital Management, Inc. |

---

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

The following table compares the investment objectives and principal investment strategies of the WMC Fund with those of the C&S Fund. The Funds have different investment objectives. The WMC Fund seeks long-term total return, while the C&S Fund seeks total return through investment in real estate securities. The Funds have similar investment principal investment strategies, but there are notable differences. Both Funds are actively managed by a sub-adviser and invest in REITs, depositary receipts, and equity securities, including common and preferred stock, of domestic and foreign issuers. Both Funds may also invest in real estate companies of any market capitalization. However, the Funds have different 80% investment policies. The WMC Fund seeks to meet its investment objective by investing, normally, at least 80% of its assets (net assets plus the amount of any borrowings made for investment purposes) in the securities of real estate and real estate-related issuers and derivatives and other instruments that have economic characteristics similar to such securities, whereas, the C&S Fund, under normal market conditions, seeks to achieve its investment objective by investing at least 80% of its assets (net assets plus the amount of any borrowings made for investment purposes) in equity securities issued by real estate companies operating in the United States, including REITs. The WMC Fund invests, under normal circumstances, in securities of issuers located in at least three different countries, including the United States, while the C&S Fund may invest in REIT-like entities organized outside of the U.S. that have operations and receive tax treatment in their respective countries similar to that of U.S. REITs, and may invest in securities of foreign issuers that meet the same criteria for investment as domestic companies, including investments in American Depositary Receipts, Global Depositary Receipts, and European Depositary Receipts. Additionally, the C&S Fund may invest without limit in shares of REITs in the U.S. and 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. 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.

The C&S Fund is a "non-diversified" fund, as defined in the 1940 Act, and may invest more of its assets in fewer issuers than "diversified" mutual funds. The WMC Fund is a "diversified" fund."

Both Funds concentrate their investments. The WMC Fund concentrates its investments in the securities of domestic and foreign real estate and real estate-related companies. For purposes of the WMC's concentration, real estate and real estate-related companies shall consist of companies (i) where at least 50% of its assets, gross income or net profits are attributable to ownership, construction, management, or sale of residential, commercial or industrial real estate, including listed equity REITs that own property, and mortgage REITs which make short-term construction and development mortgage loans or which invest in long-term mortgages or mortgage pools, or (ii) whose products and services are related to the real estate industry, such as manufacturers and distributors of building supplies and financial institutions which issue or service mortgages. The C&S Fund concentrates its investments in equity securities issued by real estate companies operating in the United States, including REITS. 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**.

---

| | |
|:---|:---|
| **Acquired Fund** | **Acquiring Fund** |
| **WMC Fund** | **C&S Fund** |
| *Investment Objective*<br>The investment objective of the Fund is long-term total return. | *Investment Objective*<br>The investment objective of the Fund is to seek total return through investment in real estate securities. |
| *Principal Investment Strategies*<br>The Fund seeks to meet its investment objective by investing, normally, at least 80% of its assets (net assets plus the amount of any borrowings made for investment purposes) in the securities of real estate and real estate-related issuers and derivatives and other instruments that have economic characteristics similar to such securities. | *Principal Investment Strategies*<br>Under normal market conditions, the Fund seeks to achieve its investment objective by investing at least 80% of its assets (net assets plus the amount of any borrowings made for investment purposes) in equity securities issued by real estate companies operating in the United States, including real estate investment trusts ("REITs"). |
| The Fund's common stock investments may also include China A-shares (shares of companies based on mainland China that trade on the Shanghai Stock Exchange and the Shenzhen Stock Exchange). | No corresponding strategy. |
| The Fund invests primarily in real estate investment trusts ("REITs"), depositary receipts and equity securities (including common and preferred stock, and convertible stock) of domestic and foreign issuers. The Fund invests, under normal circumstances, in securities of issuers located in at least three different countries, including the United States. | Real estate equity securities include common stocks, preferred stocks, other equity securities issued by real estate companies, including REITs and similar REIT-like entities. REITs are companies that own interests in real estate or in real estate related loans or other interests, and their revenue primarily consists of rent derived from owned, income producing real estate properties and capital gains from the sale of such properties. The Fund may invest without limit in shares of REITs. A REIT in the U.S. is generally not taxed on income distributed to shareholders so long as it meets certain tax related requirements, including the requirement that it distribute substantially all of its taxable income to such shareholders (other than net capital gains for each taxable year). REIT-like entities are organized outside of the U.S. and have operations and receive tax treatment in their respective countries similar to that of U.S. REITs.<br>The Fund may also invest in securities of foreign issuers that meet the same criteria for investment as domestic companies, including investments in American Depositary Receipts ("ADRs"), Global Depositary Receipts ("GDRs"), and European Depositary Receipts ("EDRs"). |

---

---

| | |
|:---|:---|
| **Acquired Fund** | **Acquiring Fund** |
| **WMC Fund** | **C&S Fund** |
| The Fund may invest up to 20% of its net assets in securities of issuers located in emerging markets countries, i.e., those that are in the initial stages of their industrial cycles. These companies include REITs or other real estate operating companies.<br>Investment in equity and debt securities of companies unrelated to the real estate industry are generally limited to securities that the portfolio managers believe are undervalued and have potential for growth of capital. The Fund may purchase debt securities including U.S. Treasury and agency bonds and notes. The Fund may also invest up to 10% of its total assets in non-investment grade debt securities (commonly known as "junk-bonds") of real estate and real estate-related issuers.<br>The Fund also may engage in short sales of securities.<br>The Fund can invest in derivative instruments including forward foreign currency contracts.<br>The Fund can use forward foreign currency contracts to hedge against adverse movements in the foreign currencies in which portfolio securities are denominated; though the Fund has not historically used these instruments.<br>| No corresponding strategy. |
| The Fund may invest in securities of issuers of all capitalization sizes. Real estate companies tend to have smaller asset bases compared with other market sectors, therefore, the Fund may hold a significant amount of securities of small- and mid-capitalization issuers.<br>The Fund will concentrate its investments in the securities of domestic and foreign real estate and real estate-related companies. For purposes of this concentration, real estate and real estate-related companies shall consist of companies (i) where at least 50% of its assets, gross income or net profits are attributable to ownership, construction, management, or sale of residential, commercial or industrial real estate, including listed equity REITs that own property, and mortgage REITs which make short-term construction and development mortgage loans or which invest in long-term mortgages or mortgage pools, or (ii) whose products and services are related to the real estate industry, such as manufacturers and distributors of building supplies and financial institutions which issue or service mortgages.<br>| The Fund may invest in real estate companies of any market capitalization.<br>A real estate company is one that (i) derives at least 50% of its revenue from the ownership, construction, financing, management or sale of commercial, industrial or residential real estate and land; or (ii) has at least 50% of its assets invested in real estate.<br>|

---

---

| | |
|:---|:---|
| **Acquired Fund** | **Acquiring Fund** |
| **WMC Fund** | **C&S Fund** |
| No corresponding strategy. | Cohen & Steers Capital Management, Inc., the Fund's sub-adviser ("Sub-Adviser") uses a bottom-up strategy, relative value investment process when selecting publicly traded real estate securities. To guide the portfolio construction process, the Sub-Adviser uses a proprietary valuation model that quantifies relative valuation of real estate securities based on price-to-net asset value ("NAV"), cash flow multiple/growth ratios, and a dividend discount model ("DDM"). The Sub-Adviser incorporates both quantitative and qualitative analysis in their NAV, cash flow, growth and DDM estimates. The company research process includes an evaluation of the commercial real estate supply and demand dynamics, management, strategy, property quality, financial strength and corporate structure. Judgments with respect to risk control, geographic and property sector diversification, liquidity and other factors are considered along with the models' output and drive the Sub-Adviser's investment decisions.<br>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.<br>The Fund is a "non-diversified" fund, as defined in the Investment Company Act of 1940, as amended (the "1940 Act"), and may invest more of its assets in fewer issuers than "diversified" mutual funds. |

---

**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 concentration risk, depositary receipts risk, foreign securities risk, interest rate risk, managed portfolio risk, market risk, mid-capitalization and small-capitalization investing risk, preferred stock risk, real estate investment risk, and REIT investment risk. However, the WMC Fund is also subject to accounting risk, company risk, convertible securities risk, credit risk, derivatives risk, emerging markets and less developed countries risk, European investment risk, high-yield bonds, lower-rated bonds, and unrated securities risk, investing in China A Shares risk, mortgage-related and other asset-backed securities risk, and short sales risk, which are not principal risks of investing in the C&S Fund. In addition, the principal risks of investing in the C&S Fund include equity securities risk, exchange-traded funds investing risk, government regulatory risk, investment in other investment companies risk, large-capitalization investing risk, non-diversification risk, portfolio turnover risk, and sector risk, which are not principal risks of investing in the WMC 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**.

---

| | | |
|:---|:---|:---|
| | **Acquired Fund** | **Acquiring Fund** |
| **Risks** | **WMC Fund** | **C&S Fund** |
| Accounting risk | X | |
| Company risk | X | |
| Concentration risk | X | X |
| Convertible securities risk | X | |
| Credit risk | X | |
| Depositary receipts risk | X | X |
| Derivatives risk | X | |
| Emerging markets and less developed countries risk | X | |
| Equity securities risk | | X |
| European investment risk | X | |
| Exchange-traded funds investing risk | | X |
| Foreign securities risk | X | X |
| Government regulatory risk | | X |
| High-yield bonds, lower-rated bonds, and unrated securities risk | X | |
| Interest rate risk | X | X |
| Investing in China A Shares risk | X | |
| Investment in other investment companies risk | | X |
| Large-capitalization investing risk | | X |
| Managed portfolio risk | X | X |
| Market risk | X | X |
| Mid-capitalization and small-capitalization investing risk | X | X |
| Mortgage-related and other asset-backed securities risk | X | |
| Non-diversification risk | | X |

---

---

| | | |
|:---|:---|:---|
| | **Acquired Fund** | **Acquiring Fund** |
| **Risks** | **WMC Fund** | **C&S Fund** |
| Portfolio turnover risk | | X |
| Preferred stock risk | X | X |
| Real estate investment risk | X | X |
| REIT investment risk | X | X |
| Sector risk | | X |
| Short sales risk | 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 WMC Fund with those of the C&S Fund.

The WMC Fund is a diversified fund, which means that at least 75% of the value of the Fund's total assets is represented by cash and cash items, government securities, securities of other investment companies or other securities. For purposes of this calculation, the WMC Fund may not invest more than 5% of its total assets in the securities of one issuer nor may the Fund own more than 10% of the outstanding voting securities of such issuer. The C & S Fund is a non-diversified fund and, as such, is not subject to such requirements

---

| | |
|:---|:---|
| **Acquired Fund** | **Acquiring Fund** |
| **WMC Fund** | **C&S Fund** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1) The Fund will invest more than 25% ***(for the WMC Fund, the percentage limitation is a non-fundamental restriction)*** of the value of its assets in any particular industry (other than U.S. Government securities and/or foreign sovereign debt securities).<br>The Fund will concentrate (as such term may be defined or interpreted under the 1940 Act, the rules thereunder, and governing interpretations) its investments in the securities of domestic and foreign real estate and real estate-related companies. For purposes of this fundamental restriction regarding industry concentration, real estate and real estate-related companies shall consist of companies (i) where at least 50% of its assets, gross income or net profits are attributable to ownership, construction, management, or sale of residential, commercial or industrial real estate, including listed equity REITs that own property, and mortgage REITs which make short-term construction and development mortgage loans or which invest in long-term mortgages or mortgage pools, or (ii) whose products and services are related to the real estate industry, such as manufacturers and distributors of building supplies and financial institutions which issue or service mortgages. | The Fund will 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).<br>The Fund will concentrate its investments in equity securities issued by real estate companies operating in the United States, including REITs.<br>|

---

---

| | |
|:---|:---|
| **Acquired Fund** | **Acquiring Fund** |
| **WMC Fund** | **C&S Fund** |
| &nbsp;&nbsp;(2) No corresponding fundamental policy. | 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;(3) 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). | Same. |
| &nbsp;&nbsp;(4) 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). | Same. |
| &nbsp;&nbsp;(5) 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. | Same. |
| &nbsp;&nbsp;(6) The Fund may not invest more than 15% of its net assets in illiquid securities. | Same. |
| &nbsp;&nbsp;(7) 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. | Same. |
| &nbsp;&nbsp;(8) 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.\* | 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 an additional index that the Adviser believes more closely reflects the market segments in which each Fund invests. For the WMC 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 April 29, 2024, the Morningstar<sup>®</sup> Global Target Market Exposure Index℠ (Net) replaced the FTSE EPRA Nareit Developed Real Estate Index (Net) as the WMC Fund's broad-based securities market index in accordance with new regulatory disclosure requirements. The FTSE EPRA Nareit Developed Index (Net) is included as an additional index for the WMC Fund because the Adviser believes it more closely reflects the market segments in which the WMC Fund invests. Also, effective April 29, 2024, the Morningstar<sup>®</sup> US Target Market Exposure Index℠ replaced the Morningstar<sup>®</sup> US REIT Index℠ as the C&S Fund's broad-based securities market index in accordance with new regulatory disclosure requirements. The Morningstar<sup>®</sup> US REIT Index℠ is included as an additional index for the C&S Fund because the Adviser believes it more closely reflects the market segments in which the C&S Fund invests.

Performance prior to April 26, 2021 reflects the WMC Fund's results when managed by the former sub-adviser, Invesco Advisers, Inc.

Performance prior to October 21, 2024 reflects the C&S Fund's results when managed by the former sub-adviser, Heitman Real Estate Securities LLC.

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

**WMC Fund – Calendar Year Total Returns**

**(Acquired Fund)**

**Class A**![](pren14wmcglblre001.jpg)

**Best Quarter (ended 3/31/2019):** 14.98%; **Worst Quarter (ended 3/31/2020):** -27.67%

**Class I**![](pren14wmcglblre002.jpg)

**Best Quarter (ended 3/31/2019):** 15.08%; **Worst Quarter (ended 3/31/2020):** -27.59%

**C&S Fund – Calendar Year Total Returns** 

**(Acquiring Fund)**

**Class A**

![](pren14wmcglblre003.jpg)

**Best Quarter (ended 9/30/2024):** 16.22%; **Worst Quarter (ended 3/31/2020):** -25.30%

**Class I**

![](pren14wmcglblre004.jpg)

**Best Quarter (ended 9/30/2024):** 16.35%; **Worst Quarter (ended 3/31/2020):** -25.28%

---

| | | | |
|:---|:---|:---|:---|
| **Acquired Fund – Average Annual Total Returns as of 12/31/2024** | | | |
|  | **1 year** | **5 year** | **10 year** |
| &nbsp;&nbsp;WMC Fund (Class A) | 5.63% | -1.40% | 1.80% |
| &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;FTSE EPRA Nareit Developed Index (Net) (reflects no deduction for fees, expenses, or taxes) | 0.94% | -1.00% | 2.23% |

---

---

| | | | |
|:---|:---|:---|:---|
| **Acquired Fund – Average Annual Total Returns as of 12/31/2024** | | | |
|  | **1 year** | **5 year** | **10 year** |
| &nbsp;&nbsp;WMC Fund (Class I) | 5.85% | -1.11% | 2.07% |
| &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;FTSE EPRA Nareit Developed Index (Net) (reflects no deduction for fees, expenses, or taxes) | 0.94% | -1.00% | 2.23% |

---

---

| | | | |
|:---|:---|:---|:---|
| **Acquiring Fund – Average Annual Total Returns as of 12/31/2024** | | | |
|  | **1 year** | **5 year** | &nbsp;&nbsp; **Life of Fund**<br> **(August 13, 2018)** |
| &nbsp;&nbsp;C&S Fund (Class A) | 4.46% | 3.28% | 5.20% |
| &nbsp;&nbsp;Morningstar US Target Market Exposure Index (reflects no deduction for fees, expenses, or taxes) | 24.91% | 14.45% | 13.93% |
| &nbsp;&nbsp;Morningstar US REIT Index (reflects no deduction for fees, expenses, or taxes) | 4.75% | 3.24% | 5.75% |

---

---

| | | | |
|:---|:---|:---|:---|
| **Acquiring Fund – Average Annual Total Returns as of 12/31/2024** | | | |
|  | **1 year** | **5 year** | &nbsp;&nbsp; **Life of Class**<br> **(August 13, 2018)** |
| &nbsp;&nbsp;C&S Fund (Class I) | 4.83% | 3.58% | 5.51% |
| &nbsp;&nbsp;Morningstar US Target Market Exposure Index (reflects no deduction for fees, expenses, or taxes) | 24.91% | 14.45% | 13.93% |
| &nbsp;&nbsp;Morningstar US REIT Index (reflects no deduction for fees, expenses, or taxes) | 4.75% | 3.24% | 5.75% |

---

**Capitalization**

The following table shows the capitalization of each Fund as of December 1, 2025, and of the C&S Fund on a pro forma combined basis as of December 1, 2025 after giving effect to the proposed Reorganization. The actual net assets of the WMC Fund and the C&S 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 C&S Fund will be received by shareholders of WMC Fund on the Closing Date, and the following table should not be relied upon to reflect the number of shares of the C&S Fund that will actually be received.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  |  | **Net** <br> **Assets** | **Net Asset Value Per** <br> **Share** | **Shares** <br> **Outstanding** |
| &nbsp;&nbsp;**WMC Fund (Acquired Fund) – Class A** | &nbsp;&nbsp;**WMC Fund (Acquired Fund) – Class A** | $541857174 | 11.14 | 48652673 |
| &nbsp;&nbsp;**C&S Fund (Acquiring Fund) – Class A** | &nbsp;&nbsp;**C&S Fund (Acquiring Fund) – Class A** | $77454513 | 9.88 | 7838839 |
| &nbsp;&nbsp;**Adjustments** | &nbsp;&nbsp;**Adjustments** | $(1945649) (a) | 0 | 5,996,375 (b) |
| &nbsp;&nbsp;***Pro forma* C&S Fund – Class A (assuming the Reorganization is approved**) | &nbsp;&nbsp;***Pro forma* C&S Fund – Class A (assuming the Reorganization is approved**) | $617366038 | 9.88 | 62487887 |
| &nbsp;&nbsp;**WMC Fund (Acquired Fund) – Class I** | &nbsp;&nbsp;**WMC Fund (Acquired Fund) – Class I** | $4803925 | 11.55 | 415754 |
| &nbsp;&nbsp;**C&S Fund (Acquiring Fund) – Class I** | &nbsp;&nbsp;**C&S Fund (Acquiring Fund) – Class I** | $3437097 | 10.01 | 343402 |
| &nbsp;&nbsp;**Adjustments** | &nbsp;&nbsp;**Adjustments** | $(17997) (a) | 0 | 62,454 (b) |
| &nbsp;&nbsp;***Pro forma* C&S Fund – Class I (assuming the Reorganization is approved)** | &nbsp;&nbsp;***Pro forma* C&S Fund – Class I (assuming the Reorganization is approved)** | $8223025 | 10.01 | 821610 |
| (a) | The costs and expenses associated with the Reorganization relating to the solicitation of proxies, including preparing, filing, printing, and mailing of the Proxy Statement/Prospectus and related disclosure documents, and the costs and expenses relating 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 Acquiring Fund whether or not the Reorganization is consummated. Such legal fees are estimated to be $22,000 (0.03% 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 32% 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 68% of the Acquired Fund's holdings will be aligned or sold and the proceeds invested in securities that the Acquiring Fund wishes to hold. The Acquired Fund will bear the Transaction Costs associated with the Reorganization. Such Transaction Costs are estimated to be $1,941,646 (0.35% of net assets). | The costs and expenses associated with the Reorganization relating to the solicitation of proxies, including preparing, filing, printing, and mailing of the Proxy Statement/Prospectus and related disclosure documents, and the costs and expenses relating 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 Acquiring Fund whether or not the Reorganization is consummated. Such legal fees are estimated to be $22,000 (0.03% 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 32% 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 68% of the Acquired Fund's holdings will be aligned or sold and the proceeds invested in securities that the Acquiring Fund wishes to hold. The Acquired Fund will bear the Transaction Costs associated with the Reorganization. Such Transaction Costs are estimated to be $1,941,646 (0.35% of net assets). | The costs and expenses associated with the Reorganization relating to the solicitation of proxies, including preparing, filing, printing, and mailing of the Proxy Statement/Prospectus and related disclosure documents, and the costs and expenses relating 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 Acquiring Fund whether or not the Reorganization is consummated. Such legal fees are estimated to be $22,000 (0.03% 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 32% 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 68% of the Acquired Fund's holdings will be aligned or sold and the proceeds invested in securities that the Acquiring Fund wishes to hold. The Acquired Fund will bear the Transaction Costs associated with the Reorganization. Such Transaction Costs are estimated to be $1,941,646 (0.35% of net assets). | The costs and expenses associated with the Reorganization relating to the solicitation of proxies, including preparing, filing, printing, and mailing of the Proxy Statement/Prospectus and related disclosure documents, and the costs and expenses relating 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 Acquiring Fund whether or not the Reorganization is consummated. Such legal fees are estimated to be $22,000 (0.03% 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 32% 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 68% of the Acquired Fund's holdings will be aligned or sold and the proceeds invested in securities that the Acquiring Fund wishes to hold. The Acquired Fund will bear the Transaction Costs associated with the Reorganization. Such Transaction Costs are estimated to be $1,941,646 (0.35% of net assets). |
| (b) | The adjustment to the pro forma shares outstanding number represents an increase 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 an increase 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 an increase 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 an increase 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 WMC Fund by the C&S Fund. If the Reorganization had taken place on December 1, 2025, shareholders of the WMC Fund would have received 54,649,048 and 478,208 Class A and Class I shares, respectively, of the C&S Fund.

**After careful consideration, the Board unanimously approved the Plan of Reorganization with respect to the WMC Fund. Accordingly, the Board has submitted the Plan of Reorganization for approval by the WMC Fund's shareholders. The Board recommends that you vote "FOR" this Proposal.** 

\* \* \* \* \*

**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**.

If shareholders of the Acquired Fund approve the Plan of Reorganization, then 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 proposed 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 provide long-term total return. The Board considered that the primary driver behind the proposal is to consolidate the number of real estate funds on the platform. 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 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 Funds' similar investment strategies. The Board considered JNAM's statement that, given the uniqueness of the real estate asset class, there are no real estate funds with a similar investment strategy and investment style on the platform, other than the Acquiring Fund. The Board also considered JNAM's statement that is has greater conviction in C&S's listed REIT investment capabilities and that the Reorganization is in the best interests of the Acquired Fund's shareholders given the WMC Fund's lack of traction with shareholders and lack of other options in the real estate asset class.

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 real estate fund, while noting that the Acquired Fund's investment objective is different than that of the Acquiring Fund. The Acquired Fund seeks long-term total return, while the Acquiring Fund seeks total return through investment in real estate securities . In addition, the Board considered the similarities and differences between the Funds' principal investment strategies, while also considering management's conviction in the Acquiring Fund's listed REIT capabilities compared to those of the Acquired Fund. 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, if approved by the Acquired Fund's shareholders, the Reorganization is expected to result in a Combined Fund with a total annual fund operating expense ratio and management fee that are lower than those of the Acquired and Acquiring Fund currently because of the management fee reduction. See "Comparative Fee and Expense Tables." See "Comparative Fee and Expense Tables."

● **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 $559.92 million as compared to assets of approximately $83.06 million for the Acquiring Fund. The Board considered management's assertion that the Acquired Fund's shareholders would be better served by merging the Acquired Fund into the Acquiring Fund and that reorganizing the Acquired Fund into the Acquiring Fund may be the best way to offer Contract Owners and other investors the ability to achieve economies of scale. The Board extensively discussed whether it is in the best interests of the Acquired Fund shareholders for the Acquired Fund to be merged into a fund with less assets and considered whether the Acquiring Fund's Sub-Adviser will be equipped to properly manage a combined fund with more assets than the Acquiring Fund. The Board also noted JNAM's statement that the Combined Fund may also realize greater economies of scale and that it will offer the potential benefit of increased investment opportunities and more diversified portfolios of securities. 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 five-year period ended September 30, 2025, while the Acquired Fund had a better performance track record than the Acquiring Fund for the quarter, year-to-date, one- and three-year periods ended September 30, 2025. The Board noted that during the 2024 calendar year, the Acquiring Fund returned 4.46%, while the Acquired Fund returned 5.63%, but considered JNAM's statement that the underperformance of the Acquiring Fund was attributable to the C&S Fund's prior sub-adviser. The Board also noted that the Acquiring Fund had outperformed the Acquired Fund for the 2023, 2022, and 2021 calendar years and that this performance was attributable to the C&S Fund's prior sub-adviser. The Board also considered that the Acquired Fund outperformed the Acquiring Fund for most reported annualized periods. Furthermore, the Board considered JNAM's conviction in the Acquiring Fund's listed REIT capabilities on a go-forward basis.

● **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 and custodians. Specifically, the Board considered that the Acquired Fund is sub-advised by WMC, and that the sub-adviser for the Acquiring Fund is C&S. See "Comparison of Investment Adviser and Sub-Advisers." The Board also noted that the custodian for the Acquired Fund is JPMorgan Chase Bank, N.A., and the custodian for the Acquiring Fund is State Street Bank & Trust Company. 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 the solicitation of proxies, including preparing, filing, printing, and mailing of the Proxy Statement/Prospectus and related disclosure documents, and the costs and expenses relating to obtaining a consent of an independent registered public accounting firm, will be borne by JNAM whether or not the Reorganization is consummated. The Board also considered that 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. No sales or other charges will be imposed on Contract Owners in connection with the Reorganization. The Board considered that it is currently anticipated that approximately 32% of the WMC Fund's holdings will be transferred to the C&S Fund in connection with the Reorganization. Prior to the Reorganization, JNAM will likely use a transition manager to assist in the transition of the WMC Fund. It is anticipated that approximately 68% of the WMC Fund's holdings will be aligned or sold and the proceeds invested in securities that the C&S Fund wishes to hold. Thus, the Board considered that the Acquired Fund will bear the Transaction Costs associated with the Reorganization and that such Transaction Costs are estimated to be $1,941,646 (0.35% of net assets).

In summary, in determining whether to recommend approval of 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.

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 and recommended its approval by Contract Owners and others with beneficial interests in the Acquired Fund.

If the Reorganization is not approved by shareholders, the Funds will continue to operate as they currently do. While the Board has made no determination regarding this contingency, the Board will consider what actions are appropriate and in the best interests of Contract Owners that have assets invested in the Acquired Fund.

**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.

**Contingency Plan**

If the Reorganization is not approved by shareholders, the Funds will continue to operate as they currently do and the Board will consider what actions are appropriate and in the best interests of Contract Owners that have assets invested in the Acquired Fund.

**ADDITIONAL INFORMATION ABOUT THE FUNDS**

**Management of the Trust**

This section provides information about the Trust, the Adviser, and the 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.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **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;WMC Fund | &nbsp;&nbsp;WMC Fund | $0 to $1 billion<br> $1 billion to $3 billion<br> $3 billion to $5 billion<br> Over $5 billion | 0.575%<br> 0.550%<br> 0.530%<br> 0.520% | 0.58% |
| &nbsp;&nbsp;C&S Fund<sup>1, 2</sup> | &nbsp;&nbsp;C&S Fund<sup>1, 2</sup> | $0 to $1 billion<br> $1 billion to $3 billion<br> $3 billion to $5 billion<br> Over $5 billion | 0.580%<br> 0.550%<br> 0.540%<br> 0.530% | 0.64% |
| <sup>1</sup> | Advisory fee rate schedule is as of October 21, 2024, when the Fund's new advisory fee schedule became effective after C&S became the sub-adviser to the Fund. | Advisory fee rate schedule is as of October 21, 2024, when the Fund's new advisory fee schedule became effective after C&S became the sub-adviser to the Fund. | Advisory fee rate schedule is as of October 21, 2024, when the Fund's new advisory fee schedule became effective after C&S became the sub-adviser to the Fund. | Advisory fee rate schedule is as of October 21, 2024, when the Fund's new advisory fee schedule became effective after C&S became the sub-adviser to the Fund. |
| <sup>2</sup> | Effective April 27, 2026, the advisory fee schedule for the C&S Fund will be 0.560% on assets between $0 and $1 billion, 0.530% on assets between $1 billion and $3 billion, 0.520% on assets between $3 billion and $5 billion and 0.510% on assets over $5 billion. | Effective April 27, 2026, the advisory fee schedule for the C&S Fund will be 0.560% on assets between $0 and $1 billion, 0.530% on assets between $1 billion and $3 billion, 0.520% on assets between $3 billion and $5 billion and 0.510% on assets over $5 billion. | Effective April 27, 2026, the advisory fee schedule for the C&S Fund will be 0.560% on assets between $0 and $1 billion, 0.530% on assets between $1 billion and $3 billion, 0.520% on assets between $3 billion and $5 billion and 0.510% on assets over $5 billion. | Effective April 27, 2026, the advisory fee schedule for the C&S Fund will be 0.560% on assets between $0 and $1 billion, 0.530% on assets between $1 billion and $3 billion, 0.520% on assets between $3 billion and $5 billion and 0.510% on assets over $5 billion. |

---

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 with the investment objectives and related policies of the Funds, reviews the performance of the 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 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, there is no certainty that the 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, WMC, and the sub-adviser to the Acquiring Fund, C&S, 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:

---

| | | |
|:---|:---|:---|
| **Fund** | **Aggregate Fees Paid to Sub-Advisers** | **Aggregate Fees Paid to Sub-Advisers** |
| **Fund** | **Dollar Amount** | **As a Percentage of Average Daily Net Assets as of December 31, 2024** |
| WMC Fund | $2307045 | 0.36% |
| C&S Fund | $606004 | 0.42% |

---

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.

---

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

---

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**

The sub-adviser to the Acquired Fund is WMC. WMC is a Delaware limited liability partnership with principal offices at 280 Congress Street, Boston, Massachusetts 02210. WMC is a professional investment counseling firm which provides investment services to investment companies, employee benefit plans, endowments, foundations, and other institutions. WMC and its predecessor organizations have provided investment advisory services for over 90 years. WMC is owned by the partners of Wellington Management Group LLP, a Massachusetts limited liability partnership.

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

---

| | |
|:---|:---|
| **WMC Fund (Acquired Fund)** | **WMC Fund (Acquired Fund)** |
| **Sub-Adviser & Portfolio Manager** | **Portfolio Manager's Business Experience** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Wellington Management Company LLP** <br> 280 Congress Street<br> Boston, Massachusetts 02210<br>*Portfolio Manager*<br> Bradford D. Stoesser<br>| Bradford D. Stoesser, Senior Managing Director, Partner, and Global Industry Analyst, of Wellington Management, has been involved in portfolio management and securities analysis for the Fund since 2021. Mr. Stoesser joined Wellington Management as an investment professional in 2005. |

---

The sub-adviser to the Acquiring Fund is C&S. C&S has principal offices at 1166 Avenue of the Americas, New York, New York 10036. C&S is a wholly owned subsidiary of Cohen & Steers, Inc., a publicly traded company whose shares are listed on the NYSE under the symbol "CNS." C&S was formed in 1986 and its current clients include pension plans of leading corporations, endowment funds and investment companies, including each of the open-end and closed-end Cohen & Steers funds. C&S is responsible for choosing the Fund's investments and the day-to-day portfolio management of the Fund.

The following table describes the Acquiring 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 Acquiring Fund is available in the Trust's Statement of Additional Information.

---

| | |
|:---|:---|
| **C&S Fund (Acquiring Fund)** | **C&S Fund (Acquiring Fund)** |
| **Sub-Adviser & Portfolio Managers** | **Portfolio Managers' Business Experience** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Cohen & Steers Capital Management, Inc.** <br> 1166 Avenue of the Americas<br> New York, New York 10036<br>*Portfolio Managers*<br> Jon Cheigh<br> Jason A. Yablon<br> Mathew Kirschner, CFA<br>| Jon Cheigh is President and Chief Investment Officer, C&S. Mr. Cheigh leads the investment department. Mr. Cheigh joined C&S in 2005 as a REIT analyst and has served as a portfolio manager since 2008. He was appointed Chief Investment Officer in 2019 and served as Head of Global Real Estate from 2012 to 2023. Prior to joining C&S, Mr. Cheigh was a vice president and senior REIT analyst at Security Capital Research & Management. Prior to that, he was a vice president of real estate acquisitions at InterPark and an acquisitions associate at Urban Growth Property Trust, two privately held real estate companies incubated by Security Capital Group. Mr. Cheigh holds a BA degree cum laude from Williams College and an MBA degree from the University of Chicago.<br>Jason A. Yablon is Executive Vice President and Head of Listed Real Estate, C&S. Mr. Yablon is Head of Listed Real Estate and a senior portfolio manager for listed real estate securities portfolios and oversees the research process for listed real estate securities. He has 25 years of experience. Prior to joining C&S in 2004, Mr. Yablon was a sell-side analyst at Morgan Stanley for four years, focusing most recently on apartment and health care REITs. Mr. Yablon has a BA from the University of Pennsylvania.<br>Mathew Kirschner, CFA, is Senior Vice President, C&S. Mr. Kirschner is a portfolio manager for U.S. real estate portfolios. He has 24 years of experience. Prior to joining C&S in 2004, Mr. Kirschner was a product research and development analyst at AllianceBernstein for three years. Mr. Kirschner has a BA from Emory University and an MBA from New York University Stern School of Business, with a concentration in Finance and Accounting.  |

---

**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 Acquiring Fund is managed by a sub-adviser who manages a publicly available mutual fund that has a similar name and investment objective. While the Acquiring Fund may be similar to or modeled after publicly available mutual funds, Contract Owners should understand that the Acquired Fund is not otherwise directly related to any publicly available mutual fund. Consequently, the investment performance of publicly available mutual funds and the Acquired Fund 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 Acquired Fund generally does not expect to make distributions of its net investment income and net realized capital gains. The Acquiring Fund generally distributes most or all of its net investment income and net realized gains, if any, no less frequently than annually.

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**

The Acquired Fund has been and intends to continue to be treated as a partnership for U.S. federal income tax purposes and does not expect to make regular distributions (other than in redemption of Acquired Fund Shares) to shareholders through the Closing Date of the Reorganization. The interests in the Acquired Fund are generally owned by one or more Separate Accounts that hold such interests pursuant to Contracts.

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

Because the shareholders of the Acquired Fund are Separate Accounts of variable insurance contracts, there are no tax consequences to those shareholders from buying, holding, exchanging and selling shares of the Acquired Fund. Distributions from the Acquired Fund, 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.

The Acquired Fund currently complies and intends to continue 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 through the Closing Date. The Investment Advisory and Management Agreement and sub-advisory agreement require the Acquired Fund to be operated in compliance with these diversification requirements. The Adviser may depart from the investment strategy of the Acquired Fund only to the extent necessary to meet these diversification requirements.

The Acquiring Fund has elected and intends to continue to qualify and be eligible for treatment as a "regulated investment company" (also known as a "RIC") under Subchapter M of the Code. As a RIC, the Acquiring Fund has and intends to continue to distribute all its net investment income and net capital gains to shareholders no less frequently than annually and, therefore, has not and does not expect to be required to pay any federal income or excise taxes. The interests in the Acquiring Fund are generally owned by one or more Separate Accounts that hold such interests pursuant to Contracts.

The Acquiring Fund is treated as a corporation separate from the Trust for purposes of the Code. Therefore, the assets, income, and distributions of the Acquiring Fund are considered separately for purposes of determining whether or not the Acquiring Fund qualifies for treatment as a RIC.

Because the shareholders of the Acquiring Fund are Separate Accounts of variable insurance contracts, there are no tax consequences to those shareholders from buying, holding, exchanging and selling shares of the Acquiring Fund, provided certain requirements are met. Distributions from the Acquiring Fund 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.

The Acquiring Fund currently complies and intends to continue 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 require the Acquiring Fund to be operated in compliance with these diversification requirements. The Adviser and sub-adviser may depart from the investment strategy of the Acquiring 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.*

---

| | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | 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/WMC Global Real Estate Fund (Acquired Fund)** | **JNL/WMC Global Real Estate Fund (Acquired Fund)** | **JNL/WMC Global Real Estate Fund (Acquired Fund)** | **JNL/WMC Global Real Estate Fund (Acquired Fund)** | **JNL/WMC Global Real Estate Fund (Acquired Fund)** | **JNL/WMC Global Real Estate Fund (Acquired Fund)** | **JNL/WMC Global Real Estate Fund (Acquired Fund)** | **JNL/WMC Global Real Estate Fund (Acquired Fund)** | **JNL/WMC Global Real Estate Fund (Acquired Fund)** | **JNL/WMC Global Real Estate Fund (Acquired Fund)** | **JNL/WMC Global Real Estate Fund (Acquired Fund)** | **JNL/WMC Global Real Estate Fund (Acquired Fund)** | **JNL/WMC Global Real Estate Fund (Acquired Fund)** |  |
| Class A |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 06/30/25 | 10.14 | 0.15 | 0.34 | 0.49 |  |  | 10.63 | 4.83 | 560815 | 58 | 1.03 | 1.03 | 3.00 |
| 12/31/24 | 9.60 | 0.17 | 0.37 | 0.54 |  |  | 10.14 | 5.63 | 593211 | 80 | 1.03 | 1.03 | 1.76 |
| 12/31/23 | 8.77 | 0.20 | 0.63 | 0.83 |  |  | 9.60 | 9.46 | 667767 | 127 | 1.03 | 1.03 | 2.20 |
| 12/31/22 | 12.11 | 0.18 | (3.52) | (3.34) |  |  | 8.77 | (27.58) | 670073 | 103 | 1.03 | 1.03 | 1.77 |
| 12/31/21 | 9.56 | 0.11 | 2.44 | 2.55 |  |  | 12.11 | 26.67 | 1019522 | 147 | 1.04 | 1.04 | 0.97 |
| 12/31/20 | 10.88 | 0.17 | (1.49) | (1.32) |  |  | 9.56 | (12.13) | 900492 | 150 | 1.05 | 1.05 | 1.82 |
| Class I |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 06/30/25 | 10.49 | 0.18 | 0.35 | 0.53 |  |  | 11.02 | 5.05 | 4804 | 58 | 0.73 | 0.73 | 3.34 |
| 12/31/24 | 9.91 | 0.21 | 0.37 | 0.58 |  |  | 10.49 | 5.85 | 4691 | 80 | 0.73 | 0.73 | 2.06 |
| 12/31/23 | 9.02 | 0.23 | 0.66 | 0.89 |  |  | 9.91 | 9.87 | 4956 | 127 | 0.73 | 0.73 | 2.51 |
| 12/31/22 | 12.42 | 0.22 | (3.62) | (3.40) |  |  | 9.02 | (27.38) | 4425 | 103 | 0.73 | 0.73 | 2.13 |
| 12/31/21 | 9.77 | 0.14 | 2.51 | 2.65 |  |  | 12.42 | 27.12 | 5383 | 147 | 0.74 | 0.74 | 1.28 |
| 12/31/20 | 11.09 | 0.12 | (1.44) | (1.32) |  |  | 9.77 | (11.90) | 3424 | 150 | 0.75 | 0.75 | 1.26 |
| **JNL/Cohen & Steers U.S. Realty Fund (Acquiring Fund)** | **JNL/Cohen & Steers U.S. Realty Fund (Acquiring Fund)** | **JNL/Cohen & Steers U.S. Realty Fund (Acquiring Fund)** | **JNL/Cohen & Steers U.S. Realty Fund (Acquiring Fund)** | **JNL/Cohen & Steers U.S. Realty Fund (Acquiring Fund)** | **JNL/Cohen & Steers U.S. Realty Fund (Acquiring Fund)** | **JNL/Cohen & Steers U.S. Realty Fund (Acquiring Fund)** | **JNL/Cohen & Steers U.S. Realty Fund (Acquiring Fund)** | **JNL/Cohen & Steers U.S. Realty Fund (Acquiring Fund)** | **JNL/Cohen & Steers U.S. Realty Fund (Acquiring Fund)** | **JNL/Cohen & Steers U.S. Realty Fund (Acquiring Fund)** | **JNL/Cohen & Steers U.S. Realty Fund (Acquiring Fund)** | **JNL/Cohen & Steers U.S. Realty Fund (Acquiring Fund)** |  |
| Class A |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 06/30/25 | 9.50 | 0.14 | 0.27 | 0.41 |  |  | 9.91 | 4.32 | 83336 | 23 | 1.04 | 1.04 | 2.97 |
| 12/31/24 | 9.55 | 0.20 | 0.26 | 0.46 | (0.51) |  | 9.50 | 4.46 | 93425 | 255 | 1.09 | 1.09 | 2.08 |
| 12/31/23 | 8.90 | 0.21 | 0.64 | 0.85 | (0.20) |  | 9.55 | 9.66 | 105420 | 160 | 1.11 | 1.11 | 2.37 |
| 12/31/22 | 14.28 | 0.18 | (3.81) | (3.63) | (0.13) | (1.62) | 8.90 | (25.74) | 107426 | 157 | 1.10 | 1.10 | 1.46 |
| 12/31/21 | 9.99 | 0.12 | 4.28 | 4.40 | (0.11) |  | 14.28 | 44.13 | 187237 | 136 | 1.11 | 1.11 | 0.98 |
| 12/31/20 | 11.66 | 0.14 | (0.64) | (0.50) | (0.19) | (0.98) | 9.99 | (4.14) | 32876 | 256 | 1.10 | 1.10 | 1.35 |
| Class I |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 06/30/25 | 9.60 | 0.16 | 0.27 | 0.43 |  |  | 10.03 | 4.48 | 3521 | 23 | 0.74 | 0.74 | 3.26 |
| 12/31/24 | 9.64 | 0.20 | 0.30 | 0.50 | (0.54) |  | 9.60 | 4.83 | 3649 | 255 | 0.80 | 0.80 | 2.13 |
| 12/31/23 | 9.00 | 0.25 | 0.63 | 0.88 | (0.24) |  | 9.64 | 9.89 | 104548 | 160 | 0.81 | 0.81 | 2.69 |
| 12/31/22 | 14.41 | 0.22 | (3.86) | (3.64) | (0.15) | (1.62) | 9.00 | (25.55) | 118882 | 157 | 0.80 | 0.80 | 1.79 |
| 12/31/21 | 10.05 | 0.15 | 4.33 | 4.48 | (0.12) |  | 14.41 | 44.65 | 187501 | 136 | 0.81 | 0.81 | 1.21 |
| 12/31/20 | 11.71 | 0.17 | (0.64) | (0.47) | (0.21) | (0.98) | 10.05 | (3.89) | 166365 | 256 | 0.80 | 0.80 | 1.66 |

---

**VOTING INFORMATION**

The following information applies to the Reorganization of the Acquired Fund into the Acquiring Fund for which you are entitled to vote.

**The Meeting**

The Meeting will be held at 1:00 p.m., Eastern Time, on March 25, 2026, at 1 Corporate Way, Lansing, Michigan 48951, together with any adjournment thereof. The Meeting is being held to consider and vote on the Plan of Reorganization, which provides for the reorganization of the WMC Fund into the C&S Fund, and any other business that may properly come before the Meeting. Only shareholders of the Acquired Fund are entitled to vote on this matter.

A copy of the Plan of Reorganization is attached hereto as **Appendix A** of this Proxy Statement/Prospectus.

The Board fixed the close of business on January 31, 2026, as the Record Date for the determination of shareholders entitled to notice of, and to vote at, the Meeting or any adjournment thereof.

**Quorum and Voting**

The Amended and Restated By-Laws of the Trust, dated September 6, 2019 (the "By-Laws"), provide that, except as otherwise provided by law, the Amended and Restated Declaration of Trust dated June 1, 1994 and amended and restated on September 25, 2017 (the "Declaration of Trust"), or the By-Laws, the holders of a majority of the shares issued and outstanding and entitled to vote at the meeting, present in person, present by means of remote communication in a manner, if any, authorized by the Board in its sole discretion, or represented by proxy, shall constitute a quorum for the transaction of business. The presence of the Insurance Companies, through the presence of an authorized representative, constitutes a quorum. A quorum, once established at a meeting, shall not be broken by the withdrawal of enough votes to leave less than a quorum.

The By-Laws further provide that shares may be voted in person or by proxy. A proxy with respect to shares held in the name of two or more persons shall be valid if executed by any one of them unless at or prior to the exercise of the proxy the Trust receives a specific written notice to the contrary from any one of them. A proxy purporting to be executed by or on behalf of a Shareholder shall be deemed valid unless challenged at or prior to its exercise, and the burden of proving its invalidity shall rest on the challenger. At all meetings of Shareholders, unless inspectors of election have been appointed, all questions relating to the qualification of voters and the validity of proxies and the acceptance or rejection of votes shall be decided by the chairman of the meeting. Any person giving voting instructions may revoke them at any time prior to their exercise by submitting to the Secretary of the Trust a superseding voting instruction form or written notice of revocation. Voting instructions can be revoked until the Meeting date. Only the Contract Owner executing the voting instructions can revoke them. The Insurance Companies will vote the shares of the Fund in accordance with all properly executed and unrevoked voting instructions. Unless otherwise specified in the proxy, the proxy shall apply to all shares of the Fund owned by the Shareholder.

**Required Vote**

The vote of the "majority of the outstanding voting shares" of a Fund is required to approve the Proposal. The vote of the "majority of the outstanding voting shares" means the lesser of (i) 67% or more of the shares of the Fund entitled to vote thereon present in person or by proxy at the Meeting if holders of more than 50% of the outstanding shares of the Fund are present in person or represented by proxy, or (ii) more than 50% of the outstanding shares of the Fund. Except as otherwise provided by law, if a Shareholder abstains from voting as to any matter, then the shares represented by such abstention will be treated as shares that are present at the Meeting for purposes of determining the existence of a quorum. However, abstentions will not be counted as a vote cast on such proposal. The approval of the Proposal depends upon whether a sufficient number of votes are cast for the Proposal. Accordingly, an instruction to abstain from voting on any proposal has the same practical effect as an instruction to vote against the Proposal.

**Contract Owner Voting Instructions**

The Trust is organized as a Massachusetts business trust. Shares of the Trust currently are sold only to Separate Accounts of the Insurance Companies to fund the benefits of variable insurance contracts, to certain non-qualified employee benefit plans of Jackson National, or directly to the Insurance Companies. In addition, shares of the Trust are sold to certain funds of the Trust organized as funds-of-funds. Although the Insurance Companies legally own all of the shares of the Fund held in their respective Separate Accounts that relate to the Contracts, a portion of the value of each Contract is invested by the Insurance Companies, as provided in the Contract, in shares of one or more funds.

Contract Owners have the right under the interpretations of the 1940 Act to instruct the relevant Insurance Company how to vote the shares attributable to their Contract. Contract Owners at the close of business on the Record Date will be entitled to notice of the Meeting and to instruct the relevant Insurance Company how to vote at the Meeting or any adjourned session. The Insurance Company will vote all such shares in accordance with the voting instructions timely given by the Contract Owners with assets invested in the Acquired Fund. Shares for which the Insurance Company receives a voting instruction card that is signed, dated, and timely returned but is not marked to indicate voting instructions will be treated as an instruction to vote the Shares in favor of the Proposal. Shares for which the Insurance Company receives no timely voting instructions from a Contract Owner will be voted by the applicable Insurance Company either for or against approval of the applicable Proposal, or as an abstention, in the same proportion as the Shares for which Contract Owners have provided voting instructions to the Insurance Company. The Insurance Companies and their affiliates will vote their own shares and shares held by other RICs in the same proportion as voting instructions timely given by Contract Owners. As a result, a small number of Contract Owners may determine the outcome of the vote.

Contract Owners may use the enclosed voting instructions form as a ballot to give their voting instructions for those shares attributable to their Contract as of the Record Date. The Insurance Companies have fixed the close of business on March 24, 2026 as the last day on which voting instructions will be accepted, other than those provided in person at the Meeting.

**Proxy and Voting Instruction Solicitations**

The Board is soliciting proxies from shareholders of the Acquired Fund. The Insurance Companies are the shareholders of record and are soliciting voting instructions from their Contract Owners as to how to vote at the Meeting. In addition to the mailing of these proxy materials, voting instructions may be solicited by letter, telephone or personal contact by officers or employees of the Trust, JNAM or officers or employees of the Insurance Companies.

JNAM, as the Trust's administrator, has retained the services of Broadridge Investor Communication Solutions, Inc. ("Broadridge"), 51 Mercedes Way, Edgewood, New York 11717. Under the agreement between JNAM and Broadridge, Broadridge will provide proxy distribution, solicitation, and tabulation services (the "Services"). The anticipated cost of the Services to be provided by Broadridge in connection with this proxy solicitation is approximately $40,469 and will be borne by JNAM whether or not the Reorganization is consummated.

The costs of printing and mailing of the Notice, this Proxy Statement/Prospectus, and the accompanying voting instruction card, and the solicitation of Contract Owner voting instructions, will be paid by JNAM whether or not the Reorganization is consummated. The Trust does not expect to bear any significant expenses in connection with the Meeting or the solicitation of proxies and voting instructions.

**Adjournments**

Any authorized voting instructions will be valid for any adjournment of the Meeting. If the Trust receives an insufficient number of votes to approve the Proposal, the Meeting may be adjourned to permit the solicitation of additional votes. The Meeting may be adjourned by the chairperson of the Meeting from time to time to reconvene at the same or some other place as determined by the chairperson of the Meeting for any reason, including failure of a Proposal to receive sufficient votes for approval. No Shareholder vote shall be required for any adjournment. No notice need be given that the Meeting has been adjourned other than by announcement at the Meeting. Any business that might have been transacted at the original Meeting may be transacted at any adjourned Meeting.

**Revocation of Voting Instructions**

Any person giving voting instructions may revoke them at any time prior to the Meeting by submitting to the Insurance Companies a superseding voting instruction form or written notice of revocation or by appearing and voting in person at the Meeting. Only the Contract Owner executing the voting instructions can revoke them. The Insurance Companies will vote the shares of the Acquired Fund in accordance with all properly executed and un-revoked voting instructions.

**Outstanding Shares and Principal Shareholders**

The Insurance Companies will vote on the Reorganization as instructed by their Contract Owners. As of January 31, 2026, 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 that are entitled to vote at the Meeting.

---

| | |
|:---|:---|
| **Fund** | **Total Number of <br> Outstanding Shares** |
| WMC Fund (Class A) | [To be Provided] |
| WMC Fund (Class I) | [To be Provided] |

---

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/WMC Global Real Estate Fund

JNL/COHEN & STEERS U.S. REALTY 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/WMC Global Real Estate Fund (the "Acquired Fund") and its JNL/COHEN & STEERS U.S. REALTY 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"), subject to the approval of the shareholders of the Acquired Fund.

**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, however, that such transaction shall not occur unless and until this Plan of Reorganization shall have first been approved by a majority of the outstanding voting securities of the Acquired Fund as provided in Section 2(a)(42) of the 1940 Act; and provided further 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 the solicitation of proxies, including preparing, filing, printing, and mailing of the proxy statement
and related disclosure documents, and the costs and expenses relating to 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.

---

| | |
|:---|:---|
| <br> JNL SERIES TRUST | <br> 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/WMC Global Real Estate Fund**

**Class A**

**Class I**

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

**Principal Investment Strategies.** The Fund seeks to meet its objective by investing, normally, at least 80% of its assets (net assets plus the amount of any borrowings made for investment purposes) in securities of real estate and real estate-related companies, including real estate investment trusts ("REITs") and in derivatives and other instruments that have economic characteristics similar to such securities. The Fund's common stock investments may also include China A-shares (shares of companies based on mainland China that trade on the Shanghai Stock Exchange and the Shenzhen Stock Exchange). A REIT is a real estate company that pools funds for investment primarily in income-producing real estate or in real estate related loans (such as mortgages) or other interests. The principal type of securities purchased by the Fund is common stock, which is a type of equity security. The companies will be located in at least three different countries, including the United States. The Fund may invest up to 20% of its assets in securities of issuers located in emerging markets countries, i.e. those that are in the initial stages of their industrial cycles. These companies include REITs or other real estate operating companies.

The Fund considers a company to be a real estate or real estate-related company if at least 50% of its assets, gross income or net profits are attributable to ownership, construction, management or sale of residential, commercial or industrial real estate. These companies include (i) REITs or other real estate operating companies that (a) own property, (b) make or invest in short term construction and development mortgage loans, or (c) invest in long-term mortgages or mortgage pools, and (ii) companies whose products and services are related to the real estate industry, such as manufacturers and distributors of building supplies and financial institutions that issue or service mortgages.

The Fund may engage in short sales of securities. A short sale occurs when the Fund sells a security, but does not deliver a security it owns when the sale settles. Instead, it borrows that security for delivery when the sale settles. The Fund may engage in short sales with respect to securities it owns (short sales against the box) or securities it does not own. Generally, the Fund may sell a security short to (i) take advantage of an expected decline in the security price in anticipation of purchasing the same security at a later date at a lower price, or (ii) to protect a profit in a security that it owns (short sale against the box). The Fund will not sell a security short, if as a result of such short sale, the aggregate market value of all securities sold short exceeds 10% of the Fund's total assets.

The Fund can invest in derivative instruments including forward foreign currency contracts.

The Fund can use forward foreign currency contracts to hedge against adverse movements in the foreign currencies in which portfolio securities are denominated; though the Fund has not historically used these instruments.

The Fund may invest up to 10% of its total assets in non-investment grade debt-securities (commonly known as "junk bonds") of real estate and real estate-related issuers.

The Fund may invest in securities of issuers of all capitalization sizes. Real estate companies tend to have smaller asset bases compared with other market sectors, therefore, the Fund may hold a significant amount of securities of small- and mid-capitalization issuers.

The Fund considers an issuer to be a small-capitalization issuer if it has a market capitalization, at the time of purchase, no larger than the largest capitalized issuer included in the Russell 2000<sup>®</sup> Index during the most recent 11-month period (based on month-end data) plus the most recent data during the current month. As of December 31, 2024, the capitalization of companies in the Russell 2000<sup>®</sup> Index ranged from $8 million to $15 billion.

The Fund considers an issuer to be a mid-capitalization issuer if it has a market capitalization, at the time of purchase, within the range of the largest and smallest capitalized companies included in the Russell Midcap<sup>®</sup> Index during the most recent 11-month period (based on month-end data) plus the most recent data during the current month. As of December 31, 2024, the capitalization of companies in the Russell Midcap<sup>®</sup> Index ranged from $355 million to $172 billion.

The Fund's sub-adviser's, Wellington Management Company LLP, ("Sub-Adviser"), approach to real estate investing is based on a bottom-up analysis of factors affecting individual securities combined with a top-down analysis of the real estate market. The Sub-Adviser uses intensive financial analysis and an evaluation of individual competitive position as part of bottom-up analysis to identify securities with the most attractive characteristics. The companies in which the Sub-Adviser invests typically possess the following characteristics: attractive valuation as measured by (1) the ratio between free-cash-flow multiple to future cash flow growth plus dividend yield, (2) the relative spread between the public and private market in terms of the following: net asset value (NAV), replacement cost, and earnings yield in the public market versus capitalization rates on private market transactions, and (3) market return expectations as measured by an internal rate of return (IRR). Additionally, the Sub-Adviser seeks out management teams with a disciplined investment strategy, a solid development and operating track record, and a clear understanding of their own cost of capital; an ability to deliver high levels of same-unit rent growth and occupancy on a relative basis; and, a strong and flexible balance sheet in terms of the ability to fund future external growth and increase dividends.

Geographic diversification and sector weights are influenced by a top-down evaluation of the real estate market. Top-down analysis is based on three broad components: (1) Macroeconomic Trends: The Sub-Adviser monitors relevant trends affecting the supply and demand for real estate within the various regions, including demographic trends, employment growth, and building permit changes. (2) Capital Markets Messaging: Real estate is a hybrid asset class with equity and bond characteristics. Most real estate companies are dependent on access to the capital markets to fund future growth. Therefore, the Sub-Adviser tracks return expectations in both the broader equity market and bond market. The Sub-Adviser incorporates forecasts of long-term interest rates, which affect both the cost of capital of real estate companies and the relative attractiveness of high-yield stocks. The Sub-Adviser also considers equity multiples as a measure of real estate's relative return. (3) Private Real Estate Market Trends: The real estate market is predominantly privately owned and the sector continues to exhibit many commodities-like characteristics; therefore, a thorough understanding of private market investment spreads, mortgage spreads, and capital flows is necessary to assess public market company net asset values

Position sizes are conviction-weighted and built from the bottom-up. As a sector approach and given the intrinsic diversified nature of real estate securities, the Fund will be reasonably concentrated. Geographic diversification and sector weights are influenced by a top-down market evaluation. Based on the Sub-Adviser's identification of companies with attractive characteristics and the conclusion of the top-down analysis, the Sub-Adviser looks to build a concentrated global portfolio.

The Fund's investments in the types of securities described in this Prospectus vary from time to time, and at any time, the Fund may not be invested in all types of securities described in this Prospectus. Any percentage limitations with respect to assets of the Fund are applied at the time of purchase.

The Fund will concentrate its investments in the securities of domestic and foreign real estate and real estate-related companies. For purposes of this concentration, real estate and real estate-related companies shall consist of companies (i) where at least 50% of its assets, gross income or net profits are attributable to ownership, construction, management, or sale of residential, commercial or industrial real estate, including listed equity REITs that own property, and mortgage REITs which make short-term construction and development mortgage loans or which invest in long-term mortgages or mortgage pools, or (ii) whose products and services are related to the real estate industry, such as manufacturers and distributors of building supplies and financial institutions which issue or service mortgages.

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.

**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:

● *Real estate investment risk* 

● *REIT investment risk* 

● *Market risk* 

● *Interest rate risk* 

● *Foreign securities risk* 

● *European investment risk* 

● *Emerging markets and less developed countries risk* 

● *Managed portfolio risk* 

● *Company risk* 

● *Concentration risk* 

● *Accounting risk* 

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

● *Investing in China A Shares risk* 

● *Depositary receipts risk* 

● *Convertible securities risk* 

● *Credit risk* 

● *Derivatives risk* 

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

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

● *Preferred stock risk* 

● *Short sales 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:

● *Investment strategy risk* 

● *Currency risk* 

● *Regulatory investment limits risk* 

● *Redemption risk* 

● *Expense risk* 

● *Cybersecurity risk* 

● *Securities lending risk* 

● *Leverage risk* 

● *Portfolio turnover 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/Cohen & Steers U.S. Realty Fund**

**Class A**

**Class I**

**Investment Objective.** The investment objective of the Fund is to seek total return through investment in real estate securities.

**Principal Investment Strategies.** Under normal market conditions, the Fund seeks to achieve its investment objective by investing at least 80% of its assets (net assets plus the amount of any borrowings made for investment purposes) in equity securities issued by real estate companies operating in the United States, including real estate investment trusts ("REITs"). Real estate equity securities include common stocks, preferred stocks, other equity securities issued by real estate companies, including REITs and similar REIT-like entities. A real estate company is one that (i) derives at least 50% of its revenue from the ownership, construction, financing, management or sale of commercial, industrial or residential real estate and land; or (ii) has at least 50% of its assets invested in real estate. REITs are companies that own interests in real estate or in real estate related loans or other interests, and their revenue primarily consists of rent derived from owned, income producing real estate properties and capital gains from the sale of such properties. The Fund may invest without limit in shares of REITs. A REIT in the U.S. is generally not taxed on income distributed to shareholders so long as it meets certain tax related requirements, including the requirement that it distribute substantially all of its taxable income to such shareholders (other than net capital gains for each taxable year). REIT-like entities are organized outside of the U.S. and have operations and receive tax treatment in their respective countries similar to that of U.S. REITs. The Fund may invest in real estate companies of any market capitalization.

Cohen & Steers Capital Management, Inc., the Fund's sub-adviser ("Sub-Adviser") uses a bottom-up strategy, relative value investment process when selecting publicly traded real estate securities. To guide the portfolio construction process, the Sub-Adviser uses a proprietary valuation model that quantifies relative valuation of real estate securities based on price-to-net asset value ("NAV"), cash flow multiple/growth ratios, and a dividend discount model ("DDM"). The Sub-Adviser incorporates both quantitative and qualitative analysis in their NAV, cash flow, growth and DDM estimates. The company research process includes an evaluation of the commercial real estate supply and demand dynamics, management, strategy, property quality, financial strength and corporate structure. Judgments with respect to risk control, geographic and property sector diversification, liquidity and other factors are considered along with the models' output and drive the Sub-Adviser's investment decisions.

<u>Real Estate Companies</u>

Under normal market conditions, the Fund will invest primarily in a portfolio of equity securities issued by real estate companies (including REITs and real estate operating companies).

The equity securities in which the Fund invests can consist of:

● common stocks,

● rights or warrants to purchase common stocks,

● securities convertible into common stocks where the conversion feature represents, in the Sub-Adviser's view, a significant element of the securities' value,

● preferred stocks,

● private investments in public equity ("PIPEs"),

● real estate private placements, and

● depository receipts.

<u>Real Estate Investment Trusts</u>

REITs are companies that own interests in real estate or in real estate related loans or other interests, and their revenue primarily consists of rent derived from owned, income producing real estate properties and capital gains from the sale of such properties. A REIT in the U.S. is generally not taxed on income distributed to shareholders so long as it meets certain tax related requirements, including the requirement that it distribute substantially all of its taxable income to such shareholders (other than net capital gains for each taxable year). As a result, U.S. REITs tend to pay relatively higher dividends than other types of companies. Dividends paid by U.S. REITs generally will not be eligible for the dividends-received deduction, and are generally not considered "qualified dividend income" ("QDI") eligible for reduced rates of taxation for U.S. federal income tax purposes but may be considered to be "qualified REIT dividends" eligible for a 20% deduction for non-corporate taxpayers. Between 2018 and 2025, "qualified REIT dividends" are treated as eligible for a 20% deduction by non-corporate taxpayers. Qualified REIT dividends are dividends received from REITs that are neither capital gain dividends nor are eligible for treatment as QDI, and with respect to which the REIT shareholder meets certain other requirements. The Fund is permitted to pass through qualified REIT dividends to its shareholders, provided the shareholders meet certain holding period and other requirements with respect to their shares.

REITs can generally be classified as equity REITs or mortgage REITs. Equity REITs, which invest the majority of their assets directly in real property, derive their income primarily from rents. Equity REITs can also realize capital gains by selling properties that have appreciated in value. Mortgage REITs, which invest the majority of their assets in real estate mortgages, derive their income primarily from interest payments. The Fund invests primarily in equity REITs.

<u>Foreign (Non-U.S.) Securities and Depositary Receipts</u>

The Fund may invest in securities of non-U.S. real estate companies, including investments in such companies in the form of American Depositary Receipts ("ADRs"), Global Depositary Receipts ("GDRs") and European Depositary Receipts ("EDRs"). Generally, ADRs in registered form are dollar-denominated securities designed for use in the U.S. securities markets, which represent and may be converted into an underlying foreign security. GDRs, in bearer form, are designed for use outside the United States. EDRs, in bearer form, are designed for use in the European securities markets. The Fund may invest in foreign issuers in both developed and emerging markets.

<u>Preferred Stocks</u>

The Fund may invest in preferred stocks. Preferred stocks are securities that pay dividends at a specified rate and have a preference over common stocks in the payment of dividends and the liquidation of assets. This means that a company must pay dividends on its preferred stock prior to paying dividends on its common stock. In addition, in the event a company is liquidated, preferred shareholders must be fully repaid on their investments before common shareholders can receive any money from the company. Preferred shareholders, however, usually have no right to vote for a company's directors or on other corporate matters. Preferred stocks pay a fixed stream of income to investors, and this income stream is a primary source of the long-term investment return on preferred stocks. As a result, the market value of preferred stocks is generally more sensitive to changes in interest rates than the market value of common stocks. In this respect, preferred stocks share many investment characteristics with debt securities.

The Fund is a "non-diversified" fund, as defined in the Investment Company Act of 1940, as amended (the "1940 Act"), and may invest more of its assets in fewer issuers than "diversified" mutual funds.

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.

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.

**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:

● *Concentration risk* 

● *Market risk* 

● *Equity securities risk* 

● *Real estate investment risk* 

● *REIT investment risk* 

● *Sector risk* 

● *Large-capitalization investing risk* 

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

● *Preferred stock risk* 

● *Managed portfolio risk* 

● *Non-diversification risk* 

● *Investment in other investment companies risk* 

● *Exchange-traded funds investing risk* 

● *Foreign securities risk* 

● *Government regulatory risk* 

● *Interest rate risk* 

● *Depositary receipts risk* 

● *Portfolio turnover 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* 

● *Liquidity risk* 

● *Temporary defensive positions and large cash positions 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.

**Company risk–** Investments in U.S. and foreign-traded equity securities may fluctuate more than the values of other types of securities in response to changes in a particular company's financial condition. The value of the Fund's investment may decrease in response to the activities and financial prospects of an individual foreign or domestic company/issuer in the Fund's portfolio. The value of an individual foreign or domestic company can be more volatile than the market as a whole.

**Concentration risk –** The Fund may concentrate its investments in certain securities. To the extent that the Fund focuses on particular countries, regions, industries, sectors, issuers, types of investment or limited number of securities from time to time, including (if applicable) as a result of its investment objective to track the performance of an index, the Fund may be subject to greater risks of adverse economic, business or political developments in such areas of focus than a fund that invests in a wider variety of countries, regions, industries, sectors or investments.

Industry

Companies within an industry are often faced with the same economic conditions, government regulations, availability of basic resources or supplies, or other events that affect that industry, and their stock may react similarly and move in unison with these and other market conditions. As a result, stocks within a certain industry in which the Fund invests may be more volatile, and carry greater risk of adverse developments affecting many of the Fund's holdings, than a mixture of stocks of companies from a wide variety of industries.

Geographic

To the extent that the Fund has a significant level of investment in issuers in particular countries or regions, the Fund's performance is expected to be closely tied to social, political and economic conditions within those countries or regions and to be more volatile than the performance of more geographically diversified funds. The economies and financial markets of certain regions can be highly interdependent and may decline all at the same time. In addition, certain regions are prone to natural disasters such as earthquakes, volcanoes, droughts or tsunamis and are economically sensitive to environmental events. Such events may have a negative impact on the value of the Fund's investments in those regions.

Security

The Fund's portfolio may invest in a limited number of securities. As compared to other Funds, this could subject the Fund to additional risk if one of the portfolio securities declines in price, or if certain sectors of the market experience a downturn. It may take additional time to sell all or part of a Fund's investment in a particular security, and consequently, concentrating portfolio investments may also limit the ability of the Fund to take advantage of other investment opportunities.

**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.

**Credit risk –** Credit risk is the actual or perceived risk that the issuer of a bond, borrower, guarantor, counterparty, or other entity responsible for payment will not pay interest and principal payments when due. The price of a debt security can decline in response to changes in the financial condition of the issuer, borrower, guarantor, counterparty, or other entity responsible for payment. The Fund could lose money if the issuer or guarantor of a fixed-income security, or the counterparty to a derivatives contract, repurchase agreement or a loan of portfolio securities, is unable or unwilling to make timely principal and/or interest payments, or to otherwise honor its obligations. Changes in an issuer's financial strength, the market's perception of the issuer's financial strength or in a security's credit rating, which reflects a third party's assessment of the credit risk presented by a particular issuer, may affect debt securities' value. When a fixed-income security is not rated, the Fund's investment manager may have to assess the risk of the security itself. The Fund may incur substantial losses on debt securities that are inaccurately perceived to present a different amount of credit risk by the market, the investment manager or the rating agencies than such securities actually do. In addition, to the extent the Fund invests in municipal bonds, they are subject to the risk that litigation, legislation or other political events, local business or economic conditions, or the bankruptcy of the issuer could have a significant effect on an issuer's ability to make payments of principal and/or interest.

**Currency risk –** Investments in foreign currencies, securities that trade in or receive revenues in foreign currencies or derivatives that provide exposure to foreign currencies are subject to the risk that those currencies may decline in value, or, in the case of hedging positions, that the currency may decline in value relative to the currency being hedged. Currency exchange rates can be volatile and may be affected by a number of factors, such as the general economics of a country, the actions (or inaction) of U.S. and foreign governments or central banks, the imposition of currency controls, and speculation. The Fund accrues additional expenses when engaging in currency exchange transactions, and valuation of a Fund's foreign securities may be subject to greater risk because both the price of the currency (relative to the U.S. dollar) and the price of the security may fluctuate with market and economic conditions. A decline in the value of a foreign currency versus the U.S. dollar reduces the value in U.S. dollars of investments denominated in that foreign currency.

**Cybersecurity risk** *–* Cyber attacks could cause business failures or delays in daily processing and the Fund may need to delay transactions, consistent with regulatory requirements, as a result could impact the performance of the Fund. See the "Technology Disruptions" section in this Prospectus.

**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.

**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.

**Exchange-traded funds investing risk** *–* Most exchange-traded funds ("ETFs") are investment companies whose shares are purchased and sold on a securities exchange. Generally, an ETF represents a portfolio of securities designed to track a particular market segment or index. An investment in an ETF generally presents the following risks: (i) the same primary risks as an investment in a conventional mutual fund (i.e., one that is not exchange-traded) that has the same investment objectives, strategies and policies; (ii) the risk that an ETF may fail to accurately track the market segment or index that underlies its investment objective; (iii) price fluctuation, resulting in a loss to the Fund; (iv) the risk that an ETF may trade at a discount to its net asset value; (v) the risk that an active market for an ETF's shares may not develop or be maintained; and (vi) the risk that an ETF may no longer meet the listing requirements of any applicable exchanges on which that ETF is listed. When the Fund invests in an ETF, shareholders of the Fund bear their proportionate share of the ETF's fees and expenses as well as their share of the Fund's fees and expenses.

In addition, many ETFs invest in securities included in, or representative of, underlying indexes regardless of investment merit or market trends and, therefore, these ETFs do not change their investment strategies to respond to changes in the economy, which means that an ETF may be particularly susceptible to a general decline in the market segment relating to the relevant index. As with traditional mutual funds, ETFs charge asset-based fees. The Funds will indirectly pay a proportional share of the asset-based fees of the ETFs in which the Funds invest. During periods of market volatility, there may be delays in the pricing of ETFs, and ETF exchange-traded prices may also be subject to volatility, which could cause the Fund to lose money.

**Expense risk** *–* Fund expenses are subject to a variety of factors, including fluctuations in the Fund's net assets. Accordingly, actual expenses may be greater or less than those indicated in the Fund's Prospectus. For example, to the extent that the Fund's net assets decrease due to market declines or redemptions, the Fund's expenses will increase as a percentage of Fund net assets. During periods of high market volatility, these increases in the Fund's expense ratio could be significant.

**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.

**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.

**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.

**Interest rate risk –** When interest rates increase, fixed-income securities generally will decline in value. Conversely, as interest rates decrease, the prices of fixed income securities tend to increase. In a low interest rate environment, an increase in interest rates could have a negative impact on the price of fixed income securities, and could negatively impact a Fund's portfolio of fixed income securities. Long-term fixed income securities normally have more price volatility than short-term fixed income securities. The value of certain equity investments, such as utilities and real estate-related securities, may also be sensitive to interest rate changes. A nominal interest rate can be described as the sum of a real interest rate and an expected inflation rate. Inflation-indexed securities, including TIPS, decline in value when real interest rates rise. In certain interest rate environments, such as when real interest rates are rising faster than normal interest rates, inflation-indexed securities may experience greater losses than other fixed income securities with similar durations.

Floating rate investments have adjustable interest rates and as a result, generally fluctuate less in response to interest rate changes than will fixed-rate investments. However, because floating rates generally only reset periodically, changes in prevailing interest rates may cause a fluctuation in a Fund's value. In addition, extreme increases in prevailing interest rates may cause an increase in defaults on floating rate investments, which may cause a further decline in a Fund's value. Finally, a decrease in interest rates could adversely affect the income earned by the Fund from its floating rate debt securities.

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

**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.

**Large-capitalization investing risk** – Large-capitalization stocks as a group could fall out of favor with the market, which may cause the Fund to underperform funds that focus on other types of stocks. In addition, larger, more established companies may be unable to respond quickly to new competitive challenges such as changes in technology and consumer preferences. Many larger companies also may not be able to attain the high growth rate of successful smaller companies, especially during extended periods of economic expansion.

**Leverage risk –** Certain transactions, such as reverse repurchase agreements, futures, forwards, swaps, or other derivative instruments, include the use of leverage and may cause the Fund to liquidate portfolio positions at disadvantageous times to satisfy its obligations. Leverage, including borrowing, may cause the Fund to be more volatile because leverage tends to exaggerate the effect of any increase or decrease in the value of the Fund's portfolio securities. The effect of using leverage is to amplify the Fund's gains and losses in comparison to the amount of the Fund's assets (that is, assets other than borrowed assets) at risk, which may cause the Fund's portfolio to be more volatile. If the Fund uses leverage, the Fund has the risk of capital losses that exceed the net assets of the Fund.

**Liquidity risk –** Investments in securities that are difficult to purchase or sell (illiquid or thinly traded securities) may reduce returns if the Fund is unable to sell the securities at an advantageous time or price or achieve its desired level of exposure to a certain sector. An "illiquid investment" is defined as an investment that a Fund reasonably expects cannot be sold or disposed of in current market conditions in seven (7) calendar days or less without the sale or disposition significantly changing the market value of the investment. Liquidity risk arises, for example, from small average trading volumes, trading restrictions, or temporary suspensions of trading. In times of market volatility, certain securities or classes of securities may become illiquid. Government or regulatory actions may decrease market liquidity, and the liquidity for certain securities. Small-capitalization companies and companies domiciled in emerging markets pose greater liquidity and price volatility risks. Certain securities that were liquid when purchased may later become illiquid or less liquid, particularly in times of overall economic distress. Illiquid securities may also be difficult to value, may be required to be fair valued according to the valuation procedures approved by the Board, and may reflect a discount, which may be significant, from the market price of comparable securities for which a liquid market exists. Liquidity risk may also refer to the risk that the Fund will not be able to meet requests to redeem shares issued by a Fund without significant dilution of remaining investors' interests in the Fund because of unusual market conditions, an unusually high volume of redemption requests, or other reasons. To meet redemption requests, the Fund may be forced to sell securities at an unfavorable time and/or under unfavorable conditions. In addition, although the fixed-income securities markets have grown significantly in the last few decades, regulations and business practices have led some financial intermediaries to curtail their capacity to engage in trading (i.e., "market making") activities for certain debt securities. As a result, dealer inventories of fixed-income securities, which provide an indication of the ability of financial intermediaries to make markets in fixed-income securities, are at or near historic lows relative to market size. Because market makers help stabilize the market through their financial intermediary services, further reductions in dealer inventories could have the potential to decrease liquidity and increase volatility in the fixed-income securities markets.

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

**Market risk –** Stock market risk refers to the fact that stock (equity securities) prices typically fluctuate more than the values of other types of securities, typically in response to changes in the particular company's financial condition and factors affecting the market in general. Over time, the stock market tends to move in cycles, with periods when stock prices rise, and periods when stock prices decline. A slower-growth or recessionary economic environment could have an adverse effect on the price of the various stocks held by the Fund. Consequently, a broad-based market drop may also cause a stock's price to fall.

Bond market risk generally refers to credit risk and interest rate risk. Credit risk is the actual or perceived risk that the issuer of the bond will not pay the interest and principal payments when due. Bond value typically declines if the issuer's credit quality deteriorates. Interest rate risk is the risk that interest rates will rise and the value of bonds will fall. A broad-based market drop may also cause a bond's price to fall.

Portfolio securities may also decline in value due to factors affecting securities markets generally, such as real or perceived adverse economic, political or regulatory conditions, inflation, changes in interest or currency rates or adverse investor sentiment, public health issues, including widespread disease and virus epidemics or pandemics such as the coronavirus (COVID-19) pandemic, war, terrorism or natural disasters, or due to factors affecting particular industries represented in the securities markets, such as competitive conditions. Changes in the financial condition of a single issuer can impact a market as a whole, and adverse market conditions may be prolonged and may not have the same impact on all types of securities. In addition, the markets may not favor a particular kind of security, including equity securities or bonds. The values of securities may fall due to factors affecting a particular issuer, industry or the securities market as a whole.

The outbreak of COVID 19, a respiratory disease caused by a novel coronavirus, caused volatility, severe market dislocations and liquidity constraints in many markets, including markets for the securities the Fund holds. The transmission of COVID-19 and efforts to contain its spread resulted in travel restrictions and disruptions, closed international borders, enhanced health screenings at ports of entry and elsewhere, disruption of and delays in healthcare service preparation and delivery, quarantines, event and service cancellations or interruptions, disruptions to business operations (including staff furloughs and reductions) and supply chains, and a reduction in consumer and business spending, as well as general economic concern and uncertainty. These disruptions led to instability in the marketplace and overall volatility. The impact of COVID-19, and other infectious illness outbreaks, epidemics or pandemics that may arise in the future, could adversely affect the economies of many nations or the entire global economy, the financial well-being and performance of individual issuers, borrowers and sectors and the health of the markets generally in potentially significant and unforeseen ways. In addition, the impact of infectious illnesses, such as COVID-19, in emerging market countries may be greater due to generally less established healthcare systems. Public health crises may exacerbate other pre-existing political, social and economic risks in certain countries or globally.

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

**Mortgage-related and other asset-backed securities risk –** The risk of investing in mortgage-related and other asset-backed securities include interest rate risk, extension risk, and prepayment (contraction) risk. With respect to extension risk, rising interest rates tend to extend the duration of mortgage-related securities, making them more sensitive to changes in interest rates. As a result, in a period of rising interest rates, mortgage-related securities may exhibit increased volatility. With respect to default risk, rising interest rates and falling property prices may increase the likelihood that individuals and entities will fall behind or fail to make payments on their mortgages or other loans. When there are a number of mortgage defaults, the interest paid by mortgage-backed and mortgage-related securities may decline, or may not be paid. A number of mortgage defaults could lead to a decline in the value of mortgage-backed and mortgage-related securities. In addition, legal and documentation risk (incomplete mortgage information) related to mortgage defaults may exist. Asset-backed securities also may not have the benefit of any security interest in the related assets. Mortgage- and asset-backed securities may be "subordinated" to other interests in the same pool and a holder of those "subordinated" securities would receive payments only after any obligations to other more "senior" investors have been satisfied. With respect to prepayment risk, borrowers may pay off their mortgages or other loans sooner than expected, which may result in contraction risk, whereby the Fund will have to reinvest that money at the lower prevailing interest rates and, thus, may suffer an unexpected loss of interest income.

Investments in mortgage-backed securities entail the uncertainty of the timing of cash flows resulting from the rate of prepayments or defaults on the underlying mortgages serving as collateral. An increase or decrease in payment rates (resulting primarily from a decrease or increase in mortgage interest rates) will affect the yield, average life, and price. The prices of mortgage-backed securities, depending on their structure and the rate of payments, can be volatile. Some mortgage-backed securities may also not be as liquid as other securities. The value of these securities also may change because of changes in the market's perception or the actual creditworthiness of the issuer. In addition, the mortgage-backed or other asset-backed securities market in general may be adversely affected by changes in governmental regulation, interest rates, tax policies, the real estate market, and/or the overall economy.

**Non-diversification risk –** The Fund is non-diversified. As such, the Fund may invest in a limited number of issuers. Under a definition provided by the Investment Company Act of 1940, as amended (the "1940 Act"), non-diversified funds may invest in fewer securities, or in larger proportions of the securities of single companies or industries. If these securities were to decline in value, there could be a substantial loss of the investment. In addition, because of the investment strategies, the Fund may hold a smaller number of issuers than if it were "diversified." There is increased risk in investing in a smaller number of different issuers than there is in investing in a larger number of issuers since changes in the financial condition or market status of a single issuer may cause greater fluctuation in a non-diversified portfolio with respect to total return and share price.

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

**Preferred stock risk** – Preferred stock represents an equity interest in a company that generally entitles the holder to receive, in preference to the holders of other stocks such as common stocks, dividends and a fixed share of the proceeds resulting from a liquidation of the company. Some preferred stocks also entitle their holders to receive additional liquidation proceeds on the same basis as holders of a company's common stock, and thus also represent an ownership interest in that company. Preferred stocks may pay fixed or adjustable rates of return. Preferred stock is subject to issuer-specific and market risks applicable generally to equity securities and is sensitive to changes in the issuer's creditworthiness and to changes in interest rates, and may decline in value if interest rates rise. In addition, a company's preferred stock generally pays dividends only after the company makes required payments to holders of its bonds and other debt. For this reason, the value of preferred stock will usually react more strongly than bonds and other debt to actual or perceived changes in the company's financial condition or prospects. Preferred stock of smaller companies may be more vulnerable to adverse developments than preferred stock of larger companies.

Risks of preferred securities include (i) the ability of the issuer to defer or omit distributions for a stated period in its sole discretion, (ii) the potential for the security to lose value based on the credit worthiness of the issuer or its decision to defer distributions, (iii) the potential for the security to lose value in light of the increase in market interest rates (iv) the potential for the issuer to call (repay) the security or extend the term of the security, subject to the security's terms and issuer's discretion, which may impact the value of the security in light of prevailing market interest rates at that time, (v) the risk that the preferred securities may have a less liquid market than government securities or other equity securities issued by the issuer, and (vi) being subject to the decisions of voting shareholders of an issuer as preferred securities typically contain limited, or no, voting rights.

**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.

**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.

**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.

**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.

**STATEMENT OF ADDITIONAL INFORMATION**

**February 13, 2026**

------

**JNL SERIES TRUST** 

**JNL/WMC Global Real Estate Fund** 

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

**AND**

**JNL/Cohen & Steers U.S. Realty Fund**

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

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

------

Acquisition of the assets and assumption of the liabilities of: <u>By and in exchange for shares of:</u> <br> <u>JNL/WMC Global Real Estate Fund</u> <u>JNL/Cohen & Steers U.S. Realty Fund</u>

This Statement of Additional Information (the "SAI") relates specifically to the proposed reorganization of the JNL/WMC Global Real Estate Fund (the "Acquired Fund") into the JNL/Cohen & Steers U.S. Realty 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. A Proxy Statement and Prospectus dated February 13, 2026, relating to the Reorganization (the "Proxy 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 Proxy 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 Proxy Statement/Prospectus.

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 32% 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 68% 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. As a result, a schedule of investments of the Acquired Fund modified to show the effects of the Reorganization is not required and is not included. 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.

The Acquired Fund intends to be treated as a partnership for U.S. federal income tax purposes and does not expect to make regular distributions (other than in redemption of Acquired Fund Shares) to shareholders through the Closing Date of the Reorganization. The Acquiring Fund intends to continue to qualify and be eligible for treatment as a RIC. As a RIC, the Acquiring Fund intends to distribute all its net investment income and net capital gains to shareholders no less frequently than annually and, therefore, does not expect to be required to pay any federal income or excise taxes.

If the Reorganization is consummated, the Combined Fund intends to continue to qualify for treatment as a RIC, if such qualification is in the best interests of the shareholders.

The Acquired Fund is organized as a partnership and, as such, had no net capital loss carryforwards as of December 31, 2024. As of December 31, 2024, the Acquiring Fund had net capital loss carryforwards of $20,051,401.

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.

**JNL SERIES TRUST**

**PART C**

**OTHER INFORMATION**

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Item 15. Indemnification.** | &nbsp;&nbsp;**Item 15. Indemnification.** |
| &nbsp;&nbsp;<u>Amended and Restated Declaration of Trust</u>: Article IV of the Registrant's Amended and Restated Declaration of Trust, as amended, provides that each of its Trustees and Officers (including persons who serve at the Registrant's request as directors, officers or trustees of another organization in which the Registrant has any interest as a shareholder, creditor or otherwise) (each, a "Covered Person") shall be indemnified by the Registrant against all liabilities and expenses that may be incurred by reason of being or having been such a Covered Person, except that no Covered Person shall be indemnified against any liability to the Registrant or its shareholders to which such Covered Person would otherwise be subject by reason of willful misfeasance, bad faith, gross negligence or reckless disregard of the duties involved in the conduct of such Covered Person's office. | &nbsp;&nbsp;<u>Amended and Restated Declaration of Trust</u>: Article IV of the Registrant's Amended and Restated Declaration of Trust, as amended, provides that each of its Trustees and Officers (including persons who serve at the Registrant's request as directors, officers or trustees of another organization in which the Registrant has any interest as a shareholder, creditor or otherwise) (each, a "Covered Person") shall be indemnified by the Registrant against all liabilities and expenses that may be incurred by reason of being or having been such a Covered Person, except that no Covered Person shall be indemnified against any liability to the Registrant or its shareholders to which such Covered Person would otherwise be subject by reason of willful misfeasance, bad faith, gross negligence or reckless disregard of the duties involved in the conduct of such Covered Person's office. |
| &nbsp;&nbsp;Article IV, Section 4.3 of the Registrant's Amended and Restated Declaration of Trust, as amended, provides the following: | &nbsp;&nbsp;Article IV, Section 4.3 of the Registrant's Amended and Restated Declaration of Trust, as amended, provides the following: |
| &nbsp;&nbsp;(a) | &nbsp;&nbsp;Subject to the exceptions and limitations contained in paragraph (b) below: |
| &nbsp;&nbsp; &nbsp;&nbsp;(i) | &nbsp;&nbsp;every person who is, or has been, a Trustee, officer, employee or agent of the Trust (including any individual who serves at its request as director, officer, partner, trustee or the like of another organization in which it has any interest as a shareholder, creditor or otherwise) shall be indemnified by the Trust, or by one or more Series thereof if the claim arises from his or her conduct with respect to only such Series (unless the Series was terminated prior to any such liability or claim being known to the Trustees, in which case such obligations, to the extent not satisfied out of the assets of a Series, the obligation shall be an obligation of the Trust), to the fullest extent permitted by law against all liability and against all expenses reasonably incurred or paid by him in connection with any claim, action, suit or proceeding in which he becomes involved as a party or otherwise by virtue of his being or having been a Trustee or officer and against amounts paid or incurred by him in the settlement thereof; |
| &nbsp;&nbsp; &nbsp;&nbsp;(ii) | &nbsp;&nbsp;the words "claim," "action," "suit," or "proceeding" shall apply to all claims, actions, suits or proceedings (civil, criminal, or other, including appeals), actual or threatened; and the words "liability" and "expenses" shall include, without limitation, attorneys' fees, costs, judgments, amounts paid in settlement, fines, penalties and other liabilities. |
| &nbsp;&nbsp;(b) | &nbsp;&nbsp;No indemnification shall be provided hereunder to a Trustee or officer: |
| &nbsp;&nbsp; &nbsp;&nbsp;(i) | &nbsp;&nbsp;against any liability to the Trust, a Series thereof or the Shareholders by reason of willful misfeasance, bad faith, gross negligence or reckless disregard of the duties involved in the conduct of his office; |
| &nbsp;&nbsp; &nbsp;&nbsp;(ii) | &nbsp;&nbsp;with respect to any matter as to which he shall have been finally adjudicated not to have acted in good faith in the reasonable belief that his action was in the best interest of the Trust or a Series thereof; |
| &nbsp;&nbsp; &nbsp;&nbsp;(iii) | &nbsp;&nbsp;in the event of a settlement or other disposition not involving a final adjudication as provided in paragraph (b)(ii) resulting in a payment by a Trustee or officer, unless there has been a determination that such Trustee or officer did not engage in willful misfeasance, bad faith, gross negligence or reckless disregard of the duties involved in the conduct of his office: |
| &nbsp;&nbsp; &nbsp;&nbsp;(A) | &nbsp;&nbsp;by the court or other body approving the settlement or other disposition; |
| &nbsp;&nbsp; &nbsp;&nbsp;(B) | &nbsp;&nbsp;based upon a review of readily available facts (as opposed to a full trial-type inquiry) by (i) vote of a majority of the Non-interested Trustees acting on the matter (provided that a majority of the Non-interested Trustees then in office act on the matter) or (ii) written opinion of independent legal counsel; or |
| &nbsp;&nbsp; &nbsp;&nbsp;(C) | &nbsp;&nbsp;by a vote of a majority of the Shares outstanding and entitled to vote (excluding Shares owned of record or beneficially by such individual). |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;(c) | &nbsp;&nbsp;The rights of indemnification herein provided may be insured against by policies maintained by the Trust, shall be severable, shall not affect any other rights to which any Trustee or officer may now or hereafter be entitled, shall continue as to a person who has ceased to be such Trustee or officer and shall inure to the benefit of the heirs, executors, administrators and assigns of such a person. Nothing contained herein shall affect any rights to indemnification to which personnel of the Trust or any Series thereof other than Trustees and officers may be entitled by contract or otherwise under law. |
| &nbsp;&nbsp;(d) | &nbsp;&nbsp;Expenses of preparation and presentation of a defense to any claim, action, suit or proceeding of the character described in paragraph (a) of this Section 4.3 may be advanced by the Trust or a Series thereof prior to final disposition thereof upon receipt of an undertaking by or on behalf of the recipient to repay such amount if it is ultimately determined that he is not entitled to indemnification under this Section 4.3, provided that either: |
| &nbsp;&nbsp; &nbsp;&nbsp;(i) | &nbsp;&nbsp;such undertaking is secured by a surety bond or some other appropriate security provided by the recipient, or the Trust or Series thereof shall be insured against losses arising out of any such advances; or |
| &nbsp;&nbsp; &nbsp;&nbsp;(ii) | &nbsp;&nbsp;a majority of the Non-interested Trustees acting on the matter (provided that a majority of the Non-interested Trustees act on the matter) or an independent legal counsel in a written opinion shall determine, based upon a review of readily available facts (as opposed to a full trial-type inquiry), that there is reason to believe that the recipient ultimately will be found entitled to indemnification. |
| &nbsp;&nbsp; As used in Section 4.3 of the Registrant's Amended and Restated Declaration of Trust, a "Non-interested Trustee" is one who (i) is not an Interested Person of the Trust (including anyone who has been exempted from being an Interested Person by any rule, regulation or order of the Commission), and (ii) is not involved in the claim, action, suit or proceeding. | &nbsp;&nbsp; As used in Section 4.3 of the Registrant's Amended and Restated Declaration of Trust, a "Non-interested Trustee" is one who (i) is not an Interested Person of the Trust (including anyone who has been exempted from being an Interested Person by any rule, regulation or order of the Commission), and (ii) is not involved in the claim, action, suit or proceeding. |
| &nbsp;&nbsp;<u>Indemnification Arrangements</u>: The foregoing indemnification arrangements are subject to the provisions of Section 17(h) of the Investment Company Act of 1940. | &nbsp;&nbsp;<u>Indemnification Arrangements</u>: The foregoing indemnification arrangements are subject to the provisions of Section 17(h) of the Investment Company Act of 1940. |
| &nbsp;&nbsp;Insofar as indemnification by the Registrant for liabilities arising under the Securities Act of 1933 may be permitted to directors, officers and controlling persons of the Registrant pursuant to the foregoing provisions, or otherwise, the Registrant has been advised that in the opinion of the Securities and Exchange Commission such indemnification is against public policy as expressed in the Act and is, therefore, unenforceable. In the event that a claim for indemnification against such liabilities (other than the payment by the Registrant of expenses incurred or paid by a director, officer or controlling person of the Registrant in the successful defense of any action, suit or proceeding) is asserted against the Registrant by such director, officer or controlling person in connection with the securities being registered, the Registrant will, unless in the opinion of its counsel the matter has been settled by controlling precedent, submit to a court of appropriate jurisdiction the question whether such indemnification by it is against public policy as expressed in the Act and will be governed by the final adjudication of such issue. | &nbsp;&nbsp;Insofar as indemnification by the Registrant for liabilities arising under the Securities Act of 1933 may be permitted to directors, officers and controlling persons of the Registrant pursuant to the foregoing provisions, or otherwise, the Registrant has been advised that in the opinion of the Securities and Exchange Commission such indemnification is against public policy as expressed in the Act and is, therefore, unenforceable. In the event that a claim for indemnification against such liabilities (other than the payment by the Registrant of expenses incurred or paid by a director, officer or controlling person of the Registrant in the successful defense of any action, suit or proceeding) is asserted against the Registrant by such director, officer or controlling person in connection with the securities being registered, the Registrant will, unless in the opinion of its counsel the matter has been settled by controlling precedent, submit to a court of appropriate jurisdiction the question whether such indemnification by it is against public policy as expressed in the Act and will be governed by the final adjudication of such issue. |
| &nbsp;&nbsp;In addition to the above indemnification, Jackson National Life Insurance Company extends its indemnification of its own officers, directors and employees to cover such persons' activities as officers, trustees or employees of the Registrant. | &nbsp;&nbsp;In addition to the above indemnification, Jackson National Life Insurance Company extends its indemnification of its own officers, directors and employees to cover such persons' activities as officers, trustees or employees of the Registrant. |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Item 16. Exhibits** | &nbsp;&nbsp;**Item 16. Exhibits** |
| &nbsp;&nbsp;(1) | &nbsp;&nbsp;[Amended and Restated Agreement and Declaration of Trust of Registrant, dated September 25, 2017](https://www.sec.gov/Archives/edgar/data/933691/000093369118000036/exa1_dot.htm).<sup>13</sup> |
| &nbsp;&nbsp;(2) | &nbsp;&nbsp;[Amended and Restated By-Laws of Registrant, dated September 6, 2019](https://www.sec.gov/Archives/edgar/data/933691/000093369119000788/exb_bylaws20190906.htm).<sup>15</sup> |
| &nbsp;&nbsp;(3) | &nbsp;&nbsp;Not Applicable. |
| &nbsp;&nbsp;(4) | &nbsp;&nbsp;Plan of Reorganization, filed as Appendix A to the Proxy Statement and Prospectus set forth in Part A to this Registration Statement on Form N-14. |
| &nbsp;&nbsp;(5) | &nbsp;&nbsp;Provisions of instruments defining the rights of holders of the securities being registered are contained in the Registrant's Amended and Restated Agreement and Declaration of Trust and By-laws (See Exhibits (1) and (2) above). |
| &nbsp;&nbsp;(6) &nbsp;&nbsp;(a) | &nbsp;&nbsp;Jackson National Asset Management, LLC ("JNAM") |
| &nbsp;&nbsp; &nbsp;&nbsp;(i) | &nbsp;&nbsp;[Amended and Restated Investment Advisory and Management Agreement between JNAM and Registrant, effective September 13, 2021](https://www.sec.gov/Archives/edgar/data/933691/000093369121000648/exd1i_advagmnt09132021.htm).<sup>18</sup> |

---

(ii) [Amendment, effective April 25, 2022, to Amended and Restated Investment Advisory and Management Agreement between JNAM and Registrant, effective September 13, 2021](https://www.sec.gov/Archives/edgar/data/933691/000138713122005093/exd1ii_advamend42522.htm) .<sup>19</sup>

(iii) [Amendment, effective June 1, 2022, to Amended and Restated Investment Advisory and Management Agreement between JNAM and Registrant, effective September 13, 2021](https://www.sec.gov/Archives/edgar/data/933691/000093369122000452/exd1iii_arainvadgt6122.htm) .<sup>20</sup>

(iv) [Amendment, effective November 15, 2022, to Amended and Restated Investment Advisory and Management Agreement between JNAM and Registrant, effective September 13, 2021](https://www.sec.gov/Archives/edgar/data/933691/000138713122011428/exd1iv.htm) .<sup>21</sup>

(v) [Amendment, effective May 1, 2023, to Amended and Restated Investment Advisory and Management Agreement between JNAM and Registrant, effective September 13, 2021](https://www.sec.gov/Archives/edgar/data/933691/000138713123005545/exd1v_advamend5123.htm) .<sup>22</sup>

(vi) [Amendment, effective April 29, 2024, to Amended and Restated Investment Advisory and Management Agreement between JNAM and Registrant, effective September 13, 2021](https://www.sec.gov/Archives/edgar/data/933691/000199937124005239/ex28d1vi_advamend.htm) .<sup>24</sup>

(vii) [Amendment, effective October 21, 2024, to Amended and Restated Investment Advisory and Management Agreement between JNAM and Registrant, effective September 13, 2021](https://www.sec.gov/Archives/edgar/data/933691/000199937124013447/exd1vii_adv102124.htm) .<sup>25</sup>

(viii) [Amendment, effective April 28, 2025, to Amended and Restated Investment Advisory and Management Agreement between JNAM and Registrant, effective September 13, 2021](https://www.sec.gov/Archives/edgar/data/933691/000199937125004636/exd1viii_adv042825.htm) .<sup>26</sup>

(c) Wellington Management Company LLP ("Wellington")

(i) [Amended and Restated Sub-Advisory Agreement between JNAM and Wellington, effective September 1, 2022](https://www.sec.gov/Archives/edgar/data/933691/000093369122000452/exd51xvii_wellsubagmnt090122.htm) .<sup>20</sup>

(ii) [Amendment, effective September 1, 2023, to Amended and Restated Sub-Advisory Agreement between JNAM and Wellington, effective September 1, 2022](https://www.sec.gov/Archives/edgar/data/933691/000093369123000397/exd51ii_wellsubame9123.htm) .<sup>23</sup>

(iii) [Amendment, effective February 1, 2024, to Amended and Restated Sub-Advisory Agreement between JNAM and Wellington, effective September 1, 2022](https://www.sec.gov/Archives/edgar/data/933691/000199937124005239/ex28d51iii_wellsub.htm) .<sup>24</sup>

(iv) [Amendment, effective April 29, 2024, to Amended and Restated Sub-Advisory Agreement between JNAM and Wellington, effective September 1, 2022](https://www.sec.gov/Archives/edgar/data/933691/000199937124005239/ex28d51iv_wellsub.htm) .<sup>24</sup>

(v) [Amendment, effective October 21, 2024, to Amended and Restated Sub-Advisory Agreement between JNAM and Wellington, effective September 1, 2022](https://www.sec.gov/Archives/edgar/data/933691/000199937124013447/exd53v_well102124.htm) .<sup>25</sup>

(vi) [Amendment, effective June 1, 2025, to Amended and Restated Sub-Advisory Agreement between JNAM and Wellington, effective September 1, 2022](https://www.sec.gov/Archives/edgar/data/933691/000093369125001271/exd51vi_wellsubamend625.htm) . <sup>27</sup>

(d) Cohen & Steers Capital Management Inc. ("Cohen")

(i) [Investment Sub-Advisory Agreement between JNAM and Cohen, effective October 21, 2024](https://www.sec.gov/Archives/edgar/data/933691/000199937124013447/exd15i_cohen102124.htm) .<sup>25</sup>

(7) (i) [Third Amended and Restated Distribution Agreement between Registrant and Jackson National Life Distributors LLC ("JNLD"), effective September 13, 2021](https://www.sec.gov/Archives/edgar/data/933691/000093369121000648/exe1i_thirdardisagmnt91321.htm) .<sup>18</sup>

(ii) [Amendment, effective April 25, 2022, to Third Amended and Restated Distribution Agreement between Registrant and JNLD, effective September 13, 2021](https://www.sec.gov/Archives/edgar/data/933691/000138713122005093/exe1ii_disamend42522.htm) .<sup>19</sup>

(iii) [Amendment, effective November 15, 2022, to Third Amended and Restated Distribution Agreement between Registrant and JNLD, effective September 13, 2021](https://www.sec.gov/Archives/edgar/data/933691/000138713122011428/exe1iii_disagamend111522.htm) .<sup>21</sup>

(iv) [Amendment, effective April 29, 2024, to Third Amended and Restated Distribution Agreement between Registrant and JNLD, effective September 13, 2021](https://www.sec.gov/Archives/edgar/data/933691/000199937124005239/ex28e1iv_disamend.htm) .<sup>24</sup>

(v) [Amendment, effective October 21, 2024, to Third Amended and Restated Distribution Agreement between Registrant and JNLD, effective September 13, 2021](https://www.sec.gov/Archives/edgar/data/933691/000199937124013447/exe1v_disagmnt102124.htm) .<sup>25</sup>

(vi) [Amendment, effective April 28, 2025, to Third Amended and Restated Distribution Agreement between Registrant and JNLD, effective September 13, 2021](https://www.sec.gov/Archives/edgar/data/933691/000199937125004636/exe1vi_disagmnt042825.htm) .<sup>26</sup>

(8) Not Applicable.

(9) (a) (i) [Amended and Restated Master Global Custody Agreement between Registrant and JPMorgan Chase, dated December 1, 2022 (the "JPMorgan Custody Agreement").](https://www.sec.gov/Archives/edgar/data/933691/000138713123005545/exg1i_jpmcusagmnt12122.htm) <sup>22</sup>

(ii) [Amendment, effective September 30, 2023, to the JPMorgan Custody Agreement](https://www.sec.gov/Archives/edgar/data/933691/000093369123000397/exg1ii_jpmcusamend09302023.htm) .<sup>23</sup>

(iii) [Amendment, effective April 29, 2024, to the JPMorgan Custody Agreement](https://www.sec.gov/Archives/edgar/data/933691/000199937124005239/ex28g1iii_jpmcus042924.htm) .<sup>24</sup>

(iv) [Amendment, effective October 21, 2024, to the JPMorgan Custody Agreement](https://www.sec.gov/Archives/edgar/data/933691/000199937124013447/exg1iv_jpmcus102124.htm) .<sup>25</sup>

(b) (i) [Amended and Restated Master Custodian Agreement between Registrant, State Street Bank and Trust Company, JNL Investors Series Trust, JNL Multi-Manager Alternative Fund (Boston Partners) Ltd., and PPM Funds, dated December 1, 2022 (the "State Street Custody Agreement")](https://www.sec.gov/Archives/edgar/data/933691/000138713123005545/exg2i_ssbtcusagmnt12122.htm) .<sup>22</sup>

(ii) [Amendment, effective May 6, 2023, to the State Street Custody Agreement](https://www.sec.gov/Archives/edgar/data/933691/000093369123000397/exg2ii_ssbtcusamend05062023.htm) .<sup>23</sup>

(iii) [Amendment, effective September 30, 2023, to the State Street Custody Agreement *(this amendment adds Jackson Credit Opportunities Fund as a party thereto)*](https://www.sec.gov/Archives/edgar/data/933691/000093369123000397/exg2iii_ssbtcusamend09302023.htm) .<sup>23</sup>

(iv) [Amendment, effective December 15, 2023, to the State Street Custody Agreement *(this amendment removes JNL Multi-Manager Alternative Fund (Boston Partners) Ltd. as a party)*](https://www.sec.gov/Archives/edgar/data/933691/000199937124005239/ex28g2iv_sscus121523.htm) .<sup>24</sup>

(v) [Amendment, effective February 29, 2024, to the State Street Custody Agreement *(this amendment adds Jackson Real Asset Fund as a party thereto)*](https://www.sec.gov/Archives/edgar/data/933691/000199937124005239/ex28g2v_sscus22924.htm) .<sup>24</sup>

(vi) [Amendment, effective April 29, 2024, to the State Street Custody Agreement](https://www.sec.gov/Archives/edgar/data/933691/000199937124005239/ex28g2vi_sscus42924.htm) .<sup>24</sup>

(vii) [Amendment, effective June 10, 2024, to the State Street Custody Agreement *(this amendment adds Jackson Real Assets Fund LLC as a party thereto)*](https://www.sec.gov/Archives/edgar/data/933691/000199937124013447/exg2vii_sscus061024.htm) .<sup>25</sup>

(viii) [Amendment, effective August 29, 2024, to the State Street Custody Agreement *(this amendment adds Jackson Credit Opportunities Fund LLC as a party thereto)*](https://www.sec.gov/Archives/edgar/data/933691/000199937124013447/exg2viii_sscus082924.htm) .<sup>25</sup>

(ix) [Amendment, effective October 21, 2024, to the State Street Custody Agreement](https://www.sec.gov/Archives/edgar/data/933691/000199937124013447/exg2ix_sscust102124.htm) .<sup>25</sup>

(x) [Amendment, effective April 28, 2025, to the State Street Custody Agreement](https://www.sec.gov/Archives/edgar/data/933691/000199937125004636/exg2x_sscus042825.htm) .<sup>26</sup>

(xi) [Amendment, effective June 11, 2025, to the State Street Custody Agreement](https://www.sec.gov/Archives/edgar/data/933691/000093369125001271/exg2xi_sscusamend625.htm) .<sup>27</sup>

(10) (a) (i) [Amended and Restated Distribution Plan, effective July 1, 2017](https://www.sec.gov/Archives/edgar/data/933691/000093369117000461/exm1i_aandrdisplan07012017.htm) .<sup>12</sup>

(ii) [Amendment, effective September 25, 2017, to Amended and Restated Distribution Plan, effective July 1, 2017](https://www.sec.gov/Archives/edgar/data/933691/000093369117000461/exm1ii_displanamend09252017.htm) .<sup>12</sup>

(iii) [Amendment, effective August 13, 2018, to Amended and Restated Distribution Plan, effective July 1, 2017](https://www.sec.gov/Archives/edgar/data/933691/000093369118000377/exm1iii_displanamend08132018.htm) .<sup>14</sup>

(iv) [Amendment, effective June 24, 2019, to Amended and Restated Distribution Plan, effective July 1, 2017](https://www.sec.gov/Archives/edgar/data/933691/000093369119000788/exm1iv_displan20190624.htm) .<sup>15</sup>

(v) [Amendment, effective April 27, 2020, to Amended and Restated Distribution Plan, effective July 1, 2017](https://www.sec.gov/Archives/edgar/data/933691/000093369120000135/exm1v_displanamnd20200427.htm) .<sup>16</sup>

(vi) [Amendment, effective April 26, 2021, to Amended and Restated Distribution Plan, effective July 1, 2017](https://www.sec.gov/Archives/edgar/data/933691/000138713121004803/exm1vi_displanamd20210426.htm) .<sup>17</sup>

(vii) [Amendment, effective April 25, 2022, to Amended and Restated Distribution Plan, effective July 1, 2017](https://www.sec.gov/Archives/edgar/data/933691/000138713122005093/exm1vii_dpamend42522.htm) .<sup>19</sup>

(viii) [Amendment, effective November 15, 2022, to Amended and Restated Distribution Plan, effective July 1, 2017](https://www.sec.gov/Archives/edgar/data/933691/000138713122011428/exm1viii_dpamend111522.htm) .<sup>21</sup>

(ix) [Amendment, effective April 29, 2024, to Amended and Restated Distribution Plan, effective July 1, 2017](https://www.sec.gov/Archives/edgar/data/933691/000199937124005239/ex28m1ix_displan.htm) .<sup>24</sup>

(x) [Amendment, effective October 21, 2024, to Amended and Restated Distribution Plan, effective July 1, 2017](https://www.sec.gov/Archives/edgar/data/933691/000199937124013447/exm1x_displan102124.htm) .<sup>25</sup>

(xi) [Amendment, effective April 28, 2025, to Amended and Restated Distribution Plan](https://www.sec.gov/Archives/edgar/data/933691/000199937125004636/exm1xi_disaplan042825.htm) .<sup>26</sup>

(b) (i) [Multiple Class Plan, effective April 29, 2013](https://www.sec.gov/Archives/edgar/data/933691/000114036112051960/exn23_mcplan04292013.htm) .<sup>2</sup>

(ii) [Amendment, effective September 16, 2013, to Multiple Class Plan, effective April 29, 2013](https://www.sec.gov/Archives/edgar/data/933691/000093369113000283/exn1_1iimcplanamd09162013.htm) .<sup>4</sup>

(iii) [Amendment, effective April 28, 2014, to Multiple Class Plan, effective April 29, 2013](https://www.sec.gov/Archives/edgar/data/933691/000093369114000077/exn1iii_mcplan04282014.htm) .<sup>5</sup>

(iv) [Amendment, effective September 15, 2014, to Multiple Class Plan, effective April 29, 2013](https://www.sec.gov/Archives/edgar/data/933691/000093369114000439/exn1iv_multicpamend0914.htm) .<sup>6</sup>

(v) [Amendment, effective April 27, 2015, to Multiple Class Plan, effective April 29, 2013](https://www.sec.gov/Archives/edgar/data/933691/000107242815000025/exn1v_mcplan04272015.htm) .<sup>7</sup>

(vi) [Amendment, effective September 28, 2015, to Multiple Class Plan, effective April 29, 2013](https://www.sec.gov/Archives/edgar/data/933691/000093369115000350/exn1vi_multiclassplan.htm) .<sup>8</sup>

(vii) [Amendment, effective April 25, 2016, to Multiple Class Plan, effective April 29, 2013](https://www.sec.gov/Archives/edgar/data/933691/000093369116000546/exn1vii_multiclassplanam0416.htm) .<sup>9</sup>

(viii) [Amendment, effective September 19, 2016, to Multiple Class Plan, effective April 29, 2013](https://www.sec.gov/Archives/edgar/data/933691/000093369116000855/exn1viii_20160919mcplanamd.htm) .<sup>10</sup>

(ix) [Amendment, effective April 24, 2017, to Multiple Class Plan, effective April 29, 2013](https://www.sec.gov/Archives/edgar/data/933691/000093369117000081/exn1ix_mcplan04242017.htm) .<sup>11</sup>

(x) [Amendment, effective September 25, 2017, to Multiple Class Plan, effective April 29, 2013](https://www.sec.gov/Archives/edgar/data/933691/000093369117000461/exn1x_multiclassplanamd0917.htm) .<sup>12</sup>

(xi) [Amendment, effective August 13, 2018, to Multiple Class Plan, effective April 29, 2013](https://www.sec.gov/Archives/edgar/data/933691/000093369118000377/exn1xi_mcpamend08132018.htm) .<sup>14</sup>

(xii) [Amendment, effective June 24, 2019, to Multiple Class Plan, effective April 29, 2013](https://www.sec.gov/Archives/edgar/data/933691/000093369119000788/exn1xii_mcplanamend20190624.htm) .<sup>15</sup>

(xiii) [Amendment, effective April 27, 2020, to Multiple Class Plan, effective April 29, 2013](https://www.sec.gov/Archives/edgar/data/933691/000093369120000135/exn1xiii_mcplanamnd20200427.htm) .<sup>16</sup>

(xiv) [Amendment, effective April 26, 2021, to Multiple Class Plan, effective April 29, 2013](https://www.sec.gov/Archives/edgar/data/933691/000138713121004803/exn1xiv_mcplanamd20210426.htm) .<sup>17</sup>

(xv) [Amendment, effective April 25, 2022, to Multiple Class Plan, effective April 29, 2013](https://www.sec.gov/Archives/edgar/data/933691/000138713122005093/exn1xv_mcpamend42522.htm) .<sup>19</sup>

(xvi) [Amendment, effective November 15, 2022, to Multiple Class Plan, effective April 29, 2013](https://www.sec.gov/Archives/edgar/data/933691/000138713122011428/exn1xvi_mcpamend111522.htm) .<sup>21</sup>

(xvii) [Amendment, effective April 29, 2024, to Multiple Class Plan, effective April 29, 2013](https://www.sec.gov/Archives/edgar/data/933691/000199937124005239/ex28n1xvii_mcp42924.htm) .<sup>24</sup>

(xviii) [Amendment, effective October 21, 2024, to Multiple Class Plan, effective April 29, 2013](https://www.sec.gov/Archives/edgar/data/933691/000199937124013447/exn1xviii_mcp102124.htm) .<sup>25</sup>

(xxix) [Amendment, effective April 28, 2025, to Multiple Class Plan, effective April 29, 2013](https://www.sec.gov/Archives/edgar/data/933691/000199937125004636/exn1xxix_mcplan042825.htm) .<sup>26</sup>

(11) Opinion and Consent of Counsel regarding legality of shares being registered, attached hereto.

(12) Opinion and Consent of Counsel regarding tax matters and consequences to shareholders discussed in the Proxy Statement and Prospectus, to be filed by amendment.

(13) (a) (i) [Amended and Restated Administration Agreement between Registrant and JNAM, effective September 13, 2021](https://www.sec.gov/Archives/edgar/data/933691/000093369121000648/exh1i_adminagmnt09132021.htm) .<sup>18</sup>

(ii) [Amendment, effective April 25, 2022, to Amended and Restated Administration Agreement between Registrant and JNAM, effective September 13, 2021](https://www.sec.gov/Archives/edgar/data/933691/000138713122005093/exh1ii_adminamend42225.htm) .<sup>19</sup>

(iii) [Amendment, effective November 15, 2022, to Amended and Restated Administration Agreement between Registrant and JNAM, effective September 13, 2021](https://www.sec.gov/Archives/edgar/data/933691/000138713122011428/exh1iii_adminamend111522.htm) .<sup>21</sup>

(iv) [Amendment, effective April 29, 2024, to Amended and Restated Administration Agreement between Registrant and JNAM, effective September 13, 2021](https://www.sec.gov/Archives/edgar/data/933691/000199937124005239/ex28h1iv_admin42924.htm) .<sup>24</sup>

(v) [Amendment, effective October 21, 2024, to Amended and Restated Administration Agreement between Registrant and JNAM, effective September 13, 2021](https://www.sec.gov/Archives/edgar/data/933691/000199937124013447/exh1v_admin102124.htm) .<sup>25</sup>

(vi) [Amendment, effective April 28, 2025, to Amended and Restated Administration Agreement between Registrant and JNAM, effective September 13, 2021](https://www.sec.gov/Archives/edgar/data/933691/000199937125004636/exh1vi_admin042825.htm) .<sup>26</sup>

(b) (i) [Amended and Restated Anti-Money Laundering Agreement between Registrant and Jackson National Life Insurance Company, dated November 27, 2012](https://www.sec.gov/Archives/edgar/data/933691/000093369113000030/exh105_amlamnt11272012.htm) .<sup>3</sup>

(ii) [Amendment, effective June 29, 2018, to Amended and Restated Anti-Money Laundering Agreement between Registrant and Jackson National Life Insurance Company, dated November 27, 2012](https://www.sec.gov/Archives/edgar/data/933691/000093369118000377/exh7ii_amlamend06292018.htm) .<sup>14</sup>

(iii) [Amendment, effective April 27, 2020, to Amended and Restated Anti-Money Laundering Agreement between Registrant and Jackson National Life Insurance Company, dated November 27, 2012](https://www.sec.gov/Archives/edgar/data/933691/000093369120000135/exh4iii_amlamnd20200427.htm) .<sup>16</sup>

(c) (i) [Amended and Restated Contract Owner Information Agreement, pursuant to Rule 22c-2 between Registrant and Jackson National Life Insurance Company and its Separate Accounts, dated April 1, 2016](https://www.sec.gov/Archives/edgar/data/933691/000093369116000546/exh7i_jnlconowninfo04012016.htm) .<sup>9</sup>

(ii) [Amendment, effective June 29, 2018, to Amended and Restated Contract Owner Information Agreement, pursuant to Rule 22c-2 between Registrant and Jackson National Life Insurance Company and its Separate Accounts, dated April 1, 2016](https://www.sec.gov/Archives/edgar/data/933691/000093369118000377/exh8iijnlconowerame06292018.htm) .<sup>14</sup>

(iii) [Amendment, effective April 27, 2020, to Amended and Restated Contract Owner Information Agreement, pursuant to Rule 22c-2 between Registrant and Jackson National Life Insurance Company and its Separate Accounts, dated April 1, 2016](https://www.sec.gov/Archives/edgar/data/933691/000093369120000135/exh5iii_jnl22c2amnd20200427.htm) .<sup>16</sup>

(d) (i) [Amended and Restated Contract Owner Information Agreement, pursuant to Rule 22c-2 between Registrant and Jackson National Life Insurance Company of New York and its Separate Accounts, dated April 1, 2016](https://www.sec.gov/Archives/edgar/data/933691/000093369116000546/exh8i_jnlnyconow04012016.htm) .<sup>9</sup>

(ii) [Amendment, effective June 29, 2018, to Amended and Restated Contract Owner Information Agreement, pursuant to Rule 22c-2 between Registrant and Jackson National Life Insurance Company of New York and its Separate Accounts, dated April 1, 2016](https://www.sec.gov/Archives/edgar/data/933691/000093369118000377/exh9iijnlnyconowera06292018.htm) .<sup>14</sup>

(iii) [Amendment, effective April 27, 2020, to Amended and Restated Contract Owner Information Agreement, pursuant to Rule 22c-2 between Registrant and Jackson National Life Insurance Company of New York and its Separate Accounts, dated April 1, 2016](https://www.sec.gov/Archives/edgar/data/933691/000093369120000135/exh6iii_jnlny22c2amnd200427.htm) .<sup>16</sup>

(e) (i) [Master InterFund Lending Agreement, dated as April 27, 2015, by and among the series listed of the Registrant, JNL Investors Series Trust, JNL Variable Fund LLC, JNL Strategic Income Fund LLC, Jackson Variable Series Trust and Curian Series Trust and JNAM and Curian Capital LLC](https://www.sec.gov/Archives/edgar/data/933691/000107242815000025/exh26_interfundlendagmnt.htm) .<sup>7</sup>

(ii) [Amendment, effective February 2, 2016, to Master Interfund Lending Agreement dated April 27, 2015](https://www.sec.gov/Archives/edgar/data/933691/000093369116000546/exh10ii_interfundamend0216.htm) .<sup>9</sup>

(iii) [Amendment, effective June 1, 2018, to Master Interfund Lending Agreement dated April 27, 2015](https://www.sec.gov/Archives/edgar/data/933691/000093369118000377/exh11iii_minfundlendamend.htm) .<sup>14</sup>

(iv) [Amendment, effective April 27, 2020, to Master Interfund Lending Agreement dated April 27, 2015](https://www.sec.gov/Archives/edgar/data/933691/000093369120000135/exh7iv_milamnd20200427.htm) .<sup>16</sup>

(f) (i) [Amended and Restated Transfer Agency Agreement between Registrant and JNAM, dated February 28, 2012](https://www.sec.gov/Archives/edgar/data/933691/000093369112000035/exh99_aandrtaagmnt02282012.htm) .<sup>1</sup>

(ii) [Amendment, effective April 30, 2012, to Amended and Restated Transfer Agency Agreement between Registrant and JNAM, dated February 28, 2012](https://www.sec.gov/Archives/edgar/data/933691/000093369112000035/exh96_revtaamend04302012.htm) .<sup>1</sup>

(iii) [Amendment, effective April 29, 2013, to Amended and Restated Transfer Agency Agreement between Registrant and JNAM, dated February 28, 2012](https://www.sec.gov/Archives/edgar/data/933691/000114036112051960/exh104_taamend04292013.htm) .<sup>2</sup>

(iv) [Amendment, effective September 16, 2013, to Amended and Restated Transfer Agency Agreement between Registrant and JNAM dated February 28, 2012](https://www.sec.gov/Archives/edgar/data/933691/000093369113000283/exh11_7ivtaamd09162013.htm) .<sup>4</sup>

(v) [Amendment, effective April 28, 2014, to Amended and Restated Transfer Agency Agreement between Registrant and JNAM, dated February 28, 2012](https://www.sec.gov/Archives/edgar/data/933691/000093369114000077/exh16v_ta04282014.htm) .<sup>5</sup>

(vi) [Amendment, effective September 15, 2014, to Amended and Restated Transfer Agency Agreement between Registrant and JNAM, dated February 28, 2012](https://www.sec.gov/Archives/edgar/data/933691/000093369114000439/exh16vi_taamend09152014.htm) .<sup>6</sup>

(vii) [Amendment, effective April 27, 2015, to Amended and Restated Transfer Agency Agreement between Registrant and JNAM, dated February 28, 2012](https://www.sec.gov/Archives/edgar/data/933691/000107242815000025/exh16vii_taamend04272015.htm) .<sup>7</sup>

(viii) [Amendment, effective September 28, 2015, to Amended and Restated Transfer Agency Agreement between Registrant and JNAM, dated February 28, 2012](https://www.sec.gov/Archives/edgar/data/933691/000093369115000350/exh16viii_taamend09282015.htm) .<sup>8</sup>

(ix) [Amendment, effective April 25, 2016, to Amended and Restated Transfer Agency Agreement between Registrant and JNAM, dated February 28, 2012](https://www.sec.gov/Archives/edgar/data/933691/000093369116000546/exh35ix_taamend04252016.htm) .<sup>9</sup>

(x) [Amendment, effective September 19, 2016, to Amended and Restated Transfer Agency Agreement between Registrant and JNAM, dated February 28, 2012](https://www.sec.gov/Archives/edgar/data/933691/000093369116000855/exh34x_20160919taamend.htm) .<sup>10</sup>

(xi) [Amendment, effective April 24, 2017, to Amended and Restated Transfer Agency Agreement between Registrant and JNAM, dated February 28, 2012](https://www.sec.gov/Archives/edgar/data/933691/000093369117000081/exh35xi_taamend04242017.htm) .<sup>11</sup>

(xii) [Amendment, effective September 25, 2017, to Amended and Restated Transfer Agency Agreement between Registrant and JNAM, dated February 28, 2012](https://www.sec.gov/Archives/edgar/data/933691/000093369117000461/exh35xii_taamend09252017.htm) .<sup>12</sup>

(xiii) [Amendment, effective August 13, 2018, to Amended and Restated Transfer Agency Agreement between Registrant and JNAM, dated February 28, 2012](https://www.sec.gov/Archives/edgar/data/933691/000093369118000377/exh40xiii_taamend08132018.htm) .<sup>14</sup>

(xiv) [Amendment, effective June 24, 2019, to Amended and Restated Transfer Agency Agreement between Registrant and JNAM, dated February 28, 2012](https://www.sec.gov/Archives/edgar/data/933691/000093369119000788/exh20xiv_taamend20190624.htm) .<sup>15</sup>

(xv) [Amendment, effective April 27, 2020, to Amended and Restated Transfer Agency Agreement between Registrant and JNAM, dated February 28, 2012](https://www.sec.gov/Archives/edgar/data/933691/000093369120000135/exh22xv_taamnd20200427.htm) .<sup>16</sup>

(xvi) [Amendment, effective April 26, 2021, to Amended and Restated Transfer Agency Agreement between Registrant and JNAM, dated February 28, 2012](https://www.sec.gov/Archives/edgar/data/933691/000138713121004803/exh18xvi_taamend210426.htm) .<sup>17</sup>

(xvii) [Amendment, effective April 25, 2022, to Amended and Restated Transfer Agency Agreement between Registrant and JNAM, dated February 28, 2012](https://www.sec.gov/Archives/edgar/data/933691/000138713122005093/exh16xvii_tamend42522.htm) .<sup>19</sup>

(xviii) [Amendment, effective November 15, 2022, to Amended and Restated Transfer Agency Agreement between Registrant and JNAM, dated February 28, 2012](https://www.sec.gov/Archives/edgar/data/933691/000138713122011428/exh16xviii_taamend111522.htm) .<sup>21</sup>

(xix) [Amendment, effective April 29, 2024, to Amended and Restated Transfer Agency Agreement between Registrant and JNAM, dated February 28, 2012](https://www.sec.gov/Archives/edgar/data/933691/000199937124005239/ex28h15xixta042924.htm) .<sup>24</sup>

(xx) [Amendment, effective October 21, 2024, to Amended and Restated Transfer Agency Agreement between Registrant and JNAM, dated February 28, 2012](https://www.sec.gov/Archives/edgar/data/933691/000199937124013447/exh17xx_ta102124.htm) .<sup>25</sup>

(xxi) [Amendment, effective April 28, 2025, to Amended and Restated Transfer Agency Agreement between Registrant and JNAM, dated February 28, 2012](https://www.sec.gov/Archives/edgar/data/933691/000199937125004636/exh23xxi_ta042825.htm) .<sup>26</sup>

(14) Consent of Independent Registered Public Accounting Firm, attached hereto.

(15) None.

(16) Power of Attorney, dated June 1, 2025, attached hereto.

(17) Proxy and Voting Instruction Cards, attached hereto.

 <sup>1</sup> Incorporated by reference to Registrant's Post-Effective Amendment No. 104 to its Registration Statement on Form N-1A (033-87244; 811-8894) ("Registration Statement") filed with the Securities and Exchange Commission ("SEC") on April 26, 2012.

<sup>2</sup> Incorporated by reference to Registrant's Post-Effective Amendment No. 108 to its Registration Statement on Form N-1A filed with the SEC on December 19, 2012.

<sup>3</sup> Incorporated by reference to Registrant's Post-Effective Amendment No. 111 to its Registration Statement on Form N-1A filed with the SEC on April 26, 2013.

<sup>4</sup> Incorporated by reference to Registrant's Post-Effective Amendment No. 116 to its Registration Statement on Form N-1A filed with the SEC on September 13, 2013.

<sup>5</sup> Incorporated by reference to Registrant's Post-Effective Amendment No. 121 to its Registration Statement on Form N-1A filed with the SEC on April 25, 2014.

<sup>6</sup> Incorporated by reference to Registrant's Post-Effective Amendment No. 125 to its Registration Statement on Form N-1A filed with the SEC on September 12, 2014.

<sup>7</sup> Incorporated by reference to Registrant's Post-Effective Amendment No. 129 to its Registration Statement on Form N-1A filed with the SEC on April 24, 2015.

<sup>8</sup> Incorporated by reference to Registrant's Post-Effective Amendment No. 134 to its Registration Statement on Form N-1A filed with the SEC on September 25, 2015.

<sup>9</sup> Incorporated by reference to Registrant's Post-Effective Amendment No. 139 to its Registration Statement on Form N-1A filed with the SEC on April 22, 2016.

<sup>10</sup> Incorporated by reference to Registrant's Post-Effective Amendment No. 144 to its Registration Statement on Form N-1A filed with the SEC on September 16, 2016.

<sup>11</sup> Incorporated by reference to Registrant's Post-Effective Amendment No. 149 to its Registration Statement on Form N-1A filed with the SEC on April 21, 2017.

<sup>12</sup> Incorporated by reference to Registrant's Post-Effective Amendment No. 155 to its Registration Statement on Form N-1A filed with the SEC on September 22, 2017.

<sup>13</sup> Incorporated by reference to Registrant's Post-Effective Amendment No. 157 to its Registration Statement on Form N-1A filed with the SEC on April 27, 2018.

<sup>14</sup> Incorporated by reference to Registrant's Post-Effective Amendment No. 161 to its Registration Statement on Form N-1A filed with the SEC on August 10, 2018.

<sup>15</sup> Incorporated by reference to Registrant's Post-Effective Amendment No. 168 to its Registration Statement on Form N-1A filed with the SEC on December 16, 2019.

<sup>16</sup> Incorporated by reference to Registrant's Post-Effective Amendment No. 171 to its Registration Statement on Form N-1A filed with the SEC on April 23, 2020.

<sup>17</sup> Incorporated by reference to Registrant's Post-Effective Amendment No. 177 to its Registration Statement on Form N-1A filed with the SEC on April 22, 2021.

<sup>18</sup> Incorporated by reference to Registrant's Post-Effective Amendment No. 179 to its Registration Statement on Form N-1A filed with the SEC on December 13, 2021.

<sup>19</sup> Incorporated by reference to Registrant's Post-Effective Amendment No. 182 to its Registration Statement on Form N-1A filed with the SEC on April 21, 2022.

<sup>20</sup> Incorporated by reference to Registrant's Post-Effective Amendment No. 183 to its Registration Statement on Form N-1A filed with the SEC on September 1, 2022.

<sup>21</sup> Incorporated by reference to Registrant's Post-Effective Amendment No. 184 to its Registration Statement on Form N-1A filed with the SEC on November 15, 2022.

<sup>22</sup> Incorporated by reference to Registrant's Post-Effective Amendment No. 186 to its Registration Statement on Form N-1A filed with the SEC on April 27, 2023.

<sup>23</sup> Incorporated by reference to Registrant's Post-Effective Amendment No. 187 to its Registration Statement on Form N-1A filed with the SEC on December 6, 2023.

<sup>24</sup> Incorporated by reference to Registrant's Post-Effective Amendment No. 191 to its Registration Statement on Form N-1A filed with the SEC on April 26, 2024.

<sup>25</sup> Incorporated by reference to Registrant's Post-Effective Amendment No. 196 to its Registration Statement on Form N-1A filed with the SEC on October 17, 2024.

<sup>26</sup> Incorporated by reference to Registrant's Post-Effective Amendment No. 198 to its Registration Statement on Form N-1A filed with the SEC on April 24, 2025.

<sup>27</sup> Incorporated by reference to Registrant's Post-Effective Amendment No. 199 to its Registration Statement on Form N-1A filed with the SEC on December 15, 2025.

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Item 17. Undertakings.** | &nbsp;&nbsp;**Item 17. Undertakings.** |
| &nbsp;&nbsp; (1) The undersigned Registrant agrees that prior to any public reoffering of the securities registered through the use of a prospectus which is a part of this Registration Statement by any person or party who is deemed to be an underwriter within the meaning of Rule 145(c) under the Securities Act of 1933, as amended (the "1933 Act"), the reoffering prospectus will contain the information called for by the applicable registration form for reofferings by persons who may be deemed underwriters, in addition to the information called for by the other items of the applicable form.<br> (2) The undersigned Registrant agrees that every prospectus that is filed under paragraph (1) above will be filed as a part of an amendment to the Registration Statement and will not be used until the amendment is effective, and that, in determining any liability under the 1933 Act, each post-effective amendment shall be deemed to be a new registration statement for the securities offered therein, and the offering of the securities at that time shall be deemed to be the initial bona fide offering of them.<br> (3) The Registrant agrees to file an executed copy of the opinion of counsel supporting the tax consequences of the proposed reorganization as an amendment to this Registration Statement within a reasonable time after receipt of such opinion. | &nbsp;&nbsp; (1) The undersigned Registrant agrees that prior to any public reoffering of the securities registered through the use of a prospectus which is a part of this Registration Statement by any person or party who is deemed to be an underwriter within the meaning of Rule 145(c) under the Securities Act of 1933, as amended (the "1933 Act"), the reoffering prospectus will contain the information called for by the applicable registration form for reofferings by persons who may be deemed underwriters, in addition to the information called for by the other items of the applicable form.<br> (2) The undersigned Registrant agrees that every prospectus that is filed under paragraph (1) above will be filed as a part of an amendment to the Registration Statement and will not be used until the amendment is effective, and that, in determining any liability under the 1933 Act, each post-effective amendment shall be deemed to be a new registration statement for the securities offered therein, and the offering of the securities at that time shall be deemed to be the initial bona fide offering of them.<br> (3) The Registrant agrees to file an executed copy of the opinion of counsel supporting the tax consequences of the proposed reorganization as an amendment to this Registration Statement within a reasonable time after receipt of such opinion. |
| &nbsp;&nbsp;**SIGNATURES** | &nbsp;&nbsp;**SIGNATURES** |
| &nbsp;&nbsp;Pursuant to the requirements of the Securities Act of 1933, as amended, and the Investment Company Act of 1940, as amended, the Registrant has duly caused this Registration Statement on Form N-14 to be signed on its behalf by the undersigned, duly authorized, in the City of Lansing and the State of Michigan on the 22<sup>nd</sup> day of December, 2025. | &nbsp;&nbsp;Pursuant to the requirements of the Securities Act of 1933, as amended, and the Investment Company Act of 1940, as amended, the Registrant has duly caused this Registration Statement on Form N-14 to be signed on its behalf by the undersigned, duly authorized, in the City of Lansing and the State of Michigan on the 22<sup>nd</sup> day of December, 2025. |
| &nbsp;&nbsp;**JNL SERIES TRUST** | &nbsp;&nbsp;**JNL SERIES TRUST** |
| &nbsp;&nbsp;***/s/ Emily J. Bennett*** |  |
| &nbsp;&nbsp;Emily J. Bennett |  |
| &nbsp;&nbsp; Vice President and Assistant Secretary; and<br> \*Attorney-in-Fact, pursuant to Powers of Attorney | &nbsp;&nbsp; Vice President and Assistant Secretary; and<br> \*Attorney-in-Fact, pursuant to Powers of Attorney |
| &nbsp;&nbsp;As required by the 1933 Act, this Registration Statement on Form N-14 has been signed by the following persons in the capacities and on the dates indicated. | &nbsp;&nbsp;As required by the 1933 Act, this Registration Statement on Form N-14 has been signed by the following persons in the capacities and on the dates indicated. |
| &nbsp;&nbsp;***/s/ Emily J. Bennett*** &nbsp;&nbsp;\* | &nbsp;&nbsp;December 22, 2025 |
| &nbsp;&nbsp;Eric O. Anyah |  |
| &nbsp;&nbsp;Trustee |  |
| &nbsp;&nbsp;***/s/ Emily J. Bennett*** &nbsp;&nbsp;\* | &nbsp;&nbsp;December 22, 2025 |
| &nbsp;&nbsp;Michael Bouchard |  |
| &nbsp;&nbsp;Trustee |  |
| &nbsp;&nbsp;***/s/ Emily J. Bennett*** &nbsp;&nbsp;\* | &nbsp;&nbsp;December 22, 2025 |
| &nbsp;&nbsp;Ellen Carnahan |  |
| &nbsp;&nbsp;Trustee |  |
| &nbsp;&nbsp;***/s/ Emily J. Bennett*** &nbsp;&nbsp;\* | &nbsp;&nbsp;December 22, 2025 |
| &nbsp;&nbsp;John W. Gillespie |  |
| &nbsp;&nbsp;Trustee |  |
| &nbsp;&nbsp;***/s/ Emily J. Bennett*** &nbsp;&nbsp;\* | &nbsp;&nbsp;December 22, 2025 |
| &nbsp;&nbsp;William R. Rybak |  |
| &nbsp;&nbsp;Trustee |  |
| &nbsp;&nbsp;***/s/ Emily J. Bennett*** &nbsp;&nbsp;\* | &nbsp;&nbsp;December 22, 2025 |
| &nbsp;&nbsp;Mark S. Wehrle |  |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;Trustee |  |
| &nbsp;&nbsp;***/s/ Emily J. Bennett*** &nbsp;&nbsp;\* | &nbsp;&nbsp;December 22, 2025 |
| &nbsp;&nbsp;Edward C. Wood |  |
| &nbsp;&nbsp;Trustee |  |
| &nbsp;&nbsp;***/s/ Emily J. Bennett*** &nbsp;&nbsp;\* | &nbsp;&nbsp;December 22, 2025 |
| &nbsp;&nbsp;Patricia A. Woodworth |  |
| &nbsp;&nbsp;Trustee |  |
| &nbsp;&nbsp;***/s/ Emily J. Bennett*** &nbsp;&nbsp;\* | &nbsp;&nbsp;December 22, 2025 |
| &nbsp;&nbsp;Mark D. Nerud |  |
| &nbsp;&nbsp;Trustee, President and Chief Executive Officer (Principal Executive Officer) | &nbsp;&nbsp;Trustee, President and Chief Executive Officer (Principal Executive Officer) |
| &nbsp;&nbsp;***/s/ Emily J. Bennett*** &nbsp;&nbsp;\* | &nbsp;&nbsp;December 22, 2025 |
| &nbsp;&nbsp;Andrew Tedeschi |  |
| &nbsp;&nbsp;Treasurer and Chief Financial Officer (Principal Financial Officer) | &nbsp;&nbsp;Treasurer and Chief Financial Officer (Principal Financial Officer) |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;<br> **EXHIBIT LIST** | &nbsp;&nbsp;<br> **EXHIBIT LIST** |
| &nbsp;&nbsp;(11) | &nbsp;&nbsp;Opinion and Consent of Counsel regarding legality of shares being registered. |
| &nbsp;&nbsp;(14) | &nbsp;&nbsp;Consent of Independent Registered Public Accounting Firm. |
| &nbsp;&nbsp;(16) | &nbsp;&nbsp;Power of Attorney, dated June 1, 2025. |
| &nbsp;&nbsp;(17) | &nbsp;&nbsp;Form of Proxy and Voting Instruction Cards. |

---

## Exhibit 99.11

![](image_001.jpg)

December 22, 2025

**Board of Trustees**

JNL Series Trust

1 Corporate Way

Lansing, Michigan 48951

Re: Opinion of Counsel - JNL Series Trust

Ladies and Gentlemen:

I have acted as counsel to the JNL Series Trust, a Massachusetts business trust ("Trust"), in connection with the Trust's Registration Statement on Form N-14 to be filed with the Securities and Exchange Commission ("Commission") on or about December 22, 2025 (the "Registration Statement"), registering an indefinite number of Class A and Class I Shares of Beneficial Interest (no par value) of the series of the Trust listed in Appendix A attached hereto as "Acquiring Fund" ("Shares") to be issued pursuant to the Plan of Reorganization ("Plan") by and between the Trust, on behalf of the Acquiring Fund and the corresponding series of the Trust listed in Appendix A as "Acquired Fund." The Plan provides for (1) 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; (2) the Acquiring Fund's assumption of all the liabilities of its Acquired Fund; (3) the distribution to the respective shareholders of the Acquiring Fund Shares; and (4) the complete termination of the Acquired Fund.

In connection with this opinion, I have examined the following documents:

(a) the Registration Statement;

(b) the Plan;

(c) a copy of the Trust's Declaration of Trust ("Declaration of Trust") on file in the office of the Secretary of State of the Commonwealth of Massachusetts; and

(d) the Trust's Amended and Restated By Laws and certain votes of the Trustees of the Trust.

In such examination, I have assumed the accuracy and completeness of each document, the genuineness of all signatures on original documents, the authenticity of all original documents reviewed by me, the conformity to original documents of all documents reviewed by me as facsimile, electronic, certified, conformed, or photostatic copies thereof, the due execution and delivery of all documents where due execution and delivery are prerequisites to the effectiveness thereof and the legal competence of such individual executing any document. I have also assumed, for the purposes of this opinion, that the Plan, in substantially the form reviewed by me, is duly delivered by the parties thereto and that all of the conditions set forth in the Plan included in the Registration Statement shall have occurred prior to the issuance and sale of the Shares.

This opinion is based entirely on my review of the documents listed above. I have made no other review or investigation of any kind whatsoever, and I have assumed, without independent inquiry, the accuracy of the information set forth in such documents.

This opinion is limited solely to the laws of the Commonwealth of Massachusetts (other than the Massachusetts Uniform Securities Act, as to which I express no opinion) as applied by courts in such Commonwealth.

I understand that all of the foregoing assumptions and limitations are acceptable to you.

Based upon and subject to the foregoing, please be advised that it is my opinion that the Shares, when issued and sold in accordance with the Registration Statement, the Plan and the Trust's Declaration of Trust and By Laws, will be legally issued, fully paid and non-assessable, except that shareholders of the Trust may under certain circumstances be held personally liable for the Trust's obligations.

A copy of the Trust's Declaration of Trust is on file with the Secretary of State of the Commonwealth of Massachusetts. I note specifically that the obligations of or arising out of the Plan are not binding upon any of the Trust's trustees, officers, employees, agents or shareholders individually, but are binding solely upon the assets and property of the Trust in accordance with its interest under the Plan. I further note that the assets and liabilities of each series of the Trust are separate and distinct and that the obligations of or arising out of the Plan are binding solely upon the assets or property of the Acquiring Fund.

I hereby consent to the filing of this opinion as an exhibit to the Registration Statement.

Sincerely,

/s/ Emily J. Bennett

**Emily J. Bennett**

Vice President and Assistant Secretary

**<u>Appendix A</u>**

---

| | |
|:---|:---|
| **<u>Acquired Fund</u>** | **<u>Acquiring Fund</u>** |
| &nbsp;&nbsp;JNL/WMC Global Real Estate Fund, a series of the Trust | &nbsp;&nbsp;JNL/Cohen & Steers U.S. Realty Fund, a series of the Trust |

---

## Exhibit 99.14

![](image_007.jpg)

KPMG LLP

Aon Center<br> Suite 5500<br> 200 E. Randolph Street<br> Chicago, IL 60601-6436

Consent of Independent Registered Public Accounting Firm

We consent to the use of our report dated February 24, 2025, with respect to the financial statements and financial highlights of JNL/WMC Global Real Estate Fund and JNL/Cohen & Steers U.S. Realty Fund, each a fund within the JNL Series Trust, as of December 31, 2024, incorporated herein by reference, and to the reference to our firm under the heading "Financial Highlights" in the Joint Proxy Statement/Prospectus filed on Form N-14.

/s/ KPMG

Chicago, Illinois<br> December 18, 2025

## Exhibit 99.16

![](image_002.jpg)

**POWER OF ATTORNEY**

---

| | |
|:---|:---|
| &nbsp;&nbsp; KNOW ALL MEN BY THESE PRESENTS, that each of the undersigned as trustees or officers of **JNL SERIES TRUST**, a Massachusetts business trust, which has filed or will file with the Securities and Exchange Commission under the provisions of the Securities Act of 1933 and Investment Company Act of 1940, as amended, various Registration Statements on Form N-14 and amendments thereto for the registration under said Acts of the sale of shares of beneficial interest of JNL Series Trust, hereby constitute and appoint Susan S. Rhee and Emily J. Bennett, his/her attorney, with full power of substitution and re-substitution, for and in his name, place and stead, in any and all capacities to approve and sign such Registration Statements on Form N-14 and any and all amendments thereto and to file the same, with all exhibits thereto and other documents, granting unto said attorneys, acting alone, full power and authority to do and perform all and every act and thing requisite to all intents and purposes as he might or could do in person, hereby ratifying and confirming that which said attorneys, or any of them, may lawfully do or cause to be done by virtue hereof. This instrument may be executed in one or more counterparts.<br>All past acts of an attorney-in-fact in furtherance of the foregoing are hereby ratified and confirmed. | &nbsp;&nbsp; KNOW ALL MEN BY THESE PRESENTS, that each of the undersigned as trustees or officers of **JNL SERIES TRUST**, a Massachusetts business trust, which has filed or will file with the Securities and Exchange Commission under the provisions of the Securities Act of 1933 and Investment Company Act of 1940, as amended, various Registration Statements on Form N-14 and amendments thereto for the registration under said Acts of the sale of shares of beneficial interest of JNL Series Trust, hereby constitute and appoint Susan S. Rhee and Emily J. Bennett, his/her attorney, with full power of substitution and re-substitution, for and in his name, place and stead, in any and all capacities to approve and sign such Registration Statements on Form N-14 and any and all amendments thereto and to file the same, with all exhibits thereto and other documents, granting unto said attorneys, acting alone, full power and authority to do and perform all and every act and thing requisite to all intents and purposes as he might or could do in person, hereby ratifying and confirming that which said attorneys, or any of them, may lawfully do or cause to be done by virtue hereof. This instrument may be executed in one or more counterparts.<br>All past acts of an attorney-in-fact in furtherance of the foregoing are hereby ratified and confirmed. |
| &nbsp;&nbsp;IN WITNESS WHEREOF, the undersigned have herewith set their names as of June 1, 2025. | &nbsp;&nbsp;IN WITNESS WHEREOF, the undersigned have herewith set their names as of June 1, 2025. |
| &nbsp;&nbsp;/s/ Eric O. Anyah | &nbsp;&nbsp;/s/ Mark S. Wehrle |
| &nbsp;&nbsp;Eric O. Anyah, Trustee | &nbsp;&nbsp;Mark S. Wehrle, Trustee |
| &nbsp;&nbsp;/s/ Michael J. Bouchard | &nbsp;&nbsp;/s/ Edward C. Wood |
| &nbsp;&nbsp;Michael J. Bouchard, Trustee | &nbsp;&nbsp;Edward C. Wood, Trustee |
| &nbsp;&nbsp;/s/ Ellen Carnahan | &nbsp;&nbsp;/s/ Patricia A. Woodworth |
| &nbsp;&nbsp;Ellen Carnahan, Trustee | &nbsp;&nbsp;Patricia A. Woodworth, Trustee |
| &nbsp;&nbsp;/s/ John W. Gillespie | &nbsp;&nbsp;/s/ Mark D. Nerud |
| &nbsp;&nbsp;John W. Gillespie, Trustee | &nbsp;&nbsp;Mark D. Nerud, Trustee, President, Chief Executive Officer (Principal Executive Officer), and Chief Operating Decision Maker of the Trust |
| &nbsp;&nbsp;/s/ William R. Rybak | &nbsp;&nbsp;/s/ Andrew Tedeschi |
| &nbsp;&nbsp;William R. Rybak, Trustee | &nbsp;&nbsp;Andrew Tedeschi, Treasurer and Chief Financial Officer (Principal Financial Officer) |

---

## Exhibit 99.17

![](wmcglobalproxycard006.jpg)

*PROXY TABULATOR*<br> *P.O. BOX 9112*

*FARMINGDALE, NY 11735*

---

| | | |
|:---|:---|:---|
| ![](wmcglobalproxycard001.jpg) | **SCAN TO** **<br> VIEW MATERIALS & VOTE** | ![](wmcglobalproxycard002.jpg) |

---

---

| | | |
|:---|:---|:---|
| ![](wmcglobalproxycard003.jpg) | **To vote by Internet** | **To vote by Internet** |
| ![](wmcglobalproxycard003.jpg) |  |  |
| ![](wmcglobalproxycard003.jpg) | 1) | Read the Proxy Statement and have the proxy card below at hand. |
| ![](wmcglobalproxycard003.jpg) | 2) | Go to website **www.proxyvote.com or scan the QR Barcode above** |
| ![](wmcglobalproxycard003.jpg) | 3) | Follow the instructions provided on the website. |
| ![](wmcglobalproxycard004.jpg) | **To vote by Telephone** | **To vote by Telephone** |
| ![](wmcglobalproxycard004.jpg) |  |  |
| ![](wmcglobalproxycard004.jpg) | 1) | Read the Proxy Statement and have the proxy card below at hand. |
| ![](wmcglobalproxycard004.jpg) | 2) | Call **1-800-690-6903** |
| ![](wmcglobalproxycard004.jpg) | 3) | Follow the instructions. |
| ![](wmcglobalproxycard005.jpg) | **To vote by Mail** | **To vote by Mail** |
| ![](wmcglobalproxycard005.jpg) |  |  |
| ![](wmcglobalproxycard005.jpg) | 1) | Read the Proxy Statement. |
| ![](wmcglobalproxycard005.jpg) | 2) | Check the appropriate box on the proxy card below. |
| ![](wmcglobalproxycard005.jpg) | 3) | Sign and date the proxy card. |
| ![](wmcglobalproxycard005.jpg) | 4) | Return the proxy card in the envelope provided. |

---

TO VOTE, MARK BLOCKS BELOW IN BLUE OR BLACK INK AS FOLLOWS:

  <u>V82183-Z91827</u> <u>KEEP THIS PORTION FOR YOUR RECORDS</u> <br> DETACH AND RETURN THIS PORTION ONLY

---

| | | | | |
|:---|:---|:---|:---|:---|
| **The Board recommends you vote FOR the following proposal:** | **The Board recommends you vote FOR the following proposal:** | **For** | **Against** | **Abstain** |
| 1. | To approve the Plan of Reorganization, adopted by the Trust's Board of Trustees, which provides for the reorganization of the JNL/WMC Global Real Estate Fund into the JNL/Cohen & Steers U.S. Realty Fund, both a series of the Trust. | ☐ | ☐ | ☐ |
| 2. | To transact other business that may properly come before the Meeting or any adjournments thereof. |  |  |  |

---

---

| | | | |
|:---|:---|:---|:---|
| Please sign exactly as your name(s) appear(s) hereon. When signing as attorney, executor, administrator, or other fiduciary, please give full title as such. Joint owners should each sign personally. All holders must sign. If a corporation or partnership, please sign in full corporate or partnership name by authorized officer. | Please sign exactly as your name(s) appear(s) hereon. When signing as attorney, executor, administrator, or other fiduciary, please give full title as such. Joint owners should each sign personally. All holders must sign. If a corporation or partnership, please sign in full corporate or partnership name by authorized officer. | Please sign exactly as your name(s) appear(s) hereon. When signing as attorney, executor, administrator, or other fiduciary, please give full title as such. Joint owners should each sign personally. All holders must sign. If a corporation or partnership, please sign in full corporate or partnership name by authorized officer. | Please sign exactly as your name(s) appear(s) hereon. When signing as attorney, executor, administrator, or other fiduciary, please give full title as such. Joint owners should each sign personally. All holders must sign. If a corporation or partnership, please sign in full corporate or partnership name by authorized officer. |
| Signature [PLEASE SIGN WITHIN BOX] | Date | Signature [Joint Owners] | Date |

---

**Important Notice Regarding the Availability of Proxy Materials for the Special Meeting:**

The Notice of Meeting and Proxy Statement is available at www.proxyvote.com

V82184-Z91827

&nbsp;&nbsp;&nbsp;&nbsp; <br> **JNL/WMC Global Real Estate Fund**<br> **A series of JNL Series Trust (the "Trust")**<br> **THIS PROXY IS SOLICITED ON BEHALF OF THE BOARD OF TRUSTEES**<br>The undersigned shareholder of JNL/WMC Global Real Estate Fund (the "Fund") hereby appoints Susan S. Rhee and Kelly L. Crosser, and each of them, the proxies of the undersigned, with full power of substitution, to vote, as indicated herein, all of the shares of the Fund standing in the name of the undersigned at the close of business on January 31, 2026 at a Special Meeting of Shareholders to be held on March 25, 2026 at 1:00 P.M., Eastern Time, at the Fund's principal office, which is located at 1 Corporate Way, Lansing, MI 48951 (the "Meeting"), and at any and all adjournments thereof, with all of the powers the undersigned would possess if then and there personally present and especially (but without limiting the general authorization and power hereby given) to vote as indicated on the proposal, as more fully described in the Proxy Statement for the meeting.<br>IF THIS PROXY IS PROPERLY EXECUTED, THE VOTES ENTITLED TO BE CAST BY THE UNDERSIGNED WILL BE CAST IN THE MANNER DIRECTED ON THE REVERSE SIDE HEREOF AND WILL BE VOTED IN THE DISCRETION OF THE PROXY HOLDER(S) ON ANY OTHER MATTERS THAT MAY PROPERLY COME BEFORE THE SPECIAL MEETING OR ANY ADJOURNMENT(S) OR POSTPONEMENT(S) THEREOF. IF THIS PROXY IS PROPERLY EXECUTED BUT NO DIRECTION IS MADE AS REGARDS TO A PROPOSAL INCLUDED IN THE PROXY STATEMENT, SUCH VOTES ENTITLED TO BE CAST BY THE UNDERSIGNED WILL BE CAST "FOR" SUCH PROPOSAL.<br>**PLEASE SIGN AND DATE ON THE REVERSE SIDE**<br>

![](graphicsimage_007.jpg)

*PROXY TABULATOR<br> P.O. BOX 9112*

*FARMINGDALE, NY 11735*

---

| | | |
|:---|:---|:---|
| ![](graphicsimage_008.jpg) | **SCAN TO** **<br> VIEW MATERIALS & VOTE** | ![](graphicsimage_009.jpg) |

---

**THREE EASY WAYS TO VOTE YOUR PROXY**

---

| | | |
|:---|:---|:---|
| ![](graphicsimage_010.jpg) | **To vote by Internet** | **To vote by Internet** |
| ![](graphicsimage_010.jpg) |  |  |
| ![](graphicsimage_010.jpg) | 1) | Read the Proxy Statement and have the Voting Instruction Card below at hand. |
| ![](graphicsimage_010.jpg) | 2) | Go to website **www.proxyvote.com or scan the QR Barcode above** |
| ![](graphicsimage_010.jpg) | 3) | Follow the instructions provided on the website. |
| ![](graphicsimage_011.jpg) | **To vote by Telephone** | **To vote by Telephone** |
| ![](graphicsimage_011.jpg) |  |  |
| ![](graphicsimage_011.jpg) | 1) | Read the Proxy Statement and have the Voting Instruction Card below at hand. |
| ![](graphicsimage_011.jpg) | 2) | Call **1-800-690-6903** |
| ![](graphicsimage_011.jpg) | 3) | Follow the instructions. |
| ![](graphicsimage_012.jpg) | **To vote by Mail** | **To vote by Mail** |
| ![](graphicsimage_012.jpg) |  |  |
| ![](graphicsimage_012.jpg) | 1) | Read the Proxy Statement. |
| ![](graphicsimage_012.jpg) | 2) | Check the appropriate box on the Voting Instruction Card below. |
| ![](graphicsimage_012.jpg) | 3) | Sign and date the Voting Instruction Card. |
| ![](graphicsimage_012.jpg) | 4) | Return the Voting Instruction Card in the envelope provided. |

---

TO VOTE, MARK BLOCKS BELOW IN BLUE OR BLACK INK AS FOLLOWS:

  <u>V82342-TBD</u> <u>KEEP THIS PORTION FOR YOUR RECORDS</u> <br> DETACH AND RETURN THIS PORTION ONLY

---

| | | | | |
|:---|:---|:---|:---|:---|
| **The Board recommends you vote FOR the following proposal:** | **The Board recommends you vote FOR the following proposal:** | **For** | **Against** | **Abstain** |
| 1. | To approve the Plan of Reorganization, adopted by the Trust's Board of Trustees, which provides for the reorganization of the JNL/WMC Global Real Estate Fund into the JNL/Cohen & Steers U.S. Realty Fund, both a series of the Trust. | ☐ | ☐ | ☐ |
| 2. | To transact other business that may properly come before the Meeting or any adjournments thereof. |  |  |  |

---

**Please be sure to sign and date the below.**

---

| | | | |
|:---|:---|:---|:---|
| Signature(s) should be exactly as name or names appear(s) on this Voting Instruction Card. If shares are held jointly, each shareholder is requested to sign, but only one Signature is required. If signing is by attorney, executor, administrator, trustee or guardian, please give full title. By signing this Voting Instruction Card, receipt of the accompanying Notice of Special Meeting of Shareholders and Proxy Statement is acknowledged. | Signature(s) should be exactly as name or names appear(s) on this Voting Instruction Card. If shares are held jointly, each shareholder is requested to sign, but only one Signature is required. If signing is by attorney, executor, administrator, trustee or guardian, please give full title. By signing this Voting Instruction Card, receipt of the accompanying Notice of Special Meeting of Shareholders and Proxy Statement is acknowledged. | Signature(s) should be exactly as name or names appear(s) on this Voting Instruction Card. If shares are held jointly, each shareholder is requested to sign, but only one Signature is required. If signing is by attorney, executor, administrator, trustee or guardian, please give full title. By signing this Voting Instruction Card, receipt of the accompanying Notice of Special Meeting of Shareholders and Proxy Statement is acknowledged. | Signature(s) should be exactly as name or names appear(s) on this Voting Instruction Card. If shares are held jointly, each shareholder is requested to sign, but only one Signature is required. If signing is by attorney, executor, administrator, trustee or guardian, please give full title. By signing this Voting Instruction Card, receipt of the accompanying Notice of Special Meeting of Shareholders and Proxy Statement is acknowledged. |
| Signature [PLEASE SIGN WITHIN BOX] | Date | Signature [Joint Owners] | Date |

---

**Important Notice Regarding the Availability of Proxy Materials for the Special Meeting:**

The Notice of Meeting and Proxy Statement is available at www.proxyvote.com

V82343-TBD

&nbsp;&nbsp;&nbsp;&nbsp; <br>**JNL/WMC Global Real Estate Fund**<br> **A series of JNL Series Trust (the "Trust")**<br> **THIS PROXY IS SOLICITED ON BEHALF OF THE BOARD OF TRUSTEES**<br>The undersigned contract owner hereby instructs the Insurance Companies mentioned on the reverse side of this Voting Instruction Card to vote all shares of the of JNL/WMC Global Real Estate Fund (the "Fund"), a series of the Trust, attributable to his or her variable annuity contract, at the Special Meeting of Shareholders to be held on March 25, 2026 at 1:00 P.M., Eastern Time, at the Fund's principal office, which is located at 1 Corporate Way, Lansing, MI 48951 (the "Meeting"), and at any adjournments thereof, all shares of the Fund attributable to his or her contract or interest therein as directed on the reverse side of this Card. IF THIS VOTING INSTRUCTION CARD IS SIGNED AND RETURNED WITH NO CHOICE INDICATED, THE SHARES WILL BE VOTED "FOR" THE PROPOSAL.<br>If you fail to return this Voting Instruction Card, depending on the separate account, the Insurance Companies will either not vote all shares attributable to the account value, or will vote all shares attributable to the account value in proportion to all voting instructions for the Fund actually received from contract holders in the separate account.<br>PLEASE DATE AND SIGN NAME OR NAMES AS PRINTED ON THE REVERSE SIDE TO AUTHORIZE THE VOTING OF THE SHARES AS INDICATED. IF SIGNING AS A REPRESENTATIVE, PLEASE INCLUDE CAPACITY.<br>These voting instructions are being solicited by Jackson National Life Insurance Company, on behalf of its Jackson National Separate Account - I, Jackson National Separate Account III, Jackson National Separate Account IV, Jackson National Separate Account V, and by Jackson National Life Insurance Company of New York, on behalf of its JNLNY Separate Account I, JNLNY Separate Account II and JNLNY Separate Account IV.<br>**PLEASE SIGN AND DATE ON THE REVERSE SIDE**<br>