# EDGAR Filing Document

**Accession Number:** 0002003497
**File Stem:** 0001999371-25-009373
**Filing Date:** 2025-7
**Character Count:** 969857
**Document Hash:** 7818fd008e12aa1d133e4f89dbd1f1f5
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001999371-25-009373.hdr.sgml**: 20250718

**ACCESSION NUMBER**: 0001999371-25-009373

**CONFORMED SUBMISSION TYPE**: 486BPOS

**PUBLIC DOCUMENT COUNT**: 38

**FILED AS OF DATE**: 20250718

**DATE AS OF CHANGE**: 20250718

**EFFECTIVENESS DATE**: 20250721

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Jackson Real Assets Fund
- **CENTRAL INDEX KEY:** 0002003497

**ORGANIZATION NAME:**
- **EIN:** 000000000

**FILING VALUES:**
- **FORM TYPE:** 486BPOS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-23920
- **FILM NUMBER:** 251132761

**BUSINESS ADDRESS:**
- **STREET 1:** 1 CORPORATE WAY
- **CITY:** LANSING
- **STATE:** MI
- **ZIP:** 48951
- **BUSINESS PHONE:** 517-381-5500

**MAIL ADDRESS:**
- **STREET 1:** 1 CORPORATE WAY
- **CITY:** LANSING
- **STATE:** MI
- **ZIP:** 48951
**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Jackson Real Assets Fund
- **CENTRAL INDEX KEY:** 0002003497

**ORGANIZATION NAME:**
- **EIN:** 000000000

**FILING VALUES:**
- **FORM TYPE:** 486BPOS
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 333-276061
- **FILM NUMBER:** 251132760

**BUSINESS ADDRESS:**
- **STREET 1:** 1 CORPORATE WAY
- **CITY:** LANSING
- **STATE:** MI
- **ZIP:** 48951
- **BUSINESS PHONE:** 517-381-5500

**MAIL ADDRESS:**
- **STREET 1:** 1 CORPORATE WAY
- **CITY:** LANSING
- **STATE:** MI
- **ZIP:** 48951

?xml version='1.0' encoding='ASCII'?

---

| | |
|:---|:---|
| As filed with the Securities and Exchange Commission on July 18, 2025. | As filed with the Securities and Exchange Commission on July 18, 2025. |
|  | 1933 Act Registration No. 333-276061 |
|  | 1940 Act Registration No. 811-23920 |
| <br> UNITED STATES <br> SECURITIES AND EXCHANGE COMMISSION | <br> UNITED STATES <br> SECURITIES AND EXCHANGE COMMISSION |
| Washington, D.C. 20549 | Washington, D.C. 20549 |
| FORM N-2 | FORM N-2 |
| REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933 | ☒ |
| Pre-Effective Amendment No. | ☐ |
| Post-Effective Amendment No. 3 | ☒ |
| and | and |
| REGISTRATION STATEMENT UNDER THE INVESTMENT COMPANY ACT OF 1940 | ☒ |
| Amendment No. 5 | ☒ |
| JACKSON REAL ASSETS FUND | JACKSON REAL ASSETS FUND |
| (Exact Name of Registrant as Specified in Charter) | (Exact Name of Registrant as Specified in Charter) |
| 1 Corporate Way, Lansing, Michigan 48951 | 1 Corporate Way, Lansing, Michigan 48951 |
| (Address of Principal Executive Offices) | (Address of Principal Executive Offices) |
| Registrant's Telephone Number, including Area Code: (517) 381-5500 | Registrant's Telephone Number, including Area Code: (517) 381-5500 |
| with a copy to: | with a copy to: |
| Ropes & Gray LLP | Ropes & Gray LLP |
| 32nd Floor | 32nd Floor |
| 191 North Wacker Drive | 191 North Wacker Drive |
| Chicago, Illinois 60606 | Chicago, Illinois 60606 |
| Attn: Paulita A. Pike, Esq. | Attn: Paulita A. Pike, Esq. |
| (Name and Address of Agent for Service) | (Name and Address of Agent for Service) |
| **Approximate Date of Proposed Public Offering:**<br> **As soon as practicable after the effective date of this Registration Statement.** | **Approximate Date of Proposed Public Offering:**<br> **As soon as practicable after the effective date of this Registration Statement.** |
| Check box if the only securities being registered on this Form are being offered pursuant to dividend or interest reinvestment plans. | Check box if the only securities being registered on this Form are being offered pursuant to dividend or interest reinvestment plans. |
| Check box if any securities being registered on this Form will be offered on a delayed or continuous basis in reliance on Rule 415 under the Securities Act of 1933 ("Securities Act"), other than securities offered in connection with a dividend reinvestment plan. | Check box if any securities being registered on this Form will be offered on a delayed or continuous basis in reliance on Rule 415 under the Securities Act of 1933 ("Securities Act"), other than securities offered in connection with a dividend reinvestment plan. |
| Check box if this Form is a registration statement pursuant to General Instruction A.2 or a post-effective amendment thereto. | Check box if this Form is a registration statement pursuant to General Instruction A.2 or a post-effective amendment thereto. |
| Check box if this Form is a registration statement pursuant to General Instruction B or a post-effective amendment thereto that will become effective upon filing with the Commission pursuant to Rule 462(e) under the Securities Act. | Check box if this Form is a registration statement pursuant to General Instruction B or a post-effective amendment thereto that will become effective upon filing with the Commission pursuant to Rule 462(e) under the Securities Act. |
| Check box if this Form is a post-effective amendment to a registration statement filed pursuant to General Instruction B to register additional securities or additional classes of securities pursuant to Rule 413(b) under the Securities Act. | Check box if this Form is a post-effective amendment to a registration statement filed pursuant to General Instruction B to register additional securities or additional classes of securities pursuant to Rule 413(b) under the Securities Act. |
| **It is proposed that this filing will become effective (check appropriate box)** | **It is proposed that this filing will become effective (check appropriate box)** |
| immediately upon filing pursuant to paragraph (b) | immediately upon filing pursuant to paragraph (b) |
| on July 21, 2025 pursuant to paragraph (b) | on July 21, 2025 pursuant to paragraph (b) |
| 60 days after filing pursuant to paragraph (a) | 60 days after filing pursuant to paragraph (a) |
| on (date) pursuant to paragraph (a) | on (date) pursuant to paragraph (a) |
| **If appropriate, check the following:** | **If appropriate, check the following:** |
| This post-effective amendment designates a new effective date for a previously filed post-effective amendment registration statement. | This post-effective amendment designates a new effective date for a previously filed post-effective amendment registration statement. |
| This Form is filed to register additional securities for an offering pursuant to Rule 462(b) under the Securities Act, and the Securities Act registration statement number of the earlier effective registration statement for the same offering is: (_____). | This Form is filed to register additional securities for an offering pursuant to Rule 462(b) under the Securities Act, and the Securities Act registration statement number of the earlier effective registration statement for the same offering is: (_____). |
| This Form is a post-effective amendment filed pursuant to Rule 462(c) under the Securities Act, and the Securities Act registration statement number of the earlier effective registration statement for the same offering is: (_____). | This Form is a post-effective amendment filed pursuant to Rule 462(c) under the Securities Act, and the Securities Act registration statement number of the earlier effective registration statement for the same offering is: (_____). |
| This Form is a post-effective amendment filed pursuant to Rule 462(d) under the Securities Act, and the Securities Act registration statement number of the earlier effective registration statement for the same offering is: (_____). | This Form is a post-effective amendment filed pursuant to Rule 462(d) under the Securities Act, and the Securities Act registration statement number of the earlier effective registration statement for the same offering is: (_____). |
| **Check each box that appropriately characterizes the Registrant:** | **Check each box that appropriately characterizes the Registrant:** |
| Registered Closed-End Fund (closed-end company that is registered under the Investment Company Act of 1940 ("Investment Company Act")). | Registered Closed-End Fund (closed-end company that is registered under the Investment Company Act of 1940 ("Investment Company Act")). |
| Business Development Company (closed-end company that intends or has elected to be regulated as a business development company under the Investment Company Act). | Business Development Company (closed-end company that intends or has elected to be regulated as a business development company under the Investment Company Act). |
| Interval Fund (Registered Closed-End Fund or a Business Development Company that makes periodic repurchase offers under Rule 23c-3 under the Investment Company Act). | Interval Fund (Registered Closed-End Fund or a Business Development Company that makes periodic repurchase offers under Rule 23c-3 under the Investment Company Act). |
| A.2 Qualified (qualified to register securities pursuant to General Instruction A.2 of this Form). | A.2 Qualified (qualified to register securities pursuant to General Instruction A.2 of this Form). |
| Well-Known Seasoned Issuer (as defined by Rule 405 under the Securities Act). | Well-Known Seasoned Issuer (as defined by Rule 405 under the Securities Act). |
| Emerging Growth Company (as defined by Rule 12b-2 under the Securities Exchange Act of 1934 ("Exchange Act"). | Emerging Growth Company (as defined by Rule 12b-2 under the Securities Exchange Act of 1934 ("Exchange Act"). |
| If an Emerging Growth Company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 7(a)(2)(B) of Securities Act. | If an Emerging Growth Company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 7(a)(2)(B) of Securities Act. |
| New Registrant (registered or regulated under the Investment Company Act for less than 12 calendar months preceding this filing). | New Registrant (registered or regulated under the Investment Company Act for less than 12 calendar months preceding this filing). |
| **Calculation of Registration Fee Under the Securities Act of 1933** | **Calculation of Registration Fee Under the Securities Act of 1933** |
| Pursuant to the provisions of Rule 24f-2 under the Investment Company Act, the Fund declares that an indefinite number of its shares of beneficial interest are being registered under the Securities Act of 1933 by this Registration Statement. Payment for registration of future shares of beneficial interest of the Fund will be provided using Form 24F-2. | Pursuant to the provisions of Rule 24f-2 under the Investment Company Act, the Fund declares that an indefinite number of its shares of beneficial interest are being registered under the Securities Act of 1933 by this Registration Statement. Payment for registration of future shares of beneficial interest of the Fund will be provided using Form 24F-2. |
| **Explanatory Note** | **Explanatory Note** |
| <br> This Post-Effective Amendment to the Registration Statement on Form N-2 of Jackson Real Assets Fund (the "Fund") is being filed pursuant to Rule 486(b) under the Securities Act of 1933, to make changes to the Fund's Prospectus (Part A), Statement of Additional Information (Part B), and Other Information (Part C). | <br> This Post-Effective Amendment to the Registration Statement on Form N-2 of Jackson Real Assets Fund (the "Fund") is being filed pursuant to Rule 486(b) under the Securities Act of 1933, to make changes to the Fund's Prospectus (Part A), Statement of Additional Information (Part B), and Other Information (Part C). |

---

**PROSPECTUS DATED JULY 21, 2025**

**PROSPECTUS**

**Jackson Real Assets Fund**

**Class A (JRFAX)**

**Class I (JRAFX)**

**Prospectus Dated July 21, 2025**

Jackson Real Assets Fund (the "Fund") is a Massachusetts business trust that is registered under the Investment Company Act of 1940, as amended (the "1940 Act"), as a non-diversified, closed-end management investment company. The Fund operates as an interval fund pursuant to Rule 23c-3 under the 1940 Act. The Fund's investment objective is to seek capital appreciation, and with a secondary objective of enhancing income.

To pursue its objective, the Fund invests, under normal circumstances, at least 80% of its total assets (net assets plus the amount of any borrowings made for investment purposes) in public and private investments in the United States and globally in investments that provide exposure to the following real asset classes: (i) real estate, (ii) infrastructure, and (iii) natural capital, which consists of resources derived from the natural environment and includes but is not limited to, agriculture, farmland, and timberland (collectively, "Real Asset Investments").

The Fund obtains exposure to Real Asset Investments by allocating its assets to investments in third-party private funds ("Private Funds") that themselves invest in real assets; publicly traded equity securities issued by real estate companies, including real estate investment trusts ("REITs"); and publicly traded equity securities of infrastructure companies.

Cohen & Steers Capital Management, Inc. ("C&S") and First Sentier Investors (Australia) IM Ltd ("First Sentier") are unaffiliated investment managers ("Sub-Advisers") who each provide day-to-day management for a portion of the Fund's assets (each portion is sometimes referred to as a "sleeve"). Jackson National Asset Management, LLC ("JNAM" or "Adviser") and each Sub-Adviser may use different investment techniques in managing a portion of the Fund's assets. Each Sub-Adviser acts independently from the other and uses its own methodology for selecting investments. The Adviser is responsible for identifying and retaining the Sub-Advisers for the sleeves and for monitoring the services provided by the Sub-Advisers. JNAM provides qualitative and quantitative supervision as part of its process for selecting and monitoring the Sub-Advisers. JNAM is also responsible for determining the amount of Fund assets to allocate to each Sub-Adviser. Based on JNAM's ongoing evaluation of the Sub-Advisers, JNAM may adjust allocations between Sub-Advisers.

Under normal circumstances, a significant portion of the Fund's assets are expected to be invested in Private Funds selected by JNAM, with the balance of the Fund's assets primarily allocated to public Real Asset Investments selected by Sub-Advisers and to cash and cash equivalents.

The Fund cannot guarantee that it will meet its investment objective. Investing in the Fund involves a high degree of risk. **See "*Principal Risks*" and "*Limits of Risk Disclosure.*"**

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;**Class A Shares** | &nbsp;&nbsp;**Class I Shares** |
| &nbsp;&nbsp;Public Offering Price<sup>1</sup> | &nbsp;&nbsp;Current NAV | &nbsp;&nbsp;Current NAV |
| &nbsp;&nbsp;Sales Charge (Load)<sup>2</sup> | &nbsp;&nbsp;5.75% |  |
| &nbsp;&nbsp;Proceeds to the Fund | &nbsp;&nbsp;Amount Invested at Current NAV minus Sales Charge | &nbsp;&nbsp;Amount Invested at Current NAV |

---

<sup>1</sup> An unlimited number of shares are offered by Jackson National Life Distributors LLC, as the principal underwriter of the Fund's shares, on a best-efforts basis. Generally, the stated minimum investment in the Fund is $10,000 for Class A Shares and $1,000,000 for Class I Shares, which stated minimum may be reduced for certain investors. See "Purchasing Shares" below.

<sup>2</sup> Investments in Class A Shares of the Fund are sold subject to a sales charge of up to 5.75% of the investment. For some investors, the sales charge may be waived or reduced, see "Purchasing Shares" below. The full amount of the sales charges may be reallowed to brokers or dealers participating in the offering. Your financial intermediary may impose additional charges when you purchase Shares of the Fund.

This prospectus (the "Prospectus") applies to the offering of two separate classes of shares of beneficial interest ("Shares") in the Fund, designated as Class A Shares and Class I Shares. The Fund has received exemptive relief from the Securities and Exchange Commission ("SEC") that permits the Fund to offer more than one class of Shares. As of the date of this Prospectus, Class A Shares are not offered to investors. The Fund's Class I Shares are generally offered at the net asset value ("NAV") per Share on each regular business day. The Fund has registered an unlimited number of Shares for sale under the registration statement to which this Prospectus relates. The Fund reserves the right to reject a purchase order for any reason.

Shareholders of the Fund ("Shareholders") do not have the right to redeem their Shares. However, in order to provide some liquidity to Shareholders, the Fund has adopted a fundamental policy to conduct quarterly repurchase offers for a portion of its outstanding Shares. Subject to applicable law and approval of the Fund's Board of Trustees, for each quarterly repurchase offer, the Fund currently expects to offer to repurchase no less than 5% of the Fund's outstanding Shares at the applicable NAV per Share, reduced by any applicable repurchase fee. Written notification of each quarterly repurchase offer will be sent to Shareholders at least twenty-one (21) and no more than forty-two (42) days before the repurchase request deadline (i.e., the date by which Shareholders can tender their Shares in response to a repurchase offer) (the "Repurchase Request Deadline"). The date on which the Fund's NAV applicable to a repurchase offer is calculated will occur no later than fourteen (14) days after the Repurchase Request Deadline (or the next business day if the fourteenth calendar day is not a business day). If a repurchase offer is oversubscribed, the Fund may repurchase shares on a pro rata basis and Shareholders may only be able to have a portion of their Shares repurchased.

**There is no assurance that you will be able to tender your Shares when or in the amount that you desire.** See "*Quarterly Repurchase Offers*" and "*Principal Risks— Repurchase Offers Risk*" below and "*Fundamental Policies*" in the Fund's statement of additional information (the "SAI").

In the event that the Fund encounters delays in locating suitable investment opportunities, all or a substantial portion of the distributions made to you by the Fund may constitute a return of your capital and will lower your tax basis in your Shares. Distributions may contain a return of capital and that final tax determination of distributions cannot be made until a Form 1099-B is delivered. A return of capital generally is a return of your investment rather than a return of earnings or gains derived from the Fund's investment activities and will be made after deduction of the fees and expenses payable in connection with the proceeds from the offering of Shares, including any fees payable to Jackson National Asset Management, LLC, the Fund's investment adviser.

Shares are speculative and illiquid securities involving substantial risk of loss. An investment in the Fund is subject to, among others, the following risks:

● **An investor in Class A Shares will pay a sales load of up to 5.75% on the amounts invested. If you pay the maximum aggregate 5.75% for sales load, you must experience a total return on your net investment of 6.10% in order to recover these expenses.** 

● **Shares are not listed on any securities exchange and it is not anticipated that a secondary market for Shares will develop.** 

● **You should generally not expect to be able to sell your Shares (other than through the repurchase process), regardless of how the Fund performs.** 

● **Although the Fund is required to implement a Share repurchase program, only a limited number of Shares will be eligible for repurchase by the Fund.** 

● **Although the Fund will offer to repurchase Shares from time to time, Shares will not be redeemable at a Shareholder's option nor will they be exchangeable for shares of any other fund. As a result, an investor may not be able to sell or otherwise liquidate all of his or her Shares.** 

● **Shares are appropriate only for those investors who can tolerate a high degree of risk and do not require a liquid investment and for whom an investment in the Fund does not constitute a complete investment program.** 

● **Because you will be unable to sell your Shares or have them repurchased immediately, you will find it difficult to reduce your exposure on a timely basis during a market downturn.** 

● **The amount of distributions that the Fund may pay, if any, is uncertain.** 

● **The Fund may pay distributions in significant part from sources that may not be available in the future and that are unrelated to the Fund's performance, such as from offering proceeds, borrowings, and amounts from the Fund's affiliates that are subject to repayment by investors, if any.** 

● **Shares are speculative and involve a high degree of risk. See "*Principal Risks*."** 

This Prospectus provides concisely the important information that you should know about the Fund before investing. You should read this Prospectus carefully and retain it for future reference. Additional information about the Fund, including the SAI, dated July 21, 2025, has been filed with the SEC. You can request a copy of the SAI and annual and semi-annual reports of the Fund (when available) without charge on the Fund's website (https://www.jackson.com/interval-funds.html), by writing to the Fund at P.O. Box 2175, Milwaukee, Wisconsin 53201, or by calling the Fund toll-free at 1-877-545-0041. You may also call the Fund's toll-free telephone number to request other information about the Fund or to make shareholder inquiries. The SAI is incorporated by reference into this Prospectus in its entirety. You can view information about the Fund, including the SAI and the Fund's audited financial statements appearing in the Fund's annual report to shareholders, when available, on the SEC's website (http://www.sec.gov).

You should not construe the contents of this Prospectus as legal, tax or financial advice. You should consult with your own professional advisers as to legal, tax, financial, or other matters relevant to the suitability of an investment in the Fund.

You should rely only on the information contained in this Prospectus and the SAI. The Fund has not authorized anyone to provide you with different information. You should not assume that the information provided by this Prospectus is accurate as of any date other than the date shown above. **Neither the SEC nor any state securities commission has approved or disapproved of these securities or determined if this Prospectus is truthful or complete. Any representation to the contrary is a criminal offense.**

Important note: As permitted by regulations adopted by the Securities and Exchange Commission, paper copies of the Fund's annual and semi-annual shareholder reports will not be sent by mail, unless you specifically request paper copies of the reports. Instead, the reports will be made available on the Fund's website (https://www.jackson.com/interval-funds.html), and you will be notified by mail each time a report is posted and provided with a website link to access the report. You may elect to receive all reports in paper free of charge. If you invest through a financial intermediary, you may contact your financial intermediary to request that you receive paper copies of your shareholder reports. If you invest directly with the Fund, you may call 1-877-545-0041 or send an email request to jacksonfunds@umb.com to let the Fund know you wish to receive paper copies of your shareholder reports. Your election to receive reports in paper will apply to all funds held in your account if you invest through your financial intermediary or all funds held within the fund complex if you invest directly with the Fund.

Jackson National Life Distributors LLC (the "Distributor" or "JNLD") acts as the distributor for the Shares. In addition, certain U.S. institutions (including banks, trust companies, brokers and investment advisers) may be authorized to accept, on behalf of the Fund, purchase orders and repurchase requests placed by or on behalf of their customers, and if approved by the Fund, may designate other financial intermediaries to accept such orders.

**TABLE OF CONTENTS**

---

| | |
|:---|:---|
| [Summary](#jraf486bposa001) | 1 |
| [Summary of Fund Expenses](#jraf486bposa002) | 12 |
| [Financial Highlights](#jraf486bposa003) | 13 |
| [Use of Proceeds](#jraf486bposa004) | 13 |
| [Investment Objective and Strategies](#jraf486bposa005) | 13 |
| [Investment Policies](#jraf486bposa006) | 17 |
| [Principal Risks](#jraf486bposa007) | 18 |
| [Management of The Fund](#jraf486bposa008) | 31 |
| [Management Fee](#jraf486bposa009) | 35 |
| [Distributor](#jraf486bposa010) | 35 |
| [Shareholder Servicing Plan](#jraf486bposa011) | 36 |
| [Administrator](#jraf486bposa012) | 36 |
| [Transfer Agent](#jraf486bposa013) | 37 |
| [Custodian](#jraf486bposa014) | 37 |
| [Fund Expenses](#jraf486bposa015) | 37 |
| [Conflicts of Interest](#jraf486bposa016) | 37 |
| [Dividends and Distributions](#jraf486bposa017) | 38 |
| [Dividend Reinvestment](#jraf486bposa018) | 39 |
| [Outstanding Securities](#jraf486bposa019) | 39 |
| [Quarterly Repurchase Offers](#jraf486bposa020) | 39 |
| [Calculation of Net Asset Value; Valuation](#jraf486bposa021) | 42 |
| [Certain Tax Considerations](#jraf486bposa022) | 43 |
| [ERISA Considerations](#jraf486bposa023) | 45 |
| [Description of Shares](#jraf486bposa024) | 46 |
| [Purchasing Shares](#jraf486bposa025) | 46 |
| [Summary of The Declaration of Trust](#jraf486bposa026) | 47 |
| [Independent Registered Public Accounting Firm](#jraf486bposa027) | 48 |
| [Legal Counsel](#jraf486bposa028) | 48 |
| [Inquiries](#jraf486bposa029) | 48 |
| [Privacy Notice](#jraf486bposa030) | 49 |

---

**Summary**

This is only a summary and does not contain all of the information that you should consider before investing in the Fund. Before investing in the Fund, you should carefully read the more detailed information appearing elsewhere in this Prospectus, the SAI, and the agreement and declaration of trust of the Fund (the "Declaration of Trust").

**The Fund.** Jackson Real Assets Fund (the "Fund") is a Massachusetts business trust that is registered under the 1940 Act as a non-diversified, closed-end management investment company. The Fund operates as an interval fund pursuant to Rule 23c-3 under the 1940 Act.

**The Fund is an appropriate investment only for those investors who can tolerate a high degree of risk and do not require a liquid investment.**

The Fund has received an exemptive order from the SEC that permits the Fund to offer more than one class of Shares. Under the order, the Fund is authorized to issue two separate classes of shares of beneficial interest ("Shares") designated as Class A Shares and Class I Shares, and the Fund may offer additional classes of Shares in the future. Each class of Shares is subject to different fees and expenses. As of the date of this Prospectus, Class I Shares are the only class offered for purchase.

**Investment Objective.** The Fund's investment objective is to seek capital appreciation, and with a secondary objective of enhancing income.

**Principal Investment Strategy.** The Fund seeks to achieve its investment objective by investing, under normal circumstances, at least 80% of its total assets (net assets plus the amount of any borrowings made for investment purposes) in public and private investments in the United States and globally in investments that provide exposure to the following real asset classes: (i) real estate, (ii) infrastructure, and (iii) natural capital, which consists of resources derived from the natural environment and includes but is not limited to, agriculture, farmland, and timberland (collectively, "Real Asset Investments").

The Fund obtains exposure to Real Asset Investments by allocating its assets to investments in third-party private funds ("Private Funds") that themselves invest in real assets; publicly traded equity securities issued by real estate companies, including real estate investment trusts ("REITs"); and publicly traded equity securities of infrastructure companies.

Cohen & Steers Capital Management, Inc. ("C&S") and First Sentier Investors (Australia) IM Ltd ("First Sentier") are unaffiliated investment managers ("Sub-Advisers") who each provide day-to-day management for a portion of the Fund's assets (each portion is sometimes referred to as a "sleeve").

Jackson National Asset Management, LLC ("JNAM" or "Adviser") and each Sub-Adviser may use different investment techniques in managing a portion of the Fund's assets. Each Sub-Adviser acts independently from the other and uses its own methodology for selecting investments. The Adviser is responsible for identifying and retaining the Sub-Advisers for the sleeves and for monitoring the services provided by the Sub-Advisers. JNAM provides qualitative and quantitative supervision as part of its process for selecting and monitoring the Sub-Advisers. JNAM is also responsible for determining the amount of Fund assets to allocate to each Sub-Adviser. Based on JNAM's ongoing evaluation of the Sub-Advisers, JNAM may adjust allocations between Sub-Advisers.

Under normal circumstances, a significant portion of the Fund's assets are expected to be invested in Private Funds selected by JNAM, with the balance of the Fund's assets primarily allocated to public Real Asset Investments selected by Sub-Advisers and to cash and cash equivalents.

Below are the principal investment strategies for each sleeve.

*JNAM Private Real Assets Sleeve ("JNAM Sleeve")*

JNAM constructs the JNAM Sleeve by conducting research on a diversified mix of private real asset markets and then selecting each investment after conducting due diligence and assessing each Private Fund's performance, repeatability, operations, oversight, and fit. The JNAM Sleeve will gain exposure to Real Asset Investments through investments in continuously offered Private Funds that themselves invest in real assets.

The JNAM Sleeve seeks to invest in Private Funds that:

● Invest across a range of property sectors, including traditional private real estate sectors (office, residential, industrial, and retail) and sectors such as student housing, seniors housing, life sciences, and medical offices.

● Invest in infrastructure, which have a varied approach by asset type while targeting both middle-market and larger-ticket private infrastructure management teams to capture distinct opportunities available in each category. The exposure to private infrastructure will include, but will not be limited to, utilities, transportation, digital, and logistics assets. These investments will generally exhibit a more global construct given the opportunity set and evolution of the sector.

● Invest in private real estate and infrastructure debt. The debt-oriented Private Funds operate and provide financing to the same market segments as the equity-focused Private Fund exposures. The JNAM Sleeve will target predominantly senior debt Private Fund investments across the core, core-plus, and value-add sectors of both real estate and infrastructure.

● Invest in natural capital sectors of the market that will provide exposure to a mix of investments centered around farmland (i.e., row crops, horticulture, viticulture, and livestock) and timberland.

The Private Funds invest in the equity and debt financings associated with the acquisition, development, and operations of real assets. The Private Funds include funds that have minimums to close and maximum capital raise limitations ("targeted capital raises") and multi-year periods with limited or no liquidity ("investment lock up periods"). Although the Private Funds are not investment companies registered pursuant to the 1940 Act, some of the fund structures may be considered traditional pooled investment vehicles that would be investment companies but for Sections 3(c)(1) or 3(c)(7) of the 1940 Act ("3(c)(1)/3(c)(7) Funds"). While others are entities that qualify as REITs that would otherwise qualify for an exemption from registration under the 1940 Act pursuant to Section 3(c)(5)(C) of the 1940 Act, or that would not be required to register as investment companies under the 1940 Act for reasons other than the exemptions provided for in Section 3(c)(1) or 3(c)(7) of the 1940 Act (collectively, "Other Private Funds").

The Fund intends to invest no more than 10% of the Fund's total assets at the time of investment in 3(c)(1)/3(c)(7) Funds (excluding for the avoidance of doubt, any Private Fund that would qualify as an Other Private Fund). These investments will be within the JNAM Sleeve. The CS Sleeve and FS Sleeve will not invest in 3(c)(1)/3(c)(7) funds or other funds, such as exchange-traded funds. Additionally, the Fund will not invest in Private Funds that hold themselves out as "hedge funds."

The Fund will bear the costs of investing in Private Funds, which typically include the Private Fund's management fees and incentive fees based on performance. The fees charged by a Private Fund are unique to its particular investment strategy.

The Fund may make investments in Private Funds directly or indirectly through one or more wholly owned or primarily controlled subsidiaries (each, a "Subsidiary"). References herein to the Fund include references to a Subsidiary with respect to the Fund's investment exposure to Private Funds. The Fund will treat a Subsidiary's assets as assets of the Fund for purposes of determining compliance with certain provisions of the 1940 Act applicable to the Fund, including those relating to investment policies (Section 8), capital structure (including a Subsidiary's issuance of debt, if any) and leverage (Section 18) and affiliated transactions and custody (Section 17). Other than a Subsidiary, the Fund does not currently intend to create or acquire primary control of any entity that primarily engages in investment activities in securities or other assets.

*Cohen & Steers' Real Estate Sleeve ("CS Sleeve")*

C&S constructs the CS Sleeve by adhering to both a top-down and a bottom-up, relative value investment process when selecting publicly traded real estate securities. As a starting point, the portfolio managers receive input from C&S' dedicated macro strategy team. This team is responsible for formalizing C&S' economic views. To inform a broader view of global economies, the macro team draws upon data from governments, central banks, independent data providers, and the research conducted by C&S' real assets analysts in North America, Europe and Asia. Next, to guide the portfolio construction process, C&S utilizes 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"). C&S 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 C&S' investment decisions. The CS Sleeve will not seek to achieve specific environmental, social or governance ("ESG") outcomes through its portfolio of investments, nor will it pursue an overall impact or sustainable investment strategy. However, C&S may incorporate consideration of relevant ESG factors into its investment decision-making. For example, although C&S does not generally exclude investments based on ESG factors alone, when considering an investment opportunity with material exposure to carbon emissions regulation, this risk may be considered as one factor in C&S' holistic review process.

Under normal market conditions, the CS Sleeve invests primarily in equity securities issued by real estate companies. Real estate equity securities include common stocks, preferred stocks, other equity securities issued by real estate companies, including REITs and real estate operating companies as well as rights, warrants and convertible securities relating to the same. 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 such 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 CS Sleeve 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 CS Sleeve retains the ability to invest in real estate companies of any market capitalization.

The CS Sleeve may also invest in securities of foreign issuers which meet the same criteria for investment as domestic companies, including investments in such companies in the form of American Depositary Receipts ("ADRs"), Global Depositary Receipts ("GDRs") and European Depositary Receipts ("EDRs").

*First Sentier Infrastructure Sleeve ("FS Sleeve")*

The FS Sleeve's investment strategy is based on active, bottom-up stock selection which seeks to identify mispricing. The strategy seeks to minimize risk through on-the-ground research, a focus on quality, and sensible portfolio construction.

First Sentier constructs the FS Sleeve, by investing primarily in publicly traded equity securities of infrastructure companies. The FS Sleeve will typically invest in U.S. and non-U.S. (foreign markets), which may include developing and emerging market countries.

The FS Sleeve defines non-U.S. companies as companies (i) that are organized under the laws of a foreign country; (ii) whose principal trading market is in a foreign country; or (iii) that have a majority of their assets, or that derive a significant portion of their revenue or profits from businesses, investments or sales, outside of the United States. Under normal market conditions, the FS Sleeve invests at least 40% (unless market conditions are not deemed favorable by First Sentier, in which case the FS Sleeve would invest at least 30%) in non-U.S. infrastructure companies.

The FS Sleeve defines an infrastructure company as one that exhibits the characteristics of high barriers to entry, strong pricing power, predictable cash flows and sustainable growth. The FS Sleeve defines infrastructure assets, among other things, as the physical structures, networks and systems of transportation, energy, water, waste, and communication. Given the evolving nature of the global listed infrastructure market, the FS Sleeve may hold securities outside of the above sectors as long as they meet the FS Sleeve's definition of an infrastructure company.

The equity securities in which the FS Sleeve may invest include, but are not limited to, common and preferred stock of companies of any size market capitalizations. The foreign securities in which the FS Sleeve may invest include, but not limited to, depositary receipts, such as ADRs, EDRs and GDRs. The FS Sleeve may also invest in initial public offerings ("IPOs").

The FS Sleeve may invest without limit in stapled securities to gain exposure to infrastructure companies in Australia. The value of stapled securities and the income derived from them may fall as well as rise. Stapled securities are not obligations of, deposits in, or guaranteed by, the Fund.

The FS Sleeve may invest in REITs and limited partnerships and master limited partnerships ("MLPs") listed on a domestic or foreign exchange that meet the Fund's definition of an infrastructure company.

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

**Risk Factors.** 

● *Limited operating history risk* – The Fund is newly-formed and has limited operating history. The Fund is subject to all of the business risks and uncertainties associated with any new business.

● *Unlisted closed-end structure; liquidity limited to quarterly repurchases of Shares* – The Fund is an unlisted closed-end fund designed primarily for long-term investors, and liquidity is limited to quarterly repurchases of Shares. The Fund does not intend to list the Shares on any securities exchange and a secondary market for Shares is not expected to develop.

● *Repurchase offers risk* – The Fund currently expects to conduct quarterly repurchase offers for no less than 5% of its outstanding Shares. Substantial requests for the Fund to repurchase Shares could require the Fund to liquidate certain of its investments more rapidly than otherwise desirable. In the event that a repurchase offer is oversubscribed, the Fund will repurchase tendered Shares on a pro rata basis. Shareholders may be unable to liquidate all or a given percentage of their investment in the Fund during a particular repurchase offer.

● *Unspecified investments; dependence on the Sub-Advisers –* The Fund is dependent on the ability of the Sub-Advisers to identify and implement investments as opportunities arise. Each Sub-Adviser has full discretionary authority to identify, structure, allocate, administer, monitor and liquidate the Fund's investments in its respective portion of the Fund's portfolio, or sleeve. There can be no assurance that a Sub-Adviser will be able to select or implement successful strategies or achieve the Fund's investment objective.

● *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.

● *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 investment company registration 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.

● *Infrastructure companies risk* **–** 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. Some of the specific risks that infrastructure companies may be particularly affected by, or subject to, include the following: regulatory risk, technology risk, regional or geographic risk, natural disasters risk, through-put risk, project risk, strategic asset risk, operation risk, customer risk, interest rate risk, inflation risk and financing risk.

● In particular, the operations of infrastructure projects are exposed to unplanned interruptions caused by significant catastrophic events, such as cyclones, earthquakes, landslides, floods, explosion, fire, terrorist attack, major plant breakdown, pipeline or electricity line rupture or other disasters. Operational disruption, as well as supply disruption, could adversely impact the cash flows available from these assets.

● *Private funds risk* – The Private Funds will not be subject to the 1940 Act, nor will they be publicly traded. As a result, the Fund's investments in the Private Funds will not be subject to the protections afforded to Shareholders under the 1940 Act. By investing in the Private Funds indirectly through the Fund, a Shareholder bears two layers of asset-based fees and expenses – at the Fund level and the Private Fund level – in addition to indirectly bearing any performance fees charged by the Private Fund. Given the limited liquidity of the Private Funds, the Fund may not be able to alter its portfolio allocation in sufficient time to respond to any changes in the Private Funds that could be material and adverse, resulting in substantial losses from risks of Private Funds.

● *Valuation risk* – The value of the Fund's investments in Private Funds will be difficult to ascertain and these valuations on a given date will likely vary from the amounts the Fund would receive upon withdrawal of its investments. While the valuations of the Fund's publicly traded securities are more readily ascertainable, the Fund's ownership interest in the Private Funds and the Fund's investments in loans and other private debt securities are not publicly traded and the Fund will depend on appraisers, service providers, and a Private Fund's manager to provide a valuation, or assistance with a valuation, of the Fund's investment in a Private Fund. Any such valuation is a subjective analysis of the fair market value of an asset and requires the use of techniques that are costly and time-consuming and ultimately provide no more than an estimate of value. Moreover, the valuation of the Fund's investment in a Private Fund, as provided by a manager as of a specific date, may vary from the fair value of the investment that may be obtained if the Fund were to sell such investment to a third party in a secondary transaction. For information about the value of the Fund's investments in Private Funds, the Adviser will be dependent on information provided by the Private Funds, including quarterly unaudited financial statements that, if inaccurate, could adversely affect the Adviser's ability to value accurately the Fund's shares.

● *Investor suitability –* An investment in the Fund is suitable only for investors who can bear the risk associated with the limited liquidity of the Shares and should not be viewed as a complete investment program.

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

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

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

● *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 rebalances, the Fund (or a sleeve of the Fund) may temporarily hold all or a significant portion of its assets in cash, cash equivalents, affiliated and unaffiliated money market funds, or high quality debt instruments. Taking a defensive or large cash position may reduce the potential for appreciation of the portfolio and may affect performance.

● *Tax risk* **–** In order for a regulated investment company ("RIC") to qualify as such under Subchapter M of the Internal Revenue Code of 1986, as amended (the "Internal Revenue Code" or the "Code"), the RIC must derive at least 90% of its gross income each taxable year from "qualifying income," which is described in more detail in the SAI. Certain income and gains do not constitute "qualifying income" to a RIC for purposes of the 90% gross income test. The tax treatment of some other instruments in which the Fund might invest is not certain, in particular with respect to whether income or gains from such instruments constitute qualifying income to a RIC. In general, for purposes of the 90% gross income requirement, income derived from a partnership will be treated as qualifying income only to the extent such income is attributable to items of income of the partnership which would be qualifying income if realized directly by the RIC. The Fund will therefore annually restrict its income from other assets that give rise to non-qualifying income to a maximum of 10% of the Fund's gross income.

● *Operational risk –* An investment in the Fund, like any fund, can involve operational risks arising from factors such as processing errors, human errors, inadequate or failed internal or external processes, failures in systems and technology, changes in personnel and errors caused by third-party service providers. The occurrence of any of these failures, errors or breaches could result in a loss of information, regulatory scrutiny, reputational damage or other events, any of which could have a material adverse effect on the Fund. While the Fund seeks to minimize such events through controls and oversight, there may still be failures that could cause losses to the Fund.

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

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

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

● *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.

● *Stapled securities risk –* A stapled security is comprised of two different securities—a unit of a trust and a share of a company—that are "stapled" together and treated as a unit at all times, including for transfer or trading. The characteristics and value of a stapled security are influenced by both underlying securities. Stapled securities are not obligations of, deposits in, or guaranteed by, the Fund. The listing of stapled securities on a domestic or foreign exchange does not guarantee a liquid market for stapled securities.

● *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.

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

● *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. Risks of preferred stock 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 issue's terms and issuer's discretion, which may impact the value of the security in light of prevailing market interest rates at that time (iv) the risk that the preferred stock may have a less liquid market than government securities or other equity securities issued by the issuer, and (v) being subject to the decisions of voting shareholders of an issuer as preferred stock typically contain limited, or no, voting rights.

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

● *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.

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

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

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

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

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

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

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

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

● *Accounting risk* – The Fund bases investment selections, 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.

● *Agriculture/Farmland-related companies risk –* An investment in the Fund is subject to certain risks associated with investments in and related to agriculture and farmland. These investments are subject to various risks, including adverse changes in national or international economic conditions, adverse local market conditions, adverse natural conditions such as storms, floods, drought, windstorms, hail, temperature extremes, frosts, soil erosion, infestations and blights, failure of irrigation or other mechanical systems used to cultivate the land, financial conditions of tenants, marketability of any particular kind of crop that may be influenced, among other things, by changing consumer tastes and preferences, import and export restrictions or tariffs, casualty or condemnation losses, government subsidy or production programs, buyers and sellers of properties, availability of excess supply of property relative to demand, changes in availability of debt financing, changes in interest rates, real estate tax rates and other operating expenses, environmental laws and regulations, governmental regulation of and risks associated with the use of fertilizers, pesticides, herbicides and other chemicals used in commercial agriculture, zoning laws and other governmental rules and fiscal policies, energy prices, changes in the relative popularity of properties, risk due to dependence on cash flow, as well as acts of God, uninsurable losses and other factors which are beyond the control of the Fund or the Private Funds.

● *Timberland-related companies risk –* An investment in the Fund is subject to certain risks associated with the ownership of timberland, timber and timber-related assets in general, including: the volatility of forest product prices; changes in foreign and U.S. trade and tariff policies; general market forces, such as regional growth rates, construction activity, changes in currency exchange rates and capital spending; competition from the use of alternative building materials and other decreases in demand; forestry regulations restricting timber harvesting or other aspects of business; the illiquidity of timber-related asset investments; losses from fire and other causes; uninsured casualties; force majeure acts, terrorist events, under-insured or uninsurable losses; and other factors which are beyond the reasonable control of the Fund or the Private Funds.

● *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.

● *European investment risk* – Investing in Europe involves many of the same risks as investing in foreign securities. In addition, since Europe includes both developed and emerging markets, investments by the Fund will be subject to the risks associated with investments in such markets. Performance is expected to be closely tied to social, political, and economic conditions within Europe and to be more volatile than the performance of more geographically diversified funds. The European financial markets have recently experienced volatility and adverse trends due to concerns about economic downturns in, or rising government debt levels of, several European countries as well as acts of war in the region. These events may spread to other countries in Europe and may affect the value and liquidity of certain of the Fund's investments. For example, in June 2016, the United Kingdom approved a referendum to leave the European Union (commonly known as "Brexit"). The United Kingdom left the European Union on January 31, 2020, with an eleven-month transition period, ending December 31, 2020, during which the United Kingdom and the European Union agreed to a Trade and Cooperation Agreement governing the future relationship between the United Kingdom and the European Union from January 1, 2021. On January 1, 2021, European Union laws ceased to apply in the United Kingdom. Many European Union 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 European Union laws that currently apply in the United Kingdom. It is impossible to predict the consequences of these amendments on the Fund and its investments. Brexit may also create uncertainty around trade within Europe, 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.

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

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

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

● *Investment risk –* An investment in the Fund's Shares represents an indirect investment in the investments and other financial assets owned by the Fund. The value of the Fund's investments will generally fluctuate.

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

● *Subsidiary risk* **–** To the extent the Fund invests through one or more of Subsidiaries, the Fund would be exposed to the risks associated with such Subsidiary's investments. Such Subsidiaries would likely not be registered as investment companies under the 1940 Act and therefore would not be subject to all of the investor protections of the 1940 Act. Changes in the laws of the United States and/or the jurisdiction in which a Subsidiary is organized could result in the inability of the Fund and/or the Subsidiary to operate as intended and could adversely affect the Fund.

● *Inflation risk* – Inflation risk is the risk that the value of assets or income from investments will be worth less in the future as inflation decreases the value of money. As inflation increases, the real value of the Fund's shares and distributions thereon can decline. Inflation risk is linked to increases in the prices of goods and services and a decrease in the purchasing power of money. Inflation may reduce the intrinsic value of an investment in the Fund.

**Management.** The Board has overall responsibility for the management and supervision of the business operations of the Fund. See "*Management of the Fund—The Board of Trustees*." To the extent permitted by applicable law, the Board may delegate any of its rights, powers and authority to, among others, the officers of the Fund, any committee of the Board or the Adviser.

**The Adviser and Administrator.** Pursuant to an investment advisory and management agreement (the "Investment Management Agreement"), Jackson National Asset Management, LLC ("JNAM" or the "Adviser"), an investment adviser registered under the Investment Advisers Act of 1940, as amended (the "Advisers Act"), serves as the Fund's investment adviser. The Adviser was organized under the laws of the State of Michigan on November 1, 2000. The Adviser may allocate responsibility for all or a portion of the assets of the Fund to a Sub-Adviser for the day-to-day investment management of such assets subject to the Adviser's oversight. JNAM also serves as the Fund's administrator pursuant to an administration agreement (the "Administration Agreement") between the Fund and JNAM. JNAM, in its capacity as administrator, provides or procures, at its own expense, certain legal, audit, fund accounting, custody (except overdraft and interest expense), transfer agent, expenses related to the Fund's Chief Compliance Officer, printing and mailing, and other administrative services necessary for the operation of the Fund.

**The Sub-Advisers.** Cohen & Steers Capital Management, Inc., located at 1166 Avenue of the Americas, New York, New York 10036 and First Sentier Investors (Australia) Ltd, located at Level 5, Tower 3, International Towers, 300 Barangaroo Avenue, Barangaroo NSW 2000 Australia, each serve as a sub-adviser to the Fund and provide the day-to-day portfolio management of those assets of the Fund allocated to it by the Adviser. Each Sub-Adviser is responsible for choosing a portion of the Fund's investments and handling its day-to-day business as required by the investment sub-advisory agreement (each, a "Sub-Advisory Agreement" and collectively, the "Sub-Advisory Agreements") between the Adviser and each Sub-Adviser; however, certain services may be performed by affiliates of a Sub-Adviser. Each Sub-Adviser carries out its duties subject to the policies established by the Board of Trustees.

**The Distributor.** JNLD, an affiliate of the Adviser located at 300 Innovation Drive, Franklin, Tennessee 37067, serves as distributor of the Fund's Shares on a best efforts basis pursuant to a distribution agreement (the "Distribution Agreement") between the Fund and the Distributor.

**The Transfer Agent.** The Fund has retained UMB Fund Services, Inc. (the "Transfer Agent" or "UMB") to provide transfer agency services to the Fund. Fees and expenses of the Transfer Agent are paid by JNAM in its capacity as the Fund's administrator. See "*Fund Expenses*" below.

**Fees and Expenses.** The expenses of the Fund include the Management Fee, Administration Fee, and (for Class A Shares) the Shareholder Servicing Fee (including, without limitation, its offering expenses). A more detailed discussion of the Fund's expenses can be found under "*Fund Expenses*."

*Management Fee.* As compensation under the Investment Management Agreement, the Fund pays the Adviser a monthly management fee equal to 1.15% on an annualized basis of the average daily net assets of the Fund. See "*Management Fee*."

*Sub-Adviser Fees.* As compensation under each Sub-Advisory Agreement, the Adviser pays each Sub-Adviser a monthly sub-advisory fee on an annualized basis of the average daily net assets of the Fund allocated to each Sub-Adviser. The table outlines the sub-advisory fee paid to each Sub-Adviser:

---

| | |
|:---|:---|
|  | &nbsp;&nbsp;**Sub-Advisory Fees Paid as a percentage of Average Daily Net Assets** |
| &nbsp;&nbsp;Cohen & Steers Capital Management, Inc. | &nbsp;&nbsp;0.35% |
| &nbsp;&nbsp;First Sentier Investors (Australia) Ltd | &nbsp;&nbsp;0.38% |

---

 

*Administration Fee.* As compensation under the Administration Agreement, the Fund pays JNAM a monthly administration fee equal to 0.25% on an annualized basis of the average daily net assets of the Fund.

**Distributions.** Because the Fund intends to qualify as and be eligible to be treated each year as a RIC under the Internal Revenue Code of 1986, as amended (the "Code"), the Fund intends to distribute at least 90% of the sum of its investment company taxable income (as the term is defined in the Code) and any net tax-exempt interest income for such year. Nevertheless, there can be no assurance that the Fund will pay distributions to Shareholders at any particular rate or at all. Each year, a statement on Internal Revenue Service ("IRS") Form 1099-DIV identifying the amount and character of the Fund's distributions will be mailed to Shareholders. See "*Summary — Taxes*" below.

**Purchasing Shares.** The Fund generally is available for purchase only by residents of the United States, Puerto Rico, Guam, and the U.S. Virgin Islands. The minimum initial investment in the Fund is $10,000 for Class A Shares and $1,000,000 for Class I Shares, and the minimum additional investment in the Fund is $5,000 for each class of Shares. For Shares purchased through a financial intermediary, when determining whether an investor meets the applicable investment minimums, the value of any Shares being purchased may be combined with the value of any Shares of the same class that were purchased or will be purchased within six months from the initial purchase for Class A Shares and Class I Shares by any investor through such intermediary, provided such intermediary enters into the requisite letter of intent; provided, however, that the minimum amount purchased by any investor is at least $5,000. The stated investment minimums may be reduced for certain investors. See "*Purchasing Shares*" below.

The Fund has received exemptive relief from the SEC that permits the Fund to offer more than one class of Shares. As of the date of this Prospectus, Class A Shares are not currently offered to investors. Shares are generally offered at the NAV per Share on each regular business day.

**Quarterly Repurchase Offers.** The Fund is an "interval fund" that operates pursuant to Rule 23c-2 under the 1940 Act. In order to provide liquidity to Shareholders, the Fund has adopted a fundamental investment policy to make quarterly offers to repurchase between 5% and 25% of its outstanding Shares at the applicable NAV per Share, reduced by any applicable repurchase fee. Subject to applicable law and approval of the Board, for each quarterly repurchase offer, the Fund currently expects to offer to repurchase no less than 5% of the Fund's outstanding Shares at the applicable NAV per Share, which is the minimum amount permitted. Written notification of each quarterly repurchase offer will be sent to Shareholders at least twenty-one (21) and no more than forty-two (42) days before the repurchase request deadline (i.e., the date by which Shareholders can tender their Shares in response to a repurchase offer) (the "Repurchase Request Deadline"). The date on which the Fund's NAV applicable to a repurchase offer is calculated will occur no later than fourteen (14) days after the Repurchase Request Deadline (or the next business day if the fourteenth calendar day is not a business day). If a repurchase offer is oversubscribed, the Fund may repurchase shares on a pro rata basis and Shareholders may only be able to have a portion of their Shares repurchased.

**The Fund's Shares are not listed on any securities exchange, and the Fund anticipates that no secondary market will develop for its Shares. Accordingly, you may not be able to sell Shares when and/or in the amount that you desire. Shareholders should consider Shares of the Fund to be an illiquid investment. Thus, the Shares are appropriate only as a long-term investment.** In addition, the Fund's repurchase offers may subject the Fund and Shareholders to special risks. See "*Principal Risks — Repurchase Offers Risk*."

The Fund may charge an early repurchase fee of not more than 2.00%, if any, with respect to any repurchase of Shares from a Shareholder at any time prior to the day immediately preceding the one-year anniversary of the Shareholder's purchase of the Shares. Shares tendered for repurchase will be treated as having been repurchased on a "first in-first out" basis. The Fund may waive the early repurchase fee, if any, for certain categories of Shareholders or transactions, such as repurchases of Shares in the event of the Shareholder's death or disability, or in connection with certain distributions from employer sponsored benefit plans. See "*Purchasing Shares*" and "*Quarterly Repurchase Offers*."

**Taxes.** The Fund has elected to be treated, and intends to qualify as and be eligible to be treated each year, as a RIC for U.S. federal income tax purposes. As such, the Fund generally will not be subject to U.S. federal corporate income tax, provided that it distributes all of its taxable income and gains each year.

For a discussion of certain tax risks and considerations relating to an investment in the Fund see "*Tax Reports*" below and "*Certain Tax Considerations*."

Prospective investors should consult their own tax advisors with respect to the specific U.S. federal, state, local, and non-U.S. tax consequences, including applicable tax reporting requirements.

**Tax Reports.** The Fund will distribute to its Shareholders, after the end of each calendar year, IRS Forms 1099-DIV detailing the amounts includible in such investor's taxable income for such year as ordinary income, qualified dividend income and long-term capital gains. Dividends and other taxable distributions are taxable to the Fund's Shareholders even if they are reinvested in additional Shares.

**ERISA Plans and Other Tax-Exempt Entities.** Investors subject to the Employee Retirement Income Security Act of 1974, as amended ("ERISA"), and Section 4975 of the Code, including employee benefit plans, individual retirement accounts (each, an "IRA"), and Keogh plans may purchase Shares. Because the Fund is registered as an investment company under the 1940 Act, the underlying assets of the Fund will not be considered to be "plan assets" subject to the fiduciary responsibility and prohibited transaction rules of ERISA and Section 4975 of the Code. Thus, it is not intended that the Adviser will be a "fiduciary" within the meaning of ERISA with respect to the assets of any "benefit plan investor" within the meaning of ERISA that becomes a Shareholder, solely as a result of the Shareholder's investment in the Fund. For additional information, see "*ERISA Considerations*" below.

**Reports to Shareholders.** Shareholders will receive an audited annual and unaudited semi-annual report for the Fund.

**Fiscal and Tax Year.** The Fund's fiscal year and tax year is the 12-month period ending on March 31.

**Term.** The Fund's term is perpetual unless the Fund is otherwise terminated under the terms of the Declaration of Trust.

**Summary of Fund Expenses**

The following table illustrates the expenses and fees that the Fund expects to incur and that Shareholders can expect to bear directly or indirectly.

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Shareholder Transaction Expenses** | &nbsp;&nbsp;**Class A Shares** | &nbsp;&nbsp;**Class I Shares** |
| &nbsp;&nbsp;Maximum Sales Load<sup>1</sup> | &nbsp;&nbsp;5.75% |  |
| &nbsp;&nbsp;Maximum Early Repurchase Fee (as a percentage of repurchased amount)<sup>2</sup> | &nbsp;&nbsp;2.00% | &nbsp;&nbsp;2.00% |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp; **Annual Expenses (as a percentage of net assets attributable to Shares)** | &nbsp;&nbsp;**Class A Shares** | &nbsp;&nbsp;**Class I Shares** |
| &nbsp;&nbsp;Management Fee<sup>3</sup> | &nbsp;&nbsp;1.15% | &nbsp;&nbsp;1.15% |
| &nbsp;&nbsp;Shareholder Servicing Fee<sup>4</sup> | &nbsp;&nbsp;0.25% |  |
| &nbsp;&nbsp;Other Expenses<sup>5,6</sup> | &nbsp;&nbsp;0.36% | &nbsp;&nbsp;0.36% |
| &nbsp;&nbsp;Acquired Fund Fees and Expenses<sup>7</sup> | &nbsp;&nbsp;0.09% | &nbsp;&nbsp;0.09% |
| &nbsp;&nbsp;Total Annual Fund Operating Expenses Before Fee Waivers and Expense Reimbursements | &nbsp;&nbsp;1.85% | &nbsp;&nbsp;1.60% |

---

<sup>1</sup> Investments in Class A Shares of the Fund are sold subject to a sales charge of up to 5.75% of the investment. For some investors, the sales charge may be waived or reduced, see "Purchasing Shares." The full amount of the sales charges may be reallowed to brokers or dealers participating in the offering. The Fund has received exemptive relief from the SEC permitting it to offer multiple classes of Shares. As of the date of this Prospectus, Class A shares are not offered to investors. Your financial intermediary may impose additional charges when you purchase Shares of the Fund.

<sup>2</sup> The Fund may charge an early repurchase fee of not more than 2.00%, if any, with respect to any repurchase of Shares from a Shareholder at any time prior to the day immediately preceding the one-year anniversary of the Shareholder's purchase of the Shares.

<sup>3</sup> The management fee is equal to 1.15% on an annualized basis of the average daily net assets of the Fund. See "Management Fee" for additional information.

<sup>4</sup> The Fund has received exemptive relief from the SEC permitting it to offer multiple classes of Shares, which allows the Fund to operate under a shareholder servicing plan for Class A Shares. As of the date of this Prospectus, Class A shares are not offered to investors. Class A Shares are subject to a monthly shareholder servicing fee at an annual rate of up to 0.25% of the average daily net assets of the Fund attributable to Class A Shares.

<sup>5</sup> The Fund charges an administrative fee of 0.25% on an annualized basis of the average daily net assets of the Fund attributable to both Class A and Class I Shares. See "Administration Fee." The Fund has received exemptive relief from the SEC permitting it to offer multiple classes of Shares. As of the date of this Prospectus, Class A Shares are not offered to investors.

<sup>6</sup> Other Expenses are estimated for the Fund's current fiscal year. "Other Expenses" include, among other things, trustee fees, professional fees and other expenses that the Fund will bear.

<sup>7</sup> Acquired Fund Fees and Expenses are the indirect expenses of investing in other investment companies and 3(c)(1)/3(c)(7) Funds. Acquired Fund Fees and Expenses are estimated for the Fund's current fiscal year. Any fees that are based on the performance of 3(c)(1)/3(c)(7) Funds may fluctuate over time but are generally expected to range between 15% and 20% of the 3(c)(1)/3(c)(7) Funds' realized and, in some cases, unrealized annual returns that are in excess of a minimum annual return ranging from 5% to 8%. The Acquired Fund Fees and Expenses disclosed above do not reflect such performance-based fees that are calculated solely on the realization and/or distribution of gains, or on the sum of such gains and unrealized appreciation of assets distributed in kind, as such fees and allocations for a particular period may be unrelated to the cost of investing in the 3(c)(1)/3(c)(7) Funds. Future Acquired Fund Fees and Expenses may fluctuate over time and may be substantially higher or lower.

The purpose of the table above is to assist prospective investors in understanding the various fees and expenses Shareholders will bear directly or indirectly. For a more complete description of the various fees and expenses of the Fund, see "*Management Fee*," "*Shareholder Servicing Plan*," "*Fund Expenses*," "*Quarterly Repurchase Offers*" and "*Purchasing Shares*."

**Example.** The following example is intended to help you compare the cost of investing in the Fund with the cost of investing in other funds. The example assumes that all distributions are reinvested at net asset value and that the percentage amounts listed under Annual Expenses (excluding any sales charges) remain the same in the years shown. The assumption in the hypothetical example of a 5% annual return is required by regulation of the SEC applicable to all registered investment companies. The assumed 5% annual return is not a prediction of, and does not represent, the projected or actual performance of Shares.

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**You Would Pay the Following Expenses Based on a $1,000 Investment in the Fund, Assuming a 5% Annual Return:** | &nbsp;&nbsp;**You Would Pay the Following Expenses Based on a $1,000 Investment in the Fund, Assuming a 5% Annual Return:** | &nbsp;&nbsp;**You Would Pay the Following Expenses Based on a $1,000 Investment in the Fund, Assuming a 5% Annual Return:** | &nbsp;&nbsp;**You Would Pay the Following Expenses Based on a $1,000 Investment in the Fund, Assuming a 5% Annual Return:** | &nbsp;&nbsp;**You Would Pay the Following Expenses Based on a $1,000 Investment in the Fund, Assuming a 5% Annual Return:** |
|  | &nbsp;&nbsp;1 year | &nbsp;&nbsp;3 years | &nbsp;&nbsp;5 years | &nbsp;&nbsp;10 years |
| &nbsp;&nbsp;Class A Shares | &nbsp;&nbsp;$75 | &nbsp;&nbsp;$112 | &nbsp;&nbsp;$152 | &nbsp;&nbsp;$262 |
| &nbsp;&nbsp;Class I Shares | &nbsp;&nbsp;$16 | &nbsp;&nbsp;$51 | &nbsp;&nbsp;$87 | &nbsp;&nbsp;$190 |

---

The example is based on the annual fees and expenses set out on the table above and should not be considered a representation of future expenses. Actual expenses may be greater or less than those shown. Moreover, the rate of return of the Fund may be greater or less than the hypothetical 5% return used in the example. A greater rate of return than that used in the example would increase the dollar amount of the asset-based fees paid by the Fund.

**Financial Highlights**

The financial highlights table is intended to help you understand the Fund's financial performance for the past five years or, if shorter, the period of the Fund's operations. The following table provides selected per share data for one share of the Fund. The total returns in the financial highlights table represent the rate by which an investor would have earned (or lost) on an investment in the Fund (assuming reinvestment of all dividends and distributions) held for the entire period.

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 Fund's Annual Report, which is available upon request.

Jackson Real Assets Fund

Financial Highlights

For a Share Outstanding

**Net Investment Income (Loss).** Net investment income (loss) is calculated using the average shares method.

**Total Return.** Total return assumes reinvestment of all distributions for the period. Total return is not annualized for periods less than one year.

**Income and Expense Ratios.** Ratios are annualized for periods less than one year. The annualized expense ratios do not include expenses of any underlying investment companies.

---

| | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  | &nbsp;&nbsp;Increase (decrease) from<br> investment operations | &nbsp;&nbsp;Increase (decrease) from<br> investment operations | &nbsp;&nbsp;Increase (decrease) from<br> investment operations | &nbsp;&nbsp;Distributions from | &nbsp;&nbsp;Distributions from |  |  |  | &nbsp;&nbsp;Supplemental data | &nbsp;&nbsp;Supplemental data |  | &nbsp;&nbsp;Ratios |  |
| Period ended | &nbsp;&nbsp;Net asset value, beginning of period<br> ($) | &nbsp;&nbsp;Net investment income (loss)<br> ($) | &nbsp;&nbsp;Net realized & unrealized gains (losses)<br> ($) | &nbsp;&nbsp;Total from investment operations<br> ($) | &nbsp;&nbsp;Net investment income<br> ($) | &nbsp;&nbsp;Net realized gains on investment transactions<br> ($) | &nbsp;&nbsp;Total Distributions | &nbsp;&nbsp;Net asset value, end of period<br> ($) | &nbsp;&nbsp;Total return<br> (%) | &nbsp;&nbsp;Net assets, end of period (in thousands)<br> ($) | &nbsp;&nbsp;Portfolio turnover (%) | &nbsp;&nbsp;Net expenses to average net assets<br> (%) | &nbsp;&nbsp;Total expenses to average net assets<br> (%) | &nbsp;&nbsp;Net investment income (loss) to average net assets<br> (%) |
| &nbsp;&nbsp;**Jackson Real Assets Fund** | &nbsp;&nbsp;**Jackson Real Assets Fund** | &nbsp;&nbsp;**Jackson Real Assets Fund** | &nbsp;&nbsp;**Jackson Real Assets Fund** | &nbsp;&nbsp;**Jackson Real Assets Fund** | &nbsp;&nbsp;**Jackson Real Assets Fund** | &nbsp;&nbsp;**Jackson Real Assets Fund** | &nbsp;&nbsp;**Jackson Real Assets Fund** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Class I | &nbsp;&nbsp;Class I | &nbsp;&nbsp;Class I | &nbsp;&nbsp;Class I | &nbsp;&nbsp;Class I |  |  |  |  |  |  |  |  |  |  |
| 03/31/25<sup>(a)</sup> | &nbsp;&nbsp;10.00 | &nbsp;&nbsp;0.19 | &nbsp;&nbsp;0.57 | &nbsp;&nbsp;0.76 | &nbsp;&nbsp;(0.14) | &nbsp;&nbsp;— | &nbsp;&nbsp;(0.14) | &nbsp;&nbsp;10.62 | &nbsp;&nbsp;7.42<sup>(b)</sup> | &nbsp;&nbsp;299736 | &nbsp;&nbsp;19 | &nbsp;&nbsp;1.51 | &nbsp;&nbsp;1.51 | &nbsp;&nbsp;1.98 |

---

(a) The Fund
 commenced operations on April 29, 2024.

(b) Total return is calculated
 using the traded net asset value, which may differ from the reported net asset value. The traded net asset value is the net asset
 value which a Shareholder would have transacted at. The total return calculated using the reported net asset value as of March 31,
 2025 is 7.62%.

**Use of Proceeds**

The Fund will invest the proceeds of the continuous offering of common shares on an ongoing basis in accordance with its investment objective and policies as stated below. It is currently anticipated that the Fund will be able to invest all or substantially all of the net proceeds according to its investment objective and policies within approximately three months after receipt of the proceeds, depending on the amount and timing of proceeds available to the Fund as well as the availability of investments consistent with the Fund's investment objective and policies, and except to the extent proceeds are held in cash to pay dividends or expenses, satisfy repurchase offers or for temporary defensive purposes.

**Investment Objective and Strategies**

**Investment Objective.** The Fund's investment objective is to seek capital appreciation, and with a secondary objective of enhancing income.

The investment objective of the Fund is not a fundamental policy of the Fund and may be changed by the Board without the vote of a majority (as defined by the 1940 Act) of the Fund's outstanding Shares. The Fund's fundamental policies, which are listed in the SAI, may only be changed by the affirmative vote of a majority of the outstanding voting securities of the Fund.

**Principal Investment Strategy.** The Fund seeks to achieve its investment objective by investing, under normal circumstances, at least 80% of its total assets (net assets plus the amount of any borrowings made for investment purposes) in public and private investments in the United States and globally in investments that provide exposure to the following real asset classes: (i) real estate, (ii) infrastructure, and (iii) natural capital, which consists of resources derived from the natural environment and includes but is not limited to, agriculture, farmland, and timberland (collectively, "Real Asset Investments").

The Fund obtains exposure to Real Asset Investments by allocating its assets to investments in third-party private funds ("Private Funds") that themselves invest in real assets; publicly traded equity securities issued by real estate companies, including real estate investment trusts ("REITs"); and publicly traded equity securities of infrastructure companies.

Cohen & Steers Capital Management, Inc. ("C&S") and First Sentier Investors (Australia) Ltd ("First Sentier") are unaffiliated investment managers ("Sub-Advisers") who each provide day-to-day management for a portion of the Fund's assets (each portion is sometimes referred to as a "sleeve"). Jackson National Asset Management, LLC ("JNAM" or "Adviser") and each Sub-Adviser may use different investment techniques in managing a portion of the Fund's assets. Each Sub-Adviser acts independently from the other and uses its own methodology for selecting investments. The Adviser is responsible for identifying and retaining the Sub-Advisers for the sleeves and for monitoring the services provided by the Sub-Advisers. JNAM provides qualitative and quantitative supervision as part of its process for selecting and monitoring the Sub-Advisers. JNAM is also responsible for determining the amount of Fund assets to allocate to each Sub-Adviser. Based on JNAM's ongoing evaluation of the Sub-Advisers, JNAM may adjust allocations between Sub-Advisers.

Under normal circumstances, a significant portion of the Fund's assets are expected to be invested in Private Funds (i.e., private funds that invest in real estate and debt investments secured by real estate) selected by JNAM, with the balance of the Fund's assets primarily allocated to public Real Asset Investments selected by Sub-Advisers and to cash and cash equivalents.

Below are the principal investment strategies for each sleeve.

*JNAM Private Real Assets Sleeve ("JNAM Sleeve")*

 

JNAM constructs the JNAM Sleeve by conducting research on a diversified mix of private real asset markets and then selecting each investment after conducting due diligence and assessing each Private Fund's performance, repeatability, operations, oversight, and fit. The JNAM Sleeve will gain exposure to Real Asset Investments through investments in continuously offered Private Funds that themselves invest in real assets.

The JNAM Sleeve seeks to invest in Private Funds that:

● Invest across a range of property sectors, including traditional private real estate sectors (office, residential, industrial, and retail) and sectors such as student housing, seniors housing, life sciences, and medical offices.

● Invest in infrastructure, which have a varied approach by asset type while targeting both middle-market and larger-ticket private infrastructure management teams to capture distinct opportunities available in each category. The exposure to private infrastructure will include, but will not be limited to, utilities, transportation, digital, and logistics assets. These investments will generally exhibit a more global construct given the opportunity set and evolution of the sector.

● Invest in private real estate and infrastructure debt. The debt-oriented Private Funds operate and provide financing to the same market segments as the equity-focused Private Fund exposures. The JNAM Sleeve will target predominantly senior debt Private Fund investments across the core, core-plus, and value-add sectors of both real estate and infrastructure.

● Invest in natural capital sectors of the market that will provide exposure to a mix of investments centered around farmland (i.e., row crops, horticulture, viticulture, and livestock) and timberland.

The Private Funds invest in the equity and debt financings associated with the acquisition, development, and operations of real assets. The Private Funds include funds that have minimums to close and maximum capital raise limitations ("targeted capital raises") and multi-year periods with limited or no liquidity ("investment lock up periods"). Although the Private Funds are not investment companies registered pursuant to the 1940 Act, some of the fund structures may be considered traditional pooled investment vehicles that would be investment companies but for Sections 3(c)(1) or 3(c)(7) of the 1940 Act ("3(c)(1)/3(c)(7) Funds"). While others are entities that qualify as REITs that would otherwise qualify for an exemption from registration under the 1940 Act pursuant to Section 3(c)(5)(C) of the 1940 Act, or that would not be investment companies under the 1940 Act for reasons other than the exemptions provided for in Section 3(c)(1) or 3(c)(7) of the 1940 Act (collectively, "Other Private Funds").

The Fund intends to invest no more than 10% of the Fund's total assets at the time of investment in 3(c)(1)/3(c)(7) Funds (excluding for the avoidance of doubt, any Private Fund that would qualify as an Other Private Fund). These investments will be within the JNAM Sleeve. The CS Sleeve and FS Sleeve will not invest in 3(c)(1)/3(c)(7) funds or other funds, such as exchange-traded funds. Additionally, the Fund will not invest in Private Funds that hold themselves out as "hedge funds."

The Fund will bear the costs of investing in Private Funds, which typically include the Private Fund's management fees and incentive fees based on performance. The fees charged by a Private Fund are unique to its particular investment strategy.

The Fund may make investments in Private Funds directly or indirectly through one or more wholly owned or primarily controlled subsidiaries (each, a "Subsidiary"). References herein to the Fund include references to a Subsidiary with respect to the Fund's investment exposure to Private Funds. The Fund will treat a Subsidiary's assets as assets of the Fund for purposes of determining compliance with certain provisions of the 1940 Act applicable to the Fund, including those relating to investment policies (Section 8), capital structure (including a Subsidiary's issuance of debt, if any) and leverage (Section 18) and affiliated transactions and custody (Section 17). Other than a Subsidiary, the Fund does not currently intend to create or acquire primary control of any entity that primarily engages in investment activities in securities or other assets.

*Cohen & Steers' Real Estate Sleeve ("CS Sleeve")*

 

C&S constructs the CS Sleeve by implementing both its top-down and bottom-up investment analysis. As a starting point, the portfolio managers receive input from C&S' dedicated macro strategy team. This team is responsible for formalizing C&S' economic views. To inform a broader view of global economies, the macro team draws upon data from governments, central banks, independent data providers, and the research conducted by C&S real assets analysts in North America, Europe and Asia. After establishing a top-down view, C&S implements its investment strategy by adhering to a bottom-up, relative value investment process when selecting publicly traded real estate securities. To guide the portfolio construction process, C&S utilizes a proprietary valuation model that quantifies relative valuation of real estate securities based on price-to-NAV, cash flow multiple/growth ratios and a DDM. Analysts incorporate 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 portfolio managers' investment decisions.

<u>Real Estate Companies</u>

A real estate company is one that:

● derives at least 50% of its revenues from the ownership, construction, financing, management or sale of commercial, industrial or residential real estate and land; or

● has at least 50% of its assets invested in such real estate.

Under normal market conditions, the CS Sleeve 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 CS Sleeve invests can consist of:

● common stocks;

● rights or warrants to purchase common stocks;

● securities convertible into common stocks where the conversion feature represents, in C&S' view, a significant element of the securities' value;

● preferred stocks;

● private investments in public equity ("PIPEs"); and

● real estate private placements.

<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 CS Sleeve 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. See "Certain Tax Considerations" in this Prospectus and "Tax Considerations" in the SAI.

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 CS Sleeve invests primarily in equity REITs.

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

The CS Sleeve may invest up to 20% of its total assets in securities of non-U.S. real estate companies, including investments in such companies in the form of ADRs, GDRs and 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 CS Sleeve may invest in foreign issuers in both developed and emerging markets.

<u>Preferred Stocks</u>

The CS Sleeve 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.

*First Sentier Infrastructure Sleeve ("FS Sleeve")*

 

First Sentier constructs the FS Sleeve, by investing primarily in publicly traded equity securities of infrastructure companies. The FS Sleeve will typically invest in U.S. and non-U.S. (foreign markets), which may include developing and emerging market countries.

Non-U.S. companies are defined as companies (i) that are organized under the laws of a foreign country; (ii) whose principal trading market is in a foreign country; or (iii) that have a majority of their assets, or that derive a significant portion of their revenue or profits from businesses, investments or sales, outside of the United States. Under normal market conditions, the FS Sleeve invests at least 40% (unless market conditions are not deemed favorable by First Sentier, in which case the FS Sleeve would invest at least 30%) in non-U.S. infrastructure companies.

An infrastructure company is one that exhibits the characteristics of high barriers to entry, strong pricing power, predictable cash flows and sustainable growth. The FS Sleeve defines infrastructure assets, among other things, as the physical structures, networks and systems of transportation, energy, water, waste, and communication. Given the evolving nature of the global listed infrastructure market, the FS Sleeve may hold securities outside of the above sectors as long as they meet the Fund's definition of an infrastructure company.

The FS Sleeve seeks to invest in the securities of companies which have high barriers to entry, strong pricing power, sustainable growth and predictable cash flows.

The equity securities in which the FS Sleeve may invest include, but are not limited to, common and preferred stock of companies of any size market capitalizations. The foreign securities in which the FS Sleeve may invest include, but not limited to, depositary receipts, such as ADRs, EDRs and GDRs. The FS Sleeve may also invest in IPOs of infrastructure companies.

The FS Sleeve may invest without limit in stapled securities to gain exposure to infrastructure companies in Australia. A stapled security is a security that is comprised of two parts – a trust and a share of a company – that cannot be separated from one another, and must be treated as one unit at all times (such as when buying or selling a security). The value of stapled securities and the income derived from them may fall as well as rise. Stapled securities are not obligations of, deposits in, or guaranteed by, the Fund. The listing of stapled securities on a domestic or foreign exchange does not guarantee a liquid market for stapled securities.

The FS Sleeve may invest in REITs and in limited partnerships and master limited partnerships ("MLPs") listed on a domestic or foreign exchange that meet the Fund's definition of an infrastructure company.

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

The FS Sleeve's investment strategy is based on active, bottom-up stock selection which seeks to identify mispricing. The strategy seeks to minimize risk through on-the-ground research, a focus on quality, and sensible portfolio construction. First Sentier integrates a rigorous stock selection process with strict portfolio management risk controls. Securities within the FS Sleeve's wider investment universe are screened for infrastructure characteristics, thoroughly analyzed, and then ranked by value and quality. This provides an indication of the portfolio holdings, as derived from a purely bottom-up basis. The FS Sleeve is then constructed, based primarily on these rankings. Regional and sector risks are also monitored as a risk management overlay. This aims to ensure appropriate portfolio diversification along both country and sector lines.

First Sentier's sell discipline is driven by a security moving to a lower position within their value and quality ranking system. This can occur through:

● A rise in a company's share price, leading to decreased upside potential and a lower value ranking.

● A downgrade in a company's discounted cash flow valuation, leading to lower value ranking.

● A downgrade of a company's quality score, leading to a lower quality ranking.

The Fund may temporarily depart from its principal investment strategies by making short-term investments in cash, cash equivalents, high-quality, short-term debt securities and money market instruments for temporary defensive purposes in response to adverse market, economic, political or other conditions. This may result in the Fund not achieving its investment objective during that period.

Except as otherwise stated, all percentage restrictions referenced in this Prospectus or the SAI are measured at the time of investment. If a percentage restriction is adhered to at the time a transaction is effected, a later increase or decrease in such percentage resulting from market movements will not be considered a violation of the restriction.

**Investment Policies**

**Portfolio Planning.** The Adviser and the Sub-Advisers manage the Fund's portfolio with a view toward maintaining sufficient liquidity to comply with the requirements of Rule 23c-3 under the 1940 Act. Accordingly, the Adviser and Sub-Advisers may make investments and commitments based, in part, on anticipated future distributions from investments. The Adviser and Sub-Advisers also take other anticipated cash flows into account, such as those relating to new subscriptions, the tender of Shares by Shareholders and any distributions made to Shareholders. To forecast portfolio cash flows, the Adviser and Sub-Advisers utilize quantitative and qualitative factors, actual portfolio observations and qualitative forecasts by the Adviser's and Sub-Advisers' investment professionals.

The Adviser and Sub-Advisers intend to use a range of techniques to reduce the risk associated with the Fund's investment strategy. Such techniques may include, without limitation:

● Allocating investments and commitments across industry and/or sector, geography, size, liquidity profile and credit quality (i.e., the year in which a Private Fund begins investing); and

● Actively managing cash and liquid assets.

The Fund expects to hold liquid assets to the extent required for purposes of liquidity management and compliance with the requirements of Rule 23c-3 under the 1940 Act. Over time, during normal market conditions, it is generally not expected that the Fund will hold more than 15% of its net assets in cash or cash equivalents for extended periods of time. To enhance the Fund's liquidity, particularly in times of possible net outflows through the tender of Shares by Shareholders, the Adviser and Sub-Advisers may sell certain of the Fund's assets on the Fund's behalf.

The Fund will limit its investments in certain private funds that are excluded from the definition of "investment company" under the 1940 Act solely by Section 3(c)(1) or Section 3(c)(7) of the 1940 Act ("Private Funds") to no more than 10% of the Fund's total assets at the time of investment. However, the Fund will also invest up to 70% of the Fund's net assets at the time of investment in Section 3(c)(5) funds and funds that are excluded from the definition of an investment company under Section 3(a). The balance of the Fund's investments will be invested in public Real Asset Investments managed by Sub-Advisers and in cash and cash equivalents. Please see "*Principal Risks—Private Funds Risk*" for additional information on the risks of the Fund's investment in Private Funds.

There can be no assurance that the objectives of the Fund with respect to liquidity management will be achieved or that the Fund's portfolio design and risk management strategies will be successful. Prospective investors should refer to the discussion of the risks associated with the investment strategy and structure of the Fund found under "*Principal Risks*" and "*Limits of Risk Disclosure*."

**Borrowing by the Fund.** The Fund may borrow money to pay operating expenses, including, without limitation, investment management fees of a Private Fund, or to purchase portfolio securities, to fund repurchase of Shares or for other portfolio management purposes. Such borrowing may be accomplished through credit facilities or derivative instruments or by other means. The use of borrowings for investment purposes involves a high degree of risk. Under the 1940 Act, the Fund is not permitted to borrow for any purposes if, immediately after such borrowing, the Fund would have asset coverage (as defined in the 1940 Act) of less than 300% with respect to indebtedness. The 1940 Act also provides that the Fund may not declare distributions or purchase its Shares (including through repurchase offers) if, immediately after doing so, it will have an asset coverage of less than 300%. The foregoing requirements generally do not apply to a Private Fund in which the Fund invests unless such Private Fund is registered under the 1940 Act. The Board may modify the borrowing policies of the Fund, including the purposes for which borrowings may be made, and the length of time that the Fund may hold portfolio securities purchased with borrowed money. The rights of any lenders to the Fund to receive payments of interest or repayments of principal will be senior to those of the Shareholders and the terms of any borrowings may contain provisions that limit certain activities of the Fund.

**Temporary and Defensive Strategies.** The Fund may, from time to time in its sole discretion, take temporary or defensive positions in cash, cash equivalents, other short-term securities or money market funds to attempt to reduce volatility caused by adverse market, economic, or other conditions. Any such temporary or defensive positions could prevent the Fund from achieving its investment objective. In addition, subject to applicable law, the Fund may, in the Adviser's/Sub-Adviser's, as applicable, sole discretion, hold cash, cash equivalents, other short-term securities or investments in money market funds pending investment in order to fund anticipated repurchases, expenses of the Fund or other operational needs, or otherwise in the sole discretion of the Adviser/Sub-Adviser, as applicable. See "*Use of Proceeds*."

Except as otherwise indicated, the Fund may change its investment objective and any of its investment policies, restrictions, strategies, and techniques without Shareholder approval. The investment objective of the Fund is not a fundamental policy of the Fund and may be changed by the Board without the vote of a majority (as defined by the 1940 Act) of the Fund's outstanding Shares. The Fund will notify Shareholders of any changes to its investment objective or any of its investment policies, restrictions or strategies. Fundamental policies contained in the SAI may not be changed without Shareholder approval. See "*Investment Policies and Practices — Fundamental Policies*" in the SAI for more information about the Fund's fundamental policies.

**Principal Risks**

The following are certain risk factors that relate to the operations and terms of the Fund. These considerations, which do not purport to be a complete description of any of the particular risks referred to or a complete list of all risks involved in an investment in the Fund, should be carefully evaluated before determining whether to invest in the Fund.

**The Shares are speculative and illiquid securities involving substantial risk of loss. An investment in the Fund is appropriate only for those investors who do not require a liquid investment, for whom an investment in the Fund does not constitute a complete investment program, and who fully understand and are capable of assuming the risks of an investment in the Fund.**

**Limited Operating History Risk.** The Fund is newly formed and has limited operating history upon which prospective investors may evaluate the Fund's past performance and potential future returns. The Fund is subject to all of the business risks and uncertainties associated with any business with a limited operating history, including the risk that the Fund will not achieve its investment objective and that the value of Shares could decline.

**Unlisted Closed-End Structure; Liquidity Limited to Quarterly Repurchases of Shares.** The Fund has been organized as a non-diversified, closed-end management investment company and designed primarily for long-term investors. An investor should not invest in the Fund if the investor needs a liquid investment. Closed-end funds differ from open-end management investment companies (commonly known as mutual funds) in that investors in a closed-end fund do not have the right to redeem their shares on a daily basis. Unlike most closed-end funds, which typically list their shares on a securities exchange, the Fund does not intend to list the Shares for trading on any securities exchange, and the Fund does not expect any secondary market to develop for the Shares. The Fund will offer only a limited degree of liquidity by conducting quarterly repurchase offers, which are generally expected to be for 5% of the Fund's outstanding Shares. There is no assurance that the Fund will repurchase your Shares in the amount that you desire. In addition, with very limited exceptions, Shares are not transferable, and liquidity will be provided only through repurchase offers made quarterly by the Fund. Shares are considerably less liquid than shares of funds that trade on a stock exchange or shares of open-end registered investment companies, and are therefore suitable only for investors who can bear the risks associated with the limited liquidity of Shares, and should be viewed as a long-term investment.

There will be a substantial period of time between the date as of which Shareholders must submit a request to have their Shares repurchased and the date they can expect to receive payment for their Shares from the Fund. Shareholders whose Shares are accepted for repurchase bear the risk that the Fund's net asset value may fluctuate significantly between the time that they submit their repurchase requests and the date as of which such Shares are valued for purposes of such repurchase. Shareholders will have to decide whether to request that the Fund repurchase their Shares without the benefit of having future information regarding the value of Shares on the date on which Shares are valued by the Fund for purposes of effecting such repurchases.

Repurchases of Shares may be suspended, postponed or terminated by the Board under certain limited circumstances. See "Quarterly Repurchase Offers." An investment in the Fund is suitable only for investors who can bear the risks associated with the limited liquidity of Shares. Also, because Shares are not listed on any securities exchange, the Fund is not required, and does not intend, to hold annual meetings of its Shareholders unless called for under the provisions of the 1940 Act.

**Repurchase Offers Risk.** As described under "Quarterly Repurchase Offers" below, the Fund is an "interval fund" and, in order to provide liquidity to Shareholders, the Fund, subject to applicable law, will conduct quarterly repurchase offers of the Fund's outstanding Shares at the applicable NAV per Share, subject to approval of the Board. In all cases such repurchases will be for at least 5% and not more than 25% of the Fund's outstanding Shares at the applicable NAV per Share, pursuant to Rule 23c-3 under the 1940 Act. The Fund currently expects to conduct quarterly repurchase offers for no less than 5% of its outstanding Shares under ordinary circumstances. The Fund believes that these repurchase offers are generally beneficial to Shareholders, and repurchases generally will be funded from available cash or sales of portfolio securities. However, repurchase offers and the need to fund repurchase obligations may affect the ability of the Fund to be fully invested or force the Fund to maintain a higher percentage of its assets in liquid investments, which may harm the Fund's investment performance. Moreover, diminution in the size of the Fund through repurchases may result in untimely sales of portfolio securities (with associated imputed transaction costs, which may be significant), and may limit the ability of the Fund to participate in new investment opportunities or to achieve its investment objective. The Fund may accumulate cash by holding back (i.e., not reinvesting) payments received in connection with the Fund's investments. The Fund believes that payments received in connection with the Fund's investments will generate sufficient cash to meet the maximum potential amount of the Fund's repurchase obligations. If at any time cash and other liquid assets held by the Fund are not sufficient to meet the Fund's repurchase obligations, the Fund intends, if necessary, to sell investments. In addition, if the Fund borrows to finance repurchases, interest on that borrowing will negatively affect Shareholders who do not tender their Shares by increasing the Fund's expenses and reducing any net investment income.

If a repurchase offer is oversubscribed, the Board may determine to increase the amount repurchased by up to 2% of the Fund's outstanding Shares as of the date of the Repurchase Request Deadline. In the event that the Board determines not to repurchase more than the repurchase offer amount, or if Shareholders tender more than the repurchase offer amount plus 2% of the Fund's outstanding Shares as of the date of the Repurchase Request Deadline, the Fund will repurchase the Shares tendered on a pro rata basis, and Shareholders will have to wait until the next repurchase offer to make another repurchase request. As a result, Shareholders may be unable to liquidate all or a given percentage of their investment in the Fund during a particular repurchase offer. Some Shareholders, in anticipation of proration, may tender more Shares than they wish to have repurchased in a particular quarter, thereby increasing the likelihood that proration will occur. A Shareholder may be subject to market and other risks, and the NAV per Share of Shares tendered in a repurchase offer may decline between the Repurchase Request Deadline and the date on which the NAV per Share for tendered Shares is determined. In addition, the repurchase of Shares by the Fund may be a taxable event to Shareholders.

**Unspecified Investments; Dependence on the Sub-Advisers.** Each Sub-Adviser has complete discretion to select investments as opportunities arise within its respective portion of the Fund's portfolio, or sleeve. The Fund and, accordingly, Shareholders, must rely upon the ability of each Sub-Adviser to identify and implement fund investments consistent with the Fund's investment objective. Shareholders will not receive or otherwise be privy to due diligence or risk information prepared by or for each Sub-Adviser in respect of fund investments. Each Sub-Adviser has the authority and responsibility for asset allocation, the selection of fund investments and all other investment decisions for its respective sleeve. The success of the Fund depends upon the ability of each Sub-Adviser to develop and implement investment strategies that achieve the investment objective of the Fund. Shareholders will have no right or power to participate in the management or control of the Fund or fund investments, or the terms of any such investments. There can be no assurance that a Sub-Adviser will be able to select or implement successful strategies or achieve their respective investment objective.

**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. Real estate is affected by general economic conditions and legal, cultural or technological developments. 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.

**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 investment company registration 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.

**Infrastructure Companies 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.

**Private Funds Risk.** The Private Funds will not be subject to the 1940 Act, nor will they be publicly traded. As a result, the Fund's investments in the Private Funds will not be subject to the protections afforded to shareholders under the 1940 Act. These protections include, among others, certain corporate governance standards, such as the requirement of having a certain percentage of the directors serving on a board as independent directors, statutory protections against self-dealing by the Private Fund managers, and leverage limitations. By investing in the Private Funds indirectly through the Fund, a Shareholder bears two layers of asset-based fees and expenses – at the Fund level and the Private Fund level – in addition to indirectly bearing any performance fees charged by the Private Fund.

Further, the Private Funds are not subject to the same investment limitations as the Fund and may have different and contrary investment limitations and other policies. Unlike registered investment companies, the Private Funds currently are not obligated by regulations or law to disclose publicly the contents of their portfolios. As such, the Fund has limited visibility into the underlying investments of the Private Funds and is dependent on information provided by the private fund managers. This lack of transparency may make it difficult for the Adviser to monitor the sources of the Fund's income and the allocation of its assets, and otherwise comply with regulations applicable to the Fund, may result in style drift, and ultimately may limit the universe of Private Funds in which the Fund can invest.

Investment in Private Funds carries the risk of loss due to Private Funds' fraud, intentional or inadvertent deviations from a predefined investment strategy (including excessive concentration, directional investing outside of predefined ranges, excessive leverage or new capital markets), or poor judgment. During the lifetime of the Fund, there could be material changes in one or more Private Funds, including changes in control and mergers. The effect of such changes on a Private Fund cannot be predicted but could be material and adverse. Given the limited liquidity of the Private Funds, the Fund may not be able to alter its portfolio allocation in sufficient time to respond to any such changes, resulting in substantial losses from risks of Private Funds.

In order to meet its obligation to fund capital calls of the Private Funds, the Fund may be required to hold some, or in certain cases a substantial amount, of its assets temporarily in money market securities, cash or cash equivalents, possibly for several months; to liquidate portfolio securities at an inopportune time; or to borrow under a line of credit if one were to be established in the future. This could make it difficult or impossible to take or liquidate a position in a particular security at a price consistent with the Adviser and Sub-Advisers' strategy.

**Valuation Risk.** The value of the Fund's investments in Private Funds will be difficult to ascertain and these valuations on a given date will likely vary from the amounts the Fund would receive upon withdrawal of its investments. While the valuations of the Fund's publicly traded securities are more readily ascertainable, the Fund's ownership interest in the Private Funds and the Fund's investments in loans and other private debt securities are not publicly traded and the Fund will depend on appraisers, service providers, and a Private Fund's manager to provide a valuation, or assistance with a valuation, of the Fund's investment in a Private Fund. Any such valuation is a subjective analysis of the fair market value of an asset and requires the use of techniques that are costly and time-consuming and ultimately provide no more than an estimate of value. Moreover, the valuation of the Fund's investment in a Private Fund, as provided by a manager as of a specific date, may vary from the fair value of the investment that may be obtained if the Fund were to sell such investment to a third party in a secondary transaction. For information about the value of the Fund's investments in Private Funds, the Adviser will be dependent on information provided by the Private Funds, including quarterly unaudited financial statements that, if inaccurate, could adversely affect the Adviser's ability to value accurately the Fund's shares. Shareholders should be aware that the situations involving uncertainties as to the valuation of the investments of the Fund could have an adverse effect on the NAV of the Fund if the judgments of the Adviser regarding appropriate valuations should prove incorrect. The Adviser faces conflicts of interest in assisting with the valuation of the Fund's investments, as the value of the Fund's investments will affect the Adviser's NAV-based compensation.

Accordingly, there can be no assurance that the stated NAV of the Fund, as calculated based on such valuations, will be accurate on any given date nor can there be any assurance that the sale of any investment would be at a price equivalent to the last estimated value of such investment. If at any time the stated NAV of the Fund were lower than its true value, investors who have their shares repurchased at such time will be underpaid and investors who retain their shares would be adversely affected if more shares were to be issued at the lower than true value price than are repurchased at that price. Conversely, if the Fund's stated NAV were higher than its true value, those investors who purchase shares at such time will overpay, and if repurchases of shares based on a high stated NAV were to exceed purchases of shares at that value, investors who do not have their shares repurchased would be adversely affected. In addition, the Fund would pay the Adviser higher management fees if the NAV of the Fund is overstated.

The Adviser will attempt to resolve any conflicts between valuations assigned by Private Fund managers and fair value as determined by the Adviser by seeking information from the relevant manager and reviewing relevant available information. Such review may result in a determination to change the fair value of the Fund's investment. Shareholders in the Fund have no individual right to receive information about the Private Funds or their managers, will not be shareholders in the Private Funds, and will have no rights with respect to or standing or recourse against the Private Funds, managers or any of their respective affiliates.

**Investor Suitability.** An investment in the Fund involves a considerable amount of risk. It is possible that you will lose money. An investment in the Fund is suitable only for investors who can bear the risks associated with the limited liquidity of the Shares and should be viewed as a long-term investment. Before making your investment decision, you should (i) consider the suitability of this investment with respect to your investment goals and personal financial situation, and (ii) consider factors such as your personal net worth, income, age, risk tolerance and liquidity needs. An investment in the Fund should not be viewed as a complete investment program.

**Market Risk.** The market price of securities owned by the Fund may go up or down, sometimes rapidly or unpredictably. 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, 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.

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

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

**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 and/or Fund rebalances, the Fund (or a sleeve of 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 (or a sleeve, as applicable) 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.

**Tax Risk; Failure to Qualify as a RIC or Satisfy Distribution Requirement.** To qualify for and maintain RIC qualification under the Code, the Fund must meet the following annual distribution, source-of-income and asset diversification requirements. See "*Certain Tax Considerations*."

● The annual distribution requirement for a RIC will be satisfied if the Fund distributes to Shareholders on an annual basis at least 90% of the sum of its investment company taxable income (as that term is defined in the Code) and any net tax-exempt interest income for such year. Because the Fund may borrow, it is subject to an asset coverage ratio requirement under the 1940 Act and may in the future become subject to certain financial covenants under loan and credit agreements that could, under certain circumstances, restrict the Fund from making distributions necessary to satisfy the distribution requirement. If the Fund is unable to obtain cash from other sources, it could fail to qualify for RIC tax treatment and thus become subject to corporate-level income tax.

● The source-of-income requirement will be satisfied if the Fund obtains at least 90% of its income for each year from dividends, interest, gains from the sale of stock or securities or similar passive sources.

● The asset diversification requirement will be satisfied if the Fund meets certain asset diversification requirements at the end of each quarter of the Fund's tax year. To satisfy this requirement,

○ at least 50% of the value of the Fund's assets must consist of cash, cash equivalents, U.S. Government securities, securities of other RICs and other securities if such other securities of any one issuer do not represent more than 5% of the value of the Fund's assets or more than 10% of the outstanding voting securities of such issuer, and

○ no more than 25% of the value of the Fund's assets can be invested in the securities, other than U.S. Government securities or securities of other RICs, of one issuer, of two or more issuers that are controlled, as determined under the Code and its applicable regulations, by the Fund and that are engaged in the same or similar or related trades or businesses or of certain "qualified publicly traded partnerships." Failure to meet these requirements may result in the Fund having to dispose of certain investments quickly in order to prevent the loss of its qualification as a RIC. Because most of the Fund's investments will be in private companies, and therefore will be relatively illiquid, any such dispositions could be made at disadvantageous prices and could result in substantial losses.

If the Fund fails to qualify for or maintain RIC tax treatment for any reason and is subject to corporate income tax, the resulting corporate taxes could substantially reduce the Fund's net assets, the amount of income available for distribution and the amount of the Fund's distributions.

**Operational Risk.** An investment in the Fund, like any fund, can involve operational risks arising from factors such as processing errors, human errors, inadequate or failed internal or external processes, failures in systems and technology, changes in personnel and errors caused by third-party service providers. The occurrence of any of these failures, errors or breaches could result in a loss of information, regulatory scrutiny, reputational damage or other events, any of which could have a material adverse effect on the Fund. While the Fund seeks to minimize such events through controls and oversight, there may still be failures that could cause losses to the Fund.

**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 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.

**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. 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.

**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. The 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.

**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. Investments in real estate investment trusts or securities with similar characteristics that pool investors' capital to purchase or finance real estate investments involve certain unique risks, including concentration risk (by geography or property type) and interest rate risk (i.e., in a rising interest rate environment, the stock prices of real estate-related investments may decline, and the borrowing costs of these companies may increase).

**Stapled Securities Risk.** A stapled security is comprised of two different securities—a unit of a trust and a share of a company—that are "stapled" together and treated as a unit at all times, including for transfer or trading. The characteristics and value of a stapled security are influenced by both underlying securities. Stapled securities are not obligations of, deposits in, or guaranteed by, the Fund. The listing of stapled securities on a domestic or foreign exchange does not guarantee a liquid market for stapled securities.

**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.

**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 the 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.

**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 stock also 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 issue's terms and issuer's discretion, which may impact the value of the security in light of prevailing market interest rates at that time (iv) the risk that the preferred stock may have a less liquid market than government securities or other equity securities issued by the issuer, and (v) being subject to the decisions of voting shareholders of an issuer as preferred stock typically contain limited, or no, voting rights.

**Managed Portfolio Risk.** As an actively managed portfolio, the Fund's portfolio manager(s) make decisions to buy and sell holdings in the Fund's portfolio. Because of this, the value of the Fund's investments could decline because the financial condition of an issuer may change (due to such factors as management performance, reduced demand or overall market changes), financial markets may fluctuate or overall prices may decline, or 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.

**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.

**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. For example, poor earnings performance of a company may result in a decline of its stock price.

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

**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.

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

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

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

**Investments in IPOs Risk*.*** The Fund may purchase shares issued as part of, or a short period after, companies' initial public offerings ("IPOs"), and may at times dispose of those shares shortly after their acquisition. The Fund's purchase of shares issued in IPOs exposes it to the risks associated with companies that have little operating history as public companies, as well as to the risks inherent in those sectors of the market where these new issuers operate. The market for IPO issuers has been volatile, and share prices of newly public companies have fluctuated in significant amounts over short periods of time. The purchase of shares issued in IPOs may have a greater impact upon the Fund's total returns during any period that the Fund has a small asset base. As the Fund's assets grow, any impact of IPO investments on the Fund's total return may decline.

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

**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.

**Small-Capitalization Investing Risk –** Investing in smaller companies, some of which may be newer companies or start-ups, generally involves greater risks than investing in larger, more established ones. The securities of companies with smaller market capitalizations often are less widely held and trade less frequently and in lesser quantities, and their market prices often fluctuate more, than the securities of companies with larger market capitalizations. In addition, such securities may be subject to more abrupt or erratic price movements. Securities of such issuers may lack sufficient market liquidity to enable the Fund to effect sales at an advantageous time or without a substantial drop in price. Small-capitalization companies often have limited product lines, narrower markets and more limited managerial and financial resources, or may depend on the expertise of a few people, than larger, more established companies. As a result, their performance can be more volatile and they face greater risk of business failure, which could increase the volatility of the Fund's portfolio. Generally, the smaller the company size, the greater these risks become.

**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.

**Agriculture/Farmland-Related Companies Risk.** An investment in the Fund is subject to certain risks associated with investments in and related to agriculture and farmland. These investments are subject to various risks, including adverse changes in national or international economic conditions, adverse local market conditions, adverse natural conditions such as storms, floods, drought, windstorms, hail, temperature extremes, frosts, soil erosion, infestations and blights, failure of irrigation or other mechanical systems used to cultivate the land, financial conditions of tenants, marketability of any particular kind of crop that may be influenced, among other things, by changing consumer tastes and preferences, import and export restrictions or tariffs, casualty or condemnation losses, government subsidy or production programs, buyers and sellers of properties, availability of excess supply of property relative to demand, changes in availability of debt financing, changes in interest rates, real estate tax rates and other operating expenses, environmental laws and regulations, governmental regulation of and risks associated with the use of fertilizers, pesticides, herbicides and other chemicals used in commercial agriculture, zoning laws and other governmental rules and fiscal policies, energy prices, changes in the relative popularity of properties, risk due to dependence on cash flow, as well as acts of God, uninsurable losses and other factors which are beyond the control of the Fund or the Private Funds.

Generally, investments in agriculture and farmland are illiquid in nature. The ability of the Fund to vary its agriculture and farmland investments in response to changes in economic and other conditions will be limited. The Fund may be unable to realize its investment objective through sale or disposition of a property at an attractive price or within any given period of time or may otherwise be unable to complete any exit strategy.

In connection with its direct or indirect ownership, management and, development of agriculture or farmland property, the Fund could be considered an owner or operator of the property and may be liable for certain environmental liabilities, including removal or remediation costs, as well as certain other potential costs relating to such hazardous or toxic substances or petroleum products. In particular, investors should be aware that commercial agriculture operators typically utilize fertilizers, pesticides, herbicides and other chemicals, and that the Fund will invest in properties where such materials have been used and lease such properties to operators who will use such materials.

**Timberland-Related Companies Risk.** Investments in timberland and timber-related assets are dependent on prevailing market prices for wood products, which can fluctuate over time. Such prices are affected by changes in supply and demand, especially within a particular geographic area. Demand for wood products is affected by various factors in the world economy, such as regional growth rates, construction activity, changes in currency exchange rates and capital spending. Adverse conditions in the larger economy may result in lower investment in any or all of the markets related to the Fund's timber investments. Decreases in demand, increases in supply, or both, may reduce timber prices, which in turn may reduce the Fund's revenues on timber-related investments.

Changes in foreign or United States trade policies, including but not limited to tariffs or trading agreements with other countries affecting the cost of imported lumber, could negatively affect the market for the timber. Long-term oversupply sourced from any foreign timber suppliers could negatively affect the value of the timberland investments of the Fund upon their disposition.

Timberland operations are subject to numerous federal, state and local laws and regulations, including those relating to the environment, endangered species, forestry activities, and health and safety. The laws and regulations intended to protect threatened and endangered species, and other environmental laws and regulations, are stringent and could become more so in the future. Timber operations are also subject to specialized statutes and regulations governing forestry operations, and to other environmental laws, some of which may in the future restrict harvesting, road building and other activities. Natural causes such as fire, insect infestation, bad weather, and global climate shifts may have an impact on the timing of harvests, or reduce the volume and value of timber harvested. This in turn may adversely affect the value of the Fund's timber investments. Extreme drought conditions could reduce the survival rate of trees planted within a year of the drought conditions. Ice storms and hurricanes could necessitate the early or unplanned harvesting of affected trees. Prolonged periods of adverse weather could negatively affect the quality of the timber produced, negatively affecting the value of both the harvest and the residual value of timberland.

The Fund's ability to promptly sell timber-related investments in its portfolio in response to changing economic, financial and investment conditions is limited, which could impede the Fund's ability to respond to market opportunities and result in lower distributions than would be available if the Fund and were able to quickly respond to such market opportunities.

**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.

**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 the 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.

**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, the 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. The Fund would be expected to pay a share of the additional fees, which it would not pay if investing directly in the foreign securities. The 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 the Fund to liquidity risk. This risk is enhanced in connection with OTC depositary receipts.

**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 the 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, lack of a market maker, 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. Securities of private companies or funds, 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. In the event of the Fund's liquidation, there is no assurance that a market or other exit strategy will be available for the Fund's less liquid investments. It is possible that the Fund may be unable to liquidate certain of its investments and make corresponding distributions until after the liquidation date. This would delay distribution payments, perhaps for an extended period of time. In certain circumstances, the Fund may transfer portfolio investments that remain unsold on the liquidation date to a liquidating trust and distribute interests in such liquidating trust to Shareholders as part of the Fund's final distribution. Interests in any such liquidating trust likely would be restricted or entirely nontransferable, except by operation of law. The value of such liquidation payments, including any interest in a liquidating trust, may be less, and potentially significantly less, than your original investment.

**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.

**Derivatives Risk*.*** The Fund 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 Adviser and the Sub-Advisers 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 Adviser and the Sub-Advisers 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 Adviser and a Sub-Adviser use 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 the 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 Adviser or a Sub-Adviser 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 the Fund when it enters into a derivatives transaction with a counterparty organized in that jurisdiction or otherwise subject to that jurisdiction'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 the 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 the Fund engages in derivative transactions could also prevent the 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 and many future 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 group of persons acting in concert, may hold or control in particular options and futures contracts. In addition, U.S. federal position limits apply to swaps that are economically equivalent to futures contracts on certain agricultural, metals and energy commodities. 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 Adviser's or a Sub-Adviser's trading decisions may have to be modified or positions held by the 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 Adviser, a Sub-Adviser, 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 the Fund's investment strategy. The Fund may also be affected by other regimes, including those of the European Union and United Kingdom, and trading venues that impose position limits on commodity derivative contracts.

With respect to the Fund, JNAM has filed a notice claiming relief under CFTC Letter 12-38 from the definition of the term "commodity pool operator" ("CPO") under the Commodity Exchange Act ("CEA") (the "relief"). Accordingly, JNAM is not subject to registration or regulation as a "CPO" under the CEA with respect to the Fund. To remain eligible for the relief, the Fund must limit its direct and indirect investments in certain instruments regulated under the CEA ("commodity interests"), including futures and options on futures and certain swaps transactions. In the event that the Fund's investments in commodity interests are not within the thresholds set forth in the relief, JNAM may be required to act in a registered CPO capacity with respect to the Fund. JNAM's eligibility to claim the relief with respect to the Fund will be based upon, among other things, the level of the Fund's investment in commodity interests, the Fund's investments in Private Funds that invest in commodity interests, the purposes of such investments, and the manner in which the Fund holds out its use of commodity interests. The ability of the Fund to invest in commodity interests directly and indirectly through Private Funds may be limited by JNAM's intention to operate the Fund in a manner that would permit JNAM to continue to qualify for the relief, which may adversely affect the Fund's total return.

Under the Dodd-Frank Act, the 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 the Fund's ability to invest or remain invested in certain derivatives. Legislation or regulation may also change the way in which the Fund itself is regulated. The Adviser and the Sub-Advisers cannot predict the effects of any new governmental regulation that may be implemented or the ability of the 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 the Fund's ability to achieve its investment objective.

SEC Rule 18f-4 under the 1940 Act ("Rule 18f-4") governs the use of derivatives, reverse repurchase agreements, and certain other transactions by registered investment companies. In connection with the adoption of Rule 18f-4, the SEC withdrew prior guidance requiring compliance with an asset segregation framework for covering certain derivative instruments and related transactions. Rule 18f-4, like the prior guidance, provides a mechanism by which the Fund is able to engage in derivatives transactions, even if the derivatives are considered to be "senior securities" for purposes of Section 18 of the 1940 Act. Rule 18f-4, among other things, requires a fund that invests in derivate instruments beyond a specified limited amount to apply value-at-risk ("VaR") based limit to its use of certain derivative instruments and financing transactions and to adopt and implement a derivatives risk management program. Generally, these requirements apply to the Fund unless the Fund satisfies Rule 18f-4's "limited derivatives users" exception, in which case the Fund is not subject to the full requirements of Rule 18f-4. When the Fund invests in reverse repurchase agreements or similar financing transactions, Rule 18f-4 requires the Fund to either aggregate the amount of indebtedness associated with the reverse repurchase agreements or similar financing transactions with the aggregate amount of any other senior securities representing indebtedness when calculating the Fund's asset coverage ratio or treat all such transactions as derivatives transactions. These and other new rules and regulations could, among other things, further restrict the Fund's ability to engage in, or increase the cost to the Fund of, derivatives transactions, for example, by making some types of derivatives no longer available to the Fund or otherwise limiting liquidity. The implementation of the clearing requirement has increased the costs of derivatives transactions for the Fund because the Fund has to pay fees to their clearing members and are typically required to post more margin for cleared derivatives than they have historically posted for bilateral derivatives. These rules and regulations are still relatively new, so their full impact on the Fund and the financial system are not yet known. While the new rules and regulations and central clearing of some derivatives transactions are designed to reduce systemic risk (i.e., the risk that the interdependence of large derivatives dealers could cause them to suffer liquidity, solvency or other challenges simultaneously), there is no assurance that they will achieve that result, and, as noted above, central clearing and related requirements expose the Fund to new kinds of costs and risks.

**Investment Risk.** An investment in the Fund's Shares is subject to investment risk, including the possible loss of the entire principal amount invested. An investment in the Shares represents an indirect investment in the investments and other financial assets owned by the Fund. The value of the Fund's investments will generally fluctuate with, among other things, changes in prevailing interest rates, federal tax rates, counterparty risk, general economic conditions, the condition of certain financial markets, developments or trends in any particular industry and the financial condition of the issuer. Lower-quality debt securities involve greater risk of default or price changes and their value can fluctuate, especially during periods of increased market volatility, economic recessions or periods of high interest rates.

**Subsidiary Risk***.* To the extent the Fund invests through one or more of Subsidiaries, the Fund would be exposed to the risks associated with such Subsidiary's investments. Such Subsidiaries would likely not be registered as investment companies under the 1940 Act and therefore would not be subject to all of the investor protections of the 1940 Act. Changes in the laws of the United States and/or the jurisdiction in which a Subsidiary is organized could result in the inability of the Fund and/or the Subsidiary to operate as intended and could adversely affect the Fund.

**Issuer Risk*.*** The value of an individual security or particular type of security can be more volatile than the market as a whole and can perform differently from the market as a whole. A security's value may decline for reasons that directly relate to the issuer, such as management performance, corporate governance, financial leverage and reduced demand for the issuer's goods or services. A change in the financial condition of a single issuer may affect securities markets as a whole. Certain unanticipated events, such as natural disasters, can have a dramatic adverse effect on the value of an issuer's securities.

**Deferral and Omission Risk**. Preferred securities may include provisions that permit the issuer, at its discretion, to defer or omit distributions for a stated period without any adverse consequences to the issuer. In certain cases, deferring or omitting distributions may be mandatory. If the Fund owns a preferred security that is deferring its distributions, the Fund may be required to report income for tax purposes although it has not yet received such income. In addition, recent changes in bank regulations may increase the likelihood for issuers to defer or omit distributions.

**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 Adviser or a Sub-Adviser 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 Adviser or a Sub-Adviser 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.

**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 the 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.

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

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

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

**Income Risk*.*** Income generated from the Fund's investments may decline in the event of falling interest rates. Income risk may be high if the Fund's income is predominantly based on short-term interest rates, which can fluctuate significantly over short periods. The Fund's distributions to Shareholders may decline when interest rates fall.

**Limited Voting Rights Risk.** Generally, traditional preferred securities offer no voting rights with respect to the issuer unless preferred dividends have been in arrears for a specified number of periods, at which time the preferred security holders may elect a number of directors to the issuer's board of directors. Generally, once all the arrearages have been paid, the preferred security holders no longer have voting rights. Hybrid-preferred security holders generally have no voting rights.

**Special Redemption Rights.** In certain varying circumstances, an issuer of preferred securities may redeem the securities prior to a specified date. For instance, for certain types of preferred securities, a redemption may be triggered by a change in U.S. federal income tax or securities laws. As with call provisions, a redemption by the issuer may have a negative impact on the return of the security held by the Fund. See "Call Risk," "Income Risk," and "Government Regulatory Risk."

**New Types of Securities.** From time to time, preferred securities, including hybrid-preferred securities, have been, and may in the future be, offered having features other than those described herein. The Fund reserves the right to invest in these securities if the Adviser or Sub-Adviser believes that doing so would be consistent with the Fund's investment objectives and policies. Since the market for these instruments would be new, the Fund may have difficulty disposing of them at a suitable price and time. In addition to limited liquidity, these instruments may present other risks, such as high price volatility.

**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 repurchases, 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.

**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.

**Inflation Risk.** Inflation risk is the risk that the value of assets or income from investments will be worth less in the future as inflation decreases the value of money. As inflation increases, the real value of the Fund's shares and distributions thereon can decline. Inflation risk is linked to increases in the prices of goods and services and a decrease in the purchasing power of money. Inflation may reduce the intrinsic value of an investment in the Fund.

**Limits of Risk Disclosure.** The above discussions and the discussions in the SAI relating to various risks associated with the Fund, fund investments, and Shares are not, and are not intended to be, a complete enumeration or explanation of the risks involved in an investment in the Fund. Prospective investors should read this entire Prospectus, the SAI, and the Declaration of Trust and should consult with their own advisers before deciding whether to invest in the Fund. In addition, as the Fund's investment program or market conditions change or develop over time, an investment in the Fund may be subject to risk factors not currently contemplated or described in this Prospectus.

In view of the risks noted above, the Fund should be considered a speculative investment and prospective investors should invest in the Fund only if they can sustain a complete loss of their investment.

No guarantee or representation is made that the investment program of the Fund or of any Private Fund will be successful, that the various fund investments selected will produce positive returns or that the Fund will achieve its investment objective.

**Management of the Fund**

**The Board of Trustees.** The Board has overall responsibility for the management and supervision of the business operations of the Fund on behalf of the Shareholders. A majority of Trustees of the Board are and will be persons who are not "interested persons" of the Fund, as defined in Section 2(a)(19) of the 1940 Act (the "Independent Trustees"). To the extent permitted by the 1940 Act and other applicable law, the Board may delegate any of its rights, powers and authority to, among others, the officers of the Fund, any committee of the Board, service providers or the Adviser. See "*Trustees and Officers of the Fund*" in the Fund's SAI for the identities of the Trustees and executive officers of the Fund, brief biographical information regarding each of them, and other information regarding the election and membership of the Board.

**The Adviser.** Jackson National Asset Management, LLC ("JNAM" or the "Adviser"), located at 1 Corporate Way, Lansing, Michigan 48951, serves as the investment adviser of the Fund. Subject to the supervision of the Board, the Adviser is responsible for managing the investment activities of the Fund and the Fund's business affairs and other administrative matters. The Adviser is an indirect, wholly owned subsidiary of Jackson Financial Inc. ("Jackson"), a leading provider of retirement products for industry professionals and their clients. Jackson and its affiliates offer variable, fixed and fixed index annuities designed for tax-efficient growth and distribution of retirement income for retail customers, as well as products for institutional investors. The Adviser is an investment adviser registered with the SEC under the Investment Advisers Act of 1940, as amended (the "Advisers Act").

**The Sub-Advisers.** The Fund has two sub-advisers. Each sub-adviser provides the day-to-day portfolio management of those assets of the Fund allocated to it by the Adviser. Each Sub-Adviser is responsible for choosing a portion of the Fund's investments and handling its day-to-day business as required by the investment sub-advisory agreement (the "Sub-Advisory Agreement") between the Adviser and each Sub-Adviser; however, certain services may be performed by affiliates of a Sub-Adviser. Each Sub-Adviser carries out its duties subject to the policies established by the Board of Trustees.

The Sub-Advisers to the Fund are:

**Cohen & Steers Capital Management, Inc.**

Cohen & Steers Capital Management, Inc. ("C&S"), located at 1166 Avenue of the Americas, New York, New York, 10036 serves as a Sub-Adviser to the Fund. C&S is a wholly-owned subsidiary of Cohen & Steers, Inc., a publicly traded company whose shares are listed on the NYSE under the symbol "CNS." C&S was formed in 1986 and its current clients include pension plans of leading corporations, endowment funds and investment companies, including each of the open-end and closed-end Cohen & Steers funds. C&S is responsible for choosing the Fund's investments and the day-to-day portfolio management of those assets of the Fund allocated to it by the Adviser.

**First Sentier Investors (Australia) Ltd**

The Sub-Adviser to the Fund is First Sentier Investors (Australia) IM Ltd ("First Sentier"), which is located at Level 5, Tower 3, International Towers, 300 Barangaroo Avenue, Barangaroo NSW 2000 Australia. First Sentier is a global asset management group. The firm has focused on providing high quality, long-term investment capabilities to clients for over 30 years, and has been engaged as Sub-Adviser to manage the investments of the Fund since August 2018. First Sentier is an Australian-domiciled investment adviser regulated by the Australian Securities and Investments Commission and registered with the SEC. First Sentier is ultimately owned by Mitsubishi UFJ Financial Group, Inc, (MUFG), a leading global financial services group and one of the largest banking institutions in Japan.

**Portfolio Managers.** The personnel who currently are jointly and primarily responsible for the day-to-day management of the Fund are:

***Jackson National Asset Management, LLC***

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

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

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

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

***C&S***

Jon Cheigh is President and Chief Investment Officer, C&S. Mr. Cheigh leads the investment department. Mr. Cheigh joined the company 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 the company, 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. He is based in New York.

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 24 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. He is based in New York.

Mathew Kirschner, CFA, is Senior Vice President, C&S. Mr. Kirschner is a portfolio manager for U.S. real estate portfolios. He has 23 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. He is based in New York.

***First Sentier***

Peter Meany is Head of Global Listed Infrastructure at First Sentier. Mr. Meany is responsible for managing infrastructure securities on behalf of institutional and wholesale clients in Asia-Pacific, Europe, the Middle East and North America. Since establishing the strategy in 2007, he has built a high quality team of infrastructure specialists and delivered consistent outperformance through a wide range of market conditions. Mr. Meany has more than 20 years' experience in the infrastructure industry. Prior to his time at First Sentier, he was responsible for research coverage of the Infrastructure & Utilities sectors at Credit Suisse (Australia). Mr. Meany also gained experience at Credit Suisse as an analyst in the telecoms and energy sectors. He started his career as an analyst at Macquarie Equities when the infrastructure sector was in its infancy. Mr. Meany holds a Bachelor Economics (Finance) from Macquarie University.

Andrew Greenup is Deputy Head of Global Listed Infrastructure and a Senior Portfolio Manager at First Sentier. Mr. Greenup co-founded the Global Listed Infrastructure Fund in 2007. He brings to this role 20 years' investment experience, a strong stock picking track record and portfolio management experience. In 2005, Mr. Greenup joined First Sentier as a senior analyst in the Australian Equities - Core team. Prior to his time at First Sentier, Mr. Greenup worked at Allianz Global Investors as a senior analyst in Australian equities. Before funds management, Andrew worked at Credit Suisse First Boston as an equities analyst for eight years. During his time in financial markets, Andrew has researched a broad cross section of industries including Infrastructure, Utilities, Transportation, Developers & Contractors, Retailing, Food & Beverages, Gaming, Media, Insurance and Diversified Financials. Mr. Greenup holds a Bachelor Business (First Class Honours) from the Queensland University of Technology (QUT) and was awarded the QUT University medal. He has completed a Graduate Diploma in Applied Finance & Investment from the Financial Services Institute of Australasia and a Postgraduate Diploma in International Relations from Macquarie University. He is an Associate of the Australian Institute of Company Directors, a Fellow of the Financial Services Institute of Australia, and a member of the Australian Institute of International Affairs.

Edmund Leung is a Senior Portfolio Manager for the Global Listed Infrastructure team at First Sentier. He is responsible for joint portfolio management of the flagship Global Listed Infrastructure strategy, stock coverage of several sectors and leading the execution of the team's proven investment process. He brings over 15 years listed infrastructure experience to the role, having previously covered key sectors for the GLI team, and managed bespoke GLI client mandates for more than 10 years. He has played an integral role in the growth of the investment capability through deep relationships with companies, clients and industry professionals. Joining First Sentier in 2007, Mr. Leung initially worked with the Asia Pacific / Global Emerging Markets (predecessor to FSSA) and with the Global Fixed Interest and Credit teams. He started his financial services career as an Actuarial Analyst at Aviva Australia. Mr. Leung holds a Bachelor of Commerce (Hons) from the University of Melbourne and is a CFA charterholder.

The SAI provides additional information about the portfolio managers' compensation, other accounts managed by the portfolio managers, and the portfolio managers' ownership of securities in the Fund.

**Control Persons**. A control person is a person who owns, either directly or indirectly, beneficially more than 25% of the voting securities of a company. As of June 30, 2025, no persons beneficially owned 25% or more of the shares of the Fund.

**Investment Management Agreement.** Under the general oversight of the Board, the Adviser has been engaged to continuously furnish an investment program with respect to the Fund and to furnish such other services necessary to sponsor and manage the Fund that are not specifically delegated to other service providers of the Fund, including overseeing the work that is delegated to other service providers of the Fund. The Adviser compensates all Trustees and officers of the Fund who are members of the Adviser's organization and who render investment services to the Fund.

Pursuant to the Investment Management Agreement, the Adviser agrees to manage the investment and reinvestment of the Fund's assets in accordance with the Fund's investment objective and policies and determine what investments will be purchased, held, sold or exchanged by the Fund and what portion, if any, of the assets of the Fund will be held uninvested. The Adviser bears its own operating and overhead expenses attributable to its duties under the Investment Management Agreement (such as salaries, bonuses, rent, office and administrative expenses, depreciation and amortization, and auditing expenses). The Fund bears all other costs of its operations, including, without limitation, the expenses set forth in "Fund Expenses" below.

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Assets** | &nbsp;&nbsp;**Investment<br> Management Fee** |
| &nbsp;&nbsp;$0-$1 billion | &nbsp;&nbsp;1.15% |
| &nbsp;&nbsp;Over $1 billion | &nbsp;&nbsp;1.10% |

---

A discussion regarding the considerations of the Fund's Board for approving the Investment Management Agreement will be included in the Fund's semi-annual report to shareholders for the period ended September 30, 2025.

**Sub-Advisory Agreements.** The Adviser has engaged each Sub-Adviser to provide the day-to-day management of the assets of the Fund's portfolio allocated to each Sub-Adviser by the Adviser. The Adviser is responsible for monitoring the investment program and performance of each Sub-Adviser. Under the terms of each Sub-Advisory Agreement, the agreement can be terminated by the Adviser, the Board or by a vote of the majority of the outstanding voting securities of the Fund. In the event a Sub-Advisory Agreement is terminated, the sub-adviser may be replaced subject to any regulatory requirements, including approval by the Board and Shareholders, or the Adviser may assume day-to-day investment management of the portion of the Fund's portfolio allocated to such Sub-Adviser.

The Sub-Advisory fee schedule for each Sub-Adviser is listed below:

**C&S**

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Assets** | &nbsp;&nbsp;**Sub-Advisory Fee** |
| &nbsp;&nbsp;$0 to $100 million | &nbsp;&nbsp;0.38% |
| &nbsp;&nbsp;Amounts over $100 million | &nbsp;&nbsp;0.25% |

---

&nbsp;&nbsp;\* The assets of the Fund and the assets of the JNL/Cohen & Steers U.S. Realty Fund, as series of JNL Series Trust, will be combined for purposes of determining the applicable annual rate.

**First Sentier**

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Assets** | &nbsp;&nbsp;**Sub-Advisory Fee\*** |
| &nbsp;&nbsp;$0 to $200 million | &nbsp;&nbsp;0.40% |
| &nbsp;&nbsp;$200 million to $500 million | &nbsp;&nbsp;0.37% |
| &nbsp;&nbsp;$500 million to $750 million | &nbsp;&nbsp;0.35% |
| &nbsp;&nbsp;$750 million to $1 billion | &nbsp;&nbsp;0.33% |
| &nbsp;&nbsp;Amounts over $1 billion | &nbsp;&nbsp;0.30% |

---

&nbsp;&nbsp;\* The assets of the Fund and the assets of the JNL/First Sentier Global Infrastructure Fund, as series of JNL Series Trust, will be combined for purposes of determining the applicable annual rate.

A discussion regarding the considerations of the Fund's Board for approving each Sub-Advisory Agreement will be included in the Fund's semi-annual report to shareholders for the period ended September 30, 2025.

**Management Fee**

The Fund has agreed to pay the Adviser as compensation under the Investment Management Agreement a fee in the amount of 1.15% on an annualized basis of the average daily net assets of the Fund. The Management Fee is paid to the Adviser out of the Fund's assets and decreases the net profits or increases the net losses of the Fund.

A portion of the Management Fee may be paid to brokers or dealers that assist in the distribution of Shares.

**Distributor**

The Fund continuously offers the Shares at their NAV per Share through JNLD, and affiliate of the Adviser and distributor of the Shares (the "Distributor"). The Fund has entered into a Distribution Agreement with the Distributor, 300 Innovation Drive, Franklin, Tennessee 37067. Pursuant to the Distribution Agreement, the Distributor serves on a best efforts basis, subject to various conditions. The Distributor is not required to buy any Shares and does not intend to make a market in the Shares. There is a sales charge for purchases of Class A Shares.

Under the Fund's Distribution Agreement, the Distributor is also responsible for entering into agreements with broker-dealers or other financial intermediaries ("Selling Agents") to assist in the distribution of the Shares, reviewing the Fund's proposed advertising materials and sales literature and making certain filings with regulators. For these services, the Distributor receives a fee from the Adviser. The Adviser is also responsible for paying any out-of-pocket expenses incurred by the Distributor in providing services under the Distribution Agreement.

Under the Fund's Distribution Agreement with the Distributor, the Fund agrees to indemnify the Distributor and its officers, directors, employees, agents or affiliates for any error of judgment or mistake of law or for any loss suffered by the Fund or any Shareholder as a result of: (1) the Distributor serving as distributor of the Fund pursuant to the agreement; or (2) the Distributor's failure to perform due to events beyond the reasonable control of the Distributor or its agents, except for a loss resulting from the Distributor's willful misfeasance, or gross negligence in the performance of its duties or by reason of its reckless disregard of its obligations and duties under the agreement.

The Distributor may engage one or more Selling Agents to assist in the distribution of Shares. Selling Agents may charge a separate fee for their service in conjunction with an investment in the Fund and/or maintenance of investor accounts. Such a fee is not a sales load imposed by the Fund or the Distributor and will be in addition to the fees charged or paid by the Fund. The payment of these fees and the effect of these fees on the performance of a Shareholder's investment in Shares will not be reflected in the performance returns of Shares.

Selling Agents may also impose terms and conditions on investor accounts and investments in the Fund that are in addition to the terms and conditions described in this Prospectus and are not imposed by the Fund, the Distributor or any other Fund service providers. These terms and conditions may affect or limit a prospective or current Shareholder's ability to purchase Shares, a current Shareholder's ability to tender Shares to the Fund for repurchase or to otherwise transact business with the Fund. Services provided by Selling Agents may vary. Shareholders investing in Shares through a Selling Agent should consult with the Selling Agent regarding the terms and conditions related to accounts held at the Selling Agent, services provided to such accounts and related service fees as well as operational limitations of the Selling Agent.

The Adviser pays for any distribution, marketing and promotional services rendered to the Shares including payments to Selling Agents for the sale of Shares and payments to other entities marketing the Fund. These expenses are not reflected in the expense table included in this Prospectus. Payments to Selling Agents or other entities marketing the Fund create conflicts of interest by influencing the Selling Agent, marketing entity and your salesperson to recommend Shares over another investment. These payments may also benefit the Adviser, the Distributor and their respective affiliates if these payments result in an increase in the NAV of Shares, the value upon which any fees payable by the Fund to these entities are based.

**Shareholder Servicing Plan**

**Shareholder Servicing Plan.** The Fund operates under a Shareholder Servicing Plan with respect to Class A Shares. The Shareholder Servicing Plan allows the Fund to pay shareholder servicing fees in respect of Shareholders holding Class A Shares. Because these fees are paid out of the Fund's assets on an ongoing basis, over time these fees will increase the cost of an investment and may cost more than paying other types of sales charges. Class I Shares are not subject to the Shareholder Servicing Fee.

The Shareholder Servicing Fee to be paid under the Shareholder Servicing Plan is as follows:

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Class** | &nbsp;&nbsp;**Shareholder Servicing Fee** |
| &nbsp;&nbsp;Class A Shares | &nbsp;&nbsp;0.25% |
| &nbsp;&nbsp;Class I Shares |  |

---

**Administrator**

Jackson National Asset Management, LLC (the "Administrator" or "JNAM"), 1 Corporate Way, Lansing, Michigan 48951, provides or procures, at its own expense, certain legal, audit, fund accounting, custody (except overdraft and interest expense), transfer agent, printing and mailing, and other administrative services necessary for the operation of the Fund pursuant to an Administration Agreement between the Fund and the Administrator (the "Administration Agreement"). In addition, JNAM, in its capacity as administrator, also pays a portion of the costs of JNAM's Chief Compliance Officer. The Fund pays the Administrator a fee of 0.25%. The fees are accrued daily and paid monthly by the Fund and the administrative fees are based on the average daily net assets for the prior month.

The Fund is responsible for trading expenses including brokerage commissions, interest and taxes, and other non-operating expenses. The Fund is also responsible for nonrecurring and extraordinary expenses, interest expenses, licensing costs, directors and officers insurance, anti-money laundering service fees, costs related to the Fund's short sales on equity securities, legal fees associated with Fund litigation, expenses related to the Fund's Chief Compliance Officer, and the fees and expenses of the Trustees and of independent legal counsel to the Independent Trustees (categorized as "Other Expenses" in the fee tables).

The Administrator administers the Fund's operations in such manner and to such extent as may be authorized by the Board. Administration services include, but are not limited to: (1) furnishing such office space, office equipment and office facilities as are adequate for the Fund's needs; (2) providing, without remuneration from or other cost to the Fund, the services of individuals competent to perform all of the Fund's executive, administrative and clerical functions that are not performed by employees or other agents engaged by the Fund or by the Administrator acting in some other capacity pursuant to a separate agreement or arrangement with the Fund; (3) assisting the Fund in selecting and coordinating the activities of the other agents engaged by the Fund, including the Fund's custodian, independent auditors and legal counsel; (4) ensuring that all financial, accounting and other records required to be maintained and preserved by the Fund are maintained and preserved by it or on its behalf in accordance with applicable laws and regulations; (5) preparing, coordinating and finalizing all periodic reports by the Fund to Shareholders and all reports and filings required to maintain the registration and qualification of the Fund and the Fund's shares, including the continuous public sale of shares of the Fund, or to meet other regulatory or tax requirements applicable to the Fund, under federal and state securities and tax laws; and (6) incurring all fees, costs and expenses, direct or indirect (without any recourse to the Fund) associated with any conversions from a RIC to a partnership.

The Administration Agreement continues in effect, unless earlier terminated by the Fund or the Administrator, through February 28, 2026. Thereafter, unless otherwise terminated, the Administration Agreement will continue from year to year through September 30 of each successive year, provided that such continuation is specifically approved at least annually (i) by the Trustees by vote cast in person at a meeting called for the purpose of voting on such renewal, or by the vote of a majority of the outstanding voting securities of the Fund with respect to which renewal is to be effected, and (ii) by a majority of the Independent Trustees by a vote cast in person at a meeting called for the purpose of voting on such renewal. Either party may terminate the Administration Agreement with or without cause, without the payment of any penalty, by giving the other party 60 days' prior written notice, provided that such action shall have been authorized (i) by resolution of the Trustees, including the vote or written consent of the Independent Trustees, or (ii) by vote of a majority of the outstanding voting securities of the Fund.

Under the Administration Agreement, the Administrator is liable for any damages resulting from the negligence or misconduct of the Administrator or its employees, agents or contractors as a result of the actions or omissions by the Administrator of its obligations and duties under the agreement.

**Transfer Agent**

UMB Fund Services, Inc. ("Transfer Agent" or "UMB") provides transfer agency services to the Fund. Fees and expenses of the Transfer Agent are paid by the Administrator.

**Custodian**

State Street Bank and Trust Company ("State Street" or "Custodian"), located at State Street Financial Center, 1200 Crown Colony Drive, Quincy, Massachusetts 02169, serves as the primary custodian of the assets of the Fund and may maintain custody of such assets with U.S. and non-U.S. sub-custodians (which may be banks and trust companies), securities depositories and clearing agencies in accordance with the requirements of Section 17(f) of the 1940 Act and the rules thereunder. Assets of the Fund are not held by the Adviser or commingled with the assets of other accounts other than to the extent that securities are held in the name of the Custodian or U.S. or non-U.S. sub-custodians in a securities depository, clearing agency or omnibus customer account of such custodian.

**Fund Expenses**

**Fund Operating Expenses.** The Fund bears all expenses and costs incurred in the conduct of the Fund's business, including, without limitation the following:

● Advisory Fee

○ Under the Investment Management Agreement, JNAM, as the Adviser, is responsible for managing the affairs and overseeing the investments of the Fund and determining how voting and other rights with respect to securities owned by the Fund will be exercised. The Adviser also provides recordkeeping and administrative services to the Fund and oversees the performance of services provided to the Fund by other service providers, including the custodian and shareholder servicing agent. The Adviser is authorized to delegate certain of its duties with respect to the Fund to the Sub-Advisers, subject to the approval of the Board, and is responsible for overseeing each Sub-Adviser's performance. The Adviser is solely responsible for payment of any fees to each Sub-Adviser. As compensation under the Investment Management Agreement, the Fund pays the Adviser a monthly management fee equal to 1.15% on an annualized basis of the average daily net assets of the Fund.

● Administration Fee

○ Under the Administration Agreement, JNAM also serves as the administrator to the Fund. JNAM, in its capacity as administrator, provides or procures, at its own expense, certain legal, audit, fund accounting, custody (except overdraft and interest expense), transfer agent, federal and any state registration fees, printing and mailing, and other administrative services necessary for the operation of the Fund.

As compensation under the Administration Agreement, the Fund pays JNAM a monthly administration fee equal to 0.25% on an annualized basis of the average daily net assets of the Fund.

● Shareholder Servicing Fee

○ Under the Plan, the Fund would be permitted to pay for shareholder servicing functions at an annual rate of 0.25% on an annualized basis of the Fund's average daily net assets attributed to Class A shares. Because these fees are paid out of the Fund's assets on an on-going basis, over time these fees will increase the cost of your investment and may cost you more than paying other types of sales charges.

Class I Shares are not subject to the Plan and therefore do not pay a Shareholder Servicing Fee.

**Conflicts of Interest**

The Fund may be subject to a number of actual and potential conflicts of interest, including, but not limited to, those set forth in further detail below.

The Adviser and Sub-Advisers each engage in financial advisory activities that are independent from, and may conflict with, those of the Fund. In the future, there might arise instances where the interests of the Adviser and/or Sub-Advisers conflict with the interests of the Fund. The Adviser and/or Sub-Advisers may from time to time provide services to, invest in, advise, sponsor and/or act as investment manager to investment vehicles and other persons or entities (including prospective investors in the Fund), which may have structures, investment objectives and/or policies that are similar to (or different than) those of the Fund, and which may compete with the Fund for investment opportunities. In addition, the Adviser and/or Sub-Advisers and each of their respective clients may from time to time invest in securities that would be appropriate for the Fund and may compete with the Fund for investment opportunities.

By acquiring Shares of the Fund, each Shareholder will be deemed to have acknowledged the existence of any such actual and potential conflicts of interest and to have waived any claim with respect to any liability arising from the existence of any such conflict of interest, except as may otherwise be provided under the provisions of applicable state law or Federal securities law which cannot be waived or modified.

Although the Adviser and Sub-Advisers will seek to allocate investment opportunities among the Fund and their respective other clients in a fair and reasonable manner, there can be no assurance that an investment opportunity which comes to the attention of the Adviser or Sub-Advisers will be appropriate for the Fund or will be referred to the Fund.

**The directors, partners, trustees, managers, members, officers and employees of the Adviser and Sub-Advisers may buy and sell securities or other investments for their own accounts. As a result of differing trading and investment strategies or constraints, investments may be made by directors, partners, trustees, managers, members, officers and employees that are the same, different from or made at different times than investments made for the Fund. To reduce the possibility that the Fund will be materially adversely affected by the personal trading described above, each of the Fund, the Adviser and Sub-Advisers have adopted codes of ethics (collectively, the "Codes of Ethics") in compliance with Section 17(j) of the 1940 Act that restricts securities trading in the personal accounts of investment professionals and others who normally come into possession of information regarding the portfolio transactions of the Fund. The Codes of Ethics are available on the EDGAR Database on the SEC's Internet site at <u>http://www.sec.gov</u>, and copies may be obtained, after paying a duplicating fee, by email at <u>publicinfo@sec.gov</u>.**

**Allocation of the Adviser's and Sub-Advisers' Time.** The Fund substantially relies on the Adviser to manage the day-to-day activities of the Fund and the Adviser and Sub-Advisers to implement the Fund's investment strategy. The Adviser and Sub-Advisers are each involved with activities that are unrelated to the Fund. For example, neither the Adviser nor the Sub-Advisers are restricted from forming additional investment funds, from entering into other investment advisory relationships or from engaging in other business activities, even though such activities may be in competition with the Fund and/or may involve substantial time and resources of the Adviser or Sub-Advisers. These activities could be viewed as creating a conflict of interest in that the time and effort of the Adviser, the Sub-Advisers and their officers and employees will not be devoted exclusively to the Fund's business but will be allocated between the Fund and the management of the assets of other clients of the Adviser and Sub-Advisers. The Adviser, the Sub-Advisers and their employees will devote only as much of their time to the Fund's business as the Adviser, the Sub-Advisers and their respective employees, in their judgment, determine is reasonably required, which may be substantially less than their full time. Therefore, the Adviser, the Sub-Advisers and their employees may experience conflicts of interest in allocating management time, services and functions among the Fund and any other business ventures in which they or any of their key personnel, as applicable, are or may become involved. This could result in actions that are more favorable to other entities than to the Fund.

Nevertheless, the Fund believes that the members of the Adviser's and Sub-Advisers' senior management and the other key professionals have sufficient time to fully discharge their responsibilities to the Fund and to the other businesses in which they are involved. The Fund believes that its executive officers will devote the time required to manage the business and expect that the amount of time a particular executive officer devotes to the Fund will vary during the course of the year and depend on the Fund's business activities at the given time.

**Dividends and Distributions**

The Fund contemplates declaring as dividends each year all or substantially all of its taxable income. A Shareholder's dividends and capital gain distributions will be automatically reinvested if the Shareholder does not instruct the Administrator otherwise. A Shareholder who elects not to reinvest will receive both dividends and capital gain distributions in cash. The Fund may limit the extent to which any distributions that are returns of capital may be reinvested in the Fund.

Any distributions reinvested will nevertheless remain subject to U.S. federal (and applicable state and local) taxation to Shareholders. The Fund may finance its cash distributions to Shareholders from any sources of funds available to the Fund, including offering proceeds, borrowings, net investment income from operations, capital gains proceeds from the sale of assets (including fund investments), non-capital gains proceeds from the sale of assets (including fund investments), as well as the costs of any leverage obtained by the Fund (including interest expenses on any reverse repurchase agreements, dollar rolls and borrowings and dividends payable on any preferred shares issued by the Fund), and expense reimbursements from the Adviser. The Fund has not established limits on the amount of funds the Fund may use from available sources to make distributions.

Each year a statement on IRS Form 1099-DIV (or successor form) identifying the character (e.g., as ordinary income, qualified dividend income or long-term capital gain) of the distributions will be mailed to Shareholders. The Fund's distributions may exceed the Fund's earnings, especially during the period before the Fund has substantially invested the proceeds from this offering. As a result, a portion of the distributions the Fund makes may represent a return of capital for U.S. federal tax purposes. A return of capital generally is a return of a Shareholder's investment rather than a return of earnings or gains derived from the Fund's investment activities and will be made after deduction of the fees and expenses payable in connection with the offering, including any fees payable to the Adviser. See "*Certain Tax Considerations*." **There can be no assurance that the Fund will be able to pay distributions at a specific rate or at all.**

The Fund has elected to be treated, and intends to qualify and to be treated each year, as a RIC under the Code. To qualify for and maintain RIC tax treatment, the Fund must, among other things, distribute at least 90% of the sum of its investment company taxable income (as that term is defined in the Code) and any net tax-exempt interest income for such year. A RIC may satisfy the 90% distribution requirement by distributing dividends (other than capital gain dividends) during the taxable year (including dividends declared in October, November or December of a taxable year that, if paid in the following January, are treated as paid by a RIC and received by its shareholders in the prior taxable year). In addition, a RIC may, in certain cases, satisfy the 90% distribution requirement by distributing dividends relating to a taxable year after the close of such taxable year under the "spillover dividend" provisions of the Code. If a RIC makes a spillover dividend the amounts will be included in IRS Form 1099-DIV for the year the spillover distribution is paid.

The Fund can offer no assurance that it will achieve results that will permit the Fund to pay any cash distributions. If the Fund issues senior securities, the Fund will be prohibited from making distributions if doing so causes the Fund to fail to maintain the asset coverage ratios stipulated by the 1940 Act or if distributions are limited by the terms of any of the Fund's borrowings. See "*Certain Tax Considerations*."

In the event that the Fund encounters delays in locating suitable investment opportunities, the Fund may return all or a substantial portion of the proceeds from the offering of Shares in anticipation of future cash flow, which may constitute a return of your capital and will lower your tax basis in your Shares.

The Board may change the Fund's distribution policy and the amount or timing of distributions, based on a number of factors, including the amount of the Fund's undistributed net investment income and net short- and long-term capital gains and historical and projected net investment income and net short- and long-term capital gains.

**Dividend Reinvestment**

Pursuant to the Fund's dividend reinvestment plan (the "Plan"), unless a Shareholder is ineligible or otherwise elects, all distributions of dividends (including capital gain dividends) with respect to a class of Shares will be automatically reinvested by the Fund in additional Shares of the corresponding class, which will be issued at the NAV per Share determined as of the ex-dividend date. Election not to reinvest dividends and to instead receive all dividends and capital gain distributions in cash may be made by contacting UMB at P.O. Box 2175, Milwaukee, Wisconsin 53201 or 1-877-545-0041. Such written instructions must be received by UMB at least 1 business day prior to the record date of the distribution or the Shareholder will receive such distribution in Shares through the Plan.

The Fund and the Administrator reserve the right to amend or terminate the Plan. There is no direct service charge to participants in the Plan; however, the Fund reserves the right to amend the Plan to include a service charge payable by the participants. Additional information about the Plan, as well as a copy of the full Plan itself, may be obtained from UMB at P.O. Box 2175, Milwaukee, Wisconsin 53201 or 1-877-545-0041.

Distributions are taxable as described herein whether Shareholders receive them in cash or reinvest them in additional Shares. See "*Certain Tax Considerations*."

**Outstanding Securities**

As of June 30, 2025, the following number of Shares of the Fund was authorized for registration and outstanding:

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;(1) | &nbsp;&nbsp;(2) | &nbsp;&nbsp;(3) | &nbsp;&nbsp;(4) |
| &nbsp;&nbsp;Title of Class | &nbsp;&nbsp;Amount Authorized | &nbsp;&nbsp;Amount Held by the Fund for its Account | &nbsp;&nbsp;Amount Outstanding Exclusive of Amount Shown Under (3) |
| &nbsp;&nbsp;Common Shares of Beneficial Interest | &nbsp;&nbsp;Unlimited | &nbsp;&nbsp;N/A | &nbsp;&nbsp;29793542 |

---

**Quarterly Repurchase Offers**

The Fund is a closed-end interval fund and, to provide liquidity, makes quarterly offers to repurchase Shares. No Shareholder will have the right to require the Fund to repurchase its Shares, except as permitted by the Fund's policy. No public market for the Shares exists, and none is expected to develop in the future. Consequently, Shareholders generally will not be able to liquidate their investment other than as a result of repurchases of their Shares by the Fund, and then only on a limited basis.

The Fund has adopted, pursuant to Rule 23c-3 under the 1940 Act, a fundamental policy, which cannot be changed without shareholder approval, requiring the Fund to offer to repurchase at least 5% and up to 25% of its outstanding Shares at the applicable NAV per Share on a quarterly basis. Although the policy permits repurchases of between 5% and 25% of the Fund's outstanding Shares, for each quarterly repurchase offer, the Fund currently expects to offer to repurchase no less than 5% of the Fund's outstanding Shares at the applicable NAV per Share, subject to approval of the Board.

**Repurchase Dates.** The Fund will make quarterly repurchase offers every quarter. As discussed below, the date on which the repurchase price for Shares is determined will occur no later than the fourteenth day after the Repurchase Request Deadline (or the next business day, if the fourteenth day is not a business day).

**Repurchase Request Deadline.** The date by which Shareholders wishing to tender Shares for repurchase must respond to the repurchase offer (the "Repurchase Request Deadline") will be at least twenty-one (21) and no more than forty-two (42) days following written notice to each Shareholder setting forth, among other things:

● The percentage of outstanding Shares that the Fund is offering to repurchase and how the Fund will purchase Shares on a pro rata basis if the offer is oversubscribed.

● The date on which a Shareholder's repurchase request is due.

● Any fees applicable to the repurchase.

● The date that will be used to determine the NAV per Share of the respective Share class applicable to the repurchase offer (the "Repurchase Pricing Date").

● The date by which the Fund will pay to Shareholders the proceeds from their Shares accepted for repurchase.

● The NAV of the Shares as of a date no more than seven days before the date of the written notice and the means by which Shareholders may ascertain the NAV per Share.

● The procedures by which Shareholders may tender their Shares and the right of Shareholders to withdraw or modify their tenders before the Repurchase Request Deadline.

● The circumstances in which the Fund may suspend or postpone the repurchase offer.

Shareholders that hold Shares through a financial intermediary will need to ask their financial intermediary to submit their repurchase requests and tender Shares on their behalf. ***The Repurchase Request Deadline will be strictly observed.*** If a Shareholder's repurchase request is not submitted to the Fund's transfer agent in properly completed form by the Repurchase Request Deadline, the Shareholder will be unable to sell his or her Shares to the Fund until a subsequent repurchase offer, and the Shareholder's request for that offer must be resubmitted. If a Shareholder's financial intermediary will submit his or her repurchase request, the Shareholder should submit his or her request to the financial intermediary in the form requested by the financial intermediary sufficiently in advance of the Repurchase Request Deadline to allow the financial intermediary to submit the request to the Fund. If a Shareholder's financial intermediary is unable or fails to submit the Shareholder's request to the Fund in a timely manner, or if the Shareholder fails to submit his or her request to the Shareholder's financial intermediary, the Shareholder will be unable to sell his or her Shares to the Fund until a subsequent repurchase offer, and the Shareholder's request for that offer must be resubmitted. Shareholders may withdraw or change a repurchase request with a proper instruction submitted in good form at any point before the Repurchase Request Deadline.

**Determination of Repurchase Price and Payment for Shares**. The Board, in its sole discretion, will determine the number of outstanding Shares that the Fund will offer to repurchase (the "Repurchase Offer Amount") for a given Repurchase Request Deadline. The Repurchase Offer Amount, however, will be no less than 5% and no more than 25% of the total number of Shares outstanding on the Repurchase Request Deadline.

The Repurchase Pricing Date will occur no later than the fourteenth (14th) day after the Repurchase Request Deadline (or the next business day, if the fourteenth day is not a business day). The Fund expects to distribute payment to Shareholders between one (1) and three (3) business days after the Repurchase Pricing Date and will distribute such payment no later than seven (7) calendar days after such date. The Fund's NAV per Share may change materially between the date a repurchase offer is mailed and the Repurchase Request Deadline, and it may also change materially between the Repurchase Request Deadline and Repurchase Pricing Date. The method by which the Fund calculates NAV is discussed below under "Net Asset Value." During the period an offer to repurchase is open, Shareholders may obtain the current NAV by visiting the Fund's website (https://www.jackson.com/interval-funds.html) or calling the Fund's transfer agent, 1-877-545-0041.

**Early Repurchase Fees.** The Fund may charge an early repurchase fee of not more than 2.00%, if any, with respect to any repurchase of Shares from a Shareholder at any time prior to the day immediately preceding the one-year anniversary of the Shareholder's purchase of the Shares. Shares tendered for repurchase will be treated as having been repurchased on a "first in-first out" basis. Therefore, Shares repurchased will be deemed to have been taken from the earliest purchase of Shares by such Shareholder (adjusted for subsequent net profits and net losses) until all such Shares have been repurchased, and then from each subsequent purchase of Shares by such Shareholder (adjusted for subsequent net profits and net losses) until such Shares are repurchased.

The Early Repurchase Fee may be waived for certain categories of Shareholders or transactions. For example, the Early Repurchase Fee will be waived on repurchases of Shares (i) in the event of the Shareholder's death or disability; (ii) that result from required minimum distributions taken from retirement accounts when the Shareholder reaches age 70½; (iii) that result from returns of excess contributions made to retirement plans or individual retirement accounts; (iv) to satisfy participant loan advances by employer sponsored retirement plans; and (v) in connection with distributions qualifying under the hardship provisions of the Code. Restrictions may apply to certain accounts and certain transactions. The Fund reserves the right to change these terms at any time. Any change will apply only to Shares purchased after the effective date of such change.

Other than the Early Repurchase Fee, the Fund does not presently intend to impose any charges on the repurchase of Shares. However, for repurchases of Shares not otherwise subject to an Early Repurchase Fee, the Fund is permitted to allocate Shareholders, whose Shares are repurchased, costs and charges imposed by a Private Fund and for which an Early Repurchase fee is not charged (e.g., because such repurchase occurred after the one year anniversary of the purchase of Shares) in an amount of up to 2.00%, in accordance with Rule 23c-3, if the Adviser determines to liquidate such interests as a result of repurchase tenders by Shareholders and such charges are imposed on the Fund. In the event that any such charges are allocated to the Fund, and subject to applicable law, the Fund may allocate such charges to the Shareholders whose repurchase tenders resulted in the repurchase of a portion of the Shares that resulted in such charges.

In the event that the Adviser or Sub-Adviser holds Shares in its capacity as a Shareholder, such Shares may be tendered for repurchase in connection with any repurchase offer made by the Fund, without notice to the other Shareholders.

**Suspension or Postponement of Repurchase Offers.** The Fund may suspend or postpone a repurchase offer only in limited circumstances set forth in Rule 23c-3 under the 1940 Act, as described below, and only with the approval of a majority of the Trustees, including a majority of the Independent Trustees. The Fund may suspend or postpone a repurchase offer only: (1) if making or effecting the repurchase offer would cause the Fund to lose its status as a regulated investment company under Subchapter M of the Internal Revenue Code; (2) for any period during which the New York Stock Exchange or any other market in which the securities owned by the Fund are principally traded is closed, other than customary weekend and holiday closings, or during which trading in such market is restricted; (3) for any period during which an emergency exists as a result of which disposal by the Fund of securities owned by it is not reasonably practicable, or during which it is not reasonably practicable for the Fund fairly to determine the value of its net assets; or (4) for such other periods as the SEC may by order permit for the protection of Shareholders of the Fund.

**Oversubscribed Repurchase Offers.** There is no minimum number of Shares that must be tendered before the Fund will honor repurchase requests. However, the Fund's Trustees set for each repurchase offer a maximum percentage of Shares that may be repurchased by the Fund, which is currently expected to be no less than 5% of the Fund's outstanding Shares. In the event a repurchase offer by the Fund is oversubscribed, the Fund may repurchase, but is not required to repurchase, additional Shares up to a maximum amount of 2% of the outstanding Shares of the Fund as of the Repurchase Request Deadline. If the Fund determines not to repurchase additional Shares beyond the repurchase offer amount, or if Shareholders tender an amount of Shares greater than that which the Fund is entitled to repurchase, the Fund will repurchase the Shares tendered on a pro rata basis. However, the Fund may accept all Shares tendered for repurchase by Shareholders who own less than one hundred Shares and who tender all of their Shares, before prorating other amounts tendered.

If any Shares that you wish to tender to the Fund are not repurchased because of proration, you will have to wait until the next repurchase offer and resubmit a new repurchase request, and your repurchase request will not be given any priority over other Shareholders' requests. Thus, there is a risk that the Fund may not purchase all of the Shares you wish to have repurchased in a given repurchase offer or in any subsequent repurchase offer. In anticipation of the possibility of proration, some Shareholders may tender more Shares than they wish to have repurchased in a particular quarter, increasing the likelihood of proration.

***There is no assurance that you will be able to tender your Shares when or in the amount that you desire.***

**Consequences of Repurchase Offers.** From the time the Fund distributes or publishes each repurchase offer notification until the Repurchase Pricing Date for that offer, the Fund must maintain liquid assets at least equal to the percentage of its Shares subject to the repurchase offer. For this purpose, "liquid assets" means assets that may be sold or otherwise disposed of in the ordinary course of business, at approximately the price at which the Fund values them, within the period between the Repurchase Request Deadline and the repurchase payment deadline, or which mature by the repurchase payment deadline. The Fund is also permitted to borrow up to the maximum extent permitted under the 1940 Act to meet repurchase requests.

If the Fund borrows to finance repurchases, interest on that borrowing will negatively affect Shareholders who do not tender their Shares by increasing the Fund's expenses and reducing any net investment income. There is no assurance that the Fund will be able sell a significant amount of additional Shares so as to mitigate these effects.

These and other possible risks associated with the Fund's repurchase offers are described under "*Principal Risks — Repurchase Offers Risk*" above. In addition, the repurchase of Shares by the Fund will be a taxable event to Shareholders, potentially even to those Shareholders that do not participate in the repurchase. For a discussion of these tax consequences, see "*Certain Tax Considerations*" below and in the SAI.

**Calculation of Net Asset Value; Valuation**

The price of the Fund's shares is based on its NAV. The NAV of the Fund's shares is generally determined by the Adviser once each day on which the New York Stock Exchange ("NYSE") is open (a "Business Day") at the close of the regular trading session of the NYSE (normally 4:00 p.m., Eastern Time, Monday through Friday). However, consistent with legal requirements, calculation of the 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 the Fund is calculated by adding the value of all securities and other assets of the 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.

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 Fund 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 the 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 the Fund. Further, the Board has designated JNAM as the Valuation Designee. As the Valuation Designee, the Adviser has established a valuation committee and adopted procedures and guidelines pursuant to which the Adviser determines the "fair value" of a security for which market quotations are not readily available or are determined to be not reflective of market value. Under these procedures, the "fair value" of a security generally will be the amount, determined by the Adviser in good faith, that the owner of such security might reasonably expect to receive upon its current sale.

The Adviser has established a valuation committee to review fair value determinations pursuant to the Fund'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 Fund's NAV. 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 Fund's NAV.

The Fund values investments in Private Funds and private debt instruments pursuant to its "Valuation Policies and Procedures" and "Valuation Guidelines."

With respect to the Fund's investments in Private Funds, those investments are generally valued using the quarterly (or more frequent) NAV provided by the Private Funds (the "practical expedient") to determine the fair value of such interests. The Valuation Designee will review the practical expedient and determine reasonableness based on its knowledge of current market conditions and the individual characteristics of the applicable Private Fund. In circumstances where the Fund's valuation date is in between a date in which a Private Fund reports its NAV or such NAV is otherwise unavailable, the Valuation Designee shall consider whether an adjustment to the most recent NAV per share is appropriate, considering the practical expedient and adjusting in good faith based on factors the Valuation Designee deems appropriate, such as adjusting the NAV based on a proxy or investment model that is correlated to the underlying investment return.

With respect to the Fund's private debt investments, there is no single standard for determining the fair value of a private debt security and the Valuation Designee may consider one or more factors in determining a security's fair value. These factors generally include, but are not limited to, fundamental analytical data relating to the investment, the nature and duration of any restrictions on disposition of the securities, and an evaluation of the forces that influence the market in which the securities are purchased or sold.

The Fund may invest in securities primarily listed on foreign exchanges and that trade on days when the Fund does not price its shares. As a result, the Fund's NAV may change on days when Shareholders are not able to purchase the Fund's shares or have their shares repurchased by the Fund.

Fair value is determined in good faith for fixed-income and equity securities which are not publicly traded or for which market prices are not readily available (unquoted investments). In determining the fair values of these investments, the Valuation Committee typically applies widely recognized market and income valuation methodologies including, but not limited to, earnings and multiple analysis, discounted cash flow method and third-party valuations.

The Fund may also invest in interests or shares of private investment companies for which the net asset value is calculated in accordance with U.S. Generally Accepted Accounting Principles and reported by the private investment company's manager on a periodic basis. The Valuation Committee uses this net asset value to estimate the fair value of such interests or shares.

Because the calculation of the 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 Fund's procedures for valuing of portfolio securities also authorize the Adviser to determine the "fair value" of such foreign securities for purposes of calculating the Fund's NAV. When fair valuing foreign equity securities, the Adviser adjusts the closing prices of foreign portfolio equity securities based upon pricing models provided by an independent pricing service in order to reflect the "fair value" of such securities for purposes of determining the 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 the Fund's NAV. These procedures seek to minimize the opportunities for "time zone arbitrage" in the Fund that invest all or substantial portions of its assets in foreign securities, thereby seeking to make the Fund significantly less attractive to "market timers" and other investors who might seek to profit from time zone arbitrage and seeking to reduce the potential for harm to other Fund investors resulting from such practices. However, these procedures may not completely eliminate opportunities for time zone arbitrage because it is not possible to predict in all circumstances whether post-closing events will have a significant impact on securities prices.

The Adviser will "fair value" securities held by the Fund if it determines that a "significant event" has occurred. Under the Fund'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.

**Certain Tax Considerations**

The following is a general summary of certain material U.S. federal income tax consequences applicable to the Fund and to an investment in Shares by a U.S. Shareholder. This summary does not discuss all of the tax consequences that may be relevant to a particular investor; the tax consequences under other tax laws and to non-U.S. Shareholders may differ. This summary is based on the Code as in effect on the date of this Prospectus, the Treasury Regulations, rulings of the IRS, and court decisions in existence on the date hereof, all of which are subject to change, possibly with retroactive effect. Shareholders should consult their tax advisors as to the possible application of federal, state, local or non-U.S. income tax laws. Please see the SAI for additional information regarding the tax aspects of investing in the Fund.

**Taxation as a Regulated Investment Company.** The Fund has elected to be treated, and intends to qualify as and to be treated each year, as a RIC under the Code. A RIC is not subject to U.S. federal income tax at the corporate level on income and gains from investments that are distributed to shareholders. The Fund's failure to qualify as a RIC would result in corporate-level taxation, thereby reducing the return on a Shareholder's investment.

**Taxation of Fund Distributions.** A Shareholder subject to U.S. federal income tax will generally be subject to tax on Fund distributions. For U.S. federal income tax purposes, Fund distributions will generally be taxable to a Shareholder as either ordinary income or capital gains. Fund dividends consisting of distributions of investment income generally are taxable to Shareholders as ordinary income. Federal taxes on Fund distributions of capital gains are determined by how long the Fund owned or is deemed to have owned the investments that generated the capital gains, rather than how long a Shareholder has owned the Shares. Distributions of net capital gains (that is, the excess of net long-term capital gains over net short-term capital losses, in each case determined with reference to any loss carryforwards) that are properly reported by the Fund as capital gain dividends generally will be treated as long-term capital gains includible in a shareholder's net capital gains and taxed to individuals at reduced rates. Distributions of net short-term capital gains in excess of net long-term capital losses generally will be taxable to Shareholders as ordinary income.

The Code generally imposes a 3.8% Medicare contribution tax on the ''net investment income'' of certain individuals, trusts and estates to the extent their income exceeds certain threshold amounts. Net investment income generally includes for this purpose dividends paid by the Fund, including any capital gain dividends, and including net capital gains recognized on the sale, redemption or exchange of Shares of the Fund. Shareholders are advised to consult their tax advisors regarding the possible implications of this additional tax on their investment in the Fund.

The ultimate tax characterization of the Fund's distributions made in a taxable year cannot be determined finally until after the end of that taxable year. As a result, there is a possibility that the Fund may make total distributions during a taxable year in an amount that exceeds the Fund's current and accumulated earnings and profits. In that case, the excess generally would be treated as return of capital and would reduce a Shareholder's tax basis in the applicable Shares, with any amounts exceeding such basis treated as gain from the sale of such Shares. A return of capital is not taxable, but it reduces a Shareholder's tax basis in the Shares, thus reducing any loss or increasing any gain on a subsequent taxable disposition by the Shareholder of the Shares.

Fund distributions are taxable to Shareholders as described above even if they are paid from income or gains earned by the Fund before a Shareholder's investment (and thus were included in the price the Shareholder paid).

**Certain Fund Investments.** The Fund's transactions in foreign currencies, foreign-currency denominated debt obligations, derivatives, short sales, or similar or related transactions could affect the amount, timing and character of distributions from the Fund, and could increase the amount and accelerate the timing for payment of taxes payable by Shareholders. The Fund's investments in certain debt instruments could cause the Fund to recognize taxable income in excess of the cash generated by such investments (which may require the Fund to sell or otherwise dispose of other investments in order to make required distributions).

**Certain Investments in REITs.** Any investment by the Fund in equity securities of REITs may result in the Fund's receipt of cash in excess of the REIT's earnings; if the Fund distributes these amounts, these distributions could constitute a return of capital to Fund Shareholders for U.S. federal income tax purposes. Investments in REIT equity securities also may require the Fund to accrue and to distribute income not yet received. To generate sufficient cash to make the requisite distributions, the Fund may be required to sell securities in its portfolio (including when it is not advantageous to do so) that it otherwise would have continued to hold. Dividends received by the Fund from a REIT generally will not constitute qualified dividend income.

Distributions by the Fund to its Shareholders that the Fund properly reports as "section 199A dividends," as defined and subject to certain conditions described below, are treated as qualified REIT dividends in the hands of non-corporate Shareholders. Non-corporate Shareholders are permitted a federal income tax deduction equal to 20% of qualified REIT dividends received by them, subject to certain limitations. Very generally, a "section 199A dividend" is any dividend or portion thereof that is attributable to certain dividends received by a RIC from REITs to the extent such dividends are properly reported as such by the RIC in a written notice to its shareholders. A section 199A dividend is treated as a qualified REIT dividend only if the shareholder receiving such dividend holds the dividend-paying RIC shares for at least 46 days of the 91-day period beginning 45 days before the shares become ex-dividend, and is not under an obligation to make related payments with respect to a position in substantially similar or related property. The Fund is permitted to report such part of its dividends as section 199A dividends as are eligible, but is not required to do so.

**Foreign Taxes.** Income received by the Fund from sources within foreign countries may be subject to withholding and other taxes imposed by such countries, which will reduce the return on those investments. If, at the close of its taxable year, more than 50% of the value of the Fund's total assets consists of securities of foreign corporations or foreign governments, the Fund will be permitted to make an election under the Code that would allow Shareholders a deduction or credit for foreign taxes. If the Fund does not qualify for or chooses not to make such an election, Shareholders will not be entitled to claim a credit or deduction for U.S. federal income tax purposes with respect to foreign taxes paid by the Fund; in that case the foreign tax will nonetheless reduce the Fund's yield on such investments. Even if the Fund elects to pass through to its Shareholders foreign tax credits or deductions, tax-exempt Shareholders and those who invest in the Fund through tax-advantaged accounts such as IRAs will not benefit from any such tax credit or deduction. In addition, even if the Fund qualifies to make such an election for any year, it may determine not to do so. The Fund's investments in non-U.S. securities or foreign currencies may also increase or accelerate the Fund's recognition of ordinary income and may affect the timing or amount of the Fund's distributions.

**Sales, Exchanges or Repurchases of Shares.** Any gain resulting from the disposition of Shares that is treated as a sale or exchange for U.S. federal income tax purposes generally will be taxable to Shareholders as capital gains for U.S. federal income tax purposes.

Shareholders who offer and are able to sell all of the Shares they hold or are deemed to hold in response to a repurchase offer (as described above) generally will be treated as having sold their Shares and generally will recognize a capital gain or loss. In the case of Shareholders who tender or are able to sell fewer than all of their Shares, it is possible that any amounts that the Shareholder receives in such repurchase will be taxable as a dividend to such Shareholder. In addition, there is a risk that Shareholders who do not tender any of their Shares for repurchase, or whose percentage interest in the Fund otherwise increases as a result of the repurchase offer, will be treated for U.S. federal income tax purposes as having received a taxable dividend distribution as a result of their proportionate increase in the ownership of the Fund. The Fund's use of cash to repurchase Shares could adversely affect its ability to satisfy the distribution requirements for treatment as a regulated investment company. The Fund could also recognize income in connection with its sale or other disposal of portfolio securities to fund Share repurchases. Any such income would be taken into account in determining whether such distribution requirements are satisfied.

**Backup Withholding**. The Fund is generally required to withhold and remit to the U.S. Treasury a percentage of the taxable distributions and repurchase proceeds paid to any Shareholder who fails to properly furnish the Fund with a correct taxpayer identification number, who has under-reported dividend or interest income, or who fails to certify to the Fund that he, she or it is not subject to such withholding.

\* \* \* \* \*

THE TAX AND OTHER MATTERS DESCRIBED IN THIS PROSPECTUS DO NOT CONSTITUTE, AND SHOULD NOT BE CONSIDERED AS, LEGAL OR TAX ADVICE TO PROSPECTIVE INVESTORS. EACH SHAREHOLDER SHOULD CONSULT ITS TAX ADVISER AS TO THE U.S. FEDERAL, STATE, LOCAL AND NON-U.S. TAX CONSEQUENCES OF THE ACQUISITION, OWNERSHIP AND DISPOSITION OF SHARES, INCLUDING APPLICABLE TAX REPORTING OBLIGATIONS.

**ERISA Considerations**

Persons who are fiduciaries with respect to an employee benefit plan or other arrangement subject to ERISA (an "ERISA Plan"), and persons who are fiduciaries with respect to an IRA, Keogh plan or other plan which is not subject to ERISA but is subject to the prohibited transaction rules of Section 4975 of the Code (together with ERISA Plans, "Plans") should consider, among other things, the matters described below before determining whether to invest in the Fund.

ERISA imposes certain general and specific responsibilities on persons who are fiduciaries with respect to an ERISA Plan, including prudence, diversification, an obligation not to engage in a prohibited transaction and other standards. In determining whether a particular investment is appropriate for an ERISA Plan, Department of Labor ("DOL") regulations provide that a fiduciary of an ERISA Plan must give appropriate consideration to, among other things, the role that the investment plays in the ERISA Plan's portfolio, taking into consideration whether the investment is designed reasonably to further the ERISA Plan's purposes, an examination of the risk and return factors, the portfolio's composition with regard to diversification, the liquidity and current return of the total portfolio relative to the anticipated cash flow needs of the ERISA Plan, and the projected return of the total portfolio relative to the ERISA Plan's funding objectives. Before investing the assets of an ERISA Plan in the Fund, a fiduciary should determine whether such an investment is consistent with its fiduciary responsibilities and the foregoing regulations. For example, a fiduciary should consider whether an investment in the Fund may be too illiquid or too speculative for a particular ERISA Plan, and whether the assets of the ERISA Plan would be sufficiently diversified. If a fiduciary with respect to any such ERISA Plan breaches its responsibilities with regard to selecting an investment or an investment course of action for such ERISA Plan, the fiduciary itself may be held liable for losses incurred by the ERISA Plan as a result of such breach.

DOL Regulations at 29 CFR 2510.3-101, as amended by Section 3(42) of ERISA (the "Plan Asset Regulations") concern whether investment by a plan in an entity will result in the assets of the entity being deemed "plan assets" and therefore subject to ERISA. The Plan Asset Regulations contain a general rule that when an "employee benefit plan" subject to ERISA invests in an entity, and the interest acquired by the plan is neither a publicly offered security nor a security issued by a registered investment company, the plan's assets include both its interest in the entity and an undivided interest in each of the underlying assets of the entity, unless an exception applies. Because the Fund is registered as an investment company under the 1940 Act, the underlying assets of the Fund will not be considered to be the assets of any Plan investing in the Fund for purposes of the fiduciary responsibility and prohibited transaction rules under ERISA and/or the Code. Thus, it is not intended that the Adviser will be a fiduciary within the meaning of ERISA by reason of its authority with respect to the assets of the Fund.

The Adviser will require a Plan which proposes to invest in the Fund to represent that it and any fiduciaries responsible for such Plan's investments are aware of and understand the Fund's investment objective, policies and strategies, and that the decision to invest plan assets in the Fund was made with appropriate consideration of relevant investment factors with regard to the Plan and is consistent with the duties and responsibilities imposed upon fiduciaries with regard to their investment decisions under ERISA and/or the Code.

Certain prospective Shareholders that are Plans may currently maintain relationships with the Adviser or other entities which are affiliated with the Adviser. Each of such persons may be deemed to be a "party in interest" under ERISA (or "disqualified person" under Section 4975 of the Code) to and/or a fiduciary (under ERISA or Section 4975 of the Code) of any Plan to which it provides investment management, investment advisory or other services. ERISA and the Code prohibit the use of Plan assets for the benefit of a party in interest (or disqualified person) and also prohibit a Plan fiduciary from using its position to cause such Plan to make an investment from which it or certain third parties in which such fiduciary has an interest would receive a fee or other consideration. Shareholders that are Plans should consult with counsel to determine if participation in the Fund is a prohibited transaction under ERISA or the Code. A nonexempt prohibited transaction could result in significant penalties, liabilities, excise taxes or other adverse consequences to the relevant fiduciary, party in interest or disqualified person, as applicable. Fiduciaries of Shareholders that are Plans will be required to represent that the decision to invest in the Fund was made by fiduciaries that are independent of such affiliated persons, that such fiduciaries are duly authorized to make such investment decision and that they have not relied on any individualized advice or recommendation of such affiliated persons as a primary basis for the decision to invest in the Fund, unless such purchase and holding is pursuant to an applicable exemption.

Employee benefit plans which are not subject to ERISA, such as governmental plans, church plans and plans maintained outside of the United States, may be subject to other rules governing such plans. Fiduciaries of these plans, whether or not subject to ERISA or Section 4975 of the Code, should consult with their own legal advisors regarding such matters.

The provisions of ERISA and the Code are subject to extensive and continuing administrative and judicial interpretation and review. The discussion of ERISA and the Code contained in this Prospectus is general and may be affected by future publication of regulations and rulings. Potential Shareholders that are Plans should consult their legal advisors regarding the consequences under ERISA and the Code of the acquisition and ownership of Shares.

**Description of Shares**

The Fund has received exemptive relief from the SEC that permits the Fund to offer more than one class of Shares. Under the order, the Fund is authorized to offer two separate classes of Shares designated as Class A Shares and Class I Shares. While the Fund presently plans to offer two classes of Shares, it may offer other classes of Shares as well in the future. From time to time, subject to the provisions of the 1940 Act, the Board may create and offer additional classes of Shares, or may vary the characteristics of the Class A Shares and Class I Shares described herein, including without limitation, in the following respects: (1) the amount of fees permitted by a shareholder servicing plan as to such class; (2) different class designations; (3) the impact of any class expenses directly attributable to a particular class of Shares; (4) differences in any dividends and net asset values resulting from differences in class expenses; (6) any conversion features, as permitted under the 1940 Act.

All Shares have equal rights as to dividends, assets and voting privileges and have no conversion, pre-emptive or other subscription rights. Shareholders are not liable for further calls or assessments. The Fund does not intend to hold annual meetings of Shareholders. If the Fund does hold a meeting of Shareholders, Shares of the Fund entitle their holders to one vote for each Share held; however, separate votes are taken by each class of Shares on matters affecting an individual class of Shares. Each fractional Share shall be entitled to a proportionate fractional vote, except as otherwise provided by the Declaration of Trust, Bylaws, or required by applicable law.

As of the date of this Prospectus, Class A Shares are not currently offered to investors.

**Purchasing Shares**

**Purchase Terms.** The Fund generally is available for purchase only by residents of the United States, Puerto Rico, Guam, and the U.S. Virgin Islands. The minimum initial investment in the Fund is $10,000 for Class A Shares and $1,000,000 for Class I Shares, and the minimum additional investment in the Fund is $5,000 for each class of Shares. For Shares purchased through a financial intermediary, when determining whether an investor meets the applicable investment minimums, the value of any Shares being purchased may be combined with the value of any Shares of the same class that were purchased or will be purchased within six months from the initial purchase for Class A Shares and Class I Shares by any investor through such intermediary, provided such intermediary enters into the requisite letter of intent; provided, however, that the minimum amount purchased by any investor is at least $5,000.

The stated investment minimums may be waived for investments by current or retired officers and Trustees of the Fund, as well as their family members; current or retired officers, principals, employees and members of the Adviser and affiliated companies of the Adviser; the immediate family members of any such officer, principal, employee or Adviser Board member (including parents, grandparents, spouses, children, grandchildren, siblings, fathers/mothers-in-law, sisters/brothers-in-law, daughters/sons-in-law, nieces, nephews, and domestic partners); and a trust or plan established primarily for the benefit of any of the foregoing persons. In addition, the stated investment minimums may be reduced by the Fund in the discretion of the Adviser based on consideration of various factors, including the Shareholder's overall relationship with the Adviser and such other matters as the Adviser may consider relevant at the time. As noted above, the Fund may aggregate the accounts of clients of registered investment advisers and other financial intermediaries whose clients invest in the Fund for purposes of determining satisfaction of minimum investment amounts.

As discussed above, as of the date of this Prospectus, Class A Shares are not currently offered to investors.

Class A Shares will be sold at the public offering price, which is the NAV plus an initial maximum sales charge, which varies with the amount you invest as shown in the following chart. This means that part of your investment in the Fund will be used to pay the sales charge. A reallowance to participating broker-dealers will be made by the Distributor from the sales load paid by each investor. A portion of the sales load, up to 0.75%, is paid to the Fund's dealer manager, JNLD, (the "Dealer Manager Fee"). The following sales loads apply to your purchases of shares of the Fund:

<u>Class A Shares — Sales Charge Schedule</u>

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;Amount Purchased | &nbsp;&nbsp;Dealer Reallowance as a % of Offering Price | &nbsp;&nbsp;Dealer Manager Fee as a % of Offering Price | &nbsp;&nbsp;Front-End Sales Charge as a % of Offering Price | &nbsp;&nbsp;Front-End Sales Charge as a % of Amount Invested |
| &nbsp;&nbsp;Under $100,000 | &nbsp;&nbsp;5.00% | &nbsp;&nbsp;0.75% | &nbsp;&nbsp;5.75% | &nbsp;&nbsp;6.10% |
| &nbsp;&nbsp;$100000 – $249999 | &nbsp;&nbsp;4.00% | &nbsp;&nbsp;0.75% | &nbsp;&nbsp;4.75% | &nbsp;&nbsp;4.99% |
| &nbsp;&nbsp;$250000 - $499999 | &nbsp;&nbsp;3.00% | &nbsp;&nbsp;0.75% | &nbsp;&nbsp;3.75% | &nbsp;&nbsp;3.90% |
| &nbsp;&nbsp;$500000 – $999999 | &nbsp;&nbsp;2.00% | &nbsp;&nbsp;0.50% | &nbsp;&nbsp;2.50% | &nbsp;&nbsp;2.56% |
| &nbsp;&nbsp;$1 million or more |  |  |  |  |

---

Shares will generally be offered on each business day, except that Shares may be offered more or less frequently as determined by the Board in its sole discretion.

Except as otherwise permitted by the Board, initial and subsequent subscriptions to purchase Shares must be accompanied by payment in cash. The Fund or an investor's financial intermediary must receive a subscription to purchase Shares and the accompanying payment no later than the close of regular trading on the New York Stock Exchange (normally 4:00 p.m. Eastern Time) in order for the subscription to be effected at that day's NAV. The Fund reserves the right, in its sole discretion, to accept or reject any subscription to purchase Shares in the Fund at any time. Although the Fund may, in its sole discretion, elect to accept a subscription prior to receipt of cleared funds, an investor will not become a Shareholder until cleared funds have been received.

Pending any offering, funds received from prospective investors will be placed in an account with the transfer agent. On the date of any closing, the balance in the account with respect to each investor whose investment is accepted will be invested in the Fund on behalf of such investor. Any interest earned with respect to such account will be paid to the Fund and allocated pro rata among Shareholders.

**Summary of the Declaration of Trust**

The Fund is a statutory trust established under the laws of Commonwealth of Massachusetts by the Declaration of Trust dated November 29, 2023. The Fund's Declaration of Trust authorizes the issuance of an unlimited number of shares of beneficial interest without par value. The Declaration of Trust provides that the Trustees may authorize separate series or classes of shares of beneficial interest of the Fund. All shares of a class have equal rights to the payment of dividends and other distributions and the distribution of assets upon liquidation. Shares are, when issued, fully paid and non-assessable by the Fund and have no pre-emptive or conversion rights or rights to cumulative voting. The Board may from time to time, without a vote of Shareholders or any class, divide or combine the shares (without thereby materially changing the proportionate beneficial interest of the shares or a class in the assets held with respect to the Fund or such class), classify or reclassify any unissued shares or shares previously issued and reacquired into shares of one or more classes.

Shareholders of a class of shares are entitled to share in proportion to the number of shares of such class held in dividends declared by the Board payable to holders of such class of shares and in the net assets of the Fund available for distribution to holders of such class of shares upon liquidation after payment of the preferential amounts payable to holders of any outstanding preferred shares.

The Declaration of Trust provides for indemnification out of Fund property for all loss and expense of any Shareholder or former Shareholder held personally liable for the obligations of the Fund solely by reason of such person's status as a Shareholder or former Shareholder. Thus, the risk of a Shareholder incurring financial loss on account of shareholder liability is limited to circumstances in which the Fund would be unable to meet its obligations.

Shareholders have no pre-emptive or conversion rights. Upon liquidation of the Fund, after paying or adequately providing for the payment of all liabilities of the Fund and the liquidation preference with respect to any outstanding preferred shares, and upon receipt of such releases, indemnities and refunding agreements as they deem necessary for their protection, the Trustees may distribute the remaining assets of the Fund among the classes of shares of the Fund in accordance with the NAV of such classes.

The Board may determine the designations, preferences, privileges, payment obligations, limitations and rights, including voting and dividend rights, with respect to each class of shares. Any such determination will comply with the provisions of the Declaration of Trust and the 1940 Act.

If you purchase shares of the Fund, you will become bound by the terms and conditions of the Declaration of Trust.

The Trustees are elected for indefinite terms and do not stand for reelection. A Trustee may be removed from office without cause only by a written instrument signed or adopted by a majority of the remaining Trustees or by a vote of the holders of at least two-thirds of the class of shares of the Fund that are entitled to elect a Trustee and that are entitled to vote on the matter. The Declaration of Trust does not contain any other specific inhibiting provisions that would operate only with respect to an extraordinary transaction such as a merger, reorganization, tender offer, sale or transfer of substantially all of the Fund's assets or liquidation. Reference should be made to the Declaration of Trust on file with the SEC for the full text of these provisions.

**Independent Registered Public Accounting Firm**

The Board has selected KPMG LLP, located at 200 E. Randolph Street, Chicago, Illinois 60601, as independent registered public accountants for the Fund.

**Legal Counsel**

Ropes & Gray LLP, located at 191 N. Upper Wacker Drive, Chicago, Illinois 60606, serves as counsel to the Fund and the Independent Trustees of the Fund.

**Inquiries**

Inquiries concerning the Fund and the Shares (including procedures for purchasing Shares) should be directed to: P.O. Box 2175, Milwaukee, Wisconsin 53201 or 1-877-545-0041.

**Privacy Notice**

**Jackson Real Assets Fund ("JRAF")**

**and**

**Jackson National Asset Management, LLC ("JNAM")** 

Financial companies choose how they share your personal information. Federal law also requires us to tell you how we collect, share, and protect your personal information.

**What We Do With Your Personal Information**

In order to provide financial products and services to you, we must collect certain personal information. The types of information we collect depend on the product or service you are interested in. This information may include your name, address, email address and telephone number along with your date of birth, social security number and financial information.

Most of the information we collect about you comes directly from your application. In order to supplement that information, we may collect information about you from other sources too, such as:

● Written, electronic, telephone and other communications from you; and

● Consumer reporting agencies.

For JRAF and JNAM, the privacy and security of your personal information is a top priority. In order to run our business and provide our services to you, there are occasions where we may share your personal information, as allowed by law. For example, we may share your personal information with third parties to perform services such as establishing, maintaining, or transferring your account or responding to court orders and legal investigations. In addition, we may share your personal information with JNAM's affiliated companies, including Jackson National Life Insurance Company and Jackson National Life Distributors LLC, for their everyday business purposes. These include securing your information and processing transactions.

Federal law gives you the right to limit only:

● sharing for affiliates' everyday business purposes—information about your creditworthiness.

● affiliates from using certain information to market to you.

● sharing for nonaffiliates to market to you.

**We** **do not share your personal information with any company for joint marketing or permit them to market their own products to you.** State laws and individual companies may give you additional rights to limit sharing.

**How We Protect Your Personal Information**

We have implemented an Information Security program, operated by experienced professionals who strive to protect the integrity of our systems and applications. We maintain strict control over access to your personal information and only allow access to our employees, for legitimate business reasons.

We also require our third parties to protect your personal information and we limit their ability to use your personal information for any purpose other than the work they are doing on our behalf or as required by law.

If you have any questions about this Privacy Notice, please contact us at 1-312-730-9707.

**STATEMENT OF ADDITIONAL INFORMATION**

July 21, 2025

**JACKSON REAL ASSETS FUND**

**Class A Shares (JRFAX)**

**Class I Shares (JRAFX)**

<br> Jackson Real Assets Fund (the "Fund") is a Massachusetts business trust that is registered under the Investment Company Act of 1940, as amended (the "1940 Act"), as a non-diversified, closed-end management investment company. The Fund operates as an interval fund pursuant to Rule 23c-3 under the 1940 Act.<br>This Statement of Additional Information ("SAI") is not a prospectus. It contains information in addition to and more detailed than set forth in the Prospectus and should be read in conjunction with the Prospectus dated July 21, 2025, as supplemented from time to time ("Prospectus"), of the Fund.<br>This SAI is not an offer to sell shares of the Fund ("Shares") and is not soliciting an offer to buy the Shares in any state where the offer or sale is not permitted.<br>Jackson National Asset Management, LLC ("JNAM" or the "Adviser"), located at 1 Corporate Way, Lansing, Michigan 48951, serves as the investment adviser of the Fund. Cohen & Steers Capital Management, Inc., 1166 Avenue of the Americas, New York, New York 10036 and First Sentier Investors (Australia) Ltd, Level 5, Tower 3, International Towers, 300 Barangaroo Avenue, Barangaroo NSW 2000 Australia (each a "Sub-Adviser"), serve as the Sub-Advisers of the Fund. <br>A copy of the Prospectus and annual or semi-annual reports for the Fund may be obtained, when available, free of charge at the telephone number and address listed below or by visiting https://www.jackson.com/interval-funds.html.<br>Jackson Real Assets Fund<br> P.O. Box 2175<br> Milwaukee, Wisconsin 53201<br> Telephone: 1-877-545-0041<br>

**<u>table of contents</u>**

---

| | |
|:---|:---|
| [The Fund](#jraf486bposb001) | 1 |
| [Investment Policies and Practices](#jraf486bposb002) | 1 |
| [Distribution of Fund Shares](#jraf486bposb003) | 28 |
| [Repurchase of Common Shares](#jraf486bposb004) | 30 |
| [Trustees and Officers of the Fund](#jraf486bposb005) | 31 |
| [Portfolio Transactions and Brokerage Allocation](#jraf486bposb006) | 46 |
| [Administrator](#jraf486bposb007) | 47 |
| [Transfer Agent](#jraf486bposb008) | 48 |
| [Independent Registered Public Accounting Firm; Legal Counsel](#jraf486bposb009) | 48 |
| [Custodian and Dividend Disbursement Agent](#jraf486bposb010) | 48 |
| [Calculation of Net Asset Value; Valuation](#jraf486bposb011) | 49 |
| [Tax Considerations](#jraf486bposb012) | 50 |
| [Proxy Voting Policies and Procedures](#jraf486bposb013) | 63 |
| [Control Persons and Principal Shareholders](#jraf486bposb014) | 63 |
| [Registration Statement](#jraf486bposb015) | 64 |
| [Financial Statements](#jraf486bposb016) | 64 |
| [Appendix A - Proxy Procedures](#a_001) | A-1 |

---

**<u>THE FUND</u>**

The Fund is a non-diversified, closed-end management investment company registered under the 1940 Act. The Fund continuously offers its shares and is operated as an "interval fund." The Fund was organized as a Massachusetts business trust on November 29, 2023, pursuant to the Declaration of Trust. The Fund's fiscal year ends on March 31. The Fund's principal office is located at 1 Corporate Way, Lansing, Michigan 48951. The Fund has received exemptive relief from the Securities and Exchange Commission ("SEC") that permits the Fund to offer more than one class of shares. Under the order, the Fund is authorized to issue two separate classes of shares of beneficial interest ("Shares") designated as Class A Shares and Class I Shares, and the Fund may offer additional classes of Shares in the future. As of the date of this SAI, Class I Shares are the only class offered for purchase. An investment in the Fund may not be appropriate for all investors.

**<u>INVESTMENT POLICIES AND Practices</u>**

The investment objective and principal investment strategies of the Fund, as well as the principal risks associated with the Fund's investment strategies, are set forth in the Prospectus. See "Investment Objective and Strategies" and "Principal Risks" in the Prospectus. Certain additional investment information is set forth below.

**<u>Fundamental Policies</u>**

The Fund's fundamental policies, which are listed below, may not be changed without the affirmative vote of a majority of the outstanding voting securities of the Fund. As defined by the 1940 Act, the vote of a "majority of the outstanding voting securities of the Fund" means the vote, at an annual or special meeting of the shareholders of the Fund (the "Shareholders"), duly called, (i) of 67% or more of the Shares represented at such meeting, if the holders of more than 50% of the outstanding Shares are present in person or represented by proxy or (ii) of more than 50% of the outstanding Shares, whichever is less. Within the limits of the fundamental policies of the Fund, the management of the Fund has reserved freedom of action.

The Fund:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)&nbsp;&nbsp;&nbsp;&nbsp; May issue senior securities to the extent permitted by the 1940 Act, or the rules or regulations thereunder, as such statute, rules, or regulations may be amended from time to time, or by regulatory guidance or interpretations of, or any exemptive order or other relief issued by the SEC or any successor organization or their staff under, such Act, rules, or regulations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2)&nbsp;&nbsp;&nbsp;&nbsp; May borrow money to the extent permitted by the 1940 Act, or the rules or regulations thereunder, as such statute, rules, or regulations may be amended from time to time, or by regulatory guidance or interpretations of, or any exemptive order or other relief issued by the SEC or any successor organization or their staff under, such Act, rules, or regulations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3)&nbsp;&nbsp;&nbsp;&nbsp; May make loans to the extent permitted by the 1940 Act, or the rules or regulations thereunder, as such statute, rules, or regulations may be amended from time to time, or by regulatory guidance or interpretations of, or any exemptive order or other relief issued by the SEC or any successor organization or their staff under, such Act, rules, or regulations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4)&nbsp;&nbsp;&nbsp;&nbsp; May underwrite securities to the extent permitted by the 1940 Act, or the rules or regulations thereunder, as such statute, rules, or regulations may be amended from time to time, or by regulatory guidance or interpretations of, or any exemptive order or other relief issued by the SEC or any successor organization or their staff under, such Act, rules, or regulations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5)&nbsp;&nbsp;&nbsp;&nbsp; May purchase and sell commodities to the extent permitted by the 1940 Act, or the rules or regulations thereunder, as such statute, rules, or regulations may be amended from time to time, or by regulatory guidance or interpretations of, or any exemptive order or other relief issued by the SEC or any successor organization or their staff under, such Act, rules, or regulations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6)&nbsp;&nbsp;&nbsp;&nbsp; May purchase, sell or hold real estate to the extent permitted by the 1940 Act, or the rules or regulations thereunder, as such statute, rules, or regulations may be amended from time to time, or by regulatory guidance or interpretations of, or any exemptive order or other relief issued by the SEC or any successor organization or their staff under, such Act, rules, or regulations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7)&nbsp;&nbsp;&nbsp;&nbsp; May not concentrate investments in a particular industry or group of industries, except that the Fund will concentrate its investments in natural capital, real estate and infrastructure-related industries, as concentration is defined or interpreted under the 1940 Act, and the rules, and regulations thereunder, as such statute, rules or regulations may be amended from time to time, and under regulatory guidance or interpretations of such Act, rules, or regulations.

Any restriction on investments or use of assets, including, but not limited to, market capitalization, geographic, rating and/or any other percentage restrictions, set forth in this SAI or the Fund's Prospectus shall be measured only at the time of investment, and any subsequent change, whether in the value, market capitalization, rating, percentage held or otherwise, will not constitute a violation of the restriction, other than with respect to investment restriction (2) above related to borrowings by the Fund.

The Fund's investment policies and restrictions apply only to investments made by the Fund directly (or any account consisting solely of the Fund's assets) and do not apply to the activities and the transactions of any third-party private funds ("Private Funds") in which the Fund invests. However, the Fund will consider the then-existing underlying holdings of the Private Funds to the extent known when making additional investments and when determining the Fund's compliance with its concentration policies.

In addition, the Fund has adopted the following fundamental policies with respect to repurchase offers, which may not be changed without the approval of the holders of a majority of the Fund's outstanding voting securities:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp; The Fund will make quarterly repurchase offers pursuant to Rule 23c-3 under the 1940 Act, as amended from time to time, subject to any regulatory guidance or interpretations of, or any exemptive order or other relief issued by the SEC or any successor organization or their staff under, such rule.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp; The Fund will repurchase Shares that are tendered by a specific date (the "Repurchase Request Deadline"), which will be established by the Board of Trustees of the Fund (the "Board") in accordance with Rule 23c-3 under the 1940 Act, as amended from time to time, subject to any regulatory guidance or interpretations of, or any exemptive order or other relief issued by the SEC or any successor organization or their staff under, such rule.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp; The date on which the Fund's net asset value ("NAV") per Share applicable to a repurchase offer is calculated will occur no later than fourteen (14) days after the Repurchase Request Deadline (or the next business day if the fourteenth calendar day is not a business day).

**Non-Fundamental Operating Policy.** The Fund has also adopted non-fundamental investment restriction. This restriction is an operating policy of the Fund and may be changed by the Board upon 60 days' advanced notice to shareholders and without Shareholder approval. The additional investment restriction adopted by the Board to date includes the following:

&nbsp;&nbsp;&nbsp;&nbsp;(1) Under normal circumstances, the Fund will invest at least 80% of its total assets (net assets plus the
amount of any borrowings made for investment purposes) in a portfolio of public and private investments in the United States and globally
in investments that provide exposure to the following real asset classes: (i) real estate, (ii) infrastructure, and (iii) natural capital,
including but not limited to, agriculture, farmland, and timberland (collectively, "Real Asset Investments").

**<u>Additional Information on Investment Techniques of the Fund and Related Risks</u>**

**Agriculture Sector.** Investments related to agriculture and farmland are subject to various risks, including adverse changes in national or international economic conditions, adverse local market conditions, adverse natural conditions (such as storms, floods, drought, windstorms, hail, temperature extremes, frosts, soil erosion, infestations and blights), failure of irrigation or other mechanical systems used to cultivate the land, financial conditions of tenants, marketability of any particular kind of crop that may be influenced, among other things, by changing consumer tastes and preferences), import and export restrictions or tariffs, casualty or condemnation losses, government subsidy or production programs, buyers and sellers of properties, availability of excess supply of property relative to demand, changes in availability of debt financing, changes in interest rates, real estate tax rates and other operating expenses, environmental laws and regulations, governmental regulation of and risks associated with the use of fertilizers, pesticides, herbicides and other chemicals used in commercial agriculture, zoning laws and other governmental rules and fiscal policies, energy prices, changes in the relative popularity of properties, risk due to dependence on cash flow, as well as acts of God, uninsurable losses and other factors which are beyond the control of a Private Fund.

Generally, investments in agriculture and farmland are illiquid in nature. The ability of the Fund to vary its agriculture and farmland investments in response to changes in economic and other conditions will be limited. The Fund may be unable to realize its investment objectives through sale or disposition of a property at an attractive price or within any given period of time or may otherwise be unable to complete any exit strategy.

In connection with its direct or indirect ownership, management and, development of agriculture or farmland property, the Fund could be considered an owner or operator of the property and may be liable for certain environmental liabilities, including removal or remediation costs, as well as certain other potential costs relating to such hazardous or toxic substances or petroleum products. In particular, investors should be aware that commercial agriculture operators typically utilize fertilizers, pesticides, herbicides and other chemicals, and that the Fund will invest in properties where such materials have been used and lease such properties to operators who will use such materials.

**Artificial Intelligence.** Artificial intelligence ("AI") refers to computer systems that can perform tasks that would otherwise require human intelligence. AI is typically designed to analyze data, learn from patterns and experiences, make decisions, and solve problems. AI can be categorized into two types: narrow AI, which is designed for specific tasks, and general AI, which has the ability to perform any intellectual task that a human can do and includes generative AI ("GAI"). GAI is a type of AI technology that produces new text, images, audio, and other content based on training data that includes examples of the desired output. Typically, users enter questions, queries, or other inputs that prompt the GAI model or tool to produce output. In addition, some software uses GAI to suggest changes, summarize information, or translate text. AI has various applications in many fields such as healthcare, finance, transportation, and law.

AI is highly reliant on the collection and analysis of large amounts of data and complex algorithms, but it is not possible nor practicable to incorporate all data that would be relevant for a task conducted by AI. Therefore, it is possible that the information provided through use of AI could be insufficient, incomplete, inaccurate or biased. AI and its current and potential future applications, including in the investment and financial sectors, as well as the regulatory frameworks within which they operate, continue to rapidly evolve, and it is impossible to predict the full extent of future applications or regulations or their impact on the Adviser, a Sub-Adviser, or the Fund.

**Asset-Backed Securities.** The Fund may invest in asset-backed securities, which include mortgage-backed securities. Asset-backed securities represent interests in pools of assets which are backed by assets such as, but not exclusively, installment sales contracts, credit card receivables, automobile loans and leases, equipment sales/lease contracts, obligation trusts, and commercial and residential mortgages and most are structured as pass-through securities. The credit quality of most asset-backed securities depends primarily on the credit quality of the assets underlying such securities, how well the entity issuing the security is insulated from the credit risk of the originator or any other affiliated entities, and the amount and quality of any credit support provided to the securities. The rate of principal payment on asset-backed securities generally depends on the rate of principal payments received on the underlying assets, which in turn may be affected by a variety of economic and other factors. During periods of deteriorating economic conditions, such as recessions or periods of rising unemployment, delinquencies and losses generally increase, sometimes dramatically, with respect to securitizations involving loans, sales contracts, receivables and other obligations underlying asset-backed securities. Ongoing developments in the residential and commercial mortgage markets may have additional consequences for the market for mortgage-backed securities. During periods of deteriorating economic conditions, such as recessions or periods of rising unemployment, delinquencies and losses generally increase, sometimes dramatically, with respect to securitizations involving mortgage loans. Many sub-prime mortgage pools have become distressed during periods of economic distress and may trade at significant discounts to their face value during such periods. As a result, the yield on any asset-backed security is difficult to predict with precision and actual yield to maturity may be more or less than the anticipated yield to maturity. The Adviser and Sub-Advisers consider estimated prepayment rates in calculating the average weighted maturities of the Fund. Unscheduled prepayments are more likely to accelerate during periods of declining long-term interest rates. In the event of a prepayment during a period of declining interest rates, the Fund may be required to invest the unanticipated proceeds at a lower interest rate. Prepayments during such periods will also limit the Fund's ability to participate in as large a market gain as may be experienced with a comparable security not subject to prepayment.

Asset-backed securities may be classified as pass-through certificates or collateralized obligations. Pass-through certificates are asset-backed securities that represent an undivided fractional ownership interest in an underlying pool of assets. Pass-through certificates usually provide for payments of principal and interest received to be passed through to their holders, usually after deduction for certain costs and expenses incurred in administering the pool. Because pass-through certificates represent an ownership interest in the underlying assets, the holders thereof directly bear the risk of any defaults by the obligors on the underlying assets not covered by any credit support.

Asset-backed securities issued in the form of debt instruments, also known as collateralized obligations, are generally issued as the debt of a special purpose entity organized solely for the purpose of owning such assets and issuing such debt. Such assets are most often trade, credit card or automobile receivables. The assets collateralizing such asset-backed securities are pledged to a trustee or custodian for the benefit of the holders hereof. Such issuers generally hold no assets other than those underlying the asset-backed securities and any credit support provided. As a result, although payments on such asset-backed securities are obligations of the issuers, in the event of defaults on the underlying assets not covered by any credit support, the issuing entities are unlikely to have sufficient assets to satisfy their obligations on the related asset-backed securities.

If the Fund purchases an asset-backed security at a premium, that portion may be lost if there is a decline in the market value of the security whether resulting from changes in interest rates or prepayments in the underlying collateral. As with other interest-bearing securities, the prices of such securities are inversely affected by changes in interest rates. However, though the value of an asset-backed security may decline when interest rates rise, the converse is not necessarily true. As noted above, interest rate changes also affect prepayments, which in turn affect the yield on asset-backed securities. For these and other reasons, an asset-backed security's average maturity may be shortened or lengthened as a result of interest rate fluctuations and, therefore, it is not possible to predict accurately the security's return. Asset-backed securities may, at times, be illiquid securities.

**Asset Allocation Risk**. The Fund is subject to the risk that the Adviser's or a Sub-Adviser's selection and weighting of asset classes and strategies may cause the Fund to fail to meet its investment objective, cause the Fund to underperform other funds with a similar investment objective or cause an investor to lose money.

**Bank Loans, Term Loans, Fixed and Floating Rate Loans.** The Fund may invest in fixed- and floating-rate loans ("Loans") arranged through private negotiations between a corporate borrower or a foreign sovereign entity and one or more financial institutions ("Lenders"). Loans are typically variable-rate loans made by financial institutions to companies that are generally considered to have low credit quality. Borrowers enter into these Loans to raise capital for several reasons, including, recapitalizations, debt refinancing, or to make acquisitions. Loans are called "floating-rate" because the interest paid on the loans adjusts periodically, usually every 30-90 days, based on fluctuations in widely accepted reference rates, such as the London Interbank Offered Rate ("LIBOR") and Secured Overnight Financing Rate ("SOFR") plus a predetermined credit spread over the reference rate. The Loans are typically classified as senior debt, and are usually collateralized by specific assets, like the borrower's inventory, receivables or real property. Loans are usually senior to bondholders, preferred stock holders and common stock holders in the borrower's capital structure.

Loans are arranged through private negotiations between a borrower and one or more Lenders. The Lenders are represented by an agent(s) that is typically a commercial or investment bank (each an "Agent Bank," and collectively, "Agent Banks"). The Agent Bank originates the Loans and invites other parties, including the Fund, to join the lending syndicate. Typically, one Agent Bank has the primary responsibility for documentation and administration of the Loan. Agent Banks are also responsible for negotiating the Loan agreement ("Agreement"), which establishes the terms and conditions of the Loan and the rights of the borrower and lenders. The Fund relies on the Agent Banks to collect payments of principal and interest on the Loans. Loan ownership interests are evidenced by the Agreements. Loans are similar to derivative instruments and private placements; there are no share certificates or notes evidencing ownership.

*Delayed draw term loans.* The Fund may be obligated under the terms of the relevant loan documents to advance additional funds after the initial disbursement that it makes at the time of its investment. For example, the loan may not have been "fully funded" at that time or the lenders may have ongoing commitments to make further advances up to a stated maximum. When a loan has been fully funded, however, repaid principal amounts normally may not be reborrowed. Interest accrues on the outstanding principal amount of the loan. The borrower normally may pay a fee during any commitment period.

**Commodity-Related Investments.** Commodities are assets that have tangible properties, such as oil, coal, natural gas, agricultural products, industrial metals, livestock, and precious metals. Exposure to commodities and commodities markets may subject the Fund to greater volatility than investments in traditional securities. The value of commodities investments will generally be affected by overall market movements and factors specific to a particular industry or commodity, which include weather, embargoes, tariffs, and health, political, international, and regulatory developments. Economic and other events (whether real or perceived) can reduce the demand for commodities, which may reduce market prices. The frequency and magnitude of such changes cannot be predicted. No active trading market may exist for certain commodities investments, which may impair the Fund's ability to sell or to realize the full value of such investments in the event of the need to liquidate such investments. In addition, adverse market conditions may impair the liquidity of actively traded commodities investments. Certain types of commodities instruments (such as commodity swaps) are subject to the risk that the counterparty to the instrument will not perform or will be unable to perform in accordance with the terms of the instrument.

With respect to the Fund, JNAM has filed a notice claiming relief under CFTC Letter 12-38 from the definition of the term "commodity pool operator" ("CPO") under the Commodity Exchange Act ("CEA") (the "relief"). Accordingly, JNAM is not subject to registration or regulation as a "CPO" under the CEA with respect to the Fund. To remain eligible for the relief, the Fund must limit its direct and indirect investments in certain instruments regulated under the CEA ("commodity interests"), including futures and options on futures and certain swaps transactions. In the event that the Fund's investments in commodity interests are not within the thresholds set forth in the relief, JNAM may be required to act in a registered CPO capacity with respect to the Fund, and the Fund may incur expenses to comply with the CEA and rules the Commodity Futures Trading Commission has adopted under it.

**Counterparty and settlement risk.** The Fund will be subject to the credit risk presented by another party (whether a clearing corporation or broker in the case of exchange-traded or cleared instruments or another third party in the case of over-the-counter instruments) to the extent the party promises to honor an obligation to the Fund (an obligor) with respect to a transaction, such as securities loans, repurchase agreements or derivatives (including swaps). There can be no assurance that an obligor will be able or willing to meet its obligations. The Fund will be subject to the possibility of the insolvency, bankruptcy or default of a counterparty with which the Fund trades, which could result in substantial losses to the Fund. For example, if a counterparty becomes bankrupt or insolvent or otherwise fails or is unwilling to perform its obligations to the Fund due to financial difficulties or for other reasons, the Fund may experience significant losses or delays in enforcing contractual remedies and obtaining any recovery under its contract with the counterparty, including realizing on any collateral the counterparty has provided in respect of the counterparty's obligations to the Fund or recovering collateral that the Fund has provided and is entitled to recover.

Certain derivatives transactions are required to be centrally cleared, and a party to a cleared derivatives transaction is subject to the credit risk of the clearing house and the clearing member through which it holds its cleared position, rather than the credit risk of its original counterparty to the derivatives transaction. Credit risk of market participants with respect to derivatives that are centrally cleared is concentrated in a few clearing houses, and it is not clear how an insolvency proceeding of a clearing house would be conducted and what impact an insolvency of a clearing house would have on the financial system. In the event of the insolvency of a clearing house, the Fund might experience a loss of funds deposited through its clearing member as margin with the clearing house, a loss of unrealized profits on its open positions, and the loss of funds owed to it as realized profits on closed positions. Such an insolvency might also cause a substantial delay before the Fund could obtain the return of funds owed to it by a clearing member who was a member of such clearing house. A clearing member is generally obligated to segregate all funds received from customers with respect to cleared derivatives transactions from the clearing member's proprietary assets. However, all funds and other property received by a clearing member from its customers with respect to cleared derivatives are generally held by the clearing member on a commingled basis in an omnibus account, and the clearing member may invest those funds in certain instruments permitted under the applicable regulations. Therefore, the Fund might not be fully protected in the event of the bankruptcy of the Fund's clearing member because the Fund would be limited to recovering only a pro rata share of all available funds segregated on behalf of the clearing member's customers for a relevant account class. Also, the clearing member is required to transfer to the clearing house the amount of margin required by the clearing house for cleared derivatives, which amounts are generally held in an omnibus account at the clearing house for all customers of the clearing member.

Regulations promulgated by the CFTC require that the clearing member notify the clearing house of the initial margin provided by the clearing member to the clearing house that is attributable to each customer. However, if the clearing member does not accurately report the Fund's initial margin, the Fund is subject to the risk that a clearing house will use the Fund's assets held in an omnibus account at the clearing house to satisfy payment obligations of a defaulting customer of the clearing member to the clearing house. In addition, clearing members generally provide to the clearing house the net amount of variation margin required for cleared swaps for all of its customers in the aggregate, rather than individually for each customer. The Fund is therefore subject to the risk that a clearing house will not make variation margin payments owed to the Fund if another customer of the clearing member has suffered a loss and is in default, and the risk that the Fund will be required to provide additional variation margin to the clearing house before the clearing house will move the Fund's cleared derivatives transactions to another clearing member. In addition, if a clearing member does not comply with the applicable regulations or its agreement with the Fund, or in the event of fraud or misappropriation of customer assets by a clearing member, the Fund could have only an unsecured creditor claim in an insolvency of the clearing member with respect to the margin held by the clearing member. See also "*Additional Information on Investment Techniques of the Fund and Related Risks — Derivatives Regulation*" section in this SAI.

As discussed above, the Fund will be subject to the possibility of the insolvency, bankruptcy or default of a counterparty with which the Fund trades, and its contractual remedies may be delayed and/or limited in the event of a counterparty's default or insolvency, which could result in substantial losses to the Fund. In addition, regulations adopted by federal banking regulators under the Dodd-Frank Wall Street Reform and Consumer Protection Act require that certain qualified financial contracts ("QFCs") with counterparties that are part of U.S. or foreign global systemically important banking organizations be amended to include contractual restrictions on close-out and cross-default rights. QFCs include, but are not limited to, securities contracts, commodities contracts, forward contracts, repurchase agreements, securities lending agreements and swaps agreements, as well as related master agreements, security agreements, credit enhancements, and reimbursement obligations. If a covered counterparty of the Fund or certain of the covered counterparty's affiliates were to become subject to certain insolvency proceedings, the Fund may be temporarily, or in some cases permanently, unable to exercise certain default rights, and the QFC may be transferred to another entity. These requirements may impact the Fund's credit and counterparty risks.

The Fund will also be exposed to credit risk on parties with whom it trades securities, and may also bear the risk of settlement default, in particular in relation to debt securities such as bonds, notes and similar debt obligations or instruments. Investors should also note that settlement mechanisms in emerging markets are generally less developed and reliable than those in more developed countries and this therefore increases the risk of settlement default, which could result in substantial losses for the Fund in respect to investments in emerging markets. Investors should also note that the securities of small capitalization companies as well as the securities of companies domiciled in emerging markets are often less liquid and more volatile than securities of large capitalization companies or companies domiciled in more developed markets, which may result in fluctuations in the price of the Fund. While the Adviser and the Sub-Advisers continually assess the risk posed by the various counterparties, there can be no guarantee against default. Each counterparty presents credit and default risk.

**Cybersecurity Risks.** With the increased use of technologies such as the Internet to conduct business, funds have become potentially more susceptible to operational and information security risks through breaches in cybersecurity. In general, a breach in cybersecurity can result from either a deliberate attack or an unintentional event. Because technology is frequently changing, new ways to carry out cyber attacks are always developing. Recently, geopolitical tensions have increased the scale and sophistication of deliberate cybersecurity attacks, particularly those from nation-states or from entities with nation-state backing. Cybersecurity breaches may involve, among other things, infection by computer viruses or other malicious software code or unauthorized access to the fund's digital information systems, networks or devices through "hacking" or other means, in each case for the purpose of misappropriating assets or sensitive information (including, for example, personal shareholder information), corrupting data or causing operational disruption or failures in the physical infrastructure or operating systems that support the Fund. Cybersecurity risks also include the risk of losses of service resulting from external attacks that do not require unauthorized access to the Fund's systems, networks or devices. For example, denial-of-service attacks on the investment adviser's or an affiliate's website could effectively render the Fund's network services unavailable to Fund shareholders and other intended end-users. Any such cybersecurity breaches or losses of service may cause the Fund to lose proprietary information, suffer data corruption or lose operational capacity, which, in turn, could cause the Fund to incur regulatory penalties, reputational damage, and additional compliance costs associated with corrective measures and/or financial loss. While the Fund and its investment adviser have established business continuity plans and risk management systems designed to prevent or reduce the impact of cybersecurity attacks, there are inherent limitations in such plans and systems due in part to the ever-changing nature of technology and cybersecurity attack tactics, and there is a possibility that certain risks have not been adequately identified or prepared for. In addition, cybersecurity failures by or breaches of the Fund's third-party service providers (including, but not limited to, the Fund's investment adviser, transfer agent, custodian, administrators and other financial intermediaries) may disrupt the business operations of the service providers and of the Fund, potentially resulting in financial losses, the inability of Fund shareholders to transact business with the Fund and of the Fund to process transactions, the inability of the Fund to calculate its net asset value, violations of applicable privacy and other laws, rules and regulations, regulatory fines, penalties, reputational damage, reimbursement or other compensatory costs and/or additional compliance costs associated with implementation of any corrective measures. The Fund and its shareholders could be negatively impacted as a result of any such cybersecurity breaches, and there can be no assurance that the Fund will not suffer losses relating to cybersecurity attacks or other informational security breaches affecting the Fund's third-party service providers in the future, particularly as the Fund cannot control any cybersecurity plans or systems implemented by such service providers.

Cybersecurity risks may also impact issuers of securities in which the Fund invests, which may cause the Fund's investments in such issuers to lose value.

**Derivative Instruments.** Although not a principal investment strategy, the Fund may use financial instruments known as derivatives. A derivative is generally defined as an instrument whose value is derived from, or based upon, some underlying index, reference rate (such as interest rates or currency exchange rates), security, commodity or other asset. Transactions in derivative instruments present risks arising from the use of leverage (which increases the magnitude of losses), volatility, the possibility of default by a counterparty, and illiquidity. Use of derivative instruments for hedging or speculative purposes by the Adviser or a Sub-Adviser could present significant risks, including the risk of losses in excess of the amounts invested. The Fund's ability to avoid risk through investment or trading in derivatives will depend on the ability to anticipate changes in the underlying assets, reference rates or indices.

Following are descriptions of certain derivatives that the Fund may use.

*Options and Futures.* The Fund may utilize options contracts, futures contracts, and options on futures contracts. It also may use so-called "synthetic" options or other derivative instruments written by broker-dealers or other financial intermediaries. Options transactions may be effected on securities exchanges or in the over-the-counter market. When options are purchased over the counter, the Fund's portfolio bears the risk that the counterparty that wrote the option will be unable or unwilling to perform its obligations under the option contract. Such options may also be illiquid, and, in such cases, the Fund may have difficulty closing out its position. Over-the-counter options purchased and sold by the Fund also may include options on baskets of specific securities.

The Fund may purchase call and put options on specific securities or currencies and may write and sell covered or uncovered call and put options for hedging purposes and non-hedging purposes to pursue its investment objective. An American-style put option gives the purchaser of the option the right to sell, and obligates the writer to buy, the underlying security at a stated exercise price at any time prior to the expiration of the option. An American-style call option gives the purchaser of the option the right to buy, and obligates the writer to sell, the underlying security at a stated exercise price at any time prior to the expiration of the option.

A covered call option is a call option with respect to which the Fund owns the underlying security. The sale of such an option exposes the Fund, during the term of the option, to possible loss of opportunity to realize appreciation in the market price of the underlying security and to the possibility that it might hold the underlying security in order to protect against depreciation in the market price of the security during a period when it might have otherwise sold the security. The seller of a covered call option assumes the risk of a decline in the market price of the underlying security below the purchase price of the underlying security less the premium received and gives up the opportunity for gain on the underlying security above the exercise price of the option. The seller of an uncovered call option assumes the risk of a theoretically unlimited increase in the market price of the underlying security above the exercise price of the option.

A covered put option is a put option with respect to which the seller has a short position in the underlying security. The seller of a covered put option assumes the risk of an increase in the market price of the underlying security above the sales price (in establishing the short position) of the underlying security plus the premium received and gives up the opportunity for gain on the underlying security below the exercise price of the option. If the seller of the put option owns a put option covering an equivalent number of shares with an exercise price equal to or greater than the exercise price of the put written, the position is "fully hedged" if the option owned expires at the same time or later than the option written. The seller of an uncovered put option assumes the risk of a decline in the market price of the underlying security below the exercise price of the option. The seller of a covered put option may also be required to place cash or liquid securities in a segregated account to ensure compliance with its obligation to purchase the underlying security. The sale of such an option exposes the Fund during the term of the option to a decline in price of the underlying security while depriving the Fund of the opportunity to invest the segregated assets.

The Fund may close out a position when writing options by purchasing an option on the same security with the same exercise price and expiration date as the option that it has previously written on the security. The Fund will realize a profit or loss if the amount paid to purchase an option is less or more, as the case may be, than the amount received from the sale thereof. To close out a position as a purchaser of an option, the Fund would generally make a similar "closing sale transaction," which involves liquidating its position by selling the option previously purchased. However, if deemed advantageous, the Fund would be entitled to exercise the option.

The Fund may enter into equity futures contracts, interest rate futures contracts, and currency futures contracts in U.S. domestic markets or on exchanges located outside the United States. Foreign markets may offer advantages such as trading opportunities or arbitrage possibilities not available in the United States. Foreign markets, however, may have greater risk potential than domestic markets. For example, some foreign exchanges are principal markets so that no common clearing facility exists, and an investor may look only to the broker for performance of the contract. Transactions on foreign exchanges may include both commodities that are traded on domestic exchanges and those that are not. Unlike trading on domestic commodity exchanges, trading on foreign commodity exchanges is not regulated by the U.S. Commodity Futures Trading Commission (the "CFTC"). Therefore, the CFTC does not have the power to compel enforcement of the rules of the foreign exchange or the laws of the foreign country. Moreover, such laws or regulations will vary depending on the foreign country in which the transaction occurs. For these reasons, the Fund may not be afforded certain of the protections that apply to domestic transactions, including the right to use domestic alternative dispute resolution procedures. In particular, funds received from customers to margin foreign futures transactions may not be provided the same protections as funds received to margin futures transactions on domestic exchanges. In addition, the price of any foreign futures or option contract and, therefore, the potential profit and loss resulting from that contract, may be affected by any fluctuation in the foreign exchange rate between the time the order is placed and the foreign futures contract is liquidated or the foreign option contract is liquidated or exercised.

In addition to futures contracts traded on U.S. domestic markets or exchanges that are regulated by the CFTC or on foreign exchanges, the Fund may also trade certain futures on trading facilities such as derivatives transaction execution facilities, exempt boards of trade or electronic trading facilities that are licensed and/or regulated to varying degrees by the CFTC. In addition, certain single stock futures and narrow-based security index futures may be traded on trading facilities such as contract markets, derivatives transaction execution facilities and electronic trading facilities that are licensed and/or regulated to varying degrees by both the CFTC and the SEC or on foreign exchanges.

Trading in futures involves risk of loss to the Fund that could materially adversely affect the net asset value of the Fund. No assurance can be given that a liquid market will exist for any particular futures contract at any particular time. Many futures exchanges and boards of trade limit the amount of fluctuation permitted in futures contract prices during a single trading day by regulations referred to as "daily price fluctuation limits" or "daily limits." Once the daily limit has been reached in a particular contract, no trades may be made that day at a price beyond that limit or trading may be suspended for specified periods during the trading day. Futures contract prices could move to the limit for several consecutive trading days with little or no trading, thereby preventing prompt liquidation of futures positions and potentially subjecting the Fund to substantial losses. In addition, the CFTC, certain foreign regulators and many 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 group of persons acting in concert, may hold or control in particular futures and options on futures contracts. In addition, U.S. federal position limits apply to swaps that are economically equivalent to futures contracts on certain agricultural, metals and energy commodities. 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 Adviser's or a Sub-Adviser's trading decisions may have to be modified or positions held by the 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 Adviser or a Sub-Adviser or their 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 the Fund's investment strategy. The Fund may also be affected by other regimes, including those of the EU and UK, and trading venues that impose position limits on commodity derivatives contracts.

Successful use of futures by the Fund depends on its ability to correctly predict movements in the direction of the relevant market, and, to the extent the transaction is entered into for hedging purposes, to ascertain the appropriate correlation between the transaction being hedged and the price movements of the futures contract. To compensate for imperfect correlations, the Fund may purchase or sell futures contracts in a greater amount than the hedged investments if the volatility of the price of the hedged investments is historically greater than the volatility of the futures contracts. Conversely, the Fund may purchase or sell fewer futures contracts if the volatility of the price of the hedged investments is historically less than that of the futures contract. The successful use of transactions in futures and related options for hedging also depends on the direction and extent of exchange rate, interest rate, and asset price movements within a given time frame.

The prices of all derivative instruments, including futures and options prices, are highly volatile. Price movements of forward contracts, futures contracts, and other derivative contracts in which the Fund may invest are influenced by, among other things: interest rates; changing supply and demand relationships; trade, fiscal, monetary, and exchange control programs and policies of governments; and national and international political and economic events and policies. In addition, governments from time to time intervene, directly and by regulation, in certain markets, particularly those currencies and interest rate-related futures and options. Such intervention often is intended directly to influence prices and may, together with other factors, cause all of such markets to move rapidly in the same direction because of, among other things, interest rate fluctuations. The Fund is also subject to the risk of the failure of any of the exchanges on which its positions trade or of its clearinghouses.

An equity index future obligates the Fund to pay, or entitles it to receive, an amount of cash equal to a fixed dollar amount specified in the futures contract multiplied by the difference between the settlement price of the contract on the contract's last trading day and the value of the index based on the price of the securities that comprise it at the opening of trading in such securities on the next business day. An interest rate future obligates the Fund to purchase or sell an amount of a specific interest rate asset at a future date at a specific price. A currency future obligates the Fund to purchase or sell an amount of a specific currency at a future date at a specific price.

*Commodity Pool Operator Status*. JNAM acts in its capacity as a registered commodity pool operator ("CPO") with respect to certain funds offered by other investment companies in the Fund Complex (as defined under "Trustees and Officers of the Trust"), each of which is a commodity pool under the Commodity Exchange Act ("CEA"). With respect to the Fund, JNAM has filed with the National Futures Association a notice claiming an exclusion from the definition of the term "commodity pool operator" under the CEA (the "exclusion"). Accordingly, JNAM is not subject to registration or regulation as a "commodity pool operator" under the CEA with respect to the Fund. To remain eligible for the exclusion, the Fund will be limited in its ability to use certain instruments regulated under the CEA ("commodity interests"), including futures and options on futures and certain swaps transactions. In the event that the Fund's investments in commodity interests are not within the thresholds set forth in the exclusion, JNAM may be required to act in a registered CPO capacity with respect to the Fund. JNAM's eligibility to claim the exclusion with respect to the Fund will be based upon, among other things, the level of the Fund's investment in commodity interests, the purposes of such investments, and the manner in which the Fund holds out its use of commodity interests. The ability of the Fund to invest in commodity interests (including, but not limited to, futures and swaps on broad-based securities indexes and interest rates) may be limited by JNAM's intention to operate the Fund in a manner that would permit JNAM to continue to claim the exclusion, which may adversely affect the Fund's total return. See also the "Additional Information on Investment Techniques of the Fund and Related Risks— Commodity-Related Investments" section in this SAI.

*Call and Put Options on Securities Indexes*. The Fund may purchase and sell call and put options on stock indexes listed on national securities exchanges or traded in the over-the-counter market for hedging and non-hedging purposes to pursue its investment objectives. A stock index fluctuates with changes in the market values of the stocks included in the index. Accordingly, successful use by the Fund of options on stock indexes will be subject to the ability to correctly predict movements in the direction of the stock market generally or of a particular industry or market segment. This requires different skills and techniques than predicting changes in the price of individual stocks.

*Yield Curve Options*. The Fund may enter into options on the yield "spread" or differential between two securities. Such transactions are referred to as "yield curve" options. In contrast to other types of options, a yield curve option is based on the difference between the yields of designated securities, rather than the prices of the individual securities, and is settled through cash payments. Accordingly, a yield curve option is profitable to the holder if this differential widens (in the case of a call) or narrows (in the case of a put), regardless of whether the yields of the underlying securities increase or decrease. The trading of yield curve options is subject to all of the risks associated with the trading of other types of options. In addition, such options present a risk of loss even if the yield of one of the underlying securities remains constant, or if the spread moves in a direction or to an extent which was not anticipated.

*Rights and Warrants*. The Fund may invest in rights and warrants. Rights (sometimes referred to as "subscription rights") and warrants may be purchased separately or may be received as part of a distribution in respect of, or may be attached to, other securities that the Fund has purchased. Rights and warrants are securities that give the holder the right, but not the obligation, to purchase equity securities of the company issuing the rights or warrants, or a related company, at a fixed price either on a date certain or during a set period. Typically, rights have a relatively short term (e.g., two to four weeks), whereas warrants can have much longer terms. At the time of issue, the cost of a right or warrant is substantially less than the cost of the underlying security itself.

Particularly in the case of warrants, price movements in the underlying security are generally magnified in the price movements of the warrant. This effect would enable the Fund to gain exposure to the underlying security with a relatively low capital investment but increases the Fund's risk in the event of a decline in the value of the underlying security and can result in a complete loss of the amount invested in the warrant. In addition, the price of a warrant tends to be more volatile than, and may not correlate exactly to, the price of the underlying security. If the market price of the underlying security is below the exercise price of the warrant on its expiration date, the warrant will generally expire without value. The equity security underlying a warrant is authorized at the time the warrant is issued or is issued together with the warrant, which may result in losses to the Fund. Investing in warrants can provide a greater potential for profit or loss than an equivalent investment in the underlying security, and, thus, can be a speculative investment. The value of a warrant may decline because of a decline in the value of the underlying security, the passage of time, changes in interest rates or in the dividend or other policies of the company whose equity underlies the warrant or a change in the perception as to the future price of the underlying security, or any combination thereof. Warrants and rights do not carry with them the right to dividends or voting rights with respect to the securities that they entitle the holder to purchase, and they do not represent any rights in the assets of the issuer.

**Derivatives Regulation.** The U.S. Government has enacted legislation that provides for regulation of the derivatives market, including clearing, margin, reporting, and registration requirements. The European Union, the United Kingdom (the "U.K."), and some other countries are implementing similar requirements, which will affect the Fund when it enters into a derivatives transaction with a counterparty organized in that country or otherwise subject to that country's derivatives regulations. Because these requirements are evolving, their ultimate impact remains unclear.

Transactions in certain derivatives, including futures, options on futures, and some types of swaps (including interest rate swaps and credit default swaps on North American and European indices) are required to be centrally cleared and certain other types of swaps are available for voluntary clearing. In a transaction involving those derivatives ("cleared derivatives"), the Fund's counterparty is a clearing house rather than a bank or broker. Because the Fund is not a member of clearing houses and only members of a clearing house ("clearing members") can participate directly in the clearing house, the Fund holds cleared derivatives through accounts at clearing members. In cleared derivatives positions, the Fund makes payments (including margin payments) to and receives payments from a clearing house through its accounts at clearing members. Clearing members guarantee performance of their clients' obligations to the clearing house.

In some ways, cleared derivative arrangements are less favorable to funds than bilateral arrangements, for example, by requiring that funds provide more margin for their cleared derivatives positions. Also, as a general matter, in contrast to a bilateral derivatives position, following a period of notice to the Fund, a clearing member at any time can require termination of an existing cleared derivatives position or an increase in margin requirements above those required at the outset of a transaction. Clearing houses also have broad rights to increase margin requirements for existing positions or to terminate those positions at any time. Any increase in margin requirements or termination of existing cleared derivatives positions by the clearing member or the clearing house could interfere with the ability of the Fund to pursue its investment strategy. Further, any increase in margin requirements by a clearing member could expose the Fund to greater credit risk to its clearing member because margin for cleared derivatives positions in excess of a clearing house's margin requirements typically is held by the clearing member. The costs of cleared derivatives transactions are expected to increase as clearing members raise their fees to cover the costs of additional capital requirements and other regulatory changes applicable to clearing members and their affiliates. Also, the Fund is subject to risk if it enters into a derivatives transaction that is required to be cleared (or that the Adviser or Sub-Adviser expects to be cleared), and no clearing member is willing or able to clear the transaction on the Fund's behalf. While the documentation in place between the Fund and its clearing members generally provides that the clearing members will accept for clearing all cleared derivatives transactions that are within credit limits (specified in advance) for the Fund, the Fund is still subject to the risk that no clearing member will be willing or able to clear a transaction. In those cases, the position might have to be terminated, and the Fund could lose some or all of the benefit of the position, including loss of an increase in the value of the position and loss of hedging protection. In addition, the documentation governing the relationship between the Fund and clearing members is drafted by the clearing members and generally is less favorable to the Fund than typical bilateral derivatives documentation. For example, documentation relating to cleared derivatives generally includes a one-way indemnity by the Fund in favor of the clearing member for losses the clearing member incurs as the Fund's clearing member and typically does not provide the Fund any remedies if the clearing member defaults or becomes insolvent. While futures contracts entail similar risks, the risks likely are more pronounced for cleared derivatives due to their more limited liquidity and market history.

Some types of cleared derivatives are required to be executed on an exchange or on a swap execution facility. A swap execution facility is a trading platform where multiple market participants can execute derivatives by accepting bids and offers made by multiple other participants in the platform. While this execution requirement is designed to increase transparency and liquidity in the cleared derivatives market, trading on a swap execution facility can create additional costs and risks for the Fund. For example, swap execution facilities typically charge fees, and if the Fund executes derivatives on a swap execution facility through a broker intermediary, the intermediary may impose fees as well. Also, the Fund may indemnify a swap execution facility, or a broker intermediary who executes cleared derivatives on a swap execution facility on the Fund's behalf, against any losses or costs that may be incurred as a result of the Fund's transactions on the swap execution facility. If the Fund wishes to execute a package of transactions that include a swap that is required to be executed on a swap execution facility as well as other transactions (for example, a transaction that includes both a security and an interest rate swap that hedges interest rate exposure with respect to such security), the Fund may be unable to execute all components of the package on the swap execution facility. In that case, the Fund would need to trade some components of the package on the swap execution facility and other components in another manner, which could subject the Fund to the risk that some components would be executed successfully and others would not, or that the components would be executed at different times, leaving the Fund with an unhedged position for a period of time.

Regulators in the United States, the European Union, the U.K., and certain other jurisdictions have adopted mandatory minimum margin requirements for bilateral derivatives. Such requirements could increase the amount of margin required to be provided by the Fund in connection with its derivatives transactions and, therefore, make derivatives transactions more expensive.

Also, in the event of a counterparty's (or its affiliate's) insolvency, the possibility exists that the Fund's ability to exercise remedies, such as the termination of transactions, netting of obligations and realization on collateral, could be stayed or eliminated under special resolution regimes adopted in the United States, the European Union, the U.K., and various other jurisdictions. Such regimes provide government authorities with broad authority to intervene when a financial institution is experiencing financial difficulty. In particular, governmental authorities could reduce, eliminate, or convert to equity the liabilities to the Fund of a counterparty experiencing financial difficulties (sometimes referred to as a "bail in").

The SEC adopted Rule 18f-4 under the 1940 Act ("Rule 18f-4"), related to the use of derivatives, reverse repurchase agreements, and certain other transactions by registered investment companies. In connection with the adoption of Rule 18f-4, the SEC withdrew prior guidance requiring compliance with an asset segregation framework for covering certain derivative instruments and related transactions. Rule 18f-4, like the prior guidance, provides a mechanism by which a Fund is able to engage in derivatives transactions, even if the derivatives are considered to be "senior securities" for purposes of Section 18 of the 1940 Act. Rule 18f-4, among other things, requires a Fund that invests in derivative instruments beyond a specified limited amount to apply a value-at-risk ("VaR") based limit to its use of certain derivative instruments and financing transactions and to adopt and implement a derivatives risk management program. Generally, these requirements apply to a Fund unless a Fund satisfies Rule 18f-4's "limited derivatives users" exception, in which case the Fund is not subject to the full requirements of Rule 18f-4. When a Fund invests in reverse repurchase agreements or similar financing transactions, Rule 18f-4 requires the Fund to either aggregate the amount of indebtedness associated with the reverse repurchase agreements or similar financing transactions with the aggregate amount of any other senior securities representing indebtedness when calculating the Fund's asset coverage ratio or treat all such transactions as derivatives transactions. These and other rules and regulations could, among other things, further restrict a Fund's ability to engage in, or increase the cost to the Fund of, derivatives transactions, for example, by making some types of derivatives no longer available to the Fund or otherwise limiting liquidity. The implementation of the clearing requirement has increased the costs of derivatives transactions for the Fund because the Fund has to pay fees to its clearing members and are typically required to post more margin for cleared derivatives than it has historically posted for bilateral derivatives. These rules and regulations are evolving, so their full impact on the Fund and the financial system are not yet known. While these rules and regulations and central clearing of some derivatives transactions are designed to reduce systemic risk (i.e., the risk that the interdependence of large derivatives dealers could cause them to suffer liquidity, solvency or other challenges simultaneously), there is no assurance that they will achieve that result, and, as noted above, central clearing and related requirements expose the Fund to different kinds of costs and risks.

**Distressed Securities Risk.** The Fund may invest in debt or equity securities of domestic and foreign issuers in weak financial condition, experiencing poor operating results, having substantial capital needs or negative net worth, facing special competitive or product obsolescence problems, or that are involved in bankruptcy or reorganization proceedings. Investments of this type may involve substantial financial and business risks that can result in substantial or at times even total losses. Among the risks inherent in investments in troubled entities is the fact that it frequently may be difficult to obtain information as to the true condition of such issuers. Such investments also may be adversely affected by state and federal laws relating to, among other things, fraudulent transfers and other voidable transfers or payments, lender liability, and a bankruptcy court's power to disallow, reduce, subordinate, or disenfranchise particular claims. The market prices of such securities are also subject to abrupt and erratic market movements and above-average price volatility, and the spread between the bid and ask prices of such securities may be greater than those prevailing in other securities markets. It may take a number of years for the market price of such securities to reflect their intrinsic value. In liquidation (both in and out of bankruptcy) and other forms of corporate reorganization, there exists the risk that the reorganization either will be unsuccessful (due to, for example, failure to obtain requisite approvals), will be delayed (for example, until various liabilities, actual or contingent, have been satisfied), or will result in a distribution of cash or a new security the value of which will be less than the purchase price to the Fund of the security in respect to which such distribution was made.

**Energy and Natural Resources.** The return on investments in energy and natural resources companies is dependent on the operating margins received and cash flows generated by such companies from the exploration for, and development, production, gathering, transportation, processing, storage, refining, distribution, mining or marketing of, coal, natural gas, natural gas liquids, crude oil, refined petroleum products or other hydrocarbons. Operating margins and cash flows may fluctuate widely in response to a variety of factors, including global and domestic economic conditions, weather conditions, natural disasters, the supply and price of imported natural resources, political instability, conservation efforts, and governmental regulation. Prices of oil and other energy and natural resources commodities have been volatile in the past and such volatility is expected to continue. As a result, companies in which the Fund or Private Funds invest have been and may continue to be adversely impacted by volatility of prices of energy and natural resource commodities.

Energy and natural resources companies are subject to significant foreign, federal, state and local regulation in virtually every aspect of their operations, including with respect to how facilities are constructed, maintained and operated, environmental and safety controls, and the prices they may charge for the products and services they provide. Such regulation can change over time in both scope and intensity. Various governmental authorities have the power to enforce compliance with these regulations and the permits issued under them, and violators are subject to administrative, civil and criminal penalties, including civil fines, injunctions or both. Stricter laws, regulations or enforcement policies could be enacted in the future which would likely increase compliance costs and may adversely affect the financial performance. Failure to comply with these laws and regulations may trigger a variety of administrative, civil and criminal enforcement measures, including the assessment of monetary penalties, the imposition of remedial requirements, and the issuance of orders enjoining future operations. There is an inherent risk that energy and natural resources companies may incur environmental costs and liabilities due to the nature of their businesses and the substances they handle.

**Equity Securities.** Subject to the Fund's investment policies, the Fund may hold common stocks and other equity securities from time to time, including without limitation those it has received through the conversion of a convertible security held by the Fund or in connection with the restructuring of a debt security. The market price of common stocks and other equity securities may go up or down, sometimes rapidly or unpredictably. Equity securities may decline in value due to factors affecting equity securities markets generally, particular industries represented in those markets, or the issuer itself. The values of equity securities may decline due to general market conditions that are not specifically related to a particular company, such as real or perceived adverse economic conditions, changes in the general outlook for corporate earnings, changes in interest or currency rates or adverse investor sentiment generally. They may also decline due to factors that affect a particular industry or industries, such as labor shortages or increased production costs and competitive conditions within an industry. Equity securities generally have greater price volatility than fixed income securities. These risks are generally magnified in the case of equity investments in distressed companies.

Different types of equity securities provide different voting and dividend rights and priority in the event of the bankruptcy and/or insolvency of the issuer. In addition to common stock, equity securities may include preferred securities, convertible securities and warrants, which are discussed elsewhere in the Prospectus and this SAI. Equity securities other than common stock are subject to many of the same risks as common stock, although possibly to different degrees. The risks of equity securities are generally magnified in the case of equity investments in distressed companies.

**Eurozone Investment Risks.** The European Union ("EU") is an economic and political union of member states consisting of mostly Western European countries and a growing number of Eastern European countries. One of the key mandates of the EU is the establishment and administration of a common single market, consisting of, among other things, a single currency and a common trade policy. In order to pursue this goal, member states established the Economic and Monetary Union ("EMU"), which sets out different stages and commitments that member states need to follow to achieve greater economic and monetary policy coordination, including the adoption of a single currency, the euro. Many member states have adopted the euro as their currency and, as a result, are subject to the monetary policies of the European Central Bank ("ECB").

Failure by one or more EU member states to reach those objectives or an insufficient level of assistance could result in a deeper or prolonged economic downturn, which could have a significant adverse effect on the value of investments in European countries. By adopting the euro, a member country relinquishes control of its own monetary policies. As a result, European countries are significantly affected by fiscal and monetary controls implemented by the EMU and may be limited to some degree from implementing their own economic policies. The euro may not fully reflect the strengths and weaknesses of the various economies that comprise the EMU and Europe generally. It is difficult to impose a common currency across disparate countries, cultures, and social-economic political histories. Such disparate impacts could, theoretically, lead to the collapse of the EU and the euro and return member states to local country currencies.

Additionally, it is possible that EMU member states could voluntarily abandon the euro or involuntarily be forced out of the euro, including by way of a partial or complete dissolution of the monetary union. The effects of such outcomes on the rest of the Eurozone and global markets as a whole are unpredictable, but are likely to be negative, including adversely impacted market values of Eurozone and various other securities and currencies, redenomination of certain securities into less valuable local currencies, and more volatile and illiquid markets. Under such circumstances, investments denominated in euros or replacement currencies may be difficult to value, the ability to operate an investment strategy in connection with euro-denominated securities may be significantly impaired and the value of euro-denominated investments may decline significantly and unpredictably.

Uncertainty surrounding the sovereign debt of a number of European Union countries, as well as the continued existence of the European Union itself, have disrupted and may disrupt markets in the U.S. and around the world. If one or more countries leave the European Union or the European Union 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 European Union (commonly known as "Brexit"). The United Kingdom left the European Union 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 European Union agreed to a Trade and Cooperation Agreement governing the future relationship between the United Kingdom and the European Union. Brexit could lead to legal and tax uncertainty and potentially divergent national laws and regulations as the United Kingdom determines which European Union laws to replace or replicate. Additionally, Brexit 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 European Union. Brexit may also create the potential for decreased 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.

**Fixed-Income Securities.** The Fund may invest in fixed-income securities of companies that meet the investment criteria for the Fund. In general, fixed-income securities represent a loan of money by the purchaser to the issuer. A fixed income security typically has a fixed payment schedule that obligates the issuer to pay interest to the lender and to return the lender's money over a certain period of time or at a specified date, called "maturity." The security issuer typically must meet its obligations associated with its outstanding fixed-income securities before it may declare or pay any dividend to holders of its equity securities and may also be obliged under the terms of its fixed income securities to maintain certain measures of financial condition. Bonds, notes and commercial paper are typical types of fixed-income securities, differing in the length of the issuer's repayment schedule.

The price of fixed-income securities fluctuates with changes in interest rates and in response to changes in the financial condition of the issuer. The value of fixed-income securities generally rises when interest rates fall, and falls when interest rates rise. Prices of longer-term securities generally increase or decrease more sharply than those of shorter-term securities in response to interest rate changes. Recently, there have been inflationary price movements, which have caused the fixed income securities markets to experience heightened levels of interest rate volatility and liquidity risk. The risks associated with rising interest rates may be particularly acute in the current market environment because the Federal Reserve Board recently raised rates and may continue to do so.

**Floating and Adjustable Rate Obligations.** The Fund may purchase adjustable or floating rate obligations, including floating rate demand notes and bonds. The Fund may invest in adjustable or floating rate obligations whose interest rates are adjusted either at pre-designated periodic intervals or whenever there is a change in the market rate to which the security's interest rate is tied. The Fund also may purchase adjustable or floating rate demand notes and bonds, which are obligations ordinarily having stated maturities in excess of 397 days, but which permit the holder to demand payment of principal at any time, or at specified intervals not exceeding 397 days, in each case upon not more than 30 days' notice. Because of the adjustable or floating rate features of such obligations, a fund that invests in such securities will participate in increases in interest rates by earning higher interest payments. The Fund also will participate in decreases in interest rates by earning lower interest payments.

**Foreign Securities.** The Fund may invest in, or have exposure to, foreign securities. Investors should realize that investing in, or having exposure to, foreign securities involves certain special considerations that typically are not associated with investing in, or having exposure to, U.S. securities. These include non-U.S. dollar-denominated securities traded principally outside the U.S. and U.S. dollar-denominated securities traded in the U.S. (such as ADRs). Such investments increase the Fund's diversification and may enhance return, but they also involve some special risks such as exposure to potentially adverse local political and economic developments; nationalization and exchange controls; potentially lower liquidity and higher volatility; possible problems arising from accounting, disclosure, settlement, and regulatory practices that differ from U.S. standards; and the chance that fluctuations in foreign exchange rates will decrease the investment's value (favorable changes can increase its value). In addition, foreign securities purchased by the Fund may be subject to foreign government taxes, higher custodian fees, higher brokerage commissions and dividend collection fees. Foreign government securities are issued or guaranteed by a foreign government, province, instrumentality, political subdivision or similar unit thereof.

***Currency Risk*.** The value of the Fund's foreign investments will be affected by changes in currency exchange rates. The U.S. dollar value of a foreign security decreases when the value of the U.S. dollar rises against the foreign currency in which the security is denominated, and increases when the value of the U.S. dollar falls against such currency.

***Political and Economic Risk*.** Although debatable in the current U.S. macro socio-economic and political context, the economies of many of the countries in which the Fund may invest may not be as developed as the United States' economy and may be subject to significantly different forces. Conversely, investments in certain countries may be more or less secure than investments in the U.S., and carry repatriation risks from taxes and regulatory impairment when bringing such investments back to the U.S. As is the case in the U.S. political or social instability, expropriation or confiscatory taxation, and limitations on the removal of funds or other assets could also adversely affect the value of the Fund's investments.

***Regulatory Risk*.** Foreign companies are not registered with the U.S. Securities and Exchange Commission ("SEC") and are generally not subject to the regulatory controls imposed on United States issuers and, as a consequence, there is generally less publicly available information about foreign securities than is available about domestic securities. Foreign companies are not subject to uniform accounting, auditing and financial reporting standards, corporate governance practices and requirements comparable to those applicable to domestic companies. The Public Company Accounting Oversight Board, which regulates auditors of U.S. public companies, is unable to inspect audit work papers in certain foreign countries. Investors in foreign countries often have limited rights and few practical remedies to pursue shareholder claims, including class actions or fraud claims, and the ability of the U.S. Securities and Exchange Commission, the U.S. Department of Justice and other authorities to bring and enforce actions against foreign issuers or foreign persons is limited. Income, gains and proceeds from foreign securities owned by the Fund may be reduced by a withholding tax at the source or other foreign taxes, which tax or taxes would reduce dividend income payable to the Fund's shareholders.

***Market Risk*.** The securities markets in many of the countries in which the Fund invests, or has exposure to, will have substantially less trading volume than the major United States markets. As a result, the securities of some foreign companies may be less liquid and experience more price volatility than comparable domestic securities. Increased custodian costs as well as administrative costs (such as the need to use foreign custodians) may be associated with the maintenance of assets in foreign jurisdictions. There is generally less government regulation and supervision of foreign stock exchanges, brokers and issuers which may make it difficult to enforce contractual obligations. In addition, transaction costs in foreign securities markets are likely to be higher, because brokerage commission rates in foreign countries are likely to be higher than in the United States.

***Risk of Developing (Emerging Market) Countries*.** The Fund may invest in, or have exposure to, securities of developing or emerging market countries, including foreign markets. While subject to reasonable interpretation, developing countries are generally those countries which are not included in the MSCI World Index. The Fund considers various factors when determining whether a company is in a developing country, including whether: (1) it is organized under the laws of a developing country; (2) it has a principal office in a developing country; (3) it derives 50% or more of its total revenues from business in a developing country; or (4) its securities are traded principally on a stock exchange, or in an OTC market, in a developing country. The Fund generally considers an instrument to be economically tied to an emerging market country if: the issuer is organized under the laws of an emerging market country; the currency of settlement of the security is a currency of an emerging market country; the security is guaranteed by the government of an emerging market country (or any political subdivision, agency, authority or instrumentality of such government); for an asset-backed or other collateralized security, the country in which the collateral backing the security is located is an emerging market country; or the security's "country of exposure" is an emerging market country, as determined by the criteria set forth below. With respect to derivative instruments, the Fund generally considers such instruments to be economically tied to emerging market countries if the underlying assets are currencies of emerging market countries (or baskets or indexes of such currencies), or instruments or securities that are issued or guaranteed by governments of emerging market countries or by entities organized under the laws of emerging market countries or if an instrument's "country of exposure" is an emerging market country. A security's "country of exposure" is determined using certain factors provided by a third-party analytical service provider. The factors are applied to result in the assignment of a country determines the "country of exposure." The factors, including but not limited to, are: (i) if an asset-backed or other collateralized security, the country in which the collateral backing the security is located; (ii) the "country of risk" of the issuer; (iii) if the security is guaranteed by the government of a country (or any political subdivision, agency, authority or instrumentality of such government), the country of the government or instrumentality providing the guarantee; (iv) the "country of risk" of the issuer's ultimate parent; or (v) the country where the issuer is organized or incorporated under the laws thereof. "Country of risk" is a separate four-part test determined by the factors, that are including but not limited to the following: (i) management location; (ii) country of primary listing; (iii) sales or revenue attributable to the country; and (iv) reporting currency of the issuer. The Fund has broad discretion to identify countries that it considers to qualify as emerging markets. In exercising such discretion, the Fund identifies countries as emerging markets consistent with the strategic objectives of a particular Fund. For example, the Fund may consider a country to be an emerging market country based on a number of factors including, but not limited to, if the country is classified as an emerging or developing economy by any supranational organization such as the World Bank or the United Nations, or related entities, or if the country is considered an emerging market country for purposes of constructing emerging markets indices. In some cases, this approach may result in a particular country being identified as an emerging market with respect to the Fund but not others.

Investments in developing countries present risks greater than, and in addition to, those presented by investments in foreign issuers in general. A number of developing countries restrict, to varying degrees, foreign investment in stocks. Certain investors may not be able to participate in favorable corporate action events. Investor protection regimes may be more limited in emerging markets. For example, it may be more difficult for shareholders to bring derivative litigation or for U.S. regulators to bring enforcement actions against issuers in emerging markets. Repatriation of investment income, capital, and the proceeds of sales by foreign investors may require governmental registration and/or approval in some developing countries. Foreign exchange transactions may need to be executed with authorized agents, and there may not be any guarantee of execution in a timely manner. A number of the currencies of developing countries have experienced significant declines against the U.S. dollar in recent years, and devaluation may occur subsequent to investments in these currencies by the Fund. Inflation and rapid fluctuations in inflation rates have had and may continue to have negative effects on the economies and securities markets of certain emerging market countries. Many of the developing securities markets are relatively small or less diverse, have low trading volumes, suffer periods of relative illiquidity, and are characterized by significant price volatility. There is a risk in developing countries that a future economic or political crisis could lead to price controls, forced mergers of companies, expropriation or confiscatory taxation, seizure, nationalization, or creation of government monopolies, any of which may have a detrimental effect on the Fund's investments.

***Variable Interest Entities.*** Many Chinese companies have created variable interest entities ("VIEs") as a means to circumvent limits on foreign ownership of equity in Chinese companies. Investments in companies that use a VIE structure may pose additional risks because the investment is made through an intermediary entity that exerts control of the underlying operating business through contractual means rather than equity ownership and, as a result, may limit the rights of an investor. Although VIEs are a longstanding industry practice and well known to officials and regulators in China, VIE structures are not formally recognized under Chinese law. Investors face uncertainty about future actions by the government of China that could significantly affect an operating company's financial performance and the enforceability of the VIE's contractual arrangements. It is uncertain whether Chinese officials or regulators will withdraw their implicit acceptance of the VIE structure, or whether any new laws, rules, or regulations relating to VIE structures will be adopted or, if adopted, what impact they would have on the interests of foreign shareholders. Under extreme circumstances, China might prohibit the existence of VIEs, or sever their ability to transmit economic and governance rights to foreign individuals and entities; if so, the market value of the Fund's associated portfolio holdings would likely suffer significant, detrimental, and possibly permanent effects, which could result in substantial investment losses.

***Frontier Market Countries Risk.*** Frontier market countries generally have smaller economies and less-developed capital markets than traditional developing markets, and, as a result, the risks of investing in developing market countries are magnified in frontier market countries. The economies of frontier market countries are less correlated to global economic cycles than those of their more developed counterparts and their markets have low trading volumes and the potential for extreme price volatility and illiquidity is higher. This volatility may be further heightened by the actions of a few major investors. For example, a substantial increase or decrease in cash flows of funds investing in these markets could significantly affect local stock prices and, therefore, the price of Fund shares. These factors make investing in frontier market countries significantly riskier than in other foreign countries and any one risk could cause the price of the Fund's shares to decline.

Governments of frontier market countries in which the Fund may invest may exercise substantial influence over many aspects of the private sector. In some cases, the foreign governments of such frontier market countries may own or control certain companies. Accordingly, government actions could have a significant effect on economic conditions in a frontier market country and on market conditions, prices, and yields of securities in the Fund's portfolio. Moreover, the economies of frontier market countries may be heavily dependent upon international trade and, accordingly, have been and may continue to be adversely affected by trade barriers, exchange controls, managed adjustments in relative currency values, and other protectionist measures imposed or negotiated by the countries with which they trade. Also, these frontier market economies have been, and may continue, to be adversely affected by economic conditions in the countries with which they trade.

Investment in equity securities of issuers operating in certain frontier market countries may be restricted or controlled to varying degrees. These restrictions or controls may at times limit or preclude foreign investment in equity securities of issuers operating in certain frontier market countries and increase the costs and expenses of the Fund. Certain frontier market countries require governmental approval prior to investments by foreign persons, limit the amount of investment by foreign persons in a particular issuer, limit the investment by foreign persons only to a specific class of securities of an issuer that may have less advantageous rights than the classes available for purchase by domiciliaries of the countries, and/or impose additional taxes on foreign investors. Certain investors may not be able to participate in favorable corporate action events. Certain frontier market countries may also restrict investment opportunities in issuers in industries deemed important to national interests.

Frontier market countries may require governmental approval for the repatriation of investment income, capital or the proceeds of sales of securities by foreign investors, such as the Fund. Foreign exchange transactions may need to be executed with authorized agents, and there may not be any guarantee of execution in a timely manner. In addition, if deterioration occurs in a frontier market country's balance of payments, the country could impose temporary restrictions on foreign capital remittances. The Fund could be adversely affected by delays in, or a refusal to grant, any required governmental approval for repatriation of capital, as well as by the application to the Fund of any restrictions on investments. Investing in local markets in frontier market countries may require the Fund to adopt special procedures, seek local government approvals or take other actions, each of which may involve additional costs to the Fund. News and information about companies and corporate events may be limited or restricted.

There may be no centralized securities exchange on which securities are traded in frontier market countries. Also, securities laws in many frontier market countries are relatively new and unsettled. Therefore, laws regarding foreign investment in frontier market securities, securities regulation, title to securities, and shareholder rights may change quickly and unpredictably.

The frontier market countries in which the Fund invests may become subject to sanctions or embargoes imposed by the U.S. Government and the United Nations. The value of the securities issued by companies that operate in, or have dealings with these countries may be negatively impacted by any such sanction or embargo and may reduce the Fund's returns.

Banks in frontier market countries used to hold the Fund's securities and other assets in that country may lack the same operating experience as banks in developed markets. In addition, in certain countries there may be legal restrictions or limitations on the ability of the Fund to recover assets held by a foreign bank in the event of the bankruptcy of the bank. Settlement systems in frontier markets may be less well organized than in the developed markets. As a result, there is greater risk than in developed countries that settlements will take longer and that cash or securities of the Fund may be in jeopardy because of failures of or defects in the settlement systems.

**Hedging and Risk Management Transactions; Currency Risks**. The Fund may, but is not required to, utilize financial instruments for hedging and risk management purposes in order to: (a) protect against possible changes in the market value of the Fund's investment portfolios resulting from fluctuations in the securities markets and changes in interest rates, (b) protect the Fund's unrealized gains in the value of the Fund's investment portfolios, (c) facilitate the sale of any such investments, (d) preserve returns, spreads or gains on any investment in the Fund's portfolios, (e) hedge the interest rate or currency exchange rate on any of the Fund's liabilities or assets, (f) protect against any increase in the price of any investments the Fund anticipates purchasing at a later date, or (g) for any other similar reason that the Adviser deems appropriate. The success of the Fund's hedging strategy will be subject to the Adviser's ability to correctly assess the degree of correlation between the performance of the instruments used in the hedging strategy and the performance of the investments in the portfolio being hedged and the Adviser's ability to continually recalculate, readjust and execute hedges in an efficient and timely manner. The successful utilization of hedging and risk management transactions requires skills complementary to those needed in the selection of the Fund's portfolio holdings. Regardless of skill, there can be no guarantee that instruments suitable for hedging purposes will be available at the time the Fund wishes to use them or that any hedge would reduce applicable risks. For example, JNAM does not expect that the full risk of currency fluctuations can be eliminated due to the limitations in the foreign currency market. Foreign currency exchange rates (or prices in currencies) can make substantial moves in short periods of time and in unanticipated directions due to a number of factors, including changing supply and demand relationships; fiscal, monetary and exchange control programs and policies of governments; national and international political and economic events; government trade programs; changes in interest rates and rates of inflation; changes in currency valuations; and technical fluctuations of the marketplace. Because a material portion of the Fund's investments may be denominated in or rely upon underlying cash flows denominated in currencies other than the U.S. dollar, such changes could have a significant adverse impact on the Fund. Finally, while the Fund may enter into hedging transactions to seek to reduce risk, such transactions themselves may entail certain other risks, such as unanticipated changes in interest rates, the prices of investments or currency exchanges, which may result in a poorer overall performance for the Fund than if it had not engaged in such hedging transactions.

**High-Yield Bonds and Securities of Distressed Companies.** Investments in securities rated below investment grade that are eligible for purchase by the Fund are described as "speculative" by Moody's Investors Service, Inc. ("Moody's"), S&P Global Ratings, and Fitch Ratings, Inc. ("Fitch"). Investment in lower rated corporate debt securities ("high-yield securities" or "junk bonds") and securities of distressed companies generally provides greater income and increased opportunity for capital appreciation than investments in higher quality securities, but they also typically entail greater price volatility and principal and income risk. Securities of distressed companies include both debt and equity securities. High-yield securities and debt securities of distressed companies are regarded as predominantly speculative with respect to the issuer's continuing ability to meet principal and interest payments. Issuer of high-yield and distressed company securities may be involved in restructurings or bankruptcy proceedings that may not be successful. Analysis of the creditworthiness of issuers of debt securities that are high-yield or debt securities of distressed companies may be more complex than for issuers of higher quality debt securities.

High-yield securities and debt securities of distressed companies may be more susceptible to real or perceived adverse economic and competitive industry conditions than investment grade securities. The prices of these securities have been found to be less sensitive to interest-rate changes than higher-rated investments, but more sensitive to adverse economic downturns or individual corporate developments. A projection of an economic downturn or of a period of rising interest rates, for example, could cause a decline in prices of high-yield securities and debt securities of distressed companies because the advent of a recession could lessen the ability of a highly leveraged company to make principal and interest payments on its debt securities. If an issuer of securities defaults, in addition to risking payment of all or a portion of interest and principal, the Fund, by investing in such securities, may incur additional expenses to seek recovery of its investments. In the case of securities structured as zero-coupon or pay-in-kind securities, their market prices are affected to a greater extent by interest rate changes, and therefore tend to be more volatile than securities which pay interest periodically and in cash. The respective Sub-Advisers seek to reduce these risks through diversification, credit analysis and attention to current developments and trends in both the economy and financial markets.

The secondary market on which high-yield and distressed company securities are traded may be less liquid than the market for higher grade securities. Less liquidity in the secondary trading market could adversely affect the price at which the Fund could sell a high-yield or distressed company security, and could adversely affect the daily net asset value of the shares. Adverse publicity and investor perceptions, whether or not based on fundamental analysis, may decrease the values and liquidity of high-yield and distressed company securities, especially in a thinly traded market. When secondary markets for high-yield and distressed company securities are less liquid than the market for higher grade securities, it may be more difficult to value the securities because such valuation may require more research, and elements of judgment may play a greater role in the valuation because there is less reliable, objective data available. The respective Sub-Advisers seek to minimize the risks of investing in all securities through diversification, in-depth analysis and attention to current market developments.

The use of credit ratings as the sole method of evaluating high-yield securities and debt securities of distressed companies can involve certain risks. For example, credit ratings evaluate the safety of principal and interest payments of a debt security, not the market value risk of a security. Also, credit rating agencies may fail to change credit ratings in a timely fashion to reflect events since the security was last rated. The Adviser and Sub-Advisers do not rely solely on credit ratings when selecting debt securities for the Fund, and develops its own independent analysis of issuer credit quality. If a credit rating agency changes the rating of a debt security held by the Fund, the Fund may retain the security if the Adviser or Sub-Adviser, as appropriate, deems it in the best interest of shareholders.

**High-Yield Foreign Sovereign Debt Securities.** Investing in fixed and floating rate high-yield foreign sovereign debt securities will expose the Fund investing in such securities to the direct or indirect consequences of political, social or economic changes in the countries that issue the securities. (See "*Principal Risks - Foreign Securities Risk*" in the Fund's Prospectus). The ability and willingness of sovereign obligors in developing and emerging market countries or the foreign governmental authorities that control repayment of their external debt to pay principal and interest on such debt when due may depend on general economic and political conditions within the relevant country. Countries such as those in which the Fund may invest have historically experienced, and may continue to experience, high rates of inflation, high interest rates, exchange rate trade difficulties and extreme poverty and unemployment. Many of these countries are also characterized by political uncertainty or instability. Additional factors which may influence the ability or willingness to service debt include, but are not limited to, a country's cash flow situation, the availability of sufficient foreign exchange on the date a payment is due, the relative size of its debt service burden to the economy as a whole, and its government's policy toward the International Monetary Fund, the World Bank and other international agencies.

**Industry Concentration**. A fund that concentrates its investments (invests more than 25% of its net assets) in a particular industry (or group of industries) is more exposed to the overall condition of the particular industry than a fund that invests in a wider variety of industries. A particular industry could be affected by economic, business, supply-and-demand, political, or regulatory factors. Companies within the same industry could react similarly to such factors. As a result, a fund's concentration in a particular industry would increase the possibility that the Fund's performance will be affected by such factors. To monitor compliance with the policy regarding industry concentration, the Fund may use the industry classifications provided by Bloomberg, L.P., the Morgan Stanley Capital International/Standard & Poor's Global Industry Classification Standard (GICS), the Directory of Companies Filing Annual Reports with the Securities and Exchange Commission or any other reasonable industry classification system.

**Infrastructure**. The Fund is subject to risks associated with the ownership of infrastructure and infrastructure-related assets, including: supply and demand for services from and access to infrastructure; the financial condition of users and suppliers of infrastructure assets; changes in environmental laws and regulations and planning laws and other governmental rules; environmental claims; changes in energy prices; uninsured casualties; natural disasters, terrorist events, under-insured or uninsurable losses; and other factors. Many of these factors could cause fluctuations in usage, expenses and revenues, causing the value of infrastructure investments to decline and negatively affect the Fund's returns.

Government authorities at all levels are actively involved in adopting and enforcing regulations related to the ownership, use and operation of infrastructure assets. Such investments may require numerous regulatory approvals, licenses and permits to commence and continue their operations. Governments have considerable discretion in implementing regulations that could impact infrastructure assets, and because infrastructure businesses often provide basic, everyday services and face limited competition, governments may be influenced by political considerations and may make decisions that adversely affect the infrastructure investments. Such regulations could result in increased expenses and lower income for infrastructure companies, which would adversely affect the Fund's value.

Infrastructure investments are subject to operating and technical risks, including risk of mechanical breakdown, failure to perform according to design specifications, labor and other work interruptions, and other unanticipated events. An operating failure may lead to loss of a license, concession or contract on which an investment may depend. The long-term profitability of an infrastructure project, once constructed, is partly dependent upon efficient operation and maintenance of the assets. Inefficient operations and maintenance and, in certain infrastructure sectors, latent defects in acquired infrastructure assets may adversely affect the Fund's financial returns.

Infrastructure assets are often governed by complex legal documents and contracts. As a result, the risks of a dispute and consequent costs and delays may be higher than for other investments. In addition, the Fund may be subject to claims by third parties, including environmental claims, legal action arising out of acquisitions or dispositions, and third-party losses related to disruption of infrastructure services by an infrastructure provider. Further, it is not uncommon for infrastructure assets to be exposed to legal action from special interest groups seeking to impede infrastructure projects to which they are opposed. If any of the infrastructure investments become involved in material or protracted litigation, the litigation expenses and the liability threatened or imposed could have a material adverse effect on the Fund.

Infrastructure investments are expected to be generally illiquid. In addition, public sentiment and political pressures may limit the ability to sell infrastructure investments. As a result, it may be difficult for the Fund to realize, sell or dispose of an infrastructure-related investment at an attractive price or at the appropriate time or in response to changing market conditions, or the Fund may otherwise be unable to complete a favorable exit strategy.

**Leverage and Borrowing.** The Fund may add leverage to its portfolio by utilizing borrowings, such as through bank loans and/or other credit facilities. The Fund may also enter into other transactions that may give rise to a form of leverage including, among others, loans of portfolio securities. Although it has no current intention to do so, the Fund may also determine to issue preferred shares or other types of senior securities to add leverage to its portfolio. The Fund's Board may in the future authorize the issuance of preferred shares without the approval of Shareholders. If the Fund issues preferred shares in the future, all costs and expenses relating to the issuance and ongoing maintenance of the preferred shares will be borne by the Shareholders, and these costs and expenses may be significant. The Fund may choose to increase or decrease, or eliminate entirely, its use of leverage over time and from time to time based on the Adviser's assessment of the yield curve environment, interest rate trends, market conditions and other factors.

The Fund may also borrow money in order to repurchase its Shares or as a temporary measure for extraordinary or emergency purposes, including for the payment of dividends or the settlement of securities transactions which otherwise might require untimely dispositions of portfolio securities held by the Fund.

**Limited Operating History Risk.** The Fund is newly-formed and has limited operating history upon which prospective investors may evaluate the Fund's past performance and potential future returns. The Fund is subject to all of the business risks and uncertainties associated with any business with a limited operating history, including the risk that the Fund will not achieve its investment objective and that the value of Shares could decline.

**Liquidity Risk.** Liquidity risk exists when the Fund reasonably expects that an investment cannot be sold or disposed of in current market conditions in seven (7) calendar days or less without the sale or disposition significantly changing the market value of the investment. The Fund's investment in a particular security may reduce the returns of the Fund because it may be unable to sell that security at an advantageous time or price. Securities with liquidity risk include those that have small average trading volumes, lack a market maker or become subject to trading restrictions. Funds with principal investment strategies that involve securities of private companies or funds, small-cap securities, large positions relative to market capitalization, foreign securities, derivatives, or securities with substantial market and/or credit risk tend to have the greatest exposure to liquidity risk. Further, price movements of securities during a rebalance period could also negatively affect performance.

**Market Disruption, Geopolitical Risk, and Natural and Environmental Disasters.** The Fund is subject to the risk that geopolitical events will disrupt securities markets and adversely affect global economies and markets. Due to the increasing interdependence among global economies and markets, conditions in one country, market, or region might adversely impact markets, issuers and/or foreign exchange rates in other countries, including the U.S. War, terrorism, global health crises and pandemics, and other geopolitical events have led, and in the future may lead, to increased market volatility and may have adverse short- or long-term effects on U.S. and world economies and markets generally. For example, the COVID-19 pandemic resulted in significant market volatility, exchange trading suspensions and closures, declines in global financial markets, higher default rates, and a substantial economic downturn in economies throughout the world. Natural and environmental disasters and systemic market dislocations are also highly disruptive to economies and markets. Those events as well as other changes in non-U.S. and domestic economic, social, and political conditions also could adversely affect individual issuers or related groups of issuers, securities markets, interest rates, credit ratings, inflation, investor sentiment, and other factors affecting the value of the Fund's investments. Any of these occurrences could disrupt the operations of the Fund and of the Fund's service providers.

**Portfolio Turnover*.*** Portfolio turnover is the buying and selling of securities held by the Fund. The Fund may engage in short-term transactions if such transactions further its investment objective. The Fund may sell one security and simultaneously purchase another of comparable quality or simultaneously purchase and sell the same security to take advantage of short-term differentials in bond yields or otherwise purchase individual securities in anticipation of relatively short-term price gains. The rate of portfolio turnover will not be a determining factor in the purchase and sale of such securities. Portfolio turnover rates also may be increased by purchases or requests for repurchase of the Fund's shares, because of the need to invest new cash resulting from purchases of shares or the need to sell portfolio securities owned in order to meet repurchase requests. Increased portfolio turnover necessarily results in correspondingly higher costs including brokerage commissions, dealer mark-ups and other transaction costs on the sale of securities and reinvestment in other securities to the Fund. Thus, the higher the rate of portfolio turnover of the Fund, the higher these transaction costs borne by the Fund generally will be. Changes in portfolio turnover rates are generally the result of active trading strategies employed by the Fund's portfolio managers in response to market conditions, and not reflective of a material change in investment strategy.

**Real Estate Investing.** The Fund may invest significantly in the securities of issuers engaged in the real estate industry and in Private Funds that invest in real estate, each of which may be susceptible to adverse economic or regulatory occurrences affecting that sector. Real property investments are subject to varying degrees of risk. The yields available from investments in real estate depend on the amount of income and capital appreciation generated by the related properties. Income and real estate values may also be adversely affected by such factors as applicable laws (e.g., Americans with Disabilities Act, environmental and tax laws), interest rate levels and the availability of financing. If the properties do not generate sufficient income to meet operating expenses, including, where applicable, debt service, lease payments, tenant improvements, third-party leasing commissions and other capital expenditures, the income and ability of the real estate company to make payments of any interest and principal on its debt securities will be adversely affected, which could directly and indirectly decrease the value of the Fund's investments. In addition, real property may be subject to the quality of credit extended and defaults by borrowers and tenants. The performance of the economy in each of the regions and countries in which the real estate owned by a portfolio company or a Private Fund is located affects occupancy, market rental rates and expenses and, consequently, has an impact on the income from such properties and their underlying values. The financial results of major local employers also may have an impact on the cash flow and value of certain properties. In addition, real estate investments are relatively illiquid and, therefore, the ability of real estate companies or Private Funds invested in real estate to vary their portfolios promptly in response to changes in economic or other conditions is limited. A real estate company or Private Fund also may invest in certain of its properties through joint ventures with unaffiliated parties and, consequently, its ability to control decisions relating to these properties may be limited. Further, certain real estate companies may carry comprehensive liability, fire, flood, earthquake extended coverage and rental loss insurance with various policy specifications, limits and deductibles. In connection with the ownership (direct or indirect), operation, management and development of real properties that may contain hazardous or toxic substances, a portfolio company or Private Fund may be considered an owner, operator or responsible party of such properties and, therefore, may be potentially liable for removal or remediation costs, as well as certain other costs, including governmental fines and liabilities for injuries to persons and property.

Investments in securities of issuers engaged in the real estate industry are also subject to risks which are specific to the investment sector or type of property in which the issuers are investing. These investment sector and property types may include:

● *Retail Properties*. Retail properties are affected by the overall health of the applicable economy and may be adversely affected by the growth of alternative forms of retailing, bankruptcy, departure or cessation of operations of a tenant, a shift in consumer demand due to demographic changes, spending patterns and lease terminations.

● *Office Properties*. Office properties are affected by the overall health of the economy and other factors such as a downturn in the businesses operated by their tenants, obsolescence and non-competitiveness.

● *Hotel Properties*. The risks of hotel properties include, among other things, the necessity of a high level of continuing capital expenditures, competition, increases in operating costs which may not be offset by increases in revenues, dependence on business and commercial travelers and tourism, increases in fuel costs and other expenses of travel and adverse effects of general and local economic conditions.

● *Healthcare Properties*. Healthcare properties and healthcare providers are affected by several significant factors, including Federal, state and local laws governing licenses, certification, adequacy of care, pharmaceutical distribution, medical rates, equipment, personnel and other factors regarding operations; continued availability of revenue from government reimbursement programs (primarily Medicaid and Medicare); and competition on a local and regional basis.

● *Multifamily Properties*. The value and successful operation of a multifamily property may be affected by a number of factors such as the location of the property, the ability of the management team, the level of mortgage rates, presence of competing properties, adverse economic conditions in the locale, oversupply and rent control laws or other laws affecting such properties.

**Real Estate Investment Trusts ("REITs") and Foreign Real Estate Companies.** The Fund may invest in REITs, including equity, mortgage and hybrid REITs, and/or foreign real estate companies, which are similar to entities organized and operated as REITs in the United States. REITs and foreign real estate companies pool investors' funds for investment primarily in real estate properties or real estate-related loans. REITs and foreign real estate companies generally derive their income from rents on the underlying properties or interest on the underlying loans, and their value is impacted by changes in the value of the underlying property or changes in interest rates affecting the underlying loans owned by the REITs and/or foreign real estate companies. REITs and foreign real estate companies are more susceptible to risks associated with the ownership of real estate and the real estate industry in general. These risks can include fluctuations in the value of underlying properties; defaults by borrowers or tenants; market saturation; changes in general and local economic conditions; decreases in market rates for rents; increases in competition, property taxes, capital expenditures or operating expenses; and other economic, political or regulatory occurrences affecting the real estate industry. In addition, REITs and foreign real estate companies depend upon specialized management skills, may not be diversified (which may increase the volatility of a REIT's and/or foreign real estate company's value), may have less trading volume and may be subject to more abrupt or erratic price movements than the overall securities market. Foreign real estate companies may be subject to laws, rules and regulations governing those entities and their failure to comply with those laws, rules and regulations could negatively impact the performance of those entities. Operating REITs and foreign real estate companies requires specialized management skills and the Fund indirectly bears management expenses along with the direct expenses of the Fund. REITs are not taxed on income distributed to shareholders provided they comply with several requirements of the Internal Revenue Code of 1986, as amended (the "Code"). REITs are subject to the risk of failing to qualify for favorable tax treatment under the Code.

**Recent Market Events.** In the past decade, financial markets throughout the world have experienced increased volatility, depressed valuations, decreased liquidity and heightened uncertainty and turmoil. This turmoil resulted in unusual and extreme volatility in the equity and debt markets, in the prices of individual securities and in the world economy. Events that have contributed to these market conditions include, but are not limited to, major cybersecurity events, geopolitical events (including wars, terror attacks and public health emergencies), measures to address budget deficits, downgrading of sovereign debt, declines in oil and commodity prices, dramatic changes in currency exchange rates, and public sentiment. In addition, many governments and quasi-governmental entities throughout the world have responded to the turmoil with a variety of significant fiscal and monetary policy changes, including, but not limited to, direct capital infusions into companies, and new monetary programs.

Federal, state, and other governments, their regulatory agencies, or self-regulatory organizations may take actions that affect the regulation of the instruments in which the Fund invests, or affect the issuers of such instruments, in ways that are unforeseeable. Certain laws and regulations contain provisions limiting the way banks and their holding companies are able to pay dividends, purchase their own common stock and compensate officers. The Dodd-Frank Act established a Financial Services Oversight Council to facilitate information sharing and identify systemic risks. Additionally, the Dodd-Frank Act allows the Federal Deposit Insurance Corporation to "take over" a failing bank in situations when the overall stability of the financial system could be at risk. These regulatory changes could cause business disruptions or result in significant loss of revenue, and there can be no assurance as to the actual impact that these laws and their regulations will have on the financial markets. Such legislation or regulation could limit or preclude the Fund's ability to achieve its investment objective.

Governments or their regulatory agencies may also acquire distressed assets from financial institutions and acquire ownership interests in those institutions. The implications of government ownership and disposition of these assets are unclear, and such ownership or disposition may have positive or negative effects on the liquidity, valuation and performance of the Fund's portfolio holdings.

Following financial crises, such as the global financial crisis fueled by the COVID-19 pandemic, the Federal Reserve has generally attempted to stabilize the U.S. economy and support the U.S. economic recovery by keeping the federal funds rate low. Following such periods, the Federal Reserve may terminate certain of its market support activities and raise interest rates. The withdrawal of this support could negatively affect financial markets generally as well as reduce the value and liquidity of certain securities. Additionally, with continued economic recovery and the cessation of certain market support activities, the Fund may face a heightened level of interest rate risk as a result of a rise or increased volatility in interest rates. These policy changes may reduce liquidity for certain of the Fund's investments, causing the value of the Fund's investments and share price to decline.

Continuing uncertainty as to the status of the Euro and the European Monetary Union ("EMU") and the potential for certain countries to withdraw from the institution has created significant volatility in currency and financial markets generally. Any partial or complete dissolution of the EMU could have significant adverse effects on currency and financial markets, and on the values of the Fund's portfolio investments.

The United Kingdom ("U.K.") left the European Union ("EU") on January 31, 2020 (commonly referred to as "Brexit"). Following the withdrawal, there was an eleven-month transition period, ending December 31, 2020, during which the U.K. and the EU agreed to a Trade and Cooperation Agreement, which set out the agreement for certain parts of the future relationship between the U.K. and the EU from January 1, 2021. The Trade and Cooperation Agreement does not provide the U.K. with the same level of rights or access to all goods and services in the EU as the U.K. previously maintained as a member of the EU and during the transition period. In particular the Trade and Cooperation Agreement does not include an agreement on financial services which is yet to be agreed. Accordingly, uncertainty remains in certain areas as to the future relationship between the U.K. and EU. From January 1, 2021, EU laws ceased to apply in the U.K. Many EU laws were transposed into English law and these transposed laws continue to apply until such time that they are repealed, replaced or amended. The U.K. government has enacted legislation that will repeal, replace or otherwise make substantial amendments to the EU laws that currently apply in the U.K. It is impossible to predict the consequences of these amendments on the Fund and its investments. Such changes could be materially detrimental to investors.

Although one cannot predict the full effect of Brexit, it could have a significant adverse impact on the U.K., European, and global macroeconomic conditions and could lead to prolonged political, legal, regulatory, tax and economic uncertainty. This uncertainty is likely to continue to impact the global economic climate and may impact opportunities, pricing, availability and cost of bank financing, regulation, values or exit opportunities of companies or assets based, doing business, or having service or other significant relationships in, the U.K. or the EU, including companies or assets held or considered for prospective investment by the Fund.

As a result of political and military actions undertaken by Russia, the U.S. and the EU have instituted sanctions against certain Russian individuals, including politicians, and Russian corporate and banking entities. These countries could also institute broader sanctions on Russia, including banning Russia from global payment systems that facilitate cross-border payments. Retaliatory action by the Russian government could involve the seizure of U.S. and/or European residents' assets, and any such actions are likely to impair the value and liquidity of such assets. Any or all of these potential results could have an adverse/recessionary effect on Russia's economy. All of these factors could have a negative effect on the performance of funds that have significant exposure to Russia.

In addition, Russia also may attempt to assert its influence in the region through economic or even military measures, as it did with Georgia in the summer of 2008 and Ukraine in 2014 and 2022. Russia launched a large-scale invasion of Ukraine in February 2022, which has resulted in the U.S. Government imposing sanctions on Russia. The extent and duration of the military action, resulting sanctions and the potential for future sanctions, and resulting future market disruptions, including declines in its stock markets and the value of the ruble against the U.S. dollar, are impossible to predict, but could be significant. Any such disruptions caused by Russian military action or other actions (including cyberattacks and espionage) or resulting actual and threatened responses to such activity, including purchasing and financing restrictions, boycotts or changes in consumer or purchaser preferences, sanctions, tariffs or cyberattacks on the Russian government, Russian companies or Russian individuals, including politicians, may negatively impact Russia's economy and Russian issuers of securities in which the Fund invests. Actual and threatened responses to such military action may also impact the markets for certain Russian commodities, such as oil and natural gas, as well as other sectors of the Russian economy, and may likely have collateral impacts on such sectors globally. These and any related events could have significant impact on Fund performance and the value of an investment in the Fund.

While the extreme volatility and disruption that U.S. and global markets experienced for an extended period of time beginning in 2007 and 2008 had, until the COVID-19 pandemic, generally subsided, uncertainty and periods of volatility still remain. Federal Reserve policy, including with respect to certain interest rates, may adversely affect the value, volatility and liquidity of dividend and interest paying securities. Market volatility, dramatic changes to interest rates and/or a return to unfavorable economic conditions may lower the Fund's performance or impair the Fund's ability to achieve its investment objective.

In addition, policy and legislative changes in the U.S. and in other countries are changing many aspects of financial regulation. The impact of these changes on the markets, and the practical implications for market participants, may not be fully known for some time. Widespread disease and virus epidemics, such as the recent coronavirus outbreak, could likewise be highly disruptive, adversely affecting industries, markets, currencies, interest and inflation rates, credit ratings, investor sentiment, and other factors affecting the value of the Fund's investments.

**Repurchase Agreements and Reverse Repurchase Agreements.** The Fund may invest in repurchase or reverse repurchase agreements for the purposes of maintaining liquidity and achieving income. A repurchase agreement involves the purchase of a security by the Fund and a simultaneous agreement by the seller, generally by a bank or broker-dealer, to repurchase that security from the Fund at a specified price and date or upon demand. This technique offers a method of earning income on idle cash. A repurchase agreement may be considered a loan collateralized by the underlying security, which typically is a U.S. Treasury bill or note, or other highly liquid short-term security. The Fund will only enter into repurchase agreements that are fully collateralized. For a repurchase agreement to be considered fully collateralized, the Fund must take physical possession of the security or receive written confirmation of the purchase and a custodial or safekeeping receipt from a third party or be recorded as the owner of the security through the Federal Reserve Book Entry System.

The Fund may invest in open repurchase agreements which vary from the typical agreement in the following respects: (1) the agreement has no set maturity, but instead matures upon 24 hours' notice to the seller; and (2) the repurchase price is not determined at the time the agreement is entered into, but is instead based on a variable interest rate and the duration of the agreement. In addition, the Fund, together with other registered investment companies having management agreements with the Adviser or its affiliates, may transfer uninvested cash balances into a money market fund, the daily aggregate balance of which will be invested in one or more repurchase agreements.

Reverse repurchase agreements involve the risks that the interest income earned on the investment of the proceeds will be less than the interest expense and Fund expenses associated with the repurchase agreement, that the market value of the securities sold by the Fund may decline below the price at which the Fund is obligated to repurchase such securities and that the securities may not be returned to the Fund. There is no assurance that reverse repurchase agreements can be successfully employed. When the Fund invests in a reverse repurchase agreement, it sells a portfolio security to another party, such as a bank or a broker-dealer, in return for cash, and agrees to buy the security back at a future date and price. Reverse repurchase agreements may be used as a form of a "short sale," because the Fund is effectively selling the security with an agreement to repurchase the security at a later date (see "*Additional Information on Investment Techniques of the Fund and Related Risks — Short Sales*" for additional information). When entering into a reverse repurchase agreement, the Fund may seek to profit on the difference between the initial security sale price and the repurchase price of that security.

**Securites Lending.** The Board has approved the Fund's participation in a securities lending program. Under the securities lending program, the Fund has retained its custodian, State Street Bank and Trust Company, to serve as the securities lending agent. The Fund will receive amounts equivalent to any dividends, interest or other distributions on the securities loaned. The Board of Trustees will periodically review information on the Fund's securities lending program.

Lending portfolio securities enables the Fund to earn additional income, but could result in a loss or delay in recovering these securities. The borrower of the Fund's portfolio securities must deposit acceptable collateral with the Fund's custodian in an amount, marked to market daily, at least equal to the market value of the securities loaned, plus accrued interest and dividends. Acceptable collateral is limited to cash, U.S. Government securities, including obligations issued or guaranteed by its agencies or instrumentalities, U.S. mortgage-backed securities, and irrevocable letters of credit that meet certain guidelines.

The Fund may reinvest any cash collateral in money market investments or other investments subject to guidelines approved by the Adviser and the Board of Trustees. Cash collateral is invested in Class SL of the JNL Government Money Market Fund, a series of the JNL Investors Series Trust. The JNL Government Money Market Fund complies with the requirements applicable to a "government money market fund" as defined in Rule 2a-7 under the 1940 Act, including the diversification, quality, and maturity limitations imposed by the Rule. The cash collateral investments are not guaranteed, and may lose money. The Fund retains authority to terminate any of its loans at any time. The Fund may terminate a loan and regain record ownership of loaned securities to exercise ownership rights, such as voting and subscription rights, when regaining such rights is considered to be in the Fund's interest.

In the event of bankruptcy or other default of the borrower, the Fund may be unable to recover the loaned securities or could experience delays in liquidating the loan collateral or recovering the loaned securities and incur expenses related to enforcing its rights. In addition, there could be a decline in the value of the collateral or in the fair value of the securities loaned while the Fund seeks to enforce its rights thereto, and the Fund could experience subnormal levels of income or lack of access to income during that period. The Fund also bears the risk of any deficiency in the amount of collateral available for return to a borrower due to a loss in an approved investment.

The net securities lending revenue is shared by the lending agent and the Fund. The Fund retains 100% of its portion after the split. The securities lending revenue "split" between the Fund and the lending agent was determined based on the Adviser's review of competitive industry information. The Adviser and the Fund's Board will periodically review the "split" between the lending agent and the Fund. For the fiscal year ended March 31, 2025, the Fund did not participate in securities lending pursuant to the Securities Lending Agreement between the Fund and State Street Bank ("State Street Securities Lending Agreement").

For the fiscal year ended March 31, 2025, State Street, acting as agent for the Fund, provided the following services to the Fund in connection with the Fund's securities lending activities: (i) locating borrowers among an approved list of prospective borrowers; (ii) monitoring applicable minimum spread requirements, lending limits and the value of the loaned securities and collateral received; (iii) seeking additional collateral, as necessary, from borrowers; (iv) receiving and holding collateral from borrowers, and facilitating the investment and reinvestment of all or substantially all cash collateral in an investment vehicle designated by the Fund; (v) returning collateral to borrowers; (vi) facilitating substitute dividend, interest, and other distribution payments to the Fund from borrowers; (vii) negotiating the terms of each loan of securities, including, but not limited to, the amount of any loan premium, and monitoring the terms of securities loan agreements with prospective borrowers for consistency with the requirements of the State Street Securities Lending Agreement; (viii) selecting securities, including amounts (percentages), to be loaned; (ix) recordkeeping and accounting servicing; (x) monitoring dividend activity; (xi) material proxy votes relating to loaned securities as well as recall of securities on loan for Fund to vote proxies; (xii) arranging for return of loaned securities to the Fund as necessary or requested by the Fund; and(xiii) preparation of and modification to ancillary lending documents.

**Securitized Products.** Securitized products are fixed income instruments that represent interests in underlying pools of collateral or assets. The value of the securitized product is derived from the performance, value, and cash flows of the underlying asset(s).

The Fund's investments in securitized products are subject to risks similar to traditional fixed income securities, such as credit, interest rate, liquidity, prepayment, extension, and default risk, as well as additional risks associated with the nature of the assets and the servicing of those assets. Prepayment risk may make it difficult to calculate the average life of the Fund's investment in securitized products. Securitized products are generally issued as pass-through certificates, which represent the right to receive principal and interest payments collected on the underlying pool of assets, which are passed through to the security holder. Therefore, repayment depends on the cash flows generated by the underlying pool of assets. The securities may be rated as investment-grade or below-investment-grade.

● Mortgage-backed securities ("MBS") represent an interest in a pool of underlying mortgage loans secured by real property. MBS are sensitive to changes in interest rates, but may respond to these changes differently from other fixed income securities due to the possibility of prepayment of the underlying mortgage loans. If interest rates fall and the underlying loans are prepaid faster than expected, the Fund may have to reinvest the prepaid principal in lower yielding securities, thus reducing the Fund's income. Conversely, rising interest rates tend to discourage refinancings and the underlying loans may be prepaid more slowly than expected, reducing the Fund's potential to reinvest the principal in higher yielding securities and extending the duration of the underlying loans. In addition, when market conditions result in an increase in default rates on the underlying loans and the foreclosure values of the underlying real estate is less than the outstanding amount due on the underlying loan, collection of the full amount of accrued interest and principal on these investments may be doubtful. The risk of such defaults is generally higher in the case of underlying mortgage pools that include sub-prime mortgages (mortgages granted to borrowers whose credit histories would not support conventional mortgages).

&nbsp;&nbsp;&nbsp;&nbsp;• Commercial mortgage-backed securities ("CMBS") represent an interest in a pool of underlying
commercial mortgage loans secured by real property such as retail, office, hotel, multi-family, and industrial properties. Certain CMBS
are issued in several classes with different levels of yield and credit protection, and the CMBS class in which the Fund invests usually
influences the interest rate, credit, and prepayment risks.

&nbsp;&nbsp;&nbsp;&nbsp;• Asset-backed securities ("ABS") are backed by non-mortgage assets such as company receivables,
truck and auto loans, student loans, leases and credit card receivables. ABS entail credit risk. They also may present a risk that, in
the event of default, the liquidation value of the underlying assets may be inadequate to pay any unpaid interest or principal.

**Short Sales.** The Fund may make short sales of securities: (i) to offset potential declines in long positions in similar securities; (ii) to increase the flexibility of the Fund; (iii) for investment return; (iv) as part of a risk arbitrage strategy; and (v) as part of its overall portfolio management strategies involving the use of derivative instruments. A short sale is a transaction in which the Fund sells a security it does not own in anticipation that the market price of that security will decline.

When the Fund makes a short sale of a security, it must borrow the security sold short and deliver it to the broker-dealer through which it made the short sale as collateral for its obligation to deliver the security upon conclusion of the sale. The Fund may have to pay a fee to borrow particular securities and is often obligated to pay over any accrued interest and dividends on such borrowed securities.

If the price of the security sold short increases between the time of the short sale and the time that the Fund replaces the borrowed security, the Fund will incur a loss; conversely, if the price declines, the Fund will realize a capital gain. Any gain will be decreased, and any loss increased, by the transaction costs described above. The successful use of short selling may be adversely affected by imperfect correlation between movements in the price of the security sold short and the securities being hedged.

The Fund may invest pursuant to a risk arbitrage strategy to take advantage of a perceived relationship between the value of two securities. Frequently, a risk arbitrage strategy involves the short sale of a security.

To the extent that the Fund engages in short sales of securities, it will provide collateral to the broker-dealer. The Fund will engage in short selling to the extent permitted by the federal securities laws and rules and interpretations thereunder. To the extent the Fund engages in short selling in foreign (non-U.S.) jurisdictions, the Fund will do so to the extent permitted by the laws and regulations of such jurisdiction. In response to market events, the SEC and regulatory authorities in other jurisdictions may adopt (and in certain cases, have adopted) reporting requirements for and/or bans on short sales of certain securities, including short positions on such securities acquired through swaps. Bans on short selling and such short positions may limit the Fund's ability to execute certain of its investment strategies.

There can be no assurance that the short positions that the Fund holds will act as an effective hedge against its long positions. Any decrease in negative correlation or increase in positive correlation between the positions the Adviser or a Sub-Adviser anticipated would be offsetting (such as short and long positions in securities or currencies held by the Fund) could result in significant losses for the Fund. The Fund may also take a short position in a derivative instrument, such as a future, forward or swap. A short position on a derivative instrument involves the risk of a theoretically unlimited increase in the value of the underlying instrument.

**Special Purpose Acquisition Companies.** The Fund may invest in stock, warrants, and other securities of special purpose acquisition companies or similar special purpose entities that pool funds to seek potential acquisition opportunities ("SPACs"). Unless and until an acquisition meeting the SPAC's requirements is completed, a SPAC generally invests its assets (less a portion retained to cover expenses) in U.S. Government securities, money market securities and cash; if an acquisition that meets the requirements for the SPAC is not completed within a pre-established period of time, the invested funds are returned to the entity's shareholders. Because SPACs and similar entities have no operating history or ongoing business other than seeking acquisitions, the value of their securities is particularly dependent on the ability of the entity's management to identify and complete a profitable acquisition. Some SPACs may pursue acquisitions only within certain industries or regions, which may increase the volatility of their prices. In addition, these securities, which are typically traded in the over-the-counter market, may be considered illiquid and/or be subject to restrictions on resale.

An investment in a SPAC is subject to a variety of risks, including that (i) a significant portion of the monies raised by the SPAC for the purpose of identifying and effecting an acquisition or merger may be expended during the search for a target transaction; (ii) an attractive acquisition or merger target may not be identified at all and the SPAC will be required to return any remaining monies to shareholders; (iii) any proposed merger or acquisition may be unable to obtain the requisite approval, if any, of SPAC shareholders; (iv) an acquisition or merger once effected may prove unsuccessful and an investment in the SPAC may lose value; (v) the warrants or other rights with respect to the SPAC held by the Fund may expire worthless or may be repurchased or retired by the SPAC at an unfavorable price; (vi) the Fund will be delayed in receiving any redemption or liquidation proceeds from a SPAC to which it is entitled; (vii) an investment in a SPAC may be diluted by additional later offerings of interests in the SPAC or by other investors exercising existing rights to purchase shares of the SPAC; (viii) no or only a thinly traded market for shares of or interests in a SPAC may develop, leaving the Fund unable to sell its interest in a SPAC or to sell its interest only at a price below what the Fund believes is the SPAC interest's intrinsic value; and (ix) the values of investments in SPACs may be highly volatile and may depreciate significantly over time.

**Temporary Defensive Strategies Risk**. From time to time, the Fund may temporarily depart from its principal investment strategies as a defensive measure when the Adviser anticipates unusual market or other conditions. When a temporary defensive posture is believed by the Adviser to be warranted ("temporary defensive periods"), the Fund may without limitation hold cash or invest its Managed Assets in money market instruments and repurchase agreements in respect of those instruments. The money market instruments in which the Fund may invest are obligations of the U.S. government, its agencies or instrumentalities; commercial paper rated A-1 or higher by S&P or Prime-1 by Moody's; and certificates of deposit and bankers' acceptances issued by domestic branches of U.S. banks that are members of the Federal Deposit Insurance Corporation. During temporary defensive periods, the Fund may also invest to the extent permitted by applicable law in shares of money market mutual funds. Money market mutual funds are investment companies and the investments in those companies by the Fund are in some cases subject to applicable law. To the extent that the Fund invests defensively, it may not achieve its investment objective.

**Timber.** Investments in timberland and timber-related assets are dependent on prevailing market prices for wood products, which can fluctuate over time. Such prices are affected by changes in supply and demand, especially within a particular geographic area. Demand for wood products is affected by various factors in the world economy, such as regional growth rates, construction activity, changes in currency exchange rates and capital spending. Adverse conditions in the larger economy may result in lower investment in any or all of the markets related to the Fund's timber investments. Decreases in demand, increases in supply, or both, may reduce timber prices, which in turn may reduce the Fund's revenues on timber-related investments.

Changes in foreign or United States trade policies, including but not limited to tariffs or trading agreements with other countries affecting the cost of imported lumber, could negatively affect the market for the timber. Long-term oversupply sourced from any foreign timber suppliers could negatively affect the value of the timberland investments of the Fund upon their disposition.

Timberland operations are subject to numerous federal, state and local laws and regulations, including those relating to the environment, endangered species, forestry activities, and health and safety. The laws and regulations intended to protect threatened and endangered species, and other environmental laws and regulations, are stringent and could become more so in the future. Timber operations are also subject to specialized statutes and regulations governing forestry operations, and to other environmental laws, some of which may in the future restrict harvesting, road building and other activities.

Natural causes such as fire, insect infestation, bad weather, and global climate shifts may have an impact on the timing of harvests, or reduce the volume and value of timber harvested. This in turn may adversely affect the value of the Fund's timber investments. Extreme drought conditions could reduce the survival rate of trees planted within a year of the drought conditions. Ice storms and hurricanes could necessitate the early or unplanned harvesting of affected trees. Prolonged periods of adverse weather could negatively affect the quality of the timber produced, negatively affecting the value of both the harvest and the residual value of timberland.

The Fund's ability to promptly sell timber-related investments in its portfolio in response to changing economic, financial and investment conditions is limited, which could impede the Fund's ability to respond to market opportunities and result in lower distributions than would be available if the Fund and were able to quickly respond to such market opportunities.

**U.S. Government Securities.** The Fund may invest in securities issued or guaranteed by the U.S. Government or its agencies or instrumentalities ("U.S. Government securities") in pursuit of its investment objective, in order to deposit such securities as initial or variation margin, as part of a cash reserve and for liquidity purposes.

U.S. Government securities are high-quality instruments issued or guaranteed as to principal or interest by the U.S. Treasury or by an agency or instrumentality of the U.S. Government. Not all U.S. Government securities are backed by the full faith and credit of the United States. Some are backed by the right of the issuer to borrow from the U.S. Treasury; others are backed by discretionary authority of the U.S. Government to purchase the agencies' obligations; while others are supported only by the credit of the instrumentality. In the case of securities not backed by the full faith and credit of the United States, the investor must look principally to the agency issuing or guaranteeing the obligation for ultimate repayment.

U.S. Government securities include Treasury Bills (which mature within one year of the date they are issued), Treasury Notes (which have maturities of one to ten years) and Treasury Bonds (which generally have maturities of more than 10 years). All such Treasury securities are backed by the full faith and credit of the United States.

U.S. Government agencies and instrumentalities that issue or guarantee securities include the Federal Housing Administration, the Fannie Mae<sup>©</sup>, the Farmers Home Administration, the Export-Import Bank of the United States, the Small Business Administration, the Ginnie Mae<sup>®</sup>, the General Services Administration, the Central Bank for Cooperatives, the Federal Home Loan Banks the Freddie Mac<sup>©</sup>, the Farm Credit Banks, the Maritime Administration, the Tennessee Valley Authority, the Resolution Funding Corporation and the Student Loan Marketing Association ("Sallie Mae<sup>©</sup>").

Fannie Mae<sup>©</sup> and Freddie Mac<sup>®</sup> have been operating as going concerns in a conservatorship overseen by the Federal Housing Finance Agency ("FHFA") since 2008. As the conservator, FHFA succeeded to all rights, titles, powers and privileges of FNMA and FHLMC and of any stockholder, officer or director of FNMA and FHLMC with respect to FNMA and FHLMC and each enterprise's assets. In connection with the conservatorship, the U.S. Treasury entered into a Senior Preferred Stock Purchase Agreement with FNMA and FHLMC. This agreement contains various covenants that severely limit each enterprise's operations. In exchange for entering into these agreements, the U.S. Treasury received senior preferred stock in each enterprise and warrants to purchase each enterprise's comment stock. The U.S. Treasury created a new secured lending facility, which is available to FNMA and FHLMC as a liquidity backstop and created a temporary program to purchase mortgage-backed securities issued by FNMA and FHLMC. However, each remains liable for all of its obligations, including its guarantees associated with its mortgage-backed securities.

**Unspecified Investments; Dependence on the Sub-Advisers.** The Adviser and each Sub-Adviser has complete discretion to select investments for the Fund or its respective sleeve of the Fund as opportunities arise. The Fund and, accordingly, Shareholders, must rely upon the ability of the Adviser and each Sub-Adviser to identify and implement Fund Investments consistent with the Fund's investment objective. Shareholders will not receive or otherwise be privy to due diligence or risk information prepared by or for each Sub-Adviser in respect of the fund's investments. The Adviser and each Sub-Adviser has the authority and responsibility for asset allocation, the selection of Fund Investments and all other investment decisions for the Fund or its respective sleeve of the Fund. The success of the Fund depends upon the ability of the Adviser and each Sub-Adviser to develop and implement investment strategies that achieve the investment objective of the Fund. Shareholders will have no right or power to participate in the management or control of the Fund or Fund Investments, or the terms of any such investments. There can be no assurance that the Adviser or each Sub-Adviser will be able to select or implement successful strategies or achieve their respective investment objective.

**<u>DISTRIBUTION OF FUND SHARES</u>**

Jackson National Life Distributors LLC (the "Distributor" or "JNLD") serves as the distributor of the Fund's Shares on a best efforts basis pursuant to a distribution agreement (the "Distribution Agreement") with the Fund, which is subject to annual approval by the Board. The Distributor's principal business address is 300 Innovation Drive, Franklin, Tennessee 37067.

Under the Fund's Distribution Agreement, the Distributor is also responsible for entering into agreements with broker-dealers or other financial intermediaries ("Selling Agents") to assist in the distribution of the Shares, reviewing the Fund's proposed advertising materials and sales literature and making certain filings with regulators. For these services, the Distributor receives a fee from the Adviser. The Adviser is also responsible for paying any out-of-pocket expenses incurred by the Distributor in providing services under the Distribution Agreement.

Under the Fund's Distribution Agreement with the Distributor, the Fund agrees to indemnify the Distributor and its officers, directors, employees, agents or affiliates for any error of judgment or mistake of law or for any loss suffered by the Fund or any shareholder of the Fund as a result of: (1) the Distributor serving as distributor of the Fund pursuant to the agreement; or (2) the Distributor's failure to perform due to events beyond the reasonable control of the Distributor or its agents, except for a loss resulting from the Distributor's willful misfeasance, or gross negligence in the performance of its duties or by reason of its reckless disregard of its obligations and duties under the agreement. See "Distributor" in the Fund's Prospectus for additional information regarding the distribution of the Fund's Shares.

**Shareholder Servicing Plan**

The Fund has implemented a "Shareholder Services Plan" with respect to its Class A shares under which the Fund may compensate financial intermediaries for providing ongoing services in respect of Fund shareholders. Such services may include responding to customer inquiries of a general nature regarding the Fund; crediting distributions from the Fund to customer accounts; arranging for bank wire transfer of funds to or from a customer's account; responding to customer inquiries and requests regarding SAI, shareholder reports, notices, proxies and proxy statements, and other Fund documents; forwarding prospectuses, SAIs, tax notices and annual and semi-annual reports to beneficial owners of Fund shares; and providing such other similar services as the Fund may reasonably request to the extent a financial intermediary is permitted to do so under applicable statutes, rules, or regulations.

Under the Shareholder Services Plan, the Fund, with respect to Class A shares, may incur expenses on an annual basis equal up to 0.25% of its average net assets attributable to Class A shares. The Adviser, the Distributor or an affiliate may make additional payments to intermediaries for these and other services, and their payments may be based on the same or other methods of calculation. Class I shares are not subject to the Shareholder Servicing Fee. See "*Distribution of Fund Shares— Other Payments Made by the Adviser, Administrator and/or Distributor*" below.

**Other Payments Made by the Adviser, Administrator and/or Distributor**

The Adviser, the Administrator, the Distributor, or an affiliate may, from time to time, out of its (or their) own resources, make substantial cash payments — sometimes referred to as "revenue sharing" — to broker-dealers or financial intermediaries for various reasons. The revenue sharing payments do not change the price paid by investors for the purchase of the Fund's shares or the amount the Fund will receive as proceeds from such sales. Although a broker-dealer or financial intermediary may seek revenue sharing payments to offset costs incurred by the firm in servicing its clients who have invested in the Fund, the aggregate amount of these payments to broker-dealers or financial intermediaries may be substantial and may exceed the actual costs incurred in engaging in these promotional activities or services. Accordingly, broker-dealers or financial intermediaries may realize a profit in connection with such activities or services.

Revenue sharing payments may support the delivery of services to the Fund or to shareholders in the Fund, including, without limitation, transaction processing and sub-accounting services. These payments also may serve as an incentive to sell shares of the Fund and/or to promote retention of customer assets in the Fund. The Distributor, the Adviser, the Administrator, or an affiliate does not consider a broker-dealer or financial intermediary's sale of shares of the Fund when selecting brokers or dealers to effect portfolio transactions for the Fund.

Revenue sharing also may include any other payment requirement of a broker-dealer or another third-party intermediary. All such payments are paid by the Adviser, the Distributor, the Administrator, or an affiliate of either out of its (or their) own resources. Revenue sharing payments may be structured, among other means, (i) as a percentage of sales; (ii) as a percentage of net assets; (iii) as a flat fee per transaction; (iv) as a fixed dollar amount; or (v) as some combination of any of these. In many cases, they therefore may be viewed as encouraging sales activity or retention of assets in the Fund. Generally, any revenue sharing or other payments of the type just described will have been requested by the party receiving them, often as a condition of distribution, but are subject to negotiation as to their structure and scope. Various factors are used to determine whether to make revenue sharing payments. Possible considerations include, without limitation, the types of services provided by the broker-dealer or financial intermediary, sales of Fund shares, the redemption rates on accounts of clients of the broker-dealer or financial intermediary or overall asset levels of the Fund held for or by clients of the broker-dealer or financial intermediary, the willingness of the broker-dealer or financial intermediary to allow the Distributor, the Adviser, or an affiliate to provide educational and training support for the broker-dealer's or financial intermediary's sales personnel relating to the Fund, as well as the overall quality of the services provided by the broker-dealer or financial intermediary.

Shareholders or prospective investors should be aware that revenue sharing arrangements or other payments to intermediaries could create incentives on the part of the parties receiving the payments to consider selling more shares of the Fund relative to other funds either not making payments of this nature or making smaller such payments. A Shareholder or prospective investor with questions regarding revenue sharing or other such payments may obtain more details by contacting his or her broker representative or other financial intermediary directly.

**How to Purchase Shares**

The methods of buying and selling shares and the sales charges applicable to purchases of shares of the Fund are described in the Prospectus.

**REPURCHASE OF COMMON SHARES**

In order to provide some liquidity to Shareholders, and pursuant to the Fund's fundamental policy, the Fund is required to make quarterly offers to repurchase between 5% and 25% of its outstanding Shares at the applicable NAV per Share. Notices of each quarterly repurchase offer are sent to Shareholders at least twenty-one (21) and no more than forty-two (42) days before the "Repurchase Request Deadline" (i.e., the date by which Shareholders can tender their Shares in response to a repurchase offer). The Fund determines the NAV applicable to repurchases no later than the 14th day after the Repurchase Request Deadline (or the next business day, if the 14th day is not a business day) (the "Repurchase Pricing Date"). The Fund expects to distribute payment to Shareholders between one (1) and three (3) business days after the Repurchase Pricing Date and will distribute such payment no later than seven (7) calendar days after such date. The Fund's NAV per Share may change materially between the date a repurchase offer is mailed and the Repurchase Request Deadline, and it may also change materially between the Repurchase Request Deadline and Repurchase Pricing Date. The Fund's Shares are not listed on any securities exchange, and the Fund anticipates that no secondary market will develop for its Shares. Investors should consider Shares of the Fund to be an illiquid investment. Accordingly, you may not be able to sell Shares when and/or in the amount that you desire. Thus, Shares are appropriate only as a long-term investment. In addition, the Fund's repurchase offers may subject the Fund and Shareholders to special risks.

The section entitled "Quarterly Repurchase Offers" in the Prospectus discusses the type and timing of notice for repurchase offers, the effects of oversubscribed repurchase offers, the determination of the repurchase price, payment by the Fund for Shares tendered in a repurchase offer, the effect of repurchase policies on the liquidity of the Fund, the consequences of repurchase offers, and other details regarding the repurchase offers, including associated risks. The Fund's fundamental policies with respect to repurchase offers are discussed in "Fundamental Policies" in this SAI.

See "*Principal Risks — Repurchase Offers Risk*" in the Prospectus for a description of the risks associated with the Fund's repurchase offers. In addition, the repurchase of Shares by the Fund will be a taxable event to Shareholders. For a discussion of these tax consequences, see "Tax Considerations" below.

In addition to the Fund's policy to make quarterly repurchase offers as described above, the Board may consider additional repurchases of its Shares on the open market or in private transactions, the making of a tender offer for such Shares, or the conversion of the Fund to an open-end investment company. The Fund cannot assure you that its Board will decide to take or propose any of these actions.

Subject to its investment limitations, the Fund may borrow to finance the repurchase of Shares or to make a tender offer. Interest on any borrowings to finance Share repurchase transactions or the accumulation of cash by the Fund in anticipation of Share repurchases or tenders will reduce the Fund's net income and gains. Any Share repurchase, tender offer, or borrowing that might be approved by the Board would have to comply with the 1940 Act and the rules and regulations thereunder and other applicable law.

**<u>TRUSTEES AND OFFICERS OF THE FUND</u>**

The officers of the Fund manage its day-to-day operations and are responsible to the Fund's Board. The Trustees set broad policies for the Fund and choose the Fund's officers. All of the Trustees also serve as Trustees for the other investment companies in the Fund Complex (as defined below). The officers also serve as officers for the other investment companies in the Fund Complex (as defined below).

The following is a list of the Trustees and officers of the Fund, a statement of their present positions and principal occupations during the past five years. The following also lists the number of portfolios overseen by the Trustees and other directorships of public companies or other registered investment companies held by the Trustees.

For purposes of this section, the term "Fund Complex" includes each of the following investment companies: JNL Series Trust (131 portfolios), JNL Investors Series Trust (1 portfolio), Jackson Credit Opportunities Fund (1 portfolio) and Jackson Real Assets Fund (1 portfolio) (as used in this section, the term Funds refers to all of the portfolios offered by the Fund Complex).

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Name, Address, and (Age)** | &nbsp;&nbsp;**Number of Portfolios in Fund Complex Overseen by Trustee** |
| &nbsp;&nbsp;***Interested Trustee*** | &nbsp;&nbsp;***Interested Trustee*** |
| &nbsp;&nbsp; <br> Mark D. Nerud (59)<sup>1</sup> 1 Corporate Way<br> Lansing, MI 48951<br> &nbsp;&nbsp; <br> Trustee<sup>2</sup> 12/2023 to present<br>President and Chief Executive Officer<br> 11/2023 to present<br>Chief Operating Decision Maker<br> 12/2024 to present<br>| &nbsp;&nbsp; <br> 134 |
| &nbsp;&nbsp;**Principal Occupation(s) During Past 5 Years:**<br> Chief Executive Officer of JNAM (1/2010 to present); President of JNAM (1/2007 to present); Managing Board Member of JNAM (5/2015 to present); President, Chief Executive Officer, and Chief Operating Decision Maker of other investment companies advised by JNAM (6/2023 to present, 12/2006 to present, 12/2006 to 12/2020, and 8/2014 to 12/2020); Principal Executive Officer of an investment company advised by PPM America, Inc. (11/2017 to 12/2024) | &nbsp;&nbsp;**Principal Occupation(s) During Past 5 Years:**<br> Chief Executive Officer of JNAM (1/2010 to present); President of JNAM (1/2007 to present); Managing Board Member of JNAM (5/2015 to present); President, Chief Executive Officer, and Chief Operating Decision Maker of other investment companies advised by JNAM (6/2023 to present, 12/2006 to present, 12/2006 to 12/2020, and 8/2014 to 12/2020); Principal Executive Officer of an investment company advised by PPM America, Inc. (11/2017 to 12/2024) |
| &nbsp;&nbsp;**Other Directorships Held by Trustee During Past 5 Years:**<br> Interested Trustee/Manager of other investment companies advised by JNAM (4/2015 to 12/2020 and 1/2007 to 12/2020) | &nbsp;&nbsp;**Other Directorships Held by Trustee During Past 5 Years:**<br> Interested Trustee/Manager of other investment companies advised by JNAM (4/2015 to 12/2020 and 1/2007 to 12/2020) |
| &nbsp;&nbsp;***Independent Trustees*** | &nbsp;&nbsp;***Independent Trustees*** |
| &nbsp;&nbsp; <br> Eric O. Anyah (57)<br> 1 Corporate Way<br> Lansing, MI 48951<br>&nbsp;&nbsp;Trustee<sup>2</sup> 2/2024 to present<br>| &nbsp;&nbsp; <br> 134 |
| &nbsp;&nbsp;**Principal Occupation(s) During Past 5 Years:**<br> Chief Financial Officer, The Museum of Fine Arts, Houston (10/2013 to present) | &nbsp;&nbsp;**Principal Occupation(s) During Past 5 Years:**<br> Chief Financial Officer, The Museum of Fine Arts, Houston (10/2013 to present) |
| &nbsp;&nbsp;**Other Directorships Held by Trustee During Past 5 Years:**<br> Trustee/Manager of other investment companies advised by JNAM (1/2018 to 12/2020 and 12/2013 to 12/2020) | &nbsp;&nbsp;**Other Directorships Held by Trustee During Past 5 Years:**<br> Trustee/Manager of other investment companies advised by JNAM (1/2018 to 12/2020 and 12/2013 to 12/2020) |
| &nbsp;&nbsp; <br> Michael J. Bouchard (69)<br> 1 Corporate Way<br> Lansing, MI 48951<br>&nbsp;&nbsp;Trustee<sup>2</sup> 2/2024 to present<br>| &nbsp;&nbsp; <br> 134 |
| &nbsp;&nbsp;**Principal Occupation(s) During Past 5 Years:**<br> Sheriff, Oakland County, Michigan (1/1999 to present) | &nbsp;&nbsp;**Principal Occupation(s) During Past 5 Years:**<br> Sheriff, Oakland County, Michigan (1/1999 to present) |
| &nbsp;&nbsp;**Other Directorships Held by Trustee During Past 5 Years:**<br> Trustee/Manager of other investment companies advised by JNAM (1/2018 to 12/2020 and 4/2000 to 12/2020) | &nbsp;&nbsp;**Other Directorships Held by Trustee During Past 5 Years:**<br> Trustee/Manager of other investment companies advised by JNAM (1/2018 to 12/2020 and 4/2000 to 12/2020) |
| &nbsp;&nbsp; <br> Ellen Carnahan (70)<br> 1 Corporate Way<br> Lansing, MI 48951<br>&nbsp;&nbsp;Trustee<sup>2</sup> 2/2024 to present<br>| &nbsp;&nbsp; <br> 134 |
| &nbsp;&nbsp;**Principal Occupation(s) During Past 5 Years:**<br> Principal, Machrie Enterprises LLC (venture capital firm) (7/2007 to present); Board Member of various corporate boards (see below) | &nbsp;&nbsp;**Principal Occupation(s) During Past 5 Years:**<br> Principal, Machrie Enterprises LLC (venture capital firm) (7/2007 to present); Board Member of various corporate boards (see below) |
| &nbsp;&nbsp;**Other Directorships Held by Trustee During Past 5 Years:**<br> Director and Audit Committee Member (11/2016 to 8/2023) and Compensation Committee Chair (3/2018 to 8/2023), Paylocity Holding Corporation; Director, Audit Committee Member, and Governance Committee Member (5/2015 to present) and Audit Committee Chair (3/2019 to present), ENOVA International Inc.; Trustee/Manager of other investment companies advised by JNAM (1/2018 to 12/2020 and 12/2013 to 12/2020) | &nbsp;&nbsp;**Other Directorships Held by Trustee During Past 5 Years:**<br> Director and Audit Committee Member (11/2016 to 8/2023) and Compensation Committee Chair (3/2018 to 8/2023), Paylocity Holding Corporation; Director, Audit Committee Member, and Governance Committee Member (5/2015 to present) and Audit Committee Chair (3/2019 to present), ENOVA International Inc.; Trustee/Manager of other investment companies advised by JNAM (1/2018 to 12/2020 and 12/2013 to 12/2020) |
| &nbsp;&nbsp; <br> John W. Gillespie (72)<br> 1 Corporate Way<br> Lansing, MI 48951<br>&nbsp;&nbsp;Trustee<sup>2</sup><br> (2/2024 to present<br>| &nbsp;&nbsp; <br> 134 |
| &nbsp;&nbsp;**Principal Occupation(s) During Past 5 Years:**<br> Entrepreneur-in-Residence, UCLA Office of Intellectual Property (2/2013 to present); Investor, Business Writer, and Advisor (10/2006 to present) | &nbsp;&nbsp;**Principal Occupation(s) During Past 5 Years:**<br> Entrepreneur-in-Residence, UCLA Office of Intellectual Property (2/2013 to present); Investor, Business Writer, and Advisor (10/2006 to present) |
| &nbsp;&nbsp;**Other Directorships Held by Trustee During Past 5 Years:**<br> Trustee/Manager of other investment companies advised by JNAM (1/2018 to 12/2020 and 12/2013 to 12/2020) | &nbsp;&nbsp;**Other Directorships Held by Trustee During Past 5 Years:**<br> Trustee/Manager of other investment companies advised by JNAM (1/2018 to 12/2020 and 12/2013 to 12/2020) |
| &nbsp;&nbsp; <br> William R. Rybak (74)<br> 1 Corporate Way<br> Lansing, MI 48951<br>&nbsp;&nbsp; <br> Trustee<sup>2</sup> 2/2024 to present | &nbsp;&nbsp; <br> 134 |
| &nbsp;&nbsp;**Principal Occupation(s) During Past 5 Years:**<br> Private investor (5/2000 to present); Board Member of various corporate boards (see below) | &nbsp;&nbsp;**Principal Occupation(s) During Past 5 Years:**<br> Private investor (5/2000 to present); Board Member of various corporate boards (see below) |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Name, Address, and (Age)** | &nbsp;&nbsp;**Number of Portfolios in Fund Complex Overseen by Trustee** |
| &nbsp;&nbsp;**Other Directorships Held by Trustee During Past 5 Years:**<br> Director (2/2010 to present) and Board Chair (2/2016 to present), Christian Brothers Investment Services, Inc.; Trustee (10/2012 to 5/2024) and Chair Emeritus (5/2009 to 5/2024), Lewis University; Director (2002 to present), and Audit Committee Chair (7/2019 to present), each of the Calamos Mutual Funds and Closed-End Funds; Trustee/Manager of other investment companies advised by JNAM (1/2018 to 12/2020 and 1/2007 to 12/2020) | &nbsp;&nbsp;**Other Directorships Held by Trustee During Past 5 Years:**<br> Director (2/2010 to present) and Board Chair (2/2016 to present), Christian Brothers Investment Services, Inc.; Trustee (10/2012 to 5/2024) and Chair Emeritus (5/2009 to 5/2024), Lewis University; Director (2002 to present), and Audit Committee Chair (7/2019 to present), each of the Calamos Mutual Funds and Closed-End Funds; Trustee/Manager of other investment companies advised by JNAM (1/2018 to 12/2020 and 1/2007 to 12/2020) |
| &nbsp;&nbsp; <br> Mark S. Wehrle (68)<br> 1 Corporate Way<br> Lansing, MI 48951<br>&nbsp;&nbsp; <br> Trustee<sup>2</sup> 2/2024 to present | &nbsp;&nbsp; <br> 134 |
| &nbsp;&nbsp;**Principal Occupation(s) During Past 5 Years:**<br> Retired Certified Public Accountant (1/2011 to present) | &nbsp;&nbsp;**Principal Occupation(s) During Past 5 Years:**<br> Retired Certified Public Accountant (1/2011 to present) |
| &nbsp;&nbsp;**Other Directorships Held by Trustee During Past 5 Years:**<br> Trustee, Delta Dental of Colorado (1/2012 to 12/2020); Trustee/Manager of other investment companies advised by JNAM and/or an affiliate of JNAM (1/2018 to 12/2020 and 7/2013 to 12/2020) | &nbsp;&nbsp;**Other Directorships Held by Trustee During Past 5 Years:**<br> Trustee, Delta Dental of Colorado (1/2012 to 12/2020); Trustee/Manager of other investment companies advised by JNAM and/or an affiliate of JNAM (1/2018 to 12/2020 and 7/2013 to 12/2020) |
| &nbsp;&nbsp; <br> Edward C. Wood (69)<br> 1 Corporate Way<br> Lansing, MI 48951<br>&nbsp;&nbsp; <br> Chair of the Board<sup>3</sup> 2/2024 to present<br>Trustee<sup>2</sup> 2/2024 to present<br>| &nbsp;&nbsp; <br> 134 |
| &nbsp;&nbsp;**Principal Occupation(s) During Past 5 Years:**<br> None | &nbsp;&nbsp;**Principal Occupation(s) During Past 5 Years:**<br> None |
| &nbsp;&nbsp;**Other Directorships Held by Trustee During Past 5 Years:**<br> Trustee/Manager of other investment companies advised by JNAM (1/2018 to 12/2020 and 12/2013 to 12/2020) | &nbsp;&nbsp;**Other Directorships Held by Trustee During Past 5 Years:**<br> Trustee/Manager of other investment companies advised by JNAM (1/2018 to 12/2020 and 12/2013 to 12/2020) |
| &nbsp;&nbsp; <br> Patricia A. Woodworth (70)<br> 1 Corporate Way<br> Lansing, MI 48951<br>&nbsp;&nbsp; <br> Trustee<sup>2</sup> 2/2024 to present | &nbsp;&nbsp; <br> 134 |
| &nbsp;&nbsp;**Principal Occupation(s) During Past 5 Years:**<br> Chief Financial Officer, National Trust for Historic Preservation (3/2019 to 8/2020 and 11/2023 to 5/2024) | &nbsp;&nbsp;**Principal Occupation(s) During Past 5 Years:**<br> Chief Financial Officer, National Trust for Historic Preservation (3/2019 to 8/2020 and 11/2023 to 5/2024) |
| &nbsp;&nbsp;**Other Directorships Held by Trustee During Past 5 Years:**<br> Trustee/Manager of other investment companies advised by JNAM (1/2018 to 12/2020, 1/2007 to 12/2020) | &nbsp;&nbsp;**Other Directorships Held by Trustee During Past 5 Years:**<br> Trustee/Manager of other investment companies advised by JNAM (1/2018 to 12/2020, 1/2007 to 12/2020) |

---

<sup>1</sup> Mr. Nerud is an "interested person" of the Trust due to his position with JNAM, the Adviser.

<sup>2</sup> The Interested Trustee and the Independent Trustees are elected to serve for an indefinite term.

<sup>3</sup> The Board Chairperson may be reelected for a second three-year term. If the Board Chairperson has served two consecutive terms, he or she may not serve again as the Board Chairperson, unless at least one year has elapsed since the end of his or her second consecutive term as Board Chairperson.

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Name, Address, and (Age)** | &nbsp;&nbsp;**Position(s) Held with Trust**<br> **(Length of Time Served)** |
| &nbsp;&nbsp;<br> **Officers **** | &nbsp;&nbsp;<br> **Officers **** |
| &nbsp;&nbsp; <br> Emily J. Bennett (41)<br> 1 Corporate Way<br> Lansing, MI 48951<br>| &nbsp;&nbsp; <br> Vice President<br> 11/2023 to present<br>Assistant Secretary<br> 11/2023 to present<br>|
| &nbsp;&nbsp;**Principal Occupation(s) During Past 5 Years:**<br> Vice President of JNAM (8/2022 to present); Deputy General Counsel of JNAM (8/2021 to present); Assistant Vice President of JNAM (2/2018 to 8/2022); Associate General Counsel of JNAM (3/2016 to 8/2021); Vice President of other investment companies advised by JNAM (6/2023 to present) and 11/2022 to present); Assistant Secretary of other investment companies advised by JNAM (6/2023 to present), 3/2016 to present, 3/2016 to 12/2020, and 5/2012 to 12/2020); Assistant Secretary (1/2021 to 5/2022), Vice President (11/2017 to 12/2024), and Secretary (11/2017 to 2/2021 and 5/2022 to 12/2024) of an investment company advised by PPM America, Inc.  | &nbsp;&nbsp;**Principal Occupation(s) During Past 5 Years:**<br> Vice President of JNAM (8/2022 to present); Deputy General Counsel of JNAM (8/2021 to present); Assistant Vice President of JNAM (2/2018 to 8/2022); Associate General Counsel of JNAM (3/2016 to 8/2021); Vice President of other investment companies advised by JNAM (6/2023 to present) and 11/2022 to present); Assistant Secretary of other investment companies advised by JNAM (6/2023 to present), 3/2016 to present, 3/2016 to 12/2020, and 5/2012 to 12/2020); Assistant Secretary (1/2021 to 5/2022), Vice President (11/2017 to 12/2024), and Secretary (11/2017 to 2/2021 and 5/2022 to 12/2024) of an investment company advised by PPM America, Inc.  |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Name, Address, and (Age)** | &nbsp;&nbsp;**Position(s) Held with Trust**<br> **(Length of Time Served)** |
| &nbsp;&nbsp; <br> Garett J. Childs (46)<br> 1 Corporate Way<br> Lansing, MI 48951<br>| &nbsp;&nbsp; <br> Vice President<br> 11/2023 to present |
| &nbsp;&nbsp;**Principal Occupation(s) During Past 5 Years:**<br> Chief Financial Officer of JNAM (8/2021 to present); Vice President, Finance and Risk of JNAM (2/2019 to present); Controller of JNAM (11/2007 to 8/2021); Vice President of other investment companies advised by JNAM (6/2023 to present), 2/2019 to present, and 2/2019 to 12/2020) | &nbsp;&nbsp;**Principal Occupation(s) During Past 5 Years:**<br> Chief Financial Officer of JNAM (8/2021 to present); Vice President, Finance and Risk of JNAM (2/2019 to present); Controller of JNAM (11/2007 to 8/2021); Vice President of other investment companies advised by JNAM (6/2023 to present), 2/2019 to present, and 2/2019 to 12/2020) |
| &nbsp;&nbsp; <br> Kelly L. Crosser (52)<br> 1 Corporate Way<br> Lansing, MI 48951<br>| &nbsp;&nbsp; <br> Assistant Secretary<br> 11/2023 to present |
| &nbsp;&nbsp;**Principal Occupation(s) During Past 5 Years:**<br> Director, Legal of JNAM (12/2021 to present); Manager, Legal Regulatory Filings and Print of JNAM (1/2018 to 12/2021); Assistant Secretary of other investment companies advised by JNAM (6/2023 to present), 9/2007 to present, 9/2007 to 12/2020, and 10/2011 to 12/2020) | &nbsp;&nbsp;**Principal Occupation(s) During Past 5 Years:**<br> Director, Legal of JNAM (12/2021 to present); Manager, Legal Regulatory Filings and Print of JNAM (1/2018 to 12/2021); Assistant Secretary of other investment companies advised by JNAM (6/2023 to present), 9/2007 to present, 9/2007 to 12/2020, and 10/2011 to 12/2020) |
| &nbsp;&nbsp; <br> Richard J. Gorman (59)<br> 1 Corporate Way<br> Lansing, MI 48951<br>| &nbsp;&nbsp; <br> Chief Compliance Officer<br> 11/2023 to present<br>Anti-Money Laundering Officer<br> 11/2023 to present |
| &nbsp;&nbsp;**Principal Occupation(s) During Past 5 Years:**<br> Senior Vice President and Chief Compliance Officer of JNAM (8/2018 to present); Chief Compliance Officer and Anti-Money Laundering Officer of other investment companies advised by JNAM (6/2023 to present), 8/2018 to present, and 8/2018 to 12/2020) | &nbsp;&nbsp;**Principal Occupation(s) During Past 5 Years:**<br> Senior Vice President and Chief Compliance Officer of JNAM (8/2018 to present); Chief Compliance Officer and Anti-Money Laundering Officer of other investment companies advised by JNAM (6/2023 to present), 8/2018 to present, and 8/2018 to 12/2020) |
| &nbsp;&nbsp; <br> William P. Harding (50)<br> 1 Corporate Way<br> Lansing, MI 48951<br>| &nbsp;&nbsp; <br> Vice President<br> 11/2023 to present |
| &nbsp;&nbsp;**Principal Occupation(s) During Past 5 Years:**<br> Senior Vice President and Chief Investment Officer of JNAM (6/2014 to present); Vice President of other investment companies advised by JNAM (6/2023 to present), 11/2012 to present, 11/2012 to 12/2020, and 5/2014 to 12/2020) | &nbsp;&nbsp;**Principal Occupation(s) During Past 5 Years:**<br> Senior Vice President and Chief Investment Officer of JNAM (6/2014 to present); Vice President of other investment companies advised by JNAM (6/2023 to present), 11/2012 to present, 11/2012 to 12/2020, and 5/2014 to 12/2020) |
| &nbsp;&nbsp; <br> Daniel W. Koors (55)<br> 1 Corporate Way<br> Lansing, MI 48951<br>| &nbsp;&nbsp; <br> Vice President<br> 11/2023 to present |
| &nbsp;&nbsp;**Principal Occupation(s) During Past 5 Years:**<br> Senior Vice President of JNAM (1/2009 to present); Chief Operating Officer of JNAM (4/2011 to present); Vice President of other investment companies advised by JNAM (6/2023 to present), 12/2006 to present, 12/2006 to 12/2020, and 1/2018 to 12/2020); Treasurer and Chief Financial Officer of other investment companies advised by JNAM (9/2016 to 12/2020, and 10/2011 to 12/2020); Principal Financial Officer (11/2017 to 1/2021), Treasurer (11/2017 to 1/2021), and Vice President (11/2017 to 12/2024) of an investment company advised by PPM America, Inc. | &nbsp;&nbsp;**Principal Occupation(s) During Past 5 Years:**<br> Senior Vice President of JNAM (1/2009 to present); Chief Operating Officer of JNAM (4/2011 to present); Vice President of other investment companies advised by JNAM (6/2023 to present), 12/2006 to present, 12/2006 to 12/2020, and 1/2018 to 12/2020); Treasurer and Chief Financial Officer of other investment companies advised by JNAM (9/2016 to 12/2020, and 10/2011 to 12/2020); Principal Financial Officer (11/2017 to 1/2021), Treasurer (11/2017 to 1/2021), and Vice President (11/2017 to 12/2024) of an investment company advised by PPM America, Inc. |
| &nbsp;&nbsp; <br> Kristen K. Leeman (50)<br> 1 Corporate Way<br> Lansing, MI 48951<br>| &nbsp;&nbsp; <br> Assistant Secretary<br> 11/2023 to present |
| &nbsp;&nbsp;**Principal Occupation(s) During Past 5 Years:**<br> Senior Project Manager of JNAM (10/2023 to present); Senior Regulatory Analyst of JNAM (5/2021 to 10/2023); Regulatory Analyst of JNAM (1/2018 to 5/2021); Assistant Secretary of other investment companies advised by JNAM (6/2023 to present), 6/2012 to present, 6/2012 to 12/2020, and 1/2018 to 12/2020) | &nbsp;&nbsp;**Principal Occupation(s) During Past 5 Years:**<br> Senior Project Manager of JNAM (10/2023 to present); Senior Regulatory Analyst of JNAM (5/2021 to 10/2023); Regulatory Analyst of JNAM (1/2018 to 5/2021); Assistant Secretary of other investment companies advised by JNAM (6/2023 to present), 6/2012 to present, 6/2012 to 12/2020, and 1/2018 to 12/2020) |
| &nbsp;&nbsp; <br> Adam C. Lueck (43)<br> 1 Corporate Way<br> Lansing, MI 48951<br>| &nbsp;&nbsp; <br> Assistant Secretary<br> 11/2023 to present |
| &nbsp;&nbsp;**Principal Occupation(s) During Past 5 Years:**<br> Associate General Counsel of JNAM (12/2021 to present); Senior Attorney of JNAM (2/2018 to 12/2021); Assistant Secretary of other investment companies advised by JNAM (6/2023 to present), 3/2018 to present, 3/2018 to 12/2020, and 12/2015 to 12/2020) | &nbsp;&nbsp;**Principal Occupation(s) During Past 5 Years:**<br> Associate General Counsel of JNAM (12/2021 to present); Senior Attorney of JNAM (2/2018 to 12/2021); Assistant Secretary of other investment companies advised by JNAM (6/2023 to present), 3/2018 to present, 3/2018 to 12/2020, and 12/2015 to 12/2020) |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Name, Address, and (Age)** | &nbsp;&nbsp;**Position(s) Held with Trust**<br> **(Length of Time Served)** |
| &nbsp;&nbsp; <br> Mia K. Nelson (43)<br> 1 Corporate Way<br> Lansing, MI 48951<br> **** | &nbsp;&nbsp; ****<br> Vice President<br> 11/2023 to present<br>**** |
| &nbsp;&nbsp;**Principal Occupation(s) During Past 5 Years:**<br> Vice President, Tax of JNAM (8/2022 to present); Assistant Vice President, Tax of JNAM (3/2017 to 8/2022); Vice President of other investment companies advised by JNAM (6/2023 to present) and 11/2022 to present); Assistant Vice President of other investment companies advised by JNAM (8/2017 to 11/2022, 8/2017 to 12/2020, and 9/2017 to 12/2020) | &nbsp;&nbsp;**Principal Occupation(s) During Past 5 Years:**<br> Vice President, Tax of JNAM (8/2022 to present); Assistant Vice President, Tax of JNAM (3/2017 to 8/2022); Vice President of other investment companies advised by JNAM (6/2023 to present) and 11/2022 to present); Assistant Vice President of other investment companies advised by JNAM (8/2017 to 11/2022, 8/2017 to 12/2020, and 9/2017 to 12/2020) |
| &nbsp;&nbsp; <br> Joseph B. O'Boyle (62)<br> 1 Corporate Way<br> Lansing, MI 48951<br>| &nbsp;&nbsp; <br> Vice President<br> 11/2023 to present<br>|
| &nbsp;&nbsp;**Principal Occupation(s) During Past 5 Years:**<br> Vice President of JNAM (8/2015 to present); Vice President of other investment companies advised by JNAM (6/2023 to present), 1/2018 to present, and 1/2018 to 12/2020); Chief Compliance Officer and Anti-Money Laundering Officer of an investment company advised by PPM America, Inc. (2/2018 to 12/2024) | &nbsp;&nbsp;**Principal Occupation(s) During Past 5 Years:**<br> Vice President of JNAM (8/2015 to present); Vice President of other investment companies advised by JNAM (6/2023 to present), 1/2018 to present, and 1/2018 to 12/2020); Chief Compliance Officer and Anti-Money Laundering Officer of an investment company advised by PPM America, Inc. (2/2018 to 12/2024) |
| &nbsp;&nbsp; <br> Susan S. Rhee (53)<br> 1 Corporate Way<br> Lansing, MI 48951<br>| &nbsp;&nbsp; <br> Vice President, Chief Legal Officer, and Secretary<br> 11/2023 to present |
| &nbsp;&nbsp;**Principal Occupation(s) During Past 5 Years:**<br> Senior Vice President and General Counsel of JNAM (1/2010 to present); Secretary of JNAM (11/2000 to present); Vice President, Chief Legal Officer, and Secretary of other investment companies advised by JNAM (6/2023 to present), 2/2004 to present, 2/2004 to 12/2020, and 10/2011 to 12/2020); Vice President and Assistant Secretary of an investment company advised by PPM America, Inc. (11/2017 to 7/2022) | &nbsp;&nbsp;**Principal Occupation(s) During Past 5 Years:**<br> Senior Vice President and General Counsel of JNAM (1/2010 to present); Secretary of JNAM (11/2000 to present); Vice President, Chief Legal Officer, and Secretary of other investment companies advised by JNAM (6/2023 to present), 2/2004 to present, 2/2004 to 12/2020, and 10/2011 to 12/2020); Vice President and Assistant Secretary of an investment company advised by PPM America, Inc. (11/2017 to 7/2022) |
| &nbsp;&nbsp; <br> Andrew Tedeschi (60)<br> 1 Corporate Way<br> Lansing, MI 48951<br>| &nbsp;&nbsp; <br> Treasurer & Chief Financial Officer<br> 11/2023 to present<br>|
| &nbsp;&nbsp;**Principal Occupation(s) During Past 5 Years:**<br> Vice President, JNAM (1/2019 to present); Treasurer and Chief Financial Officer of other investment companies advised by JNAM (6/2023 to present) and 6/2020 to present); Principal Financial Officer, Treasurer, and Vice President of an investment company advised by PPM America, Inc. (1/2021 to 12/2024) | &nbsp;&nbsp;**Principal Occupation(s) During Past 5 Years:**<br> Vice President, JNAM (1/2019 to present); Treasurer and Chief Financial Officer of other investment companies advised by JNAM (6/2023 to present) and 6/2020 to present); Principal Financial Officer, Treasurer, and Vice President of an investment company advised by PPM America, Inc. (1/2021 to 12/2024) |

---

**Board of Trustees Leadership Structure**

The Board is responsible for oversight of the Fund, including risk oversight and oversight of Fund management. The Board consists of eight Trustees who are not "interested persons" of the Fund ("Independent Trustees") and one interested Trustee. The Independent Trustees have retained outside independent legal counsel and meet at least quarterly with that counsel in executive session without the interested Trustee and management.

The Chairman of the Board is a disinterested Trustee. The Chairman presides at all meetings of the Board at which the Chairman is present. The Chairman exercises such powers as are assigned to him or her by the Fund's organizational and operating documents and by the Board, which may include acting as a liaison with service providers, attorneys, the Fund's officers including the Chief Compliance Officer and other Trustees between meetings.

The Board has established a committee structure to assist in overseeing the Fund. The Board has an Audit Committee and a Governance Committee. Each committee is comprised exclusively of Independent Trustees. The independent chairperson of each committee, among other things, facilitates communication among the Independent Trustees, Fund management, service providers, and the full Board. The Fund has determined that the Board's leadership structure is appropriate given the specific characteristics and circumstances of the Fund including, without limitation, the Fund, the net assets of the Fund and the Fund's business and structure, because it allows the Board to exercise oversight in an orderly and efficient manner.

**Committees of the Board of Trustees**

The Audit Committee assists the Board of Trustees in fulfilling its oversight responsibilities by providing oversight with respect to the preparation and review of the financial reports and other financial information provided by the Fund to the public or government agencies. The Audit Committee is responsible for the selection, subject to ratification by the Board, of the Fund's independent registered public accounting firm, and for the approval of the auditor's fee. The Audit Committee also reviews the Fund's internal controls regarding finance, accounting, legal compliance and the Fund's auditing, accounting and financial processes generally. The Audit Committee also serves as the Fund's "Qualified Legal Compliance Committee", for the confidential receipt, retention, and consideration of reports of evidence of material violations under rules of the SEC. Messrs. Anyah, Bouchard, Wehrle, and Ms. Woodworth are members of the Audit Committee. Mr. Wehrle serves as Chair of the Audit Committee. Mr. Wood is an ex officio member of the Audit Committee. The Audit Committee had seven meetings in the last fiscal year.

The Governance Committee is responsible for, among other things, the identification, evaluation and nomination of potential candidates to serve on the Board of Trustees. The Governance Committee will accept Trustee nominations from shareholders. Any such nominations should be sent to the Fund's Governance Committee, c/o Chair of the Governance Committee, John W. Gillespie, P.O. Box 30902, Lansing, Michigan 48909-8402. Ms. Carnahan, and Messrs. Gillespie and Rybak are members of the Governance Committee. Mr. Gillespie serves as Chair of the Governance Committee. Mr. Wood is an ex officio member of the Governance Committee. The Governance Committee had three meetings in the last fiscal year.

The Investment Committee reviews the performance of the Fund. The Investment Committee meets at least four times per year and reports the results of its review to the full Board at each regularly scheduled Board meeting. Messrs. Anyah, Bouchard, Nerud, Rybak and Wood are members of the Investment Committee, with Mr. Anyah serving as Chair. In the last fiscal year, the Investment Committee had five meetings.

**Ownership of Trustees of Shares in the Fund and in the Fund Complex**

As of December 31, 2024, the Trustees beneficially owned the following interests in shares of the Fund and, on an aggregate basis, in the Fund Complex:

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Trustee** | &nbsp;&nbsp;**Dollar Range of Equity Securities in the Fund** | &nbsp;&nbsp;**Aggregate Dollar Range of Equity Securities in All Registered Investment Companies Overseen by the Trustee in the Family of Investment Companies** |
| &nbsp;&nbsp;Mark D. Nerud |  | &nbsp;&nbsp;Over $100,000 |
| &nbsp;&nbsp;Eric O. Anyah |  | &nbsp;&nbsp;Over $100,000 |
| &nbsp;&nbsp;Michael Bouchard |  | &nbsp;&nbsp;Over $100,000 |
| &nbsp;&nbsp;Ellen Carnahan |  | &nbsp;&nbsp;Over $100,000 |
| &nbsp;&nbsp;John Gillespie |  | &nbsp;&nbsp;Over $100,000 |
| &nbsp;&nbsp;William R. Rybak |  | &nbsp;&nbsp;Over $100,000 |
| &nbsp;&nbsp;Mark S. Wehrle |  | &nbsp;&nbsp;Over $100,000 |
| &nbsp;&nbsp;Edward Wood |  | &nbsp;&nbsp;Over $100,000 |
| &nbsp;&nbsp;Patricia A. Woodworth |  | &nbsp;&nbsp;Over $100,000 |

---

**Ownership by Independent Trustees of Interests in Certain Affiliates of the Fund**

As of December 31, 2024, none of the Independent Trustees, nor any member of an Independent Trustee's immediate family, owned beneficially or of record any securities in an investment adviser or principal underwriter of the Fund, or a person directly or indirectly controlling or under common control with an investment adviser or principal underwriter of the Fund.

**Trustee Compensation**

The Trustee who is an "interested person" receives no compensation from the Fund. Effective January 1, 2025, each Independent Trustee is paid by the Fund Complex an annual retainer of $370,000. The fees are allocated to the funds within the Fund Complex on a pro-rata basis based on net assets. The Chairman of the Board of Trustees receives an additional annual retainer of $105,000. The Chair of the Audit Committee receives an additional annual retainer of $30,000 for services in that capacity. The Chair of the Governance Committee receives an additional annual retainer of $25,000 for services in that capacity.

The Independent Trustees receive $2,500 per day plus lodging and travel expenses (including business airfare) when traveling, on behalf of the Fund, out of town on Fund business (which, generally, does not include attending educational sessions or seminars). However, if a Board or Committee meeting is held out of town, the Independent Trustees do not receive the "per diem" fee plus the Board or Committee fee for such out of town meeting, but rather receive the greater of $2,500 or the meeting fee.

The Trustees received the amounts set forth in the following table from the Fund for its fiscal year ending March 31, 2025.

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Trustee** | &nbsp;&nbsp;**Aggregate Compensation from the Trust<sup>1</sup>** | &nbsp;&nbsp;**Pension or Retirement Benefits Accrued As Part of Trust Expenses** | &nbsp;&nbsp;**Estimated Annual Benefits Upon Retirement** | &nbsp;&nbsp;**Total Compensation from the Trust and Fund Complex** |
| &nbsp;&nbsp;Eric O. Anyah | &nbsp;&nbsp;$310 | &nbsp;&nbsp;$0 | &nbsp;&nbsp;$0 | &nbsp;&nbsp;$387500<sup>2</sup> |
| &nbsp;&nbsp;Michael Bouchard | &nbsp;&nbsp;$290 | &nbsp;&nbsp;$0 | &nbsp;&nbsp;$0 | &nbsp;&nbsp;$362500<sup>3</sup> |
| &nbsp;&nbsp;Ellen Carnahan | &nbsp;&nbsp;$310 | &nbsp;&nbsp;$0 | &nbsp;&nbsp;$0 | &nbsp;&nbsp;$387500 |
| &nbsp;&nbsp;John Gillespie | &nbsp;&nbsp;$310 | &nbsp;&nbsp;$0 | &nbsp;&nbsp;$0 | &nbsp;&nbsp;$387500 |
| &nbsp;&nbsp;William R. Rybak | &nbsp;&nbsp;$290 | &nbsp;&nbsp;$0 | &nbsp;&nbsp;$0 | &nbsp;&nbsp;$362500 |
| &nbsp;&nbsp;Mark S. Wehrle | &nbsp;&nbsp;$314 | &nbsp;&nbsp;$0 | &nbsp;&nbsp;$0 | &nbsp;&nbsp;$392500 |
| &nbsp;&nbsp;Edward Wood | &nbsp;&nbsp;$374 | &nbsp;&nbsp;$0 | &nbsp;&nbsp;$0 | &nbsp;&nbsp;$467500<sup>4</sup> |
| &nbsp;&nbsp;Patricia Woodworth | &nbsp;&nbsp;$290 | &nbsp;&nbsp;$0 | &nbsp;&nbsp;$0 | &nbsp;&nbsp;$362500 |

---

<sup>1</sup> The fees paid to the Independent Trustees are paid for combined service on Fund Complex. The fees are allocated to the Fund Complex and affiliated investment companies on a pro-rata basis based on net assets. The total fees paid to all the Independent Trustees is $3,110,000.

<sup>2</sup> Amount includes $387,500 deferred by Mr. Anyah.

<sup>3</sup> Amount includes $13,500 deferred by Mr. Bouchard.

<sup>4</sup> Amount includes $140,250 deferred by Mr. Wood.

Neither the Fund nor any of the other investment companies in the Fund Complex have adopted any plan providing pension or retirement benefits for Trustees.

**Additional Information Concerning The Trustees**

Below is a discussion, for each Trustee, of the particular experience, qualifications, attributes or skills that led to the conclusion that the Trustee should serve as a Trustee. The Board monitors its conclusions in light of information subsequently received throughout the year and considers its conclusions to have continuing validity until the Board makes a contrary determination. In reaching their conclusions, the Trustees considered various facts and circumstances and did not identify any factor as controlling, and individual Trustees may have considered additional factors or weighed the same factors differently.

**<u>Interested Trustee</u>**

**Mark D. Nerud.** Mr. Nerud is President and CEO of the Adviser and President and CEO of other investment companies advised by the Adviser. Mr. Nerud also served as Vice President – Fund Accounting & Administration of Jackson for ten years. Mr. Nerud is the former Chief Financial Officer of the Adviser and of other investment companies advised by the Adviser. Mr. Nerud has a Bachelor of Arts in Economics from St. Olaf College.

The Board considered Mr. Nerud's various roles and executive experience with the Adviser, his financial and accounting experience, academic background, and his approximately 18 years of experience as Trustee of the Fund Complex.

**<u>Independent Trustees</u>**

**Eric O. Anyah.** Mr. Anyah is the Chief Financial Officer of The Museum of Fine Arts, Houston. Mr. Anyah has a Bachelor's degree from University of Illinois at Chicago, where he majored in History of Art and Architecture, and a Master of Science in Accounting also from the University of Illinois at Chicago.

The Board considered Mr. Anyah's executive experience, his accounting and business experience, and his approximately seven years of experience as a Trustee of the Fund Complex.

**Michael Bouchard.** Mr. Bouchard is currently the Sheriff of Oakland County, Michigan. Mr. Bouchard has a Bachelor's degree from Michigan State University, where he majored in criminal justice and police administration.

The Board considered Mr. Bouchard's executive experience, academic background, and his approximately 24 years of experience as a Trustee of the Fund Complex.

**Ellen Carnahan.** Ms. Carnahan is a Principal of Machrie Enterprises LLC. Ms. Carnahan was formerly a Managing Director of William Blair Capital Management LLC. Ms. Carnahan is a board member of several corporate and philanthropic boards. Ms. Carnahan received a Bachelor of Business Administration from the University of Notre Dame and a Master's of Business Administration from the University of Chicago.

The Board considered Ms. Carnahan's executive experience, financial experience, academic background, and board experience with other companies and philanthropic organizations, as well as her approximately 11 years of experience as a Trustee of the Fund Complex.

**John Gillespie.** Mr. Gillespie is an entrepreneur-in-residence at the University of California-Los Angeles Office of Intellectual Property. Mr. Gillespie was formerly the Financial Advisor of Yosi, Inc. and the Financial Officer and Executive Vice President for the Mentor Network. Mr. Gillespie is a board member of several philanthropic boards. Mr. Gillespie received a Bachelor of Arts from Harvard College and a Master's of Business Administration from Harvard Business School.

The Board considered Mr. Gillespie's executive experience, financial experience, academic background, and board experience with philanthropic organizations, as well as his approximately 11 years of experience as a Trustee of the Fund Complex.

**William R. Rybak.** Mr. Rybak formerly served as Chief Financial Officer of Van Kampen Investments and is a Board Member of several corporate boards, including another mutual fund company. Mr. Rybak has a Bachelor of Arts degree in Accounting from Lewis University and a Master's of Business Administration from the University of Chicago.

The Board considered Mr. Rybak's board experience with other companies, financial experience, academic background and his approximately 18 years of experience as a Trustee of the Fund Complex.

**Mark S. Wehrle.** Mr. Wehrle has over 38 years of general business experience, including specific experience with accounting, auditing, internal controls and financial reporting that he gained as an audit partner with Deloitte & Touche serving financial services entities, including mutual funds. Mr. Wehrle also served as a trustee to a previous investment company advised by JNAM from July 2013 to December 2020.

The Board considered Mr. Wehrle's accounting, auditing and business experience and his approximately seven years of experience as a Trustee of the Fund Complex.

**Edward Wood.** Mr. Wood is the Chairperson of the Board beginning in January 2020. Mr. Wood formerly served as Chief Operating Officer of McDonnell Investment Management, LLC. Mr. Wood was also formerly President and Principal Executive Officer of the Van Kampen family of mutual funds, Chief Administrative Officer of Van Kampen Investments and Chief Operating Officer of Van Kampen Funds, Inc. Mr. Wood received a Bachelor of Science from the Wharton School of the University of Pennsylvania.

The Board considered Mr. Wood's executive experience, financial and accounting experience and academic background, as well as his approximately 11 years of experience as a Trustee of the Fund Complex.

**Patricia A. Woodworth.** Ms. Woodworth formerly served as the Chief Financial Officer of the National Trust for Historic Preservation and as the Vice President, Chief Financial Officer, and Chief Operating Officer of The J. Paul Getty Trust. Ms. Woodworth was also formerly Executive Vice President for Finance and Administration and the Chief Financial Officer of the Art Institute of Chicago. Ms. Woodworth has a Bachelor of Arts from the University of Maryland.

The Board considered Ms. Woodworth's executive experience, financial experience, academic background, and approximately 18 years of experience as a Trustee of the Fund Complex.

**Code of Ethics.** To mitigate the possibility that the Fund will be adversely affected by personal trading of employees, the Fund, the Adviser, the Sub-Advisers, and JNLD have adopted Codes of Ethics under Rule 17j-1 of the 1940 Act and Rule 204A-1 under the Investment Advisers Act of 1940, as amended. These Codes of Ethics contain policies restricting securities trading in personal accounts of the portfolio managers and others who normally come into possession of information regarding portfolio transactions of the Fund. The Fund's and the Adviser's Codes of Ethics comply, in all material respects, with the recommendations of the Investment Company Institute. Subject to the requirements of the Codes of Ethics, employees may invest in securities for their own investment accounts, including securities that may be purchased or held by the Fund. The Codes of Ethics are available on the EDGAR Database on the SEC's Internet site at http://www.sec.gov, and copies may be obtained, after paying a duplicating fee, by electronic request at the following email address: publicinfo@sec.gov.

**Investment Adviser**

JNAM, 1 Corporate Way, Lansing, Michigan 48951, is the investment adviser to the Fund. As investment adviser, JNAM provides the Fund with professional investment supervision and management. JNAM is an indirect, wholly owned subsidiary of Jackson Financial Inc. ("Jackson"), a leading provider of retirement products for industry professionals and their clients. Jackson and its affiliates offer variable, fixed and fixed index annuities designed for tax-efficient growth and distribution of retirement income for retail customers, as well as products for institutional investors.

Pursuant to the Investment Management Agreement (the "Investment Management Agreement"), the Adviser agrees to manage the investment and reinvestment of the Fund's assets in accordance with the Fund's investment objective and policies and determine what investments will be purchased, held, sold or exchanged by the Fund and what portion, if any, of the assets of the Fund will be held uninvested. The Adviser bears its own operating and overhead expenses attributable to its duties under the Investment Management Agreement (such as salaries, bonuses, rent, office and administrative expenses, depreciation and amortization, and auditing expenses). The Fund bears all other costs of its operations.

The Investment Management Agreement continues in effect for the 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 Fund, and (ii) the shareholders of the Fund or the Board of Trustees. It may be terminated at any time without penalty upon sixty (60) days' written notice by the Board, the Adviser, or by a majority vote of the outstanding shares of the Fund with respect to the Fund, and will terminate automatically upon assignment. The Investment Management Agreement provides that the Adviser shall not be liable for any error of judgment, or for any loss suffered by the Fund in connection with the matters to which the agreement relates, except a loss resulting from willful misfeasance, bad faith or gross negligence on the part of the Adviser in the performance of its obligations and duties, or by reason of its reckless disregard of its obligations and duties under the agreement.

*Management Fee*

As compensation for its services, a monthly management fee equal to 1.15% on an annualized basis of the average daily net assets of the Fund ("Management Fee").

For the fiscal year ended March 31, 2025, the fee incurred by the Fund pursuant to the Investment Advisory and Management Agreement was $2,229,570.

Portfolio Manager Compensation Structure

JNAM manages the Fund according to the investment objective and strategy of the Fund. In this context, the term "portfolio manager" refers to development and oversight of the asset allocation process, including the Private Funds selected by JNAM in which the Fund's assets are invested, and the allocations to the Sub-Advisers. The portfolio managers are paid their regular base salary, receive an incentive bonus opportunity, and receive a benefits package commensurate with all other JNAM employees.

Jackson's policy is to reward professional staff according to competitive industry scales, personal effort and performance. This is accomplished through three primary compensation elements: Base salary and an annual bonus are the primary compensation arrangements. Certain individuals may participate in Jackson's long-term incentive program ("LTIP"). Base salary is evaluated for each professional at least annually based on tenure, performance, and market factors. The Jackson LTIP program is based on the overall performance of the operations of Jackson and other U.S. based affiliates. To help in retaining its investment professionals, the LTIP has a three-year cliff vesting schedule. The mix of base, discretionary bonus, and LTIP varies by level, with more senior employees having a greater percentage of their pay at risk through annual bonus and LTIP.

Other Accounts Managed by the Portfolio Managers and Potential Conflicts of Interest

The following table reflects information as of March 31, 2025:

Jackson Real Assets Fund

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | | | | &nbsp;&nbsp;**Performance Fee Accounts** | &nbsp;&nbsp;**Performance Fee Accounts** |
| <br>&nbsp;&nbsp;**Portfolio Manager** | <br>&nbsp;&nbsp;**Category of Account** | <br>&nbsp;&nbsp;**# of Accounts** | <br>&nbsp;&nbsp;**AUM** | &nbsp;&nbsp;**# of Accounts** | &nbsp;&nbsp;**AUM** |
| &nbsp;&nbsp;William Harding, CFA | &nbsp;&nbsp;Other Registered Investment Companies | &nbsp;&nbsp;29 | &nbsp;&nbsp;$43.6 billion | &nbsp;&nbsp;0 | &nbsp;&nbsp;$0 |
| &nbsp;&nbsp;William Harding, CFA | &nbsp;&nbsp;Other Pooled Vehicles | &nbsp;&nbsp;0 | &nbsp;&nbsp;$0 | &nbsp;&nbsp;0 | &nbsp;&nbsp;$0 |
| &nbsp;&nbsp;William Harding, CFA | &nbsp;&nbsp;Other Accounts | &nbsp;&nbsp;0 | &nbsp;&nbsp;$0 | &nbsp;&nbsp;0 | &nbsp;&nbsp;$0 |
| &nbsp;&nbsp;Sean Hynes, CFA, CAIA | &nbsp;&nbsp;Other Registered Investment Companies | &nbsp;&nbsp;29 | &nbsp;&nbsp;$43.6 billion | &nbsp;&nbsp;0 | &nbsp;&nbsp;$0 |
| &nbsp;&nbsp;Sean Hynes, CFA, CAIA | &nbsp;&nbsp;Other Pooled Vehicles | &nbsp;&nbsp;0 | &nbsp;&nbsp;$0 | &nbsp;&nbsp;0 | &nbsp;&nbsp;$0 |
| &nbsp;&nbsp;Sean Hynes, CFA, CAIA | &nbsp;&nbsp;Other Accounts | &nbsp;&nbsp;0 | &nbsp;&nbsp;$0 | &nbsp;&nbsp;0 | &nbsp;&nbsp;$0 |
| &nbsp;&nbsp;Mark Pliska, CFA | &nbsp;&nbsp;Other Registered Investment Companies | &nbsp;&nbsp;29 | &nbsp;&nbsp;$43.6 billion | &nbsp;&nbsp;0 | &nbsp;&nbsp;$0 |
| &nbsp;&nbsp;Mark Pliska, CFA | &nbsp;&nbsp;Other Pooled Vehicles | &nbsp;&nbsp;0 | &nbsp;&nbsp;$0 | &nbsp;&nbsp;0 | &nbsp;&nbsp;$0 |
| &nbsp;&nbsp;Mark Pliska, CFA | &nbsp;&nbsp;Other Accounts | &nbsp;&nbsp;0 | &nbsp;&nbsp;$0 | &nbsp;&nbsp;0 | &nbsp;&nbsp;$0 |
| &nbsp;&nbsp;Kyle Ottwell, CFA, CAIA | &nbsp;&nbsp;Other Registered Investment Companies | &nbsp;&nbsp;20 | &nbsp;&nbsp;$32.94 billion | &nbsp;&nbsp;0 | &nbsp;&nbsp;$0 |
| &nbsp;&nbsp;Kyle Ottwell, CFA, CAIA | &nbsp;&nbsp;Other Pooled Vehicles | &nbsp;&nbsp;0 | &nbsp;&nbsp;$0 | &nbsp;&nbsp;0 | &nbsp;&nbsp;$0 |
| &nbsp;&nbsp;Kyle Ottwell, CFA, CAIA | &nbsp;&nbsp;Other Accounts | &nbsp;&nbsp;0 | &nbsp;&nbsp;$0 | &nbsp;&nbsp;0 | &nbsp;&nbsp;$0 |

---

Conflicts of Interest

The managers, officers and employees of the Adviser may buy and sell securities or other investments for their own accounts. As a result of differing trading and investment strategies or constraints, investments may be made by managers, officers and employees that are the same, different from or made at different times than investments made for the Fund. To reduce the possibility that the Fund will be materially adversely affected by the personal trading described above, the Fund and the Adviser, as well as the Sub-Advisers, have adopted codes of ethics (collectively, the "Codes of Ethics") in compliance with Section 17(j) of the 1940 Act that restricts securities trading in the personal accounts of investment professionals and others who normally come into possession of information regarding the portfolio transactions of the Fund.

The Fund substantially relies on the Adviser to manage the day-to-day activities of the Fund and the Adviser, as well as the Sub-Advisers, to implement the Fund's investment strategy. The Adviser is involved with activities that are unrelated to the Fund. For example, the Adviser is not restricted from forming additional investment funds, from entering into other investment advisory relationships or from engaging in other business activities, even though such activities may be in competition with the Fund and/or may involve substantial time and resources of the Adviser. These activities could be viewed as creating a conflict of interest in that the time and effort of the Adviser and its officers and employees will not be devoted exclusively to the Fund's business but will be allocated between the Fund and the management of the assets of other clients of the Adviser. The Adviser and its employees will devote only as much of their time to the Fund's business as the Adviser and its employees, in their judgment, determine is reasonably required, which may be substantially less than their full time. Therefore, the Adviser and its employees may experience conflicts of interest in allocating management time, services and functions among the Fund and any other business ventures in which they or any of their key personnel, as applicable, are or may become involved. This could result in actions that are more favorable to other entities than to the Fund.

Security Ownership Portfolio Managers for the Jackson Real Assets Fund as of March 31, 2025

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Security Ownership of Portfolio Managers** |  | &nbsp;&nbsp; $1-<br> $10000 | &nbsp;&nbsp; $10001-<br> $50000 | &nbsp;&nbsp; $50001-<br> $100000 | &nbsp;&nbsp; $100001-<br> $500000 | &nbsp;&nbsp; $500001-<br> $1000000 | &nbsp;&nbsp;Over $1,000,000 |
| &nbsp;&nbsp;William Harding, CFA | &nbsp;&nbsp;X |  |  |  |  |  |  |
| &nbsp;&nbsp;Sean Hynes, CFA, CAIA | &nbsp;&nbsp;X |  |  |  |  |  |  |
| &nbsp;&nbsp;Mark Pliska, CFA | &nbsp;&nbsp;X |  |  |  |  |  |  |
| &nbsp;&nbsp;Kyle Ottwell, CFA, CAIA | &nbsp;&nbsp;X |  |  |  |  |  |  |

---

**Cohen & Steers Capital Management, Inc.**

Cohen & Steers Capital Management, Inc. ("C&S"), located at 1166 Avenue of the Americas, New York, New York 10036, serves as a Sub-Adviser to the Fund. C&S is a wholly-owned subsidiary of Cohen & Steers, Inc., a publicly traded company whose shares are listed on the NYSE under the symbol "CNS." As compensation under the Sub-Advisory Agreement, the Adviser pays C&S a monthly sub-advisory fee equal to 0.35% on an annualized basis of the average daily net assets of the Fund allocated to C&S.

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 those assets of the Fund allocated to it by the Adviser.

Portfolio Manager Compensation Structure

Compensation of portfolio managers and other investment professionals is comprised of: (1) a base salary, (2) an annual cash bonus and (3) long-term stock-based compensation consisting generally of restricted stock units of CNS, the parent company of C&S. All employees, including the portfolio managers and other investment professionals, also receive certain retirement, insurance and other benefits. Compensation is reviewed on an annual basis. Cash bonuses, stock-based compensation awards, and adjustments in base salary are effective the January following the fiscal year-end of CNS.

Compensation for the portfolio managers is determined by evaluating four primary components, in order of emphasis: (1) investment performance, (2) leadership and collaboration, (3) team level revenue changes and (4) the firm's financial results.

The investment performance evaluation is based on the team's excess returns versus a representative benchmark and, where available, on the percentile rankings relative to an institutional peer group and percentile rankings relative to a retail peer group. The performance metrics are on a pre-tax and pre-expense basis and are reviewed for both the one- and three-year periods, with a greater weight given to the three-year period. The benchmark and peers which most represent the investment strategy are used in evaluating performance. For portfolio managers responsible for multiple funds and other accounts, performance is evaluated on an aggregate basis. Leadership and collaboration are evaluated through a qualitative assessment. The qualitative factors considered for evaluating leadership include, among others, process and innovation, team development, thought leadership, client service and cross team cooperation. A final factor is based on portfolio managers' ownership level in the Funds they manage.

On an annual basis, the performance metrics and leadership factors are aggregated to produce a quantitative assessment of the portfolio manager and investment team. This assessment is considered alongside calendar year over year changes in a strategy's advisory fees earned, the operating performance of C&S and CNS, and market factors to determine appropriate levels for salaries, bonuses and stock-based compensation. Base compensation for portfolio managers are fixed and vary in line with the portfolio manager's seniority and position with the firm. Cash bonuses and stock based compensation may fluctuate significantly from year-to-year, based on this framework.

C&S has a negligible number of accounts with performance based fees, and although portfolio managers do not directly receive a portion of these fees, performance based fees may contribute to the overall profitability of C&S.

*Other Accounts Managed by the Portfolio Managers and Potential Conflicts of Interest*

The following table reflects information as of March 31, 2025:

Jackson Real Assets Fund

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | | | | &nbsp;&nbsp;**Performance Fee Accounts** | &nbsp;&nbsp;**Performance Fee Accounts** |
| <br>&nbsp;&nbsp;**Portfolio Manager** | <br>&nbsp;&nbsp;**Category of Account** | <br>&nbsp;&nbsp;**# of Accounts** | <br>&nbsp;&nbsp;**AUM** | &nbsp;&nbsp;**# of Accounts** | &nbsp;&nbsp;**AUM** |
| &nbsp;&nbsp;Jon Cheigh | &nbsp;&nbsp;Other Registered Investment Companies | &nbsp;&nbsp;9 | &nbsp;&nbsp;$19.16 billion | &nbsp;&nbsp;0 | &nbsp;&nbsp;$0 |
| &nbsp;&nbsp;Jon Cheigh | &nbsp;&nbsp;Other Pooled Vehicles | &nbsp;&nbsp;29 | &nbsp;&nbsp;$4.12 million | &nbsp;&nbsp;0 | &nbsp;&nbsp;$0 |
| &nbsp;&nbsp;Jon Cheigh | &nbsp;&nbsp;Other Accounts | &nbsp;&nbsp;19 | &nbsp;&nbsp;$4.45 billion | &nbsp;&nbsp;0 | &nbsp;&nbsp;$0 |
| &nbsp;&nbsp;Jason A. Yablon | &nbsp;&nbsp;Other Registered Investment Companies | &nbsp;&nbsp;19 | &nbsp;&nbsp;$32.19 million | &nbsp;&nbsp;0 | &nbsp;&nbsp;$0 |
| &nbsp;&nbsp;Jason A. Yablon | &nbsp;&nbsp;Other Pooled Vehicles | &nbsp;&nbsp;59 | &nbsp;&nbsp;$17.19 million | &nbsp;&nbsp;0 | &nbsp;&nbsp;$0 |
| &nbsp;&nbsp;Jason A. Yablon | &nbsp;&nbsp;Other Accounts | &nbsp;&nbsp;52 | &nbsp;&nbsp;$10.01 billion | &nbsp;&nbsp;2 | &nbsp;&nbsp;$289.51 million |
| &nbsp;&nbsp;Mathew Kirschner, CFA | &nbsp;&nbsp;Other Registered Investment Companies | &nbsp;&nbsp;10 | &nbsp;&nbsp;$28.11 billion | &nbsp;&nbsp;0 | &nbsp;&nbsp;$0 |
| &nbsp;&nbsp;Mathew Kirschner, CFA | &nbsp;&nbsp;Other Pooled Vehicles | &nbsp;&nbsp;29 | &nbsp;&nbsp;$13.06 billion | &nbsp;&nbsp;0 | &nbsp;&nbsp;$0 |
| &nbsp;&nbsp;Mathew Kirschner, CFA | &nbsp;&nbsp;Other Accounts | &nbsp;&nbsp;30 | &nbsp;&nbsp;$5.01 billion | &nbsp;&nbsp;2 | &nbsp;&nbsp;$289.51 million |

---

Conflicts of Interest

Although the potential for conflicts of interest exists when an investment adviser and portfolio managers manage other accounts that invest in securities in which the Fund may invest or that may pursue a strategy similar to one of the Fund's strategies, C&S has procedures in place that are designed to ensure that all accounts are treated fairly and that the Fund is not disadvantaged.

For example, a portfolio manager may have conflicts of interest in allocating management time, resources and investment opportunities among the Fund and the other accounts or vehicles he or she advises. In addition, due to differences in the investment strategies or restrictions among the Fund and the other accounts, a portfolio manager may take action with respect to another account that differs from the action taken with respect to the Fund. In some cases, another account managed by a portfolio manager may provide more revenue to C&S. While this may appear to create additional conflicts of interest for the portfolio manager in the allocation of management time, resources and investment opportunities, C&S strives to ensure that portfolio managers endeavor to exercise their discretion in a manner that is equitable to all interested persons. In this regard, in the absence of specific account-related limitations (such as client-imposed restrictions or lack of available cash), for equity strategies it is the general policy of C&S to allocate investment ideas pro rata to all accounts with the same primary investment strategy, except where an allocation would not produce a meaningful position size. C&S generally attempts to allocate orders for the same fixed-income security on a pro rata basis among participating eligible accounts. Purchases and sales of fixed-income securities, including new issues and other limited investment opportunities may differ from a pro-rata allocation based on the investment objective, guideline restrictions, the benchmark and characteristics of the particular account. When determining which accounts will participate in a block trade, C&S also takes into consideration factors that may include duration, sector and/or issuer weights relative to benchmark, cash flows / liquidity needs, style, maturity and credit quality. In addition, if the allocation process results in a very small allocation, or if there are minimum security requirements that are not achieved at our targeted position size, these amounts can be reallocated to other clients. To reach desired outcomes with regards to portfolio characteristics, certain portfolios may hold different securities with substantially similar investment characteristics to achieve its investment objective, such that comparable risk positioning, in accordance with guidelines and mandates, is realized over time. In addition, the Fund, as a registered investment company, is subject to different regulations than certain of the other accounts, and, consequently, may not be permitted to engage in all the investment techniques or transactions, or to engage in such techniques or transactions to the same degree, as the other accounts.

Certain of the portfolio managers may from time to time manage one or more accounts in which C&S holds a substantial interest (the "CNS Accounts"). Certain securities held and traded in the CNS Accounts also may be held and traded in one or more client accounts. It is the policy of C&S, however, not to put the interests of the CNS Accounts ahead of the interests of client accounts. C&S may aggregate orders of client accounts with those of the CNS Accounts; however, under no circumstances will preferential treatment be given to the CNS Accounts. For all orders involving the CNS Accounts, purchases or sales will be allocated prior to trade placement, and orders that are only partially filled will be allocated across all accounts in proportion to the shares each account, including the CNS Accounts, was designated to receive prior to trading. As a result, it is expected that the CNS Accounts will receive the same average price as other accounts included in the aggregated order. Shares will not normally be allocated or re-allocated to the CNS Accounts after trade execution or after the average price is known. However, in the event so few shares of an order are executed that a pro-rata allocation is not practical, a rotational system of allocation may be used; however, the CNS Accounts will never be part of that rotation or receive shares of a partially filled order other than on a pro-rata basis.

Because certain CNS Accounts are managed with a cash management objective, it is possible that a security will be sold out of the CNS Accounts but continue to be held for one or more client accounts. In situations when this occurs, such security will remain in a client account only if C&S, acting in its reasonable judgment and consistent with its fiduciary duties, believes this is appropriate for, and consistent with the objectives and profile of, the client account.

Certain accounts managed by C&S may compensate C&S using performance based fees. Orders for these accounts will be aggregated, to the extent possible, with any other account managed by C&S, regardless of the method of compensation. In the event such orders are aggregated, allocation of partially-filled orders will be made on a pro-rata basis in accordance with pre-trade indications. An account's fee structure is not considered when making allocation decisions.

Certain of the portfolio managers may from time to time manage portfolios used in a unified managed account programs or other model portfolio arrangements (collectively, "Model Portfolios") offered by various sponsors and/or other non-C&S investment advisors. In connection with these Model Portfolios, portfolio managers provide investment recommendations in the form of model portfolios to a third party, who is responsible for executing trades for participating client accounts. C&S maintains procedures designed to deliver portfolios on a fair and equitable basis. Trades for C&S discretionary managed accounts, including the Fund, are worked contemporaneously with the delivery of updated model information. The Model Portfolios may achieve a security weighting ahead of or after the weighting achieved in the Fund.

Finally, the structure of a portfolio manager's compensation may give rise to potential conflicts of interest. A portfolio manager's base pay and bonus tend to increase with additional and more complex responsibilities that include increased assets under management. As such, there may be an indirect relationship between a portfolio manager's marketing or sales efforts and his or her bonus compensation.

C&S has adopted certain compliance procedures that are designed to address the above conflicts as well as other types of conflicts of interests. However, there is no guarantee that such procedures will detect each and every situation where a conflict arises.

Security Ownership of Portfolio Managers for the Jackson Real Assets Fund as of March 31, 2025

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Security Ownership of Portfolio Managers** |  | &nbsp;&nbsp; $1-<br> $10000 | &nbsp;&nbsp; $10001-<br> $50000 | &nbsp;&nbsp; $50001-<br> $100000 | &nbsp;&nbsp; $100001-<br> $500000 | &nbsp;&nbsp; $500001-<br> $1000000 | &nbsp;&nbsp;Over $1,000,000 |
| &nbsp;&nbsp;Jon Cheigh | &nbsp;&nbsp;X |  |  |  |  |  |  |
| &nbsp;&nbsp;Jason A. Yablon | &nbsp;&nbsp;X |  |  |  |  |  |  |
| &nbsp;&nbsp;Mathew Kirschner, CFA | &nbsp;&nbsp;X |  |  |  |  |  |  |

---

**First Sentier Investors (Australia) IM Ltd**

First Sentier Investors (Australia) IM Ltd ("First Sentier"), which is located at Level 5, Tower 3, International Towers, 300 Barangaroo Avenue, Barangaroo NSW 2000 Australia, is a Sub-Adviser to the Fund. First Sentier is a global asset management group. The firm has focused on providing high quality, long-term investment capabilities to clients for over 30 years, and has been engaged as Sub-Adviser to manage the investments of the Fund. First Sentier is an Australian-domiciled investment adviser regulated by the Australian Securities and Investments Commission and registered with the SEC. First Sentier is ultimately owned by Mitsubishi UFJ Financial Group, Inc, (MUFG), a leading global financial services group and one of the largest banking institutions in Japan. As compensation under the Sub-Advisory Agreement, the Adviser pays First Sentier a monthly sub-advisory fee equal to 0.38% on an annualized basis of the average daily net assets of the Fund allocated to First Sentier.

Portfolio Manager Compensation Structure

The Global Listed Infrastructure team is structured to provide managers and analysts with a strong sense of portfolio ownership by way of team focused incentives. First Sentier believes this promotes commitment and intellectual engagement, aligning their interests and success with those of their clients.

The team's base salary is positioned at market median to be competitive, and is regularly reviewed using specialized market data providers and industry contacts.

Short Term Incentives (STI) are paid as an annual cash bonus. First Sentier rewards its Investment Professionals for outcomes based on Investment performance, behaviours and risk management. Assessment varies by role and may include:

● Fund performance vs benchmarks

● Fund performance vs competitors

● Performance of analyst sector coverage

● Collaboration with other investment and support teams

● Values/Behaviours and Risk Assessment including the assessment of Sustainability (Environmental, Social & Governance) Risks in the investment process

The majority of STI assessment is linked to fund performance.

There is also a Profit Share Scheme (Long Term Incentive) in place which is designed to retain and directly align employees' interests with the long term success of the clients' interests. A percentage of the profit that the Global Listed Infrastructure team produces is used to create a pool. That pool is allocated amongst the team, based upon individual performance. Individual allocations take the form of Co-Investment Rights that are co-invested into the team's strategy. Allocations are deferred and vest in full after three years, whereby the individual receives a cash payment based on the value of the strategy. All members of the investment team are eligible to participate.

*Other Accounts Managed by the Portfolio Managers and Potential Conflicts of Interest*

The following table reflects information as of March 31, 2025:

Jackson Real Assets Fund

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | | | | &nbsp;&nbsp;**Performance Fee Accounts** | &nbsp;&nbsp;**Performance Fee Accounts** |
| <br>&nbsp;&nbsp;**Portfolio Manager** | <br>&nbsp;&nbsp;**Category of Account** | <br>&nbsp;&nbsp;**# of Accounts** | <br>&nbsp;&nbsp;**AUM** | &nbsp;&nbsp;**# of Accounts** | &nbsp;&nbsp;**AUM** |
| &nbsp;&nbsp;Peter Meany | &nbsp;&nbsp;Other Registered Investment Companies | &nbsp;&nbsp;3 | &nbsp;&nbsp;$893.8 million | &nbsp;&nbsp;0 | &nbsp;&nbsp;$0 |
| &nbsp;&nbsp;Peter Meany | &nbsp;&nbsp;Other Pooled Vehicles | &nbsp;&nbsp;11 | &nbsp;&nbsp;$3.88 billion | &nbsp;&nbsp;0 | &nbsp;&nbsp;$0 |
| &nbsp;&nbsp;Peter Meany | &nbsp;&nbsp;Other Accounts | &nbsp;&nbsp;6 | &nbsp;&nbsp;$650.4 million | &nbsp;&nbsp;0 | &nbsp;&nbsp;$0 |
| &nbsp;&nbsp;Andrew Greenup | &nbsp;&nbsp;Other Registered Investment Companies | &nbsp;&nbsp;4 | &nbsp;&nbsp;$897.5 million | &nbsp;&nbsp;0 | &nbsp;&nbsp;$0 |
| &nbsp;&nbsp;Andrew Greenup | &nbsp;&nbsp;Other Pooled Vehicles | &nbsp;&nbsp;8 | &nbsp;&nbsp;$3.58 billion | &nbsp;&nbsp;0 | &nbsp;&nbsp;$0 |
| &nbsp;&nbsp;Andrew Greenup | &nbsp;&nbsp;Other Accounts | &nbsp;&nbsp;6 | &nbsp;&nbsp;$650.4 million | &nbsp;&nbsp;0 | &nbsp;&nbsp;$0 |
| &nbsp;&nbsp;Edmund Leung | &nbsp;&nbsp;Other Registered Investment Companies | &nbsp;&nbsp;3 | &nbsp;&nbsp;$893.8 million | &nbsp;&nbsp;0 | &nbsp;&nbsp;$0 |
| &nbsp;&nbsp;Edmund Leung | &nbsp;&nbsp;Other Pooled Vehicles | &nbsp;&nbsp;8 | &nbsp;&nbsp;$3.58 billion | &nbsp;&nbsp;0 | &nbsp;&nbsp;$0 |
| &nbsp;&nbsp;Edmund Leung | &nbsp;&nbsp;Other Accounts | &nbsp;&nbsp;4 | &nbsp;&nbsp;$485.6 million | &nbsp;&nbsp;0 | &nbsp;&nbsp;$0 |

---

Conflicts of Interest

All employees are required to understand conflicts of interest, how they may arise and what should be done when conflicts are identified.

In the discharge of its fiduciary duties to clients, First Sentier has in place policies and procedures to manage conflicts of interest. In summary conflicts are managed by:

● Controlling/managing – conflicts of interest can be controlled in a variety of ways depending upon the nature of the conflict. First Sentier may implement one or more controls to manage the risk of the conflict of interest; and/or

● Disclosure – disclosing sufficient detail in a timely, prominent and meaningful way before or at the time of the actual or potential conflict; or

● Avoiding – if an actual or potential conflict cannot be satisfactorily managed by disclosure and/or control, or by using other means, then the situation giving rise to the conflict will be avoided.

Actual or apparent conflicts of interest may arise such as when a portfolio manager has primary day-to-day responsibilities with respect to multiple accounts. First Sentier seeks to aggregate and allocate trade orders in a manner that is consistent with its duty to: (1) seek best execution of client orders; (2) treat all clients fairly and equitably over time; and (3) not systematically advantage or disadvantage any single client or group of clients.

First Sentier follows policies and procedures pursuant to which it may combine or aggregate purchase or sale orders for the same security for multiple client accounts (also known as a bunched order) so that the orders can be executed at the same time. First Sentier aggregates orders when First Sentier considers doing so appropriate and in the interests of its clients. First Sentier's client accounts may be included in the aggregated orders.

When orders are aggregated, the orders may be placed with one or more brokers for execution. When a bunched order is filled, First Sentier generally will allocate the securities purchased or proceeds of sale pro rata among the participating client accounts based on the pre-trade allocation. Adjustments or changes may be made under certain circumstances, such as to avoid small allocations or to satisfy cash flows and guidelines. If an order at a particular broker is filled at several different prices, through multiple trades, generally all participating client accounts will receive the average price.

Although allocating orders among First Sentier clients may create potential conflicts of interest because First Sentier may receive greater fees or overall compensation from some clients than received from other clients, allocation decisions will not be made based on such greater fees or compensation. When an investment opportunity is suitable for two or more clients, allocations will be made in a fair and equitable manner, and will take the following factors, among others, into consideration: the relative size of the client account, available cash for investment, investment objectives and restrictions, liquidity considerations, legal and regulatory restrictions, portfolio risk/return objectives, investment horizons, and client instruction.

In addition, all employees are subject to First Sentier's Global Personal Dealing Policy which contains the following requirements:

● Employees must obtain prior approval before transacting in many security types. This includes listed single-stock securities and private placements.

● Additional restrictions apply for Investment Team Members with funds management responsibilities.

● Black-lists of securities are maintained. In all instances approval to transact in a particular 'reportable security' will be denied if it is black-listed.

First Sentier's Global Personal Dealing Policy prohibits Global Listed Infrastructure investment professionals from investing in their universe. While the Global Listed Infrastructure team are prohibited from investing in their universe, they are permitted to invest in the pooled unit trust.

Security Ownership of Portfolio Managers for the Jackson Real Assets Fund as of March 31, 2025

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Security Ownership of Portfolio Managers** |  | &nbsp;&nbsp; $1-<br> $10000 | &nbsp;&nbsp; $10001-<br> $50000 | &nbsp;&nbsp; $50001-<br> $100000 | &nbsp;&nbsp; $100001-<br> $500000 | &nbsp;&nbsp; $500001-<br> $1000000 | &nbsp;&nbsp;Over $1,000,000 |
| &nbsp;&nbsp;Peter Meany | &nbsp;&nbsp;X |  |  |  |  |  |  |
| &nbsp;&nbsp;Andrew Greenup | &nbsp;&nbsp;X |  |  |  |  |  |  |
| &nbsp;&nbsp;Edmund Leung | &nbsp;&nbsp;X |  |  |  |  |  |  |

---

**<u>PORTFOLIO Transactions and Brokerage ALLOCATION</u>**

The Adviser and the Sub-Advisers will each seek best execution for securities transactions executed on the Fund's behalf, so that the Fund's total cost or proceeds in each transaction is the most favorable under the circumstances. In selecting broker-dealers through which to effect transactions, the Adviser and each Sub-Adviser consider a number of factors described in its policy and procedures. The Adviser's and each Sub-Adviser's policies and procedures generally include as factors for consideration such matters as price, confidentiality, broker-dealer spread or commission (if any) the reliability, integrity and financial condition of the broker-dealer, size of the transaction and difficulty of execution. The Adviser's and each Sub-Adviser's selection of a broker-dealer based on one or more of these factors, either in terms of a particular transaction or the Adviser's and each Sub-Adviser's overall responsibilities with respect to the Fund and any other accounts managed by the Adviser or each Sub-Adviser, could result in the Fund paying a commission or spread on a transaction that is in excess of the amount of commission or spread another broker-dealer might have charged for executing the same transaction.

Under the terms of each Sub-Advisory Agreement, and subject to best execution, each Sub-Adviser also expressly is permitted to consider the value and quality of any "brokerage and research services" (as defined under Section 28(e) of the Securities Exchange Act of 1934, as amended, and typically referred to as "soft dollars"), including securities research, or statistical, quotation, or valuation services provided to the Sub-Adviser by the broker-dealer. In placing a purchase or sale order, a Sub-Adviser may use a broker-dealer whose commission for effecting the transaction is higher than that another broker-dealer might have charged for the same transaction, if the Sub-Adviser determines in good faith that the amount of the higher commission is reasonable in relation to the value of the brokerage and research services provided by such broker-dealer, viewed in terms of either the particular transaction or the Sub-Adviser's overall responsibilities with respect to the Fund and any other accounts managed by the Sub-Adviser. Research services provided by broker-dealers include advice, either directly or through publications or writings, as to the value of securities, the advisability of purchasing or selling securities, the availability of securities or purchasers or sellers of securities, and analyses and reports concerning issuers, industries, securities, economic factors and trends and portfolio strategy. Each Sub-Adviser may use research services provided by broker-dealers through which the Sub-Adviser effects Fund transactions in serving any or all of its accounts, and the Sub-Adviser may not use all such services in connection with its' services to the Fund.

With respect to Private Funds, in most instances, the Fund will purchase interests in the Private Fund directly from the Private Fund, and such purchases by the Fund may be, but are generally not, subject to transaction expenses. Nevertheless, the Fund anticipates that some of its portfolio transactions (including investments in Private Funds by the Fund) may be subject to expenses. To the extent Private Funds incur transaction expenses, those expenses will be borne indirectly by the Fund.

During the fiscal year ended March 31, 2025, the Fund directed the following amounts of portfolio securities transactions, and commissions paid thereon, to broker-dealers which may have provided research services to the Fund's Sub-Advisers.

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Estimated Gross Dollar Value of Purchases/Sales Directed to Broker/Dealers Providing Research And Brokerage Services As Defined by Section 28(E) Of The Securities Exchange Act of 1934** | &nbsp;&nbsp;**Estimated Commissions on Purchases/Sales Directed to Broker/Dealers Providing Research and Brokerage Services as Defined by Section 28(E) Of The Securities Exchange Act of 1934.** |
| &nbsp;&nbsp;$57520335 | &nbsp;&nbsp;$18452 |

---

The estimates above are based upon custody data provided to Capital Institutional Services, Inc., a third-party transaction cost analysis provider, using the following methodology: Total commissions minus transactions executed at discounted rates and/or directed to the funds' commission recapture program equals total research commissions. U.S. dollar ("USD") transactions executed at commission rates below $0.02 per share, non-USD developed market transactions executed at 8 basis points and below, and non-USD emerging market transactions executed at 12 basis points and below are considered to be executed at discounted rates. For example, commission paid on USD transactions at rates at or above $0.02 per share and not directed for commission recapture are assumed to be paid to brokers that provide research and brokerage services within the scope of Section 28(e) of the Securities and Exchange Act of 1934. Commissions paid on fixed price offerings and transactions in futures and options are not included in this analysis.

During the last fiscal year, the Fund paid the following amount in brokerage commissions for portfolio transactions:

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Fund** | &nbsp;&nbsp;**March 31, 2025** |
| &nbsp;&nbsp;Jackson Real Assets Fund | &nbsp;&nbsp;$63701 |

---

Differences in the amount of brokerage commissions paid by the Fund during the Fund's most recent fiscal year (as disclosed in the table above) could be the result of (i) active trading strategies employed by the Sub-Adviser when responding to changes in market conditions; (ii) management of cash flows into and out of a Fund as a result of shareholder purchases and redemptions; (iii) rebalancing portfolios to reflect the results of the Sub-Adviser's portfolio management models; (iv) changes in commission rates in the relevant markets; or (v) a material increase in a Fund's asset size. Changes in the amount of brokerage commissions paid by a Fund do not reflect material changes in the Fund's investment objective or strategies.

As of March 31, 2025, the Fund did not own securities of one of the Fund's regular broker-dealers, or a publicly traded parent company of such broker-dealer.

**<u>administrator</u>**

JNAM, 1 Corporate Way, Lansing, Michigan 48951, provides or procures, at its own expense, certain legal, audit, fund accounting, custody (except overdraft and interest expense), transfer agent, printing and mailing, and other administrative services necessary for the operation of the Fund pursuant to an Administration Agreement between the Fund and the Administrator (the "Administration Agreement"). In addition, JNAM, in its capacity as administrator also pays a portion of the costs of JNAM's Chief Compliance Officer. The Fund pays the Administrator a fee of 0.25%. The fees are accrued daily and paid monthly by the Fund and the administrative fees are based on the average daily net assets for the prior month.

The Fund is responsible for trading expenses including brokerage commissions, interest and taxes, and other non-operating expenses. The Fund is also responsible for nonrecurring and extraordinary expenses, interest expenses, licensing costs, directors and officers insurance, anti-money laundering service fees, costs related to the Fund's short sales on equity securities, legal fees associated with Fund litigation, expenses related to the Fund's Chief Compliance Officer, and the fees and expenses of the Trustees and of independent legal counsel to the Independent Trustees.

The Administrator administers the Fund's operations in such manner and to such extent as may be authorized by the Board. Administration services include, but are not limited to: (1) furnishing such office space, office equipment and office facilities as are adequate for the Fund's needs; (2) providing, without remuneration from or other cost to the Fund, the services of individuals competent to perform all of the Fund's executive, administrative and clerical functions that are not performed by employees or other agents engaged by the Fund or by the Administrator acting in some other capacity pursuant to a separate agreement or arrangement with the Fund; (3) assisting the Fund in selecting and coordinating the activities of the other agents engaged by the Fund, including the Fund's custodian, independent auditors and legal counsel; (4) ensuring that all financial, accounting and other records required to be maintained and preserved by the Fund are maintained and preserved by it or on its behalf in accordance with applicable laws and regulations; (5) preparing, coordinating and finalizing all periodic reports by the Fund to shareholders of the Fund and all reports and filings required to maintain the registration and qualification of the Fund and the Fund's shares, including the continuous public sale of shares of the Fund, or to meet other regulatory or tax requirements applicable to the Fund, under federal and state securities and tax laws; and (6) incurring all fees, costs and expenses, direct or indirect (without any recourse to the Fund) associated with any conversions from a regulated investment company to a partnership.

Administration Agreement continues in effect, unless earlier terminated by the Fund or the Administrator, through February 28, 2026. Thereafter, unless otherwise terminated, the Administration Agreement will continue from year to year through September 30 of each successive year, provided that such continuation is specifically approved at least annually (i) by the Trustees by vote cast in person at a meeting called for the purpose of voting on such renewal, or by the vote of a majority of the outstanding voting securities of the Fund with respect to which renewal is to be effected, and (ii) by a majority of the Independent Trustees by a vote cast in person at a meeting called for the purpose of voting on such renewal. Either party may terminate the Administration Agreement with or without cause, without the payment of any penalty, by giving the other party 60 days' prior written notice, provided that such action shall have been authorized (i) by resolution of the Trustees, including the vote or written consent of the Independent Trustees, or (ii) by vote of a majority of the outstanding voting securities of the Fund.

Under the Administration Agreement, the Administrator is liable for any damages resulting from the negligence or misconduct of the Administrator or its employees, agents or contractors as a result of the actions or omissions by the Administrator of its obligations and duties under the agreement.

**<u>Transfer Agent</u>**

UMB Fund Services, Inc. (the "Transfer Agent") provides transfer agency services to the Fund. Fees and expenses of the Transfer Agent are paid by the Administrator.

**<u>Independent registered public accounting firm; legal counsel</u>**

**Independent Registered Public Accounting Firm***.* The Board has appointed KPMG LLP as the Fund's independent registered public accounting firm. KPMG LLP, located at 200 E. Randolph Street, Chicago, Illinois 60601, will audit and report on the Fund's annual financial statements and will perform other professional accounting, auditing, tax and advisory services when engaged to do so by the Fund.

**Legal Counsel.** Ropes & Gray LLP, located at 191 N. Wacker Dr., 32nd Floor, Chicago, Illinois 60606, serves as counsel to the Fund and the Independent Trustees of the Fund.

**<u>Custodian AND DIVIDEND DISBURSEMENT AGENT</u>**

State Street Bank and Trust Company ("State Street" or "Custodian"), located at State Street Financial Center, 1200 Crown Colony Drive, Quincy, Massachusetts 02169, serves as the primary custodian of the assets of the Fund and may maintain custody of such assets with U.S. and non-U.S. sub-custodians (which may be banks and trust companies), securities depositories and clearing agencies in accordance with the requirements of Section 17(f) of the 1940 Act and the rules thereunder. Assets of the Fund are not held by the Adviser or commingled with the assets of other accounts other than to the extent that securities are held in the name of the Custodian or U.S. or non-U.S. sub-custodians in a securities depository, clearing agency or omnibus customer account of such custodian.

**<u>CALCULATION OF NET ASSET VALUE; Valuation</u>**

The price of the Fund's shares is based on its NAV. The NAV of the Fund's shares is generally determined by the Adviser once each day on which the New York Stock Exchange ("NYSE") is open (a "Business Day") at the close of the regular trading session of the NYSE (normally 4:00 p.m. Eastern Time, Monday through Friday). However, consistent with legal requirements, calculation of the 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 the Fund is calculated by adding the value of all securities and other assets of the 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.

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 Fund 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 the 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 the Fund. Further, the Board has designated JNAM as the Valuation Designee. As the Valuation Designee, the Adviser has established a valuation committee and adopted procedures and guidelines pursuant to which the Adviser determines the "fair value" of a security for which market quotations are not readily available or are determined to be not reflective of market value. Under these procedures, the "fair value" of a security generally will be the amount, determined by the Adviser in good faith, that the owner of such security might reasonably expect to receive upon its current sale.

The Adviser has established a valuation committee to review fair value determinations pursuant to the Fund'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 Fund's NAV. 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 Fund's NAV.

The Fund values investments in Private Funds, as defined in the Fund's Prospectus, and private debt instruments pursuant to its "Valuation Policies and Procedures" and "Valuation Guidelines."

With respect to the Fund's investments in Private Funds, those investments are generally valued using the quarterly (or more frequent) NAV provided by the Private Funds (the "practical expedient") to determine the fair value of such interests. The Valuation Designee will review the practical expedient and determine reasonableness based on its knowledge of current market conditions and the individual characteristics of the applicable Private Fund. In circumstances where the Fund's valuation date is in between a date in which a Private Fund reports its NAV or such NAV is otherwise unavailable, the Valuation Designee shall consider whether an adjustment to the most recent NAV per share is appropriate, considering the practical expedient and adjusting in good faith based on factors the Valuation Designee deems appropriate, such as adjusting the NAV based on a proxy or investment model that is correlated to the underlying investment return.

With respect to the Fund's private debt investments, there is no single standard for determining the fair value of a private debt security and the Valuation Designee may consider one or more factors in determining a security's fair value. These factors generally include, but are not limited to, fundamental analytical data relating to the investment, the nature and duration of any restrictions on disposition of the securities, and an evaluation of the forces that influence the market in which the securities are purchased or sold.

The Fund may invest in securities primarily listed on foreign exchanges and that trade on days when the Fund does not price its shares. As a result, the Fund's NAV may change on days when shareholders are not able to purchase the Fund's shares or have their shares repurchased by the Fund.

Fair value is determined in good faith for fixed-income and equity securities which are not publicly traded or for which market prices are not readily available (unquoted investments). In determining the fair values of these investments, the Valuation Committee typically applies widely recognized market and income valuation methodologies including, but not limited to, earnings and multiple analysis, discounted cash flow method and third-party valuations.

Because the calculation of the 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 Fund's procedures for valuing of portfolio securities also authorize the Adviser to determine the "fair value" of such foreign securities for purposes of calculating the Fund's NAV. When fair valuing foreign equity securities, the Adviser adjusts the closing prices of foreign portfolio equity securities based upon pricing models provided by an independent pricing service in order to reflect the "fair value" of such securities for purposes of determining the 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 the Fund's NAV. These procedures seek to minimize the opportunities for "time zone arbitrage" in the Fund that invest all or substantial portions of its assets in foreign securities, thereby seeking to make the Fund significantly less attractive to "market timers" and other investors who might seek to profit from time zone arbitrage and seeking to reduce the potential for harm to other Fund investors resulting from such practices. However, these procedures may not completely eliminate opportunities for time zone arbitrage because it is not possible to predict in all circumstances whether post-closing events will have a significant impact on securities prices.

The Adviser will "fair value" securities held by the Fund if it determines that a "significant event" has occurred. Under the Fund'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.

**<u>TAX CONSIDERATIONS</u>**

The following is a general summary of certain material U.S. federal income tax consequences applicable to the Fund and to an investment in Shares by a Shareholder. This summary does not discuss all of the tax consequences that may be relevant to a particular investor, including an investor who holds Shares as part of a hedging, straddle, conversion, constructive sale or other integrated transaction, or to certain investors (e.g., investors subject to the alternative minimum tax, tax-exempt organizations, dealers in securities, pension plans and trusts, financial institutions, certain foreign investors and insurance companies) subject to special treatment under U.S. federal income tax laws. In addition, this summary does not specifically address the special tax consequences that may be applicable to persons who hold interests in partnerships, grantor trusts and other pass-through entities that hold Shares. This summary assumes that investors hold Shares as capital assets (generally, property held for investment).

**THIS SUMMARY IS NECESSARILY GENERAL, AND EACH PROSPECTIVE INVESTOR IS URGED TO CONSULT ITS TAX ADVISER WITH RESPECT TO THE U.S. FEDERAL, STATE AND LOCAL, AND FOREIGN INCOME AND OTHER TAX CONSEQUENCES OF THE PURCHASE, OWNERSHIP AND DISPOSAL OF SHARES, INCLUDING APPLICABLE TAX REPORTING REQUIREMENTS.**

This summary is based on the Code as in effect on the date of this SAI, the Treasury Regulations, rulings of the U.S. Internal Revenue Service (the "IRS"), and court decisions in existence on the date hereof, all of which are subject to change, possibly with retroactive effect. The Fund has not sought a ruling from the IRS or any other federal, state or local agency, or opinion of counsel, with respect to any of the tax issues affecting the Fund. This summary does not discuss any aspects of the U.S. federal estate or gift tax or any state or local or non-U.S. tax. It does not discuss the special treatment under U.S. federal income tax laws that could result if the Fund invested in tax-exempt securities or certain other investment assets.

If a partnership (including an entity treated as a partnership for U.S. federal income tax purposes) holds Shares, the tax treatment of a partner in the partnership with respect to the Shares generally will depend upon the status of the partner and the activities of the partnership. Partners in partnerships considering an acquisition of Shares should consult their tax advisers with respect to the partnership's purchase, ownership and disposition of Shares.

**Taxation of the Fund.** The Fund intends to elect to be treated and intends to qualify as and to be treated each year as a regulated investment company under Subchapter M of the Code. In order to qualify for the special tax treatment accorded to regulated investment companies and their shareholders, the Fund must, among other things: (a) derive at least 90% of its gross income for each taxable year from (i) dividends, interest, payments with respect to certain securities loans, and gains from the sale or other disposition of stock, securities or foreign currencies, or other income (including but not limited to gains from options, futures, or forward contracts) derived with respect to its business of investing in such stock, securities, or currencies and (ii) net income derived from interests in "qualified publicly traded partnerships" (as defined below); (b) diversify its holdings so that, at the end of each quarter of the Fund's taxable year, (i) at least 50% of the value of the Fund's total assets consists of cash and cash items (including receivables), U.S. Government securities, securities of other regulated investment companies, and other securities limited in respect of any one issuer to a value not greater than 5% of the value of the Fund's total assets and not more than 10% of the outstanding voting securities of such issuer, and (ii) not more than 25% of the value of the Fund's total assets is invested, including through corporations in which the Fund owns a 20% or more voting stock interest, (x) in the securities (other than those of the U.S. government or other regulated investment companies) of any one issuer or of two or more issuers that the Fund controls and that are engaged in the same, similar, or related trades or businesses, or (y) in the securities of one or more qualified publicly traded partnerships (as defined below); and (c) distribute with respect to each taxable year at least 90% of the sum of its investment company taxable income (as that term is defined in the Code without regard to the deduction for dividends paid—generally, taxable ordinary income and the excess, if any, of net short-term capital gains over net long-term capital losses) and any net tax-exempt interest income for such year.

In general, for purposes of the 90% gross income requirement described in paragraph (a) above, income derived from a partnership will be treated as qualifying income only to the extent such income is attributable to items of income of the partnership that would be qualifying income if realized directly by the regulated investment company. Certain income that the Fund may earn from its investments in Private Funds may not be treated as qualifying income. As such, those investments may be held by a subsidiary of the Fund. The subsidiary may be treated as a U.S. corporation for federal income tax purposes and may be required to pay U.S. federal income tax in its earnings, which could ultimately reduce the yield on such income. However, 100% of the net income derived from an interest in a "qualified publicly traded partnership" (a partnership (x) the interests in which are traded on an established securities market or are readily tradable on a secondary market or the substantial equivalent thereof and (y) that derives less than 90% of its income from the qualifying income described in paragraph (a)(i) above) will be treated as qualifying income. In general, such entities will be treated as partnerships for U.S. federal income tax purposes because they meet the passive income requirement under Code Section 7704(c)(2). In addition, although in general the passive loss rules of the Code do not apply to regulated investment companies, such rules do apply to a regulated investment company with respect to items attributable to an interest in a qualified publicly traded partnership.

For purposes of the diversification test in (b) above, the term "outstanding voting securities of such issuer" will include the equity securities of a qualified publicly traded partnership. Also, for purposes of the diversification test in (b) above, the identification of the issuer (or, in some cases, issuers) of a particular Fund investment can depend on the terms and conditions of that investment. In some cases, identification of the issuer (or issuers) is uncertain under current law, and an adverse determination or future guidance by the IRS with respect to issuer identification for a particular type of investment may adversely affect the Fund's ability to meet the diversification test in (b) above.

If the Fund qualifies as a regulated investment company that is accorded special tax treatment, the Fund will not be subject to U.S. federal income tax on income or gains distributed in a timely manner to shareholders in the form of dividends (including Capital Gain Dividends, as defined below). If the Fund were to fail to meet the income, diversification, or distribution tests described above, the Fund could in some cases cure such failure, including by paying a Fund-level tax, paying interest, making additional distributions, or disposing of certain assets. If the Fund were ineligible to or otherwise did not cure such failure for any year, or were otherwise to fail to qualify as a regulated investment company accorded special tax treatment for such year, the Fund would be subject to tax on its taxable income at corporate rates, and all distributions from earnings and profits, including any distributions of net tax-exempt income and net long-term capital gains, would be taxable to shareholders as ordinary income. Some portions of such distributions may be eligible for the dividends-received deduction in the case of corporate shareholders and may be eligible to be treated as "qualified dividend income" in the case of shareholders taxed as individuals, provided, in both cases, that the shareholder meets certain holding period and other requirements in respect of the Fund's Shares (as described below). In addition, the Fund could be required to recognize unrealized gains, pay substantial taxes and interest and make substantial distributions before re-qualifying as a regulated investment company that is accorded special tax treatment.

The Fund intends to distribute to its shareholders, at least annually, all or substantially all of its investment company taxable income (computed without regard to the dividends-paid deduction), its net tax-exempt income (if any) and its net capital gain (that is, the excess of net long-term capital gain over net short-term capital loss, in each case determined with reference to any loss carryforwards). Any taxable income including any net capital gain retained by the Fund will be subject to tax at the Fund level at regular corporate rates. In the case of net capital gain, the Fund is permitted to designate the retained amount as undistributed capital gain in a timely notice to its shareholders who would then, in turn, (i) be required to include in income for U.S. federal income tax purposes, as long-term capital gain, their share of such undistributed amount, and (ii) be entitled to credit their proportionate shares of the tax paid by the Fund on such undistributed amount against their U.S. federal income tax liabilities, if any, and to claim refunds on a properly filed U.S. tax return to the extent the credit exceeds such liabilities. If the Fund makes this designation, for U.S. federal income tax purposes, the tax basis of Shares owned by a shareholder of the Fund will be increased by an amount equal to the difference between the amount of undistributed capital gains included in the shareholder's gross income under clause (i) of the preceding sentence and the tax deemed paid by the shareholder under clause (ii) of the preceding sentence. The Fund is not required to, and there can be no assurance that the Fund will, make this designation if it retains all or a portion of its net capital gain in a taxable year.

If at any time when preferred shares or other senior securities are outstanding and the Fund does not meet applicable asset coverage requirements, it will be required to suspend distributions to common shareholders until the requisite asset coverage is restored. Any such suspension may cause the Fund to pay a U.S. federal income and excise tax on undistributed income or gains and may, in certain circumstances, prevent the Fund from qualifying for treatment as a regulated investment company. The Fund may repurchase, prepay, or otherwise retire preferred shares or other senior securities, as applicable, in an effort to comply with the distribution requirement applicable to regulated investment companies.

Capital losses in excess of capital gains ("net capital losses") are not permitted to be deducted against the Fund's net investment income. Instead, potentially subject to certain limitations, the Fund may carry net capital losses from any taxable year forward to subsequent taxable years to offset capital gains, if any, realized during such subsequent taxable years. Capital loss carryforwards are reduced to the extent they offset current-year net realized capital gains, whether the Fund retains or distributes such gains. The Fund may carry net capital losses forward to one or more subsequent taxable years without expiration. The Fund must apply such carryforwards first against gains of the same character.

In determining its net capital gain, including in connection with determining the amount available to support a Capital Gain Dividend (as defined below), its taxable income and its earnings and profits, a regulated investment company generally may elect to treat part or all of any post-October capital loss (defined as any net capital loss attributable to the portion, if any, of the taxable year after October 31 or, if there is no such loss, the net long-term capital loss or net short-term capital loss attributable to such portion of the taxable year) or late-year ordinary loss (generally, the sum of its (i) net ordinary loss from the sale, exchange or other taxable disposition of property, attributable to the portion, if any, of the taxable year after October 31, and its (ii) other net ordinary loss attributable to the portion, if any, of the taxable year after December 31) as if incurred in the succeeding taxable year.

If the Fund were to be subject to the excise requirements and were to fail to distribute in a calendar year at least an amount equal to the sum of 98% of its ordinary income for such year and 98.2% of its capital gain net income recognized for the one-year period ending on October 31 of such year (or November 30 or December 31 of that year if the Fund is permitted to elect and so elects), plus any such amounts retained from the prior year, the Fund would be subject to a nondeductible 4% excise tax on the undistributed amounts. For purposes of the required excise tax distribution, a regulated investment company's ordinary gains and losses from the sale, exchange, or other taxable disposition of property that would otherwise be taken into account after October 31 (or November 30 of that year if the regulated investment company makes the election described above) generally are treated as arising on January 1 of the following calendar year; in the case of a regulated investment company with a December 31 year end that makes the election described above, no such gains or losses will be so treated. Also, for these purposes, the Fund will be treated as having distributed any amount on which it is subject to corporate income tax for the taxable year ending within the calendar year. The Fund intends generally to make distributions sufficient to avoid imposition of the 4% excise tax, although there can be no assurance that it will be able to or will do so.

**Fund Distributions.** The Fund intends to declare income dividends and distribute them to common shareholders semi-annually. Unless a shareholder elects otherwise, all distributions will be automatically reinvested in additional Shares of the Fund pursuant to the Fund's dividend reinvestment plan. A shareholder whose distributions are reinvested in Shares under the dividend reinvestment plan will be treated for U.S. federal income tax purposes as having received an amount in distribution equal to the fair market value of the Shares issued to the shareholder, which amount will also be equal to the net asset value of such shares. For U.S. federal income tax purposes, all distributions are generally taxable in the manner described below, whether a shareholder takes them in cash or they are reinvested pursuant to the dividend reinvestment plan in additional shares of the Fund.

Fund distributions generally will be taxable to shareholders in the calendar year in which the distributions are declared, rather than the calendar year in which the distributions are received. See the discussion below regarding distributions declared in October, November or December for further information. Distributions received by tax-exempt shareholders generally will not be subject to U.S. federal income tax to the extent permitted under applicable tax law.

For U.S. federal income tax purposes, distributions of investment income are generally taxable as ordinary income. Taxes on distributions of capital gains are determined by how long the Fund owned (or is deemed to have owned) the investments that generated the gains, rather than how long a shareholder has owned his or her Shares. In general, the Fund will recognize long-term capital gain or loss on investments it has owned (or is deemed to have owned) for more than one year, and short-term capital gain or loss on investments it has owned (or is deemed to have owned) for one year or less. Tax rules can alter the Fund's holding period in investments and thereby affect the tax treatment of gain or loss in respect of such investments. Distributions of net capital gain that are properly reported by the Fund as capital gain dividends ("Capital Gain Dividends") will be taxable to shareholders as long-term capital gains includible in net capital gain and taxed to individuals at reduced rates relative to ordinary income. The IRS and the Department of the Treasury have issued regulations that impose special rules in respect of Capital Gain Dividends received through partnership interests constituting "applicable partnership interests" under Section 1061 of the Code. Distributions of net short-term capital gain (as reduced by any net long-term capital loss for the taxable year) will be taxable to shareholders as ordinary income. Distributions of investment income reported by the Fund as derived from "qualified dividend income" will be taxed in the hands of individuals at the rates applicable to net capital gain, provided holding period and other requirements are met at both the shareholder and Fund levels. The Fund does not expect a significant portion of distributions to be derived from qualified dividend income.

In general, dividends of net investment income received by corporate shareholders of the Fund will qualify for the dividends-received deduction generally available to corporations only to the extent of the amount of eligible dividends received by the Fund from domestic corporations for the taxable year if certain holding period and other requirements are met at both the shareholder and Fund levels. The Fund does not expect a significant portion of distributions to be eligible for the dividends-received deduction.

Any distribution of income that is attributable to (i) income received by the Fund in lieu of dividends with respect to securities on loan pursuant to a securities lending transaction or (ii) dividend income received by the Fund on securities it temporarily purchased from a counterparty pursuant to a repurchase agreement that is treated for U.S. federal income tax purposes as a loan by the Fund, will not constitute qualified dividend income to non-corporate shareholders and will not be eligible for the dividends-received deduction for corporate shareholders.

The IRS currently requires a regulated investment company that the IRS recognizes as having two or more "classes" of stock for U.S. federal income tax purposes to allocate to each such class proportionate amounts of each type of its income (such as ordinary income and capital gains) based upon the percentage of total dividends distributed to each class for the tax year. Accordingly, if the Fund issues one or more series of preferred shares, the Fund will allocate Capital Gain Dividends for each tax year between and among its Shares and each such series of its preferred shares in proportion to the total dividends paid to each class with respect to such tax year. Dividends qualifying for the dividends-received deduction or as qualified dividend income will be allocated between and among Shares and each such series of preferred shares separately from dividends that do not so qualify, in each case in proportion to the total dividends paid to each share class for the Fund's tax year.

The Code generally imposes a 3.8% Medicare contribution tax on the net investment income of certain individuals, trusts and estates to the extent their income exceeds certain threshold amounts. For these purposes, "net investment income" generally includes, among other things, (i) distributions paid by the Fund of net investment income and capital gains as described above, and (ii) any net gain from the sale, exchange or other taxable disposition of Fund shares. Common shareholders are advised to consult their tax advisors regarding the possible implications of this additional tax on their investment in the Fund.

If, in and with respect to any taxable year, the Fund makes a distribution in excess of its current and accumulated "earnings and profits," the excess distribution will be treated as a return of capital to the extent of a shareholder's tax basis in his or her Shares, and thereafter as capital gain. A return of capital is not taxable, but it reduces a shareholder's basis in his or her shares, thus reducing any loss or increasing any gain on a subsequent taxable disposition by the shareholder of such shares. If the Fund issues one or more series of preferred shares, where one or more such distributions occur in and with respect to any taxable year of the Fund, the available earnings and profits will be allocated first to the distributions made to the holders of such preferred shares, and only thereafter to distributions made to holders of Shares. In such case, the holders of preferred shares will receive a disproportionate share of the distributions, if any, treated as dividends, and the holders of the Shares will receive a disproportionate share of the distributions, if any, treated as a return of capital.

A distribution by the Fund will be treated as paid on December 31 of any calendar year if it is declared by the Fund in October, November or December with a record date in such a month and paid by the Fund during January of the following calendar year. Such distributions will be taxable to shareholders in the calendar year in which the distributions are declared, rather than the calendar year in which the distributions are received.

As required by federal law, detailed federal tax information with respect to each calendar year will be furnished to shareholders early in the succeeding year.

Distributions on Shares are generally subject to U.S. federal income tax as described herein to the extent they do not exceed the Fund's realized income and gains, even though such dividends and distributions may economically represent a return of a particular shareholder's investment. Such distributions are likely to occur in respect of Shares purchased at a time when the Fund's net asset value reflects unrealized gains or income or gains that are realized but not yet distributed. Such realized income and gains may be required to be distributed even when the Fund's net asset value also reflects unrealized losses.

If the Fund holds, directly or indirectly, one or more "tax credit bonds" issued prior to January 1, 2018, such as Build America Bonds issued before January 1, 2011, on one or more applicable dates during a taxable year, it is possible that the Fund will elect to permit its shareholders to claim a tax credit on their income tax returns equal to each shareholder's proportionate share of tax credits from the applicable bonds that otherwise would be allowed to the Fund. In such a case, a shareholder will be deemed to receive a distribution of money with respect to its Fund shares equal to the shareholder's proportionate share of the amount of such credits and be allowed a credit against the shareholder's U.S. federal income tax liability equal to the amount of such deemed distribution, subject to certain limitations imposed by the Code on the credits involved. Even if the Fund is eligible to pass through tax credits to shareholders, the Fund may choose not to do so.

The Fund will not be considered to be a "publicly offered" regulated investment company if it does not have at least 500 shareholders at all times during a taxable year and its shares are not treated as continuously offered pursuant to a public offering. It is possible that the Fund will not be treated as a "publicly offered" regulated investment company for one or more of its taxable years. Very generally, pursuant to Treasury Department regulations, expenses of a regulated investment company that is not "publicly offered," except those specific to its status as a regulated investment company or separate entity (e.g., registration fees or transfer agency fees), are subject to special "pass-through" rules. These expenses (which include direct and certain indirect advisory fees) are treated as additional dividends to certain Fund shareholders (generally including other regulated investment companies that are not "publicly offered," individuals and entities that compute their taxable income in the same manner as an individual), and, other than in the case of a shareholder that is a regulated investment company that is not "publicly offered," are not deductible by those shareholders under current law.

**Sales, Exchanges or Repurchases of Shares.** The sale, exchange or repurchase of Fund shares may give rise to a gain or loss. In general, any gain or loss realized upon a taxable disposition of Fund shares treated as a sale or exchange for U.S. federal income tax purposes will be treated as long-term capital gain or loss if the shares have been held for more than 12 months. Otherwise, such gain or loss on the taxable disposition of Fund shares will be treated as short-term capital gain or loss. However, any loss realized upon a taxable disposition of Fund shares held for six months or less will be treated as long-term, rather than short-term, to the extent of any long-term capital gain distributions received (or deemed received) by the shareholder with respect to the shares. All or a portion of any loss realized upon a taxable disposition of Fund shares will be disallowed under the Code's "wash sale" rule if other substantially identical shares of the Fund are purchased within 30 days before or after the disposition. In such a case, the basis of the newly purchased shares will be adjusted to reflect the disallowed loss.

A repurchase by the Fund of a Shareholder's shares pursuant to a repurchase offer generally will be treated as a sale or exchange of the shares by a Shareholder provided that either (i) the Shareholder tenders, and the Fund repurchases, all of such Shareholder's shares, thereby reducing the Shareholder's percentage ownership of the Fund, whether directly or by attribution under Section 318 of the Code, to 0%, (ii) the Shareholder meets numerical safe harbors under the Code with respect to percentage voting interest and reduction in ownership of the Fund following completion of the repurchase offer, or (iii) the repurchase offer otherwise results in a "meaningful reduction" of the Shareholder's ownership percentage interest in the Fund, which determination depends on a particular Shareholder's facts and circumstances.

If a tendering Shareholder's proportionate ownership of the Fund (determined after applying the ownership attribution rules under Section 318 of the Code) is not reduced to the extent required under the tests described above, such Shareholder will be deemed to receive a distribution from the Fund under Section 301 of the Code with respect to the shares held (or deemed held under Section 318 of the Code) by the Shareholder after the repurchase offer (a "Section 301 distribution"). The amount of this distribution will equal the price paid by the Fund to such Shareholder for the shares sold, and will be taxable as a dividend, i.e., as ordinary income, to the extent of the Fund's current or accumulated earnings and profits allocable to such distribution, with the excess treated as a return of capital reducing the Shareholder's tax basis in the shares held after the repurchase offer, and thereafter as capital gain. Any Fund shares held by a shareholder after a repurchase offer will be subject to basis adjustments in accordance with the provisions of the Code.

Provided that no tendering Shareholder is treated as receiving a Section 301 distribution as a result of selling shares pursuant to a particular repurchase offer, Shareholders who do not sell shares pursuant to that repurchase offer will not realize constructive distributions on their shares as a result of other Shareholders selling shares in the repurchase offer. In the event that any tendering Shareholder is deemed to receive a Section 301 distribution, it is possible that Shareholders whose proportionate ownership of the Fund increases as a result of that repurchase offer, including Shareholders who do not tender any shares, will be deemed to receive a constructive distribution under Section 305(c) of the Code in an amount equal to the increase in their percentage ownership of the Fund as a result of the repurchase offer. Such constructive distribution will be treated as a dividend to the extent of current or accumulated earnings and profits allocable to it.

Use of the Fund's cash to repurchase shares may adversely affect the Fund's ability to satisfy the distribution requirements for treatment as a regulated investment company described above. The Fund may also recognize income in connection with the sale of portfolio securities to fund share purchases, in which case the Fund would take any such income into account in determining whether such distribution requirements have been satisfied.

The foregoing discussion does not address the tax treatment of tendering Shareholders who do not hold their shares as a capital asset. Such Shareholders should consult their own tax advisors on the specific tax consequences to them of participating or not participating in the repurchase offer.

**Issuer Deductibility of Interest.** A portion of the interest paid or accrued on certain high yield discount obligations owned by the Fund may not, and interest paid on debt obligations, if any, that are considered for tax purposes to be payable in the equity of the issuer or a related party will not be deductible to the issuer. This may affect the cash flow of the issuer. If a portion of the interest paid or accrued on certain high yield discount obligations is not deductible, that portion will be treated as a dividend paid by the issuer for purposes of the corporate dividends-received deduction. In such cases, if the issuer of the high yield discount obligations is a domestic corporation, dividend payments by the Fund may be eligible for the dividends-received deduction to the extent attributable to the deemed dividend portion of such accrued interest.

**Original Issue Discount, Payment-in-Kind Securities, Market Discount, Preferred Securities and Commodity-Linked Notes.** Some debt obligations with a fixed maturity date of more than one year from the date of issuance (and zero-coupon debt obligations with a fixed maturity date of more than one year from the date of issuance) will be treated as debt obligations that are issued originally at a discount. Generally, the amount of the original issue discount ("OID") is treated as interest income and is included in the Fund's income and required to be distributed over the term of the debt obligation, even though payment of that amount is not received until a later time, upon partial or full repayment or disposition of the debt obligation. Increases in the principal amount of an inflation-indexed bond will generally be treated as OID**.**

Some debt obligations with a fixed maturity date of more than one year from the date of issuance that are acquired by the Fund in the secondary market may be treated as having "market discount." Very generally, market discount is the excess of the stated redemption price of a debt obligation (or in the case of an obligation issued with OID, its "revised issue price") over the purchase price of such obligation. Generally, any gain recognized on the disposition of, and any partial payment of principal on, a debt obligation having market discount is treated as ordinary income to the extent the gain, or principal payment, does not exceed the "accrued market discount" on such debt obligation. Alternatively, the Fund may elect to accrue market discount currently, in which case the Fund will be required to include the accrued market discount on such debt obligation in the Fund's income (as ordinary income) and thus distribute it over the term of the debt obligation, even though payment of that amount is not received until a later time, upon partial or full repayment or disposition of the debt obligation. If the Fund makes the election referred to in the preceding sentence, then the rate at which the market discount accrues, and thus is included in the Fund's income, will depend upon which of the permitted accrual methods the Fund elects. The Fund reserves the right to revoke such an election at any time pursuant to applicable IRS procedures. In the case of higher-risk securities, the amount of market discount may be unclear. See "*Tax Considerations - Higher-Risk Securities*."

From time to time, a substantial portion of the Fund's investments in loans and other debt obligations could be treated as having OID and/or market discount, which, in some cases could be significant. To generate sufficient cash to make the requisite distributions, the Fund may be required to sell securities in its portfolio (including when it is not advantageous to do so) that it otherwise would have continued to hold.

A portion of the OID accrued on certain high yield discount obligations may not be deductible to the issuer and will instead be treated as a dividend paid by the issuer for purposes of the dividends-received deduction. In such cases, if the issuer of the high yield discount obligations is a domestic corporation, dividend payments by the Fund may be eligible for the dividends-received deduction to the extent attributable to the deemed dividend portion of such OID.

Some debt obligations with a fixed maturity date of one year or less from the date of issuance may be treated as having OID or, in certain cases, "acquisition discount" (very generally, the excess of the stated redemption price over the purchase price). The Fund will be required to include the OID or acquisition discount in income (as ordinary income) and thus distribute it over the term of the debt obligation, even though payment of that amount is not received until a later time, upon partial or full repayment or disposition of the debt obligation. The rate at which OID or acquisition discount accrues, and thus is included in the Fund's income, will depend upon which of the permitted accrual methods the Fund elects.

Some preferred securities may include provisions that permit the issuer, at its discretion, to defer the payment of distributions for a stated period without any adverse consequences to the issuer. If the Fund owns a preferred security that is deferring the payment of its distributions, the Fund may be required to report income for U.S. federal income tax purposes to the extent of any such deferred distributions even though the Fund has not yet actually received the cash distribution.

In addition, pay-in-kind obligations will, and commodity-linked notes may, give rise to income which is required to be distributed and is taxable even though the Fund receives no interest payment in cash on the security during the year.

If the Fund holds the foregoing kinds of obligations, or other obligations subject to special rules under the Code, the Fund may be required to pay out as an income distribution each year an amount which is greater than the total amount of cash interest the Fund actually received. Such distributions may be made from the cash assets of the Fund or by disposition of portfolio securities, if necessary (including when it is not advantageous to do so). The Fund may realize gains or losses from such dispositions. In the event the Fund realizes net capital gains from such transactions, its Shareholders may receive a larger capital gain distribution than they might otherwise receive in the absence of such transactions.

**Higher-Risk Securities.** The Fund may invest in debt obligations that are in the lowest rating categories or are unrated, including debt obligations of issuers not currently paying interest or who are in default. Investments in debt obligations that are at risk of or in default present special tax issues for the Fund. Tax rules are not entirely clear about issues such as whether or to what extent the Fund should recognize market discount on such a debt obligation, when the Fund may cease to accrue interest, OID or market discount, when and to what extent the Fund may take deductions for bad debts or worthless securities and how the Fund should allocate payments received on obligations in default between principal and income. These and other related issues will be addressed by the Fund when, as and if it invests in such securities, in order to seek to ensure that it distributes sufficient income to preserve its status as a RIC and does not become subject to federal income or excise tax.

**Securities Purchased at a Premium.** Very generally, where the Fund purchases a bond at a price that exceeds the redemption price at maturity (i.e., a premium), the premium is amortizable over the remaining term of the bond. In the case of a taxable bond, if the Fund makes an election applicable to all such bonds it purchases, which election is irrevocable without consent of the IRS, the Fund reduces the current taxable income from the bond by the amortized premium and reduces its tax basis in the bond by the amount of such offset; upon the disposition or maturity of such bonds acquired on or after January 4, 2013, the Fund is permitted to deduct any remaining premium allocable to a prior period. In the case of a tax-exempt bond, tax rules require the Fund to reduce its tax basis by the amount of amortized premium.

**Passive Foreign Investment Companies**. Equity investments by the Fund in certain "passive foreign investment companies" ("PFICs") could subject the Fund to a U.S. federal income tax (including interest charges) on distributions received from the PFIC or on proceeds received from the disposition of shares in the PFIC. This tax cannot be eliminated by making distributions to Fund shareholders. However, the Fund may elect to avoid the imposition of that tax. For example, the Fund may elect to treat a PFIC as a "qualified electing fund" (i.e., make a "QEF election"), in which case the Fund will be required to include its share of the company's income and net capital gains annually, regardless of whether it receives any distribution from the company. Under final Treasury regulations, any such income or net capital gain of the PFIC that is required to be included in the Fund's gross income would be qualifying income to the extent it is either (i) timely and currently repatriated or (ii) derived with respect to the Fund's business of investing in stock, securities or currencies. The Fund also may make an election to mark the gains (and to a limited extent losses) in such holdings "to the market" as though it had sold and repurchased its holdings in those PFICs on the last day of the Fund's taxable year. Such gains and losses are treated as ordinary income and loss. The QEF and mark-to-market elections may accelerate the recognition of income (without the receipt of cash) and increase the amount required to be distributed by the Fund to avoid taxation. Making either of these elections therefore may require the Fund to sell other investments (including when it is not advantageous to do so) to meet its distribution requirement, which also may accelerate the recognition of gain and affect the Fund's total return. Because it is not always possible to identify a foreign corporation as a PFIC, the Fund may incur the tax and interest charges described above in some instances. Dividends paid by PFICs will not be eligible to be treated as "qualified dividend income."

**Municipal Bonds.** The interest on municipal bonds is generally exempt from U.S. federal income tax. The Fund does not expect to invest 50% or more of its assets in municipal bonds on which the interest is exempt from U.S. federal income tax, or in interests in other regulated investment companies. As a result, it does not expect to be eligible to pay "exempt-interest dividends" to its shareholders under the applicable tax rules. As a result, interest on municipal bonds is taxable to shareholders of the Fund when received as a distribution from the Fund. In addition, gains realized by the Fund on the sale or exchange of municipal bonds are taxable to shareholders of the Fund when distributed to them.

**Certain Investments in REITs.** Any investment by the Fund in equity securities of REITs may result in the Fund's receipt of cash in excess of the REIT's earnings; if the Fund distributes these amounts, these distributions could constitute a return of capital to Fund Shareholders for U.S. federal income tax purposes. Investments in REIT equity securities also may require the Fund to accrue and to distribute income not yet received. To generate sufficient cash to make the requisite distributions, the Fund may be required to sell securities in its portfolio (including when it is not advantageous to do so) that it otherwise would have continued to hold. Dividends received by the Fund from a REIT generally will not constitute qualified dividend income.

Distributions by the Fund to its Shareholders that the Fund properly reports as "section 199A dividends," as defined and subject to certain conditions described below, are treated as qualified REIT dividends in the hands of non-corporate Shareholders. Non-corporate Shareholders are permitted a federal income tax deduction equal to 20% of qualified REIT dividends received by them, subject to certain limitations. Very generally, a "section 199A dividend" is any dividend or portion thereof that is attributable to certain dividends received by a RIC from REITs, to the extent such dividends are properly reported as such by the RIC in a written notice to its shareholders. A section 199A dividend is treated as a qualified REIT dividend only if the shareholder receiving such dividend holds the dividend-paying RIC shares for at least 46 days of the 91-day period beginning 45 days before the shares become ex-dividend, and is not under an obligation to make related payments with respect to a position in substantially similar or related property. The Fund is permitted to report such part of its dividends as section 199A dividends as are eligible, but is not required to do so.

**Foreign Currency Transactions.** The Fund's transactions in foreign currencies, foreign currency-denominated debt obligations and certain foreign currency options, futures contracts and forward contracts (and similar instruments) may give rise to ordinary income or loss to the extent such income or loss results from fluctuations in the value of the foreign currency concerned. Any such net gains could require a larger dividend toward the end of the calendar year. Any such net losses will generally reduce and potentially require the recharacterization of prior ordinary income distributions and may accelerate Fund distributions to shareholders and increase the distributions taxed to Shareholders as ordinary income. Any net ordinary losses so created cannot be carried forward by the Fund to offset income or gains earned in subsequent taxable years.

**Options, Futures, and Forward Contracts, Swap Agreements, and other Derivatives.** In general, option premiums received by the Fund are not immediately included in the income of the Fund. Instead, the premiums are recognized when the option contract expires, the option is exercised by the holder, or the Fund transfers or otherwise terminates the option (e.g., through a closing transaction). If a call option written by the Fund is exercised and the Fund sells or delivers the underlying stock, the Fund generally will recognize capital gain or loss equal to (a) the sum of the strike price and the option premium received by the Fund minus (b) the Fund's basis in the stock. Such gain or loss generally will be short-term or long-term depending upon the holding period of the underlying stock. If securities are purchased by the Fund pursuant to the exercise of a put option written by it, the Fund will generally subtract the premium received for purposes of computing its cost basis in the stock purchased. Gain or loss arising in respect of a termination of the Fund's obligation under an option other than through the exercise of the option will be short-term capital gain or loss depending on whether the premium income received by the Fund is greater or less than the amount paid by the Fund (if any) in terminating the transaction. Thus, for example, if an option written by the Fund expires unexercised, the Fund generally will recognize short-term capital gain equal to the premium received.

The Fund's options activities may include transactions constituting straddles for U.S. federal income tax purposes, that is, that trigger the U.S. federal income tax straddle rules contained primarily in Section 1092 of the Code. Such straddles include, for example, positions in a particular security, or an index of securities, and one or more options that offset the former position, including options that are "covered" by the Fund's long position in the subject security. Very generally, where applicable, Section 1092 requires (i) that losses be deferred on positions deemed to be offsetting positions with respect to "substantially similar or related property" to the extent of unrealized gain in the latter, and (ii) that the holding period of such a straddle position that has not already been held for the long-term holding period be terminated and begin anew once the position is no longer part of a straddle. Options on single stocks that are not "deep in the money" may constitute qualified covered calls, which generally are not subject to the straddle rules; the holding period on stock underlying qualified covered calls that are "in the money" although not "deep in the money" will be suspended during the period that such calls are outstanding. Thus, the straddle rules and the rules governing qualified covered calls could cause gains that would otherwise constitute long-term capital gains to be treated as short-term capital gains, and distributions that would otherwise constitute "qualified dividend income" or qualify for the dividends-received deduction to fail to satisfy the holding period requirements and therefore to be taxed as ordinary income or to fail to qualify for the dividends-received deduction, as the case may be.

The tax treatment of certain positions entered into by the Fund, including regulated futures contracts, certain foreign currency positions and certain listed non-equity options, will be governed by section 1256 of the Code ("section 1256 contracts"). Gains or losses on section 1256 contracts generally are considered 60% long-term and 40% short-term capital gains or losses ("60/40"), although certain foreign currency gains and losses from such contracts may be treated as ordinary in character. Also, section 1256 contracts held by the Fund at the end of each taxable year (and, for purposes of the 4% excise tax, on certain other dates as prescribed under the Code) are "marked to market" with the result that unrealized gains or losses are treated as though they were realized and the resulting gain or loss is treated as ordinary or 60/40 gain or loss, as applicable.

**Derivatives, Hedging, and Other Transactions.** In addition to the special rules described above in respect of futures and options transactions, the Fund's transactions in other derivatives instruments (e.g., forward contracts and swap agreements), as well as any of its hedging, short sale, securities loan or similar transactions may be subject to one or more special tax rules (e.g., notional principal contract, straddle, constructive sale, wash sale and short sale rules). These rules may affect whether gains and losses recognized by the Fund are treated as ordinary or capital, accelerate the recognition of income or gains to the Fund, defer losses to the Fund, and cause adjustments in the holding periods of the Fund's securities, thereby affecting, among other things, whether capital gains and losses are treated as short-term or long-term. These rules could, therefore, affect the amount, timing and/or character of distributions to Shareholders.

Because these and other tax rules applicable to these types of transactions are in some cases uncertain under current law, an adverse determination or future guidance by the IRS with respect to these rules (which determination or guidance could be retroactive) may affect whether the Fund has made sufficient distributions, and otherwise satisfied the relevant requirements, to maintain its qualification as a regulated investment company and avoid a Fund-level tax.

**Commodities and Commodity-Linked Instruments.** The Fund's investments in commodities and commodity-linked instruments, if any, will potentially be limited by the Fund's intention to qualify as a regulated investment company, and will potentially limit the Fund's ability to so qualify. Income and gains from commodities and certain commodity-linked instruments do not constitute qualifying income to a regulated investment company for purposes of the 90% gross income test described above. In addition, the tax treatment of some other commodity-linked instruments in which the Fund might invest is not certain, in particular with respect to whether income or gains from such instruments constitute qualifying income to a regulated investment company. If the Fund were to treat income or gain from a particular instrument as qualifying income and the income or gain were later determined not to constitute qualifying income, and, together with any other nonqualifying income, caused the Fund's nonqualifying income to exceed 10% of its gross income in any taxable year, the Fund would fail to qualify as a regulated investment company unless it is eligible to and does pay a tax at the Fund level.

**Book-Tax Difference.** Certain of the Fund's investments in derivative instruments and foreign currency-denominated instruments, and any of the Fund's transactions in foreign currencies and hedging activities, are likely to produce a difference between its book income and the sum of its taxable income and net tax-exempt income (if any). If such a difference arises, and the Fund's book income is less than the sum of its taxable income and net tax-exempt income (if any), the Fund could be required to make distributions exceeding book income to qualify as a regulated investment company that is accorded special tax treatment and to avoid an entity-level tax. In the alternative, if the Fund's book income exceeds the sum of its taxable income (including realized capital gains) and net tax-exempt income, the distribution (if any) of such excess generally will be treated as (i) a dividend to the extent of the Fund's remaining earnings and profits (including earnings and profits arising from tax-exempt income), (ii) thereafter, as a return of capital to the extent of the recipient's basis in its shares, and (iii) thereafter as gain from the sale or exchange of a capital asset.

**Short Sales.** If the Fund participates in a short sale and, on the date of such short sale, the Fund either (i) does not hold securities substantially identical to those sold short or (ii) has held such substantially identical securities for one year or less, the character of gain or loss realized on such a short sale generally will be short-term. If the Fund participates in a short sale and, on the date of such short sale, the Fund has held substantially identical securities for more than one year, the character of gain realized on such short sale will be determined by reference to the Fund's holding period in the property actually used to close the short sale; the character of loss realized on such short sale generally will be long term, regardless of the holding period of the securities actually used to close such short sale. Because net short-term capital gain (after reduction by any long-term capital loss) is generally taxed at ordinary income rates, the Fund's short sale transactions can increase the percentage of the Fund's gains that are taxable to shareholders as ordinary income.

In general, excess inclusion income allocated to shareholders (i) cannot be offset by net operating losses (subject to a limited exception for certain thrift institutions), (ii) will constitute unrelated business taxable income ("UBTI") to entities (including a qualified pension plan, an individual retirement account, a 401(k) plan, a Keogh plan or other tax-exempt entity) subject to tax on UBTI, thereby potentially requiring such an entity that is allocated excess inclusion income and otherwise might not be required to file a U.S. federal income tax return, to file such a tax return and pay tax on such income, and (iii) in the case of a non-U.S. shareholder, will not qualify for any reduction in U.S. federal withholding tax. A shareholder will be subject to U.S. federal income tax on such inclusions notwithstanding any exemption from such income tax otherwise available under the Code.

**Mortgage-Related Securities**. The Fund may invest directly or indirectly in real estate mortgage investment conduits ("REMICs") (including by investing in residual interests in CMOs with respect to which an election to be treated as a REMIC is in effect) or equity interests in taxable mortgage pools ("TMPs"). Under a notice issued by the IRS in October 2006 and Treasury regulations that have yet to be issued but may apply retroactively, a portion of the Fund's income (including income allocated to the Fund from a REIT or other pass-through entity) that is attributable to a residual interest in a REMIC or an equity interest in a TMP—referred to in the Code as an "excess inclusion"—will be subject to U.S. federal income tax in all events. This notice also provides, and the regulations are expected to provide, that excess inclusion income of a RIC, such as the Fund, will be allocated to Shareholders of the RIC in proportion to the dividends received by such Shareholders, with the same consequences as if the Shareholders held the related interest directly. As a result, the Fund may not be a suitable investment for charitable remainder trusts ("CRTs"), as noted below.

**Tax-Exempt Shareholders.** Income of a regulated investment company that would be UBTI if earned directly by a tax-exempt entity will not generally be attributed as UBTI to a tax-exempt shareholder of the regulated investment company. Notwithstanding this "blocking" effect, a tax-exempt shareholder could realize UBTI by virtue of its investment in the Fund if shares in the Fund constitute debt-financed property in the hands of the tax-exempt shareholder within the meaning of Code Section 514(b). A tax-exempt shareholder may also recognize UBTI if the Fund recognizes "excess inclusion income" derived from direct or indirect investments in residual interests in REMICs or equity interests in TMPs as described above, if the amount of such income recognized by the Fund exceeds the Fund's investment company taxable income (after taking into account deductions for dividends paid by the Fund).

In addition, special tax consequences apply to CRTs that invest in regulated investment companies that invest directly or indirectly in residual interests in REMICs or equity interests in TMPs. Under legislation enacted in December 2006, if a CRT, as defined in Section 664 of the Code, realizes any UBTI for a taxable year, a 100% excise tax is imposed on such UBTI. Under IRS guidance issued in October 2006, a CRT will not recognize UBTI solely as a result of investing in a regulated investment company that recognizes "excess inclusion income." Rather, if at any time during any taxable year a CRT (or one of certain other tax-exempt shareholders, such as the United States, a state or political subdivision, or an agency or instrumentality thereof, and certain energy cooperatives) is a record holder of a share in a regulated investment company that recognizes "excess inclusion income," then the regulated investment company will be subject to a tax on that portion of its "excess inclusion income" for the taxable year that is allocable to such shareholders at the highest federal corporate income tax rate. The extent to which this IRS guidance remains applicable in light of the December 2006 legislation is unclear. To the extent permitted under the 1940 Act, the Fund may elect to specially allocate any such tax to the applicable CRT, or other shareholder, and thus reduce such shareholder's distributions for the year by the amount of the tax that relates to such shareholder's interest in the Fund. CRTs and other tax-exempt shareholders are urged to consult their tax advisors concerning the consequences of investing in the Fund.

**Non-U.S. Shareholders.** Distributions by the Fund to shareholders that are not "United States persons" within the meaning of the Code ("foreign shareholders") properly reported by the Fund as (1) Capital Gain Dividends, (2) short-term capital gain dividends, or (3) interest-related dividends, each as defined and subject to certain conditions described below generally are not subject to withholding of U.S. federal income tax.

In general, the Code defines (1) "short-term capital gain dividends" as distributions of net short-term capital gains in excess of net long-term capital losses and (2) "interest-related dividends" as distributions from U.S. source interest income of types similar to those not subject to U.S. federal income tax if earned directly by an individual foreign shareholder, in each case to the extent such distributions are properly reported as such by the Fund in a written notice to shareholders. The exceptions to withholding for Capital Gain Dividends and short-term capital gain dividends do not apply to (A) distributions to an individual foreign shareholder who is present in the United States for a period or periods aggregating 183 days or more during the year of the distribution and (B) distributions attributable to gain that is effectively connected with the conduct by the foreign shareholder of a trade or business within the United States under special rules regarding the disposition of "U.S. real property interests" ("USRPIs") as described below. The exception to withholding for interest-related dividends does not apply to distributions to a foreign shareholder (A) that has not provided a satisfactory statement that the beneficial owner is not a United States person, (B) to the extent that the dividend is attributable to certain interest on an obligation if the foreign shareholder is the issuer or is a 10% shareholder of the issuer, (C) that is within certain foreign countries that have inadequate information exchange with the United States, or (D) to the extent the dividend is attributable to interest paid by a person that is a related person of the foreign shareholder and the foreign shareholder is a controlled foreign corporation. If the Fund invests in a regulated investment company that pays such distributions to the Fund, such distributions retain their character as not subject to withholding if properly reported when paid by the Fund to foreign shareholders.

The Fund is permitted to report such part of its dividends as interest-related or short-term capital gain dividends as are eligible, but is not required to do so. In the case of shares held through an intermediary, the intermediary may withhold even if the Fund reports all or a portion of a payment as an interest-related or short-term capital gain dividend to shareholders.

Foreign shareholders should contact their intermediaries regarding the application of withholding rules to their accounts.

Distributions by the Fund to foreign shareholders other than Capital Gain Dividends, short-term capital gain dividends, and interest-related dividends (e.g., dividends attributable to dividend and foreign-source interest income or to short-term capital gains or U.S. source interest income to which the exception from withholding described above does not apply) are generally subject to withholding of U.S. federal income tax at a rate of 30% (or lower applicable treaty rate). Legislation has been proposed that would significantly increase this rate for tax residents of certain countries.

A foreign shareholder is not, in general, subject to U.S. federal income tax on gains (and is not allowed a deduction for losses) realized on the sale of shares of the Fund unless (i) such gain is effectively connected with the conduct by the foreign shareholder of a trade or business within the United States, (ii) in the case of a foreign shareholder that is an individual, the shareholder is present in the United States for a period or periods aggregating 183 days or more during the year of the sale and certain other conditions are met, or (iii) the special rules relating to gain attributable to the sale or exchange of USRPIs apply to the foreign shareholder's sale of shares of the Fund (as described below).

Foreign shareholders with respect to whom income from the Fund is effectively connected with a trade or business conducted by the foreign shareholder within the United States will in general be subject to U.S. federal income tax on the income derived from the Fund at the graduated rates applicable to U.S. citizens, residents or domestic corporations, whether such income is received in cash or reinvested in shares of the Fund and, in the case of a foreign corporation, may also be subject to a branch profits tax. If a foreign shareholder is eligible for the benefits of a tax treaty, any effectively connected income or gain will generally be subject to U.S. federal income tax on a net basis only if it is also attributable to a permanent establishment maintained by the shareholder in the United States. More generally, foreign shareholders who are residents in a country with an income tax treaty with the United States may obtain different tax results than those described herein, and are urged to consult their tax advisors.

Special rules would apply if the Fund were a qualified investment entity ("QIE") because it is either a "U.S. real property holding corporation" ("USRPHC") or would be a USRPHC but for the operation of certain exceptions to the definition thereof. Very generally, a USRPHC is a domestic corporation that holds USRPIs the fair market value of which equals or exceeds 50% of the sum of the fair market values of the corporation's USRPIs, interests in real property located outside the United States, and other trade or business assets. USRPIs are generally defined as any interest in U.S. real property and any interest (other than solely as a creditor) in a USRPHC or, very generally, an entity that has been a USRPHC in the last five years. A regulated investment company that holds, directly or indirectly, significant interests in REITs may be a USRPHC. Interests in domestically controlled QIEs, including REITs and regulated investment companies that are QIEs, not-greater-than-10% interests in publicly traded classes of stock in REITs and notgreater-than-5% interests in publicly traded classes of stock in regulated investment companies generally are not USRPIs, but these exceptions do not apply for purposes of determining whether the Fund is a QIE.

If an interest in the Fund were a USRPI, the Fund would be required to withhold U.S. tax on the proceeds of a share redemption by a greater-than-5% foreign shareholder or any foreign shareholder if shares of the Fund are not considered regularly traded on an established securities market, in which case such foreign shareholder generally would also be required to file a U.S. tax return and pay any additional taxes due in connection with the redemption. If the Fund were a QIE, under a special "look-through" rule, any distributions by the Fund to a foreign shareholder (including, in certain cases, distributions made by the Fund in the repurchase of its shares) attributable directly or indirectly to (i) distributions received by the Fund from a lower-tier regulated investment company or REIT that the Fund is required to treat as USRPI gain in its hands, or (ii) gains realized by the Fund on the disposition of USRPIs would retain their character as gains realized from USRPIs in the hands of the Fund's foreign shareholders, and would be subject to U.S. withholding tax. In addition, such distributions could result in the foreign shareholder being required to file a U.S. tax return and pay tax on the distributions at regular U.S. federal income tax rates. The consequences to a foreign shareholder, including the rate of such withholding and character of such distributions (e.g., as ordinary income or USRPI gain), would vary depending upon the extent of the foreign shareholder's current and past ownership of the Fund.

The Fund generally does not expect that it will be a QIE. Foreign shareholders should consult their tax advisers and, if holding shares through intermediaries, their intermediaries, concerning the application of these rules to their investment in the Fund.

Foreign shareholders also may be subject to "wash sale" rules to prevent the avoidance of the tax-filing and -payment obligations discussed above through the sale and repurchase of Fund shares.

In order for a foreign shareholder to qualify for any exemptions from withholding described above or for lower withholding tax rates under income tax treaties, or to establish an exemption from backup withholding, a foreign shareholder must comply with special certification and filing requirements relating to its non-U.S. status (including, in general, furnishing an IRS Form W-8BEN, W-8BEN-E or substitute form). Foreign shareholders should consult their tax advisors in this regard.

Special rules (including withholding and reporting requirements) apply to foreign partnerships and those holding Fund shares through foreign partnerships. Additional considerations may apply to foreign trusts and estates. Investors holding Fund shares through foreign entities should consult their tax advisers about their particular situation.

A foreign shareholder may be subject to state and local tax and to the U.S. federal estate tax in addition to the U.S. federal income tax referred to above.

A beneficial holder of shares who is a non-U.S. person may be subject to state and local tax and to the U.S. federal estate tax in addition to the U.S. federal tax on income referred to above.

**Backup Withholding.** The Fund is generally required to withhold and remit to the U.S. Treasury a percentage of taxable distributions and redemption proceeds paid to any individual shareholder who fails to properly furnish the Fund with a correct taxpayer identification number, who has under-reported dividend or interest income, or who fails to certify to the Fund that he or she is not subject to such withholding. Backup withholding is not an additional tax. Any amounts withheld may be credited against the shareholder's U.S. federal income tax liability provided the appropriate information is furnished to the IRS.

**Tax Shelter Reporting Regulations.** Under U.S. Treasury regulations, if a shareholder recognizes a loss of at least $2 million in any single taxable year or $4 million in any combination of taxable years for an individual shareholder or at least $10 million in any single taxable year or $20 million in any combination of taxable years for a corporate shareholder, the shareholder must file with the IRS a disclosure statement on IRS Form 8886. Direct shareholders of portfolio securities are in many cases excepted from this reporting requirement, but under current guidance, shareholders of a regulated investment company are not excepted. Future guidance may extend the current exception from this reporting requirement to shareholders of most or all regulated investment companies. The fact that a loss is reportable under these regulations does not affect the legal determination of whether the taxpayer's treatment of the loss is proper. Shareholders should consult their tax advisors to determine the applicability of these regulations in light of their individual circumstances.

**Other Reporting and Withholding Requirements.** Sections 1471-1474 of the Code and the U.S. Treasury and IRS guidance issued thereunder (collectively, "FATCA") generally require the Fund to obtain information sufficient to identify the status of each of its shareholders under FATCA or under an applicable intergovernmental agreement (an "IGA") between the United States and a foreign government. If a shareholder fails to provide the requested information or otherwise fails to comply with FATCA or an IGA, the Fund may be required to withhold under FATCA at a rate of 30% with respect to that shareholder on ordinary dividends it pays. The IRS and the Department of Treasury have issued proposed regulations providing that these withholding rules will not apply to the gross proceeds of share redemptions or Capital Gain Dividends the Fund pays. If a payment by the Fund is subject to FATCA withholding, the Fund is required to withhold even if such payment would otherwise be exempt from withholding under the rules applicable to foreign shareholders described above (e.g., interest-related dividends).

Shareholders that are U.S. persons and own, directly or indirectly, more than 50% of the Fund could be required to report annually their "financial interest" in the Fund's "foreign financial accounts," if any, on FinCEN Form 114, Report of Foreign Bank and Financial Accounts (FBAR). Shareholders should consult a tax advisor, and persons investing in the Fund through an intermediary should contact their intermediary, regarding the applicability to them of this reporting requirement.

Each prospective investor is urged to consult its tax adviser regarding the applicability of FATCA and any other reporting requirements with respect to the prospective investor's own situation, including investments through an intermediary.

**Shares Purchased Through Tax-Qualified Plans.** Special tax rules apply to investments through defined contribution plans and other tax-qualified plans. Shareholders should consult their tax advisers to determine the suitability of shares of the Fund as an investment through such plans and the precise effect of an investment on their particular tax situation.

**<u>Proxy Voting POLICIES AND PROCEDURES</u>**

The Board has approved the proxy voting policy and procedures of the Fund's Adviser, pursuant to which the Board has delegated proxy voting responsibility to the Adviser, and pursuant to which the Adviser has delegated proxy voting responsibility to each respective Sub-Adviser, where applicable. Each Sub-Adviser will vote such proxies in accordance with its proxy policies and procedures. Copies of the Adviser's and each Sub-Adviser's proxy policies and procedures are included as Appendix A to this SAI. The Board will periodically review the Fund's proxy voting record.

The Fund is required to file Form N-PX, with its complete proxy voting record for the twelve months ended June 30, no later than August 31 of each year. The Fund's Form N-PX filing will be available: (i) without charge, upon request, by calling the Fund at 1-877-545-0041 or (ii) by visiting the SEC's website at www.sec.gov.

**<u>CONTROL PERSONS AND PRINCIPAL SHAREHOLDERS</u>**

A principal shareholder is any person who owns (either of record or beneficially) 5% or more of the outstanding shares of the Fund. A control person is a shareholder who owns, either directly or indirectly, more than 25% of the voting securities of the Fund or acknowledges the existence of control. A control person may be able to determine the outcome of any matter affecting and voted on by shareholders of the Fund.

As of June 30, 2025, the following persons beneficially owned 5% or more of the shares of the Fund:

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Name and Address** | &nbsp;&nbsp;**Percentage of Shares Owned** |
| &nbsp;&nbsp;JNL Moderate Allocation Fund<br> 1 Corporate Way<br> Lansing, MI 48951 | &nbsp;&nbsp;12.52% |
| &nbsp;&nbsp;JNL Moderate Growth Allocation Fund<br> 1 Corporate Way<br> Lansing, MI 48951 | &nbsp;&nbsp;23.67% |
| &nbsp;&nbsp;JNL Growth Allocation Fund<br> 1 Corporate Way<br> Lansing, MI 48951 | &nbsp;&nbsp;14.77% |
| &nbsp;&nbsp;JNL/JPMorgan Managed Growth Fund<br> 1 Corporate Way<br> Lansing, MI 48951 | &nbsp;&nbsp;11.47% |
| &nbsp;&nbsp;JNL/JPMorgan Managed Aggressive Growth Fund<br> 1 Corporate Way<br> Lansing, MI 48951 | &nbsp;&nbsp;5.90% |
| &nbsp;&nbsp;JNL/JPMorgan Managed Moderate Growth Fund<br> 1 Corporate Way<br> Lansing, MI 48951 | &nbsp;&nbsp;14.07% |
| &nbsp;&nbsp;JNL/JPMorgan Managed Moderate Fund<br> 1 Corporate Way<br> Lansing, MI 48951 | &nbsp;&nbsp;6.55% |

---

As of June 30, 2025, the Trustees and officers did not own Shares of the Fund.

As of June 30, 2025, the Fund could be deemed to be under control of the Jackson National Life Insurance Company, which had voting authority with respect to 100% of the value of the outstanding interests in the Fund on such date. However, it is anticipated that the Adviser will no longer be a control person once its Class I Shares are sold to the public.

**<u>REGISTRATION STATEMENT</u>**

A Registration Statement on Form N-2, including amendments thereto, relating to the Shares offered hereby, has been filed by the Fund with the SEC in Washington, D.C. The Fund's Prospectus and this Statement of Additional Information do not contain all of the information set forth in the Registration Statement, including any exhibits and schedules thereto. For further information with respect to the Fund and the Shares offered hereby, reference is made to the Fund's Registration Statement. Statements contained in the Fund's Prospectus and this Statement of Additional Information as to the contents of any contract or other document referred to are not necessarily complete and in each instance reference is made to the copy of such contract or other document filed as an exhibit to the Registration Statement, each such statement being qualified in all respects by such reference. Copies of the Registration Statement may be inspected without charge at the SEC's principal office in Washington, D.C., and copies of all or any part thereof may be obtained from the SEC upon the payment of certain fees prescribed by the SEC or on the SEC's website at <u>http://www.sec.gov</u>.

**<u>Financial Statements</u>**

The Fund's audited Financial Statements appearing in the Fund's annual report for the period ended March 31, 2025, are incorporated by reference in this SAI and have been so incorporated in reliance upon the report of KPMG LLP, independent registered public accounting firm for the Fund, whose report can be found at https://www.sec.gov/Archives/edgar/data/2003497/000174177325002411/ncsr.htm.

The annual shareholder report is available upon request and without charge by writing to the Fund at the address and telephone number set forth on the front page of this SAI.

**<u>APPENDIX A — PROXY PROCEDURES</u>**

**Jackson National Asset Management, LLC**

**Proxy Voting Policies and Procedures**

**JNL Series Trust, JNL Investors Series Trust, Interval Funds**

**Last Revision Date: February 29, 2024**

&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;I. **Introduction**

While JNAM is the investment adviser to the Funds, certain affiliated and non-affiliated sub- advisers ("Sub-Advisers") conduct the day-to-day investment management of the Funds. Pursuant to the Sub-Advisers' respective "Sub-Advisory Agreements" with JNAM, the Sub-Advisers make the investment decisions for the Funds, including determinations as to the purchase and sale of securities for the Funds and the disposition of the assets for the Funds. JNAM, pursuant to exemptive relief granted by the SEC, is a "Manager of Managers," and monitors and reviews the performance of the Sub-Advisers and the Funds. JNAM does not make individual investment decisions on behalf of the sub-advised Funds, and its trading and portfolio management functions are limited to private funds, the "Fund of Funds," which invest in registered investment Companies ("Underlying Funds") or the Multi Manager Funds, which invest in various Sleeves of the Multi Manager Funds. JNAM does not have a traditional portfolio management department and does not operate a traditional trading desk. JNAM provides the Funds with various services, including, but not limited to, compliance, fund accounting, transfer agency services, due diligence, and administrative services.

JNAM views the proxy voting process as a component of the investment process and, as such, seeks to ensure that all proxy proposals are voted with the primary goal of seeking the optimal benefit for its clients. JNAM maintains a policy of seeking to protect the best interests of its clients should a proxy issue potentially implicate a conflict of interest between its clients and JNAM or its affiliates. Schedule A lists the Funds to which this policy relates.

Also, the Funds are required to file an annual record of their respective proxy votes with the SEC by August 31st of each year on Form N-PX. The period covered by the Funds' Form N-PX filing with the SEC is July 1st through June 30th of the following year.

&nbsp;&nbsp;&nbsp;&nbsp;II. **Delegation to the Sub-Advisers**

The Funds have delegated proxy voting responsibilities to JNAM, as the investment adviser to the Funds, and JNAM is authorized to delegate, in whole or in part, its proxy voting authority to the Funds' Sub-Advisers, consistent with the policies set forth below. The Sub-Advisers are expected to identify and seek to obtain the optimal benefit for the Funds. JNAM believes that the Sub-Advisers generally are also best suited to evaluate and vote proxies for the securities they acquire for the Funds. Therefore, except as provided herein, and as delegated to JNAM by the Funds' Board, it is JNAM's policy to delegate its proxy voting responsibility, primarily to the Sub-Advisers of each Fund. JNAM intends to maintain substantial oversight to ensure that each Fund's Sub-Adviser has written policies that meet certain minimum standards, as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. The policies are expected to be reasonably designed to protect the best interests of the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. JNAM expects that a Sub-Adviser's proxy voting guidelines will be set forth in sufficient detail. The proxy voting guidelines (or the Sub-Adviser's, through separate written means) should address at least the following issues:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. Procedures on how the Sub-Adviser demonstrates its voting determinations in the Fund's best interest and in accordance with the Funds' proxy voting policies and procedures;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii. Procedures the Sub-Adviser considers when it becomes aware of potential factual errors, potential incompleteness, or potential weaknesses in methodologies in a proxy advisory firm's analysis that may materially affect one or more of the Sub-Adviser's voting determinations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iii. The extent to which the Sub-Adviser delegates its proxy voting decisions to a third party, or relies on

the recommendations of a third party;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iv. Procedures for the Sub-Adviser's evaluation of the services of a proxy advisory firm that it retains, including evaluating any material changes in services or operations by the proxy advisory firm;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;v. Policies and procedures describing the factors the Sub-Adviser assesses when engaging the services of a proxy advisory firm;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;vi. Policies and procedures relating to matters that may affect substantially the rights or privileges of the holders of securities to be voted; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;vii. Policies regarding the extent to which the Sub-Adviser will support or give weight to the views of management of a portfolio company.

The policies are expected to delineate procedures to be followed when a proxy vote presents a conflict between the interests of a Fund and the interests of its Sub-Adviser and/or its affiliates, and to resolve any conflicts of interest based on the best interests of the Fund. If the matter involves an issue that is specifically addressed in the Sub-Adviser's proxy voting policies, the proxy shall be cast in accordance with those policies.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C. To the extent that a Sub-Adviser identifies a material conflict of interest between itself and the interests of a Fund, the Sub-Adviser shall notify JNAM and confirm how the conflict was resolved.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;D. JNAM shall periodically report to the Funds' Board, on the Funds' proxy voting during that year, including the resolution of any conflicts of interest during that period, any votes cast in contravention of the Sub-Advisers' proxy voting policy, and any recommended changes in the Funds' proxy voting policies. JNAM may also provide the Funds' Board with information related to any third-party vendors used to facilitate proxy voting.

&nbsp;&nbsp;&nbsp;&nbsp;III. **Reservation of JNAM's Authority and Conflicts of Interest**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. JNAM may periodically review the proxy voting policies of each Sub-Adviser. JNAM seeks to insure that the Sub- Advisers seek the best interests of the Funds in voting proxies for the Funds, as described herein.

In addition, JNAM recognizes that in certain circumstances, Sub-Advisers may wish to abstain from a proxy vote based on a cost benefit analysis that casting a vote would not be in the overall best interests of the Fund it sub- advises. In cases where the operational or other costs involved in voting a proxy outweigh potential benefits, JNAM may permit a Sub-Adviser to abstain from voting. In particular, JNAM recognizes the following circumstances where voting might not be in the best interests of a Fund (these circumstances apply to ESG funds and non- ESG funds):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. Voting a proxy for securities held in a passively managed index fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii. Voting a proxy for certain foreign securities with "block out" or other restrictive features associated with proxy voting or which involve additional costs such as hiring a translator or traveling to the foreign country to vote the security in person; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iii. Voting a proxy for securities that have been loaned by the Fund and would have to be recalled in order to submit a proxy vote.

Sub-Advisers may abstain from voting proxies in other circumstances where it determined that such a vote may not be in the best interests of the Fund(s) and its shareholders, or there is a material conflict of interest.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. In cases where the Funds' may have securities on loan at the time that proxies are to be voted, the Sub-Adviser may call loaned securities back to vote the proxies. If the request to call back the securities is not successful for any reason, the counterparty retains the right to vote the proxies.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C. For a Fund that is operated as a "Fund of Funds" pursuant to Section 12(d)(1)(G) of the Investment Company Act (i.e., the Fund invests solely in shares of other Funds (each, an "Underlying Fund")), JNAM shall vote the Fund of Funds' proxies on the shares of the Underlying Fund in the same proportion as the vote of all the other holders of that Underlying Fund's shares.

&nbsp;&nbsp;&nbsp;&nbsp;IV. **Other Conflicts of Interest**

For purposes of other conflicts of interests within the larger Jackson Financial Inc. to which JNAM is subject, it is noted that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. Jackson Financial Inc. and its affiliates do not, and will not, interfere by giving direct or indirect instructions or in any other way in the exercise of the voting rights attached to the Funds' securities in respect of which JNAM and/or the Sub-Advisers will vote proxies in such securities on behalf the Funds' ("Voting Rights");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. JNAM and/or the Sub-Advisers are free in all situations to exercise the Voting Rights independently of Jackson Financial Inc.; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C. JNAM and/or the Sub-Advisers disregard and will disregard the interests of Jackson Financial Inc. or its affiliates whenever conflicts of interest arise in the exercise of the Voting Rights.

&nbsp;&nbsp;&nbsp;&nbsp;V. **Recordkeeping**

Rule 30b1-4 under the Investment Company Act requires each Fund to file its complete proxy voting record on an annual basis (for each reporting period ending June 30th) on Form N-PX no later than August 31st of each year. JNAM will prepare and file Form N-PX on behalf of the Funds based on proxy voting data collected by a third-party service provider retained by JNAM and the Funds.

In addition, JNAM will post this data on a public website, the address of which will be disclosed for

the benefit of shareholders (contract holders) in the statement of additional information of any Fund filing its annual registration statement update.

&nbsp;&nbsp;&nbsp;&nbsp;VI. **Reporting**

There is not a formal Board reporting requirement, however, where there is a conflict of interest, JNAM may report such incident and resolution to the Funds' Board

------

**Schedule A**

---

| |
|:---|
| &nbsp;&nbsp; **JNAM Clients** |
| &nbsp;&nbsp; **JNL Series Trust** |
| &nbsp;&nbsp; **JNL Investors Series Trust** |
| &nbsp;&nbsp; **Jackson Credit Opportunities Fund** |
| &nbsp;&nbsp; **Jackson Real Assets Fund** |

---

![](cohen_proxy0324001.jpg)

Table of contents

---

| | | |
|:---|:---|:---|
| [Part I: Proxy Voting Procedures](#a001) | [Part I: Proxy Voting Procedures](#a001) | 2 |
| [A.](#a002) | [Proxy Committee](#a002) | 2 |
| [B.](#a003) | [Proxy Administration Group](#a003) | 2 |
| [C.](#a004) | [Proxy Advisory Firm](#a004) | 2 |
| [D.](#a005) | [Conflicts of Interest](#a005) | 3 |
| [E.](#a006) | [Foreign Securities](#a006) | 4 |
| [F.](#a007) | [Shares of Registered Investment Companies](#a007) | 4 |
| [G.](#a008) | [Cohen & Steers Funds](#a008) | 4 |
| [H.](#a009) | [Securities Lending](#a009) | 5 |
| [I.](#a010) | [Recordkeeping](#a010) | 5 |
| [J.](#a011) | [Pre-Solicitation Contact](#a011) | 5 |
| [Part II: Proxy Voting Guidelines](#a012) | [Part II: Proxy Voting Guidelines](#a012) | 6 |
| [A.](#a013) | [Board and Director Proposals](#a013) | 6 |
| [B.](#a014) | [Compensation Proposals](#a014) | 10 |
| [C.](#a015) | [Capital Structure Changes and Anti-Takeover Proposals](#a015) | 14 |
| [D.](#a016) | [Mergers and Corporate Restructurings](#a016) | 16 |
| [E.](#a017) | [Auditor Proposals](#a017) | 17 |
| [F.](#a018) | [Shareholder Access, Meeting and Voting Proposals](#a018) | 18 |
| [G.](#a019) | [Environmental and Social Proposals](#a019) | 20 |
| [H.](#a020) | [Miscellaneous Proposals](#a020) | 22 |
| [Proxy Voting Guideline Summary](#a021) | [Proxy Voting Guideline Summary](#a021) | 23 |

---

---

| | |
|:---|:---|
| 1 | ![](cohen_proxy0324002.jpg) |

---

Cohen & Steers Capital Management, Inc. and its affiliated investment advisers (collectively, "Cohen & Steers," the "Company," or "we") may be granted the authority to vote proxies of securities held in its clients' portfolios. Our objective is to vote proxies in the best interests of our clients. To further this objective, we have adopted this Global Proxy Voting Policy (the "Proxy Voting Policy"). Part I of the Proxy Voting Policy contains the Proxy Voting Procedures and Part II contains the Proxy Voting Guidelines.

**Part I: Proxy Voting Procedures**

A. Proxy Committee

The Company's proxy voting committee (the "Proxy Committee") is responsible for overseeing the proxy voting process and for establishing and maintaining the Proxy Voting Policy, which is reviewed and updated annually. The Proxy Committee is comprised of members of the Company's investment team and legal and compliance department.

The Proxy Committee is responsible for, among other things:

● reviewing the Proxy Voting Procedures to ensure consistency with the Company's internal policies and applicable rules and regulations;

● reviewing the Proxy Voting Guidelines and establishing additional voting guidelines as necessary;

● ensuring that proxies are voted in accordance with the Proxy Voting Guidelines; and

● ensuring there is an appropriate rationale for not voting proxies in accordance with the Proxy Voting Guidelines and that such votes are properly documented.

B. Proxy Administration Group

The proxy administration group is responsible for distributing proxy materials to investment personnel who are in turn responsible for voting proxies in accordance with the Proxy Voting Guidelines. Proxies that are not voted in accordance with the Proxy Voting Guidelines, votes against management, and proxies voted on environmental and social proposals are required to be documented and include a rationale. The proxy administration group is responsible for maintaining this documentation.

C. Proxy Advisory Firm

We have retained an independent proxy advisory firm to assist with the proxy voting process. The proxy advisory firm is responsible for coordinating with clients' custodians to ensure that all proxy materials received by the custodians relating to the clients' portfolio securities are processed in a timely manner. In addition, the proxy advisory firm is responsible for maintaining copies of all proxy materials received by issuers and promptly providing such materials to Cohen & Steers upon request.

From time to time, we may become aware of circumstances in which a company intends to file or has filed additional soliciting materials after we have received the proxy advisory firm's voting recommendation but before the submission deadline. If a company files such additional information sufficiently in advance of the voting deadline to allow us to review the information and the information could reasonably be expected to affect our voting determination, we will seek to obtain such additional materials in connection with our exercise of voting authority.

---

| | |
|:---|:---|
| 2 | ![](cohen_proxy0324002.jpg) |

---

The proxy administration group works with the proxy advisory firm and is responsible for ensuring that proxy votes are properly recorded and that necessary information about each proxy vote is maintained.

At least annually, the Company will conduct a review of its ongoing use of the proxy advisory firm. In addition, at least annually, the Company will conduct a review of the adequacy of its own voting policies and procedures to determine that they have been formulated reasonably and implemented effectively, including whether the applicable policies and procedures continue to be reasonably designed to ensure that the votes the Company casts on behalf of its clients are in their best interest.

D. Conflicts of Interest

The Investment Advisers Act of 1940 requires that proxy voting procedures adopted and implemented by a U.S. investment adviser include procedures that address material conflicts of interest that may arise between an investment adviser's interests and those of its clients. The following are non-exclusive examples of sources of perceived or potential conflicts of interest relating to Cohen & Steers (including its affiliates):

● Cohen & Steers has a pecuniary interest in the matter voted upon;

● Cohen & Steers has a material financial relationship with the issuer soliciting the vote;

● A member of the board of directors of Cohen & Steers or Cohen & Steers, Inc. is a senior executive of, or a member of the board of directors of, the issuer soliciting the vote;

● An employee of Cohen & Steers is a senior executive of, or a member of the board of directors of, the issuer soliciting the vote;

● An employee of Cohen & Steers is an immediate family member of either a senior executive of, or a member of the board of directors of, the issuer soliciting the vote and such family member could foreseeably receive material non-public information about the issuer;

● Cohen & Steers or a collective investment vehicle sponsored by Cohen & Steers has a direct or indirect material interest in a joint venture in which the issuer soliciting the vote is a joint venture partner;

● The issuer soliciting the vote is a significant shareholder of Cohen & Steers, Inc.; or

● The issuer soliciting the vote is Cohen & Steers, Inc.

When a potential material conflict of interest is identified, the Proxy Committee, in consultation with the Legal & Compliance Department, will evaluate the facts and circumstances and determine whether an actual conflict exists. If the Proxy Committee determines that a material conflict of interest does exist, it will make a recommendation on how the proxy should be voted.

---

| | |
|:---|:---|
| 3 | ![](cohen_proxy0324002.jpg) |

---

Depending on the nature of the conflict, the Proxy Committee, in the course of addressing the material conflict, may elect to take one or more of the following actions (or other appropriate action):

● removing certain Cohen & Steers personnel from the proxy voting process;

● "walling off" personnel with knowledge of the conflict to ensure that such personnel do not influence the relevant proxy vote; or

● outsourcing the vote to an independent third party that will vote in accordance with the Proxy Voting Guidelines.

E. Foreign Securities

Proxies relating to foreign securities are subject to the Proxy Voting Policy. In certain foreign jurisdictions, however, the voting of proxies may result in additional restrictions that have an economic impact or cost to the security. For example, certain countries restrict a shareholder's ability to sell shares for a certain period of time if the shareholder votes proxies at a meeting (a practice known as "share-blocking"). In other instances, the costs of voting a proxy (i.e. being required to vote in person at the meeting) may outweigh any benefit to the client if the proxy is voted.

In determining whether to vote proxies subject to such restrictions, the investment personnel responsible for the security must engage in a cost-benefit analysis and where the expected costs exceed the expected benefits, Cohen & Steers will generally abstain from voting the proxy.

F. Shares of Registered Investment Companies

Certain funds advised by Cohen & Steers may be structured as funds of funds and invest their assets primarily in other investment companies ("Funds of Funds"). Funds of Funds hold shares in underlying funds and may be solicited to vote on matters pertaining to these underlying funds. With respect to such matters, in order to comply with Section 12(d)(1)(F) of the Investment Company Act of 1940, Funds of Funds will vote their shares in any underlying fund in the same proportion as the vote of all other shareholders in that underlying fund (sometimes called "echo" or "proportionate" voting); provided, however, that in situations where proportionate voting is administratively impractical (i.e. proxy contests) Fund of Funds will cast a vote or, in certain cases, not cast a vote, so long as the action taken does not have an effect on the outcome of the matter being voted upon different than if the Funds of Funds had proportionately voted. The proportionate voting procedures described above do not apply to non-U.S. underlying funds held by Funds of Funds. Proxies for non-U.S. funds are actively voted in accordance with the procedures set forth herein.

G. Cohen & Steers Funds

The Board of Directors of the U.S. open-end and closed-end funds managed by Cohen & Steers (the "Cohen & Steers Funds") has delegated to Cohen & Steers the responsibility for voting proxies on behalf of the Cohen & Steers Funds. As such, proxies for portfolio securities held by any Cohen & Steers Fund will be voted in accordance with the Proxy Voting Policy. The Chief Compliance Officer, or a designee, will make an annual presentation to the Board about these procedures and guidelines, including whether any revisions are recommended and will report to the Board at each regular, quarterly meeting with respect to any conflict of interest that arose in the proxy voting process.

---

| | |
|:---|:---|
| 4 | ![](cohen_proxy0324002.jpg) |

---

H. Securities Lending

Some clients may have entered into securities lending arrangements with custo¬dians or other third-party agent lenders. Cohen & Steers will not be able to vote securities that are on loan under these types of arrangements. However, under rare circumstances, for voting issues that may have a significant impact on the investment, we may ask clients to recall securities that are on loan if we believe that the benefit of voting outweighs the costs to the client and lost revenue to the client or fund and the administrative burden of recalling the securities.

I. Recordkeeping

In accordance with applicable regulations, we maintain the following records:

● copies of all proxy voting policies and procedures;

● copies of all proxy materials that we receive for client securities;

● records of all votes cast by us on behalf of our clients;

● copies of all written client requests for information about how we voted proxies on behalf of such client and copies of all responses thereto.

J. Pre-Solicitation Contact

From time to time, portfolio companies (or proxy solicitors acting on their behalf) may contact investment personnel or others in advance of the publication of proxy solicitation materials to solicit support for certain contemplated proposals. Such contact could result in the recipient receiving material non-public information and result in the imposition of trading restrictions by the Company. The appropriateness of the contact is determined on a case-by-case basis. Under certain circumstances, it may be appropriate to provide companies with our general approach to certain issues. Promising our vote, however, is prohibited under all circumstances.

---

| | |
|:---|:---|
| 5 | ![](cohen_proxy0324002.jpg) |

---

**Part II: Proxy Voting Guidelines**

Set forth below are the Proxy Voting Guidelines followed by Cohen & Steers in exercising voting rights with respect to securities held in its client portfolios. All proxy voting rights that are exercised by Cohen & Steers are subject to these guidelines.

In exercising voting rights, Cohen & Steers shall conduct itself in accordance with the principles set forth below.

● The ability to exercise a voting right with respect to a security is a valuable right and, therefore, must be viewed as part of the asset itself.

● Cohen & Steers shall engage in a careful evaluation of issues that may materially affect the rights of shareholders and the value of the security.

● Cohen & Steers shall never base a proxy voting decision solely on the opinion of a third party. Rather, decisions shall be based on a reasonable and good faith determination as to how best to maximize shareholder value.

● Consistent with general fiduciary duties, the exercise of voting rights shall always be conducted with reasonable care, prudence and diligence.

● Cohen & Steers shall conduct itself in the same manner as if Cohen & Steers were the beneficial owner of the securities.

● To the extent reasonably possible, Cohen & Steers shall participate in each shareholder voting opportunity.

● Voting rights shall not automatically be exercised in favor of management-supported proposals.

● Cohen & Steers, and its officers and employees, shall never accept any item of value in consideration of a favorable proxy vote.

A. Board and Director Proposals

1. Election of Directors

a. Voting for Director Nominees in Uncontested
 Elections CASE-BY-CASE

Votes on director nominees are made on a case-by-case basis using a "mosaic" approach, where all factors are considered and no single factor is determinative. In evaluating director nominees, we consider the following factors:

● Whether the nominee attended less than 75 percent of the board and committee meetings without a valid excuse for the absences;

● Whether the nominee is an inside or affiliated outside director and sits on the audit, compensation, or nominating committees and/or the full board serves as the audit, compensation, or nominating committees, or the company does not have one of these committees;

● Whether the board ignored a significant shareholder proposal that was approved by a majority of the votes cast in the previous year;

---

| | |
|:---|:---|
| 6 | ![](cohen_proxy0324002.jpg) |

---

● Whether the board, without shareholder approval, instituted a new poison pill plan, extended an existing plan, or adopted a new plan upon the expiration of an existing plan during the past year;

● Whether the nominee is the chairman or CEO of a publicly-traded company who serves on more than two (2) public company boards;

● In the case of nominees other than the chairman or CEO, whether the nominee serves on more than four (4) public company boards;

● If the nominee is an incumbent director, the length of tenure taking into account tenure limits recommended by local corporate governance codes (1);

● Whether the nominee has a material related party transaction or a material conflict of interest with the company;

● Whether the nominee (or the entire board) has a record of making poor corporate or strategic decisions or has demonstrated an overall lack of good business judgment;

● Material failures of governance, stewardship, or fiduciary responsibilities at the company;

● Material failures of risk oversight including, but not limited to:

Bribery;

- Large or serial fines from regulatory bodies;

- Demonstrably poor risk oversight of environmental and social issues, including climate change;

- Significant adverse legal judgments or settlements;

- Hedging of company stock by employees or directors of a company; or

- Significant pledging of company stock in the aggregate by officers or directors of a company;

● Whether the board has oversight of material climate-related risks and opportunities including, but not limited to:

- The transition and physical risks the company faces related to climate change on its operations and investment in terms of the impact on its business and financial condition, including the company's related disclosures;

- How the board identifies, measures and manages such risks; and

- The board's oversight of climate-related risk as a part of governance, strategy, risk management, and metrics and targets;

● Actions related to a nominee's service on other boards that raise substantial doubt about such nominee's ability to effectively oversee management and serve the best interests of shareholders at any company; and

(1) For example, in the UK, independent directors of publicly-traded
 companies with tenure exceeding nine (9) years are reclassified as non- independent unless the company can explain why they remain independent.

---

| | |
|:---|:---|
| 7 | ![](cohen_proxy0324002.jpg) |

---

● In the case of a nominee that is the chair of the nominating committee (or other directors on a case-by-case basis), whether the company's board lacks diversity including, but not limited to, diversity of gender, ethnicity, race and background.

b. Voting for Director Nominees in Contested
 Elections CASE-BY-CASE

Votes in a contested election of directors are evaluated on a case-by-case basis considering the long-term financial performance of the company relative to its industry, management's track record, the qualifications of the nominees, and other relevant factors.

2. Board Composition and Gender Diversity CASE-BY-CASE

We encourage companies to continue to evolve diversity and inclusion practices. We generally vote against the chair of the nominating committee (or other directors on a case-by-case basis) at companies where the post-election board contains no female directors if the board has not included a female director during the last 12 months and the company has not articulated a plan to include a qualified female nominee.

3. Non-Disclosure of Board Nominees AGAINST

We generally vote against the election of director nominees if the names of the nominees are not disclosed prior to the meeting. However, we recognize that companies in certain emerging markets may have legitimate reasons for not disclosing nominee names. In such cases, if a company discloses a legitimate reason why such nominee names have not been disclosed, we may vote for the nominees even if nominee names are not disclosed.

4. Majority Vote Requirement for Directors (SP) FOR

We generally vote for proposals asking the board to amend the company's governance documents (charter or bylaws) to provide that director nominees will be elected by the affirmative vote of the majority of votes cast.

5. Separation of Chairman and CEO (SP) (2) FOR

We generally vote for proposals to separate the CEO and chairman positions. However, we do recognize that under certain circumstances it may be in the company's best interest for the CEO and chairman positions to be held by one person.

6. Independent Chairman (SP) CASE-BY-CASE

We review on a case-by-case basis proposals requiring the chairman's position to be filled by an independent director taking into account the company's current board leadership and governance structure, company performance, and any other factors that may be relevant.

7. Lead Independent Director (SP) FOR

In cases where the CEO and chairman roles are combined or the chairman is not independent, we vote for the appointment of a lead independent director.

(2) "SP" refers to a shareholder proposal.

---

| | |
|:---|:---|
| 8 | ![](cohen_proxy0324002.jpg) |

---

8. Board Independence (SP) FOR

We believe that boards should have a majority of independent directors. Therefore, we vote for proposals that require the board to be comprised of a majority of independent directors.

In general, we consider a director independent if the director satisfies the independence definition set forth in local corporate governance codes and/or the applicable listing standards of the exchange on which the company's stock is listed.

In addition, we generally consider a director independent if the director has no significant financial, familial or other ties with the company that may pose a conflict and has not been employed by the company in an executive capacity.

9. Board Size (SP) FOR

We generally vote for proposals to limit the size of the board to 15 members or less.

10. Classified Boards (SP) FOR

We generally vote in favor of proposals to declassify boards of directors. In voting on proposals to declassify a board of directors, we evaluate all facts and circumstances, including whether: (i) current management and board have a history of making good corporate and strategic decisions and (ii) the proposal is in the best interests of shareholders.

11. Tiered Boards (non-U.S) FOR

We vote in favor of unitary boards as opposed to tiered board structures. We believe that unitary boards offer flexibility while, with a tiered structure, there is a risk of upper tier directors becoming remote from the business, while lower tier directors become deprived of contact with outsiders of wider experience. No director should be excluded from the requirement to submit him/herself for re-election on a regular basis.

12. Independent Committees (SP) FOR

We vote for proposals requesting that a board's audit, compensation, and nominating

committees consist only of independent directors.

13. Adoption of a Board with Audit Committee
 Structure (JAPAN) FOR

We vote for article amendments to adopt a board with an audit committee structure unless the structure obstructs shareholders' ability to submit proposals on income allocation related issues or the company already has a 3-committee (U.S. style) structure.

14. Non-Disclosure of Board Compensation AGAINST

We generally vote against the election of director nominees at companies if the compensation paid to such directors is not disclosed prior to the meeting. However, we recognize that companies in certain emerging markets may have legitimate reasons for not disclosing such compensation. In such cases, if a company discloses a legitimate reason why such compensation should not be disclosed, we may vote for the nominees even if compensation is not disclosed.

---

| | |
|:---|:---|
| 9 | ![](cohen_proxy0324002.jpg) |

---

15. Director and Officer Indemnification and
 Liability Protection FOR

We vote in favor of proposals providing indemnification for directors and officers for acts conducted in the normal course of business that is consistent with the laws of the jurisdiction of formation. We also vote in favor of proposals that expand coverage for directors and officers where, despite an unsuccessful legal defense, the director or officer acted in good faith and in the best interests of the company. We vote against proposals that would expand indemnification beyond coverage of legal expenses to coverage of acts, such as gross negligence, that are violations of fiduciary obligations.

16. Directors' Liability (non-U.S.) FOR

These proposals ask shareholders to give discharge from responsibility for all decisions made during the previous financial year. Depending on the country, this resolution may or may not be legally binding, may not release the board from its legal responsibility, and does not necessarily eliminate the possibility of future shareholder action (although it does make such action more difficult to pursue).

We will generally vote for the discharge of directors, including members of the management board and/or supervisory board, unless the board is not fulfilling its fiduciary duties as evidenced by:

● A lack of oversight or actions by board members that amount to malfeasance or poor supervision, such as operating in private or company interest rather than in shareholder interest;

● Any legal issues (e.g., civil/criminal) aimed to hold the board liable for past or current actions that constitute a breach of trust, such as price fixing, insider trading, bribery, fraud, or other illegal actions; or

● Other egregious governance issues where shareholders are likely to bring legal action against the company or its directors.

17. Directors' Contracts (non-U.S.) CASE-BY-CASE

Best market practice about the appropriate length of directors' service contracts varies by jurisdiction. As such, we vote these proposals on a case-by-case basis taking into account the best interests of the company and its shareholders and local market practice.

B. Compensation Proposals

1. Votes on Executive Compensation CASE-BY-CASE

"Say-on-Pay" votes are determined on a case-by-case basis taking into account the

reasonableness of the company's compensation structure and the adequacy of the disclosure.

We generally vote against in circumstances where there are an unacceptable number of problematic pay practices including:

● Poor linkage between executive pay and company performance and profitability;

---

| | |
|:---|:---|
| 10 | ![](cohen_proxy0324002.jpg) |

---

● The presence of objectionable structural features in the compensation plan, such as excessive perquisites, golden parachutes, tax gross-up provisions, and automatic benchmarking of pay in the top half of the peer group; and

● A lack of proportionality in the plan relative to the company's size and peer group.

2. Additional Disclosure of Executive and Director
 Pay (SP) FOR

● We generally vote for shareholder proposals that seek additional disclosure of executive and director pay information.

3. Frequency of Shareholder Votes on Executive
 Compensation ONE YEAR

We generally vote for annual shareholder advisory votes to approve executive compensation.

4. Golden Parachutes AGAINST

In general, we vote against golden parachutes because they impede potential takeovers that shareholders should be free to consider. We oppose the use of employment agreements that result in excessive cash payments and generally withhold our vote at the next shareholder meeting for directors who approved golden parachutes.

In the context of an acquisition, merger, consolidation, or proposed sale, we vote on a case-by- case basis on proposals to approve golden parachute payments. Factors that may result in a vote against include:

● Potentially excessive severance payments;

● Agreements that include excessive excise tax gross-up provisions;

● Single-trigger payments upon a change in control ("CIC"), including cash payments and the acceleration of performance-based equity despite the failure to achieve performance measures;

● Single-trigger vesting of equity based on a definition of CIC that requires only shareholder approval of the transaction (rather than consummation);

● Recent amendments or other changes that may make packages so attractive as to encourage transactions that may not be in the best interests of shareholders; or

● The company's assertion that a proposed transaction is conditioned on shareholder approval of the golden parachute advisory vote.

5. Non-Executive Director Remuneration (non-U.S.) CASE-BY-CASE

We evaluate these proposals on a case-by-case basis taking into account the remuneration mix and the adequacy of the disclosure. We believe that non-executive directors should be compensated with a mix of cash and equity to align their interests with the interests of shareholders. The details of such remuneration should be fully disclosed and provided with sufficient time for us to consider our vote.

---

| | |
|:---|:---|
| 11 | ![](cohen_proxy0324002.jpg) |

---

6. Approval of Annual Bonuses for Directors
 and Statutory Auditors (JAPAN) FOR

We generally support the payment of annual bonuses to directors and statutory auditors except in cases of scandals or extreme underperformance.

7. Equity Compensation Plans CASE-BY-CASE

Votes on proposals related to compensation plans are determined on a case-by-case basis taking into account plan features and equity grant practices, where positive factors may counterbalance negative factors (and vice versa), as evaluated based on three pillars:

● **Plan Cost:** the total estimated cost of the company's equity plans relative to industry/market cap peers measured by the company's estimated shareholder value transfer (SVT) in relation to peers, considering:

- SVT based on new shares requested plus shares remaining for future grants, plus outstanding unvested/unexercised grants; and

- SVT based only on new shares requested plus shares remaining for future grants.

● Plan Features:

- Automatic single-trigger award vesting upon a CIC;

- Discretionary vesting authority;

- Liberal share recycling on various award types; and

- Minimum vesting period for grants made under the plan.

● Grant Practices:

- The company's three year burn rate relative to its industry/market cap peers;

- Vesting requirements for most recent CEO equity grants (3-year look-back);

- The estimated duration of the plan based on the sum of shares remaining available and the new shares requested divided by the average annual shares granted in the prior three years;

- The proportion of the CEO's most recent equity grants/awards subject to performance conditions;

- Whether the company maintains a claw-back policy; and

- Whether the company has established post exercise/vesting shareholding requirements.

We generally vote against compensation plan proposals if the combination of factors indicates that the plan overall is not in the interests of shareholders or if any of the following apply:

● Awards may vest in connection with a liberal CIC;

● The plan would permit re-pricing or cash buyout of underwater options without shareholder approval;

● The plan is a vehicle for problematic pay practices or a pay-for-performance disconnect; or

● Any other plan features that are determined to have a significant negative impact on shareholder interests.

---

| | |
|:---|:---|
| 12 | ![](cohen_proxy0324002.jpg) |

---

8. Equity Compensation Plans (non-U.S.) CASE-BY-CASE

We evaluate these proposals on a case-by-case basis. Share option plans should be clearly explained and fully disclosed to both shareholders and participants and put to shareholders for approval. Each director's share options should be detailed, including exercise prices, expiration dates and the market price of the shares at the date of exercise. They should take into account appropriate levels of dilution. Options should vest in reference to challenging performance criteria, which are disclosed in advance. Share options should be fully expensed so that shareholders can assess their true cost to the company. The assumptions and methodology behind the expensing calculation should also be disclosed to shareholders.

9. Long-Term Incentive Plans (non-U.S.) CASE-BY-CASE

A long-term incentive plan refers to any arrangement, other than deferred bonuses and retirement benefit plans, which require one or more conditions in respect of service and/or performance to be satisfied over more than one financial year.

We evaluate these proposals on a case-by-case basis. We generally vote in favor of plans with robust incentives and challenging performance criteria that are fully disclosed to shareholders in advance and vote against plans that are excessive or contain easily achievable performance metrics or where there is excessive discretion delegated to remuneration committees. We would expect remuneration committees to explain why criteria are considered to be challenging and how they align the interests of shareholders with the interests of the plan participants. We will also vote against proposals that lack sufficient disclosure.

10. Transferable Stock Options CASE-BY-CASE

We evaluate on a case-by-case basis proposals to grant transferable stock options or otherwise permit the transfer of outstanding stock options, including the cost of the proposal and alignment with shareholder interests.

11. Approval of Cash or Cash-and-Stock Bonus
 Plans FOR

We vote to approve cash or cash-and-stock bonus plans that seek to exempt executive compensation from limits on deductibility imposed by Section 162(m) of the Internal Revenue Code.

12. Employee Stock Purchase Plans FOR

We vote for the approval of employee stock purchase plans, although we generally believe the discounted purchase price should not exceed 15% of the current market price.

13. 401(k) Employee Benefit Plans FOR

We vote for proposals to implement a 401(k) savings plan for employees.

14. Pension Arrangements (non-U.S.) CASE-BY-CASE

We evaluate these proposals on a case-by-case basis. Pension arrangements should be transparent and cost-neutral to shareholders. We believe it is inappropriate for executives toparticipate in pension arrangements that are materially different than those offered to other employees (such as continuing to participate in a final salary arrangement when employees have been transferred to a money purchase plan). One-off payments into individual director's pension plans, changes to pension entitlements, and waivers concerning early retirement provisions must be fully disclosed and justified to shareholders.

---

| | |
|:---|:---|
| 13 | ![](cohen_proxy0324002.jpg) |

---

15. Stock Ownership Requirements (SP) FOR

We support proposals requiring senior executives and directors to hold a minimum amount of stock in a company (often expressed as a percentage of annual compensation), which may include restricted stock or restricted stock units.

16. Stock Holding Periods (SP) AGAINST

We generally vote against proposals requiring executives to hold stock received upon option exercise for a specific period of time.

17. Recovery of Incentive Compensation (SP) FOR

We generally vote for proposals to recover incentive bonuses or other incentive payments made to senior executives if it is later determined that fraud, misconduct, or negligence significantly contributed to a restatement of financial results that led to the award of incentive compensation.

C. Capital Structure Changes and Anti-Takeover
 Proposals

1. Increase to Authorized Shares FOR

We generally vote for increases in authorized shares, provided that the increase is not greater than three times the number of shares outstanding and reserved for issuance (including shares reserved for stock-related plans and securities convertible into common stock, but not shares reserved for any poison pill plan).

2. Blank Check Preferred Stock AGAINST

We generally vote against proposals authorizing the creation of new classes of preferred stock without specific voting, conversion, distribution and other rights and proposals to increase the number of authorized blank check preferred shares. We may vote in favor of these proposals if we receive reasonable assurances that (i) the preferred stock was authorized by the board for legitimate capital formation purposes and not for anti-takeover purposes and (ii) no preferred stock will be issued with voting power that is disproportionate to the economic interests of the preferred stock. These representations should be made either in the proxy statement or in a separate letter from the company to us.

3. Pre-Emptive Rights AGAINST

We generally vote against the issuance of equity shares with pre-emptive rights. However, we may vote for shareholder pre-emptive rights where such pre-emptive rights are necessary taking into account the best interests of the company's shareholders. In addition, we acknowledge that international local practices may call for shareholder pre-emptive rights when a company seeks authority to issue shares (e.g., UK authority for the issuance of only up to 5% of outstanding shares without pre-emptive rights). While we prefer that companies be permitted to issue shares without pre-emptive rights, in deference to international local practices, we will approve issuance requests with pre-emptive rights.

---

| | |
|:---|:---|
| 14 | ![](cohen_proxy0324002.jpg) |

---

4. Dual Class Capitalizations AGAINST

Because classes of common stock with unequal voting rights limit the rights of certain shareholders, we vote against the adoption of a dual or multiple class capitalization structure. We support the one-share, one-vote principle for voting.

5. Restructurings/Recapitalizations CASE-BY-CASE

We review proposals to increase common and/or preferred shares and to issue shares as part of a debt restructuring plan on a case-by-case basis. In voting, we consider the following:

● Dilution: how much will the ownership interest of existing shareholders be reduced and how extreme will dilution to any future earnings be?

● Change in control: will the transaction result in a change in control of the company?

● Bankruptcy: generally approve proposals that facilitate debt restructurings unless there are clear signs of self-dealing or other abuses.

6. Share Repurchase Programs FOR

We generally vote in favor of such programs where the repurchase would be in the long-term best interests of shareholders and where we believe that this is a good use of the company's cash.

We will vote against such programs when shareholders' interests could be better served by deployment of the cash for alternative uses or where the repurchase is a defensive maneuver or an attempt to entrench management.

7. Targeted Share Placements (SP) CASE-BY-CASE

We vote these proposals on a case-by-case basis. These proposals ask companies to seek shareholder approval before placing 10% or more of their voting stock with a single investor. The proposals are typically in reaction to the placement of a large block of voting stock in an employee stock option plan, parent capital fund, or with a single friendly investor, with the aim of protecting the company against a hostile tender offer.

8. Shareholder Rights Plans CASE-BY-CASE

We review proposals to ratify shareholder rights plans (poison pills) on a case-by-case basis taking into consideration the length of the plan.

9. Shareholder Rights Plans (JAPAN) CASE-BY-CASE

We review these proposals on a case-by-case basis examining not only the features of the plan itself but also factors including share price movements, shareholder composition, board

composition, and the company's announced plans to improve shareholder value.

---

| | |
|:---|:---|
| 15 | ![](cohen_proxy0324002.jpg) |

---

10. Reincorporation Proposals CASE-BY-CASE

Proposals to change a company's jurisdiction of incorporation are examined on a case-by-case basis. When evaluating such proposals, we review management's rationale for the proposal, changes to the charter/bylaws, and differences in the applicable laws governing the companies.

11. Voting on State Takeover Statutes (SP) CASE-BY-CASE

We review on a case-by-case basis proposals to opt in or out of state takeover statutes (including control share acquisition statutes, control share cash-out statutes, freeze out provisions, fair price provisions, stakeholder laws, poison pill endorsements, severance pay and labor contract provisions, and disgorgement provisions). In voting on these proposals, we take into account whether the proposal is in the long-term best interests of the company and whether it would be in the best interests of the company to thwart a shareholder's attempt to control the board of directors.

D. Mergers and Corporate Restructurings

1. Mergers and Acquisitions CASE-BY-CASE

Votes on mergers and acquisitions are considered on a case-by-case basis taking into account the anticipated financial and operating benefits, offer price (cost vs. premium), prospects of the combined companies, how the deal was negotiated, and changes in corporate governance and their impact on shareholder rights.

We vote against proposals that require a super-majority of shareholders to approve a merger or other significant business combination.

2. Nonfinancial Effects of a Merger or Acquisition AGAINST

Some companies have proposed charter provisions that specify that the board of directors may examine the nonfinancial effects of a merger or acquisition on the company. This provision would allow the board to evaluate the impact a proposed change in control would have on employees, host communities, suppliers and/or others. We generally vote against proposals to adopt such charter provisions. Directors should base their decisions solely on the financial interests of the shareholders.

3. Spin-offs CASE-BY-CASE

We evaluate spin-offs on a case-by-case basis taking into account the tax and regulatory advantages, planned use of sale proceeds, market focus, and managerial incentives.

4. Asset Sales CASE-BY-CASE

We evaluate asset sales on a case-by-case basis taking into account the impact on the balance sheet/working capital, value received for the assets, and potential elimination of diseconomies.

---

| | |
|:---|:---|
| 16 | ![](cohen_proxy0324002.jpg) |

---

5. Liquidations CASE-BY-CASE

We evaluate liquidations on a case-by-case basis taking into account management's efforts to pursue other alternatives, appraisal value of the assets, and the compensation plan for executives managing the liquidation.

6. Issuance of Debt (non-U.S.) CASE-BY-CASE

We evaluate these proposals on a case-by-case basis. Reasons for increased bank borrowing powers are numerous and varied, including allowing for normal growth of the company, the financing of acquisitions, and allowing increased financial leverage. Management may also attempt to borrow as part of a takeover defense. We generally vote in favor of proposals that will enhance a company's long-term prospects. We vote against any uncapped or poorly- defined increase in bank borrowing powers or borrowing limits, issuances that would result in the company reaching an unacceptable level of financial leverage or a material reduction in shareholder value, or where such borrowing is expressly intended as part of a takeover defense.

E. Auditor Proposals

1. Ratification of Auditors FOR

We generally vote for proposals to ratify auditors, auditor remuneration and/or proposals authorizing the board to fix audit fees unless:

● an auditor has a financial interest in or association with the company and is therefore not independent;

● there is reason to believe that the independent auditor has rendered an opinion that is neither accurate nor indicative of the company's financial position;

● the name of the proposed auditor and/or fees paid to the audit firm are not disclosed by the company prior to the meeting;

● the auditors are being changed without explanation; or

● fees paid for non-audit related services are excessive and/or exceed fees paid for audit services or limits set by local best practice recommendations or law.

Where fees for non-audit services include fees related to significant one-time capital structure events, initial public offerings, bankruptcy emergence, and spinoffs, and the company makes public disclosure of the amount and nature of those fees, then such fees may be excluded from the non-audit fees considered in determining whether non-audit related fees are excessive.

2. Auditor Rotation CASE-BY-CASE

We evaluate auditor rotation proposals on a case-by-case basis taking into account the following factors: the tenure of the audit firm; establishment and disclosure of a review process whereby the auditor is regularly evaluated for both audit quality and competitive pricing; length of the rotation period advocated in the proposal; and any significant audit related issues.

---

| | |
|:---|:---|
| 17 | ![](cohen_proxy0324002.jpg) |

---

3. Auditor Indemnification AGAINST

We generally vote against auditor indemnification and limitation of liability. However, we recognize there may be situations where indemnification and limitations on liability may be appropriate.

4. Annual Accounts and Reports (non-U.S.) FOR

Annual reports and accounts should be detailed and transparent and should be submitted to shareholders for approval in a timely manner as prescribed by law. They should meet accepted reporting standards such as those prescribed by the International Accounting Standards Board (IASB).

We generally approve proposals relating to the adoption of annual accounts provided that:

● The report has been examined by an independent external accountant and the accuracy of material items in the report is not in doubt;

● The report complies with legal and regulatory requirements and best practice provisions in local markets;

● the company discloses which portion of the remuneration paid to the external accountant relates to auditing activities and which portion relates to non-auditing advisory assignments;

● A report on the implementation of risk management and internal control measures is incorporated, including an in-control statement from company management;

● A report should include a statement of compliance with relevant codes of best practice for markets where they exist (e.g. for UK companies a statement of compliance with the Corporate Governance Code should be made, together with detailed explanations about any area(s) of non-compliance);

● A conclusive response is given to all queries from shareholders; and

● Other concerns about corporate governance have not been identified.

5. Appointment of Internal Statutory Auditor
 (JAPAN) CASE-BY-CASE

We evaluate these proposals on a case-by-case basis taking into account the work history of each nominee. If the nominee is designated as independent but has worked the majority of his or her career for one of the company's major shareholders, lenders, or business partners, we consider the nominee affiliated and will withhold support.

F. Shareholder Access, Meeting and Voting
 Proposals

1. Proxy Access CASE-BY-CASE

We review proxy access proposals on a case-by-case basis taking into account the parameters of proxy access use in light of a company's specific circumstances. We generally support proposals that provide shareholders with a reasonable opportunity to use the right without stipulating overly restrictive or onerous parameters for use and also provide assurances that the mechanism will not be subject to abuse by short-term investors, investors without a substantial investment in the company, or investors seeking to take control of the board.

---

| | |
|:---|:---|
| 18 | ![](cohen_proxy0324002.jpg) |

---

2. Bylaw Amendments CASE-BY-CASE

We vote on a case-by-case basis on proposals requesting companies grant shareholders the ability to amend bylaws. Similar to proxy access, we generally support proposals that provide assurances that this right will not be subject to abuse by short-term investors or investors without a substantial investment in a company.

3. Reimbursement of Proxy Solicitation Expenses
 (SP) AGAINST

In the absence of compelling reasons, we generally do not support such proposals.

4. Shareholder Ability to Call Special Meetings
 (SP) CASE-BY-CASE

We vote on a case-by-case basis on proposals requesting companies amend their governance documents (bylaws and/or charter) in order to allow shareholders to call special meetings.

5. Shareholder Ability to Act by Written Consent
 (SP) AGAINST

We generally vote against proposals to allow or facilitate shareholder action by written consent to provide reasonable protection of minority shareholder rights.

6. Shareholder Ability to Alter the Size of
 the Board FOR

We generally vote for proposals that seek to fix the size of the board and vote against proposals that give the board the ability to alter the size of the board without shareholder approval. While we recognize the importance of such proposals, these proposals may be set forth in order to promote the agenda(s) of certain special interest groups and could be disruptive to management of the company.

7. Cumulative Voting (SP) AGAINST

Having the ability to cumulate votes for the election of directors (i.e. to cast more than one vote for a director) generally increases shareholders' rights to effect change in the management of a company. However, we acknowledge that cumulative voting promotes special candidates who may not represent the interests of all, or even a majority, of shareholders. Therefore, when voting on proposals to institute cumulative voting, we evaluate all facts and circumstances surrounding such proposal and generally vote against cumulative voting where the company has good corporate governance practices in place, including majority voting for director elections and a de-classified board.

8. Supermajority Vote Requirements (SP) FOR

We generally support proposals that seek to lower supermajority voting requirements.

9. Confidential Voting FOR

We vote for proposals requesting that companies adopt confidential voting, use independent tabulators, and use independent inspectors of election as long as such proposals permit management to request that dissident groups honor its confidential voting policy in the case of proxy contests.

---

| | |
|:---|:---|
| 19 | ![](cohen_proxy0324002.jpg) |

---

10. Virtual Shareholder Meetings FOR

We generally vote for management proposals allowing for the convening of shareholder meetings by electronic means, so long as they do not preclude in-person meetings and companies allow for comparable rights and opportunities for shareholders to participate electronically as they would have during an in-person meeting.

11. Date/Location of Meeting (SP) AGAINST

We vote against shareholder proposals to change the date or location of the shareholders'

meeting.

12. Adjourn Meeting if Votes Are Insufficient AGAINST

We generally vote against open-end requests for adjournment of a shareholder meeting. However, where management specifically states the reason for requesting an adjournment and the requested adjournment is necessary to permit a proposal that would otherwise be supported under this policy to be carried out, the adjournment request will be supported.

13. Disclosure of Shareholder Proponents (SP) FOR

We vote for shareholder proposals requesting that companies disclose the names of shareholder proponents. Shareholders may wish to contact the proponents of a shareholder proposal for additional information.

G. Environmental and Social Proposals

We believe that well-managed companies should be identifying, evaluating and assessing environmental and social issues and, where material to its business, managing exposure to environmental and social risks related to these issues. When considering management or shareholder proposals relating to these issues, because of the diverse nature of environmental and social proposals, we evaluate these proposals on a case-by-case basis. The principles guiding our evaluation of these proposals include, but are not limited to:

● The current level of publicly available disclosure from the company or other publicly available sources, including if the company already discloses similar information through existing reports or policies;

● Whether implementation of a proposal is likely to enhance or protect shareholder value;

● Whether a proposal can be implemented at a reasonable cost;

● Whether the information requested concerns business issues that relate to a meaningful percentage of the company's business;

● The degree to which the company's stated position on the issues raised in the proposal could affect its reputation or sales;

● Whether the company has already responded in some appropriate manner to the request embodied in the proposal;

● What other companies in the relevant industry have done in response to the issue addressed in the proposal; and

---

| | |
|:---|:---|
| 20 | ![](cohen_proxy0324002.jpg) |

---

● Whether implementation would reveal proprietary or confidential information that could place the company at a competitive disadvantage.

1. Environmental Proposals CASE-BY-CASE

We acknowledge that environmental considerations can pose significant risks and opportunities. Therefore, we generally vote in favor of proposals requesting a company disclose information that will aid in the determination of material environmental issues impacting the company and, where material to its business, how the company is managing exposure to environmental risks related to these issues, taking into consideration the following factors:

● The general factors listed above; and

● Whether the issues presented have already been effectively dealt with through governmental regulation or legislation.

In particular in relation to climate-related risk and opportunities material to its business, we expect companies to help their investors understand how they may be impacted by such risk and opportunities, and how these factors are considered within strategy in a manner consistent with the company's business model and sector. The principles guiding our evaluation of these proposals are:

● The general factors listed above;

● The transition and physical risks the company faces related to climate change on its operations and investment in terms of the impact on its business and financial condition, including the company's related disclosures;

● How the company identifies, measures and manages such risks; and

● The company's approach to climate-related risk as a part of governance, strategy, risk management, and metrics and targets.

2. Social Proposals CASE-BY-CASE

We acknowledge that social considerations can pose significant risks and opportunities. Therefore, we generally vote in favor of proposals requesting a company disclose information that will aid in the determination of material social issues impacting the company and, where material to its business, how the company is managing exposure to social risks related to these issues.

We believe board and workforce diversity are beneficial to the decision-making process and can enhance long-term profitability. Therefore, we generally vote in favor of proposals that seek to increase board and workforce diversity including, but not limited to, diversity of gender, ethnicity, race and background. We vote all other social proposals on a case-by-case basis, including, but not limited to, proposals related to political and charitable contributions, lobbying, and gender equality and the gender pay gap.

---

| | |
|:---|:---|
| 21 | ![](cohen_proxy0324002.jpg) |

---

H. Miscellaneous Proposals

1. Bundled Proposals CASE-BY-CASE

We review on a case-by-case basis bundled or "conditioned" proposals. For items that are conditioned upon each other, we examine the benefits and costs of the bundled items. In instances where the combined effect of the conditioned items is not in shareholders' best interests, we vote against such proposals. If the combined effect is positive, we support such proposals. In the case of bundled director proposals, we will vote for the entire slate only if we would have otherwise voted for each director on an individual basis.

2. Other Business AGAINST

We generally vote against proposals to approve other business where we cannot determine the exact nature of the proposal(s) to be voted.

---

| | |
|:---|:---|
| 22 | ![](cohen_proxy0324002.jpg) |

---

**Proxy Voting Guideline Summary**

---

| | |
|:---|:---|
| **Shareholder<br> Proposal** | |
| **A. Board and Director Proposals** | **A. Board and Director Proposals** |
|  | 1.a. Voting for Director Nominees in Uncontested Elections x |
|  | 1.b. Voting for Director Nominees in Contested Elections x |
|  | 2. Board Composition and Gender Diversity x |
|  | 3. Non-Disclosure of Board Nominees x |
| x | 4. Majority Vote Requirement for Directors x |
| x | 5. Separation of Chairman and CEO x |
| x | 6. Independent Chairman x |
| x | 7. Lead Independent Director x |
| x | 8. Board Independence x |
| x | 9. Board Size x |
| x | 10. Classified Board x |
|  | 11. Tiered Boards (non-U.S.) x |
| x | 12. Independent Committees x |
|  | 13. Adoption of a Board with Audit Committee Structure (JAPAN) x |
|  | 14. Non-Disclosure of Board Compensation x |
|  | 15. Director and Officer Indemnification and Liability Protection x |
|  | 16. Directors' Liability (non-U.S.) x |
|  | 17. Directors' Contracts (non-U.S.) x |
| **B. Compensation Proposals** | **B. Compensation Proposals** |
|  | 1. Votes on Executive Compensation x |
| x | 2. Additional Disclosure on Executive and Director Pay x |
|  | 3. Frequency of Shareholder Votes on Executive Compensation |
|  | 4. Golden Parachutes x |
|  | 5. Non-Executive Director Remuneration (non-U.S.) x |
|  | 6. Approval of Annual Bonuses for Directors and Statutory Auditors (JAPAN) x |

---

---

| | |
|:---|:---|
| 23 | ![](cohen_proxy0324002.jpg) |

---

---

| | |
|:---|:---|
| **Shareholder<br> Proposal** | |
|  | 7. Equity Compensation Plans x |
|  | 8. Equity Compensation Plans (non-U.S.) x |
|  | 9. Long-Term Incentive Plans (non-U.S.) x |
|  | 10. Transferable Stock Options x |
|  | 11. Approval of Cash or Cash-and-Stock Bonus Plans x |
|  | 12. Employee Stock Purchase Plans x |
|  | 13. 401(k) Employee Benefit Plans x |
|  | 14. Pension Arrangements (non-U.S.) x |
| x | 15. Stock Ownership Requirements x |
| x | 16. Stock Holding Periods x |
| x | 17. Recovery of Incentive Compensation x |
| **C. Capital Structure Changes and Anti-Takeover Proposals** | **C. Capital Structure Changes and Anti-Takeover Proposals** |
|  | 1. Increase to Authorized Shares x |
|  | 2. Blank Check Preferred Stock x |
|  | 3. Pre-Emptive Rights x |
|  | 4. Dual Class Capitalizations x |
|  | 5. Restructurings/Recapitalizations x |
|  | 6. Share Repurchase Programs x |
| x | 7. Targeted Share Placements x |
|  | 8. Shareholder Rights Plans x |
|  | 9. Shareholder Rights Plans (JAPAN) x |
|  | 10. Reincorporation Proposals x |
| x | 11. Voting on State Takeover Statutes x |
| **D. Mergers and Corporate Restructurings** | **D. Mergers and Corporate Restructurings** |
|  | 1. Mergers and Acquisitions x |
|  | 2. Nonfinancial Effects of a Merger or Acquisition x |
|  | 3. Spin-offs x |
|  | 4. Asset Sales x |
|  | 5. Liquidations x |
|  | 6. Issuance of Debt (non-U.S.) x |

---

---

| | |
|:---|:---|
| 24 | ![](cohen_proxy0324002.jpg) |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Shareholder<br> Proposal** | | **For** | **Against** | **Case- <br> by-Case** |
| **E. Auditor Proposals** | **E. Auditor Proposals** | **E. Auditor Proposals** | **E. Auditor Proposals** | **E. Auditor Proposals** |
|  | 1. Ratification of Auditors | x |  |  |
|  | 2. Auditor Rotation |  |  | x |
|  | 3. Auditor Indemnification |  | x |  |
|  | 4. Annual Accounts and Reports (non-U.S.) | x |  |  |
|  | 5. Appointment of Internal Statutory Auditor (JAPAN) |  |  | x |
| **F. Shareholder Access, Meeting and Voting Proposals** | **F. Shareholder Access, Meeting and Voting Proposals** | **F. Shareholder Access, Meeting and Voting Proposals** | **F. Shareholder Access, Meeting and Voting Proposals** | **F. Shareholder Access, Meeting and Voting Proposals** |
|  | 1. Proxy Access |  |  | x |
|  | 2. Bylaw Amendments |  |  | x |
| x | 3. Reimbursement of Proxy Solicitation Expenses |  | x |  |
| x | 4. Shareholder Ability to Call Special Meetings |  |  | x |
| x | 5. Shareholder Ability to Act by Written Consent |  | x |  |
|  | 6. Shareholder Ability to Alter the Size of the Board | x |  |  |
| x | 7. Cumulative Voting |  | x |  |
| x | 8. Supermajority Vote Requirements | x |  |  |
|  | 9. Confidential Voting | x |  |  |
|  | 10. Virtual Shareholder Meetings | x |  |  |
| x | 11. Date/Location of Meeting |  | x |  |
|  | 12. Adjourn Meeting if Votes Are Insufficient |  | x |  |
| x | 13. Disclosure of Shareholder Proponents | x |  |  |
| **G. Environmental and Social Proposals** | **G. Environmental and Social Proposals** | **G. Environmental and Social Proposals** | **G. Environmental and Social Proposals** | **G. Environmental and Social Proposals** |
| x | 1. Environmental Proposals |  |  | x |
| x | 2. Social Proposals |  |  | x |
| **H. Miscellaneous Proposals** | **H. Miscellaneous Proposals** | **H. Miscellaneous Proposals** | **H. Miscellaneous Proposals** | **H. Miscellaneous Proposals** |
|  | 1. Bundled Proposals |  |  | x |
|  | 2. Other Business |  | x |  |

---

---

| | |
|:---|:---|
| 25 | ![](cohen_proxy0324002.jpg) |

---

Global Responsible Investment and Stewardship Policy

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Introduction

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.1 First Sentier
 Investors (FSI) is a global asset manager with experience across a range of asset classes and specialist investment sectors. We are stewards
 of assets managed on behalf of institutional investors, pension funds, wholesale distributors, investment platforms, financial advisers
 and their clients worldwide.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.2 This document
 sets out a series of standards relating to responsible investment (**RI**) and stewardship that all FSI investment professionals are
 expected to adhere to in practice. These standards are set out in section 2 and specifically relate to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. the integration
 of environment, social and governance (ESG) factors into the investment processes of FSI investment teams;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. corporate engagement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. proxy voting
 in public markets; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. investment screens.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.3 **The standards are shown in bold print**. Additional information in non-bold print is included to provide context to the standards.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.4 We recognise
 that responsible investment practices continue to evolve and that appropriate approaches to RI will differ between asset classes, industries,
 and individual investments. As such, adherence to these standards may take the form of different actions and the nature of actions required
 to adhere to these standards may evolve over time. Therefore, consideration as to whether these standards have been adhered to will take
 into account the various asset-class and investment style specific considerations set out in section 3.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.5 This document
 should be read in conjunction with our Global Responsible Investment and Stewardship Principles.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.6 This document
 has been approved by FSI's Global Responsible Investment Executive Committee (GRIEC) and shall be reviewed at least every two years.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Responsible investment
 process

***ESG integration***

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.1 Within FSI, there
 is not one standard approach to the integration of ESG factors into investment processes. For some investment teams it is achieved through
 the inclusion of an ESG score or rating to refine their investment universe, for others it is integrated in fundamental research, in the
 assessment of management quality or in valuation methods. We supplement investment team analysis with external ESG research from Sustainalytics,
 MSCI, ISS, Reprisk and Qontigo at firm level, and a number of teams subscribe to additional data sets. Each team's approach to ESG
 integration is articulated in our responsible investment and stewardship reports.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.2** **FSI expects its investment teams to:** 

**Assess active investments for relevant ESG risks and opportunities and document the results of those assessments. These include risks and opportunities that are relevant at both an operational level (e.g. pollution, human capital management) and at a strategic level (e.g. resource constraints, regulatory change).**

---

| | |
|:---|:---|
| **First Sentier Investors** |  |
| Global Responsible Investment and Stewardship Policy \| Version **Error! No text of specified style in document.** | Page 1 of 7 |
| A member of MUFG, a global financial group |  |

---

**Monitor ESG risks and opportunities and changes regarding these on an ongoing basis. Where companies are confronted from time to time with social, environmental or corporate governance issues, establish the willingness and ability of the company to improve its practices prior to and post investment and seek to engage the company on any outstanding issues.**

**Raise with companies material issues that are identified which are not being appropriately addressed in accordance with section 2.5 below.**

**Where an investment team manages a European Union domiciled product, and that product considers Principal Adverse Impact indicators on sustainability factors (as defined under the Sustainable Finance Disclosure Regulation):** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o **assess companies/issuers for such impacts and document the results of this assessment. This analysis does not currently extend to derivatives, FX, FX hedging and uninvested cash held within portfolios; and** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o **where such impacts are identified, investment teams shall engage with the company in accordance with the commitments made under section 2.5 of this policy.** 

***Corporate engagement***

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.3 Our approach
 to stewardship more broadly is set out in our Global Responsible Investment and Stewardship Principles.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.4 We believe engaging
 in an active dialogue with the companies or entities that we invest in is an important activity as it provides a key opportunity to improve
 our understanding of their business. In addition, it allows us to monitor material business issues including strategy, capital allocation
 and financials as well as their approach to environmental, social and governance matters, which, in turn, may present us with an opportunity
 to influence them to improve these practices.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.5** **FSI expects its investment teams to:** 

**Where they are in a position to engage with a company's management and board, endeavour to do so with a view to:**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o **Building a respectful, constructive and long-term dialogue with a company's management and board on the performance and strategy of the company (including on material ESG issues).** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o **Understanding the company's approach to managing key business risks and opportunities to support better investment decision-making.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o **Making clear any expectations or preferences for improvements in the company's practices and the importance of the company demonstrating those improvements.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o **Raising any material ESG issues identified.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o **Emphasising our long-term investment horizon and avoiding encouraging short-term behaviours by company management that aim to maximise corporate revenue without due consideration of the impacts on stakeholders, the environment and society.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o **Encouraging and recommending companies to disclose their material ESG risks and performance in keeping with widely adopted and emerging global standards.** 

**Develop an engagement strategy with defined objectives (that where possible and relevant, are SMART - specific, measurable, attainable, relevant and time-based) and escalation points where a company is not recognising or addressing material ESG concerns. Escalation measures such as votes against directors, collaboration with other investors or ultimately selling of securities may be pursued following intensive engagement.**

---

| | |
|:---|:---|
| **First Sentier Investors** |  |
| Global Responsible Investment and Stewardship Policy \| Version **Error! No text of specified style in document.** | Page 2 of 7 |
| A member of MUFG, a global financial group |  |

---

**Keep a record of engagement activities and any issues raised for follow up purposes. Progress against objectives shall be reviewed periodically.**

**Engage collectively with other teams and investors where appropriate and subject to complying with any applicable fiduciary, market conduct, regulatory and/or confidentiality obligations.**

***Proxy voting in public markets***

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.6 We believe proxy
 voting is an important investor right and responsibility and should be exercised wherever possible. In addition, the ability to vote strengthens
 our position when engaging with investee companies and supports the stewardship of our clients' investments.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.7** **FSI expects its investment teams to:** 

**Vote on resolutions at company meetings where they have the authority to do so.**

**Review all company resolutions and make appropriate recommendations. This includes considering the merits of all resolutions put forward, regardless of the proponents of the resolution and where there are multiple parts to a resolution, considering both the individual merits of each part of the resolution, as well as the impact of the resolution as a whole.**

**Make best endeavours to inform the company beforehand when an investment team intends to vote against the company's recommendation on a substantial or contentious proposal, to explain the reasons for the decision with a view to achieving a satisfactory outcome. The team shall also continue to engage with the company on the topic afterwards.**

**Document the reason for a vote against a proposal in the voting system.**

**Make all votes in the best long-term interest of investors and clients. Where our clients wish to undertake voting directly for segregated accounts, work closely with them to encourage appropriate consideration of material ESG concerns. If a client wishes to override FSI voting decisions, we will implement these changes where we are in the position to do so.**

**Keep a record of the most significant votes, which we define based on the following criteria:**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o **Shareholder proposed resolutions;** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o **Votes against management and abstentions;** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o **Where a client has brought a particular vote to FSI's attention; and** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o **High profile votes subject to a degree of controversy and/or public scrutiny.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.8 Our Global Responsible
 Investment and Stewardship Principles includes guidance on a number of voting issues and our current position.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.9 These standards
 do not apply in relation to any stocks that are subject to a securities lending program.<sup>[1]</sup>

***Investment screens***

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.10 Whilst firm-level
 negative screens are not our primary approach to responsible investment, we may utilise negative screens at an investment team or product
 level, or where requested via individual client mandates.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.11 In exceptional
 circumstances, we may implement a group-wide ban on investment (in both equity and debt) in certain sectors or companies. The GRIEC may
 decide to implement such a ban. In

<sup>1</sup> Only one investment team within First Sentier Investors currently engages in securities lending. In the event that the timing of a stock being on loan coincides with voting at the annual general meeting, there is no automated share recall process in place.

---

| | |
|:---|:---|
| **First Sentier Investors** |  |
| Global Responsible Investment and Stewardship Policy \| Version **Error! No text of specified style in document.** | Page 3 of 7 |
| A member of MUFG, a global financial group |  |

---

making any such decision, the GRIEC will consider: (i) our fiduciary obligations; (ii) whether the relevant company or sector practices conflicts with international norms and standards enshrined in widely adopted treaties, conventions and codes of practice; (iii) client sentiment; (iv) long-term sustainability and investment risk; (v) recommendations from our investment and RI teams; and (vi) any other factor that it considers relevant.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.12 We have (subject
 to the below qualifications) implemented two firm-wide exclusions in relation to investments (both equity and debt) in entities that either:

- derive any revenue directly from the manufacture of Controversial Weapons or Tobacco Products; or

own more than a 50% interest in entities that derive any revenue directly from the manufacture of Controversial Weapons or Tobacco Products.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.13 We note the following
 qualifications to the above firm-wide bans:

We have defined "Controversial Weapons" to include: anti-personnel mines, cluster weapons, biological and chemical weapons, depleted uranium, nuclear weapons produced in support of the nuclear weapons programs of non-nuclear weapon State Parties and non-signatories to the Treaty on the Non-Proliferation of Nuclear Weapons and white phosphorus munitions.

- We have defined "Tobacco Products" to include traditional cigarettes and other tobacco products (including cigars and chewing tobacco), which we do not consider includes vaping or e-cigarette products.

The above firm-wide exclusions do not apply to: (i) investments in entities with minority investments (i.e. < 50%) in other entities or joint ventures that are involved in the above sectors; or (ii) underlying investments of any securitised debt instruments that we are invested in due to the nature of their structures.

The implementation of these firm-wide exclusions is dependent on information relating to either reported revenues or revenue estimates provided by reputable third party research providers. Where such information turns out to be inaccurate or there are delays in accessing such information, the implementation of these firm-wide exclusions may in turn be delayed, particularly where there has been material changes in the nature of certain investments.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.14 **All investment teams are prohibited from investing in entities captured by the above firm-wide exclusions. If any existing investment is subsequently assessed to be captured by the above firm-wide exclusions, the relevant investment team will generally seek an orderly sale of that investment within three months, but this time frame may vary on a case-by-case basis.** The RI team, together with Investment Compliance, manages
 the implementation of these firm-wide exclusions. A list of excluded companies is updated on a quarterly basis and is available on our
 website.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Asset class and
 investment style specific considerations

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.1 Consideration
 as to whether the standards have been adhered to will take into account the following asset-class and investment style specific considerations:

ESG integration is not generally undertaken for investments in government bodies, agencies or departments (which we define as Supranational bodies, Sovereign bodies and Agencies). Fixed income investors should be proactive in engaging with counterparties, credit rating agencies, government, semi-government and supra-national issuers where they have the opportunity to do so, however we recognise that engagement may take a different form to how it is outlined in section 2.5 above.

The Igneo Infrastructure Partners team takes significant ownership stakes in portfolio companies, with lead or co-lead shareholder roles and in many cases 100% ownership. This ensures board representation and enables the team to engage directly with all portfolio

---

| | |
|:---|:---|
| **First Sentier Investors** |  |
| Global Responsible Investment and Stewardship Policy \| Version **Error! No text of specified style in document.** | Page 4 of 7 |
| A member of MUFG, a global financial group |  |

---

companies and proactively manage all aspects of the business, including ESG performance. The team has developed specific ESG guidelines in line with this policy.

The nature of systematic investment strategies may limit the ability to have the level of ESG analysis and engagement committed to by other investment teams under sections 2.2 and 2.5. However they have a range of unique opportunities to identify and address ESG issues, and are expected to:

o Develop signals that incorporate responsible investment principles.

o Exercise their ownership rights, particularly as they relate to proxy voting and engagement, and develop their own policy in line with this policy.

o Engage with companies either directly or by considering collaborative engagement opportunities (either internally with other investment teams or externally).

o Produce relevant research and other thought leadership that can support clients to incorporate ESG and other non-financial factors in their investment mandates.

Effective date: February 2024

---

| | |
|:---|:---|
| **First Sentier Investors** |  |
| Global Responsible Investment and Stewardship Policy \| Version **Error! No text of specified style in document.** | Page 5 of 7 |
| A member of MUFG, a global financial group |  |

---

**Important Information**

This material is for general information purposes only. It does not constitute investment or financial advice and does not take into account any specific investment objectives, financial situation or needs. This is not an offer to provide asset management services, is not a recommendation or an offer or solicitation to buy, hold or sell any security or to execute any agreement for portfolio management or investment advisory services and this material has not been prepared in connection with any such offer. Before making any investment decision you should consider, with the assistance of a financial advisor, your individual investment needs, objectives and financial situation.

We have taken reasonable care to ensure that this material is accurate, current, and complete and fit for its intended purpose and audience as at the date of publication. To the extent this material contains any measurements or data related to environmental, social and governance (**ESG**) factors, these measurements or data are estimates based on information sourced by the relevant investment team from third parties including portfolio companies and such information may ultimately prove to be inaccurate. No assurance is given or liability accepted regarding the accuracy, validity or completeness of this material and we do not undertake to update it in future if circumstances change.

To the extent this material contains any expression of opinion or forward-looking statements, such opinions and statements are based on assumptions, matters and sources believed to be true and reliable at the time of publication only. This material reflects the views of the individual writers only. Those views may change, may not prove to be valid and may not reflect the views of everyone at First Sentier Investors.

To the extent this material contains any ESG related commitments or targets, such commitments or targets are current as at the date of publication and have been formulated by the relevant investment team in accordance with either internally developed proprietary frameworks or are otherwise based on the Institutional Investors Group on Climate Change (**IIGCC**) Paris Aligned Investment Initiative framework. The commitments and targets are based on information and representations made to the relevant investment teams by portfolio companies (which may ultimately prove not be accurate), together with assumptions made by the relevant investment team in relation to future matters such as government policy implementation in ESG and other climate-related areas, enhanced future technology and the actions of portfolio companies (all of which are subject to change over time). As such, achievement of these commitments and targets depend on the ongoing accuracy of such information and representations as well as the realisation of such future matters. Any commitments and targets set out in this material are continuously reviewed by the relevant investment teams and subject to change without notice.

**About First Sentier Investors**

References to 'we', 'us' or 'our' are references to First Sentier Investors, a global asset management business which is ultimately owned by Mitsubishi UFJ Financial Group. Certain of our investment teams operate under the trading names FSSA Investment Managers, Stewart Investors, Realindex Investments and Igneo Infrastructure Partners, all of which are part of the First Sentier Investors group.

We communicate and conduct business through different legal entities in different locations. This material is communicated in:

&nbsp;&nbsp;&nbsp;&nbsp;■ **Australia** and **New Zealand** by First Sentier Investors (Australia) IM Ltd, authorised and regulated in Australia by the Australian Securities
 and Investments Commission (AFSL 289017; ABN 89 114 194311)

&nbsp;&nbsp;&nbsp;&nbsp;■ **European Economic Area** by First Sentier Investors (Ireland) Limited, authorised and regulated in Ireland by the Central Bank of Ireland (CBI reg no.
 C182306; reg office 70 Sir John Rogerson's Quay, Dublin 2, Ireland; reg company no. 629188)

&nbsp;&nbsp;&nbsp;&nbsp;■ **Hong Kong** by First Sentier Investors (Hong Kong) Limited and has not been reviewed by the Securities & Futures Commission in Hong Kong.
 First Sentier Investors, FSSA Investment Managers, Stewart Investors, Realindex Investments and Igneo Infrastructure Partners are the
 business names of First Sentier Investors (Hong Kong) Limited.

---

| | |
|:---|:---|
| **First Sentier Investors** |  |
| Global Responsible Investment and Stewardship Policy \| Version **Error! No text of specified style in document.** | Page 6 of 7 |
| A member of MUFG, a global financial group |  |

---

&nbsp;&nbsp;&nbsp;&nbsp;■ **Singapore** by First Sentier Investors (Singapore) (reg company no. 196900420D) and this advertisement or material has not been reviewed by the
 Monetary Authority of Singapore. First Sentier Investors (registration number 53236800B), FSSA Investment Managers (registration number
 53314080C), Stewart Investors (registration number 53310114W), Realindex Investments (registration number 53472532E) and Igneo Infrastructure
 Partners (registration number 53447928J) are the business divisions of First Sentier Investors (Singapore).

&nbsp;&nbsp;&nbsp;&nbsp;■ **Japan** by
 First Sentier Investors (Japan) Limited, authorised and regulated by the Financial Service Agency (Director of Kanto Local Finance Bureau
 (Registered Financial Institutions) No.2611)

&nbsp;&nbsp;&nbsp;&nbsp;■ **United Kingdom** by First Sentier Investors (UK) Funds Limited, authorised and regulated by the Financial Conduct Authority (reg. no. 2294743; reg
 office Finsbury Circus House, 15 Finsbury Circus, London EC2M 7EB)

&nbsp;&nbsp;&nbsp;&nbsp;■ **United States** by First Sentier Investors (US) LLC, authorised and regulated by the Securities Exchange Commission (RIA 801-93167)

&nbsp;&nbsp;&nbsp;&nbsp;■ **other jurisdictions,** where this document may lawfully be issued, by First Sentier Investors International IM Limited, authorised and regulated in the UK
 by the Financial Conduct Authority (FCA ref no. 122512; Registered office: 23 St. Andrew Square, Edinburgh, EH2 1BB; Company no. SC079063).

To the extent permitted by law, MUFG and its subsidiaries are not liable for any loss or damage as a result of reliance on any statement or information contained in this document. Neither MUFG nor any of its subsidiaries guarantee the performance of any investment products referred to in this document or the repayment of capital. Any investments referred to are not deposits or other liabilities of MUFG or its subsidiaries, and are subject to investment risk, including loss of income and capital invested©&nbsp;&nbsp;&nbsp;&nbsp; First Sentier Investors Group

---

| | |
|:---|:---|
| **First Sentier Investors** |  |
| Global Responsible Investment and Stewardship Policy \| Version **Error! No text of specified style in document.** | Page 7 of 7 |
| A member of MUFG, a global financial group |  |

---

#### JACKSON REAL ASSETS FUND

#### (the "Registrant")

#### PART C

#### OTHER INFORMATION

------

---

| | | | |
|:---|:---|:---|:---|
| **Item 25. Financial Statements and Exhibits.** | **Item 25. Financial Statements and Exhibits.** | **Item 25. Financial Statements and Exhibits.** | **Item 25. Financial Statements and Exhibits.** |
| (1) |  |  | Financial Statements. |
|  |  |  | Part A: Financial Highlights.<br>Part B: Incorporated by reference to the Registrant's [Form N-CSR for the period ended March 31, 2025](https://www.sec.gov/Archives/edgar/data/2003497/000174177325002411/ncsr.htm), filed electronically pursuant to Section 30(b)(2) of the Investment Company Act of 1940, as amended (the "Investment Company Act"). |
| (2) |  |  | Exhibits. |
| (a) | (1) | (1)<br> (i) | [Declaration of Trust of Registrant, dated November 29, 2023](https://www.sec.gov/Archives/edgar/data/2003497/000200349723000004/ex252a1_dot112923.htm).<sup>1</sup> |
|  |  | (ii) | [Amendment No. 1, dated November 30, 2023, to the Declaration of Trust of Registrant](https://www.sec.gov/Archives/edgar/data/2003497/000200349723000004/ex252a2_dotam113023.htm).<sup>1</sup> |
| (b) |  |  | [By-Laws of Registrant, dated November 29, 2023](https://www.sec.gov/Archives/edgar/data/2003497/000200349723000004/ex252b_bylaws112923.htm).<sup>1</sup> |
| (c) |  |  | Not applicable. |
| (d) | (1) | (1) | [See Article IV and Article V (portions relating to shareholders' rights) of the Declaration of Trust of the Registrant](https://www.sec.gov/Archives/edgar/data/2003497/000200349723000004/ex252a1_dot112923.htm).<sup>1</sup> |
|  | (2) | (2) | [See Article III (portion relating to shareholders' rights) of the By-Laws of Registrant](https://www.sec.gov/Archives/edgar/data/2003497/000200349723000004/ex252b_bylaws112923.htm).<sup>1</sup> |
| (e) |  |  | [Dividend Reinvestment Plan, effective April 29, 2024](https://www.sec.gov/Archives/edgar/data/2003497/000200349724000006/ex252e_drip042924.htm).<sup>2</sup> |
| (f) |  |  | Not applicable. |
|  |  |  | **Jackson National Asset Management, LLC ("JNAM")** |
| (g) | (1) | (1) | [Investment Advisory and Management Agreement between JNAM and Registrant, effective February 29, 2024](https://www.sec.gov/Archives/edgar/data/2003497/000200349724000006/ex252g1_advag022924.htm).<sup>2</sup> |
|  | (2) | (2) | [Investment Advisory Agreement between JNAM and Jackson Real Assets Fund LLC, effective June 10, 2024](https://www.sec.gov/Archives/edgar/data/2003497/000199937124007907/ex25_2g2.htm).<sup>4</sup> |
|  |  |  | **Cohen & Steers Capital Management, Inc. ("Cohen")** |
|  | (3) | (3)<br> (i) | [Investment Sub-Advisory Agreement between JNAM and Cohen, effective February 29, 2024](https://www.sec.gov/Archives/edgar/data/2003497/000200349724000006/ex252g2_cohensubag022924.htm).<sup>2</sup> |
|  |  | (ii) | [Amendment, effective October 21, 2024, to Investment Sub-Advisory Agreement between JNAM and Cohen, effective February 29, 2024, attached hereto.](ex2g3ii_subcohen102124.htm) |
|  |  |  | **First Sentier Investors (Australia) IM LTD ("First Sentier")** |
|  | (4) | (4) | [Investment Sub-Advisory Agreement between JNAM and First Sentier, effective February 29, 2024](https://www.sec.gov/Archives/edgar/data/2003497/000200349724000006/ex252g3_fssubag022924.htm).<sup>2</sup> |
| (h) | (1) | (1) | [Distribution Agreement between Registrant and Jackson National Life Distributors LLC ("JNLD"), effective February 29, 2024](https://www.sec.gov/Archives/edgar/data/2003497/000200349724000006/ex252h1_disag022924.htm).<sup>2</sup> |
|  | (2) | (2) | [Multiple Class Plan for Registrant, adopted February 29, 2024](https://www.sec.gov/Archives/edgar/data/2003497/000200349724000006/ex252h2_mcp022924.htm).<sup>2</sup> |
|  | (3) | (3) | [Shareholder Servicing Plan for Registrant, adopted February 29, 2024](https://www.sec.gov/Archives/edgar/data/2003497/000200349724000006/ex252h3_shservplan022924.htm).<sup>2</sup> |
| (i) |  |  | Not Applicable. |
| (j) | (1) | (1)<br> (i) | [Master Global Custody Agreement among State Street Bank and Trust Company, JNL Series Trust, JNL Investors Series Trust, JNL Multi-Manager Alternative Fund (Boston Partners) Ltd., and PPM Funds, dated December 1, 2022 (the "Custody Agreement")](https://www.sec.gov/Archives/edgar/data/2003497/000200349724000006/ex252j1_ssbtcusag120122.htm).<sup>2</sup> |
|  |  | (ii) | [Amendment, effective May 6, 2023, to the Custody Agreement](https://www.sec.gov/Archives/edgar/data/2003497/000200349724000006/ex252j2_ssbtcusamd050623.htm).<sup>2</sup> |
|  |  | (iii) | [Amendment, effective September 30, 2023, to the Custody Agreement](https://www.sec.gov/Archives/edgar/data/2003497/000200349724000006/ex252j3_ssbtcusamd093023.htm) *(this amendment adds Jackson Credit Opportunities Fund as a party thereto)*.<sup>2</sup> |
|  |  | (iv) | [Amendment, effective December 15, 2023, to the Custody Agreement](https://www.sec.gov/Archives/edgar/data/2003497/000200349724000006/ex252j4_ssbtcusamd121523.htm) *(this amendment removes JNL Multi-Manager Alternative Fund (Boston Partners) Ltd. as a party)*.<sup>2</sup> |
|  |  | (v) | [Amendment, effective February 29, 2024, to the Custody Agreement](https://www.sec.gov/Archives/edgar/data/2003497/000200349724000006/ex252j5_ssbtcusamd022924.htm) *(this amendment adds the Registrant as a party thereto)*.<sup>2</sup> |
|  |  | (vi) | [Amendment, effective April 29, 2024, to the Custody Agreement](https://www.sec.gov/Archives/edgar/data/2003497/000199937124007907/ex25_2j6.htm).<sup>4</sup> |
|  |  | (vii) | [Amendment, effective June 10, 2024, to the Custody Agreement](https://www.sec.gov/Archives/edgar/data/2003497/000199937124007907/ex25_2j7.htm) *(this amendment adds Jackson Real Assets Fund LLC as a party thereto)*.<sup>4</sup> |
|  |  | (viii) | [Amendment, effective August 29, 2024, to the Custody Agreement *(this amendment adds Jackson Credit Opportunities Fund LLC as a party thereto)*, attached hereto.](ex2j1viii_sscus082924.htm) |
|  |  | (ix) | [Amendment, effective October 21, 2024, to the Custody Agreement, attached hereto.](ex2j1ix_sscust102124.htm) |
|  |  | (x) | [Amendment, effective April 28, 2025, to the Custody Agreement, attached hereto.](ex2j1x_sscust425.htm) |
|  |  | (xi) | [Amendment, effective June 11, 2025, to the Custody Agreement, attached hereto *(this amendment removes PPM Funds as a party)*.](ex2j1xi_custamend625.htm) |
| (k) | (1) | (1) | [Administration Agreement between Registrant and JNAM, effective February 29, 2024](https://www.sec.gov/Archives/edgar/data/2003497/000200349724000006/ex252k1_adminag022924.htm).<sup>2</sup> |
|  | (2) | (2)<br> (i) | [Transfer Agency Agreement between Registrant and UMB Fund Services, Inc., effective February 29, 2024](https://www.sec.gov/Archives/edgar/data/2003497/000200349724000008/ex252k2_taagt.htm).<sup>3</sup> |
|  |  | (ii) | [Amended and Restated Schedule C, effective August 29, 2024, to the Transfer Agency Agreement between Registrant and UMB, effective December 1, 2023, attached hereto.](ex2k2ii_taschc082924.htm) |
| (l) |  |  | [Opinion and Consent of Counsel, attached hereto.](ex2l_legalop.htm) |
| (m) |  |  | Not Applicable. |
| (n) |  |  | [Consent of Auditors, attached hereto.](ex2n_consent.htm) |
| (o) |  |  | Not Applicable. |
| (p) |  |  | [Initial Capital Agreement](https://www.sec.gov/Archives/edgar/data/2003497/000200349724000008/ex252p_initcapagt.htm).<sup>3</sup> |
| (q) |  |  | Not Applicable. |
| (r) | (1) | (1) | [Jackson Financial Inc. Advisory Code of Ethics for Registrant, JNAM, and JNLD, dated April 1, 2025, attached hereto.](ex2r1_jficoe0425.htm) |
|  | (2) | (2) | [Code of Ethics for Cohen, dated February 2025, attached hereto.](ex2r2_cohencoe0225.htm) |
|  | (3) | (3) | [Code of Ethics for First Sentier, dated January 2024](https://www.sec.gov/Archives/edgar/data/2003497/000200349724000006/ex252r3_fscoe012024.htm)<sup>2</sup>; and<br> Global Personal Dealing Policy for First Sentier, effective November 2023, attached hereto. |
| (s) |  |  | [Power of Attorney, attached hereto.](ex2s_jcofpoa.htm) |
| <sup>1</sup> | <sup>1</sup> | Incorporated by reference to Registrant's registration statement on Form N-2 (333-276061; 811-23920) ("Registration Statement") filed with the Securities and Exchange Commission ("SEC") on December 15, 2023. | Incorporated by reference to Registrant's registration statement on Form N-2 (333-276061; 811-23920) ("Registration Statement") filed with the Securities and Exchange Commission ("SEC") on December 15, 2023. |
| <sup>2</sup> | <sup>2</sup> | Incorporated by reference to Registrant's Pre-Effective Amendment No. 1 to the Registration Statement filed with the SEC on March 11, 2024. | Incorporated by reference to Registrant's Pre-Effective Amendment No. 1 to the Registration Statement filed with the SEC on March 11, 2024. |
| <sup>3</sup> | <sup>3</sup> | Incorporated by reference to Registrant's Pre-Effective Amendment No. 2 to the Registration Statement filed with the SEC on April 11, 2024. | Incorporated by reference to Registrant's Pre-Effective Amendment No. 2 to the Registration Statement filed with the SEC on April 11, 2024. |
| <sup>4</sup> | <sup>4</sup> | Incorporated by reference to Registrant's Post-Effective Amendment No. 2 to the Registration Statement filed with the SEC on June 28, 2024. | Incorporated by reference to Registrant's Post-Effective Amendment No. 2 to the Registration Statement filed with the SEC on June 28, 2024. |

---

---

| |
|:---|
| **Item 26. Marketing Arrangements.** |
| Not applicable. |

---

---

| |
|:---|
| **Item 27. Other Expenses of Issuance or Distribution.** |
| Not applicable. |

---

---

| |
|:---|
| **Item 28. Persons Controlled by or under Common Control with Registrant.** |
| Certain "fund of funds" of JNL Series Trust may invest in Class I shares of the Registrant. The JNL Series Trust shares are sold directly through the separate accounts (listed below) of Jackson National Life Insurance Company and Jackson National Life Insurance Company of New York, each a stock life insurance company organized under the laws of the state of Michigan and under the laws of the state of New York, respectively, and each is a wholly owned subsidiary of Jackson Financial Inc., a publicly traded life insurance company in the United States. |
| Separate Accounts:<br> Jackson National Separate Account I<br> Jackson National Separate Account III<br> Jackson National Separate Account IV<br> Jackson National Separate Account V<br> JNLNY Separate Account I<br> JNLNY Separate Account II<br> JNLNY Separate Account IV |
| The organizational chart for Jackson Financial Inc. indicates those persons who are controlled by or under common control with Jackson National Life Insurance Company and Jackson National Life Insurance Company of New York. |
| The Registrant wholly owns and controls Jackson Real Assets Fund LLC (the "JRAF Subsidiary"), a limited liability company organized under the laws of the State of Delaware. The JRAF Subsidiary's financial statements will be included on a consolidated basis in the Registrant's annual and semi-annual reports to shareholders. |
| The organizational chart for Jackson Financial Inc. is attached hereto. |

---

---

| | |
|:---|:---|
| **Item 29. Number of Holders of Securities.** | **Item 29. Number of Holders of Securities.** |
| The following table sets forth the number of record holders of the Registrant's Class I shares as of June 30, 2025: | The following table sets forth the number of record holders of the Registrant's Class I shares as of June 30, 2025: |
| Title of Class | Number of Record Holders |
| Class I Shares | 11 |

---

---

| | |
|:---|:---|
| **Item 30. Indemnification.** | **Item 30. Indemnification.** |
| Declaration of Trust: Article IV of the Registrant's Declaration of Trust 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. | Declaration of Trust: Article IV of the Registrant's Declaration of Trust 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. |
| Article IV, Section 4.3 of the Registrant's Declaration of Trust provides the following: | Article IV, Section 4.3 of the Registrant's Declaration of Trust provides the following: |
| (a) | Subject to the exceptions and limitations contained in paragraph (b) below: |
| (i) | 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, 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; |
| (ii) | the words "claim," "action," "suit," or "proceeding" shall apply to all claims, actions, suits or proceedings (civil, criminal, or other, including appeals), actual or threatened; and the words "liability" and "expenses" shall include, without limitation, attorneys' fees, costs, judgments, amounts paid in settlement, fines, penalties and other liabilities. |
| (b) | No indemnification shall be provided hereunder to a Trustee or officer: |
| (i) | against any liability to the Trust or the Shareholders by reason of willful misfeasance, bad faith, gross negligence or reckless disregard of the duties involved in the conduct of his office; |
| (ii) | with respect to any matter as to which he shall have been finally adjudicated not to have acted in good faith in the reasonable belief that his action was in the best interest of the Trust; |
| (iii) | in the event of a settlement or other disposition not involving a final adjudication as provided in paragraph (b)(ii) resulting in a payment by a Trustee or officer, unless there has been a determination that such Trustee or officer did not engage in willful misfeasance, bad faith, gross negligence or reckless disregard of the duties involved in the conduct of his office: |
| (A) | by the court or other body approving the settlement or other disposition; |
| (B) | based upon a review of readily available facts (as opposed to a full trial-type inquiry) by (i) vote of a majority of the Non-interested Trustees acting on the matter (provided that a majority of the Non-interested Trustees then in office act on the matter) or (ii) written opinion of independent legal counsel; or |
| (C) | by a vote of a majority of the Shares outstanding and entitled to vote (excluding Shares owned of record or beneficially by such individual). |
| (c) | The rights of indemnification herein provided may be insured against by policies maintained by the Trust, shall be severable, shall not affect any other rights to which any Trustee or officer may now or hereafter be entitled, shall continue as to a person who has ceased to be such Trustee or officer and shall inure to the benefit of the heirs, executors, administrators and assigns of such a person. Nothing contained herein shall affect any rights to indemnification to which personnel of the Trust other than Trustees and officers may be entitled by contract or otherwise under law. |
| (d) | Expenses of preparation and presentation of a defense to any claim, action, suit or proceeding of the character described in paragraph (a) of this Section 4.3 may be advanced by the Trust prior to final disposition thereof upon receipt of an undertaking by or on behalf of the recipient to repay such amount if it is ultimately determined that he is not entitled to indemnification under this Section 4.3, provided that either: |
| (i) | such undertaking is secured by a surety bond or some other appropriate security provided by the recipient, or the Trust shall be insured against losses arising out of any such advances; or |
| (ii) | a majority of the Non-interested Trustees acting on the matter (provided that a majority of the Non-interested Trustees act on the matter) or an independent legal counsel in a written opinion shall determine, based upon a review of readily available facts (as opposed to a full trial-type inquiry), that there is reason to believe that the recipient ultimately will be found entitled to indemnification. |
| As used in Section 4.3 of the Registrant's 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. | As used in Section 4.3 of the Registrant's 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. |
| Indemnification Arrangements: The foregoing indemnification arrangements are subject to the provisions of Section 17(h) of the Investment Company Act. | Indemnification Arrangements: The foregoing indemnification arrangements are subject to the provisions of Section 17(h) of the Investment Company Act. |
| 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. | 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. |
| 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. | 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. |

---

---

| |
|:---|
| **Item 31. Business and Other Connections of Investment Adviser.** |
| Incorporated herein by reference from the Prospectus and Statement of Additional Information relating to the Trust are the following: the description of the business of JNAM contained in the section entitled "Management of the Fund" of the Prospectus, and the biographical information pertaining to Messrs. Anyah, Bouchard, Gillespie, Rybak, Wehrle, Wood, Childs, Gorman, Harding, Koors, Lueck, O'Boyle, Nerud, and Tedeschi; and Mses. Carnahan, Woodworth, Bennett, Crosser, Leeman, Nelson, and Rhee contained in the section entitled "Trustees and Officers of the Fund" and the description of JNAM contained in the section entitled "Investment Adviser" of the Statement of Additional Information. |

---

------

---

| | | |
|:---|:---|:---|
| **Directors and Officers of JNAM:** | **Directors and Officers of JNAM:** | **Directors and Officers of JNAM:** |
| NAME | ADDRESS | PRINCIPAL OCCUPATION |
| Lisa Benkowski | 1 Corporate Way<br> Lansing, Michigan 48951 | Assistant Vice President, Business Systems (08/20/2016 to 02/26/2022).<br> Vice President, Technology Solutions Integration (02/26/2022 to 07/31/2023). |
| Emily Bennett | 1 Corporate Way<br> Lansing, Michigan 48951 | Assistant Vice President, Legal (02/17/2018 to 08/27/2022).<br> Deputy General Counsel (08/30/2021 to present); and<br> Vice President, Legal (08/27/2022 to present). |
| Steve Birch | 1 Corporate Way<br> Lansing, Michigan 48951 | Director, Risk (08/31/2019 to 08/23/2024).<br> Assistant Vice President, Risk (08/24/2024 to present). |
| Eric Bjornson | 1 Corporate Way<br> Lansing, Michigan 48951 | Vice President, Operations (06/28/2014 to 02/26/2022).<br> Senior Vice President, Operations (02/26/2022 to present). |
| Garett J. Childs | 1 Corporate Way<br> Lansing, Michigan 48951 | Vice President, Finance and Risk (02/16/2019 to present); and<br> Chief Financial Officer (08/28/2021 to present). |
| Robert Dombrower | 1 Corporate Way<br> Lansing, Michigan 48951 | Vice President (07/01/2017 to present). |
| Kevin Frank | 1 Corporate Way<br> Lansing, Michigan 48951 | Assistant Vice President, Fund Operations and Accounting Policy (09/11/2018 to 02/26/2022).<br> Vice President, Fund Operations and Accounting Policy (02/26/2022 to present). |
| Devkumar Ganguly | 1 Corporate Way<br> Lansing, Michigan 48951 | Managing Board Member (01/01/2023 to present).<br>|
| Mark Godfrey | 1 Corporate Way<br> Lansing, Michigan 48951 | Vice President (07/01/2017 to present). |
| Scott Golde | 1 Corporate Way<br> Lansing, Michigan 48951 | Managing Board Member (01/01/2023 to present).<br>|
| Stephanie Goodrich | 1 Corporate Way<br> Lansing, Michigan 48951 | Assistant Vice President, Sub-Adviser Oversight (08/31/2019 to present). |
| Richard Gorman | 1 Corporate Way<br> Lansing, Michigan 48951 | Senior Vice President, Chief Compliance Officer (08/20/2018 to present). |
| William Harding | 1 Corporate Way<br> Lansing, Michigan 48951 | Senior Vice President, Chief Investment Officer (06/28/2014 to present). |
| Kelli Hill | 1 Corporate Way<br> Lansing, Michigan 48951 | Vice President (07/01/2017 to present). |
| Sean Hynes | 1 Corporate Way<br> Lansing, Michigan 48951 | Assistant Vice President, Investment Management (08/20/2016 to 02/24/2024).<br> Vice President, Investment Management (02/24/2024 to present). |
| Daniel W. Koors | 1 Corporate Way<br> Lansing, Michigan 48951 | Senior Vice President (01/2009 to present); and<br> Chief Operating Officer (04/11/2011 to present). |
| Jim McCartin | 1 Corporate Way<br> Lansing, Michigan 48951 | Vice President (09/01/2018 to present). |
| Christopher Miller | 1 Corporate Way<br> Lansing, Michigan 48951 | Assistant Vice President, Valuation (08/26/2023 to present). |
| Mia K. Nelson | 1 Corporate Way<br> Lansing, Michigan 48951 | Assistant Vice President, Tax (02/18/2017 to 08/27/2022).<br> Vice President, Tax (08/27/2022 to present). |
| Mark D. Nerud | 1 Corporate Way<br> Lansing, Michigan 48951 | Managing Board Member (05/20/2015 to present);<br> Chairman (09/19/2022 to present);<br> President (01/01/2007 to present); and<br> Chief Executive Officer (01/01/2010 to present). |
| Joseph B. O'Boyle | 1 Corporate Way<br> Lansing, Michigan 48951 | Vice President, Compliance (09/10/2015 to present). |
| Joseph Patracuollo<br>| 300 Innovation Drive<br> Franklin, Tennessee 37067 | Jackson National Life Distributors – Vice President (08/01/2018 to 09/10/2022)<br> Head of Portfolio Specialist Group (09/10/2022 to present). |
| Mark Pliska | 1 Corporate Way<br> Lansing, Michigan 48951 | Assistant Vice President, Investment Management (03/01/2021 to 02/24/2024).<br> Vice President, Investment Management (02/24/2024 to present). |
| Alison Reed | 300 Innovation Drive<br> Franklin, Tennessee 37067 | Managing Board Member (06/30/2016 to present).<br>|
| Susan S. Rhee | 1 Corporate Way<br> Lansing, Michigan 48951 | Secretary (11/2000 to present);<br> Senior Vice President (01/01/2010 to present); and<br> General Counsel (01/01/2010 to present). |
| Kristan L. Richardson | 1 Corporate Way<br> Lansing, Michigan 48951 | Assistant Secretary (06/12/2014 to present). |
| Andrew Tedeschi | 1 Corporate Way<br> Lansing, Michigan 48951 | Vice President, Financial Reporting (01/28/2019 to present). |
| Tiffany Williams | 1 Corporate Way<br> Lansing, Michigan 48951 | Assistant Secretary (11/15/2021 to 05/26/2023). |
| Bryan Yates | 1 Corporate Way<br> Lansing, Michigan 48951 | Assistant Vice President, Investment Operations (08/20/2016 to 02/26/2022).<br> Vice President, Investment Operations (02/26/2022 to present). |

---

Cohen & Steers Capital Management, Inc. and First Sentier Investors (Australia) IM LTD, each a sub-adviser of the Trust, are each primarily engaged in the business of rendering investment advisory services. Reference is made to the most recent Form ADVs and schedules thereto on file with the Commission for a description of the names and employment of the directors and officers of the sub-advisers and other required information:<br>

---

| | |
|:---|:---|
| SUB-ADVISERS: | FILE NO.: |
| Cohen & Steers Capital Management, Inc. | 801-27721 |
| First Sentier Investors (Australia) IM LTD | 801-73006 |

---

------

---

| | |
|:---|:---|
| **Item 32. Location of Accounts and Records.** | **Item 32. Location of Accounts and Records.** |
| The accounts, books, and records of the Registrant, that are required to be maintained by Section 31(a) of the Investment Company Act, and the rules thereunder, are located at the offices of the Registrant at 1 Corporate Way, Lansing, Michigan 48951, at 225 West Wacker Drive, Suite 1200, Chicago, Illinois 60606, and at the following locations: | The accounts, books, and records of the Registrant, that are required to be maintained by Section 31(a) of the Investment Company Act, and the rules thereunder, are located at the offices of the Registrant at 1 Corporate Way, Lansing, Michigan 48951, at 225 West Wacker Drive, Suite 1200, Chicago, Illinois 60606, and at the following locations: |
| Office of the Administrator | 1 Corporate Way<br> Lansing, Michigan 48951 |
| Office of the Custodian:<br> State Street Bank and Trust Company | One Congress Street, Suite 1<br> Boston, Massachusetts 02114-2016 |
| Cohen & Steers Capital Management, Inc. | 1166 Avenue of the Americas, 30<sup>th</sup> Floor<br> New York, New York 10036 |
| First Sentier Investors (Australia) IM LTD | Level 5, Tower 3 International Towers<br> 300 Barangaroo Avenue,<br> Barangaroo, NSW 2000 Australia |
| Office of the Transfer Agent:<br> UMB Fund Services, Inc. | 235 West Galena Street<br> Milwaukee, Wisconsin 53212 |

---

---

| |
|:---|
| **Item 33. Management Services.** |
| Not Applicable. |

---

---

| |
|:---|
| **Item 34. Undertakings.** |
| 1. Not Applicable. |
| 2. Not Applicable. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3. The Registrant undertakes:<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. to file, during any period in which offers or sales are being made, a post-effective amendment to the registration statement:<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) To include any prospectus required by Section 10(a)(3) of the Securities Act of 1933, as amended.<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) To reflect in the prospectus any facts or events after the effective date of the registration statement (or the most recent post-effective amendment thereof) which, individually or in the aggregate, represent a fundamental change in the information set forth in the registration statement. Notwithstanding the foregoing, any increase or decrease in volume of securities offered (if the total dollar value of securities offered would not exceed that which was registered) and any deviation from the low or high end of the estimated maximum offering range may be reflected in the form of prospectus filed with the Commission pursuant to Rule 424(b) if, in the aggregate, the changes in volume and price represent no more than 20% change in the maximum aggregate offering price set forth in the "Calculation of Registration Fee" table in the effective registration statement.<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) To include any material information with respect to the plan of distribution not previously disclosed in the registration statement or any material change to such information in the registration statement.<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. That, for the purpose of determining any liability under the Securities Act of 1933, as amended, each such post-effective amendment shall be deemed to be a new registration statement relating to the securities offered therein, and the offering of those securities at that time shall be deemed to be the initial bona fide offering thereof; and<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. To remove from registration by means of a post-effective amendment any of the securities being registered which remain unsold at the termination of the offering.<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. That, for the purpose of determining liability under the Securities Act of 1933, as amended, to any purchaser:<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) if the Registrant is subject to Rule 430B under the Securities Act of 1933, as amended:<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) each prospectus filed by the Registrant pursuant to Rule 424(b)(3) shall be deemed to be part of the registration statement as of the date the filed prospectus was deemed part of and included in the registration statement; and<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) each prospectus required to be filed pursuant to Rule 424(b)(2), (b)(5), or (b)(7) as part of a registration statement in reliance on Rule 430B relating to an offering made pursuant to Rule 415(a)(1)(i), (x), or (xi) under the Securities Act of 1933, as amended, for the purpose of providing the information required by Section 10(a) of the Securities Act of 1933, as amended, shall be deemed to be part of and included in the registration statement as of the earlier of the date such form of prospectus is first used after effectiveness or the date of the first contract of sale of securities in the offering described in the prospectus. As provided in Rule 430B, for liability purposes of the issuer and any person that is at that date an underwriter, such date shall be deemed to be a new effective date of the registration statement relating to the securities in the registration statement to which that prospectus relates, and the offering of such securities at that time shall be deemed to be the initial bona fide offering thereof. Provided, however, that no statement made in a registration statement or prospectus that is part of the registration statement or made in a document incorporated or deemed incorporated by reference into the registration statement or prospectus that is part of the registration statement will, as to a purchaser with a time of contract of sale prior to such effective date, supersede or modify any statement that was made in the registration statement or prospectus that was part of the registration statement or made in any such document immediately prior to such effective date; or<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) if the Registrant is subject to Rule 430C under the 1933 Act: Each prospectus filed pursuant to Rule 424(b) under the Securities Act of 1933, as amended, as part of a registration statement relating to an offering, other than registration statements relying on Rule 430B or prospectuses filed in reliance on Rule 430A under the Securities Act of 1933, as amended, shall be deemed to be part of and included in the registration statement as of the date it is first used after effectiveness. Provided, however, that no statement made in a registration statement or prospectus that is part of the registration statement or made in a document incorporated or deemed incorporated by reference into the registration statement or prospectus that is part of the registration statement will, as to a purchaser with a time of contract of sale prior to such first use, supersede or modify any statement that was made in the registration statement or prospectus that was part of the registration statement or made in any such document immediately prior to such date of first use.<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e. That for the purpose of determining liability of the Registrant under the Securities Act of 1933, as amended, to any purchaser in the initial distribution of securities:<br>The undersigned Registrant undertakes that in a primary offering of securities of the undersigned Registrant pursuant to this registration statement, regardless of the underwriting method used to sell the securities to the purchaser, if the securities are offered or sold to such purchaser by means of any of the following communications, the undersigned Registrant will be a seller to the purchaser and will be considered to offer or sell such securities to the purchaser:<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) any preliminary prospectus or prospectus of the undersigned Registrant relating to the offering required to be filed pursuant to Rule 424 under the Securities Act of 1933, as amended;<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) free writing prospectus relating to the offering prepared by or on behalf of the undersigned Registrant or used or referred to by the undersigned Registrant;<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) the portion of any other free writing prospectus or advertisement pursuant to Rule 482 under the Securities Act of 1933, as amended, relating to the offering containing material information about the undersigned Registrant or its securities provided by or on behalf of the undersigned Registrant; and<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) any other communication that is an offer in the offering made by the undersigned Registrant to the purchaser. |
| 4. Not applicable. |
| 5. Not applicable. |
| 6. Insofar as indemnification for liabilities arising under the Securities Act of 1933, as amended, 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 Securities Act of 1933, as amended, 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 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 Securities Act of 1933, as amended, and will be governed by the final adjudication of such issue. |
| 7. The Registrant undertakes to send by first class mail or other means designed to ensure equally prompt delivery, within two business days of receipt of a written or oral request, its prospectus or Statement of Additional Information. |

---

------

---

| | |
|:---|:---|
| **SIGNATURES** | **SIGNATURES** |
| Pursuant to the requirements of the Securities Act and the Investment Company Act, the Registrant certifies that it meets all of the requirements for effectiveness of this Post-Effective Amendment under rule 486(b) under the Securities Act and has duly caused this Post-Effective Amendment No. 3 to be signed on its behalf by the undersigned, duly authorized, in the City of Lansing and the State of Michigan on the 18<sup>th</sup> day of July, 2025. | Pursuant to the requirements of the Securities Act and the Investment Company Act, the Registrant certifies that it meets all of the requirements for effectiveness of this Post-Effective Amendment under rule 486(b) under the Securities Act and has duly caused this Post-Effective Amendment No. 3 to be signed on its behalf by the undersigned, duly authorized, in the City of Lansing and the State of Michigan on the 18<sup>th</sup> day of July, 2025. |
| **JACKSON REAL ASSETS FUND** | **JACKSON REAL ASSETS FUND** |
| ***/s/ Emily J. Bennett*** |  |
| Emily J. Bennett |  |
| Vice President and Assistant Secretary; and<br> \*Attorney-in-Fact, pursuant to Powers of Attorney |  |
| Pursuant to the requirements of the Securities Act of 1933, as amended, this Registration Statement has been signed below by the following persons in the capacities and on the date indicated. | Pursuant to the requirements of the Securities Act of 1933, as amended, this Registration Statement has been signed below by the following persons in the capacities and on the date indicated. |
| ***/s/ Emily J. Bennett***<br> \* | July 18, 2025 |
| Eric O. Anyah |  |
| Trustee |  |
| ***/s/ Emily J. Bennett***<br> \* | July 18, 2025 |
| Michael Bouchard |  |
| Trustee |  |
| ***/s/ Emily J. Bennett***<br> \* | July 18, 2025 |
| Ellen Carnahan |  |
| Trustee |  |
| ***/s/ Emily J. Bennett***<br> \* | July 18, 2025 |
| John W. Gillespie |  |
| Trustee |  |
| ***/s/ Emily J. Bennett***<br> \* | July 18, 2025 |
| William R. Rybak |  |
| Trustee |  |
| ***/s/ Emily J. Bennett***<br> \* | July 18, 2025 |
| Mark S. Wehrle |  |
| Trustee |  |
| ***/s/ Emily J. Bennett***<br> \* | July 18, 2025 |
| Edward C. Wood |  |
| Trustee |  |
| ***/s/ Emily J. Bennett***<br> \* | July 18, 2025 |
| Patricia A. Woodworth |  |
| Trustee |  |
| ***/s/ Emily J. Bennett*** | July 18, 2025 |
| Mark D. Nerud |  |
| Trustee, President, Chief Executive Officer (Principal Executive Officer), and Chief Operating Decision Maker | Trustee, President, Chief Executive Officer (Principal Executive Officer), and Chief Operating Decision Maker |
| ***/s/ Emily J. Bennett*** | July 18, 2025 |
| Andrew Tedeschi |  |
| Treasurer and Chief Financial Officer (Principal Financial Officer) |  |

---

------

---

| | | |
|:---|:---|:---|
| **EXHIBIT LIST** | **EXHIBIT LIST** | **EXHIBIT LIST** |
| **Exhibit**<br> **Number 25(2)** | **Exhibit**<br> **Number 25(2)** | **Exhibit**<br> **Description** |
| (g) | (3)<br> (ii) | [Amendment, effective October 21, 2024, to Investment Sub-Advisory Agreement between JNAM and Cohen, effective February 29, 2024, attached hereto as EX-25(2)(g)(3)(ii).](ex2g3ii_subcohen102124.htm) |
| (j) | (1)<br> (viii) | [Amendment, effective August 29, 2024, to the Custody Agreement (this amendment adds Jackson Credit Opportunities Fund LLC as a party thereto), attached hereto as EX-25(2)(j)(1)(viii).](ex2j1viii_sscus082924.htm) |
| (j) | (1)<br> (ix) | [Amendment, effective October 21, 2024, to the Custody Agreement, attached hereto as EX-25(2)(j)(1)(ix).](ex2j1ix_sscust102124.htm) |
| (j) | (1)<br> (x) | [Amendment, effective April 28, 2025, to the Custody Agreement, attached hereto as EX-25(2)(j)(1)(x).](ex2j1x_sscust425.htm) |
| (j) | (1)<br> (xi) | [Amendment, effective June 11, 2025, to the Custody Agreement, attached hereto as EX 25(2)(j)(1)(xi).](ex2j1xi_custamend625.htm) |
| (k) | (2)<br> (ii) | [Amended and Restated Schedule C, effective August 29, 2024, to the Transfer Agency Agreement between Registrant and UMB, effective December 1, 2023, attached hereto as EX-25(2)(k)(2)(ii).](ex2k2ii_taschc082924.htm) |
| (l) |  | [Opinion and Consent of Counsel, attached hereto as EX-25(2)(l).](ex2l_legalop.htm) |
| (n) |  | [Consent of Auditors, attached hereto as EX-25(2)(n).](ex2n_consent.htm) |
| (r) | (1) | [Jackson Financial Inc. Advisory Code of Ethics for Registrant, JNAM, and JNLD, dated April 1, 2025, attached hereto as EX-25(2)(r)(1).](ex2r1_jficoe0425.htm) |
| (r) | (2) | [Code of Ethics for Cohen, dated February 2025, attached hereto as EX-25(2)(r)(2).](ex2r2_cohencoe0225.htm) |
| (r) | (3) | [Global Personal Dealing Policy for First Sentier, effective November 2023, attached hereto as EX-25(2)(r)(3).](ex2r3_firstsentieritp1123.htm) |
| (s) |  | [Power of Attorney, attached hereto as EX-25(2)(s).](ex2s_jcofpoa.htm) |
| **Exhibit**<br> **Number 28** | **Exhibit**<br> **Number 28** | **Exhibit**<br> **Description** |
|  |  | [The organizational chart for Jackson Financial Inc. is attached hereto as EX 28.](ex28_040125.htm) |

---

## Exhibit 99.2

[Ex. 99.(2)(g)(ii)](jraf-486bpos_071825.htm)

**Amendment to Jackson Real Assets Fund Investment Sub-Advisory Agreement Between** 

**Jackson National Asset Management, LLC and Cohen & Steers Capital Management Inc.**

This **Amendment** is made by and between **Jackson National Asset Management, LLC**, a Michigan limited liability company and registered investment adviser (the "Adviser"), and **Cohen & Steers Capital Management Inc.**, a corporation organized in the State of New York and registered investment adviser (the "Sub-Adviser").

**Whereas**, the Adviser and the Sub-Adviser (the "Parties") entered into an Investment Sub-Advisory Agreement effective as of April 29, 2024 (the "Agreement"), whereby the Adviser appointed the Sub-Adviser to provide certain sub-investment advisory services for a portion of assets of Jackson Real Assets Fund (the "Trust") allocated to the Sub-Adviser, as determined from time to time by the Adviser.

**Whereas**, pursuant to the Agreement, the Adviser agreed to pay the Sub-Adviser for the services provided and the expenses assumed by the Sub-Adviser a sub-advisory fee as set forth on Schedule A to the Agreement, and the Sub-Adviser agreed to accept such sub-advisory fee as full compensation under the Agreement for such services and expenses.

**Whereas**, the Board of Trustees of the Trust approved, and the Parties have agreed to amend the sub-advisory fees, as set forth on Schedule A to the Agreement, to add a footnote with regard to combining assets of the portion of assets of the Trust which has been allocated to the Sub-Adviser by the Adviser with the assets of the JNL/Cohen & Steers U.S. Realty Fund of JNL Series Trust, for purposes of determining the applicable annual rate, effective October 21, 2024.

**Now Therefore**, in consideration of the mutual covenants herein contained, the Parties hereby agree to amend the Agreement as follows:

1) Schedule A to the Agreement is hereby deleted and replaced in its entirety with Schedule A dated October 21, 2024, attached hereto.

2) Except as specifically amended hereby, the Agreement shall remain in full force and effect in accordance with its terms.

3) Each of the Parties represents and warrants to the others that it has full authority to enter into this Amendment, upon the terms and conditions hereof, and that the individual executing this Amendment is duly authorized to bind the respective party to this Amendment.

4) This Amendment may be executed in one or more counterparts, which together shall constitute one document.

**In Witness Whereof**, the Parties have caused this Amendment to be executed, effective October 21, 2024.

---

| | | | |
|:---|:---|:---|:---|
| **Jackson National Asset Management, LLC** | **Jackson National Asset Management, LLC** | **Cohen & Steers Capital Management Inc.** | **Cohen & Steers Capital Management Inc.** |
| <br> By: | <br> ***/s/ Emily J. Bennett*** | <br> By: | <br> ***/s/ Francis C. Poli*** |
| Name: | Emily J. Bennett | Name: | Francis C. Poli |
| Title: | Vice President and | Title: | EVP and General Counsel |
|  | Deputy General Counsel |  |  |

---

**Schedule A**

Dated October 21, 2024

*(Compensation)*

---

| | |
|:---|:---|
| &nbsp;&nbsp;**<u>Average Daily Net Assets</u>**\* | &nbsp;&nbsp;**<u>Annual Rate</u>**\*\* |
| &nbsp;&nbsp;$0 to $100 Million | &nbsp;&nbsp;0.38% |
| &nbsp;&nbsp;Amounts over $100 Million | &nbsp;&nbsp;0.25% |

---

\* For the portion of the Average Daily Net Assets managed by Cohen & Steers Capital Management Inc.

\*\* The assets of: i) the portion of assets of the Trust which has been allocated to Cohen & Steers Capital Management Inc. by Jackson National Asset Management LLC; and ii) the JNL/Cohen & Steers U.S. Realty Fund of JNL Series Trust will be combined for purposes of determining the applicable annual rate.

## Exhibit 99.2

**[Ex. 99.25(2)(j)(1)(viii)](jraf-486bpos_071825.htm)**

**** 

<br> ------

**Amendment to Amended and Restated Master Custodian Agreement**

This amendment, made as of August 29, 2024, and effective August 29, 2024 (the "***Amendment***"), to the Amended and Restated Master Custodian Agreement dated as of December 1, 2022 (as amended, restated, supplemented or otherwise modified and in effect from time to time, the "***Agreement***"), is by and among each management investment company identified on <u>Appendix A</u> thereto (each, a "***Fund***" and collectively, the "***Funds***"), and State Street Bank and Trust Company (the "***Custodian***", and together with the Funds, the "***Parties***").

**Whereas**, Jackson Credit Opportunities Fund has established the Jackson Credit Opportunities Fund LLC and the Board of Trustees of Jackson Credit Opportunities Fund has approved the addition of the Jackson Credit Opportunities Fund LLC to the Agreement, effective August 29, 2024; and

**Whereas**, the Parties have agreed to amend the Agreement, including its <u>Appendix A</u>, to add the Jackson Credit Opportunities Fund LLC as an additional Fund (the "***New Fund***"), pursuant to Section 20.5 of the Agreement, effective as of August 29, 2024.

**Now, Therefore**, in consideration of the promises and mutual covenants herein contained, the Parties hereto agree as follows:

1) Pursuant to Section 20.5 of the Agreement, the New Fund hereby notifies the Custodian that it desires to have the Custodian render services as custodian under the terms of the Agreement. By undersigning below, the Custodian hereby agrees to provide such services to the New Fund.

By execution of this Amendment, the New Fund hereby agrees (a) to become bound by all of the terms and conditions and provisions of the Agreement as a Fund including, without limitation, the representations and warranties set forth therein, and (b) to adopt the Agreement with the same force and effect as if the New Fund was originally a party thereto. It is further agreed that the services to be provided to the New Fund shall be those set forth in the Agreement.

2) <u>Appendix A</u> to the Agreement is hereby deleted, in its entirety, and replaced with the <u>Appendix A</u> attached hereto to reflect the addition of the New Fund as an additional Fund.

3) Except as specifically amended hereby, all other terms and conditions of the Agreement shall remain in full force and effect.

4) This Amendment may be executed in several counterparts, each of which shall be deemed to be an original, and all such counterparts taken together shall constitute one and the same instrument. Counterparts may be executed in either original or electronically transmitted form (e.g., faxes or emailed portable document format (PDF) form), and the Parties hereby adopt as original any signatures received via electronically transmitted form.

[*signature page immediately follows*]

Information Classification: Limited Access

**In Witness Whereof**, the Parties hereto have caused this Amendment to be executed by their officers designated below, effective August 29, 2024.

---

| | |
|:---|:---|
| **JNL Series Trust**, and<br> **JNL Investors Series Trust**,<br> *each on behalf of its Portfolios listed on Appendix A of the Agreement*<br> **Jackson Credit Opportunities Fund**<br> **Jackson Credit Opportunities Fund LLC**<br> **Jackson Real Assets Fund**<br> **Jackson Real Assets Fund LLC** | **JNL Series Trust**, and<br> **JNL Investors Series Trust**,<br> *each on behalf of its Portfolios listed on Appendix A of the Agreement*<br> **Jackson Credit Opportunities Fund**<br> **Jackson Credit Opportunities Fund LLC**<br> **Jackson Real Assets Fund**<br> **Jackson Real Assets Fund LLC** |
| By: | ***/s/ Emily J. Bennett*** |
| Name: | Emily J. Bennett |
| Title: | Vice President and Assistant Secretary |

---

---

| | |
|:---|:---|
| **PPM Funds**,<br> *on behalf of its Portfolios listed on Appendix A of the Agreement* | **PPM Funds**,<br> *on behalf of its Portfolios listed on Appendix A of the Agreement* |
| By: | ***/s/ Emily J. Bennett*** |
| Name: | Emily J. Bennett |
| Title: | Vice President and Secretary |

---

---

| | |
|:---|:---|
| **State Street Bank and Trust Company** | **State Street Bank and Trust Company** |
| By: | ***/s/ Scott Shirrell*** |
| Name: | Scott Shirrell |
| Title: | Managing Director |

---

---

| |
|:---|
| Information Classification: Limited Access |
| **-2-** |

---

**Appendix A**

*(Updated as of August 29, 2024)*

---

| |
|:---|
| &nbsp;&nbsp; **Management Investment Company** **:** <br> **JNL Series Trust**, *for the following Portfolios*  |
| &nbsp;&nbsp;JNL Multi-Manager Alternative Fund |
| &nbsp;&nbsp;JNL Multi-Manager Emerging Markets Equity Fund |
| &nbsp;&nbsp;JNL Multi-Manager International Small Cap Fund |
| &nbsp;&nbsp;JNL Multi-Manager Mid Cap Fund |
| &nbsp;&nbsp;JNL Multi-Manager U.S. Select Equity Fund |
| &nbsp;&nbsp;JNL/Baillie Gifford International Growth Fund |
| &nbsp;&nbsp;JNL/Baillie Gifford U.S. Equity Growth Fund |
| &nbsp;&nbsp;JNL/Causeway International Value Select Fund |
| &nbsp;&nbsp;JNL/ClearBridge Large Cap Growth Fund |
| &nbsp;&nbsp;JNL/DFA International Core Equity Fund |
| &nbsp;&nbsp;JNL/DFA U.S. Core Equity Fund |
| &nbsp;&nbsp;JNL/DFA U.S. Small Cap Fund |
| &nbsp;&nbsp;JNL/DoubleLine<sup>®</sup> Core Fixed Income Fund |
| &nbsp;&nbsp;JNL/DoubleLine<sup>®</sup> Emerging Markets Fixed Income Fund |
| &nbsp;&nbsp;JNL/DoubleLine<sup>®</sup> Shiller Enhanced CAPE<sup>®</sup> Fund |
| &nbsp;&nbsp;JNL/DoubleLine<sup>®</sup> Total Return Fund |
| &nbsp;&nbsp;JNL/Fidelity Institutional Asset Management<sup>®</sup> Total Bond Fund |
| &nbsp;&nbsp;JNL/GQG Emerging Markets Equity Fund |
| &nbsp;&nbsp;JNL/Harris Oakmark Global Equity Fund |
| &nbsp;&nbsp;JNL/Invesco Diversified Dividend Fund |
| &nbsp;&nbsp;JNL/Invesco Global Growth Fund |
| &nbsp;&nbsp;JNL/Invesco Small Cap Growth Fund |
| &nbsp;&nbsp;JNL/JPMorgan Global Allocation Fund |
| &nbsp;&nbsp;JNL/JPMorgan Hedged Equity Fund |
| &nbsp;&nbsp;JNL/JPMorgan Midcap Growth Fund |
| &nbsp;&nbsp;JNL/JPMorgan U.S. Government & Quality Bond Fund |
| &nbsp;&nbsp;JNL/JPMorgan U.S. Value Fund |
| &nbsp;&nbsp;JNL/Lazard International Strategic Equity Fund |
| &nbsp;&nbsp;JNL/Loomis Sayles Global Growth Fund |
| &nbsp;&nbsp;JNL/Lord Abbett Short Duration Income Fund |
| &nbsp;&nbsp;JNL/Mellon World Index Fund |
| &nbsp;&nbsp;JNL/Mellon Nasdaq<sup>®</sup> 100 Index Fund |
| &nbsp;&nbsp;JNL/MFS Mid Cap Value Fund |
| &nbsp;&nbsp;JNL/Neuberger Berman Commodity Strategy Fund |
| &nbsp;&nbsp;JNL/Neuberger Berman Gold Plus Strategy Fund |
| &nbsp;&nbsp;JNL/Neuberger Berman Strategic Income Fund |
| &nbsp;&nbsp;JNL/PPM America Floating Rate Income Fund |
| &nbsp;&nbsp;JNL/PPM America High Yield Bond Fund |
| &nbsp;&nbsp;JNL/PPM America Investment Grade Credit Fund |
| &nbsp;&nbsp;JNL/PPM America Total Return Fund |
| &nbsp;&nbsp;JNL/RAFI<sup>®</sup> Fundamental U.S. Small Cap Fund |
| &nbsp;&nbsp;JNL/RAFI<sup>®</sup> Multi-Factor U.S. Equity Fund |
| &nbsp;&nbsp;JNL/T. Rowe Price Capital Appreciation Fund |
| &nbsp;&nbsp;JNL/T. Rowe Price Established Growth Fund |
| &nbsp;&nbsp;JNL/T. Rowe Price Balanced Fund |
| &nbsp;&nbsp;JNL/T. Rowe Price Mid-Cap Growth Fund |
| &nbsp;&nbsp;JNL/T. Rowe Price Short-Term Bond Fund |
| &nbsp;&nbsp;JNL/T. Rowe Price U.S. High Yield Fund |

---

---

| |
|:---|
| Information Classification: Limited Access |
| **A-1** |

---

---

| |
|:---|
| &nbsp;&nbsp;JNL/T. Rowe Price Value Fund |
| &nbsp;&nbsp;JNL/Westchester Capital Event Driven Fund |
| &nbsp;&nbsp;JNL/Western Asset Global Multi-Sector Bond Fund |
| &nbsp;&nbsp;JNL/William Blair International Leaders Fund |

---

---

| |
|:---|
| &nbsp;&nbsp; **Management Investment Company** **:** <br> **JNL Investors Series Trust** |
| &nbsp;&nbsp;[Reserved] |

---

&nbsp;&nbsp; **Management Investment Company** **:** <br> **Jackson Credit Opportunities Fund**<br>

&nbsp;&nbsp; **Limited Liability Company** **:**<br> **Jackson Credit Opportunities Fund LLC**<br>

&nbsp;&nbsp; **Management Investment Company** **:** <br> **Jackson Real Assets Fund**<br>

&nbsp;&nbsp; **Limited Liability Company** **:**<br> **Jackson Real Assets Fund LLC**<br>

---

| |
|:---|
| &nbsp;&nbsp; **Management Investment Company** **:** <br> **PPM Funds**, *for the following Portfolios* |
| &nbsp;&nbsp;PPM Core Plus Fixed Income Fund |
| &nbsp;&nbsp;PPM High Yield Core Fund |

---

---

| |
|:---|
| Information Classification: Limited Access |
| **A-2** |

---

## Ex-99.(2)(J)(1)(Ix)

[Ex. 99.25(2)(j)(1)(ix)](jraf-486bpos_071825.htm)

------

**Amendment to Amended and Restated Master Custodian Agreement**

This amendment, made as of October 3, 2024, and effective October 21, 2024 (the "***Amendment***"), to the Amended and Restated Master Custodian Agreement dated as of December 1, 2022 (as amended, restated, supplemented or otherwise modified and in effect from time to time, the "***Agreement***"), is by and among each management investment company identified on <u>Appendix A</u> thereto (each, a "***Fund***" and collectively, the "***Funds***"), and State Street Bank and Trust Company (the "***Custodian***", and together with the Funds, the "***Parties***").

**Whereas**, each Fund segregates and separately manages certain of each respective Fund's assets or portfolio of assets (each in an account).

**Whereas**, the Board of Trustees of JNL Series Trust (the "Board") has approved (i) two new Portfolios of JNL Series Trust (together, the "New Portfolios") (ii) a merger for one Portfolio of JNL Series Trust into another Portfolio of JNL Series Trust (the "Merged Portfolio"); and (iii) name changes for nine Portfolios of JNL Series Trust (together, the "Portfolio Name Changes") wherein six portfolios will change custodians to State Street Bank and Trust Company and will be added as Portfolios to this Agreement (the "Custodian Changes"), as outlined below, October 21, 2024:

<u>New Portfolios</u>

1) JNL/JPMorgan Nasdaq<sup>®</sup> Hedged Equity Fund; and

2) JNL/T. Rowe Price Capital Appreciation Equity Fund.

<u>Merged Portfolio</u>

1) JNL/Baillie Gifford U.S. Equity Growth Fund.

<u>Portfolio Name Changes</u>

1) JNL/Lazard International Strategic Equity Fund *change to* JNL/Lazard International Quality Growth Fund *(in connection with an investment strategy/non-fundamental operating policy change, as approved by the Board)*;

2) JNL/PPM America Floating Rate Income Fund *change to* JNL Multi-Manager Floating Rate Income Fund;

3) JNL/T. Rowe Price Established Growth Fund *change to* JNL/T. Rowe Price Growth Stock Fund;

<u>Portfolio Name Changes/Custodian Changes</u>

4) JNL/Goldman Sachs Managed Aggressive Growth Fund *change to* JNL/JPMorgan Managed Aggressive Growth Fund *(in connection with an investment sub-adviser replacement, as approved by the Board)*;

5) JNL/Goldman Sachs Managed Growth Fund *change to* JNL/JPMorgan Managed Growth Fund *(in connection with an investment sub-adviser replacement, as approved by the Board)*;

6) JNL/Goldman Sachs Managed Moderate Growth Fund *change to* JNL/JPMorgan Managed Moderate Growth Fund *(in connection with an investment sub-adviser replacement, as approved by the Board)*;

7) JNL/Goldman Sachs Managed Moderate Fund *change to* JNL/JPMorgan Managed Moderate Fund *(in connection with an investment sub-adviser replacement, as approved by the Board)*;

8) JNL/Goldman Sachs Managed Conservative Fund *change to* JNL/JPMorgan Managed Conservative Fund *(in connection with an investment sub-adviser replacement, as approved by the Board)*; and

9) JNL/Heitman U.S. Focused Real Estate Fund *change to* JNL/Cohen & Steers U.S. Realty Fund *(in connection with an investment sub-adviser replacement, as approved by the Board)*.

**Whereas**, pursuant to Board approval of the changes, as outlined above, the Parties have agreed to amend the Agreement, including its Appendix A, to add the New Portfolios, to remove the Merged Portfolio, to update the names of certain Portfolios pursuant to the Portfolio Name Changes, and to add certain Portfolios pursuant to the Custodian Changes, effective October 21, 2024.

Information Classification: Limited Access

**- 1** -

**Now, Therefore**, in consideration of the promises and mutual covenants herein contained, the Parties hereto agree as follows:

1) Appendix A to the Agreement is hereby deleted, in its entirety, and replaced with the Appendix A attached hereto. All references to a "Portfolio" under the Agreement shall be deemed to include the following:

JNL/JPMorgan Nasdaq<sup>®</sup> Hedged Equity Fund;

JNL/T. Rowe Price Capital Appreciation Equity Fund;

JNL/JPMorgan Managed Aggressive Growth Fund;

JNL/JPMorgan Managed Growth Fund;

JNL/JPMorgan Managed Moderate Growth Fund;

JNL/JPMorgan Managed Moderate Fund;

JNL/JPMorgan Managed Conservative Fund; and

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

2) Except as specifically amended hereby, all other terms and conditions of the Agreement shall remain in full force and effect.

3) This Amendment may be executed in several counterparts, each of which shall be deemed to be an original, and all such counterparts taken together shall constitute one and the same instrument. Counterparts may be executed in either original or electronically transmitted form (e.g., faxes or emailed portable document format (PDF) form), and the Parties hereby adopt as original any signatures received via electronically transmitted form.

[*signature page immediately follows*]

Information Classification: Limited Access

**-2-**

**In Witness Whereof**, the Parties hereto have caused this Amendment to be executed by their officers designated below, effective October 21, 2024.

---

| | |
|:---|:---|
| **JNL Series Trust**, and<br> **JNL Investors Series Trust**,<br> *each on behalf of its Portfolios listed on Appendix A of the Agreement*<br>**Jackson Credit Opportunities Fund** <br> **Jackson Credit Opportunities Fund LLC** <br> **Jackson Real Assets Fund** <br> **Jackson Real Assets Fund LLC**  | **JNL Series Trust**, and<br> **JNL Investors Series Trust**,<br> *each on behalf of its Portfolios listed on Appendix A of the Agreement*<br>**Jackson Credit Opportunities Fund** <br> **Jackson Credit Opportunities Fund LLC** <br> **Jackson Real Assets Fund** <br> **Jackson Real Assets Fund LLC**  |
| By: | /s/ Emily J. Bennett |
| Name: | Emily J. Bennett |
| Title: | Vice President and Assistant Secretary |

---

---

| | |
|:---|:---|
| **PPM Funds**,<br> *on behalf of its Portfolios listed on Appendix A of the Agreement*  | **PPM Funds**,<br> *on behalf of its Portfolios listed on Appendix A of the Agreement*  |
| By: | /s/ Emily J. Bennett |
| Name: | Emily J. Bennett |
| Title: | Vice President and Secretary |

---

---

| | |
|:---|:---|
| **State Street Bank and Trust Company**  | **State Street Bank and Trust Company**  |
| By: | /s/ Scott Shirrell |
| Name: | Scott Shirrell |
| Title: | Managing Director |

---

Information Classification: Limited Access

**-3-**

**Appendix A**

*(Updated as of October 21, 2024)*

---

| |
|:---|
| &nbsp;&nbsp; **Management Investment Company** **:** <br> **JNL Series Trust**, *for the following Portfolios*  |
| &nbsp;&nbsp;JNL Multi-Manager Alternative Fund |
| &nbsp;&nbsp;JNL Multi-Manager Emerging Markets Equity Fund |
| &nbsp;&nbsp;JNL Multi-Manager Floating Rate Income Fund |
| &nbsp;&nbsp;JNL Multi-Manager International Small Cap Fund |
| &nbsp;&nbsp;JNL Multi-Manager Mid Cap Fund |
| &nbsp;&nbsp;JNL Multi-Manager U.S. Select Equity Fund |
| &nbsp;&nbsp;JNL/Baillie Gifford International Growth Fund |
| &nbsp;&nbsp;JNL/Causeway International Value Select Fund |
| &nbsp;&nbsp;JNL/ClearBridge Large Cap Growth Fund |
| &nbsp;&nbsp;JNL/Cohen & Steers U.S. Realty Fund |
| &nbsp;&nbsp;JNL/DFA International Core Equity Fund |
| &nbsp;&nbsp;JNL/DFA U.S. Core Equity Fund |
| &nbsp;&nbsp;JNL/DFA U.S. Small Cap Fund |
| &nbsp;&nbsp;JNL/DoubleLine<sup>®</sup> Core Fixed Income Fund |
| &nbsp;&nbsp;JNL/DoubleLine<sup>®</sup> Emerging Markets Fixed Income Fund |
| &nbsp;&nbsp;JNL/DoubleLine<sup>®</sup> Shiller Enhanced CAPE<sup>®</sup> Fund |
| &nbsp;&nbsp;JNL/DoubleLine<sup>®</sup> Total Return Fund |
| &nbsp;&nbsp;JNL/Fidelity Institutional Asset Management<sup>®</sup> Total Bond Fund |
| &nbsp;&nbsp;JNL/GQG Emerging Markets Equity Fund |
| &nbsp;&nbsp;JNL/Harris Oakmark Global Equity Fund |
| &nbsp;&nbsp;JNL/Invesco Diversified Dividend Fund |
| &nbsp;&nbsp;JNL/Invesco Global Growth Fund |
| &nbsp;&nbsp;JNL/Invesco Small Cap Growth Fund |
| &nbsp;&nbsp;JNL/JPMorgan Global Allocation Fund |
| &nbsp;&nbsp;JNL/JPMorgan Hedged Equity Fund |
| &nbsp;&nbsp;JNL/JPMorgan Managed Aggressive Growth Fund |
| &nbsp;&nbsp;JNL/JPMorgan Managed Conservative Fund |
| &nbsp;&nbsp;JNL/JPMorgan Managed Growth Fund |
| &nbsp;&nbsp;JNL/JPMorgan Managed Moderate Fund |
| &nbsp;&nbsp;JNL/JPMorgan Managed Moderate Growth Fund |
| &nbsp;&nbsp;JNL/JPMorgan Nasdaq<sup>®</sup> Hedged Equity Fund |
| &nbsp;&nbsp;JNL/JPMorgan Midcap Growth Fund |
| &nbsp;&nbsp;JNL/JPMorgan U.S. Government & Quality Bond Fund |
| &nbsp;&nbsp;JNL/JPMorgan U.S. Value Fund |
| &nbsp;&nbsp;JNL/Lazard International Quality Growth Fund |
| &nbsp;&nbsp;JNL/Loomis Sayles Global Growth Fund |
| &nbsp;&nbsp;JNL/Lord Abbett Short Duration Income Fund |
| &nbsp;&nbsp;JNL/Mellon World Index Fund |
| &nbsp;&nbsp;JNL/Mellon Nasdaq<sup>®</sup> 100 Index Fund |
| &nbsp;&nbsp;JNL/MFS Mid Cap Value Fund |
| &nbsp;&nbsp;JNL/Neuberger Berman Commodity Strategy Fund |
| &nbsp;&nbsp;JNL/Neuberger Berman Gold Plus Strategy Fund |
| &nbsp;&nbsp;JNL/Neuberger Berman Strategic Income Fund |
| &nbsp;&nbsp;JNL/PPM America High Yield Bond Fund |
| &nbsp;&nbsp;JNL/PPM America Investment Grade Credit Fund |
| &nbsp;&nbsp;JNL/PPM America Total Return Fund |
| &nbsp;&nbsp;JNL/RAFI<sup>®</sup> Fundamental U.S. Small Cap Fund |
| &nbsp;&nbsp;JNL/RAFI<sup>®</sup> Multi-Factor U.S. Equity Fund |

---

Information Classification: Limited Access

**A-** **1**

---

| |
|:---|
| &nbsp;&nbsp;JNL/T. Rowe Price Balanced Fund |
| &nbsp;&nbsp;JNL/T. Rowe Price Capital Appreciation Equity Fund |
| &nbsp;&nbsp;JNL/T. Rowe Price Capital Appreciation Fund |
| &nbsp;&nbsp;JNL/T. Rowe Price Growth Stock Fund |
| &nbsp;&nbsp;JNL/T. Rowe Price Mid-Cap Growth Fund |
| &nbsp;&nbsp;JNL/T. Rowe Price Short-Term Bond Fund |
| &nbsp;&nbsp;JNL/T. Rowe Price U.S. High Yield Fund |
| &nbsp;&nbsp;JNL/T. Rowe Price Value Fund |
| &nbsp;&nbsp;JNL/Westchester Capital Event Driven Fund |
| &nbsp;&nbsp;JNL/Western Asset Global Multi-Sector Bond Fund |
| &nbsp;&nbsp;JNL/William Blair International Leaders Fund |

---

---

| |
|:---|
| &nbsp;&nbsp; **Management Investment Company** **:** <br> **JNL Investors Series Trust** |
| &nbsp;&nbsp;[Reserved] |

---

&nbsp;&nbsp; **Management Investment Company** **:** <br> **Jackson Credit Opportunities Fund**<br>

&nbsp;&nbsp; **Limited Liability Company** **:**<br> **Jackson Credit Opportunities Fund LLC**<br>

&nbsp;&nbsp; **Management Investment Company** **:** <br> **Jackson Real Assets Fund**<br>

&nbsp;&nbsp; **Limited Liability Company** **:**<br> **Jackson Real Assets Fund LLC**<br>

---

| |
|:---|
| &nbsp;&nbsp; **Management Investment Company** **:** <br> **PPM Funds***, for the following Portfolios* |
| &nbsp;&nbsp;PPM Core Plus Fixed Income Fund |
| &nbsp;&nbsp;PPM High Yield Core Fund |

---

Information Classification: Limited Access

**A-** **2**

## Ex-99.(2)(J)(1)(X)

[Ex. 99.25(2)(j)(1)(x)](jraf-486bpos_071825.htm)<br>

#### Amendment to Amended and Restated Master Custodian Agreement

This amendment, made as of April 17, 2025, and effective April 28, 2025 (the "***Amendment***"), to the Amended and Restated Master Custodian Agreement dated as of December 1, 2022 (as amended, restated, supplemented or otherwise modified and in effect from time to time, the "***Agreement***"), is by and among each management investment company and limited liability company identified on <u>Appendix A</u> thereto (each, a "***Fund***" and collectively, the "***Funds***"), and State Street Bank and Trust Company (the "***Custodian***", and together with the Funds, the "***Parties***").

**Whereas**, each Fund segregates and separately manages certain of each respective Fund's assets or portfolio of assets (each in an account).

**Whereas**, the Board of Trustees of JNL Series Trust (the "Board") has approved mergers of the following three portfolios of JNL Series Trust into other portfolios of the JNL Series Trust (the "Merged Portfolios"), effective April 28, 2025:

<u>Merged Portfolios</u>

1) JNL/Baillie Gifford International Growth Fund;

2) JNL/Harris Oakmark Global Equity Fund; and

3) JNL/Western Asset Global Multi-Sector Bond Fund.

**Whereas**, pursuant to Board approval of the changes, as outlined above, the Parties have agreed to amend the Agreement, including its Appendix A, to remove the Merged Portfolios, effective April 28, 2025.

**Now, Therefore**, in consideration of the promises and mutual covenants herein contained, the Parties hereto agree as follows:

1) Appendix A to the Agreement is hereby deleted, in its entirety, and replaced with the Appendix A attached hereto to reflect the removal of the Merged Portfolios, effective April 28, 2025.

2) Except as specifically amended hereby, all other terms and conditions of the Agreement shall remain in full force and effect.

3) This Amendment may be executed in several counterparts, each of which shall be deemed to be an original, and all such counterparts taken together shall constitute one and the same instrument. Counterparts may be executed in either original or electronically transmitted form (e.g., faxes or emailed portable document format (PDF) form), and the Parties hereby adopt as original any signatures received via electronically transmitted form.

[*signature page immediately follows*]

------

**In Witness Whereof,** the Parties hereto have caused this Amendment to be executed by their officers designated below, effective April 28, 2025.

---

| | |
|:---|:---|
| <br> **JNL Series Trust, and**<br> **JNL Investors Series Trust,**<br> *each on behalf of its Portfolios listed on Appendix A of the Agreement*<br>**Jackson Credit Opportunities Fund**<br>**Jackson Credit Opportunities Fund LLC**<br>**Jackson Real Assets Fund**<br>**Jackson Real Assets Fund LLC** | <br> **JNL Series Trust, and**<br> **JNL Investors Series Trust,**<br> *each on behalf of its Portfolios listed on Appendix A of the Agreement*<br>**Jackson Credit Opportunities Fund**<br>**Jackson Credit Opportunities Fund LLC**<br>**Jackson Real Assets Fund**<br>**Jackson Real Assets Fund LLC** |
| By: | ***/s/ Emily J. Bennett*** |
| Name: | Emily J. Bennett |
| Title: | Vice President and Assistant Secretary |

---

---

| | |
|:---|:---|
| <br> **PPM Funds,**<br> *on behalf of its Portfolios listed on Appendix A of the Agreement* | <br> **PPM Funds,**<br> *on behalf of its Portfolios listed on Appendix A of the Agreement* |
| By: | ***/s/ Emily J. Bennett*** |
| Name: | Emily J. Bennett |
| Title: | Vice President and Secretary |

---

---

| | |
|:---|:---|
| <br> **State Street Bank and Trust Company** | <br> **State Street Bank and Trust Company** |
| By: | ***/s/ Gus Bonavita*** |
| Name: | Gus Bonavita |
| Title: | Managing Director |

---

------

#### Appendix A

*(Updated as of April 28, 2025)*

---

| |
|:---|
| **Management Investment Company:**<br> **JNL Series Trust***, for the following Portfolios* |
| JNL Multi-Manager Alternative Fund |
| JNL Multi-Manager Emerging Markets Equity Fund |
| JNL Multi-Manager Floating Rate Income Fund |
| JNL Multi-Manager International Small Cap Fund |
| JNL Multi-Manager Mid Cap Fund |
| JNL Multi-Manager U.S. Select Equity Fund |
| JNL/Causeway International Value Select Fund |
| JNL/ClearBridge Large Cap Growth Fund |
| JNL/Cohen & Steers U.S. Realty Fund |
| JNL/DFA International Core Equity Fund |
| JNL/DFA U.S. Core Equity Fund |
| JNL/DFA U.S. Small Cap Fund |
| JNL/DoubleLine<sup>®</sup> Core Fixed Income Fund |
| JNL/DoubleLine<sup>®</sup> Emerging Markets Fixed Income Fund |
| JNL/DoubleLine<sup>®</sup> Shiller Enhanced CAPE<sup>®</sup> Fund |
| JNL/DoubleLine<sup>®</sup> Total Return Fund |
| JNL/Fidelity Institutional Asset Management<sup>®</sup> Total Bond Fund |
| JNL/GQG Emerging Markets Equity Fund |
| JNL/Invesco Diversified Dividend Fund |
| JNL/Invesco Global Growth Fund |
| JNL/Invesco Small Cap Growth Fund |
| JNL/JPMorgan Global Allocation Fund |
| JNL/JPMorgan Hedged Equity Fund |
| JNL/JPMorgan Managed Aggressive Growth Fund |
| JNL/JPMorgan Managed Conservative Fund |
| JNL/JPMorgan Managed Growth Fund |
| JNL/JPMorgan Managed Moderate Fund |
| JNL/JPMorgan Managed Moderate Growth Fund |
| JNL/JPMorgan Nasdaq<sup>®</sup> Hedged Equity Fund |
| JNL/JPMorgan Midcap Growth Fund |
| JNL/JPMorgan U.S. Government & Quality Bond Fund |
| JNL/JPMorgan U.S. Value Fund |
| JNL/Lazard International Quality Growth Fund |
| JNL/Loomis Sayles Global Growth Fund |
| JNL/Lord Abbett Short Duration Income Fund |
| JNL/Mellon World Index Fund |
| JNL/Mellon Nasdaq<sup>®</sup> 100 Index Fund |
| JNL/MFS Mid Cap Value Fund |
| JNL/Neuberger Berman Commodity Strategy Fund |
| JNL/Neuberger Berman Gold Plus Strategy Fund |
| JNL/Neuberger Berman Strategic Income Fund |
| JNL/PPM America High Yield Bond Fund |
| JNL/PPM America Investment Grade Credit Fund |
| JNL/PPM America Total Return Fund |
| JNL/RAFI<sup>®</sup> Fundamental U.S. Small Cap Fund |
| JNL/RAFI<sup>®</sup> Multi-Factor U.S. Equity Fund |
| JNL/T. Rowe Price Balanced Fund |
| JNL/T. Rowe Price Capital Appreciation Equity Fund |
| JNL/T. Rowe Price Capital Appreciation Fund |
| JNL/T. Rowe Price Growth Stock Fund |
| JNL/T. Rowe Price Mid-Cap Growth Fund |
| JNL/T. Rowe Price Short-Term Bond Fund |
| JNL/T. Rowe Price U.S. High Yield Fund |
| JNL/T. Rowe Price Value Fund |
| JNL/Westchester Capital Event Driven Fund |
| JNL/William Blair International Leaders Fund |

---

---

| |
|:---|
| **Management Investment Company:**<br> **JNL Investors Series Trust** |
| [Reserved] |

---

**Management Investment Company:**<br> **Jackson Credit Opportunities Fund**<br>

**Limited Liability Company:**<br> **Jackson Credit Opportunities Fund LLC**<br>

**Management Investment Company:**<br> **Jackson Real Assets Fund**<br>

**Limited Liability Company:**<br> **Jackson Real Assets Fund LLC**<br>

---

| |
|:---|
| **Management Investment Company:**<br> **PPM Funds***, for the following Portfolios* |
| PPM Core Plus Fixed Income Fund |
| PPM High Yield Core Fund |

---

## Ex-99.(2)(J)(1)(Xi)

[Ex. 99.25(2)(j)(1)(xi)](jraf-486bpos_071825.htm)<br>

#### Amendment to Amended and Restated Master Custodian Agreement

This amendment, made as of June 27, 2025, and effective June 11, 2025 (the "***Amendment***"), to the Amended and Restated Master Custodian Agreement dated as of December 1, 2022 (as amended, restated, supplemented or otherwise modified and in effect from time to time, the "***Agreement***"), is by and among each management investment company and limited liability company identified on <u>Appendix A</u> thereto (each, a "***Fund***" and collectively, the "***Funds***"), and State Street Bank and Trust Company (the "***Custodian***", and together with the Funds, the "***Parties***").

**Whereas**, the Board of Trustees of PPM Funds (the "Board") has approved the liquidation, de-registration, and termination of its portfolios, the PPM Core Plus Fixed Income Fund and PPM High Yield Core Fund (the "Terminated Funds"), as identified on Appendix A, and PPM Funds have ceased its operations of the Terminated Funds (the "Fund Terminations"); and

**Whereas**, the Parties have agreed to amend the Agreement, including its Appendix A, to remove PPM Funds as a party and to remove the Terminated Funds, effective June 11, 2025.

**Now, Therefore**, in consideration of the promises and mutual covenants herein contained, the Parties hereto agree as follows:

1) PPM Funds is hereby removed as a party to the Agreement, effective June 11, 2025.

2) <u>Appendix A</u> to the Agreement is hereby deleted, in its entirety, and replaced with the <u>Appendix A</u> attached hereto to reflect the removal of the Terminated Funds, effective June 11, 2025.

3) Except as specifically amended hereby, all other terms and conditions of the Agreement shall remain in full force and effect.

4) This Amendment may be executed in several counterparts, each of which shall be deemed to be an original, and all such counterparts taken together shall constitute one and the same instrument. Counterparts may be executed in either original or electronically transmitted form (e.g., faxes or emailed portable document format (PDF) form), and the Parties hereby adopt as original any signatures received via electronically transmitted form.

[*signature page immediately follows*]

------

**In Witness Whereof,** the Parties hereto have caused this Amendment to be executed by their officers designated below, effective June 11, 2025.

---

| | |
|:---|:---|
| <br> **JNL Series Trust, and**<br> **JNL Investors Series Trust,**<br> *each on behalf of its Portfolios listed on Appendix A of the Agreement*<br>**Jackson Credit Opportunities Fund**<br>**Jackson Credit Opportunities Fund LLC**<br>**Jackson Real Assets Fund**<br>**Jackson Real Assets Fund LLC** | <br> **JNL Series Trust, and**<br> **JNL Investors Series Trust,**<br> *each on behalf of its Portfolios listed on Appendix A of the Agreement*<br>**Jackson Credit Opportunities Fund**<br>**Jackson Credit Opportunities Fund LLC**<br>**Jackson Real Assets Fund**<br>**Jackson Real Assets Fund LLC** |
| By: | ***/s/ Emily J. Bennett*** |
| Name: | Emily J. Bennett |
| Title: | Vice President and Assistant Secretary |

---

---

| | |
|:---|:---|
| <br> **State Street Bank and Trust Company** | <br> **State Street Bank and Trust Company** |
| By: |  ***/s/ A. Bonavita*** |
| Name: | Agostino Bonavita |
| Title: | Managing Director |

---

------

#### Appendix A

*(Updated as of June 11, 2025)*

---

| |
|:---|
| **Management Investment Company:**<br> **JNL Series Trust***, for the following Portfolios* |
| JNL Multi-Manager Alternative Fund |
| JNL Multi-Manager Emerging Markets Equity Fund |
| JNL Multi-Manager Floating Rate Income Fund |
| JNL Multi-Manager International Small Cap Fund |
| JNL Multi-Manager Mid Cap Fund |
| JNL Multi-Manager U.S. Select Equity Fund |
| JNL/Causeway International Value Select Fund |
| JNL/ClearBridge Large Cap Growth Fund |
| JNL/Cohen & Steers U.S. Realty Fund |
| JNL/DFA International Core Equity Fund |
| JNL/DFA U.S. Core Equity Fund |
| JNL/DFA U.S. Small Cap Fund |
| JNL/DoubleLine<sup>®</sup> Core Fixed Income Fund |
| JNL/DoubleLine<sup>®</sup> Emerging Markets Fixed Income Fund |
| JNL/DoubleLine<sup>®</sup> Shiller Enhanced CAPE<sup>®</sup> Fund |
| JNL/DoubleLine<sup>®</sup> Total Return Fund |
| JNL/Fidelity Institutional Asset Management<sup>®</sup> Total Bond Fund |
| JNL/GQG Emerging Markets Equity Fund |
| JNL/Invesco Diversified Dividend Fund |
| JNL/Invesco Global Growth Fund |
| JNL/Invesco Small Cap Growth Fund |
| JNL/JPMorgan Global Allocation Fund |
| JNL/JPMorgan Hedged Equity Fund |
| JNL/JPMorgan Managed Aggressive Growth Fund |
| JNL/JPMorgan Managed Conservative Fund |
| JNL/JPMorgan Managed Growth Fund |
| JNL/JPMorgan Managed Moderate Fund |
| JNL/JPMorgan Managed Moderate Growth Fund |
| JNL/JPMorgan Nasdaq<sup>®</sup> Hedged Equity Fund |
| JNL/JPMorgan Midcap Growth Fund |
| JNL/JPMorgan U.S. Government & Quality Bond Fund |
| JNL/JPMorgan U.S. Value Fund |
| JNL/Lazard International Quality Growth Fund |
| JNL/Loomis Sayles Global Growth Fund |
| JNL/Lord Abbett Short Duration Income Fund |
| JNL/Mellon World Index Fund |
| JNL/Mellon Nasdaq<sup>®</sup> 100 Index Fund |
| JNL/MFS Mid Cap Value Fund |
| JNL/Neuberger Berman Commodity Strategy Fund |
| JNL/Neuberger Berman Gold Plus Strategy Fund |
| JNL/Neuberger Berman Strategic Income Fund |
| JNL/PPM America High Yield Bond Fund |
| JNL/PPM America Investment Grade Credit Fund |
| JNL/PPM America Total Return Fund |
| JNL/RAFI<sup>®</sup> Fundamental U.S. Small Cap Fund |
| JNL/RAFI<sup>®</sup> Multi-Factor U.S. Equity Fund |
| JNL/T. Rowe Price Balanced Fund |
| JNL/T. Rowe Price Capital Appreciation Equity Fund |
| JNL/T. Rowe Price Capital Appreciation Fund |
| JNL/T. Rowe Price Growth Stock Fund |
| JNL/T. Rowe Price Mid-Cap Growth Fund |
| JNL/T. Rowe Price Short-Term Bond Fund |
| JNL/T. Rowe Price U.S. High Yield Fund |
| JNL/T. Rowe Price Value Fund |
| JNL/Westchester Capital Event Driven Fund |
| JNL/William Blair International Leaders Fund |

---

---

| |
|:---|
| **Management Investment Company:**<br> **JNL Investors Series Trust** |
| [Reserved] |

---

**Management Investment Company:**<br> **Jackson Credit Opportunities Fund**<br>

**Limited Liability Company:**<br> **Jackson Credit Opportunities Fund LLC**<br>

**Management Investment Company:**<br> **Jackson Real Assets Fund**<br>

**Limited Liability Company:**<br> **Jackson Real Assets Fund LLC**<br>

## Ex-99.(2)(K)(2)(Ii)

[Ex. 99.25(2)(k)(2)(ii)](jraf-486bpos_071825.htm)

#### Amended and Restated

#### Schedule C

#### to the

#### Transfer Agency Agreement

#### by and between

#### Jackson Credit Opportunities Fund

#### and

#### UMB Fund Services, Inc.

#### FEES

[*Fee Schedule Omitted.*]

**IN WITNESS WHEREOF**, the parties hereto have caused this Amended and Restated Schedule C to the Transfer Agency Agreement to be executed by a duly authorized officer as of the 29th day of August, 2024.

#### JACKSON CREDIT OPPORTUNITIES FUND
(the "Fund")

---

| | |
|:---|:---|
| By: | ***/s/ Emily J. Bennett*** |
| Name: | Emily J. Bennett |
| Title: | Vice President and Assistant Secretary |

---

#### UMB FUND SERVICES, INC.
("Transfer Agent")

---

| | |
|:---|:---|
| By: | ***/s/ Maureen Quill*** |
| Name: | Maureen Quill |
| Title: | EVP |

---

## Ex-99.(2)(I)

[Ex. 99.25(2)(l)](jraf-486bpos_071825.htm)

------

![](image0.jpg)

1 Corporate Way

Lansing, MI 48951

517/381-5500

July 18, 2025

Board of Trustees Jackson Real Assets Fund <br> 1 Corporate Way <br> Lansing, Michigan 48951

Dear Ladies and Gentlemen:

<br> I have acted as counsel to Jackson Real Assets Fund, a Massachusetts business trust (the "Fund"), in connection with the Fund's Registration Statement on Form N-2 as filed with the Securities and Exchange Commission, and this this Post Effective Amendment No. 3 under the Securities Act of 1933 (File No. 333-276061) and Amendment No. 5 under the Investment Company Act of 1940 (File No. 811-23920) (the "Registration Statement"), with respect to certain of its common shares of beneficial interest (the "Common Shares").<br>I have examined the Fund's Declaration of Trust, as amended, on file in the office of the Secretary of State of The Commonwealth of Massachusetts (the "Declaration of Trust"), and the Fund's Bylaws, and I am familiar with the actions taken by the Fund in connection with the issuance and sale of the Common Shares. I have also examined such other documents and records as I have deemed necessary for the purposes of this opinion.<br>Based upon the foregoing, I am of the opinion that:<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The Fund is a duly organized and validly existing unincorporated voluntary association with transferable shares under and by virtue of the laws of The Commonwealth of Massachusetts.<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The Common Shares have been duly authorized and, when issued and paid for in accordance with the Distribution Agreement, will be validly issued, fully paid and, except as described in the following paragraph, nonassessable by the Fund.<br>The Fund is an entity of the type commonly known as a "Massachusetts business trust." Under Massachusetts law, shareholders could, under certain circumstances, be held personally liable for the obligations of the Fund. However, the Declaration of Trust disclaims shareholder liability for acts or obligations of the Fund and requires that a notice of such disclaimer be given in each note, bond, contract, instrument, certificate or undertaking entered into or executed by the Fund or its Trustees. The Declaration of Trust provides for indemnification out of the property of the Fund for all loss and expense of any shareholder of the Fund held personally liable solely by reason of his being or having been a shareholder. Thus, the risk of a shareholder's incurring financial loss on account of being a shareholder is limited to circumstances in which the Fund itself would be unable to meet its obligations.<br>You may use this opinion letter, or a copy thereof, as an exhibit to the Registration.<br>

------

---

| |
|:---|
| If you have any questions concerning this filing, please contact me at (517) 574-2089. |
| Very truly yours, |
| <br> &nbsp;&nbsp;&nbsp;&nbsp;/s/Emily J. Bennett <br>Emily J. Bennett |
| Vice President & Assistant Secretary |

---

## Ex-99.(2)(N)

[Ex. 99.25(2)(n)](jraf-486bpos_071825.htm)

![](ex2n_002.jpg)

KPMG LLP

Aon Center<br> Suite 5500

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 May 22, 2025, with respect to the financial statements of Jackson Real Assets Fund, as of March 31, 2025, incorporated herein by reference and to the references to our firm under the headings "Independent Registered Public Accounting Firm" and "Financial Highlights" in the Prospectus and "Independent Registered Public Accounting Firm" and "Financial Statements" in the Statement of Additional Information.

/s/ KPMG LLP

Chicago, Illinois<br> July 14, 2025

KPMG LLP, a Delaware limited liability partnership and a member firm of<br> the KPMG global organization of independent member firms affiliated with

KPMG International Limited, a private English company limited by guarantee.

KPMG LLP, a Delaware limited liability partnership and a member firm of the KPMG global organization of independent member firms affiliated with

KPMG International Limited, a private English company limited by guarantee.

## Ex-99.(2)(R)(1)

[Ex. 99.25(2)(r)(1)](jraf-486bpos_071825.htm)<br>

**Jackson Financial Inc. Advisory Code of Ethics Policy**

4/1/2025

![](ex2r1_jficoe0425001.jpg)

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Version** | &nbsp;&nbsp;**Date** | &nbsp;&nbsp;**Amended By** | &nbsp;&nbsp;**Comment** |
| &nbsp;&nbsp;1.0 | &nbsp;&nbsp;June 9, 2021 |  | &nbsp;&nbsp;Initial Version. |
| &nbsp;&nbsp;1.1 | &nbsp;&nbsp;April 1, 2022 | &nbsp;&nbsp;JFI Compliance | &nbsp;&nbsp;Updates to Covered Persons categories and overall re-organization of Policy. |
| &nbsp;&nbsp;1.2 | &nbsp;&nbsp;October 26, 2022 | &nbsp;&nbsp;JFI Compliance | &nbsp;&nbsp;Update to Identified Entities. |
| &nbsp;&nbsp;1.3 | &nbsp;&nbsp;July 18, 2023 | &nbsp;&nbsp;JFI Compliance | &nbsp;&nbsp;To reflect template revision and to update references to the Insider Trading Policy. |
| &nbsp;&nbsp;1.4 | &nbsp;&nbsp;August 28, 2023 | &nbsp;&nbsp;JFI Compliance | &nbsp;&nbsp;To reflect updated effective date. |
| &nbsp;&nbsp;1.5 | &nbsp;&nbsp;February 29, 2024 | &nbsp;&nbsp;JFI Ethics & Compliance | &nbsp;&nbsp;To reflect updated effective date. |
| &nbsp;&nbsp;1.6 | &nbsp;&nbsp;March 31, 2025 | &nbsp;&nbsp;JFI Ethics & Compliance | &nbsp;&nbsp;New introductory language and certain other non-material revisions. |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Document Information** | &nbsp;&nbsp;**Document Information** |
| &nbsp;&nbsp;Title | &nbsp;&nbsp;Jackson Financial Inc. Advisory Code of Ethics |
| &nbsp;&nbsp;Location | &nbsp;&nbsp;JACK |
| &nbsp;&nbsp;Owner | &nbsp;&nbsp;Enterprise Chief Ethics & Compliance Officer |
| &nbsp;&nbsp;Prepared by | &nbsp;&nbsp;Jeffrey Martell |

---

Advisory Code of Ethics \| i

![](ex2r1_jficoe0425002.jpg)

**Summary of Covered Person categorization identifications and Application of the Personal Trading Rules**

&nbsp;&nbsp;**Covered Person Status\***

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Independent Directors of the Jackson** | &nbsp;&nbsp;**JNLD** | &nbsp;&nbsp;**Non-Employee Directors and Identified Jackson associates with access to PPM Information** | &nbsp;&nbsp;**Non-Employee Directors and Identified Jackson associates with access to PPM Information deemed "closely connected".** | &nbsp;&nbsp; **JNAM**<br>(General)<br>| &nbsp;&nbsp; **JNAM**<br>(Investment Management Group)<br>| &nbsp;&nbsp;**PPM** |
|  | &nbsp;&nbsp;![](ex2r1_jficoe0425004.jpg)----------------------------------------------------------- Covered Persons----------------------------------------------------------- ![](ex2r1_jficoe0425005.jpg) | &nbsp;&nbsp;![](ex2r1_jficoe0425004.jpg)----------------------------------------------------------- Covered Persons----------------------------------------------------------- ![](ex2r1_jficoe0425005.jpg) | &nbsp;&nbsp;![](ex2r1_jficoe0425004.jpg)----------------------------------------------------------- Covered Persons----------------------------------------------------------- ![](ex2r1_jficoe0425005.jpg) | &nbsp;&nbsp;![](ex2r1_jficoe0425004.jpg)----------------------------------------------------------- Covered Persons----------------------------------------------------------- ![](ex2r1_jficoe0425005.jpg) | &nbsp;&nbsp;![](ex2r1_jficoe0425004.jpg)----------------------------------------------------------- Covered Persons----------------------------------------------------------- ![](ex2r1_jficoe0425005.jpg) | &nbsp;&nbsp;![](ex2r1_jficoe0425004.jpg)----------------------------------------------------------- Covered Persons----------------------------------------------------------- ![](ex2r1_jficoe0425005.jpg) |
| &nbsp;&nbsp;*Supervised Persons* | &nbsp;&nbsp;*Supervised Persons (with additional identified requirements)* | &nbsp;&nbsp;*Non-Employee Access Persons* | &nbsp;&nbsp;*Pre-Clearance Non-Employee Access Persons* | &nbsp;&nbsp;*General Access Persons* | &nbsp;&nbsp;*Investment Access Persons* | &nbsp;&nbsp;*Investment Access Persons* |

---

\*General designations, individual status may change as determined by the Identified Entity CCO.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Personal Trading Rules** | &nbsp;&nbsp;**Covered Persons** | &nbsp;&nbsp;**Covered Persons** | &nbsp;&nbsp;**Covered Persons** | &nbsp;&nbsp;**Covered Persons** | &nbsp;&nbsp;**Covered Persons** | &nbsp;&nbsp;**Covered Persons** |
| &nbsp;&nbsp;**Personal Trading Rules** | &nbsp;&nbsp;**Independent<br> Fund<br> Directors** | &nbsp;&nbsp;**Supervised<br> Persons** | &nbsp;&nbsp;**JNLD<br> Supervised<br> Persons** | &nbsp;&nbsp;**Non-<br> Employee<br> Access<br> Persons** | &nbsp;&nbsp;**General<br> Access<br> Persons** | &nbsp;&nbsp;**Investment<br> Access<br> Persons &<br> Pre-Clearance<br> Non-<br> Employee<br> Access<br> Persons** |
| &nbsp;&nbsp; 3. General Standards Applicable to all Covered Persons<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. Fair Dealing<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. Confidentiality<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C. Service as a Director | &nbsp;&nbsp;**Apply** | &nbsp;&nbsp;**Apply** | &nbsp;&nbsp;**Apply** | &nbsp;&nbsp;**Apply** | &nbsp;&nbsp;**Apply** | &nbsp;&nbsp;**Apply** |
| &nbsp;&nbsp; 4. C. Prohibited Personal Securities Transactions and Related Procedures<br> &nbsp;&nbsp;&nbsp;&nbsp;1. Rules Applicable to Identified Entity Covered Persons<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Front Running<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Securities on Restricted Lists; Inside Information | &nbsp;&nbsp;**Apply** | &nbsp;&nbsp;**Apply** | &nbsp;&nbsp;**Apply** | &nbsp;&nbsp;**Apply** | &nbsp;&nbsp;**Apply** | &nbsp;&nbsp;**Apply** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. Transactions in Parent Company Stock | &nbsp;&nbsp;**Not Applied** | &nbsp;&nbsp;**Apply** | &nbsp;&nbsp;**Apply** | &nbsp;&nbsp;**Apply** | &nbsp;&nbsp;**Apply** | &nbsp;&nbsp;**Apply** |
| &nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;2. Rules Applicable to All Access Persons<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Dealing with Clients<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Initial Public Offerings<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. Private Placements | &nbsp;&nbsp;**Not Applied** | &nbsp;&nbsp;**Not Applied** | &nbsp;&nbsp;**Not Applied** | &nbsp;&nbsp;**Apply** | &nbsp;&nbsp;**Apply** | &nbsp;&nbsp;**Apply** |
| &nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;3. Rules Applicable to General Access Persons, Pre-Clearance Non-Employee Access Persons and Investment Access Persons<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Preclearance | &nbsp;&nbsp;**Not Applied** | &nbsp;&nbsp;**Not Applied** | &nbsp;&nbsp;**Not Applied** | &nbsp;&nbsp;**Not Applied** | &nbsp;&nbsp;**Apply** | &nbsp;&nbsp;**Apply** |
| &nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;4. Rules Applicable to Investment Access Persons and Pre-Clearance Non-Employee Access Persons<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Blackout Period<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Minimum Holding and Re-holding Periods<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. Short Sales Conflicting with Client Holdings | &nbsp;&nbsp;**Not Applied** | &nbsp;&nbsp;**Not Applied** | &nbsp;&nbsp;**Not Applied** | &nbsp;&nbsp;**Not Applied** | &nbsp;&nbsp;**Not Applied** | &nbsp;&nbsp;**Apply** |

---

Advisory Code of Ethics \| ii

![](ex2r1_jficoe0425002.jpg)

![](ex2r1_jficoe0425003.jpg)

1. Introduction

Jackson Financial Inc. (together with its subsidiaries, the "Company") seeks to conduct its businesses openly, honestly, and ethically.

The subsidiaries identified in Section 2.A. below ("Identified Entities") are also subject to certain regulatory requirements, which are addressed in this Advisory Code of Ethics. As background:

● Entities serving as registered investment advisers owe their clients, and the shareholders of any investment company for which they serve as adviser or sub-adviser, the highest duty of diligence and loyalty. The U.S. Securities and Exchange Commission (the "SEC") has adopted Rule 204A-1 under the Investment Advisers Act of 1940 as amended (the "Advisers Act"), which requires registered investment advisers to adopt a code of ethics setting forth standards of conduct expected of their advisory personnel and addressing conflicts that arise from personal trading by advisory personnel.

● In addition to relevant policies and procedures, the Identified Entities rely on and incorporate the Company's Insider Trading Policy with respect to certain requirements, including, but not limited to, the application of prohibited trading requirements involving publicly listed securities.

● Further, entities serving as (i) adviser or sub-adviser or (ii) principal underwriter to any investment company registered under the Investment Company Act of 1940 (the "1940 Act") and the investment companies themselves or similar entities are also required by Rule 17j-1 under the 1940 Act to adopt a code of ethics subject to approval at least annually by the board of directors of each investment company which hold associates to a high standard of integrity and business practices, and strive to avoid conflicts of interest or the appearance of conflicts of interest in connection with its dealings with such registered investment companies.

This Advisory Code of Ethics (the "Code of Ethics" or "Code") supplements other policies established by the Company<sup>1</sup>.

Each Identified Entity has also adopted other policies addressing related matters that are appropriate or required by their business and the regulatory regime in which they operate. Associates subject to such policies and procedures must comply with them, as well as this Code of Ethics.

If any provision of this Code of Ethics appears to conflict with another policy of the Company and an associate is unsure about how to proceed, then the associate should consult his or her Compliance Department for guidance.

------

<sup>1</sup> Except with respect to this Advisory Code of Ethics, the Jackson Funds as defined below are not subject to the policies established by the Company. Copies of each of the above referenced Policies are available on <u>JACK</u>.

1 \| P a g e

2. Scope

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. Identified Entities

This Code of Ethics applies to the following Identified Entities:

● PPM America, Inc., PPM Loan Management Company 2, LLC, each registered investment advisers, and PPM America, Inc.'s immediate parent company, PPM Holdings, Inc. (referred to collectively in the Code of Ethics as "PPM");

● Jackson National Asset Management, LLC ("JNAM"), a registered investment adviser;

● Jackson National Life Distributors LLC ("JNLD"), principal underwriter for registered investment companies advised by PPM and/or JNAM; and

● Registered investment companies for which PPM, JNAM, or JNLD serve as investment advisers or principal underwriters (the "Jackson Funds", collectively the "Funds").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. Covered Persons

The Code of Ethics applies to all Supervised Persons and Access Persons of each Identified Entity as defined below. Supervised Persons and Access Persons are collectively referred to as "Covered Persons."

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Supervised Persons. A "Supervised Person" is any person under the oversight of an Identified
Entity, including each partner, officer, director (or other person occupying a similar status or performing similar functions), associate,
temporary employee, independent contractor, or any other person deemed appropriate to be covered under this Code of Ethics as determined
by the applicable Identified Entity's Chief Compliance Officer ("CCO").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Access Persons. Certain Supervised Persons are subject to heightened personal securities trading and
oversight under the Code of Ethics and accordingly are deemed to be an "Access Person." An Access Person is a Supervised Person
of an Identified Entity who (i) makes, or has access to, recommendations to clients that are not public and (ii) has access to non-public
information about purchases, sales, and holdings in client accounts. Based on the degree of access to client information, the Code
of Ethics establishes the following categories of Access Persons:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. Non-Employee Access Persons ("NEAP"). A NEAP of an Identified Entity will be designated as such by an Identified Entities'
CCO. A NEAP may be an individual who is an associate of the Company, but not an employee of the Identified Entity, who (i) is serving
on the Board of Managers or Directors of an Identified Entity, (ii) is providing support or services to an Identified Entity, or (iii)
may come into contact with material, non-public information held by the Identified Entity through access to offices, systems, or attendance
at certain meetings.

\| 2

![](ex2r1_jficoe0425002.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii. Pre-Clearance Non-Employee Access Persons. A "Pre-Clearance Non-Employee Access Person"
of an Identified Entity is an associate of the Company, but not an employee of the Identified Entity, who is deemed by the CCO of the
Identified Entity to have immediate access to non-public trading information of the Identified Entity, either due to physical access to
certain areas or as part of the associate's ongoing job-related responsibilities supporting the Identified Entity.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iii. General Access Persons. A "General Access Person" is any Supervised Person who in
connection with his or her regular functions or duties, has access to Post-Trade Confidential Information.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iv. Investment Access Persons. An "Investment Access Person" is any Supervised Person
or Access Person of an Identified Entity who, in connection with his or her regular functions or duties, has access to Pre-Trade and Post-Trade
Confidential Information.

In determining whether someone should be deemed to be an Investment Access Person, the Identified Entity CCO shall consider whether he or she has access to non-public trading information relating to client transactions.

How a person is classified under this Code of Ethics is determined by an applicable Identified Entity's CCO. Associates who are not "supervised persons" of the adviser are not Access Persons.

Only associates of the Company who are not employees of an Identified Entity may be designated as a NEAP. In certain circumstances, the CCO may only require further assurances or certifications from parties conducting business with or performing services for the Identified Entity to make this determination.

The obligation to safeguard sensitive client information does not preclude the adviser from providing confidential or otherwise necessary information to entities/persons that provide services to the adviser or the Funds, such as brokers, accountants, custodians, and fund transfer agents, and potentially other circumstances. In those instances, the CCO shall determine whether to disseminate such information.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C. Determination of Covered Person Category

The Compliance Department of each Identified Entity shall determine (i) which of its Supervised Persons are Access Persons and (ii) their appropriate Access Person categorization. **Unless otherwise determined by the CCO of the applicable Identified Entity**, Covered Persons are generally categorized by the Identified Entities as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Independent Mutual Fund Directors. Directors, Trustees, or Managers of the Jackson Funds or PPM Funds who are not "interested persons" of PPM, JNAM and JNLD
as defined under Section 2(a)(19) of the 1940 Act ("Independent Mutual Fund Directors") are deemed to be Supervised Persons
only. They are not Access Persons of any Identified Entity unless so deemed by the Identified Entity's CCO.

\| 3

![](ex2r1_jficoe0425002.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. JNLD Associates. All associates of
JNLD are deemed to be Supervised Persons.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. JNLD Supervised Persons may be designated an Access Person of another Identified Entity pursuant to their job responsibilities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Employees of another Identified Entity, if registered with FINRA through JNLD, will be designated pursuant to that Identified Entity's
determination.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. JNAM Associates. Generally, all associates
of JNAM are deemed to be General Access Persons, except that the Investment Management Group are deemed to be Investment Access Persons
in relation to identified ETF trading.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. PPM Associates. Generally, all associates
of PPM are deemed to be Investment Access Persons.

A summary of the Identified Entity Covered Person categorization identifications and the respective application of the personal trading rules is included above.

For other defined terms used in this Code of Ethics, please refer to Section 5.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;D. Annual Review of Procedures

The Code of Ethics shall be reviewed by each respective Identified Entity at least annually and as necessary if there are material events within the scope of the policy that may require changes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;E. Review by Identified Entity and Funds' Boards

Each Identified Entity serving as an investment adviser, sub-adviser, or principal underwriter to a Reportable Fund, together with an appropriate officer of any such investment company (who may be an officer or employee of the Identified Entity) shall provide, at least annually, a written report to (i) its Board of Directors/Managers and (ii) the board of the Reportable Fund that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Evaluates procedures concerning personal investing and any changes in those procedures during the past year;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Describes issues that arose during the previous year under the Code of Ethics or procedures concerning personal investing, including
but not limited to information about material violations of the Code of Ethics and sanctions imposed;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Certifies to the board when applicable that the investment adviser, and sub-advisers, and the principal underwriter have adopted procedures
reasonably necessary to prevent its Access Persons from violating the Code of Ethics; and

\| 4

![](ex2r1_jficoe0425002.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Identifies any recommended changes in existing restrictions or procedures based upon experience under the Code of Ethics, evolving
industry practices, or developments in applicable laws or regulations.

An Identified Entity may provide more frequent reporting to a Reportable Fund board at its request, which shall meet the foregoing annual report requirement and shall be considered an annual report.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;F. Notification of Reporting Obligations

The CCO of each Identified Entity (or his/her designee) will identify all Covered Persons of any Reportable Fund and inform such persons of their reporting obligations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;G. Exemptions from the Code of Ethic's Provisions

The Identified Entity's Compliance Department for each Identified Entity has the authority to grant an exemption from any provision of this Code of Ethics (except the provisions requiring (i) reporting of Personal Securities Transactions for Access Persons and (ii) preclearance of acquisitions of securities in private placements) if, in the judgment of the applicable CCO, (a) compliance with the provision of the Code of Ethics would result in financial hardship to the Covered Person or (b) the proposed conduct involves no material opportunity for abuse and, in each case, the requested exemption would not result in any breach by the applicable Identified Entity of its duties to its clients. Exemptions from the Code of Ethics are expected to be granted rarely.

3. Summary of Policy

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. Fair Dealing

Each Covered Person shall act in a manner consistent with the obligation of the applicable Identified Entity and deal fairly with all clients when taking investment action. For example, a Covered Person may not use Pre-Trade or Post-Trade Confidential Information, or usurp a client investment opportunity, for his or her personal advantage, whether it disadvantages a client or not.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. Confidentiality

Covered Persons must maintain the confidentiality of clients' and the Identified Entity's Confidential Information both during and after employment with such Identified Entity. Specific responsibilities related to the use of Confidential Information are set forth in the Company's Policies listed in Section 1 above.

\| 5

![](ex2r1_jficoe0425002.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C. Service as a Director

No Covered Person shall serve on the board of directors (or equivalent) of any for-profit company or charitable organization, except in accordance with the compliance procedures for the applicable Identified Entity or Entities.

4. Policy Requirements

&nbsp;&nbsp;&nbsp;&nbsp;A. Overview

In addition to the General Standards Applicable to All Covered Persons, this Code of Ethics regulates Personal Securities Transactions.

&nbsp;&nbsp;&nbsp;&nbsp;B. Personal Trading Accounts

Each Supervised & Access Person subject to this Code must report Personal Trading Accounts or other Personal Securities Transactions promptly to their respective Compliance Department.<sup>2</sup>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. JNLD Supervised Persons must obtain approval from their Compliance Department <u>prior</u> to opening a Personal Securities Account.
In addition, JNLD Supervised Persons are subject to additional reporting, training, and other requirements as set forth in the JNLD Written
Supervisory Procedures.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. If at any time PTA is not functioning correctly, Access Persons are required to pre-clear Personal Securities Transactions may not
affect a personal trade until the problem has been addressed, or they have received appropriate direction from their respective Identified
Entity's Compliance Department.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. When an Access Person closes an existing Personal Trading Account, or no longer has influence or control over a Personal Trading account
he or she shall promptly report such events to their Compliance Department.

&nbsp;&nbsp;&nbsp;&nbsp;C. Prohibited Personal Securities Transactions

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Rules Applicable to <u>All Covered Persons</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. <u>Front-Running</u>. No Covered Person shall engage in "front-running" a client order
or recommendation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. <u>Securities on Restricted Lists.</u> No Covered Person may execute a Personal Securities Transaction
to the extent prohibited by applicable policies and procedures relating to handling material, non-public information ("Inside Information")
established by the applicable Identified Entity or Entities.

------

<sup>2</sup> Notice should generally be given concurrent with the opening of an account, and in normal circumstances, not later than 10 calendar days thereafter. JNLD Associated Persons require pre-approval of accounts.

\| 6

![](ex2r1_jficoe0425002.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. Transactions in the Company's Stock

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. *JFI Securities.* No Covered Persons (except Independent Directors of the Jackson Funds)
may engage in any transactions in the Company's Securities unless permitted under the Jackson Financial Inc. Insider Trading Policy.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii. *Short Sales.* No Covered Person (except Independent Directors of the Jackson Funds) may
engage in any "short-selling" of the Company's securities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iii. *Options Trading*. All Covered Persons and JFI and JNY non-employee Directors, are prohibited from transactions in options on
JFI Securities (including puts, calls and other derivative securities) on a public exchange or in any other third-party market.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iv. *Hedging*. Certain forms of hedging or monetization transactions (such as zero-cost collars and forward sale contracts) allow
a person to lock in much of the value of his or her stock holdings, often in exchange for all or part of the potential for upside appreciation
in the stock. All associates and JFI and JNY nonemployee Directors, are prohibited from engaging in hedging or monetization transactions
involving JFI Securities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;v. *Margin Acounts and Pledging.* All Covered Persons, Section 16 Officers and senior vice presidents of the Company are prohibited
from pledging or holding shares in a margin account. All other Company associates should carefully consider whether to engage in such
transactions, which may result in forfeiting your collateral. JFI Securities held in a margin account or pledged as collateral for a loan
may be sold without your consent by the broker if you fail to meet a margin call or by the lender in foreclosure if you default on the
loan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Rules Applicable to <u>All Access Persons</u> 

No Access Person may purchase or sell any Security in which the Access Person has, or by reason of such transaction acquires, a direct or indirect Beneficial Interest, except in accordance with this Code of Ethics.

In addition to the transactions listed in Section 4.C.1 above, **Non-Employee Access Persons, General Access Persons, Pre-Clearance Non-Employee Access Persons, and Investment Access Persons are subject to the following**:

\| 7

![](ex2r1_jficoe0425002.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. <u>Dealing with Clients.</u> No Access Person may sell or purchase any security to or from a
 client portfolio for that Access Person's account, for any account in which the Access Person has or would have a Beneficial
 Interest, or for any account directly or indirectly controlled by or under the influence of the Access Person.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. <u>Initial Public Offerings.</u> No Access Person may purchase any equity security or any
 security convertible into an equity security in an Initial Public Offering of that security.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. <u>Private Placements.</u> No Access Person may purchase or sell, directly or indirectly,
 any security in a private placement without the prior written approval of the CCO of their applicable Identified Entity.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. <u>Minimum Holding and Re-Holding Periods for Reportable Funds.</u> Shares of Reportable
 Funds acquired by an Access Person, including those held in the Jackson 401(K) Plan, may not be sold for a minimum of thirty (30)
 calendar days following their purchase or repurchased for a minimum of thirty (30) calendar days following the sale.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e. <u>For JNAM Only.</u> Access Persons are prohibited from trading Bitcoin futures.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Rules Applicable to <u>General Access Persons, Pre-Clearance Non-Employee Access Persons,</u> and <u>Investment Access Persons</u> 

In addition to the transactions listed Sections 4.C.1 and 4.C.2 above, **all General Access Persons, Pre-Clearance Non-Employee Access Persons, and Investment Access Persons are subject to the following**:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. <u>Pre-Clearance.</u> General Access Persons and Investment Access Persons must obtain approval
of their Personal Securities Transactions. Accordingly, except for Exempt Transactions and as otherwise identified in Section 4.C.3.b
below, each proposed Personal Securities Transaction is required to be precleared in PTA.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. *<u>Approval Window for Approved Transactions.</u>* Any PTA pre-clearance approval for a
securities transaction is effective for the **same business day only** on which the approval is granted. Should the time period for
executing a proposed transaction lapse (i.e., trade is not completed within the allotted time period), the individual is prohibited from
executing the trade until a new preclearance request is submitted and approved. Good-till-cancel orders are prohibited.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. PTA generally will approve a Personal Securities Transaction If:

&nbsp;&nbsp;&nbsp;&nbsp;● The transaction is not prohibited by the Code of Ethics;

&nbsp;&nbsp;&nbsp;&nbsp;● The transaction does not violate other applicable policies established by each applicable Identified Entity or Entities; and

\| 8

![](ex2r1_jficoe0425002.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;● The transaction does not violate any other rules established in PTA by the Identified Entity's Compliance Department from time to time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii. *<u>De Minimis Trades</u>* <u>.</u> Preclearance requests for personal trades not exceeding
500 shares or $10,000 in large-capitalization securities (securities with over $10 billion in market capitalization) that would normally
be restricted due to a blackout period may be approved by Compliance.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iii. *<u>Effect of Pre-Clearance Approval or Denial</u>* <u>.</u> If a Personal Securities Transaction
is approved, the transaction may be affected during the window set forth in Section 4.C.3.a.i above. The approval of any Personal Securities
Transaction does not relieve an individual of his or her responsibilities under the federal securities laws, including those relating
to insider trading, or other applicable policies, including this Code of Ethics.

If a Personal Securities Transaction is denied, the transaction may not be affected.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. <u>Securities Exempt from Pre-Clearance</u> 

The following transactions do not require pre-clearance:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. Exempt Transactions, as defined in Section 4.D;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii. Reportable Funds;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iii. Participation in and acquisition of securities through an issuer's automatic investment, DRP, or other direct purchase plan
("DPP"), **although sales of such securities acquired and changes in participation levels in a DPP must be pre-cleared**;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iv. Any acquisition or disposition of securities that is non-volitional on the part of the individual, including:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Purchases or sales upon the exercise of puts or calls written by such person where the purchase or sale is affected based on the terms
of the option and without action by the covered person (**but not the writing of the option, which must be pre-cleared**);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. "Sell Out" transactions initiated by a broker in connection with a margin call; and

\| 9

![](ex2r1_jficoe0425002.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Corporate actions, such as acquisitions or dispositions of securities through stock splits, reverse stock splits, mergers, consolidations,
spin-offs or other similar corporate reorganizations or distributions generally applicable to all holders of the same class of securities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;v. Sales as a result of an odd-lot tender offer (all other sales in connection with a tender offer must be pre-cleared);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;vi. Purchases or sales of listed index options or index futures contracts;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;vii. Securities transactions involving direct obligations of any state or municipal government ("Municipal Bonds"); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;viii. For PPM Only:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Purchases or Sales of Exchange-Traded Funds.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Rules Applicable to Investment Access Persons and Pre-Clearance Non-Employee Access Persons

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. <u>Blackout Period</u>. No Investment Access Person or Pre-Clearance Non-Employee Access Person
may purchase or sell any security which:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. Is being purchased or sold on behalf of a client (i.e., an order has been entered but not executed for a client);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii. Has been purchased or sold by a client during any of the prior seven (7) calendar days; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iii. Is being planned for purchase or sale on any client's behalf during any of the next seven (7) calendar days. Trades executed
in the seven (7) calendar days preceding the client trade shall be reviewed for any potential conflicts.

Additionally, Personal Securities Transactions executed during that portion of the Blackout Period that would otherwise be prohibited by this Code of Ethics will not be deemed as a violation of the Code of Ethics if the Identified Entity's Compliance Department subsequently determines that at the time of the transaction the Investment Access Person or Pre-Clearance Non-Employee Access Person had no knowledge of any relevant non-public trading information relating to the transaction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. <u>Minimum Holding and Re-Holding Periods</u>. A Security (including shares of Reportable Funds
but not including Securities Exempt from Pre-Clearance) acquired by an Investment Access Person or Pre-Clearance Non-Employee Access Person
may not be sold for a minimum of thirty (30) calendar days following their purchase. Additionally, any Security sold by an Investment
Access Person or Pre-Clearance Non-Employee Access Person may not be repurchased for a minimum of thirty (30) calendar days following
the sale.

\| 10

![](ex2r1_jficoe0425002.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. <u>Short Sales Conflicting with Client Holdings</u>. No Investment Access Person or Pre-Clearance
Non-Employee Access Person, with knowledge of client holdings, may sell short any security of an issuer held in any client account of
the applicable Identified Entity or Entities.

&nbsp;&nbsp;&nbsp;&nbsp;D. Exempt Transactions

Except as noted below, the following transactions are exempt from the Personal Securities Transaction Rules <u>and</u> the Reporting requirements under Section 4.F below:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Open End Funds <u>.</u> Securities
transactions involving shares of registered open-end investment companies, **except for Reportable Funds**;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Government Securities <u>.</u> Securities
transactions involving direct obligations of the government of the United States (i.e., Cash Management Bills, Treasury Bills, Treasury
Notes, Treasury Bonds and STRIPS);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Short-Term Instruments . Securities
transactions involving bankers' acceptances; certificates of deposit; commercial paper; high quality short-term debt securities,
including repurchase agreements, auction rate or remarketed preferred shares of closed-end exchange traded funds;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Money Market Funds <u>.</u> Securities
transactions involving shares issued by money market funds;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. Unit Investment Trusts <u>.</u> Securities
transactions involving units issued by unit investment trusts that are invested exclusively in one or more open-end funds, none of which
are Reportable Funds;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. 529 Plans <u>.</u> Securities Transactions
involving qualified tuition programs established pursuant to Section 529 of the Internal Revenue Code (a "529 Plan"), provided
no Identified Entity serves as investment adviser and no control affiliates manages, distributes, markets, or underwrites the 529 Plan;
and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. Commodities. Transactions involving
physical commodities, including options, futures, or other derivative instruments on physical commodities.

\| 11

![](ex2r1_jficoe0425002.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;E. Managed Accounts

Transactions in Managed Accounts<sup>3</sup> are exempt from the Prohibited Personal Securities Transactions requirements but are subject to certain of the Reporting Requirements of Section 4.F.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Required Documentation . An Access
Person must provide documentation verifying that an account meets the definition of Managed Account, together with all pertinent information
about the trustee or third-party manager's relationship to the Access Person.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Account Review . The Identified Entity's
Compliance Department will perform a periodic review of Managed Account transactions against provisions of the Code of Ethics. Access
Persons will be required to provide Managed Account transactions for a specific period when subject to such review.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Certification . All Access Persons
disclosing Managed Accounts will be required to certify quarterly that the Covered Person did not exercise influence or control and was
neither consulted nor advised of transactions ahead of trading.

&nbsp;&nbsp;&nbsp;&nbsp;F. Personal Securities Reporting

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Initial and Annual Account and Holdings Report

Upon designation as an Access Person by an Identified Entity and annually thereafter, each Access Person must submit to the Identified Entity's Compliance Department the information contained in the Personal Securities Accounts and Holdings Report ("Personal Securities Report") through the electronic certification process contained in PTA with respect to every Security and Securities account in which he or she has or expects to have a Beneficial Interest and every account (other than an account for a client) for which he or she exercises influence or control over investment decisions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. <u>Personal Trading Accounts</u>. Access Persons must identify the brokerage firm or other entity
at which each Personal Trading Account is maintained, including the title of the account, the account number, and the name and address
of the brokerage firm or other entity.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. <u>Securities Holdings</u>. Access Persons must also disclose the Securities held in each Personal
Trading Account, including the name of the security, the type of security, the number of shares or principal amount (for debt securities),
the nature of the Access Person's interest in the security, and the brokerage firm where it is held. Securities holdings may be
reported through account statements provided to the Identified Entity's Compliance Department as contemplated in this Code.

------

<sup>3</sup> Managed Accounts not applicable to JNLD.

\| 12

![](ex2r1_jficoe0425002.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. Timing of Reports

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. <u>Initial Report</u>. The initial Personal Securities Report must be provided to the Identified
Entity's Compliance Department within ten (10) calendar days after any designation as an Access Person by an applicable Identified
Entity. The Report shall include their securities accounts and holdings as of the date of the individual's designation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii. <u>Annual Report</u>. An annual Personal Securities Report shall be provided to the Identified
Entity's Compliance Department reporting each Access Person's securities accounts and holdings as of December 31 of the prior
year. The annual Personal Securities Report must be submitted no later than January 30<sup>th</sup> of the current year (30 days after
December 31). Each Access Person is required to review his or her annual Personal Securities Account Report provided by the Compliance
Department and either confirm its accuracy or, to the extent that securities accounts that are required to be disclosed are not reflected,
or the report is otherwise inaccurate, report such securities accounts or corrections via PTA. In addition, to the extent that account
statements containing applicable securities information have not been received by the Identified Entity's Compliance Department,
the Access Person shall provide copies of such statements or report such securities holdings on the Personal Securities Report or as otherwise
permitted in writing by the Identified Entity's Compliance Department.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Confirmations and Statements

Upon request, the applicable Identified Entity Compliance Department must receive confirmations and account statements for each account listed by the Access Person in his or her Personal Securities Report for all reportable Securities. To the extent possible, Personal Securities Account statements must be provided to the Identified Entity's Compliance Department at least thirty (30) calendar days from quarter end.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Quarterly Transaction Reporting

Each Access Person shall certify that all reportable Personal Securities Transactions have been reported to the Identified Entity's Compliance Department within thirty (30) calendar days following the end of the quarter in which the transaction was completed.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Personal Securities Transactions of Compliance Personnel

Compliance personnel may not review their own Access Person reporting. The Chief Compliance Officer and General Counsel at each Identified Entity shall have their reporting reviewed by someone designated by the CCO.

\| 13

![](ex2r1_jficoe0425002.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;G. Responsibility to Report Violations and Suspected Violations of the Code

Each Covered Person is responsible for reporting, promptly upon discovery, any evidence of an actual violation, or, to the extent reasonably believed by such Covered Person, any suspected material violation of the Code or of applicable law. Such reporting must be made to the Covered Person's supervisor and to his or her Compliance Department or, as appropriate, by using the Speak Out Confidential Reporting system.

---

| | |
|:---|:---|
| **Speak Out Confidential Reporting Hotline** | **844-506-0767** |
| **Speak Out Confidential Reporting Website** | <u>Jackson.ethicspoint.com</u> |
| **Speak Out Confidential Reporting Mobile Phone Site** | Jackson.mobile.ethicspoint.com |

---

5. Definitions

Definitions of terms as used in this Policy are as follows:

---

| | |
|:---|:---|
| &nbsp;&nbsp; Beneficial Interest | &nbsp;&nbsp; A Covered Person has a Beneficial Interest in a Security in which he or she has a direct or indirect opportunity to profit or share in any profit derived from the transaction in a Security and includes transactions in (i) the personal account of a Covered Person, (ii) the account of any immediate family member of the Covered Person living in the Covered Person's home; (iii) any other account in which the Covered Person has a direct or indirect financial or beneficial ownership interest; and (iv) any account (other than an account for a client) controlled by or under the influence of the Covered Person.<br>As required by the SEC, Beneficial Interest is defined broadly; see **<u>Appendix A</u>** to the Code of Ethics for specific examples of ownership arrangements where a Covered Person will be deemed to have a Beneficial Interest in a security. Having a Beneficial Interest in a security for purposes of the Code is not necessarily the same thing as ownership for other purposes (including, for example, tax purposes).<br>Any report required by the Code may contain a statement that the report will not be construed as an admission that the person making the report has any direct or indirect beneficial ownership in the security listed on the report. |
| &nbsp;&nbsp;Compliance Department | &nbsp;&nbsp;Refers to such person or persons designated by each respective Identified Entity's CCO from time to time. |
| &nbsp;&nbsp; Confidential Information<br>| &nbsp;&nbsp;Refers to information concerning (i) client portfolios or activities, (ii) the business, operations, plans, finances, employees, and assets of the applicable Identified Entity or Entities or (iii) other information that is not generally known outside of such Identified Entity and/or its affiliates and other related entities. |
| &nbsp;&nbsp;Front Running | &nbsp;&nbsp;Executing a Personal Securities Transaction in the same or an underlying Security, based on the knowledge of a forthcoming transaction or recommendation for purchase or sale by the applicable Identified Entity for an account of a client. |

---

\| 14

![](ex2r1_jficoe0425002.jpg)

---

| | |
|:---|:---|
| &nbsp;&nbsp;Initial Public Offering (IPO) | &nbsp;&nbsp;An offering of securities registered under the Securities Act of 1933, the issuer of which, immediately before the registration, was not subject to the reporting requirements of Sections 13 or 15(d) of the Securities Exchange Act of 1934. |
| &nbsp;&nbsp;JNLD Associated Person | &nbsp;&nbsp;Any individual who holds a securities registration with JNLD or is non-registered and fingerprinted for association with the broker-dealer. |
| &nbsp;&nbsp; Managed Account<br>| &nbsp;&nbsp; An account in which a Covered Person has a Beneficial Interest, but the:<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Access Person has no direct or indirect influence or control (e.g., transactions effected for an Access Person by a trustee of a blind trust), or<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Personal Trading Account is managed on a discretionary basis by a person other than the Access Person, over which the Access Person does not exercise influence or control, and for which the Access Person is neither consulted nor advised of purchase or sale transactions before such transactions are executed. |
| &nbsp;&nbsp;Personal Securities Transaction | &nbsp;&nbsp;A transaction in a security by or for the benefit of a Covered Person, including the acquisition or disposition of a security by gift or the acquisition of securities through an automatic dividend reinvestment plan. |
| &nbsp;&nbsp; Personal Trading Account<br>| &nbsp;&nbsp;Any account in which a Covered Person has a Beneficial Interest and the ability to effect the purchase or sale of a Security that is not an Exempt Transaction (Section 4.B) at a broker-dealer, bank, or other financial institution. For the purpose of this definition, it is irrelevant whether a Covered Person actually effects purchases or sales of a Security that is not an Exempt Transaction in an account. The test is whether the Covered Person <u>has the ability</u> to effect the purchase or sale of a Security that is not an Exempt Transaction in the account. |
| &nbsp;&nbsp; PTA<br>| &nbsp;&nbsp;"Personal Trading Assistant". <u>Refers</u> to the electronic personal securities trading compliance system employed by certain of the Identified Entities to facilitate, among other things, Personal Trading Account reporting and Personal Securities Transaction review and approval. |
| &nbsp;&nbsp; Reportable Fund<br>| &nbsp;&nbsp; Any registered investment company for which an Identified Entity serves as an investment adviser as defined in section 2(a)(20) of the 1940 Act; or any registered investment company whose investment adviser or principal underwriter controls the Identified Entity, is controlled by the Identified Entity, or is under common control<sup>4</sup> with the Identified Entity. <br>The Jackson Funds are Reportable Funds for purposes of this Code of Ethics.<br>|
| &nbsp;&nbsp; Security<br>| &nbsp;&nbsp;Includes any note, stock, bond, debenture, investment contract, or limited partnership interest and includes any right to acquire any security (i.e., options, warrants, and futures contracts) and investments in investment funds, hedge funds and investment clubs. |

---

------

<sup>4</sup> For purposes of this section, control has the same meaning as it does in section 2(a)(9) of the 1940 Act.

\| 15

![](ex2r1_jficoe0425002.jpg)

6. Consequences of Violation

Associates who fail to comply with this Code of Ethics or assist in a violation will be subject to corrective action, up to and including termination.

Violations of this Code of Ethics may also violate the federal securities laws. Sanctions for violations of the federal securities laws, particularly violations of the antifraud provisions, include fines, money damages, injunctions, imprisonment, and bars from certain types of employment in the securities business.

Each Identified Entity's CCO may also report conduct believed to violate the law or regulations applicable to the Identified Entity or the Covered Person to the appropriate regulatory authorities.

Any concerns regarding this Policy should be directed to your supervisor, Identified Entity's CCO, or the Enterprise Chief Ethics & Compliance Officer (<u>JFIChiefComplianceOfficer@jackson.com</u>).

7. Related Guidance, Procedures and Policies

● Advisory Code of Ethics – Request for Exception

● Conflicts of Interest Policy

● Examples of Beneficial Interest/Ownership

● Fair Disclosure Policy

● Information Security Policy

● Insider Trading Policy

● PTA Supplemental Information

\| 16

![](ex2r1_jficoe0425002.jpg)

## Ex-99.(2)(R)(2)

[Ex. 99.25(2)(r)(2)](jraf-486bpos_071825.htm)<br>

![](ex2r2cohencoe001.jpg)

Code of Ethics

Amended and restated: October 1, 2009 Last updated: February 2025

Contents

---

| | | |
|:---|:---|:---|
| Overview and Scope | Overview and Scope | 4 |
| I. | Statement of General Fiduciary Principles | 5 |
| II. | Definitions | 6 |
| III. | Personal Securities Transactions | 8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. | Preclearance Requests | 9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. | Preclearance of Private Placement/Private Investment transactions | 9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C. | CNSREIT | 9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;D. | Transactions Exempt from Preclearance | 10 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;E. | Managed Accounts | 11 |
| IV. | Restrictions | 11 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. | Blackout Periods | 11 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. | Holding Periods | 12 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C. | Excessive Trading | 13 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;D. | Initial Public Offerings | 13 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;E. | Cohen & Steers Closed-End Funds | 13 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;F. | CNSREIT | 14 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;G. | Cohen & Steers Open-End Funds | 15 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;H. | Prohibition on Gifts | 15 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;I. | Investment Clubs | 15 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;J. | Outside Directorships | 16 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;K. | Restricted List | 16 |
| V. | Reporting | 16 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. | Initial Holdings Reports | 16 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. | Quarterly Transaction Reports | 17 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C. | Annual Holdings Reports | 17 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;D. | Opening a New Brokerage Account | 18 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;E. | Compliance Review | 18 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;F. | Exception | 18 |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;G. | Annual Certification | 18 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;H. | Independent Directors | 18 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;I. | CNSREIT Independent Directors | 19 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;J. | Confidentiality | 19 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;K. | Disclaimer | 19 |
| VI. | Administration of the Code of Ethics | 20 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. | Use of Preferred Brokers | 20 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. | Duplicate Confirms and Statements | 20 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C. | Exemptions from the Code | 20 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;D. | Fund Board of Directors Reporting and Approval | 20 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;E. | Violations and Sanctions | 21 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;F. | Acknowledgments | 21 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;G. | Records | 21 |
| Appendix A |  | 23 |

---

**Overview and Scope**

The Cohen & Steers Code of Ethics (the "Code") applies to Cohen & Steers, Inc. ("CNS") as well as its current or future subsidiaries and affiliates (together with CNS, "Cohen & Steers") and the Cohen & Steers U.S. registered investment companies. The provisions of this Code shall apply to all Cohen & Steers employees, wherever located though certain non-U.S. countries local laws or customs may impose requirements in addition to the Code. This Code does not apply to directors of Cohen & Steers who are not also Cohen & Steers employees, but sections of this Code do apply to the independent directors of the Cohen & Steers U.S. registered investment companies and Cohen & Steers Income Opportunities REIT, Inc., a public reporting, non-listed corporation qualified as a real estate investment trust for U.S. federal income tax purposes ("CNSREIT").

CNS is a publicly-traded company with securities listed on the New York Stock Exchange. Accordingly, any transactions in CNS securities by directors, officers and employees of Cohen & Steers must comply not only with the terms and provisions of the Code but also the separate, written *Policies and Procedures for Transacting in Securities of Cohen & Steers, Inc.*, as may be modified or amended from time to time (the "CNS Insider Trading Policy"). The CNS Insider Trading Policy is accessible on the Legal & Compliance intranet under Corporate Policies. The CNS Insider Trading Policy will also be a publicly-available exhibit to CNS Annual Reports on Form 10-K filed with the Securities and Exchange Commission ("SEC"), beginning with the 10-K to be filed in respect of the 2024 fiscal year.

CNSREIT is a corporation registered with the U.S. Securities and Exchange Commission ("SEC"), in accordance with applicable rules and regulations. Accordingly, any transactions in CNSREIT securities by directors, officers and employees of Cohen & Steers must comply not only with the terms and provisions of the Code but also the separate, written *Policies and Procedures for Transacting in Securities of Cohen & Steers Income Opportunities REIT, Inc.*, as may be modified or amended from time to time (the "CNSREIT Insider Trading Policy"). The CNSREIT Insider Trading Policy is accessible on the Legal & Compliance intranet under Corporate Policies. The CNSREIT Insider Trading Policy will also be a publicly-available exhibit to CNSREIT Annual Reports on Form 10-K filed with the SEC, beginning with the 10-K to be filed in respect of the 2024 fiscal year.

The Code is structured as follows:

● Section I contains a statement of general fiduciary principles

● Section II defines certain terms used in the Code

● Section III describes the preclearance requirements for personal securities transactions, among other things

● Section IV details the limitations and restrictions imposed by the Code

● Section V describes the reporting requirements under the Code

● Section VI details the administration and procedural requirements of the Code

I. Statement of General Fiduciary Principles

The following general fiduciary principles shall govern personal investment activities and the interpretation and administration of this Code:

● The interests of clients must be placed first at all times;

● All investment opportunities must first be offered to clients before Cohen & Steers or its employees may act on them;

● All personal securities transactions must be conducted in a manner that is consistent with the Code (and, if applicable, the CNS Insider Trading Policy and the CNSREIT Insider Trading Policy) and in a way to avoid any actual or potential conflict of interest or any abuse of an individual's position of trust and responsibility;

● Individuals must not take advantage of their own positions at Cohen & Steers to misappropriate investment opportunities from clients; and

● Individuals must comply with the applicable federal and state securities laws and regulations<sup>1</sup>.

When making personal investment decisions, all employees must exercise extreme care to avoid violating the prohibitions of this Code. Furthermore, employees should conduct their personal investing in such a manner that will minimize the employee's time and attention that are devoted to personal investments at the expense of time and attention that should be devoted to duties at Cohen & Steers.

It is not possible for this policy to address every situation involving Cohen & Steers employees' personal trading. The Global Chief Compliance Officer of Cohen & Steers Capital Management, Inc. ("GCCO") or designee in consultation with the Cohen & Steers Executive Committee is charged with oversight and interpretation of this Code in a manner considered fair and equitable, with a view in all cases of placing Cohen & Steers clients' interests first. Technical compliance with the Code will not insulate an employee from scrutiny of, or sanctions for, employee abuses of his or her position, fiduciary duty or securities transactions which may potentially conflict with any client of Cohen & Steers.

<sup>1</sup> For purposes of this Code, "applicable federal securities laws" is defined as the Securities Act of 1933, the Securities Exchange Act of 1934, the Sarbanes-Oxley Act of 2002, the Investment Company Act of 1940 (the "Investment Company Act"), the Investment Advisers Act of 1940, Title V of the Gramm-Leach-Bliley Act of 1999, any rules adopted by the Securities and Exchange Commission (the "SEC") under any of these statutes, the Bank Secrecy Act of 1970 as it applies to funds and investment advisors, any rules adopted thereunder by the SEC or the Department of the Treasury, and any applicable local legislation, including the rules and regulations of the United Kingdom Financial Conduct Authority, the rules and regulations of the Financial Services Agency of Japan and the rules and regulations of the Hong Kong Securities and Futures Commission.

II. Definitions

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**A.** "Access Person" means any employee, director, officer, or general partner
of Cohen & Steers Capital Management, Inc., its affiliated investment advisors or CNSREIT.  **<u>All employees are considered Access Persons.</u>** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. "Automatic Investment Plan" means a program in which regular periodic
purchases (or withdrawals) are automatically made in (or from) investment accounts in accordance with a predetermined schedule and allocation.
An Automatic Investment Plan includes a dividend reinvestment plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C. "Beneficial Ownership" shall be interpreted in the same manner as it
would be under Rule 16a-1(a)(2) under the Securities Exchange Act of 1934 in determining whether a person is the beneficial owner of a
security for the purposes of Section 16 of the Securities Exchange Act of 1934 and the rules thereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;D. "Board of Directors" shall mean the directors of the Funds.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;E. "CNSREIT Affiliated Directors and Officers" shall mean affiliated directors and "executive officers" (as such term is defined in Rule 3b-7 promulgated
under the Exchange Act) of CNSREIT.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;F. "CNSREIT Independent Director" means those members of the CNSREIT board
of directors who have been determined to be independent in accordance with the CNSREIT articles of amendment and restatement (as may be
amended and restated from time to time) and applicable rules and regulations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;G. "Code" shall mean this Code of Ethics.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;H. "Control" shall have the same meaning as that set forth in Section 2(a)(9)of the Investment
Company Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;I. "Covered Account" means any account held by the Access Person's
spouse, domestic partner, dependent household members, immediate family members sharing the same household and any account over which
the Access Person has beneficial interest or control.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;J. "Covered Security" shall have the meaning set forth in Section 2(a)(36)
of the Investment Company Act. This definition includes, but is not limited to, any note, stock, treasury stock, security future, cryptocurrency
futures, bond, debenture, evidence of indebtedness, certificate of interest or participation in any profit-sharing agreement, collateral-
trust certificate, preorganization certificate or subscription, transferable share, investment contract, voting- trust certificate, certificate
of deposit for a security, fractional undivided interest in oil, gas, or other mineral rights, any put, call, straddle, option, or privilege
on any security (including a certificate of deposit) or on any group or index of securities (including
any interest therein or based on the value thereof), or any put, call, straddle, option, or privilege entered into on a national securities
exchange relating to foreign currency, or, in general, any interest or instrument commonly known as a "security", or any certificate
of interest or participation in, temporary or interim certificate for, receipt for, guarantee of, or warrant or right to subscribe to
or purchase, any of the foregoing.

Covered Security shall **<u>not</u>** include the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Direct obligations of the government of the United States or any other sovereign country or supra-national
agency; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Bankers'
 acceptances, bank certificates of deposit, commercial paper and high-quality short-term debt
 instruments<sup>2</sup>, including repurchase agreements; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Shares issued by an open-end registered investment company, including Cohen &
Steers open-end investment companies, other than shares of Exchange Traded Funds (including Cohen & Steers Exchange Traded Funds)
and Exchange Traded Notes; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Any digital or virtual currency (cryptocurrency) held in a device or physical medium
for storing cryptocurrency transactions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;K. Exchange Traded Fund" or "ETF" is an open-end management company
(a) that issues (and redeems) creating units to (and from) authorized participants in exchange for a basket and a cash balancing amount,
if any and (b) whose shares are listed on a national securities exchange and traded at market-determined prices.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;L. Exchange Traded Notes" or "ETNs" are senior, unsubordinated debt securities that are linked to the performance of a market index and trade on a national
securities exchange.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;M. "Executive Committee" shall mean the Executive Committee of Cohen & Steers, Inc.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;N. "Fund" or "Funds" mean the U.S. registered Cohen &
Steers open (including the Cohen & Steers Exchange Traded Funds) and closed-end registered investment companies.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;O. "Independent Director" means a director of the Funds who is not an
"interested person" of the Fund within the meaning of Section 2(a)(19) of the Investment Company Act, and who would be required
to make a report under Section V of this Code solely by reason of being a director of the Funds.

<sup>2</sup> High quality short-term debt instrument means any instrument that has a maturity at issuance of less than 366 days and that is rated in one of the two highest rating categories by a Nationally Recognized Statistical Rating Organization.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;P. "Initial Public Offering" means an offering of securities registered
under the Securities Act of 1933 the issuer of which, immediately before the registration, was not subject to the reporting requirements
of Section 13 or 15(d) of the Securities Exchange Act of 1934, including the rules and regulations promulgated thereunder (the "Exchange
Act").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Q. "Investment Personnel" refers to any employee who, in connection with
his or her regular functions or duties, makes or participates in making recommendations regarding the purchase or sale of securities on
behalf of client accounts. Investment Personnel include portfolio managers and analysts but does not include traders.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;R. "Personal Trading System" means the automated personal trading system
used by Cohen & Steers for administration of this Code, as well as the CNS Insider Trading Policy and the CNSREIT Insider Trading
Policy.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;S. "Private Placement/Private Investment" means a security offering that
is exempt from registration under certain provisions of the U.S. securities laws and/or similar laws of non-U.S. jurisdictions (if you
are unsure whether the securities are issued in a private placement you must consult with the Compliance department).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;T. "Purchase or sale of a Covered Security" includes, among other things,
the writing of an option to purchase or sell a Covered Security.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;U. "Real Estate Security" means any security of a company that derives
at least 50% of its revenues from the ownership, construction, financing, management or sale of commercial, industrial or residential
real estate, or has at least 50% of its assets in such real estate. It also means equity and debt securities of both publicly traded and
private companies, including REITs and pass-through entities, that own real property or loans secured by real estate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;V. "Reportable Fund" means any open-end fund for which Cohen & Steers
acts as investment advisor or subadvisor or principal underwriter. See <u>Appendix A</u> for a list of Reportable Funds.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;W. "Reportable Security" means any Covered Security and Reportable Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;X. "Restricted List" means a security or current list of issuers whose securities may not be
traded by the firm, Access Persons and others specified in the Code.

III. Personal Securities Transactions

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. Preclearance Requests

Except as specifically exempted in this section, all Access Persons must obtain preclearance approval prior to executing a personal securities transaction in any Covered Security, including closed-end funds and ETFs. This includes personal securities transactions in any Covered Account. For U.S. employees, preclearance approval for personal securities transactions is valid only for the day the request is submitted and approved. Any preclearance request submitted and approved after the market close, must be executed in the after-market trading hours for that same trade date. For non-U.S. employees' preclearance approval for personal securities transactions is valid only for the day of approval plus the following business day. Any personal securities transaction for which preclearance approval has been granted and is not executed in accordance with the above, must be resubmitted for approval on a subsequent business day during an open trading window.

In order to obtain preclearance approval, an Access Person must submit a preclearance request using the Personal Trading System on the day they intend to trade. A preclearance request may be denied for any reason. An Access Person is not entitled to receive an explanation or reason if their preclearance request is denied.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. Preclearance of Private Placement/Private Investment transactions

Access Persons must obtain prior approval from the GCCO or a designee before directly or indirectly acquiring Beneficial Ownership in a Private Placement/Private Investment. The GCCO or designee may consult a member of the Executive Committee and other appropriate parties in evaluating the request. To request preclearance approval, Access Persons must submit to the Compliance department a completed Private Placement Approval Request form (which can be found under the Personal Trading link on the Legal & Compliance section of the intranet) along with sufficient supporting documentation (e.g., subscription documentation, offering memorandum, prospectus, etc.). In most cases the Compliance department expects to notify Access Persons within five (5) business days of submitting their request if it has been approved or denied.

If the request is approved, the Access Person must confirm and certify to the trade on their Quarterly Transaction certification (see Section V). Access Persons must report any capital call on a Private Placement/Private Investment that has been previously approved to the Compliance department. Subsequent investments must also be submitted for preclearance approval and reported.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C. CNSREIT

Access Persons who meet the eligibility standards set forth in the CNSREIT prospectus are permitted to buy shares of CNSREIT through their financial advisor, a participating broker-dealer or other financial intermediary that has a selling agreement with Cohen & Steers Securities, LLC. Access Persons must obtain preclearance approval prior to entering into a decision to execute a personal security transaction in CNSREIT. To obtain preclearance approval, an Access Person must submit a preclearance request using the Personal Trading System.

Notwithstanding the provisions of <u>Section III(A.)</u> above, preclearance approval granted during an open window period to an Access Person with respect to a personal transaction in the securities of CNSREIT shall remain in effect for the duration of such open window period. Accordingly, a request for preclearance approval for any single transaction need not be submitted by an Access Person more than once in a single open window period. Access Persons who obtain preclearance approval to execute a personal securities transaction in CNSREIT must take all reasonable steps necessary to complete the transaction by the relevant deadline and otherwise comply with the terms and conditions set forth in the CNSREIT Insider Trading Policy.

Requests to participate in the monthly repurchase plan for CNSREIT must be submitted for preclearance using the Personal Trading System. Access Persons may be subject to repurchase and other trading restrictions in addition to those that apply to shareholders of CNSREIT generally. Such restrictions include closed trading window periods (as further described in <u>Section IV(F)(2)</u> herein), a minimum required 60-day holding period for acquired CNSREIT securities (as further described in <u>Section IV(B)</u> herein), and subordination of repurchase eligibility to other CNSREIT shareholders in certain circumstances.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;D. Transactions Exempt from Preclearance

Preclearance approval is **<u>not</u>** required for the below list of transactions:

● Purchases or sales of a security that is not a Covered Security

● Purchases or sales that are not volitional (e.g., option assignment, dividend reinvestment)

● Purchases or sales which are part of an Automatic Investment Plan that has been disclosed to the Compliance department in advance

● Trades in an account where trading discretion is delegated to an independent third party (see Managed Accounts below) except transactions in securities of CNS (the preclearance approval requirements for which are as further described in the CNS Insider Trading Policy and this Code),any of the Cohen & Steers closed- end funds or Exchange Traded Funds which must be submitted for preclearance approval

● Purchases or sales of Cohen & Steers Real Estate Opportunities Fund, L.P. by Access Persons who have been identified as an eligible employee (under the securities laws and by Cohen & Steers) and invited by Cohen & Steers to participate in the offering.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;E. Managed Accounts

Transactions in personal accounts for which an Access Person does not have direct or indirect influence or control (e.g., a professionally managed account over which the Access Person has authorized complete trading discretion to the financial advisor or investment manager) are not subject to the preclearance requirements of the Code. These accounts are referred to as discretionary or managed accounts. All transactions in CNS (as further described in the CNS Insider Trading Policy and this Code), any of the Cohen & Steers closed-end funds or Exchange Traded Funds must be submitted for preclearance approval before trading in Managed Accounts.

If an Access Person has beneficial interest in an account but does not have direct or indirect influence or control, the Access Person must provide the Compliance department with written confirmation of their lack of trading discretion over the account. For most managed accounts an executed copy of the relevant agreement with the person who does control the account (e.g., trustee or discretionary third-party manager) or a signed letter from the third party investment manager on company letterhead with the account information will be required.

Upon approval from the GCCO or a designee, transactions in such accounts will not require preclearance or be subject to the restrictions as set forth in Section IV below. At least annually, the Compliance department will require Access Persons to certify to the accounts over which the Access Person does not have direct or indirect trading influence or control.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;IV. Restrictions

Preclearance requests will be denied under the circumstances described below. Please note that the following restrictions are equally applied to the Covered Security and to instruments related to the Covered Security. A related instrument is any security or instrument that gives the right to acquire additional units of the Covered Security including options, rights, warrants, and instruments otherwise convertible into the Covered Security, or any other instrument derived from a Covered security (e.g., OTC options) regardless of issuer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. Blackout Periods

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Real Estate Securities

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. No Access Person shall purchase or sell any Real Estate Security (as defined in Section II) except that
an Access Person may invest in shares of open- end funds, closed-end funds, ETFs, CNSREIT and Cohen & Steers Real Estate Opportunities
Fund, L.P., subject to the applicable preclearance and reporting requirements of this Code and, in the case of CNSREIT securities, the
CNSREIT Insider Trading Policy.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Non-Real Estate Securities

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. No Access Person shall execute any securities transaction on a day during which any client has a pending
buy or sell order in that same security unless preclearance approval was granted prior to the initiation of the order or until that order
is executed or withdrawn.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Investment Personnel are prohibited from trading a security in
a personal account or Covered Account as described in Section II that is in the investment universe of the strategy in which they specialize.
Generally, the investment universe includes securities in the relevant benchmarks and may also include some out of benchmark securities,
and any security held in a client account in the past three (3) years. Investment Personnel on the Large Cap Value team will be permitted
to invest in securities in their benchmark(s) with a market capitalization below a threshold determined by Cohen & Steers to be outside
of the investment universe of the strategy.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. Holding Periods

All personal securities transactions in any Reportable Security, other than CNSREIT, by an Access Person in their account or any Covered Account are subject to a 30-day holding period. Personal securities transactions in CNSREIT by an Access Person in their account or any Covered Account are subject to a 60-day holding period. Option transactions are subject to the 30-day holding period from the date on which you entered the contract. All Access Persons are prohibited from profiting from the purchase and sale or the sale and purchase of the same security (or equivalent) within 30 calendar days (within 60 calendar days for CNSREIT). Any profits realized from the purchase and sale or the sale and purchase of the same security (or equivalent) within the 30-day restriction period, or 60 day restriction period for CNSREIT, **shall be disgorged**. Transactions that would result in a loss are not subject to the minimum holding periods described above.

The holding period is calculated using FIFO method (first-in-first out) and therefore the holding period rule is violated if there is a profit when:

● The first purchase(s) during the timeframe are followed by a sale at a higher price; or

● The first sale(s) during the timeframe are followed by a purchase at a lower price in the same account.

The price is calculated by looking at the price of the earliest opposite-side transactions during the thirty-day period.

*FIFO Example:*

 

*If an employee purchased 100 shares of XYZ on March 1 and 100 more on March 15,on April 1 the employee would be permitted to sell at a profit only the 100 shares purchased on March 1. She/he would have to wait until April 15 to sell the additional 100 shares at a profit.*

 

Certain limited exceptions to this holding period are available on a case-by-case basis and must be approved by the GCCO or a designee prior to execution. Exceptions to this policy include, but are not limited to, hardships and extended disability. Non- volitional trades such as automatic investment and withdrawal programs and automatic rebalancing are permitted transactions under this policy.

The 30-day holding period also applies to transactions in Cohen & Steers open-end funds. However, the holding period does not apply to shares acquired through an Automatic Investment Plan and Access Persons will be permitted to fully redeem a Cohen & Steers open-end fund in their 401K account as long as any transaction in the previous thirty (30) days was an automatic pay-period contribution.

Officers and directors of the Cohen & Steers' closed-end funds are subject to additional holding periods as set forth in Section IV. E below and the Cohen & Steers Inside Information Policy and Procedures.

Officers and directors of the Cohen & Steers' Exchange Traded Funds are subject to the Cohen & Steers Inside Information Policy and Procedures.

CNSREIT Independent Directors and CNSREIT Affiliated Directors and Officers are subject to additional holding periods as set forth in Section IV.F below.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C. Excessive Trading

Excessive or inappropriate trading is prohibited. The Compliance department monitors all employees' personal trading and provides reporting to the Executive Committee regarding the volume and nature of employee personal securities transactions. A pattern of excessive trading may lead to disciplinary action under the Code, up to and including termination.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;D. Initial Public Offerings

All Access Persons are prohibited from purchasing equity securities in an initial public offering. The purchase of corporate bonds at the time of issuance is allowed subject to submitting and receiving preclearance approval.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;E. Cohen & Steers Closed-End Funds

Additional restrictions regarding the closed-end funds managed by Cohen & Steers, in order to ensure no improper trading takes place, include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Holding Period: Directors and officers of the Cohen & Steers closed-end Funds
are prohibited by the federal securities laws from selling shares of these Funds within six months of purchasing them, or purchasing shares
of these Funds within six months of selling them,
and must advise the Fund Legal department of transactions in order for forms to be filed promptly with the SEC regarding their transactions
in shares of these Funds. Any violation of this six- month holding period will require disgorgement of any profits<sup>3</sup>.

<sup>3</sup> Pursuant to Section 16 of the Securities Exchange Act of 1934, the holding period for the closed-end funds and CNSREIT is calculated using LIFO ("last in-first out") whereas the holding period in Section IV.B above is calculated using FIFO.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Blackout Periods: Independent Directors and Access Persons may not purchase or
sell shares of the Cohen & Steers closed-end Funds on certain days prior to board meetings and/or dividend declarations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. For Independent Directors, the blackout period begins on the date of receipt of
information pertaining to quarterly dividend declarations and ends with the public announcement of dividends declared in a formal press
release. Independent Directors may be further restricted after the dividend declaration press release through the end of the board meeting
in the event information in their possession related to the upcoming meeting is material and non-public.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. For Access Persons, the blackout period customarily begins three (3) weeks prior
to the end of the quarter or when internal dividend discussions become material. The blackout period may but will not always end after
the press release announcing dividend declarations for the closed-end funds.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. The GCCO or General Counsel may impose additional blackout periods for trading
in the closed-end funds as necessary.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;F. CNSREIT

Additional restrictions regarding CNSREIT, to ensure no improper trading takes place and, in some cases, to ensure legal liabilities are not otherwise incurred by an Access Person, include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. "Short Swing Profit" Rules: Upon the effectiveness of a filing by CNSREIT of a Form 8-A registration statement with the SEC,
CNSREIT Independent Directors, CNSREIT Affiliated Directors and Officers and any other persons deemed to be CNSREIT reporting persons
pursuant to Section 16 of the Exchange Act will become subject to liability under the federal securities laws (including Section 16(b)
of the Exchange Act and the rules promulgated thereunder) in connection with "non- exempt" acquisitions and dispositions of
CNSREIT securities consummated within a six month period, from which a profit is derived ("Short Swing Profit Liability").
Access Persons subject to Short Swing Profit Liability must therefore avoid execution of non-exempt acquisitions and dispositions within
a six-month period that may be "matched" with one another, if a profit would be deemed to derive from such transactions, to prevent such liability from arising.

Short Swing Profit Liability incurred by any such person will require disgorgement to CNSREIT of any profits derived from such matching transactions in accordance with applicable rules and regulations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Monthly Trading Blackout Periods: CNSREIT
 Independent Directors, CNSREIT Affiliated Directors and Officers and all other Access Persons
 may not participate in restricted transactions in CNSREIT<sup>4</sup> from the 26<sup>th</sup>
 calendar day of each month through and including the day of publication of CNSREIT's
 monthly net asset value (NAV) in the immediately subsequent month. The monthly trading window
 will open on the calendar day immediately following the date of such NAV publication.

The GCCO or General Counsel may impose additional or longer blackout periods for trading securities of CNSREIT as necessary or appropriate in either such officer's discretion.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;G. Cohen & Steers Open-End Funds

All Access Persons are subject to the same frequent trading policies that apply to the shareholders of the Cohen & Steers open-end funds. As such, with respect to those Cohen & Steers open-end funds that do not operate as Exchange Traded Funds, no Access Person or Independent Director may make more than two (2) round trips in a sixty (60) calendar day period. A round trip is defined by a purchase and sale/exchange of shares of the same fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;H. Prohibition on Gifts

No Access Person shall give or receive any gift in violation of the Cohen & Steers Gifts and Entertainment Policy and Procedures which permit gifts valued cumulatively at $100 or less per person per calendar year. Additional restrictions are set forth in the Cohen & Steers Gifts and Entertainment Policy and Procedures.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;I. Investment Clubs

Employee participation in Investment Clubs is permitted but all Investment Club transactions are subject to the preclearance and reporting requirements in this Code.

<sup>4</sup> Restricted transactions in CNSREIT during a blackout period include the submission of subscription orders and redemption requests, execution of subscriptions or redemptions (other than pursuant to a submission precleared and properly placed during an open trading window period), withdrawals of subscription orders and redemption requests, dividend reinvestment plan ("DRIP") enrollment and de-enrollment decisions, gifts, trust transfers, estate planning and redemptions of operating partnership units.

Restricted transactions in CNSREIT do not include vesting of CNSREIT shares or operating partnership units, automatic CNSREIT share acquisitions via prior enrollment in the DRIP, automatic receipt of operating partnership distribution units and conversion of operating partnership units into CNSREIT shares. Redemption of operating partnership units converted into CNSREIT shares is a restricted transaction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;J. Outside Directorships

No Access Person shall serve on the board of directors of a publicly traded company unless approved in advance by Senior Management. This authorization will be provided only if the Executive Committee concludes that service on the board would not be inconsistent with the interests of Cohen & Steers' clients. Access Persons who have received this approval shall not trade for a client or their own account in the securities of the company while in possession of material, non-public information. Outside business activities, other than service on a board of a publicly traded company, are addressed in the Cohen & Steers Outside Activities and Related Persons Policy.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;K. Restricted List

Occasionally, the GCCO or their designee may place a Reportable Security on a Restricted List as deemed necessary. As such, Access Persons are prohibited from effecting any transactions in any security on the Restricted List in any Covered Account over which they have discretion in trading.

For Managed Accounts: This prohibition applies to CNS (as further described in the CNS Insider Trading Policy and this Code) or any of the Cohen & Steers closed-end or open- end funds when placed on the Restricted List.

V. Reporting

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. Initial Holdings Reports

Within 10 calendar days of the commencement of employment with Cohen & Steers, each Access Person must provide the Compliance department with a statement of all Reportable Securities and brokerage accounts including any Covered Account as set forth in the Initial Holdings Report. Statements must be current as of a date no more than 45 days prior to becoming an Access Person. The Initial Holdings Report will be provided to the Access Person upon the commencement of employment. More specifically, each Access Person must provide the following information:

● The title and type of security, and as applicable the exchange ticker symbol or CUSIP number, number of shares, and principal amount of each Reportable Security in which the Access Person has any direct or indirect beneficial ownership;

● The name of any broker, dealer or bank with which the Access Person maintains an account or the Covered Account in which any securities are held for the Access Person's direct or indirect benefit; and

● The date the Access Person submits the report.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. Quarterly Transaction Reports

Within 30 days after the end of a calendar quarter, all Access Persons must report and certify to the following information:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. With respect to transactions during the quarter in any Reportable Security in which
such Access Person has, or by reason of such transaction acquires, any direct or indirect beneficial ownership in the Reportable Security:

● The date of the transaction, the title, and as applicable the exchange ticker symbol or CUSIP number, interest rate and maturity date, number of shares, and principal amount of each Reportable Security involved;

● The nature of the transaction (i.e., purchase, sale or any other type of acquisition or disposition);

● The price of the security at which the transaction was effected;

● The name of the broker, dealer or bank with or through which the transaction was effected; and

● The date the Access Person submits the report.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. With respect to any account established by the Access Person including any Covered Account in which any securities were held
during the quarter for the direct or indirect benefit of the Access Person:

● The name of the broker, dealer or bank with whom the Access Person established the account or the Covered Account;

● The date the account or Covered Account was established; and

● The date the Access Person submits the report.

Quarterly transactions are uploaded into the Personal Trading System throughout the quarter. At the end of the quarter, all Access Persons must review and certify to their transactions in the Personal Trading System or through comparable means.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C. Annual Holdings Reports

Annually, all Access Persons must report the following information (which must be current as of a date no more than 45 days before the report is submitted):

● The title and type of security, and as applicable the exchange ticker symbol or CUSIP number, number of shares, and principal amount of each Reportable Security in which the Access Person has any direct or indirect beneficial ownership;

● The name of any broker dealer or bank with which the Access Person maintains an account or any Covered Account in which any securities are held for the Access Person's direct or indirect benefit; and

● The date the Access Person submits the report.

Each Access Person shall submit an Annual Holdings certification through the Personal Trading System or an equivalent format within 45 days after the beginning of each calendar year.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;D. Opening a New Brokerage Account

Access Persons must receive written approval from the Compliance department prior to opening new brokerage accounts or any Covered Account and must disclose the account(s) immediately to Compliance.

Failure to comply with the requirements above will be considered a violation of the Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;E. Compliance Review

The GCCO or a designee shall be responsible for reviewing the reports made pursuant to this section. The GCCO will not approve his/her own preclearance requests nor will he/she be responsible for the review of his/her own reports made pursuant to this section. Such responsibility to review the GCCO's submitted transactions and reports shall be delegated to another member of the Compliance team.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;F. Exception

An Access Person need not make a report under this section with respect to securities held in any account over which that person had no direct or indirect influence or control.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;G. Annual Certification

Each Access Person must certify annually within sixty (60) days of year-end that he or she has read and understands the Code and recognizes that he or she is subject to the Code. In addition, each Access Person must certify annually that he or she has complied with all the requirements of the Code and that he or she has disclosed or reported all personal securities transactions and accounts required to be disclosed or reported pursuant to the requirements of the Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;H. Independent Directors

An Independent Director shall report transactions in Reportable Securities only if the director knew or, in the ordinary course of fulfilling his or her official duties as a director should have known, that during the 15-day period immediately preceding or following the date of the transaction (or such period prescribed by applicable law), such security was purchased or sold, or was being considered for purchase or sale, by any Cohen & Steers client.

The "should have known standard" implies no duty of inquiry, does not presume there should have been any deduction or extrapolation from discussions or memoranda dealing with tactics to be employed meeting any Fund's investment objectives, or that any knowledge is to be imputed because of prior knowledge of any Fund's portfolio holdings, market considerations, or any Fund's investment policies, objectives and restrictions.

Independent Directors need not provide an Initial or Annual Holdings Report and they are not subject to the restrictions in Section IV other than E and G.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;I. CNSREIT Independent Directors

A CNSREIT Independent Director shall report transactions in Reportable Securities only if the director knew or, in the ordinary course of fulfilling his or her official duties as a director should have known, that during the 15-day period immediately preceding or following the date of the transaction (or such period prescribed by applicable law), such security was purchased or sold, or was being considered for purchase or sale, by any Cohen & Steers client. Generally speaking, Cohen & Steers does not expect to transact in shares of CNSREIT on behalf of any client.

The "should have known standard" implies no duty of inquiry, does not presume there should have been any deduction or extrapolation from discussions or memoranda dealing with tactics to be employed meeting CNSREIT's investment objectives, or that any knowledge is to be imputed because of prior knowledge of CNSREIT's portfolio holdings, market considerations, or CNSREIT's investment policies, objectives and restrictions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;J. Confidentiality

All reports of securities transactions and any other information filed with the Compliance department pursuant to this Code shall be treated as confidential. In this regard, no Access Person shall reveal to any other person (except in the normal course of his or her duties on behalf of Cohen & Steers) any information regarding securities transactions made or being considered by or on behalf of any client account.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;K. Disclaimer

Any such report may contain a statement that the report shall not be construed as an admission by the person making such report that he has any direct or indirect beneficial ownership in the Reportable Security to which the report relates.

VI. Administration of the Code of Ethics

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. Use of Preferred Brokers

All Access Persons located in the United States (US) must maintain their personal trading accounts and any Covered Account at, and execute all transactions in Reportable Securities through, one or more brokers that offer electronic data feeds. Accounts held at electronically feeding brokers provide more accurate account information and require less reconciliation for the Access Person at certification time. The Compliance department maintains a list of such brokers. Any exception to this requirement for US employees will be determined on a case-by-case basis by the GCCO or a designee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. Duplicate Confirms and Statements

All Access Persons must require their brokers to supply duplicate confirmations of all personal securities transactions on a timely basis to the Compliance department. When possible, the duplicate confirmation requirement will be satisfied by an electronic data feed directly from the brokers to the Personal Trading System.

If under local market practice, brokers are restricted by law from delivering duplicate confirmations to the Compliance department, it is the Access Person's responsibility to provide promptly to the Compliance department with a duplicate confirmation for each trade. If a broker is unwilling to deliver duplicate confirmations for any other reason, the employee will not be permitted to maintain an account with that broker.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C. Exemptions from the Code

In cases of hardship, the GCCO, the General Counsel or their respective designees can grant exemptions from the personal trading restrictions in this Code. The decision will be based on a determination that a hardship exists and the transaction for which an exemption is requested would not result in a conflict with Cohen & Steers clients' interests. Other factors that may be considered include: the size and holding period of the Access Person's position in the security, the market capitalization of the issuer, the liquidity of the security, the amount and timing of client trading in the same or a related security and other relevant factors.

Any Access Persons seeking an exemption should submit a written request setting forth the nature of the hardship along with any pertinent facts and reasons why the Access Person believes the exemption should be granted. Access Persons are cautioned that exemptions are exceptions and repetitive requests for exemptions by an Access Person are not likely to be granted.

Records of the approval of exemptions and the reasons for granting the exemptions will be maintained by the Compliance department.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;D. Fund Board of Directors Reporting and Approval

The Board of Directors of each Fund, as applicable, including a majority of the Independent Directors, must approve this Code and any material changes to it. This approval shall be based on a determination that this Code contains provisions reasonably necessary to prevent Access Persons from engaging in any conduct prohibited by Rule 17j-1 under the Investment Company Act or any other applicable rules and regulations. In connection with this approval, Cohen & Steers shall provide a certification to the Board that Cohen & Steers and the Funds have adopted procedures reasonably necessary to prevent Access Persons from violating this Code.

No less frequently than annually, Cohen & Steers shall furnish to the Board of Directors, and the Board of Directors must consider, a written report that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) Describes any issues arising under the Code or procedures since the last report
to the Board of Directors, including, but not limited to, information about material violations of the Code or procedures or sanctions
imposed in response to the material violations; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Certifies that the Funds and Cohen & Steers have adopted procedures reasonably
necessary to prevent Access Persons from violating the Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;E. Violations and Sanctions

Access Persons must report any violations or potential violations of this Code promptly to the GCCO or another member of the Compliance department. This policy forbids any form of intimidation or retaliation against an Access Person for fulfilling this obligation. Retaliation against an Access Person who reports a Code violation is in itself a violation of the Code.

Upon discovering a violation of this Code, Cohen & Steers may impose such sanctions as it deems appropriate, including, but not limited to, Compliance retraining, meeting with the Executive Committee and Regulatory Compliance disgorgement of profits, reduction in bonus and/or monetary penalty, personal trading suspension, a letter of censure, possible termination of the employment of the violator.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;F. Acknowledgments

Each Access Person must be provided with a copy of this Code and any amendments. In addition, each Access Person must provide the Compliance department with a written (or electronic) acknowledgment of their receipt of the Code and any amendments.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;G. Records

The Compliance department shall maintain records<sup>5</sup> in the manner and to the extent set forth below, under the conditions described in Rule 31a-2 of the Investment Company Act and Rule 204-2 the Investment Advisers Act of 1940, or under no-action letters or interpretations under these rules, and shall be available for examination by the SEC or any representatives of the SEC.

<sup>5</sup> For Funds, records shall be maintained at the Funds' principal place of business. For advisors, records shall be maintained at an appropriate office of the investment advisor.

● A copy of this Code of Ethics shall be preserved in an easily accessible place (including for five (5) years after this Code of Ethics is no longer in effect).

● A record of any violation of this Code of Ethics and of any action taken as a result of such violation shall be preserved in an easily accessible place for a period of not less than five (5) years following the end of the fiscal year in which the violation occurs.

● A copy of each report, including annual reports to the Fund Board of Directors, and any information provided in lieu of a report, made by an Access Person pursuant to this Code of Ethics shall be preserved for a period of not less than five (5) years from the end of the fiscal year in which it is made or the information is provided, the first two years in an easily accessible place.

● A record of any decision, and the reasons supporting the decision, to approve the acquisition of an IPO (if an exception is made) or Private Placement/Private Investment shall be preserved in an easily accessible place for a period of not less than five (5) years after the end of the fiscal year in which the approval is granted.

● A list of all Access Persons who are, or within the past five (5) years have been, required to make reports or are responsible for reviewing these reports, pursuant to this Code of Ethics shall be maintained in an easily accessible place.

● A record of all written acknowledgments for each Access Person who is currently, or within the past five years was, an Access Person of the investment advisor.

**Appendix A**

**Reportable Funds**

As of February 2025\*

**Cohen & Steers Open-End Funds**

Cohen & Steers Realty Shares

Cohen & Steers Real Estate Securities Fund

Cohen & Steers Global Infrastructure Fund

Cohen & Steers Global Realty Shares

Cohen & Steers International Realty Fund

Cohen & Steers Institutional Realty Shares

Cohen & Steers Preferred Securities and Income Fund

Cohen & Steers Real Assets Fund

Cohen & Steers Future of Energy Fund

Cohen & Steers Low Duration Preferred and Income Fund

Cohen & Steers Preferred Securities & Income SMA Shares, Inc.

**Cohen & Steers Sub-Advised Funds**

Goldman Sachs Trust II - Goldman Sachs Multi-Manager Real Assets Strategy Fund

Jackson Real Assets Fund

Penn Series Real Estate Securities Fund

Russell Investments Multi-Strategy Income Fund

\* *Reportable Funds include any future open-end investment companies advised or sub-advised by Cohen & Steers.*

## Ex-99.(2)(R)(3)

[Ex. 99.25(2)(r)(3)](jraf-486bpos_071825.htm)<br>

Summary of key requirements

---

| |
|:---|
| &nbsp;&nbsp; **All** Employees and their Related Persons **must** (unless an Exemption applies)**:** <br>■ within **10 Business Days** of joining FSI, disclose to Compliance all Personal Dealing Accounts in which they have the ability and intent to hold Securities;<br>■ request and receive pre-clearance to **place a trade** in Securities as specified in Appendix A;<br>■ only transact in Securities during the **2 Business Day** Approval Window (see section 6.3 for more detail about the Approval Window);<br>■ not submit more than 20 pre-clearance approval requests per calendar quarter;<br>■ within **5 Business Days** of a transaction settling ensure trade confirmations are provided to Compliance through ComplianceAlpha;<br>■ hold Securities for a minimum of 120 calendar days from the date of acquisition (on a last in first out basis); and<br>■ **not** transact in Securities (or encourage others to do the same) while in possession of Non-Public Price Sensitive Information.<br>If Compliance notify you that you are a **US Access Person** this Policy applies to you as well as others within you family household regardless of your influence over their investment decisions.<br>If you are an **Investment Team Employee** additional requirements apply to you and your Related Persons.<br>|
| &nbsp;&nbsp;**Please read this Policy in full before you trade, consult the Global Personal Dealing Policy Frequently Asked Questions for examples of practical applications of this Policy and if any aspect remains unclear, contact your relevant Compliance team.** |

---

---

| | |
|:---|:---|
| **FIRST SENTIER INVESTORS**<br> Global Personal Dealing Policy<br> A member of MUFG, a global financial group | Page 1 |

---

## Ex-99.(2)(S)

[Ex. 99.25(2)(s)](jraf-486bpos_071825.htm)<br>

------

#### POWER OF ATTORNEY

#### <br>

---

| | |
|:---|:---|
| KNOW ALL MEN BY THESE PRESENTS, that each of the undersigned as trustees of **JACKSON REAL ASSETS FUND** (333-276061), a Massachusetts business trust, which has filed or will file with the Securities and Exchange Commission under the provisions of the Securities Act of 1933 and Investment Company Act of 1940, as amended, various Registration Statements and amendments thereto, for the registration under said Acts of the sale of shares of beneficial interest of Jackson Real Assets Fund, hereby constitute and appoint Susan S. Rhee and Emily J. Bennett, his/her attorney, with full power of substitution and re-substitution, for and in his name, place and stead, in any and all capacities to approve and sign such Registration Statements and any and all amendments thereto, and any other filings in connection therewith, and to file the same, with all exhibits thereto and other documents, granting unto said attorneys, each of them, full power and authority to do and perform all and every act and thing requisite to all intents and purposes as they 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. | KNOW ALL MEN BY THESE PRESENTS, that each of the undersigned as trustees of **JACKSON REAL ASSETS FUND** (333-276061), a Massachusetts business trust, which has filed or will file with the Securities and Exchange Commission under the provisions of the Securities Act of 1933 and Investment Company Act of 1940, as amended, various Registration Statements and amendments thereto, for the registration under said Acts of the sale of shares of beneficial interest of Jackson Real Assets Fund, hereby constitute and appoint Susan S. Rhee and Emily J. Bennett, his/her attorney, with full power of substitution and re-substitution, for and in his name, place and stead, in any and all capacities to approve and sign such Registration Statements and any and all amendments thereto, and any other filings in connection therewith, and to file the same, with all exhibits thereto and other documents, granting unto said attorneys, each of them, full power and authority to do and perform all and every act and thing requisite to all intents and purposes as they 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. |
| IN WITNESS WHEREOF, the undersigned have herewith set their names as of January 1, 2025. | IN WITNESS WHEREOF, the undersigned have herewith set their names as of January 1, 2025. |
| ***/s/ Eric O. Anyah*** | ***/s/ Mark S. Wehrle*** |
| Eric O. Anyah, Trustee | Mark S. Wehrle, Trustee |
| ***/s/ Michael J. Bouchard*** | ***/s/ Edward C. Wood*** |
| Michael J. Bouchard, Trustee | Edward C. Wood, Trustee |
| ***/s/ Ellen Carnahan*** | ***/s/ Patricia A. Woodworth*** |
| Ellen Carnahan, Trustee | Patricia A. Woodworth, Trustee |
| ***/s/ John W. Gillespie*** | ***/s/ Mark D. Nerud*** |
| John W. Gillespie, Trustee | Mark D. Nerud, Trustee, President, and Chief Executive Officer (Principal Executive Officer) |
| ***/s/ William R. Rybak*** | ***/s/ Andrew Tedeschi*** |
| William R. Rybak, Trustee | Andrew Tedeschi, Treasurer and Chief Financial Officer (Principal Financial Officer) |

---

## Exhibit 99.28

[EX-99.28](jraf-486bpos_071825.htm)

![](ex28040125001.jpg)

**JACKSON FINANCIAL INC.<br> Restricted Securities/Affiliates List**<br> Effective April 1, 2025<sup>1</sup>

------

**<u>Restricted Securities</u>**

---

| |
|:---|
| **COMPANY** |
| Jackson Financial Inc. |
| Jackson National Life Global Funding |

---

**<u>Minority Interest Holders</u>**

---

| | |
|:---|:---|
| **Company** | &nbsp;&nbsp; **Country of** <br> **Organization** |
| The Vanguard Group | &nbsp;&nbsp;United States (Pennsylvania) &nbsp;&nbsp;&nbsp;13.41% Minority Interest held in Jackson Financial Inc.<sup>2</sup> |
| BlackRock, Inc. | &nbsp;&nbsp;United States (Delaware) &nbsp;&nbsp;&nbsp;9.8% Minority Interest held in Jackson Financial Inc.<sup>3</sup> |
| BlackRock Life Limited | &nbsp;&nbsp;United Kingdom &nbsp;&nbsp;&nbsp;<5% Minority Interest held in Jackson Financial Inc.<sup>3</sup> |
| Aperio Group, LLC | &nbsp;&nbsp;California &nbsp;&nbsp;&nbsp;<5% Minority Interest held in Jackson Financial Inc.<sup>3</sup> |
| BlackRock Advisors, LLC | &nbsp;&nbsp;Delaware &nbsp;&nbsp;&nbsp;<5% Minority Interest held in Jackson Financial Inc.<sup>3</sup> |
| BlackRock (Netherlands) B.V. | &nbsp;&nbsp;Netherlands &nbsp;&nbsp;&nbsp;<5% Minority Interest held in Jackson Financial Inc.<sup>3</sup> |
| BlackRock Institutional Trust Company, National Association | California &nbsp;&nbsp;&nbsp;<5% Minority Interest held in Jackson Financial Inc.<sup>3</sup> |
| BlackRock Asset Management Ireland Limited | &nbsp;&nbsp;Ireland &nbsp;&nbsp;&nbsp;<5% Minority Interest held in Jackson Financial Inc.<sup>3</sup> |
| BlackRock Financial Management, Inc. | &nbsp;&nbsp;Delaware &nbsp;&nbsp;&nbsp;<5% Minority Interest held in Jackson Financial Inc.<sup>3</sup> |
| BlackRock Asset Management Schweiz AG | &nbsp;&nbsp;Switzerland &nbsp;&nbsp;&nbsp;<5% Minority Interest held in Jackson Financial Inc.<sup>3</sup> |
| BlackRock Investment Management, LLC | &nbsp;&nbsp;Delaware &nbsp;&nbsp;&nbsp;<5% Minority Interest held in Jackson Financial Inc.<sup>3</sup> |
| BlackRock Investment Management (UK) Limited | &nbsp;&nbsp;United Kingdom &nbsp;&nbsp;&nbsp;<5% Minority Interest held in Jackson Financial Inc.<sup>3</sup> |
| BlackRock Asset Management Canada Limited | &nbsp;&nbsp;Canada &nbsp;&nbsp;&nbsp;<5% Minority Interest held in Jackson Financial Inc.<sup>3</sup> |
| BlackRock (Luxembourg) S.A. | &nbsp;&nbsp;Luxembourg &nbsp;&nbsp;&nbsp;<5% Minority Interest held in Jackson Financial Inc.<sup>3</sup> |
| BlackRock Investment Management (Australia) Limited | &nbsp;&nbsp;Australia &nbsp;&nbsp;&nbsp;<5% Minority Interest held in Jackson Financial Inc.<sup>3</sup> |
| BlackRock Fund Advisors | &nbsp;&nbsp;California &nbsp;&nbsp;&nbsp;5% or more Minority Interest held in Jackson Financial Inc.<sup>3</sup> |
| BlackRock Fund Managers Ltd | &nbsp;&nbsp;United Kingdom &nbsp;&nbsp;&nbsp;<5% Minority Interest held in Jackson Financial Inc.<sup>3</sup> |
| First Trust Portfolios L.P. | &nbsp;&nbsp;Illinois &nbsp;&nbsp;&nbsp;5.52% Minority Interest held in Jackson Financial Inc.<sup>4</sup> |
| First Trust Advisors L.P. | &nbsp;&nbsp;Illinois &nbsp;&nbsp;&nbsp;5.52% Minority Interest held in Jackson Financial Inc.<sup>4</sup> |
| The Charger Corporation | &nbsp;&nbsp;Illinois &nbsp;&nbsp;&nbsp;5.52% Minority Interest held in Jackson Financial Inc.<sup>4</sup> |

---

------

<sup>1</sup> **Information as of April 1, 2025, except where otherwise indicated, based on information contained in public filings on EDGAR. To the extent entities have not amended their beneficial ownership filings on EDGAR, actual percentages may differ.**

**- 1** -

As of April 1, 2025

updated by: Jackson Legal, Office of the Corporate Secretary

![](ex28040125001.jpg)

---

| | | |
|:---|:---|:---|
| Dimensional Fund Advisors LP | &nbsp;&nbsp;Delaware | &nbsp;&nbsp;&nbsp;5.3% Minority Interest held in Jackson Financial Inc.<sup>5</sup> |

---

2. Percentage held as of February 13, 2024, as reported on SC 13G/A (Amendment No. 3) filed by The Vanguard Group on EDGAR, subject to change. For a more detailed description, please see Jackson Financial Inc.'s Proxy Statement filed on EDGAR on April 9, 2024.

3. Percentage held as of March 7, 2024, as reported on SC 13G/A (Amendment No. 2) filed by BlackRock, Inc. on EDGAR, subject to change. For a more detailed description, please see Jackson Financial Inc.'s Proxy Statement filed on EDGAR on April 9, 2024.

4. Percentage held as of July 25, 2024, as reported on SC 13G jointly filed by First Trust Portfolios L.P., First Trust Advisors L.P., and The Charger Corporation on EDGAR, subject to change.

5. Percentage held as of February 9, 2024, as reported on SC 13G filed by Dimensional Fund Advisors LP on EDGAR, subject to change. For a more detailed description, please see Jackson Financial Inc.'s Proxy Statement filed on EDGAR on April 9, 2024.

**<u>Affiliates</u>**

---

| | | |
|:---|:---|:---|
| **Company** | **State / Country of**<br> **Organization**<br>| &nbsp;&nbsp;&nbsp; **Control/Ownership**<br> **Publicly Traded indicated in red**<br> **Broker/Dealer indicated in green** |
| <br> Allied Life Brokerage Agency, Inc. | Iowa | &nbsp;&nbsp;&nbsp;100% Jackson National Life Insurance Company |
| Brier Capital LLC | Michigan | &nbsp;&nbsp;&nbsp;100% Brooke Life Insurance Company |
| Brooke Life Insurance Company | Michigan | &nbsp;&nbsp;&nbsp;100% Jackson Holdings LLC |
| Brooke Life Reinsurance Company | Michigan | &nbsp;&nbsp;&nbsp;100% Brooke Life Insurance Company |
| Hermitage Management, LLC | Michigan | &nbsp;&nbsp;&nbsp;100% Jackson National Life Insurance Company |
| Jackson Finance LLC | Michigan | &nbsp;&nbsp;&nbsp;100% Jackson Financial Inc. |
| Jackson Holdings LLC | Delaware | &nbsp;&nbsp;&nbsp;100% Jackson Financial Inc. |
| Jackson National Asset Management, LLC | Michigan | &nbsp;&nbsp;&nbsp;100% Jackson National Life Insurance Company |
| Jackson National Life Distributors LLC | Delaware | &nbsp;&nbsp;&nbsp; Broker/Dealer / *Identifiers:* CRD#: 40178; SEC#: 8-48984<br> 100% Jackson National Life Insurance Company |
| Jackson National Life Insurance Agency, LLC | Illinois | &nbsp;&nbsp;&nbsp;100% Jackson National Life Distributors LLC |
| Jackson National Life Insurance Company | Michigan | &nbsp;&nbsp;&nbsp;100% Brooke Life Insurance Company |
| Jackson National Life Insurance Company of New York | New York | &nbsp;&nbsp;&nbsp;100% Jackson National Life Insurance Company |
| Mission Plans of America, Inc. | Texas | &nbsp;&nbsp;&nbsp;100% Jackson National Life Insurance Company |
| National Planning Holdings LLC | Delaware | &nbsp;&nbsp;&nbsp;100% Jackson National Life Insurance Company |
| PGDS (US One) LLC | Delaware | &nbsp;&nbsp;&nbsp;100% Jackson National Life Insurance Company |
| PPM America Capital Partners III, LLC | Delaware | &nbsp;&nbsp;&nbsp;60.50% PPM America, Inc. |
| PPM America Capital Partners IV, LLC | Delaware | &nbsp;&nbsp;&nbsp;34.50% PPM America, Inc. |
| PPM America Capital Partners V, LLC | Delaware | &nbsp;&nbsp;&nbsp;34% PPM America, Inc. |

---

**- 2** -

As of April 1, 2025

updated by: Jackson Legal, Office of the Corporate Secretary

![](ex28040125001.jpg)

---

| | | |
|:---|:---|:---|
| PPM America Capital Partners VI, LLC | Delaware | &nbsp;&nbsp;&nbsp;32% PPM America, Inc. |
| PPM America Capital Partners VII, LLC | Delaware | &nbsp;&nbsp;&nbsp;15.18% PPM America, Inc. |
| PPM America Capital Partners VIII, LLC | Delaware | &nbsp;&nbsp;&nbsp;50.01% PPM America, Inc. |
| PPM America Capital Partners IX, LLC | Delaware | &nbsp;&nbsp;&nbsp;35% PPM America, Inc. |
| PPM Pomona Capital Partners, LLC | Delaware | &nbsp;&nbsp;&nbsp;45% PPM America, Inc. |
| PPM America, Inc. | Delaware | &nbsp;&nbsp;&nbsp;100% PPM Holdings, Inc. |
| PPM Holdings, Inc. | Delaware | &nbsp;&nbsp;&nbsp;100% Jackson Holdings LLC |
| PPM Loan Management Company 2, LLC | Delaware | &nbsp;&nbsp;&nbsp; Management and Originator Series: 100% PPM America, Inc.<br> Any Retention Series: 100% Jackson National Life Insurance Company or 100% Jackson Financial Inc. |
| REALIC of Jacksonville Plans, Inc. | Texas | &nbsp;&nbsp;&nbsp;100% Jackson National Life Insurance Company |
| ROP, Inc. | Delaware | &nbsp;&nbsp;&nbsp;100% Jackson National Life Insurance Company |
| Squire Reassurance Company II, Inc. | Michigan | &nbsp;&nbsp;&nbsp;100% Jackson National Life Insurance Company |
| VFL International Life Company SPC, Ltd. | Cayman Islands | &nbsp;&nbsp;&nbsp;100% Jackson National Life Insurance Company |

---

---

| | |
|:---|:---|
| **PPM's Investment Products and related Entities where ultimate JFI ownership is greater than 5%<sup>6</sup>** | &nbsp;&nbsp;**State / Country of Organization** |
| AA GP Solutions Fund, L.P. | &nbsp;&nbsp;Delaware |
| AA MMF 1 Holdco L.P. | &nbsp;&nbsp;Delaware |
| AA WH Holdco, L.P. | &nbsp;&nbsp;Delaware |
| AG Essential Housing Fund II, L.P. | &nbsp;&nbsp;Delaware |
| AHVF II (AIV II) LP | &nbsp;&nbsp;Delaware |
| AIOF II VANIR AIV (MF), L.P. | &nbsp;&nbsp;Delaware |
| AOP Finance Partners, L.P. | &nbsp;&nbsp;Delaware |
| B2B Solutions, LLC | &nbsp;&nbsp;Delaware |
| Centre Capital Non-Qualified Investors V AIV-ELS LP | &nbsp;&nbsp;Delaware |
| Centre Capital Non-Qualified Investors V LP | &nbsp;&nbsp;Delaware |
| CEP IV-A CWV AIV Limited Partnership | &nbsp;&nbsp;Ontario |
| CEP IV-A Davenport AIV LP | &nbsp;&nbsp;Ontario |
| CEP IV-A NMR AIV Limited Partnership | &nbsp;&nbsp;Ontario |
| Clairvest Equity Partners IV-A Limited Partnership | &nbsp;&nbsp;Ontario |

---

**- 3** -

As of April 1, 2025

updated by: Jackson Legal, Office of the Corporate Secretary

![](ex28040125001.jpg)

---

| | |
|:---|:---|
| GCI Holding Corporation | &nbsp;&nbsp;Delaware |
| Island NYC Recovery Fund I, L.P. | &nbsp;&nbsp;Delaware |
| Haveli VC Gaming Fund I, LP | &nbsp;&nbsp;Delaware |
| Leeds Learnosity Co-Invest, L.P. | &nbsp;&nbsp;Delaware |
| LM Spartan Co-Invest, LP | &nbsp;&nbsp;Delaware |
| Motive Capital Fund II-A, L.P. | &nbsp;&nbsp;Delaware |
| NewSpring Growth Capital III, L.P. | &nbsp;&nbsp;Delaware |
| NNN AGP Opportunities Fund, L.P. | &nbsp;&nbsp;Delaware |
| NNN AGP Opportunities Fund II, L.P. | &nbsp;&nbsp;Delaware |
| NNN AGP Opportunities Fund III, L.P. | &nbsp;&nbsp;Delaware |
| NOVA Infrastructure Fund I L.P. | &nbsp;&nbsp;Delaware |
| NOVA Infrastructure Holdings L.P. | &nbsp;&nbsp;Delaware |
| NSG III S2S Unblocked L.P. | &nbsp;&nbsp;Delaware |
| NSG V Unblocked AIV L.P. | &nbsp;&nbsp;Delaware |
| Old Hickory Fund I, LLC | &nbsp;&nbsp;Delaware |
| PP Napa Holdings, LLC | &nbsp;&nbsp;Delaware |
| PPM America Private Equity Fund VIII-A LP | &nbsp;&nbsp;Delaware |
| PPM America Private Equity Aggregator Fund IX LP | &nbsp;&nbsp;Delaware |
| PPM America Private Equity Fund IX LP | &nbsp;&nbsp;Delaware |
| PPM CLO 2018-1 Ltd. | &nbsp;&nbsp;Cayman Islands |
| PPM CLO 2018-1, LLC | &nbsp;&nbsp;Delaware |
| PPM CLO 2 Ltd. | &nbsp;&nbsp;Cayman Islands |
| PPM CLO 2, LLC | &nbsp;&nbsp;Delaware |
| PPM CLO 3 Ltd. | &nbsp;&nbsp;Cayman Islands |
| PPM CLO 3, LLC | &nbsp;&nbsp;Delaware |
| PPM CLO 4 Ltd. | &nbsp;&nbsp;Cayman Islands |
| PPM CLO 4, LLC | &nbsp;&nbsp;Delaware |
| PPM CLO 5 Ltd. | &nbsp;&nbsp;Cayman Islands |
| PPM CLO 5, LLC | &nbsp;&nbsp;Delaware |
| PPM CLO 6-R Ltd. | &nbsp;&nbsp;Jersey |
| PPM CLO 6, LLC | &nbsp;&nbsp;Delaware |

---

**- 4** -

As of April 1, 2025

updated by: Jackson Legal, Office of the Corporate Secretary

![](ex28040125001.jpg)

---

| | |
|:---|:---|
| PPM CLO 7, LLC | &nbsp;&nbsp;Delaware |
| PPM CLO 7 Ltd. | &nbsp;&nbsp;Jersey |
| PPM CLO 8, LLC | &nbsp;&nbsp;Delaware |
| PPM CLO 8 Ltd. | &nbsp;&nbsp;Cayman Islands |
| Pretium Olympus JV, L.P. | &nbsp;&nbsp;Delaware |
| SFR Delos Partners, L.P. | &nbsp;&nbsp;Delaware |
| THMI, Inc. | &nbsp;&nbsp;Delaware |
| AA Tundra Investor, L.P. | &nbsp;&nbsp;Delaware |
| Calera XXIV, LLC | &nbsp;&nbsp;Delaware |
| Carlyle Infrastructure Credit Fund Note Issuer, L.P | &nbsp;&nbsp;Delaware |
| CEP V-A CS AIV Limited Partnership | &nbsp;&nbsp;Delaware |
| CEP V-A DMS AIV LP | &nbsp;&nbsp;Delaware |
| CEP V-A DR AIV Limited Partnership | &nbsp;&nbsp;Delaware |
| CEP V-A WBLI AIV LP | &nbsp;&nbsp;Delaware |
| CEP VI-A AEP AIV Limited Partnership | &nbsp;&nbsp;Ontario |
| <u>CEP VI-A NH GAMING AIV LIMITED PARTNERSHIP</u> | &nbsp;&nbsp;Ontario |
| <u>CEP VI-A SW AIV LP</u> | &nbsp;&nbsp;Ontario |
| Chartwell Investments II, LP | &nbsp;&nbsp;Delaware |
| CIABB Holdings, LLC | &nbsp;&nbsp;Delaware |
| Clairvest Equity Partners VI-A | &nbsp;&nbsp;Canada |
| Family Bakery Holdings, LLC | &nbsp;&nbsp;Delaware |
| FH VH Co-Invest Aggregator, LP | &nbsp;&nbsp;Delaware |
| LM Carpenter Co-Invest I LP | &nbsp;&nbsp;Delaware |
| Lovell Minnick Equity Partners III, L.P. | &nbsp;&nbsp;Delaware |
| Tailwind Co-Invest I LP | &nbsp;&nbsp;Delaware |
| PT Co-Investor Holdings, L.P. | &nbsp;&nbsp;Delaware |
| Novacap TMT VI Co-Investment (Cadenza), L.P. | &nbsp;&nbsp;Quebec |
| Seidler Equity Partners IV, L.P. | &nbsp;&nbsp;Delaware |
| Seidler Equity Partners VII LP | &nbsp;&nbsp;Delaware |
| SEP VII RB Holdings, L.P. | &nbsp;&nbsp;Delaware |
| MidOcean Partners QT Co-Invest, L.P. | &nbsp;&nbsp;Delaware |

---

WPP Fairway Aggregator A, L.P. <u>Delaware</u> <br> 

6. Based on most recently available information.

**- 5** -

As of April 1, 2025

updated by: Jackson Legal, Office of the Corporate Secretary

![](ex28040125001.jpg)

---

| |
|:---|
| &nbsp;&nbsp;**Open-End Management Investment Companies Registered with the <br> U.S. Securities and Exchange Commission,** *in accord with the provisions of the 1940 Act* |
| JNL Investors Series Trust |
| JNL Series Trust |

---

---

| |
|:---|
| &nbsp;&nbsp;**Closed-End Management Investment Companies Registered with the<br> U.S. Securities and Exchange Commission,** *in accord with the provisions of the 1940 Act* |
| Jackson Credit Opportunities Fund |
| Jackson Real Assets Fund |

---

**- 6** -

As of April 1, 2025

updated by: Jackson Legal, Office of the Corporate Secretary