# EDGAR Filing Document

**Accession Number:** 0001121257
**File Stem:** 0001999371-26-008804
**Filing Date:** 2026-4
**Character Count:** 646584
**Document Hash:** 276e957fb1149a94ae49bde9fc52a711
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001999371-26-008804.hdr.sgml**: 20260423

**ACCESSION NUMBER**: 0001999371-26-008804

**CONFORMED SUBMISSION TYPE**: 485BPOS

**PUBLIC DOCUMENT COUNT**: 42

**FILED AS OF DATE**: 20260423

**DATE AS OF CHANGE**: 20260423

**EFFECTIVENESS DATE**: 20260427

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** JNL INVESTORS SERIES TRUST
- **CENTRAL INDEX KEY:** 0001121257

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** MA
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 485BPOS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-10041
- **FILM NUMBER:** 26886075

**BUSINESS ADDRESS:**
- **STREET 1:** 1 CORPORATE WAY
- **STREET 2:** ATTN: LEGAL DEPARTMENT
- **CITY:** LANSING
- **STATE:** MI
- **ZIP:** 48951
- **BUSINESS PHONE:** (517)381-5500

**MAIL ADDRESS:**
- **STREET 1:** 1 CORPORATE WAY
- **STREET 2:** 8N41
- **CITY:** LANSING
- **STATE:** MI
- **ZIP:** 48951
**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** JNL INVESTORS SERIES TRUST
- **CENTRAL INDEX KEY:** 0001121257

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** MA
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 485BPOS
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 333-43300
- **FILM NUMBER:** 26886074

**BUSINESS ADDRESS:**
- **STREET 1:** 1 CORPORATE WAY
- **STREET 2:** ATTN: LEGAL DEPARTMENT
- **CITY:** LANSING
- **STATE:** MI
- **ZIP:** 48951
- **BUSINESS PHONE:** (517)381-5500

**MAIL ADDRESS:**
- **STREET 1:** 1 CORPORATE WAY
- **STREET 2:** 8N41
- **CITY:** LANSING
- **STATE:** MI
- **ZIP:** 48951

## Series and Classes Contracts Data

### JNL GOVERNMENT MONEY MARKET FUND (Series ID: S000001684)

| Class ID   | Class Name                                  | Ticker Symbol   |
|:---|:---|:---|
| C000004572 | JNL Government Money Market Fund (Class I)  |  |
| C000243435 | JNL Government Money Market Fund (Class SL) |  |

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

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**As filed with the Securities and Exchange Commission on** **April 23, 2026** | &nbsp;&nbsp;**As filed with the Securities and Exchange Commission on** **April 23, 2026** | &nbsp;&nbsp;**As filed with the Securities and Exchange Commission on** **April 23, 2026** |
| &nbsp;&nbsp;1933 Act Registration No. 333-43300 | &nbsp;&nbsp;1933 Act Registration No. 333-43300 | &nbsp;&nbsp;1933 Act Registration No. 333-43300 |
| &nbsp;&nbsp;1940 Act Registration No. 811-10041 | &nbsp;&nbsp;1940 Act Registration No. 811-10041 | &nbsp;&nbsp;1940 Act Registration No. 811-10041 |
| &nbsp;&nbsp;**SECURITIES AND EXCHANGE COMMISSION** | &nbsp;&nbsp;**SECURITIES AND EXCHANGE COMMISSION** | &nbsp;&nbsp;**SECURITIES AND EXCHANGE COMMISSION** |
| &nbsp;&nbsp;**Washington, D.C. 20549** | &nbsp;&nbsp;**Washington, D.C. 20549** | &nbsp;&nbsp;**Washington, D.C. 20549** |
| &nbsp;&nbsp;**FORM** **N-1A** | &nbsp;&nbsp;**FORM** **N-1A** | &nbsp;&nbsp;**FORM** **N-1A** |
| &nbsp;&nbsp;REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933 | &nbsp;&nbsp;REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933 | &nbsp;&nbsp;REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933 |
| &nbsp;&nbsp;Pre-Effective Amendment No. __ | &nbsp;&nbsp;Pre-Effective Amendment No. __ | &nbsp;&nbsp;Pre-Effective Amendment No. __ |
| &nbsp;&nbsp;Post-Effective Amendment No. 57 | &nbsp;&nbsp;Post-Effective Amendment No. 57 | &nbsp;&nbsp;Post-Effective Amendment No. 57 |
| &nbsp;&nbsp;and/or | &nbsp;&nbsp;and/or | &nbsp;&nbsp;and/or |
| &nbsp;&nbsp;REGISTRATION STATEMENT UNDER THE INVESTMENT COMPANY ACT OF 1940 | &nbsp;&nbsp;REGISTRATION STATEMENT UNDER THE INVESTMENT COMPANY ACT OF 1940 | &nbsp;&nbsp;REGISTRATION STATEMENT UNDER THE INVESTMENT COMPANY ACT OF 1940 |
| &nbsp;&nbsp;Amendment No. 58 | &nbsp;&nbsp;Amendment No. 58 | &nbsp;&nbsp;Amendment No. 58 |
| &nbsp;&nbsp;<u>**JNL INVESTORS SERIES TRUST**</u> | &nbsp;&nbsp;<u>**JNL INVESTORS SERIES TRUST**</u> | &nbsp;&nbsp;<u>**JNL INVESTORS SERIES TRUST**</u> |
| &nbsp;&nbsp;(Exact Name of Registrant as Specified in Charter) | &nbsp;&nbsp;(Exact Name of Registrant as Specified in Charter) | &nbsp;&nbsp;(Exact Name of Registrant as Specified in Charter) |
| &nbsp;&nbsp;<u>**1 Corporate Way, Lansing, Michigan 48951**</u> | &nbsp;&nbsp;<u>**1 Corporate Way, Lansing, Michigan 48951**</u> | &nbsp;&nbsp;<u>**1 Corporate Way, Lansing, Michigan 48951**</u> |
| &nbsp;&nbsp;(Address of Principal Executive Offices) (Zip Code) | &nbsp;&nbsp;(Address of Principal Executive Offices) (Zip Code) | &nbsp;&nbsp;(Address of Principal Executive Offices) (Zip Code) |
| &nbsp;&nbsp;Registrant's Telephone Number, including Area Code: <u>**(517) 381-5500**</u> | &nbsp;&nbsp;Registrant's Telephone Number, including Area Code: <u>**(517) 381-5500**</u> | &nbsp;&nbsp;Registrant's Telephone Number, including Area Code: <u>**(517) 381-5500**</u> |
| &nbsp;&nbsp;<u>**225 West Wacker Drive, Chicago, Illinois 60606**</u> | &nbsp;&nbsp;<u>**225 West Wacker Drive, Chicago, Illinois 60606**</u> | &nbsp;&nbsp;<u>**225 West Wacker Drive, Chicago, Illinois 60606**</u> |
| &nbsp;&nbsp;(Mailing Address) | &nbsp;&nbsp;(Mailing Address) | &nbsp;&nbsp;(Mailing Address) |
|  | &nbsp;&nbsp;with a copy to: | &nbsp;&nbsp;with a copy to: |
|  | &nbsp;&nbsp;**Emily J. Bennett, Esq.** | &nbsp;&nbsp;**Ropes & Gray LLP** |
|  | &nbsp;&nbsp;**JNL Investors Series Trust** | &nbsp;&nbsp;**32nd Floor** |
|  | &nbsp;&nbsp;**Assistant Secretary** | &nbsp;&nbsp;**191 North Wacker Drive** |
|  | &nbsp;&nbsp;**1 Corporate Way** | &nbsp;&nbsp;**Chicago, Illinois 60606** |
|  | &nbsp;&nbsp;**Lansing, Michigan 48951** | &nbsp;&nbsp;**Attn: Paulita A. Pike, Esq.** |
| &nbsp;&nbsp;(Name and Address of Agent for Service) | &nbsp;&nbsp;(Name and Address of Agent for Service) | &nbsp;&nbsp;(Name and Address of Agent for Service) |
| &nbsp;&nbsp;It is proposed that this filing will become effective (check appropriate box) | &nbsp;&nbsp;It is proposed that this filing will become effective (check appropriate box) | &nbsp;&nbsp;It is proposed that this filing will become effective (check appropriate box) |
| &nbsp;&nbsp;☐ | &nbsp;&nbsp;immediately upon filing pursuant to paragraph (b) | &nbsp;&nbsp;immediately upon filing pursuant to paragraph (b) |
| &nbsp;&nbsp;☒ | &nbsp;&nbsp;on April 27, 2026, pursuant to paragraph (b) | &nbsp;&nbsp;on April 27, 2026, pursuant to paragraph (b) |
| &nbsp;&nbsp;☐ | &nbsp;&nbsp;60 days after filing pursuant to paragraph (a)(1) | &nbsp;&nbsp;60 days after filing pursuant to paragraph (a)(1) |
| &nbsp;&nbsp;☐ | &nbsp;&nbsp;on ____________ pursuant to paragraph (a)(1) | &nbsp;&nbsp;on ____________ pursuant to paragraph (a)(1) |
| &nbsp;&nbsp;☐ | &nbsp;&nbsp;75 days after filing pursuant to paragraph (a)(2) | &nbsp;&nbsp;75 days after filing pursuant to paragraph (a)(2) |
| &nbsp;&nbsp;☐ | &nbsp;&nbsp;on (date) pursuant to paragraph (a)(2) of Rule 485 | &nbsp;&nbsp;on (date) pursuant to paragraph (a)(2) of Rule 485 |
| &nbsp;&nbsp;☐ | &nbsp;&nbsp;This post-effective amendment designates a new effective date for a previously filed post-effective amendment. | &nbsp;&nbsp;This post-effective amendment designates a new effective date for a previously filed post-effective amendment. |
| &nbsp;&nbsp;Part C. | &nbsp;&nbsp;Part C. | &nbsp;&nbsp;Part C. |
| &nbsp;&nbsp;Information required to be included in Part C is set forth under the appropriate item, so numbered, in Part C of this Amendment to the Registration Statement. | &nbsp;&nbsp;Information required to be included in Part C is set forth under the appropriate item, so numbered, in Part C of this Amendment to the Registration Statement. | &nbsp;&nbsp;Information required to be included in Part C is set forth under the appropriate item, so numbered, in Part C of this Amendment to the Registration Statement. |

---

**PROSPECTUS**

April 27, 2026

**JNL<sup>®</sup> INVESTORS SERIES TRUST**

Business Address: 1 Corporate Way • Lansing, Michigan 48951

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

This Prospectus provides you with the basic information you should know before investing in the JNL Investors Series Trust (the "Trust"). The Trust offers interests in the JNL Government Money Market Fund (the "Fund").

The Trust currently offers interests in the following Fund.

JNL Government Money Market Fund Class I and Class SL

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

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

"JNL<sup>®</sup>", "Jackson<sup>SM</sup>", "Jackson Funds<sup>SM</sup>", "Jackson National<sup>®</sup>" and "Jackson National Life<sup>®</sup>" are trademarks or service marks of Jackson National Life Insurance Company.

**TABLE OF CONTENTS**

---

| | |
|:---|:---|
| [Summary Overview of The Fund](#jnlist485bposa001) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investment Objective, Expenses, Portfolio Turnover, Principal Investment Strategies, Principal Risks of Investing in the Fund, Performance, Portfolio Management, Purchase and Redemption of Fund Shares, Tax Information, and Payments to Broker-Dealers and Financial Intermediaries | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[JNL Government Money Market Fund](#jnlist485bposa002) | 1 |
| Additional Information About The Fund |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investment Objective, Principal Investment Strategies, Principal Risks of Investing in the Fund, Additional Information About the Other Investment Strategies, Other Investments and Risks, Dividends, the Sub-Adviser and Portfolio Management |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[JNL Government Money Market Fund](#jnlist485bposa003) | 5 |
| [More About the Fund](#jnlist485bposa004) | 7 |
| [Glossary of Risks](#jnlist485bposa005) | 9 |
| [Management of the Trust](#jnlist485bposa006) | 12 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Investment Adviser, Management Fee, Investment Sub-Adviser, Portfolio Manager(s); Administrator, Distributor, Classes of Shares, Rule 12b-1 Plan, Investment in Fund Shares, Disclosure of Portfolio Securities, Redemption of Fund Shares, and Tax Status](#jnlist485bposa007) | 12 |
| [Financial Highlights](#jnlist485bposa008) | 16 |
| [Appendix A](#jnlist485bposa009) | A-19 |

---

**Summary Prospectus – April 27, 2026**

**JNL Government Money Market Fund**

**Class I**

**Class SL**

**Investment Objective.**

The investment objective of the Fund is to achieve as high a level of current income as is consistent with the preservation of capital and maintenance of liquidity.

**Expenses.**

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

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

**Shareholder Fees (fees paid directly from your investment)**

Not Applicable

**Annual Fund Operating Expenses&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br> (Expenses that you pay each year as a percentage of the value of your investment)**

---

| | |
|:---|:---|
| | **Class I** |
| Management Fee | 0.08% |
| Distribution and/or Service (12b-1) Fees | 0.00% |
| Other Expenses<sup>1</sup> | 0.11% |
| Total Annual Fund Operating Expenses | 0.19% |

---

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

**Annual Fund Operating Expenses&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br> (Expenses that you pay each year as a percentage of the value of your investment)**

---

| | |
|:---|:---|
| | **Class SL** |
| Management Fee | 0.08% |
| Distribution and/or Service (12b-1) Fees | 0.00% |
| Other Expenses<sup>1</sup> | 0.11% |
| Total Annual Fund Operating Expenses | 0.19% |
| Less Waiver/Reimbursement<sup>2</sup> | 0.10% |
| Total Annual Fund Operating Expenses After Waiver/Reimbursement | 0.09% |

---

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

<sup>2</sup> JNAM has contractually agreed to waive 100.00% of the administrative fees of the Class. The fee waiver will continue for at least one year from the date of the current Prospectus, and continue thereafter unless the Board of Trustees approves a change in or elimination of the waiver. This fee waiver is subject to yearly review and approval by the Board of Trustees.

**Expense Example.**

This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The table below shows the expenses you would pay on a $10,000 investment, assuming (1) 5% annual return; (2) redemption at the end of each time period; and (3) that the Fund operating expenses remain the same. The example also assumes that the Class SL administrative fee waiver is discontinued after one year. Although your actual costs may be higher or lower, based on these assumptions, your costs would be:

**JNL Government Money Market Fund Class I**

---

| | | | |
|:---|:---|:---|:---|
| 1 year | 3 years | 5 years | 10 years |
| $19 | $61 | $107 | $243 |

---

**JNL Government Money Market Fund Class SL**

---

| | | | |
|:---|:---|:---|:---|
| 1 year | 3 years | 5 years | 10 years |
| $9 | $51 | $97 | $233 |

---

**Principal Investment Strategies.**

Under normal circumstances, the Fund seeks to achieve its investment objective by investing at least 99.5% of its total assets in cash, U.S. Government securities, and/or repurchase agreements that are "collateralized fully" (i.e., collateralized by cash or government securities). The government securities typically have a maximum remaining maturity of 397 calendar days and the repurchase agreements are collateralized by cash or government securities. Under normal circumstances, the Fund will invest at least 80% of its assets (net assets plus the amount of any borrowings for investment purposes) in government securities or repurchase agreements collateralized by government securities. As a government money market fund, the Fund is exempt from requirements that permit money market funds to impose a liquidity fee. While the Fund's Board of Trustees may elect to subject the Fund to liquidity fee requirements in the future, the Board of Trustees has not elected to do so at this time.

The Fund seeks to maintain a stable net asset value of $1.00 per share, neither the Federal Deposit Insurance Company, nor any other government agency insures or protects your investment.

**Principal Risks of Investing in the Fund.**

You could lose money by investing in the Fund. Although the Fund seeks to preserve the value of your investment at $1.00 per share, it cannot guarantee it will do so. An investment in the Fund is not a bank account and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. The Fund's sponsor is not required to reimburse the Fund for losses, and you should not expect that the sponsor will provide financial support to the Fund at any time, including during periods of market stress.

As with any mutual fund, the value of the Fund's shares will change, and you could lose money by investing in the Fund. While the Fund may hold securities that carry U.S. Government guarantees, these guarantees do not extend to shares of the Fund itself. The principal risks associated with investing in the Fund include:

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

● *Income risk* – The Fund is subject to the risk that the 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.

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

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

● *U.S. Government securities risk* – Obligations issued by agencies and instrumentalities of the U.S. Government vary in the level of support they receive from the U.S. Government. They may be: (i) supported by the full faith and credit of the U.S. Treasury; (ii) supported by the right of the issuer to borrow from the U.S. Treasury; (iii) supported by the discretionary authority of the U.S. Government to purchase the issuer's obligations; or (iv) supported only by the credit of the issuer. The maximum potential liability of the issuers of some U.S. Government securities may greatly exceed their current resources, or their legal right to receive support from the U.S. Treasury.

 **Performance.**

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

Prior to September 19, 2016, the Fund was operated as a prime money market fund. Effective September 19, 2016, the Fund operates as a government money market fund and, as such, invests at least 99.5% of its total assets in cash, government securities and/or repurchase agreements that are "collateralized fully" (i.e., backed by cash or government securities). Performance prior to February 1, 2024 reflects the Fund's results when managed by the former sub-adviser, Wellington Management Company LLP.

The 7-day yield of the Class I (formerly named Institutional Class) on December 31, 2025, was 3.62%.

The 7-day yield of the Class SL on December 31, 2025, was 3.72%.

**Annual Total Returns as of December 31**

**Class I**

![PerformanceBarChartData(2016:0.25, 2017:0.73, 2018:1.71, 2019:2.08, 2020:0.34, 2021:0.01, 2022:1.31, 2023:4.92, 2024:5.13, 2025:4.17)](jnlist485bpos001.jpg)

**Best Quarter (ended 12/31/2023):** 1.32%; **Worst Quarter (ended 3/31/2022):** 0.00%

**Annual Total Returns as of December 31**

**Class SL**

![PerformanceBarChartData(2024:5.25, 2025:4.27)](jnlist485bpos002.jpg)

**Best Quarter (ended 3/31/2024):** 1.32%; **Worst Quarter (ended 12/31/2025):** 0.99%

---

| | | | |
|:---|:---|:---|:---|
| **Average Annual Total Returns as of 12/31/2025** | | | |
| | **1 year** | **5 year** | **10 year** |
| JNL Government Money Market Fund (Class I) | 4.17% | 3.09% | 2.05% |
| Bloomberg U.S. Aggregate Index (reflects no deduction for fees, expenses, or taxes) | 7.30% | -0.36% | 2.01% |
| Bloomberg USD 1 Month Swap Rate Cash Deposit Index SPLICE (reflects no deduction for fees, expenses, or taxes)<sup>\*</sup> | 4.38% | 3.32% | 2.20% |

---

\* Index performance through December 30, 2020 reflects the performance of the FTSE U.S. Treasury Bill Index (1-month). Index performance beginning December 31, 2020 reflects the performance of the Bloomberg USD 1 Month Swap Rate Cash Deposit Index.

---

| | | |
|:---|:---|:---|
| **Average Annual Total Returns as of 12/31/2025** | | |
| | **1 year** | **Life of Class (May 01, 2023)** |
| JNL Government Money Market Fund (Class SL) | 4.27% | 4.88% |
| Bloomberg U.S. Aggregate Index (reflects no deduction for fees, expenses, or taxes) | 7.30% | 3.87% |
| Bloomberg USD 1 Month Swap Rate Cash Deposit Index SPLICE (reflects no deduction for fees, expenses, or taxes)<sup>\*</sup> | 4.38% | 5.03% |

---

\* Index performance through December 30, 2020 reflects the performance of the FTSE U.S. Treasury Bill Index (1-month). Index performance beginning December 31, 2020 reflects the performance of the Bloomberg USD 1 Month Swap Rate Cash Deposit Index.

**Portfolio Management.**

**Investment Adviser to the Fund:**

Jackson National Asset Management, LLC ("JNAM")

**Sub-Adviser:** 

Mellon Investments Corporation ("Mellon")

**Purchase and Redemption of Fund Shares** 

The Fund is not available for direct purchase by members of the public. The Fund's shareholders are mutual funds owned directly or indirectly by separate accounts of Jackson National Life Insurance Company or Jackson National Life Insurance Company of New York. All investments in the Fund must be made by the Adviser or Sub-Adviser when it has been given discretionary investment authority as adviser or sub-adviser to investing entities.

There is no minimum amount required for initial or subsequent purchases. Shares of the Fund may be purchased, redeemed, or exchanged on any day the New York Stock Exchange is open for business.

All redemption requests must be submitted in writing. Redemptions will be processed through written instruction received via fax, mail or email. If instructions are delivered via fax or email, original instructions must follow via mail.

**Tax Information**

The Fund expects to declare dividends from net investment income daily and make distributions monthly to shareholders. Distributions from net realized gains, if any, are declared and distributed at least annually. Distributions paid generally are treated as ordinary income or capital gains for U.S. federal income tax purposes. The tax status of any distributions paid generally remains the same regardless of how long a shareholder has held Fund shares and whether distributions are reinvested or received in cash.

**Additional Information About the Fund**

**JNL Government Money Market Fund**

**Class I**

**Class SL**

**Investment Objective.** The investment objective of the Fund is to achieve as high a level of current income as is consistent with the preservation of capital and maintenance of liquidity.

**Principal Investment Strategies.** Under normal circumstances, the Fund seeks to achieve its investment objective by investing at least 99.5% of its total assets in cash, U.S. Government securities, and/or repurchase agreements that are "collateralized fully" (i.e., collateralized by cash or government securities). The government securities typically have a maximum remaining maturity of 397 calendar days and the repurchase agreements are collateralized by cash or government securities. Under normal circumstances, the Fund will invest at least 80% of its assets (net assets plus the amount of any borrowings for investment purposes) in government securities or repurchase agreements collateralized by government securities. As a government money market fund, the Fund is exempt from requirements that permit money market funds to impose a liquidity fee. While the Fund's Board of Trustees may elect to subject the Fund to liquidity fee in the future, the Board of Trustees has not elected to do so at this time.

The Sub-Adviser's investment approach combines top-down analysis with fundamental bottom-up security selection. The Sub-Adviser considers factors such as the anticipated level of interest rates and the maturity of individual securities to determine the Fund's overall weighted average maturity.

Although the Fund seeks to maintain a stable net asset value of $1.00 per share, neither the Federal Deposit Insurance Company, nor any other government agency insures or protects your investment.

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

● *Fixed-income risk* 

● *Income risk* 

● *Interest rate risk* 

● *Repurchase agreements, purchase and sale contracts risk* 

● *U.S. Government securities risk* 

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

**Additional Information About the Other Investment Strategies, Other Investments and Risks of the Fund (Other than Principal Strategies/Risks)**. The SAI has more information about the Fund's authorized investments and strategies, as well as the risks and restrictions that may apply to them. A description of the Fund's policies and procedures with respect to the disclosure of the Fund's portfolio securities is available (i) in the Fund's SAI, and (ii) by calling JNL Investors Series Trust Service Center at 1-800-392-2909.

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

● *Cybersecurity risk* 

● *Expense risk* 

● *Investment in money market funds risk* 

● *Investment strategy risk* 

● *Market risk* 

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

● *Redemption risk* 

● *Regulatory investment limits risk* 

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

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

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

**Dividends:**

The Fund intends to maintain, to the extent practicable, a constant per share net asset value of $1.00. The Fund expects to declare dividends on a daily basis on each class so long as the income attributable to that class exceeds the expenses attributable to that class on each day. Such dividends will be paid monthly. If class expenses exceed class income on any day, the Fund will not pay a dividend on the class on that day and will resume paying dividends only when, on a future date, the accumulated net investment income of the class is positive. The Fund has adopted this policy because, in the current investment environment, it may find that on any given day or on a number of consecutive days, its investment returns may be less than the expenses attributable to a class. For a more complete description of this policy, which can result in the Fund not paying dividends on one or more classes for one or more periods that may be as short as a day or quite lengthy, see "Purchases, Redemptions and Pricing of Shares" in the SAI. For a description of the allocation of expenses among fund share classes, please refer to "Management of the Trust" section in this Prospectus.

The Fund is subject to a fee recapture program, whereby, the Adviser will waive fees and expenses to maintain, where practicable, a constant per share net asset value of $1.00. When income is sufficient, the Fund may pay the Adviser its investment advisory fee, along with other Fund expenses. In addition, when the Fund receives income sufficient to pay a dividend, the Adviser may recapture previously waived fees and expenses for a period of 3 years.

**The Sub-Adviser.** The Sub-Adviser to the Fund is Mellon Investments Corporation ("Mellon"), a corporation organized under the laws of the State of Delaware and an indirect subsidiary of The Bank of New York Mellon Corporation ("BNY"). Mellon is headquartered at 500 Ross Street, Pittsburgh, PA 15258.

**More About the Fund**

**Investment Objectives.** The investment objective of the Fund is not fundamental and may be changed by the Board of Trustees without shareholder approval.

The Fund has adopted non-fundamental operating policies that require at least 80% of the Fund's assets (net assets plus the amount of any borrowings for investment purposes) be invested, under normal circumstances, in securities of the type connoted by the name of the Fund. Although these 80% requirements are non-fundamental operating policies that may be changed by the Board of Trustees without shareholder approval, the Board of Trustees has adopted a policy requiring not less than 60 days' written notice be provided to shareholders, in the manner required by Rule 35d-1 under the Investment Company Act of 1940, as amended ("1940 Act"), before the effective date of any change in such a policy by the Fund which is subject to that Rule.

The Adviser and the Trust, together with other investment companies of which the Adviser is investment adviser, has been granted an exemption from the SEC that allows the Fund to invest in other registered investment companies and unit investment trusts that are within or outside the same group of investment companies. The Fund may invest cash balances in shares of investment companies, including affiliated investment companies, which are funds managed by the Trust's investment adviser or its affiliates. As a shareholder in an investment company, the Fund would bear its pro rata share of that investment company's expenses, which could result in duplication of certain fees, including management and administrative fees.

Certain investment restrictions, such as a required minimum or maximum investment in a particular type of security, are measured at the time the Fund purchases a security. The status, market value, maturity, credit quality, or other characteristics of the Fund's securities may change after they are purchased, and this may cause the amount of the Fund's assets invested in such securities to fall outside the parameters described in the first paragraph above. If any of these changes occur, it would not be considered a violation of the investment restriction. However, purchases by the Fund during the time it is above or below the stated percentage restriction would be made in compliance with applicable restrictions.

**Portfolio Turnover*.*** Portfolio turnover rates also may be increased by purchases or redemptions of a Fund's shares because of the need to invest new cash resulting from purchases of shares or the need to sell portfolio securities owned in order to meet redemption requests. Increased portfolio turnover necessarily results in correspondingly higher costs, which can include brokerage commissions, and other transaction costs on the sale of securities and reinvestment in other securities.

**Dodd-Frank (Regulatory) Risk**. The Dodd-Frank Wall Street Reform and Consumer Protection Act ("Dodd-Frank Act") made a number of changes to the regulatory framework in the financial services industry, including regulations applicable to banks, insurance companies, and other firms. The Dodd-Frank Act also made a number of regulatory changes to the oversight and treatment of various investments, in particular, derivatives. The impact of these regulatory changes will be felt across industries for a number of years and will impact the Fund's investments and the administration of the Fund. Instruments in which the Fund invest may incur increased regulatory compliance costs, and could be subject to regulatory action. The Fund may incur Dodd-Frank regulatory compliance costs, which could impact performance.

**Lending of Portfolio Securities.** A Fund may engage in securities lending. Securities lending involves the lending of securities owned by a Fund to financial institutions such as certain broker-dealers. The borrowers are required to secure their loans continuously with cash, cash equivalents, U.S. Government securities or letters of credit that meet certain guidelines. Cash collateral may be invested by a Fund in money market-type investments or short-term liquid investments. To the extent that cash collateral is so invested, such collateral will be subject to market depreciation or appreciation, and a Fund will be responsible for any loss that might result from its investment of the borrowers' collateral.

A Fund may lend its securities to increase its income. A Fund may, however, experience delay in the recovery of its securities or incur a loss if the institution with which it has engaged in a portfolio loan transaction breaches its agreement with the Fund or becomes insolvent. There is the risk that the price of the securities will increase while they are on loan and the collateral will not adequately cover their value. There is also a risk that securities on loan will not be recalled in a timely manner to facilitate proxy voting.

**Cash and Cash Equivalents.** The Fund may hold cash or invest in cash equivalents. Cash equivalents include, but are not limited to: (a) commercial paper (for example, short-term notes with maturities typically up to 12 months in length issued by corporations, governmental bodies or bank/corporation sponsored conduits (asset-backed commercial paper)); (b) short-term bank obligations (for example, certificates of deposit, time deposits, bankers' acceptances (time drafts on a commercial bank where the bank accepts an irrevocable obligation to pay at maturity)) or bank notes; (c) savings association and savings bank obligations (for example, bank notes and certificates of deposit issued by savings banks or savings associations); (d) securities of the U.S. Government, its agencies or instrumentalities (including U.S. treasury bills) that mature, or may be redeemed, in one year or less; and (e) corporate bonds and notes that mature, or that may be redeemed, in one year or less.

"Savings association obligations" include certificates of deposit (interest-bearing time deposits) issued by savings banks or savings and loan associations.

**Market Events**. Turmoil in domestic and international markets may cause extreme volatility in the equity and debt markets, in the prices of individual securities and in the world economy. In response, governments throughout the world may respond with a variety of significant fiscal and monetary policy changes, including but not limited to, direct capital infusions into companies, new monetary programs and dramatically lower interest rates. Failure to implement or an unexpected or quick reversal of such policies could increase volatility in the equity and debt markets.

**Natural Disasters and Adverse Weather Conditions.** Certain areas of the world historically have been prone to major natural disasters, such as hurricanes, earthquakes, typhoons, flooding, tidal waves, tsunamis, erupting volcanoes, wildfires or droughts, and have been economically sensitive to environmental events. Such disasters, and the resulting damage, could have a severe and negative impact on a Fund's investment portfolio and, in the longer term, could impair the ability of issuers in which a Fund invests to conduct their businesses in the manner normally conducted. Adverse weather conditions may also have a particularly significant negative effect on issuers in the agricultural sector and on insurance companies that insure against the impact of natural disasters.

**Sanctions Risk.** From time-to-time, the U.S. Government or other governments may place "sanctions" on a country. Such sanctions may include limitations on transactions in a country, such as the purchase or sale of products or services in that country. Sanctions also may include limitations on the movement of cash and securities to and from a sanctioned country, or may limit investments in a sanctioned country. When sanctions are placed on a country, a Fund may experience limitations on its investments, including the inability to dispose of securities in that country, the inability to settle securities transactions in that country, and the inability to repatriate currency from that country. Investments in sanctioned countries may be volatile, and the Fund and its pricing agent may have difficulty valuing such sanctioned country securities. Investments in sanctioned countries are subject to a number of risks, including, but not limited to, liquidity risk, foreign securities risk, and currency risk. The Fund could lose money investing in a country that is later sanctioned by the U.S. Government or other governments.

**Technology Disruptions.** Markets and market-participants are increasingly reliant upon both publicly available and proprietary information data systems. Data imprecision, software or other technology malfunctions, programming inaccuracies, unauthorized use or access, and similar circumstances may impair the performance of these systems and may have an adverse impact upon the performance of the Fund. Such circumstances may adversely impact the Fund's operations or the performance of the Fund's investments in a single issuer, a group of issuers, or the market at-large. For example, cyber attacks on the Fund's adviser, sub-advisers, and/or other service providers could cause business failures or delays in daily operations, and the Fund may not be able to process shareholder transactions or calculate a net asset value ("NAV") per share. Cyber attacks also could disrupt daily operations related to trading and portfolio management. In addition, technology disruptions and cyber attacks also may impact the operations or securities prices of an issuer or a group of issuers, and thus may have an adverse impact on the value of the Fund's investments and performance. In certain cases, an exchange or market may close or issue trading halts on specific securities or the entire market, which may result in a Fund being, among other things, unable to buy or sell certain securities or financial instruments or unable to accurately price its investments. The rapid development and increasingly widespread use of artificial intelligence, including machine learning technology and generative artificial intelligence, could exacerbate these risks or result in cybersecurity incidents that implicate personal data.

**Legislation and Regulatory Activities.** At any time after the date of the Prospectus, legislation may be enacted that could negatively affect the shares of the Fund or the issuers of such common stock. Further, changing approaches to regulation may have a negative impact on certain companies represented in the Fund. There can be no assurance that future legislation, regulation or deregulation will not have a material adverse effect on the Fund or will not impair the ability of the issuers of the common stock held in the Fund to achieve their business goals.

**Glossary of Risks**

The following risks may apply to the Fund. Please consult the Fund's Summary Prospectus and Statutory Prospectus to identify the risks associated with a particular Fund.

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

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

**Fixed-income risk –** The price of fixed-income securities responds to economic developments, particularly interest rate changes, as well as to perceptions about the credit risk of individual issuers. Rising interest rates generally will cause the price of bonds and other fixed-income debt securities to fall. In addition, falling interest rates may cause an issuer to redeem, call or refinance a security before its stated maturity, which may result in the Fund having to reinvest the proceeds in lower yielding securities. Longer maturity fixed-income securities may be subject to greater price fluctuations than shorter maturity fixed-income securities. Bonds and other fixed-income debt securities are subject to credit risk, which is the possibility that the credit strength of an issuer will weaken and/or an issuer of a fixed income security will fail to make timely payments of principal or interest and the security will go into default. In addition, as inflation increases, the present value of the Fund's fixed income investment typically will decline. Investors' expectation of future inflation can also adversely affect the current value of portfolio investments, resulting in lower asset values and potential losses. Debt instruments typically do not provide any voting rights, except in cases when interest payments have not been made and the issuer is in default.

**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.

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

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

**Investment in money market funds risk –** Although a money market fund is designed to be a relatively low risk investment, it is not free of risk. An investment in a money market fund is not insured or guaranteed by a Federal Deposit Insurance Corporation or any other government agency. Although such money market funds seek to maintain a net asset value of $1.00 per share, it is possible to lose money by investing in a money market fund. Despite the short maturities and high credit quality of a money market fund's investments, increases in interest rates and deteriorations in the credit quality of the instruments the Fund has purchased may reduce the Fund's yield and can cause the price of a money market security to decrease. In addition, a money market fund is subject to the risk that the value of an investment may be eroded over time by inflation.

**Investment strategy risk –** The Sub-Adviser, or if no Sub-Adviser, the investment manager uses the principal investment strategies and other investment strategies to seek to achieve the Fund's investment objective. Investment decisions made in accordance with these investment strategies may not produce the returns expected, and may cause the Fund's shares to decline in value or may cause the Fund to underperform other funds with similar investment objectives.

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

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

Portfolio securities may also decline in value due to factors affecting securities markets generally, such as real or perceived adverse economic, political or regulatory conditions, inflation, changes in interest or currency rates or adverse investor sentiment, public health issues, including widespread disease and virus epidemics or pandemics, war, economic uncertainty, and geopolitical events, such as sanctions, tariffs, the imposition of exchange controls or other cross-border trade barriers, terrorism or natural disasters, or due to factors affecting particular industries represented in the securities markets, such as competitive conditions. In addition, the Iranian conflict that commenced in February 2026 may result in market disruptions, including declines in regional and global stock markets, unusual volatility in global commodity markets and significant devaluations in currency. Escalation of hostilities in the Middle East could disrupt energy production or transportation, including through key shipping routes, which may lead to increased volatility in energy and other commodity prices. The extent and duration of this conflict is impossible to predict.

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.

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

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

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

**Regulatory investment limits risk** – The U.S. "Federal Securities Laws" may limit the amount a Fund may invest in certain securities. These limits may be Fund specific or they may apply to the investment manager. As a result of these regulatory limitations under the Federal Securities Laws and the asset management and financial industry business activities of the investment manager and its affiliates, the investment manager and the Fund may be prohibited from or limited in effecting transactions in certain securities. The investment manager and the Fund may encounter trading limitations or restrictions because of aggregation issues or other regulatory requirements. The Federal Securities Laws may impose position limits on securities held by the Fund, and the Fund may be limited as to which securities it may purchase or sell, as well as the timing of such purchases or sales. These regulatory investment limits may increase a Fund's expenses and may limit a Fund's performance.

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

**U.S. Government securities risk –** Obligations issued by agencies and instrumentalities of the U.S. Government vary in the level of support they receive from the U.S. Government. They may be: (i) supported by the full faith and credit of the U.S. Treasury, such as those of the Government National Mortgage Association; (ii) supported by the right of the issuer to borrow from the U.S. Treasury, such as those of the Federal National Mortgage Association ("Fannie Mae"); (iii) supported by the discretionary authority of the U.S. Government to purchase the issuer's obligations, such as those of the former Student Loan Marketing Association; or (iv) supported only by the credit of the issuer, such as those of the Federal Farm Credit Bureau. The maximum potential liability of the issuers of some U.S. Government securities may greatly exceed their current resources, including their legal right to receive support from the U.S. Treasury. It is possible that these issuers will not have the funds to meet their payment obligations in the future.

Although many types of U.S. Government securities may be purchased by the Fund, such as those issued by Fannie Mae, the Federal Home Loan Mortgage Corporation ("Freddie Mac"), the Federal Home Loan Banks, and other entities chartered or sponsored by Acts of Congress, their securities are neither issued nor guaranteed by the U.S. Treasury and, therefore, are not backed by the full faith and credit of the United States. The U.S. Government may choose not to provide financial support to U.S. Government sponsored agencies or instrumentalities if it is not legally obligated to do so, in which case, if the issuer defaulted, the holder of the securities of such issuer might not be able to recover its investment from the U.S. Government. Fannie Mae and Freddie Mac have been operating as going concerns in a conservatorship overseen by the Federal Housing Finance Agency ("FHFA") since 2008, and each remains liable for all of its obligations, including its guarantees, associated with its mortgage-backed securities. The ongoing effect that this conservatorship will continue to have on the entities' debt and equities and on securities guaranteed by the entities is unclear. No assurance can be given that the U.S. Treasury initiatives discussed above with respect to the debt and mortgage-backed securities issued by Fannie Mae and Freddie Mac will be successful. In addition, new accounting standards and future Congressional action may affect the value of Fannie Mae and Freddie Mac debt.

FHFA and the White House have made public statements regarding plans to consider ending the conservatorships of Fannie Mae and Freddie Mac. In the event that Fannie Mae and Freddie Mac are taken out of conservatorship, it is unclear how the capital structure of Fannie Mae and Freddie Mac would be constructed and what effects, if any, there may be on Fannie Mae's and Freddie Mac's creditworthiness and guarantees of certain mortgage-backed securities. Should Fannie Mae's and Freddie Mac's conservatorship end, there could be an adverse impact on the value of their securities, which could cause losses to the Fund.

**Management of the Trust**

Under Massachusetts law and the Trust's Declaration of Trust and By-Laws, the Trust's Board of Trustees (the "Board") is responsible for managing the business and affairs of the Trust.

**Investment Adviser**

Jackson National Asset Management, LLC<sup>SM</sup> ("JNAM<sup>®</sup>" or the "Adviser"), located at 1 Corporate Way, Lansing, Michigan 48951, serves as the investment adviser to the Fund and provides the Fund with professional investment supervision and management under an Investment Advisory and Management Agreement between the Trust and the Adviser. The Adviser is registered with the SEC under the Investment Advisers Act of 1940, as amended (the "Advisers Act").

The Adviser is an indirect, wholly owned subsidiary of Jackson Financial Inc. ("Jackson"), a leading provider of retirement products for industry professionals and their clients. Jackson and its affiliates offer variable, fixed and fixed index annuities designed for tax-efficient growth and distribution of retirement income for retail customers, as well as products for institutional investors.

Under the Investment Advisory and Management Agreement, 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, administrative and exempt transfer agent 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 a Fund to a sub-adviser, subject to the approval of the Board, and is responsible for overseeing that Sub-Adviser's performance. The Adviser is solely responsible for payment of any fees to the Sub-Adviser.

The Adviser plays an active role in advising and monitoring the Fund and Sub-Adviser, if any. For those Funds the Adviser directly manages, the Adviser, among other things, implements the investment objective and program by selecting securities and determining asset allocation ranges. When appropriate, the Adviser recommends to the Board potential sub-advisers for a Fund. For those Funds managed by a Sub-Adviser, the Adviser monitors each Sub-Adviser's Fund management team to determine whether its investment activities remain consistent with the Fund's investment strategies and objectives. The Adviser also monitors changes that may impact the Sub-Adviser's overall business, including the Sub-Adviser's operations and changes in investment personnel and senior management, and regularly performs due diligence reviews of each Sub-Adviser. In addition, the Adviser obtains detailed, comprehensive information concerning the Fund's and Sub-Adviser's performance and Fund operations. The Adviser is responsible for providing regular reports on these matters to the Board.

A discussion regarding the Board's basis for approving the Investment Advisory and Management Agreement for the Fund is available in the Fund's N-CSR filing for the period ended December 31, 2025.

As of December 31, 2025, the Adviser managed approximately $260.7 billion in assets.

**Management Fee**

As compensation for its advisory services, the Adviser receives a fee from the Trust computed separately for the Fund, accrued daily and payable monthly. The fee the Adviser receives from the Fund is set forth below as an annual percentage of the net assets of the Fund.

The table below shows the advisory fee rate schedule for the Fund as set forth in the Investment Advisory and Management Agreement and the aggregate annual fee the Fund paid to the Adviser for the fiscal year ended December 31, 2025. Under this agreement, the Fund's advisory fee rate schedule is subject to contractual breakpoints that reduce the advisory fee rate should the Fund's average daily net assets exceed specified amounts.

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| | | | |
|:---|:---|:---|:---|
| **Fund** | **Assets** | **Advisory Fee** <br> (Annual Rate Based on Average Daily Net Assets of each Fund) | **Aggregate Fee Paid to Adviser based on Average Daily Net Asset as of December 31, 2025** |
| JNL Government Money Market Fund | $0 to $1 billion | .090% |  |
|  | $1 billion to $3 billion | .080% |  |
|  | $3 billion to $5 billion | .070% |  |
|  | Over $5 billion | .060% | 0.08% |

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**Investment Sub-Adviser**

The Adviser has engaged Mellon Investments Corporation ("Mellon"), to serve as sub-adviser to JNL Government Money Market Fund ("Sub-Adviser"), under a Sub-Advisory Agreement between the Adviser and the Sub-Adviser.

Under the terms of the Sub-Advisory Agreement, the Sub-Adviser is responsible for supervising and managing the investment and reinvestment of the assets of an assigned Fund and for directing the purchase and sale of the Fund's investment securities, subject to the oversight and supervision of the Adviser and the Board. The Sub-Adviser formulates a continuous investment program for an assigned Fund consistent with the Fund's investment strategies, objectives and policies outlined in this Prospectus. The Sub-Adviser implements such program by purchases and sales of securities and regularly reports to the Adviser and the Board with respect to the implementation of such programs.

As compensation for its sub-advisory services, the Sub-Adviser receives a fee from the Adviser stated as an annual percentage of the Fund's net assets. The SAI shows the aggregate fees paid to the Sub-Adviser for the fiscal year ended December 31, 2025. The Adviser currently is obligated to pay the Sub-Adviser out of the advisory fee it receives from the Fund.

A discussion regarding the Board's basis for approving the Sub-Advisory Agreement for the Fund is available in the Fund's N-CSR filing for the period ended December 31, 2025.

The Adviser and the Trust, together with other investment companies of which the Adviser is investment adviser, have received an exemptive order (the "Order") that allows the Adviser to hire, replace or terminate unaffiliated Sub-Advisers or materially amend a Sub-Advisory Agreement with an unaffiliated Sub-Adviser with the approval of the Board, but without the approval of shareholders. Under the terms of the Order, if a new Sub-Adviser is hired by the Adviser, the affected Fund will provide shareholders with information about the new Sub-Adviser and new Sub-Advisory Agreement within ninety (90) days of the change. The Order allows the Fund to operate more efficiently and with greater flexibility.

The Adviser does not expect to recommend frequent changes of Sub-Advisers. Although the Adviser will monitor the performance of the Sub-Advisers, there is no certainty that any Sub-Adviser or Fund will obtain favorable results at any given time.

**Portfolio Manager(s)**

For information about the portfolio management team responsible for the day-to-day management of the Fund, please refer to the Fund's Summary Prospectus or the disclosure pertaining to the Fund in the "Additional Information About the Fund" section of this Prospectus.

**Administrator**

JNAM 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), printing and mailing, and other administrative services necessary for the operation of the Fund. In addition, JNAM, in its capacity as administrator, also pays a portion of the costs of the Fund's Chief Compliance Officer. Effective May 1, 2023, the JNL Government Money Market Fund pays JNAM an administrative fee, as outlined below, equal to a certain percentage of average daily net assets of the JNL Government Money Market Fund's Class I and Class SL shares, accrued daily and paid monthly.

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| | | |
|:---|:---|:---|
| **FUND** | **FUND** | **ASSETS** |
| JNL Government Money Market Fund | JNL Government Money Market Fund | $0 to $3 billion.100%<sup>1</sup> |
|  |  | $3 billion to $5 billion.090%<sup>1</sup> |
|  |  | Assets over $5 billion.080%<sup>1</sup> |
| <sup>1</sup> | Jackson National Asset Management, LLC has contractually agreed to waive 100% of the administrative fees of the Class SL shares of the Fund. The fee waiver will continue for at least one year from the date of the current Prospectus, unless the Board of Trustees approves a change in or elimination of the waiver. This fee waiver is subject to yearly review and approval by the Board of Trustees. | Jackson National Asset Management, LLC has contractually agreed to waive 100% of the administrative fees of the Class SL shares of the Fund. The fee waiver will continue for at least one year from the date of the current Prospectus, unless the Board of Trustees approves a change in or elimination of the waiver. This fee waiver is subject to yearly review and approval by the Board of Trustees. |

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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 legal fees, interest expenses, registration fees, licensing costs, a portion of the Chief Compliance Officer costs, directors and officers insurance, expenses related to the Fund's Chief Compliance Officer, the fees and expenses of the Independent Trustees and of independent legal counsel to the Independent Trustees (categorized as "Other Expenses" in the fee tables).

**Distributor**

Jackson National Life Distributors LLC ("JNLD"), an indirect, wholly owned subsidiary of Jackson Financial Inc. ("Jackson"), is the principal underwriter of the Fund and is responsible for promoting sales of the Fund's shares. JNLD also is the principal underwriter of the variable annuity insurance products issued by Jackson and its subsidiaries.

JNLD and/or an affiliate have the following relationships with certain Sub-Advisers and/or their affiliates:

● JNLD receives payments from certain of the Sub-Advisers to assist in defraying the costs of certain promotional and marketing meetings in which those Sub-Advisers participate. The amounts paid depend on the nature of the meetings, the number of meetings attended, the costs expected to be incurred, and the level of the Sub-Adviser's participation.

**Classes of Shares**

Effective September 25, 2017, the Trust adopted a multi-class plan pursuant to Rule 18f-3 under the 1940 Act, under which the Fund is authorized to issue from time to time two classes of shares (Class A and Class I). The plan was amended in March 2023 with regard to the JNL Government Money Market Fund to reflect the name change of Institutional Class shares to Class I shares and to add a new share class (Class SL shares). The JNL Government Money Market Fund issues Class I shares (formerly named Institutional Class), and effective May 1, 2023, Class SL shares.

Pursuant to the multi-class plan, Class I shares and Class SL shares of the Fund are not subject to a Rule 12b-1 fee.

Under the multi-class structure, the Class I shares and Class SL shares of a Fund represent interests in the same portfolio of securities and are substantially the same except for "class expenses." The expenses of the Fund are borne by each Class of shares based on the net assets of the Fund attributable to each class, except that class expenses are allocated to the appropriate class. "Class expenses" include any distribution, administrative or service expense allocable to that class, pursuant to the 12b-1 Plan described below, and any other expenses that JNAM determines, subject to ratification or approval by the Board, to be properly allocable to that class, including: (i) printing and postage expenses related to preparing and distributing to the shareholders of a particular class (or contract owners of variable contracts funded by shares of such class) materials such as Prospectuses, shareholder reports and (ii) professional fees relating solely to one class.

**Rule 12b-1 Plan**

The Fund has adopted a distribution plan in accordance with the provisions of Rule 12b-1 under the 1940 Act. Effective July 1, 2017, the Fund adopted an Amended and Restated Distribution Plan ("Amended Plan").

The Board, including all of the Independent Trustees, must approve, at least annually, the continuation of the Amended Plan. Under the Amended Plan, a Fund that issues Class A Shares is authorized to pay a Rule 12b-1 fee to JNLD, as principal underwriter, at an annual rate, as specified in the Amended Plan, of the Fund's average daily net assets attributed to Class A shares, as compensation for distribution, administrative or other service activities incurred by JNLD and its affiliates with respect to Class A shares. Because these fees are paid out of the Fund's assets on an on-going basis, over time these fees will increase the cost of your investment and may cost you more than paying other types of sales charges. To the extent consistent with applicable law and the Amended Plan, JNLD may use the Rule 12b-1 fee to compensate broker-dealers, administrators, financial intermediaries or others for providing or assisting in providing distribution and related additional services.

Currently, the JNL Government Money Market Fund issues Class I (formerly named Institutional Class) and Class SL shares, which are not subject to a Rule 12b-1 fee.

**Investment in Fund Shares**

Shares of the Fund are not available to the general public for direct purchase. The Fund's shareholders are mutual funds owned directly or indirectly by separate accounts of Jackson National Life Insurance Company ("Jackson National") or Jackson National Life Insurance Company of New York ("Jackson National NY"). All investments in the Fund must be made by the Adviser or Sub-Adviser when it has been given discretionary investment authority as adviser or sub-adviser to investing entities.

Purchases are effected at NAV next determined after the purchase order is received by JNAM as the Fund's transfer agent in proper form. There is no sales charge.

The Fund is managed by a sub-adviser who manages publicly available mutual funds that have similar names and investment objectives. While the Fund may be similar to or modeled after publicly available mutual funds, shareholders should understand that the Fund is not otherwise directly related to any publicly available mutual fund. Consequently, the investment performance of publicly available mutual funds and any corresponding Fund may differ substantially.

The price of 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 Investment Company Act of 1940, as amended. 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 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 Trust's "Valuation Policies and Procedures" and "Valuation Guidelines." The valuation committee will also review the value of restricted securities, securities and assets for which a current market price is not readily available, and securities and assets for which there is reason to believe that the most recent market price is not reflective of the market value (e.g. disorderly market transactions). In the event that the NYSE is closed unexpectedly or opens for trading but closes earlier than scheduled, the valuation committee will evaluate if trading activity on other U.S. exchanges and markets for equity securities is considered reflective of normal market activity. To the extent an NYSE closure is determined to be accompanied by a disruption of normal market activity, the valuation committee may utilize the time the NYSE closed for purposes of measuring and calculating the Fund's NAVs. To the extent an NYSE closure is determined to not have resulted in a disruption of normal market activity, the valuation committee may utilize the time the NYSE was scheduled to close for purposes of measuring and calculating the Fund's NAVs.

All investments in the Trust are credited to the shareholder's account in the form of full and fractional shares of the designated Fund (rounded to the nearest 1/1000 of a share). The Trust does not issue share certificates.

**Disclosure of Portfolio Securities**

A description of the Fund's policies and procedures relating to disclosure of portfolio securities is available in the Trust's SAI and at <u>www.jackson.com</u>.

**Redemption of Fund Shares**

Redemptions typically are processed on any day on which the Trust and the NYSE are open for business and are effected at net asset value next determined after the redemption order is received by JNAM, the Fund's transfer agent, in proper form.

The Trust may suspend the right of redemption only under the following circumstances:

● When the NYSE is closed (other than weekends and holidays) or trading is restricted;

● When an emergency exists, making disposal of portfolio securities or the valuation of net assets not reasonably practicable; or

● During any period when the SEC has by order permitted a suspension of redemption for the protection of shareholders.

The Fund typically expects that the Fund will hold cash or cash equivalents to meet redemption requests. The Fund may also use the proceeds of orders to purchase Fund shares or the proceeds from the sale of portfolio securities to meet redemption requests, if consistent with the management of the Fund. These redemption methods will be used regularly and may also be used in stressed market conditions. The Fund, pursuant to an exemptive order issued by the SEC and a master Interfund Lending agreement, has the ability to lend or borrow money for temporary purposes directly to or from one another.

In the case of a liquidity event, the Fund's share price and/or returns may be negatively impacted. If a liquidity event occurs, the Adviser will notify the Board of the liquidity event and take corrective action. Corrective action may include, among other things, use of the Interfund Lending Program.

Redemptions will generally be in the form of cash, although the Fund reserves the right to redeem in kind from another Fund. If the Fund redeems shares in kind from another Fund, it may bear transaction costs and will bear market risks until such time as such securities are converted to cash.

**Tax Status**

**General**

The Trust consists of a Fund that is treated for U.S. federal income tax purposes as a corporation that intends to qualify and be eligible for treatment as a regulated investment company.

Dividends from net investment income, if any, are declared daily and payable monthly to the Fund shareholders. Distributions from net realized capital gains, if any, are declared and distributed at least annually to shareholders of the Fund to the extent they exceed available capital loss carryforwards.

Dividends and other distributions by the Fund, if any, are automatically reinvested at net asset value in shares of the Fund, unless otherwise requested by a shareholder. There are no fees or sales charges on reinvestments.

**Regulated Investment Company Fund**

The Fund has elected and intends to continue to qualify and be eligible for treatment as a "regulated investment company" under Subchapter M of the Internal Revenue Code of 1986, as amended ("Internal Revenue Code"). A regulated investment company generally is not subject to tax at the fund level on income and gains from investments that are distributed to shareholders. The Fund intends to distribute all its net investment income and net realized capital gains, if any, to shareholders no less frequently than annually and, therefore, does not expect to be required to pay any federal income or excise taxes. However, the Fund's failure to qualify and be eligible for treatment as a regulated investment company would result in fund-level taxation, and consequently, a reduction in income available for distribution to shareholders.

**Special Considerations for Variable Annuity Funds**

The interests in the Fund are owned by participating insurance companies and certain other eligible persons or plans permitted to hold shares of the Fund pursuant to the applicable Treasury regulations without impairing the ability of participating insurance companies to satisfy the diversification requirements of Section 817(h) of the Internal Revenue Code. Provided certain requirements are met, distributions from the Fund, if any, are not taxable to owners of certain variable insurance contracts and variable life insurance policies (collectively, "Contracts"). Owners of Contracts should consult the applicable variable insurance contract Prospectus for considerations on tax issues related to the Contracts.

The Fund intends to comply with the diversification requirements currently imposed by the Internal Revenue Code and U.S. Treasury regulations thereunder on separate accounts of insurance companies as a condition of maintaining the favorable tax status of the Contracts issued by separate accounts of Jackson National and Jackson National NY. The Sub-Advisory Agreement requires the Fund to be operated in compliance with these diversification requirements. The Sub-Adviser may depart from the investment strategy of the Fund only to the extent necessary to meet these diversification requirements. If the Fund does not meet such diversification requirements, the Contracts could lose their favorable tax treatment and income and gain allocable to the Contracts could be taxable currently to shareholders of the Fund. This could also occur if Contract holders are found to have an impermissible level of control over the investments underlying their Contracts. For more specific information, please refer to the Fund's SAI.

*The information provided above is only a summary of the U.S. federal income tax considerations relating to an investment in the Fund. You should consult the prospectus of the appropriate separate account or description of the plan for a discussion of the U.S. federal, state, local and foreign tax consequences to you of your contract, policy or plan.*

**Financial Highlights**

The financial highlights table is intended to help you understand 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 a Fund (assuming reinvestment of all dividends and distributions) held for the entire period. The information does not reflect any charges imposed under a variable insurance contract. If charges imposed under a variable contract were reflected, the returns would be lower. You should refer to the appropriate variable insurance contract prospectus regarding such charges.

The annual information below has been derived from financial statements audited by KPMG LLP, an independent registered public accounting firm, and should be read in conjunction with the financial statements and notes thereto, together with the report of KPMG LLP thereon, in the Trust's Form N-CSR filing, which is available upon request.

**JNL Investors Series Trust** 

**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.

---

| | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  | &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 |  |
| &nbsp;&nbsp;Period ended | &nbsp;&nbsp;Net asset value, beginning of period($) | &nbsp;&nbsp;Net investment income (loss)($) | &nbsp;&nbsp;Net realized & unrealized gains (losses)($) | &nbsp;&nbsp;Total from investment operations($) | &nbsp;&nbsp;Net investment income($) | &nbsp;&nbsp;Net realized gains on investment transactions($) | &nbsp;&nbsp;Net asset value, end of period($) | &nbsp;&nbsp;Total return(%) | &nbsp;&nbsp;Net assets, end of period (in thousands)($) | &nbsp;&nbsp;Portfolio turnover (%) | &nbsp;&nbsp;Net expenses to average net assets(%) | &nbsp;&nbsp;Net expenses to average net assets(%) | &nbsp;&nbsp;Total expenses to average net assets(%) | &nbsp;&nbsp;Net investment income (loss) to average net assets(%) |
| Class I | Class I | Class I | Class I | Class I |  |  |  |  |  |  |  |  |  |  |
| 12/31/25 | 1.00 | 0.04 | 0.00 | 0.04 | (0.04) |  | 1.00 | 4.17 | 2322549 | N/A | 0.19 |  | 0.19 | 4.09 |
| 12/31/24 | 1.00 | 0.05 | 0.00 | 0.05 | (0.05) |  | 1.00 | 5.13 | 2282743 | N/A | 0.19 |  | 0.19 | 5.01 |
| 12/31/23 (d) | 1.00 | 0.03 | 0.00 | 0.03 | (0.03) |  | 1.00 | 4.92 | 2436364 | N/A | 0.19 |  | 0.19 | 4.78 |
| 12/31/22 | 1.00 | 0.01 | 0.00 | 0.01 | (0.01) |  | 1.00 | 1.31 | 3095129 | N/A | 0.33 | (a) | 0.18 | 1.16 (b) |
| 12/31/21 | 1.00 | 0.00 | 0.00 | 0.00 | (0.00) (c) |  | 1.00 | 0.01 | 3605301 | N/A | 0.05 |  | 0.19 | 0.01 |
| Class SL |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 12/31/25 | 1.00 | 0.04 | 0.00 | 0.04 | (0.04) |  | 1.00 | 4.27 | 938073 | N/A | 0.09 |  | 0.19 | 4.16 |
| 12/31/24 | 1.00 | 0.05 | 0.00 | 0.05 | (0.05) |  | 1.00 | 5.25 | 747030 | N/A | 0.09 |  | 0.19 | 5.07 |
| 12/31/23 (e) | 1.00 | 0.03 | 0.00 | 0.03 | (0.03) |  | 1.00 | 3.50 | 841503 | N/A | 0.09 |  | 0.19 | 5.16 |

---

(a) Includes payments by the Fund for the Adviser's recapture of previously waived/reimbursed fees.

(b) The ratio for net investment income (loss) to average net assets without expense waivers or recovery of contractual expense waivers for JNL Government Money Market Fund for 2022 was 1.31%.

(c) Amount represents less than $0.005.

(d) Prior to May 1, 2023, the Fund offered Institutional Class shares. Effective May 1, 2023, Institutional Class shares were renamed to Class I shares.

(e) Effective May 1, 2023, Class SL shares were offered by the Fund.

**Privacy Program**

**Background**

The JNL Government Money Market Fund ("Fund") is used as a cash sweep and securities lending vehicle for the JNL Series Trust, Jackson Credit Opportunities Fund and Jackson Real Assets Fund. The Fund is not sold to retail investors and does **<u>not</u>** have access to contract holder nonpublic personal information ("Confidential Information"), which includes:

● All "personally identifiable financial information"; and

● Any list, description or other grouping of consumers.

The JNL Series Trust underlies certain variable products sponsored by Jackson and funds within JNL Series Trust are primarily sold to the separate accounts of those variable products<sup>1</sup>. Jackson, as the variable product sponsor, primarily manages and administers variable product contract holder Confidential Information. JNAM, as "Administrator" to the Fund may occasionally receive contract holder Confidential Information. The Fund does not provide initial or annual privacy notices because Fund shareholders are mutual funds owned directly by the separate accounts of Jackson National or Jackson National NY, not individuals.

**JNAM's and Jackson's Privacy Programs** 

The Fund shall primarily rely on the contract holder (customer) information protection policies and procedures (privacy policies and procedures) of Jackson and JNAM. The Fund's Chief Compliance Officer will review the Jackson and JNAM Privacy Programs as part of the Fund's Rule 38a-1 Annual Review requirements. In addition, the Chief Compliance Officer shall also conduct any interim reviews of such policies and procedures in light of any regulatory and/or compliance developments or changes.

<sup>1</sup> The Jackson Credit Opportunities Fund and Jackson Real Assets Fund (collectively, "Interval Funds") are not underlying investment options for the Jackson variable products. The Interval Funds are currently only available as investment options to certain Fund of Funds within JNL Series Trust.

**Appendix A**

"JNL<sup>®</sup>," "Jackson National<sup>®</sup>," "Jackson**<sup>®</sup>**," "Jackson of NY<sup>®</sup>" and "Jackson National Life Insurance Company of New York<sup>®</sup>" are trademarks of Jackson National Life Insurance Company<sup>®</sup>.

"Bloomberg<sup>®</sup>" and the Bloomberg indices listed herein (the "Bloomberg Indices") are service marks of Bloomberg Finance L.P. and its affiliates, including Bloomberg Index Services Limited ("BISL"), the administrator of the Bloomberg Indices (collectively, "Bloomberg"), and have been licensed for use for certain purposes by Jackson National Asset Management, LLC ("JNAM").

The JNL Government Money Market Fund (the "Fund") is not sponsored, endorsed, sold or promoted by Bloomberg. Bloomberg does not make any representation or warranty, express or implied, to the owners of or counterparties to the Fund or any member of the public regarding the advisability of investing in securities generally or in the Fund particularly. The only relationship of Bloomberg to JNAM is the licensing of certain trademarks, trade names and service marks and of the Bloomberg Indices, which are determined, composed and calculated by BISL without regard to JNAM or the Fund. Bloomberg has no obligation to take the needs of JNAM or the owners of the Fund into consideration in determining, composing or calculating the Bloomberg Indices. Bloomberg is not responsible for and has not participated in the determination of the timing of, prices at, or quantities of the Fund to be issued. Bloomberg shall not have any obligation or liability, including, without limitation, to Fund customers, in connection with the administration, marketing or trading of the Fund.

BLOOMBERG DOES NOT GUARANTEE THE ACCURACY AND/OR THE COMPLETENESS OF THE BLOOMBERG INDICES OR ANY DATA RELATED THERETO AND SHALL HAVE NO LIABILITY FOR ANY ERRORS, OMISSIONS OR INTERRUPTIONS THEREIN. BLOOMBERG DOES NOT MAKE ANY WARRANTY, EXPRESS OR IMPLIED, AS TO RESULTS TO BE OBTAINED BY JNAM, OWNERS OF THE FUND OR ANY OTHER PERSON OR ENTITY FROM THE USE OF THE BLOOMBERG INDICES OR ANY DATA RELATED THERETO. BLOOMBERG DOES NOT MAKE ANY EXPRESS OR IMPLIED WARRANTIES AND EXPRESSLY DISCLAIMS ALL WARRANTIES OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE OR USE WITH RESPECT TO THE BLOOMBERG INDICES OR ANY DATA RELATED THERETO. WITHOUT LIMITING ANY OF THE FOREGOING, TO THE MAXIMUM EXTENT ALLOWED BY LAW, BLOOMBERG, ITS LICENSORS, AND ITS AND THEIR RESPECTIVE EMPLOYEES, CONTRACTORS, AGENTS, SUPPLIERS, AND VENDORS SHALL HAVE NO LIABILITY OR RESPONSIBILITY WHATSOEVER FOR ANY INJURY OR DAMAGES—WHETHER DIRECT, INDIRECT, CONSEQUENTIAL, INCIDENTAL, PUNITIVE OR OTHERWISE—ARISING IN CONNECTION WITH THE FUND OR BLOOMBERG INDICES OR ANY DATA OR VALUES RELATING THERETO—WHETHER ARISING FROM THEIR NEGLIGENCE OR OTHERWISE, EVEN IF NOTIFIED OF THE POSSIBILITY THEREOF.

**Prospectus**

**April 27, 2026**

**JNL Investors Series Trust**

You can find more information about the Trust in:

● The Trust's **Statement of Additional Information** ("SAI") dated April 27, 2026 is on file with the Securities and Exchange Commission ("SEC") and is incorporated into the Prospectus by reference (which means the SAI is legally part of the Prospectus).

● The Trust's annual and semi-annual reports to shareholders and Form N-CSR. In the annual report, you will find a discussion of the market conditions and investment strategies that significantly affected each Fund's performance during its last fiscal year. In Form N-CSR, you will find the annual and semi-annual financial statements.

You can obtain a copy of the current SAI or the most recent annual and semi-annual reports to shareholders, and other information such as financial statements, without charge, or make other inquiries, by calling 1-800-392-2909, or writing the JNL Investors Series Trust, 225 W. Wacker Drive, Chicago, IL 60606. Because the Fund is currently only available to mutual funds owned directly or indirectly by separate accounts of Jackson National or Jackson National NY and/or other registered investment companies, the Trust does not make these documents available on its website.

Reports and other information about the Trust also are available on the EDGAR database on the SEC's Internet site (http://www.sec.gov), and copies may be obtained, after payment of a duplicating fee, by electronic request (<u>publicinfo@sec.gov</u>).

File No. 811-10041

**STATEMENT OF ADDITIONAL INFORMATION**

April 27, 2026

**JNL<sup>®</sup> INVESTORS SERIES TRUST**

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| | |
|:---|:---|
| **Fund** | **Class** |
| JNL Government Money Market Fund | Class I and Class SL |

---

<br> This Statement of Additional Information ("SAI") is not a prospectus. It contains information in addition to and more detailed than set forth in the Prospectus and should be read in conjunction with the JNL Investors Series Trust Prospectus dated April 27, 2026 ("Prospectus"). The financial statements of the JNL Investors Series Trust for the period ended December 31, 2025 are incorporated by reference (which means they legally are a part of this SAI) from the Trust's Form N-CSR. <br>The Prospectus, SAI, annual and semi-annual reports, and other information such as the financial statements, may be obtained at no charge by calling 1-800-392-2909, or writing the JNL Investors Series Trust, 225 W. Wacker Drive, Suite 1200, Chicago, IL 60606.<br>

**Shareholder Communications with Trustees**

Shareholders of the Fund can communicate directly with the Board of Trustees ("Trustees") by writing to the Chair of the Board, Mark S. Wehrle, P.O. Box 30902, Lansing, MI 48909-8402. Shareholders can communicate directly with an individual Trustee by writing to that Trustee at P.O. Box 30902, Lansing, MI 48909-8402. Such communications to the Board or individual Trustees are not screened before being delivered to the addressee.

**table of contents**

---

| | |
|:---|:---|
| [General Information and History](#jnlist485bposb001) | 1 |
| [Common Types of Investments and Management Practices](#jnlist485bposb002) | 1 |
| [Additional Risk Considerations](#jnlist485bposb003) | 14 |
| [Fundamental and Operating Policies Applicable to the Fund](#jnlist485bposb004) | 18 |
| [Trustees and Officers of the Trust](#jnlist485bposb005) | 20 |
| [Principal Holders of the Trust's Shares](#jnlist485bposb006) | 31 |
| [Investment Adviser, Sub-Adviser and Other Service Providers](#jnlist485bposb007) | 31 |
| [Disclosure of Portfolio Information](#jnlist485bposb008) | 38 |
| [Purchases, Redemptions and Pricing of Shares](#jnlist485bposb009) | 42 |
| [Description of Shares; Voting Rights; Shareholder Inquiries](#jnlist485bposb010) | 44 |
| [Tax Matters](#jnlist485bposb011) | 45 |
| [Financial Statements](#jnlist485bposb012) | 50 |
| [Appendix A – Ratings of Investments](#jnlist485bposb013) | A-1 |

---

**<u>General Information And History</u>**

The JNL Investors Series Trust ("Trust") is an open-end management investment company organized as a Massachusetts business trust, by a Declaration of Trust dated July 28, 2000, as amended and restated September 25, 2017. The Trust currently offers Class I shares (formerly named Institutional Class) and Class SL shares of JNL Government Money Market Fund (the "Fund"). The Trust is registered with the U.S. Securities and Exchange Commission ("SEC") as an investment company under the Investment Company Act of 1940, as amended ("1940 Act"), whose shares are registered with the SEC under and the Securities Act of 1933, as amended ("1933 Act").

**<u>Common Types Of Investments And Management Practices</u>**

This section describes some of the types of securities and financial instruments the Fund may hold in its portfolio and the various kinds of investment strategies that may be used in day-to-day portfolio management, as well as the risks associated with such investments. The Fund may invest in the following securities and financial instruments or engage in the following practices to the extent that such securities and practices are consistent with the Fund's investment objective(s) and policies described in the Prospectus and in this SAI.

**Adjustable and Floating Rate Obligations.** 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. See also the discussion of "Variable Rate Securities" below.

**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. Asset-backed securities may be "subordinated" to other interests in the same pool and a holder of those "subordinated" securities would receive payments only after any obligations to other more "senior" investors have been satisfied. During periods of deteriorating economic conditions, such as recessions or periods of rising unemployment, delinquencies and losses generally increase, sometimes dramatically, with respect to securitizations involving loans, sales contracts, receivables and other obligations underlying asset-backed securities. Ongoing developments in the residential and commercial mortgage markets may have additional consequences for the market for mortgage-backed securities. During periods of deteriorating economic conditions, such as recessions or periods of rising unemployment, delinquencies and losses generally increase, sometimes dramatically, with respect to securitizations involving mortgage loans. Many sub-prime mortgage pools have become distressed during periods of economic distress and may trade at significant discounts to their face value during such periods. As a result, the yield on any asset-backed security is difficult to predict with precision and actual yield to maturity may be more or less than the anticipated yield to maturity. The Sub-Adviser considers estimated prepayment rates in calculating the average weighted maturities of the Fund. Unscheduled prepayments are more likely to accelerate during periods of declining long-term interest rates. In the event of a prepayment during a period of declining interest rates, 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.

**Bank Obligations.** The Fund may invest in bank obligations, which include certificates of deposit, bankers' acceptances, and other short-term debt obligations. Certificates of deposit are negotiable certificates issued against funds deposited in a commercial bank for a definite period of time and that earn a specified return. Certificates of deposit may also be purchased or sold through broker-dealers and may have fixed or variable rates. A bankers' acceptance is a negotiable draft or bill of exchange, usually drawn by an importer or exporter to pay for specified merchandize in connection with international commercial transactions, which are "accepted" by a commercial bank unconditionally to pay the face value of the instrument on maturity.

The Fund may invest in U.S. banks, foreign branches of U.S. banks, U.S. branches of foreign banks, and foreign branches of foreign banks. Obligations of non-U.S. banks involve certain risks associated with investing in non-U.S. securities, including the possibilities that their liquidity could be impaired because of future political and economic developments, that their obligations may be less marketable than comparable obligations of United States banks, that a non-U.S. jurisdiction might impose withholding or other taxes on interest income payable on those obligations, that non-U.S. deposits may be seized or nationalized, that non-U.S. governmental restrictions such as exchange controls may be adopted and in turn might adversely affect the payment of principal and interest on those obligations and that the selection of those obligations may be more difficult because there may be less publicly available information concerning non-U.S. banks or the accounting, auditing and financial reporting standards, practices and requirements applicable to non-U.S. banks may differ from those applicable to United States banks. Non-U.S. banks are not generally subject to examination by any U.S. Government agency or instrumentality.

**Borrowing and Lending.** The Fund may borrow money from banks for temporary or emergency purposes in amounts up to 25% of its total assets. To secure borrowings, the Fund may mortgage or pledge securities in amounts up to 15% of their respective total net assets.

The Fund may affect simultaneous purchase and sale transactions that are known as "sale-buybacks." A sale-buyback is similar to a reverse repurchase agreement, except that in a sale-buyback, the counterparty that purchases the security is entitled to receive any principal or interest payments made on the underlying security pending settlement of the Fund's repurchase of the underlying security.

A "mortgage dollar roll" is similar to a reverse repurchase agreement in certain respects. In a "dollar roll" transaction a Fund sells a mortgage-related security, such as a security issued by the Government National Mortgage Association ("GNMA"), to a dealer and simultaneously agrees to repurchase a similar security (but not the same security) in the future at a pre-determined price. A "dollar roll" can be viewed, like a reverse repurchase agreement, as a collateralized borrowing in which the Fund pledges a mortgage-related security to a dealer to obtain cash. Unlike in the case of reverse repurchase agreements, the dealer with which the Fund enters into a dollar roll transaction is not obligated to return the same securities as those originally sold by the Fund, but only securities which are "substantially identical." To be considered "substantially identical," the securities returned to the Fund generally must: (1) be collateralized by the same types of underlying mortgages; (2) be issued by the same agency and be part of the same program; (3) have a similar original stated maturity; (4) have identical net coupon rates; (5) have similar market yields (and therefore price); and (6) satisfy "good delivery" requirements, meaning that the aggregate principal amounts of the securities delivered and received back must be within 0.01% of the initial amount delivered.

Because dollar roll transactions may be for terms ranging between one and six months, dollar roll transactions may be deemed "illiquid" and subject to the Fund's overall limitations on investments in illiquid securities.

**Cash Position.** The Fund may invest a certain portion of its assets in repurchase agreements and money market securities maturing in up to 397 days that the Sub-Adviser determines presents minimal credit risks to the Fund. The Fund also may invest cash balances in bank accounts, shares of affiliated money market funds, unaffiliated money market funds, high-quality, short-term debt instruments, cash and cash equivalents, and repurchase agreements. For temporary, defensive purposes, and where purchases and redemptions require the Fund may invest without limitation in such securities. This reserve position provides flexibility in meeting redemptions, expenses, rebalances and the timing of new investments, and serves as a short-term defense during periods of unusual market volatility.

**Collateralized Bond Obligations, Collateralized Loan Obligations, and other Collateralized Debt Obligations.** The Fund may invest in each of collateralized bond obligations ("CBOs"), collateralized loan obligations ("CLOs"), other collateralized debt obligations ("CDOs"), and other similarly structured securities. CBOs, CLOs and other CDOs are types of asset-backed securities. A CBO is a trust which is often backed by a diversified pool of high risk, below investment grade fixed income securities. The collateral can be from many different types of fixed income securities such as high yield debt, residential privately issued mortgage-related securities, commercial privately issued mortgage-related securities, trust preferred securities and emerging market debt. A CLO is a trust typically collateralized by a pool of loans, which may include, among others, domestic and foreign senior secured loans, senior unsecured loans, and subordinate corporate loans, including loans that may be rated below investment grade or equivalent unrated loans. Other CDOs are trusts backed by other types of assets representing obligations of various parties. CBOs, CLOs and other CDOs may charge management fees and administrative expenses.

For CBOs, CLOs and other CDOs, the cash flows from the trust are split into two or more portions, called tranches, varying in risk and yield. The riskiest portion is the "equity" tranche which bears the bulk of defaults from the bonds or loans in the trust and serves to protect the other, more senior tranches from default in all but the most severe circumstances. Because they are partially protected from defaults, senior tranches from a CBO trust, CLO trust or trust of another CDO typically have higher ratings and lower yields than their underlying securities, and can be rated investment grade. Despite the protection from the equity tranche, CBO, CLO or other CDO tranches can experience substantial losses due to actual defaults, increased sensitivity to defaults due to collateral default and disappearance of protecting tranches, market anticipation of defaults, as well as aversion to CBO, CLO or other CDO securities as a class.

The risks of an investment in a CBO, CLO or other CDO depend largely on the type of the collateral securities and the class of the instrument in which the Fund invests. Normally, CBOs, CLOs and other CDOs are privately offered and sold, and thus, are not registered under the securities laws. As a result, investments in CBOs, CLOs and other CDOs may be characterized by the Fund as illiquid securities; however, an active dealer market may exist for CBOs, CLOs and other CDOs allowing them to qualify for Rule 144A transactions. In addition to the normal risks associated with fixed income securities discussed elsewhere in this SAI and the Fund's Prospectus (*e.g.*, interest rate risk and default risk), CBOs, CLOs and other CDOs carry additional risks including, but not limited to: (i) the possibility that distributions from collateral securities will not be adequate to make interest or other payments; (ii) the quality of the collateral may decline in value or default; (iii) the risk that the Fund may invest in CBOs, CLOs or other CDOs that are subordinate to other classes; and (iv) the complex structure of the security may not be fully understood at the time of investment and may produce disputes with the issuer or unexpected investment results.

**Collateralized Mortgage Obligations ("CMOs").** The Fund may invest in CMOs, which are debt obligations of legal entities that are collateralized by mortgages and divided into classes. Similar to a bond, in most cases, interest and prepaid principal are paid on a monthly basis. CMOs may be collateralized by whole mortgage loans or private mortgage bonds, but are more typically collateralized by portfolios of mortgage pass-through securities guaranteed by the GNMA, the Federal Home Loan Mortgage Corporation ("FHLMC" or "Freddie Mac<sup>®</sup>"), or the Federal National Mortgage Association ("FNMA" or "Fannie Mae<sup>®</sup>"), and their income streams.

CMOs are structured into multiple classes, often referred to as "tranches," with each class bearing a different stated maturity and entitled to a different schedule for payments of principal and interest, including pre-payments. Actual maturity and average life will depend upon the pre-payment experience of the collateral. In the case of certain CMOs (known as "sequential pay" CMOs), payments of principal received from the pool of underlying mortgages, including pre-payments, are applied to the classes of CMOs in the order of their respective final distribution dates. Thus, no payment of principal will be made to any class of sequential pay CMOs until all other classes having an earlier final distribution date have been paid in full.

In a typical CMO transaction, a corporation ("issuer") issues multiple series (e.g., A, B, C, Z) of CMO bonds ("Bonds"). Proceeds from the Bond offerings are used to purchase mortgages or mortgage pass-through certificates ("Collateral"). The Collateral is pledged to a third-party trustee as security for the Bonds. Principal and interest payments from the Collateral are used to pay principal on the Bonds in the order A, B, C, Z. The Series A, B, and C Bonds all bear current interest. Interest on the Series Z Bonds is accrued and added to the principal amount and a like amount is paid as principal on the Series A, B, or C Bonds currently being paid off. When the Series A, B, and C Bonds are paid in full, interest and principal on the Series Z Bonds are then distributed. CMOs may be less liquid and may exhibit greater price volatility than other types of mortgage- or asset-backed securities.

As CMOs have evolved, some classes of Bonds have become more common. For example, the Fund may invest in parallel-pay and planned amortization class ("PAC") CMOs and multi-class pass-through certificates. Parallel-pay CMOs and multi-class pass-through certificates are structured to provide payments of principal on each payment date to more than one class. These simultaneous payments are taken into account in calculating the stated maturity date or final distribution date of each class, which, as with other CMO and multi-class pass-through structures, must be retired by its stated maturity date or final distribution date but may be retired earlier. PACs generally require payments of a specified amount of principal on each payment date. PACs are parallel-pay CMOs with the required principal amount on such securities having the highest priority after interest has been paid to all classes. Any CMO or multi-class pass through structure that includes PAC securities must also have support tranches—known as support bonds, companion bonds or non-PAC bonds—which lend or absorb principal cash flows to allow the PAC securities to maintain their stated maturities and final distribution dates within a range of actual prepayment experience. These support tranches are subject to a higher level of maturity risk compared to other mortgage-backed securities, and usually provide a higher yield to compensate investors. If principal cash flows are received in amounts outside a pre-determined range such that the support bonds cannot lend or absorb sufficient cash flows to the PAC securities as intended, the PAC securities are subject to heightened maturity risk.

**Commercial Paper.** Commercial paper represents short-term unsecured promissory notes issued in bearer form by banks or bank holding companies, corporations and finance companies primarily to finance short-term credit needs. The commercial paper purchased by the Fund may consist of U.S. dollar- or foreign currency-denominated obligations of domestic or non-U.S. issuers, and may be rated or unrated. Commercial paper may have fixed, floating or variable rates, and a maturity of up to 270 days. The rate of return on commercial paper may be linked or indexed to the level of exchange rates between the U.S. dollar and a foreign currency or currencies.

**Convertible and Exchangeable Securities.** The Fund may invest in convertible securities, which may offer higher income than the common stocks into which they are convertible.

A convertible security is a bond, debenture, note, preferred stock, or other security that entitles the holder to acquire common stock or other equity securities of the same or a different issuer. A convertible security generally entitles the holder to receive interest paid or accrued until the convertible security matures or is redeemed, converted or exchanged. Before conversion, convertible securities have characteristics similar to non-convertible debt or preferred securities, as applicable. Convertible securities rank senior to common stock in a corporation's capital structure and, therefore, generally entail less risk than the corporation's common stock, although the extent to which such risk is reduced depends in large measure upon the degree to which the convertible security sells above its value as a fixed income security. Convertible securities are subordinate in rank to any senior debt obligations of the issuer, and, therefore, an issuer's convertible securities entail more risk than its debt obligations. Convertible securities generally offer lower interest or dividend yields than non-convertible debt securities of similar credit quality because of the potential for capital appreciation. In addition, convertible securities are often lower-rated securities.

Because of the conversion feature, the price of the convertible security will normally fluctuate in some proportion to changes in the price of the underlying asset, and as such is subject to risks relating to the activities of the issuer and/or general market and economic conditions. The income component of a convertible security may tend to cushion the security against declines in the price of the underlying asset. However, the income component of convertible securities causes fluctuations based upon changes in interest rates and the credit quality of the issuer.

If the convertible security's "conversion value," which is the market value of the underlying common stock that would be obtained upon the conversion of the convertible security, is substantially below the "investment value," which is the value of a convertible security viewed without regard to its conversion feature (i.e., strictly on the basis of its yield), the price of the convertible security is governed principally by its investment value. If the conversion value of a convertible security increases to a point that approximates or exceeds its investment value, the value of the security will be principally influenced by its conversion value. A convertible security will sell at a premium over its conversion value to the extent investors place value on the right to acquire the underlying common stock while holding an income-producing security.

A convertible security may be subject to redemption at the option of the issuer at a predetermined price. If a convertible security held by the Fund is called for redemption, the Fund would be required to permit the issuer to redeem the security and convert it to underlying common stock, or would sell the convertible security to a third party, which may have an adverse effect on the Fund's ability to achieve its investment objective.

More flexibility is possible in the assembly of a synthetic convertible security, such as an Equity-Linked Note ("ELN"), than in the purchase of a convertible security. Although synthetic convertible securities may be selected where the two components are issued by a single issuer, thus making the synthetic convertible security similar to the traditional convertible security, the character of a synthetic convertible security allows the combination of components representing distinct issuers, when believed that such a combination may better achieve the Fund's investment objective. A synthetic convertible security may be a more flexible investment in that its two components may be purchased separately. For example, the Fund may purchase an ELN (a hybrid fixed income instrument) whose return is partially dependent upon the performance of an underlying equity (stock, basket of stocks, index, basket of indexes, or some mix of these). These instruments are generally designed for the over-the-counter ("OTC") institutional investment market.

A holder of a synthetic convertible security, including an ELN, faces the risk of a decline in the price of the security or the level of the index involved in the convertible component, causing a decline in the value of the security or instrument, such as a call option or warrant, purchased to create the synthetic convertible security. Should the price of the stock fall below the exercise price and remain there throughout the exercise period, the entire amount paid for the call option or warrant would be lost. Because a synthetic convertible security includes the income-producing component as well, the holder of a synthetic convertible security also faces the risk that interest rates will rise, causing a decline in the value of the income-producing instrument.

**Diversification.** The Fund is a "diversified company," as that term is defined in the 1940 Act. Companies within an industry are often faced with the same obstacles, issues or regulatory burdens, and their common stocks may react similarly to and move in unison with these and other market conditions. As a result of these factors, stocks in which the Fund invests may be more volatile than a mixture of stocks of companies from a wide variety of industries.

**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. 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.

**Illiquid Securities.** The Fund may invest up to 5% of its total assets in illiquid securities that are assets. Under Rule 2a-7, an illiquid security is a security that cannot be sold or disposed of in the ordinary course of business within seven calendar days at approximately the value ascribed to it by the Fund. Limitations on the resale of restricted securities may have an adverse effect on their marketability, which may prevent the Fund from disposing of them promptly at reasonable prices. The Fund may have to bear the expense of registering such securities for resale, and the risk of substantial delays in effecting such registrations. Reduced liquidity in the secondary market for illiquid securities may make it difficult or impossible for the Fund to obtain market quotations based on actual transactions for purposes of valuing the Fund's shares.

**Inflation-Indexed Bonds.** The Fund may purchase inflation-indexed bonds. Inflation-indexed bonds are fixed income securities whose principal value is periodically adjusted according to the rate of inflation. Such bonds generally are issued at an interest rate lower than typical bonds, but are expected to retain their principal value over time. The interest rate on these bonds is fixed at issuance, but over the life of the bond the interest may be paid on an increasing principal value, which has been adjusted for inflation.

Inflation-indexed securities issued by the U.S. Treasury (typically referred to as treasury inflation-protected securities or "TIPS") have maturities of five (5), ten (10), and thirty (30) years, although it is anticipated that securities with other maturities may be issued in the future. The securities pay interest on a semi-annual basis, equal to a fixed percentage of the inflation-adjusted principal amount.

If the periodic adjustment rate measuring inflation falls, the principal value of inflation-indexed bonds will be adjusted downward, and consequently the interest payable on these securities (calculated with respect to a smaller principal amount) will be reduced. Repayment of the original bond principal upon maturity (as adjusted for inflation) is guaranteed in the case of U.S. Treasury inflation-indexed bonds, even during a period of deflation. However, the current market value of the bonds is not guaranteed, and will fluctuate. The Fund may also invest in other inflation related bonds which may or may not provide a similar guarantee. If a guarantee of principal is not provided, the adjusted principal value of the bond repaid at maturity may be less than the original principal.

The value of inflation-indexed bonds is expected to change in response to changes in real interest rates. Real interest rates in turn are tied to the relationship between nominal interest rates and the rate of inflation. Therefore, if inflation were to rise at a faster rate than nominal interest rates, real interest rates might decline, leading to an increase in value of inflation-indexed bonds. In contrast, if nominal interest rates increased at a faster rate than inflation, real interest rates might rise and lead to a decrease in value of inflation-indexed bonds.

The periodic adjustment of U.S. inflation-index bonds is tied to the Consumer Price Index ("CPI"), which is calculated monthly by the U.S. Bureau of Labor Statistics. The CPI is a measurement of changes in the cost of living, made up of components such as housing, food, transportation and energy. Inflation-indexed bonds issued by a foreign government are generally adjusted to reflect a comparable inflation index, calculated by that government. There can be no assurance that the CPI or any foreign inflation index will accurately measure the real rate of inflation in the prices of goods and services. Moreover, there can be no assurance that the rate of inflation in a foreign country will be correlated to the rate of inflation in the United States.

**Interfund Lending.** Pursuant to an exemptive order issued by the SEC, the Fund, as well as the portfolios of JNL Series Trust (in this section, the "Funds") will have the ability to lend money to, and borrow money from, each other pursuant to a master interfund lending agreement (the "Interfund Lending Program"). Money market funds may only lend in accordance with the requirements of the exemptive order. Under the Interfund Lending Program, the Funds may lend or borrow money (other than a money market fund) for temporary purposes directly to or from one another (an "Interfund Loan"), subject to meeting the conditions of the SEC exemptive order. All Interfund Loans would consist only of uninvested cash reserves that the lending Fund otherwise would invest in short-term repurchase agreements or other short-term instruments.

***Borrowing (other than a money market fund).*** If the Fund has outstanding bank borrowings, any Interfund Loans would: (a) be at an interest rate equal to or lower than that of any outstanding bank loan, (b) be secured at least on an equal priority basis with at least an equivalent percentage of collateral to loan value as any outstanding bank loan that requires collateral, (c) have a maturity no longer than any outstanding bank loan (and in any event not over seven days), and (d) provide that, if an event of default occurs under any agreement evidencing an outstanding bank loan to the Fund, that event of default will automatically (without need for action or notice by the lending Fund) constitute an immediate event of default under the interfund lending agreement, entitling the lending Fund to call the Interfund Loan (and exercise all rights with respect to any collateral), and that such call will be made if the lending bank exercises its right to call its loan under its agreement with the borrowing Fund.

The Fund may borrow on an unsecured basis through the Interfund Lending Program only if its outstanding borrowings from all sources immediately after the borrowing total 10% or less of its total assets, provided that if the Fund has a secured loan outstanding from any other lender, including but not limited to another Fund, the Fund's borrowing will be secured on at least an equal priority basis with at least an equivalent percentage of collateral to loan value as any outstanding loan that requires collateral. If the Fund's total outstanding borrowings immediately after an Interfund Loan under the Interfund Lending Program exceed 10% of its total assets, the Fund may borrow through the Interfund Lending Program on a secured basis only. The Fund may not borrow under the Interfund Lending Program or from any other source if its total outstanding borrowings immediately after the borrowing would be more than 33 1/3% of its total assets or any lower threshold provided for by the Fund's fundamental restriction or non-fundamental policy.

***Lending.*** The Fund may not lend to another Fund through the Interfund Lending Program if the loan would cause the lending Fund's aggregate outstanding loans through the Interfund Lending Program to exceed 15% of its current net assets at the time of the loan. The Fund's Interfund Loans to any one Fund shall not exceed 5% of the lending Fund's net assets. The duration of Interfund Loans will be limited to the time required to receive payment for securities sold, but in no event more than seven days, and for purposes of this condition, loans effected within seven days of each other will be treated as separate loan transactions. Each Interfund Loan may be called on one business day's notice by a lending Fund and may be repaid on any day by a borrowing Fund.

The limitations detailed above and the other conditions of the SEC exemptive order permitting interfund lending are designed to minimize the risks associated with interfund lending for both the lending Fund and the borrowing Fund. However, no borrowing or lending activity is without risk. When the Fund borrows money from another Fund, there is a risk that the Interfund Loan could be called on one day's notice or not renewed, in which case the Fund may have to borrow from a bank at higher rates if an Interfund Loan is not available from another Fund. Interfund Loans are subject to the risk that the borrowing Fund could be unable to repay the loan when due, and a delay in repayment to a lending Fund could result in a lost opportunity or additional lending costs. No Fund may borrow more than the amount permitted by its investment limitations.

**Investment Companies** **.** The Fund may invest in other investment companies to the extent permitted under the 1940 Act. As a shareholder in an investment company, the Fund would bear its pro rata share of that investment company's expenses, which could result in imposition of certain fees, including management and administrative fees, at two different levels.

The Fund may also invest, without limitation, in affiliated and unaffiliated money market funds in accordance with Rule 12d1-1 under the 1940 Act (see "Cash Position" section in this SAI).

In October 2020, the SEC adopted certain regulatory changes and took other actions related to the ability of an investment company to invest in the securities of another investment company. These changes include, among other things, the rescission of certain SEC exemptive orders permitting investments in excess of the statutory limits and the withdrawal of certain related SEC staff no-action letters, and the adoption of Rule 12d1-4 under the 1940 Act. Rule 12d1-4 permits funds to invest in other investment companies beyond the statutory limits, subject to certain conditions. In addition, under Rule 12d1-4, if shares of a fund are purchased by another fund beyond the limits of Section 12 of the 1940 Act, and the fund purchases shares of another investment company, the fund will not be able to make new investments in other funds, including private funds exempt from the definition of "investment company" under the 1940 Act by Sections 3(c)(1) or 3(c)(7) thereof, if, as a result of such investment, more than 10% of the fund's assets would be invested in other funds.

**Mortgage Dollar Rolls and U.S. Treasury Rolls.** The Fund may enter into mortgage dollar rolls in which the Fund sells mortgage-backed securities for delivery in the current month and simultaneously contracts to repurchase substantially similar (same type, coupon and maturity) securities on a specified future date. During the roll period, the Fund foregoes principal and interest paid on the mortgage-backed securities. The Fund is compensated by the interest earned on the cash proceeds of the initial sale and from negotiated fees paid by brokers offered as an inducement to the Fund to "roll over" its purchase commitments. The Fund may only enter into covered rolls. A "covered roll" is a type of dollar roll for which the Fund maintains an offsetting cash or cash equivalent position which matures on or before the forward repurchase settlement date of the dollar roll transaction. At the time the Fund enters into a "covered roll," it will establish a segregated account with its custodian bank in which it will maintain cash, U.S. Government securities or other liquid assets equal in value to its repurchase obligation and, accordingly, such dollar rolls will not be considered borrowings. Alternatively, the Fund may earmark liquid assets on its records for segregated asset purposes. Mortgage dollar rolls involve the risk that the market value of the securities the Fund is obligated to repurchase under the agreement may decline below the repurchase price. In the event the buyer of securities under a mortgage dollar roll files for bankruptcy or becomes insolvent, the Fund's use of proceeds of the dollar roll may be restricted pending a determination by the other party, or its trustee or receiver, whether to enforce the Fund's obligation to repurchase the securities. Transactions in mortgage dollar rolls may result in the purchase and sale of the Fund's portfolio securities, which may increase trading costs and portfolio turnover.

In a U.S. Treasury roll, the Fund sells U.S. Treasury securities and buys back "when issued" U.S. Treasury securities of slightly longer maturity for simultaneous settlement on the settlement date of the "when issued" U.S. Treasury security. The Fund might enter into this type of transaction to (i) incrementally adjust the average maturity of its portfolio (which otherwise would constantly decrease with the passage of time), or (ii) increase the interest yield on its portfolio by extending the average maturity of the portfolio. During the period before the settlement date of a U.S. Treasury roll, the Fund continues to earn interest on the securities it is selling, but does not earn interest on the securities it is purchasing until after the settlement date. The Fund could suffer an opportunity loss if the counter-party to the roll transaction failed to perform its obligations on the settlement date, and if market conditions changed adversely between the date of the transaction and the date of settlement. However, to minimize this risk, the Fund intends to enter into U.S. Treasury roll transactions only with government securities dealers recognized by the Federal Reserve Board or with member banks of the Federal Reserve System.

**Mortgage-Related Securities.** The Fund may invest in mortgage-related securities, including to-be-announced securities. Mortgage-related securities are interests in pools of residential or commercial mortgage loans, including mortgage loans made by savings and loan institutions, mortgage bankers, commercial bankers and others. Pools or mortgage loans are assembled as securities for sale to investors by various governmental, government-related and private organizations. The mortgages underlying the mortgage-related securities may be of a variety of types, including adjustable rate, conventional 30-year, fixed-rate, graduated payment, and 15-year. Mortgage-related securities are often sold by "tranche," such that the Fund may purchase a slice or piece of a mortgage pool (e.g. all 2-year variable rate sub-prime mortgages with a fixed-rate 30-year reset). The mortgages underlying the securities may also reflect credit quality differences (e.g., sub-prime mortgages). Principal and interest payments made on the mortgages in the underlying mortgage pool of a mortgage-related security held by the Fund are passed through to the Fund. This is in contrast to traditional bonds where principal is normally paid back at maturity in a lump sum. Unscheduled prepayments of principal shorten the securities' weighted average life and may raise or lower their total return. When a mortgage in the underlying mortgage pool is prepaid, an unscheduled principal prepayment is passed through to the Fund. This principal is returned to the Fund at par. As a result, if a mortgage security were trading at a discount, its total return would be increased by prepayments. Conversely, if a mortgage security is trading at a premium, its total return would be decreased by prepayments. The value of these securities may fluctuate because of changes in the market's perception of the creditworthiness of the issuer. The value of the mortgage-related securities may decline where there are defaults on the underlying mortgages. Mortgage-backed securities may be "subordinated" to other interests in the same pool and a holder of those "subordinated" securities would receive payments only after any obligations to other more "senior" investors have been satisfied. Investments in certain tranches can be speculative and entail a fair amount of risk. The mortgage securities market in general may be adversely affected by changes in governmental regulation or tax policies. In the case of privately issued mortgage-related and asset-backed securities, the Fund takes the position that such instruments do not represent interests in any particular industry or group of industries. In addition, certain types of real estate may be adversely affected by changing usage trends, such as office buildings as a result of work-from-home practices and commercial facilities as a result of an increase in online shopping, which could in turn result in defaults and declines in value of mortgage-backed securities secured by such properties.

**Participation on Creditors' Committees.** The Fund may from time to time participate on committees formed by creditors to negotiate with the management of financially troubled issuers of securities held by the Fund. Such participation may subject the Fund to expenses such as legal fees and may make the Fund an "insider" of the issuer for purposes of the federal securities laws, and therefore may restrict the Fund's ability to trade in or acquire additional positions in a particular security when it might otherwise desire to do so. Participation by the Fund on such committees also may expose the Fund to potential liabilities under the federal bankruptcy laws or other laws governing the rights of creditors and debtors. The Fund will participate on such committees only when a sub-adviser believes that such participation is necessary or desirable to enforce the Fund's rights as a creditor or to protect the value of securities held by the Fund. The Fund's participation along with participation by an affiliate such as Jackson National, including the sharing of legal expenses or settlement proceeds, could require prior SEC approval.

**Participations and Assignments.** The Fund may invest in fixed- and floating-rate loans arranged through private negotiations between a corporate borrower or a foreign sovereign entity and one or more financial institutions ("Lenders"). The Fund may invest in such loans in the form of participations in loans and participation notes (together, "Participations") and assignments of all or a portion of loans from third parties ("Assignments"). Participations typically will result in the Fund having a contractual relationship only with the Lender, not with the borrower. The Fund will have the right to receive payments of principal, interest and any fees to which it is entitled only from the Lender selling the Participation and only upon receipt by the Lender of the payments from the borrower. In connection with purchasing Participations, the Fund generally will have no right to enforce compliance by the borrower with the terms of the loan agreement relating to the loan, nor any rights of set-off against the borrower, and the Fund may not benefit directly from any collateral supporting the loan in which it has purchased the Participation. As a result, the Fund will assume the credit risk of both the borrower and the Lender that is selling the Participation. In the event of the insolvency of the Lender selling a Participation, the Fund may be treated as a general creditor of the Lender and may not benefit from any set-off between the Lender and the borrower. The Fund will acquire Participations only if the Lender interpositioned between the Fund and the borrower is determined by the Sub-Adviser to be creditworthy. When the Fund purchases Assignments from Lenders, the Fund will acquire direct rights against the borrower on the loan, except that under certain circumstances such rights may be more limited than those held by the assigning Lender.

The Fund may have difficulty disposing of Assignments and Participations, because the market for certain instruments may not be highly liquid, such instruments may be resold only to a limited number of institutional investors. The lack of a highly liquid secondary market for certain Assignments and Participations may have an adverse impact on the value of such instruments and may have an adverse impact on the Fund's ability to dispose of particular Assignments or Participations in response to a specific economic event, such as deterioration in the creditworthiness of the borrower, or a change in market conditions. The Fund may treat investments in Participations and Assignments as liquid securities, however, certain Assignments and Participations may be illiquid, as determined in accordance with the Fund's liquidity risk management program, and may be reviewed for liquidity by the Fund's "Valuation Committee" as well as the Sub-Adviser.

Some loans may represent revolving credit facilities or delayed funding loans, in which a lender agrees to make loans up to a maximum amount upon demand by the borrower during a specified term. These commitments may have the effect of requiring the Fund to increase its investment in a company at a time when it might not otherwise decide to do so (including at a time when the company's financial condition makes it unlikely that such amounts will be repaid). The Fund may make, participate in or acquire debtor-in-possession financings (commonly known as "DIP financings"). DIP financings are arranged when an entity seeks the protections of the bankruptcy court under Chapter 11 of the US Bankruptcy Code. These financings allow the entity to continue its business operations while reorganizing under Chapter 11. Such financings constitute senior liens on unencumbered security (i.e., security not subject to other creditors' claims). There is a risk that the entity will not emerge from Chapter 11 and be forced to liquidate its assets under Chapter 7 of the US Bankruptcy Code. In the event of liquidation, the Fund's only recourse will be against the property securing the DIP financing.

**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 redemptions 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 redemption requests. Increased portfolio turnover necessarily results in correspondingly higher costs including brokerage commissions, dealer mark-ups and other transaction costs on the sale of securities and reinvestment in other securities to 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.

**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.

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 to provide cash to satisfy unusually heavy redemption requests or for other temporary or emergency purposes without selling portfolio securities or to earn additional income on portfolio securities, such as Treasury bills and notes. Reverse repurchase agreements may also be used as a form of a "short sale," because the Fund is effectively selling the security with an agreement to repurchase the security at a later date (see "Short Sales" for additional information). When entering into a reverse repurchase agreement, the Fund may seek to profit on the difference between the initial security sale price and the repurchase price of that security.

The SEC has finalized rules that will require certain transactions involving U.S. Treasuries, including repurchase and reverse repurchase agreements, to be centrally cleared. Compliance with these rules is expected to be required on or about mid-2027. Although the impact of these rules on the Funds is difficult to predict, they may reduce the availability or increase the costs of such transactions and may adversely affect a Fund's performance.

**Rule 144A Securities.** Rule 144A securities are securities which, while privately placed, are eligible for purchase and resale pursuant to Section 4(2) of the 1933 Act and Rule 144A thereunder, and state securities laws. This Rule permits certain qualified institutional buyers, such as the Fund, to trade in privately placed securities even though such securities are not registered under the 1933 Act. The Sub-Adviser, in accordance with the Fund's liquidity risk management program, will determine whether securities purchased under Rule 144A are illiquid. The Sub-Adviser will also monitor the liquidity of Rule 144A securities and, if as a result of changes in market, trading and investment-specific considerations, the Sub-Adviser determines that a Rule 144A security is no longer liquid, the Sub-Adviser will review the Fund's holdings of illiquid securities to determine what, if any, action is required to assure that the Fund complies with the restriction on investment in illiquid securities. Investing in Rule 144A securities could increase the amount of the Fund's investments in illiquid securities if qualified institutional buyers are unwilling to purchase such securities.

**Short-Term Corporate Debt Securities.** The Fund may invest in short-term corporate debt securities, which are non-convertible corporate debt securities (*e.g.*, bonds, debentures, money market instruments, notes and other similar instruments and securities) which have one year or less remaining to maturity. Short-term corporate debt securities may have fixed, variable, or floating rates and generally are used by corporations and other issuers to borrow money from investors for such purposes as working capital or capital expenditures. The issuer pays the investor a variable or fixed rate of interest and normally must repay the amount borrowed on or before maturity. Certain bonds are "perpetual" in that they have no maturity date.

The investment return of corporate debt securities reflects interest earnings and changes in the market value of the security. The market value of a corporate debt obligation may be expected to rise and fall inversely with interest rates generally. In addition to interest rate risk, corporate debt securities also involve the risk that the issuers of the securities may not be able to meet their obligations on interest or principal payments at the time called for by an instrument. The rate of return or return of principal on some debt obligations may be linked or indexed to the level of exchange rates between the U.S. dollar and a foreign currency or currencies.

**Stripped Mortgage-Backed Securities ("SMBS").** The Fund may purchase SMBS, which may be considered derivative mortgage-backed securities. SMBS are derivative multi-class mortgage securities. SMBS may be issued by agencies or instrumentalities of the U.S. Government, or by private originators of, or investors in, mortgage loans, including savings and loan associations, mortgage banks, commercial banks, investment banks and special purpose entities of the foregoing.

SMBS are usually structured with two classes that receive different proportions of the interest and principal distributions on a pool of mortgage assets. A common type of SMBS will have one class receiving some of the interest and most of the principal from the mortgage assets, while the other class will receive most of the interest and the remainder of the principal. In the most extreme case, one class will receive all of the interest (the interest-only or "IO" class), while the other class will receive the entire principal (the principal-only or "PO" class). The yield to maturity on an IO class is extremely sensitive to the rate of principal payments, including pre-payments, on the related underlying mortgage assets, and a rapid rate of principal payments may have a material adverse effect on the Fund's yield to maturity from these securities. If the underlying mortgage assets experience greater than anticipated pre-payments of principal, the Fund may fail to recoup some or all of its initial investment in these securities even if the security is in one of the highest rating categories.

**Supranational Agency Securities.** The Fund may invest in securities issued or guaranteed by certain supranational entities, such as the International Development Bank or International Monetary Fund.

**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.

The downgrade in the long-term U.S. credit rating by major rating agencies has introduced greater uncertainty about the ability of the U.S. to repay its obligations. Additionally, raising the ceiling on U.S. government debt has become increasingly politicized. Any failure to increase the total amount that the U.S. government is authorized to borrow could lead to a default on U.S. government obligations, with unpredictable consequences for economies and markets in the U.S. and elsewhere.

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

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

FHFA and the White House have made public statements regarding plans to consider ending the conservatorships of FNMA and FHLMC. In the event that FNMA and FHLMC are taken out of conservatorship, it is unclear how the capital structure of FNMA and FHLMC would be constructed and what effects, if any, there may be on FNMA's and FHLMC's creditworthiness and guarantees of certain mortgage-backed securities. It is also unclear whether the U.S. Treasury would continue to enforce its rights or perform its obligations under the Senior Preferred Stock certificate. As of the date of this SAI, FNMA and FHLMC remain in conservatorship. Should FNMA's and FHLMC's conservatorship end, there could be an adverse impact on the value of their securities, which could cause losses to the Fund.

Yields on short-, intermediate- and long-term U.S. Government securities are dependent on a variety of factors, including the general conditions of the money and bond markets, the size of a particular offering and the maturity of the obligation. Debt securities with longer maturities tend to produce higher capital appreciation and depreciation than obligations with shorter maturities and lower yields. The market value of U.S. Government securities generally varies inversely with changes in the market interest rates. An increase in interest rates, therefore, generally would reduce the market value of the Fund's portfolio investments in U.S. Government securities, while a decline in interest rates generally would increase the market value of the Fund's portfolio investments in these securities.

**Variable Rate Securities.** Variable rate securities provide for a periodic adjustment in the interest rate paid on the obligations. The terms of such obligations provide that interest rates are adjusted periodically based upon some appropriate interest rate adjustment index described in the respective obligations. The adjustment intervals may be regular and range from daily up to annually, or may be event based, such as on a change in the prime rate.

The Fund may invest in floating rate debt instruments ("floaters") and engage in credit spread trades. The interest rate on a floater is a variable rate which is tied to another interest rate, such as a money-market index or U.S. Treasury bill rate. The interest rate on a floater resets periodically, typically every six months. Due to the interest rate reset feature, floaters provide the Fund with a certain degree of protection against rises in interest rates, although the Fund will participate in any declines in interest rates as well. A credit spread trade is an investment position relating to a difference in the prices or interest rates of two securities or currencies, where the value of the investment position is determined by changes in the difference between the prices or interest rates, as the case may be, of the respective securities or currencies.

The Fund may also invest in inverse floating rate debt instruments ("inverse floaters"). The interest rate on an inverse floater resets in the opposite direction from the market rate of interest to which the inverse floater is indexed. An inverse floating rate security may exhibit greater price volatility than a fixed rate obligation of similar credit quality.

**When-Issued Securities and Forward Commitment Contracts.** The Fund may purchase securities on a when-issued or delayed delivery basis ("when-issueds") and may purchase securities on a forward commitment basis, including on a to-be-announced ("TBA") basis and through standby commitments ("forwards"). TBA commitments are forward agreements for the purchase or sale of securities, including mortgage-backed securities, for a fixed price, with payment and delivery on an agreed upon future settlement date. Any or all of the Fund's investments in debt securities may be in the form of when-issueds and forwards. The price of such securities, which may be expressed in yield terms, is fixed at the time the commitment to purchase is made, but delivery and payment take place at a later date. Normally, the settlement date occurs within 90 days of the purchase for when-issueds, but the period may be substantially longer for forwards. During the period between purchase and settlement, no payment is made by the Fund to the issuer and no interest accrues to the Fund. The purchase of these securities will result in a loss if the value of the securities declines prior to the settlement date. This could occur, for example, if interest rates increase prior to settlement. In a TBA transaction, the Fund is subject to this risk whether or not the Fund takes delivery of the securities on the settlement date for a transaction. The longer the period between purchase and settlement, the greater the risk. At the time the Fund makes the commitment to purchase these securities, it will record the transaction and reflect the value of the security in determining its net asset value. Pursuant to recommendations of the Treasury Market Practices Group, which is sponsored by the Federal Reserve Bank of New York, the Fund or its bank dealer counterparty generally will be required to post collateral when entering into certain forward-settling mortgage-backed securities transactions. In addition, rules of the Financial Industry Regulatory Authority, Inc. ("FINRA") impose, with limited exceptions, mandatory margin requirements for certain types of when-issued, delayed delivery, or forward commitment transactions when the Fund enters into such transactions with non-bank broker dealers. Such margin requirements could increase the cost of these transactions and impose added operational complexity.

The Fund may enter into buy/sell back transactions, which are a form of delayed delivery agreements. In a buy/sell back transaction, the Fund enters a trade to sell securities at one price and simultaneously enters a trade to buy the same securities at another price for settlement at a future date.

The Fund may also sell securities on a when-issued or delayed delivery basis. These transactions involve a commitment by the Fund to sell securities at a pre-determined price or yield, with payment taking place beyond the customary settlement date.

**Zero Coupon, Stripped and Pay-in-Kind Bonds.** The Fund may invest in zero coupon, stripped, and pay-in kind bonds. Zero coupon bonds do not make regular interest payments; rather, they are sold at a discount from face value. Principal and accreted discounts, representing interest accrued but not paid, are paid at maturity. Strips are debt securities that are stripped of their interest after the securities are issued, but otherwise are comparable to zero coupon bonds. A Fund may also purchase "pay-in-kind" bonds. Pay-in-kind bonds pay all or a portion of their interest in the form of debt or equity securities.

Zero coupon, stripped and pay-in-kind bonds tend to be subject to greater price fluctuations in response to changes in interest rates than are ordinary interest-paying debt securities with similar maturities. The value of zero coupon or stripped securities appreciates more during periods of declining interest rates and depreciates more during periods of rising interest rates than ordinary interest-paying debt securities of similar quality and with similar maturities. Zero coupon securities and pay-in-kind bonds may be issued by a wide variety of corporate and governmental issuers.

Current U.S. federal income tax law requires holders of zero coupon and stripped securities, certain pay-in-kind securities, and certain other securities acquired at a discount, to accrue current interest income with respect to such securities even though no payment of interest is actually received, and a regulated investment company, such as the Fund, may be required to distribute its net income, including the interest income accrued but not actually received, to its shareholders. To avoid income or excise tax, the Fund may be required to distribute income accrued with respect to these discount securities, and may need to dispose of other securities owned, including when it is not advantageous to do so, to generate cash sufficient to make such distributions. The operation of these tax requirements may make such investments less attractive to investment companies and to taxable investors.

**ADDITIONAL RISK CONSIDERATIONS**

**Cybersecurity Risks.** With the increased use of technologies such as the Internet to conduct business, the Fund has become potentially more susceptible to operational and information security risks through breaches in cybersecurity. In general, a breach in cybersecurity can result from either a deliberate attack or an unintentional event. 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.

**Fund Mergers, Sub-Adviser Changes, and Transition Managers.** When there is a change in Sub-Advisers, a merger of the Fund, and/or a re-balance of investments in the "Underlying Funds" of a "Fund of Fund," the Adviser and Sub-Adviser may use the services of a "transition manager" to facilitate the purchase or sale of the Fund's portfolio holdings. A transition manager is used to help reduce the transaction costs associated with the purchase and sale of the Fund's portfolio holdings in connection with a transition, merger, and/or re-balance. A transition manager may use cross-trades among Funds, whereby, one Fund sells portfolio securities to another Fund. Such cross-trades are conducted pursuant to Rule 17a-7 under the 1940 Act, and the Fund's Rule 17a-7 Procedures. The transition manager may also facilitate brokerage transactions for the Fund during the course of a Sub-Adviser transition or merger of a Fund. Transitions, mergers, and re-balances may result in substantial inflows and outflows of monies in the Fund. During transitions, mergers, and/or re-balances, the Fund may invest in futures, forwards, and other derivatives instruments to provide market exposure to the Fund's cash positions. During transitions, the Fund may also invest in ETFs, cash, money market instruments, and other short-term investment instruments. Before and after a transition, merger, and/or re-balance, the Fund may not fully comply with its investment restrictions. Fund of Fund allocation changes, as well as changes in Sub-Adviser and investment personnel, re-balances, and reorganizations of the Fund may result in the purchase and sale of the Fund's portfolio securities, which may increase trading costs and portfolio turnover. Furthermore, Funds of Funds may allocate outside of the current investment strategy in advance of the transition, merger, and/or re-balance to minimize the impact of outflows on the Underlying Funds. Allocating outside the current investment strategy may cause the Funds of Funds to exceed investment limitations. Transitions, re-balances, and mergers may also result in higher brokerage commission costs. There can be no guarantees the Fund will experience improved securities allocations during a transition. The Fund may receive poor brokerage execution through the use of a transition manager and the Fund could lose money.

**Liquidity Risk.** Liquidity risk is the risk that the Fund could not meet requests to redeem shares issued by the Fund without significant dilution of remaining investors' interests in the Fund. 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 or become subject to trading restrictions. The Fund with principal investment strategies that involve small-cap securities, large positions relative to market capitalization, foreign securities, derivatives, or securities with substantial market and/or credit risk tends to have the greatest exposure to liquidity risk. Further, price movements of securities during the rebalance period could also negatively affect performance.

**Litigation.** At any time, litigation may be instituted on a variety of grounds with respect to the issuer of a common stock held in the Fund's portfolio. It is not possible to predict whether any litigation that has been or will be instituted, might have a material adverse effect on the Fund. Further, the Fund may be subject to litigation, and depending upon the nature of the litigation, the Fund may incur costs associated with the defense and/or settlement of any litigation.

**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. Political disruptions, terrorism, armed conflicts, tariffs or the threat of tariffs, other restrictions on trade or economic sanctions, 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 prolonged armed conflicts between Russia and Ukraine in Europe and among Israel, Iran, Hamas and other militant groups in the Middle East, and potential conflict between China and Taiwan (including if China were to attempt unification of Taiwan by force) may adversely affect the value of the Funds' investments. 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's and of the Fund's service providers.

**Money Market Fund Investments.** The Fund will comply with Rule 2a-7 ("Rule") under the 1940 Act, as amended from time to time, including the diversification, quality, and maturity limitations imposed by the Rule. The Rule is applicable to any registered investment company, such as the Fund, which holds itself out as a "money market" fund and which seeks to maintain a stable net asset value per share by either the "amortized cost" or "penny rounding" methods of determining net asset value.

Pursuant to the Rule, the Board has established procedures that attempt to maintain the NAV at $1.00 per share. The procedures include monitoring the relationship between amortized cost value per share and value per share based upon available indications of market value for the Fund's portfolio securities. The Board will decide what, if any, steps should be taken if there is a difference of more than .05 of 1% (or $.005) between the two values. In the event the Board determines that a deviation exists, which may result in material dilution or unfair results to investors or existing shareholders, the Board may take such corrective action as they regard as necessary and appropriate.

It is the policy of the Fund to seek to maintain a stable net asset value per share of $1.00. The portfolio investments of the Fund are valued on the basis of their "amortized cost" in accordance with the Rule. This involves valuing an investment at its cost initially and, thereafter, assuming a constant rate of amortization to maturity of the investment of any discount or premium, regardless of the impact of fluctuating interest rates on the fair market value of the investment during the period in which it is held by the Fund prior to its maturity. While this method provides certainty in valuation, it may result in periods during which the value of an investment, as determined by amortized cost, is higher or lower than the price the Fund would receive if it sold the investment in the market. The Rule imposes certain diversification, quality and maturity requirements for money market funds in order to reduce the risk the Fund's net asset value per share as determined by the fair market value of the investments held will materially differ from the Fund's net asset value per share determined on the basis of amortized cost. However, there can be no assurance the Fund will be able to maintain a stable net asset value per share of $1.00.

Pursuant to the Rule, the Fund must maintain a dollar-weighted average portfolio maturity of 60 days or less, a weighted average life of 120 days or less, and may invest only in U.S. dollar-denominated "Eligible Securities" (as that term is defined in the Rule) that have been determined by the Sub-Adviser, pursuant to procedures approved by the Trustees, to present minimal credit risks. Generally, an Eligible Security is a security: (i) with a remaining maturity of 397 calendar days or less that the Sub-Adviser determines presents minimal credit risks to the Fund, which determination must include an analysis of the capacity of the security's issuer or guarantor (including the provider of a conditional demand feature, when applicable) to meet its financial obligations, and such analysis must include, to the extent appropriate, consideration of specific factors pursuant to procedures, with respect to the security's issuer or guarantor; (ii) that is issued by a registered investment company that is a money market fund; and (iii) that is a government security.

Under the Rule, the Fund may not invest more than 5% of its assets in the securities of any one issuer, other than the U.S. Government, its agencies and instrumentalities.

The Fund cannot acquire any security, other than a "daily liquid asset" if, immediately after the acquisition, the Fund would have less than twenty-five percent (25%) of its total assets invested in daily liquid assets. Daily liquid assets are defined as cash (including demand deposits), direct obligations of the U.S. Government, and securities (including repurchase agreements) for which the Fund has a legal right to receive cash in one business day. The Fund cannot acquire any security, other than a "weekly liquid asset" if, immediately after the acquisition, the Fund would have less than fifty percent (50%) of its total assets invested in weekly liquid assets. Weekly liquid assets are defined as daily liquid assets (except the Fund has the right to receive the cash within five business days) and agency discount notes with remaining maturities of 60 days or less.

In July 2023, the SEC adopted amendments to the rules that govern registered money market funds. The reforms impact money market funds differently depending on the types of investors permitted to invest in a fund, the types of securities in which a fund may invest, and the principal investments of a money market fund. These amendments, among other changes: (i) modify the existing liquidity fee framework for non-government money market funds; (ii) increase required weekly liquid asset and daily liquid asset minimums, effective April 2, 2024; (iii) require institutional prime and institutional tax-exempt money market funds to impose a mandatory liquidity fee when daily net redemptions exceed certain levels unless the amount of the fee determined by the fund is less than 0.01% of the value of the shares redeemed, effective October 2, 2024; and (iv) allow government money market funds and retail money market funds to engage in certain practices in order to maintain a stable net asset value in a negative interest rate environment. When implemented, such amendments could impact the Fund's operations, performance, yields, and operating expenses.

**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 a Fund's ability to achieve its investment objective.

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

Following financial crises, 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. To the extent the Fund experiences high redemptions because of policy changes, the Fund may experience increased portfolio turnover, which will increase the costs that the Fund incurs and may lower the Fund's performance.

Continuing uncertainty as to the status of the Euro and the European Monetary Union ("EMU") and the potential for certain countries to withdraw from the institution has created significant volatility in currency and financial markets generally. Any partial or complete dissolution of the EMU could have significant adverse effects on currency and financial markets, and on the values of the 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 the Ukraine in 2014 and 2022. Russia launched a large-scale invasion of Ukraine in February 2022, which has resulted in the U.S. Government imposing sanctions on Russia. The extent and duration of the military action, resulting sanctions and the potential for future sanctions, and resulting future market disruptions, including declines in its stock markets and the value of the ruble against the U.S. dollar, are impossible to predict, but could be significant. Any such disruptions caused by Russian military action or other actions (including cyberattacks and espionage) or resulting actual and threatened responses to such activity, including purchasing and financing restrictions, boycotts or changes in consumer or purchaser preferences, sanctions, tariffs or cyberattacks on the Russian government, Russian companies or Russian individuals, including politicians, may negatively impact Russia's economy and Russian issuers of securities in which the Fund invests. Actual and threatened responses to such military action may also impact the markets for certain Russian commodities, such as oil and natural gas, as well as other sectors of the Russian economy, and may likely have collateral impacts on such sectors globally. These and any related events could have significant impact on Fund performance and the value of an investment in the Fund.

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.

**<u>FUNDAMENTAL AND OPERATING POLICIES applicable to THE fund</u>**

**Fundamental Policies.** The Fund is subject to certain fundamental policies and restrictions that may not be changed without shareholder approval. Shareholder approval means approval by the lesser of: (i) more than 50% of the outstanding voting securities of the Trust (or the Fund if a matter affects just the Fund); or (ii) 67% or more of the voting securities present at a meeting if the holders of more than 50% of the outstanding voting securities of the Trust (or the affected Fund) are present or represented by proxy. Unless otherwise indicated, all restrictions apply at the time of investment.

With respect to the submission of a change in an investment policy to the holders of outstanding voting interests of the Fund, such matter shall be deemed to have been effectively acted upon with respect to the Fund if a majority of the outstanding voting interests of the Fund vote for the approval of such matter, notwithstanding that: (i) such matter has not been approved by the holders of a majority of the outstanding voting interests of any other Funds affected by such matter, and (ii) such matter has not been approved by the vote of a majority of the outstanding voting Fund interests.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) The Fund may not invest more than 25% of the value of its respective assets in any particular industry (other than U.S. Government securities).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) The Fund may not invest directly in real estate or interests in real estate (excluding Real Estate Investment Trusts or any listed properties trust); however, the Fund may own debt or equity securities issued by companies engaged in those businesses.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) The Fund may not purchase or sell commodities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) The Fund may not act as an underwriter of securities issued by others, except to the extent that the Fund may be deemed an underwriter under the 1933 Act in connection with the disposition of portfolio securities of the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) The Fund may not lend any security or make any other loan if, as a result, more than 33 1/3% of the Fund's total assets would be lent to other parties (but this limitation does not apply to purchases of commercial paper, debt securities or repurchase agreements).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6) The Fund may not issue senior securities except that the Fund may borrow money for temporary or emergency purposes (not for leveraging or investment) in an amount not exceeding 25% of the value of its total assets (including the amount borrowed) less liabilities (other than borrowings). If borrowings exceed 25% of the value of the Fund's total assets by reason of a decline in net assets, the Fund will reduce its borrowings within three business days to the extent necessary to comply with the 25% limitation. This policy shall not prohibit reverse repurchase agreements, deposits of assets to margin or guarantee positions in futures, options, and forward contracts, or the segregation of assets in connection with such contracts, or dollar rolls where segregated.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7) The Fund will not borrow money, except for temporary or emergency purposes, from banks. The aggregate amount borrowed shall not exceed 25% of the value of the Fund's assets. In the case of any borrowing, the Fund may pledge, mortgage or hypothecate up to 15% of its assets.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8) The Fund will not invest more than 25% of the value of their respective assets in any particular industry (other than U.S. Government securities). The term "industry" is broad and may reasonably be interpreted to be classified differently among the sub-advisers. It is important to note that industry classification may be very narrow. For example, on its face, the telecommunications industry could be considered one (1) industry, however, the telecommunications industry is actually comprised of several services, such as, cellular, long-distance, paging and messaging, satellite or data, and the Internet. Each of the foregoing services may be considered a separate industry. Industries continue to expand over time, and certain issuers may be considered part of a specific industry at the time of investment, and due to changes in the marketplace or issuer business fundamentals, move to a different industry over the course of the investment time horizon.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9) The Fund is a "diversified" company as that term is defined under the 1940 Act.

**Operating Policies.** The Fund also has adopted non-fundamental investment restrictions. These restrictions are operating policies of the Fund and may be changed by the Trustees without shareholder approval. The additional investment restrictions adopted by the Trustees to date include the following:

(a) The Fund may not invest more than 5% of its assets in the securities of any one issuer (other than U.S.
Government securities and repurchase agreements on such securities).

**Non-Fundamental Investment Restrictions.** The Fund has investment strategies that are applicable "normally" or under "normal circumstances" or "normal market conditions" (as stated above and elsewhere in this SAI or in the Prospectus). These investment policies, limitations, or practices may not apply during periods of abnormal purchase or redemption activity or during periods of unusual or adverse market, economic, political or other conditions. Such market, economic, or political conditions may include periods of abnormal or heightened market volatility, strained credit and/or liquidity conditions, or increased governmental intervention in the markets or industries. It is possible that such unusual or adverse conditions may continue for extended periods of time. See "Temporary defensive positions and large cash positions risk" in the Prospectus.

**Minimum Requirement of Rule 35d-1.** The Fund, as noted in the Prospectus, has adopted non-fundamental operating policies that require at least 80% of the Fund's assets (net assets plus the amount of any borrowings made for investment purposes) be invested, under normal circumstances, in securities of the type connoted by the name of the Fund.

Although these 80% or greater requirements are non-fundamental operating policies that may be changed by the Board of Trustees without shareholder approval, the Board of Trustees has adopted a policy requiring not less than 60 days' written notice be provided to shareholders, in the manner required by Rule 35d-1 under the 1940 Act, before the effective date of any change in such a policy by a Fund that was adopted pursuant to the requirements of Rule 35d-1. This includes a Fund of the Trust the name of which include terms that suggest a focus on a particular type of investment.

**Non-Fundamental Investment Restrictions.** Unless otherwise indicated, all limitations applicable to the Fund's investments apply only at the time a transaction is entered into. Any subsequent change in a rating assigned by any rating service to a security (or, if unrated, deemed to be of comparable quality), or change in the percentage of the Fund's assets invested in certain securities or other instruments, or change in the average duration of the Fund's investment portfolio, resulting from market fluctuations or other changes in the Fund's total assets will not require the Fund to dispose of an investment until the sub-adviser determines that it is practicable to sell or close out the investment without undue market or tax consequences to the Fund. In the event that ratings services assign different ratings to the same security, the sub-adviser will determine which rating it believes best reflects the security's quality and risk at that time, which may be the higher of the several assigned ratings.

**<u>Trustees AND OFFICERS OF THE Trust</u>**

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

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

For purposes of this section, the term "Fund Complex" includes each of the following investment companies: JNL Series Trust (121 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).

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| | |
|:---|:---|
| &nbsp;&nbsp;**Name, Address, and (Age)** | &nbsp;&nbsp;**Number of Portfolios in Fund Complex Overseen by Trustee** |
| &nbsp;&nbsp;***Interested Trustee*** | &nbsp;&nbsp;***Interested Trustee*** |
| &nbsp;&nbsp; <br> Mark D. Nerud (59) <sup>1</sup> 1 Corporate Way<br> Lansing, MI 48951<br> &nbsp;&nbsp; <br> Trustee <sup>2</sup> <br> (1/2007 to present)<br>President and Chief Executive Officer<br> (12/2006 to present)<br>Chief Operating Decision Maker<br> (12/2024 to present)<br>| &nbsp;&nbsp; <br> 124 |
| &nbsp;&nbsp; **Principal Occupation(s) During Past 5 Years:**<br> Chief Executive Officer of JNAM (1/2010 to present); President of JNAM (1/2007 to present); Managing Board Member of JNAM (5/2015 to present); President, Chief Executive Officer, and Chief Operating Decision Maker of other investment companies advised by JNAM (11/2023 to present, 6/2023 to present, and 12/2006 to present); Principal Executive Officer of an investment company advised by PPM America, Inc. (11/2017 to 12/2024)  | &nbsp;&nbsp; **Principal Occupation(s) During Past 5 Years:**<br> Chief Executive Officer of JNAM (1/2010 to present); President of JNAM (1/2007 to present); Managing Board Member of JNAM (5/2015 to present); President, Chief Executive Officer, and Chief Operating Decision Maker of other investment companies advised by JNAM (11/2023 to present, 6/2023 to present, and 12/2006 to present); 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> None | &nbsp;&nbsp; **Other Directorships Held by Trustee During Past 5 Years:**<br> None |
| &nbsp;&nbsp;***Independent Trustees*** | &nbsp;&nbsp;***Independent Trustees*** |
| &nbsp;&nbsp; <br> Eric O. Anyah (58)<br> 1 Corporate Way<br> Lansing, MI 48951<br>&nbsp;&nbsp; Trustee <sup>2</sup><br> (1/2018 to present)<br>| &nbsp;&nbsp; <br> 124 |
| &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> None | &nbsp;&nbsp; **Other Directorships Held by Trustee During Past 5 Years:**<br> None |
| &nbsp;&nbsp; <br> Michael J. Bouchard (70)<br> 1 Corporate Way<br> Lansing, MI 48951<br>&nbsp;&nbsp; Trustee <sup>2</sup><br> (8/2000 to present)<br>| &nbsp;&nbsp; <br> 124 |
| &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> None | &nbsp;&nbsp; **Other Directorships Held by Trustee During Past 5 Years:**<br> None |
| &nbsp;&nbsp; <br> Ellen Carnahan (70)<br> 1 Corporate Way<br> Lansing, MI 48951<br>&nbsp;&nbsp; <br> Trustee <sup>2</sup> <br> (12/2013 to present) | &nbsp;&nbsp; <br> 124 |
| &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, Audit Committee Member, and Governance Committee Member (5/2015 to present) and Audit Committee Chair (3/2019 to present), ENOVA International Inc.; Director and Audit Committee Member (11/2016 to 8/2023) and Compensation Committee Chair (3/2018 to 8/2023), Paylocity Holding Corporation | &nbsp;&nbsp; **Other Directorships Held by Trustee During Past 5 Years:**<br> Director, Audit Committee Member, and Governance Committee Member (5/2015 to present) and Audit Committee Chair (3/2019 to present), ENOVA International Inc.; Director and Audit Committee Member (11/2016 to 8/2023) and Compensation Committee Chair (3/2018 to 8/2023), Paylocity Holding Corporation |
| &nbsp;&nbsp; <br> John W. Gillespie (72)<br> 1 Corporate Way<br> Lansing, MI 48951<br>&nbsp;&nbsp; <br> Trustee <sup>2</sup> <br> (12/2013 to present) | &nbsp;&nbsp; <br> 124 |
| &nbsp;&nbsp; **Principal Occupation(s) During Past 5 Years:**<br> Investor, Business Writer, and Advisor (10/2006 to present); Entrepreneur-in-Residence, UCLA Office of Intellectual Property (2/2013 to 12/2022) | &nbsp;&nbsp; **Principal Occupation(s) During Past 5 Years:**<br> Investor, Business Writer, and Advisor (10/2006 to present); Entrepreneur-in-Residence, UCLA Office of Intellectual Property (2/2013 to 12/2022) |
| &nbsp;&nbsp; **Other Directorships Held by Trustee During Past 5 Years:** <br> None | &nbsp;&nbsp; **Other Directorships Held by Trustee During Past 5 Years:** <br> None |

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| | |
|:---|:---|
| &nbsp;&nbsp;**Name, Address, and (Age)** | &nbsp;&nbsp;**Number of Portfolios in Fund Complex Overseen by Trustee** |
| &nbsp;&nbsp; <br> Elisa Zúñiga Ramírez (57) <br> 1 Corporate Way<br> Lansing, MI 48951<br>&nbsp;&nbsp; <br> Trustee <sup>2</sup> <br> (1/2026 to present) | &nbsp;&nbsp; <br> 124 |
| &nbsp;&nbsp; **Principal Occupation(s) During Past 5 Years:**<br> President, Exito Consulting (10/2022 to present) | &nbsp;&nbsp; **Principal Occupation(s) During Past 5 Years:**<br> President, Exito Consulting (10/2022 to present) |
| &nbsp;&nbsp; **Other Directorships Held by Trustee During Past 5 Years:**<br> Director, Compensation Committee Member, and Nominating/Governance Committee Member (10/2023 to present) and Audit Committee Chair (5/2025 to present), Century Communities, Inc.; Director (4/2022 to present) and Audit Committee Chair (1/2026 to present), Trust for Professional Managers; Director and Audit & Asset/Liability Committee Member, Peoples Financial Services Corporation (3/2022 to present); Director and Environmental, Social and Governance Advisory Committee Member, Bow River Capital (1/2021 to 12/2024); Director (1/2021 to 12/2024) and Board Chair (1/2023 to 12/2024), Denver Employees Retirement Plan | &nbsp;&nbsp; **Other Directorships Held by Trustee During Past 5 Years:**<br> Director, Compensation Committee Member, and Nominating/Governance Committee Member (10/2023 to present) and Audit Committee Chair (5/2025 to present), Century Communities, Inc.; Director (4/2022 to present) and Audit Committee Chair (1/2026 to present), Trust for Professional Managers; Director and Audit & Asset/Liability Committee Member, Peoples Financial Services Corporation (3/2022 to present); Director and Environmental, Social and Governance Advisory Committee Member, Bow River Capital (1/2021 to 12/2024); Director (1/2021 to 12/2024) and Board Chair (1/2023 to 12/2024), Denver Employees Retirement Plan |
| &nbsp;&nbsp; <br> William R. Rybak (75) <br> 1 Corporate Way<br> Lansing, MI 48951<br>&nbsp;&nbsp; <br> Trustee <sup>2</sup> <br> (1/2007 to present) | &nbsp;&nbsp; <br> 124 |
| &nbsp;&nbsp; **Principal Occupation(s) During Past 5 Years:**<br> Private investor (5/2000 to present); Board Member of various corporate boards (see below) | &nbsp;&nbsp; **Principal Occupation(s) During Past 5 Years:**<br> Private investor (5/2000 to present); Board Member of various corporate boards (see below) |
| &nbsp;&nbsp; **Other Directorships Held by Trustee During Past 5 Years:**<br> Director (2/2010 to present) and Board Chair (2/2016 to present), Christian Brothers Investment Services, Inc.; Trustee (2002 to present) and Audit Committee Chair (7/2019 to present), each of the Calamos Mutual Funds and Closed-End Funds; Trustee (10/2012 to 5/2024) and Chair Emeritus (5/2009 to 5/2024), Lewis University | &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 (2002 to present) and Audit Committee Chair (7/2019 to present), each of the Calamos Mutual Funds and Closed-End Funds; Trustee (10/2012 to 5/2024) and Chair Emeritus (5/2009 to 5/2024), Lewis University |
| &nbsp;&nbsp; <br> Eric A. Thomas (61)<br> 1 Corporate Way<br> Lansing, MI 48951<br>&nbsp;&nbsp; <br> Trustee <sup>2</sup> <br> (1/2026 to present) | &nbsp;&nbsp; <br> 124 |
| &nbsp;&nbsp; **Principal Occupation(s) During Past 5 Years:**<br> Independent Consulting Analyst (8/2019 to present); Professor, Suffolk University (7/2019 to present) | &nbsp;&nbsp; **Principal Occupation(s) During Past 5 Years:**<br> Independent Consulting Analyst (8/2019 to present); Professor, Suffolk University (7/2019 to present) |
| &nbsp;&nbsp; **Other Directorships Held by Trustee During Past 5 Years:** <br> Independent Trustee, Audit Committee Member, and Nominating and Governance Committee Member, Axxes Capital Funds (7/2022 to present); Director, Colorado State University Foundation (2/2011 to present) | &nbsp;&nbsp; **Other Directorships Held by Trustee During Past 5 Years:** <br> Independent Trustee, Audit Committee Member, and Nominating and Governance Committee Member, Axxes Capital Funds (7/2022 to present); Director, Colorado State University Foundation (2/2011 to present) |
| &nbsp;&nbsp; <br> Mark S. Wehrle (69)<br> 1 Corporate Way<br> Lansing, MI 48951<br>&nbsp;&nbsp; <br> Chair of the Board <sup>3</sup><br> (1/2026 to present)<br>Trustee <sup>2</sup> <br> (1/2018 to present)<br>| &nbsp;&nbsp; <br> 124 |
| &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> None | &nbsp;&nbsp; **Other Directorships Held by Trustee During Past 5 Years:**<br> None |
| &nbsp;&nbsp; <br> Edward C. Wood (70)<br> 1 Corporate Way<br> Lansing, MI 48951<br>&nbsp;&nbsp; <br>Trustee <sup>2</sup> <br> (12/2013 to present)<br>Chair of the Board <br> (1/2020 to 12/2025)<br>| &nbsp;&nbsp; <br> 124 |
| &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> None  | &nbsp;&nbsp; **Other Directorships Held by Trustee During Past 5 Years:**<br> None  |

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| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Name, Address, and (Age)** | &nbsp;&nbsp;**Name, Address, and (Age)** | &nbsp;&nbsp;**Number of Portfolios in Fund Complex Overseen by Trustee** |
| &nbsp;&nbsp; <br> Patricia A. Woodworth (71) <br> 1 Corporate Way<br> Lansing, MI 48951 | &nbsp;&nbsp; <br> Patricia A. Woodworth (71) <br> 1 Corporate Way<br> Lansing, MI 48951<br> &nbsp;&nbsp; <br> Trustee <sup>2</sup><br> (1/2007 to present) | &nbsp;&nbsp; <br> 124 |
| &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; **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> None  | &nbsp;&nbsp; **Other Directorships Held by Trustee During Past 5 Years:**<br> None  | &nbsp;&nbsp; **Other Directorships Held by Trustee During Past 5 Years:**<br> None  |
|  | <sup>1</sup> Mr. Nerud is an "interested person" of the Trust due to his position with JNAM, the Adviser. | <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>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. | <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. |

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| | |
|:---|:---|
| &nbsp;&nbsp;**Name, Address, and (Age)** | &nbsp;&nbsp; **Position(s) Held with Trust**<br> **(Length of Time Served)** |
| &nbsp;&nbsp; ****<br> **Officers**<br> **** | &nbsp;&nbsp; ****<br> **Officers**<br> **** |
| &nbsp;&nbsp; <br> Emily J. Bennett (42) <br> 1 Corporate Way<br> Lansing, MI 48951<br>| &nbsp;&nbsp; <br> Vice President<br> (11/2022 to present)<br>Assistant Secretary<br> (3/2016 to present)<br>|
| &nbsp;&nbsp; **Principal Occupation(s) During Past 5 Years:**<br> Vice President of JNAM (8/2022 to present); Deputy General Counsel of JNAM (8/2021 to present); Assistant Vice President of JNAM (2/2018 to 8/2022); Associate General Counsel of JNAM (3/2016 to 8/2021); Vice President of other investment companies advised by JNAM (11/2023 to present, 6/2023 to present, and 11/2022 to present); Assistant Secretary of other investment companies advised by JNAM (11/2023 to present, 6/2023 to present, and 3/2016 to present); Assistant Secretary (1/2021 to 5/2022), Vice President (11/2017 to 12/2024), and Secretary (11/2017 to 2/2021 and 5/2022 to 12/2024) of an investment company advised by PPM America, Inc. | &nbsp;&nbsp; **Principal Occupation(s) During Past 5 Years:**<br> Vice President of JNAM (8/2022 to present); Deputy General Counsel of JNAM (8/2021 to present); Assistant Vice President of JNAM (2/2018 to 8/2022); Associate General Counsel of JNAM (3/2016 to 8/2021); Vice President of other investment companies advised by JNAM (11/2023 to present, 6/2023 to present, and 11/2022 to present); Assistant Secretary of other investment companies advised by JNAM (11/2023 to present, 6/2023 to present, and 3/2016 to present); Assistant Secretary (1/2021 to 5/2022), Vice President (11/2017 to 12/2024), and Secretary (11/2017 to 2/2021 and 5/2022 to 12/2024) of an investment company advised by PPM America, Inc. |
| &nbsp;&nbsp; <br> Eric A. Bjornson (50)<br> 1 Corporate Way<br> Lansing, MI 48951<br>| &nbsp;&nbsp; <br> Vice President<br> (8/2025 to present) |
| &nbsp;&nbsp; **Principal Occupation(s) During Past 5 Years:**<br> Chief Operating Officer of JNAM (8/2025 to present); Senior Vice President of JNAM (3/2022 to present); Vice President, Operations of JNAM (6/2014 to 3/2022); Vice President of other investment companies advised by JNAM (8/2025 to present); Vice President of an investment company advised by PPM America, Inc. (8/2021 to 12/2024)  | &nbsp;&nbsp; **Principal Occupation(s) During Past 5 Years:**<br> Chief Operating Officer of JNAM (8/2025 to present); Senior Vice President of JNAM (3/2022 to present); Vice President, Operations of JNAM (6/2014 to 3/2022); Vice President of other investment companies advised by JNAM (8/2025 to present); Vice President of an investment company advised by PPM America, Inc. (8/2021 to 12/2024)  |
| &nbsp;&nbsp; <br> Garett J. Childs (46)<br> 1 Corporate Way<br> Lansing, MI 48951<br>| &nbsp;&nbsp; <br> Vice President<br> (2/2019 to present) |
| &nbsp;&nbsp; **Principal Occupation(s) During Past 5 Years:**<br> Senior Vice President of JNAM (8/2025 to present); Chief Financial Officer of JNAM (8/2021 to present); Manager, Board of Managers of Jackson National Life Distributors LLC (8/2025 to present); Vice President, Finance and Risk of JNAM (2/2019 to 8/2025); Controller of JNAM (11/2007 to 8/2021); Vice President of other investment companies advised by JNAM (11/2023 to present, 6/2023 to present, and 2/2019 to present) | &nbsp;&nbsp; **Principal Occupation(s) During Past 5 Years:**<br> Senior Vice President of JNAM (8/2025 to present); Chief Financial Officer of JNAM (8/2021 to present); Manager, Board of Managers of Jackson National Life Distributors LLC (8/2025 to present); Vice President, Finance and Risk of JNAM (2/2019 to 8/2025); Controller of JNAM (11/2007 to 8/2021); Vice President of other investment companies advised by JNAM (11/2023 to present, 6/2023 to present, and 2/2019 to present) |
| &nbsp;&nbsp; <br> Kelly L. Crosser (53)<br> 1 Corporate Way<br> Lansing, MI 48951 | &nbsp;&nbsp; <br> Assistant Secretary <br> (9/2007 to present)<br>|
| &nbsp;&nbsp; **Principal Occupation(s) During Past 5 Years:**<br> Director, Legal of JNAM (12/2021 to present); Manager, Legal Regulatory Filings and Print of JNAM (1/2018 to 12/2021); Assistant Secretary of other investment companies advised by JNAM (11/2023 to present, 6/2023 to present, and 9/2007 to present) | &nbsp;&nbsp; **Principal Occupation(s) During Past 5 Years:**<br> Director, Legal of JNAM (12/2021 to present); Manager, Legal Regulatory Filings and Print of JNAM (1/2018 to 12/2021); Assistant Secretary of other investment companies advised by JNAM (11/2023 to present, 6/2023 to present, and 9/2007 to present) |

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| | |
|:---|:---|
| &nbsp;&nbsp;**Name, Address, and (Age)** | &nbsp;&nbsp; **Position(s) Held with Trust**<br> **(Length of Time Served)** |
| &nbsp;&nbsp; <br> Richard J. Gorman (60)<br> 1 Corporate Way<br> Lansing, MI 48951<br>| &nbsp;&nbsp; <br> Chief Compliance Officer <br> (8/2018 to present)<br> Anti-Money Laundering Officer<br> (8/2018 to present)<br>|
| &nbsp;&nbsp; **Principal Occupation(s) During Past 5 Years:**<br> Senior Vice President and Chief Compliance Officer of JNAM (8/2018 to present); Chief Compliance Officer and Anti-Money Laundering Officer of other investment companies advised by JNAM (11/2023 to present, 6/2023 to present, and 8/2018 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 (11/2023 to present, 6/2023 to present, and 8/2018 to present) |
| &nbsp;&nbsp; <br> William P. Harding (51)<br> 1 Corporate Way<br> Lansing, MI 48951<br>| &nbsp;&nbsp; <br> Vice President<br> (11/2012 to present)<br>|
| &nbsp;&nbsp; **Principal Occupation(s) During Past 5 Years:** <br> Senior Vice President and Chief Investment Officer of JNAM (6/2014 to present); Vice President of other investment companies advised by JNAM (11/2023 to present, 6/2023 to present, and 11/2012 to present) | &nbsp;&nbsp; **Principal Occupation(s) During Past 5 Years:** <br> Senior Vice President and Chief Investment Officer of JNAM (6/2014 to present); Vice President of other investment companies advised by JNAM (11/2023 to present, 6/2023 to present, and 11/2012 to present) |
| &nbsp;&nbsp; <br> Kristen K. Leeman (50)<br> 1 Corporate Way<br> Lansing, MI 48951<br>| &nbsp;&nbsp; <br> Assistant Secretary<br> (6/2012 to present) |
| &nbsp;&nbsp; **Principal Occupation(s) During Past 5 Years:**<br> Senior Project Manager (10/2023 to present); Senior Regulatory Analyst of JNAM (5/2021 to 10/2023); Regulatory Analyst of JNAM (1/2018 to 5/2021); Assistant Secretary of other investment companies advised by JNAM (11/2023 to present, 6/2023 to present, and 6/2012 to present) | &nbsp;&nbsp; **Principal Occupation(s) During Past 5 Years:**<br> Senior Project Manager (10/2023 to present); Senior Regulatory Analyst of JNAM (5/2021 to 10/2023); Regulatory Analyst of JNAM (1/2018 to 5/2021); Assistant Secretary of other investment companies advised by JNAM (11/2023 to present, 6/2023 to present, and 6/2012 to present) |
| &nbsp;&nbsp; <br> Adam C. Lueck (43) <br> 1 Corporate Way<br> Lansing, MI 48951<br>| &nbsp;&nbsp; <br> Assistant Secretary<br> (3/2018 to present) |
| &nbsp;&nbsp; **Principal Occupation(s) During Past 5 Years:**<br> Associate General Counsel of JNAM (12/2021 to present); Senior Attorney of JNAM (2/2018 to 12/2021); Assistant Secretary of other investment companies advised by JNAM (11/2023 to present, 6/2023 to present, and 3/2018 to present) | &nbsp;&nbsp; **Principal Occupation(s) During Past 5 Years:**<br> Associate General Counsel of JNAM (12/2021 to present); Senior Attorney of JNAM (2/2018 to 12/2021); Assistant Secretary of other investment companies advised by JNAM (11/2023 to present, 6/2023 to present, and 3/2018 to present) |
| &nbsp;&nbsp; <br> Mia K. Nelson (43)<br> 1 Corporate Way<br> Lansing, MI 48951<br> **** | &nbsp;&nbsp; ****<br> Vice President<br> (11/2022 to present)<br>Assistant Vice President<br> (8/2017 to 11/2022)<br>|
| &nbsp;&nbsp; **Principal Occupation(s) During Past 5 Years:**<br> Vice President, Tax of JNAM (8/2022 to present); Assistant Vice President, Tax of JNAM (3/2017 to 8/2022); Vice President of other investment companies advised by JNAM (11/2023 to present, 6/2023 to present, and 11/2022 to present); Assistant Vice President of other investment companies advised by JNAM (8/2017 to 11/2022) | &nbsp;&nbsp; **Principal Occupation(s) During Past 5 Years:**<br> Vice President, Tax of JNAM (8/2022 to present); Assistant Vice President, Tax of JNAM (3/2017 to 8/2022); Vice President of other investment companies advised by JNAM (11/2023 to present, 6/2023 to present, and 11/2022 to present); Assistant Vice President of other investment companies advised by JNAM (8/2017 to 11/2022) |
| &nbsp;&nbsp; <br> Joseph B. O'Boyle (63) <br> 1 Corporate Way<br> Lansing, MI 48951<br>| &nbsp;&nbsp; <br> Vice President<br> (1/2018 to present)<br>|
| &nbsp;&nbsp; **Principal Occupation(s) During Past 5 Years:**<br> Vice President of JNAM (8/2015 to present); Vice President of other investment companies advised by JNAM (11/2023 to present, 6/2023 to present, and 1/2018 to present); Chief Compliance Officer and Anti-Money Laundering Officer of an investment company advised by PPM America, Inc. (2/2018 to 12/2024) | &nbsp;&nbsp; **Principal Occupation(s) During Past 5 Years:**<br> Vice President of JNAM (8/2015 to present); Vice President of other investment companies advised by JNAM (11/2023 to present, 6/2023 to present, and 1/2018 to present); 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 (54)<br> 1 Corporate Way<br> Lansing, MI 48951<br>| &nbsp;&nbsp; <br> Vice President, Chief Legal Officer, and Secretary<br> (2/2004 to present) |
| &nbsp;&nbsp; **Principal Occupation(s) During Past 5 Years:**<br> Senior Vice President and General Counsel of JNAM (1/2010 to present); Secretary of JNAM (11/2000 to present); Vice President, Chief Legal Officer, and Secretary of other investment companies advised by JNAM (11/2023 to present, 6/2023 to present, and 2/2004 to present); Vice President and Assistant Secretary of an investment company advised by PPM America, Inc. (11/2017 to 7/2022) | &nbsp;&nbsp; **Principal Occupation(s) During Past 5 Years:**<br> Senior Vice President and General Counsel of JNAM (1/2010 to present); Secretary of JNAM (11/2000 to present); Vice President, Chief Legal Officer, and Secretary of other investment companies advised by JNAM (11/2023 to present, 6/2023 to present, and 2/2004 to present); Vice President and Assistant Secretary of an investment company advised by PPM America, Inc. (11/2017 to 7/2022) |

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| | |
|:---|:---|
| &nbsp;&nbsp;**Name, Address, and (Age)** | &nbsp;&nbsp; **Position(s) Held with Trust**<br> **(Length of Time Served)** |
| &nbsp;&nbsp; <br> Andrew Tedeschi (61)<br> 1 Corporate Way<br> Lansing, MI 48951<br>| &nbsp;&nbsp; <br> Treasurer & Chief Financial Officer<br> (6/2020 to present)<br>|
| &nbsp;&nbsp; **Principal Occupation(s) During Past 5 Years:**<br> Vice President, JNAM (1/2019 to present); Treasurer and Chief Financial Officer of other investment companies advised by JNAM (11/2023 to present, 6/2023 to present, and 6/2020 to present); Principal Financial Officer, Treasurer, and Vice President of an investment company advised by PPM America, Inc. (1/2021 to 12/2024) | &nbsp;&nbsp; **Principal Occupation(s) During Past 5 Years:**<br> Vice President, JNAM (1/2019 to present); Treasurer and Chief Financial Officer of other investment companies advised by JNAM (11/2023 to present, 6/2023 to present, and 6/2020 to present); Principal Financial Officer, Treasurer, and Vice President of an investment company advised by PPM America, Inc. (1/2021 to 12/2024) |

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**Board of Trustees Leadership Structure**

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

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

The Board has established a committee structure to assist in overseeing the Trust. The Board has an Audit Committee, a Governance Committee, and three Investment Committees. Each committee is comprised exclusively of Independent Trustees, with the exception of one of the Investment Committees, which has the Interested Trustee as a member, and each is chaired by one or more different Independent Trustees. The independent chairperson(s) of each committee, among other things, facilitates communication among the Independent Trustees, Trust management, service providers, and the full Board. The Trust has determined that the Board's leadership structure is appropriate given the specific characteristics and circumstances of the Trust including, without limitation, the number of Funds that comprise the Trust, the net assets of the Trust and the Trust's business and structure, because it allows the Board to exercise oversight in an orderly and efficient manner.

**Risk Oversight**

Consistent with its general oversight responsibilities, the Board oversees risk management of the Fund. The Board administers its risk oversight function in a number of ways, both at the Board level and through its Committee structure, as deemed necessary and appropriate at the time in light of the specific characteristics or circumstances of the Fund. As part of its oversight of risks, the Board or its Committees receive and consider reports from a number of parties, such as the Adviser, the Sub-Adviser(s), portfolio managers, the Trust's independent auditors, the Trust's officers including the Chief Compliance Officer, Jackson National executives and outside counsel. The Board also adopts and periodically reviews policies and procedures intended to address risks and monitors efforts to assess the effectiveness of the implementation of the policies and procedures in addressing risks. It is possible that, despite the Board's oversight of risk, not all risks will be identified, mitigated or addressed. Further, certain risks may arise that were unforeseen.

**Committees of the Board of Trustees**

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

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

The two Investment Committees review the performance of the Funds. Each Investment Committee meets at least four times per year and reports the results of its review to the full Board at each regularly scheduled Board meeting. Each Independent Trustee sits on one of the two Committees. Mses. Carnahan and Woodworth and Messrs. Gillespie, Thomas and Wehrle are members of Investment Committee A. Ms. Carnahan serves as Chair of Investment Committee A. Messrs. Anyah, Bouchard, Nerud, Rybak, and Wood and Ms. Zúñiga Ramírez are members of Investment Committee B. Mr. Anyah serves as Chair of Investment Committee B. In the last fiscal year, Investment Committees A and B had five meetings.

**Certain Positions of Independent Trustees and their Family Members**

As of December 31, 2025, none of the Independent Trustees, nor any member of an Independent Trustee's immediate family, held a position (other than the Independent Trustee's position as such with the Trust) including as officer, employee, director or general partner during the two most recently completed calendar years with (i) any Fund in the Fund Complex; (ii) an investment company, or a person that would be an investment company but for the exclusion provided by sections 3(c)(1) and 3(c)(7) of the 1940 Act, having the same investment adviser or principal underwriter as any Fund in the Fund Complex or having an investment adviser or principal underwriter that directly or indirectly controls, is controlled by, or is under common control with an investment adviser or principal underwriter of any Fund in the Fund Complex; (iii) an investment adviser, principal underwriter or affiliated person of any Fund in the Fund Complex; or (iv) any person directly or indirectly controlling, controlled by, or under common control with an investment adviser or principal underwriter of any Fund in the Fund Complex.

**Ownership of Trustees of Shares in the Fund of the Trust**

As of December 31, 2025, the Trustees beneficially owned the following interests in shares of the Fund:

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| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Trustee** | &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;Mark D. Nerud |  | &nbsp;&nbsp;$0 |
| &nbsp;&nbsp;Eric O. Anyah<sup>2</sup> | &nbsp;&nbsp;Eric O. Anyah<sup>2</sup> |  | &nbsp;&nbsp;Over $100,000 |
| &nbsp;&nbsp;Michael Bouchard<sup>2</sup> | &nbsp;&nbsp;Michael Bouchard<sup>2</sup> |  | &nbsp;&nbsp;Over $100,000 |
| &nbsp;&nbsp;Ellen Carnahan<sup>2</sup> | &nbsp;&nbsp;Ellen Carnahan<sup>2</sup> |  | &nbsp;&nbsp;Over $100,000 |
| &nbsp;&nbsp;John Gillespie<sup>2</sup> | &nbsp;&nbsp;John Gillespie<sup>2</sup> |  | &nbsp;&nbsp;Over $100,000 |
| &nbsp;&nbsp;Elisa Zúñiga Ramírez<sup>3</sup> | &nbsp;&nbsp;Elisa Zúñiga Ramírez<sup>3</sup> |  | &nbsp;&nbsp;$0 |
| &nbsp;&nbsp;William R. Rybak<sup>1</sup> | &nbsp;&nbsp;William R. Rybak<sup>1</sup> |  | &nbsp;&nbsp;Over $100,000 |
| &nbsp;&nbsp;Eric A. Thomas<sup>3</sup> | &nbsp;&nbsp;Eric A. Thomas<sup>3</sup> |  | &nbsp;&nbsp;$0 |
| &nbsp;&nbsp;Mark S. Wehrle<sup>2</sup> | &nbsp;&nbsp;Mark S. Wehrle<sup>2</sup> |  | &nbsp;&nbsp;Over $100,000 |
| &nbsp;&nbsp;Edward Wood<sup>2</sup> | &nbsp;&nbsp;Edward Wood<sup>2</sup> |  | &nbsp;&nbsp;Over $100,000 |
| &nbsp;&nbsp;Patricia A. Woodworth<sup>2</sup> | &nbsp;&nbsp;Patricia A. Woodworth<sup>2</sup> |  | &nbsp;&nbsp;Over $100,000 |
| <sup>1</sup> | Mr. Rybak owns a Jackson National variable annuity under which each of his investments is allocated to the investment divisions that invest in the Funds. | Mr. Rybak owns a Jackson National variable annuity under which each of his investments is allocated to the investment divisions that invest in the Funds. | Mr. Rybak owns a Jackson National variable annuity under which each of his investments is allocated to the investment divisions that invest in the Funds. |
| <sup>2</sup> | These Trustees hold investments through the deferred compensation plan in "clone" retail funds run by Sub-Advisers on the JNL platform, which may include retail clones of each of the strategies of the JNL Multi-Manager Funds. The investments are not in the Funds themselves. | These Trustees hold investments through the deferred compensation plan in "clone" retail funds run by Sub-Advisers on the JNL platform, which may include retail clones of each of the strategies of the JNL Multi-Manager Funds. The investments are not in the Funds themselves. | These Trustees hold investments through the deferred compensation plan in "clone" retail funds run by Sub-Advisers on the JNL platform, which may include retail clones of each of the strategies of the JNL Multi-Manager Funds. The investments are not in the Funds themselves. |
| <sup>3</sup> | Commenced service on the Board of the Fund Complex effective January 20, 2026. | Commenced service on the Board of the Fund Complex effective January 20, 2026. | Commenced service on the Board of the Fund Complex effective January 20, 2026. |

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

As of December 31, 2025, none of the Independent Trustees, nor any member of an Independent Trustee's immediate family, owned beneficially or of record any securities in an adviser or principal underwriter of 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 Trust. Effective January 1, 2026, each Independent Trustee is paid by the Fund Complex an annual retainer of $375,000. 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 $110,000. The Chair of the Audit Committee receives an additional annual retainer of $35,000 for services in that capacity. The Chair of the Governance Committee receives an additional annual retainer of $30,000 for services in that capacity. The Chair of each Investment Committee receives an additional annual retainer of $30,000 for services in that capacity.

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

The Independent Trustees received the following compensation for their services during the fiscal year ended December 31, 2025:

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Trustee** | **Aggregate Compensation from the Trust<sup>1</sup>** | **Pension or Retirement Benefits Accrued As Part of Trust Expenses** | **Estimated Annual Benefits Upon Retirement** | **Total Compensation from the Trust and Fund Complex** | **Total Compensation from the Trust and Fund Complex** |
|  | &nbsp;&nbsp;Eric O. Anyah | $4716 | $0 | $0 | $395000 | <sup>2</sup> |
|  | &nbsp;&nbsp;Michael Bouchard | $4418 | $0 | $0 | $370000 | |
|  | &nbsp;&nbsp;Ellen Carnahan | $4716 | $0 | $0 | $395000 | |
|  | &nbsp;&nbsp;John Gillespie | $4716 | $0 | $0 | $395000 | |
|  | &nbsp;&nbsp;Elisa Zúñiga Ramírez<sup>3</sup> | $0 | $0 | $0 | $0 | |
|  | &nbsp;&nbsp;William R. Rybak | $4418 | $0 | $0 | $370000 | |
|  | &nbsp;&nbsp;Eric A. Thomas<sup>3</sup> | $0 | $0 | $0 | $0 | |
|  | &nbsp;&nbsp;Mark S. Wehrle | $4776 | $0 | $0 | $400000 | |
|  | &nbsp;&nbsp;Edward Wood | $5672 | $0 | $0 | $475000 | <sup>4</sup> |
|  | &nbsp;&nbsp;Patricia Woodworth | $4418 | $0 | $0 | $370000 | |
| <sup>1</sup> | The fees paid to the Independent Trustees are paid for combined service on the Boards of the Fund Complex. The fees are allocated to the Fund Complex and affiliated investment companies on a pro-rata basis based on net assets. The total fees paid to all the Independent Trustees is $3,170,000. | The fees paid to the Independent Trustees are paid for combined service on the Boards of the Fund Complex. The fees are allocated to the Fund Complex and affiliated investment companies on a pro-rata basis based on net assets. The total fees paid to all the Independent Trustees is $3,170,000. | The fees paid to the Independent Trustees are paid for combined service on the Boards of the Fund Complex. The fees are allocated to the Fund Complex and affiliated investment companies on a pro-rata basis based on net assets. The total fees paid to all the Independent Trustees is $3,170,000. | The fees paid to the Independent Trustees are paid for combined service on the Boards of the Fund Complex. The fees are allocated to the Fund Complex and affiliated investment companies on a pro-rata basis based on net assets. The total fees paid to all the Independent Trustees is $3,170,000. | The fees paid to the Independent Trustees are paid for combined service on the Boards of the Fund Complex. The fees are allocated to the Fund Complex and affiliated investment companies on a pro-rata basis based on net assets. The total fees paid to all the Independent Trustees is $3,170,000. |  |
| <sup>2</sup> | Amount includes $395,000 deferred by Mr. Anyah. | Amount includes $395,000 deferred by Mr. Anyah. | Amount includes $395,000 deferred by Mr. Anyah. | Amount includes $395,000 deferred by Mr. Anyah. | Amount includes $395,000 deferred by Mr. Anyah. |  |
| <sup>3</sup> | Commenced service on the Board of the Fund Complex effective January 20, 2026. | Commenced service on the Board of the Fund Complex effective January 20, 2026. | Commenced service on the Board of the Fund Complex effective January 20, 2026. | Commenced service on the Board of the Fund Complex effective January 20, 2026. | Commenced service on the Board of the Fund Complex effective January 20, 2026. |  |
| <sup>4</sup> | Amount includes $142,500 deferred by Mr. Wood. | Amount includes $142,500 deferred by Mr. Wood. | Amount includes $142,500 deferred by Mr. Wood. | Amount includes $142,500 deferred by Mr. Wood. | Amount includes $142,500 deferred by Mr. Wood. |  |

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

**Selection of Trustee Nominees**

The Board is responsible for considering Trustee nominees at such times as it considers electing new Trustees to the Board. The Governance Committee, on behalf of the Board, leads the Board in its consideration of Trustee candidates. The Board and Governance Committee may consider recommendations by business and personal contacts of current Board members and by executive search firms which the Board or the Governance Committee may engage from time to time and will also consider shareholder recommendations. The Board has not established specific, minimum qualifications that it believes must be met by a Trustee nominee. In evaluating Trustee nominees, the Board and the Governance Committee consider, among other things, an individual's background, skills, and experience; whether the individual is an "interested person" as defined in the 1940 Act; and whether the individual would be deemed an "audit committee financial expert" within the meaning of applicable SEC rules. The Board and the Governance Committee also consider whether the individual's background, skills, and experience will complement the background, skills, and experience of other nominees and will contribute to the diversity of the Board. There are no differences in the manner in which the Board and the Governance Committee evaluate nominees for Trustee based on whether the nominee is recommended by a shareholder.

A shareholder who wishes to recommend a Trustee nominee should submit his or her recommendation in writing to the Chair of the Governance Committee, John W. Gillespie, P.O. Box 30902, Lansing, Michigan 48909-8402. At a minimum, the recommendation should include:

● The name, address, date of birth and business, educational, and/or other pertinent background of the person being recommended;

● A statement concerning whether the person is an "interested person" as defined in the 1940 Act;

● Any other information that the Funds would be required to include in a proxy statement, under applicable SEC rules, concerning the person if he or she was nominated; and

● The name and address of the person submitting the recommendation, together with an affirmation of the person's investment, via insurance products, in the Funds and the period for which the shares have been held.

The recommendation also can include any additional information which the person submitting it believes would assist the Board and the Governance Committee in evaluating the recommendation.

Shareholders should note that a person who owns securities issued by Jackson Financial, Inc. ("Jackson") would be deemed an "interested person" under the 1940 Act. In addition, certain other relationships with Jackson or its subsidiaries, with registered broker-dealers, or with the Fund's outside legal counsel may cause a person to be deemed an "interested person." JNAM is an indirect, wholly owned subsidiary of Jackson, a leading provider of retirement products for industry professionals and their clients. Jackson and its affiliates offer variable, fixed and fixed index annuities designed for tax-efficient growth and distribution of retirement income for retail customers, as well as products for institutional investors.

Before the Governance Committee decides to nominate an individual as a Trustee, Board members customarily interview the individual in person. In addition, the individual customarily is asked to complete a detailed questionnaire which is designed to elicit information that must be disclosed under SEC and stock exchange rules and to determine whether the individual is subject to any statutory disqualification from serving as a Trustee of a registered investment company.

**Additional Information Concerning The Trustees**

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

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

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

The Board considered Mr. Nerud's various roles and executive experience with the Adviser, his financial and accounting experience, academic background, and his approximately 19 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 eight 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 25 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 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 12 years of experience as a Trustee of the Fund Complex.

**John Gillespie.** Mr. Gillespie formerly served as the 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 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 12 years of experience as a Trustee of the Fund Complex.

**Elisa Zúñiga Ramírez.** Ms. Zúñiga Ramírez is the President of Exito Consulting and formerly served as Principal and Senior Portfolio Manager of Segall Bryant & Hamill, LLC. Ms. Zúñiga Ramírez was formerly a Partner and Senior Portfolio Manager of Denver Investments LLC. Ms. Zúñiga Ramírez is a Board Member of several corporate boards, including another mutual fund company. Ms. Zúñiga Ramírez has a Bachelor of Science in Business Administration from the University of Colorado and a Master of Business Administration from the Regis University. Ms. Zúñiga Ramírez is a Chartered Financial Analyst.

The Board considered Ms. Zúñiga Ramírez's board experience with other companies, executive experience, investment experience, and academic experience.

**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 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 19 years of experience as a Trustee of the Fund Complex.

**Eric A. Thomas.** Mr. Thomas is a Professor of Finance at Suffolk University's Sawyer Business School and works as an independent consulting analyst for several financial firms. Mr. Thomas was formerly the Head of Investment Strategy and Research, Asset Allocation Investment Solutions at State Street Global Advisors. Mr. Thomas is a Board Member of another fund complex. Mr. Thomas received a Bachelor of Arts in Economics from Colorado State University, a Master of Arts in Economics from the University of Colorado, and a Master of Business Administration from the University of Chicago, Booth School of Business. Mr. Thomas is a Chartered Financial Analyst.

The Board considered Mr. Thomas's executive experience, financial experience, academic background, and board experience with another fund complex.

**Mark S. Wehrle.** Mr. Wehrle is the Chairperson of the Board beginning in January 2026. Mr. Wehrle has over 39 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.

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

**Edward Wood.** Mr. Wood was formerly the Chairperson of the Board, serving from January 2020 to December 2025. 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 12 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 19 years of experience as a Trustee of the Fund Complex.

**<u>PRINCIPAL HOLDERS OF THE Trust'S SHARES</u>**

As of April 1, 2026, the officers and Trustees of the Trust, as a group, beneficially owned less than 1% of the then outstanding interests of each class of the Fund of the Trust.

As of April 1, 2026, the following persons beneficially owned 5% or more of the shares of the Fund(s) indicated below:

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| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Fund** | &nbsp;&nbsp;**Name and Address** | &nbsp;&nbsp; **Percentage of**<br> **Shares Owned** |
| &nbsp;&nbsp;**JNL Government Money Market Fund (Class I)** | &nbsp;&nbsp;**JNL Government Money Market Fund (Class I)** | &nbsp;&nbsp;**JNL Government Money Market Fund (Class I)** |
|  | &nbsp;&nbsp; JNL/BlackRock Global Allocation Fund<br> 1 Corporate Way<br> Lansing MI 48951<br>| &nbsp;&nbsp;11.08% |
|  | &nbsp;&nbsp; Jackson Financial Inc.<br> 1 Corporate Way<br> Lansing MI 48951<br>| &nbsp;&nbsp;7.87% |
| &nbsp;&nbsp;**JNL Government Money Market Fund (Class SL)** | &nbsp;&nbsp;**JNL Government Money Market Fund (Class SL)** | &nbsp;&nbsp;**JNL Government Money Market Fund (Class SL)** |
|  | &nbsp;&nbsp; JNL/Vanguard Growth ETF Allocation Fund<br> 1 Corporate Way<br> Lansing MI 48951<br>| &nbsp;&nbsp;7.58% |
|  | &nbsp;&nbsp; JNL/Vanguard Moderate Growth ETF Allocation Fund<br> 1 Corporate Way<br> Lansing MI 48951<br>| &nbsp;&nbsp;6.94% |
|  | &nbsp;&nbsp; JNL/PPM America High Yield Bond Fund <br> 1 Corporate Way<br> Lansing MI 48951<br>| &nbsp;&nbsp;5.74% |
|  | &nbsp;&nbsp; JNL/T. Rowe Price Capital Appreciation Fund <br> 1 Corporate Way<br> Lansing MI 48951<br>| &nbsp;&nbsp;5.31% |

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**<u>INVESTMENT ADVISER, SUB-ADVISER AND OTHER SERVICE PROVIDERS</u>**

**Investment Adviser**

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

The Investment Advisory and 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 Trust, 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 a Fund with respect to the Fund, and will terminate automatically upon assignment. The Investment Advisory and Management Agreement provides that the Adviser shall not be liable for any error of judgment, or for any loss suffered by any Fund in connection with the matters to which the agreement relates, except a loss resulting from willful misfeasance, bad faith or gross negligence on the part of the Adviser in the performance of its obligations and duties, or by reason of its reckless disregard of its obligations and duties under the agreement. As compensation for its services, the Trust pays the Adviser a fee in respect of the Fund as described in the Prospectus.

For the periods ended below, the fees incurred by the Fund (before any fee waivers) pursuant to the Management Agreement were as follows:

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| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Fund** | &nbsp;&nbsp;**December 31, 2025** | &nbsp;&nbsp;**December 31, 2024** | &nbsp;&nbsp;**December 31, 2023** |
| &nbsp;&nbsp;JNL Government Money Market Fund | &nbsp;&nbsp;$2532402 | &nbsp;&nbsp;$2450497 | &nbsp;&nbsp;$3290260 |

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**Investment Sub-Adviser**

In addition to providing the services described above, the Adviser may, subject to the approval of the Trustees of the Trust, select, contract with and compensate the Sub-Adviser to manage the investment and reinvestment of the assets of the Fund of the Trust. The Adviser monitors the compliance of the Sub-Adviser with the investment objectives and related policies of the Fund and reviews the performance of the Sub-Adviser and reports periodically on such performance to the Trustees of the Trust.

**Mellon Investments Corporation**

Dreyfus ("Dreyfus") is a division of Mellon Investments Corporation, which is a corporation organized under the laws of the State of Delaware and is an indirect subsidiary of The Bank of New York Mellon Corporation, a multi-boutique asset management business. Dreyfus, a division of Mellon Investments Corporation, is located at 500 Ross Street, Pittsburgh, Pennsylvania 15258.

**Sub-Advisory Fees**

As compensation for their services, the sub-adviser receives fees from the Adviser computed separately for the Fund. The fee for the Fund is stated as an annual percentage of the net assets of the Fund, and is calculated based on the average net assets of the Fund.

The following shows the management fee the Adviser paid the sub-adviser out of the advisory fees it receives from the Fund as described elsewhere in this SAI and the Prospectus, for the fiscal year ended December 31, 2025:

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| | | |
|:---|:---|:---|
| | &nbsp;&nbsp;**Aggregate Fees Paid to Sub-Advisers** | &nbsp;&nbsp;**Aggregate Fees Paid to Sub-Advisers** |
| <br>&nbsp;&nbsp;**Fund** | &nbsp;&nbsp;**Dollar Amount** | &nbsp;&nbsp;**As a percentage of Average Daily Net Assets<br> as of December 31, 2025** |
| &nbsp;&nbsp;JNL Government Money Market Fund | &nbsp;&nbsp;$610918 | &nbsp;&nbsp;0.02% |

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The sub-advisory fees payable by the Adviser to the sub-adviser may be revised as agreed to by the parties from time to time and approved by the Board of Trustees.

Subject to the supervision of the Adviser and the Trustees pursuant to investment sub-advisory agreements entered into between the Adviser and the sub-adviser, the sub-adviser invests and reinvests the Fund's assets consistent with the Fund's respective investment objectives and policies. The investment sub-advisory 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 a majority of the Trustees who are not parties to such agreement or interested persons of any such party except in their capacity as Trustees of the Fund and by the shareholders of the Fund or the Board of Trustees. The sub-advisory agreement may be terminated at any time upon 60 days' notice by either party and will terminate automatically upon assignment or upon the termination of the investment management agreement between the Adviser and the Fund. The Sub-Adviser is responsible for compliance with or have agreed to use their best efforts to manage each respective Fund to comply with the provisions of Section 851 of the Code, applicable to the Fund.

**Licensing Agreements.**

"JNL<sup>®</sup>," "Jackson National<sup>®</sup>," "Jackson**<sup>®</sup>**," "Jackson of NY<sup>®</sup>" and "Jackson National Life Insurance Company of New York<sup>®</sup>" are trademarks of Jackson National Life Insurance Company<sup>®</sup>.

"Bloomberg<sup>®</sup>" and the Bloomberg indices listed herein (the "Bloomberg Indices") are service marks of Bloomberg Finance L.P. and its affiliates, including Bloomberg Index Services Limited ("BISL"), the administrator of the Bloomberg Indices (collectively, "Bloomberg"), and have been licensed for use for certain purposes by Jackson National Asset Management, LLC ("JNAM").

The JNL Government Money Market Fund (the "Fund") is not sponsored, endorsed, sold or promoted by Bloomberg. Bloomberg does not make any representation or warranty, express or implied, to the owners of or counterparties to the Fund or any member of the public regarding the advisability of investing in securities generally or in the Fund particularly. The only relationship of Bloomberg to JNAM is the licensing of certain trademarks, trade names and service marks and of the Bloomberg Indices, which are determined, composed and calculated by BISL without regard to JNAM or the Fund. Bloomberg has no obligation to take the needs of JNAM or the owners of the Fund into consideration in determining, composing or calculating the Bloomberg Indices. Bloomberg is not responsible for and has not participated in the determination of the timing of, prices at, or quantities of the Fund to be issued. Bloomberg shall not have any obligation or liability, including, without limitation, to Fund customers, in connection with the administration, marketing or trading of the Fund.

BLOOMBERG DOES NOT GUARANTEE THE ACCURACY AND/OR THE COMPLETENESS OF THE BLOOMBERG INDICES OR ANY DATA RELATED THERETO AND SHALL HAVE NO LIABILITY FOR ANY ERRORS, OMISSIONS OR INTERRUPTIONS THEREIN. BLOOMBERG DOES NOT MAKE ANY WARRANTY, EXPRESS OR IMPLIED, AS TO RESULTS TO BE OBTAINED BY JNAM, OWNERS OF THE FUND OR ANY OTHER PERSON OR ENTITY FROM THE USE OF THE BLOOMBERG INDICES OR ANY DATA RELATED THERETO. BLOOMBERG DOES NOT MAKE ANY EXPRESS OR IMPLIED WARRANTIES AND EXPRESSLY DISCLAIMS ALL WARRANTIES OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE OR USE WITH RESPECT TO THE BLOOMBERG INDICES OR ANY DATA RELATED THERETO. WITHOUT LIMITING ANY OF THE FOREGOING, TO THE MAXIMUM EXTENT ALLOWED BY LAW, BLOOMBERG, ITS LICENSORS, AND ITS AND THEIR RESPECTIVE EMPLOYEES, CONTRACTORS, AGENTS, SUPPLIERS, AND VENDORS SHALL HAVE NO LIABILITY OR RESPONSIBILITY WHATSOEVER FOR ANY INJURY OR DAMAGES—WHETHER DIRECT, INDIRECT, CONSEQUENTIAL, INCIDENTAL, PUNITIVE OR OTHERWISE—ARISING IN CONNECTION WITH THE FUND OR BLOOMBERG INDICES OR ANY DATA OR VALUES RELATING THERETO—WHETHER ARISING FROM THEIR NEGLIGENCE OR OTHERWISE, EVEN IF NOTIFIED OF THE POSSIBILITY THEREOF.

**Administrative Fee.** JNAM, in its capacity as administrator, provides or procures, at its own expense, certain legal, audit, fund accounting, custody (except overdraft and interest expense), printing and mailing, and other administrative services necessary for the operation of the Fund. In addition, JNAM, in its capacity as administrator, also pays a portion of the costs of the Fund's Chief Compliance Officer. Effective May 1, 2023, the Fund pays JNAM an administrative fee, as outlined below, equal to a certain percentage of average daily net assets of the JNL Government Money Market Fund's Class I shares and Class SL shares, accrued daily and paid monthly.

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| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**FUND** | &nbsp;&nbsp;**FUND** | &nbsp;&nbsp;**ASSETS** |
| &nbsp;&nbsp;JNL Government Money Market Fund | &nbsp;&nbsp;JNL Government Money Market Fund | &nbsp;&nbsp;$0 to $3 billion&nbsp;&nbsp;.100%<sup>1</sup> |
|  |  | &nbsp;&nbsp;$3 billion to $5 billion&nbsp;&nbsp;.090%<sup>1</sup> |
|  |  | &nbsp;&nbsp;Assets over $5 billion&nbsp;&nbsp;.080%<sup>1</sup> |
| <sup>1</sup> | Jackson National Asset Management, LLC has contractually agreed to waive 100% of the administrative fees of the Class SL shares of the Fund. The fee waiver will continue for at least one year from the date of the current Prospectus, unless the Board of Trustees approves a change in or elimination of the waiver. This fee waiver is subject to yearly review and approval by the Board of Trustees. | Jackson National Asset Management, LLC has contractually agreed to waive 100% of the administrative fees of the Class SL shares of the Fund. The fee waiver will continue for at least one year from the date of the current Prospectus, unless the Board of Trustees approves a change in or elimination of the waiver. This fee waiver is subject to yearly review and approval by the Board of Trustees. |

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The Fund is responsible for interest and taxes, overdraft expenses, trading expenses including brokerage commissions, a portion of the Chief Compliance Officer costs, directors and officers insurance, expenses related to the Fund's Chief Compliance Officer, the fees and expenses of the Independent Trustees and of independent legal counsel to the Independent Trustees, registration/regulatory expenses, and other operating expenses.

**Custodian.** The custodian has custody of all securities and cash of the Trust and attends to the collection of principal and income and payment for and collection of proceeds of securities bought and sold by the Trust.

JPMorgan Chase Bank, N.A., 270 Park Avenue, New York, New York 10017, acts as custodian for the Fund. JPMorgan Chase Bank, N.A. is an indirect subsidiary of JPMorgan Chase & Co.

**Transfer Agent.** JNAM provides transfer agent and dividend-paying services to the Fund. In providing these services, JNAM assists in the preparation of Fund regulatory reports and reports to the management of the Trust, processes purchase orders and redemption requests, furnishes confirmations and disburses redemption proceeds, acts as income disbursing agent, provides periodic statements of account to shareholders, and prepares and files tax returns, among other things. JNAM is compensated for these services through its advisory fee.

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

**Fund Transactions and Brokerage.** Pursuant to the Sub-Advisory Agreement, the sub-adviser is responsible for placing all orders for the purchase and sale of portfolio securities of the Trust. Except as provided under the Trust's Directed Brokerage Guidelines, which are described below, the sub-adviser may place portfolio securities orders with broker-dealers selected in their discretion. The sub-adviser is obliged to place orders for the purchase and sale of securities with the objective of obtaining the most favorable overall results for the Trust ("best execution"), and the sub-adviser has adopted policies and procedures intended to assist it in fulfilling that obligation. In doing so, a Fund may pay higher commission rates than the lowest available when a sub-adviser believes it is reasonable to do so in light of the value of the brokerage and research services provided by the broker-dealer effecting the transaction, as discussed below.

The cost of securities transactions for the Fund consists not only of brokerage commissions (for transactions in exchange-traded equities, OTC equities, and certain derivative instruments) and/or dealer or underwriter spreads for other types of securities, but also may include the market price impact of the Fund's transactions. Bonds and money market instruments are generally traded on a net basis and do not normally involve brokerage commissions.

Occasionally, securities may be purchased directly from the issuer. For securities traded primarily in the OTC market, the sub-adviser may deal directly with dealers who make a market in the securities. Such dealers usually act as principals for their own account. Securities may also be purchased from various market centers.

In selecting broker-dealers through which to effect transactions, the sub-adviser gives consideration to a number of factors described in its policy and procedures. The 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 sub-adviser's selection of a broker-dealer based on one or more of these factors, either in terms of a particular transaction or the sub-adviser's overall responsibilities with respect to the Trust and any other accounts managed by the sub-adviser, could result in the Trust paying a commission or spread on a transaction that is in excess of the amount of commission or spread another broker-dealer might have charged for executing the same transaction.

Under the terms of the Sub-Advisory Agreement, and subject to best execution, the 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), including securities research, or statistical, quotation, or valuation services provided to the sub-adviser by the broker-dealer. In placing a purchase or sale order, a sub-adviser may use a broker-dealer whose commission for effecting the transaction is higher than that another broker-dealer might have charged for the same transaction, if the sub-adviser determines in good faith that the amount of the higher commission is reasonable in relation to the value of the brokerage and research services provided by such broker-dealer, viewed in terms of either the particular transaction or the sub-adviser's overall responsibilities with respect to the Trust and any other accounts managed by the sub-adviser. Research services provided by broker-dealers include advice, either directly or through publications or writings, as to the value of securities, the advisability of purchasing or selling securities, the availability of securities or purchasers or sellers of securities, and analyses and reports concerning issuers, industries, securities, economic factors and trends and portfolio strategy. A sub-adviser may use research services provided by broker-dealers through which the sub-adviser effects Fund transactions in serving any or all of its accounts, and not all such services may be used by the sub-adviser in connection with the sub-adviser's services to the Trust.

Where new issues of securities are purchased by a Fund in underwritten fixed price offerings, the underwriter or another selling group member may provide research services to a sub-adviser in addition to selling the securities to the Fund or other advisory clients of the sub-adviser.

During the fiscal year ended December 31, 2025, the Fund did not direct portfolio securities transactions to broker-dealers which provided research services to the Fund's Sub-Adviser.

Pursuant to the Trust's Directed Brokerage Guidelines, the Trust is authorized to enter into agreements or arrangements pursuant to which the Trust may direct JNAM, in its capacity as the Trust's investment adviser, and the sub-adviser retained by JNAM (and approved by the Trust) to manage the Fund, acting as agents for the Trust or its Fund to execute orders for the purchase or sale of portfolio securities with broker-dealers that have agreed to direct a portion of the brokerage commissions paid by the Fund back to the Fund.

In addition, in selecting broker-dealers to execute orders for the purchase or sale of portfolio securities for the Fund, JNAM and the Sub-Adviser, may not take into account the broker-dealers' promotion or sale of Fund shares. The Trust, JNAM, the Sub-Adviser and Jackson National Life Distributors LLC, the principal underwriter for the Trust, may not enter into any agreement (whether oral or written) or other understanding under which the Trust directs or is expected to direct to a broker-dealer, in consideration for the promotion or sale of shares issued by the Trust or any other registered investment company, portfolio securities transactions, or any remuneration, including but not limited to any commission, mark-up, mark-down, or other fee (or portion thereof) received or to be received from the Trust's portfolio transactions effected through any other broker-dealer.

From time to time the Board will review whether the sub-adviser's recapture for the benefit of the Fund of some portion of the compensation paid by the Fund on the portfolio transactions is legally permissible and advisable. The Board intends to continue to review whether recapture opportunities are legally permissible and, if so, to determine in the exercise of their business judgment whether it would be advisable for the Fund to participate, or continue to participate, in the commission recapture program.

Portfolio transactions for a Fund may be executed on an agency basis through broker-dealers that are affiliated with the Trust, the Adviser or a sub-adviser, if, in the Sub-Adviser's judgment, the use of such affiliated broker-dealer is likely to result in price and execution at least as favorable as those of other qualified broker-dealers, and if, in the transaction, the affiliated broker-dealer charges the Fund a commission rate consistent with those charged by the affiliated broker-dealer to comparable unaffiliated customers in similar transactions. All transactions with affiliated broker-dealers must comply with Rule 17e-1 under the 1940 Act, and are reported to and reviewed by the Board on a regular basis.

Subject to compliance with Rule 10f-3 under the 1940 Act, sub-advisers are permitted to purchase securities from an underwriting syndicate in which an affiliate of the sub-adviser is a member. All such transactions are reported to and reviewed by the Board on a regular basis.

Subject to compliance with Rule 17a-7 under the 1940 Act, a sub-adviser is permitted to cause a Fund to purchase securities from or sell securities to another account, including another investment company, advised by the sub-adviser. All such transactions are reported to and reviewed by the Board on a regular basis.

There are occasions when portfolio transactions for a Fund are executed as part of concurrent authorizations to purchase or sell the same security for the Fund and for other accounts served by the Adviser or a sub-adviser, or an affiliated company. Although such concurrent authorizations potentially could be either advantageous or disadvantageous to a Fund, they are effected only when the Adviser or the sub-adviser believes that to do so is in the interest of a Fund and the other accounts participating. When such concurrent authorizations occur, the executions will be allocated in an equitable manner.

During the past three fiscal years, the Fund did not pay brokerage commissions for portfolio transactions.

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

During the past three fiscal years, the Fund did not pay any amounts in brokerage commissions to affiliated broker-dealers.

As of December 31, 2025, the Fund owned securities of one of the Fund's regular broker-dealers, or a publicly traded parent company of such broker-dealers:

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| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Fund** | &nbsp;&nbsp;**Broker-Dealer** | &nbsp;&nbsp; **Value Of Securities Owned**<br> **(In Thousands)** |
| &nbsp;&nbsp;JNL Government Money Market Fund | &nbsp;&nbsp;CIBC World Markets Corp. | &nbsp;&nbsp;200000 |
| &nbsp;&nbsp;JNL Government Money Market Fund | &nbsp;&nbsp;Daiwa Securities | &nbsp;&nbsp;100000 |
| &nbsp;&nbsp;JNL Government Money Market Fund | &nbsp;&nbsp;Royal Bank Of Canada | &nbsp;&nbsp;250000 |
| &nbsp;&nbsp;JNL Government Money Market Fund | &nbsp;&nbsp;The Bank of Nova Scotia | &nbsp;&nbsp;350000 |

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**The Distributor.**

Jackson National Life Distributors LLC ("Distributor" or "JNLD"), 300 Innovation Drive, Franklin, Tennessee 37067, is the statutory underwriter and facilitates the registration and distribution of shares of the Fund on a continuous basis. The Distributor is not obligated to sell any specific amount of Fund shares. JNLD is an indirect, wholly owned subsidiary of Jackson, a leading provider of retirement products for industry professionals and their clients. Jackson and its affiliates offer variable, fixed and fixed index annuities designed for tax-efficient growth and distribution of retirement income for retail customers, as well as products for institutional investors.

The Distributor also has the following relationships with the Sub-Adviser and its affiliates. The Distributor receives payments from the Sub-Adviser to assist in defraying the costs of certain promotional and marketing meetings in which they participate. The amounts paid depend on the nature of the meetings, the number of meetings attended, the costs expected to be incurred and the level of the sub-adviser's participation. In addition, the Distributor acts as distributor of variable annuity contracts and variable life insurance policies (the "Other Contracts") issued by Jackson National and its subsidiary, Jackson National NY. Unaffiliated broker-dealers are also compensated at the standard rates of compensation. The compensation consists of commissions, trail commissions and other compensation or promotional incentives as described above and in the prospectus or statement of additional information for the Other Contracts.

All of the compensation described here, and other compensation or benefits provided by Jackson or our affiliates, may be greater or less than the total compensation on similar or other products. The amount and/or structure of the compensation may influence your registered representative, broker-dealer or selling institution to present this Contract over other investment alternatives. The variations in compensation, however, may also reflect differences in sales effort or ongoing customer services expected of the registered representative or the broker-dealer. You may ask your registered representative about any variations and how he or she and his or her broker-dealer are compensated for selling the Contract.

**Distribution Plan.** The Board, including all of the Independent Trustees, has approved an Amended and Restated Distribution Plan pursuant to Rule 12b-1 under the 1940 Act ("Plan"). In adopting the Plan, the Board, including all of the Independent Trustees, concluded in accordance with the requirements of Rule 12b-1 that there is a reasonable likelihood that the Plan will benefit the applicable Funds and their respective shareholders. Under the Plan, a Fund that issues Class A shares is charged a shareholder services and distribution fee ("12b-1 fee") at an annual rate, as specified in the Plan, of the average daily net assets attributable to the Class A shares.

The Board, including all of the Independent Trustees, also approved an amended and restated distribution agreement between the Trust and JNLD ("Distribution Agreement"). The Distribution Agreement reflects the provisions of the Plan and provides for the payment of the 12b-1 fee with respect to a Fund that issues Class A shares.

Under the Plan for the Class A Shares, the shareholder services and distribution fee ("12b-1 fee") is computed at an annual rate, as specified in the Plan, of the average daily net assets attributable to the Class A shares of a Fund. Currently, the Fund issues Class I shares (formerly named Institutional Class) and Class SL shares, which do not have distribution fee.

Under the Distribution Agreement, the 12b-1 fee, if applicable for a Fund, is calculated and accrued daily and paid to JNLD within forty-five (45) days of the end of each month, or at such other intervals as the Board of Trustees shall determine. To the extent consistent with the Plan and applicable law, JNLD may use the 12b-1 fee to finance certain distribution and related service expenses that are primarily intended to result in the sale of such Class A Shares or compensate broker-dealers, administrators, financial intermediaries or others for providing or assisting in providing distribution and related additional services.

The fee compensates JNLD and its affiliates for providing distribution and other services and paying certain distribution and other service expenses. The activities covered under the Plan include, but are not limited to, the following:

● Developing, preparing, printing, and mailing of Fund sales literature and other promotional material describing and/or relating to the Funds, including materials intended for use by Jackson National Life Insurance Company and its affiliates, or for broker-dealer only use or retail use;

● Holding or participating in seminars and sales meetings for registered representatives designed to promote the distribution of Fund shares;

● Paying compensation to and expenses, including overhead, of employees of JNLD that engage in the distribution of variable insurance products that offer the Funds ("Insurance Contracts");

● Paying compensation to broker-dealers or other financial intermediaries that engage in the distribution of Insurance Contracts, including, but not limited to, certain commissions, servicing fees and marketing fees;

● Providing services, related to the Funds, to Insurance Contract owners; such services will include, but not be limited to, assisting the Funds with proxy solicitations, obtaining information, answering questions, providing explanations to Insurance Contract owners regarding the Fund's investment objectives and policies and other information about the Funds, including the performance of the Funds, and developing and providing electronic capabilities or information technology platforms to assist in providing any of the foregoing services to Insurance Contract owners;

● Printing and mailing of Fund prospectuses, statements of additional information, supplements, and annual and semiannual reports for prospective owners of Insurance Contracts;

● Training sales personnel regarding sales of Insurance Contracts on matters related to the Funds;

● Compensating sales personnel in connection with the allocation of cash values and premiums of the Insurance Contracts to the Funds;

● Providing periodic reports to the Funds and regarding the Funds to third-party reporting services;

● Reconciling and balancing separate account investments in the Funds;

● Reconciling and providing notice to the Funds of net cash flow and cash requirements for net redemption orders;

● Confirming transactions; and

● Financing other activities that the Board determines are primarily intended to result, directly or indirectly, in the servicing or sale of Fund shares.

The Plan provides (1) that it is subject to annual approval of continuance by the Trustees and the Independent Trustees; (2) that the Distributor must provide the Board with a quarterly written report of payments made under the Plan and the purpose of the payments; and (3) that the Plan may be terminated at any time by the vote of a majority of the Independent Trustees, or a majority of the outstanding voting securities of the Trust entitled to vote. The Plan may not be amended to increase materially the amount to be spent for distribution without shareholder approval, and all material Plan amendments must be approved by a vote of the Independent Trustees.

For the fiscal period ended on December 31, 2025, the 12b-1 fees paid by the Fund was as follows:

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Fund** | &nbsp;&nbsp;**December 31, 2025** |
| &nbsp;&nbsp;JNL Government Money Market Fund | &nbsp;&nbsp;N/A |

---

**Code of Ethics.** To mitigate the possibility that the Fund will be adversely affected by personal trading of employees, the Trust, the Adviser, the Sub-Adviser, the Fund 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 of the Trust. The Trust's and the Adviser's Codes of Ethics comply, in all material respects, with the recommendations of the Investment Company Institute. Subject to the requirements of the Codes of Ethics, employees may invest in securities for their own investment accounts, including securities that may be purchased or held by the Trust.

**Proxy Voting for Securities held by the Fund.** The Board of Trustees has approved the proxy voting policy and procedure ("Trust Policy") of the Adviser, pursuant to which the Trustees have delegated proxy voting responsibility to the Adviser, and pursuant to which the Adviser has delegated proxy voting responsibility to the Sub-Adviser. The Trust has adopted the Sub-Adviser's proxy voting policies and procedures ("Policies"). The Policies (or summaries) are attached to this SAI. The Trustees will review the Fund's proxy voting records from time to time and will annually consider approving the Policies for the upcoming year. In the event that a conflict of interest arises between the Fund's shareholders, the Adviser, or the Sub-Adviser, the Sub-Adviser will generally vote the proxies related to the companies giving rise to such conflict, and report to the Board of Trustees on such conflicts.

The Sub-Adviser generally reviews each matter on a case-by-case basis in order to make a determination of how to vote in a manner that best serves the interests of Fund shareholders. The Sub-Adviser may abstain from voting from time to time where it determines that the costs associated with voting a proxy outweigh the benefits derived from exercising the right to vote. For example, JNAM shall permit a Sub-Adviser to abstain from voting a proxy for securities that have been loaned by the Fund and would have to be recalled in order to submit a proxy vote. In addition, the Sub-Adviser will monitor situations that may result in a conflict of interest in accordance with their policies and procedures. A description of the policies and procedures used by the Fund to vote proxies relating to the portfolio securities and information on how the Fund voted proxies relating to portfolio securities during the 12 month period ended June 30 are available (1) without charge, upon request by calling 1-800-644-4565 (Jackson National Customer Care) or 1-800-599-5651 (Jackson National NY Customer Care), (2) by writing JNL Series Trust, P.O. Box 30314, Lansing, Michigan 48909-7814 (3) on Jackson National Life Insurance Company's or Jackson National Life Insurance Company of New York's website at <u>www.jackson.com</u>, and (4) on the SEC's website at <u>www.sec.gov.</u>

**<u>DISCLOSURE OF PORTFOLIO INFORMATION</u>**

I. Statement of Policy

JNAM and the Funds' Board have approved and adopted policies and procedures governing the disclosure of information regarding the Funds' portfolio holdings. In adopting these policies and procedures, the Funds' Board assessed the use of Fund portfolio information, and the manner in which such information is conveyed to other parties, including the shareholders. The procedures are designed to control the disclosure of Fund portfolio information. The Funds and JNAM may share portfolio information with their affiliates as necessary to provide services to the Funds. These policies and procedures are intended to balance the interests of the Funds' shareholders and their access to portfolio information, with the interests of JNAM, JNLD (the "Distributor"), and other service providers or vendors to the Funds in the administration and management of the Funds. The Funds' Board may amend these policies and procedures from time to time, as it may deem appropriate in the interests of the Funds and their shareholders, and/or in response to changes in the Federal Securities Laws.

As a general matter, it is the policy that public disclosure of information concerning the Funds' portfolio holdings should allow all relevant parties consistent and equal access to portfolio information. In applying these principles, the Funds' portfolio disclosures shall be made at times and in circumstances under which it may promptly become generally available to the brokerage community and the investing public.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**A. Policy Requirements.** Without limiting any Disclosures provided for in Section II, the procedures generally provide that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Information about the Funds' complete portfolio holdings may not, except as set forth herein, be disclosed sooner than thirty (30) days following quarter end and provided that the portfolio holdings are posted on the Funds' website prior to their use in any marketing materials;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Pursuant to applicable law, each Fund (other than a Fund that is a money market fund in accordance with Rule 2a-7) publicly discloses its complete portfolio holdings on the Funds' website at www.jackson.com within 60 days following quarter end. Each Fund also discloses a complete list of its holdings in its financial statements on Form N-CSR (the financial statements are available online and/or are distributed to shareholders) and in publicly available quarterly holdings reports on Form N-PORT. Forms N-PORT and N-CSR are filed with the SEC and available online at www.sec.gov;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) Pursuant to applicable law, the JNL/Dreyfus Government Money Market Fund and JNL Government Money Market Fund (collectively, "Money Market Funds") publicly discloses their complete portfolio holdings on the Funds' website at www.jackson.com no later than the fifth business day of a month. The Money Market Funds also disclose a complete list of their holdings in their financial statements on Form N-CSR (the financial statements are available online and/or are distributed to shareholders). Forms N-MFP and N-CSR are filed with the SEC and available online at www.sec.gov;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) Portfolio holdings information that is solely available in regulatory reports or filings (such as U.S. Treasury Department filings) that is not available to the public may not be disclosed, except as expressly authorized by the Funds' President in consultation with the Funds' Chief Compliance Officer;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) As set forth herein, portfolio holdings information that is more current than that in reports or other filings filed electronically with the SEC, and is not considered confidential, may be disclosed on the Jackson website and in certain printed materials. These materials include but are not limited to: (i) descriptions of allocations among asset classes, regions, countries, industries or sectors; (ii) aggregated data such as average or median ratios, market capitalization, credit quality or duration; (iii) performance attributions by asset class, country, industry or sector; (iv) aggregated risk statistics, analysis and simulations, such as stress testing; (v) the characteristics of the stock and bond components of a Fund's portfolio holdings and other investment positions; (vi) the volatility characteristics of a Fund; (vii) information on how various weightings and factors contributed to Fund performance; (viii) various financial characteristics of a Fund or its underlying portfolio investments; and (ix) other information where, in the reasonable belief of the Funds' Chief Compliance Officer (or a designee), the release of such information would not present risks of dilution, arbitrage, market timing, insider trading or other inappropriate trading for the applicable Fund; and

Information about the Funds' portfolio holdings shall not be disclosed by the Funds, JNAM, the Distributor, and personnel at the Distributor or any service provider or vendor of the Funds or JNAM, to obtain compensation or consideration.

The foregoing, general policy requirements may not apply to certain of the Funds, including, but not limited, to the money market portfolios.

II. Disclosures

In addition to the foregoing, the Funds and the Distributor may periodically disclose portfolio holdings information as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**A.** **Portfolio Overviews.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)  ***Actively Managed Funds.*** The Funds and the Distributor may disclose a partial list of portfolio
holdings in monthly overviews in connection with the distribution of actively managed Fund shares. The monthly overview updates may not
be released earlier than thirty (30) days after the end of the relevant month and shall not be provided to any broker-dealer on a preferential
basis. The Distributor may disclose a partial list of the largest portfolio holdings on the Funds' website at <u>www.jackson.com</u> or in other marketing or printed materials.

If the Funds and the Distributor disclose only a partial list of portfolio holdings, then the Funds and/or the Distributor shall provide sufficient disclosure that the portfolio holdings provided represent a partial list. The Distributor may disclose such portfolio holdings in other marketing or printed materials; provided, however, that the information is posted on the Funds' website one (1) day prior to its use in any printed material.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)  ***Passive Funds.*** For Passive Funds, including Index, Target and Sector Funds, the Funds and
the Distributor may periodically disclose complete or partial portfolio holdings, and/or allocations, one (1) day after any of the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) The relevant reporting periods;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) The "Stock Selection Date;" or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(C) The effective date of new money allocations and/or rebalances.

If the Funds and the Distributor disclose only a partial list of portfolio holdings, then the Funds and/or the Distributor shall provide sufficient disclosure that the portfolio holdings provided represent a partial list. Provided that such portfolio holdings disclosures are not provided to any broker-dealers on a preferential basis, the Distributor may disclose such portfolio holdings on the Funds' website at <u>www.jackson.com</u>. The Distributor may disclose such portfolio holdings in other marketing or printed materials; provided, however, that the information is posted on the Funds' website one (1) day prior to its use in any printed material.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) ***Fund of Funds.*** For the Fund of Funds (generally includes those Funds advised by JNAM, and those Funds sub-advised by J.P. Morgan Investment Management, Inc. and/or Mellon Investments Corporation), the Funds and the Distributor may periodically disclose complete or partial portfolio holdings, and/or allocations one (1) day after any of the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) The relevant reporting periods; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) The effective date of new money allocations and/or rebalances.

If the Funds and the Distributor disclose only a partial list of portfolio holdings, then the Funds and/or the Distributor shall provide sufficient disclosure that the portfolio holdings provided represent a partial list. Provided that such portfolio holding disclosures are not provided to any broker-dealers on a preferential basis, the Distributor may disclose such portfolio holdings on the Funds' website at <u>www.jackson.com</u>. The Distributor may disclose such portfolio holdings in other marketing or printed materials; provided, however, that the information is posted on the Funds' website one (1) day prior to its use in any printed materials.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) ***ETF Funds.*** For the ETF Funds, the Funds and the Distributor may periodically disclose complete or partial portfolio holdings, and/or allocations, one (1) day after any of the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) The relevant reporting periods; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) The effective date of new money allocations and/or rebalances.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) ***Money Market Fund Information***. In accordance with Rule 2a-7 of the Investment Company Act, the Money Market Funds shall disclose on the Funds' website at <u>www.jackson.com</u>, for a period of not less than six months, beginning no later than the fifth business day of a month, a schedule of the Money Market Funds' investments, as of the last business day or subsequent calendar day of the prior month, including the following security-specific information:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) Name of the issuer;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) Category of investment;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(C) CUSIP number;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(D) Principal amount;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(E) Maturity date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(F) Final maturity date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(G) Coupon or yield;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(H) Value;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(I) A chart which must be updated each business day as of the end of the preceding business day, showing,
as of the end of each business day during the preceding six months:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. The percentage of the Money Market Funds' total assets invested in
daily liquid assets;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii. The percentage of the Money Market Funds' total assets invested in weekly liquid assets;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iii. The Money Market Funds' net inflows or outflows; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iv. The Money Market Funds' net asset value per share.

A link to the SEC website is also included so a user may obtain the most recent twelve (12) months of publicly available information filed by the Money Market Funds.

Provided that such disclosures are not provided to any broker-dealers on a preferential basis, the Distributor may disclose such portfolio holdings on the Funds' website at www.jackson.com, or in other marketing or printed materials. The Distributor may disclose such portfolio holdings in other marketing or printed materials; provided, however, that the information is posted on the Funds' website one (1) day prior to its use in any printed materials.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**B. Service Providers.** The Funds may disclose their portfolio holdings to mutual fund databases and rating services (including, but not limited to, service providers such as Lipper and Morningstar):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) On a quarterly basis, however, such holdings information shall be released to the public not sooner than thirty (30) days after the end of the relevant reporting period;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) At such time as those service providers may request; and/or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) As necessary for JNAM and the Funds to obtain materials and information from the service providers and/or rating services.

The disclosure of portfolio holdings to service providers is generally made for the purpose of obtaining ratings for the Funds and enabling such service providers to provide such portfolio holding information to the public as they typically provide for other rated mutual funds. Any disclosure to mutual fund databases and rating services shall be made subject to a confidentiality agreement or confidentiality provisions limiting the use of such information to the approved purposes. Although the Adviser cannot require the service providers to adopt a Code of Ethics to monitor and limit employee trading, any such trading would violate the confidentiality agreements JNAM has in place.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**C. Other Disclosures.** The Funds periodically provide portfolio holdings and other portfolio information to certain entities in connection with transactions/services provided to, or on behalf of, the Funds, including, but not limited to, sub-advisers, potential sub-advisers and service providers, the Adviser's consultants, the Distributor, senior management and personnel at Jackson Financial, Inc. ("Jackson") and/or Jackson National Life Insurance Company ("Jackson National"), the custodian, the transfer agent(s), broker-dealers, and counterparties, pricing vendors, and the Funds' Board. In addition to the Adviser, these service providers may include, but are not limited to, any sub-adviser, transition manager (for mergers and sub-adviser transitions), Distributor, auditor, legal counsel to the funds, the trustees, and/or the Funds' other service providers. Any disclosure to service providers shall be made subject to a confidentiality agreement or confidentiality provisions limiting the use of such information for approved purposes. Although the confidentiality agreement does not explicitly limit or restrict personal securities transactions, JNAM and the Funds may, from time-to-time, limit or restrict personal securities transactions to prevent violations of these policies and procedures, the Code of Ethics, and JNAM's Insider Trading Policies and procedures. The Funds may also disclose portfolio holding information to any person who expressly agrees in writing to keep the disclosed information in confidence (agreements shall contain confidentiality provisions), and to use it only for purposes expressly authorized by the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**D. Exceptions.** From time-to-time, the Funds may need to disclose portfolio holdings and other information. The Funds' Chief Compliance Officer, in consultation with the President, shall examine appropriateness of any such disclosure(s). Any such disclosure(s) will be kept confidential and will be subject to applicable SEC and FINRA requirements related to personal trading and access monitoring. Upon review and authorization by the Funds' President, in writing, and upon his/her determination that such disclosures would be in the interests of the relevant Fund(s) and its shareholders, a Fund(s) may disclose portfolio holdings information.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**E. Regulatory and Legal Disclosures.** The Funds may also disclose portfolio holdings information to any regulator in response to any regulatory requirement, as part of a legal proceeding or criminal investigation, or any regulatory inquiry or proceeding, and to any person, to the extent required by order or other judicial process.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**F. Monitoring Personal Trading.** JNAM and the Funds will review the personal securities transactions of their Access Persons, pursuant to the Code of Ethics. The sub-advisers and Distributor have each, individually adopted a Code of Ethics and are responsible for monitoring the personal trading activities of their respective personnel.

III. Recordkeeping and Reporting

As part of the Rule 38a-1 Annual Review, the Funds' Board shall also receive reports concerning the operation of these policies and procedures. The Funds' Board may amend these policies and procedures from time to time, as it may deem appropriate in the interests of the Funds and their shareholders, and/or in response to changes in the Federal Securities Laws. All disclosures made pursuant to these policies and procedures, for both JNAM and the Funds, must be preserved for a period of not less than six (6) years, the first (2) years in an appropriate office of JNAM.

**<u>PURCHASES, REDEMPTIONS AND PRICING OF SHARES</u>**

Shares of the Fund may be purchased at its respective net asset value which is expected to be constant at $1.00 per share, although this price is not guaranteed.

All investments in the Trust are credited to the shareholder's account in the form of full and fractional shares of the designated Fund (rounded to the nearest 1/1000 of a share). The Trust does not issue share certificates.

As stated in the Prospectus, the net asset value ("NAV") of the Fund's shares is generally determined once each day on which the New York Stock Exchange ("NYSE") is open (a "Business Day") at the close of the regular trading session of the NYSE (normally 4:00 p.m., Eastern Time, Monday through Friday). The NAV of the Fund's shares is not determined on the days the NYSE is closed, which days generally are New Year's Day, Martin Luther King Jr. holiday, President's Day, Good Friday, Memorial Day, Juneteenth, Independence Day, Labor Day, Thanksgiving and Christmas. The Fund will not calculate a NAV on the days the NYSE is expected to be closed.

The NAV of the Fund's shares may also not be determined on days designated by the Board or on days designated by the SEC. Consistent with legal requirements, calculation of 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. In the event that the NYSE is closed unexpectedly or opens for trading but closes earlier than scheduled, the Fund's 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 NAVs. To the extent an NYSE closure is determined to not have resulted in a disruption of normal market activity, the valuation committee may utilize the time the NYSE was scheduled to close for purposes of measuring and calculating the Fund's NAVs.

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. Equity securities are generally valued at the official closing price of the exchange where the security is principally traded. If there is no official closing price for the security on the valuation date, the security may be valued at the most recent sale or quoted bid price prior to close. Investments in mutual funds are valued at the NAV per share determined as of the close of the NYSE on each valuation date. The Adviser typically uses independent pricing services to value debt securities. Term loans are generally valued at the composite bid prices provided by approved pricing services. Futures contracts traded on an exchange are generally valued at the exchange's settlement price. If the settlement price is not available, exchange traded futures are valued at the last sales price as of the close of business on the primary exchange. Exchange-traded options are valued by approved pricing sources at the last traded price prior to the close of business on the local exchange. In the event that current day trades are unavailable, or the trade price falls outside of the current day bid ask spread, exchange traded options are valued at the current day's mid-price. Forward foreign currency contracts are generally valued at the foreign currency exchange rate as of the close of the NYSE, unless an unexpected disruption on the NYSE and the Fund's valuation policies require the Adviser to determine the "fair value" of the contracts. Pricing services utilized to value debt instruments may use various pricing techniques which take into account appropriate factors such as: yield; credit quality; coupon rate; maturity; type of issue; trading characteristics; call features; credit ratings; broker quotes; and other relevant data. To the extent circumstances prevent the use of the primary calculation methodology previously described, the Adviser may use alternative methods to calculate the NAV.

The Board, on behalf of 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 valuation procedures and guidelines pursuant to which the Adviser determines the "fair value" of a security for which market quotations are not readily available, or are determined to be not reflective of market value.

The Fund calculates its NAV per share, and effects sales, redemptions and repurchases of its shares at that NAV per share, as of the close of the NYSE once on each Business Day.

Securities that have halted trading will be fair valued based on the facts and circumstances available at the time of each NAV calculation. The fair valuation of securities halted for an extended period may include liquidity discounts as considered appropriate.

The securities of the Fund are valued at amortized cost, which approximates market value, in accord with Rule 2a-7. The net income of the Fund is determined once each day, on which the NYSE is open, at the close of the regular trading session of the NYSE (normally 4:00 p.m., Eastern time, Monday through Friday). All the net income of the Fund, so determined, is declared as a dividend to shareholders of record at the time of such determination. Shares purchased become entitled to dividends declared as of the first day of investment. For the Fund dividends are distributed in the form of additional shares of the Fund on the last business day of each month at the rate of one share (and fraction thereof) of the Fund for each one dollar (and fraction thereof) of dividend income.

For this purpose, the net income of the Fund (from the time of the immediately preceding determination thereof) shall consist of: (i) all interest income accrued on the portfolio assets of the Fund, (ii) less all actual and accrued expenses, and (iii) plus or minus net realized gains and losses on the assets of the Fund determined in accord with generally accepted accounting principles. Interest income includes discount earned (including both original issue and market discount) on discount paper accrued ratably to the date of maturity. Securities are valued at amortized cost which approximates market, which the Adviser has determined in good faith constitutes fair value for the purposes of complying with the 1940 Act.

The Trust may suspend the right of redemption for the Fund only under the following unusual circumstances: (a) when the NYSE is closed (other than weekends and holidays) or trading is restricted; (b) when an emergency exists, making disposal of portfolio securities or the valuation of net assets not reasonably practicable; or (c) during any period when the SEC has by order permitted a suspension of redemption for the protection of shareholders.

The Fund typically expects that the Fund will hold cash or cash equivalents to meet redemption requests. The Fund may also use the proceeds of orders to purchase Fund shares or the proceeds from the sale of portfolio securities to meet redemption requests, if consistent with the management of the Fund. These redemption methods will be used regularly and may also be used in stressed market conditions. The Fund, pursuant to an exemptive order issued by the SEC and a master Interfund Lending agreement, also has the ability to lend or borrow money for temporary purposes directly to or from one another.

In the case of a liquidity event, the Fund's share price and/or returns may be negatively impacted. If a liquidity event occurs, the Adviser will promptly notify the Board of the liquidity event and take corrective action. Corrective action may include, among other things, use of the Interfund Lending Program.

The Trust may make exceptions to the shareholder purchase and redemption requirements when conditions require and such exception is in the best interests of the Trust and its shareholders.

The Fund may pay the redemption price in whole or in part by a distribution in kind of securities from the investment portfolio of the Fund to another Fund, in lieu of cash, in conformity with applicable rules of the SEC and procedures adopted by the Board. Any securities redeemed in kind will be readily marketable and will be valued in accordance with the Fund's valuation policy. If the Fund redeems shares in kind from another Fund, the Fund would incur transaction costs in converting the assets into cash.

**<u>DESCRIPTION OF SHARES; VOTING RIGHTS; SHAREHOLDER INQUIRIES</u>**

**Description of Shares.** The Declaration of Trust permits the Board to issue an unlimited number of full and fractional shares of beneficial interest of the Fund and to divide or combine such shares into a greater or lesser number of shares without thereby changing the proportionate beneficial interests in the Trust. Each share of the Fund represents an equal proportionate interest in the Fund with each other share. The Trust reserves the right to create and issue any number of Fund shares. In that case, the shares of the Fund would participate equally in the earnings, dividends, redemption rights and assets of the particular Fund. Upon liquidation of the Fund, shareholders are entitled to share pro rata in the net assets of the Fund available for distribution to shareholders.

**Voting Rights.** Shareholders are entitled to one vote for each share held. Except for matters affecting a particular Fund or Class of shares of the Fund, as described below, all shares of the Trust have equal voting rights and may be voted in the election of Trustees and on other matters submitted to the vote of the shareholders. Shareholders' meetings ordinarily will not be held unless required by the 1940 Act. As permitted by Massachusetts law, there normally will be no shareholders' meetings for the purpose of electing Trustees unless and until such time as fewer than a two-thirds majority of the Trustees holding office have been elected by shareholders. At that time, the Trustees then in office will call a shareholders' meeting for the election of Trustees. The Trustees must call a meeting of shareholders for the purpose of voting upon the removal of any Trustee when requested to do so by the record holders of 10% of the outstanding shares of the Trust. A Trustee may be removed after the holders of record of not less than two-thirds of the outstanding shares have declared that the Trustee be removed either by declaration in writing or by votes cast in person or by proxy. Except as set forth above, the Trustees shall continue to hold office and may appoint additional or successor Trustees, provided that immediately after the appointment of any additional or successor Trustee, at least two-thirds of the Trustees have been elected by the shareholders. Shares do not have cumulative voting rights. Thus, holders of a majority of the shares voting for the election of Trustees can elect all the Trustees.

In matters affecting only a particular Fund, the matter shall have been effectively acted upon by a majority vote of the shares of only that Fund, even though (1) the matter has not been approved by a majority vote of the shares of any other Fund; or (2) the matter has not been approved by a majority vote of the shares of the Trust.

Shareholders of a Massachusetts business trust may, under certain circumstances, be held personally liable as partners for the obligations of the Trust. The risk of a shareholder incurring any financial loss on account of shareholder liability is limited to circumstances in which the Trust itself would be unable to meet its obligations. The Declaration of Trust contains an express disclaimer of shareholder liability for acts or obligations of the Trust and provides that notice of the disclaimer must be given in each agreement, obligation or instrument entered into or executed by the Trust or Trustees. The Declaration of Trust provides for indemnification of any shareholder held personally liable for the obligations of the Trust and also provides for the Trust to reimburse the shareholder for all legal and other expenses reasonably incurred in connection with any such claim or liability.

No amendment may be made to the Declaration of Trust without the affirmative vote of a majority of the outstanding shares of the Trust. The Board may, however, amend the Declaration of Trust without the vote or consent of shareholders:

&nbsp;&nbsp;&nbsp;&nbsp;(i) To change the name of the Trust or any Series;

&nbsp;&nbsp;&nbsp;&nbsp;(ii) To add to their duties or obligations or surrender any rights or powers granted to them herein;

&nbsp;&nbsp;&nbsp;&nbsp;(iii) To cure any ambiguity, to correct or supplement any provision herein which may be inconsistent with any
other provision herein or to make any other provisions with respect to matters or questions arising under this Declaration which will
not be inconsistent with the provisions of the Declaration; and

&nbsp;&nbsp;&nbsp;&nbsp;(iv) To eliminate or modify any provision of the Declaration which (a) incorporates, memorializes or sets forth
an existing requirement imposed by or under any Federal or state statute or any rule, regulation or interpretation thereof or thereunder
or (b) any rule, regulation, interpretation or guideline of any Federal or state agency, now or hereafter in effect, including without
limitation, requirements set forth in the 1940 Act and the rules and regulations thereunder (and interpretations thereof), to the extent
any change in applicable law liberalizes, eliminates or modifies any such requirements, but the Trustees shall not be liable for failure
to do so.

If not terminated by the vote or written consent of a majority of its outstanding shares, the Trust will continue indefinitely. Shares have no pre-emptive or conversion rights. Shares are fully paid and non-assessable when issued.

**Shareholder Inquiries.** All inquiries regarding the Trust should be directed to the Trust at the telephone number or address shown on the back cover page of the Prospectus.

**<u>TAX matters</u>**

The following discussion of U.S. federal income tax consequences of investing in the Fund is based on the Internal Revenue Code of 1986, as amended (the "Code"), U.S. Treasury Regulations, and other applicable authority, as of the date of this SAI. These authorities are subject to change by legislative or administrative action, possibly with retroactive effect. The following discussion is only a summary of some of the important U.S. federal income tax considerations generally applicable to investments in the Fund and it does not address any state, local or foreign tax matters. The following discussion is generally based on the assumption that the shares of the Fund will be respected as ultimately owned by insurance companies through their separate accounts which invest in certain other funds that hold the Fund, qualified pension and retirement plans ("Qualified Plans"), and other eligible persons or plans permitted to hold shares of the Fund pursuant to the applicable Treasury Regulations without impairing the ability of the insurance company separate accounts to satisfy the diversification requirements of Section 817(h) of the Code ("Other Eligible Investors").

**<u>General</u>**

The Trust consists of a Fund that is treated for U.S. federal income tax purposes as a corporation that intends to qualify and be eligible for treatment each year as a regulated investment company.

The Fund automatically reinvests all income dividends and capital gain distributions, if any, in additional shares of the Fund, unless otherwise requested by a shareholder. The reinvestment is made at the NAV determined on the ex-dividend date, which is generally the first business day following the record date.

**<u>Qualification as a Regulated Investment Company</u>**

The Fund has elected and intends to continue to qualify and be eligible for treatment each year as a "regulated investment company" under Subchapter M of the Code.

To qualify as a regulated investment company, the Fund must meet certain requirements with respect to the nature and sources of its income (the "qualifying income requirement") and certain requirements regarding the nature and diversification of its investment assets (the "asset diversification requirement"). In order to meet the qualifying income requirement, the Fund must derive at least 90% of its gross income each taxable year generally from (i) dividends, interest, payments with respect to certain securities loans, gains from the sale or other disposition of stock, securities or foreign currencies, or other income attributable to its business of investing in such stock, securities or foreign currencies (including, but not limited to, gains from options, futures or forward contracts) and (ii) net income derived from an interest in a qualified publicly traded partnership, as defined below. In general, for purposes of this qualifying income requirement, income derived from a partnership (other than a qualified publicly traded partnership) will be treated as qualifying income only to the extent such income is attributable to items of income of the partnership which would be qualifying income if realized directly by the Fund. However, 100% of the net income derived from an interest in a qualified publicly traded partnership (generally, defined as a partnership (x) the interests in which are traded on an established securities market or readily tradable on a secondary market or the substantial equivalent thereof, and (y) that derives less than 90% of its gross income from the qualifying income described in clause (i) above) will be treated as qualifying income. In general, such entities will be treated as partnerships for U.S. federal income tax purposes if they meet the passive income requirement under Code Section 7704(c)(2). In addition, although in general the passive loss rules of the Code do not apply to regulated investment companies, such rules do apply to a regulated investment company with respect to items attributable to an interest in a qualified publicly traded partnership. Certain of the Fund's investments in ETFs and master limited partnerships ("MLPs"), if any, may qualify as interests in qualified publicly traded partnerships.

In order to meet the asset diversification requirement, the Fund must diversify its holdings so that, at the end of each quarter of the Fund's taxable year: (i) at least 50% of the fair market value of its total assets consists of (A) cash and cash items (including receivables), U.S. Government securities and securities of other regulated investment companies, and (B) other securities, of any one issuer (other than those described in clause (A)) to the extent such securities do not exceed 5% of the value of the Fund's total assets and are not more than 10% of the outstanding voting securities of such issuer, and (ii) not more than 25% of the value of the Fund's total assets consist of, including through corporations in which the Fund owns a 20% or more voting stock interest, the securities of any one issuer (other than those described in clause (i)(A)), the securities (other than securities of other regulated investment companies) of two or more issuers the Fund controls and which are engaged in the same, similar, or related trades or businesses, or the securities of one or more qualified publicly traded partnerships.

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

The Fund must also distribute annually at least 90% of its investment company taxable income, which generally includes its ordinary income and the excess of any net short-term capital gain over net long-term capital loss, and at least 90% of its net exempt-interest income, if any, in order to maintain its eligibility for treatment as a regulated investment company.

If the Fund qualifies as a regulated investment company that is accorded special tax treatment, it generally will not be subject to U.S. federal income tax on any of the investment company taxable income and net capital gain (i.e., the excess of net long-term capital gain over net short-term capital loss) it distributes to its shareholders. The Fund generally intends to distribute at least annually substantially all of its investment company taxable income (computed without regard to the dividends-paid deduction) and its net capital gain. However, no assurance can be given that the Fund will not be subject to U.S. federal income taxation. Any investment company taxable income or net capital gain retained by the Fund will be subject to tax at regular corporate rates.

If the Fund were to fail to comply with the qualifying income, asset diversification or distribution requirements described above, the Fund could in some cases cure such failure, including by paying a fund-level tax or interest, making additional distributions, or disposing of certain assets. If the Fund were ineligible to cure such failure, or otherwise failed to qualify and be eligible for treatment as a regulated investment company for any taxable year, (1) it would be taxed in the same manner as an ordinary corporation that year without being able to deduct the distributions it made to its shareholders and (2) each insurance company separate account invested in certain funds invested in the Fund would fail to satisfy the "look-through rules" (as discussed below) and the variable annuity and variable life insurance contracts supported by that account would no longer be eligible for tax deferral. In addition, the Fund could be required to recognize net unrealized gains, pay substantial taxes and interest and make substantial distributions before requalifying as a regulated investment company.

Amounts not distributed on a timely basis by regulated investment companies in accordance with a calendar year distribution requirement are subject to a nondeductible 4% excise tax at the Fund level. In order to avoid this excise tax, the Fund must distribute by the end of each calendar year: (a) at least 98% of its ordinary income for the calendar year, (b) at least 98.2% of its capital gain net income for the one-year period ending, as a general rule, on October 31 of each year, and (c) 100% of the undistributed ordinary income and capital gain net income from the preceding calendar years (if any). This excise tax, however, is inapplicable to any regulated investment company whose sole shareholders are tax-exempt pension trusts, separate accounts of life insurance companies funding variable contracts, certain other permitted tax-exempt investors, or other regulated investment companies that are also exempt from the excise tax. In determining whether these investors are the sole shareholders of a regulated investment company for purposes of this exception to the excise tax, shares attributable to an investment in the regulated investment company (not exceeding $250,000) made in connection with the organization of the regulated investment company are not taken into account.

The Fund intends to meet these requirements in order to qualify and be eligible for treatment as a regulated investment company and avoid paying any income or excise tax on its taxable income and gain. However, no assurance can be given that the Fund will not be subject to U.S. federal income or excise taxation.

***Capital Loss Carryforwards***

For U.S. federal income tax purposes, potentially subject to certain limitations, the Fund is generally permitted to carry forward a net capital loss incurred in any taxable year to offset net capital gains, if any, realized during subsequent taxable years. Net capital losses can be carried forward without expiration and any such carryover losses will retain their character as short-term or long-term. To the extent subsequent net capital gains are offset by such losses, they would not result in U.S. federal income tax liability to the Fund, regardless of whether such net capital gains are distributed to shareholders.

As of December 31, 2025, the Fund had no capital loss carryforwards.

**<u>Taxation of Fund Investments</u>**

The Fund's transactions in securities and certain types of derivatives (e.g., options, futures contracts, forward contracts and swap agreements), as well as any of its hedging, short sale, securities loan or similar transactions may be subject to special tax rules, such as the notional principal contract, straddle, constructive sale, wash-sale, mark-to-market, or short-sale rules. Rules governing the U.S. federal income tax aspects of certain of these transactions, including certain commodity-linked investments are not entirely clear in certain respects. Accordingly, while the Fund intends to account for such transactions in a manner it deems to be appropriate, an adverse determination or future guidance by the Internal Revenue Service ("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 fund-level tax. Certain requirements that must be met under the Code in order for the Fund to qualify as a regulated investment company may limit the extent to which the Fund will be able to engage in certain derivatives or commodity-linked transactions.

The Fund may invest in debt obligations that are treated as issued originally at a discount ("OID") or treated as having "market discount" or "acquisition discount." If the Fund holds the foregoing kinds of obligations, or other obligations subject to special rules under the Code, it 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, if necessary, by disposition of portfolio securities including at a time when it may not be advantageous to do so.

Amounts realized by the Fund from sources within foreign countries (e.g., dividends or interest paid on foreign securities) may be subject to withholding and other taxes imposed by such countries; such taxes would reduce the Fund's return on those investments. Tax conventions between certain countries and the United States may reduce or eliminate such taxes.

"Passive foreign investment companies" ("PFICs") are generally defined as foreign corporations where at least 75% of their gross income for their taxable year is passive income (such as certain interest, dividends, rents and royalties, or capital gains) or at least 50% of their assets on average produce or are held for the production of such passive income. If the Fund acquires any equity interest in a PFIC, the Fund could be subject to U.S. federal income tax and interest charges on "excess distributions" received from the PFIC or on gain from the sale of such equity interest in the PFIC, even if all income or gain actually received by the Fund is timely distributed to its shareholders.

Elections may be available that would ameliorate these adverse tax consequences, but such elections would require the Fund to include its share of the PFIC's income and net capital gains annually, regardless of whether it receives any distribution from the PFIC (in the case of a "QEF election"), or to mark the gains (and to a limited extent losses) in its interests in the PFIC "to the market" as though the Fund had sold and repurchased such interests on the last day of the Fund's taxable year, treating such gains and losses as ordinary income and loss (in the case of a "mark-to-market election"). The Fund may attempt to limit and/or manage its holdings in PFICs to minimize tax liability and/or maximize returns from these investments but there can be no assurance that it will be able to do so. Moreover, because it is not always possible to identify a foreign corporation as a PFIC, the Fund may incur the tax and interest charges described above in some instances.

A foreign corporation in which the Fund invests will not be treated as a PFIC with respect to the Fund if such corporation is a controlled foreign corporation for U.S. federal income tax purposes ("CFC") and the Fund holds (directly, indirectly, or constructively) 10% or more of the voting interests in or total value of such corporation. In such a case, the Fund generally would be required to include in gross income each year, as ordinary income, its share of certain amounts of a CFC's income, whether or not the CFC distributes such amounts to the Fund.

The Fund may invest directly or indirectly in residual interests in real estate mortgage investment conduits ("REMICs") or equity interests in taxable mortgage pools ("TMPs"). Under an IRS notice, and U.S. Treasury Regulations that have yet to be issued but may apply retroactively, a portion of the Fund's income (including income allocated to the Fund from a pass-through entity) that is attributable to a residual interest in a REMIC or an equity interest in a TMP (referred to in the Code as an "excess inclusion") will be subject to U.S. federal income tax in all events. This notice also provides, and the Treasury Regulations are expected to provide, that excess inclusion income of a regulated investment company, such as the Fund, will be allocated to shareholders of the regulated investment company in proportion to the dividends received by such shareholders, with the same consequences as if the shareholders held the related interest directly.

In general, excess inclusion income allocated to shareholders of the Fund (i) cannot be offset by net operating losses (subject to a limited exception for certain thrift institutions), (ii) will constitute unrelated business taxable income ("UBTI") to entities (including a qualified pension plan, an individual retirement account, a 401(k) plan, a Keogh plan or certain other tax-exempt entities) subject to tax on UBTI, thereby potentially requiring such an entity that is allocated excess inclusion income, and otherwise might not be required to file a tax return, to file a tax return and pay tax on such income, and (iii) in the case of a foreign shareholder or partner, will not qualify for any reduction in U.S. federal withholding tax, and (iv) in the case of an insurance company separate account supporting a Contract, cannot be offset by an adjustment to the reserves and thus is currently taxed notwithstanding the more general tax deferral available to insurance company separate accounts funding Contracts.

In addition, to the extent that a shareholder has borrowed to finance shares of the Fund, income attributable to such shares may constitute UBTI.

Qualified Plans and other tax-exempt shareholders should consult their own tax advisors concerning the possible effects of UBTI on their own tax situation as well as the general tax implications of an investment in the Fund.

**<u>Special Considerations for Variable Annuity Funds</u>**

The shares of the Fund are owned by various funds of JNL Series Trust, which are partnerships, or corporations that intend to qualify and be eligible for treatment as regulated investment companies. One or more separate accounts of Jackson National and Jackson National NY are the ultimate owners of the various funds of JNL Series Trust. Under Section 817(h) of the Code, if the investments of a segregated asset account, such as the separate accounts of Jackson National and Jackson National NY, are "adequately diversified," and certain other requirements are met, a holder of a Contract supported by the account generally will receive favorable tax treatment in the form of deferral of tax until a distribution is made under the Contract.

Generally, a segregated asset account will be deemed adequately diversified if as of the close of each calendar quarter (or within 30 days thereafter), (i) no more than 55% of the value of its total assets is represented by any one investment; (ii) no more than 70% of such value is represented by any two investments; (iii) no more than 80% of such value is represented by any three investments; and (iv) no more than 90% of such value is represented by any four investments. Section 817(h)(2) and the Treasury Regulations thereunder provide as a safe harbor that a segregated asset account that funds contracts such as the variable annuity or variable life insurance policies is treated as meeting the diversification requirements if, as of the close of each calendar quarter (or within 30 days thereafter), the assets in the account meet the asset diversification requirement for a regulated investment company described in Section 851(b)(3) and no more than 55% of the total assets of the account consist of cash, cash items, U.S. Government securities and securities of other regulated investment companies. Under Treasury guidance, a special rule for satisfying the diversification requirement is available to insurance company separate accounts investing in funds that qualify as "government money market funds" under Rule 2a-7(a)(14) under the 1940 Act, pending the issuance of revised Treasury Regulations.

In general, all securities of the same issuer are treated as a single investment for these purposes, and each U.S. Government agency or instrumentality is treated as a separate issuer. However, Treasury Regulations provide a "look-through rule" with respect to a segregated asset account's investments in a regulated investment company for purposes of the applicable diversification requirements, provided certain conditions are satisfied by the regulated investment company or partnership. Under this look-through rule, if the Fund limits its shareholders to (i) life insurance companies whose separate accounts invest in the Fund for purposes of funding variable annuity and variable life insurance contracts, (ii) trustees of qualified pension and retirement plans, and (iii) other funds having similar shareholders, each insurance company separate account investing in the Fund will be treated as owning (as a separate investment) its proportionate share of each asset of the Fund for purposes of meeting its own diversification requirements under Code Section 817(h), provided that the Fund qualifies as a regulated investment company.

The Fund is managed with the intention of complying with the diversification requirements imposed by Section 817(h) of the Code but may not satisfy the look-through rule. It is possible that, in order to comply with these requirements, less desirable investment decisions may be made which could affect the investment performance of the Fund.

Failure by the Fund to satisfy the Code Section 817(h) requirements by failing to comply with the "55%-70%-80%-90%" diversification test or the safe harbor described above, or by failing to satisfy the look-through rule, could cause the Contracts to lose their favorable tax status and require a Contract holder to include currently in ordinary income any income accrued under the Contracts for the current and all prior taxable years. Under certain circumstances described in the applicable Treasury Regulations, inadvertent failure to satisfy the Code Section 817(h) diversification requirements may be corrected; such a correction would require a payment to the IRS. Any such failure could also result in adverse tax consequences for the insurance company issuing the Contracts.

The IRS has indicated that a degree of investor control over the investment options underlying a Contract may interfere with the tax-deferred treatment of such Contracts. The IRS has issued rulings addressing the circumstances in which a Contract holder's control of the investments of the separate account may cause the holder, rather than the insurance company, to be treated as the owner of the assets held by the separate account. If the holder is considered the owner of the securities underlying the separate account, income and gains produced by those securities would be included currently in the holder's gross income.

In determining whether an impermissible level of investor control is present, one factor the IRS considers is whether the Fund's investment strategies are sufficiently broad to prevent a Contract holder from being deemed to be making particular investment decisions through its investment in the separate account. For this purpose, current IRS guidance indicates that typical fund investment strategies, even those with a specific sector or geographical focus, are generally considered sufficiently broad. The Fund has objectives and strategies that are not materially narrower than the investment strategies held not to constitute an impermissible level of investor control in IRS rulings (such as large company stocks, international stocks, small company stocks, mortgage-backed securities, money market securities, telecommunications stocks and financial services stocks).

The above discussion addresses only one of several factors that the IRS considers in determining whether a Contract holder has an impermissible level of investor control over a separate account. Contract holders should consult the insurance companies issuing their Contracts and their own tax advisors, as well as the prospectus relating to their particular Contract, for more information concerning this investor control issue.

In the event that additional rules, regulations, or other guidance is issued by the IRS or the Treasury Department concerning this issue, such guidance could affect the treatment of the Fund as described above, including retroactively. In addition, there can be no assurance that the Fund will be able to continue to operate as currently described or that the Fund will not have to change its investment objective or investment policies in order to prevent, on a prospective basis, any such rules and regulations from causing Contract owners to be considered the owners of the shares of the Fund.

**Tax Shelter Reporting Regulations**

Under U.S. Treasury Regulations, if (i) an individual shareholder recognizes a loss of at least $2 million in any single taxable year or $4 million in any combination of taxable years, or (ii) a corporate shareholder, including an insurance company holding separate accounts, recognizes a loss of at least $10 million in any taxable year or $20 million in any combination of taxable years, the shareholder must file with the IRS a disclosure statement on IRS Form 8886. Direct shareholders of portfolio securities are in many cases excepted from this reporting requirement, but under current guidance, shareholders of a regulated investment company are not excepted. This filing requirement applies even though, as a practical matter, any such loss would not, for example, reduce the taxable income of an insurance company. Future guidance may extend the current exception from this reporting requirement to shareholders of most or all regulated investment companies. The fact that a loss is reportable under these Treasury Regulations does not affect the legal determination of whether the taxpayer's treatment of the loss is proper. Shareholders should consult with their tax advisors to determine the applicability of these Regulations in light of their individual circumstances.

**Contract Owners** 

The foregoing discussion does not address the tax consequences to Contract owners of an investment in a Contract. Contract holders investing in the Fund through an insurance company separate account in a fund of JNL Series Trust that invests in the Fund or persons investing in the Fund through Other Eligible Investors are urged to consult with their insurance company or Other Eligible Investor, as applicable, and their own tax advisors, for more information regarding the U.S. federal income tax consequences to them of an investment in the Fund. Additional information relating to the tax treatment of the variable annuity and life insurance policies for which the funds of JNL Series Trust serve as underlying funding alternatives is contained in the prospectuses for those policies.

**<u>Financial Statements</u>**

The audited financial statements and financial highlights, including notes thereto, and the report of the Trust's Independent Registered Public Accounting Firm, KPMG LLP, as of and for each of the periods presented through December 31, 2025, included in the Trust's Form N-CSR are incorporated by reference into (which means they legally are a part of) this SAI. The financial statements are available at no charge upon written or telephone request to the Trust at the address and telephone number set forth on the front page of this SAI.

**<u>APPENDIX A — RATINGS OF INVESTMENTS</u>**

**Moody's Investors Service ("Moody's") Global Short-Term Rating Scale**

*<u>P-1</u>*: Issuers (or supporting institutions) rated Prime-1 have a superior ability to repay short-term debt obligations.

*<u>P-2</u>*: Issuers (or supporting institutions) rated Prime-2 have a strong ability to repay short-term debt obligations.

*<u>P-3</u>*: Issuers (or supporting institutions) rated Prime-3 have an acceptable ability to repay short-term obligations.

*<u>NP</u>*: Issuers (or supporting institutions) rated Not Prime do not fall within any of the Prime rating categories.

**Moody's Global Long-Term Rating Scale**

*<u>Aaa</u>*: Obligations rated Aaa are judged to be of the highest quality, subject to the lowest level of credit risk.

*<u>Aa</u>*: Obligations rated Aa are judged to be of high quality and are subject to very low credit risk.

*<u>A</u>*: Obligations rated A are judged to be upper-medium grade and are subject to low credit risk.

*<u>Baa</u>:* Obligations rated Baa are judged to be medium-grade and subject to moderate credit risk and as such may possess certain speculative characteristics.

*<u>Ba</u>:* Obligations rated Ba are judged to be speculative and are subject to substantial credit risk.

*<u>B</u>:* Obligations rated B are considered speculative and are subject to high credit risk.

*<u>Caa</u>:* Obligations rated Caa are judged to be speculative of poor standing and are subject to very high credit risk.

*<u>Ca</u>:* Obligations rated Ca are highly speculative and are likely in, or very near, default, with some prospect of recovery of principal and interest.

*<u>C</u>:* Obligations rated C are the lowest rated and are typically in default, with little prospect for recovery of principal or interest.

*<u>Note</u>:* Moody's appends numerical modifiers 1, 2, and 3 to each generic rating classification from Aa through Caa. The modifier 1 indicates that the obligation ranks in the higher end of its generic rating category; the modifier 2 indicates a mid-range ranking; and the modifier 3 indicates a ranking in the lower end of that generic rating category. Additionally, a "(hyb)" indicator is appended to all ratings of hybrid securities issued by banks, insurers, finance companies, and securities firms. By their terms, hybrid securities allow for the omission of scheduled dividends, interest, or principal payments, which can potentially result in impairment if such an omission occurs. Hybrid securities may also be subject to contractually allowable write-downs of principal that could result in impairment. Together with the hybrid security indicator, the long-term obligation rating assigned to a hybrid security is an expression of the relative credit risk associated with that security.

**S&P Global Ratings ("S&P") Short-Term Issue Credit Ratings**

*<u>A-1</u>:* A short-term obligation rated 'A-1' is rated in the highest category by S&P. The obligor's capacity to meet its financial commitments on the obligation is strong. Within this category, certain obligations are designated with a plus sign (+). This indicates that the obligor's capacity to meet its financial commitments on these obligations is extremely strong.

*<u>A-2</u>:* A short-term obligation rated 'A-2' is somewhat more susceptible to the adverse effects of changes in circumstances and economic conditions than obligations in higher rating categories. However, the obligor's capacity to meet its financial commitments on the obligation is satisfactory.

*<u>A-3</u>:* A short-term obligation rated 'A-3' exhibits adequate protection parameters. However, adverse economic conditions or changing circumstances are more likely to weaken an obligor's capacity to meet its financial commitments on the obligation.

*<u>B</u>:* A short-term obligation rated 'B' is regarded as vulnerable and has significant speculative characteristics. The obligor currently has the capacity to meet its financial commitments; however, it faces major ongoing uncertainties that could lead to the obligor's inadequate capacity to meet its financial commitments.

*<u>C</u>:* A short-term obligation rated 'C' is currently vulnerable to nonpayment and is dependent upon favorable business, financial, and economic conditions for the obligor to meet its financial commitments on the obligation.

*<u>D</u>:* A short-term obligation rated 'D' is in default or in breach of an imputed promise. For non-hybrid capital instruments, the 'D' rating category is used when payments on an obligation are not made on the date due, unless S&P believes that such payments will be made within any stated grace period. However, any stated grace period longer than five business days will be treated as five business days. The 'D' rating also will be used upon the filing of a bankruptcy petition or the taking of a similar action and where default on an obligation is a virtual certainty, for example due to automatic stay provisions. A rating on an obligation is lowered to 'D' if it is subject to a distressed exchange offer.

**S&P Long-Term Issue Credit Ratings**

Issue credit ratings are based, in varying degrees, on S&P's analysis of the following considerations:

● The likelihood of payment – the capacity and willingness of the obligor to meet its financial commitments on an obligation in accordance with the terms of the obligation;

● The nature and provisions of the financial obligation, and the promise we impute; and

● The protection afforded by, and relative position of, the financial obligation in the event of a bankruptcy, reorganization, or other arrangement under the laws of bankruptcy and other laws affecting creditors' rights.

An issue rating is an assessment of default risk, but may incorporate an assessment of relative seniority or ultimate recovery in the event of default. Junior obligations are typically rated lower than senior obligations, to reflect lower priority in bankruptcy, as noted above. (Such differentiation may apply when an entity has both senior and subordinated obligations, secured and unsecured obligations, or operating company and holding company obligations.)

*<u>AAA</u>:* An obligation rated 'AAA' has the highest rating assigned by S&P. The obligor's capacity to meet its financial commitments on the obligation is extremely strong.

*<u>AA</u>:* An obligation rated 'AA' differs from the highest rated obligations only to a small degree. The obligor's capacity to meet its financial commitments on the obligation is very strong.

*<u>A</u>:* An obligation rated 'A' is somewhat more susceptible to the adverse effects of changes in circumstances and economic conditions than obligations in higher rated categories. However, the obligor's capacity to meet its financial commitments on the obligation is still strong.

*<u>BBB</u>:* An obligation rated 'BBB' exhibits adequate protection parameters. However, adverse economic conditions or changing circumstances are more likely to lead to weaken the obligor's capacity to meet its financial commitments on the obligation.

*<u>BB; B; CCC; CC; and C</u>:* Obligations rated 'BB', 'B', 'CCC', 'CC', and 'C' are regarded as having significant speculative characteristics. 'BB' indicates the least degree of speculation and 'C' the highest. While such obligations will likely have some quality and protective characteristics, these may be outweighed by large uncertainties or major exposure to adverse conditions.

*<u>BB</u>:* An obligation rated 'BB' is less vulnerable to nonpayment than other speculative issues. However, it faces major ongoing uncertainties or exposure to adverse business, financial, or economic conditions that could lead to the obligor's inadequate capacity to meet its financial commitments on the obligation.

*<u>B</u>:* An obligation rated 'B' is more vulnerable to nonpayment than obligations rated BB, but the obligor currently has the capacity to meet its financial commitments on the obligation. Adverse business, financial, or economic conditions will likely impair the obligor's capacity or willingness to meet its financial commitments on the obligation.

*<u>CCC</u>:* An obligation rated 'CCC' is currently vulnerable to nonpayment, and is dependent upon favorable business, financial, and economic conditions for the obligor to meet its financial commitments on the obligation. In the event of adverse business, financial, or economic conditions, the obligor is not likely to have the capacity to meet its financial commitments on the obligation.

*<u>CC</u>:* An obligation rated 'CC' is currently highly vulnerable to nonpayment. The 'CC' rating is used when a default has not yet occurred, but S&P expects default to be a virtual certainty, regardless of the anticipated time to default.

*<u>C</u>:* An obligation rated 'C' is currently highly vulnerable to nonpayment, and the obligation is expected to have lower relative seniority or lower ultimate recovery compared with obligations that are rated higher.

*<u>D</u>:* An obligation rated 'D' is in default or in breach of an imputed promise. For non-hybrid capital instruments, the 'D' rating category is used when payments on an obligation are not made on the date due, unless S&P believes that such payments will be made within five business days in the absence of a stated grace period or within the earlier of the stated grace period or 30 calendar days. The 'D' rating also will be used upon the filing of a bankruptcy petition or the taking of similar action and where default on an obligation is a virtual certainty, for example due to automatic stay provisions. A rating on an obligation is lowered to 'D' if it is subject to a distressed exchange offer.

*<u>NR</u>* indicates that a rating has not been assigned or is no longer assigned.

<u>Ratings</u>: The ratings from 'AA' to 'CCC' may be modified by the addition of a plus (+) or minus (-) sign to show relative standing within the rating categories.

**Fitch Ratings Inc. ("Fitch") National Short-Term Credit Ratings**

*<u>F1(xxx):</u>* Indicates the strongest capacity for timely payment of financial commitments relative to other issuers or obligations in the same country. Under the agency's National Rating scale, this rating is assigned to the lowest default risk relative to others in the same country or monetary union. Where the liquidity profile is particularly strong, a "+" is added to the assigned rating.

*<u>F2(xxx):</u>* Indicates a good capacity for timely payment of financial commitments relative to other issuers or obligations in the same country or monetary union. However, the margin of safety is not as great as in the case of the higher ratings.

*<u>F3(xxx):</u>* Indicates an adequate capacity for timely payment of financial commitments relative to other issuers or obligations in the same country or monetary union.

*<u>B(xxx):</u>* Indicates an uncertain capacity for timely payment of financial commitments relative to other issuers or obligations in the same country or monetary union.

*<u>C(xxx):</u>* Indicates a highly uncertain capacity for timely payment of financial commitments relative to other issuers or obligations in the same country or monetary union.

*<u>RD(xxx):</u>* Restricted default. Indicates an entity that has defaulted on one or more of its financial commitments, although it continues to meet other financial obligations. Applicable to entity ratings only.

*<u>D(xxx):</u>* Indicates a broad-based default event for an entity, or the default of a short-term obligation.

*<u>Note</u>*<u>:</u> The ISO International Country Code is placed in parentheses immediately following the rating letters to indicate the identity of the National market within which the rating applies. For illustrative purposes, (xxx) has been used.

**Fitch National Long-Term Credit Ratings**

*<u>AAA(xxx):</u>* 'AAA' National Ratings denote the highest rating assigned by the agency in its National Rating scale for that country. This rating is assigned to issuers or obligations with the lowest expectation of default risk relative to all other issuers or obligations in the same country or monetary union.

*<u>AA(xxx):</u>* 'AA' National Ratings denote expectations of a very low level of default risk relative to other issuers or obligations in the same country or monetary union. The default risk inherent differs only slightly from that of the country's highest rated issuers or obligations.

*<u>A(xxx):</u>* 'A' National Ratings denote expectations of a low level of default risk relative to other issuers or obligations in the same country or monetary union.

*<u>BBB(xxx):</u>* 'BBB' National Ratings denote a moderate level of default risk relative to other issuers or obligations in the same country or monetary union.

*<u>BB(xxx):</u>* 'BB' National Ratings denote an elevated default risk relative to other issuers or obligations in the same country or monetary union.

*<u>B(xxx):</u>* 'B' National Ratings denote a significantly elevated level of default risk relative to other issuers or obligations in the same country or monetary union.

*<u>CCC(xxx):</u>* 'CCC' National Ratings denote a very high level of default risk relative to other issuers or obligations in the same country or monetary union.

*<u>CC(xxx):</u>* 'CC' National Ratings denote the level of default risk is among the highest relative to other issuers or obligations in the same country or monetary union.

*<u>C(xxx):</u>* A default or default-like process has begun, or the issuer is in standstill, or for a closed funding vehicle, payment capacity is irrevocably impaired. Conditions that are indicative of a 'C' category rating for an issuer include:

the issuer has entered into a grace or cure period following non-payment of a material financial obligation;

the issuer has entered into a temporary negotiated waiver or standstill agreement following a payment default on a material financial obligation;

the formal announcement by the issuer or their agent of a distressed debt exchange; and

a closed financing vehicle where payment capacity is irrevocably impaired such that it is not expected to pay interest and/or principal in full during the life of the transaction, but where no payment default is imminent

*<u>RD(xxx):</u>* Restricted default. 'RD' ratings indicate an issuer that, in Fitch's opinion, has experienced an uncured payment default on a bond, loan or other material financial obligation but that has not entered into bankruptcy filings, administration, receivership, liquidation or other formal winding-up procedure and has not otherwise ceased business. This would include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. the selective payment default on a specific class or currency of debt;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. the uncured expiry of any applicable grace period, cure period or default forbearance period following
a payment default on a bank loan, capital markets security or other material financial obligation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. the extension of multiple waivers or forbearance periods upon a payment default on one or more material
financial obligations, either in series or in parallel; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. execution of a distressed debt exchange on one or more material financial obligations.

*<u>D(xxx):</u>* 'D' National Ratings denote an issuer that has entered into bankruptcy filings, administration, receivership, liquidation or other formal winding-up procedure or that has otherwise ceased business.

*<u>Note:</u>* The ISO International Country Code is placed in parentheses immediately following the rating letters to indicate the identity of the National market within which the rating applies. For illustrative purposes, (xxx) has been used.

**Fitch Issuer Default Ratings**

Rated entities in a number of sectors, including financial and non-financial corporations, sovereigns, insurance companies and certain sectors within public finance, are generally assigned Issuer Default Ratings (IDRs). IDRs are also assigned to certain entities or enterprises in global infrastructure, project finance and public finance. IDRs opine on an entity's relative vulnerability to default (including by the way of a distressed debt exchange) on financial obligations. The threshold default risk addressed by the IDR is generally that of the financial obligations whose non-payment would best reflect the uncured failure of that entity. As such, IDRs also address relative vulnerability to bankruptcy, administrative receivership or similar concepts.

In aggregate, IDRs provide an ordinal ranking of issuers based on the agency's view of their relative vulnerability to default, rather than a prediction of a specific percentage likelihood of default.

*<u>AAA</u>*: **Highest credit quality.** 'AAA' ratings denote the lowest expectation of default risk. They are assigned only in cases of exceptionally strong capacity for payment of financial commitments. This capacity is highly unlikely to be adversely affected by foreseeable events.

*<u>AA:</u>* **Very high credit quality.** 'AA' ratings denote expectations of very low default risk. They indicate very strong capacity for payment of financial commitments. This capacity is not significantly vulnerable to foreseeable events.

*<u>A:</u>* **High credit quality.** 'A' ratings denote expectations of low default risk. The capacity for payment of financial commitments is considered strong. This capacity may, nevertheless, be more vulnerable to adverse business or economic conditions than is the case for higher ratings.

*<u>BBB:</u>* **Good credit quality.** 'BBB' ratings indicate that expectations of default risk are currently low. The capacity for payment of financial commitments is considered adequate, but adverse business or economic conditions are more likely to impair this capacity.

*<u>BB:</u>* **Speculative.** 'BB' ratings indicate an elevated vulnerability to default risk, particularly in the event of adverse changes in business or economic conditions over time; however, business or financial flexibility exists that supports the servicing of financial commitments.

*<u>B:</u>* **Highly speculative.** 'B' ratings indicate that material default risk is present, but a limited margin of safety remains. Financial commitments are currently being met; however, capacity for continued payment is vulnerable to deterioration in the business and economic environment.

*<u>CCC:</u>* **Substantial credit risk.** Default is a real possibility.

*<u>CC:</u>* **Very high levels of credit risk.** Default of some kind appears probable.

*<u>C:</u>* **Near default.** A default or default-like process has begun, or the issuer is in standstill, or for a closed funding vehicle, payment capacity is irrevocably impaired. Conditions that are indicative of a 'C' category rating for an issuer include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. the issuer has entered into a grace or cure period following non-payment of a material financial obligation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. the issuer has entered into a temporary negotiated waiver or standstill agreement following a payment
default on a material financial obligation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. the formal announcement by the issuer or their agent of a distressed debt exchange;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. a closed financing vehicle where payment capacity is irrevocably impaired such that it is not expected
to pay interest and/or principal in full during the life of the transaction, but where no payment default is imminent.

*<u>RD:</u>* **Restricted default.** 'RD' ratings indicate an issuer that in Fitch's opinion has experienced:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. an uncured payment default or distressed debt exchange on a bond, loan or other material financial obligation,
but

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. has not entered into bankruptcy filings, administration, receivership, liquidation, or other formal winding-up
procedure, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. has not otherwise ceased operating.

This would include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. the selective payment default on a specific class or currency of debt;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii. the uncured expiry of any applicable grace period, cure period or default forbearance period following
a payment default on a bank loan, capital markets security or other material financial obligation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iii. the extension of multiple waivers or forbearance periods upon a payment default on one or more material
financial obligations, either in series or in parallel; ordinary execution of a distressed debt exchange on one or more material financial
obligations.

*<u>D:</u>* **Default.** 'D' ratings indicate an issuer that in Fitch's opinion has entered into bankruptcy filings, administration, receivership, liquidation or other formal winding-up procedure or that has otherwise ceased business.

Default ratings are not assigned prospectively to entities or their obligations; within this context, non-payment on an instrument that contains a deferral feature or grace period will generally not be considered a default until after the expiration of the deferral or grace period, unless a default is otherwise driven by bankruptcy or other similar circumstance, or by a distressed debt exchange.

In all cases, the assignment of a default rating reflects the agency's opinion as to the most appropriate rating category consistent with the rest of its universe of ratings and may differ from the definition of default under the terms of an issuer's financial obligations or local commercial practice.

**DBRS Limited Commercial Paper and Short-Term Debt Ratings**

The DBRS<sup>®</sup> short-term debt rating scale provides an opinion on the risk that an issuer will not meet its short-term financial obligations in a timely manner. Ratings are based on quantitative and qualitative considerations relevant to the issuer and the relative ranking of claims. The R-1 and R-2 rating categories are further denoted by the subcategories "(high)", "(middle)", and "(low)".

*<u>R-1 (high):</u>* **Highest credit quality.** The capacity for the payment of short-term financial obligations as they fall due is exceptionally high. Unlikely to be adversely affected by future events.

*<u>R-1 (middle):</u>* **Superior credit quality.** The capacity for the payment of short-term financial obligations as they fall due is very high. Differs from R-1 (high) by a relatively modest degree. Unlikely to be significantly vulnerable to future events.

*<u>R-1 (low):</u>* **Good credit quality.** The capacity for the payment of short-term financial obligations as they fall due is substantial. Overall strength is not as favorable as higher rating categories. May be vulnerable to future events, but qualifying negative factors are considered manageable.

*<u>R-2 (high):</u>* **Upper end of adequate credit quality.** The capacity for the payment of short-term financial obligations as they fall due is acceptable. May be vulnerable to future events.

*<u>R-2 (middle):</u>* **Adequate credit quality.** The capacity for the payment of short-term financial obligations as they fall due is acceptable. May be vulnerable to future events or may be exposed to other factors that could reduce credit quality.

*<u>R-2 (low):</u>* **Lower end of adequate credit quality.** The capacity for the payment of short-term financial obligations as they fall due is acceptable. May be vulnerable to future events. A number of challenges are present that could affect the issuer's ability to meet such obligations.

*<u>R-3:</u>* **Lowest end of adequate credit quality.** There is a capacity for the payment of short-term financial obligations as they fall due. May be vulnerable to future events and the certainty of meeting such obligations could be impacted by a variety of developments.

*<u>R-4:</u>* **Speculative credit quality.** The capacity for the payment of short-term financial obligations as they fall due is uncertain.

*<u>R-5:</u>* **Highly speculative credit quality.** There is a high level of uncertainty as to the capacity to meet short-term financial obligations as they fall due.

*<u>D:</u>* When the issuer has filed under any applicable bankruptcy, insolvency or winding up statute or there is a failure to satisfy an obligation after the exhaustion of grace periods, a downgrade to D may occur. DBRS may also use SD (Selective Default) in cases where only some securities are impacted, such as the case of a "distressed exchange."

**IV.X**

**Jackson National Asset Management, LLC**

**PROXY VOTING POLICIES AND PROCEDURES** 

**JNL Series Trust, JNL Investors Series Trust, Interval Funds**

**LAST REVISION DATE: August 27, 2025**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**I.** **Introduction** 

While JNAM is the investment adviser to the Funds, certain affiliated and non-affiliated sub- advisers ("Sub-Advisers") conduct the day-to-day investment management of the Funds. Pursuant to the Sub-Advisers' respective "Sub-Advisory Agreements" with JNAM, the Sub-Advisers make the investment decisions for the Funds, including determinations as to the purchase and sale of securities for the Funds and the disposition of the assets for the Funds. JNAM, pursuant to exemptive relief granted by the SEC, is a "Manager of Managers," and monitors and reviews the performance of the Sub-Advisers and the Funds. JNAM does not make individual investment decisions on behalf of the sub-advised Funds, and its trading and portfolio management functions are limited to private funds, the "Fund of Funds," which invest in registered investment Companies ("Underlying Funds") or the Multi Manager Funds, which invest in various Sleeves of the Multi Manager Funds. JNAM does not have a traditional portfolio management department and does not operate a traditional trading desk. JNAM provides the Funds with various services, including, but not limited to, compliance, fund accounting, transfer agency services, due diligence, and administrative services.

JNAM views the proxy voting process as a component of the investment process and, as such, seeks to ensure that all proxy proposals are voted with the primary goal of seeking the optimal benefit for its clients. JNAM maintains a policy of seeking to protect the best interests of its clients should a proxy issue potentially implicate a conflict of interest between its clients and JNAM or its affiliates. Schedule A lists the Funds to which this policy relates.

Also, the Funds are required to file an annual record of their respective proxy votes with the SEC by August 31st of each year on Form N-PX. The period covered by the Funds' Form N-PX filing with the SEC is July 1st through June 30th of the following year.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**II.** **Delegation to the Sub-Advisers** 

The Funds have delegated proxy voting responsibilities to JNAM, as the investment adviser to the Funds, and JNAM is authorized to delegate, in whole or in part, its proxy voting authority to the Funds' Sub-Advisers, consistent with the policies set forth below. The Sub-Advisers are expected to identify and seek to obtain the optimal benefit for the Funds. JNAM believes that the Sub-Advisers generally are also best suited to evaluate and vote proxies for the securities they acquire for the Funds. Therefore, except as provided herein, and as delegated to JNAM by the Funds' Board, it is JNAM's policy to delegate its proxy voting responsibility, primarily to the Sub-Advisers of each Fund. JNAM intends to maintain substantial oversight to ensure that each Fund's Sub-Adviser has written policies that meet certain minimum standards, as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. The policies are expected to be reasonably designed to protect the best interests of the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. JNAM expects that a Sub-Adviser's proxy voting
guidelines will be set forth in sufficient detail. The proxy voting guidelines (or the Sub-Adviser's, through separate written means)
should address at least the following issues:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. Procedures on how the Sub-Adviser demonstrates its
voting determinations in the Fund's best interest and in accordance with the Funds' proxy voting policies and procedures;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii. Procedures the Sub-Adviser considers when it becomes
aware of potential factual errors, potential incompleteness, or potential weaknesses in methodologies in a proxy advisory firm's
analysis that may materially affect one or more of the Sub-Adviser's voting determinations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iii. The extent to which the Sub-Adviser delegates its
proxy voting decisions to a third party, or relies on the recommendations
of a third party;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iv. Procedures for the Sub-Adviser's evaluation
of the services of a proxy advisory firm that it retains, including evaluating any material changes in services or operations by the proxy
advisory firm;

**IV.X**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;v. Policies and procedures describing the factors the Sub-Adviser assesses
when engaging the services of a proxy advisory firm;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;vi. Policies and procedures relating to matters that may affect substantially
the rights or privileges of the holders of securities to be voted; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;vii. Policies regarding the extent to which the Sub-Adviser will support or
give weight to the views of management of a portfolio company.

The policies are expected to delineate procedures to be followed when a proxy vote presents a conflict between the interests of a Fund and the interests of its Sub-Adviser and/or its affiliates, and to resolve any conflicts of interest based on the best interests of the Fund. If the matter involves an issue that is specifically addressed in the Sub-Adviser's proxy voting policies, the proxy shall be cast in accordance with those policies.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C. To the extent that a Sub-Adviser identifies a material
conflict of interest between itself and the interests of a Fund, the Sub-Adviser shall notify JNAM and confirm how the conflict was resolved.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;D. JNAM shall periodically report to the Funds'
Board, on the Funds' proxy voting during that year, including the resolution of any conflicts of interest during that period, any
votes cast in contravention of the Sub-Advisers' proxy voting policy, and any recommended changes in the Funds' proxy voting
policies. JNAM may also provide the Funds' Board with information related to any third-party vendors used to facilitate proxy voting.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**III.** **Reservation of JNAM's Authority and Conflicts of Interest** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. JNAM may periodically review the proxy voting policies
of each Sub-Adviser. JNAM seeks to insure that the Sub- Advisers seek the best interests of the Funds in voting proxies for the Funds,
as described herein.

In addition, JNAM recognizes that in certain circumstances, Sub-Advisers may wish to abstain from a proxy vote based on a cost benefit analysis that casting a vote would not be in the overall best interests of the Fund it sub- advises. In cases where the operational or other costs involved in voting a proxy outweigh potential benefits, JNAM may permit a Sub-Adviser to abstain from voting. In particular, JNAM recognizes the following circumstances where voting might not be in the best interests of a Fund (these circumstances apply to ESG funds and non- ESG funds):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. Voting a proxy for securities held in a passively managed index fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii. Voting a proxy for certain foreign securities with
"block out" or other restrictive features associated with proxy voting or which involve additional costs such as hiring a
translator or traveling to the foreign country to vote the security in person; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iii. Voting a proxy for securities that have been loaned
by the Fund and would have to be recalled in order to submit a proxy vote.

Sub-Advisers may abstain from voting proxies in other circumstances where it determined that such a vote may not be in the best interests of the Fund(s) and its shareholders, or there is a material conflict of interest.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. In cases where the Funds' may have securities
on loan at the time that proxies are to be voted, the Sub-Adviser may call loaned securities back to vote the proxies. If the request
to call back the securities is not successful for any reason, the counterparty retains the right to vote the proxies.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C. For a Fund that is operated as a "Fund of Funds"
pursuant to Section 12(d)(1)(G) of the Investment Company Act (i.e., the Fund invests solely in shares of other Funds (each, an "Underlying
Fund")), JNAM shall vote the Fund of Funds' proxies on the shares of the Underlying Fund in the same proportion as the vote
of all the other holders of that Underlying Fund's shares or utilize pass-through voting when the Fund of Funds are the only shareholders
of an acquired fund.

**IV.X**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**IV.** **Other Conflicts of Interest** 

For purposes of other conflicts of interests within the larger Jackson Financial Inc. to which JNAM is subject, it is noted that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. Jackson Financial Inc. and its affiliates do not,
and will not, interfere by giving direct or indirect instructions or in any other way in the exercise of the voting rights attached to
the Funds' securities in respect of which JNAM and/or the Sub-Advisers will vote proxies in such securities on behalf the Funds'
("Voting Rights");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. JNAM and/or the Sub-Advisers are free in all situations to exercise the
Voting Rights independently of Jackson Financial Inc.; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C. JNAM and/or the Sub-Advisers disregard and will disregard the interests
of Jackson Financial Inc. or its affiliates whenever conflicts of interest arise in the exercise of the Voting Rights.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**V.** **Recordkeeping** 

Rule 30b1-4 under the Investment Company Act requires each Fund to file its complete proxy voting record on an annual basis (for each reporting period ending June 30th) on Form N-PX no later than August 31st of each year. JNAM will prepare and file Form N-PX on behalf of the Funds based on proxy voting data collected by a third-party service provider retained by JNAM and the Funds.

In addition, JNAM will post this data on a public website, the address of which will be disclosed for

the benefit of shareholders (contract holders) in the statement of additional information of any Fund filing its annual registration statement update.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**VI.** **Reporting** 

<u>There is not a formal Board reporting requirement, however, where there is a conflict of interest, JNAM may report such incident and resolution to the Funds' Board.</u>

**IV.X**

**Schedule A**

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| |
|:---|
| &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** |

---

![](mellon_proxy0223-img001.jpg)

**<u>Proxy Voting Policy</u>**<br>Category: Portfolio Management<br>

Policy Statement

It is the policy of Mellon Investments Corporation ("MIC") to fully meet its fiduciary obligations in exercising the power, discretion and responsibility to vote proxies where clients have delegated such authority.

Background

Registered Investment Advisers have a number of responsibilities regarding voting of proxies for client securities that are under its management and that are governed by the Advisers Act. Rule 206(4)-6 requires investments advisers to (a) adopt and implement written policies and procedures that are reasonably designed to ensure that the adviser votes client securities in the best interests of clients, which procedures must include how material conflicts that may arise between an adviser's interests and those of its clients are addressed; (b) disclose to clients how they may obtain information from the adviser with respect to the voting of proxies for their securities; and (c) describe to clients its proxy voting policies and procedures and, upon request, furnish a copy to its clients. Rule 204-2 further requires an investment adviser to retain certain records relating to the exercise of its proxy voting authority.

Policy

As a registered Investment Advisor, MIC is often entrusted with the fiduciary responsibility to vote proxies for shares of corporate stock held on behalf of our clients. Proxy voting is an integral part of the management of the investment in those shares. In voting proxies, MIC takes into account long term economic value as we evaluate issues relating to corporate governance, including structures and practices, the nature of long-term business plans, including sustainability policies and practices to address environmental and social factors that are likely to have an impact on shareholder value, and other financial and non-financial measures of corporate performance.

MIC has established a Proxy Voting and Governance Committee to implement and maintain MIC's Proxy Voting Policy and related proxy voting guidelines (the "Voting Guidelines"). This Committee oversees MIC's proxy voting activities and ensures that the Voting Guidelines are generally applied consistently and impartially for securities held in accounts for which MIC has proxy voting authority. MIC will make every reasonable effort to ensure that proxies are received and voted in accordance with this policy and the Voting Guidelines. To assist us in that process, MIC retains Institutional Shareholder Services ("ISS") to provide various services related to proxy voting, such as research, analysis, voting services, proxy vote tracking, recordkeeping, and reporting. In addition, MIC retains Glass Lewis for research services only.

**Proxy Voting Conflicts of Interest**

MIC has appointed the BNY Mellon Proxy Voting Conflicts Committee to address certain conflicts associated with actual or potential material conflicts of interest involving The Bank of New York Mellon ("Parent Company"). These conflicts typically arise due to a relationship between a proxy issuer and the Parent Company, the Parent Company's Chief Executive Officer, or a member of the Parent Company's Board of Directors.

MIC leverages the Mellon Risk and Compliance Committee to assist in conflict mitigation and for interpretation of its Proxy Voting Policy from time to time. These conflicts typically arise at

![](mellon_proxy0223-img002.jpg)

the MIC firm level and are not actual or potential material conflicts of interest involving the Parent Company as referenced above.

MIC may submit (or arrange to submit) proxy votes involving these conflict in accordance with the recommendation of an independent fiduciary selected and engaged for this purpose; or

proposals may be voted in the same proportion as all other voting shareholders ("mirror voting"), and will not be delegated to an independent fiduciary.

However, if "mirror voting" is not operationally feasible or if MIC determines that "mirror voting" in a particular situation may not be in our client's best interest, the conflicted proxy proposal will be presented to the BNYM Proxy Voting Conflict Committee (as described above) to determine how the proposal should be addressed.

MIC will furnish a copy of its Proxy Voting Policy and its Voting Guidelines upon request to each advisory client that has delegated voting authority.

**Voting BNY Mellon Stock**

It is the policy of MIC not to vote or make recommendations on how to vote shares of BNY Mellon stock, even where MIC has the legal power to do so under the relevant governing instrument. In order to avoid any appearance of conflict relating to voting BNY Mellon stock, MIC has contracted with an independent fiduciary (ISS) to direct all voting of BNY Mellon Stock held by any MIC accounts on any matter in which shareholders of BNY Mellon Stock are required or permitted to vote.

**Voting Non-US Company Proxies**

MIC seeks to effect vote decisions through the application of the Voting Guidelines. However, corporate governance practices, disclosure requirements and voting operations vary significantly among the various non-U.S. markets in which clients may invest. In these markets, MIC may face regulatory, compliance, legal or logistical limits with respect to voting securities held in client accounts which can affect the firm's ability to vote such proxies, as well as the desirability of voting such proxies. Non-U.S. regulatory restrictions or company-specific ownership limits, as well as legal matters related to consolidated groups, may restrict the total percentage of an issuer's voting securities that MIC can hold for clients and the nature of our voting in such securities. MIC's ability to vote proxies may also be affected by, among other things: (1) late receipt of meeting notices; (2) requirements to vote proxies in person: (3) restrictions on a foreigner's ability to exercise votes; (4) potential difficulties in translating the proxy; (5) requirements to provide local agents with unrestricted powers of attorney to facilitate voting instructions; and (6) requirements that investors who exercise their voting rights surrender the right to dispose of their holdings for some specified period in proximity to the shareholder meeting. Absent an issue that is likely to impact clients' economic interest in a company, MIC generally will not subject clients to the costs (which may include a loss of liquidity) that could be imposed by these requirements. In these markets, MIC will weigh the associative costs against the benefit of voting and may refrain from voting certain non-U.S. securities in instances where the items presented are not likely to have a material impact on shareholder value (where the expense and administrative inconvenience or other burdens outweigh the benefits to clients of voting the securities).

**Securities Lending**

Generally, MIC expects that the projected long-term economic benefit to clients in voting proxies would be exceeded by securities lending income on shares on loan. In our assessment, the

Page 2 of 4

resolutions being voted on are typically routine and will not have significant economic consequences and/or because the outcome would not be affected by voting all or a portion of loaned securities.

While most resolutions are routine, from time to time, the Proxy Voting and Governance Committee in conjunction with the investment management team may determine that the expected economic benefit of voting clients' entire holding is greater than the projected lending revenue. Shares on loan are not recalled to vote unless the case can be made that the optimal voting outcome would be economically beneficial for clients and voting all eligible shares in client portfolios would increase the likelihood of achieving that outcome.

**Index/Passive Fixed Income Mandates and Cash Strategies**

MIC has elected to forgo proxy voting for certain index and passively managed Fixed Income accounts. MIC typically does not vote proxies on behalf of cash mandates. The operational burden and costs of maintaining such accounts on vendor platforms was considered in making this decision. Recognizing that proxy voting is a rare event in the realm of fixed income investing, MIC has made a determination that the items presented for vote are not likely to have a material impact on shareholder value.

**Proxy Voting Disclosure** 

Clients who have delegated proxy voting authority to MIC may obtain the proxy voting records for their account upon written or verbal request.

**Oversight Activities - Operational**

The Pune Proxy Operations Team performs periodic oversight of the operational and voting processes implemented on behalf of clients to ensure that proxy ballots are voted in accordance with established guidelines. These activities may include, but are not limited to, monthly account reconciliation between the voting agent and MIC records and forensic testing of the application of vote instruction in relation to policy vote recommendations at the ballot level. These efforts are monitored as a component of our Rule 206(4) -7 compliance program.

**Oversight Activities – Proxy Advisors**

MIC, with the assistance of the BNY Mellon Proxy Research & Governance team, as well as certain BNY Mellon vendor review groups, provides oversight of the Proxy Advisors through various activities. Depending on the particular set of services a Proxy Advisor is engaged to provide, these activities may include, but are not limited to:

● Annual request and review of information related to compliance policies and procedures.

● Annual compliance due diligence questionnaires, certifications and/or document requests.

● Annual and ad hoc due diligence meetings, as well as periodic on-site due diligence meetings.

● Periodic meetings, correspondence and telephonic communications, as needed.

● Periodic review of the proxy advisor's systems to assess whether the Voting Guidelines are reflected accurately.

● Periodic review and testing of proxy votes, with respect to routine proposals, as well as those proposals which require more analysis.

● Periodic review of SSAE 18 and/or other external reports or summaries thereof, where applicable.

Page 3 of 4

● Periodic review of BNY Mellon's (internal and/or external) vendor review groups reports, where applicable.

**Maintenance of Required Records**

MIC, with the assistance of engaged service providers, shall maintain such records as required under Rule 204-2.

Reference

Rules 206(4)-6 and 204-2 under The Investment Advisers Act of 1940

ERISA Rule 404a-1

BNY Mellon Proxy Voting Conflicts of Interest Policy (II-K-052)

Policy Content Owners

Compliance

MIC Proxy Voting and Governance Committee

Revision History

September 2021

February 2023

Last Updated: April 2023

Page 4 of 4

**JNL INVESTORS SERIES TRUST**

**PART C**

**OTHER INFORMATION**

Note: Items 28-35 have been answered with respect to all investment portfolios (Series) of the Registrant.

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Item 28. Exhibits** | &nbsp;&nbsp;**Item 28. Exhibits** | &nbsp;&nbsp;**Item 28. Exhibits** |
| &nbsp;&nbsp;(a) |  | &nbsp;&nbsp;[Amended and Restated Agreement and Declaration of Trust of Registrant, effective September 25, 2017](https://www.sec.gov/Archives/edgar/data/1121257/000112125718000008/exa_aandrdot.htm).<sup>15</sup> |
| &nbsp;&nbsp;(b) |  | &nbsp;&nbsp;[Amended and Restated By-laws of Registrant, effective September 6, 2019](https://www.sec.gov/Archives/edgar/data/1121257/000112125720000012/exb_arbylaws20190906.htm).<sup>18</sup> |
| &nbsp;&nbsp;(c) |  | &nbsp;&nbsp;Not Applicable. |
| &nbsp;&nbsp;(d) | &nbsp;&nbsp;(1) | &nbsp;&nbsp;**Jackson National Asset Management, LLC ("JNAM")** |
|  | &nbsp;&nbsp; &nbsp;&nbsp;(i) | &nbsp;&nbsp;[Amended and Restated Investment Advisory and Management Agreement between Registrant and JNAM, effective September 13, 2021](https://www.sec.gov/Archives/edgar/data/1121257/000138713122005101/exd1i_advagmnt91321.htm).<sup>20</sup> |
|  | &nbsp;&nbsp; &nbsp;&nbsp;(ii) | &nbsp;&nbsp;[Amendment, effective May 1, 2023, to the Amended and Restated Investment Advisory and Management Agreement between Registrant and JNAM, effective September 13, 2021](https://www.sec.gov/Archives/edgar/data/1121257/000138713123005780/ex99-28d1ii.htm).<sup>22</sup> |
|  | &nbsp;&nbsp; &nbsp;&nbsp;(iii) | &nbsp;&nbsp;[Amendment, effective September 30, 2023, to the Amended and Restated Investment Advisory and Management Agreement between Registrant and JNAM, effective September 13, 2021](https://www.sec.gov/Archives/edgar/data/1121257/000199937124005170/ex28d1iii_adv093023.htm).<sup>23</sup> |
| &nbsp;&nbsp;(d) | &nbsp;&nbsp;(2) | &nbsp;&nbsp;**Mellon Investments Corporation ("Mellon")** |
|  | &nbsp;&nbsp; &nbsp;&nbsp;(i) | &nbsp;&nbsp;[Investment Sub-Advisory Agreement between JNAM and Mellon, effective February 1, 2024](https://www.sec.gov/Archives/edgar/data/1121257/000199937124005170/ex28d2i_mellon020124.htm).<sup>23</sup> |
| &nbsp;&nbsp;(e) | &nbsp;&nbsp;(1) &nbsp;&nbsp;(i) | &nbsp;&nbsp;[Third Amended and Restated Distribution Agreement between Registrant and Jackson National Life Distributors LLC ("JNLD"), effective September 13, 2021](https://www.sec.gov/Archives/edgar/data/1121257/000138713122005101/exe1i_disagmnt91321.htm).<sup>20</sup> |
|  | &nbsp;&nbsp; &nbsp;&nbsp;(ii) | &nbsp;&nbsp;[Amendment, effective May 1, 2023, to Third Amended and Restated Distribution Agreement between Registrant and JNLD, effective September 13, 2021](https://www.sec.gov/Archives/edgar/data/1121257/000138713123005780/ex99-28e1ii.htm).<sup>22</sup> |
|  | &nbsp;&nbsp; &nbsp;&nbsp;(iii) | &nbsp;&nbsp;[Amendment, effective September 30, 2023, to Third Amended and Restated Distribution Agreement between Registrant and JNLD, effective September 13, 2021](https://www.sec.gov/Archives/edgar/data/1121257/000199937124005170/ex28e1iii_disagmnt093023.htm).<sup>23</sup> |
| &nbsp;&nbsp;(f) |  | &nbsp;&nbsp;Not Applicable. |
| &nbsp;&nbsp;(g) | &nbsp;&nbsp;(1) &nbsp;&nbsp;(i) | &nbsp;&nbsp;[Amended and Restated Master Global Custody Agreement between Registrant and JPMorgan Chase, dated December 1, 2022](https://www.sec.gov/Archives/edgar/data/1121257/000112125723000006/exg1xxxiii_jpmcusagmnt12122.htm) (the "JPMorgan Custody Agreement").<sup>21</sup> |
|  | &nbsp;&nbsp; &nbsp;&nbsp;(ii) | &nbsp;&nbsp;[Amendment, effective September 30, 2023, to the JPMorgan Custody Agreement](https://www.sec.gov/Archives/edgar/data/1121257/000199937124005170/ex28g1ii_jpmcus09302023.htm).<sup>23</sup> |
|  | &nbsp;&nbsp; &nbsp;&nbsp;(iii) | &nbsp;&nbsp;[Amendment, effective April 29, 2024, to the JPMorgan Custody Agreement](https://www.sec.gov/Archives/edgar/data/1121257/000199937124005170/ex28g1iii_jpmcus042924.htm).<sup>23</sup> |
|  | &nbsp;&nbsp; &nbsp;&nbsp;(iv) | &nbsp;&nbsp;[Amendment, effective October 21, 2024, to the JPMorgan Custody Agreement](https://www.sec.gov/Archives/edgar/data/1121257/000199937125004638/exg1iv_jpmcus102124.htm).<sup>24</sup> |
|  | &nbsp;&nbsp; &nbsp;&nbsp;(v) | &nbsp;&nbsp;[Amendment, effective January 1, 2026, to the JPMorgan Custody Agreement, attached hereto.](exg1v_jpcusamd126.htm) |

---

(vi) [Amendment, effective April 27, 2026, to the JPMorgan Custody Agreement, attached hereto.](exg1vi_jpcusamd426.htm)

(g) (2) (i) [Amended and Restated Master Custodian Agreement between Registrant, State Street, JNL Series Trust, JNL Multi-Manager Alternative Fund (Boston Partners) Ltd., and PPM Funds, dated December 1, 2022](https://www.sec.gov/Archives/edgar/data/1121257/000112125723000006/exg2xx_ssbtcusagmnt12122.htm) (the "State Street Custody Agreement").<sup>21</sup>

(ii) [Amendment, effective May 6, 2023, to the State Street Custody Agreement](https://www.sec.gov/Archives/edgar/data/1121257/000199937124005170/ex28g2ii_ssbtcus05062023.htm) .<sup>23</sup>

(iii) [Amendment, effective September 30, 2023, to the State Street Custody Agreement](https://www.sec.gov/Archives/edgar/data/1121257/000199937124005170/ex28g2iii_ssbtcus09302023.htm) *(this amendment adds Jackson Credit Opportunities Fund as a party thereto)*.<sup>23</sup>

(iv) [Amendment, effective December 15, 2023, to the State Street Custody Agreement](https://www.sec.gov/Archives/edgar/data/1121257/000199937124005170/ex28g2iv_sscus121523.htm) *(this amendment removes JNL Multi-Manager Alternative Fund (Boston Partners) Ltd. as a party)*.<sup>23</sup>

(v) [Amendment, effective February 29, 2024, to the State Street Custody Agreement](https://www.sec.gov/Archives/edgar/data/1121257/000199937124005170/ex28g2v_sscus022924.htm) *(this amendment adds Jackson Real Asset Fund as a party thereto)*.<sup>23</sup>

(vi) [Amendment, effective April 29, 2024, to the State Street Custody Agreement](https://www.sec.gov/Archives/edgar/data/1121257/000199937124005170/ex28g2vi_sscus042924.htm) .<sup>23</sup>

(vii) [Amendment, effective June 10, 2024, to the State Street Custody Agreement](https://www.sec.gov/Archives/edgar/data/1121257/000199937125004638/exg2vii_sscus061024.htm) *(this amendment adds Jackson Real Assets Fund LLC as a party thereto)*.<sup>24</sup>

(viii) [Amendment, effective August 29, 2024, to the State Street Custody Agreement](https://www.sec.gov/Archives/edgar/data/1121257/000199937125004638/exg2viii_sscus082924.htm) *(this amendment adds Jackson Credit Opportunities Fund LLC as a party thereto)*.<sup>24</sup>

(ix) [Amendment, effective October 21, 2024, to the State Street Custody Agreement](https://www.sec.gov/Archives/edgar/data/1121257/000199937125004638/exg2ix_sscust102124.htm) .<sup>24</sup>

(x) [Amendment, effective April 28, 2025, to the State Street Custody Agreement](https://www.sec.gov/Archives/edgar/data/1121257/000199937125004638/exg2x_sscus042825.htm) .<sup>24</sup>

(xi) [Amendment, effective June 11, 2025, to the State Street Custody Agreement, attached hereto.](exg2xi_sscusamend625.htm)

(xii) [Amendment, effective April 27, 2026, to the State Street Custody Agreement, attached hereto.](exg2xii_sscusamd426.htm)

(h) (1) (i) [Amended and Restated Administration Agreement between Registrant and JNAM, effective September 13, 2021](https://www.sec.gov/Archives/edgar/data/1121257/000138713122005101/exh1i_adminagmnt91321.htm) .<sup>20</sup>

(ii) [Amendment, effective May 1, 2023, to Amended and Restated Administration Agreement between Registrant and JNAM, effective September 13, 2021](https://www.sec.gov/Archives/edgar/data/1121257/000138713123005780/ex99-28h1ii.htm) .<sup>22</sup>

(iii) [Amendment, effective September 30, 2023, to Amended and Restated Administration Agreement between Registrant and JNAM, effective September 13, 2021](https://www.sec.gov/Archives/edgar/data/1121257/000199937124005170/ex28h1iii_admin093023.htm) .<sup>23</sup>

(h) (2) (i) [Administrative Fee Waiver Agreement between Registrant and JNAM, dated May 1, 2023](https://www.sec.gov/Archives/edgar/data/1121257/000138713123005780/ex99-28h2i.htm) .<sup>22</sup>

(h) (3) (i) [Amended and Restated Anti-Money Laundering Agreement between Registrant and Jackson National Life Insurance Company, dated November 27, 2012](https://www.sec.gov/Archives/edgar/data/1121257/000112125713000006/exh31_amlamnt11272012.htm) .<sup>8</sup>

(ii) [Amendment, effective June 29, 2018, to Amended and Restated Anti-Money Laundering Agreement between Registrant and Jackson National Life Insurance Company, dated November 27, 2012](https://www.sec.gov/Archives/edgar/data/1121257/000112125718000023/exh2ii_amlamend06292018.htm) .<sup>16</sup>

(iii) [Amendment, effective April 27, 2020, to Amended and Restated Anti-Money Laundering Agreement between Registrant and Jackson National Life Insurance Company, dated November 27, 2012](https://www.sec.gov/Archives/edgar/data/1121257/000112125720000012/exh2iii_amlamnd20200427.htm) .<sup>18</sup>

(h) (4) (i) [Amended and Restated Contract Owner Information Agreement, pursuant to Rule 22c-2 between Registrant and Jackson National Life Insurance Company and its Separate Accounts, dated April 1, 2016](https://www.sec.gov/Archives/edgar/data/1121257/000112125716000056/exh3i_jnlconowni04012016.htm) .<sup>12</sup>

(ii) [Amendment, effective June 29, 2018, to Amended and Restated Contract Owner Information Agreement, pursuant to Rule 22c-2 between Registrant and Jackson National Life Insurance Company and its Separate Accounts, dated April 1, 2016](https://www.sec.gov/Archives/edgar/data/1121257/000112125718000023/exh3ii_jnlconoweramend062918.htm) .<sup>16</sup>

(iii) [Amendment, effective April 27, 2020, to Amended and Restated Contract Owner Information Agreement, pursuant to Rule 22c-2 between Registrant and Jackson National Life Insurance Company and its Separate Accounts, dated April 1, 2016](https://www.sec.gov/Archives/edgar/data/1121257/000112125720000012/exh3iii_jnl22c2amnd20200427.htm) .<sup>18</sup>

(h) (5) (i) [Amended and Restated Contract Owner Information Agreement, pursuant to Rule 22c-2 between Registrant and Jackson National Life Insurance Company of New York and its Separate Accounts, dated April 1, 2016](https://www.sec.gov/Archives/edgar/data/1121257/000112125716000056/exh3i_jnlconowni04012016.htm) .<sup>12</sup>

(ii) [Amendment, effective June 29, 2018, to Amended and Restated Contract Owner Information Agreement, pursuant to Rule 22c-2 between Registrant and Jackson National Life Insurance Company of New York and its Separate Accounts, dated April 1, 2016](https://www.sec.gov/Archives/edgar/data/1121257/000112125718000023/exh4ii_jnlnyconoweramend0618.htm) .<sup>16</sup>

(iii) [Amendment, effective April 27, 2020, to Amended and Restated Contract Owner Information Agreement, pursuant to Rule 22c-2 between Registrant and Jackson National Life Insurance Company of New York and its Separate Accounts, dated April 1, 2016](https://www.sec.gov/Archives/edgar/data/1121257/000112125720000012/exh4iii_jnlny22c2-20200427.htm) .<sup>18</sup>

(h) (6) (i) [Master InterFund Lending Agreement, dated as April 27, 2015, by and among the series listed of the Registrant, JNL Series Trust, JNL Variable Fund LLC, JNL Strategic Income Fund LLC, Jackson Variable Series Trust and Curian Series Trust and JNAM and Curian Capital LLC](https://www.sec.gov/Archives/edgar/data/1121257/000112125715000026/exh5i_interfundlendagmnt.htm) .<sup>11</sup>

(ii) [Amendment, effective February 2, 2016, to the Master InterFund Lending Agreement, dated as April 27, 2015](https://www.sec.gov/Archives/edgar/data/1121257/000112125716000056/exh6ii_interfundand02022016.htm) .<sup>12</sup>

(iii) [Amendment, effective June 1, 2018, to the Master InterFund Lending Agreement, dated as April 27, 2015](https://www.sec.gov/Archives/edgar/data/1121257/000112125718000023/exh6iii_minfundlend.htm) .<sup>16</sup>

(iv) [Amendment, effective April 27, 2020, to Master Interfund Lending Agreement dated April 27, 2015](https://www.sec.gov/Archives/edgar/data/1121257/000112125720000012/exh5iv_milamnd20200427.htm) .<sup>18</sup>

(h) (7) (i) [Amended and Restated Transfer Agency Agreement between Registrant and JNAM, dated November 28, 2012](https://www.sec.gov/Archives/edgar/data/1121257/000112125712000007/exh29_aandrtaagmnt02282012.htm) .<sup>7</sup>

(ii) [Amendment, effective September 16, 2013, to the Amended and Restated Transfer Agency Agreement between Registrant and JNAM, dated November 28, 2012](https://www.sec.gov/Archives/edgar/data/1121257/000112125713000029/exh4_3iitaamend09162013.htm) .<sup>9</sup>

(iii) [Amendment, effective April 25, 2016, to the Amended and Restated Transfer Agency Agreement between Registrant and JNAM, dated November 28, 2012](https://www.sec.gov/Archives/edgar/data/1121257/000112125716000056/exh7iii_taamend04252016.htm) .<sup>12</sup>

(iv) [Amendment, effective April 24, 2017, to the Amended and Restated Transfer Agency Agreement between Registrant and JNAM, dated November 28, 2012](https://www.sec.gov/Archives/edgar/data/1121257/000112125717000013/exh7iv_taamend04242017.htm) .<sup>13</sup>

(v) [Amendment, effective September 25, 2017, to the Amended and Restated Transfer Agency Agreement between Registrant and JNAM, dated November 28, 2012](https://www.sec.gov/Archives/edgar/data/1121257/000112125717000037/exh7v_taamend09252017.htm) .<sup>14</sup>

(vi) [Amendment, effective August 13, 2018, to the Amended and Restated Transfer Agency Agreement between Registrant and JNAM, dated November 28, 2012](https://www.sec.gov/Archives/edgar/data/1121257/000112125718000023/exh7vi_taamend08132018.htm) .<sup>16</sup>

(vii) [Amendment, effective December 3, 2020, to the Amended and Restated Transfer Agency Agreement between Registrant and JNAM, dated November 28, 2012](https://www.sec.gov/Archives/edgar/data/1121257/000138713121004789/exh6vii_taamend20201203.htm) .<sup>19</sup>

(viii) [Amendment, effective May 1, 2023, to the Amended and Restated Transfer Agency Agreement between Registrant and JNAM, dated November 28, 2012](https://www.sec.gov/Archives/edgar/data/1121257/000138713123005780/ex99-28h7viii.htm) .<sup>22</sup>

(ix) [Amendment, effective September 30, 2023, to the Amended and Restated Transfer Agency Agreement between Registrant and JNAM, dated November 28, 2012](https://www.sec.gov/Archives/edgar/data/1121257/000199937124005170/ex28h7ix_trans093023.htm) .<sup>23</sup>

(i) [Opinion and Consent of Counsel, attached hereto.](exi_legalopinion.htm)

(j) Consent
 of Auditors, attached hereto.

(k) Not
 Applicable.

(l) Not
 Applicable.

(m) (1) (i) [Amended and Restated Distribution Plan, adopted July 1, 2017](https://www.sec.gov/Archives/edgar/data/1121257/000112125717000037/exm1i_aandrdisplan0717.htm) .<sup>14</sup>

(ii) [Amendment, effective September 25, 2017, to Amended and Restated Distribution Plan, adopted July 1, 2017](https://www.sec.gov/Archives/edgar/data/1121257/000112125717000037/exm1iidisplanamend0917.htm) .<sup>14</sup>

(iii) [Amendment, effective August 13, 2018, to Amended and Restated Distribution Plan, adopted July 1, 2017](https://www.sec.gov/Archives/edgar/data/1121257/000112125718000023/exm1iii_displanamend08132018.htm) .<sup>16</sup>

(iv) [Amendment, effective December 3, 2020, to Amended and Restated Distribution Plan, adopted July 1, 2017](https://www.sec.gov/Archives/edgar/data/1121257/000138713121004789/exm1iv_displanamend20201203.htm) .<sup>19</sup>

(v) [Amendment, effective May 1, 2023, to Amended and Restated Distribution Plan, adopted July 1, 2017](https://www.sec.gov/Archives/edgar/data/1121257/000138713123005780/ex99-28m1v.htm) .<sup>22</sup>

(vi) [Amendment, effective September 30, 2023, to Amended and Restated Distribution Plan, adopted July 1, 2017](https://www.sec.gov/Archives/edgar/data/1121257/000199937124005170/ex28m1vi_displan093023.htm) .<sup>23</sup>

(n) (1) (i) [Multiple Class Plan, effective September 25, 2017](https://www.sec.gov/Archives/edgar/data/1121257/000112125717000037/exn_multiclassplan0917.htm) .<sup>14</sup>

(ii) [Amendment, effective August 13, 2018, to Multiple Class Plan, effective September 25, 2017](https://www.sec.gov/Archives/edgar/data/1121257/000112125718000023/exn1ii_mcpamend08132018.htm) .<sup>16</sup>

(iii) [Amendment, effective December 3, 2020, to Multiple Class Plan, effective September 25, 2017](https://www.sec.gov/Archives/edgar/data/1121257/000138713121004789/exn1iii_mcpamend20201203.htm) .<sup>19</sup>

(iv) [Amendment, effective May 1, 2023, to Multiple Class Plan, effective September 25, 2017](https://www.sec.gov/Archives/edgar/data/1121257/000138713123005780/ex99-28n1iv.htm) .<sup>22</sup>

(v) [Amendment, effective September 30, 2023, to Multiple Class Plan, effective September 25, 2017](https://www.sec.gov/Archives/edgar/data/1121257/000199937124005170/ex28n1v_mcplan093023.htm) .<sup>23</sup>

(o) Not
 Applicable.

(p) (1) [Jackson Financial Inc. Advisory Code of Ethics Policy for Registrant, JNAM, and JNLD, dated September 12, 2025, attached hereto.](exp1_jficoe0925.htm)

(p) (2) [Personal Trading Policy and Code of Conduct for Mellon, dated October 6, 2022](https://www.sec.gov/Archives/edgar/data/1121257/000199937124005170/ex28p2_melloncoe1022.htm) <sup>23</sup>; and [Personal Securities Trading Policy for Mellon, dated January 29, 2024, attached hereto.](exp2_meitp0124.htm)

<sup>1</sup> Incorporated by reference to Registrant's initial registration statement on Form N-1A (333-43300; 811-10041) ("Registration Statement") filed with the Securities and Exchange Commission ("SEC") on August 8, 2000.

<sup>2</sup> Incorporated by reference to Registrant's Pre-effective Amendment No. 1 to the Registration Statement filed with the SEC on November 2, 2000.

<sup>3</sup> Incorporated by reference to Registrant's Post-effective Amendment No. 9 to the Registration Statement filed with the SEC on September 16, 2008.

<sup>4</sup> Incorporated by reference to Registrant's Post-effective Amendment No. 13 to the Registration Statement filed with the SEC on December 28, 2009.

<sup>5</sup> Incorporated by reference to Registrant's Post-effective Amendment No. 14 to the Registration Statement filed with the SEC on December 14, 2010.

<sup>6</sup> Incorporated by reference to Registrant's Post-effective Amendment No. 15 to the Registration Statement filed with the SEC on December 8, 2011.

<sup>7</sup> Incorporated by reference to Registrant's Post-effective Amendment No. 17 to the Registration Statement filed with the SEC on April 26, 2012.

<sup>8</sup> Incorporated by reference to Registrant's Post-effective Amendment No. 19 to the Registration Statement filed with the SEC on April 26, 2013.

<sup>9</sup> Incorporated by reference to Registrant's Post-effective Amendment No. 24 to the Registration Statement filed with the SEC on September 13, 2013.

<sup>10</sup> Incorporated by reference to Registrant's Post-effective Amendment No. 26 to the Registration Statement filed with the SEC on April 25, 2014.

<sup>11</sup> Incorporated by reference to Registrant's Post-effective Amendment No. 28 to the Registration Statement filed with the SEC on April 24, 2015.

<sup>12</sup> Incorporated by reference to Registrant's Post-effective Amendment No. 30 to the Registration Statement filed with the SEC on April 22, 2016.

<sup>13</sup> Incorporated by reference to Registrant's Post-effective Amendment No. 32 to the Registration Statement filed with the SEC on April 20, 2017.

<sup>14</sup> Incorporated by reference to Registrant's Post-effective Amendment No. 38 to the Registration Statement filed with the SEC on September 21, 2017.

<sup>15</sup> Incorporated by reference to Registrant's Post-effective Amendment No. 40 to the Registration Statement filed with the SEC on April 26, 2018.

<sup>16</sup> Incorporated by reference to Registrant's Post-effective Amendment No. 45 to the Registration Statement filed with the SEC on August 10, 2018.

<sup>17</sup> Incorporated by reference to Registrant's Post-effective Amendment No. 47 to the Registration Statement filed with the SEC on April 25, 2019.

<sup>18</sup> Incorporated by reference to Registrant's Post-effective Amendment No. 49 to the Registration Statement filed with the SEC on April 23, 2020.

<sup>19</sup> Incorporated by reference to Registrant's Post-effective Amendment No. 51 to the Registration Statement filed with the SEC on April 22, 2021.

<sup>20</sup> Incorporated by reference to Registrant's Post-effective Amendment No. 52 to the Registration Statement filed with the SEC on April 21, 2022.

<sup>21</sup> Incorporated by reference to Registrant's Post-effective Amendment No. 53 to the Registration Statement filed with the SEC on March 2, 2023.

<sup>22</sup> Incorporated by reference to Registrant's Post-effective Amendment No. 54 to the Registration Statement filed with the SEC on May 1, 2023.

<sup>23</sup> Incorporated by reference to Registrant's Post-effective Amendment No. 55 to the Registration Statement filed with the SEC on April 25, 2024.

<sup>24</sup> Incorporated by reference to Registrant's Post-effective Amendment No. 56 to the Registration Statement filed with the SEC on April 24, 2025.

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|:---|
| &nbsp;&nbsp;**Item 29. Persons controlled by or under Common Control with Registrant.** |
| &nbsp;&nbsp;Shares of the Registrant are owned by various funds of JNL Series Trust, shares of which are sold directly through the separate accounts (listed below) of Jackson National Life Insurance Company and Jackson National Life Insurance Company of New York, each a stock life insurance company organized under the laws of the state of Michigan and under the laws of the state of New York, respectively, and each is a wholly owned subsidiary of Jackson Financial Inc., a publicly traded life insurance company in the United States. |
| &nbsp;&nbsp;<u>Separate Accounts</u>:<br> Jackson National Separate Account I<br> Jackson National Separate Account III<br> Jackson National Separate Account IV<br> Jackson National Separate Account V<br> JNLNY Separate Account I<br> JNLNY Separate Account II<br> JNLNY Separate Account IV |
| &nbsp;&nbsp;The organizational chart for Jackson Financial Inc. indicates those persons who are controlled by or under common control with Jackson National Life Insurance Company and Jackson National Life Insurance Company of New York. No person is controlled by the Registrant. |
| &nbsp;&nbsp;The organizational chart for Jackson Financial Inc. is attached hereto. |

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| | |
|:---|:---|
| &nbsp;&nbsp;**Item 30. Indemnification.** | &nbsp;&nbsp;**Item 30. Indemnification.** |
| &nbsp;&nbsp;<u>Amended and Restated Declaration of Trust</u>: Article IV of the Registrant's Amended and Restated Declaration of Trust, as amended, provides that each of its Trustees and Officers (including persons who serve at the Registrant's request as directors, officers or trustees of another organization in which the Registrant has any interest as a shareholder, creditor or otherwise) (each, a "Covered Person") shall be indemnified by the Registrant against all liabilities and expenses that may be incurred by reason of being or having been such a Covered Person, except that no Covered Person shall be indemnified against any liability to the Registrant or its shareholders to which such Covered Person would otherwise be subject by reason of willful misfeasance, bad faith, gross negligence or reckless disregard of the duties involved in the conduct of such Covered Person's office. | &nbsp;&nbsp;<u>Amended and Restated Declaration of Trust</u>: Article IV of the Registrant's Amended and Restated Declaration of Trust, as amended, provides that each of its Trustees and Officers (including persons who serve at the Registrant's request as directors, officers or trustees of another organization in which the Registrant has any interest as a shareholder, creditor or otherwise) (each, a "Covered Person") shall be indemnified by the Registrant against all liabilities and expenses that may be incurred by reason of being or having been such a Covered Person, except that no Covered Person shall be indemnified against any liability to the Registrant or its shareholders to which such Covered Person would otherwise be subject by reason of willful misfeasance, bad faith, gross negligence or reckless disregard of the duties involved in the conduct of such Covered Person's office. |
| &nbsp;&nbsp;Article IV, Section 4.3 of the Registrant's Amended and Restated Declaration of Trust, as amended, provides the following: | &nbsp;&nbsp;Article IV, Section 4.3 of the Registrant's Amended and Restated Declaration of Trust, as amended, provides the following: |
| &nbsp;&nbsp;(a) | &nbsp;&nbsp;Subject to the exceptions and limitations contained in paragraph (b) below: |

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(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, or by one or more Series thereof if the claim arises from his or her conduct with respect to only such Series (unless the Series was terminated prior to any such liability or claim being known to the Trustees, in which case such obligations, to the extent not satisfied out of the assets of a Series, the obligation shall be an obligation of the Trust), to the fullest extent permitted by law against all liability and against all expenses reasonably incurred or paid by him in connection with any claim, action, suit or proceeding in which he becomes involved as a party or otherwise by virtue of his being or having been a Trustee or officer and against amounts paid or incurred by him in the settlement thereof;

 (ii) the words "claim," "action," "suit," or "proceeding" shall apply to all claims, actions, suits or proceedings (civil, criminal, or other, including appeals), actual or threatened; and the words "liability" and "expenses" shall include, without limitation, attorneys' fees, costs, judgments, amounts paid in settlement, fines, penalties and other liabilities.

(b) No indemnification shall be provided hereunder to a Trustee or officer:

 (i) against any liability to the Trust, a Series thereof or the Shareholders by reason of willful misfeasance, bad faith, gross negligence or reckless disregard of the duties involved in the conduct of his office;

 (ii) with respect to any matter as to which he shall have been finally adjudicated not to have acted in good faith in the reasonable belief that his action was in the best interest of the Trust or a Series thereof;

 (iii) in the event of a settlement or other disposition not involving a final adjudication as provided in paragraph (b)(ii) resulting in a payment by a Trustee or officer, unless there has been a determination that such Trustee or officer did not engage in willful misfeasance, bad faith, gross negligence or reckless disregard of the duties involved in the conduct of his office:

 (A) by the court or other body approving the settlement or other disposition;

 (B) based upon a review of readily available facts (as opposed to a full trial-type inquiry) by (i) vote of a majority of the Non-interested Trustees acting on the matter (provided that a majority of the Non-interested Trustees then in office act on the matter) or (ii) written opinion of independent legal counsel; or

 (C) by a vote of a majority of the Shares outstanding and entitled to vote (excluding Shares owned of record or beneficially by such individual).

(c) The rights of indemnification herein provided may be insured against by policies maintained by the Trust, shall be severable, shall not affect any other rights to which any Trustee or officer may now or hereafter be entitled, shall continue as to a person who has ceased to be such Trustee or officer and shall inure to the benefit of the heirs, executors, administrators and assigns of such a person. Nothing contained herein shall affect any rights to indemnification to which personnel of the Trust or any Series thereof other than Trustees and officers may be entitled by contract or otherwise under law.

(d) Expenses of preparation and presentation of a defense to any claim, action, suit or proceeding of the character described in paragraph (a) of this Section 4.3 may be advanced by the Trust or a Series thereof prior to final disposition thereof upon receipt of an undertaking by or on behalf of the recipient to repay such amount if it is ultimately determined that he is not entitled to indemnification under this Section 4.3, provided that either:

 (i) such undertaking is secured by a surety bond or some other appropriate security provided by the recipient, or the Trust or Series thereof shall be insured against losses arising out of any such advances; or

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| | |
|:---|:---|
| &nbsp;&nbsp;(ii) | &nbsp;&nbsp;a majority of the Non-interested Trustees acting on the matter (provided that a majority of the Non-interested Trustees act on the matter) or an independent legal counsel in a written opinion shall determine, based upon a review of readily available facts (as opposed to a full trial-type inquiry), that there is reason to believe that the recipient ultimately will be found entitled to indemnification. |
| &nbsp;&nbsp;As used in Section 4.3 of the Registrant's Amended and Restated Declaration of Trust, a "Non-interested Trustee" is one who (i) is not an Interested Person of the Trust (including anyone who has been exempted from being an Interested Person by any rule, regulation or order of the Commission), and (ii) is not involved in the claim, action, suit or proceeding. | &nbsp;&nbsp;As used in Section 4.3 of the Registrant's Amended and Restated Declaration of Trust, a "Non-interested Trustee" is one who (i) is not an Interested Person of the Trust (including anyone who has been exempted from being an Interested Person by any rule, regulation or order of the Commission), and (ii) is not involved in the claim, action, suit or proceeding. |
| &nbsp;&nbsp;<u>Indemnification Arrangements</u>: The foregoing indemnification arrangements are subject to the provisions of Section 17(h) of the Investment Company Act of 1940. | &nbsp;&nbsp;<u>Indemnification Arrangements</u>: The foregoing indemnification arrangements are subject to the provisions of Section 17(h) of the Investment Company Act of 1940. |
| &nbsp;&nbsp;Insofar as indemnification by the Registrant for liabilities arising under the Securities Act of 1933 may be permitted to directors, officers and controlling persons of the Registrant pursuant to the foregoing provisions, or otherwise, the Registrant has been advised that in the opinion of the Securities and Exchange Commission such indemnification is against public policy as expressed in the Act and is, therefore, unenforceable. In the event that a claim for indemnification against such liabilities (other than the payment by the Registrant of expenses incurred or paid by a director, officer or controlling person of the Registrant in the successful defense of any action, suit or proceeding) is asserted against the Registrant by such director, officer or controlling person in connection with the securities being registered, the Registrant will, unless in the opinion of its counsel the matter has been settled by controlling precedent, submit to a court of appropriate jurisdiction the question whether such indemnification by it is against public policy as expressed in the Act and will be governed by the final adjudication of such issue. | &nbsp;&nbsp;Insofar as indemnification by the Registrant for liabilities arising under the Securities Act of 1933 may be permitted to directors, officers and controlling persons of the Registrant pursuant to the foregoing provisions, or otherwise, the Registrant has been advised that in the opinion of the Securities and Exchange Commission such indemnification is against public policy as expressed in the Act and is, therefore, unenforceable. In the event that a claim for indemnification against such liabilities (other than the payment by the Registrant of expenses incurred or paid by a director, officer or controlling person of the Registrant in the successful defense of any action, suit or proceeding) is asserted against the Registrant by such director, officer or controlling person in connection with the securities being registered, the Registrant will, unless in the opinion of its counsel the matter has been settled by controlling precedent, submit to a court of appropriate jurisdiction the question whether such indemnification by it is against public policy as expressed in the Act and will be governed by the final adjudication of such issue. |
| &nbsp;&nbsp;In addition to the above indemnification, Jackson National Life Insurance Company extends its indemnification of its own officers, directors and employees to cover such persons' activities as officers, trustees or employees of the Registrant. | &nbsp;&nbsp;In addition to the above indemnification, Jackson National Life Insurance Company extends its indemnification of its own officers, directors and employees to cover such persons' activities as officers, trustees or employees of the Registrant. |

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|:---|
| &nbsp;&nbsp;**Item 31. Business and Other Connections of Investment Adviser.** |
| &nbsp;&nbsp;Incorporated herein by reference from the Prospectus and Statement of Additional Information relating to the Trust are the following: the description of the business of JNAM contained in the section entitled "Management of the Trust" of the Prospectus, and the biographical information pertaining to Messrs. Anyah, Bouchard, Gillespie, Rybak, Thomas, Wehrle, Wood, Childs, Gorman, Harding, Lueck, O'Boyle, Nerud, and Tedeschi; and Mses. Carnahan, Ramirez, Woodworth, Bennett, Crosser, Leeman, Nelson, and Rhee contained in the section entitled "Trustees and Officers of the Trust" and the description of JNAM contained in the section entitled "Investment Adviser and Other Services" of the Statement of Additional Information. |

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| | | |
|:---|:---|:---|
| &nbsp;&nbsp;<br> <u>**Directors and Officers of JNAM:**</u> | &nbsp;&nbsp;<br> <u>**Directors and Officers of JNAM:**</u> | &nbsp;&nbsp;<br> <u>**Directors and Officers of JNAM:**</u> |
| &nbsp;&nbsp;<u>NAME</u> | &nbsp;&nbsp;<u>ADDRESS</u> | &nbsp;&nbsp;<u>PRINCIPAL OCCUPATION</u> |
| &nbsp;&nbsp;Emily Bennett | &nbsp;&nbsp;1 Corporate Way<br> Lansing, Michigan 48951 | &nbsp;&nbsp;Assistant Vice President, Legal (02/17/2018 to 08/27/2022).<br> Deputy General Counsel (08/30/2021 to present); and<br> Vice President, Legal (08/27/2022 to present). |
| &nbsp;&nbsp;Steven Birch | &nbsp;&nbsp;1 Corporate Way<br> Lansing, Michigan 48951 | &nbsp;&nbsp;Director, Risk (08/31/2019 to 08/23/2024).<br> Assistant Vice President, Risk (08/24/2024 to present). |
| &nbsp;&nbsp;Eric Bjornson | &nbsp;&nbsp;1 Corporate Way<br> Lansing, Michigan 48951 | &nbsp;&nbsp;Vice President, Operations (06/28/2014 to 02/26/2022).<br> Senior Vice President (02/26/2022 to present).<br> Chief Operating Officer (08/19/2025 to present). |
| &nbsp;&nbsp;Garett J. Childs | &nbsp;&nbsp;1 Corporate Way<br> Lansing, Michigan 48951 | &nbsp;&nbsp;Vice President, Finance and Risk (02/16/2019 to 08/19/2025); and<br> Chief Financial Officer (08/28/2021 to present).<br> Senior Vice President (08/19/2025 to present). |

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| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Robert Dombrower | &nbsp;&nbsp;1 Corporate Way<br> Lansing, Michigan 48951 | &nbsp;&nbsp;Vice President (07/01/2017 to present). |
| &nbsp;&nbsp;Kevin Frank | &nbsp;&nbsp;1 Corporate Way<br> Lansing, Michigan 48951 | &nbsp;&nbsp;Assistant Vice President, Fund Operations and Accounting Policy (09/11/2018 to 02/26/2022).<br> Vice President, Fund Operations and Accounting Policy (02/26/2022 to present). |
| &nbsp;&nbsp;Devkumar Ganguly | &nbsp;&nbsp;1 Corporate Way<br> Lansing, Michigan 48951 | &nbsp;&nbsp;Managing Board Member (01/01/2023 to present).<br>|
| &nbsp;&nbsp;Mark Godfrey | &nbsp;&nbsp;1 Corporate Way<br> Lansing, Michigan 48951 | &nbsp;&nbsp;Vice President (07/01/2017 to present). |
| &nbsp;&nbsp;Scott Golde | &nbsp;&nbsp;1 Corporate Way<br> Lansing, Michigan 48951 | &nbsp;&nbsp;Managing Board Member (01/01/2023 to present).<br>|
| &nbsp;&nbsp;Stephanie Goodrich | &nbsp;&nbsp;1 Corporate Way<br> Lansing, Michigan 48951 | &nbsp;&nbsp;Assistant Vice President, Sub-Adviser Oversight (08/31/2019 to present). |
| &nbsp;&nbsp;Richard Gorman | &nbsp;&nbsp;1 Corporate Way<br> Lansing, Michigan 48951 | &nbsp;&nbsp;Senior Vice President, Chief Compliance Officer (08/20/2018 to present). |
| &nbsp;&nbsp;William Harding | &nbsp;&nbsp;1 Corporate Way<br> Lansing, Michigan 48951 | &nbsp;&nbsp;Senior Vice President, Chief Investment Officer (06/28/2014 to present). |
| &nbsp;&nbsp;Kelli Hill | &nbsp;&nbsp;1 Corporate Way<br> Lansing, Michigan 48951 | &nbsp;&nbsp;Vice President (07/01/2017 to present). |
| &nbsp;&nbsp;Sean Hynes | &nbsp;&nbsp;1 Corporate Way<br> Lansing, Michigan 48951 | &nbsp;&nbsp;Assistant Vice President, Investment Management (08/20/2016 to 02/24/2024).<br> Vice President, Investment Management (02/24/2024 to present). |
| &nbsp;&nbsp;Daniel W. Koors | &nbsp;&nbsp;1 Corporate Way<br> Lansing, Michigan 48951 | &nbsp;&nbsp;Senior Vice President (01/2009 to 11/03/2025); and<br> Chief Operating Officer (04/11/2011 to 08/19/2025). |
| &nbsp;&nbsp;Jim McCartin | &nbsp;&nbsp;1 Corporate Way<br> Lansing, Michigan 48951 | &nbsp;&nbsp;Vice President (09/01/2018 to present). |
| &nbsp;&nbsp;Christopher Miller | &nbsp;&nbsp;1 Corporate Way<br> Lansing, Michigan 48951 | &nbsp;&nbsp;Assistant Vice President, Valuation (08/26/2023 to present). |
| &nbsp;&nbsp;Mia K. Nelson | &nbsp;&nbsp;1 Corporate Way<br> Lansing, Michigan 48951 | &nbsp;&nbsp;Assistant Vice President, Tax (02/18/2017 to 08/27/2022).<br> Vice President, Tax (08/27/2022 to present). |
| &nbsp;&nbsp;Mark D. Nerud | &nbsp;&nbsp;1 Corporate Way<br> Lansing, Michigan 48951 | &nbsp;&nbsp;Managing Board Member (05/20/2015 to present);<br> Chairman (09/19/2022 to present);<br> President (01/01/2007 to present); and<br> Chief Executive Officer (01/01/2010 to present). |
| &nbsp;&nbsp;Joseph B. O'Boyle | &nbsp;&nbsp;1 Corporate Way<br> Lansing, Michigan 48951 | &nbsp;&nbsp;Vice President, Compliance (09/10/2015 to present). |

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|:---|:---|:---|
| &nbsp;&nbsp;Joseph Patracuollo<br>| &nbsp;&nbsp;300 Innovation Drive<br> Franklin, Tennessee 37067 | &nbsp;&nbsp;Jackson National Life Distributors – Vice President (08/01/2018 to 09/10/2022)<br> Head of Portfolio Specialist Group (09/10/2022 to present). |
| &nbsp;&nbsp;Mark Pliska | &nbsp;&nbsp;1 Corporate Way<br> Lansing, Michigan 48951 | &nbsp;&nbsp;Assistant Vice President, Investment Management (03/01/2021 to 02/24/2024).<br> Vice President, Investment Management (02/24/2024 to present). |
| &nbsp;&nbsp;Alison Reed | &nbsp;&nbsp;300 Innovation Drive<br> Franklin, Tennessee 37067 | &nbsp;&nbsp;Managing Board Member (06/30/2016 to present).<br>|
| &nbsp;&nbsp;Susan S. Rhee | &nbsp;&nbsp;1 Corporate Way<br> Lansing, Michigan 48951 | &nbsp;&nbsp;Secretary (11/2000 to present);<br> Senior Vice President (01/01/2010 to present); and<br> General Counsel (01/01/2010 to present). |
| &nbsp;&nbsp;Kristan L. Richardson | &nbsp;&nbsp;1 Corporate Way<br> Lansing, Michigan 48951 | &nbsp;&nbsp;Assistant Secretary (06/12/2014 to present). |
| &nbsp;&nbsp;Andrew Tedeschi | &nbsp;&nbsp;1 Corporate Way<br> Lansing, Michigan 48951 | &nbsp;&nbsp;Vice President, Financial Reporting (01/28/2019 to present). |
| &nbsp;&nbsp;Bryan Yates | &nbsp;&nbsp;1 Corporate Way<br> Lansing, Michigan 48951 | &nbsp;&nbsp;Assistant Vice President, Investment Operations (08/20/2016 to 02/26/2022).<br> Vice President, Investment Operations (02/26/2022 to present). |

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&nbsp;&nbsp;Mellon Investments Corporation, the sub-adviser for the fund of the Trust, is primarily engaged in the business of rendering investment advisory services. Reference is made to the most recent Form ADV and thereto on file with the Commission for a description of the names and employment of the directors and officers of the sub-adviser and other required information.

<u>SUB-ADVISER</u>: <u>FILE NO.</u>: <br>Mellon Investments Corporation 801-19785

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|:---|:---|
| &nbsp;&nbsp;**Item 32. Principal Underwriters.** | &nbsp;&nbsp;**Item 32. Principal Underwriters.** |
| &nbsp;&nbsp;(a) | &nbsp;&nbsp;JNLD acts as general distributor for the Registrant. JNLD also acts as general distributor for the Jackson National Separate Account - I, the Jackson National Separate Account III, the Jackson National Separate Account IV, the Jackson National Separate Account V, the JNLNY Separate Account I, the JNLNY Separate Account II, the JNLNY Separate Account IV, JNL Series Trust, Jackson Credit Opportunities Fund, and Jackson Real Assets Fund. |
| &nbsp;&nbsp;(b) | &nbsp;&nbsp;Directors and Officers of JNLD: |

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| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**NAME AND BUSINESS ADDRESS:** | &nbsp;&nbsp;**POSITIONS AND OFFICERS**<br> **WITH UNDERWRITER:** | &nbsp;&nbsp;**POSITIONS AND**<br> **OFFICES WITH FUND** |
| &nbsp;&nbsp;Alison R. Reed<br> 300 Innovation Drive<br> Franklin TN, 37067 | &nbsp;&nbsp;Chairman, Manager,<br> Executive Vice President,<br> Head of Distribution | &nbsp;&nbsp; <br> N/A |

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|:---|:---|:---|
| &nbsp;&nbsp;Marina C. Ashiotou<br> 1 Corporate Way<br> Lansing, MI 48951 | &nbsp;&nbsp;Manager | &nbsp;&nbsp;N/A |
| &nbsp;&nbsp;Savvas P. Binioris<br> 1 Corporate Way<br> Lansing, MI 48951 | &nbsp;&nbsp;Manager | &nbsp;&nbsp;N/A |
| &nbsp;&nbsp;Garett J. Childs<br> 1 Corporate Way<br> Lansing, MI 48951 | &nbsp;&nbsp;Manager | &nbsp;&nbsp;Vice President |
| &nbsp;&nbsp;Hilary R. Cranmore<br> 1 Corporate Way<br> Lansing, MI 48951 | &nbsp;&nbsp;Manager | &nbsp;&nbsp;N/A |
| &nbsp;&nbsp;Kevin Luebbers<br> 300 Innovation Drive<br> Franklin TN, 37067 | &nbsp;&nbsp;Head of Sales | &nbsp;&nbsp;N/A |
| &nbsp;&nbsp;Brian Sward<br> 300 Innovation Drive<br> Franklin TN, 37067 | &nbsp;&nbsp;Head of Product Solutions | &nbsp;&nbsp;N/A |
| &nbsp;&nbsp;Robert Butler<br> 300 Innovation Drive<br> Franklin TN, 37067 | &nbsp;&nbsp;Senior Vice President,<br> National Sales Manager, Indy | &nbsp;&nbsp;N/A |
| &nbsp;&nbsp;Lauren Caputo<br> 300 Innovation Drive<br> Franklin TN, 37067 | &nbsp;&nbsp;Senior Vice President | &nbsp;&nbsp;N/A |
| &nbsp;&nbsp;Ashley S. Golson<br> 300 Innovation Drive<br> Franklin TN, 37067 | &nbsp;&nbsp;Senior Vice President, National Sales<br> Desk and Distribution Intelligence | &nbsp;&nbsp;N/A |
| &nbsp;&nbsp;Heidi Kaiser<br> 1 Corporate Way<br> Lansing, MI 48951 | &nbsp;&nbsp;Senior Vice President, General Counsel and Anti-Money Laundering<br> Compliance Officer | &nbsp;&nbsp;N/A |
| &nbsp;&nbsp;Matt Lemieux<br> 300 Innovation Drive<br> Franklin TN, 37067 | &nbsp;&nbsp;Senior Vice President | &nbsp;&nbsp;N/A |
| &nbsp;&nbsp;Greg Masucci<br> 300 Innovation Drive<br> Franklin TN, 37067 | &nbsp;&nbsp;Senior Vice President | &nbsp;&nbsp;N/A |
| &nbsp;&nbsp;Brian Nicolarsen<br> 300 Innovation Drive<br> Franklin TN, 37067 | &nbsp;&nbsp;Senior Vice President,<br> National Sales Manager, BWA | &nbsp;&nbsp;N/A |
| &nbsp;&nbsp;Kimberly Plyer<br> 300 Innovation Drive<br> Franklin TN, 37067 | &nbsp;&nbsp;Senior Vice President | &nbsp;&nbsp;N/A |

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| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Tom Smith<br> 300 Innovation Drive<br> Franklin TN, 37067 | &nbsp;&nbsp;Senior Vice President | &nbsp;&nbsp;N/A |
| &nbsp;&nbsp;Myles Womack<br> 300 Innovation Drive<br> Franklin TN, 37067 | &nbsp;&nbsp;Senior Vice President | &nbsp;&nbsp;N/A |
| &nbsp;&nbsp;Ty Anderson<br> 300 Innovation Drive<br> Franklin TN, 37067 | &nbsp;&nbsp;Vice President | &nbsp;&nbsp;N/A |
| &nbsp;&nbsp;Lisa Backens<br> 300 Innovation Drive<br> Franklin TN, 37067 | &nbsp;&nbsp;Vice President | &nbsp;&nbsp;N/A |
| &nbsp;&nbsp;Mercedes Biretto<br> 1 Corporate Way<br> Lansing, MI 48951 | &nbsp;&nbsp;Vice President | &nbsp;&nbsp;N/A |
| &nbsp;&nbsp;Chris Bogren<br> 300 Innovation Drive<br> Franklin TN, 37067 | &nbsp;&nbsp;Vice President | &nbsp;&nbsp;N/A |
| &nbsp;&nbsp;J. Edward Branstetter, Jr.<br> 300 Innovation Drive<br> Franklin TN, 37067 | &nbsp;&nbsp;Vice President | &nbsp;&nbsp;N/A |
| &nbsp;&nbsp;Michael Cobianchi<br> 300 Innovation Drive<br> Franklin TN, 37067 | &nbsp;&nbsp;Vice President | &nbsp;&nbsp;N/A |
| &nbsp;&nbsp;Chardae Hawley<br> 300 Innovation Drive<br> Franklin TN, 37067 | &nbsp;&nbsp;Vice President | &nbsp;&nbsp;N/A |
| &nbsp;&nbsp;Yesenia Lankford<br> 300 Innovation Drive<br> Franklin TN, 37067 | &nbsp;&nbsp;Vice President | &nbsp;&nbsp;N/A |
| &nbsp;&nbsp;Kristine Lowry<br> 300 Innovation Drive<br> Franklin TN, 37067 | &nbsp;&nbsp;Vice President, FinOp and Controller | &nbsp;&nbsp;N/A |
| &nbsp;&nbsp;Dana Rene Malesky Flegler<br> 1 Corporate Way<br> Lansing, MI 48951 | &nbsp;&nbsp;Vice President | &nbsp;&nbsp;N/A |
| &nbsp;&nbsp;Bob McAllister<br> 300 Innovation Drive<br> Franklin TN, 37067 | &nbsp;&nbsp;Vice President | &nbsp;&nbsp;N/A |
| &nbsp;&nbsp;Matt Ohme<br> 300 Innovation Drive<br> Franklin TN, 37067 | &nbsp;&nbsp;Vice President | &nbsp;&nbsp;N/A |

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| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Joseph Cavanaugh Pierce<br> 300 Innovation Drive<br> Franklin TN, 37067 | &nbsp;&nbsp;Vice President | &nbsp;&nbsp;N/A |
| &nbsp;&nbsp;David Russell<br> 300 Innovation Drive<br> Franklin TN, 37067 | &nbsp;&nbsp;Vice President | &nbsp;&nbsp;N/A |
| &nbsp;&nbsp;Molly Stevens<br> 300 Innovation Drive<br> Franklin TN, 37067 | &nbsp;&nbsp;Vice President | &nbsp;&nbsp;N/A |
| &nbsp;&nbsp;Jeremy Swartz<br> 300 Innovation Drive<br> Franklin TN, 37067 | &nbsp;&nbsp;Vice President | &nbsp;&nbsp;N/A |
| &nbsp;&nbsp;Michelle Tidey<br> 300 Innovation Drive<br> Franklin TN, 37067 | &nbsp;&nbsp;Vice President | &nbsp;&nbsp;N/A |
| &nbsp;&nbsp;Kendall Wetzel<br> 300 Innovation Drive<br> Franklin TN, 37067 | &nbsp;&nbsp;Vice President | &nbsp;&nbsp;N/A |
| &nbsp;&nbsp;Darweshi Whitfield<br> 300 Innovation Drive<br> Franklin TN, 37067 | &nbsp;&nbsp;Vice President | &nbsp;&nbsp;N/A |
| &nbsp;&nbsp;Corey Bonnette<br> 300 Innovation Drive<br> Franklin TN, 37067 | &nbsp;&nbsp;Assistant Vice President | &nbsp;&nbsp;N/A |
| &nbsp;&nbsp;Kyle Burke<br> 300 Innovation Drive<br> Franklin TN, 37067 | &nbsp;&nbsp;Assistant Vice President | &nbsp;&nbsp;N/A |
| &nbsp;&nbsp;Danielle Cox<br> 300 Innovation Drive<br> Franklin TN, 37067 | &nbsp;&nbsp;Assistant Vice President | &nbsp;&nbsp;N/A |
| &nbsp;&nbsp;Jordan Dobberstein<br> 300 Innovation Drive<br> Franklin TN, 37067 | &nbsp;&nbsp;Assistant Vice President | &nbsp;&nbsp;N/A |
| &nbsp;&nbsp;Glen Franklin<br> 300 Innovation Drive<br> Franklin TN, 37067 | &nbsp;&nbsp;Assistant Vice President | &nbsp;&nbsp;N/A |
| &nbsp;&nbsp;David Fuller<br> 1 Corporate Way<br> Lansing, MI 48951 | &nbsp;&nbsp;Assistant Vice President | &nbsp;&nbsp;N/A |
| &nbsp;&nbsp;Amanda Geml<br> 300 Innovation Drive<br> Franklin TN, 37067 | &nbsp;&nbsp;Assistant Vice President | &nbsp;&nbsp;N/A |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Paul Hardy<br> 300 Innovation Drive<br> Franklin TN, 37067 | &nbsp;&nbsp;Assistant Vice President | &nbsp;&nbsp;N/A |
| &nbsp;&nbsp;Jake Hill<br> 300 Innovation Drive<br> Franklin TN, 37067 | &nbsp;&nbsp;Assistant Vice President | &nbsp;&nbsp;N/A |
| &nbsp;&nbsp;Todd Maneval<br> 300 Innovation Drive<br> Franklin TN, 37067 | &nbsp;&nbsp;Assistant Vice President | &nbsp;&nbsp;N/A |
| &nbsp;&nbsp;Heather Mayes<br> 300 Innovation Drive<br> Franklin TN, 37067 | &nbsp;&nbsp;Assistant Vice President | &nbsp;&nbsp;N/A |
| &nbsp;&nbsp;Nikki Ochab<br> 300 Innovation Drive<br> Franklin TN, 37067 | &nbsp;&nbsp;Assistant Vice President | &nbsp;&nbsp;N/A |
| &nbsp;&nbsp;James Pryor<br> 300 Innovation Drive<br> Franklin TN, 37067 | &nbsp;&nbsp;Assistant Vice President | &nbsp;&nbsp;N/A |
| &nbsp;&nbsp;Marland Richardson<br> 300 Innovation Drive<br> Franklin TN, 37067 | &nbsp;&nbsp;Assistant Vice President | &nbsp;&nbsp;N/A |
| &nbsp;&nbsp;Sam Rosenbrock<br> 300 Innovation Drive<br> Franklin TN, 37067 | &nbsp;&nbsp;Assistant Vice President | &nbsp;&nbsp;N/A |
| &nbsp;&nbsp;Noah Sanders<br> 300 Innovation Drive<br> Franklin TN, 37067 | &nbsp;&nbsp;Assistant Vice President | &nbsp;&nbsp;N/A |
| &nbsp;&nbsp;Bill Smalley<br> 300 Innovation Drive<br> Franklin TN, 37067 | &nbsp;&nbsp;Assistant Vice President | &nbsp;&nbsp;N/A |
| &nbsp;&nbsp;Jeffrey Toerne<br> 300 Innovation Drive<br> Franklin TN, 37067 | &nbsp;&nbsp;Assistant Vice President | &nbsp;&nbsp;N/A |
| &nbsp;&nbsp;Phil Tulotta<br> 300 Innovation Drive<br> Franklin TN, 37067 | &nbsp;&nbsp;Assistant Vice President | &nbsp;&nbsp;N/A |
| &nbsp;&nbsp;Sharon Wilson<br> 300 Innovation Drive<br> Franklin TN, 37067 | &nbsp;&nbsp;Assistant Vice President | &nbsp;&nbsp;N/A |
| &nbsp;&nbsp;Phil Wright<br> 300 Innovation Drive<br> Franklin TN, 37067 | &nbsp;&nbsp;Assistant Vice President | &nbsp;&nbsp;N/A |

---

Ryan Lupton 300 Innovation Drive Franklin TN, 37067 Chief Compliance Officer N/A <br>Kristan L. Richardson 1 Corporate Way Lansing, MI 48951 Secretary N/A

(c) The
 Funds have no principal underwriter who is not an affiliated person of the Funds or an affiliated person of such person.

---

| | |
|:---|:---|
| &nbsp;&nbsp;<br> **Item 33. Location of Accounts and Records** | &nbsp;&nbsp;<br> **Item 33. Location of Accounts and Records** |
| &nbsp;&nbsp;The accounts and records of the Registrant are located at the offices of the Registrant at 1 Corporate Way, Lansing, Michigan 48951, at 225 West Wacker Drive, Suite 1200, Chicago, Illinois 60606, and at the following locations: | &nbsp;&nbsp;The accounts and records of the Registrant are located at the offices of the Registrant at 1 Corporate Way, Lansing, Michigan 48951, at 225 West Wacker Drive, Suite 1200, Chicago, Illinois 60606, and at the following locations: |
| &nbsp;&nbsp;Office of the Administrator | &nbsp;&nbsp;1 Corporate Way,<br> Lansing, Michigan 48951 |
| &nbsp;&nbsp;Office of the Custodian:<br> JPMorgan Chase Bank, N.A. | &nbsp;&nbsp;270 Park Avenue,<br> New York, New York 10017 |
| &nbsp;&nbsp;Office of the Custodian:<br> State Street Bank and Trust Company | &nbsp;&nbsp;One Congress Street, Suite 1<br> Boston, Massachusetts 02114-2016 |
| &nbsp;&nbsp;Mellon Investments Corporation<br>| &nbsp;&nbsp;500 Ross Street<br> Pittsburgh, Pennsylvania 15258 |

---

---

| |
|:---|
| &nbsp;&nbsp;**Item 34. Management Services.** |
| &nbsp;&nbsp;Not Applicable. |

---

---

| |
|:---|
| &nbsp;&nbsp;**Item 35. Undertakings.** |
| &nbsp;&nbsp;Not Applicable. |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;**SIGNATURES** | &nbsp;&nbsp;**SIGNATURES** |
| &nbsp;&nbsp;Pursuant to the requirements of the Securities Act and the Investment Company Act, JNL Investors Series Trust certifies that it meets all of the requirements for effectiveness of this Post-Effective Amendment under rule 485(b) under the Securities Act and has duly caused this Post-Effective Amendment No. 57 to be signed on its behalf by the undersigned, duly authorized, in the City of Lansing and the State of Michigan on the 23<sup>rd</sup> day of April, 2026. | &nbsp;&nbsp;Pursuant to the requirements of the Securities Act and the Investment Company Act, JNL Investors Series Trust certifies that it meets all of the requirements for effectiveness of this Post-Effective Amendment under rule 485(b) under the Securities Act and has duly caused this Post-Effective Amendment No. 57 to be signed on its behalf by the undersigned, duly authorized, in the City of Lansing and the State of Michigan on the 23<sup>rd</sup> day of April, 2026. |
| &nbsp;&nbsp;**JNL INVESTORS SERIES TRUST** | &nbsp;&nbsp;**JNL INVESTORS SERIES TRUST** |
| &nbsp;&nbsp;***/s/ Emily J. Bennett*** |  |
| &nbsp;&nbsp;Emily J. Bennett |  |
| &nbsp;&nbsp;Vice President and Assistant Secretary; and<br> \*Attorney-in-Fact, pursuant to Powers of Attorney | &nbsp;&nbsp;Vice President and Assistant Secretary; and<br> \*Attorney-in-Fact, pursuant to Powers of Attorney |
| &nbsp;&nbsp;Pursuant to the requirements of the Securities Act, this Post-Effective Amendment has been signed below by the following persons in the capacities and on the date indicated. | &nbsp;&nbsp;Pursuant to the requirements of the Securities Act, this Post-Effective Amendment has been signed below by the following persons in the capacities and on the date indicated. |
| &nbsp;&nbsp;***/s/ Emily J. Bennett*** &nbsp;&nbsp;\* | &nbsp;&nbsp;April 23, 2026 |
| &nbsp;&nbsp;Eric O. Anyah |  |
| &nbsp;&nbsp;Trustee |  |
| &nbsp;&nbsp;***/s/ Emily J. Bennett*** &nbsp;&nbsp;\* | &nbsp;&nbsp;April 23, 2026 |
| &nbsp;&nbsp;Michael J. Bouchard |  |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;Trustee |  |
| &nbsp;&nbsp;***/s/ Emily J. Bennett*** &nbsp;&nbsp;\* | &nbsp;&nbsp;April 23, 2026 |
| &nbsp;&nbsp;Ellen Carnahan |  |
| &nbsp;&nbsp;Trustee |  |
| &nbsp;&nbsp;***/s/ Emily J. Bennett*** &nbsp;&nbsp;\* | &nbsp;&nbsp;April 23, 2026 |
| &nbsp;&nbsp;John W. Gillespie |  |
| &nbsp;&nbsp;Trustee |  |
| &nbsp;&nbsp;***/s/ Emily J. Bennett*** &nbsp;&nbsp;\* | &nbsp;&nbsp;April 23, 2026 |
| &nbsp;&nbsp;Elisa Zuñiga Ramirez |  |
| &nbsp;&nbsp;Trustee |  |
| &nbsp;&nbsp;***/s/ Emily J. Bennett*** &nbsp;&nbsp;\* | &nbsp;&nbsp;April 23, 2026 |
| &nbsp;&nbsp;William R. Rybak |  |
| &nbsp;&nbsp;Trustee |  |
| &nbsp;&nbsp;***/s/ Emily J. Bennett*** &nbsp;&nbsp;\* | &nbsp;&nbsp;April 23, 2026 |
| &nbsp;&nbsp;Eric A. Thomas |  |
| &nbsp;&nbsp;Trustee |  |
| &nbsp;&nbsp;***/s/ Emily J. Bennett*** &nbsp;&nbsp;\* | &nbsp;&nbsp;April 23, 2026 |
| &nbsp;&nbsp;Mark S. Wehrle |  |
| &nbsp;&nbsp;Trustee |  |
| &nbsp;&nbsp;***/s/ Emily J. Bennett*** &nbsp;&nbsp;\* | &nbsp;&nbsp;April 23, 2026 |
| &nbsp;&nbsp;Edward C. Wood |  |
| &nbsp;&nbsp;Trustee |  |
| &nbsp;&nbsp;***/s/ Emily J. Bennett*** &nbsp;&nbsp;\* | &nbsp;&nbsp;April 23, 2026 |
| &nbsp;&nbsp;Patricia A. Woodworth |  |
| &nbsp;&nbsp;Trustee |  |
| &nbsp;&nbsp;***/s/ Emily J. Bennett*** &nbsp;&nbsp;\* | &nbsp;&nbsp;April 23, 2026 |
| &nbsp;&nbsp;Mark D. Nerud |  |
| &nbsp;&nbsp;Trustee, President, Chief Executive Officer (Principal Executive Officer), and Chief Operating Decision Maker | &nbsp;&nbsp;Trustee, President, Chief Executive Officer (Principal Executive Officer), and Chief Operating Decision Maker |
| &nbsp;&nbsp;***/s/ Emily J. Bennett*** &nbsp;&nbsp;\* | &nbsp;&nbsp;April 23, 2026 |
| &nbsp;&nbsp;Andrew Tedeschi |  |
| &nbsp;&nbsp;Treasurer and Chief Financial Officer (Principal Financial Officer) | &nbsp;&nbsp;Treasurer and Chief Financial Officer (Principal Financial Officer) |

---

---

| |
|:---|
| &nbsp;&nbsp;**POWER OF ATTORNEY** |
| &nbsp;&nbsp;KNOW ALL MEN BY THESE PRESENTS, that each of the undersigned as trustees of **JNL INVESTORS SERIES TRUST** (333-43300), a Massachusetts business trust, which has filed or will file with the Securities and Exchange Commission under the provisions of the Securities Act of 1933 and Investment Company Act of 1940, as amended, various Registration Statements and amendments thereto for the registration under said Acts of the sale of shares of beneficial interest of JNL Investors Series Trust, hereby constitute and appoint Susan S. Rhee and Emily J. Bennett, his/her attorney, with full power of substitution and re-substitution, for and in his name, place and stead, in any and all capacities to approve and sign such Registration Statements and any and all amendments thereto and to file the same, with all exhibits thereto and other documents, granting unto said attorneys, each of them, full power and authority to do and perform all and every act and thing requisite to all intents and purposes as he might or could do in person, hereby ratifying and confirming that which said attorneys, or any of them, may lawfully do or cause to be done by virtue hereof. This instrument may be executed in one or more counterparts. |
| &nbsp;&nbsp;**IN WITNESS WHEREOF**, the undersigned have herewith set their names as of March 12, 2026. |
| &nbsp;&nbsp;***/s/ Eric O. Anyah*** |
| &nbsp;&nbsp;Eric O. Anyah |
| &nbsp;&nbsp;Trustee |

---

---

| |
|:---|
| &nbsp;&nbsp;***/s/ Michael J. Bouchard*** |
| &nbsp;&nbsp;Michael J. Bouchard |
| &nbsp;&nbsp;Trustee |
| &nbsp;&nbsp;***/s/ Ellen Carnahan*** |
| &nbsp;&nbsp;Ellen Carnahan |
| &nbsp;&nbsp;Trustee |
| &nbsp;&nbsp;***/s/ John W. Gillespie*** |
| &nbsp;&nbsp;John W. Gillespie |
| &nbsp;&nbsp;Trustee |
| &nbsp;&nbsp;***/s/ Elisa Zuñiga Ramirez*** |
| &nbsp;&nbsp;Elisa Zuñiga Ramirez |
| &nbsp;&nbsp;Trustee |
| &nbsp;&nbsp;***/s/ William R. Rybak*** |
| &nbsp;&nbsp;William R. Rybak |
| &nbsp;&nbsp;Trustee |
| &nbsp;&nbsp;***/s/ Eric A. Thomas*** |
| &nbsp;&nbsp;Eric A. Thomas |
| &nbsp;&nbsp;Trustee |
| &nbsp;&nbsp;***/s/ Mark S. Wehrle*** |
| &nbsp;&nbsp;Mark S. Wehrle |
| &nbsp;&nbsp;Trustee |
| &nbsp;&nbsp;***/s/ Edward C. Wood*** |
| &nbsp;&nbsp;Edward C. Wood |
| &nbsp;&nbsp;Trustee |
| &nbsp;&nbsp;***/s/ Patricia A. Woodworth*** |
| &nbsp;&nbsp;Patricia A. Woodworth |
| &nbsp;&nbsp;Trustee |
| &nbsp;&nbsp;***/s/ Mark D. Nerud*** |
| &nbsp;&nbsp;Mark D. Nerud |
| &nbsp;&nbsp;Trustee, President, Chief Executive Officer (Principal Executive Officer), and <br> Chief Operating Decision Maker |
| &nbsp;&nbsp;***/s/ Andrew Tedeschi*** |
| &nbsp;&nbsp;Andrew Tedeschi |
| &nbsp;&nbsp;Treasurer and Chief Financial Officer (Principal Financial Officer) |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;<br>**EXHIBIT LIST**  | &nbsp;&nbsp;<br>**EXHIBIT LIST**  | &nbsp;&nbsp;<br>**EXHIBIT LIST**  |
| &nbsp;&nbsp;**Exhibit**<br> **Number 28** | &nbsp;&nbsp;**Exhibit**<br> **Number 28** |  |
| &nbsp;&nbsp;**Exhibit**<br> **Number 28** | &nbsp;&nbsp;**Exhibit**<br> **Number 28** | &nbsp;&nbsp;**Exhibit**<br> **Description** |
| &nbsp;&nbsp;(g) | &nbsp;&nbsp;(1) &nbsp;&nbsp;(v) | &nbsp;&nbsp;[Amendment, effective January 1, 2026, to the JPMorgan Custody Agreement, attached hereto as EX99.28(g)(1)(v).](exg1v_jpcusamd126.htm) |
| &nbsp;&nbsp;(g) | &nbsp;&nbsp;(1) &nbsp;&nbsp;(vi) | &nbsp;&nbsp;[Amendment, effective April 27, 2026, to the JPMorgan Custody Agreement, attached hereto as EX99.28(g)(1)(vi).](exg1vi_jpcusamd426.htm) |
| &nbsp;&nbsp;(g) | &nbsp;&nbsp;(2) &nbsp;&nbsp;(xi) | &nbsp;&nbsp;[Amendment, effective June 11, 2025, to the State Street Custody Agreement, attached hereto as EX99.28(g)(2)(xi).](exg2xi_sscusamend625.htm) |
| &nbsp;&nbsp;(g) | &nbsp;&nbsp;(2) &nbsp;&nbsp;(xii) | &nbsp;&nbsp;[Amendment, effective April 27, 2026, to the State Street Custody Agreement, attached hereto as EX99.28(g)(2)(xii).](exg2xii_sscusamd426.htm) |
| &nbsp;&nbsp;(i) |  | &nbsp;&nbsp;[Opinion and Consent of Counsel, attached hereto as EX99.28(i).](exi_legalopinion.htm) |
| &nbsp;&nbsp;(j) |  | &nbsp;&nbsp;Consent of Auditors, attached hereto as EX99.28(j). |
| &nbsp;&nbsp;(p) | &nbsp;&nbsp;(1) | &nbsp;&nbsp;[Jackson Financial Inc. Advisory Code of Ethics Policy for Registrant, JNAM, and JNLD, dated September 12, 2025, attached hereto as EX99.28(p)(1).](exp1_jficoe0925.htm) |
| &nbsp;&nbsp;(p) | &nbsp;&nbsp;(2) | &nbsp;&nbsp;[Personal Securities Trading Policy for Mellon, dated January 29, 2024, attached hereto as EX99.28(p)(2).](exp2_meitp0124.htm) |
| &nbsp;&nbsp;**Exhibit**<br> **Number 29** | &nbsp;&nbsp;**Exhibit**<br> **Number 29** |  |
| &nbsp;&nbsp;**Exhibit**<br> **Number 29** | &nbsp;&nbsp;**Exhibit**<br> **Number 29** | &nbsp;&nbsp;**Exhibit**<br> **Description** |
|  |  | &nbsp;&nbsp;[The organizational chart for Jackson Financial Inc. is attached hereto as EX 99.29.](ex29_jackaff126.htm) |

---

## Exhibit 99.28

[JNL INVESTORS SERIES TRUST 485BPOS](jnlist-485bpos_042726.htm)

**Ex. 99.28(g)(1)(v)**

**Amendment to Amended and Restated**

**Master Global Custody Agreement Between** 

**the Customer and JPMorgan Chase Bank, N.A.**

This **Amendment** to the Amended and Restated Master Global Custody Agreement between the Customer and JPMorgan Chase Bank, N.A. dated December 1, 2022, as amended (the "Agreement"), is by and among JNL Investors Series Trust and JNL Series Trust (each individually a "Trust" and together, the "Trusts") and JPMorgan Chase Bank, N.A. (the "Custodian").

**Whereas**, the Custodian and the Trusts (the "Parties") have entered into the Agreement by which the Custodian provides certain custodial services relating to securities and other assets of each Trust.

**Whereas**, the Board of Trustees of each Trust (together, the "Board") has approved, and the Parties have agreed, to amend certain custody fees outlined in Schedule 7 of the Agreement, effective January 1, 2026.

**Now Therefore**, in consideration of the mutual covenants herein contained, the Parties hereby agree to amend the Agreement as follows:

1) Schedule 7 of the Agreement is hereby updated, via the terms outlined in the *Amendment to Schedule 7 – Custody Fees*, attached hereto.

2) Except as specifically amended hereby, the Agreement shall remain in full force and effect in accordance with its terms.

3) Each Trust and the Custodian hereby each represent and warrant to the other that it has full authority to enter into this Amendment, upon the terms and conditions hereof, and that the individual executing this Amendment on its behalf has the requisite authority to bind the Trusts or the Custodian 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 hereto have caused this Amendment to be executed, effective January 1, 2026.

---

| | | | |
|:---|:---|:---|:---|
| **JNL Investors Series Trust**<br> **JNL Series Trust** | **JNL Investors Series Trust**<br> **JNL Series Trust** | **JPMorgan Chase Bank,**<br> **National Association** | **JPMorgan Chase Bank,**<br> **National Association** |
|  | ***/s/ Kristen K. Leeman*** |  | ***/s/ Paige Crandall*** |
| By: | ***/s/ Kristen K. Leeman*** | By: | ***/s/ Paige Crandall*** |
| Name: | Kristen K. Leeman | Name: | Paige Crandall |
| Title: | Assistant Secretary | Title: | Vice President |

---

#### -1-
**JNL Series Trust and JNL Investors Series [Trust]**

Amendment to Schedule 7 – Custody Fees

December 2025

[FEE SCHEDULE OMITTED]

J.P. Morgan

## Exhibit 99.28

[JNL INVESTORS SERIES TRUST 485BPOS](jnlist-485bpos_042726.htm)

**Ex. 99.28(g)(1)(vi)** 

**Amendment to Amended and Restated**

**Master Global Custody Agreement Between** 

**the Customer and JPMorgan Chase Bank, N.A.**

This **Amendment** to the Amended and Restated Master Global Custody Agreement between the Customer and JPMorgan Chase Bank, N.A. dated December 1, 2022, as amended (the "Agreement"), is by and among JNL Investors Series Trust and JNL Series Trust (each individually a "Trust" and together, the "Trusts") and JPMorgan Chase Bank, N.A. (the "Custodian").

**Whereas**, the Custodian and the Trusts (the "Parties") have entered into the Agreement by which the Custodian provides certain custodial services relating to securities and other assets of each Trust.

**Whereas**, the Board of Trustees of JNL Series Trust (the "Board") has approved (i) a fund name change for one fund of JNL Series Trust (the "Fund Name Change"); and (ii) mergers for six funds of JNL Series Trust into other funds of JNL Series Trust (each, a "Merged Fund" and together, the "Merged Funds"), as outlined below, effective April 27, 2026:

<u>Fund Name Change</u>

1) JNL/American Funds<sup>®</sup> Global Small Capitalization Fund *change to* JNL Multi-Manager Global Small Cap Fund.

<u>Merged Funds</u>

1) JNL/American Funds<sup>®</sup> Capital World Bond Fund;

2) JNL/AB Sustainable Global Thematic Fund;

3) JNL/AQR Large Cap Defensive Style Fund;

4) JNL/Morningstar PitchBook Listed Private Equity Index Fund;

5) JNL/WCM China Quality Growth Fund; and

6) JNL/WMC Global Real Estate Fund.

**Whereas**, pursuant to Board approval of the changes, as outlined above, the Parties have agreed to amend the Agreement, including its Schedule A, to update the name of the JNL/American Funds<sup>®</sup> Global Small Capitalization Fund pursuant to the Fund Name Change, and to remove each Merged Fund, effective April 27, 2026.

**Now Therefore**, in consideration of the mutual covenants herein contained, the Parties hereby agree to amend the Agreement as follows:

1) Schedule A of the Agreement is hereby deleted and replaced, in its entirety, with Schedule A dated April 27, 2026, attached hereto.

2) Except as specifically amended hereby, the Agreement shall remain in full force and effect in accordance with its terms.

3) Each Trust and the Custodian hereby each represent and warrant to the other that it has full authority to enter into this Amendment, upon the terms and conditions hereof, and that the individual executing this Amendment on its behalf has the requisite authority to bind the Trusts or the Custodian 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 hereto have caused this Amendment to be executed, effective April 27, 2026.

---

| | | | |
|:---|:---|:---|:---|
| **JNL Investors Series Trust**<br> **JNL Series Trust** | **JNL Investors Series Trust**<br> **JNL Series Trust** | **JPMorgan Chase Bank,**<br> **National Association** | **JPMorgan Chase Bank,**<br> **National Association** |
|  | ***/s/ Kristen K. Leeman*** |  | ***/s/ Paige Crandall*** |
| By: | ***/s/ Kristen K. Leeman*** | By: | ***/s/ Paige Crandall*** |
| Name: | Kristen K. Leeman | Name: | Paige Crandall |
| Title: | Assistant Secretary | Title: | Vice President |

---

#### -1-
**<u>Schedule A</u>**

*List of funds as of April 27, 2026*

---

| |
|:---|
| **<u>JNL Investors Series Trust Funds</u>** |
| **JNL Government Money Market Fund** |

---

---

| |
|:---|
| **<u>JNL Series Trust Funds</u>** |
| **JNL Bond Index Fund** |
| **JNL Emerging Markets Index Fund** |
| **JNL International Index Fund** |
| **JNL Mid Cap Index Fund** |
| **JNL Small Cap Index Fund** |
| **JNL/American Funds<sup>®</sup> Balanced Fund** |
| **JNL/American Funds<sup>®</sup> Bond Fund of America Fund** |
| **JNL/American Funds<sup>®</sup> Capital Income Builder Fund** |
| **JNL/American Funds<sup>®</sup> Global Growth Fund** |
| **JNL/American Funds<sup>®</sup> Growth Fund** |
| **JNL/American Funds<sup>®</sup> Growth-Income Fund** |
| **JNL/American Funds<sup>®</sup> International Fund** |
| **JNL/American Funds<sup>®</sup> New World Fund** |
| **JNL/American Funds<sup>®</sup> Washington Mutual Investors Fund** |
| **JNL Aggressive Growth Allocation Fund** |
| **JNL Conservative Allocation Fund** |
| **JNL Growth Allocation Fund** |
| **JNL Growth ETF Allocation Fund** |
| **JNL Moderate Allocation Fund** |
| **JNL Moderate ETF Allocation Fund** |
| **JNL Moderate Growth Allocation Fund** |
| **JNL Moderate Growth ETF Allocation Fund** |
| **JNL Multi-Manager Global Small Cap Fund** |
| **JNL Multi-Manager Small Cap Growth Fund** |
| **JNL Multi-Manager Small Cap Value Fund** |
| **JNL/American Funds<sup>®</sup> Growth Allocation Fund** |
| **JNL/American Funds<sup>®</sup> Moderate Allocation Fund** |
| **JNL/American Funds<sup>®</sup> Moderate Growth Allocation Fund** |
| **JNL/BlackRock Global Allocation Fund** |
| **JNL/BlackRock Global Natural Resources Fund** |
| **JNL/BlackRock Large Cap Select Growth Fund** |
| **JNL/Dreyfus Government Money Market Fund** |
| **JNL/First Sentier Global Infrastructure Fund** |
| **JNL/Franklin Templeton Income Fund** |
| **JNL/Goldman Sachs 4 Fund** |
| **JNL/Mellon Bond Index Fund** |
| **JNL/Mellon Communication Services Sector Fund** |
| **JNL/Mellon Consumer Discretionary Sector Fund** |
| **JNL/Mellon Consumer Staples Sector Fund** |
| **JNL/Mellon Dow<sup>SM</sup> Index Fund** |
| **JNL/Mellon Emerging Markets Index Fund** |
| **JNL/Mellon Energy Sector Fund** |
| **JNL/Mellon Financial Sector Fund** |
| **JNL/Mellon Healthcare Sector Fund** |
| **JNL/Mellon Industrials Sector Fund** |
| **JNL/Mellon Information Technology Sector Fund** |
| **JNL/Mellon International Index Fund** |
| **JNL/Mellon Materials Sector Fund** |
| **JNL/Mellon Real Estate Sector Fund** |
| **JNL/Mellon S&P 400 MidCap Index Fund** |

---

#### A-1

---

| |
|:---|
| **<u>JNL Series Trust Funds</u>** |
| **JNL/Mellon S&P 500 Index Fund** |
| **JNL S&P 500 Index Fund** |
| **JNL/Mellon Small Cap Index Fund** |
| **JNL/Mellon U.S. Stock Market Index Fund** |
| **JNL/Mellon Utilities Sector Fund** |
| **JNL/Morningstar SMID Moat Focus Index Fund** |
| **JNL/Morningstar U.S. Sustainability Index Fund** |
| **JNL/Morningstar Wide Moat Index Fund** |
| **JNL/Newton Equity Income Fund** |
| **JNL/PIMCO Income Fund** |
| **JNL/PIMCO Investment Grade Credit Bond Fund** |
| **JNL/PIMCO Real Return Fund** |
| **JNL/Vanguard Growth ETF Allocation Fund** |
| **JNL/Vanguard Moderate ETF Allocation Fund** |
| **JNL/Vanguard Moderate Growth ETF Allocation Fund** |
| **JNL/WCM Focused International Equity Fund** |
| **JNL/WMC Balanced Fund** |
| **JNL/WMC Equity Income Fund** |
| **JNL/WMC Value Fund** |

---

#### A-2

## Exhibit 99.28

[JNL INVESTORS SERIES TRUST 485BPOS](jnlist-485bpos_042726.htm)

Ex. 99.28(g)(2)(xi)

**Amendment to Amended and Restated Master Custodian Agreement**

This amendment, made as of June 27, 2025, and effective June 11, 2025 (the "***Amendment***"), to the Amended and Restated Master Custodian Agreement dated as of December 1, 2022 (as amended, restated, supplemented or otherwise modified and in effect from time to time, the "***Agreement***"), is by and among each management investment company and limited liability company identified on <u>Appendix A</u> thereto (each, a "***Fund***" and collectively, the "***Funds***"), and State Street Bank and Trust Company (the "***Custodian***", and together with the Funds, the "***Parties***").

**Whereas**, the Board of Trustees of PPM Funds (the "Board") has approved the liquidation, de-registration, and termination of its portfolios, the PPM Core Plus Fixed Income Fund and PPM High Yield Core Fund (the "Terminated Funds"), as identified on Appendix A, and PPM Funds have ceased its operations of the Terminated Funds (the "Fund Terminations"); and

**Whereas**, the Parties have agreed to amend the Agreement, including its Appendix A, to remove PPM Funds as a party and to remove the Terminated Funds, effective June 11, 2025.

**Now, Therefore**, in consideration of the promises and mutual covenants herein contained, the Parties hereto agree as follows:

1) PPM Funds is hereby removed as a party to the Agreement, effective June 11, 2025.

2) <u>Appendix A</u> to the Agreement is hereby deleted, in its entirety, and replaced with the <u>Appendix A</u> attached hereto to reflect the removal of the Terminated Funds, effective June 11, 2025.

3) Except as specifically amended hereby, all other terms and conditions of the Agreement shall remain in full force and effect.

4) This Amendment may be executed in several counterparts, each of which shall be deemed to be an original, and all such counterparts taken together shall constitute one and the same instrument. Counterparts may be executed in either original or electronically transmitted form (e.g., faxes or emailed portable document format (PDF) form), and the Parties hereby adopt as original any signatures received via electronically transmitted form.

[*signature page immediately follows*]

Information Classification: Limited Access

**In Witness Whereof,** the Parties hereto have caused this Amendment to be executed by their officers designated below, effective June 11, 2025.

---

| | |
|:---|:---|
| <br> **JNL Series Trust, and**<br> **JNL Investors Series Trust,**<br> *each on behalf of its Portfolios listed on Appendix A of the Agreement* <br> **Jackson Credit Opportunities Fund** <br> **Jackson Credit Opportunities Fund LLC** <br> **Jackson Real Assets Fund** <br> **Jackson Real Assets Fund LLC**  | <br> **JNL Series Trust, and**<br> **JNL Investors Series Trust,**<br> *each on behalf of its Portfolios listed on Appendix A of the Agreement* <br> **Jackson Credit Opportunities Fund** <br> **Jackson Credit Opportunities Fund LLC** <br> **Jackson Real Assets Fund** <br> **Jackson Real Assets Fund LLC**  |
| By: | ***/s/ Emily J. Bennett*** |
| Name: | Emily J. Bennett |
| Title: | Vice President and Assistant Secretary |

---

---

| | |
|:---|:---|
| **State Street Bank and Trust Company**  | **State Street Bank and Trust Company**  |
| By: | ***/s/ Agostino Bonavita*** |
| Name: | Agostino Bonavita |
| Title: | Managing Director |

---

Information Classification: Limited Access

**-2-**

**Appendix A**

*(Updated as of June 11, 2025)*

---

| |
|:---|
| &nbsp;&nbsp; **Management Investment Company** **:** <br> **JNL Series Trust***, for the following Portfolios*  |
| &nbsp;&nbsp;JNL Multi-Manager Alternative Fund |
| &nbsp;&nbsp;JNL Multi-Manager Emerging Markets Equity Fund |
| &nbsp;&nbsp;JNL Multi-Manager Floating Rate Income Fund |
| &nbsp;&nbsp;JNL Multi-Manager International Small Cap Fund |
| &nbsp;&nbsp;JNL Multi-Manager Mid Cap Fund |
| &nbsp;&nbsp;JNL Multi-Manager U.S. Select Equity Fund |
| &nbsp;&nbsp;JNL/Causeway International Value Select Fund |
| &nbsp;&nbsp;JNL/ClearBridge Large Cap Growth Fund |
| &nbsp;&nbsp;JNL/Cohen & Steers U.S. Realty Fund |
| &nbsp;&nbsp;JNL/DFA International Core Equity Fund |
| &nbsp;&nbsp;JNL/DFA U.S. Core Equity Fund |
| &nbsp;&nbsp;JNL/DFA U.S. Small Cap Fund |
| &nbsp;&nbsp;JNL/DoubleLine<sup>®</sup> Core Fixed Income Fund |
| &nbsp;&nbsp;JNL/DoubleLine<sup>®</sup> Emerging Markets Fixed Income Fund |
| &nbsp;&nbsp;JNL/DoubleLine<sup>®</sup> Shiller Enhanced CAPE<sup>®</sup> Fund |
| &nbsp;&nbsp;JNL/DoubleLine<sup>®</sup> Total Return Fund |
| &nbsp;&nbsp;JNL/Fidelity Institutional Asset Management<sup>®</sup> Total Bond Fund |
| &nbsp;&nbsp;JNL/GQG Emerging Markets Equity Fund |
| &nbsp;&nbsp;JNL/Invesco Diversified Dividend Fund |
| &nbsp;&nbsp;JNL/Invesco Global Growth Fund |
| &nbsp;&nbsp;JNL/Invesco Small Cap Growth Fund |
| &nbsp;&nbsp;JNL/JPMorgan Global Allocation Fund |
| &nbsp;&nbsp;JNL/JPMorgan Hedged Equity Fund |
| &nbsp;&nbsp;JNL/JPMorgan Managed Aggressive Growth Fund |
| &nbsp;&nbsp;JNL/JPMorgan Managed Conservative Fund |
| &nbsp;&nbsp;JNL/JPMorgan Managed Growth Fund |
| &nbsp;&nbsp;JNL/JPMorgan Managed Moderate Fund |
| &nbsp;&nbsp;JNL/JPMorgan Managed Moderate Growth Fund |
| &nbsp;&nbsp;JNL/JPMorgan Nasdaq<sup>®</sup> Hedged Equity Fund |
| &nbsp;&nbsp;JNL/JPMorgan Midcap Growth Fund |
| &nbsp;&nbsp;JNL/JPMorgan U.S. Government & Quality Bond Fund |
| &nbsp;&nbsp;JNL/JPMorgan U.S. Value Fund |
| &nbsp;&nbsp;JNL/Lazard International Quality Growth Fund |
| &nbsp;&nbsp;JNL/Loomis Sayles Global Growth Fund |
| &nbsp;&nbsp;JNL/Lord Abbett Short Duration Income Fund |
| &nbsp;&nbsp;JNL/Mellon World Index Fund |
| &nbsp;&nbsp;JNL/Mellon Nasdaq<sup>®</sup> 100 Index Fund |
| &nbsp;&nbsp;JNL/MFS Mid Cap Value Fund |
| &nbsp;&nbsp;JNL/Neuberger Berman Commodity Strategy Fund |
| &nbsp;&nbsp;JNL/Neuberger Berman Gold Plus Strategy Fund |
| &nbsp;&nbsp;JNL/Neuberger Berman Strategic Income Fund |
| &nbsp;&nbsp;JNL/PPM America High Yield Bond Fund |
| &nbsp;&nbsp;JNL/PPM America Investment Grade Credit Fund |
| &nbsp;&nbsp;JNL/PPM America Total Return Fund |
| &nbsp;&nbsp;JNL/RAFI<sup>®</sup> Fundamental U.S. Small Cap Fund |
| &nbsp;&nbsp;JNL/RAFI<sup>®</sup> Multi-Factor U.S. Equity Fund |
| &nbsp;&nbsp;JNL/T. Rowe Price Balanced Fund |
| &nbsp;&nbsp;JNL/T. Rowe Price Capital Appreciation Equity Fund |

---

Information Classification: Limited Access

**A-1**

---

| |
|:---|
| &nbsp;&nbsp;JNL/T. Rowe Price Capital Appreciation Fund |
| &nbsp;&nbsp;JNL/T. Rowe Price Growth Stock Fund |
| &nbsp;&nbsp;JNL/T. Rowe Price Mid-Cap Growth Fund |
| &nbsp;&nbsp;JNL/T. Rowe Price Short-Term Bond Fund |
| &nbsp;&nbsp;JNL/T. Rowe Price U.S. High Yield Fund |
| &nbsp;&nbsp;JNL/T. Rowe Price Value Fund |
| &nbsp;&nbsp;JNL/Westchester Capital Event Driven Fund |
| &nbsp;&nbsp;JNL/William Blair International Leaders Fund |

---

---

| |
|:---|
| &nbsp;&nbsp; **Management Investment Company** **:** <br> **JNL Investors Series Trust** |
| &nbsp;&nbsp;[Reserved] |

---

&nbsp;&nbsp; **Management Investment Company** **:** <br> **Jackson Credit Opportunities Fund**<br>

&nbsp;&nbsp; **Limited Liability Company** **:**<br> **Jackson Credit Opportunities Fund LLC**<br>

&nbsp;&nbsp; **Management Investment Company** **:** <br> **Jackson Real Assets Fund**<br>

&nbsp;&nbsp; **Limited Liability Company** **:**<br> **Jackson Real Assets Fund LLC**<br>

Information Classification: Limited Access

**A-2**

## Exhibit 99.28

[JNL INVESTORS SERIES TRUST 485BPOS](jnlist-485bpos_042726.htm)

Ex. 99.28(g)(2)(xii)

**Amendment to Amended and Restated Master Custodian Agreement**

This amendment, made as of March 9, 2026, and effective April 27, 2026 (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 (i) one new Portfolio of JNL Series Trust (the "New Portfolio") (ii) mergers for five Portfolios of JNL Series Trust into other Portfolios of JNL Series Trust (each, a "Merged Portfolio" and together, the "Merged Portfolios"); and (iii) name changes for five Portfolios of JNL Series Trust (together, the "Portfolio Name Changes"), as outlined below, effective April 27, 2026:

<u>New Portfolio</u> 

1) JNL/PPM America Emerging Markets Debt Fund.

<u>Merged Portfolios</u> 

1) JNL/Invesco Global Growth Fund;

2) JNL/JPMorgan Global Allocation Fund;\*

3) JNL/Lazard International Quality Growth Fund;

4) JNL/T. Rowe Price Balanced Fund;\* and

5) JNL/T. Rowe Price U.S. High Yield Fund.

\* These two Portfolios will be footnoted in Appendix A to indicate that these Portfolios will remain on the Agreement until J.P. Morgan Investment Management Inc. and T. Rowe Price Associates, Inc., the respective sub-advisers to each Portfolio, can exit certain securities that cannot be sold as of 04/27/2026, due to government restrictions.

<u>Portfolio Name Changes</u>

1) JNL Multi-Manager U.S. Select Equity Fund *change to* JNL Multi-Manager Select Equity Fund;

2) JNL/ClearBridge Large Cap Growth Fund *change to* JNL/Fidelity Institutional AM<sup>®</sup> & JPMorgan Large Cap Growth Fund;

3) JNL/Fidelity Institutional Asset Management<sup>®</sup> Total Bond Fund *change to* JNL/Fidelity Institutional AM<sup>®</sup> Total Bond Fund;

4) JNL/Invesco Diversified Dividend Fund *change to* JNL/MFS Equity Income Fund; and

5) JNL/William Blair International Leaders Fund *change to* JNL Multi-Manager International Equity 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 add the New Portfolio, to remove or footnote, as applicable, each Merged Portfolio, and to update the names of certain Portfolios pursuant to the Portfolio Name Changes, effective April 27, 2026.

**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/PPM America Emerging Markets Debt Fund;

JNL Multi-Manager Select Equity Fund;

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

JNL/Fidelity Institutional AM<sup>®</sup> Total Bond Fund;

JNL/MFS Equity Income Fund; and

JNL Multi-Manager International Equity Fund.

Information Classification: Limited Access

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

#### -1-
**In Witness Whereof,** the Parties hereto have caused this Amendment to be executed by their officers designated below, effective April 27, 2026.

---

| | |
|:---|:---|
| **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/ Kristen K. Leeman*** |
| Name: | Kristen K. Leeman |
| Title: | Assistant Secretary |

---

---

| | |
|:---|:---|
| **State Street Bank and Trust Company** | **State Street Bank and Trust Company** |
| By: | ***/s/ Andrea E. Sharp*** |
| Name: | Andrea E. Sharp |
| Title: | Managing Director |

---

Information Classification: Limited Access

#### -2-
**Appendix A**

*(Updated as of April 27, 2026)*

---

| |
|:---|
| &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 Equity Fund |
| &nbsp;&nbsp;JNL Multi-Manager International Small Cap Fund |
| &nbsp;&nbsp;JNL Multi-Manager Mid Cap Fund |
| &nbsp;&nbsp;JNL Multi-Manager Select Equity Fund |
| &nbsp;&nbsp;JNL/Causeway International Value Select 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 AM<sup>®</sup> & JPMorgan Large Cap Growth Fund |
| &nbsp;&nbsp;JNL/Fidelity Institutional AM<sup>®</sup> Total Bond Fund |
| &nbsp;&nbsp;JNL/GQG Emerging Markets Equity Fund |
| &nbsp;&nbsp;JNL/Invesco Small Cap Growth Fund |
| &nbsp;&nbsp;JNL/JPMorgan Global Allocation Fund<sup>\*</sup> |
| &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/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 Equity Income 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 Emerging Markets Debt Fund |
| &nbsp;&nbsp;JNL/PPM America High Yield Bond Fund |
| &nbsp;&nbsp;JNL/PPM America Investment Grade Credit Fund |
| &nbsp;&nbsp;JNL/PPM America Total Return Fund |
| &nbsp;&nbsp;JNL/RAFI<sup>®</sup> Fundamental U.S. Small Cap Fund |
| &nbsp;&nbsp;JNL/RAFI<sup>®</sup> Multi-Factor U.S. Equity Fund |
| &nbsp;&nbsp;JNL/T. Rowe Price Balanced Fund<sup>\*</sup> |
| &nbsp;&nbsp;JNL/T. Rowe Price Capital Appreciation Equity Fund |

---

Information Classification: Limited Access

#### A-1

---

| |
|:---|
| &nbsp;&nbsp;JNL/T. Rowe Price Capital Appreciation Fund |
| &nbsp;&nbsp;JNL/T. Rowe Price Growth Stock Fund |
| &nbsp;&nbsp;JNL/T. Rowe Price Mid-Cap Growth Fund |
| &nbsp;&nbsp;JNL/T. Rowe Price Short-Term Bond Fund |
| &nbsp;&nbsp;JNL/T. Rowe Price Value Fund |
| &nbsp;&nbsp;JNL/Westchester Capital Event Driven Fund |

---

\* These two Portfolios will remain on the Agreement until J.P. Morgan Investment Management Inc. and T. Rowe Price Associates, Inc., the respective sub-advisers to each Portfolio, can exit certain securities that cannot be sold as of 04/27/2026, due to government restrictions.

---

| |
|:---|
| &nbsp;&nbsp; **Management Investment Company** **:** <br> **JNL Investors Series Trust** |
| &nbsp;&nbsp;[Reserved] |

---

&nbsp;&nbsp; **Management Investment Company** **:** <br> **Jackson Credit Opportunities Fund**<br>

&nbsp;&nbsp; **Limited Liability Company** **:**<br> **Jackson Credit Opportunities Fund LLC**<br>

&nbsp;&nbsp; **Management Investment Company** **:** <br> **Jackson Real Assets Fund**<br>

&nbsp;&nbsp; **Limited Liability Company** **:**<br> **Jackson Real Assets Fund LLC**<br>

Information Classification: Limited Access

#### A-2

## Exhibit 99.28

[JNL INVESTORS SERIES TRUST 485BPOS](jnlist-485bpos_042726.htm)

Ex. 99.28(i)

![](image_002.gif)

---

| | |
|:---|:---|
| &nbsp;&nbsp; 1 Corporate Way<br> Lansing, MI 48951<br> 517/381-5500 | &nbsp;&nbsp; 1 Corporate Way<br> Lansing, MI 48951<br> 517/381-5500 |
| &nbsp;&nbsp;April 23, 2026 | &nbsp;&nbsp;April 23, 2026 |
| &nbsp;&nbsp;Board of Trustees | &nbsp;&nbsp;Board of Trustees |
| &nbsp;&nbsp;JNL Investors Series Trust | &nbsp;&nbsp;JNL Investors Series Trust |
| &nbsp;&nbsp;One Corporate Way | &nbsp;&nbsp;One Corporate Way |
| &nbsp;&nbsp;Lansing, MI 48951 | &nbsp;&nbsp;Lansing, MI 48951 |
| &nbsp;&nbsp;Re: | &nbsp;&nbsp; Opinion of Counsel<br> JNL Investors Series Trust |
| &nbsp;&nbsp;Ladies and Gentlemen: | &nbsp;&nbsp;Ladies and Gentlemen: |
| &nbsp;&nbsp;You have requested our Opinion of Counsel in connection with the filing with the Securities and Exchange Commission of Post-Effective Amendment No. 57 to the Registration Statement on Form N-1A with respect to the JNL Investors Series Trust. We have made such examination of the law and have examined such records and documents as in our judgment are necessary or appropriate to enable us to render the opinions expressed below. | &nbsp;&nbsp;You have requested our Opinion of Counsel in connection with the filing with the Securities and Exchange Commission of Post-Effective Amendment No. 57 to the Registration Statement on Form N-1A with respect to the JNL Investors Series Trust. We have made such examination of the law and have examined such records and documents as in our judgment are necessary or appropriate to enable us to render the opinions expressed below. |
| &nbsp;&nbsp;We are of the following opinions: | &nbsp;&nbsp;We are of the following opinions: |
| &nbsp;&nbsp;1. | &nbsp;&nbsp;JNL Investors Series Trust ("Trust") is a valid and existing unincorporated voluntary association, commonly known as a business trust. |
| &nbsp;&nbsp;2. | &nbsp;&nbsp;The Trust is a business Trust created and validly existing pursuant to the Massachusetts Laws. |
| &nbsp;&nbsp;3. | &nbsp;&nbsp;All of the prescribed Trust procedures for the issuance of the shares have been followed, and, when such shares are issued in accordance with the Prospectus contained in the Registration Statement for such shares, all state requirements relating to such Trust shares will have been complied with. |
| &nbsp;&nbsp;4. | &nbsp;&nbsp;Upon the acceptance of purchase payments made by shareholders in accordance with the Prospectus contained in the Registration Statement, such shareholders will have legally-issued, fully paid, non-assessable shares of the Trust. |
| &nbsp;&nbsp;You may use this opinion letter, or a copy thereof, as an exhibit to the Registration. | &nbsp;&nbsp;You may use this opinion letter, or a copy thereof, as an exhibit to the Registration. |

---

Sincerely,

/s/ Emily J. Bennett

Emily J. Bennett

Vice President & Assistant Secretary

## Exhibit 99.28

[JNL INVESTORS SERIES TRUST 485BPOS](jnlist-485bpos_042726.htm)

Ex. 99.28(j)

---

| | |
|:---|:---|
| ![](kpmg.jpg) |  |
|  | KPMG LLP<br> Aon Center<br> Suite 5500<br> 200 E. Randolph Street<br> Chicago, IL 60601-6436 |

---

**Consent of Independent Registered Public Accounting Firm**

We consent to the use of our report dated February 23, 2026, with respect to the financial statements of JNL Government Money Market Fund, a series of the JNL Investors Series Trust, as of December 31, 2025, incorporated herein by reference and to the references to our firm under the headings "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 |  |
| April 22, 2026 |  |

---

## Exhibit 99.28

[JNL INVESTORS SERIES TRUST 485BPOS](jnlist-485bpos_042726.htm)

Ex. 99.28(p)(1)

---

| | |
|:---|:---|
| <br>**Jackson Financial Inc. Advisory Code of Ethics Policy**<br>9/12/2025 | ![](exp1_jficoe001.jpg) |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Version** | &nbsp;&nbsp;**Date** | &nbsp;&nbsp;**Amended By** | &nbsp;&nbsp;**Comment** |
| &nbsp;&nbsp;1.0 | &nbsp;&nbsp;June 9, 2021 |  | &nbsp;&nbsp;Initial Version. |
| &nbsp;&nbsp;1.1 | &nbsp;&nbsp;April 1, 2022 | &nbsp;&nbsp;JFI Compliance | &nbsp;&nbsp;Updates to Covered Persons categories and overall re-organization of Policy. |
| &nbsp;&nbsp;1.2 | &nbsp;&nbsp;October 26, 2022 | &nbsp;&nbsp;JFI Compliance | &nbsp;&nbsp;Update to Identified Entities. |
| &nbsp;&nbsp;1.3 | &nbsp;&nbsp;July 18, 2023 | &nbsp;&nbsp;JFI Compliance | &nbsp;&nbsp;To reflect template revision and to update references to the Insider Trading Policy. |
| &nbsp;&nbsp;1.4 | &nbsp;&nbsp;August 28, 2023 | &nbsp;&nbsp;JFI Compliance | &nbsp;&nbsp;To reflect updated effective date. |
| &nbsp;&nbsp;1.5 | &nbsp;&nbsp;February 29, 2024 | &nbsp;&nbsp;JFI Ethics & Compliance | &nbsp;&nbsp;To reflect updated effective date. |
| &nbsp;&nbsp;1.6 | &nbsp;&nbsp;March 31, 2025 | &nbsp;&nbsp;JFI Ethics & Compliance | &nbsp;&nbsp;New introductory language and certain other non-material revisions. |
| &nbsp;&nbsp;1.7 | &nbsp;&nbsp;September 12, 2025 | &nbsp;&nbsp;JFI Ethics & Compliance | &nbsp;&nbsp;To reflect MCO system implementation. |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Document Information** | &nbsp;&nbsp;**Document Information** |
| &nbsp;&nbsp;Title | &nbsp;&nbsp;Jackson Financial Inc. Advisory Code of Ethics |
| &nbsp;&nbsp;Location | &nbsp;&nbsp;JACK |
| &nbsp;&nbsp;Impacted Entities | &nbsp;&nbsp;JFI and all subsidiaries |
| &nbsp;&nbsp;Policy Overview | &nbsp;&nbsp;This policy discusses and describes the various requirements to address potential conflicts of interest as they relate to personal securities trading by associates as required by various U.S. securities laws. |
| &nbsp;&nbsp;Owner | &nbsp;&nbsp;Enterprise Chief Ethics & Compliance Officer |
| &nbsp;&nbsp;Prepared by | &nbsp;&nbsp;Jeffrey Martell |

---

Advisory Code of Ethics \| i

![](exp1_jficoe002.jpg)

**Summary of Covered Person categorization identifications and Application of the Personal Trading Rules**

&nbsp;&nbsp;**Covered Person Status\***

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Independent Directors of the Jackson** | &nbsp;&nbsp;**JNLD** | &nbsp;&nbsp;**Non-Employee Directors and Identified Jackson associates with access to PPM Information** | &nbsp;&nbsp;**Non-Employee Directors and Identified Jackson associates with access to PPM Information deemed "closely connected".** | &nbsp;&nbsp; **JNAM**<br> (General) | &nbsp;&nbsp; **JNAM**<br> (Investment Management Group) | &nbsp;&nbsp;**PPM** |
|  | &nbsp;&nbsp;←---------------------------------------------------**Covered Persons**------------------------------------------------------→ | &nbsp;&nbsp;←---------------------------------------------------**Covered Persons**------------------------------------------------------→ | &nbsp;&nbsp;←---------------------------------------------------**Covered Persons**------------------------------------------------------→ | &nbsp;&nbsp;←---------------------------------------------------**Covered Persons**------------------------------------------------------→ | &nbsp;&nbsp;←---------------------------------------------------**Covered Persons**------------------------------------------------------→ | &nbsp;&nbsp;←---------------------------------------------------**Covered Persons**------------------------------------------------------→ |
| &nbsp;&nbsp;*Supervised Persons* | &nbsp;&nbsp;*Supervised Persons (with additional identified requirements)* | &nbsp;&nbsp;*Non-Employee Access Persons* | &nbsp;&nbsp;*Pre-Clearance Non-Employee Access Persons* | &nbsp;&nbsp;*General Access Persons* | &nbsp;&nbsp;*Investment Access Persons* | &nbsp;&nbsp;*Investment Access Persons* |

---

\*General designations, individual status may change as determined by the Identified Entity CCO.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Personal Trading Rules** | &nbsp;&nbsp;**Covered Persons** | &nbsp;&nbsp;**Covered Persons** | &nbsp;&nbsp;**Covered Persons** | &nbsp;&nbsp;**Covered Persons** | &nbsp;&nbsp;**Covered Persons** | &nbsp;&nbsp;**Covered Persons** |
| &nbsp;&nbsp;**Personal Trading Rules** | &nbsp;&nbsp;**Independent Fund Directors** | &nbsp;&nbsp;**Supervised Persons** | &nbsp;&nbsp;**JNLD Supervised Persons** | &nbsp;&nbsp;**Non-Employee Access Persons** | &nbsp;&nbsp;**General Access Persons** | &nbsp;&nbsp;**Investment Access Persons & Pre-Clearance Non-Employee Access Persons** |
| &nbsp;&nbsp; 3. General Standards Applicable to all Covered Persons<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. Fair Dealing<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. Confidentiality<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C. Service as a Director | &nbsp;&nbsp;**Apply** | &nbsp;&nbsp;**Apply** | &nbsp;&nbsp;**Apply** | &nbsp;&nbsp;**Apply** | &nbsp;&nbsp;**Apply** | &nbsp;&nbsp;**Apply** |
| &nbsp;&nbsp; 4. C. Prohibited Personal Securities Transactions and Related Procedures<br> &nbsp;&nbsp;&nbsp;&nbsp;1. Rules Applicable to Identified Entity Covered Persons<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Front Running<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Securities on Restricted Lists; Inside Information | &nbsp;&nbsp;**Apply** | &nbsp;&nbsp;**Apply** | &nbsp;&nbsp;**Apply** | &nbsp;&nbsp;**Apply** | &nbsp;&nbsp;**Apply** | &nbsp;&nbsp;**Apply** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; c. Transactions in Parent Company Stock | &nbsp;&nbsp;**Not Applied** | &nbsp;&nbsp;**Apply** | &nbsp;&nbsp;**Apply** | &nbsp;&nbsp;**Apply** | &nbsp;&nbsp;**Apply** | &nbsp;&nbsp;**Apply** |
| &nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;2. Rules Applicable to All Access Persons<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Dealing with Clients<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Initial Public Offerings<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. Private Placements | &nbsp;&nbsp;**Not Applied** | &nbsp;&nbsp;**Not Applied** | &nbsp;&nbsp;**Not Applied** | &nbsp;&nbsp;**Apply** | &nbsp;&nbsp;**Apply** | &nbsp;&nbsp;**Apply** |
| &nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;3. Rules Applicable to General Access Persons, Pre-Clearance Non-Employee Access Persons and Investment Access Persons<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Preclearance | &nbsp;&nbsp;**Not Applied** | &nbsp;&nbsp;**Not Applied** | &nbsp;&nbsp;**Not Applied** | &nbsp;&nbsp;**Not Applied** | &nbsp;&nbsp;**Apply** | &nbsp;&nbsp;**Apply** |
| &nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;4. Rules Applicable to Investment Access Persons and Pre-Clearance Non-Employee Access Persons<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Blackout Period<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Minimum Holding and Re-holding Periods<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. Short Sales Conflicting with Client Holdings | &nbsp;&nbsp;**Not Applied** | &nbsp;&nbsp;**Not Applied** | &nbsp;&nbsp;**Not Applied** | &nbsp;&nbsp;**Not Applied** | &nbsp;&nbsp;**Not Applied** | &nbsp;&nbsp;**Apply** |

---

Advisory Code of Ethics \| ii

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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>.

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2. Scope

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. Identified Entities

This Code of Ethics applies to the following Identified Entities:

● PPM America, Inc., PPM Loan Management Company 2, LLC, each registered investment advisers, and PPM America, Inc.'s immediate parent company, PPM Holdings, Inc. (referred to collectively in the Code of Ethics as "PPM");

● Jackson National Asset Management, LLC ("JNAM"), a registered investment adviser;

● Jackson National Life Distributors LLC ("JNLD"), principal underwriter for registered investment companies advised by PPM and/or JNAM; and

● Registered investment companies for which PPM, JNAM, or JNLD serve as investment advisers or principal underwriters (the "Jackson Funds", collectively the "Funds").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. Covered Persons

The Code of Ethics applies to all Supervised Persons and Access Persons of each Identified Entity as defined below. Supervised Persons and Access Persons are collectively referred to as "Covered Persons."

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Supervised Persons. A "Supervised Person" is any person under the oversight of an Identified
Entity, including each partner, officer, director (or other person occupying a similar status or performing similar functions), associate,
temporary employee, independent contractor, or any other person deemed appropriate to be covered under this Code of Ethics as determined
by the applicable Identified Entity's Chief Compliance Officer ("CCO").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Access Persons. Certain Supervised Persons are subject to heightened personal securities trading and
oversight under the Code of Ethics and accordingly are deemed to be an "Access Person." An Access Person is a Supervised Person
of an Identified Entity who (i) makes, or has access to, recommendations to clients that are not public and (ii) has access to non-public
information about purchases, sales, and holdings in client accounts.

Based on the degree of access to client information, the Code of Ethics establishes the following categories of Access Persons:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. Non-Employee Access Persons ("NEAP"). A NEAP of an Identified Entity will be designated as such by an Identified Entities'
CCO. A NEAP may be an individual who is an associate of the Company, but not an employee of the Identified Entity, who (i) is serving
on the Board of Managers or Directors of an Identified Entity, (ii) is providing support or services to an Identified Entity, or (iii)
may come into contact with material, non-public information held by the Identified Entity through access to offices, systems, or attendance
at certain meetings.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii. Pre-Clearance Non-Employee Access Persons. A "Pre-Clearance Non-Employee Access Person"
of an Identified Entity is an associate of the Company, but not an employee of the Identified Entity, who is deemed by the CCO of the
Identified Entity to have immediate access to non-public trading information of the Identified Entity, either due to physical access to
certain areas or as part of the associate's ongoing job-related responsibilities supporting the Identified Entity.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iii. General Access Persons. A "General Access Person" is any Supervised Person who in
connection with his or her regular functions or duties, has access to Post-Trade Confidential Information.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iv. Investment Access Persons. An "Investment Access Person" is any Supervised Person
or Access Person of an Identified Entity who, in connection with his or her regular functions or duties, has access to Pre-Trade and Post-Trade
Confidential Information.

In determining whether someone should be deemed to be an Investment Access Person, the Identified Entity CCO shall consider whether he or she has access to non-public trading information relating to client transactions.

How a person is classified under this Code of Ethics is determined by an applicable Identified Entity's CCO. Associates who are not "supervised persons" of the adviser are not Access Persons.

Only associates of the Company who are not employees of an Identified Entity may be designated as a NEAP. In certain circumstances, the CCO may only require further assurances or certifications from parties conducting business with or performing services for the Identified Entity to make this determination.

The obligation to safeguard sensitive client information does not preclude the adviser from providing confidential or otherwise necessary information to entities/persons that provide services to the adviser or the Funds, such as brokers, accountants, custodians, and fund transfer agents, and potentially other circumstances. In those instances, the CCO shall determine whether to disseminate such information.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C. Determination of Covered Person Category

The Compliance Department of each Identified Entity shall determine (i) which of its Supervised Persons are Access Persons and (ii) their appropriate Access Person categorization. **Unless otherwise determined by the CCO of the applicable Identified Entity**, Covered Persons are generally categorized by the Identified Entities as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Independent Mutual Fund Directors. Directors, Trustees, or Managers of the Jackson Funds or PPM Funds who are not "interested persons" of PPM, JNAM and JNLD
as defined under Section 2(a)(19) of the 1940 Act ("Independent
Mutual Fund Directors") are deemed to be Supervised Persons only. They are not Access Persons of any Identified Entity unless so
deemed by the Identified Entity's CCO.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. JNLD Associates. All associates of
JNLD are deemed to be Supervised Persons.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. JNLD Supervised Persons may be designated an Access Person of another Identified Entity pursuant to their job responsibilities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Employees of another Identified Entity, if registered with FINRA through JNLD, will be designated pursuant to that Identified Entity's
determination.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. JNAM Associates. Generally, all associates
of JNAM are deemed to be General Access Persons, except that the Investment Management Group are deemed to be Investment Access Persons
in relation to identified ETF trading.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. PPM Associates. Generally, all associates
of PPM are deemed to be Investment Access Persons.

A summary of the Identified Entity Covered Person categorization identifications and the respective application of the personal trading rules is included above.

For other defined terms used in this Code of Ethics, please refer to Section 5.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;D. Annual Review of Procedures

The Code of Ethics shall be reviewed by each respective Identified Entity at least annually and as necessary if there are material events within the scope of the policy that may require changes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;E. Review by Identified Entity and Funds' Boards

Each Identified Entity serving as an investment adviser, sub-adviser, or principal underwriter to a Reportable Fund, together with an appropriate officer of any such investment company (who may be an officer or employee of the Identified Entity) shall provide, at least annually, a written report to (i) its Board of Directors/Managers and (ii) the board of the Reportable Fund that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Evaluates procedures concerning personal investing and any changes in those procedures during the past year;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Describes issues that arose during the previous year under the Code of Ethics or procedures concerning personal investing, including
but not limited to information about material violations of the Code of Ethics and sanctions imposed;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Certifies to the board when applicable that the investment adviser, and sub-advisers, and the principal underwriter have adopted procedures
reasonably necessary to prevent its Access Persons from violating the Code of Ethics; and

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Identifies any recommended changes in existing restrictions or procedures based upon experience under the Code of Ethics, evolving
industry practices, or developments in applicable laws or regulations.

An Identified Entity may provide more frequent reporting to a Reportable Fund board at its request, which shall meet the foregoing annual report requirement and shall be considered an annual report.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;F. Notification of Reporting Obligations

The CCO of each Identified Entity (or his/her designee) will identify all Covered Persons of any Reportable Fund and inform such persons of their reporting obligations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;G. Exemptions from the Code of Ethic's Provisions

The Identified Entity's Compliance Department for each Identified Entity has the authority to grant an exemption from any provision of this Code of Ethics (except the provisions requiring (i) reporting of Personal Securities Transactions for Access Persons and (ii) preclearance of acquisitions of securities in private placements) if, in the judgment of the applicable CCO, (a) compliance with the provision of the Code of Ethics would result in financial hardship to the Covered Person or (b) the proposed conduct involves no material opportunity for abuse and, in each case, the requested exemption would not result in any breach by the applicable Identified Entity of its duties to its clients. Exemptions from the Code of Ethics are expected to be granted rarely.

3. Summary of Policy

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. Fair Dealing

Each Covered Person shall act in a manner consistent with the obligation of the applicable Identified Entity and deal fairly with all clients when taking investment action. For example, a Covered Person may not use Pre-Trade or Post-Trade Confidential Information, or usurp a client investment opportunity, for his or her personal advantage, whether it disadvantages a client or not.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. Confidentiality

Covered Persons must maintain the confidentiality of clients' and the Identified Entity's Confidential Information both during and after employment with such Identified Entity. Specific responsibilities related to the use of Confidential Information are set forth in the Company's Policies listed in Section 1 above.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C. Service as a Director

No Covered Person shall serve on the board of directors (or equivalent) of any for-profit company or charitable organization, except in accordance with the compliance procedures for the applicable Identified Entity or Entities.

4. Policy Requirements

&nbsp;&nbsp;&nbsp;&nbsp;A. Overview

In addition to the General Standards Applicable to All Covered Persons, this Code of Ethics regulates Personal Securities Transactions.

&nbsp;&nbsp;&nbsp;&nbsp;B. Personal Trading Accounts

Each Supervised & Access Person subject to this Code must report Personal Trading Accounts or other Personal Securities Transactions promptly to their respective Compliance Department.<sup>2</sup>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. JNLD Supervised Persons must obtain approval from their Compliance Department <u>prior</u> to opening a Personal Securities Account.
In addition, JNLD Supervised Persons are subject to additional reporting, training, and other requirements as set forth in the JNLD Written
Supervisory Procedures.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. If at any time MCO is not functioning correctly, Access Persons are required to pre-clear Personal Securities Transactions may not
affect a personal trade until the problem has been addressed, or they have received appropriate direction from their respective Identified
Entity's Compliance Department.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. When an Access Person closes an existing Personal Trading Account, or no longer has influence or control over a Personal Trading account
he or she shall promptly report such events to their Compliance Department.

&nbsp;&nbsp;&nbsp;&nbsp;C. Prohibited Personal Securities Transactions

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Rules Applicable to <u>All Covered Persons</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. <u>Front-Running</u>. No Covered Person shall engage in "front-running" a client order
or recommendation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. <u>Securities on Restricted Lists.</u> No Covered Person may execute a Personal Securities Transaction
to the extent prohibited by applicable policies and procedures relating to handling material, non-public information
("Inside Information") established by the applicable Identified Entity or Entities.

<sup>2</sup> Notice should generally be given concurrent with the opening of an account, and in normal circumstances, not later than 10 calendar days thereafter. JNLD Associated Persons require pre-approval of accounts.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. Transactions in the Company's Stock

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. *JFI Securities.* No Covered Persons (except Independent Directors of the Jackson Funds)
may engage in any transactions in the Company's Securities unless permitted under the Jackson Financial Inc. Insider Trading Policy.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii. *Short Sales.* No Covered Person (except Independent Directors of the Jackson Funds) may
engage in any "short-selling" of the Company's securities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iii. *Options Trading*. All Covered Persons and JFI and JNY non-employee Directors, are prohibited from transactions in options on
JFI Securities (including puts, calls and other derivative securities) on a public exchange or in any other third-party market.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iv. *Hedging*. Certain forms of hedging or monetization transactions (such as zero-cost collars and forward sale contracts) allow
a person to lock in much of the value of his or her stock holdings, often in exchange for all or part of the potential for upside appreciation
in the stock. All associates and JFI and JNY nonemployee Directors, are prohibited from engaging in hedging or monetization transactions
involving JFI Securities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;v. *Margin Accounts and Pledging.* All Covered Persons, Section 16 Officers and senior vice presidents of the Company are prohibited
from pledging or holding shares in a margin account. All other Company associates should carefully consider whether to engage in such
transactions, which may result in forfeiting your collateral. JFI Securities held in a margin account or pledged as collateral for a loan
may be sold without your consent by the broker if you fail to meet a margin call or by the lender in foreclosure if you default on the
loan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Rules Applicable to <u>All Access Persons</u> 

No Access Person may purchase or sell any Security in which the Access Person has, or by reason of such transaction acquires, a direct or indirect Beneficial Interest, except in accordance with this Code of Ethics.

In addition to the transactions listed in Section 4.C.1 above, **Non-Employee Access Persons, General Access Persons, Pre-Clearance Non-Employee Access Persons, and Investment Access Persons are subject to the following**:

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. <u>Dealing with Clients.</u> No Access Person may sell or purchase any security to or from a client
portfolio for that Access Person's account, for any account in which the Access Person has or would have a Beneficial Interest,
or for any account directly or indirectly controlled by or under the influence of the Access Person.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. <u>Initial Public Offerings.</u> No Access Person may purchase any equity security or any security
convertible into an equity security in an Initial Public Offering of that security.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. <u>Private Placements.</u> No Access Person may purchase or sell, directly or indirectly, any
security in a private placement without the prior written approval of the CCO of their applicable Identified Entity.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. <u>Minimum Holding and Re-Holding Periods for Reportable Funds.</u> Shares of Reportable Funds
acquired by an Access Person, including those held in the Jackson 401(K) Plan, may not be sold for a minimum of thirty (30) calendar days
following their purchase or repurchased for a minimum of thirty (30) calendar days following the sale.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e. <u>For JNAM Only.</u> Access Persons are prohibited from trading Bitcoin futures.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Rules Applicable to <u>General Access Persons, Pre-Clearance Non-Employee Access Persons,</u> and <u>Investment Access Persons</u> 

In addition to the transactions listed Sections 4.C.1 and 4.C.2 above, **all General Access Persons, Pre-Clearance Non-Employee Access Persons, and Investment Access Persons are subject to the following**:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. <u>Pre-Clearance.</u> General Access Persons and Investment Access Persons must obtain approval
of their Personal Securities Transactions. Accordingly, except for Exempt Transactions and as otherwise identified in Section 4.C.3.b
below, each proposed Personal Securities Transaction is required to be precleared in MCO.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. *<u>Approval Window for Approved Transactions.</u>* Any MCO pre-clearance approval for a
securities transaction is effective for the **same business day only** on which the approval is granted. Should the time period for
executing a proposed transaction lapse (i.e., trade is not completed within the allotted time period), the individual is prohibited from
executing the trade until a new preclearance request is submitted and approved. Good-till-cancel orders are prohibited.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. MCO generally will approve a Personal Securities Transaction If:

&nbsp;&nbsp;&nbsp;&nbsp;● The transaction is not prohibited by the Code of Ethics;

&nbsp;&nbsp;&nbsp;&nbsp;● The transaction does not violate other applicable policies established by each applicable Identified Entity or Entities; and

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&nbsp;&nbsp;&nbsp;&nbsp;● The transaction does not violate any other rules established in MCO by the Identified Entity's Compliance Department from time to time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii. *<u>De Minimis Trades</u>* <u>.</u> Preclearance requests for personal trades not exceeding
500 shares or $10,000 in large-capitalization securities (securities with over $10 billion in market capitalization) that would normally
be restricted due to a blackout period may be approved by Compliance.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iii. *<u>Effect of Pre-Clearance Approval or Denial</u>* <u>.</u> If a Personal Securities Transaction
is approved, the transaction may be affected during the window set forth in Section 4.C.3.a.i above. The approval of any Personal Securities
Transaction does not relieve an individual of his or her responsibilities under the federal securities laws, including those relating
to insider trading, or other applicable policies, including this Code of Ethics.

If a Personal Securities Transaction is denied, the transaction may not be affected.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. <u>Securities Exempt from Pre-Clearance</u> 

The following transactions do not require pre-clearance:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. Exempt Transactions, as defined in Section 4.D;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii. Reportable Funds;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iii. Participation in and acquisition of securities through an issuer's automatic investment, DRP, or other direct purchase plan
("DPP"), **although sales of such securities acquired and changes in participation levels in a DPP must be pre-cleared**;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iv. Any acquisition or disposition of securities that is non-volitional on the part of the individual, including:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Purchases or sales upon the exercise of puts or calls written by such person where the purchase or sale is affected based on the terms
of the option and without action by the covered person (**but not the writing of the option, which must be pre-cleared**);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. "Sell Out" transactions initiated by a broker in connection with a margin call; and

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Corporate actions, such as acquisitions or dispositions of securities through stock splits, reverse stock splits, mergers, consolidations,
spin-offs or other similar corporate reorganizations or distributions generally applicable to all holders of the same class of securities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;v. Sales as a result of an odd-lot tender offer (all other sales in connection with a tender offer must be pre-cleared);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;vi. Purchases or sales of listed index options or index futures contracts;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;vii. Securities transactions involving direct obligations of any state or municipal government ("Municipal Bonds"); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;viii. For PPM Only:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Purchases or Sales of Exchange-Traded Funds.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Rules Applicable to Investment Access Persons and Pre-Clearance Non-Employee Access Persons

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. <u>Blackout Period</u>. No Investment Access Person or Pre-Clearance Non-Employee Access Person
may purchase or sell any security which:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. Is being purchased or sold on behalf of a client (i.e., an order has been entered but not executed for a client);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii. Has been purchased or sold by a client during any of the prior seven (7) calendar days; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iii. Is being planned for purchase or sale on any client's behalf during any of the next seven (7) calendar days. Trades executed
in the seven (7) calendar days preceding the client trade shall be reviewed for any potential conflicts.

Additionally, Personal Securities Transactions executed during that portion of the Blackout Period that would otherwise be prohibited by this Code of Ethics will not be deemed as a violation of the Code of Ethics if the Identified Entity's Compliance Department subsequently determines that at the time of the transaction the Investment Access Person or Pre-Clearance Non-Employee Access Person had no knowledge of any relevant non-public trading information relating to the transaction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. <u>Minimum Holding and Re-Holding Periods</u>. A Security (including shares of Reportable Funds
but not including Securities Exempt from Pre-Clearance) acquired by an Investment Access Person or Pre-Clearance Non-Employee Access Person
may not be sold for a minimum of thirty (30) calendar days following their purchase. Additionally, any Security sold by an Investment
Access Person or Pre-Clearance Non-Employee Access Person may not be repurchased
for a minimum of thirty (30) calendar days following the sale.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. <u>Short Sales Conflicting with Client Holdings</u>. No Investment Access Person or Pre-Clearance
Non-Employee Access Person, with knowledge of client holdings, may sell short any security of an issuer held in any client account of
the applicable Identified Entity or Entities.

&nbsp;&nbsp;&nbsp;&nbsp;D. Exempt Transactions

Except as noted below, the following transactions are exempt from the Personal Securities Transaction Rules <u>and</u> the Reporting requirements under Section 4.F below:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Open End Funds . Securities transactions
involving shares of registered open-end investment companies, **except for Reportable Funds**;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Government Securities . Securities
transactions involving direct obligations of the government of the United States (i.e., Cash Management Bills, Treasury Bills, Treasury
Notes, Treasury Bonds and STRIPS);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Short-Term Instruments . Securities
transactions involving bankers' acceptances; certificates of deposit; commercial paper; high quality short-term debt securities,
including repurchase agreements, auction rate or remarketed preferred shares of closed-end exchange traded funds;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Money Market Funds . Securities transactions
involving shares issued by money market funds;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. Unit Investment Trusts . Securities
transactions involving units issued by unit investment trusts that are invested exclusively in one or more open-end funds, none of which
are Reportable Funds;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. 529 Plans . Securities Transactions
involving qualified tuition programs established pursuant to Section 529 of the Internal Revenue Code (a "529 Plan"), provided
no Identified Entity serves as investment adviser and no control affiliates manages, distributes, markets, or underwrites the 529 Plan;
and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. Commodities. Transactions involving
physical commodities, including options, futures, or other derivative instruments on physical commodities.

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&nbsp;&nbsp;&nbsp;&nbsp;E. Managed Accounts

Transactions in Managed Accounts<sup>3</sup> are exempt from the Prohibited Personal Securities Transactions requirements but are subject to certain of the Reporting Requirements of Section 4.F.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Required Documentation . An Access
Person must provide documentation verifying that an account meets the definition of Managed Account, together with all pertinent information
about the trustee or third-party manager's relationship to the Access Person.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Account Review . The Identified Entity's
Compliance Department will perform a periodic review of Managed Account transactions against provisions of the Code of Ethics. Access
Persons will be required to provide Managed Account transactions for a specific period when subject to such review.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Certification . All Access Persons
disclosing Managed Accounts will be required to certify quarterly that the Covered Person did not exercise influence or control and was
neither consulted nor advised of transactions ahead of trading.

&nbsp;&nbsp;&nbsp;&nbsp;F. Personal Securities Reporting

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Initial and Annual Account and Holdings Report

Upon designation as an Access Person by an Identified Entity and annually thereafter, each Access Person must submit to the Identified Entity's Compliance Department the information contained in the Personal Securities Accounts and Holdings Report ("Personal Securities Report") through the electronic certification process contained in MCO with respect to every Security and Securities account in which he or she has or expects to have a Beneficial Interest and every account (other than an account for a client) for which he or she exercises influence or control over investment decisions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. <u>Personal Trading Accounts</u>. Access Persons must identify the brokerage firm or other entity
at which each Personal Trading Account is maintained, including the title of the account, the account number, and the name and address
of the brokerage firm or other entity.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. <u>Securities Holdings</u>. Access Persons must also disclose the Securities held in each Personal
Trading Account, including the name of the security, the type of security, the number of shares or principal amount (for debt securities),
the nature of the Access Person's interest in the security, and the brokerage firm where it is held. Securities holdings may be
reported through account statements provided to the Identified Entity's Compliance Department as contemplated in this Code.

<sup>3</sup> Managed Accounts not applicable to JNLD.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. Timing of Reports

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. <u>Initial Report</u>. The initial Personal Securities Report must be provided to the Identified
Entity's Compliance Department within ten (10) calendar days after any designation as an Access Person by an applicable Identified
Entity. The Report shall include their securities accounts and holdings as of the date of the individual's designation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii. <u>Annual Report</u>. An annual Personal Securities Report shall be provided to the Identified
Entity's Compliance Department reporting each Access Person's securities accounts and holdings as of December 31 of the prior
year. The annual Personal Securities Report must be submitted no later than January 30<sup>th</sup> of the current year (30 days after
December 31). Each Access Person is required to review his or her annual Personal Securities Account Report provided by the Compliance
Department and either confirm its accuracy or, to the extent that securities accounts that are required to be disclosed are not reflected,
or the report is otherwise inaccurate, report such securities accounts or corrections via MCO. In addition, to the extent that account
statements containing applicable securities information have not been received by the Identified Entity's Compliance Department,
the Access Person shall provide copies of such statements or report such securities holdings on the Personal Securities Report or as otherwise
permitted in writing by the Identified Entity's Compliance Department.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Confirmations and Statements

Upon request, the applicable Identified Entity Compliance Department must receive confirmations and account statements for each account listed by the Access Person in his or her Personal Securities Report for all reportable Securities. To the extent possible, Personal Securities Account statements must be provided to the Identified Entity's Compliance Department at least thirty (30) calendar days from quarter end.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Quarterly Transaction Reporting

Each Access Person shall certify that all reportable Personal Securities Transactions have been reported to the Identified Entity's Compliance Department within thirty (30) calendar days following the end of the quarter in which the transaction was completed.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Personal Securities Transactions of Compliance Personnel

Compliance personnel may not review their own Access Person reporting. The Chief Compliance Officer and General Counsel at each Identified Entity shall have their reporting reviewed by someone designated by the CCO.

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&nbsp;&nbsp;&nbsp;&nbsp;G. Responsibility to Report Violations and Suspected Violations of the Code

Each Covered Person is responsible for reporting, promptly upon discovery, any evidence of an actual violation, or, to the extent reasonably believed by such Covered Person, any suspected material violation of the Code or of applicable law. Such reporting must be made to the Covered Person's supervisor and to his or her Compliance Department or, as appropriate, by using the Speak Out Confidential Reporting system.

---

| | |
|:---|:---|
| **Speak Out Confidential Reporting Hotline** | **844-506-0767** |
| **Speak Out Confidential Reporting Website** | <u>Jackson.ethicspoint.com</u> |
| **Speak Out Confidential Reporting Mobile Phone Site** | Jackson.mobile.ethicspoint.com |

---

 ****

5. Definitions

Definitions of terms as used in this Policy are as follows:

---

| | |
|:---|:---|
| &nbsp;&nbsp; Beneficial Interest<br>| &nbsp;&nbsp; A Covered Person has a Beneficial Interest in a Security in which he or she has a direct or indirect opportunity to profit or share in any profit derived from the transaction in a Security and includes transactions in (i) the personal account of a Covered Person, (ii) the account of any immediate family member of the Covered Person living in the Covered Person's home; (iii) any other account in which the Covered Person has a direct or indirect financial or beneficial ownership interest; and (iv) any account (other than an account for a client) controlled by or under the influence of the Covered Person.<br>As required by the SEC, Beneficial Interest is defined broadly; see **<u>Appendix A</u>** to the Code of Ethics for specific examples of ownership arrangements where a Covered Person will be deemed to have a Beneficial Interest in a security. Having a Beneficial Interest in a security for purposes of the Code is not necessarily the same thing as ownership for other purposes (including, for example, tax purposes).<br>Any report required by the Code may contain a statement that the report will not be construed as an admission that the person making the report has any direct or indirect beneficial ownership in the security listed on the report. |
| &nbsp;&nbsp;Compliance Department | &nbsp;&nbsp;Refers to such person or persons designated by each respective Identified Entity's CCO from time to time. |
| &nbsp;&nbsp; Confidential Information<br>| &nbsp;&nbsp;Refers to information concerning (i) client portfolios or activities, (ii) the business, operations, plans, finances, employees, and assets of the applicable Identified Entity or Entities or (iii) other information that is not generally known outside of such Identified Entity and/or its affiliates and other related entities. |
| &nbsp;&nbsp;Front Running | &nbsp;&nbsp;Executing a Personal Securities Transaction in the same or an underlying Security, based on the knowledge of a forthcoming transaction or recommendation for purchase or sale by the applicable Identified Entity for an account of a client. |

---

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---

| | |
|:---|:---|
| &nbsp;&nbsp;Initial Public Offering (IPO) | &nbsp;&nbsp;An offering of securities registered under the Securities Act of 1933, the issuer of which, immediately before the registration, was not subject to the reporting requirements of Sections 13 or 15(d) of the Securities Exchange Act of 1934. |
| &nbsp;&nbsp;JNLD Associated Person | &nbsp;&nbsp;Any individual who holds a securities registration with JNLD or is non-registered and fingerprinted for association with the broker-dealer. |
| &nbsp;&nbsp; Managed Account<br>| &nbsp;&nbsp; An account in which a Covered Person has a Beneficial Interest, but the:<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Access Person has no direct or indirect influence or control (e.g., transactions effected for an Access Person by a trustee of a blind trust), or<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Personal Trading Account is managed on a discretionary basis by a person other than the Access Person, over which the Access Person does not exercise influence or control, and for which the Access Person is neither consulted nor advised of purchase or sale transactions before such transactions are executed. |
| &nbsp;&nbsp;MCO | &nbsp;&nbsp;"MyComplianceOffice" refers to the electronic personal securities trading compliance system employed by certain of the Identified Entities to facilitate, among other things, Personal Trading Account reporting and Personal Securities Transaction review and approval. |
| &nbsp;&nbsp;Personal Securities Transaction | &nbsp;&nbsp;A transaction in a security by or for the benefit of a Covered Person, including the acquisition or disposition of a security by gift or the acquisition of securities through an automatic dividend reinvestment plan. |
| &nbsp;&nbsp; Personal Trading Account<br>| &nbsp;&nbsp;Any account in which a Covered Person has a Beneficial Interest and the ability to effect the purchase or sale of a Security that is not an Exempt Transaction (Section 4.B) at a broker-dealer, bank, or other financial institution. For the purpose of this definition, it is irrelevant whether a Covered Person actually effects purchases or sales of a Security that is not an Exempt Transaction in an account. The test is whether the Covered Person <u>has the ability</u> to effect the purchase or sale of a Security that is not an Exempt Transaction in the account. |
| &nbsp;&nbsp; Reportable Fund<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Any registered investment company for which an Identified Entity serves as an investment adviser as defined in section 2(a)(20) of the 1940 Act; or any registered investment company whose investment adviser or principal underwriter controls the Identified Entity, is controlled by the Identified Entity, or is under common control<sup>4</sup> with the Identified Entity. <br>The Jackson Funds are Reportable Funds for purposes of this Code of Ethics.<br>|
| &nbsp;&nbsp; Security<br>| &nbsp;&nbsp;Includes any note, stock, bond, debenture, investment contract, or limited partnership interest and includes any right to acquire any security (i.e., options, warrants, and futures contracts) and investments in investment funds, hedge funds and investment clubs. |

---

<sup>4</sup> For purposes of this section, control has the same meaning as it does in section 2(a)(9) of the 1940 Act.

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6. Consequences of Violation

Associates who fail to comply with this Code of Ethics or assist in a violation will be subject to corrective action, up to and including termination.

Violations of this Code of Ethics may also violate the federal securities laws. Sanctions for violations of the federal securities laws, particularly violations of the antifraud provisions, include fines, money damages, injunctions, imprisonment, and bars from certain types of employment in the securities business.

Each Identified Entity's CCO may also report conduct believed to violate the law or regulations applicable to the Identified Entity or the Covered Person to the appropriate regulatory authorities.

Any concerns regarding this Policy should be directed to your supervisor, Identified Entity's CCO, or the Enterprise Chief Ethics & Compliance Officer <u>(JFIChiefComplianceOfficer@jackson.com</u>).

 

7. Related Guidance, Procedures and Policies

● Advisory Code of Ethics – Request for Exception

● Conflicts of Interest Policy

● Examples of Beneficial Interest/Ownership

● Fair Disclosure Policy

● Information Security Policy

● Insider Trading Policy

● MCO Quick Reference Guide

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## Exhibit 99.28

[JNL INVESTORS SERIES TRUST 485BPOS](jnlist-485bpos_042726.htm)

Ex. 99.28(p)(2)

Policy Number: I-A-045

![](exp32meitp_img01.jpg)

Personal Securities Trading Policy

Level 3 Policy

---

| | |
|:---|:---|
| **Effective Date** | January 29, 2024 |
| **Applicable to** | All BNY Mellon Employees |
| **Policy Owner** | Steven Wachtel<br> Global Head of Securities Trading Compliance |
| **Policy Author** | Same as above |
| **Periodic Review** | 12 months |

---

---

| | | |
|:---|:---|:---|
| **Addenda \*** *Leave blank if not applicable* | **Addenda \*** *Leave blank if not applicable* | **Addenda \*** *Leave blank if not applicable* |
| **Type** | **Addendum Name** | **Addendum Owners** |
| [X] Region<br> [ ] Department<br> [ ] Product<br> [ ] Legal Entity<br>| Section 7.1: Addendum I: EMEA Personal Securities Trading | Annette Fong<br> UK Chief Compliance Officer<br>Denis Caprasse<br> Head of SA/NV Compliance<br>|

---

\* An addendum captures an approved nuance, variation, or deviation, in manner or means, of accomplishing the objectives of a stated principle, rule or practice from the established minimum requirement articulated within this document.

PUBLIC

**Personal Securities Trading Policy**<br> Policy Number: I-A-045

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Contents

PUBLIC

January 29, 2024

**Personal Securities Trading Policy**<br> Policy Number: I-A-045

![](exp32meitp_img02.jpg)

---

| | |
|:---|:---|
| 1 | Summary |

---

Personal trading investments can lead to actual or perceived conflicts of interest which can undermine the integrity of the actions of the Bank of New York Mellon Corporation, its subsidiaries and affiliates that are majority owned (the "Firm").

The Firm is subject to various laws and/or regulations governing the personal trading of Securities/Financial Instruments (as defined in Section 8.1 of this Policy and collectively referenced as "securities"). The Firm has established limitations on personal trading so that employees' personal securities investments are conducted in compliance with the applicable rules and regulations and are free from actual or perceived conflicts of interest.

---

| | |
|:---|:---|
| 2 | Purpose |

---

The Personal Securities Trading Policy (this "Policy") sets out the global minimum obligations and restrictions related to personal securities transactions for all employees, including requirements and prohibitions related to the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Avoidance of conflicts of interest

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Trading in Firm securities

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Trading in Non-Firm securities

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Initial Public Offerings

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Private Placements

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Firm-affiliated Volcker Covered Funds

This Policy also articulates additional requirements and restrictions for Monitored Employees who are likely to receive Firm or client information as normal course of business in their roles. These additional responsibilities include, but are not limited to, the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Filing of reports via the Personal Trading Assistant (PTA), the Firm's electronic personal trading monitoring system

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Providing duplicate statements and trade confirmations directly to the Firm

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Preclearance prior to trading

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Prohibition on short term trading

3 Applicability/Scope

This Policy applies to all employees of the Firm when trading in securities unless such securities are listed as "Exempt" under Section 8.1. Where indicated, this Policy may also apply to "Indirect Accounts," as defined in Section 8.1 of this Policy.

An employee is defined as a Director (excluding non-employees), Officer, Agent, Temporary Worker, Contractor, Intern or any other person who works for and contracted with the Firm, regardless of their duration of employment or contract.

PUBLIC

January 29, 2024

**Personal Securities Trading Policy**<br> Policy Number: I-A-045

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Where business/country-specific requirements are more stringent than those set out within this Policy, the business or country-specific rules prevail and you must also comply with such rules.

4 Provisions of the Policy

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.1 Principal Requirements for all Employees

Failure to comply with any requirement in this Policy may subject you to discipline, up to and including termination of employment and referral to law enforcement, when required.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.1.1 Avoidance of Conflicts of Interest

You must not put your own interests ahead of the Firm and its clients. You must, comply with all applicable legal requirements, securities laws and the I-A-010: Code of Conduct. Employees must treat all Firm and client information as confidential. Refer to the Firm's Code of Conduct for additional guidance*.* You are prohibited from placing transactions in securities if this would create, or could reasonably be perceived to create a conflict of interest between you and your clients, the Firm's clients, or the Firm. In accordance with securities and/or Market Abuse laws, you are prohibited from engaging in insider trading, trading while in possession of Material Non-Public Information (MNPI) as defined by the Firm's I-A-046: Information Barrier Policy, Front Running (as defined in Section 8.1 of this Policy) or any other potential market manipulative trading activity.

If you possess MNPI or have knowledge about client holdings, transactions, or recommendations, you must not:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Engage or attempt to engage in trading on the basis of such information

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Recommend that another person engages in dealing or induce another person to engage in trading on the basis of the information; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Unlawfully disclose the information (Tipping)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.1.2 Trading in BNY Mellon Securities

If you invest or trade in Firm securities, you must be aware of your responsibilities and be sensitive to even the appearance of impropriety. The following prohibitions apply to all transactions in the Firm's publicly traded securities, whether owned directly (i.e., in your name) or indirectly (see definition of Indirect Ownership in Section 8.1 of this Policy). The following activities are **prohibited**:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Short Sales** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Short-Term Trading:** Defined as purchasing and selling, or selling and purchasing Firm securities within any 60 calendar day
period. If you engage in short-term trading, you will be required to disgorge profits as determined by the Securities Trading Conduct
group. This includes transactions in the Firm related employee benefit plans such as the BNY Mellon 401(k).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Margin Transactions**: However, you may use Firm securities to collateralize full-recourse loans for non-securities purposes
or for the acquisition of securities other than those issued by the Firm.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Option Transactions**: Defined as any derivative transaction involving or having its value based upon any securities issued by
the Firm, including the buying and writing of over-the-counter and exchange traded options.

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January 29, 2024

**Personal Securities Trading Policy**<br> Policy Number: I-A-045

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Major Firm Events**: Non-publicly announced events of which you have knowledge (prohibition will expire 24 hours after a public
announcement is made).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.1.3 Prohibitions When Trading in Non-Firm Securities

You must be sensitive to any impropriety in connection with your personal securities transactions in securities of any issuer, including those owned indirectly (see Indirect Ownership defined in Section 8.1). You are prohibited from:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Engaging in FX derivative trading** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Spread Betting**: Taking bets on securities pricing, including FX spread-betting to reflect market/currency movement activities

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Short Selling** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.1.4 Initial Public Offerings (IPO)

You are prohibited from acquiring securities through an allocation by the underwriter of an IPO without the prior approval of the Securities Trading Conduct group. Approval is only likely to be given in the following circumstances:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The allocation comes through an employee of the issuer who has a direct family relationship to the Firm employee

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The issuance is arranged by governments to promote the public ownership of previously state owned assets

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Where a bank, savings and loan or insurance company converts from a structure owned by policyholders to one owned by investors (demutualization)

Approval may not be available to employees of registered broker-dealers due to certain laws and regulations (e.g., FINRA rules in the U.S.). If you have any questions as to whether a particular offering constitutes an IPO, email the Securities Trading Conduct group before submitting an indication of interest to purchase the security.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.1.5 Private Placements

You are prohibited from acquiring any security in a private placement unless you obtain prior written approval from the Securities Trading Conduct group, your Manager and Compliance Officer. A Private Placement Form must be submitted in Code RAP for approval:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• If you are holding an investment of a privately-held (i.e., not traded
 on an exchange) Firm affiliated fund and you wish to divest all or a portion of your investment,
 you are required to obtain pre-approval from the Securities Trading Conduct group prior to
 redemption. Refer to MySource for a copy of the request Affiliated
 Fund Request form.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The Securities Trading Conduct group will generally not approve any private placement requests that appear to present an actual or
potential conflict of interest. This includes instances where, among other things, the opportunity is being offered to you by virtue of
your position with the Firm or its affiliates or your relationship to a managed fund or account and whether or not the investment opportunity
being offered to you could be re-allocated to a client. So that no actual or potential conflict exists between the proposed private placement
purchase and the interests of any managed fund or account, you must comply with any and all requests for information and/or documentation
necessary for the Employee Compliance/Securities Trading Conduct group.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Within 30 days of being designated a Monitored Employee (see Sections 4.2 to 4.4 for information), you must disclose any existing
investment in private placement securities to the Securities Trading Conduct group who will determine if you will be permitted to continue
to hold the investment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.1.6 BNY Mellon Affiliated Volcker Covered Funds

You are prohibited from acquiring any initial or subsequent investment in a Firm affiliated Volcker Covered Fund (Refer to the Volcker Compliance site on MySource) unless you obtain prior written approval from the Securities Trading Conduct group, your Manager and Compliance Officer. Unless your job duties are directly related to providing investment advisory, commodity trading advisory or "other services" to the fund, your investment in such funds will not be permitted. A Private Placement Form must be submitted in Code RAP for approval.

If you are newly hired and you hold an investment (either directly or indirectly) in an affiliated Firm Volcker Covered Fund you must receive permission to continue to hold that investment. You must disclose your investment within 30 calendar days of your hire date by completing the Private Placement Form available in Code RAP. You may be required to divest your ownership interest.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.1.7 Ability to Request Account Statements and Trade Confirmations

For all employees, the Firm reserves the right to request accounts statements and trade confirmations when needed.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.2 Monitored Employees

If you are determined to be at risk for receiving Firm or client information as described below, your personal trading and accounts where you have Indirect Ownership (as defined in Section 8.1) are required to be monitored and you are thus deemed a Monitored Employee. There are strict limitations on such trading for Monitored Employees as further described in Section 4.4.

Monitored Employees include employees who, as a routine and normal course of their job:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Are deemed to be at a high risk of receiving MNPI of issuer clients
 (generally, certain employees located in or supporting Private Side businesses as defined
 by the Firm's I-A-046: Information Barrier Policy .
 These are employees who are deemed to be *private* under I-A-046: Information Barrier
 Policy.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Have nonpublic information regarding advisory client's purchases or sales of securities or nonpublic information regarding the
portfolio holdings of a Proprietary Fund, are involved in making securities recommendations to advisory clients, or have access to such
recommendations before they are public.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Have foreknowledge of the clients' trading positions or plans such that the information may elevate the risk of Front Running or similar
manipulative trading.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Have access to inside information with respect to the Firm's financial results in advance of such results being released to
the public.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Required by regulation – employees who work for a Firm broker-dealer or investment adviser (or their equivalents).

Additionally, each business unit is required to monitor all employees who are Senior Directors, Managing Directors or above.<sup>[1]</sup>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.3 Classifications of Monitored Employees

The Firm has assigned Monitored Employees a classification that will correspond to the type of information they routinely are exposed to in as performing their job duties. They are as follows:

---

| | |
|:---|:---|
| **Classification Type** | **Definition** |
| **Access Decision Maker (ADM) Employee** | Employees within Investment Management who are Portfolio Managers or Research Analysts and make or participate in recommendations or decisions regarding the purchase or sale of securities for mutual funds or managed accounts. Portfolio Managers of broad-based index funds and traders are not typically classified as ADM Employees. |
| **Insider Risk Employee** | Employees who in the normal course of business are likely to receive MNPI regarding issuer clients. These employees are on the "private side" of the Information Barrier in accordance with the I-A-046: Information Barrier Policy. Typically includes employees in Issuer Services, Global Client Management and Treasury Services as well as certain Corporate Staff functions who support the private side. |
| **Investment/Public Employee** | &nbsp;&nbsp;&nbsp;&nbsp; Employees in the normal course of business who:<br> &nbsp;&nbsp;&nbsp;&nbsp;• Are on the "public side" of the Information Barrier in accordance with the I-A-046: Information Barrier Policy.<br> &nbsp;&nbsp;&nbsp;&nbsp;• Have access to nonpublic information regarding advisory client's purchase or sale of securities or nonpublic information regarding the portfolio holdings of a Firm Proprietary Fund<br> &nbsp;&nbsp;&nbsp;&nbsp;• Are involved in making securities recommendations to advisory clients, or has access to such recommendations before they are public.<br> &nbsp;&nbsp;&nbsp;&nbsp;• Have foreknowledge of clients trading positions or plans such that the information may elevate the risk of Front Running<br> This classification typically includes employees in Investment and Wealth Management businesses as well as employees in other Public side businesses or Corporate Functions who have an elevated risk (clear access to pre-trade settlement information) of Front Running.<br> &nbsp;&nbsp;&nbsp;&nbsp;• Employees of a Firm business regulated by certain investment company laws. Examples are:<br> &nbsp;&nbsp;&nbsp;&nbsp;• In the U.S., employees who are "advisory persons" or "access persons" under Rule 17j-1 of the Investment Company Act of 1940 or "access persons" under Rule 204A-1 of the Advisers Act.<br> &nbsp;&nbsp;&nbsp;&nbsp;• In the U.K., employees in companies undertaking specified activities under the Financial Services and Markets Act 2000 (Regulated Activities), Order 2001, and regulated by the Financial Conduct Authority.<br> &nbsp;&nbsp;&nbsp;&nbsp;• Any member of the Firm's Senior Management who, as part of his/her usual duties, has management responsibility for fiduciary activities or routinely has access to information about advisory clients' securities transactions.<br>|

---

<sup>1</sup> Employees who are not currently monitored and are designated as private under the I-A-046: Information Barrier Policy, Senior Directors or Managing Directors will be changed to monitored from February 2024 through May 2024.

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---

| | |
|:---|:---|
| **Pre-Release Earning Group (PREG) Employee** | Includes all Executive Committee members, their administrative assistants and any individual determined by the business to have access to the Firm's earnings in advance of public announcements. |
| **Broker Dealer Monitored Employee** | Employees that by regulation are required to have their personal trading monitored. |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.4 Additional Requirements and Restrictions for Monitored Employees

In addition to the requirements which apply to all employees as described in Section 3.1 of this Policy, all Monitored Employees are also subject to the additional requirements noted below. These requirements apply to all securities accounts and holdings for which you have direct or indirect ownership.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.4.1 Reporting for All Monitored Employees

You are required to file various reports via the Personal Trading Assistant (PTA), the Firm's electronic personal trading monitoring system. Required reports must also include any securities (except those deemed exempt as defined in Section 8.1), held outside of an account (for example, if you hold physical securities outside of a brokerage account, you must report those securities). You are required to file the following reports in order to be in compliance with the Policy:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• <u>Initial Reports</u>: Within 10 calendar days of being notified by the Securities Trading Conduct group that you are a Monitored
Employee, you must file an Initial Broker Accounts and an Initial Holdings Report. These reports must contain a listing of all accounts
that trade, or are capable of trading, securities. Initial Holdings Reports must be an accurate recording of accounts and securities holdings
within the preceding 45 days of your being deemed a monitored employee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• <u>Annual Reports</u>: On an annual basis and within 30 calendar days after the end of the year, you must file an Annual Holdings
Report. The report must contain an accurate and current listing of securities held in all accounts that trade, or are capable of trading
securities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• <u>Annual Accounts</u>: On an annual basis and within 30 calendar days after the end of the year, you must review all of your
 reported accounts in PTA and make any updates, including adding and/or removing accounts where necessary.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• <u>Ongoing Reporting</u>: If you open a new account, or receive securities through a gift or inheritance, you must update your holdings
in the PTA system within 10 calendar days of the event (i.e., account opening or date of receipt of securities). For gifts/inheritance,
you must disclose the name of the person receiving or giving the gift or inheritance, date of the transaction, and name of the broker
through which the transaction was effected (if applicable). A gift of securities must be one where the donor does not receive anything
of monetary value in return. Preclearance is required for all reportable holdings that are being liquidated (e.g. an executor liquidating
a portfolio).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• <u>Updating Holdings</u>: You are responsible for your securities holdings being accurate in the PTA System. This may require you
to make manual adjustments for changes to your securities holdings (excluding exempt securities as defined in Section 8.1 of this Policy)
that occur as a result of corporate actions, dividend reinvestments, or similar activity. These adjustments must be reported as soon as
possible, but no less than annually.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• <u>Quarterly Transaction Reports (Investment/Public, ADM and Insider Risk employees only)</u>: Within 30 calendar days after
the end of the quarter, you must file a Quarterly Transactions Report. The report must contain a list of all reportable transactions that
occurred in the quarter. You must certify all broker accounts that are capable of trading in reportable securities and all reportable
securities held. Your report must be current within 45 calendar days of the date the report is filed.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• <u>Certifications</u>: The Securities Trading Conduct group will require certifications when there is a material change to this
Policy. Additional certifications may be required as needed.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.4.2 Additional Reporting for ADM Employees

Further reporting requirements for ADM Employees include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• <u>Contemporaneous Disclosure Reports (ADM employees only)</u>: Prior
 to making or acting upon a portfolio recommendation (buy/hold/sell) in a security you have
 direct or indirect ownership, written authorization must be obtained. Under no circumstances
 may you provide portfolio recommendations or place trades based on their potential impact
 to your personal securities holdings, nor may you refuse to provide a recommendation or execute
 a transaction within the portfolio.to avoid submitting a Contemporaneous Disclosure. There
 are a limited number of transactions that are exempt from this requirement. More information,
 including a copy of the Contemporaneous Disclosure Form can be found on MySource .

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.4.3 Account Statements and Trade Confirmations

Monitored Employees are required to provide duplicate statements and trade confirmations directly to the Firm. You must adhere to the following requirements:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• <u>Countries with Approved Brokers - U.S., UK or India-based Monitored Employees</u>: You must maintain all accounts with an approved broker-dealer (refer to MySource
 for the Approved Broker List). Employees are
 required to provide account statements to the Securities Trading Conduct Team until the account
 is on a feed with an Approved Broker. If you have securities held in a physical form or held
 directly with an issuer, you must provide copies of account statements and trade confirmations.

**Note:** Certain brokers may require the account owner's consent in order for the Firm to receive their account information electronically (connection to the electronic feed).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• <u>Countries *without* Approved Brokers:</u> You must provide copies of account statements to your designated local Compliance
Officer or Securities Trading Conduct Team upon receipt or at least quarterly. You are also required to enter your trade confirmation
details into the PTA System within 10 calendar days of the transaction. You may be compelled to move your accounts and hold them with
an electronic broker-dealer where legally permissible and in jurisdictions where the Firm has made arrangements with a broker-dealer to
provide automated electronic feeds to the PTA system. You will be notified when this requirement becomes effective within your jurisdiction
and are no longer required to manually enter your trade details into PTA.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• <u>For all employees, the Firm reserves the right to request accounts statements and trade confirmations as needed.</u> 

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.4.4 Preclearance Prior to Trading

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Monitored Employees must receive approval in the PTA system to trade any security unless the security is expressly Exempt as defined
in Section 8.1 of this Policy. You must also obtain preclearance for trades made by indirect owners.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• ETFs and Single-Stock ETFs are reportable. Proprietary ETFs must be pre-cleared prior to transacting in for employees who are
classified as ADM, Investment/Public or Insider Risk Employees.

**NOTE:** if you are classified as a Broker Dealer Monitored Employee, you are not required to preclear trades in any security; and if you are classified as a PREG employee (see Section 4.7 of this Policy), you are only required to preclear trades in Firm securities (equities, fixed income, or derivatives) of The Bank of New York Mellon Corporation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Although preclearance approval does not obligate you to place a trade, you should not seek preclearance for transactions you do not
intend to make. Do not discuss the response (e.g. approval or denial) to a preclearance request with anyone (excluding any account co-owners
or indirect owners). If you have questions regarding a response to a trade request, contact the Securities Trading Conduct group.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• If you receive approval to trade, the trade must be executed by the close of business the following day in the local jurisdiction.
For example, if you receive approval on Monday at 3 PM EST, the preclearance is only valid until the close of the trading day on Tuesday.
You should be aware that all preclearance time stamps in the PTA are in EST.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• You are only permitted to place day only orders which are orders that expire at the end of the trading day. Orders that extend beyond
a single trading day, such as "good-until-cancelled" or similar orders, are not permitted.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• You may also be subject to additional approvals, for example approval from your supervisor, depending upon your classification. Please
check with your local Compliance Officer for additional information.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.4.5 Additional Preclearance Restrictions for ADM and Investment/Public Employees (de minimis limits)

ADM and Investment/Public Employees will generally not be given preclearance approval to execute a transaction in any security that appears on their business unit's Blackout List (as defined in Section 8.1).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.4.5.1 Approval for De Minimis Transactions for ADM Employees and Investment/Public Employees for Securities on Blackout List

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• ADM and Investment/Public Employees are eligible to receive approval for two de minimis trades in the securities of any one issuer
in each calendar month even if the security is on the Blackout List.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• De Minimis transactions are as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• <u>ADMs</u>: transaction limit of 100 shares or $10,000 (whichever value is greater) for companies with a market capitalization of
$5 billion or higher.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• <u>Investment/Public Employees</u>: transaction limit of up to $50,000 for companies having a market capitalization of $20 billion
or more; 250 shares or $25,000 (whichever value is greater) for companies having a market capitalization between $5 billion and $20 billion;
and $100 shares or $10,000 (whichever value is greater) for companies having a market capitalization between $250 million and $5 billion.

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**Note:** Currency is listed in USD. Use the local currency equivalent outside of the US.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.4.5.1.1 Additional Restrictions for ADM employees (7 Day Blackout Period)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• You are not permitted to buy or sell a security within 7 calendar days before and 7 calendar days after the investment company or
managed account for which you are affiliated has effected a transaction in 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;• Any trade initiated within the 7 Day Blackout Period is deemed a violation of Policy and as such you will be required to disgorge
profits per the Securities Trading Conduct group in their sole discretion. This does not apply to approved de minimis transactions during
the 7 day Blackout Period.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.5 Managed Accounts

If you have an account fully managed by a third-party (you have an investment management, trust or similar agreement) which specifically documents in writing that you are unable to direct trades in the account, you must contact the Securities Trading Conduct group to determine if the account is eligible for exclusion from some of the reporting requirements, providing duplicate account statements/trade confirms or preclearance requirements noted within this Policy. For all managed accounts, you must add your account information in PTA and comply with all provisions of the Policy *until* the Securities Trading Conduct group deems the account to be excluded in writing.

If your account is approved as managed, you are required to complete an annual certification in PTA attesting that the account continues to be maintained under the account provisions the Securities Trading Conduct group relied upon to provide approval. In addition, you are required to provide copies of statements to the Securities Trading Conduct group when requested.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.6 Prohibition on Short-Term Trading

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Non-Firm Securities**: Employees classified as ADM, Investment/Public Employee and Insider Risk are prohibited from engaging
in short-term trading. Short term trading is defined as the purchasing then selling, or selling then purchasing, the same or equivalent
(derivative) security within 30 calendar days. PREG and Broker-Dealer Monitored employees are not subject to a holding period for non-Firm
securities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Firm Securities**: All employees are prohibited from purchasing then selling, or selling then purchasing any Firm securities
(Firm securities include any securities issued by The Bank of New York Mellon Corporation and its subsidiaries, including, but not limited
to, shares of common stock, preferred stock or bonds of the Firm) within 60 calendar days.

Employees who engage in short-term trading in non-Firm securities (within 30 calendar days) or Firm securities (within 60 calendar days) will be issued a violation and any profits realized must be disgorged.

**Example:** Transactions resulting in a position that is liquidated (sell), and then a new position is re-established (buy), would meet the criteria for a profit disgorgement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Profit is based upon the difference between the most recent purchase and sale prices for the most recent transactions. You should
be aware that profit for disgorgement purposes may differ from the capital gains calculations for tax purposes.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The disposition of any disgorged profits will be at the discretion of the Firm to a bona fide and legally permitted charity. You will
be responsible for any tax and related costs.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Profit disgorgement, where applicable, is not required for any security that is deemed Exempt (as defined in Section 8.1 of this Policy)
and trades in Proprietary Funds conducted within the BNY Mellon 401(k).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.7 Specific Restrictions for PREG Employees

Every quarter the Firm imposes a restriction on PREG employees. As such, you are prohibited from trading in the Firm's securities from 12:01 AM Eastern Standard Time, on the 15th day of the month preceding the end of each calendar quarter through the first trading day after the public announcement of the Firm's earnings for that quarter.

For example, if earnings are released on Wednesday at 9:30 AM Eastern Standard Time, you may not trade the Firm's securities until Thursday at 9:30 AM Eastern Standard Time. Non-trading days, such as weekends or holidays, are not counted as part of the restricted period. At its discretion, the Firm may extend the blackout period for some or all PREG Employees. You will be notified if there is such an extension.

The Blackout Period includes trades in various employee plans. Specifically, you may not make payroll deductions, investment elections changes or reallocation of balances that might impact your holdings in company stock in the BNY Mellon 401(k) Plan; you may not exercise options granted through the employee incentive compensation or similar plan; you may not enroll in, or make payroll deduction changes, in your Employee Stock Purchase Plan.

If you trade Firm securities made during the Blackout Period, you must unwind the trade and surrender profits as determined by the Firm in its sole discretion. Any losses due to the unwinding are yours to incur. Further, you may be subject to disciplinary action or referral to law enforcement when necessary.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.8 Insider Threats

BNY Mellon considers Insider Threats to be a serious matter and has established an enterprise-wide Insider Threat program to provide direction, governance and drive organizational awareness to manage the risks. BNY Mellon's Enterprise Insider Threat program is aligned to the Company's organizational risk priorities, including enhanced protection of information assets. As defined in the Enterprise Insider Threat Policy, Internal Fraud refers to unauthorized activity (e.g., inappropriate/unauthorized trading, market manipulation) or fraud (e.g., fraudulent funds transfer/movement, credit fraud, forgery, check fraud) by an Insider, which may cause financial or non-financial harm. Please consult the Enterprise Insider Threat Policy for more information.

5 Governance and Responsibilities

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.1 All Employees are responsible for:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Adhering to all sections of this Policy as it relates to their role.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Immediately contacting the Securities Trading Conduct group or your Compliance Officer (or anonymously through the Firm's Ethics
Help Line or Ethics Hot Line) if a known or suspected violation of this Policy occurred.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.2 Businesses and Corporate Functions

Management of the Firm's Business and Corporate Staff groups are responsible for:

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Classifying employees and developing business line polices/procedures to describe the protocols for assigning classifications that
are consistent with this this Policy, seeking guidance from Compliance as needed.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Retaining accurate records of each employee's classifications in their business unit, maintaining proper controls so that the
classifications are current and providing an annual attestation to Compliance that the classification of the employees are accurate, when
requested.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Communicating employees' classification and overseeing staff so that they are properly trained on the Policy requirements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Overseeing the timely completion of all required reports, violation notices and certifications as required by this Policy.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• When required, constructing (and keeping current) a list of securities appropriate for Policy restrictions; typically this will consist
of trading systems required for employee monitoring, portfolio manager codes, and designated approvers. Generally this detail will be
required only in instances where a Business or Corporate Functions have staff classified as an Investment or ADM employee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• When required, providing timely and accurate updates to the list of Proprietary Funds (those that are advised, sub-advised or underwritten
by the business) to the Securities Trading Conduct group.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.3 Securities Trading Conduct Group

The Securities Trading Conduct group is responsible for:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Maintaining all necessary records to demonstrate compliance with this Policy in a readily accessible place, for seven years from their
creation. This includes but is not limited to versions of this Policy, record of employee violations and actions taken, holdings and transaction
reports required by this Policy, list of monitored employees and their classifications, and lists of securities appropriate for restriction
as reported by a Line of Business and/or Corporate Function.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Treating employee related records as "highly confidential", to the extent permissible by law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.4 Compliance Officers

Compliance Officers are responsible for:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Providing policy training to employees when requested by the Securities Trading Conduct group.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Reporting compliance with this Policy, including detail on violations, to Legal Entity and Fund Boards, as required by law, regulation
or policy.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• When requested by the Securities Trading Conduct group, approving requests for investment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.5 Legal Department

The Legal Department is responsible for providing legal analysis of new and revised legislation of all jurisdictions regarding personal securities trading laws and regulations and participating in the review of material policy amendments.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.6 Engineering Department

The Engineering Department is responsible for providing support for internally hosted applications so that systems function properly, including various files are properly loaded into the system, developing an alert process to detect any failed or non-received files, and adequately testing all software updates or hardware installations.

6 Adherence and Control

Failure to comply with any aspect of this Policy may result in the imposition of serious sanctions and employee will be issued a violation notice. You may also receive additional sanctions, which include, but are not limited to, the disgorgement of profits, cancellation of trades, selling of positions, and suspension of personal trading privileges, and may result in an employee being subject to corrective action as outlined in II-H-610-US: Managing Performance and Conduct Through Corrective Action for U.S.-based employees (or the applicable corrective action policy for non-U.S. based employees),<sup>[2]</sup> up to and including termination of employment and referral to law enforcement, when required.

If you know of or suspect a violation of this Policy has occurred, immediately contact the Securities Trading Conduct group or your Compliance Officer. You may also report known or suspected violations anonymously through the Firm's Ethics Help Line or Ethics Hot Line.

Amendments to or waivers of any requirements discussed above are at the discretion of the Chief Compliance Officer or their designee. When required, the concurrence of other officers or directors of the Firm may also be needed. Any waiver or exemption must be evidenced in writing to be valid.

7 Addendum(s)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.1 Addendum I: EMEA Personal Securities Trading

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.1.1 Applicability / Scope

This Addendum sets out the regional obligations and restrictions in EMEA that operate in relation to personal securities trading under FCA Handbook COBS 11.7A, EU Directive 2014/65/EU, and EU Regulation No 600/201, together commonly known as "MIFID 2" and EU Regulation No 596/2014 "MAR" and is applicable to any employee in the UK or EU who is subject to this I-A-045: Personal Securities Trading Policy ("the Global PST Policy").

Following the withdrawal of the United Kingdom ("UK") from the European Union ("EU") at 23:00 GMT on 31 January 2020, where relevant to a Party, references to EU legislation referenced in this Policy shall be read as references to the UK version of such legislation, which is part of UK law by virtue of the European Union (Withdrawal) Act 2018 (as amended).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.1.2 Provisions of the Addendum

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.1.2.1 UK and EU Requirements in Relation to Personal Trading (Including those arising from MIFID and MAR)

Both UK and EU regulations require that the Firm establish, implement and maintain adequate policies and procedures to ensure our compliance with our obligations under personal securities trading rules.

<sup>2</sup> View the Policies Portal or consult your local HR Partner for the policy for the relevant jurisdiction.

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These rules cover Financial Instruments as defined in the Definitions Section and apply to any employees who have inside information or MNPI, who have access to client confidential information or who could have a client conflict of interest.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.1.2.2 Information that Triggers an Employee to be Subject to this Addendum

UK and EU employees who are subject to this Addendum will be defined as those who as a routine and in the normal course of their job:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Have access to inside information as defined under I -A-040:
 Market Abuse Policy by virtue of an activity carried out by them on behalf of the
 Firm.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Have access to any other confidential information relating to clients or transactions with or for clients by virtue of an activity
carried out by them on behalf of the Firm; and/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;• Are involved in activities that may give rise to a conflict of interest in relation to either the Firm or any client(s).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.1.2.3 Restrictions for Employees Subject to this Addendum

The restrictions set out below are in addition to restrictions set forth in the Global PST Policy and apply when a UK or EU employee is:

&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. Transacting outside the scope of the activities they carry out in their professional capacity; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The trade is carried out on behalf of the employee whether owned directly (i.e., in your name) or indirectly (see definition of Indirect
Ownership in Section 8.1 of the Global PST Policy).

Unless conducted in compliance with 7.1.2.5 below, employees are prohibited from:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Entering a transaction which meets at least one of 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;&nbsp;&nbsp;&nbsp;&nbsp;• It would amount to Market Abuse as defined by the UK or EU MAR as
 defined in Section 8.1 of I -A-040: Market Abuse 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;• It involves the misuse or improper disclosure of the Firm's or a client's 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;• It may give rise to a conflict of interest in relation to either the Firm or any client(s) 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;• It conflicts or is likely to conflict with an obligation of the Firm under UK law or EU law on markets in financial instruments.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Advising, recommending or inducing any other person to enter a transaction in Securities or Financial Instruments, other than in the
proper course of their employment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Disclosing, other than in the normal course of his employment or contract for services, any information or opinion to any other person
that would or might advise or persuade that other person to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Engage in any of the activities set out in #2 above

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Advise or persuade any other person to engage in any of the activities set out #2 above

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.1.2.4 Definitions of Financial Instruments under UK and EU Regulations

This Addendum generally applies to all UK and EU employees when trading in Securities, or where applicable, other Financial Instruments as defined in this section.

Under both UK and EU Regulations, the Firm must consider both securities and other Financial Instruments under these regulations and as defined in this section, and whether it will permit personal trading in these instruments. As such a list of instruments restricted under the UK and EU regulations and the Firm's treatment of such instruments for the purpose of personal trading are outlined below in Section 8.1.Restrictions on Financial Instruments for Personal Trading

Outlined below are the in-scope instrument classes and their treatment under this Addendum. For the purpose of clarity, this Addendum is not intended to introduce restrictions in relation to sweep accounts within brokerage arrangements that exist simply for the purpose of cash transference as part of general fund management activities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.1.2.5 Permitted for Employees Subject to this Addendum (subject to the notification/approval requirements of the Global PST Policy)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Transferable Securities: Trading in transferable securities is permitted so long as conducted in compliance with the Global PST Policy
and the employee is NOT in possession of MNPI whereby:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• if the Employee Subject to this Addendum is already a Monitored Employee under the Global PST Policy they transact in accordance with
their applicable restrictions and requirements; or.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Units in Collective Investment Undertakings and units or shares in an Alternative
Investment Fund : Trading in UCITS or Alternative Investment Funds. is permitted so long as conducted in compliance with the Global
PST Policy and the employee is NOT in possession of MNPI whereby:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• if the Employee Subject to this Addendum is already a Monitored Employee under the Global PST Policy they transact in accordance with
their applicable restrictions and requirements; or.

**Please note:** Money Market Funds (MMFs) are generally included within this definition for the purposes of personal trading. This includes Firm proprietary MMFs for the purposes of this policy. N.B. MMF arrangements that have been established by, or in conjunction with, an Approved Broker Account, and whose use is limited to being in conjunction with purchases, sales, or other receipts from that brokerage account, are not intended to be covered by the requirements of this Addendum. Therefore, such arrangements do not normally require disclosure, or pre-approval where the Addendum may otherwise require this (e.g. a BNYM proprietary MMF).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.1.2.6 Prohibited

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Financial Contracts for Difference

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Financial Spread Bets

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.1.2.7 Express Written Approval from Local Compliance Officer

The instruments below will require an express written approval from your local Compliance Officer prior to trading:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Money Market Instruments

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Derivative instruments for the transfer of credit risk

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Options, futures, swaps and forward rate agreements Options/futures on securities is permitted so long as in compliance with PSTP;
for financial instruments that are not a security, you must contact BCO.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Please note, use of currency exchange is permitted for such domestic activity as for example personal travel needs.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.1.3 Governance and Responsibilities

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.1.3.1 Compliance Officers

Compliance Officers are responsible for:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Sign off on any preclearance requests for financial instruments as noted in 7.1.2.6

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.1.4 Addendum Governance

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| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Addendum Owner** | &nbsp;&nbsp;**Addendum Approver(s)** | &nbsp;&nbsp;**Review and Approval Date** | &nbsp;&nbsp;**Additional Contact(s) for Questions** |
| &nbsp;&nbsp; Annette Fong<br> UK Chief Compliance Officer<br>Denis Caprasse<br> Head of SA/NV Compliance<br>| &nbsp;&nbsp; Steve Wachtel<br> Global Head of Personal Securities Trading<br>| &nbsp;&nbsp;January 29, 2024 |  |

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8 Appendices

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.1 Definitions

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| **Term** | **Definition/Meaning of Term** |
| **Automatic Investment Plan** | A program in which regular periodic purchases (withdrawals) are made automatically to/from investment accounts in accordance with a predetermined schedule and allocation. Examples include: Dividend Reinvestment Plans (DRIPS), payroll deductions, bank account drafts or deposits, automatic mutual fund investments/withdrawals (PIPS/SWIPS), and asset allocation accounts. |
| **Blackout List** | List of securities submitted by a Business Unit for which there are pending or executed transactions for an affiliated account (other than an index fund). |

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| **Firm Securities** | Include any securities issued by The Bank of New York Mellon Corporation and its subsidiaries, including, but not limited to, shares of common stock, preferred stock or bonds of the Company. |
| **Exempt Securities/Financial Instruments (Collectively "Exempt Securities" or "Exempt")** | &nbsp;&nbsp;&nbsp;&nbsp; All securities require reporting and preclearance unless expressly exempt by this Policy. The following financial instruments are exempt for all classifications of employees:<br> &nbsp;&nbsp;&nbsp;&nbsp;• Cash, cash-like securities, such as bankers' acceptances, bank CDs and time deposits, money market funds, FX spot transactions, commercial paper and repurchase agreements.<br> &nbsp;&nbsp;&nbsp;&nbsp;• Digital assets - regardless of where they are held (in brokerage exchange accounts or in personal cryptocurrency wallets).<br> **Note:** Direct participation investments in Initial Coin Offerings (ICOs), pooling money with others with the intent to invest in digital assets or cryptocurrencies and creating investment vehicles to sell interest in Limited Partnerships (LPs) or Master Limited Partnerships (MLPs) for the purpose of investing in digital assets or cryptocurrencies are all considered to be private securities transactions that must be reported.<br> &nbsp;&nbsp;&nbsp;&nbsp;• Employee investments in their sovereign governments. Obligations of other instrumentalities or quasi-government agencies are not exempt.<br> &nbsp;&nbsp;&nbsp;&nbsp;• Securities issued by open-end investment companies (i.e., mutual funds and variable capital companies) that are not Proprietary Funds. Proprietary Funds are exempt for employees classified as Insider Risk.<br> &nbsp;&nbsp;&nbsp;&nbsp;• Securities in retirement plans properly organized under local law of companies not associated with the Firm (e.g., spouse's plan, previous employer's plan, etc.). This exemption is not applicable to any plan wherein the trades can be directed in common stock by the account holder.<br> &nbsp;&nbsp;&nbsp;&nbsp;• Securities in college tuition plans for dependents properly organized under local law. It should be noted that this exemption is not applicable securities that are deemed to be a Proprietary Fund for employees classified as an ADM and Investment Employees.<br> &nbsp;&nbsp;&nbsp;&nbsp;• Fixed annuities.<br> &nbsp;&nbsp;&nbsp;&nbsp;• Variable annuities, as long as the sub-accounts are not invested in Proprietary Fund sub-accounts.<br> &nbsp;&nbsp;&nbsp;&nbsp;• Securities held in approved non-discretionary (managed) accounts.<br> &nbsp;&nbsp;&nbsp;&nbsp;• Non-financial commodities (e.g., agricultural futures, metals, oil, gas, etc.), currency, crypto-based currency, and financial futures (excluding stock and narrow-based stock index futures). <br> &nbsp;&nbsp;&nbsp;&nbsp;• Transactions that are involuntary (such as stock dividends, sales of fractional shares or sales of shares to cover account fees); however, sales initiated by brokers to satisfy margin calls are not considered involuntary.<br> &nbsp;&nbsp;&nbsp;&nbsp;• Transactions pursuant to the exercise of rights (purchases or sales) by an issuer made pro rata to all holders of a class of securities, to the extent such rights were acquired from such issuer.<br> &nbsp;&nbsp;&nbsp;&nbsp;• Sales effected pursuant to a bona fide tender offer.<br> &nbsp;&nbsp;&nbsp;&nbsp;• Transactions pursuant to an automatic investment plan, including payroll withholding to purchase Proprietary Funds. The initial purchase and additional changes to the automatic investment plan are subject to preclearance approval.<br>|
| **Front Running** | The purchase or sale of securities for your own or the company's accounts on the basis of your knowledge of the company's or company's clients trading positions or plans. |

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| **Index Fund** | An investment company or managed portfolio (including indexed accounts and model driven accounts) that contain securities in proportions designed to replicate the performance of an independently maintained, broad-based index or that is based not on investment discretion but on computer models using prescribed objective criteria to replicate such an independently maintained index. |
| **Indirect Ownership** | Generally, you are the indirect owner of securities if you are named as power of attorney on the account or, through any contract, arrangement, understanding, relationship, or otherwise, you have the opportunity, directly or indirectly, to share at any time in any profit derived from a transaction in them. This includes trades which are effected by or on behalf of the employee when the trade is carried out for the account of any of the persons referenced below. Common indirect ownership situations include, but are not limited to:<br> &nbsp;&nbsp;&nbsp;&nbsp;• Securities held by members of your Immediate Family by blood, marriage, adoption, or otherwise, who share the same household with you;<br> "Immediate Family" includes any person with whom they have a family relationship, or whom they have close links, such as your spouse, domestic partner, children (including stepchildren, foster children, sons-in-law and daughters-in-law), grandchildren, parents (including step-parents, mothers-in-law and fathers-in-law), grandparents, and siblings (including brothers-in-law, sisters-in-law and stepbrothers and stepsisters):<br> &nbsp;&nbsp;&nbsp;&nbsp;• Any person in conjunction with whom the employee has a direct or indirect material interest in the outcome of the trade – other than obtaining a fee or commission for the execution of the trade;<br> Employees **must** consider this requirement and report trades which fit under the above definition to avoid violations and breaches of both regulations and Policy.  |
| **Initial Public Offering (IPO)** | The first offering of a company's securities to the public. |
| **Investment Clubs** | Organizations whose members make joint decisions on which securities to buy or sell. The securities are generally held in the name of the investment club. Prior to participating in an investment club, all Monitored Employees are required to obtain written permission from their local Compliance Officer to participate in the club. If permission is granted, the account is subject to all aspects of this Policy. |
| **Investment Company** | A company that issues securities that represent an undivided interest in the net assets held by the company. Mutual funds are open-end investment companies that issue and sell redeemable securities representing an undivided interest in the net assets of the company. |
| **Money Market Fund** | A mutual fund that invests in short-term debt instruments where its portfolio is valued at amortized cost so as to seek to maintain a stable net asset value (typically of $1 per share). |
| **Non-Discretionary (Managed) Account** | An account in which the employee has a beneficial interest but no direct or indirect control over the investment decision making process. Any such accounts of Monitored employees must be approved by the Securities Trading Conduct group in writing in order to be exempt from the reporting and preclearance requirements noted in this Policy. |
| **Option** | A security which gives the investor the right, but not the obligation, to buy or sell a specific security at a specified price within a specified time frame. |
| **Short term trading in option positions** | Opening and closing or closing and opening an option position within 30 days of each other or opening an option position within 30 days of expiration will result in any profits being subject to disgorgement. When opening an option position against an existing common stock holding you must have held that position for at least 30 days to avoid any profits being subject to disgorgement. |

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| **Private Placement** | An offering of securities exempt from registration under various laws and rules, such as the Securities Act of 1933 in the U.S. and the Listing Rules in the U.K. Such offerings are exempt from registration because they do not constitute a public offering. Private placements can include limited partnerships, certain cooperative investments in real estate, co-mingled investment vehicles such as hedge funds, investments in privately-held and family owned businesses and Volcker Covered Funds. For the purpose of this policy, time-shares and cooperative investments in real estate used as a primary or secondary residence are not considered to be private placements. |
| **Proprietary Fund** | An investment company or collective fund for which a Company subsidiary serves as an investment adviser, sub-adviser or principal underwriter. The Proprietary Fund Listing can be found on MySource on the Compliance and Ethics homepage. |
| **Securities/Financial Instruments (Collectively "Securities")** | Any investment that represents an ownership stake or debt stake in a company, partnership, governmental unit, business or other enterprise. It includes stocks, bonds, notes, evidences of indebtedness, certificates of participation in any profit-sharing agreement, units in collective investment undertakings, collateral trust certificates and certificates of deposit. It also includes security-based derivatives and swaps and many types of puts, calls, straddles and options on any security or group of securities; fractional undivided interests in oil, gas, or other mineral rights; and investment contracts, variable life insurance policies and variable annuities whose cash values or benefits are tied to the performance of an investment account. Unless expressly exempt, all securities transactions are covered under the provisions of this policy (See exempt securities). |
| **Short Sale** | The sale of a security that is not owned by the seller at the time of the trade. |
| **Spread Betting** | A type of speculation that involves taking a bet on the price movement of a security. A spread betting company quotes two prices, the bid and offer price (also, called the spread), and investors bet whether the price of the underlying security will be lower than the bid or higher than the offer. The investor does not own the underlying security in spread betting, they simply speculate on the price movement of the stock. |
| **Tender Offer** | An offer to purchase some or all shareholders' shares in a corporation. The price offered is usually at a premium to the market price. |
| **Volcker Covered Fund** | Generally, a "Volcker Covered Fund" is a domestic or foreign hedge fund, private equity fund, venture capital fund, commodity pool or alternative investment fund (AIF) that is sold in a private, restricted or unregistered offering to investors who must meet certain net worth, income or sophistication standards or is sold to a restricted number of investors. <br> Generally, the fund is not registered with a securities/commodity regulator and therefore cannot be offered to the general or retail public unless the investor meets some type of qualification to demonstrate the investor does not need the protection of the securities or commodities regulations.<br> A complete list of Covered Funds can be found at the Volcker Compliance Site on MySource or refer to the I-A-049: Volcker Covered Funds Policy. |

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| **Section 7.1: Addendum I: EMEA PST specific definitions** | **Section 7.1: Addendum I: EMEA PST specific definitions** |
| **Financial Instrument** | &nbsp;&nbsp;&nbsp;&nbsp; **1. Transferable Securities e.g.**<br>&nbsp;&nbsp;&nbsp;&nbsp;• shares in companies (whether listed or unlisted, admitted to trading or otherwise), comparable interests in partnerships and other entities and equivalent securities;<br> &nbsp;&nbsp;&nbsp;&nbsp;• bonds and securitised debt;<br> &nbsp;&nbsp;&nbsp;&nbsp;• depositary receipts in respect of the instruments above;<br> &nbsp;&nbsp;&nbsp;&nbsp;• securities giving the right to acquire or sell transferable securities (for example, warrants, options, futures and convertible bonds); and<br> &nbsp;&nbsp;&nbsp;&nbsp;• securitised cash-settled derivatives, including certain futures, options, swaps and other contracts for differences relating to transferable securities, currencies, interest rates or yields, commodities or other indices or measures.<br>**2. Money-Market Instruments e.g.**<br>&nbsp;&nbsp;&nbsp;&nbsp;• treasury bills<br> &nbsp;&nbsp;&nbsp;&nbsp;• certificates of deposit<br> &nbsp;&nbsp;&nbsp;&nbsp;• commercial paper<br>**3. Units in Collective Investment Undertakings e.g.**<br>&nbsp;&nbsp;&nbsp;&nbsp;• units in regulated collective investment schemes e.g., UK OEICS, NURS or EU UCITS. Please note: Money Market Funds (MMFs) are generally included within this definition for the purposes of personal trading. This includes BNYM proprietary MMFs for the purposes of this policy. N.B. MMF arrangements that have been established by, or in conjunction with, an Approved Broker Account, and whose use is limited to being in conjunction with purchases, sales, or other receipts from that brokerage account, are not intended to be covered by the requirements of this policy. Therefore, such arrangements do not normally require disclosure, or pre-approval where the policy may otherwise require this (e.g. a BNYM proprietary MMF).<br> &nbsp;&nbsp;&nbsp;&nbsp;• units or shares in an Alternative Investment Fund<br>**4. Options, futures, swaps and forward rate agreements**<br>Whether settled in cash or physically relating to any of the following underlying<br>&nbsp;&nbsp;&nbsp;&nbsp;• transferrable securities,<br> &nbsp;&nbsp;&nbsp;&nbsp;• currencies,<br> &nbsp;&nbsp;&nbsp;&nbsp;• interest rates or yields,<br> &nbsp;&nbsp;&nbsp;&nbsp;• emission allowances,<br> &nbsp;&nbsp;&nbsp;&nbsp;• other derivative instruments,<br> &nbsp;&nbsp;&nbsp;&nbsp;• financial indices or financial measures<br> &nbsp;&nbsp;&nbsp;&nbsp;• commodities<br> &nbsp;&nbsp;&nbsp;&nbsp;• any other asset or right of a fungible nature, an index or measure related to the price or value of, or volume of transactions in any asset, right, service or obligation<br>**5. Derivative instruments for the transfer of credit risk e.g.**<br>&nbsp;&nbsp;&nbsp;&nbsp;• credit default products,<br> &nbsp;&nbsp;&nbsp;&nbsp;• synthetic collateralised debt obligations,<br> &nbsp;&nbsp;&nbsp;&nbsp;• total rate of return swaps,<br> &nbsp;&nbsp;&nbsp;&nbsp;• downgrade options<br> &nbsp;&nbsp;&nbsp;&nbsp;• credit spread products<br>**6. Financial Contracts for Differences e.g.**<br>&nbsp;&nbsp;&nbsp;&nbsp;• a Spreadbet - a bet on the price movement of any Financial Instrument where the investor bets on an increase or a fall in price in relation to a spread (the bid and ask prices) quoted by a spread betting company<br> &nbsp;&nbsp;&nbsp;&nbsp;• a contract the stated purpose of which is to secure a profit or avoid a loss by reference to fluctuations in the value or price of property of any description<br> &nbsp;&nbsp;&nbsp;&nbsp;• a contract between a buyer and a seller that stipulates that the buyer must pay the seller the difference between the current value of an asset and its value at contract time.<br>|

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.2 Document Governance

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.2.1 Periodic Review

This Level 3 Policy will have a mandatory periodic review of 12 months.

Note: If this Policy requires changes outside of the periodic review date AND the Policy is reviewed in its entirety at such time that the changes are incorporated, the periodic review date will be refreshed.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.2.2 Ownership/Questions

Ownership of this Policy lies with the Owner noted below. Questions should be directed to the Owner or Contact(s) noted below:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Policy Owner** | &nbsp;&nbsp;**Policy Approver** | &nbsp;&nbsp;**Version** | &nbsp;&nbsp;**Review and Approval Date** | &nbsp;&nbsp;**Next Review Date** | &nbsp;&nbsp;**Additional Contact(s) for Questions** |
| &nbsp;&nbsp;Steven Wachtel<br> Global Head of Securities Trading Compliance | &nbsp;&nbsp; Annette Fong<br> UK Chief Compliance Officer<br>| &nbsp;&nbsp;5.0 | &nbsp;&nbsp;January 29, 2024 | &nbsp;&nbsp;January 29, 2025 | &nbsp;&nbsp;securitiestradingpolicyhelp@bnymellon.com |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.3 Version Control

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Version Number** | &nbsp;&nbsp;**Date of Change** | &nbsp;&nbsp;**Author (and Role of Author) of Change** | &nbsp;&nbsp;**Description of Change** |
| &nbsp;&nbsp;5.0 | &nbsp;&nbsp;January 29, 2024 | &nbsp;&nbsp; Steven Wachtel<br> Global Head of Securities Trading Compliance<br>| &nbsp;&nbsp;&nbsp;&nbsp; Periodic review complete:<br> &nbsp;&nbsp;&nbsp;&nbsp;• Clarification that all private side employees will be monitored<br> &nbsp;&nbsp;&nbsp;&nbsp;• New requirements to monitor all Senior Directors and above<br> &nbsp;&nbsp;&nbsp;&nbsp;• Clarification that the Firm reserves the right to request accounts statements and trade confirmations when needed<br>|

---

PUBLIC

January 29, 2024

**Personal Securities Trading Policy**<br> Policy Number: I-A-045

![](exp32meitp_img02.jpg)

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;4.0 | &nbsp;&nbsp;March 30, 2023 | &nbsp;&nbsp; Steven Wachtel<br> Global Head of Securities Trading Compliance<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;• Clarification of annual reporting requirements under Section 4.4.1<br> &nbsp;&nbsp;&nbsp;&nbsp;• Clarification of employee requirement to provide account statements to the Securities Trading Conduct Team until the account is on a feed with an Approved Broker.<br> &nbsp;&nbsp;&nbsp;&nbsp;• Periodic Review of Policy<br>|
| &nbsp;&nbsp;3.0 | &nbsp;&nbsp;December 27, 2022 | &nbsp;&nbsp; Mark Compton<br> EMEA Head of Markets Compliance<br>| &nbsp;&nbsp; Updated Addendum 7.1: EMEA Personal Securities Trading<br>Updated Section 8.4. Document Hierarchy<br>|
| &nbsp;&nbsp;2.0 | &nbsp;&nbsp;October 6, 2022 | &nbsp;&nbsp; Mark Compton<br> EMEA Head of Markets Compliance<br>| &nbsp;&nbsp;Addition of Addendum 7.1: EMEA Personal Securities Trading and additional definitions added under Section 8.1 specific to EMEA personal securities trading |
| &nbsp;&nbsp;1.9 | &nbsp;&nbsp;June 2, 2022 | &nbsp;&nbsp; Steven Wachtel<br> Global Head of Securities Trading Compliance<br>| &nbsp;&nbsp;Addition of Insider Threat language (Section 4.8) |
| &nbsp;&nbsp;1.8 | &nbsp;&nbsp;March 24, 2022 | &nbsp;&nbsp; Steven Wachtel<br> Global Head of Securities Trading Compliance<br>| &nbsp;&nbsp; Periodic Review of Policy. <br>Clarification of Investment Employee and Insider Risk classification and other non-substantive changes.<br>Update to child documents under Section 8.5<br>|
| &nbsp;&nbsp;1.7 | &nbsp;&nbsp;March 29, 2021 | &nbsp;&nbsp;Carol Cersosimo<br> Manager<br> Personal Securities Trading Group | &nbsp;&nbsp; Revised to remove reference to old policy;<br> Correction of typo in Section 4.1.5.<br>|
|  | &nbsp;&nbsp;January 26, 2021 | &nbsp;&nbsp;Carol Cersosimo<br> Manager<br> Personal Securities Trading Group | &nbsp;&nbsp;Revised to reflect reporting requirement for Insider Risk employees for Non-Proprietary ETFs |
|  | &nbsp;&nbsp;January 15, 2021 | &nbsp;&nbsp;Steven Wachtel<br> Global Head of Securities Trading Compliance | &nbsp;&nbsp;Streamlined employee classifications, added Approved Broker requirement for UK and India-based employees, updated indirect ownership section to comply with MiFID II and instituted a strict 30 day hold requirement for non-company securities. |
|  | &nbsp;&nbsp;January 15, 2019 | &nbsp;&nbsp;Carol Cersosimo<br> Manager<br> Personal Securities Trading Group | &nbsp;&nbsp;Revised to transfer the classification responsibility from Local Compliance to the 1<sup>st</sup> Line of Business for Investment Services; removed reference to IEC Oversight and Senior Leadership Team Members. |
|  | &nbsp;&nbsp;June 8, 2018 | &nbsp;&nbsp;Gerald DiMarco<br> Manager<br> Global Ethics Office | &nbsp;&nbsp;The document was reviewed and reapproved without changes, pending substantive revisions anticipated for July 2018. |
|  | &nbsp;&nbsp;April 3, 2018 | &nbsp;&nbsp;Gerald DiMarco<br> Manager<br> Global Ethics Office | &nbsp;&nbsp;Revised to include existing requirement for pre-approval prior to divesting from an affiliated fund; other minor edits. |

---

PUBLIC

January 29, 2024

**Personal Securities Trading Policy**<br> Policy Number: I-A-045

![](exp32meitp_img02.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.4 Document Hierarchy

---

| | | |
|:---|:---|:---|
| **Document Type** | **Name of Document** | **Relationship** |
| Level 3 Policy | II-A-600: Employee Compliance Policy | Parent |
| Level 3 Policy | I-C-170: Policy on Rule 10b5-1 Plans | Child |
| Level 4 Standard | III-A-200: Personal Securities Trading – Compliance | Child |
| Level 4 Standard | III-AS-0-039(E): Personal Securities Trading – Global - ASD | Child |
| Level 4 Standard | III-AS-0-039(P): Negociação de Ativos Pessoais - Brasil - AS | Child |
| Level 5 Procedure | III-PI-1.057: Engineering Personal Securities Trading Administration Procedure | Child |
| Level 5 Procedure | III-RG-041: Personal Securities Trading: Overview | Child |
| Level 5 Procedure | II-K-010: Personal Securities Trading - Employee Classification Procedure (Investment Management) | Child |
| Level 5 Procedure | III-GG-420: Personal Securities Trading - Risk | Child |
| Level 5 Procedure | III-CS-041: Personal Securities Trading Overview Procedure | Child |
| Level 5 Procedure | III-OB-1.1241: CCM Personal Securities Trading Procedure | Child |
| Level 5 Procedure | III-OC-1.395-210: Personal Securities Trading: Overview(CT) | Child |
| Level 5 Procedure | III-OD-1.106: Depositary Receipts Information Barrier & Personal Securities Trading Procedure | Child |
| Level 5 Procedure | III-TS-1.197-105: Personal Securities Trading | Child |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.5 Other Applicable Documents

---

| | |
|:---|:---|
| **Document Type** | **Name of Document** |
| Policy | I-A-010: Code of Conduct |
| Level 3 Policy | I-A-035: Business Conflicts of Interest |
| Level 3 Policy | I-A-046: Information Barrier Policy |
| Level 3 Policy | I-A-040: Market Abuse Policy |
| Level 3 Policy | I-A-049: Volcker Covered Funds Policy |
| Level 3 Policy | I.N.500: Enterprise Insider Threat Policy |
| Tier I Policy | II-H-610: Managing Performance and Conduct through Corrective Action |
| Web Link | Proprietary Fund Listing |
| Web Link | Approved Broker List |
| Web Link | Code RAP |
| Web Link | Affiliated Fund Request |
| Web Link | Volcker Compliance site |

---

PUBLIC

January 29, 2024

## Exhibit 99.29

[JNL INVESTORS SERIES TRUST 485BPOS](jnlist-485bpos_042726.htm)

Ex. 99.29

![](ex29jackaff126001.jpg)

**JACKSON FINANCIAL INC.**

**Restricted Securities/Affiliates List**

Effective January 1, 2026<sup>1</sup>

------

**<u>Restricted Securities</u>**

---

| |
|:---|
| &nbsp;&nbsp;**COMPANY** |
| &nbsp;&nbsp;Jackson Financial Inc. |
| &nbsp;&nbsp;Jackson National Life Global Funding |

---

**<u>Minority Interest Holders</u>**

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Company** | &nbsp;&nbsp;**Country of <br> Organization** |
| &nbsp;&nbsp;The Vanguard Group | &nbsp;&nbsp;United States (Pennsylvania) &nbsp;&nbsp;13.41% Minority Interest held in Jackson Financial Inc.<sup>2</sup> |
| &nbsp;&nbsp;BlackRock, Inc. | &nbsp;&nbsp;United States (Delaware) &nbsp;&nbsp;9.8% Minority Interest held in Jackson Financial Inc.<sup>3</sup> |
| &nbsp;&nbsp;BlackRock Life Limited | &nbsp;&nbsp;United Kingdom &nbsp;&nbsp;<5% Minority Interest held in Jackson Financial Inc.<sup>3</sup> |
| &nbsp;&nbsp;Aperio Group, LLC | &nbsp;&nbsp;California &nbsp;&nbsp;<5% Minority Interest held in Jackson Financial Inc.<sup>3</sup> |
| &nbsp;&nbsp;BlackRock Advisors, LLC | &nbsp;&nbsp;United States (Delaware) &nbsp;&nbsp;<5% Minority Interest held in Jackson Financial Inc.<sup>3</sup> |
| &nbsp;&nbsp;BlackRock (Netherlands) B.V. | &nbsp;&nbsp;Netherlands &nbsp;&nbsp;<5% Minority Interest held in Jackson Financial Inc.<sup>3</sup> |
| &nbsp;&nbsp;BlackRock Institutional Trust Company, National Association | &nbsp;&nbsp;United States (California) &nbsp;&nbsp;<5% Minority Interest held in Jackson Financial Inc.<sup>3</sup> |
| &nbsp;&nbsp;BlackRock Asset Management Ireland Limited | &nbsp;&nbsp;Ireland &nbsp;&nbsp;<5% Minority Interest held in Jackson Financial Inc.<sup>3</sup> |
| &nbsp;&nbsp;BlackRock Financial Management, Inc. | &nbsp;&nbsp;United States (Delaware) &nbsp;&nbsp;<5% Minority Interest held in Jackson Financial Inc.<sup>3</sup> |
| &nbsp;&nbsp;BlackRock Asset Management Schweiz AG | &nbsp;&nbsp;Switzerland &nbsp;&nbsp;<5% Minority Interest held in Jackson Financial Inc.<sup>3</sup> |
| &nbsp;&nbsp;BlackRock Investment Management, LLC | &nbsp;&nbsp;United States (Delaware) &nbsp;&nbsp;<5% Minority Interest held in Jackson Financial Inc.<sup>3</sup> |
| &nbsp;&nbsp;BlackRock Investment Management (UK) Limited | &nbsp;&nbsp;United Kingdom &nbsp;&nbsp;<5% Minority Interest held in Jackson Financial Inc.<sup>3</sup> |
| &nbsp;&nbsp;BlackRock Asset Management Canada Limited | &nbsp;&nbsp;Canada &nbsp;&nbsp;<5% Minority Interest held in Jackson Financial Inc.<sup>3</sup> |
| &nbsp;&nbsp;BlackRock (Luxembourg) S.A. | &nbsp;&nbsp;Luxembourg &nbsp;&nbsp;<5% Minority Interest held in Jackson Financial Inc.<sup>3</sup> |
| &nbsp;&nbsp;BlackRock Investment Management (Australia) Limited | &nbsp;&nbsp;Australia &nbsp;&nbsp;<5% Minority Interest held in Jackson Financial Inc.<sup>3</sup> |
| &nbsp;&nbsp;BlackRock Fund Advisors | &nbsp;&nbsp;United States (California) &nbsp;&nbsp;5% or more Minority Interest held in Jackson Financial Inc.<sup>3</sup> |
| &nbsp;&nbsp;BlackRock Fund Managers Ltd | &nbsp;&nbsp;United Kingdom &nbsp;&nbsp;<5% Minority Interest held in Jackson Financial Inc.<sup>3</sup> |
| &nbsp;&nbsp;Dimensional Fund Advisors LP | &nbsp;&nbsp;United States (Delaware) &nbsp;&nbsp;5.3% Minority Interest held in Jackson Financial Inc.<sup>4</sup> |

---

------

1. **Information as of January 1, 2026, except where otherwise indicated, based on information contained in public filings on EDGAR. To the extent entities have not amended their beneficial ownership filings on EDGAR, actual percentages may differ.**

2. Percentage held as of February 13, 2024, as reported on SC 13G/A (Amendment No. 3) filed by The Vanguard Group on EDGAR, subject to change. For a more detailed description, please see Jackson Financial Inc.'s Proxy Statement filed on EDGAR on April 8, 2025.

3. Percentage held as of March 7, 2024, as reported on SC 13G/A (Amendment No. 2) filed by BlackRock, Inc. on EDGAR, subject to change. For a more detailed description, please see Jackson Financial Inc.'s Proxy Statement filed on EDGAR on April 8, 2025.

4. Percentage held as of February 9, 2024, as reported on SC 13G filed by Dimensional Fund Advisors LP on EDGAR, subject to change. For a more detailed description, please see Jackson Financial Inc.'s Proxy Statement filed on EDGAR on April 8, 2025.

**- 1** -

As of January 1, 2026

updated by: Jackson Legal, Office of the Corporate Secretary

![](ex29jackaff126001.jpg)

**<u>Affiliates</u>**

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Company** | &nbsp;&nbsp;**State / Country of <br> Organization** | &nbsp;&nbsp;**Control/Ownership<sup>5</sup> Publicly Traded indicated in red**<br> **Broker/Dealer indicated in green** |
| &nbsp;&nbsp;<br> Allied Life Brokerage Agency, Inc. | &nbsp;&nbsp;Iowa | &nbsp;&nbsp;100% Jackson National Life Insurance Company |
| &nbsp;&nbsp;Brier Capital LLC | &nbsp;&nbsp;Michigan | &nbsp;&nbsp;100% Brooke Life Insurance Company |
| &nbsp;&nbsp;Brooke Life Insurance Company | &nbsp;&nbsp;Michigan | &nbsp;&nbsp;100% Jackson Holdings LLC |
| &nbsp;&nbsp;Brooke Life Reinsurance Company | &nbsp;&nbsp;Michigan | &nbsp;&nbsp;100% Brooke Life Insurance Company |
| &nbsp;&nbsp;Hermitage Management, LLC | &nbsp;&nbsp;Michigan | &nbsp;&nbsp;100% Jackson National Life Insurance Company |
| &nbsp;&nbsp;Hickory Brooke Reinsurance Company | &nbsp;&nbsp;Michigan | &nbsp;&nbsp;100% Brooke Life Reinsurance Company |
| &nbsp;&nbsp;Jackson Brooke LLC | &nbsp;&nbsp;Delaware | &nbsp;&nbsp;100% Brooke Life Insurance Company |
| &nbsp;&nbsp;Jackson Finance LLC | &nbsp;&nbsp;Michigan | &nbsp;&nbsp;100% Jackson Financial Inc. |
| &nbsp;&nbsp;Jackson Holdings LLC | &nbsp;&nbsp;Delaware | &nbsp;&nbsp;100% Jackson Financial Inc. |
| &nbsp;&nbsp;Jackson National Asset Management, LLC | &nbsp;&nbsp;Michigan | &nbsp;&nbsp;100% Jackson National Life Insurance Company |
| &nbsp;&nbsp;Jackson National Life Distributors LLC | &nbsp;&nbsp;Delaware | &nbsp;&nbsp; Broker/Dealer / *Identifiers:* CRD#: 40178; SEC#: 8-48984<br> 100% Jackson National Life Insurance Company |
| &nbsp;&nbsp;Jackson National Life Insurance Agency, LLC | &nbsp;&nbsp;Illinois | &nbsp;&nbsp;100% Jackson National Life Distributors LLC |
| &nbsp;&nbsp;Jackson National Life Insurance Company | &nbsp;&nbsp;Michigan | &nbsp;&nbsp;100% Brooke Life Insurance Company |
| &nbsp;&nbsp;Jackson National Life Insurance Company of New York | &nbsp;&nbsp;New York | &nbsp;&nbsp;100% Jackson National Life Insurance Company |
| &nbsp;&nbsp;Mission Plans of America, Inc. | &nbsp;&nbsp;Texas | &nbsp;&nbsp;100% Jackson National Life Insurance Company |
| &nbsp;&nbsp;National Planning Holdings LLC | &nbsp;&nbsp;Delaware | &nbsp;&nbsp;100% Jackson National Life Insurance Company |
| &nbsp;&nbsp;PGDS (US One) LLC | &nbsp;&nbsp;Delaware | &nbsp;&nbsp;100% Jackson National Life Insurance Company |
| &nbsp;&nbsp;PPM America Capital Partners III, LLC | &nbsp;&nbsp;Delaware | &nbsp;&nbsp;60.50% PPM America, Inc. |
| &nbsp;&nbsp;PPM America Capital Partners IV, LLC | &nbsp;&nbsp;Delaware | &nbsp;&nbsp;34.50% PPM America, Inc. |
| &nbsp;&nbsp;PPM America Capital Partners V, LLC | &nbsp;&nbsp;Delaware | &nbsp;&nbsp;34% PPM America, Inc. |
| &nbsp;&nbsp;PPM America Capital Partners VI, LLC | &nbsp;&nbsp;Delaware | &nbsp;&nbsp;32% PPM America, Inc. |
| &nbsp;&nbsp;PPM America Capital Partners VII, LLC | &nbsp;&nbsp;Delaware | &nbsp;&nbsp;15.18% PPM America, Inc. |

---

**- 2** -

As of January 1, 2026

updated by: Jackson Legal, Office of the Corporate Secretary

![](ex29jackaff126001.jpg)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;PPM America Capital Partners VIII, LLC | &nbsp;&nbsp;Delaware | &nbsp;&nbsp;50.01% PPM America, Inc. |
| &nbsp;&nbsp;PPM America Capital Partners IX, LLC | &nbsp;&nbsp;Delaware | &nbsp;&nbsp;68.71% PPM America, Inc. |
| &nbsp;&nbsp;PPM Pomona Capital Partners, LLC | &nbsp;&nbsp;Delaware | &nbsp;&nbsp;45% PPM America, Inc. |
| &nbsp;&nbsp;PPM OV Capital Partners, LLC | &nbsp;&nbsp;Delaware | &nbsp;&nbsp;10% PPM America, Inc. |
| &nbsp;&nbsp;PPM Strategic Opportunities Capital Partners I, LLC | &nbsp;&nbsp;Delaware | &nbsp;&nbsp;94.24% PPM America, Inc. |
| &nbsp;&nbsp;PPM America, Inc. | &nbsp;&nbsp;Delaware | &nbsp;&nbsp;100% PPM Holdings, Inc. |
| &nbsp;&nbsp;PPM Holdings, Inc. | &nbsp;&nbsp;Delaware | &nbsp;&nbsp;100% Jackson Holdings LLC |
| &nbsp;&nbsp;PPM Loan Management Company 2, LLC | &nbsp;&nbsp;Delaware | &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. |
| &nbsp;&nbsp;REALIC of Jacksonville Plans, Inc. | &nbsp;&nbsp;Texas | &nbsp;&nbsp;100% Jackson National Life Insurance Company |
| &nbsp;&nbsp;ROP, Inc. | &nbsp;&nbsp;Delaware | &nbsp;&nbsp;100% Jackson National Life Insurance Company |
| &nbsp;&nbsp;Squire Reassurance Company II, Inc. | &nbsp;&nbsp;Michigan | &nbsp;&nbsp;100% Jackson National Life Insurance Company |
| &nbsp;&nbsp;VFL International Life Company SPC, Ltd. | &nbsp;&nbsp;Cayman Islands | &nbsp;&nbsp;100% Jackson National Life Insurance Company |

---

5. Based on most recently available information.

---

| | |
|:---|:---|
| &nbsp;&nbsp;**PPM's Investment Products and related Entities where ultimate JFI ownership is greater than 5<sup>6</sup>** | &nbsp;&nbsp;**State / Country of Organization** |
| &nbsp;&nbsp;AA Euro Investment Fund (Lux) SCSP | &nbsp;&nbsp;Luxembourg |
| &nbsp;&nbsp;AA GP Solutions Fund, L.P. | &nbsp;&nbsp;Delaware |
| &nbsp;&nbsp;AA MMF 1 Holdco LP | &nbsp;&nbsp;Delaware |
| &nbsp;&nbsp;AA Tundra Investor, L.P. | &nbsp;&nbsp;Delaware |
| &nbsp;&nbsp;AA WH Holdco, L.P. | &nbsp;&nbsp;Delaware |
| &nbsp;&nbsp;AG Essential Housing Fund II, L.P. | &nbsp;&nbsp;Delaware |
| &nbsp;&nbsp;AOP Finance Partners, L.P. | &nbsp;&nbsp;Delaware |
| &nbsp;&nbsp;B2B Solutions, LLC | &nbsp;&nbsp;Delaware |
| &nbsp;&nbsp;Carlyle Infrastructure Credit Fund Note Issuer, L.P. | &nbsp;&nbsp;Delaware |
| &nbsp;&nbsp;Centre Capital Non-Qualified Investors V AIV-ELS, L.P. | &nbsp;&nbsp;Delaware |
| &nbsp;&nbsp;Centre Capital Non-Qualified Investors V, L.P. | &nbsp;&nbsp;Delaware |
| &nbsp;&nbsp;CEP IV-A CWV AIV Limited Partnership | &nbsp;&nbsp;Canada |
| &nbsp;&nbsp;CEP IV-A Davenport AIV LP | &nbsp;&nbsp;Canada |
| &nbsp;&nbsp;CEP IV-A NMR AIV Limited Partnership | &nbsp;&nbsp;Canada |

---

**- 3** -

As of January 1, 2026

updated by: Jackson Legal, Office of the Corporate Secretary

![](ex29jackaff126001.jpg)

---

| | |
|:---|:---|
| &nbsp;&nbsp;CEP V-A CS AIV Limited Partnership | &nbsp;&nbsp;Canada |
| &nbsp;&nbsp;CEP V-A DR AIV Limited Partnership | &nbsp;&nbsp;Canada |
| &nbsp;&nbsp;CEP V-A WBLI AIV Limited Partnership | &nbsp;&nbsp;Canada |
| &nbsp;&nbsp;CEP VI-A AEP AIV Limited Partnership | &nbsp;&nbsp;Canada |
| &nbsp;&nbsp;CEP VI-A BTD AIV Limited Partnership | &nbsp;&nbsp;Canada |
| &nbsp;&nbsp;CEP VI-A MLPT AIV Limited Partnership | &nbsp;&nbsp;Canada |
| &nbsp;&nbsp;CEP VI-A Nextech AIV Limited Partnership | &nbsp;&nbsp;Canada |
| &nbsp;&nbsp;CEP VI-A NH Gaming AIV Limited Partnership | &nbsp;&nbsp;Canada |
| &nbsp;&nbsp;CEP VI-A RO AIV Limited Partnership | &nbsp;&nbsp;Canada |
| &nbsp;&nbsp;CEP VI-A SW AIV LP | &nbsp;&nbsp;Canada |
| &nbsp;&nbsp;CEP VI-A WY Gaming AIV Limited Partnership | &nbsp;&nbsp;Canada |
| &nbsp;&nbsp;Chartwell Investments II, LP | &nbsp;&nbsp;Delaware |
| &nbsp;&nbsp;CIABB Holdings LLC | &nbsp;&nbsp;Delaware |
| &nbsp;&nbsp;Family Bakery Holdings, LLC | &nbsp;&nbsp;Delaware |
| &nbsp;&nbsp;FH VH Co-Invest Aggregator, L.P. | &nbsp;&nbsp;Delaware |
| &nbsp;&nbsp;Haveli VC Gaming Fund I, LP | &nbsp;&nbsp;Delaware |
| &nbsp;&nbsp;Island NYC Recovery Fund I L.P. | &nbsp;&nbsp;Delaware |
| &nbsp;&nbsp;Leeds Learnosity Co-Invest, L.P. | &nbsp;&nbsp;Delaware |
| &nbsp;&nbsp;LGP Sage PC Coinvest LP | &nbsp;&nbsp;Delaware |
| &nbsp;&nbsp;LM Carpenter Co-Invest I LP | &nbsp;&nbsp;Delaware |
| &nbsp;&nbsp;Lovell Minnick Equity Partners III LP | &nbsp;&nbsp;Delaware |
| &nbsp;&nbsp;Lovell Minnick Equity Partners Tailwind Co-Invest I LP | &nbsp;&nbsp;Delaware |
| &nbsp;&nbsp;Motive Capital Fund II-A (AIV 1), LP | &nbsp;&nbsp;Delaware |
| &nbsp;&nbsp;Motive Capital Fund II-A, LP | &nbsp;&nbsp;Delaware |
| &nbsp;&nbsp;NewSpring Growth Capital III, L.P. | &nbsp;&nbsp;Delaware |
| &nbsp;&nbsp;NNN AGP Opportunities Fund, L.P. | &nbsp;&nbsp;Delaware |
| &nbsp;&nbsp;NNN AGP Opportunities Fund II, L.P. | &nbsp;&nbsp;Delaware |
| &nbsp;&nbsp;NNN AGP Opportunities Fund III, L.P. | &nbsp;&nbsp;Delaware |
| &nbsp;&nbsp;NOVA Infrastructure Fund I L.P. | &nbsp;&nbsp;Delaware |
| &nbsp;&nbsp;NOVA Infrastructure Holdings LP | &nbsp;&nbsp;Delaware |
| &nbsp;&nbsp;Novacap FS Revau CV, L.P. | &nbsp;&nbsp;Canada |

---

**- 4** -

As of January 1, 2026

updated by: Jackson Legal, Office of the Corporate Secretary

![](ex29jackaff126001.jpg)

---

| | |
|:---|:---|
| &nbsp;&nbsp;NSG III S2S (Unblocked), L.P. | &nbsp;&nbsp;Delaware |
| &nbsp;&nbsp;NSG V Unblocked AIV, L.P. | &nbsp;&nbsp;Delaware |
| &nbsp;&nbsp;Old Hickory Fund I, LLC | &nbsp;&nbsp;Delaware |
| &nbsp;&nbsp;PP Napa Holdings, LLC | &nbsp;&nbsp;Delaware |
| &nbsp;&nbsp;PPM America Private Equity Fund VIII-A LP | &nbsp;&nbsp;Delaware |
| &nbsp;&nbsp;PPM America Private Equity Aggregator Fund IX LP | &nbsp;&nbsp;Delaware |
| &nbsp;&nbsp;PPM America Private Equity Fund IX LP | &nbsp;&nbsp;Delaware |
| &nbsp;&nbsp;PPM Strategic Opportunities Fund I LP | &nbsp;&nbsp;Delaware |
| &nbsp;&nbsp;PPM Strategic Opportunities Aggregator Fund I LP | &nbsp;&nbsp;Delaware |
| &nbsp;&nbsp;PPM CLO 2018-1 Ltd. | &nbsp;&nbsp;Cayman Islands |
| &nbsp;&nbsp;PPM CLO 2018-1, LLC | &nbsp;&nbsp;Delaware |
| &nbsp;&nbsp;PPM CLO 2 Ltd. | &nbsp;&nbsp;Cayman Islands |
| &nbsp;&nbsp;PPM CLO 2, LLC | &nbsp;&nbsp;Delaware |
| &nbsp;&nbsp;PPM CLO 3 Ltd. | &nbsp;&nbsp;Cayman Islands |
| &nbsp;&nbsp;PPM CLO 3, LLC | &nbsp;&nbsp;Delaware |
| &nbsp;&nbsp;PPM CLO 4 Ltd. | &nbsp;&nbsp;Cayman Islands |
| &nbsp;&nbsp;PPM CLO 4, LLC | &nbsp;&nbsp;Delaware |
| &nbsp;&nbsp;PPM CLO 5 Ltd. | &nbsp;&nbsp;Cayman Islands |
| &nbsp;&nbsp;PPM CLO 5, LLC | &nbsp;&nbsp;Delaware |
| &nbsp;&nbsp;PPM CLO 6-R Ltd. | &nbsp;&nbsp;Jersey |
| &nbsp;&nbsp;PPM CLO 6, LLC | &nbsp;&nbsp;Delaware |
| &nbsp;&nbsp;PPM CLO 7, LLC | &nbsp;&nbsp;Delaware |
| &nbsp;&nbsp;PPM CLO 7 Ltd. | &nbsp;&nbsp;Jersey |
| &nbsp;&nbsp;PPM CLO 8, LLC | &nbsp;&nbsp;Delaware |
| &nbsp;&nbsp;PPM CLO 8 Ltd. | &nbsp;&nbsp;Cayman Islands |
| &nbsp;&nbsp;Pretium Olympus JV, L.P. | &nbsp;&nbsp;Delaware |
| &nbsp;&nbsp;PT Co-Investor Holdings, L.P. | &nbsp;&nbsp;Delaware |
| &nbsp;&nbsp;Seidler Equity Partners IV, L.P. | &nbsp;&nbsp;Delaware |
| &nbsp;&nbsp;SEP VII RB Holdings, L.P. | &nbsp;&nbsp;Delaware |
| &nbsp;&nbsp;SFR Delos Partners, L.P. | &nbsp;&nbsp;Delaware |
| &nbsp;&nbsp;TCP Analytical Holdings II, LLC | &nbsp;&nbsp;Delaware |

---

**- 5** -

As of January 1, 2026

updated by: Jackson Legal, Office of the Corporate Secretary

![](ex29jackaff126001.jpg)

TPG GP Solutions Inbox CI, LP <u>Delaware</u> <br> 

6. Based on most recently available information.

---

| |
|:---|
| &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* |
| &nbsp;&nbsp;JNL Investors Series Trust |
| &nbsp;&nbsp;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* |
| &nbsp;&nbsp;Jackson Credit Opportunities Fund |
| &nbsp;&nbsp;Jackson Real Assets Fund |

---

**- 6** -

As of January 1, 2026

updated by: Jackson Legal, Office of the Corporate Secretary