# EDGAR Filing Document

**Accession Number:** 0001121257
**File Stem:** 0001121257-23-000006
**Filing Date:** 2023-3
**Character Count:** 910108
**Document Hash:** e2985999b60140a8f3cc9265472dc32a
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001121257-23-000006.hdr.sgml**: 20230302

**ACCESSION NUMBER**: 0001121257-23-000006

**CONFORMED SUBMISSION TYPE**: 485APOS

**PUBLIC DOCUMENT COUNT**: 24

**FILED AS OF DATE**: 20230302

**DATE AS OF CHANGE**: 20230302

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** JNL INVESTORS SERIES TRUST
- **CENTRAL INDEX KEY:** 0001121257
- **IRS NUMBER:** 000000000
- **STATE OF INCORPORATION:** MA
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 485APOS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-10041
- **FILM NUMBER:** 23698324

**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
- **IRS NUMBER:** 000000000
- **STATE OF INCORPORATION:** MA
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 485APOS
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 333-43300
- **FILM NUMBER:** 23698323

**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 (Institutional) |  |

### JNL Securities Lending Collateral Fund (Series ID: S000062466)

| Class ID   | Class Name                                    | Ticker Symbol   |
|:---|:---|:---|
| C000202648 | JNL Securities Lending Collateral Fund (Inst) |  |

---

| | | |
|:---|:---|:---|
| As filed with the Securities and Exchange Commission on March 2, 2023. | As filed with the Securities and Exchange Commission on March 2, 2023. | As filed with the Securities and Exchange Commission on March 2, 2023. |
| 1933 Act Registration No. 333-43300 | 1933 Act Registration No. 333-43300 | 1933 Act Registration No. 333-43300 |
| 1940 Act Registration No. 811-10041 | 1940 Act Registration No. 811-10041 | 1940 Act Registration No. 811-10041 |
| SECURITIES AND EXCHANGE COMMISSION | SECURITIES AND EXCHANGE COMMISSION | SECURITIES AND EXCHANGE COMMISSION |
| Washington, D.C. 20549 | Washington, D.C. 20549 | Washington, D.C. 20549 |
| FORM N-1A | FORM N-1A | FORM N-1A |
| REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933 | REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933 | REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933 |
| Pre-Effective Amendment No. [ ] | Pre-Effective Amendment No. [ ] | Pre-Effective Amendment No. [ ] |
| Post-Effective Amendment No. 53 | Post-Effective Amendment No. 53 | Post-Effective Amendment No. 53 |
| and/or | and/or | and/or |
| REGISTRATION STATEMENT UNDER THE INVESTMENT COMPANY ACT OF 1940 | REGISTRATION STATEMENT UNDER THE INVESTMENT COMPANY ACT OF 1940 | REGISTRATION STATEMENT UNDER THE INVESTMENT COMPANY ACT OF 1940 |
| Amendment No. 54 | Amendment No. 54 | Amendment No. 54 |
| <u>JNL INVESTORS SERIES TRUST</u> | <u>JNL INVESTORS SERIES TRUST</u> | <u>JNL INVESTORS SERIES TRUST</u> |
| (Exact Name of Registrant as Specified in Charter) | (Exact Name of Registrant as Specified in Charter) | (Exact Name of Registrant as Specified in Charter) |
| <u>1 Corporate Way, Lansing, Michigan 48951</u> | <u>1 Corporate Way, Lansing, Michigan 48951</u> | <u>1 Corporate Way, Lansing, Michigan 48951</u> |
| (Address of Principal Executive Offices) (Zip Code) | (Address of Principal Executive Offices) (Zip Code) | (Address of Principal Executive Offices) (Zip Code) |
| Registrant's Telephone Number, including Area Code: <u>(517) 381-5500</u> | Registrant's Telephone Number, including Area Code: <u>(517) 381-5500</u> | Registrant's Telephone Number, including Area Code: <u>(517) 381-5500</u> |
| <u>225 West Wacker Drive, Chicago, Illinois 60606</u> | <u>225 West Wacker Drive, Chicago, Illinois 60606</u> | <u>225 West Wacker Drive, Chicago, Illinois 60606</u> |
| (Mailing Address) | (Mailing Address) | (Mailing Address) |
| with a copy to: | with a copy to: | with a copy to: |
| with a copy to: | with a copy to: | with a copy to: |
|  | Emily J. Bennett, Esq. | Ropes & Gray LLP |
|  | JNL Investors Series Trust | 32nd Floor |
|  | Assistant Secretary | 191 North Wacker Drive |
|  | 1 Corporate Way | Chicago, Illinois 60606 |
|  | Lansing, Michigan 48951 | Attn: Paulita A. Pike, Esq. |
| (Name and Address of Agent for Service) | (Name and Address of Agent for Service) | (Name and Address of Agent for Service) |
| It is proposed that this filing will become effective (check appropriate box) | It is proposed that this filing will become effective (check appropriate box) | It is proposed that this filing will become effective (check appropriate box) |
| [ ] | immediately upon filing pursuant to paragraph (b) | immediately upon filing pursuant to paragraph (b) |
| [ ] | on ___________ pursuant to paragraph (b) | on ___________ pursuant to paragraph (b) |
| [X] | 60 days after filing pursuant to paragraph (a)(1) | 60 days after filing pursuant to paragraph (a)(1) |
| [ ] | on ____________ pursuant to paragraph (a)(1) | on ____________ pursuant to paragraph (a)(1) |
| [ ] | 75 days after filing pursuant to paragraph (a)(2) | 75 days after filing pursuant to paragraph (a)(2) |
| [ ] | on (date) pursuant to paragraph (a)(2) of Rule 485 | on (date) pursuant to paragraph (a)(2) of Rule 485 |
| [ ] | This post-effective amendment designates a new effective date for a previously filed post-effective amendment. | This post-effective amendment designates a new effective date for a previously filed post-effective amendment. |
| Part C. | Part C. | Part C. |
| 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. | 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. | 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. |
| This Amendment to the Registration Statement on Form N-1A (the "Registration Statement") is being filed pursuant to Rule 485(a) under the Securities Act of 1933, as amended. This Amendment is being filed to describe the following changes effective May 1, 2023: | This Amendment to the Registration Statement on Form N-1A (the "Registration Statement") is being filed pursuant to Rule 485(a) under the Securities Act of 1933, as amended. This Amendment is being filed to describe the following changes effective May 1, 2023: | This Amendment to the Registration Statement on Form N-1A (the "Registration Statement") is being filed pursuant to Rule 485(a) under the Securities Act of 1933, as amended. This Amendment is being filed to describe the following changes effective May 1, 2023: |
| 1) | To add Class SL shares to the JNL Government Money Market Fund. | To add Class SL shares to the JNL Government Money Market Fund. |
| 2) | To change the name of the Institutional Class shares to Class I shares for the JNL Government Money Market Fund; and | To change the name of the Institutional Class shares to Class I shares for the JNL Government Money Market Fund; and |
| 3) | To reflect other changes. | To reflect other changes. |
| <br> The supplement described herein above is intended to supplement the Registration Statement, which was filed with the Commission on April 21, 2022, as part of Post-Effective Amendment No. 52 to the Registration Statement (Accession No. 0001387131-22-005101) and to file exhibits to the Registration Statement. This Amendment does not otherwise delete, amend or supersede any other prospectus, Statement of Additional Information, exhibit, undertaking, or other information contained in the Registration Statement. | <br> The supplement described herein above is intended to supplement the Registration Statement, which was filed with the Commission on April 21, 2022, as part of Post-Effective Amendment No. 52 to the Registration Statement (Accession No. 0001387131-22-005101) and to file exhibits to the Registration Statement. This Amendment does not otherwise delete, amend or supersede any other prospectus, Statement of Additional Information, exhibit, undertaking, or other information contained in the Registration Statement. | <br> The supplement described herein above is intended to supplement the Registration Statement, which was filed with the Commission on April 21, 2022, as part of Post-Effective Amendment No. 52 to the Registration Statement (Accession No. 0001387131-22-005101) and to file exhibits to the Registration Statement. This Amendment does not otherwise delete, amend or supersede any other prospectus, Statement of Additional Information, exhibit, undertaking, or other information contained in the Registration Statement. |

---

------

**PROSPECTUS**

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

May 1, 2023

**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 separate funds (collectively, "Funds").

The Trust currently offers interests in the following separate Funds, each with its own investment objective.

JNL Government Money Market Fund Class I and Class SL <br> JNL Securities Lending Collateral Fund Institutional Class

For more detailed information about the Trust and the Funds, please refer to the Funds' Statement of Additional Information ("SAI") dated May 1, 2023, 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 Each Fund](#jnl-pro_a001) | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment Objective, Expenses, Portfolio Turnover, Principal Investment Strategies, Principal |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Risks of Investing in the Fund, Performance, Portfolio Management, Purchase and Redemption of Fund |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares, Tax Information, and Payments to Broker-Dealers and Financial Intermediaries |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [JNL Government Money Market Fund](#jnl-pro_a002) | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [JNL Securities Lending Collateral Fund](#jnl-pro_a003) | 4 |
| Additional Information About Each Fund | 7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment Objective, Principal Investment Strategies, Principal Risks of Investing in the Fund, |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Additional Information About the Other Investment Strategies, Other Investments and Risks, |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividends, the Sub-Adviser and Portfolio Management |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [JNL Government Money Market Fund](#jnl-pro_a004) | 7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [JNL Securities Lending Collateral Fund](#jnl-pro_a005) | 9 |
| [More About the Funds](#jnl-pro_a006) | 11 |
| [Glossary of Risks](#jnl-pro_a007) | 13 |
| [Management of the Trust](#jnl-pro_a008) | 16 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment Adviser, Management Fee, Investment Sub-Adviser, Portfolio Manager(s); Administrator, |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Distributor, Classes of Shares, Rule 12b-1 Plan, Investment in Fund Shares, Disclosure of |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Portfolio Securities, Redemption of Fund Shares, and Tax Status |  |
| [Financial Highlights](#jnl-pro_a009) | 21 |

---

 **Summary Prospectus – May 1, 2023** 

**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<br> (fees paid directly from your investment)**<br> 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;&nbsp;&nbsp;&nbsp;&nbsp;<br> (Expenses that you pay each year as a percentage of the value of your investment)** | **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;&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> | 0.10% |
| Total Annual Fund Operating Expenses<sup>2</sup> | 0.18% |

---

<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> &nbsp;&nbsp;&nbsp;&nbsp;Expense information has been restated to reflect currect fees.

---

| | |
|:---|:---|
| **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;&nbsp;&nbsp;&nbsp;&nbsp;<br> (Expenses that you pay each year as a percentage of the value of your investment)** | **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;&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> | 0.10% |
| Total Annual Fund Operating Expenses | 0.18% |
| Less Waiver/Reimbursement<sup>2</sup> | 0.10% |
| Total Annual Fund Operating Expenses after Waiver/Reimbursement | 0.08% |

---

<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 0.10% 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. Although your actual costs may be higher or lower, based on these assumptions, your costs would be:

---

| | | | |
|:---|:---|:---|:---|
| **JNL Government Money Market Fund Class I** | **JNL Government Money Market Fund Class I** | **JNL Government Money Market Fund Class I** | **JNL Government Money Market Fund Class I** |
| 1 year | 3 years | 5 years | 10 years |
| $18 | $58 | $101 | $230 |

---

---

| | | | |
|:---|:---|:---|:---|
| **JNL Government Money Market Fund Class SL** | **JNL Government Money Market Fund Class SL** | **JNL Government Money Market Fund Class SL** | **JNL Government Money Market Fund Class SL** |
| 1 year | 3 years | 5 years | 10 years |
| $8 | $48 | $91 | $220 |

---

**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 with a maximum remaining maturity of 397 days. Under normal circumstances, the Fund will invest at least 80% of its assets (net assets plus the amount of any borrowings made 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 and/or temporary redemption gate. While the Fund's Board of Trustees may elect to subject the Fund to liquidity fee and gate 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 insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. The Fund's sponsor has no legal obligation to provide financial support to the Fund, and you should not expect that the sponsor will provide financial support to the Fund at any time.

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.

● *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.

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

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

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).

The 7-day yield of the Class I (formerly named Institutional Class) on December 31, 2022, was 3.95%.

Information for Class SL is not shown because Class SL commenced operations on May 1, 2023.

**Annual Total Returns as of December 31**

**Institutional Class**

![](jnl-pro_img001.jpg)

 **Best Quarter (ended 12/31/2022):** 0.84%; **Worst Quarter (ended 3/31/2022):** 0.00%

---

| | | | |
|:---|:---|:---|:---|
| **Average Annual Total Returns as of 12/31/2022** | | | |
| | **1 year** | **5 year** | **10 year** |
| JNL Government Money Market Fund (Class I) | 1.31% | 1.09% | 0.65% |
| FTSE U.S. Treasury Bill Index (1-Month) (reflects no deduction for fees, expenses, or taxes) | 1.48% | 1.20% | 0.71% |

---

**Portfolio Management.**

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

**Sub-Adviser:** <br> Wellington Management Company LLP ("Wellington Management")

**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 or Jackson 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.

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.

 **Summary Prospectus – May 1, 2023** 

**JNL Securities Lending Collateral Fund**

**Institutional Class**

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

---

| | |
|:---|:---|
| **Annual Fund Operating Expenses<br> (Expenses that you pay each year as a percentage of the value of your investment)** | **Annual Fund Operating Expenses<br> (Expenses that you pay each year as a percentage of the value of your investment)** |
| | **Institutional Class** |
| Management Fee | 0.04% |
| Distribution and/or Service (12b-1) Fees | 0.00% |
| Other Expenses<sup>1</sup> | 0.00% |
| Total Annual Fund Operating Expenses | 0.04% |

---

<sup>1</sup> "Other Expenses" include an Administrative Fee of 0.00% which is payable to Jackson National Asset Management, LLC ("JNAM" or "Adviser").

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

---

| | | | |
|:---|:---|:---|:---|
| **JNL Securities Lending Collateral Fund Institutional Class** | **JNL Securities Lending Collateral Fund Institutional Class** | **JNL Securities Lending Collateral Fund Institutional Class** | **JNL Securities Lending Collateral Fund Institutional Class** |
| 1 year | 3 years | 5 years | 10 years |
| $4 | $13 | $23 | $51 |

---

**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 with a maximum remaining maturity of 397 days. As a government money market fund, the Fund is exempt from requirements that permit money market funds to impose a liquidity fee and/or temporary redemption gate. While the Fund's Board of Trustees may elect to subject the Fund to liquidity fee and gate requirements in the future, the Board of Trustees has not elected to do so at this time.

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.** 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 insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. The Fund's sponsor has no legal obligation to provide financial support to the Fund, and you should not expect that the sponsor will provide financial support to the Fund at any time.

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.

● *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.

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

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

The 7-day yield on December 31, 2022, was 3.83%.

**Annual Total Returns as of December 31**

**Class A**

![](jnl-pro_img002.jpg)

 **Best Quarter (ended 12/31/2022):** 0.84%; **Worst Quarter (ended 9/30/2021):** 0.00%

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| | | |
|:---|:---|:---|
| **Average Annual Total Returns as of 12/31/2022** | | |
| | **1 year** | **Life of Fund (August 13, 2018)** |
| JNL Securities Lending Collateral Fund (Class A) | 1.55% | 1.15 <br> %  |
| FTSE U.S. Treasury Bill Index (1-Month) (reflects no deduction for fees, expenses, or taxes) | 1.48% | 1.14 %  |

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**Portfolio Management.**

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

**Sub-Adviser:** <br> Wellington Management Company LLP ("Wellington Management")

**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 or Jackson 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.

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 Each 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 with a maximum remaining maturity of 397 days. Under normal circumstances, the Fund will invest at least 80% of its assets (net assets plus the amount of any borrowings made 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 and/or temporary redemption gate. While the Fund's Board of Trustees may elect to subject the Fund to liquidity fee and gate requirements 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:

<br> ● *Fixed-income risk*

<br> ● *Income risk*

<br> ● *Interest rate risk*

<br> ● *Repurchase agreements, purchase and sale contracts risk*

<br> ● *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:

<br> ● *Cybersecurity risk*

<br> ● *Expense risk*

<br> ● *Investment in money market funds risk*

<br> ● *Investment strategy risk*

<br> ● *Market risk*

<br> ● *Mortgage-related and other asset-backed securities risk*

<br> ● *Redemption risk*

<br> ● *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 Wellington Management Company LLP ("Wellington Management"). Wellington Management is a Delaware limited liability partnership with principal offices at 280 Congress Street, Boston, Massachusetts 02210. Wellington Management is a professional investment counseling firm which provides investment services to investment companies, employee benefit plans, endowments, foundations, and other institutions. Wellington Management and its predecessor organizations have provided investment advisory services for over 80 years. Wellington Management is owned by the partners of Wellington Management Group LLP, a Massachusetts limited liability partnership.

A discussion regarding the Board of Trustees' basis for approving the sub-advisory agreement is available in the Fund's Annual Report for the period ended December 31, 2022.

**JNL Securities Lending Collateral Fund**

**Institutional Class**

**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 with a maximum remaining maturity of 397 days. As a government money market fund, the Fund is exempt from requirements that permit money market funds to impose a liquidity fee and/or temporary redemption gate. While the Fund's Board of Trustees may elect to subject the Fund to liquidity fee and gate requirements in the future, the Board of Trustees has not elected to do so at this time.

The Fund is used as a cash management vehicle for the cash collateral received in connection with the securities lending program of the Trust's and other affiliated investment companies' securities lending program. 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. As a cash management vehicle for the investment of cash collateral, the Fund may experience large purchases and redemptions over a relatively short time period. The Fund's Sub-Adviser, Wellington Management Company LLP, considers this and other factors in constructing the Fund's portfolio.

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:

<br> ● *Fixed-income risk*

<br> ● *Income risk*

<br> ● *Interest rate risk*

<br> ● *Repurchase agreements, purchase and sale contracts risk*

<br> ● *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:

<br> ● *Cybersecurity risk*

<br> ● *Expense risk*

<br> ● *Investment in money market funds risk*

<br> ● *Investment strategy risk*

<br> ● *Market risk*

<br> ● *Mortgage-related and other asset-backed securities risk*

<br> ● *Redemption risk*

<br> ● *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 Wellington Management Company LLP ("Wellington Management"). Wellington Management is a Delaware limited liability partnership with principal offices at 280 Congress Street, Boston, Massachusetts 02210. Wellington Management is a professional investment counseling firm which provides investment services to investment companies, employee benefit plans, endowments, foundations, and other institutions. Wellington Management and its predecessor organizations have provided investment advisory services for over 80 years. Wellington Management is owned by the partners of Wellington Management Group LLP, a Massachusetts limited liability partnership.

A discussion regarding the Board of Trustees' basis for approving the sub-advisory agreement is available in the Fund's Annual Report for the period ended December 31, 2022.

**More About the Funds**

**Investment Objectives.** The investment objectives of the respective Funds are not fundamental and may be changed by the Board of Trustees without shareholder approval.

Certain of the Funds have adopted non-fundamental operating policies that require at least 80% of the Fund's assets (net assets plus the amount of any borrowings made 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 a Fund which is subject to that Rule.

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

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

**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 Funds' investments and the administration of the Funds. Instruments in which the Funds invest may incur increased regulatory compliance costs, and could be subject to regulatory action. The Funds may incur Dodd-Frank regulatory compliance costs, which could impact performance.

**Restrictions on the Use of Futures Contracts.** Rule 4.5 under the Commodity Exchange Act ("CEA") permits the advisers of registered investment companies to rely on an exclusion from registration under the CEA as a commodity pool operator ("CPO"). Among other conditions, under amended Rule 4.5, the adviser to a registered investment company can claim exclusion from registration as a CPO only if the fund uses commodity interests solely for "bona fide hedging purposes," or limits its use of commodity interests for non-bona fide hedging purposes to certain minimal amounts.

With respect to each Fund of the Trust, JNAM has filed with the NFA a notice claiming an exclusion from the definition of the term "commodity pool operator" under the CEA (the "exclusion"). Accordingly, JNAM is not subject to registration or regulation as a "commodity pool operator" under the CEA with respect to these Funds. To remain eligible for the exclusion, each of these Funds will be limited in its ability to use certain instruments regulated under the CEA ("commodity interests"), including futures and options on futures and certain swaps transactions. In the event that such a Fund's investments in commodity interests are not within the thresholds set forth in the exclusion, JNAM may be required to act in a registered CPO capacity with respect to that Fund. JNAM's eligibility to claim the exclusion with respect to a Fund will be based upon, among other things, the level of the Fund's investment in commodity interests, the purposes of such investments, and the manner in which the Fund holds out its use of commodity interests. The ability of each Fund to invest in commodity interests (including, but not limited to, futures and swaps on broad-based securities indices and interest rates) may be limited by JNAM's intention to operate the Fund in a manner that would permit JNAM to continue to claim the exclusion, which may adversely affect the Fund's total return.

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

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

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

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

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

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

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

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

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

**Glossary of Risks**

The following risks may apply to the Funds. 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. The Fund may be subject to a greater risk of rising interest rates in periods of historically low rates.

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

**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.

At times, when interest rates in the United States are at or near historic lows, a Fund may face increased exposure to risks associated with rising interest rates.

**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 such as the coronavirus (COVID-19) pandemic, war, terrorism or natural disasters, or due to factors affecting particular industries represented in the securities markets, such as competitive conditions. Changes in the financial condition of a single issuer can impact a market as a whole, and adverse market conditions may be prolonged and may not have the same impact on all types of securities. In addition, the markets may not favor a particular kind of security, including equity securities or bonds. The values of securities may fall due to factors affecting a particular issuer, industry or the securities market as a whole.

The COVID-19 pandemic and efforts to contain its spread have negatively affected, and are likely to continue to negatively affect, the global economy, the economies of the United States and other individual countries, and the financial performance of individual issuers, sectors, industries, asset classes, and markets in significant and unforeseen ways. The COVID-19 pandemic has resulted in significant market volatility, exchange trading suspensions and closures, declines in global financial markets, higher default rates, and economic downturns and recessions, and these effects may continue for an extended period of time and may increase in severity over time. In addition, actions taken by government and quasi-governmental authorities and regulators throughout the world in response to the COVID-19 pandemic, including significant fiscal and monetary policy changes, may affect the value, volatility, and liquidity of some securities and other assets. Given the significant uncertainty surrounding the magnitude, duration, reach, costs and effects of the COVID-19 pandemic, as well as actions that have been or could be taken by governmental authorities or other third parties, it is difficult to predict its potential impacts on a Fund's investments. The effects of the COVID-19 pandemic also are likely to exacerbate other risks that apply to a Fund, including the risks disclosed in this prospectus, which could negatively impact the Fund's performance and lead to losses on your investment in the Fund.

**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. 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 the Funds' expenses and may limit the Funds' 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 Funds, such as those issued by Fannie Mae, the Federal Home Loan Mortgage Corporation ("Freddie Mac"), the Federal Home Loan Banks, and other entities chartered or sponsored by Acts of Congress, their securities are neither issued nor guaranteed by the U.S. Treasury and, therefore, are not backed by the full faith and credit of the United States. The U.S. Government may choose not to provide financial support to U.S. Government sponsored agencies or instrumentalities if it is not legally obligated to do so, in which case, if the issuer defaulted, the holder of the securities of such issuer might not be able to recover its investment from the U.S. Government. In September 2008, the U.S. Treasury and the Federal Housing Finance Administration ("FHFA") announced that Fannie Mae and Freddie Mac would be placed into conservatorship under FHFA. The ongoing effect that this conservatorship will continue to have on the entities' debt and equities and on securities guaranteed by the entities is unclear. No assurance can be given that the U.S. Treasury initiatives discussed above with respect to the debt and mortgage-backed securities issued by Fannie Mae and Freddie Mac will be successful. In addition, new accounting standards and future Congressional action may affect the value of Fannie Mae and Freddie Mac debt.

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

**Management of the Trust**

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

**Investment Adviser**

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

The Adviser is an indirect, wholly owned subsidiary of Jackson Financial Inc. ("Jackson"), a leading provider of retirement products for industry professionals and their clients. Jackson and its affiliates offer variable, fixed and fixed index annuities designed for tax-efficient growth and distribution of retirement income for retail customers, as well as products for institutional investors. Prudential plc and Athene Life Re Ltd. each hold a minority economic interest in Jackson. Prudential plc has no relation to Newark, New Jersey-based Prudential Financial Inc.

Under the Investment Advisory and Management Agreement, the Adviser is responsible for managing the affairs and overseeing the investments of the Funds and determining how voting and other rights with respect to securities owned by each Fund will be exercised. The Adviser also provides recordkeeping, administrative and exempt transfer agent services to the Funds and oversees the performance of services provided to each Fund by other service providers, including the custodian and shareholder servicing agent. The Adviser is authorized to delegate certain of its duties with respect to a Fund to a sub-adviser, subject to the approval of the Board, and is responsible for overseeing that Sub-Adviser's performance. The Adviser is solely responsible for payment of any fees to the Sub-Adviser.

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

A discussion regarding the Board's basis for approving the Investment Advisory and Management Agreement for each Fund is available in the Funds' Annual Report for the period ended December 31, 2022.

As of December 31, 2022, the Adviser managed approximately $222.7 billion in assets.

**Management Fee**

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

The table below shows the advisory fee rate schedule for each Fund as set forth in the Investment Advisory and Management Agreement and the aggregate annual fee each Fund paid to the Adviser for the fiscal year ended December 31, 2022. Under this agreement, each Fund's advisory fee rate schedule is subject to contractual breakpoints that reduce the advisory fee rate should the Fund's average daily net assets exceed specified amounts.

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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<br> December 31, 2022** |
| JNL Securities Lending Collateral Fund | $0 to $3 billion | .040% |  |
|  | $3 billion to $5 billion | .035% |  |
|  | Over $5 billion | .030% | 0.04% |
| 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% | 0.18% |

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**Investment Sub-Adviser**

The Adviser has engaged Wellington Management Company LLP ("Wellington Management"), to serve as sub-adviser to JNL Government Money Market Fund and JNL Securities Lending Collateral 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, computed separately for the applicable Fund, stated as an annual percentage of the Fund's net assets. The SAI shows the aggregate fees paid to the Sub-Adviser for the fiscal year ended December 31, 2022. 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 Funds is available in the Funds' Annual Report for the period ended December 31, 2022.

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

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 a particular Fund, please refer to each Fund's Summary Prospectus or the disclosure pertaining to the Fund in the "Additional Information About the Funds" section of this Prospectus.

**Administrator**

JNAM serves as the administrator to the Funds. JNAM, in its capacity as administrator, provides or procures, at its own expense, certain legal, audit, fund accounting, custody (except overdraft and interest expense), printing and mailing, and other administrative services necessary for the operation of the Funds. In addition, JNAM, in its capacity as administrator, also pays a portion of the costs of the Funds' Chief Compliance Officer. The JNL Securities Lending Collateral Fund does not pay JNAM an administrative fee. 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** | **ASSETS** |
| JNL Government Money Market Fund | $0 to $3 billion.100%<sup>1</sup> |
|  | $3 billion to $5 billion.090%<sup>1</sup> |
|  | Assets over $3 billion.080%<sup>1</sup> |

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<sup>1</sup> Jackson National Asset Management, LLC has contractually agreed to waive 0.10% 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.

Each Fund is responsible for trading expenses including brokerage commissions, interest and taxes, and other non-operating expenses. Each Fund is also responsible for nonrecurring and extraordinary legal fees, interest expenses, registration fees, licensing costs, a portion of the Chief Compliance Officer costs, directors and officers insurance, expenses related to the Funds' 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"), a wholly owned subsidiary of Jackson, is the principal underwriter of the Funds and is responsible for promoting sales of the Funds' shares. JNLD also is the principal underwriter of the variable annuity insurance products issued by Jackson and its subsidiaries.

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

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

**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 each Fund is authorized to issue from time to time two classes of shares (Class A and Class I). Currently, the JNL Securities Lending Collateral Fund issues only Institutional Class 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 A shares of a Fund are subject to a Rule 12b-1 fee (as further described below). Class I shares are not subject to a Rule 12b-1 fee.

Under the multi-class structure, the Class A shares and Class I shares of a Fund represent interests in the same portfolio of securities and are substantially the same except for "class expenses." The expenses of a 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 Funds have adopted a distribution plan in accordance with the provisions of Rule 12b-1 under the 1940 Act. Effective July 1, 2017, the Funds adopted an Amended and Restated Distribution Plan ("Amended Plan").

The Board, including all of the Independent Trustees, must approve, at least annually, the continuation of the Amended Plan. Under the Amended Plan, 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 Securities Lending Collateral Fund issue only Institutional Class shares, and 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 Funds are not available to the general public for direct purchase. The Funds' shareholders are mutual funds owned directly or indirectly by separate accounts of Jackson or Jackson National Life Insurance Company of New York ("Jackson NY"). All investments in the Funds 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 Funds' transfer agent in proper form. There is no sales charge.

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

The price of each Fund's shares is based on its NAV. The NAV of a Fund's shares is generally determined by the Adviser once each day on which the New York Stock Exchange ("NYSE") is open (a "Business Day") at the close of the regular trading session of the NYSE (normally 4:00 p.m. Eastern Time, Monday through Friday). However, consistent with legal requirements, calculation of a Fund's NAV may be suspended on days determined by the Board during times of NYSE market closure, which may include times during which the SEC issues policies or protocols associated with such closure pursuant to Section 22(e) of the Investment Company Act of 1940, as amended. The NAV per share of each Fund is calculated by adding the value of all securities and other assets of a Fund, deducting its liabilities, and dividing by the number of shares outstanding. To the extent circumstances prevent the use of the primary calculation methodology previously described, the Adviser may use alternative methods to calculate the NAV. Generally, the value of exchange-listed or exchange-traded securities is based on their respective market prices, and fixed income securities are valued based on prices provided by an independent pricing service.

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 Funds or its agents after the NAV has been calculated on a particular day will not normally be used to retroactively adjust the price of a security or the NAV determined earlier that day.

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

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

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 each Fund's policies and procedures relating to disclosure of portfolio securities is available in the Funds' 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 Funds' transfer agent, in proper form.

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

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

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

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

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

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

Redemptions will generally be in the form of cash, although a Fund reserves the right to redeem in kind from another Fund. If a 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 Funds that are treated for U.S. federal income tax purposes as corporations that intend to qualify and be eligible for treatment as regulated investment companies.

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

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

**Regulated Investment Company Funds**

Each Fund intends 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. Each Fund intends to distribute all its net investment income and net realized capital gains, if any, to shareholders no less frequently than annually and, therefore, does not expect to be required to pay any federal income or excise taxes. However, a Fund's failure to qualify and be eligible for treatment as a regulated investment company would result in fund-level taxation, and consequently, a reduction in income available for distribution to shareholders.

Each Fund is treated as a separate corporation for purposes of the Internal Revenue Code. Therefore, the assets, income, and distributions of each Fund are considered separately for purposes of determining whether or not the Fund qualifies as a regulated investment company.

**Special Considerations for Variable Annuity Funds**

The interests in each Fund are owned by participating insurance companies, qualified pension and retirement plans, and certain other eligible persons or plans permitted to hold shares of the Fund pursuant to the applicable Treasury regulations without impairing the ability of participating insurance companies to satisfy the diversification requirements of Section 817(h) of the Internal Revenue Code. Provided certain requirements are met, distributions from the Funds, 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 Funds intend 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 and Jackson NY. The Sub-Advisory Agreement requires the Funds to be operated in compliance with these diversification requirements. The Sub-Adviser may depart from the investment strategy of a Fund only to the extent necessary to meet these diversification requirements. If a Fund does not meet such diversification requirements, the Contracts could lose their favorable tax treatment and income and gain allocable to the Contracts could be taxable currently to shareholders of the Fund. This could also occur if Contract holders are found to have an impermissible level of control over the investments underlying their Contracts. For more specific information, please refer to the Funds' SAI.

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

**Financial Highlights**

The financial highlights table is intended to help you understand each Fund's financial performance for the past five years or, if shorter, the period of the Fund's operations. Financial information for the Class SL shares of JNL Government Money Market Fund is not provided because the Class SL shares of the JNL Government Money Market Fund is newly created and have not yet commenced operations. The following table provides selected per share data for one share of each Fund. The total returns in the financial highlights table represent the rate by which an investor would have earned (or lost) on an investment in a Fund (assuming reinvestment of all dividends and distributions) held for the entire period. The information does not reflect any charges imposed under a variable insurance contract. If charges imposed under a variable contract were reflected, the returns would be lower. You should refer to the appropriate variable insurance contract prospectus regarding such charges.

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

[TO BE UPDATED]

**JNL Investors Series Trust** 

**Financial Highlights**

**For a Share Outstanding**

**Privacy Program**

**Background**

The JNL Government Money Market Fund is used as a sweep vehicle for the other Funds and is not sold to retail investors. The Funds do **<u>not</u>** have access to contract holder or retirement plan participant nonpublic personal information ("Confidential Information"), which includes:

<br> ● All "personally identifiable financial information"; and

<br> ● Any list, description or other grouping of consumers.

Jackson, as the variable product sponsor, primarily manages and administers variable product contract holder Confidential Information. JNAM, as "Administrator" to the Funds may occasionally receive contract holder or retirement plan participant Confidential Information. The Funds do not provide initial or annual privacy notices because Fund shareholders are mutual funds owned directly or indirectly by the separate accounts of Jackson or Jackson NY, not individuals.

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

The Funds shall primarily rely on the contract holder or retirement plan participant (customer) information protection policies and procedures (privacy policies and procedures) of Jackson and JNAM. The Funds' Chief Compliance Officer will review the Jackson and JNAM Privacy Programs as part of the Funds' 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.

**Prospectus**

 **May 1, 2023** 

**JNL Investors Series Trust**

You can find more information about the Trust in:

● The Trust's **Statement of Additional Information** ("SAI") dated May 1, 2023 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, dated December 31, 2022 and June 30, 2022, respectively, show the Funds' actual investments and include financial statements as of the close of the particular annual or semi-annual period. The Annual Report also discusses the market conditions and investment strategies that significantly affected each Fund's performance during the year covered by the report. The current Annual and Semi-Annual Reports are on file with the SEC and are incorporated into the Prospectus by reference.

You can obtain a copy of the current SAI or the most recent Annual or Semi-Annual Reports 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 Funds are currently only available to mutual funds owned directly or indirectly by separate accounts of Jackson or Jackson 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

THE INFORMATION IN THE STATEMENT OF ADDITIONAL INFORMATION IS NOT COMPLETE AND MAY

BE CHANGED. WE MAY NOT SELL THESE SECURITIES UNTIL THE REGISTRATION STATEMENT

FILED WITH THE SECURITIES AND EXCHANGE COMMISSION IS EFFECTIVE. THIS STATEMENT

OF ADDITIONAL INFORMATION IS NOT AN OFFER TO SELL THESE SECURITIES AND IS NOT

SOLICITING AN OFFER TO BUY THESE SECURITIES IN ANY STATE WHERE THE OFFER OR

SALE IS NOT PERMITTED.

**STATEMENT OF ADDITIONAL INFORMATION**

May 1, 2023

**JNL INVESTORS SERIES TRUST**

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| | |
|:---|:---|
| **Fund** | **Class** |
| JNL Government Money Market Fund | Class I and Class SL |
| JNL Securities Lending Collateral Fund | Institutional |

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&nbsp;&nbsp; <br> This Statement of Additional Information ("SAI") is not a prospectus. It contains information in addition to and more detailed than set forth in the Prospectus and should be read in conjunction with the JNL Investors Series Trust Prospectus dated May 1, 2023 ("Prospectus"). The financial statements of the JNL Investors Series Trust for the period ended December 31, 2022 are incorporated by reference (which means they legally are a part of this SAI) from the Trust's Annual Report to shareholders. <br>The Prospectus, SAI and Annual/Semi-Annual Reports 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 Funds can communicate directly with the Board of Trustees ("Trustees") by writing to the Chair of the Board, Edward Wood, P.O. Box 30902, Lansing, MI 48909-8402. Shareholders can communicate directly with an individual Trustee by writing to that Trustee at P.O. Box 30902, Lansing, MI 48909-8402. Such communications to the Board or individual Trustees are not screened before being delivered to the addressee.

**table of contents**

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| | |
|:---|:---|
| [General Information and History](#jnl-sai_a001) | 1 |
| [Common Types of Investments and Management Practices](#jnl-sai_a002) | 1 |
| [Additional Risk Considerations](#jnl-sai_a003) | 24 |
| [Fundamental and Operating Policies Applicable to All Funds](#jnl-sai_a004) | 30 |
| [Trustees and Officers of the Trust](#jnl-sai_a005) | 33 |
| [Principal Holders of the Trust's Shares](#jnl-sai_a006) | 43 |
| [Investment Adviser, Sub-Adviser and Other Service Providers](#jnl-sai_a007) | 43 |
| [Disclosure of Portfolio Information](#jnl-sai_a008) | 50 |
| [Purchases, Redemptions and Pricing of Shares](#jnl-sai_a009) | 53 |
| [Description of Shares; Voting Rights; Shareholder Inquiries](#jnl-sai_a010) | 55 |
| [Tax Matters](#jnl-sai_a011) | 56 |
| [Financial Statements](#jnl-sai_a012) | 61 |
| [Appendix A – Ratings of Investments](#jnl-sai_a013) | A-1 |

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**<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 and Institutional Class shares of JNL Securities Lending Collateral Fund (each a "Fund" and collectively, "Funds"). 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 a Fund may hold in its portfolio and the various kinds of investment strategies that may be used in day-to-day portfolio management, as well as the risks associated with such investments. A Fund may invest in the following securities and financial instruments or engage in the following practices to the extent that such securities and practices are consistent with the Fund's investment objective(s) and policies described in the Prospectus and in this SAI.

**Adjustable and Floating Rate Obligations.** A Fund may purchase adjustable or floating rate obligations, including floating rate demand notes and bonds. A Fund may invest in adjustable or floating rate obligations whose interest rates are adjusted either at pre-designated periodic intervals or whenever there is a change in the market rate to which the security's interest rate is tied. The JNL Government Money Market Fund and the JNL Securities Lending Collateral 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.** A Fund may invest in asset-backed securities, which include mortgage-backed securities. Asset-backed securities represent interests in pools of assets which are backed by assets such as, but not exclusively, installment sales contracts, credit card receivables, automobile loans and leases, equipment sales/lease contracts, obligation trusts, and commercial and residential mortgages and most are structured as pass-through securities. The credit quality of most asset-backed securities depends primarily on the credit quality of the assets underlying such securities, how well the entity issuing the security is insulated from the credit risk of the originator or any other affiliated entities, and the amount and quality of any credit support provided to the securities. The rate of principal payment on asset-backed securities generally depends on the rate of principal payments received on the underlying assets, which in turn may be affected by a variety of economic and other factors. 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. The effects of COVID-19, and governmental responses to the effects of the pandemic may result in increased delinquencies and losses and may have other, potentially unanticipated, adverse effects on such investments and the markets for those investments. As a result, the yield on any asset-backed security is difficult to predict with precision and actual yield to maturity may be more or less than the anticipated yield to maturity. A Sub-Adviser considers estimated prepayment rates in calculating the average weighted maturities of the Fund. Unscheduled prepayments are more likely to accelerate during periods of declining long-term interest rates. In the event of a prepayment during a period of declining interest rates, a Fund may be required to invest the unanticipated proceeds at a lower interest rate. Prepayments during such periods will also limit a Fund's ability to participate in as large a market gain as may be experienced with a comparable security not subject to prepayment.

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

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

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

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

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

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

A Fund may affect simultaneous purchase and sale transactions that are known as "sale-buybacks." A sale-buyback is similar to a reverse repurchase agreement, except that in a sale-buyback, the counterparty that purchases the security is entitled to receive any principal or interest payments made on the underlying security pending settlement of the Fund's repurchase of the underlying security. A Fund's obligations under a sale-buyback typically would be offset by liquid assets equal in value to the amount of a Fund's forward commitment to repurchase the subject security.

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

A Fund's obligations under a dollar roll agreement must be covered by segregated or "earmarked" liquid assets equal in value to the securities subject to repurchase by the Fund. As with reverse repurchase agreements, to the extent that positions in dollar roll agreements are not covered by segregated or "earmarked" liquid assets at least equal to the amount of any forward purchase commitment, such transactions would be subject to the Funds' restrictions on borrowings. Furthermore, because dollar roll transactions may be for terms ranging between one and six months, dollar roll transactions may be deemed "illiquid" and subject to a Fund's overall limitations on investments in illiquid securities.

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

**Diversification.** Each 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 Funds invest may be more volatile than a mixture of stocks of companies from a wide variety of industries.

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

The price of fixed-income securities fluctuates with changes in interest rates and in response to changes in the financial condition of the issuer. The value of fixed-income securities generally rises when interest rates fall, and falls when interest rates rise. Prices of longer-term securities generally increase or decrease more sharply than those of shorter-term securities in response to interest rate changes.

**Floating and Adjustable Rate Obligations.** A Fund may purchase adjustable or floating rate obligations, including floating rate demand notes and bonds. The Funds 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 JNL Government Money Market Fund and the JNL Securities Lending Collateral Fund also may purchase adjustable or floating rate demand notes and bonds, which are obligations ordinarily having stated maturities in excess of 397 days, but which permit the holder to demand payment of principal at any time, or at specified intervals not exceeding 397 days, in each case upon not more than 30 days' notice. Because of the adjustable or floating rate features of such obligations a Fund that invests in such securities will participate in increases in interest rates by earning higher interest payments. The Fund also will participate in decreases in interest rates. See also the discussion of "Variable Rate Securities" herein.

**Foreign Currency Transactions.** Certain of the Funds may invest in foreign currency-denominated securities and may purchase and sell foreign currency options, forward currency contracts, foreign currency futures contracts, and related options (see "Futures" in the Common Types of Investments and Management Practices section herein), and may engage in foreign currency transactions either on a spot (cash) basis at the rate prevailing in the currency exchange market at the time or through forward currency contracts with terms generally less than one year. A Fund may engage in these transactions in order to protect against uncertainty in the level of future foreign exchange rates in the purchase and sale of securities. A Fund also may use foreign currency options and foreign forwards to increase exposure to a foreign currency or to shift exposure to foreign currency fluctuations from one country to another.

A forward foreign currency contract is an obligation to purchase or sell a specific currency or multinational currency unit at a future date (which may be any fixed number of days from the date of the contract agreed upon by the parties at a price set at the time of the contract), which is individually negotiated and privately traded by currency traders and their customers in the interbank market. A Fund may either accept or make delivery of the currency specified at the maturity of a forward contract or, prior to maturity, enter into a closing transaction involving the purchase or sale of an offsetting contract. Forward currency contracts may also be cash settled, and a Fund may not actually deliver or take delivery of a foreign currency. Closing forwards transactions may be executed prior to the termination date, or rolled over, with or without the original counterparty.

Forward foreign currency contracts may be bought or sold to protect a Fund against a possible loss resulting from an adverse change in the relationship between foreign currencies and the U.S. dollar or to gain exposure to a particular foreign currency or currencies as a part of its investment strategy. Although forwards used for hedging purposes are intended to minimize the risk of loss due to a decline in the value of the hedged currencies, at the same time, they tend to limit any potential gain which might result should the value of such currencies increase. In addition to being used by a Fund to gain exposure to a particular foreign currency or to enhance the Fund's return, forwards may be used to adjust the foreign exchange exposure of a Fund and a Fund might be expected to enter into such contracts under the following circumstances:

***Lock In*.** When a Fund desires to fix the U.S. dollar price on the purchase or sale of a security denominated in a foreign currency, the Fund will "lock in" the exchange rate. If a foreign currency is expected to become more expensive in U.S. dollar terms, a Fund could lock in the exchange rate today for a transfer that needs to occur in the future, thereby protecting against exchange rate movements.

***Cross Hedge*.** If the value of a particular currency is expected to decrease against the value of another currency, a Fund may sell the currency expected to decrease in value and purchase a currency which is expected to increase in value against the currency sold in an amount approximately equal to some or all of a Fund's portfolio holdings denominated in the currency sold.

***Direct Hedge*.** If a Fund wants to eliminate substantially all of the risk of owning a particular currency, or if a Sub-Adviser expects that a Fund may benefit from price appreciation in a security denominated in a particular foreign currency but does not wish to maintain exposure to that currency, it may employ a direct hedge back into the U.S. dollar. In either case, a Fund would enter into a forward contract to sell the currency in which a portfolio security is denominated and purchase U.S. dollars at an exchange rate established at the time it initiated the contract. The cost of the direct hedge transaction may offset most, if not all, of the yield advantage offered by the foreign security, but a Fund would hope to benefit from an increase in value of the security, if any.

***Proxy Hedge*.** A Fund might choose to use a "proxy" hedge, which may be less costly than a direct hedge. In this case, a Fund, having purchased a security denominated in a foreign currency, will sell a currency whose value is expected to be closely linked to the currency in which the security is denominated. Interest rates prevailing in the country whose currency was sold would be expected to be closer to those in the U.S. and lower than those of securities denominated in the currency of the original holding. This type of hedging entails greater risk than a direct hedge because it is dependent on a stable relationship between the two currencies paired as proxies and the relationships can be very unstable at times.

**Futures.** To the extent consistent with applicable law and its investment restrictions, a Fund permitted to invest in futures contracts may invest in futures contracts on, among other things, financial instruments (such as a U.S. Government security or other fixed income security), individual equity securities ("single stock futures"), securities indices, interest rates, currencies, inflation indices, and, to the extent a Fund is permitted to invest in commodities and commodity-related derivatives, commodities or commodities indices. Futures contracts on securities indices are referred to herein as "Index Futures." Futures contracts can be utilized to increase or decrease various types of market exposure and risks.

Certain futures contracts are physically settled (i.e., involve the making and taking of delivery of a specified amount of an underlying security or other asset). For instance, the sale of certain futures contracts on foreign currencies or financial instruments creates an obligation of the seller to deliver a specified quantity of an underlying foreign currency or financial instrument called for in the contract for a stated price at a specified time. Conversely, the purchase of certain futures contracts creates an obligation of the purchaser to pay for and take delivery of the underlying foreign currency or financial instrument called for in the contract for a stated price at a specified time. In some cases, the specific instruments delivered or taken, respectively, on the settlement date are not determined until on or near that date. That determination is made in accordance with the rules of the exchange on which the sale or purchase was made. Some futures contracts are cash settled (rather than physically settled), which means that the purchase price is subtracted from the current market value of the instrument and the net amount, if positive, is paid to the purchaser by the seller of the futures contract. If the net amount is negative, it is paid by the purchaser to the seller of the futures contract. In particular, Index Futures are agreements pursuant to which two parties agree to take or make delivery of an amount of cash equal to the difference between the value of a securities index at the close of the last trading day of the contract and the price at which the index contract was originally written. Although the value of a securities index might be a function of the value of certain specified securities, no physical delivery of these securities is made.

The purchase or sale of a futures contract differs from the purchase or sale of a security or option in that no price or premium is paid or received. Instead, an amount of cash, U.S. Government securities, or other liquid assets equal in value to a percentage of the face amount of the futures contract must be deposited with the broker. This amount is known as initial margin. The amount of the initial margin is generally set by the market on which the contract is traded (margin requirements on foreign exchanges may be different than those on U.S. exchanges). Subsequent payments to and from the broker, known as variation margin, are made on a daily basis as the price of the underlying futures contract fluctuates, making the long and short positions in the futures contract more or less valuable, a process known as "marking to the market." Prior to the settlement date of the futures contract, the position may be closed by taking an opposite position. A final determination of variation margin is then made, additional cash is required to be paid to or released by the broker, and the purchaser realizes a loss or gain. In addition, a commission is paid to the broker on each completed purchase and sale.

Although some futures contracts call for making or taking delivery of the underlying securities, currencies, commodities, or other underlying instrument, in most cases futures contracts are closed before the settlement date without the making or taking of delivery by offsetting purchases or sales of matching futures contracts (i.e., with the same exchange, underlying financial instrument, currency, commodity, or index, and delivery month). The Funds may also enter into contracts that cash settle otherwise physically delivered futures contracts. If the price of the initial sale exceeds the price of the offsetting purchase, the seller is paid the difference and realizes a gain. Conversely, if the price of the offsetting purchase exceeds the price of the initial sale, the seller realizes a loss. Similarly, a purchase of a futures contract is closed out by selling a corresponding futures contract. If the offsetting sale price exceeds the original purchase price, the purchaser realizes a gain, and, if the original purchase price exceeds the offsetting sale price, the purchaser realizes a loss. Any transaction costs must also be included in these calculations.

In the United States, futures contracts are traded only on commodity exchanges or boards of trade – known as "contract markets" – approved by the Commodity Futures Trading Commission ("CFTC") and must be executed through a futures commission merchant or brokerage firm that is a member of the relevant market. Certain Funds also may purchase futures contracts on foreign exchanges or similar entities, which are not regulated by the CFTC and may not be subject to the same degree of regulation as the U.S. contract markets.

***Index Futures.*** To the extent consistent with applicable law and investment restrictions, a Fund may purchase or sell Index Futures, which are agreements pursuant to which two parties agree to take or make delivery of an amount of cash equal to the difference between the value of a securities index at the close of the last trading day of the contract and the price at which the index contract was originally written. A Fund may close open positions on a contract market on which Index Futures are traded at any time up to and including the expiration day. In general, all positions that remain open at the close of business on that day must be settled on the next business day (based on the value of the relevant index on the expiration day). Additional or different margin requirements as well as settlement procedures may apply to foreign stock Index Futures.

***Interest Rate Futures.*** Some Funds may engage in transactions involving the use of futures on interest rates. These transactions may be in connection with investments in U.S. Government securities and other fixed income securities.

***Options on Futures Contracts.*** Options on futures contracts, which includes options on foreign exchange futures, give the purchaser the right in return for the premium paid to assume a long position (in the case of a call option) or a short position (in the case of a put option) in a futures contract at the option exercise price at any time during the period of the option (in the case of an American-style option) or on the expiration date (in the case of European-style option). Upon exercise of a call option, the holder acquires a long position in the futures contract and the writer is assigned the opposite short position. In the case of a put option, the holder acquires a short position and the writer is assigned the opposite long position in the futures contract. Accordingly, in the event that an option is exercised, the parties will be subject to all the risks associated with the trading of futures contracts, such as payment of initial and variation margin deposits.

Funds may use options on futures contracts in lieu of writing or buying options directly on the underlying securities or purchasing and selling the underlying futures contracts. For example, to hedge against a possible decrease in the value of its portfolio securities, a Fund may purchase put options or write call options on futures contracts rather than selling futures contracts. Similarly, a Fund may hedge against a possible increase in the price of securities the Fund expects to purchase by purchasing call options or writing put options on futures contracts rather than purchasing futures contracts. Options on futures contracts generally operate in the same manner as options purchased or written directly on the underlying investments.

A Fund is also required to deposit and maintain margin with respect to put and call options on futures contracts written by it. Such margin deposits may vary depending on the nature of the underlying futures contract (and the related initial margin requirements), the current market value of the option, and other futures positions held by the Fund.

A position in an option on a futures contract may be terminated by the purchaser or seller prior to expiration by effecting a closing purchase or sale transaction, subject to the availability of a liquid secondary market, which is the purchase or sale of an option of the same type (i.e., the same exercise price and expiration date) as the option previously purchased or sold. The difference between the premiums paid and received represents the Fund's profit or loss on the transaction.

***Commodity Futures and Options on Commodity Futures.*** Certain of the Funds may have exposure to futures contracts on various commodities or commodities indices ("commodity futures") and options on commodity futures. A futures contract on a commodity is an agreement between two parties, in which one party agrees to purchase a commodity, such as an energy, agricultural, or metal commodity from the other party at a later date at a price and quantity agreed upon when the contract is made. Futures contracts on commodities indices operate in a manner similar to Index Futures.

***Risk Factors in Futures and Futures Options Transactions*.** Investment in futures contracts involves risk. A purchase or sale of futures contracts may result in losses in excess of the amount invested in the futures contract. If a futures contract is used for hedging, an imperfect correlation between movements in the price of the futures contract and the price of the security, currency, or other investment being hedged creates risk. Correlation is higher when the investment being hedged underlies the futures contract. Correlation is lower when the investment being hedged is different than the security, currency, or other investment underlying the futures contract, such as when a futures contract on an index of securities or commodities is used to hedge a single security or commodity, a futures contract on one security (e.g., U.S. Treasury bonds) or commodity (e.g., gold) is used to hedge a different security (e.g., a mortgage-backed security) or commodity (e.g., copper), or when a futures contract in one currency is used to hedge a security denominated in another currency. In the case of Index Futures and futures on commodity indices, changes in the price of those futures contracts may not correlate perfectly with price movements in the relevant index due to market distortions. In the event of an imperfect correlation between a futures position and the portfolio position (or anticipated position) intended to be hedged, the Fund may realize a loss on the futures contract at the same time the Fund is realizing a loss on the portfolio position intended to be hedged. To compensate for imperfect correlations, a Fund may purchase or sell futures contracts in a greater amount than the hedged investments if the volatility of the price of the hedged investments is historically greater than the volatility of the futures contracts. Conversely, a Fund may purchase or sell fewer futures contracts if the volatility of the price of the hedged investments is historically less than that of the futures contract. The successful use of transactions in futures and related options for hedging also depends on the direction and extent of exchange rate, interest rate, and asset price movements within a given time frame. For example, to the extent equity prices remain stable during the period in which a futures contract or option is held by a Fund investing in equity securities (or such prices move in a direction opposite to that anticipated), the Fund may realize a loss on the futures transaction, which is not fully or partially offset by an increase in the value of its portfolio securities. As a result, the Fund's total return for such period may be less than if it had not engaged in the hedging transaction.

All participants in the futures market are subject to margin deposit and maintenance requirements. Instead of meeting margin calls, investors may close futures contracts through offsetting transactions, which could distort normal correlations. The margin deposit requirements in the futures market are less onerous than margin requirements in the securities market, allowing for more speculators who may cause temporary price distortions. However, the futures exchanges and the futures commission merchants through which a Fund maintains its futures positions may adjust margin requirements, and the Funds may have to post additional margin to meet such requirements.

Trading hours for foreign stock Index Futures may not correspond perfectly to the trading hours of the foreign exchange to which a particular foreign stock Index Future relates. As a result, the lack of continuous arbitrage may cause a disparity between the price of foreign stock Index Futures and the value of the relevant index.

A Fund may purchase futures contracts (or options on futures contracts) as an anticipatory hedge against a possible increase in the price of the currency in which securities the Fund anticipates purchasing is denominated. In such instances, the currency value may instead decline. If the Fund does not then invest in those securities, the Fund may realize a loss on the futures contract that is not offset by a reduction in the price of the securities purchased.

A Fund's ability to engage in the futures and options on futures strategies described above depends on the liquidity of those instruments. Trading interest in various types of futures and options on futures cannot be predicted. Therefore, no assurance can be given that a Fund will be able to utilize these instruments at all or that their use will be effective. The markets for futures positions may be thinly traded from time to time. In addition, a liquid market may not exist at a time when a Fund seeks to close out a futures or option on a futures contract position, and that Fund would remain obligated to meet margin requirements until the position is closed. The liquidity of a secondary market in a futures contract may be adversely affected by "daily price fluctuation limits" established by commodity exchanges to limit the amount of fluctuation in a futures contract price during a single trading day. Once the daily limit has been reached, no trades of the contract may be entered at a price beyond the limit, thus preventing the liquidation of open futures positions. In the past, prices have exceeded the daily limit on several consecutive trading days. In addition, a Fund's futures commission merchant may limit the Fund's ability to invest in certain futures contracts. Such restrictions may adversely affect the Fund's performance and its ability to achieve its investment objective. Short (and long) positions in Index Futures or futures on commodities indices may be closed only by purchasing (or selling) a futures contract on the exchange on which the Index Futures or commodity futures, as applicable, are traded.

As discussed above, if a Fund purchases or sells a futures contract, it is only required to deposit initial and variation margin as required by relevant CFTC regulations and the rules of the contract market. The Fund's net asset value will generally fluctuate with the value of the security or other instrument underlying a futures contract as if it were already in the Fund's portfolio. Futures prices are highly volatile at times, and are influenced by many external economic, governmental and world events. The low margin deposits normally required in futures trading permits an extremely high degree of leverage, which can result in a Fund experiencing substantial gains or losses due to relatively small price movements or other factors. Furthermore, if a Fund combines short and long positions, in addition to possible declines in the values of its investment securities, the Fund will incur losses if the index underlying the long futures position underperforms the index underlying the short futures position. A Fund may enter into an agreement to cash settle exchange-traded futures contracts, and exchange-cleared forward contracts.

In addition, if a Fund's futures brokers become bankrupt or insolvent, or otherwise default on their obligations to the Fund, the Fund may not receive all amounts owing to it in respect of its trading, despite the futures clearinghouse fully discharging all of its obligations. Furthermore, in the event of the bankruptcy of a futures broker, a Fund could be limited to recovering only a pro rata share of all available funds segregated on behalf of the futures broker's combined customer accounts, even though certain property specifically traceable to the Fund was held by the futures broker.

*Daily trading limits imposed by the exchanges and position limits established by the CFTC may adversely affect the Fund.* The CFTC and U.S. commodities exchanges limit the amount of fluctuation permitted in futures contract prices during a single trading day by regulations referred to as "daily price fluctuation limits" or "daily trading limits." Once the daily trading limit has been reached in a particular futures contract, no trades may be made that day at a price beyond that limit or trading may be suspended for specified periods during the trading day. Futures contract prices could move to the limit for several consecutive trading days with little or no trading, thereby preventing prompt liquidation of futures positions and potentially disguising substantial losses the Fund may ultimately incur.

The CFTC and domestic exchanges have established speculative position limits ("position limits") on the maximum speculative position which any person, or group of persons acting in concert, may hold or control in particular futures and options on futures contracts. All positions owned or controlled by the same person or entity, even if in different accounts, must be aggregated for purposes of determining whether the applicable position limits have been exceeded. Thus, even if a Fund does not intend to exceed applicable position limits, it is possible that different clients managed by a Sub-Adviser may be aggregated for this purpose. Although it is possible that the trading decisions of a Sub-Adviser may have to be modified and that positions held by a Fund may have to be liquidated in order to avoid exceeding such limits, the Sub-Adviser believes that this is unlikely. The modification of investment decisions or the elimination of open positions, if it occurs, may adversely affect the profitability of a Fund. In addition, the CFTC recently adopted rules which materially expanded the scope of contracts subject to federal limits to include additional futures and options on futures and, effective January 1, 2023, swaps that are economically equivalent to futures that are subject to federal limits. Such regulations may adversely affect a Fund's ability to hold positions in certain futures contracts and related options and swaps.

***Additional Risk Associated with Commodity Futures Transactions.*** Several additional risks are associated with transactions in commodity futures contracts.

***Storage Costs.*** The price of a commodity futures contract reflects the storage costs of purchasing the underlying commodity, including the time value of money invested in the commodity. To the extent that the storage costs change, the value of the futures contracts may change correspondingly.

***Reinvestment Risk.*** In the commodity futures markets, producers of an underlying commodity may sell futures contracts to lock in the price of the commodity at delivery. To induce speculators to purchase the other side (the long side) of the contract, the commodity producer generally must sell the contract at a lower price than the expected futures spot price. Conversely, if most purchasers of the underlying commodity purchase futures contracts to hedge against a rise in commodity prices, then speculators will only sell the contract at a higher price than the expected future spot price of the commodity. The changing nature of the hedgers and speculators in the commodity markets will influence whether futures prices are above or below the expected futures spot price. As a result, when a Sub-Adviser reinvests the proceeds from a maturing contract, it may purchase a new futures contract at a higher or lower price than the expected futures spot prices of the maturing contract or choose to pursue other investments.

***Additional Economic Factors.*** The value of the commodities underlying commodity futures contracts may be subject to additional economic and non-economic factors, such as drought, floods or other weather conditions, livestock disease, trade embargoes, competition from substitute products, transportation bottlenecks or shortages, fluctuations in supply and demand, tariffs, and international economic, political, and regulatory developments.

***Additional Risk Associated with Futures Contracts and Options on Futures Contracts Traded on Foreign Exchanges.*** Futures contracts and options on futures contracts may be traded on foreign exchanges. Such transactions may not be regulated as effectively as similar transactions in the United States (which are regulated by the CFTC) and may be subject to greater risks than trading on domestic exchanges. For example, some foreign exchanges may be principal markets so that no common clearing facility exists and a trader may look only to the broker for performance of the contract. The lack of a common clearing facility creates counterparty risk.

***Commodity Pool Operator Status.*** JNAM acts in its capacity as a registered commodity pool operator ("CPO") with respect to certain funds offered by other investment companies in the Fund Complex (as defined under "Trustees and Officers of the Trust"), each of which is a commodity pool operator under the Commodity Exchange Act ("CEA"). Each of the Sub-Advisers to these Funds either acts in its capacity as a registered commodity trading adviser ("CTA"), relies upon an exemption from CTA registration or does not provide advice relating to trading commodity interests and, accordingly, is not required to be registered as a CTA with respect to each such Fund. A CPO or CTA acting in a registered capacity is subject to a variety of regulatory obligations. In particular, a CPO or CTA is subject to additional CFTC-mandated disclosure, reporting, and recordkeeping obligations with respect to Funds for which it acts in a registered capacity. Compliance by the CPO or CTA with the CFTC's regulatory requirements could increase Fund expenses, adversely affecting the Fund's total return.

With respect to each Fund of the Trust, JNAM has filed with the NFA a notice claiming an exclusion from the definition of the term "commodity pool operator" under the CEA (the "exclusion"). Accordingly, JNAM is not subject to registration or regulation as a "commodity pool operator" under the CEA with respect to these Funds. To remain eligible for the exclusion, each of these Funds will be limited in its ability to use certain instruments regulated under the CEA ("commodity interests"), including futures and options on futures and certain swaps transactions. In the event that such a Fund's investments in commodity interests are not within the thresholds set forth in the exclusion, JNAM may be required to act in a registered CPO capacity with respect to that Fund. JNAM's eligibility to claim the exclusion with respect to a Fund will be based upon, among other things, the level of the Fund's investment in commodity interests, the purposes of such investments, and the manner in which the Fund holds out its use of commodity interests. The ability of each Fund to invest in commodity interests (including, but not limited to, futures and swaps on broad-based securities indexes and interest rates) may be limited by JNAM's intention to operate the Fund in a manner that would permit JNAM to continue to claim the exclusion, which may adversely affect the Fund's total return.

**Hybrid Instruments.** A Fund may purchase hybrid instruments, which are potentially high-risk derivatives that combine the elements of futures contracts or options with those of debt, preferred equity or a depository instrument. Often these hybrid instruments are indexed to the price of a commodity, a particular currency, or a domestic or foreign debt or common stock index. Hybrid instruments may take a variety of forms, including, but not limited to, debt instruments with interest or principal payments or redemption terms determined by reference to the value of the underlying currency or commodity or securities index at a future point in time, preferred stock with dividend rates determined by reference to the value of a currency, or convertible securities with the conversion terms related to a particular commodity.

Hybrids can be used as an efficient means of pursuing a variety of investment goals, including currency hedging, duration management and increased total return. Hybrids may not bear interest or pay dividends. The value of a hybrid or its interest rate may be a multiple of a benchmark and, as a result, may be leveraged and move (up or down) more steeply and rapidly than the benchmark. These benchmarks may be sensitive to economic and political events, such as commodity shortages and currency devaluations, which cannot be readily foreseen by the purchaser of a hybrid. Under certain conditions, the redemption value of a hybrid could be zero. Thus, an investment in a hybrid may entail significant market risks that are not associated with a similar investment in a traditional, U.S. dollar-denominated bond that has a fixed principal amount and pays a fixed rate or floating rate of interest. The purchase of hybrids also exposes a Fund to the credit risk of the issuer of the hybrids. These risks may cause significant fluctuations in the net asset value of a Fund.

Certain hybrid instruments may provide exposure to the commodities markets. These are derivative securities with one or more commodity-linked components that have payment features similar to commodity futures contracts, commodity options, or similar instruments. Commodity-linked hybrid instruments may be either equity or debt securities, and are considered hybrid instruments because they have both security and commodity-like characteristics. A portion of the value of these instruments may be derived from the value of a commodity, futures contract, index or other economic variable.

Certain issuers of structured products such as hybrid instruments may be deemed to be investment companies as defined in the 1940 Act. If so, a Fund's investments in these products will be subject to limits applicable to investments in investment companies and may be subject to other restrictions imposed by the 1940 Act.

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

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

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

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

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

**Interfund Lending.** Pursuant to an exemptive order issued by the SEC, the Funds, 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"). Under the Interfund Lending Program, the Funds (other than a money market fund) may lend or borrow money for temporary purposes directly to or from one another (an "Interfund Loan"), subject to meeting the conditions of the SEC exemptive order. Money market funds may only lend in accordance with the requirements of the exemptive order. All Interfund Loans would consist only of uninvested cash reserves that the lending Fund otherwise would invest in short-term repurchase agreements or other short-term instruments.

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

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

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

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

**Illiquid Securities.** A Fund may hold illiquid investments. An illiquid investment is defined as any investment a Fund reasonably expects cannot be sold or disposed of in current market conditions in seven (7) calendar days or less without the sale or disposition significantly changing the market value of the investment. The Board has designated the Liquidity Risk Management Committee ("LRMC") as the administrator of the Funds' liquidity risk management program. The LRMC has delegated day-to-day responsibility for classifying the Funds' investments to the JNAM Risk Department, which will coordinate with Sub-Advisers, where applicable, and third-party service providers to classify each Fund's investments. The Funds' liquidity risk management program has established procedures for determining the liquidity category—highly liquid, moderately liquid, less liquid and illiquid—for each Fund's investments. Illiquid investments may include: repurchase agreements with remaining maturities in excess of seven days; securities for which market quotations are not readily available; certain loan participation interests; fixed time deposits which are not subject to prepayment or provide for withdrawal penalties upon prepayment (other than overnight deposits); and restricted securities (securities that cannot be offered for sale to the public without first being registered under the 1933 Act) not determined to be liquid in accordance with the Funds' liquidity risk management program. It should be noted that not all "restricted securities" are classified as illiquid securities.

Reduced liquidity in the secondary market for illiquid securities may make it difficult or impossible for the Funds to obtain market quotations based on actual transactions for purposes of valuing the Funds' shares. A Sub-Adviser may be subject to significant delays in disposing of illiquid securities, and transactions in illiquid securities may entail registration expenses and other transaction costs that are higher than those for transactions in liquid securities.

Each Fund may invest up to 5% of its total assets, under amendments to Rule 2a-7 under the 1940 Act, in illiquid securities that are assets. Limitations on the resale of restricted securities may have an adverse effect on their marketability, which may prevent a Fund from disposing of them promptly at reasonable prices. A Fund may have to bear the expense of registering such securities for resale, and the risk of substantial delays in effecting such registrations.

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

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

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

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

**Mortgage Dollar Rolls and U.S. Treasury Rolls.** A Fund may enter into mortgage dollar rolls in which a Fund sells mortgage-backed securities for delivery in the current month and simultaneously contracts to repurchase substantially similar (same type, coupon and maturity) securities on a specified future date. During the roll period, a Fund foregoes principal and interest paid on the mortgage-backed securities. A Fund is compensated by the interest earned on the cash proceeds of the initial sale and from negotiated fees paid by brokers offered as an inducement to the Fund to "roll over" its purchase commitments. A Fund may only enter into covered rolls. A "covered roll" is a type of dollar roll for which the Fund maintains an offsetting cash or cash equivalent position which matures on or before the forward repurchase settlement date of the dollar roll transaction. At the time a 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, a 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 Funds' portfolio securities, which may increase trading costs and portfolio turnover.

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

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

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

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

Some loans may represent revolving credit facilities or delayed funding loans, in which a lender agrees to make loans up to a maximum amount upon demand by the borrower during a specified term. These commitments may have the effect of requiring a Fund to increase its investment in a company at a time when it might not otherwise decide to do so (including at a time when the company's financial condition makes it unlikely that such amounts will be repaid). To the extent that the Fund is committed to advance additional funds, the Fund will segregate assets determined to be liquid in an amount sufficient to meet such commitments. A Fund may make, participate in or acquire debtor-in-possession financings (commonly known as "DIP financings"). DIP financings are arranged when an entity seeks the protections of the bankruptcy court under Chapter 11 of the US Bankruptcy Code. These financings allow the entity to continue its business operations while reorganizing under Chapter 11. Such financings constitute senior liens on unencumbered security (i.e., security not subject to other creditors' claims). There is a risk that the entity will not emerge from Chapter 11 and be forced to liquidate its assets under Chapter 7 of the US Bankruptcy Code. In the event of liquidation, 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 a Fund. A Fund may engage in short-term transactions if such transactions further its investment objective. A Fund may sell one security and simultaneously purchase another of comparable quality or simultaneously purchase and sell the same security to take advantage of short-term differentials in bond yields or otherwise purchase individual securities in anticipation of relatively short-term price gains. The rate of portfolio turnover will not be a determining factor in the purchase and sale of such securities. Portfolio turnover rates also may be increased by purchases or redemptions of a Fund's shares, because of the need to invest new cash resulting from purchases of shares or the need to sell portfolio securities owned in order to meet redemption requests. Increased portfolio turnover necessarily results in correspondingly higher costs including brokerage commissions, dealer mark-ups and other transaction costs on the sale of securities and reinvestment in other securities to a Fund. Thus, the higher the rate of portfolio turnover of a Fund, the higher these transaction costs borne by the Fund generally will be. Changes in portfolio turnover rates were generally the result of active trading strategies employed by such Funds' portfolio manager(s) in response to market conditions, and not reflective of a material change in investment strategy.

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

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

When a Fund invests in a reverse repurchase agreement, it sells a portfolio security to another party, such as a bank or a broker-dealer, in return for cash, and agrees to buy the security back at a future date and price. Reverse repurchase agreements may be used to provide cash to satisfy unusually heavy redemption requests or for other temporary or emergency purposes without selling portfolio securities or to earn additional income on portfolio securities, such as Treasury bills and notes. Reverse repurchase agreements may also be used as a form of a "short sale," because the Fund is effectively selling the security with an agreement to repurchase the security at a later date (see "Short Sales" for additional information). When entering into a reverse repurchase agreement, the Fund may seek to profit on the difference between the initial security sale price and the repurchase price of that security. Typically, a reverse repurchase agreement requires the Fund to cover or segregate assets in an amount equal to the repurchase price. See "Counterparty and settlement risk" section in this SAI.

**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 Funds, to trade in privately placed securities even though such securities are not registered under the 1933 Act. The Sub-Advisers, in accordance with the Funds' liquidity risk management program, will determine whether securities purchased under Rule 144A are illiquid. The sub-advisers 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-advisers determine that a Rule 144A security is no longer liquid, the sub-advisers will review a Fund's holdings of illiquid securities to determine what, if any, action is required to assure that such Fund complies with the restriction on investment in illiquid securities. Investing in Rule 144A securities could increase the amount of each Fund's investments in illiquid securities if qualified institutional buyers are unwilling to purchase such securities.

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

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

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

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

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

**Swap Agreements.** A Fund may enter into interest rate, total return, credit default, indices (including but not limited to credit default, commercial mortgage-backed securities, commodities, and other similar indices), spread-lock, credit-linked notes (with embedded swaps), commodities and, to the extent it may invest in foreign currency-denominated securities, currency exchange rate swap agreements. Each Fund may also enter into options on swap agreements, swaps on futures contracts, swap forwards, and other types of swaps agreements. These transactions are entered into as an attempt to obtain a particular return when it is considered desirable to do so, possibly at a lower cost to the Fund than if the Fund had invested directly in an instrument that yielded that desired return. In addition, the Fund may enter into such transactions to manage certain risks and to implement investment strategies in a more efficient manner.

***Cleared swap agreements.*** Under rules adopted under the Dodd-Frank Wall Street Reform and Consumer Protection Act (referred to herein as the "Dodd-Frank Reform Act"), certain types of swaps are required to be centrally cleared, thereby replacing the over-the-counter mechanisms for certain swaps. Certain other types of swaps are also available for voluntary clearing. Because the Funds are not members of clearing houses and only members of a clearing house ("clearing members") can participate directly in the clearing house, a Fund holds cleared derivatives through accounts at clearing members. The counterparty to a cleared derivatives transaction is the clearing house. As a result, when a Fund enters into a cleared swap, it is subject to the credit risk of the clearing house and the clearing member through which it holds its cleared position.

***Over-the-counter swap agreements.*** Over-the-counter swap agreements are typically two-party contracts entered into primarily by institutional investors for periods ranging from a few weeks to more than one year. In a standard "swap" transaction, two parties agree to exchange the returns (or differentials in rates of return) earned or realized on particular predetermined investments or instruments, which may be adjusted for an interest factor. The gross returns to be exchanged or "swapped" between the parties are generally calculated with respect to a "notional amount," which is the return on or change in value of a particular dollar amount invested at a particular interest rate, in a particular foreign currency, or in a "basket" of securities representing a particular index. Forms of swap agreements include interest rate "caps," under which, in return for premium, one party agrees to make payments to the other to the extent that interest rates rise above a specified rate; interest rate "floors," under which, in return for a premium, one party agrees to make payments to the other to the extent that interest rates fall below a specified rate; and interest rate "collars," under which a party sells a "cap" and purchases a "floor" or vice versa in an attempt to protect itself against interest rate movements exceeding given minimum or maximum values.

Most over-the-counter swap agreements entered into by a Fund would calculate the obligations of the parties to the agreement on a "net basis." Consequently, a Fund's current obligations (or rights) under a swap agreement generally will be equal only to the net amount to be paid or received under the agreement based on the relative values of the positions held by each party to the agreement ("net amount"). A Fund's current obligations under a swap agreement will be accrued daily (offset against any amounts owed to the Fund) and any accrued but unpaid net amounts owed to a swap counterparty may be covered by the segregation of assets (or earmarked assets) determined to be liquid by the Sub-Adviser in accordance with procedures established by the Board of Trustees, to avoid any potential leveraging of the Fund's portfolio. The Fund may also collateralize the net amounts under a swap agreement by delivering or receiving cash and securities if exposures exceed certain minimum thresholds. Obligations under swap agreements so covered will not be construed to be "senior securities" for purposes of the 1940 Act's restriction concerning issuance by a Fund of senior securities. A Fund will not enter into a swap agreement with any single party if the net amount owed or to be received under existing contracts with that party would exceed 5% of the Fund's assets.

Whether a Fund's use of over-the-counter swap agreements will be successful in furthering its investment objective of total return will depend on the Sub-Adviser's ability to predict correctly whether certain types of investments are likely to produce greater returns than other investments. Moreover, a Fund bears the risk of loss of the amount expected to be received under a swap agreement in the event of the default or bankruptcy of a swap agreement counterparty. Certain restrictions imposed on the Fund by the Internal Revenue Code of 1986, as amended ("Code") may limit the Fund's ability to use swap agreements. The swaps market was largely unregulated prior to the enactment of the Dodd-Frank Act. It is possible that developments in the swaps market, including government regulations and similar regulations in other jurisdictions could adversely affect a Fund's ability to enter into, or terminate existing, swap agreements or to realize amounts to be received under such agreements.

For purposes of applying the Funds' investment policies and restrictions (as stated in the Prospectuses and this SAI) swap agreements are generally valued by the Funds at market value. In the case of a credit default swap, however, in applying certain of the Funds' investment policies and restrictions the Fund will generally value the credit default swap at its notional or full exposure value (*i.e.,* the sum of the notional amount for the contract plus the market value), but may value the credit default swap at market value for the purposes of applying certain of the Funds' other investment policies and restrictions and for calculating net asset value ("NAV"). For example, a Fund may value credit default swaps at full exposure value for purposes of the Fund's credit quality guidelines because such value reflects the Fund's actual economic exposure during the term of the credit default swap agreement. In this context, both the notional amount and the market value may be positive or negative depending on whether the Fund is selling or buying protection through the credit default swap. The manner in which certain securities or other instruments are valued by the Funds for purposes of applying investment policies and restrictions may differ from the manner in which those investments are valued by other types of investors.

***Credit Default Swaps.*** A Fund may enter into credit default swap agreements. The "buyer" in a credit default contract is obligated to pay the "seller" a periodic stream of payments over the term of the contract provided that no event of default on an underlying reference obligation has occurred. If an event of default occurs, the seller must pay the buyer the full notional value, or "par value," of the reference obligation in exchange for the reference obligation. A Fund may be either the buyer or seller in a credit default swap transaction. If a Fund is a buyer and no event of default occurs, the Fund will lose its investment, which is the premium payment, and recover nothing. However, if an event of default occurs and the counterparty fulfills its payment obligation under the swap agreement, the Fund (if the buyer) will receive the full notional value of the reference obligation that may have little or no value. As a seller, a Fund receives a fixed rate of income throughout the term of the contract, which typically is between six months and three years, provided that there is no default event. If an event of default occurs, the Fund (if the seller) must pay the buyer the full notional value of the reference obligation. Rather than exchange the bonds for the par value, a single cash payment may be due from the protection seller representing the difference between the par value of the bonds and the current market value of the bonds (which may be determined through an auction). Credit default swap transactions involve greater risks than if a Fund had invested in the reference obligation directly.

In addition, some swaps are, and more in the future are expected to be, centrally cleared. Swaps that are centrally cleared are subject to the creditworthiness of the clearing organizations involved in the transaction. For example, a swap investment by a Fund could lose margin payments deposited with the clearing organization, as well as the net amount of gains not yet paid by the clearing organization, if the clearing organization breaches the swap agreement with the Fund or becomes insolvent or goes into bankruptcy. In the event of bankruptcy of the clearing organization, the Fund may be entitled to the net amount of gains the Fund is entitled to receive, plus the return of margin owed to it, only in proportion to the amount received by the clearing organization's other customers, potentially resulting in losses to the Fund. See also "Derivative Instruments" section in this SAI.

**Unseasoned Issuers.** Investments in the equity securities of companies having less than three (3) years' continuous operations (including operations of any predecessor) involve more risk than investments in the securities of more established companies because unseasoned issuers have brief operating histories and may have more limited markets and financial resources. As a result, securities of unseasoned issuers tend to be more volatile than securities of more established companies.

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

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

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

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

In September 2008, the U.S. Treasury and the Federal Housing Finance Agency ("FHFA") announced that Fannie Mae<sup>©</sup> and Freddie Mac<sup>®</sup> had been placed in conservatorship. Since that time, Fannie Mae and Freddie Mac have received significant capital support through Treasury preferred stock purchases as well as Treasury and Federal Reserve purchases of their mortgage backed securities. While the purchase programs for mortgage-backed securities ended in 2010, the Treasury continued its support for the entities' capital as necessary to prevent a negative net worth. From the end of 2007 through the first quarter of 2014, FNMA and FHLMC have received U.S. Treasury support of approximately $187.5 billion through draws under the preferred stock purchase agreements. However, they have repaid approximately $203 billion in senior preferred dividends to the U.S. Treasury over the same period. FNMA and FHLMC ended the second quarter of 2014 with positive net worth and, as a result, neither required a draw from the U.S. Treasury. In April 2014, FHFA projected that FNMA and FHLMC would require no additional draws from the U.S. Treasury through the end of 2015. However, FHFA also conducted a stress test mandated by the Dodd-Frank Act, which suggested that in a "severely adverse scenario" additional U.S. Treasury support of between $84.4 billion and $190 billion (depending on the treatment of deferred tax assets) might be required. Accordingly, no assurance can be given that the Federal Reserve, Treasury, or FHFA initiatives discussed above will ensure that Fannie Mae and Freddie Mac will remain successful in meeting their obligations with respect to the debt and mortgage-backed securities they issue. In addition, Fannie Mae and Freddie Mac also are the subject of several continuing class action lawsuits and investigations by federal regulators, which (along with any resulting financial restatements) may adversely affect the guaranteeing entities. Importantly, the future of the entities is in serious question as the U.S. Government is considering multiple options, which range from significant reform to nationalization, privatization, consolidation, or even abolishment of the entities.

The FHFA and the Treasury (through its agreements to purchase preferred stock of Fannie Mae and Freddie Mac) also have imposed strict limits on the size of the mortgage portfolios of Fannie Mae and Freddie Mac. In August 2012, the Treasury amended its preferred stock purchase agreements to provide that the portfolios of Fannie Mae and Freddie Mac will be wound down at an annual rate of 15 percent (up from the previously agreed annual rate of 10 percent), requiring Fannie Mae and Freddie Mac to reach the $250 billion target four years earlier than previously planned. Further, when a ratings agency downgraded long-term U.S. Government debt in August 2011, the agency also downgraded the bond ratings of Fannie Mae and Freddie Mac, from AAA to AA+, based on their direct reliance on the U.S. Government (although that rating did not directly relate to their mortgage-backed securities). The U.S. Government's commitment to ensure that Fannie Mae and Freddie Mac have sufficient capital to meet their obligations was, however, unaffected by the downgrade.

Additionally, in 2012 the FHFA initiated a strategic plan to develop a program of credit risk transfer intended to reduce Fannie Mae's and Freddie Mac's overall risk through the creation of credit risk transfer assets ("CRTs"). CRTs come in two primary series: Structured Agency Credit Risk ("STACRs") for Freddie Mac and Connecticut Avenue Securities ("CAS") for Fannie Mae, although other series may be developed in the future. CRTs are typically structured as unsecured general obligations of either the government-sponsored entities ("GSEs") or special purpose entities and their cash flows are based on the performance of a pool of reference loans. Unlike traditional residential MBS securities, bond payments typically do not come directly from the underlying mortgages. Instead, the GSEs either make the payments to CRT investors, or the GSEs make certain payments to the special purpose entities and the special purpose entities make payments to the investors. In certain structures, the special purpose entities make payments to the GSEs upon the occurrence of credit events with respect to the underlying mortgages, and the obligation of the special purpose entity to make such payments to the GSE is senior to the obligation of the special purpose entity to make payments to the CRT investors. CRTs are typically floating rate securities and may have multiple tranches with losses first allocated to the most junior or subordinate tranche and this structure results in increased sensitivity to dramatic housing downturns, especially for the subordinate tranches. Many CRTs also have collateral performance triggers (e.g., based on credit enhancement, delinquencies or defaults, etc.) that could shut off principal payments to subordinate tranches. Generally, GSEs have the ability to call all of the CRT tranches at par in 10 years.

In addition, the problems faced by FNMA and FHLMC, resulting in their being placed into federal conservatorship and receiving significant U.S. Government support, have sparked serious debate among federal policy makers regarding the continued role of the U.S. Government in providing liquidity for mortgage loans. In December 2011, Congress enacted the Temporary Payroll Tax Cut Continuation Act ("TCCA") of 2011 which, among other provisions, requires that FNMA and FHLMC increase their single-family guaranty fees by at least 10 basis points and remit this increase to Treasury with respect to all loans acquired by FNMA and FHLMC on or after April 1, 2012 and before January 1, 2022. Serious discussions among policymakers continue, however, as to whether FNMA and FHLMC should be nationalized, privatized, restructured, or eliminated altogether. FNMA reported in the second quarter of 2014 that there was "significant uncertainty regarding the future of our company, including how long the company will continue to exist in its current form, the extent of our role in the market, what form we will have, and what ownership interest, if any, our current common and preferred stockholders will hold in us after the conservatorship is terminated and whether we will continue to exist following conservatorship." FHLMC faces similar uncertainty about its future role. FNMA and FHLMC also are the subject of several continuing legal actions and investigations over certain accounting, disclosure or corporate governance matters, which (along with any resulting financial restatements) may continue to have an adverse effect on the guaranteeing entities.

On December 21, 2017, the FHFA and the Treasury agreed to reinstate a $3 billion capital reserve amount for both Fannie Mae and Freddie Mac. The Treasury and FHFA agreed to change the terms of the Senior Preferred Stock certificate to permit Fannie Mae and Freddie Mac to each retain a $3 billion capital reserve each quarter. Beginning in the fourth quarter of 2017, Fannie Mae and Freddie Mac will only pay a dividend to the Treasury if the net worth of each at the end of the quarter is more than $3 billion.

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. 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. Should Fannie Mae's and Freddie Mac's conservatorship end, there could be an adverse impact on the value of their securities, which could cause losses to the Funds.

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

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

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

A Fund may also invest in inverse floating rate debt instruments ("inverse floaters"). The interest rate on an inverse floater resets in the opposite direction from the market rate of interest to which the inverse floater is indexed. An inverse floating rate security may exhibit greater price volatility than a fixed rate obligation of similar credit quality. A Fund has adopted a policy under which a Fund will not invest more than 5% of its assets in any combination of inverse floaters, interest only ("IO"), or principal only ("PO") securities.

The most common benchmark rate for floating rate securities has historically been the London Interbank Offered Rate (LIBOR), which is the rate of interest offered on short-term interbank deposits, as determined by trading between major international banks. After the global financial crisis, regulators globally determined that existing interest rate benchmarks should be reformed based on concerns that LIBOR and other benchmark rates were susceptible to manipulation. Replacement rates that have been identified include the Secured Overnight Financing Rate (SOFR) for U.S. dollar LIBOR and measures the cost of overnight borrowings through repurchase agreement transactions collateralized with U.S. Treasury securities, and the Sterling Overnight Index Average rate (SONIA) for pound sterling LIBOR and measures the overnight interest rate paid by banks for unsecured transactions in the sterling market. See also "LIBOR Replacement Risk" section in this SAI.

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

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

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

**Writing Covered Options on Securities.** A Fund may "write" (sell) covered call options and covered put options on optionable securities of the types in which it is permitted to invest from time to time as the Sub-Adviser determines is appropriate in seeking to attain a Fund's investment objective. Call options written by a Fund give the holder the right to buy the underlying security from the Fund at a stated exercise price; put options give the holder the right to sell the underlying security to the Fund at a stated price.

A Fund may write call options on a covered basis or for cross-hedging purposes and will only write covered put options. A put option would be considered "covered" if the Fund owns an option to sell the underlying security subject to the option having an exercise price equal to or greater than the exercise price of the "covered" option at all times while the put option is outstanding. A call option is covered if the Fund owns or has the right to acquire the underlying securities subject to the call option (or comparable securities satisfying the cover requirements of securities exchanges) at all times during the option period. A call option is for cross-hedging purposes if it is not covered, but is designed to provide a hedge against another security which the Fund owns or has the right to acquire. In the case of a call written for cross-hedging purposes or a put option, the Fund will maintain in a segregated account at the Fund's custodian bank cash or short-term U.S. Government securities with a value equal to or greater than the Fund's obligation under the option (alternatively, a Fund may earmark liquid assets on its records). A Fund may also write combinations of covered puts and covered calls on the same underlying security.

A Fund will receive a premium from writing an option, which increases the Fund's return in the event the option expires unexercised or is terminated at a profit. The amount of the premium will reflect, among other things, the relationship of the market price of the underlying security to the exercise price of the option, the term of the option, and the volatility of the market price of the underlying security. By writing a call option, a Fund will limit its opportunity to profit from any increase in the market value of the underlying security above the exercise price of the option. By writing a put option, a Fund will assume the risk that it may be required to purchase the underlying security for an exercise price higher than its then current market price, resulting in a potential capital loss if the purchase price exceeds the market price plus the amount of the premium received.

A Fund may terminate an option that it has written prior to its expiration by entering into a closing purchase transaction in which it purchases an option having the same terms as the option written. The Fund will realize a profit (or loss) from such transaction if the cost of such transaction is less (or more) than the premium received from the writing of the option. Because increases in the market price of a call option will generally reflect increases in the market price of the underlying security, any loss resulting from the repurchase of a call option may be offset in whole or in part by unrealized appreciation of the underlying security owned by the Fund. See "Derivative Instruments" section in this SAI.

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

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

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

**ADDITIONAL RISK CONSIDERATIONS**

**Central Clearing of Swaps.** In addition, some swaps are, and more in the future will be, centrally cleared. Swaps that are centrally cleared are subject to the creditworthiness of the clearing organizations involved in the transaction. For example, a swap investment by a Fund could lose margin payments deposited with the clearing organization, as well as the net amount of gains not yet paid by the clearing organization, if the clearing organization breaches the swap agreement with the Fund or becomes insolvent or goes into bankruptcy. In the event of bankruptcy of the clearing organization, the Fund may be entitled to the net amount of gains the Fund is entitled to receive, plus the return of margin owed to it, only in proportion to the amount received by the clearing organization's other customers, potentially resulting in losses to the Fund.

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

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

**Derivatives Regulation.** The U.S. Government has enacted legislation that provides for new regulation of the derivatives market, including clearing, margin, reporting, and registration requirements. The European Union (and some other countries) are implementing similar requirements, which will affect a Fund when it enters into a derivatives transaction with a counterparty organized in that country or otherwise subject to that country's derivatives regulations. Because these requirements are relatively new and evolving (and some of the rules are not yet final), their ultimate impact remains unclear.

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

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

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

The U.S. Government and the European Union have adopted mandatory minimum margin requirements for bilateral derivatives. Such requirements could increase the amount of margin required to be provided by a Fund in connection with its derivatives transactions and, therefore, make derivatives transactions more expensive.

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

In October 2020, the SEC adopted new Rule 18f-4 under the 1940 Act, which, once effective, will govern the use of derivative investments and certain financing transactions (e.g. reverse repurchase agreements) by registered investment companies. Among other things, Rule 18f-4 will require funds that invest in derivative instruments beyond a specified limited amount to apply a value-at-risk based limit to their use of certain derivative instruments and financing transactions and to adopt and implement a derivatives risk management program. A fund that uses derivative instruments in a limited amount will not be subject to the full requirements of Rule 18f-4. In connection with the adoption of Rule 18f-4, funds will no longer be required to comply with the asset segregation framework arising from prior SEC guidance for covering certain derivative instruments and related transactions. Compliance with Rule 18f-4 will not be required until approximately August 2022. As the Funds come into compliance, the approach to asset segregation and coverage requirements described in this SAI will be impacted.

These and other new rules and regulations could, among other things, further restrict a Fund's ability to engage in, or increase the cost to the Fund of, derivatives transactions, for example, by making some types of derivatives no longer available to the Fund or otherwise limiting liquidity. The implementation of the clearing requirement has increased the costs of derivatives transactions for the Funds because the Funds have to pay fees to their clearing members and are typically required to post more margin for cleared derivatives than they have historically posted for bilateral derivatives. The costs of derivatives transactions are expected to increase further as clearing members raise their fees as to cover the costs of additional capital requirements and other regulatory changes applicable to the clearing members, and when rules imposing mandatory minimum margin requirements on bilateral swaps become effective. These rules and regulations are new and evolving, so their potential impact on the Funds and the financial system are not yet known. While the new rules and regulations and central clearing of some derivatives transactions are designed to reduce systemic risk (i.e., the risk that the interdependence of large derivatives dealers could cause them to suffer liquidity, solvency or other challenges simultaneously), there is no assurance that they will achieve that result, and in the meantime, as noted above, central clearing and related requirements expose the Funds to new kinds of costs and risks.

**Liquidity Risk.** Liquidity risk is the risk that a Fund could not meet requests to redeem shares issued by a Fund without significant dilution of remaining investors' interests in the Fund. Liquidity risk exists when a Fund reasonably expects that an investment cannot be sold or disposed of in current market conditions in seven (7) calendar days or less without the sale or disposition significantly changing the market value of the investment. A Fund's investment in a particular security may reduce the returns of the Fund because it may be unable to sell that security at an advantageous time or price. Securities with liquidity risk include those that have small average trading volumes or become subject to trading restrictions. Funds 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 tend 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 a Fund's portfolio. It is not possible to predict whether any litigation that has been or will be instituted, might have a material adverse effect on the Funds. Further, the Funds may be subject to litigation, and depending upon the nature of the litigation, the Funds may incur costs associated with the defense and/or settlement of any litigation.

**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, new monetary programs and dramatically lower interest rates.

Events in the financial sector over the past several years have resulted in reduced liquidity in credit and fixed income markets and in an unusually high degree of volatility in the financial markets, both domestically and internationally, particularly in Europe. While entire markets have been affected, issuers that have exposure to the real estate, mortgage and credit markets have been particularly vulnerable. These events and the potential for continuing market turbulence may have an adverse effect on the Funds' investments.

The instability in the financial markets has led the U.S. Government to take a number of unprecedented actions designed to support certain financial institutions and segments of the financial markets that have experienced extreme volatility, and, in some cases, a lack of liquidity. Federal, state, and other governments, their regulatory agencies, or self-regulatory organizations may take actions that affect the regulation of the instruments in which the Funds invest, or affect the issuers of such instruments, in ways that are unforeseeable. Recent 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 the financial crisis that began in 2007, the Federal Reserve attempted to stabilize the U.S. economy and support the U.S. economic recovery by keeping the federal funds rate low. More recently, the Federal Reserve has terminated certain of its market support activities and began raising interest rates. The withdrawal of this support could negatively affect financial markets generally as well as reduce the value and liquidity of certain securities. Additionally, with continued economic recovery and the cessation of certain market support activities, the Funds may face a heightened level of interest rate risk as a result of a rise or increased volatility in interest rates. These policy changes may reduce liquidity for certain of the Funds' investments, causing the value of the Funds' investments and share price to decline. To the extent a Fund experiences high redemptions because of these 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 a Fund's portfolio investments. In June 2016, the United Kingdom approved a referendum to leave the European Union ("EU") ("Brexit").

On March 29, 2017, the United Kingdom formally notified the European Council of its intention to leave the EU. The withdrawal agreement entered into between the United Kingdom and the EU entered into force on January 31, 2020, at which time the United Kingdom ceased to be a member of the EU. Following the withdrawal, there was an eleven-month transition period, ending December 31, 2020, during which the United Kingdom negotiated its future relationship with the EU. On January 1, 2021, the EU UK Trade and Cooperation Agreement, a bilateral trade and cooperation deal governing the future relationship between the UK and the EU went into effect. Given the size and importance of the United Kingdom's economy, uncertainty about its legal, political, and economic relationship with the remaining member states of the EU may continue to be a source of instability. Moreover, other countries may seek to withdraw from the European Union and/or abandon the euro, the common currency of the EU. A number of countries in Europe have suffered terror attacks, and additional attacks may occur in the future. The Ukraine has experienced ongoing military conflict; this conflict may expand and military attacks could occur elsewhere in Europe. Europe has also been struggling with mass migration from the Middle East and Africa. The ultimate effects of these events and other socio-political or geographical issues are not known but could profoundly affect global economies and markets.

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. These sanctions and any additional sanctions or other intergovernmental actions that may be undertaken against Russia in the future may result in the devaluation of Russian currency, a downgrade in the country's credit rating, and a decline in the value and liquidity of Russian securities. Such actions could result in a freeze of Russian securities, impairing the ability of a fund to buy, sell, receive, or deliver those securities. 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 on February 24, 2022. The extent and duration of the military action, resulting 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.

The COVID-19 pandemic and efforts to contain its spread have negatively affected, and are likely to continue to negatively affect, the global economy, the economies of the United States and other individual countries, and the financial performance of individual issuers, sectors, industries, asset classes, and markets in significant and unforeseen ways. The COVID-19 pandemic has resulted in significant market volatility, exchange trading suspensions and closures, declines in global financial markets, higher default rates, and economic downturns and recessions, and these effects may continue for an extended period of time and may increase in severity over time. In addition, actions taken by government and quasi-governmental authorities and regulators throughout the world in response to the COVID-19 pandemic, including significant fiscal and monetary policy changes, may affect the value, volatility, and liquidity of some securities and other assets. Given the significant uncertainty surrounding the magnitude, duration, reach, costs and effects of the COVID-19 pandemic, as well as actions that have been or could be taken by governmental authorities or other third parties, it is difficult to predict its potential impacts on a Fund's investments. The effects of the COVID-19 pandemic also are likely to exacerbate other risks that apply to a Fund, including the risks disclosed in this SAI, which could negatively impact the Fund's performance and lead to losses on your investment in the Fund.

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

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

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

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

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

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

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

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

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

The Fund cannot acquire any security, other than a "daily liquid asset" if, immediately after the acquisition, the Fund would have less than ten percent (10%) 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 thirty percent (30%) 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.

**<u>FUNDAMENTAL AND OPERATING POLICIES applicable to all funds</u>**

**Fundamental Policies.** A Fund is subject to certain fundamental policies and restrictions that may not be changed without shareholder approval. Shareholder approval means approval by the lesser of: (i) more than 50% of the outstanding voting securities of the Trust (or a 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 a particular Fund, such matter shall be deemed to have been effectively acted upon with respect to such Fund if a majority of the outstanding voting interests of such 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)&nbsp;&nbsp;&nbsp;&nbsp; The JNL Government Money Market Fund and JNL Securities Lending Collateral 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)&nbsp;&nbsp;&nbsp;&nbsp; A Fund may not invest directly in real estate or interests in real estate (excluding Real Estate Investment Trusts or any listed properties trust); however, a 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)&nbsp;&nbsp;&nbsp;&nbsp; A Fund may not purchase or sell commodities.

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5)&nbsp;&nbsp;&nbsp;&nbsp; No Fund may lend any security or make any other loan if, as a result, more than 33 1/3% of a 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)&nbsp;&nbsp;&nbsp;&nbsp; A Fund may not issue senior securities except that a 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 a Fund's total assets by reason of a decline in net assets, a 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)&nbsp;&nbsp;&nbsp;&nbsp; A Fund will not borrow money, except for temporary or emergency purposes, from banks. The aggregate amount borrowed shall not exceed 25% of the value of a Fund's assets. In the case of any borrowing, a Fund may pledge, mortgage or hypothecate up to 15% of its assets.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8)&nbsp;&nbsp;&nbsp;&nbsp; No Fund will 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)&nbsp;&nbsp;&nbsp;&nbsp; Each Fund is a "diversified" company as that term is defined under the 1940 Act.

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

**Minimum Requirement of Rule 35d-1.** Certain of the Funds, as noted in the Prospectus, have adopted non-fundamental operating policies that require at least 80% (or, in the case of certain Funds, an amount greater than 80%) of the Fund's assets (net assets plus the amount of any borrowings 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 Funds of the Trust the names 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 a 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 a Fund's assets invested in certain securities or other instruments, or change in the average duration of a Fund's investment portfolio, resulting from market fluctuations or other changes in a Fund's total assets will not require a Fund to dispose of an investment 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 each Fund and choose the Trust's officers. All of the Trustees also serve as Trustees for the other investment companies in the Fund Complex (as defined below). The Officers also serve as Officers for the other investment companies in the Fund Complex (as defined below).

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

For purposes of this section, the term "Fund Complex" includes each of the following investment companies: JNL Series Trust (130 portfolios) and JNL Investors Series Trust (2 portfolios) (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 (56) <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>| &nbsp;&nbsp; <br> 132  |
| &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 and Chief Executive Officer of other investment companies advised by JNAM (12/2006 to present, 12/2006 to 12/2020, 8/2014 to 12/2020, and 8/2012 to 7/2018); Principal Executive Officer of an investment company advised by PPM America, Inc. (11/2017 to present)  | &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 and Chief Executive Officer of other investment companies advised by JNAM (12/2006 to present, 12/2006 to 12/2020, 8/2014 to 12/2020, and 8/2012 to 7/2018); Principal Executive Officer of an investment company advised by PPM America, Inc. (11/2017 to present)  |
| &nbsp;&nbsp; **Other Directorships Held by Trustee During Past 5 Years:** <br> Interested Trustee/Manager of other investment companies advised by JNAM (4/2015 to 12/2020, 1/2007 to 12/2020, and 8/2012 to 7/2018)  | &nbsp;&nbsp; **Other Directorships Held by Trustee During Past 5 Years:** <br> Interested Trustee/Manager of other investment companies advised by JNAM (4/2015 to 12/2020, 1/2007 to 12/2020, and 8/2012 to 7/2018)  |
| &nbsp;&nbsp; ***Independent Trustees*** | &nbsp;&nbsp; ***Independent Trustees*** |
| &nbsp;&nbsp; <br> Eric O. Anyah (55) <br> 1 Corporate Way <br> Lansing, MI 48951 <br> &nbsp;&nbsp; Trustee<sup>2</sup> <br> (1/2018 to present) <br>| &nbsp;&nbsp; <br> 132  |
| &nbsp;&nbsp; **Principal Occupation(s) During Past 5 Years:** <br> Chief Financial Officer, The Museum of Fine Arts, Houston (10/2013 to present)  | &nbsp;&nbsp; **Principal Occupation(s) During Past 5 Years:** <br> Chief Financial Officer, The Museum of Fine Arts, Houston (10/2013 to present)  |
| &nbsp;&nbsp; **Other Directorships Held by Trustee During Past 5 Years:** <br> Trustee/Manager of other investment companies advised by JNAM (1/2018 to 12/2020, 12/2013 to 12/2020, and 12/2013 to 7/2018)  | &nbsp;&nbsp; **Other Directorships Held by Trustee During Past 5 Years:** <br> Trustee/Manager of other investment companies advised by JNAM (1/2018 to 12/2020, 12/2013 to 12/2020, and 12/2013 to 7/2018)  |
| &nbsp;&nbsp; <br> Michael J. Bouchard (67) <br> 1 Corporate Way <br> Lansing, MI 48951 <br> &nbsp;&nbsp; Trustee <sup>2</sup> <br> (8/2000 to present) <br>| &nbsp;&nbsp; <br> 132  |
| &nbsp;&nbsp; **Principal Occupation(s) During Past 5 Years:** <br> Sheriff, Oakland County, Michigan (1/1999 to present)  | &nbsp;&nbsp; **Principal Occupation(s) During Past 5 Years:** <br> Sheriff, Oakland County, Michigan (1/1999 to present)  |
| &nbsp;&nbsp; **Other Directorships Held by Trustee During Past 5 Years:** <br> Trustee/Manager of other investment companies advised by JNAM (1/2018 to 12/2020, 4/2000 to 12/2020, and 8/2012 to 7/2018)  | &nbsp;&nbsp; **Other Directorships Held by Trustee During Past 5 Years:** <br> Trustee/Manager of other investment companies advised by JNAM (1/2018 to 12/2020, 4/2000 to 12/2020, and 8/2012 to 7/2018)  |
| &nbsp;&nbsp; <br> Ellen Carnahan (67) <br> 1 Corporate Way <br> Lansing, MI 48951 <br> &nbsp;&nbsp; <br> Trustee <sup>2</sup> <br> (12/2013 to present)  | &nbsp;&nbsp; <br> 132  |
| &nbsp;&nbsp; **Principal Occupation(s) During Past 5 Years:** <br> Principal, Machrie Enterprises LLC (venture capital firm) (7/2007 to present); Board Member of various corporate boards (see below)  | &nbsp;&nbsp; **Principal Occupation(s) During Past 5 Years:** <br> Principal, Machrie Enterprises LLC (venture capital firm) (7/2007 to present); Board Member of various corporate boards (see below)  |
| &nbsp;&nbsp; **Other Directorships Held by Trustee During Past 5 Years:** <br> Director and Audit Committee Member (11/2016 to present), Governance Committee Member (11/2016 to 3/2018), and Compensation Committee Chair (3/2018 to present), Paylocity Holding Corporation; Director, Audit Committee Member, and Governance Committee Member (5/2015 to present) and Audit Committee Chair (3/2019 to present), ENOVA International Inc.; Trustee/Manager of other investment companies advised by JNAM (1/2018 to 12/2020, 12/2013 to 12/2020, and 12/2013 to 7/2018)  | &nbsp;&nbsp; **Other Directorships Held by Trustee During Past 5 Years:** <br> Director and Audit Committee Member (11/2016 to present), Governance Committee Member (11/2016 to 3/2018), and Compensation Committee Chair (3/2018 to present), Paylocity Holding Corporation; Director, Audit Committee Member, and Governance Committee Member (5/2015 to present) and Audit Committee Chair (3/2019 to present), ENOVA International Inc.; Trustee/Manager of other investment companies advised by JNAM (1/2018 to 12/2020, 12/2013 to 12/2020, and 12/2013 to 7/2018)  |
| &nbsp;&nbsp; <br> John W. Gillespie (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> 132  |
| &nbsp;&nbsp; **Principal Occupation(s) During Past 5 Years:** <br> Entrepreneur-in-Residence, UCLA Office of Intellectual Property (2/2013 to present); Investor, Business Writer, and Advisor (10/2006 to present); Financial Advisor, Yosi, Inc. (healthcare services software company) (1/2017 to 6/2018)  | &nbsp;&nbsp; **Principal Occupation(s) During Past 5 Years:** <br> Entrepreneur-in-Residence, UCLA Office of Intellectual Property (2/2013 to present); Investor, Business Writer, and Advisor (10/2006 to present); Financial Advisor, Yosi, Inc. (healthcare services software company) (1/2017 to 6/2018)  |
| &nbsp;&nbsp; **Other Directorships Held by Trustee During Past 5 Years:** <br> Trustee/Manager of other investment companies advised by JNAM (1/2018 to 12/2020, 12/2013 to 12/2020, and 12/2013 to 7/2018)  | &nbsp;&nbsp; **Other Directorships Held by Trustee During Past 5 Years:** <br> Trustee/Manager of other investment companies advised by JNAM (1/2018 to 12/2020, 12/2013 to 12/2020, and 12/2013 to 7/2018)  |

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| | |
|:---|:---|
| &nbsp;&nbsp; **Name, Address, and (Age)** | &nbsp;&nbsp; **Number of Portfolios in Fund Complex Overseen by Trustee** |
| &nbsp;&nbsp; <br> William R. Rybak (72) <br> 1 Corporate Way <br> Lansing, MI 48951 <br> &nbsp;&nbsp; <br> Trustee <sup>2</sup> <br> (1/2007 to present)  | &nbsp;&nbsp; <br> 132  |
| &nbsp;&nbsp; **Principal Occupation(s) During Past 5 Years:** <br> Private investor (5/2000 to present); Board Member of various corporate boards (see below)  | &nbsp;&nbsp; **Principal Occupation(s) During Past 5 Years:** <br> Private investor (5/2000 to present); Board Member of various corporate boards (see below)  |
| &nbsp;&nbsp; **Other Directorships Held by Trustee During Past 5 Years:** <br> Director (2/2010 to present) and Board Chair (2/2016 to present), Christian Brothers Investment Services, Inc.; Trustee (10/2012 to present) and Chair Emeritus (5/2009 to present), Lewis University; Director (2002 to present), Governance Committee Chair (2004 to 7/2019), and Audit Committee Chair (7/2019 to present), each of the Calamos Mutual Funds and Closed-End Funds; Trustee/Manager of other investment companies advised by JNAM (1/2018 to 12/2020, 1/2007 to 12/2020, and 8/2012 to 7/2018)  | &nbsp;&nbsp; **Other Directorships Held by Trustee During Past 5 Years:** <br> Director (2/2010 to present) and Board Chair (2/2016 to present), Christian Brothers Investment Services, Inc.; Trustee (10/2012 to present) and Chair Emeritus (5/2009 to present), Lewis University; Director (2002 to present), Governance Committee Chair (2004 to 7/2019), and Audit Committee Chair (7/2019 to present), each of the Calamos Mutual Funds and Closed-End Funds; Trustee/Manager of other investment companies advised by JNAM (1/2018 to 12/2020, 1/2007 to 12/2020, and 8/2012 to 7/2018)  |
| &nbsp;&nbsp; <br> Mark S. Wehrle (66) <br> 1 Corporate Way <br> Lansing, MI 48951 <br> &nbsp;&nbsp; <br> Trustee <sup>2</sup> <br> (1/2018 to present)  | &nbsp;&nbsp; <br> 132  |
| &nbsp;&nbsp; **Principal Occupation(s) During Past 5 Years:** <br> Real Estate Broker, Broker's Guild (4/2011 to 12/2019); Retired Certified Public Accountant (1/2011 to present)  | &nbsp;&nbsp; **Principal Occupation(s) During Past 5 Years:** <br> Real Estate Broker, Broker's Guild (4/2011 to 12/2019); Retired Certified Public Accountant (1/2011 to present)  |
| &nbsp;&nbsp; **Other Directorships Held by Trustee During Past 5 Years:** <br> Trustee, Delta Dental of Colorado (1/2012 to 12/2020); Trustee/Manager of other investment companies advised by JNAM and/or an affiliate of JNAM (1/2018 to 12/2020, 1/2018 to 7/2018, and 7/2013 to 12/2020)  | &nbsp;&nbsp; **Other Directorships Held by Trustee During Past 5 Years:** <br> Trustee, Delta Dental of Colorado (1/2012 to 12/2020); Trustee/Manager of other investment companies advised by JNAM and/or an affiliate of JNAM (1/2018 to 12/2020, 1/2018 to 7/2018, and 7/2013 to 12/2020)  |
| &nbsp;&nbsp; <br> Edward C. Wood (67) <br> 1 Corporate Way <br> Lansing, MI 48951 <br> &nbsp;&nbsp; <br> Chair of the Board <sup>3</sup> <br> (1/2020 to present) <br>Trustee <sup>2</sup> <br> (12/2013 to present) <br>| &nbsp;&nbsp; <br> 132  |
| &nbsp;&nbsp; **Principal Occupation(s) During Past 5 Years:** <br> None  | &nbsp;&nbsp; **Principal Occupation(s) During Past 5 Years:** <br> None  |
| &nbsp;&nbsp; **Other Directorships Held by Trustee During Past 5 Years:** <br> Trustee/Manager of other investment companies advised by JNAM (1/2018 to 12/2020, 12/2013 to 12/2020, and 12/2013 to 7/2018)  | &nbsp;&nbsp; **Other Directorships Held by Trustee During Past 5 Years:** <br> Trustee/Manager of other investment companies advised by JNAM (1/2018 to 12/2020, 12/2013 to 12/2020, and 12/2013 to 7/2018)  |
| &nbsp;&nbsp; <br> Patricia A. Woodworth (68) <br> 1 Corporate Way <br> Lansing, MI 48951 <br> &nbsp;&nbsp; <br> Trustee <sup>2</sup> <br> (1/2007 to present)  | &nbsp;&nbsp; <br> 132  |
| &nbsp;&nbsp; **Principal Occupation(s) During Past 5 Years:** <br> Chief Financial Officer, National Trust for Historic Preservation (3/2019 to 8/2020); Vice President, Chief Financial Officer, and Chief Operating Officer, The J. Paul Getty Trust (philanthropic organization) (11/2007 to 8/2018)  | &nbsp;&nbsp; **Principal Occupation(s) During Past 5 Years:** <br> Chief Financial Officer, National Trust for Historic Preservation (3/2019 to 8/2020); Vice President, Chief Financial Officer, and Chief Operating Officer, The J. Paul Getty Trust (philanthropic organization) (11/2007 to 8/2018)  |
| &nbsp;&nbsp; **Other Directorships Held by Trustee During Past 5 Years:** <br> Trustee/Manager of other investment companies advised by JNAM (1/2018 to 12/2020, 1/2007 to 12/2020, and 8/2012 to 7/2018)  | &nbsp;&nbsp; **Other Directorships Held by Trustee During Past 5 Years:** <br> Trustee/Manager of other investment companies advised by JNAM (1/2018 to 12/2020, 1/2007 to 12/2020, and 8/2012 to 7/2018)  |

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| |
|:---|
| <sup>1</sup> Mr. Nerud is an "interested person" of the Trust due to his position with JNAM, the Adviser. |
| <sup>2</sup> The Interested Trustee and the Independent Trustees are elected to serve for an indefinite term. |
| <sup>3</sup> The Board Chairperson may be reelected for a second three-year term. If the Board Chairperson has served two consecutive terms, he or she may not serve again as the Board Chairperson, unless at least one year has elapsed since the end of his or her second consecutive term as Board Chairperson. |

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| | |
|:---|:---|
| &nbsp;&nbsp; <br> **Name, Address, and (Age)** | &nbsp;&nbsp; **Position(s) Held with Trust** <br> **(Length of Time Served)**  |
| &nbsp;&nbsp; **Officers**  | &nbsp;&nbsp; **Officers**  |
| &nbsp;&nbsp; <br> Emily J. Bennett (39) <br> 1 Corporate Way <br> Lansing, MI 48951  | &nbsp;&nbsp; <br> Vice President <br> (11/2022 to present) <br>Assistant Secretary <br> (3/2016 to present)  |
| &nbsp;&nbsp; **Principal Occupation(s) During Past 5 Years:** <br> Vice President of JNAM (8/2022 to present); Deputy General Counsel of JNAM (8/2021 to present); Assistant Vice President of JNAM (2/2018 to 9/2022); Associate General Counsel of JNAM (3/2016 to 8/2021); Vice President of other investment companies advised by JNAM (11/2022 to present); Assistant Secretary of other investment companies advised by JNAM (3/2016 to present, 3/2016 to 12/2020, 5/2012 to 12/2020, and 3/2016 to 7/2018); Assistant Secretary (1/2021 to 5/2022), Vice President (11/2017 to present), and Secretary (11/2017 to 2/2021 and 5/2022 to present) 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 9/2022); Associate General Counsel of JNAM (3/2016 to 8/2021); Vice President of other investment companies advised by JNAM (11/2022 to present); Assistant Secretary of other investment companies advised by JNAM (3/2016 to present, 3/2016 to 12/2020, 5/2012 to 12/2020, and 3/2016 to 7/2018); Assistant Secretary (1/2021 to 5/2022), Vice President (11/2017 to present), and Secretary (11/2017 to 2/2021 and 5/2022 to present) of an investment company advised by PPM America, Inc.  |
| &nbsp;&nbsp; <br> Garett J. Childs (43) <br> 1 Corporate Way <br> Lansing, MI 48951  | &nbsp;&nbsp; <br> Vice President <br> (2/2019 to present)  |
| &nbsp;&nbsp; **Principal Occupation(s) During Past 5 Years:** <br> Chief Financial Officer of JNAM (8/2021 to present); Vice President, Finance and Risk of JNAM (2/2019 to present); Controller of JNAM (11/2007 to 8/2021); Vice President of other investment companies advised by JNAM (2/2019 to present and 2/2019 to 12/2020); Chief Risk Officer of JNAM (7/2016 to 2/2019); Assistant Vice President, Corporate Finance of JNAM (12/2013 to 2/2019)  | &nbsp;&nbsp; **Principal Occupation(s) During Past 5 Years:** <br> Chief Financial Officer of JNAM (8/2021 to present); Vice President, Finance and Risk of JNAM (2/2019 to present); Controller of JNAM (11/2007 to 8/2021); Vice President of other investment companies advised by JNAM (2/2019 to present and 2/2019 to 12/2020); Chief Risk Officer of JNAM (7/2016 to 2/2019); Assistant Vice President, Corporate Finance of JNAM (12/2013 to 2/2019)  |
| &nbsp;&nbsp; <br> Kelly L. Crosser (50) <br> 1 Corporate Way <br> Lansing, MI 48951  | &nbsp;&nbsp; <br> Assistant Secretary <br> (9/2007 to present)  |
| &nbsp;&nbsp; **Principal Occupation(s) During Past 5 Years:** <br> Director, Legal of JNAM (12/2021 to present); Manager, Legal Regulatory Filings and Print of JNAM (1/2018 to 12/2021); Assistant Secretary of other investment companies advised by JNAM (9/2007 to present, 9/2007 to 12/2020, 10/2011 to 12/2020, and 8/2012 to 7/2018)  | &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 (9/2007 to present, 9/2007 to 12/2020, 10/2011 to 12/2020, and 8/2012 to 7/2018)  |
| &nbsp;&nbsp; <br> Richard J. Gorman (57) <br> 1 Corporate Way <br> Lansing, MI 48951  | &nbsp;&nbsp; <br> Chief Compliance Officer <br> (8/2018 to present) <br>Anti-Money Laundering Officer <br> (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 (8/2018 to present and 8/2018 to 12/2020), Chief Compliance Officer and Deputy General Counsel of Heitman LLC (2/2018 to 8/2018); Chief Compliance Officer of the Oakmark Funds (6/2006 to 1/2018)  | &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 (8/2018 to present and 8/2018 to 12/2020), Chief Compliance Officer and Deputy General Counsel of Heitman LLC (2/2018 to 8/2018); Chief Compliance Officer of the Oakmark Funds (6/2006 to 1/2018)  |
| &nbsp;&nbsp; <br> William P. Harding (48) <br> 1 Corporate Way <br> Lansing, MI 48951  | &nbsp;&nbsp; <br> Vice President <br> (11/2012 to present)  |
| &nbsp;&nbsp; **Principal Occupation(s) During Past 5 Years:** <br> Senior Vice President and Chief Investment Officer of JNAM (6/2014 to present); Vice President of other investment companies advised by JNAM (11/2012 to present, 11/2012 to 12/2020, 5/2014 to 12/2020, and 11/2012 to 7/2018)  | &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 (11/2012 to present, 11/2012 to 12/2020, 5/2014 to 12/2020, and 11/2012 to 7/2018)  |
| &nbsp;&nbsp; <br> Daniel W. Koors (52) <br> 1 Corporate Way <br> Lansing, MI 48951  | &nbsp;&nbsp; <br> Vice President <br> (12/2006 to present) <br>Treasurer & Chief Financial Officer <br> (9/2016 to 6/2020)  |
| &nbsp;&nbsp; **Principal Occupation(s) During Past 5 Years:** <br> Senior Vice President of JNAM (1/2009 to present); Chief Operating Officer of JNAM (4/2011 to present); Vice President of other investment companies advised by JNAM (12/2006 to present, 12/2006 to 12/2020, 1/2018 to 12/2020, and 8/2012 to 7/2018); Treasurer and Chief Financial Officer of other investment companies advised by JNAM (9/2016 to 6/2020, 9/2016 to 12/2020, 10/2011 to 12/2020, and 9/2016 to 7/2018); Principal Financial Officer (11/2017 to 01/2021), Treasurer (11/2017 to 01/2021), and Vice President (11/2017 to present) of an investment company advised by PPM America, Inc.  | &nbsp;&nbsp; **Principal Occupation(s) During Past 5 Years:** <br> Senior Vice President of JNAM (1/2009 to present); Chief Operating Officer of JNAM (4/2011 to present); Vice President of other investment companies advised by JNAM (12/2006 to present, 12/2006 to 12/2020, 1/2018 to 12/2020, and 8/2012 to 7/2018); Treasurer and Chief Financial Officer of other investment companies advised by JNAM (9/2016 to 6/2020, 9/2016 to 12/2020, 10/2011 to 12/2020, and 9/2016 to 7/2018); Principal Financial Officer (11/2017 to 01/2021), Treasurer (11/2017 to 01/2021), and Vice President (11/2017 to present) of an investment company advised by PPM America, Inc.  |

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| | |
|:---|:---|
| &nbsp;&nbsp; <br> **Name, Address, and (Age)** | &nbsp;&nbsp; **Position(s) Held with Trust** <br> **(Length of Time Served)**  |
| &nbsp;&nbsp; <br> Kristen K. Leeman (47) <br> 1 Corporate Way <br> Lansing, MI 48951  | &nbsp;&nbsp; <br> Assistant Secretary <br> (6/2012 to present)  |
| &nbsp;&nbsp; **Principal Occupation(s) During Past 5 Years:** <br> Senior Regulatory Analyst of JNAM (5/2021 to present); Regulatory Analyst of JNAM (1/2018 to 5/2021); Assistant Secretary of other investment companies advised by JNAM (6/2012 to present, 6/2012 to 12/2020, 1/2018 to 12/2020, and 8/2012 to 7/2018)  | &nbsp;&nbsp; **Principal Occupation(s) During Past 5 Years:** <br> Senior Regulatory Analyst of JNAM (5/2021 to present); Regulatory Analyst of JNAM (1/2018 to 5/2021); Assistant Secretary of other investment companies advised by JNAM (6/2012 to present, 6/2012 to 12/2020, 1/2018 to 12/2020, and 8/2012 to 7/2018)  |
| &nbsp;&nbsp; <br> Adam C. Lueck (40) <br> 1 Corporate Way <br> Lansing, MI 48951  | &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); Attorney of JNAM (10/2015 to 2/2018); Assistant Secretary of other investment companies advised by JNAM (3/2018 to present, 3/2018 to 12/2020, 12/2015 to 12/2020, and 1/2018 to 7/2018)  | &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); Attorney of JNAM (10/2015 to 2/2018); Assistant Secretary of other investment companies advised by JNAM (3/2018 to present, 3/2018 to 12/2020, 12/2015 to 12/2020, and 1/2018 to 7/2018)  |
| &nbsp;&nbsp; <br> Mia K. Nelson (40) <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)  |
| &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 (11/2022 to present); Assistant Vice President of other investment companies advised by JNAM (8/2017 to 11/2022, 8/2017 to 12/2020, 9/2017 to 12/2020, and 8/2017 to 7/2018)  | &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 (11/2022 to present); Assistant Vice President of other investment companies advised by JNAM (8/2017 to 11/2022, 8/2017 to 12/2020, 9/2017 to 12/2020, and 8/2017 to 7/2018)  |
| &nbsp;&nbsp; <br> Joseph B. O'Boyle (60) <br> 1 Corporate Way <br> Lansing, MI 48951  | &nbsp;&nbsp; <br> Vice President <br> (1/2018 to present) <br>Acting Chief Compliance Officer <br> (5/2018 to 8/2018) <br>Acting Anti-Money Laundering Officer <br> (5/2018 to 8/2018)  |
| &nbsp;&nbsp; **Principal Occupation(s) During Past 5 Years:** <br> Vice President of JNAM (8/2015 to present); Acting Chief Compliance Officer of JNAM (5/2018 to 8/2018); Vice President of other investment companies advised by JNAM (1/2018 to present, 1/2018 to 12/2020, and 1/2018 to 7/2018); Acting Chief Compliance Officer and Acting Anti-Money Laundering Officer of other investment companies advised by JNAM (5/2018 to 8/2018); Anti-Money Laundering Officer of another investment company advised by JNAM (12/2015 to 1/2018); Chief Compliance Officer of another investment company advised by JNAM (5/2012 to 1/2018); Chief Compliance Officer and Anti-Money Laundering Officer of an investment company advised by PPM America, Inc. (2/2018 to present)  | &nbsp;&nbsp; **Principal Occupation(s) During Past 5 Years:** <br> Vice President of JNAM (8/2015 to present); Acting Chief Compliance Officer of JNAM (5/2018 to 8/2018); Vice President of other investment companies advised by JNAM (1/2018 to present, 1/2018 to 12/2020, and 1/2018 to 7/2018); Acting Chief Compliance Officer and Acting Anti-Money Laundering Officer of other investment companies advised by JNAM (5/2018 to 8/2018); Anti-Money Laundering Officer of another investment company advised by JNAM (12/2015 to 1/2018); Chief Compliance Officer of another investment company advised by JNAM (5/2012 to 1/2018); Chief Compliance Officer and Anti-Money Laundering Officer of an investment company advised by PPM America, Inc. (2/2018 to present)  |
| &nbsp;&nbsp; <br> Susan S. Rhee (51) <br> 1 Corporate Way <br> Lansing, MI 48951  | &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 (2/2004 to present, 2/2004 to 12/2020, 10/2011 to 12/2020, and 8/2012 to 7/2018); 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 (2/2004 to present, 2/2004 to 12/2020, 10/2011 to 12/2020, and 8/2012 to 7/2018); Vice President and Assistant Secretary of an investment company advised by PPM America, Inc. (11/2017 to 7/2022)  |
| &nbsp;&nbsp; <br> Andrew Tedeschi (58) <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 (6/2020 to present); Principal Financial Officer, Treasurer, and Vice President of an investment company advised by PPM America, Inc. (1/2021 to present); Controller, Fund Administration, Harris Associates L.P. (12/2007 to 12/2018); and Vice President (2/2008 to 12/2018), Treasurer (10/2018 to 12/2018), and Assistant Treasurer (2/2008 to 10/2018) of the Oakmark Funds  | &nbsp;&nbsp; **Principal Occupation(s) During Past 5 Years:** <br> Vice President, JNAM (1/2019 to present); Treasurer and Chief Financial Officer of other investment companies advised by JNAM (6/2020 to present); Principal Financial Officer, Treasurer, and Vice President of an investment company advised by PPM America, Inc. (1/2021 to present); Controller, Fund Administration, Harris Associates L.P. (12/2007 to 12/2018); and Vice President (2/2008 to 12/2018), Treasurer (10/2018 to 12/2018), and Assistant Treasurer (2/2008 to 10/2018) of the Oakmark Funds  |

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

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

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

**Risk Oversight**

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

**Committees of the Board of Trustees**

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

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

The two Investment Committees review the performance of the Funds. Each Investment Committee meets at least four times per year and reports the results of its review to the full Board at each regularly scheduled Board meeting. Each Independent Trustee sits on one of the two Committees. Mses. Carnahan and Woodworth and Messrs. Gillespie and Wehrle are members of Investment Committee A. Ms. Carnahan serves as Chair of Investment Committee A. Messrs. Anyah, Bouchard, Nerud, Rybak, and Wood are members of Investment Committee B. Mr. Anyah serves as Chair of Investment Committee B. In the last fiscal year, Investment Committees A and B had five meetings. Prior to January 1, 2023, there were three Investment Committees, with Investment Committee C having five meetings in the last fiscal year.

&nbsp;&nbsp;&nbsp;&nbsp;<br>

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

As of December 31, 2022, 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; (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 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; (iii) an investment adviser, principal underwriter or affiliated person of any Fund; or (iv) any person directly or indirectly controlling, controlled by, or under common control with an investment adviser or principal underwriter of any Fund.

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

As of December 31, 2022, the Trustees beneficially owned the following interests in shares of the Funds: [to be updated by amendment]

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| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Trustee** | &nbsp;&nbsp;**Dollar Range of Equity Securities in the Fund** | &nbsp;&nbsp;**Aggregate Dollar Range of Equity Securities in All Registered Investment Companies Overseen by the Trustee in the Family of Investment Companies** |
| &nbsp;&nbsp;Mark D. Nerud<sup>1</sup> |  | &nbsp;&nbsp;Over $100,000 |
| &nbsp;&nbsp;Eric O. Anyah |  | &nbsp;&nbsp;Over $100,000 |
| &nbsp;&nbsp;Michael Bouchard<sup>3</sup> |  | &nbsp;&nbsp;Over $100,000 |
| &nbsp;&nbsp;Ellen Carnahan<sup>3</sup> |  | &nbsp;&nbsp;Over $100,000 |
| &nbsp;&nbsp;John Gillespie<sup>3</sup> |  | &nbsp;&nbsp;Over $100,000 |
| &nbsp;&nbsp;William R. Rybak<sup>2</sup> |  | &nbsp;&nbsp;Over $100,000 |
| &nbsp;&nbsp;Mark S. Wehrle |  | &nbsp;&nbsp;Over $100,000 |
| &nbsp;&nbsp;Edward Wood<sup>3</sup> |  | &nbsp;&nbsp;Over $100,000 |
| &nbsp;&nbsp;Patricia A. Woodworth<sup>3</sup> |  | &nbsp;&nbsp;Over $100,000 |

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<br> <sup>1</sup> Mr. Nerud is the beneficial owner of interests in certain other Funds in the Fund Complex through his respective participation in a retirement plan maintained by Jackson for its officers and employees, which invests in certain other funds in the Fund Complex.

<br> <sup>2</sup> Mr. Rybak owns a Jackson National Life Insurance Company variable annuity under which each of his investments is allocated to the investment divisions that invest in the Fund Complex.

<sup>3</sup> These Trustees hold investments through the deferred compensation plan in "clone" retail funds run by sub-advisers on the JNL platform, which may include retail clones in each of the sleeves of the JNAM Multi-Manager Funds. The investments are not in the Funds themselves.

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

As of December 31, 2022, none of the Independent Trustees, nor any member of an Independent Trustee's immediate family, owned beneficially or of record any securities in an adviser or principal underwriter of any Fund, or a person directly or indirectly controlling or under common control with an investment adviser or principal underwriter of any Fund.

**Trustee Compensation**

The Trustee who is an "interested person" receives no compensation from the Trust. Effective January 1, 2022, each Independent Trustee is paid by the Fund Complex an annual retainer of $360,000. The fees are allocated to the funds within the Fund Complex on a pro-rata basis based on net assets. The Chairman of the Board of Trustees receives an additional annual retainer of $105,000. The Chair of the Audit Committee receives an additional annual retainer of $30,000 for services in that capacity. The Chair of the Governance Committee receives an additional annual retainer of $25,000 for services in that capacity. The Chair of each Investment Committee receives an additional annual retainer of $25,000 for services in that capacity.

The Independent Trustees receive $2,500 per day plus travel expenses 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, 2022:

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **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** |
|  | Eric O. Anyah | $7676 | $0 | $0 | $385000 | <sup>2</sup> |
|  | Michael Bouchard | $7177 | $0 | $0 | $360000 | |
|  | Ellen Carnahan | $7676 | $0 | $0 | $385000 | <sup>3</sup> |
|  | Michelle Engler<sup>4</sup> | $7676 | $0 | $0 | $385000 | |
|  | John Gillespie | $7676 | $0 | $0 | $385000 | <sup>5</sup> |
|  | William R. Rybak | $7177 | $0 | $0 | $360000 | |
|  | Mark S. Wehrle | $7775 | $0 | $0 | $390000 | <sup>6</sup> |
|  | Edward Wood | $9271 | $0 | $0 | $465000 | <sup>7</sup> |
|  | Patricia Woodworth | $7177 | $0 | $0 | $360000 | |
| <sup>1</sup> | The fees paid to the Independent Trustees are paid for combined service on the Boards of the JNL Series Trust and JNL Investors Series Trust (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 $3,475,000. | The fees paid to the Independent Trustees are paid for combined service on the Boards of the JNL Series Trust and JNL Investors Series Trust (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 $3,475,000. | The fees paid to the Independent Trustees are paid for combined service on the Boards of the JNL Series Trust and JNL Investors Series Trust (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 $3,475,000. | The fees paid to the Independent Trustees are paid for combined service on the Boards of the JNL Series Trust and JNL Investors Series Trust (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 $3,475,000. | The fees paid to the Independent Trustees are paid for combined service on the Boards of the JNL Series Trust and JNL Investors Series Trust (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 $3,475,000. |  |
| <sup>2</sup> | Amount includes $385,000 deferred by Mr. Anyah. | Amount includes $385,000 deferred by Mr. Anyah. | Amount includes $385,000 deferred by Mr. Anyah. | Amount includes $385,000 deferred by Mr. Anyah. | Amount includes $385,000 deferred by Mr. Anyah. |  |
| <sup>3</sup> | Amount includes $192,500 deferred by Ms. Carnahan. | Amount includes $192,500 deferred by Ms. Carnahan. | Amount includes $192,500 deferred by Ms. Carnahan. | Amount includes $192,500 deferred by Ms. Carnahan. | Amount includes $192,500 deferred by Ms. Carnahan. |  |
| <sup>4</sup> | Ms. Engler retired from service on the Board of the Fund Complex effective December 31, 2022. | Ms. Engler retired from service on the Board of the Fund Complex effective December 31, 2022. | Ms. Engler retired from service on the Board of the Fund Complex effective December 31, 2022. | Ms. Engler retired from service on the Board of the Fund Complex effective December 31, 2022. | Ms. Engler retired from service on the Board of the Fund Complex effective December 31, 2022. |  |
| <sup>5</sup> | Amount includes $192,500 deferred by Mr. Gillespie. | Amount includes $192,500 deferred by Mr. Gillespie. | Amount includes $192,500 deferred by Mr. Gillespie. | Amount includes $192,500 deferred by Mr. Gillespie. | Amount includes $192,500 deferred by Mr. Gillespie. |  |
| <sup>6</sup> | Amount includes $78,200 deferred by Mr. Wehrle. | Amount includes $78,200 deferred by Mr. Wehrle. | Amount includes $78,200 deferred by Mr. Wehrle. | Amount includes $78,200 deferred by Mr. Wehrle. | Amount includes $78,200 deferred by Mr. Wehrle. |  |
| <sup>7</sup> | Amount includes $209,250 deferred by Mr. Wood. | Amount includes $209,250 deferred by Mr. Wood. | Amount includes $209,250 deferred by Mr. Wood. | Amount includes $209,250 deferred by Mr. Wood. | Amount includes $209,250 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:

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

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

<br> ● 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

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

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

Shareholders should note that a person who owns securities issued by Jackson Financial, Inc. ("Jackson") would be deemed an "interested person" under the 1940 Act. In addition, certain other relationships with Jackson or its subsidiaries, with registered broker-dealers, or with the Funds' outside legal counsel may cause a person to be deemed an "interested person." JNAM is an indirect, wholly owned subsidiary of Jackson, a leading provider of retirement products for industry professionals and their clients. Jackson and its affiliates offer variable, fixed and fixed index annuities designed for tax-efficient growth and distribution of retirement income for retail customers, as well as products for institutional investors. Prudential plc and Athene Life Re Ltd each hold a minority economic interest in Jackson. Prudential plc has no relation to Newark, New Jersey-based Prudential Financial Inc.

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 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 15 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 four 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 21 years of experience as a Trustee of the Fund Complex.

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

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

&nbsp;&nbsp;&nbsp;&nbsp;<br>

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

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

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

The Board considered Mr. Rybak's board experience with other companies, financial experience, academic background and his approximately 15 years of experience as a Trustee of the Fund Complex.

**Mark S. Wehrle.** Mr. Wehrle has over 35 years of general business experience, including specific experience with accounting, auditing, internal controls and financial reporting that he gained as an audit partner with Deloitte & Touche serving financial services entities, including mutual funds. Mr. Wehrle also served as a trustee to a previous investment company advised by JNAM from July 2013 to December 2020.

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

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

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

**Patricia A. Woodworth.** Ms. Woodworth is the Chief Financial Officer of the National Trust for Historic Preservation. Ms. Woodworth formerly served as 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 15 years of experience as a Trustee of the Fund Complex.

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

[As of April 3, 2023, the officers and Trustees of the Trust, as a group, beneficially owned less than 1% of the then outstanding interests of each class of each Fund of the Trust.]

[As of April 3, 2023, no persons beneficially owned 5% or more of the shares of any class of a Fund.]

**<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. Prudential plc and Athene Life Re Ltd each hold a minority economic interest in Jackson. Prudential plc has no relation to Newark, New Jersey-based Prudential Financial Inc.

The Investment Advisory and Management Agreement continues in effect for each Fund from year to year after its initial two-year term so long as its continuation is approved at least annually by (i) a majority of the Trustees who are not parties to such agreement or interested persons of any such party except in their capacity as Trustees of the Trust, and (ii) the shareholders of the affected Fund or the Board 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 that Fund, and will terminate automatically upon assignment. Additional Funds may be subject to a different agreement. The Investment Advisory and Management Agreement provides that the Adviser shall not be liable for any error of judgment, or for any loss suffered by any Fund in connection with the matters to which the agreement relates, except a loss resulting from willful misfeasance, bad faith or gross negligence on the part of the Adviser in the performance of its obligations and duties, or by reason of its reckless disregard of its obligations and duties under the agreement. As compensation for its services, the Trust pays the Adviser a fee in respect of each Fund as described in the Prospectus.

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

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| | | | |
|:---|:---|:---|:---|
| **Fund** | **December 31, 2022** | **December 31, 2021** | **December 31, 2020** |
| JNL Securities Lending Collateral Fund | $552498 | $608573 | $580110 |
| JNL Government Money Market Fund | $6589150 | $6233179 | $5160803 |

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**Investment Sub-Adviser and Portfolio Managers**

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

**Wellington Management Company LLP**

Wellington Management Company LLP ("Wellington Management") serves as Sub-Adviser to the JNL Government Money Market Fund and the JNL Securities Lending Collateral Fund. Wellington Management is a Delaware limited liability partnership, with principal offices at 280 Congress Street, Boston, Massachusetts 02210. Wellington Management is a professional investment counseling firm which provides investment services to investment companies, employee benefit plans, endowments, foundations, and other institutions. Wellington Management and its predecessor organizations have provided investment advisory services for over 80 years. Wellington Management is owned by the partners of Wellington Management Group LLP, a Massachusetts limited liability partnership. As of December 31, 2022, Wellington Management had investment management authority with respect to approximately $1.15 trillion in assets.

**Sub-Advisory Fees**

As compensation for their services, the sub-adviser receives fees from the Adviser computed separately for each Fund. The fee for each Fund is stated as an annual percentage of the net assets of 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 Funds as described elsewhere in this SAI and the Prospectus, for the fiscal year ended December 31, 2022:

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| | | |
|:---|:---|:---|
| | **Aggregate Fees Paid to Sub-Advisers** | **Aggregate Fees Paid to Sub-Advisers** |
| <br>**Fund** | **Dollar Amount** | **As a percentage of Average Daily Net Assets<br> as of December 31, 2022** |
| JNL Securities Lending Collateral Fund | $276247 | 0.02% |
| JNL Government Money Market Fund | $841102 | 0.02% |

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The assets of the JNL/WMC Government Money Market Fund of the JNL Series Trust and the assets of the JNL Government Money Market Fund of JNL Investors Series Trust will be combined for purposes of determining the applicable annual rate.

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 each Fund's respective investment objectives and policies. The investment sub-advisory agreement continues in effect for the Funds 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 Funds and by the shareholders of the affected Funds 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 Funds. Additional Funds may be subject to a different agreement. 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.

 **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 Funds. In addition, JNAM, in its capacity as administrator, also pays a portion of the costs of the Funds' Chief Compliance Officer. The JNL Securities Lending Collateral Fund does not pay JNAM an administrative fee. 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 shares 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 $3 billion.080%<sup>1</sup> |
| <sup>1</sup> | Jackson National Asset Management, LLC has contractually agreed to waive 0.10% 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 0.10% 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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Each 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 Funds' 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 JNL Government Money Market Fund and JNL Securities Lending Collateral 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 Funds. 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 each Fund consist not only of brokerage commissions (for transactions in exchange-traded equities, OTC equities, and certain derivative instruments) and/or dealer or underwriter spreads for other types of securities, but also may include the market price impact of the Funds' transactions. Bonds and money market instruments are generally traded on a net basis and do not normally involve brokerage commissions.

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

In selecting broker-dealers through which to effect transactions, 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-advisers' 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, 2022, none of the Funds directed portfolio securities transactions to broker-dealers which provided research services to the Funds' Sub-Advisers.

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 certain of the Funds, acting as agents for the Trust or its Funds to execute orders for the purchase or sale of portfolio securities with broker-dealers that have agreed to direct a portion of the brokerage commissions paid by the Funds back to the Funds.

In addition, in selecting broker-dealers to execute orders for the purchase or sale of portfolio securities for a Fund, JNAM and the Sub-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 Funds 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 Funds 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 following Funds paid the following amounts in brokerage commissions for portfolio transactions:

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| | | | |
|:---|:---|:---|:---|
| **Fund** | **December 31, 2022** | **December 31, 2021** | **December 31, 2020** |
| JNL Securities Lending Collateral Fund | N/A | N/A | N/A |
| JNL Government Money Market Fund | N/A | N/A | N/A |

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

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

As of December 31, 2022, no Funds owned securities of one of each Fund's regular broker-dealers, or a publicly traded parent company of such broker-dealers.

**The Distributor.** Jackson National Life Distributors LLC ("Distributor" or "JNLD"), 300 Innovation Drive, Franklin, Tennessee 37067, is the statutory underwriter and facilitates the registration and distribution of shares of the Funds on a continuous basis. The Distributor is not obligated to sell any specific amount of Fund shares. JNLD is an indirect, wholly owned subsidiary of Jackson 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. Prudential plc and Athene Life Re Ltd each hold a minority economic interest in Jackson. Prudential plc has no relation to Newark, New Jersey-based Prudential Financial Inc.

The Distributor also has the following relationships with sub-advisers and their affiliates. The Distributor receives payments from certain sub-advisers to assist in defraying the costs of certain promotional and marketing meetings in which they participate. The amounts paid depend on the nature of the meetings, the number of meetings attended, the costs expected to be incurred and the level of the sub-adviser's participation. In addition, the Distributor acts as distributor of variable annuity contracts and variable life insurance policies (the "Other Contracts") issued by Jackson and its subsidiary, Jackson National Life Insurance Company of New York ("Jackson 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 JNL Government Money Market Fund issues Class I shares (formerly named Institutional Class) and Class SL shares, and JNL Securities Lending Collateral Fund issue only issues Institutional Class 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;

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

<br> ● 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");

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

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

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

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

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

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

<br> ● Reconciling and balancing separate account investments in the Funds;

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

<br> ● Confirming transactions; and

<br> ● 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, 2022, the 12b-1 fees paid by the Funds were as follows:

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| | |
|:---|:---|
| **Fund** | **December 31, 2022** |
| JNL Securities Lending Collateral Fund | N/A |
| JNL Government Money Market Fund | N/A |

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**Code of Ethics.** To mitigate the possibility that a Fund will be adversely affected by personal trading of employees, the Trust, the Adviser, the Sub-Advisers, the Funds and JNLD have adopted Codes of Ethics under Rule 17j-1 of the 1940 Act and Rule 204A-1 under the Investment Advisers Act of 1940, as amended. These Codes of Ethics contain policies restricting securities trading in personal accounts of the portfolio managers and others who normally come into possession of information regarding portfolio transactions of the Funds of the Trust. The Trust's and the Adviser's Codes of Ethics comply, in all material respects, with the recommendations of the Investment Company Institute. Subject to the requirements of the Codes of Ethics, employees may invest in securities for their own investment accounts, including securities that may be purchased or held by the Trust.

**Proxy Voting for Securities held by the Funds.** 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 each of the sub-advisers, except SPIAS, which does not have a proxy voting policy, nor does SPIAS vote proxies. The Trust has adopted each of the sub-adviser's proxy voting policies and procedures ("Policies"). The Policies (or summaries) are attached to this SAI. The Trustees will review each 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 Funds' shareholders, the Adviser, or the Sub-Advisers, the Sub-Advisers 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-advisers generally review each matter on a case-by-case basis in order to make a determination of how to vote in a manner that best serves the interests of Fund shareholders. The sub-advisers may abstain from voting from time to time where it determines that the costs associated with voting a proxy outweigh the benefits derived from exercising the right to vote. For example, JNAM shall permit a Sub-Adviser to abstain from voting a proxy for securities that have been loaned by the Fund and would have to be recalled in order to submit a proxy vote. In addition, the sub-advisers will monitor situations that may result in a conflict of interest in accordance with their policies and procedures. A description of the policies and procedures used by the Funds to vote proxies relating to the portfolio securities and information on how the Funds voted proxies relating to portfolio securities during the 12 month period ended June 30 are available (1) without charge, upon request by calling 1-800-644-4565 (Jackson Customer Care) or 1-800-599-5651 (Jackson 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>**

<br> 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, the Distributor, and other service providers 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.&nbsp;&nbsp;&nbsp;&nbsp; Policy Requirements.** Without limiting any Disclosures provided for in Section II, the procedures generally provide that:

(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;

(ii) Pursuant to applicable law, each Fund 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 semi-annual and annual reports on Form N-CSR (the semi-annual and annual reports 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.;

<br> (iii) 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;

(iv) 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

<br> (v) Information about the Funds' portfolio holdings shall not be disclosed by the Funds, JNAM, the Distributor, and personnel at the foregoing entities, 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:.

**A.** **Portfolio Overviews.**

(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. 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.

(ii) ***Money Market Fund Information.*** In accordance with Rule 2a-7 of the Investment Company Act of 1940, as amended, the JNL Government Money Market Fund and JNL Securities Lending Collateral Fund (collectively, "Money Market Funds") shall disclose on the Funds' website at www.jackson.com, 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:

<br> (A) Name of the issuer;

<br> (B) Category of investment;

<br> (C) CUSIP number;

(D) Principal amount;

<br> (E) Maturity date;

<br> (F) Final maturity date;

<br> (G) Coupon or yield;

<br> (H) Value;

<br> (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:

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

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

<br> iii. The Money Market Funds' net inflows or outflows; and

<br> 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 <u>www.jackson.com</u>, 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)&nbsp;&nbsp;&nbsp;&nbsp; On a quarterly basis, however, such holdings information shall be released 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)&nbsp;&nbsp;&nbsp;&nbsp; At such time as those service providers may request; and/or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)&nbsp;&nbsp;&nbsp;&nbsp; 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, 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 Portfolio Holdings Disclosure and 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.** **Reporting, Recordkeeping, and Exceptions.**

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

The NAV of a Fund's shares may also not be determined on days designated by the Board or on days designated by the SEC. Consistent with legal requirements, calculation of a Fund's NAV may be suspended on days determined by the Board during times of NYSE market closure, which may include times during which the SEC issues policies or protocols associated with such closure pursuant to Section 22(e) of the 1940 Act. In the event that the NYSE is closed unexpectedly or opens for trading but closes earlier than scheduled, the Funds' valuation committee will evaluate if trading activity on other U.S. exchanges and markets for equity securities is considered reflective of normal market activity. To the extent an NYSE closure is determined to be accompanied by a disruption of normal market activity, the valuation committee may utilize the time the NYSE closed for purposes of measuring and calculating the Funds' NAVs. To the extent an NYSE closure is determined to not have resulted in a disruption of normal market activity, the valuation committee may utilize the time the NYSE was scheduled to close for purposes of measuring and calculating the Funds' NAVs.

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

The Board, on behalf of each Fund, has designated to the Adviser the responsibility for carrying out certain functions relating to the valuation of portfolio securities for the purpose of determining the NAV of each Fund. Further, the Board has designated JNAM as the Valuation Designee. As the Valuation Designee, the Adviser has established a valuation committee and 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.

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

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 JNL Government Money Market Fund and the JNL Securities Lending Collateral Fund are valued at amortized cost, which approximates market value, in accord with Rule 2a-7. The net income of a 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 JNL Government Money Market Fund and the JNL Securities Lending Collateral 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 any Fund only under the following unusual circumstances: (a) when the NYSE is closed (other than weekends and holidays) or trading is restricted; (b) when an emergency exists, making disposal of portfolio securities or the valuation of net assets not reasonably practicable; or (c) during any period when the SEC has by order permitted a suspension of redemption for the protection of shareholders.

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

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

A Fund may pay the redemption price in whole or in part by a distribution in kind of securities from the investment portfolio of a Fund to another Fund, in lieu of cash, in conformity with applicable rules of the SEC and procedures adopted by the Board. Any securities redeemed in kind will be readily marketable and will be valued in accordance with the Funds' valuation policy. If a Fund redeems shares in kind from another Fund, such 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 each Fund and to divide or combine such shares into a greater or lesser number of shares without thereby changing the proportionate beneficial interests in the Trust. Each share of a Fund represents an equal proportionate interest in that Fund with each other share. The Trust reserves the right to create and issue any number of Fund shares. In that case, the shares of each Fund would participate equally in the earnings, dividends, redemption rights and assets of the particular Fund. Upon liquidation of a Fund, shareholders are entitled to share pro rata in the net assets of such Fund available for distribution to shareholders.

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

In matters affecting only a particular Fund, 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:

<br> (i) To change the name of the Trust or any Series;

<br> (ii) To add to their duties or obligations or surrender any rights or powers granted to them herein;

(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

(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 a Fund is based on 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 a Fund and it does not address any state, local or foreign tax matters. The following discussion is generally based on the assumption that the shares of each Fund will be respected as ultimately owned by insurance companies through their separate accounts which invest in certain other funds that hold each Fund, qualified pension and retirement plans ("Qualified Plans"), and other eligible persons or plans permitted to hold shares of a Fund pursuant to the applicable Treasury Regulations without impairing the ability of the insurance company separate accounts to satisfy the diversification requirements of Section 817(h) of the Code ("Other Eligible Investors").

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

The Trust consists of Funds that are treated for U.S. federal income tax purposes as corporations that intend to qualify and be eligible for treatment each year as a regulated investment company.

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

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

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

Each Fund is treated as a separate corporation for purposes of the Code. Therefore, the assets, income, gains, losses, expenses and distributions of each Fund are considered separately from other series of the Trust for purposes of determining whether or not a Fund qualifies and is eligible for treatment as a regulated investment company.

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

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

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

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

If a Fund were to fail to comply with the qualifying income, asset diversification or distribution requirements described above, the Fund could in some cases cure such failure, including by paying a fund-level tax or interest, making additional distributions, or disposing of certain assets. If a Fund were ineligible to cure such failure, or otherwise failed to qualify and be eligible for treatment as a regulated investment company for any taxable year, (1) it would be taxed in the same manner as an ordinary corporation that year without being able to deduct the distributions it makes to its shareholders and (2) each insurance company separate account invested in 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, a Fund must distribute by the end of each calendar year: (a) at least 98% of its ordinary income for the calendar year; (b) at least 98.2% of its capital gain net income for the one-year period ending, as a general rule, on October 31 of each year; and (c) 100% of the undistributed ordinary income and capital gain net income from the preceding calendar years (if any). This excise tax, however, is inapplicable to any regulated investment company whose sole shareholders are tax-exempt pension trusts, separate accounts of life insurance companies funding variable contracts, certain other permitted tax-exempt investors, or other regulated investment companies that are also exempt from the excise tax. In determining whether these investors are the sole shareholders of a regulated investment company for purposes of this exception to the excise tax, shares attributable to an investment in the regulated investment company (not exceeding $250,000) made in connection with the organization of the regulated investment company are not taken into account.

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

***Capital Loss Carryforwards***

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

As of December 31, 2022, the following Fund had net capital loss carryforwards (in thousands) available for U.S. federal income tax purposes to offset future net realized capital gains. Details of the capital loss carryforwards are listed in the table below.

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| | | | |
|:---|:---|:---|:---|
|  | **Capital Loss Carryforwards<br> with No Expiration** | **Capital Loss Carryforwards<br> with No Expiration** | |
|  | **Short Term ($)** | **Long Term ($)** | <br>**Total ($)** |
| JNL Securities Lending Collateral Fund | 24 |  | 24 |

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

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

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

"Passive foreign investment companies" ("PFICs") are generally defined as foreign corporations where at least 75% of their gross income for their taxable year is passive income (such as certain interest, dividends, rents and royalties, or capital gains) or at least 50% of their assets on average produce or are held for the production of such passive income. If a 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 a Fund to include its share of the PFIC's income and net capital gains annually, regardless of whether it receives any distribution from the PFIC (in the case of a "QEF election"), or to mark the gains (and to a limited extent losses) in its interests in the PFIC "to the market" as though the Fund had sold and repurchased such interests on the last day of the Fund's taxable year, treating such gains and losses as ordinary income and loss (in the case of a "mark-to-market election"). Each Fund may attempt to limit and/or manage its holdings in PFICs to minimize tax liability and/or maximize returns from these investments but there can be no assurance that it will be able to do so. Moreover, because it is not always possible to identify a foreign corporation as a PFIC, a Fund may incur the tax and interest charges described above in some instances.

A foreign corporation in which a 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.

A Fund may invest directly or indirectly in residual interests in real estate mortgage investment conduits ("REMICs") or equity interests in taxable mortgage pools ("TMPs"). Under an IRS notice, and U.S. Treasury Regulations that have yet to be issued but may apply retroactively, a portion of a Fund's income (including income allocated to the Fund from a pass-through entity) that is attributable to a residual interest in a REMIC or an equity interest in a TMP (referred to in the Code as an "excess inclusion") will be subject to U.S. federal income tax in all events. This notice also provides, and the Treasury Regulations are expected to provide, that excess inclusion income of a regulated investment company, such as a 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 a Fund (i) cannot be offset by net operating losses (subject to a limited exception for certain thrift institutions), (ii) will constitute unrelated business taxable income ("UBTI") to entities (including a qualified pension plan, an individual retirement account, a 401(k) plan, a Keogh plan or certain other tax-exempt entities) subject to tax on UBTI, thereby potentially requiring such an entity that is allocated excess inclusion income, and otherwise might not be required to file a tax return, to file a tax return and pay tax on such income, and (iii) in the case of a foreign shareholder or partner, will not qualify for any reduction in U.S. federal withholding tax, and (iv) in the case of an insurance company separate account supporting a Contract, cannot be offset by an adjustment to the reserves and thus is currently taxed notwithstanding the more general tax deferral available to insurance company separate accounts funding Contracts.

In addition, to the extent that a shareholder has borrowed to finance shares of a Fund or a Fund holds property that constitutes debt-financed property (*e.g.,* securities purchased on margin), income attributable to such property allocated to a shareholder that is an exempt organization 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 a Fund.

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

The shares of each 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 and Jackson 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 and Jackson 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 recent 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 a Fund limits its shareholders to (i) life insurance companies whose separate accounts invest in the Fund for purposes of funding variable annuity and variable life insurance contracts, (ii) trustees of qualified pension and retirement plans and (iii) other funds having similar shareholders, each insurance company separate account investing in the Fund will be treated as owning (as a separate investment) its proportionate share of each asset of the Fund for purposes of meeting its own diversification requirements under Code Section 817(h), provided that the Fund qualifies as a regulated investment company.

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

Failure by a Fund to satisfy the Code Section 817(h) requirements by failing to comply with the "55%-70%-80%-90%" diversification test or the safe harbor described above, or by failing to satisfy the look-through rule, could cause the Contracts to lose their favorable tax status and require a Contract 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 a 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. Most, although not necessarily all, of the Funds have objectives and strategies that are not materially narrower than the investment strategies held not to constitute an impermissible level of investor control in recent 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 a Fund as described above, including retroactively. In addition, there can be no assurance that a Fund will be able to continue to operate as currently described, or that a Fund will not have to change its investment objective or investment policies in order to prevent, on a prospective basis, any such rules and regulations from causing Contract owners to be considered the owners of the shares of the Fund.

**Tax Shelter Reporting Regulations**

Under U.S. Treasury Regulations, if a shareholder recognizes a loss of $2 million or more for an individual shareholder or $10 million or more for a corporate shareholder, including an insurance company holding separate accounts, the shareholder must file with the IRS a disclosure statement on IRS Form 8886. Direct shareholders of portfolio securities are in many cases excepted from this reporting requirement, but under current guidance, shareholders of a regulated investment company are not excepted. Future guidance may extend the current exception from this reporting requirement to shareholders of most or all regulated investment companies. The fact that a loss is reportable under these 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 a Fund through an insurance company separate account in a fund of JNL Series Trust that invests in a Fund or persons investing in a Fund through Other Eligible Investors are urged to consult with their insurance company or Other Eligible Investor, as applicable, and their own tax advisors, for more information regarding the U.S. federal income tax consequences to them of an investment in a Fund. Additional information relating to the tax treatment of the variable annuity and life insurance policies for which the funds 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 Funds' Independent Registered Public Accounting Firm, KPMG LLP, as of and for each of the periods presented through December 31, 2022, included in the Trust's Annual Report to shareholders are incorporated by reference into (which means they legally are a part of) this SAI. The Annual Report and Semi-Annual Report 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:

<br> ● 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;

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

<br> ● 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:

<br> a. the selective payment default on a specific class or currency of debt;

<br> 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;

<br> 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

<br> 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:

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

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

<br> c. the formal announcement by the issuer or their agent of a distressed debt exchange;

<br> 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:

<br> a. an uncured payment default or distressed debt exchange on a bond, loan or other material financial obligation, but

<br> b. has not entered into bankruptcy filings, administration, receivership, liquidation, or other formal winding-up procedure, and

<br> c. has not otherwise ceased operating.

This would include:

<br> i. the selective payment default on a specific class or currency of debt;

<br> 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;

<br> 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."

A-6 <br>

------

#### Jackson National Asset Management, LLC

#### Proxy Voting Policies and Procedures

#### Last Revision Date: March 1, 2023

&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 Funds. JNAM does not have a portfolio management department and does not operate a 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;II. **Delegation to the Sub-Advisers** 

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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;

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

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

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

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

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

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C. For a Fund that is operated as a "Fund of Funds" pursuant to Section 12(d)(1)(G) of the 1940 Act (i.e., the Fund invests solely in shares of other Funds (each, an "Underlying Fund")), JNAM shall vote the Fund of Funds' proxies on the shares of the Underlying Fund in the same proportion as the vote of all the other holders of that Underlying Fund's shares.

------

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

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

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

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

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

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

Rule 30b1-4 under the 1940 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;VI. **Reporting** 

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

------

#### Schedule A

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| |
|:---|
| &nbsp;&nbsp; **JNAM Clients** |
| &nbsp;&nbsp; **JNL Series Trust** |
| &nbsp;&nbsp; **JNL Investors Series Trust** |

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------

---

| | |
|:---|:---|
| **WELLINGTON MANAGEMENT** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br>WELLINGTON <br> MANAGEMENT |

---

**GLOBAL PROXY POLICY AND PROCEDURES**

INTRODUCTION

Wellington Management has adopted and implemented policies and procedures that it believes are reasonably designed to ensure that proxies are voted in the best interests of clients for whom it exercises proxy-voting discretion.

Wellington Management's Proxy Voting Guidelines (the "Guidelines") set forth broad guidelines and positions on common proxy issues that Wellington Management uses in voting on proxies In addition, Wellington Management also considers each proposal in the context of the issuer, industry and country or countries in which the issuer's business is conducted. The Guidelines are not rigid rules and the merits of a particular proposal may cause Wellington Management to enter a vote that differs from the Guidelines. Wellington Management seeks to vote all proxies with the goal of increasing long-term client value and, while client investment strategies may differ, applying this common set of guidelines is consistent with the investment objective of achieving positive long-term investment performance for each client.

STATEMENT OF POLICY

Wellington Management:

1) Votes client proxies for which clients have affirmatively delegated proxy-voting authority, in writing, unless it has arranged in advance with the client to limit the circumstances in which it would exercise voting authority or determines that it is in the best interest of one or more clients to refrain from voting a given proxy.

2) Votes all proxies in the best interests of the client for whom it is voting.

<br> 3) Identifies and resolves all material proxy-related conflicts of interest between the firm and its clients in the best interests of the client.

RESPONSIBILITY AND OVERSIGHT

The Investment Research Group ("Investment Research") monitors regulatory requirements with respect to proxy voting and works with the firm's Legal and Compliance Group and the Investment Stewardship Committee to develop practices that implement those requirements. Investment Research also acts as a resource for portfolio managers and research analysts on proxy matters as needed. Day-to-day administration of the proxy voting process is the responsibility of Investment Research. The Investment Stewardship Committee is responsible for oversight of the implementation of the Global Proxy Policy and Procedures, review and approval of the Guidelines, identification and resolution of conflicts of interest, and for providing advice and guidance on specific proxy votes for individual issuers. The Investment Stewardship Committee reviews the Global Proxy Policy and Procedures annually.

**WELLINGTON MANAGEMENT**

**GLOBAL PROXY POLICY AND PROCEDURES**

PROCEDURES

Use of Third-Party Voting Agent

Wellington Management uses the services of a third-party voting agent for research, voting recommendations, and to manage the administrative aspects of proxy voting. The voting agent processes proxies for client accounts, casts votes based on the Guidelines and maintains records of proxies voted. Wellington Management complements the research received by its primary voting agent with research from another voting agent.

Receipt of Proxy

If a client requests that Wellington Management votes proxies on its behalf, the client must instruct its custodian bank to deliver all relevant voting material to Wellington Management or its voting agent.

Reconciliation

Each public security proxy received by electronic means is matched to the securities eligible to be voted and a reminder is sent to any custodian or trustee that has not forwarded the proxies as due. This reconciliation is performed at the ballot level. Although proxies received for private securities, as well as those received in non- electronic format, are voted as received, Wellington Management is not able to reconcile these ballots, nor does it notify custodians of non-receipt.

Research

In addition to proprietary investment research undertaken by Wellington Management investment professionals, Investment Research conducts proxy research internally, and uses the resources of a number of external sources including third-party voting agents to keep abreast of developments in corporate governance and of current practices of specific companies.

Proxy Voting

Following the reconciliation process, each proxy is compared against the Guidelines, and handled as follows:

● Generally, issues for which explicit proxy voting guidance is provided in the Guidelines (i.e., "For", "Against", "Abstain") are voted in accordance with the Guidelines.

<br> ● Issues identified as "case-by-case" in the Guidelines are further reviewed by Investment Research. In certain circumstances, further input is needed, so the issues are forwarded to the relevant research analyst and/or portfolio manager(s) for their input.

● Absent a material conflict of interest, the portfolio manager has the authority to decide the final vote. Different portfolio managers holding the same securities may arrive at different voting conclusions for their clients' proxies.

Wellington Management reviews a subset of the voting record to ensure that proxies are voted in accordance with these *Global Proxy Policy and Procedures* and the Guidelines; and ensures that documentation and reports, for clients and for internal purposes, relating to the voting of proxies are promptly and properly prepared and disseminated.

Material Conflict of Interest Identification and Resolution Processes

Wellington Management's broadly diversified client base and functional lines of responsibility serve to minimize the number of, but not prevent, material conflicts of interest it faces in voting proxies. Annually, the Investment

**WELLINGTON MANAGEMENT**

**GLOBAL PROXY POLICY AND PROCEDURES**

Stewardship Committee sets standards for identifying material conflicts based on client, vendor, and lender relationships, and publishes those standards to individuals involved in the proxy voting process. In addition, the Investment Stewardship Committee encourages all personnel to contact Investment Research about apparent conflicts of interest, even if the apparent conflict does not meet the published materiality criteria. Apparent conflicts are reviewed by designated members of the Investment Stewardship Committee to determine if there is a conflict and if so whether the conflict is material.

If a proxy is identified as presenting a material conflict of interest, the matter must be reviewed by designated members of the Investment Stewardship Committee, who will resolve the conflict and direct the vote. In certain circumstances, the designated members may determine that the full Investment Stewardship Committee should convene.

OTHER CONSIDERATIONS

In certain instances, Wellington Management may be unable to vote or may determine not to vote a proxy on behalf of one or more clients. While not exhaustive, the following are potential instances in which a proxy vote might not be entered.

Securities Lending

In general, Wellington Management does not know when securities have been lent out pursuant to a client's securities lending program and are therefore unavailable to be voted. Efforts to recall loaned securities are not always effective, but, in rare circumstances, Wellington Management may determine voting would outweigh the benefit to the client resulting from use of securities for lending and recommend that a client attempt to have its custodian recall the security to permit voting of related proxies.

Share Blocking and Re-registration

Certain countries impose trading restrictions or requirements regarding re-registration of securities held in omnibus accounts in order for shareholders to vote a proxy. The potential impact of such requirements is evaluated when determining whether to vote such proxies.

Lack of Adequate Information, Untimely Receipt of Proxy Materials, or Excessive Costs

Wellington Management may abstain from voting a proxy when the proxy statement or other available information is inadequate to allow for an informed vote, when the proxy materials are not delivered in a timely fashion or when, in Wellington Management's judgment, the costs exceed the expected benefits to clients (such as when powers of attorney or consularization are required).

ADDITIONAL INFORMATION

Wellington Management maintains records related to proxies pursuant to Rule 204-2 of the Investment Advisers Act of 1940 (the "Advisers Act"), the Employee Retirement Income Security Act of 1974, as amended ("ERISA"), and other applicable laws. In addition, Wellington Management discloses annually how it has exercised its voting rights for significant votes, as require by the EU Shareholder Rights Directive II ("SRD II").

**WELLINGTON MANAGEMENT**

**GLOBAL PROXY POLICY AND PROCEDURES**

Wellington Management provides clients with a copy of its *Global Proxy Policy and Procedures*, including the Guidelines, upon written request. In addition, Wellington Management will provide specific client information relating to proxy voting to a client upon written request.

Dated: 1 September 2020

------

#### JNL INVESTORS SERIES TRUST

#### PART C

#### OTHER INFORMATION

**<br>

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

---

| | | |
|:---|:---|:---|
| Item 28. Exhibits | Item 28. Exhibits | Item 28. Exhibits |
| (a) |  | [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> |
| (b) |  | [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> |
| (c) |  | Not Applicable |
| (d) | (1) | Jackson National Asset Management, LLC ("JNAM") |
|  | (i) | [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> |
| (d) | (2) | Wellington Management Company, LLP ("Wellington") |
|  | (i) | [Amended and Restated Investment Sub-Advisory and Management Agreement between JNAM and Wellington, effective December 1, 2012](https://www.sec.gov/Archives/edgar/data/1121257/000112125713000006/exd29_wellsubagmt12012012.htm).<sup>8</sup> |
|  | (ii) | [Amendment, effective May 30, 2013, to the Amended and Restated Investment Sub-Advisory and Management Agreement between JNAM and Wellington, effective December 1, 2012](https://www.sec.gov/Archives/edgar/data/1121257/000112125713000029/exd5_3iiwellsub05302013.htm).<sup>9</sup> |
|  | (iii) | [Amendment, effective June 4, 2014, to the Amended and Restated Investment Sub-Advisory and Management Agreement between JNAM and Wellington, effective December 1, 2012](https://www.sec.gov/Archives/edgar/data/1121257/000112125715000026/exd3iii_wellamend06042014.htm).<sup>11</sup> |
|  | (iv) | [Amendment, effective January 1, 2015, to the Amended and Restated Investment Sub-Advisory and Management Agreement between JNAM and Wellington, effective December 1, 2012](https://www.sec.gov/Archives/edgar/data/1121257/000112125715000026/exd3iv_wellamend01012015.htm).<sup>11</sup> |
|  | (v) | [Amendment, effective October 1, 2015, to the Amended and Restated Investment Sub-Advisory and Management Agreement between JNAM and Wellington, effective December 1, 2012](https://www.sec.gov/Archives/edgar/data/1121257/000112125716000056/exd3v_wellsubamend01012015.htm).<sup>12</sup> |
|  | (vi) | [Amendment, effective August 31, 2016, to the Amended and Restated Investment Sub-Advisory and Management Agreement between JNAM and Wellington, effective December 1, 2012](https://www.sec.gov/Archives/edgar/data/1121257/000112125717000013/exd3vi_wellsubamend08312016.htm).<sup>13</sup> |
|  | (vii) | [Amendment, effective April 24, 2017, to the Amended and Restated Investment Sub-Advisory and Management Agreement between JNAM and Wellington, effective December 1, 2012](https://www.sec.gov/Archives/edgar/data/1121257/000112125717000013/exd3vii_wellsubamend042417.htm).<sup>13</sup> |
|  | (viii) | [Amendment, effective August 13, 2018, to the Amended and Restated Investment Sub-Advisory and Management Agreement between JNAM and Wellington, effective December 1, 2012](https://www.sec.gov/Archives/edgar/data/1121257/000112125718000023/exd3viii_wellsubamend081318.htm).<sup>16</sup> |
|  | (ix) | [Amendment, effective September 6, 2019, to the Amended and Restated Investment Sub-Advisory and Management Agreement between JNAM and Wellington, effective December 1, 2012](https://www.sec.gov/Archives/edgar/data/1121257/000112125720000012/exd2ix_ppmsubamnd20190906.htm).<sup>18</sup> |
|  | (x) | [Amendment, effective September 3, 2021, to the Amended and Restated Investment Sub-Advisory and Management Agreement between JNAM and Wellington, effective December 1, 2012](https://www.sec.gov/Archives/edgar/data/1121257/000138713122005101/exd2x_wellsubamend9321.htm).<sup>20</sup> |
|  | (xi) | [Sub-Advisory Agreement between JNAM and Wellington, effective September 13, 2021](https://www.sec.gov/Archives/edgar/data/1121257/000138713122005101/exd2xi_wellsubagmnt91321.htm).<sup>20</sup> |
|  | (xii) | Amended and Restated Sub-Advisory Agreement between JNAM and Wellington, effective September 1, 2022, attached hereto. |
| (e) | (1)<br> (i) | [Third Amended and Restated Distribution Agreement between Registrant and Jackson National Life Distributors LLC ("JNLD"), effective September 13, 2021](https://www.sec.gov/Archives/edgar/data/1121257/000138713122005101/exe1i_disagmnt91321.htm).<sup>20</sup> |
| (f) |  | Not Applicable. |
| (g) | (1)<br> (i) | [Master Global Custody Agreement between Registrant and JPMorgan Chase Bank, N.A. ("JPMorgan Chase"), dated August 12, 2009](https://www.sec.gov/Archives/edgar/data/1121257/000112125709000042/exg28_jpmcustody08122009.htm).<sup>4</sup> |
|  | (ii) | [International Proxy Voting Addendum dated August 12, 2009 to the Master Global Custody Agreement between Registrant and JPMorgan Chase, dated August 12, 2009](https://www.sec.gov/Archives/edgar/data/1121257/000112125709000042/exg30_jpmproxyadden08122009.htm).<sup>4</sup> |
|  | (iii) | [Mutual Fund Rider dated August 12, 2009 to the Master Global Custody Agreement between Registrant and JPMorgan Chase, dated August 12, 2009](https://www.sec.gov/Archives/edgar/data/1121257/000112125709000042/exg31_jpmmfrider08122009.htm).<sup>4</sup> |
|  | (iv) | [Amendment, dated September 28, 2009, to the Master Global Custody Agreement between Registrant and JPMorgan Chase, dated August 12, 2009](https://www.sec.gov/Archives/edgar/data/1121257/000112125709000042/exg32_jpmcustody09282009.htm).<sup>4</sup> |
|  | (v) | [Amendment, dated May 1, 2010, to the Master Global Custody Agreement between Registrant and JPMorgan Chase, dated August 12, 2009](https://www.sec.gov/Archives/edgar/data/1121257/000112125710000038/exg33_custodyamend05012010.htm).<sup>5</sup> |
|  | (vi) | [Amendment, dated October 11, 2010, to the Master Global Custody Agreement between Registrant and JPMorgan Chase, dated August 12, 2009](https://www.sec.gov/Archives/edgar/data/1121257/000112125710000038/exg34_custodyamend10112010.htm).<sup>5</sup> |
|  | (vii) | [Amendment, effective April 29, 2011, to the Master Global Custody Agreement between Registrant and JPMorgan Chase, dated August 12, 2009](https://www.sec.gov/Archives/edgar/data/1121257/000112125711000013/exg35_cusamend04292011.htm).<sup>6</sup> |
|  | (viii) | [Amendment, effective August 29, 2011, to the Master Global Custody Agreement between Registrant and JPMorgan Chase, dated August 12, 2009](https://www.sec.gov/Archives/edgar/data/1121257/000112125711000013/exg36_cusamend08292011.htm).<sup>6</sup> |
|  | (ix) | [Amendment, effective October 1, 2011, to the Master Global Custody Agreement between Registrant and JPMorgan Chase, dated August 12, 2009](https://www.sec.gov/Archives/edgar/data/1121257/000112125711000013/exg37_cusamend10012011.htm).<sup>6</sup> |
|  | (x) | [Amendment, effective December 12, 2011, to the Master Global Custody Agreement between Registrant and JPMorgan Chase, dated August 12, 2009](https://www.sec.gov/Archives/edgar/data/1121257/000112125711000013/exg38_cusamend12122011.htm).<sup>6</sup> |
|  | (xi) | [Amendment, effective April 30, 2012, to the Master Global Custody Agreement between Registrant and JPMorgan Chase, dated August 12, 2009](https://www.sec.gov/Archives/edgar/data/1121257/000112125712000007/exg39_revcusamend04302012.htm).<sup>7</sup> |
|  | (xii) | [Amendment, effective August 29, 2012, to the Master Global Custody Agreement between Registrant and JPMorgan Chase, dated August 12, 2009](https://www.sec.gov/Archives/edgar/data/1121257/000112125713000006/exg40_custodyadden08292012.htm).<sup>8</sup> |
|  | (xiii) | [Amendment, effective April 29, 2013, to the Master Global Custody Agreement between Registrant and JPMorgan Chase, dated August 12, 2009](https://www.sec.gov/Archives/edgar/data/1121257/000112125713000006/exg41_custodyamend04292013.htm).<sup>8</sup> |
|  | (xiv) | [Amendment, effective September 16, 2013, to the Master Global Custody Agreement between Registrant and JPMorgan Chase, dated August 12, 2009](https://www.sec.gov/Archives/edgar/data/1121257/000112125713000029/exg1_1xvcustodyamd09162013.htm).<sup>9</sup> |
|  | (xv) | [Amendment, effective April 28, 2014, to the Master Global Custody Agreement between Registrant and JPMorgan Chase, dated August 12, 2009](https://www.sec.gov/Archives/edgar/data/1121257/000093369114000073/exg1xvi_custody04282014.htm).<sup>10</sup> |
|  | (xvi) | [Amendment, effective September 2, 2014, to the Master Global Custody Agreement between Registrant and JPMorgan Chase, dated August 12, 2009](https://www.sec.gov/Archives/edgar/data/1121257/000112125715000026/exg1xvii_cusamend09022014.htm).<sup>11</sup> |
|  | (xvii) | [Amendment, effective September 15, 2014, to the Master Global Custody Agreement between Registrant and JPMorgan Chase, dated August 12, 2009](https://www.sec.gov/Archives/edgar/data/1121257/000112125715000026/exg1xviii_cusamend09152014.htm).<sup>11</sup> |
|  | (xviii) | [Amendment, effective April 27, 2015, to the Master Global Custody Agreement between Registrant and JPMorgan Chase, dated August 12, 2009](https://www.sec.gov/Archives/edgar/data/1121257/000112125715000026/exg1xix_cusamend04272015.htm).<sup>11</sup> |
|  | (xix) | [Amendment, effective June 19, 2015, to the Master Global Custody Agreement between Registrant and JPMorgan Chase, dated August 12, 2009](https://www.sec.gov/Archives/edgar/data/1121257/000112125716000056/exg1xix_jpmcusamend06192015.htm).<sup>12</sup> |
|  | (xx) | [Amendment, effective July 1, 2015, to the Master Global Custody Agreement between Registrant and JPMorgan Chase, dated August 12, 2009](https://www.sec.gov/Archives/edgar/data/1121257/000112125716000056/exg1xx_jpmcusamend07012015.htm).<sup>12</sup> |
|  | (xxi) | [Amendment, effective September 28, 2015, to the Master Global Custody Agreement between Registrant and JPMorgan Chase, dated August 12, 2009](https://www.sec.gov/Archives/edgar/data/1121257/000112125716000056/exg1xxi_jpmcusamend09282015.htm).<sup>12</sup> |
|  | (xxii) | [Amendment, effective April 25, 2016, to the Master Global Custody Agreement between Registrant and JPMorgan Chase, dated August 12, 2009](https://www.sec.gov/Archives/edgar/data/1121257/000112125716000056/exg1xxii_jpmcusamend04252016.htm).<sup>12</sup> |
|  | (xxiii) | [Amendment, effective April 24, 2017, to the Master Global Custody Agreement between Registrant and JPMorgan Chase, dated August 12, 2009](https://www.sec.gov/Archives/edgar/data/1121257/000112125717000013/exg1xxiii_jpmcsuamend04217.htm).<sup>13</sup> |
|  | (xxiv) | [Amendment, effective September 25, 2017, to the Master Global Custody Agreement between Registrant and JPMorgan Chase, dated August 12, 2009](https://www.sec.gov/Archives/edgar/data/1121257/000112125717000037/exg1xxiv_jpmcusamend0917.htm).<sup>14</sup> |
|  | (xxv) | [Amendment, effective June 29, 2018, to the Master Global Custody Agreement between Registrant and JPMorgan Chase, dated August 12, 2009](https://www.sec.gov/Archives/edgar/data/1121257/000112125718000023/exg1xxv_jpmcusamend06292018.htm).<sup>16</sup> |
|  | (xxvi) | [Amendment, effective August 13, 2018, to the Master Global Custody Agreement between Registrant and JPMorgan Chase, dated August 12, 2009](https://www.sec.gov/Archives/edgar/data/1121257/000112125718000023/exg1xxvi_jpmcusamend08132018.htm).<sup>16</sup> |
|  | (xxvii) | [Amendment, effective March 1, 2019, to the Master Global Custody Agreement between Registrant and JPMorgan Chase, dated August 12, 2009](https://www.sec.gov/Archives/edgar/data/1121257/000112125719000008/exg1xxvii_jpmcusamd0319.htm).<sup>17</sup> |
|  | (xxviii) | [Amendment, effective June 24, 2019, to the Master Global Custody Agreement between Registrant and JPMorgan Chase, dated August 12, 2009](https://www.sec.gov/Archives/edgar/data/1121257/000112125720000012/exg1xxviii_jpmcus20190624.htm).<sup>18</sup> |
|  | (xxix) | [Amendment, effective January 1, 2020, to the Master Global Custody Agreement between Registrant and JPMorgan Chase, dated August 12, 2009](https://www.sec.gov/Archives/edgar/data/1121257/000112125720000012/exg1xxix_jpmcusamnd20200101.htm).<sup>18</sup> |
|  | (xxx) | [Amendment, effective April 27, 2020, to the Master Global Custody Agreement between Registrant and JPMorgan Chase, dated August 12, 2009](https://www.sec.gov/Archives/edgar/data/1121257/000112125720000012/exg1xxx_jpmcusamnd20200427.htm).<sup>18</sup> |
|  | (xxxi) | [Amendment, effective April 26, 2021, to the Master Global Custody Agreement between Registrant and JPMorgan Chase, dated August 12, 2009](https://www.sec.gov/Archives/edgar/data/1121257/000138713121004789/exg1xxxi_jpmcusamend20210426.htm).<sup>19</sup> |
|  | (xxxii) | [Amendment, effective April 25, 2022, to the Master Global Custody Agreement between Registrant and JPMorgan Chase, dated August 12, 2009](https://www.sec.gov/Archives/edgar/data/1121257/000138713122005101/exg1xxxii_jpmcusamend42522.htm).<sup>20</sup> |
|  | (xxxiii) | Amended and Restated Master Global Custody Agreement between Registrant and JPMorgan Chase, dated December 1, 2022, attached hereto. |
| (g) | (2)<br> (i) | [Custody Agreement between Registrant and State Street Bank and Trust Company ("State Street"), dated December 30, 2010](https://www.sec.gov/Archives/edgar/data/1121257/000112125716000056/exg2i_ssbtcustodyagt12312010.htm).<sup>12</sup> |
|  | (ii) | [Amendment, effective September 2, 2014, to the Custody Agreement between Registrant and State Street, dated December 30, 2010](https://www.sec.gov/Archives/edgar/data/1121257/000112125716000056/exg2ii_ssbtcustodyamd0914.htm).<sup>12</sup> |
|  | (iii) | [Amendment, effective April 27, 2015, to Custody Agreement between Registrant and State Street, dated December 30, 2010, to add additional registered investment companies, JNL/AllianceBernstein Dynamic Asset Allocation Fund Ltd., and JNL/Neuberger Berman Risk Balanced Commodity Strategy Fund Ltd. (collectively, "RICs and Cayman Entities") as parties](https://www.sec.gov/Archives/edgar/data/1121257/000112125716000056/exg2iii_ssbtcusamend2015.htm).<sup>12</sup> |
|  | (iv) | [Amendment, effective September 28, 2015, to Custody Agreement between Registrant, State Street, RICs and Cayman Entities, dated December 30, 2010](https://www.sec.gov/Archives/edgar/data/1121257/000112125716000056/exg2iv_ssbtcustodyamend0915.htm).<sup>12</sup> |
|  | (v) | [Amendment, effective April 25, 2016, to Custody Agreement between Registrant, State Street, RICs and Cayman Entities, dated December 30, 2010](https://www.sec.gov/Archives/edgar/data/1121257/000112125716000056/exg2v_ssbtcusamend04252016.htm).<sup>12</sup> |
|  | (vi) | [Amendment, effective September 19, 2016, to Custody Agreement between Registrant, State Street, RICs and Cayman Entities, dated December 30, 2010](https://www.sec.gov/Archives/edgar/data/1121257/000112125717000013/exg2vi_ssbtcusamend09192016.htm).<sup>13</sup> |
|  | (vii) | [Amendment, effective April 24, 2017, to Custody Agreement between Registrant, State Street, RICs and Cayman Entities, dated December 30, 2010](https://www.sec.gov/Archives/edgar/data/1121257/000112125717000013/exg2vii_ssbtcusamend04242017.htm).<sup>13</sup> |
|  | (viii) | [Amendment, effective September 25, 2017, to Custody Agreement between Registrant, State Street, RICs and Cayman Entities, dated December 30, 2010](https://www.sec.gov/Archives/edgar/data/1121257/000112125717000037/exg2viii_ssbtcusamend0917.htm).<sup>14</sup> |
|  | (ix) | [Amendment, dated March 9, 2018, to Custody Agreement between Registrant, State Street, RICs and Cayman Entities, dated December 30, 2010, to add PPM Funds as a party](https://www.sec.gov/Archives/edgar/data/1121257/000112125718000008/exg2ix_ssbtcusamend03092018.htm).<sup>15</sup> |
|  | (x) | [Amendment, effective June 29, 2018, to Custody Agreement between Registrant, State Street, RICs and Cayman Entities, dated December 30, 2010](https://www.sec.gov/Archives/edgar/data/1121257/000112125718000023/exg2x_ssbtcusamend06292018.htm).<sup>16</sup> |
|  | (xi) | [Amendment, effective August 13, 2018, to Custody Agreement between Registrant, State Street, RICs and Cayman Entities, dated December 30, 2010](https://www.sec.gov/Archives/edgar/data/1121257/000112125718000023/exg2xi_ssbtcusamend08132018.htm).<sup>16</sup>*(This amendment adds JNL Multi-Manager Alternative Fund (Boston Partners) Ltd. and JNL/Eaton Vance Global Macro Absolute Return Advantage Fund Ltd., additional "Cayman Entities," as parties.)* |
|  | (xii) | [Amendment, effective April 29, 2019, to Custody Agreement between Registrant, State Street, RICs, Cayman Entities, and PPM Funds, dated December 30, 2010](https://www.sec.gov/Archives/edgar/data/1121257/000112125719000008/exg2xii_ssbtcusamend419.htm).<sup>17</sup> *(This amendment removes JNL/AB Dynamic Asset Allocation Fund Ltd. as a party.)* |
|  | (xiii) | [Amendment, effective June 24, 2019, to Custody Agreement between Registrant, State Street, RICs, Cayman Entities, and PPM Funds, dated December 30, 2010](https://www.sec.gov/Archives/edgar/data/1121257/000112125720000012/exg2xiii_sscus20190624.htm).<sup>18</sup> |
|  | (xiv) | [Amendment, effective April 27, 2020, to Custody Agreement between Registrant, State Street, RICs, Cayman Entities, and PPM Funds, dated December 30, 2010](https://www.sec.gov/Archives/edgar/data/1121257/000112125720000012/exg2xiv_sscusamnd20200427.htm).<sup>18</sup> *(This amendment removes JNL/Eaton Vance Global Macro Absolute Return Advantage Fund Ltd., JNL/Neuberger Berman Commodity Strategy Fund Ltd, and certain registered investment companies, as parties.)* |
|  | (xv) | [Amendment, effective November 10, 2020, to Custody Agreement between Registrant, State Street, JNL Series Trust, JNL Multi-Manager Alternative Fund (Boston Partners) Ltd., and PPM Funds, dated December 30, 2010](https://www.sec.gov/Archives/edgar/data/1121257/000138713121004789/exg2xvssbtcusamend11102020.htm).<sup>19</sup> |
|  | (xvi) | [Amendment, effective December 3, 2020, to Custody Agreement between Registrant, State Street, JNL Series Trust, JNL Multi-Manager Alternative Fund (Boston Partners) Ltd., and PPM Funds, dated December 30, 2010](https://www.sec.gov/Archives/edgar/data/1121257/000138713121004789/exg2xvi_ssbtcusamd20201203.htm).<sup>19</sup> |
|  | (xvii) | [Amendment, effective April 26, 2021, to Custody Agreement between Registrant, State Street, JNL Series Trust, JNL Multi-Manager Alternative Fund (Boston Partners) Ltd., and PPM Funds, dated December 30, 2010](https://www.sec.gov/Archives/edgar/data/1121257/000138713121004789/exg2xvii_ssbtcusamd20210426.htm).<sup>19</sup> |
|  | (xviii) | [Amendment, effective April 25, 2022, to Custody Agreement between Registrant, State Street, JNL Series Trust, JNL Multi-Manager Alternative Fund (Boston Partners) Ltd., and PPM Funds, dated December 30, 2010](https://www.sec.gov/Archives/edgar/data/1121257/000138713122005101/exg2xviii_sscusamend42522.htm).<sup>20</sup> |
|  | (xix) | Amendment, effective November 15, 2022, to Custody Agreement between Registrant, State Street, JNL Series Trust, JNL Multi-Manager Alternative Fund (Boston Partners) Ltd., and PPM Funds, dated December 30, 2010, attached hereto. |
|  | (xx) | 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, attached hereto. |
| (h) | (1)<br> (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> |
| (h) | (2)<br> (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) | (3)<br> (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) | (4)<br> (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) | (5)<br> (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) | (6)<br> (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> |
| (h) | (7)<br> (i) | [Expense Limitation Agreement between Registrant and JNAM, dated March 16, 2020](https://www.sec.gov/Archives/edgar/data/1121257/000112125720000012/exh7i_elagmnt20200316.htm).<sup>18</sup> |
| (i) |  | Opinion and Consent of Counsel, attached hereto. |
| (j) |  | Consent of Auditors, to be filed by amendment. |
| (k) |  | Not Applicable |
| (l) |  | Not Applicable |
| (m) | (1)<br> (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> |
| (n) | (1)<br> (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> |
| (o) |  | Not Applicable |
| (p) | (1) | Jackson Financial Inc. Advisory Code of Ethics for Registrant, JNAM, JNLD, and PPM, dated October 28, 2022, attached hereto. |
| (p) | (2) | Code of Ethics for Wellington, dated August 1, 2021, attached hereto. |

---

<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.

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| |
|:---|
| Item 29. Persons controlled by or under Common Control with Registrant. |
| JNL Series Trust |
| Jackson National Separate Account I |
| Jackson National Separate Account III |
| Jackson National Separate Account IV |
| Jackson National Separate Account V |
| JNLNY Separate Account I |
| JNLNY Separate Account II |
| JNLNY Separate Account IV |
| PPM Funds |

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| | |
|:---|:---|
| Item 30. Indemnification. | Item 30. Indemnification. |
| <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. | <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. |
| Article IV, Section 4.3 of the Registrant's Amended and Restated Declaration of Trust, as amended, provides the following: | Article IV, Section 4.3 of the Registrant's Amended and Restated Declaration of Trust, as amended, provides the following: |
| (a) | Subject to the exceptions and limitations contained in paragraph (b) below: |
| (i) | every person who is, or has been, a Trustee, officer, employee or agent of the Trust (including any individual who serves at its request as director, officer, partner, trustee or the like of another organization in which it has any interest as a shareholder, creditor or otherwise) shall be indemnified by the Trust, 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 |
| (ii) | a majority of the Non-interested Trustees acting on the matter (provided that a majority of the Non-interested Trustees act on the matter) or an independent legal counsel in a written opinion shall determine, based upon a review of readily available facts (as opposed to a full trial-type inquiry), that there is reason to believe that the recipient ultimately will be found entitled to indemnification. |
| As used in Section 4.3 of the Registrant's 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. | 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. |
| <u>Indemnification Arrangements</u>: The foregoing indemnification arrangements are subject to the provisions of Section 17(h) of the Investment Company Act of 1940. | <u>Indemnification Arrangements</u>: The foregoing indemnification arrangements are subject to the provisions of Section 17(h) of the Investment Company Act of 1940. |
| Insofar as indemnification by the Registrant for liabilities arising under the Securities Act of 1933 may be permitted to directors, officers and controlling persons of the Registrant pursuant to the foregoing provisions, or otherwise, the Registrant has been advised that in the opinion of the Securities and Exchange Commission such indemnification is against public policy as expressed in the Act and is, therefore, unenforceable. In the event that a claim for indemnification against such liabilities (other than the payment by the Registrant of expenses incurred or paid by a director, officer or controlling person of the Registrant in the successful defense of any action, suit or proceeding) is asserted against the Registrant by such director, officer or controlling person in connection with the securities being registered, the Registrant will, unless in the opinion of its counsel the matter has been settled by controlling precedent, submit to a court of appropriate jurisdiction the question whether such indemnification by it is against public policy as expressed in the Act and will be governed by the final adjudication of such issue. | Insofar as indemnification by the Registrant for liabilities arising under the Securities Act of 1933 may be permitted to directors, officers and controlling persons of the Registrant pursuant to the foregoing provisions, or otherwise, the Registrant has been advised that in the opinion of the Securities and Exchange Commission such indemnification is against public policy as expressed in the Act and is, therefore, unenforceable. In the event that a claim for indemnification against such liabilities (other than the payment by the Registrant of expenses incurred or paid by a director, officer or controlling person of the Registrant in the successful defense of any action, suit or proceeding) is asserted against the Registrant by such director, officer or controlling person in connection with the securities being registered, the Registrant will, unless in the opinion of its counsel the matter has been settled by controlling precedent, submit to a court of appropriate jurisdiction the question whether such indemnification by it is against public policy as expressed in the Act and will be governed by the final adjudication of such issue. |
| In addition to the above indemnification, Jackson National Life Insurance Company extends its indemnification of its own officers, directors and employees to cover such persons' activities as officers, trustees or employees of the Registrant. | In addition to the above indemnification, Jackson National Life Insurance Company extends its indemnification of its own officers, directors and employees to cover such persons' activities as officers, trustees or employees of the Registrant. |

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| |
|:---|
| Item 31. Business and Other Connections of Investment Adviser. |
| Incorporated herein by reference from the Prospectus and Statement of Additional Information relating to the Trust are the following: the description of the business of JNAM contained in the section entitled "Management of the Trust" of the Prospectus, and the biographical information pertaining to Messrs. Anyah, Bouchard, Gillespie, Rybak, Wehrle, Wood, Childs, Gorman, Harding, Koors, Lueck, O'Boyle, Nerud, and Tedeschi; and Mses. Carnahan, Woodworth, Bennett, Crosser, Leeman, Nelson, and Rhee contained in the section entitled "Trustees and Officers of the 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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| | | |
|:---|:---|:---|
| <u>Directors and Officers of JNAM:</u> | <u>Directors and Officers of JNAM:</u> | <u>Directors and Officers of JNAM:</u> |
| <u>NAME</u> | <u>ADDRESS</u> | <u>PRINCIPAL OCCUPATION</u> |
| Lisa Benkowski | 1 Corporate Way<br> Lansing, Michigan 48951 | Assistant Vice President, Business Systems (08/20/2016 to 02/26/2022).<br> Vice President, Technology Solutions Integration (02/26/2022 to present). |
| Emily Bennett | 1 Corporate Way<br> Lansing, Michigan 48951 | Associate General Counsel (02/29/2016 to 08/30/2021).<br> 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). |
| Eric Bjornson | 1 Corporate Way<br> Lansing, Michigan 48951 | Vice President, Operations (06/28/2014 to 02/26/2022).<br> Senior Vice President, Operations (02/26/2022 to present). |
| Garett J. Childs | 1 Corporate Way<br> Lansing, Michigan 48951 | Assistant Vice President, Corporate Finance and Chief Risk Officer (08/11/2016 to 02/16/2019).<br> Controller (12/28/2013 to 02/19/2020).<br> Vice President, Finance and Risk (02/16/2019 to present); and<br> Chief Financial Officer (08/28/2021 to present). |
| Michael A. Costello | 1 Corporate Way<br> Lansing, Michigan 48951 | Managing Board Member (06/30/2016 to 12/31/2022).<br>|
| Robert Dombrower | 1 Corporate Way<br> Lansing, Michigan 48951 | Vice President (07/01/2017 to present). |
| Kevin Frank | 1 Corporate Way<br> Lansing, Michigan 48951 | Assistant Vice President, Fund Operations and Accounting Policy (09/11/2018 to 02/26/2022).<br> Vice President, Fund Operations and Accounting Policy (02/26/2022 to present). |
| Devkumar Ganguly | 1 Corporate Way<br> Lansing, Michigan 48951 | Managing Board Member (01/01/2023 to present).<br>|
| Mark Godfrey | 1 Corporate Way<br> Lansing, Michigan 48951 | Vice President (07/01/2017 to present). |
| Scott Golde | 1 Corporate Way<br> Lansing, Michigan 48951 | Managing Board Member (01/01/2023 to present).<br>|
| Stephanie Goodrich | 1 Corporate Way<br> Lansing, Michigan 48951 | Assistant Vice President, Sub-Adviser Oversight (08/31/2019 to present). |
| Richard Gorman | 1 Corporate Way<br> Lansing, Michigan 48951 | Senior Vice President, Chief Compliance Officer (08/20/2018 to present). |
| William Harding | 1 Corporate Way<br> Lansing, Michigan 48951 | Senior Vice President, Chief Investment Officer (06/28/2014 to present). |
| Bradley O. Harris<br>| 1 Corporate Way<br> Lansing, Michigan 48951 | Managing Board Member (12/01/2015 to 12/31/2022).<br>|
| Kelli Hill | 1 Corporate Way<br> Lansing, Michigan 48951 | Vice President (07/01/2017 to present). |
| Sean Hynes | 1 Corporate Way<br> Lansing, Michigan 48951 | Assistant Vice President, Investment Management (08/20/2016 to present). |
| Daniel W. Koors | 1 Corporate Way<br> Lansing, Michigan 48951 | Senior Vice President (01/2009 to present); and<br> Chief Operating Officer (04/11/2011 to present). |
| Jim McCartin | 1 Corporate Way<br> Lansing, Michigan 48951 | Vice President (09/01/2018 to present). |
| P. Chad Meyers | 1 Corporate Way<br> Lansing, Michigan 48951 | Chairman (10/15/2015 to 09/19/2022).<br> Managing Board Member (05/20/2015 to 12/31/2022). |
| Mia K. Nelson | 1 Corporate Way<br> Lansing, Michigan 48951 | Assistant Vice President, Tax (02/18/2017 to 08/27/2022).<br> Vice President, Tax (08/27/2022 to present). |
| Mark D. Nerud | 1 Corporate Way<br> Lansing, Michigan 48951 | Managing Board Member (05/20/2015 to present);<br> Chairman (09/19/2022 to present);<br> President (01/01/2007 to present); and<br> Chief Executive Officer (01/01/2010 to present). |
| Joseph B. O'Boyle | 1 Corporate Way<br> Lansing, Michigan 48951 | Vice President, Compliance (09/10/2015 to present). |
| Joseph Patracuollo<br>| 300 Innovation Drive<br> Franklin, Tennessee 37067 | Head of Portfolio Specialist Group (09/10/2022 to present). |
| Mark Pliska | 1 Corporate Way<br> Lansing, Michigan 48951 | Assistant Vice President (03/01/2021 to present). |
| Alison Reed | 300 Innovation Drive<br> Franklin, Tennessee 37067 | Managing Board Member (06/30/2016 to present).<br>|
| Susan S. Rhee | 1 Corporate Way<br> Lansing, Michigan 48951 | Secretary (11/2000 to present);<br> Senior Vice President (01/01/2010 to present); and<br> General Counsel (01/01/2010 to present). |
| Kristan L. Richardson | 1 Corporate Way<br> Lansing, Michigan 48951 | Assistant Secretary (06/12/2014 to present). |
| Andrew Tedeschi | 1 Corporate Way<br> Lansing, Michigan 48951 | Vice President, Financial Reporting (01/28/2019 to present). |
| Tiffany Williams | 1 Corporate Way<br> Lansing, Michigan 48951 | Assistant Secretary (11/15/2021 to present). |
| Bryan Yates | 1 Corporate Way<br> Lansing, Michigan 48951 | Assistant Vice President, Investment Operations (08/20/2016 to 02/26/2022).<br> Vice President, Investment Operations (02/26/2022 to present). |

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Wellington Management Company, LLP, the sub-adviser of certain funds 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.<br>

<u>SUB-ADVISERS</u>: <u>FILE NO.</u>: <br>Wellington Management Company, llp 801-15908

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| | |
|:---|:---|
| Item 32. Principal Underwriters. | Item 32. Principal Underwriters. |
| (a) | 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, and PPM Funds. |
| (b) | Directors and Officers of JNLD: |

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| | | |
|:---|:---|:---|
| NAME AND<br> BUSINESS ADDRESS: | POSITIONS AND OFFICERS<br> WITH UNDERWRITER: | POSITIONS AND<br> OFFICES WITH FUND |
| Scott Romine<br> 300 Innovation Drive<br> Franklin TN, 37067 | President and Chief Executive Officer, and<br> Chairman | N/A |
| Laura L. Prieskorn<br> 1 Corporate Way<br> Lansing, MI 48951 | Manager | N/A |
| Steve P. Binioris<br> 1 Corporate Way<br> Lansing, MI 48951 | Manager | N/A |
| Bradley O. Harris<br> 300 Innovation Drive<br> Franklin TN, 37067 | Manager | N/A |
| Alison Reed<br> 300 Innovation Drive<br> Franklin TN, 37067 | Chief Operating Officer<br>| <br> N/A |
| Scott Golde<br> 1 Corporate Way<br> Lansing, MI 48951 | General Counsel | N/A |
| Bill Burrow<br> 300 Innovation Drive<br> Franklin TN, 37067 | Senior Vice President | N/A |
| Lauren Caputo<br> 300 Innovation Drive<br> Franklin TN, 37067 | Senior Vice President | N/A |
| Heather Fitzgerald<br> 300 Innovation Drive<br> Franklin TN, 37067 | Senior Vice President | N/A |
| Ashley S. Golson<br> 300 Innovation Drive<br> Franklin TN, 37067 | Senior Vice President | N/A |
| Aileen Herndon<br> 300 Innovation Drive<br> Franklin TN, 37067 | Senior Vice President | N/A |
| Heidi Kaiser<br> 300 Innovation Drive<br> Franklin TN, 37067 | Senior Vice President and Chief Compliance Officer | N/A |
| Matt Lemieux<br> 300 Innovation Drive<br> Franklin TN, 37067 | Senior Vice President | N/A |
| Kevin Luebbers<br> 300 Innovation Drive<br> Franklin TN, 37067 | Senior Vice President | N/A |
| Greg Masucci<br> 300 Innovation Drive<br> Franklin TN, 37067 | Senior Vice President | N/A |
| Myles Womack<br> 300 Innovation Drive<br> Franklin TN, 37067 | Senior Vice President | N/A |
| Tim Munsie<br> 300 Innovation Drive<br> Franklin TN, 37067 | Head of IPA, Platform Distribution & Planning | N/A |
| Brian Sward<br> 300 Innovation Drive<br> Franklin TN, 37067 | Head of Product Solutions | N/A |
| Ty Anderson<br> 300 Innovation Drive<br> Franklin TN, 37067 | Vice President | N/A |
| J. Edward Branstetter, Jr.<br> 300 Innovation Drive<br> Franklin TN, 37067 | Vice President | N/A |
| Robert Butler<br> 300 Innovation Drive<br> Franklin TN, 37067 | Vice President | N/A |
| Michelle Carroll<br> 300 Innovation Drive<br> Franklin TN, 37067 | Vice President | N/A |
| Bill Dixon<br> 300 Innovation Drive<br> Franklin TN, 37067 | Vice President | N/A |
| Thomas Hurley<br> 300 Innovation Drive<br> Franklin TN, 37067 | Vice President | N/A |
| Kristine Lowry<br> 300 Innovation Drive<br> Franklin TN, 37067 | Vice President, FinOp and Controller | N/A |
| Dana Rene Malesky Flegler<br> 1 Corporate Way<br> Lansing, MI 48951 | Vice President | N/A |
| Brian Nicolarsen<br> 300 Innovation Drive<br> Franklin TN, 37067 | Vice President | N/A |
| Joseph Cavanaugh Pierce<br> 300 Innovation Drive<br> Franklin TN, 37067 | Vice President | N/A |
| Kimberly Plyer<br> 300 Innovation Drive<br> Franklin TN, 37067 | Vice President | N/A |
| Ryan Riggen<br> 300 Innovation Drive<br> Franklin TN, 37067 | Vice President | N/A |
| David Russell<br> 300 Innovation Drive<br> Franklin TN, 37067 | Vice President | N/A |
| Tom Smith<br> 300 Innovation Drive<br> Franklin TN, 37067 | Vice President | N/A |
| Daniel Starishevsky<br> 300 Innovation Drive<br> Franklin TN, 37067 | Vice President | N/A |
| Molly Stevens<br> 300 Innovation Drive<br> Franklin TN, 37067 | Vice President | N/A |
| Michael Story<br> 1 Corporate Way<br> Lansing, MI 48951 | Vice President | N/A |
| Jeremy Swartz<br> 300 Innovation Drive<br> Franklin TN, 37067 | Vice President | N/A |
| Michelle Tidey<br> 300 Innovation Drive<br> Franklin TN, 37067 | Vice President | N/A |
| Kendall Wetzel<br> 300 Innovation Drive<br> Franklin TN, 37067 | Vice President | N/A |
| Lisa Backens<br> 300 Innovation Drive<br> Franklin TN, 37067 | Assistant Vice President | N/A |
| Chris Bogren<br> 300 Innovation Drive<br> Franklin TN, 37067 | Assistant Vice President | N/A |
| Kyle Burke<br> 300 Innovation Drive<br> Franklin TN, 37067 | Assistant Vice President | N/A |
| Chad Cassidy<br> 300 Innovation Drive<br> Franklin TN, 37067 | Assistant Vice President | N/A |
| Glen Franklin<br> 300 Innovation Drive<br> Franklin TN, 37067 | Assistant Vice President | N/A |
| Amanda Geml<br> 300 Innovation Drive<br> Franklin TN, 37067 | Assistant Vice President | N/A |
| Paul Hardy<br> 300 Innovation Drive<br> Franklin TN, 37067 | Assistant Vice President | N/A |
| Yesenia Lankford<br> 300 Innovation Drive<br> Franklin TN, 37067 | Assistant Vice President | N/A |
| Tom Laws<br> 300 Innovation Drive<br> Franklin TN, 37067 | Assistant Vice President | N/A |
| Todd Maneval<br> 300 Innovation Drive<br> Franklin TN, 37067 | Assistant Vice President | N/A |
| Heather Mayes<br> 300 Innovation Drive<br> Franklin TN, 37067 | Assistant Vice President | N/A |
| Kevin Nuttall<br> 300 Innovation Drive<br> Franklin TN, 37067 | Assistant Vice President | N/A |
| Kim Pfenning<br> 300 Innovation Drive<br> Franklin TN, 37067 | Assistant Vice President | N/A |
| James Pryor<br> 300 Innovation Drive<br> Franklin TN, 37067 | Assistant Vice President | N/A |
| Marland Richardson<br> 300 Innovation Drive<br> Franklin TN, 37067 | Assistant Vice President | N/A |
| Sam Rosenbrock<br> 300 Innovation Drive<br> Franklin TN, 37067 | Assistant Vice President | N/A |
| Noah Sanders<br> 300 Innovation Drive<br> Franklin TN, 37067 | Assistant Vice President | N/A |
| Jeffrey Toerne<br> 300 Innovation Drive<br> Franklin TN, 37067 | Assistant Vice President | N/A |
| Phil Tulotta<br> 300 Innovation Drive<br> Franklin TN, 37067 | Assistant Vice President | N/A |
| Darweshi Whitfield<br> 300 Innovation Drive<br> Franklin TN, 37067 | Assistant Vice President | N/A |
| Sharon Wilson<br> 300 Innovation Drive<br> Franklin TN, 37067 | Assistant Vice President | N/A |
| Phil Wright<br> 300 Innovation Drive<br> Franklin TN, 37067 | Assistant Vice President | N/A |
| Misty Zuhlke<br> 300 Innovation Drive<br> Franklin TN, 37067 | Assistant Vice President | N/A |
| Ryan Lupton<br> 300 Innovation Drive<br> Franklin TN, 37067 | Deputy Chief Compliance Officer | N/A |
| Kristan L. Richardson<br> 1 Corporate Way<br> Lansing, MI 48951 | Secretary | N/A |
| Tiffany Williams<br> 1 Corporate Way<br> Lansing, MI 48951 | Assistant Secretary | N/A |
| Scott Schabel<br> 1 Corporate Way<br> Lansing, MI 48951 | Anti-Money Laundering Compliance Officer | N/A |

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(c) The Funds have no principal underwriter who is not an affiliated person of the Funds or an affiliated person of such person.

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| | |
|:---|:---|
| Item 33. Location of Accounts and Records | Item 33. Location of Accounts and Records |
| 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: | 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: |
| Office of the Administrator | 1 Corporate Way, Lansing, Michigan 48951 |
| Office of the Custodian:<br> JPMorgan Chase Bank, N.A. | 270 Park Avenue, New York, New York 10017 |
| Office of the Custodian:<br> State Street Bank and Trust Company | 200 Newport Avenue, Josiah Quincy Building – Floor 5<br> North Quincy, Massachusetts 02171 |
| Wellington Management Company, llp<br>| 280 Congress Street, Boston, Massachusetts 02210 |

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<u> Item 34. Management Services. </u>   <br>Not Applicable.

<u> Item 35. Undertakings. </u>   <br>Not Applicable.

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| | |
|:---|:---|
| SIGNATURES | SIGNATURES |
| Pursuant to the requirements of the Securities Act and the Investment Company Act, the Trust has duly caused this Post-Effective Amendment No. 53 to its registration statement on Form N-1A to be signed on its behalf by the undersigned, duly authorized, in the City of Lansing and the State of Michigan on the 2<sup>nd</sup> day of March, 2023. | Pursuant to the requirements of the Securities Act and the Investment Company Act, the Trust has duly caused this Post-Effective Amendment No. 53 to its registration statement on Form N-1A to be signed on its behalf by the undersigned, duly authorized, in the City of Lansing and the State of Michigan on the 2<sup>nd</sup> day of March, 2023. |
| JNL INVESTORS SERIES TRUST | JNL INVESTORS SERIES TRUST |
| */s/ Emily J. Bennett* | */s/ Emily J. Bennett* |
| Emily J. Bennett | Emily J. Bennett |
| Assistant Secretary | Assistant Secretary |
| 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. | 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. |
| */s/ Emily J. Bennett* \* | March 2, 2023 |
| Eric O. Anyah |  |
| Trustee |  |
| */s/ Emily J. Bennett* \* | March 2, 2023 |
| Michael Bouchard |  |
| Trustee |  |
| */s/ Emily J. Bennett* \* | March 2, 2023 |
| Ellen Carnahan |  |
| Trustee |  |
| */s/ Emily J. Bennett* \* | March 2, 2023 |
| John W. Gillespie |  |
| Trustee |  |
| */s/ Emily J. Bennett* \* | March 2, 2023 |
| William R. Rybak |  |
| Trustee |  |
| */s/ Emily J. Bennett* \* | March 2, 2023 |
| Mark S. Wehrle |  |
| Trustee |  |
| */s/ Emily J. Bennett* \* | March 2, 2023 |
| Edward C. Wood |  |
| Trustee |  |
| */s/ Emily J. Bennett* \* | March 2, 2023 |
| Patricia A. Woodworth |  |
| Trustee |  |
| */s/ Emily J. Bennett* \* | March 2, 2023 |
| Mark D. Nerud |  |
| Trustee, President and Chief Executive Officer (Principal Executive Officer) |  |
| */s/ Emily J. Bennett* \* | March 2, 2023 |
| Andrew Tedeschi |  |
| Vice President, Treasurer and Chief Financial Officer (Principal Financial Officer) |  |
| <br> \* By Emily J. Bennett, Attorney In Fact |  |

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| |
|:---|
| POWER OF ATTORNEY |
| 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. |
| IN WITNESS WHEREOF, the undersigned have herewith set their names as of January 1, 2023. |
| */s/ Eric O. Anyah* |
| Eric O. Anyah |
| Trustee |
| */s/ Michael J. Bouchard* |
| Michael J. Bouchard |
| Trustee |
| */s/ Ellen Carnahan* |
| Ellen Carnahan |
| Trustee |
| */s/ John W. Gillespie* |
| John W. Gillespie |
| Trustee |
| */s/ William R. Rybak* |
| William R. Rybak |
| Trustee |
| */s/ Mark S. Wehrle* |
| William R. Rybak |
| Trustee |
| */s/ Edward C. Wood* |
| Edward C. Wood |
| Trustee |
| */s/ Patricia A. Woodworth* |
| Patricia A. Woodworth |
| Trustee |
| */s/ Mark D. Nerud* |
| Mark D. Nerud |
| Trustee, President and Chief Executive Officer (Principal Executive Officer) |
| */s/ Andrew Tedeschi* |
| Andrew Tedeschi |
| Treasurer and Chief Financial Officer (Principal Financial Officer) |

---

------

---

| | | |
|:---|:---|:---|
| EXHIBIT LIST | EXHIBIT LIST | EXHIBIT LIST |
| Exhibit<br> Number 28 | Exhibit<br> Number 28 |  |
| Exhibit<br> Number 28 | Exhibit<br> Number 28 | Exhibit<br> Description |
| (d) | (2)<br> (xii) | Amended and Restated Sub-Advisory Agreement between JNAM and Wellington, effective September 1, 2022, attached hereto as EX99.28(d)(2)(xii). |
| (g) | (1)<br> (xxxiii) | Amended and Restated Master Global Custody Agreement between Registrant and JPMorgan Chase, dated December 1, 2022, attached hereto as EX99.28(g)(1)(xxxiii). |
| (g) | (2)<br> (xix) | Amendment, effective November 15, 2022, to Custody Agreement between Registrant, State Street, JNL Series Trust, JNL Multi-Manager Alternative Fund (Boston Partners) Ltd., and PPM Funds, dated December 30, 2010, attached hereto as EX99.28(g)(2)(xix). |
| (g) | (2)<br> (xx) | 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, attached hereto as EX99.28(g)(2)(xx). |
| (i) |  | Opinion and Consent of Counsel, attached hereto as EX99.28(i). |
| (p) | (1) | Jackson Financial Inc. Advisory Code of Ethics for Registrant, JNAM, JNLD, and PPM, dated October 28, 2022, attached hereto as EX99.28(p)(1). |
| (p) | (2) | Code of Ethics for Wellington, dated August 1, 2021, attached hereto as EX99.28(p)(2). |

---

<br>** <br>

## Ex-99.D

Ex. 99.28(d)(xii)

------

**Amended and Restated**

**Sub-Advisory Agreement**

This Amended and Restated Sub-Advisory Agreement (the "Agreement") is effective as of the 1<sup>st</sup> day of September, 2022, by and between **Jackson National Asset Management, LLC**, a Michigan limited liability company (the "Adviser"), and **Wellington Management Company LLP**, a Delaware limited liability partnership (the "Sub-Adviser").

**Whereas**, the Adviser is registered as an investment adviser under the Investment Advisers Act of 1940, as amended (the "Advisers Act");

**Whereas**, the Sub-Adviser is registered as an investment adviser under the Advisers Act;

**Whereas**, the Adviser has entered into an Amended and Restated Investment Advisory and Management Agreement effective as of September 13, 2021 with JNL Investors Series Trust (the "Trust"), an open-end management investment company registered under the Investment Company Act of 1940, as amended (the "1940 Act"), consisting of multiple series (each, a "Fund");

**Whereas**, the Board of Trustees of the Trust (the "Board of Trustees") and the Adviser retained the Sub-Adviser to render investment advisory services pursuant to the terms of a Sub-Advisory Agreement, effective September 13, 2021 wherein the December 1, 2012 Agreement, as amended, was incorporated by reference (the "Original Sub-Advisory Agreement"); and

**Whereas**, the Board of Trustees of the Trust and the Adviser desire that the Adviser retain the Sub-Adviser to render investment advisory services to each Fund's assets allocated to the Sub-Adviser listed on Schedule A attached hereto, as determined from time to time by the Adviser, and also desire in concurrence with the Sub-Adviser to amend and restate the Original Sub-Advisory agreement, in the manner and on the terms set forth herein.

**Now, Therefore**, in consideration of the mutual covenants herein contained, the parties hereto agree as follows:

1. <u>Appointment</u>.
 Adviser hereby appoints Sub-Adviser to provide certain sub-investment advisory services to the Funds for the period and on the terms set
 forth in this Agreement. Sub-Adviser accepts such appointment and agrees to furnish the services herein set forth for the compensation
 herein provided.

2. <u>Delivery of Documents</u>.
 Adviser has or will furnish Sub-Adviser with copies properly certified or authenticated of each of the following prior to the commencement
 of the Sub-Adviser's services:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) the Trust's Agreement and Declaration of Trust,
 as filed with the Secretary of State of The Commonwealth of Massachusetts on July 28, 2000, and all amendments thereto or restatements
 thereof (such Declaration, as presently in effect and as it shall from time to time be amended or restated, is herein called the "Declaration
 of Trust");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) the Trust's By-Laws and amendments thereto;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c) resolutions of the Board of Trustees authorizing the
 appointment of Sub-Adviser and approving this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d) the Trust's Notification of Registration on Form
 N-8A under the 1940 Act as filed with the Securities and Exchange Commission (the "SEC") and all amendments thereto;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e) the Trust's Registration Statement on Form N-1A
 under the Securities Act of 1933, as amended ("1933 Act") and under the 1940 Act as filed with the SEC and all amendments
 thereto insofar as such Registration Statement and such amendments relate to the Funds; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;f) the Trust's most recent prospectus and Statement
 of Additional Information for the Funds (collectively called the "Prospectus").

During the term of this Agreement, the Adviser agrees to furnish the Sub-Adviser at its principal office all proxy statements, reports to shareholders, sales literature or other materials prepared for distribution to shareholders of each Fund, prospects of each Fund or the public that refer to the Fund in any way, prior to the use thereof, and the Adviser shall not use any such materials if the Sub-Adviser reasonably objects in writing within five business days (or such other period as may be mutually agreed) after receipt thereof. The Sub-Adviser's right to object to such materials is limited to the portions of such materials that expressly relate to the Sub-Adviser, its services and its clients. The Adviser agrees to use its reasonable best efforts to ensure that materials prepared by its employees or agents or its affiliates that refer to the Sub-Adviser or its clients in any way are consistent with those materials previously approved by the Sub-Adviser as referenced in the first sentence of this paragraph. Sales literature may be furnished to the Sub-Adviser by e-mail, first class or overnight mail, facsimile transmission equipment or hand delivery.

Adviser will furnish the Sub-Adviser with copies of all amendments of or supplements to the foregoing within a reasonable time before they become effective. Any amendments or supplements that impact the management of the Funds will not be deemed effective with respect to the Sub-Adviser until the Sub-Adviser's approval thereof.

3. <u>Management</u>.
 Subject always to the supervision of the Adviser, who in turn is subject to the supervision of the Board of Trustees, Sub-Adviser will
 furnish an investment program in respect of, and make investment decisions for, all assets of the Funds and place all orders for the purchase
 and sale of securities, including foreign or domestic securities or other property (including financial futures and options of any type),
 all on behalf of the Funds. In the performance of its duties, Sub-Adviser will satisfy its fiduciary duties to the Funds (as set forth
 below), and will monitor the Funds' investments, and will comply with the provisions of Trust's Declaration of Trust and By-Laws,
 as amended from time to time, and the stated investment objectives, policies and restrictions of the Funds, which may be amended from
 time to time. Sub-Adviser and Adviser will each make its officers and employees available to the other from time to time at reasonable
 times to review investment policies of the Funds and to consult with each other regarding the investment affairs of the Funds. Sub-Adviser
 will report to the Board of Trustees and to Adviser with respect to the implementation of such program. Sub-Adviser, solely with respect
 to the assets of the Funds, which are under its management pursuant to this Agreement, is responsible for compliance with the diversification
 provisions of Section 851 the Internal Revenue Code of 1986, as amended ("IRC").

**Page 2 of 10**

Adviser will not act in a manner that would result in Sub-Adviser failing to maintain the required diversification and if the failure to diversify is inadvertent, Jackson National Life Insurance Company and any of its affiliates investing in the Funds, as owner of the assets in the Funds, shall in good faith and in conjunction with Sub-Adviser follow the appropriate procedures to request relief from the Commissioner of Internal Revenue Service, and that in such an event Adviser shall work in conjunction with Sub-Adviser in the preparation of any request for relief or closing agreement and, to the extent that Adviser is seeking indemnification under Section 11 hereof, no filings or agreements shall be made with the Commissioner of Internal Revenue Service without the prior written approval of Sub-Adviser.

If the Fund does not meet such diversification requirements at the close of any quarter by reason of a discrepancy existing immediately after the acquisition of any security or other property which is wholly or partly the result of such acquisition during such quarter shall not lose its status for such quarter as a regulated investment company if such discrepancy is eliminated within 30 days after the close of such quarter.

The Adviser agrees that the Sub-Adviser shall not be liable for any failure to recommend the purchase or sale of any security on behalf of any Fund on the basis of any information which might, in the Sub-Adviser's opinion, constitute a violation of any federal or state laws, rules or regulations.

The Sub-Adviser further agrees that it:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) will use the same skill and care in providing such services
 as it uses in providing services to fiduciary accounts for which it has investment responsibilities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) will comply with all applicable Rules and Regulations
 of the SEC in all material respects and in addition will conduct its activities under this Agreement in accordance with any applicable
 regulations of any governmental authority pertaining to its investment advisory activities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c) will provide reasonable assistance to the Adviser in connection with the foreign laws, regulations and
 regulatory requirements as set forth by foreign regulatory agencies, as may be applicable to the Adviser and Funds and will comply with
 the foreign laws, regulations and regulatory requirements as set forth by foreign regulatory agencies directly applicable to the Sub-Adviser's
 investment activities in such foreign markets;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d) will report regularly to Adviser and to the Board of Trustees as reasonably agreed between the Adviser
 and Sub-Adviser and will make appropriate persons available for the purpose of reviewing with representatives of Adviser and the Board
 of Trustees on a regular basis at reasonable times agreed to by the Adviser and Sub-Adviser, the management of the Funds, including, without
 limitation, review of the general investment strategies of the Funds, the performance of the Funds in relation to the specified benchmarks
 and will provide various other reports from time to time as reasonably requested by Adviser;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e) will provide to the Adviser (i)
 a monthly compliance checklist developed for each Fund by Adviser and Sub-Adviser, and (ii) quarterly reports developed for each Fund
 by Adviser and Sub-Adviser; (iii) other compliance and reporting information as reasonably requested by the Adviser or the Board of Trustees
 from time-to-time;

**Page 3 of 10**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;f) as a service provider to the
 Funds will cooperate fully with the Chief Compliance Officer of the Trust in the execution of his/her responsibilities to monitor service
 providers to the Funds under Rule 38a-1 under the 1940 Act, including any applicable document requests;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;g) will prepare and maintain such
 books and records with respect to each Fund's securities transactions in accordance with Section 7 herein, and will furnish Adviser
 and the Board of Trustees such periodic and special reports as the Adviser may reasonably request;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;h) will prepare and cause to be filed in a timely manner Form 13F and, if
 required, Schedule 13G with respect to securities held for the account of the Funds subject to Sub-Adviser's supervision;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i) will act upon reasonable instructions from Adviser (except as
 to the voting of proxies) not inconsistent with the fiduciary duties and Investment Objectives hereunder;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;j) will treat confidentially and as proprietary information of Trust
 all such records and other information relative to the Trust maintained by the Sub-Adviser, and will not use such records and information
 for any purpose other than performance of its responsibilities and duties hereunder, except after prior notification to and approval
 in writing by Trust, which approval shall not be unreasonably withheld and may not be withheld where the Sub-Adviser may be exposed to
 civil or criminal contempt proceedings for failure to comply, when requested to divulge such information by duly constituted authorities,
 or when so requested by Trust, provided, however, that notwithstanding the foregoing, Sub-Adviser may disclose such information as required
 by applicable law, regulation or upon request by a regulator or auditor of Sub-Adviser;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;k) consistent with its fiduciary duties to each Fund and on the Fund's
 behalf, the Sub-Adviser is hereby appointed the Fund's agent to exercise in its direction all rights and performs all duties with
 respect to the Fund's right to vote (or refrain from voting), each Fund's securities and exercise rights in corporate actions
 or otherwise in accordance with the Sub-Adviser's proxy voting guidelines, as amended from time to time, which shall be provided
 to the Trust and the Adviser. For the avoidance of doubt, the Sub-Adviser will have full discretion in this regard and the Adviser will
 not attempt to influence the Sub-Adviser's voting decisions. The Sub-Adviser, as required by law, will report significant shareholdings
 for Wellington Management Company LLP, as investment adviser. The aggregate total will include holdings held in the Funds under this
 agreement, but the filings made are on Wellington Management Company LLP's behalf;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;l) may not consult with any other sub-adviser of the Trust concerning transactions
 in securities or other assets for any investment portfolio of the Trusts, including the Funds, except that such consultations are permitted
 between the current and successor sub-advisers of the Funds in order to effect an orderly transition of sub-advisory duties so long as
 such consultations are not concerning transactions prohibited by Section 17(a) of the 1940 Act; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;m) at its expense, will furnish: (i) all necessary facilities and personnel,
 including salaries, expenses, and fees of any personnel required for the Sub-Adviser to faithfully perform its duties under this Agreement;
 and (ii) administrative facilities, including bookkeeping, and all equipment necessary for the efficient conduct of the Sub-Adviser's
 duties under this Agreement.

**Page 4 of 10**

The Adviser and the Sub-Adviser each further agree that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) to the extent that the Commodity Exchange Act, as amended
 ("CEA"), and the then-current Commodity Futures Trading Commission ("CFTC") regulations require (i) registration
 by either party as a Commodity Pool Operator or Commodity Trading Advisor, (ii) specific disclosure, or as applicable to it (iii) filing
 of reports and other documents, each shall comply with such requirements;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) Sub-Adviser shall comply with all requirements of the
 applicable CEA and then-current CFTC regulations that apply to Sub-Adviser with regard to the Fund, and with regard to all Funds for which
 it serves as Sub-Adviser; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c) Sub-Adviser shall cooperate by assisting the Adviser
 in fulfilling any disclosure or reporting requirements applicable to the Fund under the CEA and/or then-current CFTC regulations.

4. <u>Custody of Assets</u>.
 Sub-Adviser shall at no time have the right to physically possess the assets of the Funds or have the assets registered in its own name
 or the name of its nominee, nor shall Sub-Adviser in any manner acquire or become possessed of any income, whether in kind or cash, or
 proceeds, whether in kind or cash, distributable by reason of selling, holding or controlling such assets of the Funds. In accordance
 with the preceding sentence, Sub-Adviser shall have no responsibility with respect to the collection of income, physical acquisition or
 the safekeeping of the assets of the Funds. All such duties of collection, physical acquisition and safekeeping shall be the sole obligation
 of the custodian.

5. <u>Brokerage</u> <u>.</u> The Sub-Adviser is responsible for decisions to buy and sell securities for each Fund, broker-dealer selection, and negotiation of brokerage
 commission rates. Sub-Adviser shall have the express authority to negotiate, open, continue and terminate brokerage accounts and other
 brokerage arrangements with respect to all portfolio transactions entered into by Sub-Adviser on behalf of the Funds. Sub-Adviser will
 provide copies of futures agreements entered into by the Funds to the Adviser, if applicable. It is the Sub-Adviser's general policy
 in selecting a broker to effect a particular transaction to seek to obtain "best execution", which means prompt and efficient
 execution of the transaction at the best obtainable price with payment of commissions which are reasonable in relation to the value of
 the brokerage services provided by the broker.

Consistent with this policy, the Sub-Adviser, in selecting broker-dealers and negotiating commission rates, will take all relevant factors into consideration, including, but not limited to: the best price available; the reliability, integrity and financial condition of the broker-dealer; the size of and difficulty in executing the order; and the value of the expected contribution of the broker-dealer to the investment performance of the applicable Fund on a continuing basis. Subject to such policies and procedures as the Board of Trustees may determine, the Sub-Adviser shall have discretion to effect investment transactions for each Fund through broker-dealers (including, to the extent permissible under applicable law, broker-dealer affiliates) who provide brokerage and/or research services, as such services are defined in section 28(e) of the Securities Exchange Act of 1934, as amended (the "1934 Act"), and to cause such Fund to pay any such broker-dealers an amount of commission for effecting a portfolio investment transaction in excess of the amount of commission another broker-dealer would have charged for effecting that transaction, if the Sub-Adviser determines in good faith that such amount of commission is reasonable in relation to the value of the brokerage or research services provided by such broker-dealer, viewed in terms of either that particular investment transaction or the Sub-Adviser's overall responsibilities with respect to such Fund and other accounts to which the Sub-Adviser exercises investment discretion (as such term is defined in section 3(a)(35) of the 1934 Act). Allocation of orders placed by the Sub-Adviser on behalf of a Fund to such broker-dealers shall be in such amounts and proportions as the Sub-Adviser shall determine in good faith in conformity with its responsibilities under applicable laws, rules and regulations. The Sub-Adviser will submit reports on brokerage placements to the Adviser as reasonably requested by the Adviser, in such form as may be mutually agreed to by the parties hereto, indicating the broker-dealers to whom such allocations have been made and the basis therefor.

**Page 5 of 10**

6. <u>Expenses</u>.
 The Sub-Adviser shall bear all expenses incurred by it in connection with the performance of its services under this Agreement. Each Fund
 will bear certain other expenses to be incurred in its operation, including, but not limited to, investment advisory fees, and administration
 fees; fees for necessary professional and brokerage services; costs relating to local administration of securities; and fees for any pricing
 services. All other expenses not specifically assumed by the Sub-Adviser hereunder or by the Adviser under the Management Agreement are
 borne by the applicable Fund or the Trust.

7. <u>Books and Records</u>.
 In compliance with the requirements of Rule 31a-3 under the 1940 Act, the Sub-Adviser hereby agrees that all records which it maintains
 for the Trust are the property of the Trust and further agrees to surrender promptly to the Trust any of such records upon the Trust's
 request, copies of which may be retained by the Sub-Adviser. Sub-Adviser further agrees to preserve for the periods prescribed by Rule
 31a-2 under the 1940 Act the records required to be maintained by Rule 31a-1 under the 1940 Act related to each Fund's portfolio
 transactions. The Adviser shall maintain all books and records not related to the Fund's portfolio transactions.

8. <u>Compensation</u>.
 For the services provided and the expenses assumed pursuant to this Agreement, Adviser will pay the Sub-Adviser, and the Sub-Adviser agrees
 to accept as full compensation therefore, a sub-advisory fee accrued daily and payable monthly on the average daily net assets in the
 Funds in accordance with Schedule B hereto.

9. <u>Services to Others</u>.
 Adviser understands, and has advised the Board of Trustees, that Sub-Adviser now acts, or may in the future act, as an investment adviser
 to fiduciary and other managed accounts, and as investment adviser or sub-investment adviser to other investment companies or accounts.
 Adviser has no objection to Sub-Adviser acting in such capacities, provided that whenever the Fund and one or more other investment advisory
 clients of Sub-Adviser have available funds for investment, investments suitable and appropriate for each will be allocated in a manner
 believed by Sub-Adviser to be equitable to each. Sub-Adviser may group orders for a Fund with orders for other funds and accounts to obtain
 the efficiencies that may be available on larger transactions when it determines that investment decisions are appropriate for each participating
 account. Sub-Adviser cannot assure that such policy will not adversely affect the price paid or received by a Fund. Adviser recognizes,
 and has advised the Board of Trustees, that in some cases this procedure may adversely affect the size and the opportunities of the position
 that the participating Fund may obtain in a particular security. In addition, Adviser understands, and has advised the Board of Trustees,
 that the persons employed by Sub-Adviser to assist in Sub-Adviser's duties under this Agreement will not devote their full time
 to such service and nothing contained in this Agreement will be deemed to limit or restrict the right of Sub-Adviser or any of its affiliates
 to engage in and devote time and attention to other businesses or to render services of whatever kind or nature.

**Page 6 of 10**

10. <u>Limitation of Liability</u>.
 Sub-Adviser, its officers, directors, employees, agents or affiliates will not be subject to any liability to the Adviser or the Funds
 or their directors, officers, employees, agents or affiliates for any error of judgment or mistake of law or for any loss suffered by
 the Funds, any shareholder of the Funds or the Adviser either in connection with the performance of Sub-Adviser's duties under this
 Agreement or its failure to perform due to events beyond the reasonable control of the Sub-Adviser or its agents, except for a loss resulting
 from Sub-Adviser's willful misfeasance, or gross negligence in the performance of its duties or by reason of its reckless disregard
 of its obligations and duties under this Agreement. Federal and State securities laws may impose liabilities under certain circumstances
 on persons who act in good faith, and therefore nothing herein shall in any way constitute a waiver or limitation of any right which Adviser
 may have under any applicable laws.

11. <u>Indemnification</u>.
 Adviser and the Sub-Adviser each agree to indemnify the other party (and each such party's affiliates, employees, directors and
 officers) against any claim, damages, loss or liability (including reasonable attorneys' fees) arising out of any third-party claims
 brought against an indemnified party that are found to constitute willful misfeasance or gross negligence on the part of the indemnifying
 party.

12. <u>Duration and Termination</u>.
 The Agreement will become effective as to a Fund upon execution or, if later, on the date that initial capital for such Fund is first
 provided to it and, unless sooner terminated as provided herein, will continue in effect through September 30, 2023. Thereafter,
 if not terminated as to a Fund, this Agreement will continue from year to year through September 30th of each successive year following
 the initial period, for each Fund covered by this Agreement, as listed on Schedule A, provided that such continuation is specifically
 approved at least annually by the Board of Trustees or by vote of a majority of the outstanding voting securities of such Fund(s), and
 in either event approved also by a majority of the Trustees of the Trust who are not interested persons of the Trust, or of the Adviser,
 or of the Sub-Adviser ("Independent Trustees"). Notwithstanding the foregoing, this Agreement may be terminated as to a Fund
 at any time, without the payment of any penalty, by the Board of Trustees, including a majority of the Independent Trustees, or by the
 vote of a majority of the outstanding voting securities of each Fund, on sixty days' written notice to the Adviser and the Sub-Adviser,
 or by the Adviser with the consent of the Board of Trustees (including a majority of the Independent Trustees), or on sixty days'
 written notice by the Sub-Adviser to the Trust and the other party. This Agreement will immediately terminate in the event of its
 assignment. (As used in this Agreement, the terms "majority of the outstanding voting securities", "interested
 persons" and "assignment" have the same meaning of such terms as in the 1940 Act.) Section 10 and 11 herein shall
 survive the termination of this Agreement.

13. <u>Acknowledgements of Adviser</u>.
 Adviser acknowledges and agrees that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) If the Sub-Adviser is registered as a Commodity Trading
 Advisor under the CEA, the Adviser consents to the Sub-Adviser's compliance with the alternative disclosure and recordkeeping standards
 available to exempt accounts under CFTC Rule 4.7 with respect to a Fund's trading in commodity interests, provided that the Sub-Adviser
 has duly filed a notice of claim for such relief pursuant to Rule 4.7(d). The Adviser will take reasonable steps to cooperate with the
 Sub-Adviser in connection with establishing and maintaining such exemption under Rule 4.7, including, upon request, confirming whether
 a Fund is a "qualified eligible person" as defined in Rule 4.7.

**Page 7 of 10**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) If the Adviser is excluded from the definition of a
 commodity pool operator under CFTC Rule 4.5 with respect to a Fund, the Adviser will furnish the Sub-Adviser with a copy of the notice
 of eligibility filed pursuant to Rule 4.5 (c) with respect to such exclusion, or, if more recent, the most recent annual notice affirming
 the basis of such eligibility that has been filed pursuant to Rule 4.5(c)(5).

14. <u>Obligations of Adviser</u>.
 The Adviser agrees to provide or complete, as the case may be, the following prior to the commencement of the Sub-Adviser's investment
 advisory services as specified under this Agreement:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) A list of first tier affiliates and second tier affiliates
 (i.e., affiliates of affiliates) of the Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) A list of restricted securities for each Fund (including
 CUSIP, Sedol or other appropriate security identification); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c) A copy of the current compliance procedures for each
 Fund.

The Adviser also agrees to promptly update the above referenced items in order to ensure their accuracy, completeness and/or effectiveness.

15. <u>Confidential Treatment</u>. All information and advice furnished by one party to the other
 party (including their respective agents, employees and representatives and the agents, employees, and representatives of any affiliates)
 hereunder shall be treated as confidential and shall not be disclosed to third parties, except as may be necessary to comply with applicable
 laws, rules and regulations, subpoenas, court orders, and as required in the administration and management of the Funds. It is
 understood that any information or recommendation supplied or produced by Sub-Adviser in connection with the performance of its obligations
 hereunder is to be regarded as confidential and for use only by the Adviser and the Trust. Without limiting the foregoing, the
 Adviser and the Trust will only disclose portfolio information in accordance with the Trust's portfolio information policy as adopted
 by the Board of Trustees.

The confidential treatment of the information noted in this Agreement shall also apply to information shared between the Adviser and the Sub-Adviser relating to potential future funds for which the Adviser may wish to retain the Sub-Adviser's investment advisory services.

16. <u>Entire Agreement; Amendment of this Agreement</u>.
 This Agreement constitutes the entire agreement between the parties with respect to the Funds. No provision of this Agreement may be changed,
 waived, discharged or terminated orally, but only by an instrument in writing signed by the party against which enforcement of the change,
 waiver, discharge or termination is sought.

17. <u>Notice</u>.
 All notices required to be given pursuant to this Agreement shall be delivered or mailed to the address listed below of each applicable
 party in person or by registered or certified mail or a private mail or delivery service providing the sender with notice of receipt or
 sent by electronic transmission (via e-mail) or such other address as specified in a notice duly given to the other parties. Notice shall
 be deemed given on the date delivered or mailed in accordance with this paragraph.

**Page 8 of 10**

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| | | |
|:---|:---|:---|
| *a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;* | *To Adviser:* | &nbsp;&nbsp;*Jackson National Asset Management, LLC* |
|  |  | &nbsp;&nbsp;*225 West Wacker Drive* |
|  |  | &nbsp;&nbsp;*Suite 1200* |
|  |  | &nbsp;&nbsp;*Chicago, IL 60606* |
|  |  | &nbsp;&nbsp;*Attention: General Counsel* |
|  |  | &nbsp;&nbsp;*Email address: JNAMLegal@jackson.com* |
| *b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;* | *To the Sub-Adviser:* | &nbsp;&nbsp;*Wellington Management Company LLP* |
|  |  | &nbsp;&nbsp;*Attention: Legal Services* |
|  |  | &nbsp;&nbsp;*280 Congress Street* |
|  |  | &nbsp;&nbsp;*Boston, Massachusetts 02210* |
|  |  | &nbsp;&nbsp; Email address: <br> wellingtonrelationshipteam-jackson@wellington.com |
| *c)* | *To the Trust:* | &nbsp;&nbsp;*JNL Series Trust* |
|  |  | &nbsp;&nbsp;*1 Corporate Way* |
|  |  | &nbsp;&nbsp;*Lansing, MI 48951* |
|  |  | &nbsp;&nbsp;*Attention: Chief Legal Officer* |
|  |  | &nbsp;&nbsp;*Email address: JNAMLegal@jackson.com* |

---

18. <u>Miscellaneous</u>.
 The captions in this Agreement are included for convenience of reference only and in no way define or limit any of the provisions hereof
 or otherwise affect their construction or effect. If any provision of this Agreement is held or made invalid by a court decision, statute,
 rule or otherwise, the remainder of this Agreement will be binding upon and shall inure to the benefit of the parties hereto.

19. <u>Applicable Law</u>.
 This Agreement shall be construed in accordance with applicable federal law and the laws of the State of Michigan.

20. <u>Counterpart Signatures</u> <u>.</u> This Agreement may be executed in several counterparts, including via facsimile, each of which shall be deemed an original for all purposes,
 including judicial proof of the terms hereof, and all of which together shall constitute and be deemed one and the same agreement.

[signature page immediately follows]

**Page 9 of 10**

**In Witness Whereof**, the Adviser and the Sub-Adviser have caused this Agreement to be executed, effective as of September 1, 2022.

---

| | |
|:---|:---|
| <br> **Jackson National Asset Management, LLC** | <br> **Jackson National Asset Management, LLC** |
|  | <br> **/s/ Mark D. Nerud** |
| *By:* | <br> **/s/ Mark D. Nerud** |
| *Name:* | *Mark D. Nerud* |
| *Title:* | *President and Chief Executive Officer* |
| ***Wellington Management Company LLP*** | ***Wellington Management Company LLP*** |
|  | <br> **/s/ Eric Tanaka** |
| *By:* | <br> **/s/ Eric Tanaka** |
| *Name:* | *Eric Tanaka* |
| *Title:* | *Senior Managing Director* |

---

**Page 10 of 10**

**Schedule A**

Dated September 1, 2022

---

| |
|:---|
| **<u>Funds</u>** |
| *JNL Government Money Market Fund* |
| *JNL Securities Lending Collateral Fund* |

---

**A-1** 

**Schedule B**

Dated September 1, 2022

(Compensation)

---

| | |
|:---|:---|
| **JNL Government Money Market Fund** | **JNL Government Money Market Fund** |
| *<u>Average Daily Net Assets</u>* | *<u>Annual Rate</u>* |
| *$0 to $1 Billion:* | *.04%\** |
| *$1 Billion to $4 Billion:* | *.025%\** |
| *Over $4 Billion:* | *.020%\** |

---

___________________________________________________________________________________

\* The assets of the JNL/WMC Government Money Market Fund of JNL Series Trust and the assets of the JNL Government Money Market Fund of JNL Investors Series Trust will be combined for purposes of determining the applicable annual rate.

---

| | |
|:---|:---|
| **JNL Securities Lending Collateral Fund** | **JNL Securities Lending Collateral Fund** |
| *<u>Average Daily Net Assets</u>* | *<u>Annual Rate</u>* |
| *All Assets* | *0.02%* |

---

**B-1**

## Ex-99.G

Ex**.** 99.28(g)(1)(xxxiii)

------

![](image00002.jpg)

**Table of contents**

**1.** **Intention of the Parties; Definitions** **1** 

1.1 Intention of the Parties 1

1.2 Definitions 1

**2.** **What The Bank Is Required To Do** **3** 

2.1 Set Up Accounts 3

2.2 Cash Account 4

2.3 Segregation of Assets; Nominee Name 5

2.4 Settlement of Transactions 5

2.5 Contractual Settlement Date Accounting 6

2.6 Actual Settlement Date Accounting 6

2.7 Income Collection (AutoCredit® 7

2.8 Miscellaneous Administrative Duties 7

2.9 Corporate Actions 8

2.10 Class Action Litigation 8

2.11 Proxies 8

2.12 Statements of Account 9

2.13 Access to Bank's Records 10

2.14 Maintenance of Financial Assets at Subcustodian Locations 10

2.15 Tax Relief Services 10

2.16 Foreign Exchange Transactions 10

2.17 Notifications 11

2.18 Supervision 11

2.19 Compliance with U.S. Securities and Exchange Commission Rule 17f-5 11

2.20 Compliance with SEC Rule 17f-7 13

2.21 Russian Equity Securities 13

**3.** **Instructions** **15** 

3.1 Acting on Instructions; Method of Instruction and Unclear Instructions 15

3.2 Verification and Security Procedures 15

3.3 Instructions; Contrary to Law/Market Practice 15

![](image00004.jpg) <br>

3.4 Cut-Off Times 16

3.5 Electronic Access 16

**4.** **Fees, Expenses and Other Amounts Owing To Bank** **16** 

4.1 Fees and Expenses 16

4.2 Overdrafts 16

4.3 Bank's Right Over Securities; Set-off 17

**5.** **Subcustodians, Securities Depositories, and Other Agents** **18** 

5.1 Appointment of Subcustodians; Use of Securities Depositories 18

5.2 Liability for Subcustodians 20

**6.** **Additional Provisions Relating to Customer** **20** 

6.1 Representations of Customer and Bank 20

6.2 Regulatory Compliance 21

**7.** **When Bank is Liable to Customer** **21** 

7.1 Standard of Care; Liability 21

7.2 Force Majeure 23

7.3 Bank May Consult With Counsel 23

7.4 Bank Provides Diverse Financial Services and May Generate Profits as a Result 24

7.5 Assets Held Outside Bank's Control 24

7.6 Ancillary services 24

**8.** **Taxation** **24** 

8.1 Tax Obligations 24

8.2 Tax Relief Services 25

**9.** **Termination** **26** 

9.1 Term and Termination 26

9.2 Exit Procedure 27

**10.** **Miscellaneous** **27** 

10.1 Notifications 27

10.2 Successors and Assigns 27

10.3 Interpretation 27

![](jpm.jpg)

10.4 Entire Agreement 27

10.5 Information Concerning Deposits at Bank's London Branch 28

10.6 Insurance 28

10.7 Security Holding Disclosure 28

10.8 USA PATRIOT Act Disclosure 28

10.9 Governing Law and Jurisdiction 29

10.10 Severability; Waiver; and Survival 29

10.11 Confidentiality 29

10.12 Counterparts 30

10.13 No Third Party Beneficiaries 30

---

| | |
|:---|:---|
| Schedule A | List of Funds |
| Schedule 1 | List of Subcustodians and Markets Used by the Bank |
| Schedule 2 | Persons Authorized To Give Instructions |
| Schedule 3 | Authorized Fund Managers/Advisers |
| Schedule 4 | Form of Board Resolution |
| Schedule 5 | Electronic Access |
| Schedule 6 | Transfer Accounts |
| Schedule 7 | Fee Schedule |
| Schedule 8 | Agreements and Addenda Entered into Related to and Referencing the original Agreement |
| Appendix A | Specimen Fund Manager Mandate |
| Appendix B | Information Regarding Country Risk |

---

![](jpm.jpg)

**Amended and Restated Master Global Custody Agreement**

This Amended and Restated Master Global Custody Agreement, dated December 1, 2022, is between **JPMORGAN CHASE BANK, NATIONAL ASSOCIATION** (the "Bank"), with a place of business at 270 Park Avenue, New York, NY 10017; and each entity listed on Schedule A hereto that signs this Agreement or a separate addendum in the form attached to this Agreement on behalf of each of the series listed under its name on Schedule A, severally and not jointly (each such series a separate and distinct "Customer"). This Agreement, when executed by each Customer, shall constitute separate terms and conditions between Bank and each Customer.

The Bank and each Customer Master Global Custody Agreement dated August 12, 2009 (the "Original Agreement") and each Customer desires, together with the Bank, to amend and restate the Original Agreement, in the manner and on the terms set forth herein. Certain agreements and addenda entered into related to and referencing the Original Agreement, are hereby incorporated by reference, as outlined on Schedule 8.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Intention of the Parties; Definitions

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.1 Intention of the Parties

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) This Agreement sets out the terms on which Bank will be providing custodial, settlement and other associated services to the Customer. Bank will be responsible for the performance of only those duties set forth in this Agreement.

&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) Investing in Financial Assets and cash in foreign jurisdictions may involve risks of loss or other special features. The Customer acknowledges that Bank is not providing any legal, tax or investment advice in providing the services under this
 Agreement and will not be liable for any losses resulting from Country Risk.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.2 Definitions

As used herein, the following terms have the meaning hereinafter stated.

**"Account"** has the meaning set forth in Section 2.1 of this Agreement.

**"Affiliate"** as used herein and relating respectively to Bank and to Customer, means an entity controlling, controlled by, or under common control with, Bank or Customer.

**"Affiliated Subcustodian**" means a Subcustodian that is an Affiliate.

**"Applicable Law"** means any applicable statute, treaty, rule, regulation or common law and any applicable decree, injunction, judgement, order, formal interpretation or ruling issued by a court or governmental entity.

**"Authorized Person"** means any person who has been designated by written notice from the Customer in the form of Schedules 2 or 3 as the case may be (or by written notice in the form of Appendix A from any agent designated by the Customer, including, without limitation, an investment manager) to act on behalf of the Customer under this Agreement. Such persons will continue to be Authorized Persons until such time as Bank receives and has had reasonable time to act upon Instructions from the Customer (or its agent) that any such person is no longer an Authorized Person.

![](jpm.jpg)

**"Bank Indemnitees"** means Bank, its Subcustodians, and their respective nominees, directors, officers, employees and agents.

**"Bank's London Branch**" means the London branch office of JPMorgan Chase Bank, N.A.

"**Business Day**" means a day on which the Bank is generally open for business.

**"Cash Account"** has the meaning set forth in Section 2.1(a)(ii).

**"Confidential Information"** means and includes all non public information concerning the Customer or the Accounts which the Bank receives in the course of providing services under this Agreement. Nevertheless, the term Confidential Information shall not include information which is or becomes available to the general public by means other than the Bank's breach of the terms of this Agreement or information which the Bank obtains on a non confidential basis from a person who is not known to be subject to any obligation of confidence to any person with respect to that information.

**"Corporate Action"** means any subscription right, bonus issue, stock repurchase plan, redemption, exchange, tender offer, or similar matter with respect to a Financial Asset in the Securities Account that require discretionary action by the beneficial owner of the security, but does not include rights with respect to class action litigation or proxy voting.

**"Country Risk"** means the risk of investing or holding assets in a particular country or market, including, but not limited to, risks arising from nationalization, expropriation or other governmental actions; the country's financial infrastructure, including prevailing custody, tax and settlement practices; laws applicable to the safekeeping and recovery of Financial Assets and cash held in custody; the regulation of the banking and securities industries, including changes in market rules; currency restrictions, devaluations or fluctuations; and market conditions affecting the orderly execution of securities transactions or the value of assets.

**"Entitlement Holder"** means the person named on the records of a Securities Intermediary as the person having a Securities Entitlement against the Securities Intermediary.

"**Financial Asset"** means a Security and refers, as the context requires, either to the asset itself or to the means by which a person's claim to it is evidenced, including a Security, a security certificate, or a Securities Entitlement. "Financial Asset" does not include cash.

**"Instructions"** means an instruction that has been verified in accordance with a Security Procedure or, if no Security Procedure is applicable, which Bank believes in good faith to have been given by an Authorised Person in the manner specified next to their name in the relevant Schedule.

**"Liabilities"** means any liabilities, losses, claims, costs, damages, penalties, fines, obligations, or expenses of any kind whatsoever (including, without limitation, reasonable attorneys', accountants', consultants' or experts' fees and disbursements).

![](image00004.jpg)

**"Securities"** means shares, stocks, debentures, bonds, notes or other like obligations, whether issued in certificated or uncertificated form, and any certificates, receipts, warrants or other instruments representing rights to receive, purchase or subscribe for the same that are commonly traded or dealt in on securities exchanges or financial markets or other obligations of an issuer, or shares, participations and interests in an issuer recognised in the country in which it is issued or dealt in as a medium for investment and any other property as may be acceptable to Bank for the Securities Account.

**"Securities Account"** means each Securities custody account on Bank's records to which Financial Assets are or may be credited under this Agreement.

**"Securities Depository"** means any securities depository, dematerialized book entry system or similar system.

**"Securities Entitlement"** means the rights and property interests of an Entitlement Holder with respect to a Financial Asset as set forth in Part 5 of Article 8 of the Uniform Commercial Code of the State of New York, as the same may be amended from time to time.

**"Securities Intermediary"** means Bank, a Subcustodian, a Securities Depository, and any other financial institution which in the ordinary course of business maintains Securities custody accounts for others and acts in that capacity.

**"Security Procedure"** has the meaning set forth in Section 3.2(a).

**"Subcustodian"** means any of the subcustodians appointed by Bank from time to time to hold Securities and act on its behalf in different jurisdictions (and being at the date of this Agreement the entities listed in Schedule 1) and includes any Affiliated Subcustodian.

"**Transfer Agent**" means Jackson National Asset Management, LLC or any successor transfer agent appointed by the Customer.

"**Transfer Accounts**" means the clearing accounts listed on Schedule 6, used by the Transfer Agent to process certain transactions for the Customer, including, but not limited to, purchases and redemptions for the Customer, so that monies transferring into and out of such clearing accounts can be made as a single net payment or receipt by the Bank.

"**Transfer Account Liabilities**" means with respect to any Customer that portion of any overdraft, obligation, or other amount owing to the Bank arising under any of the Transfer Accounts that are directly attributable to transactions relating to that Customer, including, but not limited to, purchases and redemptions of shares of the Customer.

"**Virus**" means: (i) program code or programming instruction or set of instructions intentionally designed to disrupt, disable, harm, interfere with or otherwise adversely affect computer programs, data files or operations; or (ii) other code typically described as a virus or by similar terms, including Trojan horse, worm or backdoor.

All terms in the singular will have the same meaning in the plural unless the context otherwise provides and visa versa.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. What the Bank is Required to Do

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.1 Set Up Accounts

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Bank will establish and maintain the following accounts ("Accounts"):

![](image00004.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) one or more Securities Accounts in the name of Customer (or in another name requested by the Customer that is acceptable to Bank) for Financial Assets, which may be held by Bank or its Subcustodian or a Securities Depository for Bank on behalf
 of the Customer, including as an Entitlement Holder; 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;&nbsp;&nbsp;&nbsp;&nbsp;(ii) one or more accounts in the name of Customer (or in another name requested by the Customer that is acceptable to Bank) ("Cash Account") for any and all cash in any currency received by or on behalf of Bank for the account of Customer.

Notwithstanding paragraph (ii), cash held in respect of those markets where Customer is required to have a cash account in its own name held directly with the relevant Subcustodian or Securities Depository will be held in that manner and will not be part of the Cash Account.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) At the request of Customer, additional Accounts may be opened in the future, which will be subject to the terms of this Agreement.

&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) Bank's obligation to open Accounts pursuant to Section 2.1(a) is conditional upon Bank receiving such of the following documents as Bank may require:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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 certified copy of the Customer's constitutional documents as currently in force;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) a certified copy of a resolution of the Customer's board of directors or equivalent governing body, substantially in the form set out in Schedule 4;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) Bank's standard form fund manager mandate (in the form set out in Appendix A), completed by any persons designated in Schedule 3; 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;&nbsp;&nbsp;&nbsp;&nbsp;(iv) in the case of any Account opened in a name not that of the Customer, documentation with respect to that name similar to that set forth in sub-sections (i) – (iii).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.2 Cash Account

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Any amount standing to the credit of the Cash Account is a debt due from Bank to Customer as banker. Except as otherwise provided in Instructions acceptable to Bank, all cash held in the Cash Account will be deposited during the period it is
 credited to the Accounts in one or more deposit accounts at Bank or at Bank's London Branch. Any cash so deposited with Bank's London Branch will be payable exclusively by Bank's London Branch in the applicable currency, subject to compliance
 with Applicable Law, including, without limitation, any restrictions on transactions in the applicable currency imposed by the country of the applicable currency.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any amounts credited by Bank to the Cash Account on the basis of a notice or an interim credit from a third party, may be reversed if Bank does not receive final payment in a timely manner. Bank will notify the Customer promptly of any such
 reversal.

![](image00004.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.3 Segregation of Assets; Nominee Name

&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) Bank will identify in its books that Financial Assets credited to Customer's Securities Account belong to Customer (except as otherwise may be agreed by Bank and Customer).

&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) To the extent permitted by Applicable Law or market practice, Bank will require each Subcustodian to identify in its own books that Financial Assets held at such Subcustodian by Bank on behalf of its customers belong to customers of Bank, such
 that it is readily apparent that the Financial Assets do not belong to Bank or the Subcustodian.

&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) Bank is authorized, in its discretion,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) to hold in bearer form, such Financial Assets as are customarily held in bearer form or are delivered to Bank or its Subcustodian in bearer form;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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) to hold Securities in or deposit Securities with any Securities Depository;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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) to hold Securities in omnibus accounts on a fungible basis and to accept delivery of Securities of the same class and denomination as those deposited with Bank or its Subcustodian; 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;&nbsp;&nbsp;&nbsp;&nbsp;(iv) to register in the name of Customer, Bank, a Subcustodian, a Securities Depository, or their respective nominees, such Financial Assets as are customarily held in registered form.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.4 Settlement of Transactions

Subject to Article 3 and Section 4.2 of this Agreement, Bank will act in accordance with Instructions with respect to settlement of transactions. Settlement will be conducted in accordance with prevailing standards of the market in which the transaction occurs provided that such standards are generally accepted by Institutional Clients. For the avoidance of doubt, such standards shall include practices regarding delivery against receipt or delivery in advance of receipt that may be prevailing in the applicable market for the type of transaction being settled. Without limiting the generality of the foregoing, unless otherwise directed by Customer, the risk of loss will be Bank's if it makes delivery before receipt in a market where delivery versus receipt is the prevailing market standard and is generally accepted by Institutional Clients, and the risk of loss will be Customer's whenever Bank makes delivery when directed by Customer or in accordance with the prevailing market standard generally accepted by Institutional Clients. In the case of the failure of Customer's counterparty (or other appropriate party) to deliver the expected consideration as agreed, Bank will contact the counterparty to seek settlement and will promptly notify the Customer of such failure.

![](image00004.jpg)

For purposes of this Section 2.4, "Institutional Clients" means U.S. registered investment companies, U.S.-based commercial banks, insurance companies, pension funds or substantially similar financial institutions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.5 Contractual Settlement Date Accounting

&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) Bank will effect book entries on a contractual settlement date accounting basis as described below with respect to the settlement of transactions in those markets where Bank generally offers contractual settlement date accounting.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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) Sales: On the settlement date for a sale, Bank will credit the Cash Account with the proceeds of the sale and transfer the relevant Financial Assets to an account at Bank pending settlement of the transaction where not already delivered; 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;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Purchases: On the settlement date for the purchase (or earlier, if market practice requires delivery of the purchase price before the settlement date), Bank will debit the Cash Account for the settlement amount and credit a separate account at
 Bank. Bank then will post the Securities Account as awaiting receipt of the expected Financial Assets. Customer will not be entitled to the delivery of Financial Assets that are awaiting receipt until Bank or a Subcustodian actually receives
 them.

Upon request, Bank shall provide the Customer with a list of those markets for which it provides contractual settlement date accounting. Bank may add markets to or remove markets from this list upon notice to the Customer that is reasonable in the circumstances.

&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) Bank may reverse any debit or credit made pursuant to Section 2.5(a) prior to a transaction's actual settlement upon notice to the Customer in cases where Bank reasonably believes that the transaction will not settle in the ordinary course
 within a reasonable time. The Customer will be responsible for any reasonable costs or liabilities resulting from such reversal. The Customer acknowledges that the procedures described in Section 2.5 are of an administrative nature, and Bank does
 not undertake to make loans and/or Financial Assets available to Customer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.6 Actual Settlement Date Accounting

With respect to settlement of a transaction that is not posted to the Account on the contractual settlement date as referred to in Section 2.5, Bank will post the transaction on the date on which the cash or Financial Assets received as consideration for the transaction is actually received and cleared by Bank.

![](image00004.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.7 Income Collection (AutoCredit®)

&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) Bank will monitor information publicly available in the applicable market about forthcoming income payments on the Financial Assets, and will promptly notify the Customer of such 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;(b) Bank will credit the Cash Account with income proceeds on Financial Assets on the anticipated payment date, net of any taxes that are withheld by Bank or any third party ("AutoCredit") in those markets where Bank customarily provides an
 AutoCredit service. Upon request, Bank shall provide the Customer with a list of AutoCredit eligible markets. Bank may add markets to or remove markets from the list of AutoCredit markets upon notice to the Customer that is reasonable in the
 circumstances. Bank may reverse AutoCredit credits upon oral or written notification to the Customer if Bank believes that the corresponding payment will not be received by Bank within a reasonable period or the credit was incorrect.

&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) In markets where Bank does not provide an AutoCredit service, income on Financial Assets (net of any taxes withheld by Bank or any third party) will be credited only after actual receipt and reconciliation.

&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) Bank will use reasonable efforts to contact appropriate parties to collect unpaid interest, dividends or redemption proceeds and promptly notify the Customer of the late payment. Upon request Bank will provide Customer's investment manager with
 documentation related to any such claim.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.8 Miscellaneous Administrative Duties

&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) Until Bank receives Instructions to the contrary, Bank will:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) present all Financial Assets for which Bank has received notice of a call for redemption or that have otherwise matured, and all income and interest coupons and other income items that call for payment upon presentation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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) execute in the name of Customer such certificates as may be required to obtain payment in respect of Financial Assets; 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;&nbsp;&nbsp;&nbsp;&nbsp;(iii) exchange interim or temporary documents of title held in the Securities Account for definitive documents of title.

&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) In the event that, as a result of holding of Financial Assets in an omnibus account, Customer receives fractional interests in Financial Assets arising out of a Corporate Action or class action litigation, Bank will credit Customer with the
 amount of cash it would have received had the Financial Assets not been held in an omnibus account, and Customer shall relinquish to Bank its interest in such fractional interests.

&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) If some, but not all, of an outstanding class of Financial Assets is called for redemption, Bank may allot the amount redeemed among the respective beneficial holders of such a class of Financial Assets on a pro rata basis or in a similar
 manner Bank reasonably deems fair and equitable consistent with applicable law.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.9 Corporate Actions

&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) Bank will act in accordance with local market practice to obtain information concerning Corporate Actions that is publicly available in the local market. Bank also will review information obtained from sources to which it subscribes for
 information concerning such Corporate Actions. Bank will promptly provide that information (or summaries that accurately reflect the material points concerning the applicable Corporate Action) to Customer or its Authorized 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) Bank will act in accordance with the Customer's Instructions in relation to such Corporate Actions. If the Customer fails to provide Bank with timely Instructions with respect to any Corporate Action, neither Bank nor its Subcustodians or their
 respective nominees will take any action in relation to that Corporate Action, except as otherwise agreed in writing by Bank and the Customer or as may be set forth by Bank as a default action in the notification it provides under Section 2.9(a)
 with respect to that Corporate Action.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.10 Class Action Litigation

Any notices received by Bank's corporate actions department about settled securities class action litigation that requires action by affected owners of the underlying Financial Assets will be promptly notified to Customer if Bank, using reasonable care and diligence in the circumstances, identifies that Customer was a shareholder and held the relevant Financial Assets in custody with Bank at the relevant time. Bank's responsibility with respect to enrolling Customer in an identified securities class action will be governed by a separate Class Action Agreement with Bank.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.11 Proxies

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Bank will monitor information distributed to holders of Financial Assets about upcoming shareholder meetings, promptly notify the Customer (or Customer's designated proxy voting agent or sub-advisers) of such information, provide U.S. proxy
 materials to the Customer's designated proxy voting agent or sub-advisers, and, subject to Section 2.11(c), act in accordance with the Customer's Instructions in relation to such meetings ("the Proxy Voting Service").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Proxy Voting Service is available only in certain markets, details of which are available from Bank on request. Provision of the Proxy Voting Service is conditional upon receipt by Bank of a duly completed enrolment form as well as
 additional documentation that may be required for certain markets.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Proxy Voting Service does not include physical attendance at shareholder meetings. Requests for physical attendance at shareholder meetings can be made but they will be evaluated and agreed to by Bank on a case by case basis.

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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;(d) Customer acknowledges that the provision of the Proxy Voting Service may be precluded or restricted under a variety of circumstances. These circumstances include, but are not limited to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the Financial Assets being on loan or out for registration;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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 pendency of conversion or another corporate action;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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 Financial Assets being held in a margin or collateral account at Bank or another bank or broker, or otherwise in a manner which affects voting;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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) local market regulations or practices, or restrictions by the issuer; 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;&nbsp;&nbsp;&nbsp;&nbsp;(v) Bank being required to vote all shares held for a particular issue for all of Bank's customers on a net basis (i.e. a net yes or no vote based on voting instructions received from all its customers). Where this is the case, Bank will inform
 Customer by means of the Notification.

&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) Notwithstanding the fact that Bank may act in a fiduciary capacity with respect to Customer under other agreements, in performing Proxy Voting Service, Bank will be acting solely as the agent of Customer, and will not exercise any discretion,
 with regard to such Proxy Voting Service or vote any proxy except when directed by an Authorized Person.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.12 Statements of Account

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Bank will provide Customer with a statement of account for each Account, identifying cash and Financial Assets held in the Account and any transfers to and from the Account. If agreed by the parties, statements of account will be accessed by
 the Customer on-line. Otherwise, statements will be sent to Customer at times to be mutually agreed by the parties. Customer will review its statement of account and give Bank written notice of any suspected error or omission within a reasonable
 time of the date of the relevant suspected error or omission.

&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) Customer acknowledges that information available to it on-line with respect to intraday transactions posted after the close of the prior business day may not be accurate due to mis-postings, delays in updating Account records, and other causes.
 Bank will not be liable for any loss or damage arising out of the inaccuracy of any such information accessed on-line. For the avoidance of doubt, Customer may rely on the accuracy of any intraday report to the extent that such report (i)
 explicitly states it is a final report or (ii) contains historical data that has been posted prior to the current business day.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.13 Access to Bank's Records

&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) Bank will allow Customer's auditors and independent public accountants, or other designated representatives of Customer, such reasonable access to the records of Bank relating to Financial Assets as is required in connection with their
 examination of books and records pertaining to Customer's affairs. Subject to restrictions under the relevant local law, Bank also will obtain an undertaking to permit Customer's auditors and independent public accountants, reasonable access to
 the records of any Subcustodian of Financial Assets held in the Securities Account as may be required in connection with such examination.

&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) Bank will, upon reasonable written notice, allow Customer reasonable access during normal working hours to the records of Bank relating to the Accounts. Bank may impose reasonable restrictions on the number of individuals allowed access, the
 frequency and length of such access, and the scope of the records made available. The Customer shall reimburse Bank for the cost of copying, collating and researching archived information at Bank's regular hourly rate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Bank shall keep records relating to the Securities Account and Cash Account and shall maintain such records in accordance with the Bank's record retention policy (details of which shall be provided to the Customer upon request).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.14 Maintenance of Financial Assets at Subcustodian Locations

Unless Instructions require another location acceptable to Bank, Financial Assets will be held in the country or jurisdiction in which their principal trading market is located, where such Financial Assets may be presented for payment, where such Financial Assets were acquired, or where such Financial Assets are held. Bank reserves the right to refuse to accept delivery of Financial Assets or cash in countries and jurisdictions other than those referred to in Schedule 1 to this Agreement, as in effect from time to time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.15 Tax Relief Services

Bank will provide tax relief services as provided in Section 8.2.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.16 Foreign Exchange Transactions

To facilitate the administration of Customer's trading and investment activity, Bank may, but will not be obliged to, enter into spot or forward foreign exchange contracts with Customer, or an Authorized Person, and may also provide foreign exchange contracts and facilities through its Affiliates or Subcustodians. Instructions, including standing Instructions, may be issued with respect to such contracts, but Bank may establish rules or limitations concerning any foreign exchange facility made available. In all cases where Bank, its Affiliates or Subcustodians enter into a master foreign exchange contract that covers foreign exchange transactions for the Accounts, the terms and conditions of that foreign exchange contract and, to the extent not inconsistent, this Agreement, will apply to such transactions.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.17 Notifications

If Customer has agreed to access information concerning the Accounts through Bank's website, Bank may make any notifications required under this Agreement by posting it on the website.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.18 Supervision

Except as provided under Section 7.6 of this Agreement, Bank shall supervise the performance by its employees or agents of services provided under this Agreement. Bank shall provide appropriate training for its employees.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.19 Compliance with U.S. Securities and Exchange Commission ("SEC") Rule 17f- 5 ("Rule 17f-5")

&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) Customer's board of managers/trustees (or equivalent body) (hereinafter "Board") hereby delegates to Bank, and, except as to the country or countries as to which Bank may, from time to time, advise Customer that it does not accept such
 delegation, Bank hereby accepts the delegation to it, of the obligation to perform as Customer's 'Foreign Custody Manager' (as that term is defined in Rule 17f-5(a)(3) as promulgated under the Investment Company Act of 1940, as amended ("1940
 Act")), including for the purposes of: (i) selecting Eligible Foreign Custodians (as that term is defined in Rule 17f-5(a)(1), and as the same may be amended from time to time, or that have otherwise been exempted pursuant to an SEC exemptive
 order) to hold foreign Financial Assets and Cash, (ii) evaluating the contractual arrangements with such Eligible Foreign Custodians (as set forth in Rule 17f-5(c)(2)), and (iii) monitoring such foreign custody arrangements (as set forth in Rule
 17f-5(c)(3)).

&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) In connection with the foregoing, Bank shall:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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) provide written reports notifying Customer's Board of the placement of "Financial Assets and Cash" with particular Eligible Foreign Custodians, and also provide a description of Bank's threshold for
 determination that a change in arrangements is material, and of any material change in the arrangements with such Eligible Foreign Custodians, with such reports to be provided to Customer's Board at such
 times as the Board deems reasonable and appropriate based on the circumstances of Customer's foreign custody arrangements (and until further notice from Customer such reports shall be provided not less than quarterly with respect to the
 placement of Financial Assets and Cash with particular Eligible Foreign Custodians and with reasonable promptness upon the occurrence of any material change in the arrangements with such Eligible Foreign Custodians); Customer considers
 any change that affects safe custody, beneficial ownership or transferability of Customer's Financial Assets and Cash to constitute a "material change";

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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) exercise such reasonable care, prudence and diligence in performing as Customer's Foreign Custody Manager as a person having responsibility for the safekeeping of foreign
 Financial Assets and Cash would exercise;

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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;(iii) in selecting an Eligible Foreign Custodian, first have determined that foreign Financial Assets and Cash placed and maintained in the safekeeping of such Eligible Foreign Custodian shall be subject to
 reasonable care, based on the standards applicable to custodians in the relevant market, after having considered all factors relevant to the safekeeping of such foreign Financial Assets and Cash, including, without limitation, those factors set
 forth in Rule 17f-5(c)(1)(i)-(iv);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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) determine that the written contract with an Eligible Foreign Custodian satisfies the requirements of Rule 17f-5(c)(2), requires that the Eligible Foreign
 Custodian shall provide reasonable care for foreign Financial Assets and Cash based on the standards applicable to custodians in the relevant market and provides indemnification for losses of foreign Financial Assets held in accordance
 with such contract ; 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;(v) have established a system to monitor the continued appropriateness of maintaining foreign Financial Assets and Cash with particular Eligible Foreign Custodians and of the governing contractual arrangements in accordance with Rule 17f-5(c)(3) ; it being understood, however, that in the event that Bank shall have determined that the existing Eligible Foreign Custodian in a given country would no longer afford
 foreign Financial Assets and Cash reasonable care and that no other Eligible Foreign Custodian in that country would afford reasonable care, Bank shall promptly so advise Customer and shall then act in accordance with the Instructions of
 Customer with respect to the disposition of the affected foreign Financial Assets and Cash.

Subject to (b)(i)-(v) above, Bank is hereby authorized to place and maintain foreign Financial Assets and Cash on behalf of Customer with Eligible Foreign Custodians pursuant to a written contract deemed appropriate by Bank.

&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) Except as expressly provided herein, Customer shall be solely responsible to assure that the maintenance of foreign Financial Assets and Cash hereunder complies with the rules, regulations, interpretations and exemptive orders as promulgated by
 or under the authority of the SEC.

&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) Bank represents to Customer that it is a U.S. Bank as defined in Rule 17f-5(a)(7). Customer represents to Bank that: (1) the foreign Financial Assets and Cash being placed and maintained in Bank's custody are subject to the 1940 Act, as the
 same may be amended from time to time and (2) its Board has determined that it is reasonable to rely on Bank to perform as Customer's Foreign Custody Manager for foreign Financial Assets and Cash in each country in which Customer's Financial
 Assets and Cash shall be held hereunder and determined to accept Country Risk. Nothing contained herein shall require Bank to make any selection or to engage in any monitoring on behalf of Customer that would entail consideration of Country Risk.

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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;(e) Bank shall provide to Customer such information relating to Country Risk as is specified in Appendix B hereto. Customer hereby acknowledges that: (i) such information is solely designed to inform Customer of market conditions and procedures and
 is not intended as a recommendation to invest or not invest in particular markets; and (ii) Bank has gathered the information from sources it considers reliable, but that Bank shall have no responsibility for inaccuracies or incomplete
 information.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.20 Compliance with SEC Rule 17f- 7 ("Rule 17f-7")

&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) Bank shall, for consideration by Customer, provide an analysis of the custody risks associated with maintaining Customer's Foreign Assets with each Eligible Securities Depository used by Bank as of the date
 hereof (or, in the case of an Eligible Securities Depository not used by Bank as of the date hereof, prior to the initial placement of Customer's foreign Assets at such Depository) and at which any foreign Assets of Customer are held or are
 expected to be held. The foregoing analysis will be provided to Customer at Bank's Website. In connection with the foregoing, Customer shall notify Bank of any Eligible Securities Depositories at which it does not choose to have its
 Foreign Assets held . Bank shall monitor the custody risks associated with maintaining Customer's foreign Assets at each such Eligible Securities Depository on a continuing basis and shall promptly notify Customer or its adviser of any material changes in such risks.

&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) Bank shall exercise reasonable care, prudence and diligence in performing the requirements set forth in Section 2.20(a) 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;(c) Based on the information available to it in the exercise of diligence, Bank shall determine the eligibility under Rule 17f-7 of each depository before including it on Schedule 1 hereto and shall promptly
 advise Customer if any Eligible Securities Depository ceases to be eligible. (Eligible Securities Depositories used by Bank as of the date hereof are set forth in Schedule 1 hereto, and as the same may be amended on notice to Customer
 from time to time.)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.21 Russian Equity Securities

With respect to holding by the Customer of Russian equity Securities, the following shall apply:

&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) Defi *nitions* 

The following words shall have the meanings ascribed to them in this Section 2.21:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; "**Registrar Company**" shall mean any entity providing share registration services to an issuer of Russian Securities and appropriately licensed by the Federal Commission for Securities and Securities Markets (or any replacement body) in Russia.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; "**Registrar Contract**" shall mean a contract between the Russian Subcustodian and a Registrar Company

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **"Russian Securities Depository"** shall mean any entity licensed under Russian Federal law to carry out, as a depository, registration of rights to Russian Securities, which, in turn, the Russian Securities Depository has registered on an omnibus basis with Registrar Companies.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; "**Russian Subcustodian**" shall mean J.P. Morgan Bank International (Limited Liability Company), an indirect wholly-owned subsidiary of JPMorgan Chase & Co., located in Moscow, Russia, and any nominee companies appointed by it (and shall also mean any additional or successor subcustodian used by the Bank in Russia and any nominee companies appointed by it or them).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; "**Share Extract**" shall mean an extract of its share registration books issued by a Registrar Company or shareholding statement from a Russian Securities Depository indicating an investor's ownership of a security. Share Extracts are not securities and cannot be used to transfer ownership. They may, however, be useful in establishing proper ownership if any dispute arises as to the Customer's ownership of certain shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(b)** **Payment and Settlement** 

Notwithstanding anything to the contrary herein, with respect to purchasing Russian equity Securities, payment therefor shall not be made prior to the issuance by the Registrar Company or Russian Securities Depository (as the case may be) of the Share Extract evidencing the transfer of ownership of the Russian Securities being purchased.

&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)** **Responsibility for Registrar Companies** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The Bank agrees to provide services in relation to Russian Securities for which the Russian Subcustodian has entered into a Registrar Contract with the relevant Registrar Company. Bank and Russian Subcustodian will use reasonable care in performing their respective obligations under this Agreement in accordance with the standards prevailing in the applicable market. Bank and Russian Subcustodian will not be in violation of this Agreement with respect to any matter as to which they satisfied their respective obligation of reasonable care.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bank and Russian Subcustodian shall exercise reasonable care, prudence and diligence in carrying out all their respective duties and obligations under this Agreement, and shall be liable to Customer for any and all direct Losses suffered or incurred by such Customer resulting from Financial Assets held at a Registrar Company or Russian Securities Depository if such Loss directly resulted from Bank's and/or Russian Subcustodian's gross negligence or willful misconduct. No Registrar Company or Russian Securities Depository shall be, or shall be deemed to be the Bank, the Russian Subcustodian, a correspondent, a subcustodian or the employee, agent or personnel of any of the foregoing.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Instructions

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.1 Acting on Instructions; Method of Instruction and Unclear Instructions

&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) Customer authorizes Bank to accept and act upon any Instructions received by it without inquiry. The Customer will indemnify Bank Indemnitees against, and hold each of them harmless from, any Liabilities that may be imposed on, incurred by, or
 asserted against Bank Indemnitees as a result of any action or omission taken in accordance with any Instruction.

&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) Customer will where reasonably practicable use automated and electronic methods of sending Instructions.

&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) Bank shall promptly notify an Authorized Person if Bank determines that an Instruction does not contain all information reasonably necessary for Bank to carry out the Instruction. Bank will not be liable for any loss arising from any reasonable
 delay in carrying out any such Instruction pending receipt of such missing information, clarification or confirmation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.2 Verification and Security 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;(a) Bank and Customer shall from time to time agree upon security procedures to be followed by Customer upon the issuance of an instruction and/or by Bank upon the receipt of an instruction, so as to enable Bank to verify that such instruction is
 authorized ("Security Procedures"). A Security Procedure may, without limitation, involve the use of algorithms, codes, passwords, encryption and telephone call backs. The Customer acknowledges that Security Procedures are designed to verify the
 authenticity of, and not detect errors in, instructions. For the avoidance of doubt, the parties agree that a SWIFT message issued in the name of the Customer through any third party utility agreed upon by the parties as being a method for
 providing Instructions and authenticated in accordance with that utility's customary procedures, shall be deemed to be an authorised Instruction.

&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) Bank and Customer shall ensure that any codes, passwords or similar devices are reasonably safeguarded.

&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) Either party may record any of their telephone communications, provided such communications relate to operations and Instruction management.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.3 Instructions; Contrary to Law/Market Practice

Bank need not act upon Instructions which it reasonably believes to be contrary to law, regulation or market practice, but Bank will be under no duty to investigate whether any Instructions comply with Applicable Law or market practice.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.4 Cut-Off Times

Bank has established cut-off times for receipt of Instructions, which will be made available to Customer. If Bank receives an Instruction after its established cut-off time, Bank will attempt to act upon the Instruction on the day requested if Bank deems it practicable to do so or otherwise as soon as practicable after that day.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.5 Electronic Access

Access by Customer to certain applications or products of Bank via Bank's web site or otherwise shall be governed by this Agreement and the terms and conditions set forth in Schedule 5.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Fees, Expenses and Other Amounts Owing To Bank

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.1 Fees and Expenses

Customer will pay Bank for its services under this Agreement such fees as may be agreed upon in writing from time to time, together with Bank's reasonable out-of-pocket or incidental expenses, including, but not limited to, legal fees and tax or related fees incidental to processing charged directly or indirectly by governmental authorities, issuers, or their agents. The Bank will invoice the Customer for amounts owing to it and such amounts will be payable within thirty (30) days of the invoice. The Bank will be entitled to deduct amounts owing to it from the Cash Account if the Customer has not objected to the invoice within thirty (30) days of the date of the invoice (or such other period as the parties may agree in writing). If the Customer disputes an invoice it shall nevertheless pay, or allow the Bank to deduct, such portion of the invoice that is not subject to a *bona fide* dispute. Without prejudice to Bank's other rights, the Bank reserves the right to charge interest on overdue amounts from the due date until actual payment at such rate as the Bank may reasonably determine.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.2 Overdrafts

If a debit to any currency in the Cash Account results in a debit balance, then Bank may, in its discretion, (i) advance an amount equal to the overdraft, (ii) or refuse to settle in whole or in part the transaction causing such debit balance, or (iii) if any such transaction is posted to the Securities Account, reverse any such posting. If Bank elects to make such an advance, the advance will be deemed a loan to Customer, payable on demand, bearing interest at a rate of, Fed Funds plus 150 BPS or such other rate that has been communicated with Customer for such overdrafts, from the date of such advance to the date of payment (both after as well as before judgement). No prior action or course of dealing on Bank's part with respect to the settlement of transactions on Customer's behalf will be asserted by Customer against Bank for Bank's refusal to make advances to the Cash Account or to settle any transaction for which Customer does not have sufficient available funds in the applicable currency in the Account. The Customer will be promptly notified via electronic notice of an overdraft balance in the Cash Account.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.3 Bank's Right Over Securities; Set-off

&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) Without prejudice to Bank's rights under Applicable Law, until satisfaction of all undisputed Liabilities (other than unpaid fees to Bank for its services under this Agreement) outstanding from time to time (whether actual or contingent) of
 Customer under or in connection with this Agreement, Bank shall have, and Customer shall grant to Bank a security interest in and a lien on the Financial Assets held in the Securities Account and Bank shall be entitled without notice to Customer,
 to withhold delivery of such Financial Assets, sell or otherwise realize any of such Financial Assets and to apply the proceeds and any other monies credited to the Cash Account in satisfaction of such undisputed Liabilities. For this purpose,
 Bank may make such currency conversions as may be necessary at its then current rates for the sale and purchase of relevant currencies.

&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) Without prejudice to Bank's rights under Applicable Law, Bank may set off against any amount owing by Customer under this Agreement any amount in any currency standing to the credit of any of Customer's accounts (whether deposit or otherwise)
 with any Bank branch or office or with any Affiliate of Bank. For this purpose, Bank shall be entitled to accelerate the maturity of any fixed term deposits and to effect such currency conversions as may be necessary at its current rates for the
 sale and purchase of the relevant currencies.

&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) Customer grants to the Bank a security interest in and a lien on the Financial Assets held in any given Customer's Securities Account and the cash held in that Customer's Cash Account to secure the portion of Transfer Account Liabilities with
 respect to the Customer, and the Bank shall be entitled without prior notice to the Customer (provided that Bank agrees to provide notice to Customer within a commercially reasonable time after any such action is taken), to withhold delivery of
 such Financial Assets, sell or otherwise realize any of such Financial Assets and to apply the proceeds and any other monies credited to the Cash Account in satisfaction of such Transfer Account Liabilities, provided that Bank hereby agrees, that
 when commercially reasonable, it shall apply monies credited to the Cash Account in satisfaction of such Transfer Account Liabilities before selling or otherwise realizing any of such Financial Assets in the Securities Account, and provided
 further, that Customer agrees that Bank may so apply monies credited to the Cash Account. For the purpose of effecting the foregoing rights, the Bank shall be entitled to accelerate the maturity of any fixed term deposits and to effect such
 currency conversions as may be necessary at its current rates for the sale and purchase of the relevant currencies.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The Customer will be solely responsible for ensuring that the Transfer Agent maintains sufficient records and internal controls to monitor and reconcile daily activity with respect to amounts and transactions in the Transfer Accounts that are
 attributable to each Customer. In particular, the Customer will ensure that the Transfer Agent provides to the Bank, on a daily basis: (1) information as to the amount of cash attributable to each Customer in the Transfer Accounts, (2)
 information regarding the transactions of each Customer that are processed through the Transfer Accounts, and (3) records to identify and support any Transfer Account Liabilities incurred or created in connection with the transactions processed
 through the Transfer Accounts that are attributable to each Customer. The Customer will be responsible for any Transfer Account Liabilities resulting from a failure of the Transfer Agent to provide accurate and timely information to the Bank
 regarding the Transfer Accounts.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. Subcustodians, Securities Depositories, and Other Agents

5.1 Appointment of Subcustodians; Use of Securities Depositories

&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) Bank is authorized under this Agreement to act through and hold Customer's Financial Assets with Subcustodians. At the request of Customer, Bank may, but need not, add to Schedule 1 of the Master Global
 Custody Agreement an Eligible Foreign Custodian where Bank has not acted as Foreign Custody Manager with respect to the selection thereof. Bank shall notify Customer in the event that it elects to add any such entity subject to the terms herein
 and the requirements of Rule 17f-5 under the 1940 Act. Bank will use reasonable care in the selection, monitoring and continued appointment of such Subcustodians. In addition, Bank and each Subcustodian may deposit Securities with, and
 hold Securities in any Securities Depository on such terms as such Securities Depository customarily operates and Customer will provide Bank with such documentation or acknowledgements that Bank may require to hold the Financial Assets in such
 Securities Depository.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any agreement Bank enters into with a Subcustodian for holding Bank's customers' assets will provide that such assets will not be subject to any right, charge, security interest, lien or claim of any kind in favor of such Subcustodian or its
 creditors except a claim for payment for their safe custody or administration, or, in the case of cash deposits, except for liens or rights in favor of creditors of the Subcustodian arising under bankruptcy, insolvency or similar law, and that
 the beneficial ownership thereof will be freely transferable without the payment of money or value other than for safe custody or administration. Bank shall be responsible for all claims for payment of fees for safe custody or administration so
 that no Subcustodian exercises any claim for such payment against Customer's assets. Where a Subcustodian deposits Securities with a Securities Depository, Bank will cause the Subcustodian to identify on its records as belonging to Bank, as
 agent, the Securities shown on the Subcustodian's account at such Securities Depository. Bank shall identify on its records as belonging to Customer the Financial Assets of Customer held by Subcustodian or Securities Depository. This Section
 5.1(b) will not apply to the extent of any special agreement or arrangement made by Customer with any particular Subcustodian.

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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) Bank is not responsible for the selection or monitoring of any Securities Depository, except as provided in the Mutual Fund Rider to this Global Custody Agreement, and will not be liable for any act or omission by (or the insolvency of) any
 Securities Depository. In the event the Customer incurs a loss due to the negligence, willful default, or insolvency of a Securities Depository, Bank will make reasonable efforts, in its discretion, to seek recovery from the Securities
 Depository, but Bank will not be obligated to institute legal proceedings, file proof of claim in any insolvency proceeding, or take any similar action.

Bank shall be liable to Customer for any loss or damage to Customer resulting from Financial Assets held at a Securities Depository if such loss or damage directly resulted from the negligence or willful misconduct of Bank or any of its agents (for the avoidance of doubt, a Securities Depository is not an agent of the Bank) or of any of their employees.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The term Subcustodian as used herein shall mean 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) a 'U.S. Bank,' which shall mean a U.S. bank as defined in Rule 17f--5(a)(7);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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) an 'Eligible Foreign Custodian,' which shall mean: (i) a banking institution or trust company, incorporated or organized under the laws of a country other than the United States, that is regulated as such by
 that country's government or an agency thereof, and (ii) a majority-owned direct or indirect subsidiary of a U.S. bank or bank holding company which subsidiary is incorporated or organized under the laws of a country other than the United
 States. In addition, an Eligible Foreign Custodian shall also mean any other entity that shall have been so qualified by exemptive order, rule or other appropriate action of the SEC; 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;(iii) For purposes of clarity, it is agreed that as used in Section 5.2(a), the term Subcustodian shall not include any Eligible Foreign Custodian as to which Bank has not acted as Foreign Custody Manager.

&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) The term 'securities depository' as used herein when referring to a securities depository located outside the U.S. shall mean: an " Eligible Securities Depository" which, in turn, shall have the same
 meaning as in Rule 17f-7(b)(1)(i)-(vi) as the same may be amended from time to time, or that has otherwise been made exempt pursuant to an SEC exemptive order; provided that, prior to the compliance
 date with Rule 17f-7 for a particular securities depository the term "securities depositories" shall be as defined in (a)(1)(ii)-(iii) of the 1997 amendments to Rule 17f-5.

&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) The term "securities depository" as used herein when referring to a securities depository located in the U.S. shall mean a "securities depository" as defined in Rule 17f-4(a).

At the Customer's election, the Customer shall be entitled to be subrogated to the rights of the Bank with respect to any claims against an Eligible Foreign Custodians, or an Eligible Securities Depository as a consequence of any loss, damage, cost, expense, liability or claim if and to the extent that the Customer has not been made whole for any such loss, damage, cost, expense, liability or claim.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.2 Liability for Subcustodians

&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) Subject to Section 7.1(b), Bank shall be liable for the actions or omissions of any Subcustodian to the same extent as if such act or omission was performed by the Bank itself. In the event of any direct Losses suffered or incurred by a
 Customer caused by or resulting from the actions or omissions of any Subcustodian for which the Bank would otherwise be liable, the Bank shall promptly reimburse such Customer in the amount of any such direct Losses. Bank shall also be liable for
 direct Losses that result from the insolvency of any Affiliated Subcustodian. Subject to Section 5.1(a) and Bank's duty to use reasonable care in the monitoring of a Subcustodian's financial condition as reflected in its published financial
 statements and other publicly available financial information concerning it customarily reviewed by Bank in its oversight process, Bank will not be responsible for the insolvency of any Subcustodian which is not a branch or an Affiliated
 Subcustodian.

&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) Subject to compliance with Rule 17f-5 under the 1940 Act, Bank reserves the right to add, replace or remove Subcustodians. Bank will give prompt notice of any such action, which will be advance notice if practicable. Upon request by Customer,
 Bank will identify the name, address and principal place of business of any Subcustodian and the name and address of the governmental agency or other regulatory authority that supervises or regulates such Subcustodian.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. Additional Provisions Relating to Customer

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.1 Representations of Customer and Bank

&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 Customer represents and warrants that (i) it has full authority and power, and has obtained all necessary authorizations and consents, to deposit and control the Financial Assets and cash in the Accounts, to use Bank as its custodian in
 accordance with the terms of this Agreement, and to borrow money (both any short term or intraday borrowings in order to settle transactions prior to receipt of covering funds), grant a lien over Financial Assets as contemplated by Section 4.3,
 and enter into foreign exchange transactions; (ii) assuming execution and delivery of this Agreement by Bank, this Agreement is Customer's legal, valid and binding obligation, enforceable in accordance with its terms and it has full power and
 authority to enter into and has taken all necessary corporate action to authorize the execution of this Agreement (iii) it has not relied on any oral or written representation made by Bank or any person on its behalf, and acknowledges that this
 Agreement sets out to the fullest extent the duties of Bank; (iv) it is a resident of the United States and shall promptly notify Bank of any changes in residency and (v) the Financial Assets and cash deposited in the Accounts (other than those
 Financial Assets and cash held in Accounts ("Control Account Assets") established pursuant to certain Account Control Agreements among the Customer, Bank and secured parties named therein) are not subject to any encumbrance or security interest
 whatsoever and Customer undertakes that, so long as Liabilities are outstanding, it will not create or permit to subsist any encumbrance or security interest over such Financial Assets or cash (other than Control Account Assets).

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Bank may rely upon the certification of such other facts as may be required to administer Bank's obligations under this Agreement and Customer shall indemnify Bank against all losses, liability, claims or demands arising directly or indirectly from any such certifications.

&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) Bank represents and warrants that (i) assuming execution and delivery of this Agreement by Customer, this Agreement is Bank's legal, valid and binding obligation, enforceable in accordance with its terms and (ii) it has full power and authority
 to enter into and has taken all necessary corporate action to authorize the execution of this Agreement, (iii) it is qualified as a custodian under Sections 17(f) of the 1940 Act and warrants that it will remain so qualified, and upon ceasing to
 be so qualified, shall promptly notify the Customer in writing and (iv)it shall act in accordance with Applicable Law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.2 Regulatory Compliance

Bank acknowledges that it will provide statement(s) regarding its control environment with respect to compliance with the federal securities laws in a form agreed to between the Bank and Customer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. When Bank is Liable to Customer

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.1 Standard of Care; Liability

&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) Bank will use reasonable care in performing its obligations under this Agreement in accordance with the standards prevailing in the applicable market. Bank will not be in violation of this Agreement with respect to any matter as to which it has
 satisfied its obligation of reasonable care.

&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) Bank shall exercise reasonable care, prudence and diligence in carrying out all its duties and obligations under this Agreement, and shall be liable to Customer for any and all direct claims, liabilities, losses, damages, fines, penalties and
 expenses ("Losses") suffered or incurred by such Customer resulting from the failure of Bank to exercise such reasonable care, prudence and diligence or resulting from Bank's negligence or willful misconduct and to the extent provided in Section
 5.2(a). Nevertheless, under no circumstances will Bank be liable for any indirect, incidental, consequential or special damages (including, without limitation, lost profits) of any form incurred by any person or entity, whether or not foreseeable
 and regardless of the type of action in which such a claim may be brought, with respect to the Accounts, Bank's performance under this Agreement, or Bank's role as custodian.

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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) The Customer will indemnify Bank Indemnitees against, and hold them harmless from, any Liabilities that may be imposed on, incurred by or asserted against any Bank Indemnitees in connection with or arising out of (i) Bank's performance under
 this Agreement, provided the Bank Indemnitees have acted with reasonable care and have not acted with negligence or engaged in fraud or willful misconduct in connection with the Liabilities in question or (ii) any of Bank Indemnitees' status as a
 holder of record of Customer's Securities; provided that, to the extent practicable, Bank uses reasonable care to provide prompt notice to Customer of the circumstances and all pertinent facts related to the claim for indemnification.
 Nevertheless, Customer will not be obligated to indemnify any Bank Indemnitee under the preceding sentence with respect to any Liability for which Bank is liable under Section 5.2 of this Agreement.

Nevertheless, under no circumstances will Customer be liable for any indirect, incidental, consequential or special damages (including, without limitation, lost profits) of any form incurred by Bank, whether or not foreseeable and regardless of the type of action in which such a claim may be brought, with respect to the Accounts, or Customer's performance or non-performance under this Agreement. The Customer and the Bank agree that the obligations of the Customer under this Agreement shall not be binding upon any of the directors/trustees, shareholders, nominees, officers, employees or agents, whether past, present or future, of the series of the Customer, individually, but are binding only upon the assets and property of the Customer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The party seeking indemnification under this Agreement (the "Indemnified Party") agrees to give prompt notice to the party from whom indemnity is sought (the "Indemnifying Party") of the assertion of any claim, or the commencement of any suit,
 action or proceeding ("Claim") in respect of which indemnity may be sought under this Agreement and will provide the Indemnifying Party such information with respect thereto that the Indemnifying Party may reasonably request. The failure to so
 notify the Indemnifying Party shall not relieve the Indemnifying Party of its obligations hereunder, except to the extent such failure shall have adversely prejudiced the Indemnifying Party.

If Customer acknowledges in writing that Bank is entitled to indemnification, the Customer shall have the option to defend Bank against any claim which may be the subject of this indemnification, and in the event that the Customer so elects, it will so notify Bank, and thereupon Customer shall take over complete defense of the claim. In the event Customer elects to assume the control of the defense of the claim, Bank may participate in such proceeding and retain additional counsel but shall bear all fees and expenses of such retention of such counsel, unless (i) Customer shall have specifically authorized the retention of such counsel, or (ii) if Customer and Bank agree that the retention of such counsel is required as a result of a conflict of interest. In the event Customer assumes control of any proceeding, Customer shall keep Bank notified of the progress of such proceeding and, upon request, consult with Bank and counsel. Customer will, upon request by Bank, either pay in the first instance or reimburse Bank for any expense subject to indemnity hereunder. Customer shall not settle or compromise any proceeding without the prior written consent of Bank unless (i) such settlement or compromise involves no admission of guilt, wrongdoing, or misconduct by Bank, (ii) such settlement or compromise does not impose any obligations or restrictions on Bank other than obligations to pay money that are subject to indemnity under this Agreement, (iii) such settlement or compromise involves no injunctive or other equitable relief against the Bank and would not otherwise materially and adversely affect (A) the business, financial condition or results of operations of the Bank and (B) the Bank's method of doing business, and (iv) Customer shall have paid or made arrangements satisfactory to Bank for payment of amounts payable by Bank in connection with such settlement. Bank shall in no case confess any claim or make any compromise in any case which Customer will be asked to indemnify Bank except with the Customer's prior written consent. Bank shall be entitled to rely on and may act upon advice of counsel (who may be counsel for the Customer) on all matters, and shall be without liability for any action reasonably taken or omitted pursuant to such advice.

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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;(e) Customer agrees that Bank provides no service in relation to, and therefore has no duty or responsibility to: (i) question Instructions or make any suggestions to Customer or an Authorized Person regarding such Instructions, except to verify
 that such instruction is authorized in accordance with Section 3.2; (ii) supervise or make recommendations with respect to investments or the retention of Financial Assets; (iii) advise Customer or an Authorized Person regarding any default in
 the payment of principal or income of any security other than as provided in Section 2.7(b) of this Agreement; (iv) evaluate or report to Customer or an Authorized Person regarding the financial condition of any broker, agent or other party to
 which Bank is instructed to deliver Financial Assets or cash.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.2 Force Majeure

Bank will maintain and update from time to time business continuation and disaster recovery procedures with respect to its global custody business that complies with applicable law and meets reasonable commercial standards. Bank will have no liability, however, for any damage, loss, expense or liability of any nature that Customer may suffer or incur, caused by an act of God, fire, flood, civil or labor disturbance, war, terrorism, act of any governmental authority or other act or threat of any authority (de jure or de facto), legal constraint, fraud or forgery (except where such fraud or forgery is attributable to Bank or its employees or agents who provide services hereunder), malfunction of equipment or software (except where such malfunction is primarily attributable to Bank's negligence in maintaining the equipment or software), failure of or the effect of rules or operations of any external funds transfer system, inability to obtain or interruption of external communications facilities, or any cause beyond the reasonable control of Bank (including without limitation, the non-availability of appropriate foreign exchange).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.3 Bank May Consult With Counsel

Bank will be entitled to rely on, and may act upon the advice of legal counsel in relation to matters of law, regulation or market practice (which may be the legal counsel of Customer), and shall not be deemed to have been negligent with respect to any action taken or omitted in good faith pursuant to such advice. Bank should notify Customer if relying on professional advisers.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.4 Bank Provides Diverse Financial Services and May Generate Profits as a Result

Customer hereby authorizes Bank to act under this Agreement notwithstanding that: (a) Bank or any of its divisions, branches or Affiliates may have a material interest in transactions entered into by Customer with respect to the Account or that circumstances are such that Bank may have a potential conflict of duty or interest, including the fact that Bank or its Affiliates may act as a market maker in the Financial Assets to which Instructions relate, provide brokerage services to other customers, act as financial adviser to the issuer of such Financial Assets, act in the same transaction as agent for more than one customer, have a material interest in the issue of the Financial Assets; or earn profits from any of the activities listed herein. (b) Bank or any of its divisions, branches or Affiliates may be in possession of information tending to show that the Instructions received may not be in the best interests of Customer. Bank is not under any duty to disclose any such information unless such information is broadly disclosed to the other custody clients of Bank receiving the same types of services as the Customer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.5 Assets Held Outside Bank's Control

Bank will not be obliged to hold Securities or cash with any person not agreed to by Bank. Furthermore, Bank will not be obliged to register or record Securities in the name of any person not agreed to by Bank. If, however, the Customer makes such a request and Bank agrees to the request, the consequences of doing so will be at the Customer's own risk. Bank will not be liable for any losses incurred as a result and may be precluded from providing some of the services referred to in this Agreement (for example, and without limitation, income collection, proxy voting, class action litigation and Corporate Action notification and processing).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.6 Ancillary services

Bank and its Subcustodians may use third parties to provide ancillary services (i.e., services that do not form part of the custody services contained in Article 2 and which include without limitation courier or pricing services). Whilst Bank will use reasonable care (and procure that its Subcustodians use reasonable care) in the selection and retention of such third parties, it will not be responsible for any errors or omissions made by such third party in providing the relevant services.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. Taxation

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.1 Tax Obligations

&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) Customer confirms that Bank is authorized to deduct from any cash received or credited to the Cash Account any taxes or levies required by any revenue or governmental authority for whatever reason in respect of Customer's Accounts.

![](image00004.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Customer will provide to Bank such certifications, documentation, and information as it may require in connection with taxation, and warrants that, when given, this information is true and correct in every respect, not misleading in any way,
 and contains all material information. Customer undertakes to notify Bank immediately if any information requires updating or correcting. Bank provides no service of controlling or monitoring, and therefore has no duty in respect of, or liability
 for any taxes, penalties, interest or additions to tax, payable or paid that result from (i) the inaccurate completion of documents by Customer or any third party; (ii) provision to Bank or a third party of inaccurate or misleading information by
 Customer or any third party; (iii) the withholding of material information by Customer or any third party; or (iv) as a result of any delay by any revenue authority or any other cause beyond Bank's control.

&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) If Bank does not receive appropriate certifications, documentation and information then, as and when appropriate and required, additional tax shall be deducted from all income received in respect of the Financial Assets issued (including, but
 not limited to, United States non-resident alien tax and/or backup withholding tax.

&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) Customer will be responsible in all events for the timely payment of all taxes relating to the Financial Assets in the Securities Account provided, however, that Bank will be responsible for any penalty or additions to tax due solely as a
 result of Bank's negligent acts or omissions with respect to paying or withholding tax or reporting interest, dividend or other income paid or credited to the Cash Account.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.2 Tax Relief Services

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Subject to the provisions of this Section, Bank will apply timely and accurately for a reduction of withholding tax and any refund of any tax paid or tax credits in respect of income payments on Financial Assets credited to the Securities
 Account that Bank believes may be available. To defray expenses pertaining to nominal tax claims, Bank may from time-to-time set minimum thresholds as to a de minimus value of tax reclaims or reduction of withholding which it will pursue in
 respect of income payments under this Section.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The provision of a tax relief service by Bank is conditional upon Bank receiving from Customer (i) a declaration of its identity and place of residence and (ii) certain other documentation (pro forma copies of which are available from Bank),
 prior to the receipt of Financial Assets in the Account or the payment of income.

&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) Bank will perform tax relief services only with respect to taxation levied by the revenue authorities of the countries advised to Customer from time to time and Bank may, by notification in writing, in its absolute discretion, supplement or
 amend the countries in which the tax relief services are offered. Other than as expressly provided in this Section 8.2 Bank will have no responsibility with regard to Customer's tax position or status in any jurisdiction.

![](image00004.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. Termination

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.1 Term and Termination

&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 initial term of this Agreement shall be for a period of two years following the date on which Bank commenced providing services under the Agreement. Following the initial term, Customer may terminate this Agreement on sixty (60) days'
 written notice to Bank. Bank may terminate this Agreement on one hundred and eighty (180) days' written notice to Customer.

&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) Notwithstanding Section 9.1(a):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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) Either party may terminate this Agreement immediately on written notice to the other party in the event that a material breach of this Agreement by the other party has not been cured within thirty (30) days of that party being given written
 notice of the material breach;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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) Either party may terminate this Agreement immediately on written notice to the other party upon the other party being declared bankrupt, entering into a composition with creditors, obtaining a suspension of payment, being put under court
 controlled management or being the subject of a similar measure;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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) Bank may terminate this Agreement on sixty (60) days' written notice to Customer in the event that Bank reasonably determines that Customer has ceased to satisfy Bank's customary credit requirements; 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;&nbsp;&nbsp;&nbsp;&nbsp;(iv) Customer may terminate this Agreement at any time during the initial term on sixty (60) days' written notice to Bank upon payment of a termination fee. The termination fee will be an amount equal to the aggregate sum of fees accrued prior to
 the date of termination but waived based on the fee schedule set forth in Schedule 7, as applied against transactions and activities of the Customer since the date Bank commenced providing services under this Agreement. If the Agreement is
 terminated by the Customer pursuant to Section 9.1(b)(i) through (ii), no termination fee will be paid to the Bank.

![](image00004.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.2 Exit Procedure

Customer will provide Bank full details of the persons to whom Bank must deliver Financial Assets and cash within a reasonable period before the effective time of termination of this Agreement. If Customer fails to provide such details in a timely manner, Bank shall be entitled to continue to be paid fees under this Agreement until such time as it is able to deliver the Financial Assets and cash to successor custodian, but Bank may take such steps as it reasonably determines to be necessary to protect itself following the effective time of termination, including ceasing to provide transaction settlement services in the event that Bank is unwilling to assume any related credit risk. Bank will in any event be entitled to deduct any amounts owing to it prior to delivery of the Financial Assets and cash (and, accordingly, Bank will be entitled to sell Financial Assets and apply the sale proceeds in satisfaction of amounts owing to it). Customer will reimburse Bank promptly for all out-of-pocket expenses it reasonably incurs in delivering Financial Assets upon termination. Termination will not affect any of the liabilities either party owes to the other arising under this Agreement prior to such termination.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10. Miscellaneous

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.1 Notifications

Notices (other than Instructions) under this Agreement will be served by registered mail or hand delivery to the address of the respective parties as set out on the first page of this Agreement, unless notice of a new address is given to the other party in writing. Notice will not be deemed to be given unless it has been received.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.2 Successors and Assigns

This Agreement will be binding on each of the parties' successors and assigns, but the parties agree that neither party can assign its rights and obligations under this Agreement without the prior written consent of the other party, which consent will not be unreasonably withheld. Notwithstanding this prohibition, Customer may assign the right to recover losses to its insurer, investment manager or its affiliates that pay for losses sustained by Customer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.3 Interpretation

Headings are for convenience only and are not intended to affect interpretation. References to Sections are to Sections of this Agreement and references to sub-Sections and paragraphs are to sub-Sections of the Sections and paragraphs of the sub-Sections in which they appear.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.4 Entire Agreement

&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 following Rider(s) are incorporated into this Agreement:

_&nbsp;&nbsp;&nbsp;&nbsp; Cash Trade Execution; and

<u>X</u>&nbsp;&nbsp;&nbsp;&nbsp; Mutual Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) This Agreement, including the Schedules, Exhibits, and Riders (and any separate agreement which Bank and Customer may enter into with respect to any Cash Account), sets out the entire Agreement between the parties in connection with the subject
 matter, and this Agreement supersedes any other agreement, statement, or representation relating to custody, whether oral or written. Amendments must be in writing and signed by both parties.

![](image00004.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.5 Information Concerning Deposits at Bank's London Branch

Under U.S. federal law, deposit accounts that Customer maintains in Bank's foreign branches (outside of the U.S.) are not insured by the Federal Deposit Insurance Corporation. In the event of Bank's liquidation, foreign branch deposits have a lesser preference than U.S. deposits, and such foreign deposits are subject to cross-border risks. However, the Financial Services Compensation Scheme (the "FSCS") was created under the Financial Services and Markets Act 2000. The terms of the FSCS offer protection in connection with deposits and investments in the event of the persons to whom Bank's London Branch provides services suffering a financial loss as a direct consequence of Bank's London Branch being unable to meet any of its liabilities, and subject to the FSCS rules regarding eligible claimants and eligible claims, the Customer may have a right to claim compensation from the FSCS. Subject to the terms of the FSCS, the limit on the maximum compensation sum payable by the FSCS in relation to investment business is £48,000 and in relation to deposits is £50,000. A detailed description of the FSCS (including information on how to make a claim, eligibility criteria and the procedures involved) is available from the FSCS who can be contacted at 7th Floor, Lloyds Chambers, Portsoken Street, London, E1 8BN.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.6 Insurance

The Customer acknowledges that Bank will not be required to maintain any insurance coverage specifically for the benefit of the Customer. Bank will, however, provide details of its own general insurance coverage to the Customer on request.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.7 Security Holding Disclosure

With respect to Securities and Exchange Commission Rule 14b-2 under The U.S Shareholder Communications Act, regarding disclosure of beneficial owners to issuers of Securities, Bank is instructed not to disclose the name, address or Security positions of Customer in response to shareholder communications requests regarding the Account.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.8 USA PATRIOT Act Disclosure

Section 326 of the Uniting and Strengthening America by Providing Appropriate Tools Required to Intercept and Obstruct Terrorism Act of 2001 ("USA PATRIOT Act") requires Bank to implement reasonable procedures to verify the identity of any person that opens a new Account with it. Accordingly, Customer acknowledges that Section 326 of the USA PATRIOT Act and Bank's identity verification procedures require Bank to obtain information which may be used to confirm Customer's identity including without limitation Customer's name, address and organizational documents ("identifying information"). Customer may also be asked to provide information about its financial status such as its current audited and unaudited financial statements. Customer agrees to provide Bank with and consents to Bank obtaining from third parties any such identifying and financial information required as a condition of opening an account with or using any service provided by Bank.

![](image00004.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.9 Governing Law and Jurisdiction

This Agreement will be construed, regulated, and administered under the laws of the United States or State of New York, as applicable, without regard to New York's principles regarding conflict of laws, except that the foregoing shall not reduce any statutory right to choose New York law or forum. The United States District Court for the Southern District of New York will have the sole and exclusive jurisdiction over any lawsuit or other judicial proceeding relating to or arising from this Agreement. If that court lacks federal subject matter jurisdiction, the Supreme Court of the State of New York, New York County will have sole and exclusive jurisdiction. Either of these courts will have proper venue for any such lawsuit or judicial proceeding, and the parties waive any objection to venue or their convenience as a forum. The parties agree to submit to the jurisdiction of any of the courts specified and to accept service of process to vest personal jurisdiction over them in any of these courts. The parties further hereby knowingly, voluntarily and intentionally waive, to the fullest extent permitted by applicable law, any right to a trial by jury with respect to any such lawsuit or judicial proceeding arising or relating to this Agreement or the transactions contemplated hereby. To the extent that in any jurisdiction Customer may now or hereafter be entitled to claim, for itself or its assets, immunity from suit, execution, attachment (before or after judgement) or other legal process, Customer shall not claim, and it hereby irrevocably waives, such immunity.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.10 Severability; Waiver; and Survival

&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) If one or more provisions of this Agreement are held invalid, illegal or unenforceable in any respect on the basis of any particular circumstances or in any jurisdiction, the validity, legality and enforceability of such provision or provisions
 under other circumstances or in other jurisdictions and of the remaining provisions will not in any way be affected or impaired.

&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) Except as otherwise provided herein, no failure or delay on the part of either party in exercising any power or right under this Agreement operates as a waiver, nor does any single or partial exercise of any power or right preclude any other or
 further exercise, or the exercise of any other power or right. No waiver by a party of any provision of this Agreement, or waiver of any breach or default, is effective unless it is in writing and signed by the party against whom the waiver is to
 be enforced.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The parties' rights, protections, and remedies under this Agreement shall survive its termination.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.11 Confidentiality

&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) Subject to Clause 10.11(b) the Bank will hold all Confidential Information in confidence and will not disclose any Confidential Information except as may be required by Applicable Law, a regulator with jurisdiction over the Bank's business, or
 with the consent of the Customer. Bank shall provide Customer with notice where it is the subject of any regulatory request involving Customer's Confidential Information provided such notice is permitted by Applicable Law.

![](image00004.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Customer authorizes the Bank to disclose Confidential Information consistent with Applicable Law:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) any Subcustodian, subcontractor, agent, Securities Depository, securities exchange, broker, third party agent, proxy solicitor, issuer, or any other person that the Bank believes it is reasonably required in connection with the Bank's provision
 of relevant services under this Agreement to the extent that is consistent with the prevailing industry practice;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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) its professional advisors, auditors or public accountants;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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) its Affiliates, 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;&nbsp;&nbsp;&nbsp;&nbsp;(iv) any revenue authority or any governmental entity in relation to the processing of any tax relief claim.

&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) Except as otherwise required by Applicable Law or as needed to enforce the terms of this Agreement, the parties shall hold the terms and conditions of this Agreement in confidence.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.12 Counterparts

This Agreement may be executed in several counterparts each of which will be deemed to be an original and together will constitute one and the same agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.13 No Third Party Beneficiaries

A person who is not a party to this Agreement shall have no right to enforce any term of this Agreement.

---

| | | | |
|:---|:---|:---|:---|
| **The Customer** | **The Customer** | **JPMorgan Chase Bank, N.A.** | **JPMorgan Chase Bank, N.A.** |
|  | ***/s/ Mark D. Nerud*** |  | ***/s/ Carl Mehldau*** |
| By: | ***/s/ Mark D. Nerud*** | By: | ***/s/ Carl Mehldau*** |
| Name: | Mark D. Nerud | Name: | Carl Mehldau |
| Title: | President and CEO | Title: | Vice President |

---

![](image00004.jpg)

**Addendum to Master Global Custody Agreement**

The undersigned [___________________________] ("Customer") incorporated under the laws of [_____________________] with address at [_______________________] hereby requests the securities custody services of JPMorgan Chase Bank, N.A., and Customer, by its signature below, agrees to the terms and conditions of that certain Master Global Custody Agreement, dated [___________________] with JPMorgan Chase Bank, N.A. and certain affiliated companies of the undersigned.

---

| | |
|:---|:---|
| | **The Customer** |
|  | By: |
|  | Name: |
|  | Title: |
|  | Date: |
| **JPMorgan Chase Bank, N.A.** |  |
| By: |  |
| Name: |  |
| Title: |  |
| Date: |  |

---

![](image00004.jpg)

**Schedule A**

List of Funds <br> as of December 1, 2022

---

| |
|:---|
| **JNL Investors Series Trust** |
| **JNL Government Money Market Fund** |
| **JNL Securities Lending Collateral Fund** |

---

---

| |
|:---|
| **JNL Series Trust** |
| **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> Capital World Bond Fund** |
| **JNL/American Funds<sup>®</sup> Global Growth Fund** |
| **JNL/American Funds<sup>®</sup> Global Small Capitalization 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 iShares Tactical Moderate Fund** |
| **JNL iShares Tactical Moderate Growth Fund** |
| **JNL iShares Tactical Growth Fund** |
| **JNL Moderate Allocation Fund** |
| **JNL Moderate Growth Allocation Fund** |
| **JNL Multi-Manager Small Cap Growth Fund** |
| **JNL Multi-Manager Small Cap Value Fund** |
| **JNL/AB Sustainable Global Thematic Fund** |
| **JNL/American Funds<sup>®</sup> Growth Allocation Fund** |

---

![](image00004.jpg)

---

| |
|:---|
| **JNL Series Trust** |
| **JNL/American Funds<sup>®</sup> Moderate Growth Allocation Fund** |
| **JNL/AQR Large Cap Defensive Style Fund** |
| **JNL/BlackRock Global Allocation Fund** |
| **JNL/BlackRock Global Natural Resources Fund** |
| **JNL/BlackRock Large Cap Select Growth Fund** |
| **JNL/First Sentier Global Infrastructure Fund** |
| **JNL/Franklin Templeton Income Fund** |
| **JNL/Goldman Sachs 4 Fund** |
| **JNL/Goldman Sachs Managed Aggressive Growth Fund** |
| **JNL/Goldman Sachs Managed Conservative Fund** |
| **JNL/Goldman Sachs Managed Growth Fund** |
| **JNL/Goldman Sachs Managed Moderate Fund** |
| **JNL/Goldman Sachs Managed Moderate Growth Fund** |
| **JNL/Heitman U.S. Focused Real Estate 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** |
| **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** |

---

![](image00004.jpg)

---

| |
|:---|
| **JNL Series Trust** |
| **JNL/Morningstar PitchBook Listed Private Equity 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 China Quality Growth Fund** |
| **JNL/WCM Focused International Equity Fund** |
| **JNL/WMC Balanced Fund** |
| **JNL/WMC Equity Income Fund** |
| **JNL/WMC Global Real Estate Fund** |
| **JNL/WMC Government Money Market Fund** |
| **JNL/WMC Value Fund** |

---

**Schedule 7** 

Fee Schedule

[FEE SCHEDULE OMITTED]

## Ex-99.G

Ex. 99.28(g)(2)(xix)

------

**Amendment to Master Custodian Agreement**

This Amendment, effective as November 15, 2022, to the Master Custodian Agreement dated as of December 30, 2010 (as amended, restated, supplemented or otherwise modified and in effect from time to time, the "***Agreement***"), is by and among each management investment company (each a "***Fund***" and collectively, the "***Funds***") and the Cayman Islands entity identified on Appendix A attached thereto, and State Street Bank and Trust Company, a Massachusetts trust company (the "***Custodian***").

**Whereas**, the Custodian, the Funds, and the Cayman Islands entity (the "***Parties***") have entered into the Agreement by which the Custodian provides certain custodial services relating to securities and other assets of each Fund and the Cayman Islands entity.

**Whereas**, each Fund and the Cayman Islands entity segregates and separately manages certain of each respective Fund's and the Cayman Islands entity's portfolio of assets (each in an account).

**Whereas**, the Board of Trustees of JNL Series Trust has approved the JNL Multi-Manager U.S. Select Equity Fund as a new fund of JNL Series Trust, effective November 15, 2022, and the Parties have agreed to amend the Agreement, including its Appendix A, to add the JNL Multi-Manager U.S. Select Equity Fund as a Portfolio, effective November 15, 2022.

**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 and replaced, in its entirety, with Appendix A dated November 15, 2022, attached hereto.

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.

[*Remainder of page intentionally left blank*.]

Information Classification: Limited Access

**In Witness Whereof,** the Parties hereto have caused this Amendment to be executed by their officers designated below, effective November 15, 2022.

---

| | |
|:---|:---|
| **JNL Series Trust, and**<br> **JNL Investors Series Trust,**<br> *each on behalf of its Portfolios listed on Appendix A hereto*<br>**JNL Multi-Manager Alternative** <br> **Fund (Boston Partners) Ltd.** | **JNL Series Trust, and**<br> **JNL Investors Series Trust,**<br> *each on behalf of its Portfolios listed on Appendix A hereto*<br>**JNL Multi-Manager Alternative** <br> **Fund (Boston Partners) Ltd.** |
| By: | ***/s/ Emily J. Bennett*** |
| Name: | Emily J. Bennett |
| Title: | Assistant Secretary |

---

---

| | |
|:---|:---|
| **PPM Funds,**<br> *on behalf of its Portfolios listed on Appendix A hereto* | **PPM Funds,**<br> *on behalf of its Portfolios listed on Appendix A hereto* |
| By: | ***/s/ Emily J. Bennett*** |
| Name: | Emily J. Bennett |
| Title: | Vice President and Assistant Secretary |

---

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| | |
|:---|:---|
| **State Street Bank and Trust Company** | **State Street Bank and Trust Company** |
| By: | ***/s/ Suzanne M. Hinckley*** |
| Name: | Suzanne M. Hinckley |
| Title: | Senior Vice President |

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Information Classification: Limited Access

**Appendix A**

**to** 

**Master Custodian Agreement** 

*(Updated as of November 15, 2022)*

---

| |
|:---|
| **Fund: JNL Series Trust***, for the following Portfolios* |
| JNL Multi-Manager Alternative Fund |
| JNL Multi-Manager Emerging Markets Equity Fund |
| JNL Multi-Manager International Small Cap Fund |
| JNL Multi-Manager Mid Cap Fund |
| JNL Multi-Manager U.S. Select Equity Fund |
| JNL/Baillie Gifford International Growth Fund |
| JNL/Baillie Gifford U.S. Equity Growth Fund |
| JNL/Causeway International Value Select Fund |
| JNL/ClearBridge Large Cap Growth Fund |
| JNL/DFA International Core Equity Fund |
| JNL/DFA U.S. Core Equity Fund |
| JNL/DFA U.S. Small Cap Fund |
| JNL/DoubleLine<sup>®</sup> Core Fixed Income Fund |
| JNL/DoubleLine<sup>®</sup> Emerging Markets Fixed Income Fund |
| JNL/DoubleLine<sup>®</sup> Shiller Enhanced CAPE<sup>®</sup> Fund |
| JNL/DoubleLine<sup>®</sup> Total Return Fund |
| JNL/Fidelity Institutional Asset Management<sup>®</sup> Total Bond Fund |
| JNL/GQG Emerging Markets Equity Fund |
| JNL/Harris Oakmark Global Equity Fund |
| JNL/Invesco Diversified Dividend Fund |
| JNL/Invesco Global Growth Fund |
| JNL/Invesco Small Cap Growth Fund |
| JNL/JPMorgan Global Allocation Fund |
| JNL/JPMorgan Hedged Equity Fund |
| JNL/JPMorgan Midcap Growth Fund |
| JNL/JPMorgan U.S. Government & Quality Bond Fund |
| JNL/JPMorgan U.S. Value Fund |
| JNL/Lazard International Strategic Equity Fund |
| JNL/Loomis Sayles Global Growth Fund |
| JNL/Lord Abbett Short Duration Income Fund |
| JNL/Mellon World Index Fund |
| JNL/Mellon Nasdaq<sup>®</sup> 100 Index Fund |
| JNL/MFS Mid Cap Value Fund |
| JNL/Neuberger Berman Commodity Strategy Fund |
| JNL/Neuberger Berman Gold Plus Strategy Fund |
| JNL/Neuberger Berman Strategic Income Fund |
| JNL/PPM America Floating Rate Income Fund |
| JNL/PPM America High Yield Bond Fund |
| JNL/PPM America Total Return Fund |
| JNL/RAFI<sup>®</sup> Fundamental U.S. Small Cap Fund |
| JNL/RAFI<sup>®</sup> Multi-Factor U.S. Equity Fund |
| JNL/T. Rowe Price Capital Appreciation Fund |
| JNL/T. Rowe Price Established Growth Fund |
| JNL/T. Rowe Price Balanced Fund |
| JNL/T. Rowe Price Mid-Cap Growth Fund |
| JNL/T. Rowe Price Short-Term Bond Fund |
| JNL/T. Rowe Price U.S. High Yield Fund |
| JNL/T. Rowe Price Value Fund |
| JNL/Westchester Capital Event Driven Fund |
| JNL/Western Asset Global Multi-Sector Bond Fund |
| JNL/William Blair International Leaders Fund |

---

Information Classification: Limited Access

---

| |
|:---|
| **Fund: JNL Investors Series Trust***, for the following Portfolio* |
| [Reserved] |

---

---

| |
|:---|
| **Fund: PPM Funds***, for the following Portfolios* |
| PPM Core Plus Fixed Income Fund |
| PPM High Yield Core Fund |

---

**Cayman Islands Entity:**

**JNL Multi-Manager Alternative Fund (Boston Partners) Ltd.**

Information Classification: Limited Access

## Ex-99.G

Ex. 99.28(g)(2)(xx)

------

***Execution***

**<u>Amended and Restated Master Custodian Agreement</u>**

This Amended and Restated Master Custodian Agreement (the "Agreement") is made as of December 1, 2022, by and among each management investment company and each Cayman Islands entity identified on Appendix A hereto (each such management investment company and each Cayman Islands entity made subject to this Agreement in accordance with Section 20.5 below, shall hereinafter be referred to individually as a "***Fund***" and collectively as "***Funds***"), and State Street Bank and Trust Company, a Massachusetts trust company (the "***Custodian***").

The Custodian and each Fund entered into a Master Custodian Agreement dated December 30, 2010 (the "Original Agreement") and each Fund desires, together with the Custodian, to amend and restate the Original Agreement, in the manner and on the terms set forth herein. Certain agreements and addenda entered into related to and referencing the Original Agreement are hereby incorporated by reference, as outlined on Appendix B.

***Witnesseth:***

**Whereas,** each Fund may or may not be authorized to issue shares of common stock or shares of beneficial interest in separate series ("***Shares***"), with each such series representing interests in a separate portfolio of securities and other assets;

**Whereas,** each Fund so authorized intends that this Agreement be applicable to each of its series set forth on Appendix A hereto (such series together with all other series subsequently established by the Fund and made subject to this Agreement in accordance with Section 20.6 below, shall hereinafter be referred to as the "***Portfolio(s)***").

**Whereas,** each Fund not so authorized intends that this Agreement be applicable to it and all references hereinafter to one or more "Portfolio(s)" shall be deemed to refer to such Fund(s); and

**Now, Therefore,** in consideration of the mutual covenants and agreements hereinafter contained, the parties hereto agree as follows:

Section 1. <u>Employment of Custodian and Property to be Held by It</u>.

Each Fund hereby employs the Custodian as a custodian of assets of the Portfolios, including securities which the Fund, on behalf of the applicable Portfolio, desires to be held in places within the United States ("***domestic securities***") and securities it desires to be held outside the United States ("***foreign securities***"). Each Fund, on behalf of its Portfolio(s), agrees to deliver to the Custodian all securities and cash of the Portfolios, and all payments of income, payments of principal or capital distributions received by it with respect to all securities owned by the Portfolio(s) from time to time, and the cash consideration received by it for such Shares as may be issued or sold from time to time. The Custodian shall not be responsible for any property of a Portfolio which is not received by it or which is delivered out in accordance with Proper Instructions (as such term is defined in Section 9 hereof) including, without limitation, Portfolio property (i) held by brokers, private bankers or other entities on behalf of the Portfolio (each a "***Local Agent***"), (ii) held by Special Sub-Custodians (as such term is defined in Section 8 hereof), (iii) held by entities which have advanced monies to or on behalf of the Portfolio and which have received Portfolio property as security for such advance(s) (each a "***Pledgee***"), or (iv) delivered or otherwise removed from the custody of the Custodian (a) in connection with any Free Trade (as such term is defined in Sections 2.2(14) and 2.6(7) hereof) or (b) pursuant to Special Instructions (as such term is defined in Section 9 hereof). With respect to uncertificated shares (the "***Underlying Shares***") of registered "investment companies" (as defined in Section 3(a)(1) of the Investment Company Act of 1940, as amended from time to time (the "***1940 Act***")), whether in the same "group of investment companies" (as defined in Section 12(d)(1)(G)(ii) of the 1940 Act) or otherwise, including, without limitation, pursuant to Section 12(d)(1)(F) of the 1940 Act (hereinafter sometimes referred to as the "***Underlying Portfolios***") the holding of confirmation statements that identify the shares as being recorded in the Custodian's name on behalf of the Portfolios will be deemed custody for purposes hereof.

Information Classification: Limited Access

Master Custodian Agreement

Upon receipt of Proper Instructions, the Custodian shall on behalf of the applicable Portfolio(s) from time to time employ one or more sub-custodians located in the United States, but only in accordance with an applicable vote by the Board of Trustees or the Board of Directors of the Fund (as appropriate, and in each case, the "***Board***") on behalf of the applicable Portfolio(s), and provided that the Custodian shall have no more or less responsibility or liability to any Fund on account of any actions or omissions of any sub-custodian so employed than any such sub-custodian has to the Custodian. The Custodian may place and maintain each Fund's foreign securities with foreign banking institution sub-custodians employed by the Custodian and/or foreign securities depositories, all as designated in Schedules A and B hereto, but only in accordance with the applicable provisions of Sections 3 and 4 hereof.

Section 2. <u>Duties of the Custodian with Respect to Property of the Portfolios to be Held in the United States</u>.

Section 2.1 <u>Holding Securities</u>. The Custodian shall hold and physically segregate for the account of each Portfolio all non-cash property, including collateral of a U.S. registered broker-dealer held by the Portfolio, which is an asset of the Portfolio, to be held by it in the United States, including all domestic securities owned by such Portfolio other than (a) securities which are maintained pursuant to Section 2.8 in a clearing agency which acts as a securities depository or in a book-entry system authorized by the U.S. Department of the Treasury (each, a "***U.S. Securities System***") and (b) Underlying Shares owned by each Fund which are maintained pursuant to Section 2.10 hereof in an account with State Street Bank and Trust Company or such other entity which may from time to time act as a transfer agent for the Underlying Portfolios and with respect to which the Custodian is provided with Proper Instructions (the "***Underlying Transfer Agent***").

Section 2.2 <u>Delivery of Securities</u>. The Custodian shall release and deliver domestic securities owned by a Portfolio held by the Custodian, in a U.S. Securities System account of the Custodian or in an account at the Underlying Transfer Agent, only upon receipt of Proper Instructions on behalf of the applicable Portfolio, which may be continuing instructions when deemed appropriate by the parties, and only in the following cases:

1) Upon sale of such securities for the account of the Portfolio in accordance with customary or established market practices and procedures, including, without limitation, delivery to the purchaser thereof or to a dealer therefor (or an agent of such purchaser or dealer) against expectation of receiving later payment;

2) Upon the receipt of payment in connection with any repurchase agreement related to such securities entered into by the Portfolio;

3) In the case of a sale effected through a U.S. Securities System, in accordance with the provisions of Section 2.8 hereof;

4) To the depository agent in connection with tender or other similar offers for securities of the Portfolio;

Information Classification: Limited Access

5) To the issuer thereof or its agent when such securities are called, redeemed, retired or otherwise become payable; provided that, in any such case, the cash or other consideration is to be delivered to the Custodian;

6) To the issuer thereof, or its agent, for transfer into the name of the Portfolio or into the name of any nominee or nominees of the Custodian or into the name or nominee name of any agent appointed pursuant to Section 2.7 or into the name or nominee name of any sub-custodian appointed pursuant to Section 1; or for exchange for a different number of bonds, certificates or other evidence representing the same aggregate face amount or number of units; provided that, in any such case, the new securities are to be delivered to the Custodian;

7) Upon the sale of such securities for the account of the Portfolio, to the broker or its clearing agent, against a receipt, for examination in accordance with "street delivery" custom; provided that in any such case, the Custodian shall have no responsibility or liability for any loss arising from the delivery of such securities prior to receiving payment for such securities except as may arise from the Custodian's own negligence or willful misconduct;

8) For exchange or conversion pursuant to any plan of merger, consolidation, recapitalization, reorganization or readjustment of the securities of the issuer of such securities, or pursuant to provisions for conversion contained in such securities, or pursuant to any deposit agreement; provided that, in any such case, the new securities and cash, if any, are to be delivered to the Custodian;

9) In the case of warrants, rights or similar securities, the surrender thereof in the exercise of such warrants, rights or similar securities or the surrender of interim receipts or temporary securities for definitive securities; provided that, in any such case, the new securities and cash, if any, are to be delivered to the Custodian;

10) For delivery in connection with any loans of securities made by the Portfolio (a) against receipt of collateral as agreed from time to time by the Fund on behalf of the Portfolio, except that in connection with any loans for which collateral is to be credited to the Custodian's account in the book-entry system authorized by the U.S. Department of the Treasury, the Custodian will not be held liable or responsible for the delivery of securities owned by the Portfolio prior to the receipt of such collateral or (b) to the lending agent, or the lending agent's custodian, in accordance with written Proper Instructions (which may not provide for the receipt by the Custodian of collateral therefor) agreed upon from time to time by the Custodian and the Fund;

11) For delivery as security in connection with any borrowing by a Fund on behalf of a Portfolio requiring a pledge of assets by the Fund on behalf of such Portfolio but only against receipt of amounts borrowed;

12) For delivery in accordance with the provisions of any agreement among the Fund on behalf of the Portfolio, the Custodian and a broker-dealer registered under the Securities Exchange Act of 1934 (the "***Exchange Act***") and a member of the Financial Industry Regulatory Authority, Inc. ("***FINRA***", formerly known as The National Association of Securities Dealers, Inc.), relating to compliance with the rules of The Options Clearing Corporation and of any registered national securities exchange, or of any similar organization or organizations, regarding escrow or other arrangements in connection with transactions by the Fund on behalf of a Portfolio;

Information Classification: Limited Access

13) For delivery in accordance with the provisions of any agreement among a Fund on behalf of the Portfolio, the Custodian, and a futures commission merchant registered under the Commodity Exchange Act, relating to compliance with the rules of the Commodity Futures Trading Commission (the "***CFTC***") and/or any contract market, or any similar organization or organizations, regarding account deposits in connection with transactions by the Fund on behalf of a Portfolio;

14) Upon the sale or other delivery of such investments (including, without limitation, to one or more (a) Special Sub-Custodians or (b) additional custodians appointed by the Fund, and communicated to the Custodian from time to time via a writing duly executed by an authorized officer of the Fund, for the purpose of engaging in repurchase agreement transactions(s), each a "***Repo Custodian***"), and prior to receipt of payment therefor, as set forth in written Proper Instructions (such delivery in advance of payment, along with payment in advance of delivery made in accordance with Section 2.6(7), as applicable, shall each be referred to herein as a "***Free Trade***"), provided that such Proper Instructions shall set forth (y) the securities of the Portfolio to be delivered and (z) the person(s) to whom delivery of such securities shall be made;

15) Upon receipt of instructions from the Fund's transfer agent (the "***Transfer Agent***") for delivery to such Transfer Agent or to the holders of Shares in connection with distributions in kind, as may be described from time to time in the currently effective prospectus and statement of additional information of the Fund related to the Portfolio (the "***Prospectus***"), in satisfaction of requests by holders of Shares for repurchase or redemption;

16) In the case of a sale processed through the Underlying Transfer Agent of Underlying Shares, in accordance with Section 2.10 hereof;

17) For delivery as initial or variation margin in connection with futures or options on futures contracts entered into by the Fund on behalf of the Portfolio; and

18) For any other purpose, but only upon receipt of Proper Instructions from the Fund on behalf of the applicable Portfolio specifying (a) the securities of the Portfolio to be delivered and (b) the person or persons to whom delivery of such securities shall be made.

Section 2.3 <u>Registration of Securities</u>. Domestic securities held by the Custodian (other than bearer securities) shall be registered in the name of the Portfolio or in the name of any nominee of a Fund on behalf of the Portfolio or of any nominee of the Custodian which nominee shall be assigned exclusively to the Portfolio, unless the Fund has authorized in writing the appointment of a nominee to be used in common with other registered management investment companies having the same investment adviser as the Portfolio, or in the name or nominee name of any agent appointed pursuant to Section 2.7 or in the name or nominee name of any sub-custodian appointed pursuant to Section 1. All securities accepted by the Custodian on behalf of the Portfolio under the terms of this Agreement shall be in "street name" or other good delivery form. If, however, a Fund directs the Custodian to maintain securities in "street name", the Custodian shall utilize its best efforts only to timely collect income due the Fund on such securities and to notify the Fund on a best efforts basis only of relevant corporate actions including, without limitation, pendency of calls, maturities, tender or exchange offers.

Information Classification: Limited Access

Section 2.4 <u>Bank Accounts</u>. The Custodian shall open and maintain a separate bank account or accounts in the United States in the name of each Portfolio of each Fund, subject only to draft or order by the Custodian acting pursuant to the terms of this Agreement, and shall hold in such account or accounts, subject to the provisions hereof, all cash received by it from or for the account of the Portfolio, other than cash maintained by the Portfolio in a bank account established and used in accordance with Rule 17f-3 under the 1940 Act. Funds held by the Custodian for a Portfolio may be deposited by it to its credit as Custodian in the banking department of the Custodian or in such other banks or trust companies as it may in its discretion deem necessary or desirable; provided, however, that every such bank or trust company shall be qualified to act as a custodian under the 1940 Act and that each such bank or trust company and the funds to be deposited with each such bank or trust company shall on behalf of each applicable Portfolio be approved by vote of a majority of the Board. Such funds shall be deposited by the Custodian in its capacity as Custodian and shall be withdrawable by the Custodian only in that capacity.

Section 2.5 <u>Collection of Income</u>. Except with respect to Portfolio property released and delivered pursuant to Section 2.2(14) or purchased pursuant to Section 2.6(7), and subject to the provisions of Section 2.3, the Custodian shall collect on a timely basis all income and other payments with respect to registered domestic securities held hereunder to which each Portfolio shall be entitled either by law or pursuant to custom in the securities business, and shall collect on a timely basis all income and other payments with respect to bearer domestic securities if, on the date of payment by the issuer, such securities are held by the Custodian or its agent. Without limiting the generality of the foregoing, the Custodian shall detach and present for payment all coupons and other income items requiring presentation as and when they become due and shall collect interest when due on securities held hereunder. The Custodian shall credit income to the Portfolio as such income is received or in accordance with Custodian's then current payable date income schedule. Any credit to the Portfolio in advance of receipt may be reversed when the Custodian determines that payment will not occur in due course and the Portfolio may be charged at the Custodian's applicable rate for time credited. Income due to each Portfolio on securities loaned pursuant to the provisions of Section 2.2(10) shall be the responsibility of the applicable Fund. The Custodian will have no duty or responsibility in connection therewith, other than to provide the Fund with such information or data as may be necessary to assist the Fund in arranging for the timely delivery to the Custodian of the income to which the Portfolio is properly entitled.

Section 2.6 <u>Payment of Fund Monies</u>. The Custodian shall pay out monies of a Portfolio as provided in Section 5 and otherwise upon receipt of Proper Instructions on behalf of the applicable Portfolio, which may be continuing instructions when deemed appropriate by the parties, in the following cases only:

1) Upon the purchase of domestic securities, derivatives and other instruments for the account of the Portfolio but only (a) in accordance with customary or established market practices and procedures, including, without limitation, delivering money to the seller thereof or to a dealer therefor (or an agent for such seller or dealer) against expectation of receiving later delivery of such securities or evidence of title to such derivatives or other instruments to the Custodian (or any bank, banking firm or trust company doing business in the United States or abroad which is qualified under the 1940 Act to act as a custodian and has been designated by the Custodian as its agent for this purpose) registered in the name of the Portfolio or in the name of a nominee of the Custodian referred to in Section 2.3 hereof or in proper form for transfer; (b) in the case of a purchase effected through a U.S. Securities System, in accordance with the conditions set forth in Section 2.8 hereof; (c) in the case of a purchase of Underlying Shares, in accordance with the conditions set forth in Section 2.10 hereof; (d) in the case of repurchase agreements entered into between the applicable Fund on behalf of a Portfolio and the Custodian, or another bank, or a broker-dealer which is a member of the Financial Industry Regulatory Authority (formerly NASD), (i) against delivery of the securities either in certificate form or through an entry crediting the Custodian's account at the Federal Reserve Bank with such securities or (ii) against delivery of the receipt evidencing purchase by the Portfolio of securities owned by the Custodian along with written evidence of the agreement by the Custodian to repurchase such securities from the Portfolio; or (e) for transfer to a time deposit account of the Fund in any bank, whether domestic or foreign; such transfer may be effected prior to receipt of a confirmation from a broker and/or the applicable bank pursuant to Proper Instructions from the Fund as defined herein;

Information Classification: Limited Access

2) In connection with conversion, exchange or surrender of securities owned by the Portfolio as set forth in Section 2.2 hereof;

3) For the redemption or repurchase of Shares issued as set forth in Section 7 hereof;

4) For the payment of any expense or liability incurred by the Portfolio, including but not limited to the following payments for the account of the Portfolio: interest, taxes, management, accounting, transfer agent and legal fees, and operating expenses of the Fund whether or not such expenses are to be in whole or part capitalized or treated as deferred expenses;

5) For the payment of any dividends on Shares declared pursuant to the Fund's articles of incorporation or organization and by-laws or agreement or declaration of trust, as applicable, and Prospectus (collectively, "***Governing Documents***");

6) For payment of the amount of dividends received in respect of securities sold short;

7) Upon the purchase of domestic investments including, without limitation, repurchase agreement transactions involving delivery of Portfolio monies to Repo Custodian(s), and prior to receipt of such investments, as set forth in written Proper Instructions (such payment in advance of delivery, along with delivery in advance of payment made in accordance with Section 2.2(14), as applicable, shall each be referred to herein as a "***Free Trade***"), provided that such Proper Instructions shall also set forth (a) the amount of such payment and (b) the person(s) to whom such payment is made;

8) For payment as initial or variation margin in connection with futures or options on futures contracts entered into by the Fund on behalf of the Portfolio; and

9) For any other purpose, but only upon receipt of Proper Instructions from the Fund on behalf of the Portfolio specifying (a) the amount of such payment and (b) the person or persons to whom such payment is to be made.

Section 2.7 <u>Appointment of Agents</u>. The Custodian may at any time or times in its discretion appoint (and may at any time remove) any other bank or trust company which is itself qualified under the 1940 Act to act as a custodian, as its agent to carry out such of the provisions of this Section 2 as the Custodian may from time to time direct; provided, however, that the appointment of any agent shall not relieve the Custodian of its responsibilities or liabilities hereunder. The Underlying Transfer Agent shall not be deemed an agent or sub-custodian of the Custodian for purposes of this Section 2.7 or any other provision of this Agreement.

Information Classification: Limited Access

Section 2.8 <u>Deposit of Fund Assets in U.S. Securities Systems</u>. The Custodian may deposit and/or maintain securities owned by a Portfolio in a U.S. Securities System in compliance with the conditions of Rule 17f-4 under the 1940 Act, as amended from time to time.

Section 2.9 <u>Segregated Account</u>. The Custodian shall upon receipt of Proper Instructions on behalf of each applicable Portfolio, establish and maintain a segregated account or accounts for and on behalf of each such Portfolio, into which account or accounts may be transferred cash and/or securities of the Portfolio, including securities maintained in an account by the Custodian pursuant to Section 2.8 hereof and collateral of a broker-dealer held by the Portfolio which is an asset of the Portfolio, (a) in accordance with the provisions of any agreement among the Fund on behalf of the Portfolio, the Custodian and a broker-dealer registered under the Exchange Act and a member of the FINRA (or any futures commission merchant registered under the Commodity Exchange Act), relating to compliance with the rules of The Options Clearing Corporation and of any registered national securities exchange (or the CFTC or any registered contract market), or of any similar organization or organizations, regarding escrow or other arrangements in connection with transactions by the Portfolio, (b) for purposes of segregating cash or government securities in connection with options purchased, sold or written by the Portfolio or commodity futures contracts or options thereon purchased or sold by the Portfolio, (c) for the purposes of compliance by the Portfolio with the procedures required by Investment Company Act Release No. 10666, or any subsequent release of the U.S. Securities and Exchange Commission (the "***SEC***"), or interpretative opinion of the staff of the SEC, relating to the maintenance of segregated accounts by registered management investment companies, and (d) for any other purpose in accordance with Proper Instructions.

Section 2.10 <u>Deposit of Fund Assets with the Underlying Transfer Agent</u>. Underlying Shares beneficially owned by the Fund, on behalf of a Portfolio, shall be deposited and/or maintained in an account or accounts maintained with an Underlying Transfer Agent and the Custodian's only responsibilities with respect thereto shall be limited to the following:

1) Upon receipt of a confirmation or statement from an Underlying Transfer Agent that such Underlying Transfer Agent is holding or maintaining Underlying Shares in the name of the Custodian (or a nominee of the Custodian) for the benefit of a Portfolio, the Custodian shall identify by book-entry that such Underlying Shares are being held by it as custodian for the benefit of such Portfolio.

2) In respect of the purchase of Underlying Shares for the account of a Portfolio, upon receipt of Proper Instructions, the Custodian shall pay out monies of such Portfolio as so directed, and record such payment from the account of such Portfolio on the Custodian's books and records.

3) In respect of the sale or redemption of Underlying Shares for the account of a Portfolio, upon receipt of Proper Instructions, the Custodian shall transfer such Underlying Shares as so directed, record such transfer from the account of such Portfolio on the Custodian's books and records and, upon the Custodian's receipt of the proceeds therefor, record such payment for the account of such Portfolio on the Custodian's books and records.

Information Classification: Limited Access

The Custodian shall not be liable to the Fund for any loss or damage to the Fund or any Portfolio resulting from the maintenance of Underlying Shares with an Underlying Transfer Agent except for losses resulting directly from the fraud, negligence or willful misconduct of the Custodian or any of its agents or of any of its or their employees.

Section 2.11 <u>Ownership Certificates for Tax Purposes</u>. The Custodian shall execute ownership and other certificates and affidavits for all federal and state tax purposes in connection with receipt of income or other payments with respect to domestic securities of each Portfolio held by it and in connection with transfers of securities.

Section 2.12 <u>Proxies</u>. Except with respect to Portfolio property released and delivered pursuant to Section 2.2(14), or purchased pursuant to Section 2.6(7), the Custodian shall, with respect to the domestic securities held hereunder, cause to be promptly executed by the registered holder of such securities, if the securities are registered otherwise than in the name of the Portfolio or a nominee of the Portfolio, all proxies, without indication of the manner in which such proxies are to be voted, and shall promptly deliver to the Fund or its agent such proxies, all proxy soliciting materials and all notices relating to such securities.

Section 2.13 <u>Communications Relating to Portfolio Securities</u>. Except with respect to Portfolio property released and delivered pursuant to Section 2.2(14), or purchased pursuant to Section 2.6(7), and subject to the provisions of Section 2.3, the Custodian shall transmit promptly to the applicable Fund for each Portfolio all written information (including, without limitation, pendency of calls and maturities of domestic securities and expirations of rights in connection therewith and notices of exercise of call and put options written by the Fund on behalf of the Portfolio and the maturity of futures contracts purchased or sold by the Fund on behalf of the Portfolio) received by the Custodian from issuers of the securities being held for the Portfolio. With respect to tender or exchange offers, the Custodian shall transmit promptly to the applicable Fund all written information received by the Custodian from issuers of the securities whose tender or exchange is sought and from the party (or its agents) making the tender or exchange offer. Subject to the Custodian's standard of care noted in Section 17 below, the Custodian shall not be liable for any untimely exercise of any tender, exchange or other right or power in connection with domestic securities or other property of the Portfolios at any time held by it unless (i) the Custodian is in actual possession of such domestic securities or property and (ii) the Custodian receives Proper Instructions with regard to the exercise of any such right or power, and both (i) and (ii) occur at least three business days prior to the date on which the Custodian is to take action to exercise such right or power. The Custodian shall also transmit promptly to the applicable Fund for each Portfolio all written information received by the Custodian regarding any class action or other litigation in connection with Portfolio securities or other assets issued in the United States and then held, or previously held, during the term of this Agreement by the Custodian for the account of the Fund for such Portfolio, including, but not limited to, opt-out notices and proof-of-claim forms. For avoidance of doubt, upon and after the effective date of any termination of this Agreement, with respect to a Fund or its Portfolio(s), as may be applicable, the Custodian shall have no responsibility to so transmit any information under this Section 2.13.

Section 3. <u>Provisions Relating to Rules 17</u><u>f-5 and 17f-7</u>.

Section 3.1. <u>Definitions</u>. As used throughout this Agreement, the capitalized terms set forth below shall have the indicated meanings:

Information Classification: Limited Access

"***Country Risk***" means all factors reasonably related to the systemic risk of holding Foreign Assets in a particular country including, but not limited to, such country's political environment, economic and financial infrastructure (including any Eligible Securities Depository operating in the country), prevailing or developing custody and settlement practices, and laws and regulations applicable to the safekeeping and recovery of Foreign Assets held in custody in that country.

"***Eligible Foreign Custodian***" has the meaning set forth in section (a)(1) of Rule 17f-5, including a majority-owned or indirect subsidiary of a U.S. Bank (as defined in Rule 17f-5), a bank holding company meeting the requirements of an Eligible Foreign Custodian (as set forth in Rule 17f-5 or by other appropriate action of the SEC), or a foreign branch of a Bank (as defined in Section 2(a)(5) of the 1940 Act) meeting the requirements of a custodian under Section 17(f) of the 1940 Act; the term does not include any Eligible Securities Depository.

"***Eligible Securities Depository***" has the meaning set forth in section (b)(1) of Rule 17f-7.

"***Foreign Assets***" means any of the Portfolios' investments (including foreign currencies) for which the primary market is outside the United States and such cash and cash equivalents as are reasonably necessary to effect the Portfolios' transactions in such investments.

"***Foreign Custody Manager***" has the meaning set forth in section (a)(3) of Rule 17f-5.

"***Rule 17f-5***" means Rule 17f-5 promulgated under the 1940 Act.

"***Rule 17f-7***" means Rule 17f-7 promulgated under the 1940 Act.

Section 3.2. <u>The Custodian as Foreign Custody Manager</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;3.2.1&nbsp;&nbsp;&nbsp;&nbsp; <u>Delegation to the Custodian as Foreign Custody Manager</u>. Each Fund, by resolution adopted by its Board, hereby delegates to the Custodian, subject to Section (b) of Rule 17f-5, the responsibilities set forth in this Section 3.2 with respect to Foreign Assets of the Portfolios held outside the United States, and the Custodian hereby accepts such delegation as Foreign Custody Manager with respect to the Portfolios.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.2.2&nbsp;&nbsp;&nbsp;&nbsp; <u>Countries Covered</u>. The Foreign Custody Manager shall be responsible for performing the delegated responsibilities defined below only with respect to the countries and custody arrangements for each such country listed on Schedule A to this Agreement, which list of countries may be amended from time to time by any Fund with the agreement of the Foreign Custody Manager. The Foreign Custody Manager shall list on Schedule A the Eligible Foreign Custodians selected by the Foreign Custody Manager to maintain the assets of the Portfolios, which list of Eligible Foreign Custodians may be amended from time to time in the sole discretion of the Foreign Custody Manager. The Foreign Custody Manager will provide amended versions of Schedule A in accordance with Section 3.2.5 hereof.

Upon the receipt by the Foreign Custody Manager of Proper Instructions to open an account or to place or maintain Foreign Assets in a country listed on Schedule A, and the fulfillment by each Fund, on behalf of the applicable Portfolio(s), of the applicable account opening requirements for such country, the Foreign Custody Manager shall be deemed to have been delegated by such Fund's Board on behalf of such Portfolio(s) responsibility as Foreign Custody Manager with respect to that country and to have accepted such delegation. Execution of this Agreement by each Fund shall be deemed to be a Proper Instruction to open an account, or to place or maintain Foreign Assets, in each country listed on Schedule A. Following the receipt of Proper Instructions directing the Foreign Custody Manager to close the account of a Portfolio with the Eligible Foreign Custodian selected by the Foreign Custody Manager in a designated country, the delegation by the Board on behalf of such Portfolio to the Custodian as Foreign Custody Manager for that country shall be deemed to have been withdrawn and the Custodian shall immediately cease to be the Foreign Custody Manager with respect to such Portfolio with respect to that country.

Information Classification: Limited Access

The Foreign Custody Manager may withdraw its acceptance of delegated responsibilities with respect to a designated country upon written notice to the Fund. Forty-five (45) days (or such shorter or longer period to which the parties may agree in writing) after receipt of any such notice by the Fund, the Custodian shall have no further responsibility in its capacity as Foreign Custody Manager to the Fund with respect to the country as to which the Custodian's acceptance of delegation is withdrawn.

Upon request by the Fund, the Custodian will identify the name, address and principal place of business of any Eligible Foreign Custodians and the name and address of the government agency or other regulatory authority that supervises or regulates such Eligible Foreign Custodian.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.2.3 &nbsp;&nbsp;&nbsp;&nbsp; <u>Scope of Delegated Responsibilities</u>:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Selection of Eligible Foreign Custodians</u>. Subject to the provisions of this Section 3.2, the Foreign Custody Manager may place and maintain the Foreign Assets in the care of the Eligible Foreign Custodian selected by the Foreign Custody Manager in each country listed on Schedule A, as amended from time to time. In performing its delegated responsibilities as Foreign Custody Manager to place or maintain Foreign Assets with an Eligible Foreign Custodian, the Foreign Custody Manager shall determine that the Foreign Assets will be subject to reasonable care, based on the standards applicable to custodians in the country in which the Foreign Assets will be held by that Eligible Foreign Custodian, after considering all factors relevant to the safekeeping of such assets, including, without limitation the factors specified in Rule 17f-5(c)(1).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Contracts With Eligible Foreign Custodians</u>. The Foreign Custody Manager shall determine that the contract governing the foreign custody arrangements with each Eligible Foreign Custodian selected by the Foreign Custody Manager will satisfy the requirements of Rule 17f-5(c)(2).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Monitoring</u>. In each case in which the Foreign Custody Manager maintains Foreign Assets with an Eligible Foreign Custodian selected by the Foreign Custody Manager, the Foreign Custody Manager shall establish a system to monitor (i) the appropriateness of maintaining the Foreign Assets with such Eligible Foreign Custodian and (ii) the performance of the contract governing the custody arrangements established by the Foreign Custody Manager with the Eligible Foreign Custodian. In the event the Foreign Custody Manager determines that the custody arrangements with an Eligible Foreign Custodian it has selected are no longer appropriate, the Foreign Custody Manager shall notify the Board in accordance with Section 3.2.5 hereunder and shall use commercially reasonable efforts to withdraw the Foreign Assets from the Eligible Foreign Custodian as soon as reasonably practicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.2.4 <u>Guidelines for the Exercise of Delegated Authority</u>. For purposes of this Section 3.2, the Board, or at the Board's delegation, a Portfolio's investment adviser, shall be deemed to have considered and determined to accept such Country Risk as is incurred by placing and maintaining the Foreign Assets in each country for which the Custodian is serving as Foreign Custody Manager of the Portfolios.

Information Classification: Limited Access

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.2.5 <u>Reporting Requirements</u>. The Foreign Custody Manager shall report the withdrawal of the Foreign Assets from an Eligible Foreign Custodian and the placement of such Foreign Assets with another Eligible Foreign Custodian by providing to the Board an amended Schedule A at the end of the calendar quarter in which an amendment to such Schedule has occurred or at such other times as reasonably requested by the Board. The Foreign Custody Manager shall make written reports notifying the Board of any other material change in the foreign custody arrangements of the Portfolios described in this Section 3.2 after the occurrence of the material change.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.2.6 <u>Standard of Care as Foreign Custody Manager of a Portfolio</u>. In performing the responsibilities delegated to it, the Foreign Custody Manager agrees to exercise reasonable care, prudence and diligence such as a person having responsibility for the safekeeping of assets of management investment companies registered under the 1940 Act would exercise.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.2.7 <u>Representations with Respect to Rule 17f-5</u>. The Foreign Custody Manager represents to each Fund that it is a U.S. Bank as defined in section (a)(7) of Rule 17f-5. Each Fund represents to the Custodian that its Board has determined that it is reasonable for such Board to rely on the Custodian to perform the responsibilities delegated pursuant to this Agreement to the Custodian as the Foreign Custody Manager of the Portfolios.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.2.8 <u>Effective Date and Termination of the Custodian as Foreign Custody Manager</u>. Each Board's delegation to the Custodian as Foreign Custody Manager of the Portfolios shall be effective as of the date hereof and shall remain in effect until terminated at any time, without penalty, by written notice from the terminating party to the non-terminating party. Termination will become effective forty-five (45) days after receipt by the non-terminating party of such notice. The provisions of Section 3.2.2 hereof shall govern the delegation to and termination of the Custodian as Foreign Custody Manager of the Portfolios with respect to designated countries.

Section 3.3 <u>Eligible Securities Depositories</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;3.3.1 <u>Analysis and Monitoring</u>. The Custodian shall (a) provide the Fund (or its duly-authorized investment manager or investment adviser) with an analysis of the custody risks associated with maintaining assets with the Eligible Securities Depositories set forth on Schedule B hereto in accordance with section (a)(1)(i)(A) of Rule 17f-7, and (b) monitor such risks on a continuing basis, and promptly notify the Fund (or its duly-authorized investment manager or investment adviser) of any material change in such risks, in accordance with section (a)(1)(i)(B) of Rule 17f-7.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.3.2 <u>Standard of Care</u>. The Custodian agrees to exercise reasonable care, prudence and diligence in performing the duties set forth in Section 3.3.1.

Section 4. <u>Duties of the Custodian with Respect to Property of the Portfolios to be Held Outside the United States</u>.

Section 4.1 <u>Definitions</u>. As used throughout this Agreement, the capitalized terms set forth below shall have the indicated meanings:

"***Foreign Securities System***" means an Eligible Securities Depository listed on Schedule B hereto.

"***Foreign Sub-Custodian***" means an Eligible Foreign Custodian.

Information Classification: Limited Access

Section 4.2. <u>Holding Securities</u>. The Custodian shall identify on its books as belonging to the Portfolios the foreign securities held by each Foreign Sub-Custodian or Foreign Securities System. The Custodian may hold foreign securities for all of its customers, including the Portfolios, with any Foreign Sub-Custodian in an account that is identified as belonging to the Custodian for the benefit of its customers, provided however, that (i) the records of the Custodian with respect to foreign securities of the Portfolios which are maintained in such account shall identify those securities as belonging to the Portfolios and (ii), to the extent permitted and customary in the market in which the account is maintained, the Custodian shall require that securities so held by the Foreign Sub-Custodian be held separately from any assets of such Foreign Sub-Custodian or of other customers of such Foreign Sub-Custodian.

Section 4.3. <u>Foreign Securities Systems</u>. Foreign securities shall be maintained in a Foreign Securities System in a designated country through arrangements implemented by the Custodian or a Foreign Sub-Custodian, as applicable, in such country.

Section 4.4. <u>Transactions in Foreign Custody Account</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;4.4.1. <u>Delivery of Foreign Assets</u>. The Custodian or a Foreign Sub-Custodian shall release and deliver foreign securities of the Portfolios held by the Custodian or such Foreign Sub-Custodian, or in a Foreign Securities System account, only upon receipt of Proper Instructions, which may be continuing instructions when deemed appropriate by the parties, and only in the following cases:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Upon the sale of such foreign securities for the Portfolio in accordance with commercially reasonable
 market practice in the country where such foreign securities are held or traded, including, without limitation: (A) delivery against expectation
 of receiving later payment; or (B) in the case of a sale effected through a Foreign Securities System, in accordance with the rules governing
 the operation of the Foreign Securities System;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) In connection with any repurchase agreement related to foreign securities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) To the depository agent in connection with tender or other similar offers for foreign securities of the
 Portfolios;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) To the issuer thereof or its agent when such foreign securities are called, redeemed, retired or otherwise
 become payable;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) To the issuer thereof, or its agent, for transfer into the name of the Custodian (or the name of the respective
 Foreign Sub-Custodian or of any nominee of the Custodian or such Foreign Sub-Custodian) or for exchange for a different number of bonds,
 certificates or other evidence representing the same aggregate face amount or number of units;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) To brokers, clearing banks or other clearing agents for examination or trade execution in accordance with
 market custom; provided that in any such case, the Foreign Sub-Custodian shall have no responsibility or liability for any loss arising
 from the delivery of such foreign securities prior to receiving payment for such foreign securities except as may arise from the Foreign
 Sub-Custodian's own negligence or willful misconduct;

Information Classification: Limited Access

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) For exchange or conversion pursuant to any plan of merger, consolidation, recapitalization, reorganization
 or readjustment of the securities of the issuer of such securities, or pursuant to provisions for conversion contained in such securities,
 or pursuant to any deposit agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) In the case of warrants, rights or similar foreign securities, the surrender thereof in the exercise of
 such warrants, rights or similar securities or the surrender of interim receipts or temporary securities for definitive securities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ix) For delivery as security in connection with any borrowing by a Fund on behalf of a Portfolio requiring
 a pledge of assets by the Fund on behalf of such Portfolio;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x) In connection with trading in options and futures contracts, including delivery
 as original margin and variation margin;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xi) Upon the sale or other delivery of such foreign securities (including, without limitation, to one or more
 Special Sub-Custodians or Repo Custodians) as a Free Trade, provided that applicable Proper Instructions shall set forth (A) the foreign
 securities to be delivered and (B) the person or persons to whom delivery shall be made;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xii) In connection with the lending of foreign securities; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xiii) For any other purpose, but only upon receipt of Proper Instructions specifying (A) the foreign securities
 to be delivered and (B) the person or persons to whom delivery of such securities shall be made.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.4.2. <u>Payment of Portfolio Monies</u>. Upon receipt of Proper Instructions, which may be continuing instructions when deemed appropriate by the parties, the Custodian shall pay out, or direct the respective Foreign Sub-Custodian or the respective Foreign Securities System to pay out, monies of a Portfolio in the following cases only:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Upon the purchase of foreign securities for the Portfolio, unless otherwise directed by Proper Instructions,
 by (A) delivering money to the seller thereof or to a dealer therefor (or an agent for such seller or dealer) against expectation of receiving
 later delivery of such foreign securities; or (B) in the case of a purchase effected through a Foreign Securities System, in accordance
 with the rules governing the operation of such Foreign Securities System;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) In connection with the conversion, exchange or surrender of foreign securities of the Portfolio;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) For the payment of any expense or liability of the Portfolio, including but not limited to the following
 payments: interest, taxes, investment advisory fees, transfer agency fees, fees under this Agreement, legal fees, accounting fees, and
 other operating expenses;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) For the purchase or sale of foreign exchange or foreign exchange contracts for the Portfolio, including
 transactions executed with or through the Custodian or its Foreign Sub-Custodians;

Information Classification: Limited Access

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) In connection with trading in options and futures contracts, including delivery
 as original margin and variation margin;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) Upon the purchase of foreign investments including, without limitation, repurchase agreement transactions
 involving delivery of Portfolio monies to Repo Custodian(s), as a Free Trade, provided that applicable Proper Instructions shall set forth
 (A) the amount of such payment and (B) the person or persons to whom payment shall be made;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) For payment of part or all of the dividends received in respect of securities sold short;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) In connection with the borrowing or lending of foreign securities; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ix) For any other purpose, but only upon receipt of Proper Instructions specifying (A) the amount of such
 payment and (B) the person or persons to whom such payment is to be made.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.4.3. <u>Market Conditions</u>. Notwithstanding any provision of this Agreement to the contrary, settlement and payment for Foreign Assets received for the account of the Portfolios and delivery of Foreign Assets maintained for the account of the Portfolios may be effected in accordance with the customary established securities trading or processing practices and procedures in the country or market in which the transaction occurs, including, without limitation, delivering Foreign Assets to the purchaser thereof or to a dealer therefor (or an agent for such purchaser or dealer) with the expectation of receiving later payment for such Foreign Assets from such purchaser or dealer.

The Custodian shall provide to each Board the information with respect to custody and settlement practices in countries in which the Custodian employs a Foreign Sub-Custodian described on Schedule C hereto at the time or times set forth on such Schedule. The Custodian may revise Schedule C from time to time, provided that no such revision shall result in a Board being provided with substantively less information than had been previously provided hereunder.

Section 4.5. <u>Registration of Foreign Securities</u>. The foreign securities maintained in the custody of a Foreign Sub-Custodian (other than bearer securities) shall be registered in the name of the applicable Portfolio or in the name of the Custodian or in the name of any Foreign Sub-Custodian or in the name of any nominee of the foregoing, and the applicable Fund on behalf of such Portfolio agrees to hold any such nominee harmless from any liability as a holder of record of such foreign securities. The Custodian or a Foreign Sub-Custodian shall not be obligated to accept securities on behalf of a Portfolio under the terms of this Agreement unless the form of such securities and the manner in which they are delivered are in accordance with reasonable market practice.

Section 4.6 <u>Bank Accounts</u>. The Custodian shall identify on its books as belonging to the applicable Fund cash (including cash denominated in foreign currencies) deposited with the Custodian. Where the Custodian is unable to maintain, or market practice does not facilitate the maintenance of, cash on the books of the Custodian, a bank account or bank accounts shall be opened and maintained outside the United States on behalf of a Portfolio with a Foreign Sub-Custodian. All accounts referred to in this Section shall be subject only to draft or order by the Custodian (or, if applicable, such Foreign Sub-Custodian) acting pursuant to the terms of this Agreement to hold cash received by or from or for the account of the Portfolio. Cash maintained on the books of the Custodian (including its branches, subsidiaries and affiliates), regardless of currency denomination, is maintained in bank accounts established under, and subject to the laws of, The Commonwealth of Massachusetts.

Information Classification: Limited Access

Section 4.7. <u>Collection of Income</u>. The Custodian shall use reasonable commercial efforts to collect all income and other payments with respect to the Foreign Assets held hereunder to which the Portfolios shall be entitled. In the event that extraordinary measures are required to collect such income, the Fund and the Custodian shall consult as to such measures and as to the compensation and expenses of the Custodian relating to such measures. The Custodian shall credit income to the applicable Portfolio as such income is received or in accordance with Custodian's then current payable date income schedule. Any credit to the Portfolio in advance of receipt may be reversed when the Custodian determines that payment will not occur in due course and the Portfolio may be charged at the Custodian's applicable rate for time credited. Income on securities loaned other than from the Custodian's securities lending program shall be credited as received.

Section 4.8 <u>Shareholder Rights</u>. With respect to the foreign securities held pursuant to this Section 4, the Custodian shall use reasonable commercial efforts to facilitate the exercise of voting and other shareholder rights, subject always to the laws, regulations and practical constraints that may exist in the country where such securities are issued. Each Fund acknowledges that local conditions, including lack of regulation, onerous procedural obligations, lack of notice and other factors may have the effect of severely limiting the ability of such Fund to exercise shareholder rights.

Section 4.9. <u>Communications Relating to Foreign Securities</u>. The Custodian shall transmit promptly to the applicable Fund written information with respect to materials received by the Custodian via the Foreign Sub-Custodians from issuers of the foreign securities being held for the account of the Portfolios (including, without limitation, pendency of calls and maturities of foreign securities and expirations of rights in connection therewith). With respect to tender or exchange offers, the Custodian shall transmit promptly to the applicable Fund written information with respect to materials so received by the Custodian from issuers of the foreign securities whose tender or exchange is sought or from the party (or its agents) making the tender or exchange offer. The Custodian shall not be liable for any untimely exercise of any tender, exchange or other right or power in connection with foreign securities or other property of the Portfolios at any time held by it unless (i) the Custodian or the respective Foreign Sub-Custodian is in actual possession of such foreign securities or property and (ii) the Custodian receives Proper Instructions with regard to the exercise of any such right or power, and both (i) and (ii) occur at least three business days prior to the date on which the Custodian is to take action to exercise such right or power. The Custodian shall also transmit promptly to the applicable Fund all written information received by the Custodian via the Foreign Sub-Custodians from issuers of the foreign securities being held for the account of the Portfolios regarding any class action or other litigation in connection with Portfolio foreign securities or other assets issued outside the United States and then held, or previously held, during the term of this Agreement by the Custodian via a Foreign Sub-Custodian for the account of the Fund for such Portfolio, including, but not limited to, opt-out notices and proof-of-claim forms. For avoidance of doubt, upon and after the effective date of any termination of this Agreement, with respect to a Fund or its Portfolio(s), as may be applicable, the Custodian shall have no responsibility to so transmit any information under this Section 4.9.

Section 4.10. <u>Liability of Foreign Sub-Custodians</u>. Each agreement pursuant to which the Custodian employs a Foreign Sub-Custodian shall, to the extent possible, require the Foreign Sub-Custodian to exercise reasonable care in the performance of its duties, and to indemnify, and hold harmless, the Custodian from and against any loss, damage, cost, expense, liability or claim arising out of or in connection with the Foreign Sub-Custodian's performance of such obligations. At a Fund's election, the Portfolios shall be entitled to be subrogated to the rights of the Custodian with respect to any claims against a Foreign Sub-Custodian as a consequence of any such loss, damage, cost, expense, liability or claim if and to the extent that the Portfolios have not been made whole for any such loss, damage, cost, expense, liability or claim.

Section 4.11 <u>Tax Law</u>. The Custodian shall have no responsibility or liability for any obligations now or hereafter imposed on any Fund, the Portfolios or the Custodian as custodian of the Portfolios by the tax law of the United States or of any state or political subdivision thereof. It shall be the responsibility of each Fund to notify the Custodian of the obligations imposed on such Fund with respect to the Portfolios or the Custodian as custodian of the Portfolios by the tax law of countries other than those mentioned in the above sentence, including responsibility for withholding and other taxes, assessments or other governmental charges, certifications and governmental reporting. The sole responsibilities of the Custodian with regard to such tax law shall be to use reasonable efforts to effect the withholding of local taxes and related charges with regard to market entitlements/payments in accordance with local law and subject to local market practice or custom, and to assist the Fund with respect to any claim for exemption or refund under the tax law of countries for which such Fund has provided such information. Except as specifically provided in this Agreement or otherwise agreed to in writing by the Custodian, the Custodian shall have no independent obligation to determine the tax obligations now or hereafter imposed on any of the Funds by any taxing authority or to obtain or provide information relating thereto, and shall have no obligation or liability with respect to such tax obligations, it being specifically understood and agreed that the Custodian shall not thereby or otherwise be considered any Fund's tax advisor or tax counsel.

Information Classification: Limited Access

Section 4.12. <u>Liability of Custodian</u>. The Custodian shall be liable for the acts or omissions of a Foreign Sub-Custodian to the same extent as set forth with respect to sub-custodians generally in this Agreement and, regardless of whether assets are maintained in the custody of a Foreign Sub-Custodian or a Foreign Securities System, the Custodian shall not be liable for any loss, damage, cost, expense, liability or claim resulting from nationalization, expropriation, currency restrictions, or acts of war or terrorism, or any other loss where the Sub-Custodian has otherwise acted with reasonable care.

Section 5. <u>Contractual Settlement Services (Purchase/Sales)</u>

Section 5.1. The Custodian shall, in accordance with the terms set out in this Section, debit or credit the appropriate cash account of each Portfolio in connection with (i) the purchase of securities for such Portfolio, and (ii) proceeds of the sale of securities held on behalf of such Portfolio, on a contractual settlement basis.

Section 5.2. The services described above (the "***Contractual Settlement Services***") shall be provided for such instruments and in such markets as the Custodian may advise from time to time. The Custodian may terminate or suspend any part of the provision of the Contractual Settlement Services under this Agreement at its sole discretion immediately upon notice to the Fund on behalf of each Portfolio, including, without limitation, in the event of force majeure events affecting settlement, any disorder in markets, or other changed external business circumstances affecting the markets or the Fund.

Section 5.3. The consideration payable in connection with a purchase transaction shall be debited from the appropriate cash account of the Portfolio as of the time and date that monies would ordinarily be required to settle such transaction in the applicable market. The Custodian shall promptly recredit such amount at the time that the Portfolio or the Fund notifies the Custodian by Proper Instruction that such transaction has been canceled.

Information Classification: Limited Access

Section 5.4. With respect to the settlement of a sale of securities, a provisional credit of an amount equal to the net sale price for the transaction (the "***Settlement Amount***") shall be made to the account of the Portfolio as if the Settlement Amount had been received as of the close of business on the date that monies would ordinarily be available in good funds in the applicable market. Such provisional credit will be made conditional upon the Custodian having received Proper Instructions with respect to, or reasonable notice of, the transaction, as applicable; and the Custodian or its agents having possession of the asset(s) (which shall exclude assets subject to any third party lending arrangement entered into by a Portfolio) associated with the transaction in good deliverable form and not being aware of any facts which would lead them to believe that the transaction will not settle in the time period ordinarily applicable to such transactions in the applicable market.

Section 5.5. Simultaneously with the making of such provisional credit, the Portfolio agrees that the Custodian shall have, and hereby grants to the Custodian, a security interest in any property at any time held for the account of the Portfolio to the full extent of the credited amount, and each Portfolio hereby pledges, assigns and grants to the Custodian a continuing security interest and a lien on any and all such property under the Custodian's possession, in accordance with the terms of this Agreement. In the event that the applicable Portfolio fails to promptly repay any provisional credit, the Custodian shall have all of the rights and remedies of a secured party under the Uniform Commercial Code of The Commonwealth of Massachusetts.

Section 5.6. The Custodian shall have the right to reverse any provisional credit or debit given in connection with the Contractual Settlement Services, followed by notice to the Fund, at any time when the Custodian believes, in its reasonable judgment, that such transaction will not settle in accordance with its terms or amounts due pursuant thereto will not be collectable or where the Custodian has not been provided Proper Instructions with respect thereto, as applicable, and the Portfolio shall be responsible for any costs or liabilities resulting from such reversal. Upon such reversal (i) of a credit, a sum equal to the credited amount shall become immediately payable by the Portfolio to the Custodian and may be debited from any cash account held for benefit of the Portfolio, and (ii) of a debit, the Custodian shall recredit any amount so debited.

Section 5.7. In the event that the Custodian is unable to debit an account of the Portfolio, and the Portfolio fails to pay any amount due to the Custodian at the time such amount becomes payable in accordance with this Agreement, (i) the Custodian may charge the Portfolio for costs and expenses associated with providing the provisional credit, including without limitation the cost of funds associated therewith, (ii) the amount of any accrued dividends, interest and other distributions with respect to assets associated with such transaction may be set off against the credited amount, (iii) the provisional credit and any such costs and expenses shall be considered an advance of cash for purposes of this Agreement and (iv) the Custodian shall have the right to setoff against any property and to sell, exchange, convey, transfer or otherwise dispose of any property at any time held for the account of the Portfolio to the full extent necessary for the Custodian to make itself whole.

Section 6. <u>Loan Servicing Provisions</u>.

Section 6.1 <u>General</u><u>.</u> The following provisions shall apply with respect to investments, property or assets in the nature of loans, interests or participations in loans or assignments of loans, including without limitation interests in syndicated bank loans and bank loan participations, whether in the U.S. or outside the U.S. (collectively, "***Loans***") entered into by a Fund on behalf of one or more of its Portfolios (each such Fund or Portfolio is referred to in this Section 6 as a "Fund").

Information Classification: Limited Access

Section 6.2 <u>Safekeeping</u>. Instruments, certificates, agreements and/or other documents which the Custodian may receive with respect to Loans, if any (collectively "***Financing Documents****"*), from time to time, shall be held by the Custodian at its offices in Boston, Massachusetts.

Section 6.3 <u>Duties of the Custodian</u>. The Custodian shall accept such Financing Documents, if any, with respect to Loans as may be delivered to it from time to time by a Fund. The Custodian shall be under no obligation to examine the contents or determine the sufficiency of any such Financing Documents or to provide any certification with respect thereto, whether received by the Custodian as original documents, photocopies, by facsimile or otherwise. Without limiting the foregoing, the Custodian is under no duty to examine any such Financing Documents to determine whether necessary steps have been taken or requirements met with respect to the assignment or transfer of the related Loan or applicable interest or participation in such Loan. The Custodian shall be entitled to assume the genuineness, sufficiency and completeness of any Financing Documents received, and the genuineness and due authority of any signature appearing on such documents. Notwithstanding any term of this Agreement to the contrary, with respect to any Loans, (i) the Custodian shall be under no obligation to determine, and shall have no liability for, the sufficiency of, or to require delivery of, any instrument, document or agreement constituting, evidencing or representing such Loan, other than to receive such Financing Documents, if any, as may be delivered or caused to be delivered to it by the applicable Fund (or its investment manager acting on its behalf), (ii) without limiting the generality of the foregoing, delivery of any such Loan (including without limitation, for purposes of Section 2.8 above) may be made to the Custodian by, and may be represented solely by, delivery to the Custodian of a facsimile or photocopy of an assignment agreement (an "***Assignment Agreement***") or a confirmation or certification from such Fund (or the investment manager) to the effect that it has acquired such Loan and/or has received or will receive, and will deliver to the Custodian, appropriate Financing Documents constituting, evidencing or representing such Loan (such confirmation or certification, together with any Assignment Agreement, collectively, an "***Assignment Agreement or Confirmation***"), in any case without delivery of any promissory note, participation certificate or similar instrument (collectively, an "***Instrument***"), (iii) if an original Instrument shall be or shall become available with respect to any such Loan, it shall be the sole responsibility of such Fund (or the investment manager acting on its behalf) to make or cause delivery thereof to the Custodian, and the Custodian shall be under no obligation at any time or times to determine whether any such original Instrument has been issued or made available with respect to such Loan, and shall not be under any obligation to compel compliance by such Fund to make or cause delivery of such Instrument to the Custodian, and (iv) any reference to Financing Documents appearing in this Section 6 shall be deemed to include, without limitation, any such Instrument and/or Assignment Agreement or Confirmation.

If payments with respect to a Loan ("***Loan Payment***") are not received by the Custodian on the date on which they are due, as reflected in the Payment Schedule (as such term is defined in Section 6.4 below) of the Loan ("***Payment Date***"), or in the case of interest payments, not received either on a scheduled interest payable date, as reported to the Custodian by the applicable Fund (or the investment manager acting on its behalf) for the Loan (the "***Interest Payable Date***"), or in the amount of their accrued interest payable, the Custodian shall promptly, but in no event later than one business day after the Payment Date or the Interest Payable Date, give telephonic notice to the party obligated under the Financing Documents to make such Loan Payment (the "***Obligor***") of its failure to make timely payment, and (2) if such payment is not received within three business days of its due date, shall notify such Fund (or the investment manager on its behalf) of such Obligor's failure to make the Loan Payment. The Custodian shall have no responsibility with respect to the collection of Loan Payments which are past due, other than the duty to notify the Obligor and the applicable Fund (or the investment manager acting on its behalf) as provided herein.

Information Classification: Limited Access

The Custodian shall have no responsibilities or duties whatsoever under this Agreement, with respect to Loans or the Financing Documents, except for such responsibilities as are expressly set forth herein. Without limiting the generality of the foregoing, the Custodian shall have no obligation to preserve any rights against prior parties or to exercise any right or perform any obligation in connection with the Loans or any Financing Documents (including, without limitation, no obligation to take any action in respect of or upon receipt of any consent solicitation, notice of default or similar notice received from any bank agent or Obligor, except that the Custodian shall undertake reasonable efforts to forward any such notice to the applicable Fund or the investment manager acting on its behalf). In case any question arises as to its duties hereunder, the Custodian may request instructions from the applicable Fund and shall be entitled at all times to refrain from taking any action unless it has received Proper Instructions from such Fund or the investment manager and the Custodian shall in all events have no liability, risk or cost for any action taken, with respect to a Loan, pursuant to and in compliance with the Proper Instructions of such parties.

The Custodian shall be only responsible and accountable for Loan Payments actually received by it and identified as for the account of the applicable Fund; any and all credits and payments credited to such Fund, with respect to Loans, shall be conditional upon clearance and actual receipt by the Custodian of final payment thereon.

The Custodian shall promptly, upon the applicable Fund's request, release to such Fund's investment manager or to any party as such Fund or the Fund's investment manager may specify, any Financing Documents being held on behalf of such Fund. Without limiting the foregoing, the Custodian shall not be deemed to have or be charged with knowledge of the sale of any Loan, unless and except to the extent it shall have received written notice and instruction from the applicable Fund (or the investment manager acting on its behalf) with respect thereto, and except to the extent it shall have received the sale proceeds thereof.

In no event shall the Custodian be under any obligation or liability to make any advance of its own funds with respect to any Loan.

Section 6.4 <u>Responsibility of the Funds</u>. With respect to each Loan held by the Custodian hereunder in accordance with the provisions hereof, the applicable Fund shall (a) cause the Financing Documents evidencing such Loan to be delivered to the Custodian; (b) include with such Financing Documents an amortization schedule of payments (the "***Payment Schedule***") identifying the amount and due dates of scheduled principal payments, the Interest Payable Date(s) and related payment amount information, and such other information with respect to the related Loan and Financing Documents as the Custodian reasonably may require in order to perform its services hereunder (collectively, "***Loan Information***"), in such form and format as the Custodian reasonably may require; (c) take, or cause the investment manager to take, all actions necessary to acquire good title to such Loan (or the participation in such Loan, as the case may be), as and to the extent intended to be acquired; and (d) cause the Custodian to be named as its nominee for payment purposes under the Financing Documents or otherwise provide for the direct payment of the Payments to the Custodian. The Custodian shall be entitled to rely upon the Loan Information provided to it by a Fund (or the investment manager acting on its behalf) without any obligation on the part of the Custodian independently to verify, investigate, recalculate, update or otherwise confirm the accuracy or completeness thereof; and the Custodian shall have no liability for any delay or failure on the part of a Fund in providing necessary Loan Information to the Custodian, or for any inaccuracy therein or incompleteness thereof. With respect to each such Loan, the Custodian shall be entitled to rely on any information and notices it may receive from time to time from the related bank agent, Obligor or similar party with respect to the related Loan, and shall be entitled to update its records on the basis of such information or notices received, without any obligation on its part independently to verify, investigate or recalculate such information.

Information Classification: Limited Access

Section 6.5 <u>Instructions; Authority to Act</u>. The certificate of the Secretary or an Assistant Secretary of a Fund, identifying certain individuals to be officers of the Fund or employees of such Fund's investment adviser and authorized to sign any such instructions, may be received and accepted as conclusive evidence of the incumbency and authority of such to act and may be considered by the Custodian to be in full force and effect until it receives written notice to the contrary from the Secretary or Assistant Secretary of such Fund. Investment managers other than the investment adviser may submit authorized persons lists directly to the custodian. Notwithstanding any other provision of this Agreement, the Custodian shall have no responsibility to ensure that any investment by a Fund with respect to Loans has been authorized.

Section 6.6 <u>Attachment.</u> In case any portion of the Loans or the Financing Documents shall be attached or levied upon pursuant to an order of court, or the delivery or disbursement thereof shall be stayed or enjoined by an order of court, or any other order, judgment or decrees shall be made or entered by any court affecting the property of the applicable Fund or any act of the Custodian relating thereto, the Custodian is hereby expressly authorized in its sole discretion to obey and comply with all orders, judgments or decrees so entered or issued, without the necessity of inquire whether such court had jurisdiction, and, in case the Custodian obeys or complied with any such order, judgment or decree, it shall not be liable to anyone by reason of such compliance.

Section 7. <u>Payments for Sales or Repurchases or Redemptions of Shares</u>.

The Custodian shall receive from the distributor of the Shares or from the Transfer Agent and deposit into the account of the appropriate Portfolio such payments as are received for Shares thereof issued or sold from time to time by the applicable Fund. The Custodian will provide timely notification to such Fund on behalf of each such Portfolio and the Transfer Agent of any receipt by it of payments for Shares of such Portfolio.

From such funds as may be available for the purpose, the Custodian shall, upon receipt of instructions from the Transfer Agent, make funds available for payment to holders of Shares who have delivered to the Transfer Agent a request for redemption or repurchase of their Shares. In connection with the redemption or repurchase of Shares, the Custodian is authorized upon receipt of instructions from the Transfer Agent to wire funds to or through a commercial bank designated by the redeeming shareholders. In connection with the redemption or repurchase of Shares, the Custodian shall honor checks drawn on the Custodian by a holder of Shares, which checks have been furnished by a Fund to the holder of Shares, when presented to the Custodian in accordance with such procedures and controls as are mutually agreed upon from time to time between such Fund and the Custodian.

Section 8. <u>Special Sub-Custodians</u>.

Upon receipt of Special Instructions (as such term is defined in Section 9 hereof), the Custodian shall, on behalf of one or more Portfolios, appoint one or more banks, trust companies or other entities designated in such Special Instructions to act as a sub-custodian for the purposes of effecting such transaction(s) as may be designated by a Fund in Special Instructions. Each such designated sub-custodian is referred to herein as a "***Special Sub-Custodian***." Each such duly appointed Special Sub-Custodian shall be listed on Schedule D hereto, as it may be amended from time to time by a Fund, with the acknowledgment of the Custodian. In connection with the appointment of any Special Sub-Custodian, and in accordance with Special Instructions, the Custodian shall enter into a sub-custodian agreement with the Fund and the Special Sub-Custodian in form and substance approved by such Fund, provided that such agreement shall in all events comply with the provisions of the 1940 Act and the rules and regulations thereunder and the terms and provisions of this Agreement.

Information Classification: Limited Access

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| Section 9. | <u>Proper Instructions and Special Instructions</u>. |

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"***Proper Instructions***," which may also be standing instructions, as such term is used throughout this Agreement shall mean instructions received by the Custodian from a Fund, a Fund's duly authorized investment manager or investment adviser, or a person or entity duly authorized by either of them. Such instructions may be in writing signed by the authorized person or persons or may be in a tested communication or in a communication utilizing access codes effected between electro-mechanical or electronic devices or may be by such other means and utilizing such intermediary systems and utilities as may be agreed from time to time by the Custodian and the person(s) or entity giving such instruction, provided that the Fund has followed any security procedures agreed to from time to time by the applicable Fund and the Custodian including, but not limited to, the security procedures selected by the Fund via the form of Funds Transfer Addendum hereto, the terms of which are hereby agreed to. Oral instructions will be considered Proper Instructions if the Custodian reasonably believes them to have been given by a person authorized to provide such instructions with respect to the transaction involved; the Fund shall cause all oral instructions to be confirmed in writing, but the Fund's failure to do so shall not affect the Custodian's authority to rely on the oral instructions. For purposes of this Section, Proper Instructions shall include instructions received by the Custodian pursuant to any multi-party agreement which requires a segregated asset account in accordance with Section 2.9 hereof.

"***Special Instructions***," as such term is used throughout this Agreement, means Proper Instructions countersigned or confirmed in writing by the Secretary or any Assistant Secretary of the applicable Fund or any other person designated in writing by the Secretary of such Fund, which countersignature or confirmation shall be (a) included on the same instrument containing the Proper Instructions or on a separate instrument clearly relating thereto and (b) delivered by hand, by facsimile transmission, or in such other manner as the Fund and the Custodian agree in writing.

Concurrently with the execution of this Agreement, and from time to time thereafter, as appropriate, each Fund shall deliver to the Custodian, duly certified by such Fund's Secretary or Assistant Secretary, a certificate setting forth: (i) the names, titles, signatures and scope of authority of all persons of such Fund's investment adviser authorized to give Proper Instructions or any other notice, request, direction, instruction, certificate or instrument on behalf of the Fund; and (ii) the names, titles and signatures of those persons authorized to give Special Instructions. Such certificate may be accepted and relied upon by the Custodian as conclusive evidence of the facts set forth therein and shall be considered to be in full force and effect until receipt by the Custodian of a similar certificate to the contrary. Investment managers other than the investment adviser may submit the names, titles, signatures and scope of authority of all persons authorized to give Proper Instructions, on behalf of the Fund, directly to the custodian.

Section 10. <u>Evidence of Authority</u>.

The Custodian shall be protected in acting upon any instructions, notice, request, consent, certificate or other instrument or paper reasonably believed by it to be genuine and to have been properly executed by or on behalf of the applicable Fund. The Custodian may receive and accept a copy of a resolution certified by the Secretary or an Assistant Secretary of any Fund as conclusive evidence (a) of the authority of any person to act in accordance with such resolution or (b) of any determination or of any action by the applicable Board as described in such resolution, and such resolution may be considered as in full force and effect until receipt by the Custodian of written notice to the contrary.

Information Classification: Limited Access

Section 11. <u>Actions Permitted without Express Authority</u>.

The Custodian may in its discretion, without express authority from the applicable Fund on behalf of each applicable Portfolio:

1) Make payments to itself or others for minor expenses of handling securities or other similar items relating to its duties under this Agreement; provided that all such payments shall be accounted for to the Fund on behalf of the Portfolio;

2) Surrender securities in temporary form for securities in definitive form;

3) Endorse for collection, in the name of the Portfolio, checks, drafts and other negotiable instruments; and

4) In general, attend to all non-discretionary details in connection with the sale, exchange, substitution, purchase, transfer and other dealings with the securities and property of the Portfolio except as otherwise directed by the applicable Board.

Section 12. <u>Duties of Custodian with Respect to the Books of Account and Calculation of Net Asset Value and Net Income</u>.

The Custodian shall cooperate with and supply necessary information to the entity or entities appointed by the applicable Board to keep the books of account of each Portfolio and/or compute the net asset value per Share of the outstanding Shares or, if directed in writing to do so by a Fund on behalf of a Portfolio, shall itself keep such books of account and/or compute such net asset value per Share. If so directed, the Custodian shall also calculate daily the net income of the Portfolio as described in the Prospectus and shall advise the Fund and the Transfer Agent daily of the total amounts of such net income and, if instructed in writing by an officer of the Fund to do so, shall advise the Transfer Agent periodically of the division of such net income among its various components. Each Fund acknowledges and agrees that, with respect to investments maintained with the Underlying Transfer Agent, the Underlying Transfer Agent is the sole source of information on the number of shares of a fund held by it on behalf of a Portfolio and that the Custodian has the right to rely on holdings information furnished by the Underlying Transfer Agent to the Custodian in performing its duties under this Agreement, including without limitation, the duties set forth in this Section 12 and in Section 13 hereof; provided, however, that the Custodian shall be obligated to reconcile information as to purchases and sales of Underlying Shares contained in trade instructions and confirmations received by the Custodian and to report promptly any discrepancies to the Underlying Transfer Agent. The calculations of the net asset value per Share and the daily income of each Portfolio shall be made at the time or times described from time to time in the Prospectus. Each Fund acknowledges that, in keeping the books of account of the Portfolio and/or making the calculations described herein with respect to Portfolio property released and delivered pursuant to Section 2.2(14), or purchased pursuant to Section 2.6(7) hereof, the Custodian is authorized and instructed to rely upon information provided to it by the Fund, the Fund's counterparty(ies), or the agents of either of them.

Information Classification: Limited Access

Section 13. <u>Records</u>.

The Custodian shall with respect to each Portfolio create and maintain all records relating to its activities and obligations under this Agreement in such manner as will meet the obligations of each Fund under the 1940 Act, with particular attention to section 31 thereof and Rules 31a-1 and 31a-2 thereunder. All such records shall be the property of the Fund and shall at all times during the regular business hours of the Custodian be open for inspection by duly authorized officers, employees or agents of such Fund and employees and agents of the SEC. The Custodian shall, at a Fund's request, supply the Fund with a tabulation of securities owned by each Portfolio and held by the Custodian and shall, when requested to do so by the Fund and for such compensation as shall be agreed upon between the Fund and the Custodian, include certificate numbers in such tabulations. Each Fund acknowledges that, in creating and maintaining the records as set forth herein with respect to Portfolio property released and delivered pursuant to Section 2.2(14), or purchased pursuant to Section 2.6(7) hereof, the Custodian is authorized and instructed to rely upon information provided to it by the Fund, the Fund's counterparty(ies), or the agents of either of them.

The Custodian shall provide to the Fund: (a) sub-certifications in connection with Sarbanes-Oxley Act of 2002 certification requirements; and (b) periodic reports and reasonable documentation for delivery to the Fund's Chief Compliance Officer or its designee in connection with Rule 38a-1 under the 1940 Act with respect to the services contemplated by this Agreement and the Custodian's compliance with its operating policies and procedures related thereto.

Section 14. <u>Opinion of Fund's Independent Accountant</u>.

The Custodian shall take all reasonable action, as a Fund with respect to a Portfolio may from time to time request, to obtain from year to year favorable opinions from the Fund's independent accountants with respect to its activities hereunder in connection with the preparation of the Fund's Form N-1A or Form N-2, as applicable, and Form N-CEN or other annual reports to the SEC and with respect to any other requirements thereof.

Section 15. <u>Reports to Fund by Independent Public Accountants</u>.

The Custodian shall provide the applicable Fund, on behalf of each of the Portfolios at such times as such Fund may reasonably require, with reports by independent public accountants on the accounting system, internal accounting control and procedures for safeguarding securities, futures contracts and options on futures contracts, including securities deposited and/or maintained in a U.S. Securities System or a Foreign Securities System (either, a "***Securities System***"), relating to the services provided by the Custodian under this Agreement; such reports, shall be of sufficient scope and in sufficient detail, as may reasonably be required by the Fund to provide reasonable assurance that any material inadequacies would be disclosed by such examination, and, if there are no such inadequacies, the reports shall so state.

Section 16. <u>Compensation of Custodian</u>.

The Custodian shall be entitled to reasonable compensation for its services and expenses as Custodian, as agreed upon from time to time between each Fund on behalf of each applicable Portfolio and the Custodian.

Section 17. <u>Responsibility of Custodian</u>.

So long as and to the extent that it is in the exercise of reasonable care, the Custodian shall not be responsible for the title, validity or genuineness of any property or evidence of title thereto received by it or delivered by it pursuant to this Agreement and shall be held harmless in acting upon any Proper Instructions, notice, request, consent, certificate or other instrument reasonably believed by it to be genuine and to be signed by the proper party or parties, including any futures commission merchant acting pursuant to the terms of a three-party futures or options agreement which requires a segregated asset account in accordance with Section 2.9 hereof. The Custodian shall be held to the exercise of reasonable care in carrying out the provisions of this Agreement, but shall be kept indemnified by and shall be without liability to any Fund for any action taken or omitted by it in good faith and without negligence, including, without limitation, acting in accordance with any Proper Instruction. The Custodian shall be entitled to rely on and may act upon advice of legal counsel (who may be legal counsel for the Fund) on all matters, and shall be without liability for any action reasonably taken or omitted pursuant to such advice and acting in accordance with the standard of care hereunder. The Custodian shall be without liability to any Fund or Portfolio for any loss, liability, claim or expense resulting from or caused by anything that is part of Country Risk (as defined in Section 3 hereof), including without limitation nationalization, expropriation, currency restrictions, insolvency of a Foreign Sub-custodian, acts of war, revolution, riots or terrorism.

Information Classification: Limited Access

Except as may arise from the Custodian's own negligence or willful misconduct or the negligence or willful misconduct of a sub-custodian or agent, the Custodian shall be without liability to any Fund for any loss, liability, claim or expense resulting from or caused by; (i) events or circumstances beyond the reasonable control of the Custodian or any sub-custodian or Securities System or any agent or nominee of any of the foregoing, including, without limitation, the interruption, suspension or restriction of trading on or the closure of any securities market, power or other mechanical or technological failures or interruptions, computer viruses or communications disruptions, work stoppages, natural disasters, or other similar events or acts; (ii) errors by any Fund or its duly authorized investment manager or investment adviser in their instructions to the Custodian provided such instructions have been in accordance with this Agreement; (iii) the insolvency of or acts or omissions by a Securities System; (iv) any act or omission of a Special Sub-Custodian including, without limitation, reliance on reports prepared by a Special Sub-Custodian; (v) any delay or failure of any broker, agent or intermediary, central bank or other commercially prevalent payment or clearing system to deliver to the Custodian's sub-custodian or agent securities purchased or in the remittance or payment made in connection with securities sold; (vi) any delay or failure of any company, corporation, or other body in charge of registering or transferring securities in the name of the Custodian, any Fund, the Custodian's sub-custodians, nominees or agents or any consequential losses arising out of such delay or failure to transfer such securities including non-receipt of bonus, dividends and rights and other accretions or benefits; (vii) delays or inability to perform its duties due to any disorder in market infrastructure with respect to any particular security or Securities System; and (viii) any provision of any present or future law or regulation or order of the United States of America, or any state thereof, or any other country, or political subdivision thereof or of any court of competent jurisdiction. The Custodian shall be liable for the acts or omissions of a Foreign Sub-Custodian to the same extent as set forth with respect to sub-custodians generally in this Agreement. In no event shall the Custodian be liable for indirect, special or consequential damages.

If a Fund on behalf of a Portfolio requires the Custodian to take any action with respect to securities, which action involves the payment of money or which action may, in the opinion of the Custodian, result in the Custodian or its nominee assigned to the Fund or the Portfolio being liable for the payment of money or incurring liability of some other form, such Fund on behalf of the Portfolio, as a prerequisite to requiring the Custodian to take such action, shall provide indemnity to the Custodian in an amount and form satisfactory to it.

If a Fund requires the Custodian, its affiliates, subsidiaries or agents, to advance cash or securities for any purpose (including but not limited to securities settlements, foreign exchange contracts and assumed settlement), or in the event that the Custodian or its nominee shall incur or be assessed any taxes, charges, expenses, assessments, claims or liabilities in connection with the performance of this Agreement, except such as may arise from its or its nominee's own negligent action, negligent failure to act or willful misconduct, or if a Fund fails to compensate the Custodian pursuant to Section 16 hereof, any property at any time held for the account of the applicable Portfolio shall be security therefor and should the Fund fail to repay the Custodian promptly, the Custodian shall be entitled to utilize available cash and to dispose of such Portfolio's assets to the extent necessary to obtain reimbursement.

Information Classification: Limited Access

Except as may arise from the Custodian's own negligence or willful misconduct, each Fund shall indemnify and hold the Custodian harmless from and against any and all costs, expenses, losses, damages, charges, counsel fees, payments and liabilities which may be asserted against the Custodian (a) acting in accordance with any Proper Instruction or Special Instruction including, without limitation, any Proper Instruction with respect to Free Trades including, but not limited to, cost, expense, loss, damage, liability, tax, charge, assessment or claim resulting from (i) the failure of the applicable Fund to receive income with respect to purchased investments, (ii) the failure of the applicable Fund to recover amounts invested on maturity of purchased investments, (iii) the failure of the Custodian to respond to or be aware of notices or other corporate communications with respect to purchased investments, or (iv) the Custodian's reliance upon information provided by the applicable Fund, such Fund's counterparty(ies) or the agents of either of them with respect to Fund property released, delivered or purchased pursuant to either of Section 2.2(14) or Section 2.6(7) hereof; (b) for the acts or omissions of any Special Sub-Custodian; or (c) for the acts or omissions of any Local Agent or Pledgee. In no event shall the fund be liable for indirect, special or consequential damages.

In the event of equipment failure, work stoppage, governmental action, communication disruption or other impossibility of performance beyond the Custodian's control, the Custodian shall take reasonable steps to minimize service interruptions. The Custodian shall enter into and shall maintain in effect with appropriate parties one or more agreements making reasonable provision for (i) periodic back-up of the computer files and data with respect to the Funds; and (ii) emergency use of electronic data processing equipment to provide services under this Agreement. Custodian will maintain a disaster recovery plan that complies with commercially reasonable industry standards. Upon reasonable request, the Custodian shall discuss with senior management of the Funds such disaster recovery plan and/or provide a high-level presentation summarizing such plan.

Section 18. <u>Effective Period, Termination and Amendment</u>.

The Original Agreement remained in full force and effect for an initial 2-year term.

This Agreement shall continue in full force and effect until terminated as hereinafter provided. The Agreement may be terminated by either party by an instrument in writing delivered or mailed, postage prepaid to the other party, such termination to take effect not sooner than ninety (90) days after the date of such delivery or mailing. Notwithstanding the foregoing, this Agreement may be terminated at any time upon mutual written agreement of the parties hereto.

Termination of this Agreement with respect to any one particular Fund or Portfolio shall in no way affect the rights and duties under this Agreement with respect to any other Fund or Portfolio. The provisions of Sections 4.11, 16 and 17 of this Agreement shall survive termination of this Agreement for any reason.

This Agreement may be amended at any time in writing by mutual agreement of the parties hereto.

Information Classification: Limited Access

Section 19. <u>Successor Custodian</u>.

If a successor custodian for one or more Portfolios shall be appointed by the applicable Board, the Custodian shall, upon termination and receipt of Proper Instructions, deliver to such successor custodian at the office of the Custodian, duly endorsed and in the form for transfer, all securities, cash and other assets of each applicable Portfolio then held by it hereunder and shall transfer to an account of the successor custodian all of the securities of each such Portfolio held in a Securities System or at the Underlying Transfer Agent. Custodian shall also provide to the successor custodian a Fund's records (as described in Section 13 of this Agreement) as reasonably requested by the Fund.

If no such successor custodian shall be appointed, the Custodian shall, in like manner, upon receipt of Proper Instructions, deliver at the office of the Custodian and transfer such securities, funds and other properties in accordance with such Proper Instructions.

In the event that no Proper Instructions designating a successor custodian or alternative arrangements shall have been delivered to the Custodian on or before the date when such termination shall become effective, then the Custodian shall have the right to deliver to a bank or trust company, which is a "bank" as defined in the 1940 Act, doing business in Boston, Massachusetts or New York, New York, of its own selection, having an aggregate capital, surplus, and undivided profits, as shown by its last published report, of not less than $25,000,000, all securities, funds and other properties held by the Custodian on behalf of each applicable Portfolio and all instruments held by the Custodian relative thereto and all other property held by it under this Agreement on behalf of each applicable Portfolio, and to transfer to an account of such successor custodian all of the securities of each such Portfolio held in any Securities System or at the Underlying Transfer Agent. Thereafter, such bank or trust company shall be the successor of the Custodian under this Agreement.

In the event that securities, funds and other properties remain in the possession of the Custodian after the date of termination hereof owing to failure of any Fund to provide Proper Instructions as aforesaid, the Custodian shall be entitled to fair compensation for its services during such period as the Custodian retains possession of such securities, funds and other properties and the provisions of this Agreement relating to the duties and obligations of the Custodian shall remain in full force and effect.

Section 20. <u>General</u>.

Section 20.1 <u>Massachusetts Law to Apply</u>. This Agreement shall be construed and the provisions thereof interpreted under and in accordance with laws of The Commonwealth of Massachusetts.

Section 20.2 <u>Prior Agreements</u>. This Agreement supersedes and terminates, as of the date hereof, all prior Agreements between each Fund on behalf of each of the Portfolios and the Custodian relating to the custody of such Fund's assets.

Section 20.3 <u>Assignment</u>. This Agreement may not be assigned by (a) any Fund without the written consent of the Custodian or (b) by the Custodian without the written consent of each applicable Fund.

Section 20.4 <u>Interpretive and Additional Provisions.</u> In connection with the operation of this Agreement, the Custodian and each Fund on behalf of each of the Portfolios, may from time to time agree on such provisions interpretive of or in addition to the provisions of this Agreement as may in their joint opinion be consistent with the general tenor of this Agreement. Any such interpretive or additional provisions shall be in a writing signed by all parties and shall be annexed hereto, provided that no such interpretive or additional provisions shall contravene any applicable federal or state regulations or any provision of a Fund's Governing Documents. No interpretive or additional provisions made as provided in the preceding sentence shall be deemed to be an amendment of this Agreement.

Information Classification: Limited Access

Section 20.5 <u>Additional Funds</u>. In the event that any management investment company or Cayman Islands entity in addition to those listed on Appendix A hereto desires to have the Custodian render services as custodian under the terms hereof, it shall so notify the Custodian in writing, and if the Custodian agrees in writing to provide such services, such management investment company or Cayman Islands entity shall become a Fund hereunder and be bound by all terms and conditions and provisions hereof including, without limitation, the representations and warranties set forth in Section 20.7 below.

Section 20.6 <u>Additional Portfolios</u>. In the event that any Fund establishes one or more series of Shares in addition to those set forth on Appendix A hereto with respect to which it desires to have the Custodian render services as custodian under the terms hereof, it shall so notify the Custodian in writing, and if the Custodian agrees in writing to provide such services, such series of Shares shall become a Portfolio hereunder.

Section 20.7 <u>The Parties</u>. All references herein to the "Fund" are to each of the management investment companies and each Cayman Islands entity listed on Appendix A hereto, and each management investment company and each Cayman Islands entity made subject to this Agreement in accordance with Section 20.5 above, individually, as if this Agreement were between such individual Fund and the Custodian. In the case of a series corporation, trust or other entity, all references herein to the "Portfolio" are to the individual series or portfolio of such corporation, trust or other entity, or to such corporation, trust or other entity on behalf of the individual series or portfolio, as appropriate. A copy of the Agreement and Declaration of Trust of each Fund that is a Massachusetts business trust is on file with the Secretary of State of The Commonwealth of Massachusetts. The Custodian agrees that the financial obligations of a Portfolio under this Agreement shall be binding only upon the assets of that Portfolio, and the Custodian shall not seek satisfaction of any such obligation from the officers, agents, employees, trustees or shareholders of a Fund or a Portfolio in their individual capacity, and in no case shall the Custodian have recourse to the assets of any series of a Fund other than the Portfolio to which such obligation relates under this Agreement.

Any reference in this Agreement to "the parties" shall mean the Custodian and such other individual Fund as to which the matter pertains. Each Fund hereby represents and warrants that (a) it is duly incorporated or organized and is validly existing in good standing in its jurisdiction of incorporation or organization; (b) it has the requisite power and authority under applicable law and its Governing Documents to enter into and perform this Agreement; (c) all requisite proceedings have been taken to authorize it to enter into and perform this Agreement; (d) this Agreement constitutes its legal, valid, binding and enforceable agreement; and (e) its entrance into this Agreement shall not cause a material breach or be in material conflict with any other agreement or obligation of the Fund or any law or regulation applicable to it. The Custodian hereby represents and warrants that (a) it is duly organized and validly existing in its jurisdiction of organization; (b) it has the requisite power and authority under applicable law to enter into and perform this Agreement; (c) all requisite proceedings have been taken to authorize it to enter into and perform this Agreement; (d) this Agreement constitutes its legal, valid, binding and enforceable agreement; and (e) its execution of this Agreement shall not cause a material breach or be in material conflict with any other agreement or obligation of the Custodian or any law or regulation applicable to it.

Information Classification: Limited Access

Section 20.8 <u>Remote Access Services Addendum</u>. The Custodian and each Fund agree to be bound by the terms of the Remote Access Services Addendum hereto.

Section 20.9 <u>Notices</u>. Any notice, instruction or other communication required to be given hereunder will, unless otherwise provided in this Agreement, be in writing and may be sent by hand, or by facsimile transmission, or overnight delivery by any recognized delivery service, to the parties at the following addresses or such other addresses as may be notified by any party from time to time.

---

| | |
|:---|:---|
| To any Fund: | Jackson National Asset Management, LLC |
|  | 225 West Wacker Drive |
|  | Suite 1200 |
|  | Chicago, IL 60606 |
|  | Attention: General Counsel |
|  | Facsimile: 312-236-3911 |

---

---

| | |
|:---|:---|
| To the Custodian: | State Street Bank and Trust Company |
|  | 1200 Crown Colony Drive |
|  | Quincy, MA 02169 |
|  | Attention: Scott Shirrell |
|  | Telephone: 617-662-0010 |
|  | Facsimile: 617-537-4779 |

---

---

| | |
|:---|:---|
| with a copy to: | State Street Bank and Trust Company |
|  | Legal Division – Global Services Americas |
|  | One Lincoln Street |
|  | Boston, MA 02111 |
|  | Attention: Senior Vice President and Senior Managing Counsel |

---

Section 20.10 <u>Counterparts</u>. This Agreement 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 Agreement.

Section 20.11 <u>Severability</u>. If any provision or provisions of this Agreement shall be held to be invalid, unlawful or unenforceable, the validity, legality and enforceability of the remaining provisions shall not in any way be affected or impaired.

Section 20.12 <u>Confidentiality</u>. The parties hereto agree that each shall treat confidentially all information provided by each party to the other party regarding its business and operations. All confidential information provided by a party hereto shall be used by any other party hereto solely for the purpose of rendering or receiving services pursuant to this Agreement and, except as may be required in carrying out this Agreement, shall not be disclosed to any third party. The foregoing shall not be applicable to any information (i) that is publicly available when provided or thereafter becomes publicly available, other than through a breach of this Agreement, or that is independently derived by any party hereto without the use of any information provided by the other party hereto in connection with this Agreement, (ii) that is required in any legal or regulatory proceeding, investigation, audit, examination, subpoena, civil investigative demand or other similar process, or by operation of law or regulation, or (iii) where the party seeking to disclose has received the prior written consent of the party providing the information, which consent shall not be unreasonably withheld. to the contrary, the Custodian

Information Classification: Limited Access

Section 20.13 <u>Reproduction of Documents</u>. This Agreement and all schedules, addenda, exhibits, appendices, attachments and amendments hereto may be reproduced by any photographic, photostatic, microfilm, micro-card, miniature photographic or other similar process. The parties hereto all/each agree that any such reproduction shall be admissible in evidence as the original itself in any judicial or administrative proceeding, whether or not the original is in existence and whether or not such reproduction was made by a party in the regular course of business, and that any enlargement, facsimile or further reproduction of such reproduction shall likewise be admissible in evidence.

Section 20.14 <u>Regulation GG</u>. Each Fund hereby represents and warrants that it does not engage in an "Internet gambling business," as such term is defined in Section 233.2(r) of Federal Reserve Regulation GG (12 CFR 233) ("***Regulation GG***"). Each Fund hereby covenants and agrees that it shall not engage in an Internet gambling business. In accordance with Regulation GG, each Fund is hereby notified that "restricted transactions," as such term is defined in Section 233.2(y) of Regulation GG, are prohibited in any dealings with the Custodian pursuant to this Agreement or otherwise between or among any party hereto.

Section 20.15 <u>Data Privacy.</u> The Custodian will implement and maintain a written information security program that contains appropriate security measures to safeguard the personal information of the Funds' shareholders, employees, directors and/or officers that the Custodian receives, stores, maintains, processes or otherwise accesses in connection with the provision of services hereunder. For these purposes, "personal information" shall mean (i) an individual's name (first initial and last name or first name and last name), address or telephone number <u>plus</u> (a) social security number, (b) drivers license number, (c) state identification card number, (d) debit or credit card number, (e) financial account number or (f) personal identification number or password that would permit access to a person's account or (ii) any combination of the foregoing that would allow a person to log onto or access an individual's account. Notwithstanding the foregoing "personal information" shall not include information that is lawfully obtained from publicly available information, or from federal, state or local government records lawfully made available to the general public.

Section 20.16 <u>Shareholder Communications Election</u>. SEC Rule 14b-2 requires banks which hold securities for the account of customers to respond to requests by issuers of securities for the names, addresses and holdings of beneficial owners of securities of that issuer held by the bank unless the beneficial owner has expressly objected to disclosure of this information. In order to comply with the rule, the Custodian needs each Fund to indicate whether it authorizes the Custodian to provide such Fund's name, address, and share position to requesting companies whose securities the Fund owns. If a Fund tells the Custodian "no," the Custodian will not provide this information to requesting companies. If a Fund tells the Custodian "yes" or does not check either "yes" or "no" below, the Custodian is required by the rule to treat the Fund as consenting to disclosure of this information for all securities owned by the Fund or any funds or accounts established by the Fund. For a Fund's protection, the Rule prohibits the requesting company from using the Fund's name and address for any purpose other than corporate communications. Please indicate below whether the Fund consents or objects by checking one of the alternatives below.

YES [ ] The Custodian is authorized to release the Fund's name, address, and share positions.

NO [X] The Custodian is not authorized to release the Fund's name, address, and share positions.

Information Classification: Limited Access

**<u>Signature Page</u>**

**In Witness Whereof**, each of the parties has caused this instrument to be executed in its name and behalf by its duly authorized representative under seal as of the date first above.

---

| | |
|:---|:---|
| **JNL Series Trust, and**<br> **JNL Investors Series Trust,**<br> *each on behalf of its Portfolios listed on Appendix A hereto*<br>**JNL Multi-Manager Alternative** <br> **Fund (Boston Partners) Ltd.** | **JNL Series Trust, and**<br> **JNL Investors Series Trust,**<br> *each on behalf of its Portfolios listed on Appendix A hereto*<br>**JNL Multi-Manager Alternative** <br> **Fund (Boston Partners) Ltd.** |
| By: | ***/s/ Mark D. Nerud*** |
| Name: | Mark D. Nerud |
| Title: | President and CEO |

---

---

| | |
|:---|:---|
| **PPM Funds,**<br> *on behalf of its Portfolios listed on Appendix A hereto* | **PPM Funds,**<br> *on behalf of its Portfolios listed on Appendix A hereto* |
| By: | ***/s/ Mark D. Nerud*** |
| Name: | Mark D. Nerud |
| Title: | CEO |

---

---

| | |
|:---|:---|
| **State Street Bank and Trust Company** | **State Street Bank and Trust Company** |
| By: | ***/s/ Suzanne M. Hinckley*** |
| Name: | Suzanne M. Hinckley |
| Title: | Senior Vice President |

---

Information Classification: Limited Access

Master Custodian Agreement

**Appendix A**

*(Updated as of December 1, 2022)*

---

| |
|:---|
| **Management Investment Company** **:** <br> **JNL Series Trust***, for the following Portfolios*  |
| JNL Multi-Manager Alternative Fund |
| JNL Multi-Manager Emerging Markets Equity Fund |
| JNL Multi-Manager International Small Cap Fund |
| JNL Multi-Manager Mid Cap Fund |
| JNL Multi-Manager U.S. Select Equity Fund |
| JNL/Baillie Gifford International Growth Fund |
| JNL/Baillie Gifford U.S. Equity Growth Fund |
| JNL/Causeway International Value Select Fund |
| JNL/ClearBridge Large Cap Growth Fund |
| JNL/DFA International Core Equity Fund |
| JNL/DFA U.S. Core Equity Fund |
| JNL/DFA U.S. Small Cap Fund |
| JNL/DoubleLine<sup>®</sup> Core Fixed Income Fund |
| JNL/DoubleLine<sup>®</sup> Emerging Markets Fixed Income Fund |
| JNL/DoubleLine<sup>®</sup> Shiller Enhanced CAPE<sup>®</sup> Fund |
| JNL/DoubleLine<sup>®</sup> Total Return Fund |
| JNL/Fidelity Institutional Asset Management<sup>®</sup> Total Bond Fund |
| JNL/GQG Emerging Markets Equity Fund |
| JNL/Harris Oakmark Global Equity Fund |
| JNL/Invesco Diversified Dividend Fund |
| JNL/Invesco Global Growth Fund |
| JNL/Invesco Small Cap Growth Fund |
| JNL/JPMorgan Global Allocation Fund |
| JNL/JPMorgan Hedged Equity Fund |
| JNL/JPMorgan Midcap Growth Fund |
| JNL/JPMorgan U.S. Government & Quality Bond Fund |
| JNL/JPMorgan U.S. Value Fund |
| JNL/Lazard International Strategic Equity Fund |
| JNL/Loomis Sayles Global Growth Fund |
| JNL/Lord Abbett Short Duration Income Fund |
| JNL/Mellon World Index Fund |
| JNL/Mellon Nasdaq<sup>®</sup> 100 Index Fund |
| JNL/MFS Mid Cap Value Fund |
| JNL/Neuberger Berman Commodity Strategy Fund |
| JNL/Neuberger Berman Gold Plus Strategy Fund |
| JNL/Neuberger Berman Strategic Income Fund |
| JNL/PPM America Floating Rate Income Fund |
| JNL/PPM America High Yield Bond Fund |
| JNL/PPM America Total Return Fund |
| JNL/RAFI<sup>®</sup> Fundamental U.S. Small Cap Fund |
| JNL/RAFI<sup>®</sup> Multi-Factor U.S. Equity Fund |
| JNL/T. Rowe Price Capital Appreciation Fund |
| JNL/T. Rowe Price Established Growth Fund |
| JNL/T. Rowe Price Balanced Fund |
| JNL/T. Rowe Price Mid-Cap Growth Fund |
| JNL/T. Rowe Price Short-Term Bond Fund |
| JNL/T. Rowe Price U.S. High Yield Fund |
| JNL/T. Rowe Price Value Fund |
| JNL/Westchester Capital Event Driven Fund |
| JNL/Western Asset Global Multi-Sector Bond Fund |
| JNL/William Blair International Leaders Fund |

---

Information Classification: Limited Access

---

| |
|:---|
| **Management Investment Company** **:** <br> **JNL Investors Series Trust***, for the following Portfolio* |
| [Reserved] |

---

---

| |
|:---|
| **Management Investment Company** **:** <br> **PPM Funds***, for the following Portfolios* |
| PPM Core Plus Fixed Income Fund |
| PPM High Yield Core Fund |

---

---

| |
|:---|
| **Cayman Islands Entity:** |
| JNL Multi-Manager Alternative Fund (Boston Partners) Ltd. |

---

Information Classification: Limited Access

## Ex-99.I

Ex. 99.28(i)<br>

------

![](image00003.jpg)

1 Corporate Way

Lansing, MI 48951

517/381-5500

March 2, 2023

---

| | | |
|:---|:---|:---|
| **Board of Trustees**<br> JNL Investors Series Trust<br> 1 Corporate Way<br> Lansing, Michigan 48951 | **Board of Trustees**<br> JNL Investors Series Trust<br> 1 Corporate Way<br> Lansing, Michigan 48951 | **Board of Trustees**<br> JNL Investors Series Trust<br> 1 Corporate Way<br> Lansing, Michigan 48951 |
| Re: | Re: | Opinion of Counsel - JNL Investors Series Trust |
| Ladies and Gentlemen: | Ladies and Gentlemen: | Ladies and Gentlemen: |
| You have requested our Opinion of Counsel in connection with the filing with the Securities and Exchange Commission of Post-Effective Amendment No. 53 to the Registration Statement on Form N-1A with respect to 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. | You have requested our Opinion of Counsel in connection with the filing with the Securities and Exchange Commission of Post-Effective Amendment No. 53 to the Registration Statement on Form N-1A with respect to 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. | You have requested our Opinion of Counsel in connection with the filing with the Securities and Exchange Commission of Post-Effective Amendment No. 53 to the Registration Statement on Form N-1A with respect to 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. |
| We are of the following opinions: | We are of the following opinions: | We are of the following opinions: |
| 1. | JNL Investors Series Trust ("Trust") is an open-end management investment company. | JNL Investors Series Trust ("Trust") is an open-end management investment company. |
| 2. | The Trust is a business Trust created and validly existing pursuant to Massachusetts Laws. | The Trust is a business Trust created and validly existing pursuant to Massachusetts Laws. |
| 3. | 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. | 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. |
| 4. | Upon the acceptance of purchase payments made by shareholders in accordance with the Prospectus contained in the Registration Statement and upon compliance with applicable law, such shareholders will have legally-issued, fully paid, non-assessable shares of the Trust. | Upon the acceptance of purchase payments made by shareholders in accordance with the Prospectus contained in the Registration Statement and upon compliance with applicable law, such shareholders will have legally-issued, fully paid, non-assessable shares of the Trust. |

---

You may use this opinion letter, or a copy thereof, as an exhibit to the Registration.

Sincerely,

![](image1.jpg)

#### Susan S. Rhee
Vice President, Chief Legal Officer & Secretary

## Ex-99.P

Ex. 99.28(p)(1)

------

**** <br> ![](exp1_001.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 Draft. |
| &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;**Document Information** | &nbsp;&nbsp;**Document Information** |
| &nbsp;&nbsp;Title | &nbsp;&nbsp;Jackson Financial Inc. Advisory Code of Ethics |
| &nbsp;&nbsp;Location | &nbsp;&nbsp;JACK |
| &nbsp;&nbsp;Owner | &nbsp;&nbsp;Enterprise Chief Compliance Officer |
| &nbsp;&nbsp;Prepared by | &nbsp;&nbsp;Jeffrey Martell |

---

**Contents**

---

| | | |
|:---|:---|:---|
| Summary of Covered Person categorization identifications and Application of the Personal Trading Rules | Summary of Covered Person categorization identifications and Application of the Personal Trading Rules | iii |
| 1. | Introduction | 4 |
| 2. | Scope | 4 |
| &nbsp;&nbsp;&nbsp;A. | Identified Entities | 4 |
| &nbsp;&nbsp;&nbsp;B. | Covered Persons | 5 |
| &nbsp;&nbsp;&nbsp;1. | Supervised Persons. | 5 |
| &nbsp;&nbsp;&nbsp;2. | Access Persons. | 5 |
| &nbsp;&nbsp;&nbsp;C. | Determination of Covered Person Category | 6 |
| &nbsp;&nbsp;&nbsp;1. | Independent Mutual Fund Directors. | 6 |
| &nbsp;&nbsp;&nbsp;2. | JNLD Associates. | 6 |
| &nbsp;&nbsp;&nbsp;3. | JNAM Associates. | 7 |
| &nbsp;&nbsp;&nbsp;4. | PPM Associates. | 7 |
| &nbsp;&nbsp;&nbsp;D. | Annual Review of Procedures | 7 |
| &nbsp;&nbsp;&nbsp;E. | Review by Identified Entity and Funds' Boards | 7 |
| &nbsp;&nbsp;&nbsp;F. | Notification of Reporting Obligations | 8 |
| &nbsp;&nbsp;&nbsp;G. | Exemptions from the Code of Ethic's Provisions | 8 |

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---

| | | |
|:---|:---|:---|
| ![](exp1_002.jpg) | Advisory Code of Ethics | &nbsp;&nbsp;&nbsp;&nbsp;i |

---

3. Summary of Policy 8

A. Fair Dealing 8

B. Confidentiality 8

C. Service as a Director 8

4. Policy Requirements 8

A. Overview 8

B. Personal Trading Accounts 9

C. Prohibited Personal Securities Transactions 9

1. Rules Applicable to All Covered Persons 9

2. Rules Applicable to All Access Persons 10

3. Rules Applicable to General Access Persons, Pre-Clearance Non-Employee Access Persons, and Investment Access Persons 10

4. Rules Applicable to Investment Access Persons and Pre-Clearance Non-Employee Access Persons 12

D. Exempt Transactions 13

1. Open End Funds 13

2. Government Securities 13

3. Short-Term Instruments 13

4. Money Market Funds 13

5. Unit Investment Trusts 13

6. 529 Plans 13

7. Commodities. 13

E. Managed Accounts 13

1. Required Documentation 14

2. Account Review 14

3. Certification 14

F. Personal Securities Reporting 14

1. Initial and Annual Account and Holdings Report 14

2. Confirmations and Statements 15

3. Quarterly Transaction Reporting 15

4. Personal Securities Transactions of Compliance Personnel 15

G. Responsibility to Report Violations and Suspected Violations of the Code 15

5. Definitions 16

6. Consequences of Failing to Comply with the Code of Ethics 17

7. Related Guidance, Procedures and/or Policies 17

---

| | | |
|:---|:---|:---|
| ![](exp1_002.jpg) | Advisory Code of Ethics | &nbsp;&nbsp;&nbsp;&nbsp;ii |

---

**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 and PPM Funds** | &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.

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &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.&nbsp;&nbsp;&nbsp;&nbsp; Fair Dealing<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B.&nbsp;&nbsp;&nbsp;&nbsp; Confidentiality<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C.&nbsp;&nbsp;&nbsp;&nbsp; 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.&nbsp;&nbsp;&nbsp;&nbsp; Front Running<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b.&nbsp;&nbsp;&nbsp;&nbsp; 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.&nbsp;&nbsp;&nbsp;&nbsp; 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.&nbsp;&nbsp;&nbsp;&nbsp; Dealing with Clients<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b.&nbsp;&nbsp;&nbsp;&nbsp; Initial Public Offerings<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c.&nbsp;&nbsp;&nbsp;&nbsp; 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.&nbsp;&nbsp;&nbsp;&nbsp; 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.&nbsp;&nbsp;&nbsp;&nbsp; Blackout Period<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b.&nbsp;&nbsp;&nbsp;&nbsp; Minimum Holding and Re-holding Periods<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c.&nbsp;&nbsp;&nbsp;&nbsp; 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** |

---

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| | | |
|:---|:---|:---|
| ![](exp1_002.jpg) | Advisory Code of Ethics | &nbsp;&nbsp;&nbsp;&nbsp;iii |

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&nbsp;&nbsp;&nbsp;&nbsp;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:

&nbsp;&nbsp;&nbsp;&nbsp;· 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.

&nbsp;&nbsp;&nbsp;&nbsp;· 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.

&nbsp;&nbsp;&nbsp;&nbsp;2. Scope

&nbsp;&nbsp;&nbsp;&nbsp;A. Identified Entities

This Code of Ethics applies to the following Identified Entities:

------

<sup>1</sup> Except with respect to this Advisory Code of Ethics, the Jackson Funds and PPM 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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|:---|:---|
| ![](exp1_002.jpg) | Advisory Code of Ethics<sub>4</sub> |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· 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");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Jackson National Asset Management, LLC ("JNAM"),
 a registered investment adviser;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Jackson National Life Distributors LLC ("JNLD"),
 principal underwriter for registered investment companies advised by PPM and/or JNAM; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Registered investment companies for which PPM, JNAM, or
 JNLD serve as investment advisers or principal underwriters (the "Jackson Funds" and the "PPM Funds" and collectively
 the "Funds").

&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. <u>Supervised Persons</u>. 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. <u>Access Persons.</u> 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.

&nbsp;&nbsp;&nbsp;&nbsp;&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
 an active trading floor or as part of the associate's ongoing job-related responsibilities supporting the Identified Entity.

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|:---|:---|
| ![](exp1_002.jpg) | Advisory Code of Ethics<sub>5</sub> |

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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;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 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;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. <u>Independent Mutual Fund Directors.</u> 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. <u>JNLD Associates.</u> 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.

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|:---|:---|
| ![](exp1_002.jpg) | Advisory Code of Ethics<sub>6</sub> |

---

&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. <u>JNAM Associates.</u> 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. <u>PPM Associates.</u> 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;D. Annual Review of Procedures

The Code of Ethics shall be reviewed by each respective Identified Entity at least annually to assess its effectiveness, in conjunction with other applicable policies and procedures, in preventing improper and illegal personal securities trading by Access Persons.

&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

&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.

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| | |
|:---|:---|
| ![](exp1_002.jpg) | Advisory Code of Ethics<sub>7</sub> |

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&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;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.

&nbsp;&nbsp;&nbsp;&nbsp;3. Summary of Policy

&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;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.

&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.

&nbsp;&nbsp;&nbsp;&nbsp;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.

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| | |
|:---|:---|
| ![](exp1_002.jpg) | Advisory Code of Ethics<sub>8</sub> |

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&nbsp;&nbsp;&nbsp;&nbsp;B. Personal Trading Accounts

Each Supervised & Access Person subject to this Code must report Personal Trading Accounts or other Personal Securities Transactions promptly to their respective Compliance Department. <sup>2</sup>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. JNLD Supervised Persons must obtain approval from their
 Compliance Department <u>prior</u> to opening a Personal Securities Account. In addition, JNLD Supervised Persons are subject to additional
 reporting, training, and other requirements as set forth in the JNLD Written Supervisory Procedures.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. If at any time PTA is not functioning correctly, Access
 Persons 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; Inside Information Policy.</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.

&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. *JXN Securities.* No
 Covered Persons (except Independent Directors of the Jackson Funds or PPM Funds) may engage in any transactions in the Company's
 Securities unless permitted under the Jackson Financial Inc. Restricted Persons 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 or PPM Funds) may engage in any "short-selling" of the Company's
 securities.

------

<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.

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|:---|:---|
| ![](exp1_002.jpg) | Advisory Code of Ethics<sub>9</sub> |

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&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**:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. <u>Dealing with Clients.</u> No
 Access Person may sell or purchase any security to or from a client portfolio for that Access Person's account, for any account
 in which the Access Person has or would have a Beneficial Interest, or for any account directly or indirectly controlled by or under the
 influence of the Access Person.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. <u>Initial Public Offerings.</u> No
 Access Person may purchase any equity security or any security convertible into an equity security in an Initial Public Offering of that
 security.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. <u>Private Placements.</u> No
 Access Person may purchase or sell, directly or indirectly, any security in a private placement without the prior written approval of
 the CCO of their applicable Identified Entity.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. <u>Minimum Holding and Re-Holding Periods for Reportable Funds.</u> Shares of Reportable Funds
 acquired by an Access Person, including those held in the Jackson 401(K) Plan, may not be sold for a minimum of thirty (30) calendar days
 following their purchase or repurchased for a minimum of thirty (30) calendar days following the sale.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e. <u>For JNAM Only.</u> Access
 Persons are prohibited from trading Bitcoin futures.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Rules Applicable to <u>General Access Persons, Pre-Clearance Non-Employee Access Persons,</u> and <u>Investment Access Persons</u> 

In addition to the transactions listed Sections 4.C.1 and 4.C.2 above, **all General Access Persons, Pre-Clearance Non-Employee Access Persons, and Investment Access Persons are subject to the following**:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. <u>Pre-Clearance.</u> General
 Access Persons and Investment Access Persons must obtain approval of their Personal Securities Transactions. Accordingly, except for Exempt
 Transactions and as otherwise identified in Section 4.C.3.b below, each proposed Personal Securities Transaction is required to be precleared
 in PTA.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. *<u>Approval Window for Approved Transactions.</u>* Any PTA pre-clearance approval for a securities transaction
 is effective for the **same business day only** on which the approval is granted. Should the time period for executing a proposed transaction
 lapse (i.e., trade is not completed within the allotted time period), the individual is prohibited from executing the trade until a new
 preclearance request is submitted and approved. Good-till-cancel orders are prohibited.

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|:---|:---|
| ![](exp1_002.jpg) | Advisory Code of Ethics<sub>10</sub> |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. PTA generally will approve a Personal Securities Transaction
 If:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· The transaction is not prohibited by the Code of Ethics;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· The transaction does not violate other applicable policies
 established by each applicable Identified Entity or Entities; 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· The transaction does not violate any other rules established
 in PTA by the Identified Entity's Compliance Department from time to time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii. *<u>De Minimis Trades</u>* <u>.</u> Preclearance
 requests for personal trades not exceeding 500 shares or $10,000 in large-capitalization securities (securities with over $10 billion
 in market capitalization) that would normally be restricted due to a blackout period may be approved by Compliance.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iii. *<u>Effect of Pre-Clearance Approval or Denial</u>* <u>.</u> If a Personal Securities Transaction
 is approved, the transaction may be affected during the window set forth in Section 4.C.3.a.i above. The approval of any Personal Securities
 Transaction does not relieve an individual of his or her responsibilities under the federal securities laws, including those relating
 to insider trading, or other applicable policies, including this Code of Ethics.

If a Personal Securities Transaction is denied, the transaction may not be affected.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. <u>Securities Exempt from Pre-Clearance</u> 

The following transactions do not require pre-clearance:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. Exempt Transactions, as defined in Section 4.D;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii. Reportable Funds;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iii. Participation in and acquisition of securities through
 an issuer's automatic investment, DRP, or other direct purchase plan ("DPP"), **although sales of such securities acquired and changes in participation levels in a DPP must be pre-cleared**;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iv. Any acquisition or disposition of securities that is non-volitional
 on the part of the individual, including:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Purchases or sales upon the exercise of puts or calls written
 by such person where the purchase or sale is affected based on the terms of the option and without action by the covered person (**but not the writing of the option, which must be pre-cleared**);

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|:---|:---|
| ![](exp1_002.jpg) | Advisory Code of Ethics<sub>11</sub> |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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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|:---|:---|
| ![](exp1_002.jpg) | Advisory Code of Ethics<sub>12</sub> |

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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. <u>Open End Funds</u> <u>.</u> Securities transactions involving shares of registered open-end investment companies, **except for Reportable Funds**;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. <u>Government Securities</u> <u>.</u> Securities transactions involving direct obligations of the government of the United States (i.e., Cash Management Bills, Treasury Bills,
 Treasury Notes, Treasury Bonds and STRIPS);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. <u>Short-Term Instruments</u>.
 Securities transactions involving bankers' acceptances; bank 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. <u>Money Market Funds</u> <u>.</u> Securities transactions involving shares issued by money market funds;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. <u>Unit Investment Trusts</u> <u>.</u> Securities transactions involving units issued by unit investment trusts that are invested exclusively in one or more open-end funds,
 none of which are Reportable Funds;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. <u>529 Plans</u> <u>.</u> Securities Transactions involving qualified tuition programs established pursuant to Section 529 of the Internal Revenue Code (a "529
 Plan"), provided no Identified Entity serves as investment adviser and no control affiliates manages, distributes, markets, or underwrites
 the 529 Plan; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. <u>Commodities</u>. Transactions
 involving physical commodities, including options, futures, or other derivative instruments on physical commodities.

&nbsp;&nbsp;&nbsp;&nbsp;E. Managed Accounts

Transactions in Managed Accounts are exempt from the Prohibited Personal Securities Transactions requirements but are subject to certain of the Reporting Requirements of Section 4.F.

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|:---|:---|
| ![](exp1_002.jpg) | Advisory Code of Ethics<sub>13</sub> |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. <u>Required Documentation</u> <u>.</u> 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. <u>Account Review</u> <u>.</u> 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. <u>Certification</u> <u>.</u> All Access Persons disclosing Managed Accounts will be required to certify quarterly that the Covered Person did not exercise influence
 or control and was neither consulted nor advised of transactions ahead of trading.

&nbsp;&nbsp;&nbsp;&nbsp;F. Personal Securities Reporting

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Initial and Annual Account and Holdings Report

Upon designation as an Access Person by an Identified Entity and annually thereafter, each Access Person must submit to the Identified Entity's Compliance Department the information contained in the Personal Securities Accounts and Holdings Report ("Personal Securities Report") through the electronic certification process contained in PTA with respect to every Security and Securities account in which he or she has or expects to have a Beneficial Interest and every account (other than an account for a client) for which he or she exercises influence or control over investment decisions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. <u>Personal Trading Accounts</u>.
 Access Persons must identify the brokerage firm or other entity at which each Personal Trading Account is maintained, including the title
 of the account, the account number, and the name and address of the brokerage firm or other entity.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. <u>Securities Holdings</u>.
 Access Persons must also disclose the Securities held in each Personal Trading Account, including the name of the security, the type of
 security, the number of shares or principal amount (for debt securities), the nature of the Access Person's interest in the security,
 and the brokerage firm where it is held. Securities holdings may be reported through account statements provided to the Identified Entity's
 Compliance Department as contemplated in this Code.

&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.

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|:---|:---|
| ![](exp1_002.jpg) | Advisory Code of Ethics<sub>14</sub> |

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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. <u>Annual Report</u>.
 An annual Personal Securities Report shall be provided to the Identified Entity's Compliance Department reporting each Access Person's
 securities accounts and holdings as of December 31 of the prior year. The annual Personal Securities Report must be submitted no later
 than January 30<sup>th</sup> of the current year (30 days after December 31). Each Access Person is required to review his or her annual
 Personal Securities Account Report provided by the Compliance Department and either confirm its accuracy or, to the extent that securities
 accounts that are required to be disclosed are not reflected, or the report is otherwise inaccurate, report such securities accounts or
 corrections via PTA. In addition, to the extent that account statements containing applicable securities information have not been received
 by the Identified Entity's Compliance Department, the Access Person shall provide copies of such statements or report such securities
 holdings on the Personal Securities Report or as otherwise permitted in writing by the Identified Entity's Compliance Department.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Confirmations and Statements

Upon request, the applicable Identified Entity Compliance Department must receive confirmations and account statements for each account listed by the Access Person in his or her Personal Securities Report for all reportable Securities. To the extent possible, Personal Securities Account statements must be provided to the Identified Entity's Compliance Department at least thirty (30) calendar days from quarter end.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Quarterly Transaction Reporting

Each Access Person shall certify that all reportable Personal Securities Transactions have been reported to the Identified Entity's Compliance Department within thirty (30) calendar days following the end of the quarter in which the transaction was completed.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Personal Securities Transactions of Compliance Personnel

Compliance personnel may not review their own Access Person reporting. The Chief Compliance Officer and General Counsel at each Identified Entity shall have their reporting reviewed by someone designated by the CCO.

&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 |

---

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|:---|:---|:---|
| ![](exp1_002.jpg) | Advisory Code of Ethics | 15 |

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&nbsp;&nbsp;&nbsp;&nbsp;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. |
| &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; 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.&nbsp;&nbsp;&nbsp;&nbsp; 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.&nbsp;&nbsp;&nbsp;&nbsp; Personal Trading Account is managed on a discretionary basis by a person other than the Access Person, over which the Access Person does not exercise influence or control, and for which the Access Person is neither consulted nor advised of purchase or sale transactions before such transactions are executed. |
| &nbsp;&nbsp;Personal Securities Transaction | &nbsp;&nbsp;A transaction in a security by or for the benefit of a Covered Person, including the acquisition or disposition of a security by gift or the acquisition of securities through an automatic dividend reinvestment plan. |
| &nbsp;&nbsp; Personal Trading Account<br>| 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. |

---

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|:---|:---|:---|
| ![](exp1_002.jpg) | Advisory Code of Ethics | 16 |

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---

| | |
|:---|:---|
| &nbsp;&nbsp; PTA<br>| &nbsp;&nbsp;"Personal Trading Assistant". <u>Refers</u> to the electronic personal securities trading compliance system employed by certain of the Identified Entities to facilitate, among other things, Personal Trading Account reporting and Personal Securities Transaction review and approval. |
| &nbsp;&nbsp; Reportable Fund<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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>3</sup> with the Identified Entity.<br>The Jackson Funds and the PPM Funds are Reportable Funds for purposes of this Code of Ethics. |
| &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. |

---

&nbsp;&nbsp;&nbsp;&nbsp;6. Consequences of Failing to Comply with the Code of Ethics

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 Compliance Officer (<u>JFIChiefComplianceOfficer@jackson.com</u>).

&nbsp;&nbsp;&nbsp;&nbsp;7. Related Guidance, Procedures and/or Policies

&nbsp;&nbsp;&nbsp;&nbsp;· Advisory Code of Ethics – Request for Exception

&nbsp;&nbsp;&nbsp;&nbsp;· Conflicts
 of Interest Policy

&nbsp;&nbsp;&nbsp;&nbsp;· Examples of Beneficial Interest/Ownership

&nbsp;&nbsp;&nbsp;&nbsp;· Fair Disclosure Policy

&nbsp;&nbsp;&nbsp;&nbsp;· Information
 Security Policy

&nbsp;&nbsp;&nbsp;&nbsp;· Insider
 Trading Policy

&nbsp;&nbsp;&nbsp;&nbsp;· PTA Supplemental Information

&nbsp;&nbsp;&nbsp;&nbsp;· Restricted
 Persons Policy

------

<sup>3</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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|:---|:---|:---|
| ![](exp1_002.jpg) | Advisory Code of Ethics | 17 |

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## Ex-99.P

Ex. 99.28(p)(2)<br>

------

![](exp42-wellingtoncoe_image01.jpg)

*The reputation of a thousand years may be determined by the conduct of one hour.*

– Ancient proverb

A message from our CEO

![](exp42-wellingtoncoe_image02.jpg)

**Jean M. Hynes**

Chief Executive Officer

Our ability to thrive as an organization is driven by our shared values, and integrity is at the top of the list. This is reflected in our commitment to the "Client, Firm, Self" framework, through which all of our decisions should be viewed if we are to earn and maintain the trust of our clients.

Each and every one of us has a role to play in sustaining our clients' trust. We must test every decision we make, no matter how small, against our fiduciary obligations and our high ethical standards. If there is the slightest doubt about

whether a decision is in the best interests of our clients, then bring it to someone's attention — your manager, the Legal and Compliance team, or any of my direct reports. But don't just let it go. This is what it means to be a fiduciary: complete dedication to conscientious stewardship of client assets.

To support this mandate, our Code of Ethics sets out standards for our personal conduct, including personal investing, acceptance of gifts and entertainment, outside activities, and client confidentiality. Please take the time to read the Code, familiarize yourself with the rules, and determine what you need to do to comply with them.

Remember, too, that while our Code of Ethics is reviewed and updated regularly, no set of rules can address every possible circumstance. And so I ask you to remain vigilant, exercise good judgment, ask for help when you need it, consider

not just the letter but the spirit of the laws that govern our industry, and do your part to safeguard our clients' trust.

Sincerely,

![](exp42-wellingtoncoe_image03.jpg)

Jean M. Hynes

Chief Executive Officer

Contents

---

| | |
|:---|:---|
| **Standards of conduct** | 1 |
| **Who is subject to the Code of Ethics?** | 1 |
| **Personal investing** | 2 |
| Which types of investments and related activities are prohibited? | 2 |
| Which investment accounts must be reported? | 3 |
| What are the reporting responsibilities for all personnel? | 4 |
| What are the preclearance responsibilities for all personnel? | 5 |
| What are the additional requirements for investment professionals? | 6 |
| **Gifts and entertainment** | 7 |
| **Outside activities** | 8 |
| **Client confidentiality** | 8 |
| **How we enforce our Code of Ethics** | 8 |
| **Exceptions from the Code of Ethics** | 9 |
| **Closing** | 9 |

---

Wellington Management Code of Ethics 1

Standards of conduct

Our standards of conduct are straightforward and essential. Any transaction or activity that violates either of the standards of conduct below is prohibited, regardless of whether it meets the technical rules found elsewhere in the Code of Ethics.

&nbsp;&nbsp;&nbsp;&nbsp;1. **WE** **aCt aS fiduCiariES tO Our CliEntS**. Each of us must put our clients' interests above our own and must not take advantage of our management of clients' assets for our own benefit. Our firm's policies and procedures implement these principles
 with respect to our conduct of the firm's business. This Code of Ethics implements the same principles with respect to our personal conduct. The procedures set forth in the Code govern specific
 transactions, but each of us must be mindful at all times that our behavior, including our personal investing activity, must meet our fiduciary obligations to our clients.

&nbsp;&nbsp;&nbsp;&nbsp;2. **W** **E a C t Wit H int E Grit y an d i n a CC Or d anC E Wit H b O t H tH E lEttE r an d tH E SPiri t O f tH E l a W**. Our business is highly regulated, and we are committed as a firm to compliance with those regulations. Each of us must also recognize our
 obligations as individuals to understand and obey the laws that apply to us in the conduct of our duties. They include laws and regulations that apply specifically to investment advisors, as well as more broadly applicable laws ranging from the
 prohibition against trading on material nonpublic information and other forms of market abuse to anticorruption statutes such as the US Foreign Corrupt Practices Act and the UK Bribery Act. The firm
 provides training on their requirements. Each of us must take advantage of these resources to ensure that our own conduct complies with the law.

Who is subject to the Code of Ethics?

Our Code of Ethics applies to all employees of Wellington Management and its affiliates around the world. Its restrictions on personal investing also apply to temporary personnel (including co-ops and interns) and consultants whose tenure with Wellington Management exceeds 90 days and who are deemed by the Chief Compliance Officer to have access to nonpublic investment research, client holdings, or trade information.

All Wellington Management personnel receive a copy of the Code of Ethics (and any amendments) and must certify, upon joining the firm and annually thereafter, that they have read and understood it and have complied with its requirements.

**Adherence to the Code of Ethics is a basic condition of employment. Failure to adhere to our Code of Ethics may result in disciplinary action, including termination of employment.**

If you have any doubt as to the appropriateness of any activity, believe that you have violated the Code, or become aware of a violation of the Code by another individual, you should consult the manager of the Code of Ethics Team, Chief Compliance Officer, General Counsel, or Chair of the Ethics Committee. You also have the right to report violations of law or regulation directly to relevant governmental agencies. You do not need the firm's prior authorization to make any such report or disclosures and are not required to notify the firm that you have done so.

For additional information regarding our **Code of Ethics Policy** refer to the **Guide to Our Policy** document available on the firm's Intranet.

Wellington Management Code of Ethics 2

Personal investing

As fiduciaries, each of us must avoid taking personal advantage of our knowledge of investment activity in client accounts. Although our Code of Ethics sets out a number of specific restrictions on personal investing designed to reflect this principle, no set of rules can anticipate every situation. Each of us must adhere to the spirit, and not just the letter, of our Code in meeting this fiduciary obligation to our clients.

**WHiCH tyPES Of invEStmEntS and rElatEd aCtivitiES arE PrOHibitEd?**

Our Code of Ethics prohibits the following personal investments and investment-related activities:

&nbsp;&nbsp;&nbsp;&nbsp;• Purchasing or selling the following:

– Initial public offerings (IPOs) of any securities

– Securities of an issuer being bought or sold on behalf of clients until one trading day after such buying or selling is completed or canceled

– Securities of an issuer that is the subject of a new, changed, or reissued but unchanged action recommendation from a global industry research or fixed income credit analyst until two business days following issuance or reissuance of the recommendation

– Securities of an issuer that is mentioned at the Morning Meeting or the Early Morning Meeting until two business days following the meeting

– Securities that are the subject of a firmwide restriction

– Single-stock futures

– Options with an expiration date that is within 60 calendar days of the transaction date (excluding shares of exchange-traded funds (ETFs))

– Securities of broker/dealers (or their affiliates) that the firm has approved for execution of client trades

– Securities of any securities market or exchange on which the firm trades on behalf of clients

&nbsp;&nbsp;&nbsp;&nbsp;• Purchasing an equity security (excluding ETFs) if your aggregate ownership of the equity security exceeds 0.05% of the total shares outstanding of the issuer

&nbsp;&nbsp;&nbsp;&nbsp;• Taking a profit from any trading activity within a 60 calendar day window

![](exp42-wellingtoncoe_image04.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;• Using a derivative instrument to circumvent a restriction in the Code of
 Ethics

Wellington Management Code of Ethics 3

**WHiCH invEStmEnt aCCOuntS muSt bE rEPOrtEd?**

You are required to report any investment account over which you exercise investment discretion or from which any of the following individuals enjoy economic benefits: (i) your spouse, domestic partner, or minor children, and (ii) any other dependents living in your household,

**and**

that holds or is capable of holding any of the following *covered investments*:

&nbsp;&nbsp;&nbsp;&nbsp;• Shares of stocks, ADRs, or other equity securities (including any security convertible into equity securities)

&nbsp;&nbsp;&nbsp;&nbsp;• Bonds or notes (other than sovereign government bonds issued by Canada, France, Germany, Italy, Japan, the United Kingdom, or the United States, as well as bankers' acceptances, CDs, commercial paper, and high-quality, short-term debt instruments)

&nbsp;&nbsp;&nbsp;&nbsp;• Interest in a variable annuity product in which the underlying assets are held in a subaccount managed by Wellington Management

&nbsp;&nbsp;&nbsp;&nbsp;• Shares of exchange-traded funds (ETFs)

&nbsp;&nbsp;&nbsp;&nbsp;• Shares of closed-end funds

&nbsp;&nbsp;&nbsp;&nbsp;• Options on securities

&nbsp;&nbsp;&nbsp;&nbsp;• Securities futures

&nbsp;&nbsp;&nbsp;&nbsp;• Interest in private placement securities (other than Wellington Management sponsored products)

&nbsp;&nbsp;&nbsp;&nbsp;• Shares of funds managed by Wellington Management (other than money market funds)

Please see **Appendix A** for a detailed summary of reporting requirements by security type.

For purposes of the Code of Ethics, these investment accounts are referred to as *reportable accounts*. Examples of common account types include brokerage accounts, retirement accounts, employee stock compensation plans, and transfer agent accounts. Reportable accounts also include those from which you or an immediate family member may benefit indirectly, such as a family trust or family partnership, and accounts in which you have a joint ownership interest, such as a joint brokerage account.

**Accounts not requiring reporting**

You do not need to report the following accounts via the Code of Ethics System since the administrator will provide the Code of Ethics Team with access to relevant holdings and transaction information:

&nbsp;&nbsp;&nbsp;&nbsp;• Accounts maintained within the Wellington Retirement and Pension Plan or similar firm-sponsored
 retirement or benefit plans identified by the Ethics Committee

&nbsp;&nbsp;&nbsp;&nbsp;• Accounts maintained directly with Wellington Trust Company or other Wellington Management Sponsored Products

Although these accounts do not need to be reported, your investment activities in these accounts must comply with the standards of conduct embodied in our Code of Ethics.

Wellington Management Code of Ethics 4

**Managed account exemptions**

An account from which you or immediate family members could benefit financially, but over which neither you nor they have any investment discretion or influence (a *managed account*), may be exempted from the Code of Ethics' personal investing requirements upon written request and approval. An example of a managed account would be a professionally advised account about which you will not be consulted or have any input on specific transactions placed by the investment manager prior to their execution.

**Designated Brokers For US Reportable Accounts**

US-based reportable accounts must be held at one or more of the brokers on the Designated Brokers List. This requirement does not apply to managed accounts that are exempt from certain provisions of the Code of Ethics, employee stock purchase and stock option plans and other accounts (including pension, retirement and compensation accounts) required to be held at a specific broker.

New employees must transfer all reportable accounts to a Designated Broker within 45 days from the start of their employment.

**WH** **at arE tHE rEPOrtinG rESPOnSibilitiES fOr all PErSOnnEl?**

**Initial and annual holdings reports**

You must disclose all reportable accounts and all covered investments you hold within 10 calendar days after you begin employment at or association with Wellington Management. You will be required to review and update your holdings and securities account

information annually thereafter.

![](exp42-wellingtoncoe_image05.jpg)

For initial holdings reports, holdings information must be current as of a date no more than 45 days prior to the date you became covered by the Code of Ethics.

*Please note that you cannot make personal trades until you have filed an initial holdings report via the Code of Ethics System on the Intranet.*

For subsequent annual reports, holdings information must be current as of a date no more than 45 days prior to the date the report is submitted. *Please note that your annual holdings report must account for both volitional and non-volitional transactions.*

At the time you file your initial and annual reports, you will be asked to confirm that you have read and understood the Code of Ethics and any amendments.

**Quarterly transactions reports**

You must submit a quarterly transaction report no later than 30 calendar days after quarter-end via the Code of Ethics System on the Intranet, even if you did not make any personal trades during that quarter. In the reports, you must either confirm that you did not make any personal trades (except for those resulting from non-volitional events) or provide information regarding all volitional transactions in covered investments.

**Duplicate statements and trade confirmations**

For each of your reportable accounts, you are required to provide duplicate statements and duplicate trade confirmations to Wellington Management.

Wellington Management Code of Ethics 5

**WH** **at arE tHE PrEClEaranCE rESPOnSibilitiES fOr all PErSOnnEl?**

**Preclearance of publicly traded securities**

You must receive clearance before buying or selling stocks, bonds, options, and most other publicly traded securities (excluding ETFs) in any reportable account. A full list of the categories of publicly traded securities requiring preclearance, and of certain exceptions to this requirement, is included in **Appendix A**. Transactions in accounts that are not reportable accounts do not require preclearance or reporting.

Preclearance requests must be submitted online via the Code of Ethics System, which is accessible through the Intranet. If clearance is granted, the approval will be effective for a period of 24 hours. If you preclear a transaction and then place a limit order with your broker, that limit order must either be executed or expire

at the end of the 24-hour period. *If you want to execute the order after the 24-hour period expires, you must resubmit your preclearance request.*

**Please note that preclearance approval does not alter your responsibility to ensure that each personal securities transaction complies with the general standards of conduct, the reporting requirements, the restrictions on short-term trading, or the special rules for investment professionals set out in our Code of Ethics .**

**Caution on short sales, margin transactions, and options**

You may engage in short sales and margin transactions and may purchase or sell options (excluding options on ETFs) provided you receive preclearance and meet all other applicable requirements under our Code of Ethics (including the additional rules for investment professionals described on page 7). *Please note, however, that these types of transactions can have unintended consequences.* For example, any sale by your broker to cover a margin call or to buy in a short position will be in violation of the Code unless precleared. Likewise, any volitional sale of securities acquired at the expiration of a long call option will be in violation of the Code unless precleared. You are responsible for ensuring any subsequent volitional actions relating to these types of transactions meet the requirements of the Code.

**Preclearance of private placement securities**

You cannot invest in securities offered to potential investors in a private placement without first obtaining prior approval. Approval may be granted after a review of the facts and circumstances, including whether:

&nbsp;&nbsp;&nbsp;&nbsp;• an investment in the securities is likely to result in future conflicts with client accounts (e.g.,
 upon a future public offering), and

&nbsp;&nbsp;&nbsp;&nbsp;• you are being offered the opportunity due to your employment at or association with Wellington Management.

Investments in our own privately offered investment vehicles (our *Sponsored Products*), including collective investment funds and common trust funds maintained by Wellington Trust Company, **na**, our hedge funds, and our non-US domiciled funds, have been approved under the Code and therefore do not require the submission of a Private Placement Approval Form.

Wellington Management Code of Ethics 6

**WHat arE tHE additiOnal rEquirEmEntS fOr invEStmEnt PrOfESSiOnalS?**

If you are a portfolio manager, research analyst, or other investment professional who has portfolio management responsibilities for a client account (e.g., designated portfolio manager, backup portfolio manager, investment team member), or who otherwise has direct authority to make decisions to buy or sell securities in a client account (referred to here as an investment professional), you are required to adhere to additional rules and restrictions on your personal securities transactions. However, as no set of rules can anticipate every situation, you must remember to place our clients' interests first whenever you transact in securities that are also held in client accounts you manage.

The following provisions of the code are intended to allow investment professionals to make long-term investments in securities. However, you may not be able to sell personal investments for extended periods of time and therefore should consider the liquidity, tax planning, market, and similar risks associated with making personal investments in securities of an issuer that are or may be held in client accounts.

&nbsp;&nbsp;&nbsp;&nbsp;• **INvEStmEnt PrOfESSiOnal** **blaCkOut PEriOdS** — You cannot buy or sell a security (excluding shares of exchange-traded funds (ETFs)) for a period of **14 calendar days before or after** any transaction in the same issuer by a client account for which you serve as an investment professional. In addition, you may not sell personal holdings in a
 security of the same issuer (excluding ETFs) that is held by a client account for which you serve as an investment professional until the **later of** the following periods: (i) **one calendar year** from the date of your last purchase and (ii) **90 calendar days** after all of your client accounts liquidate all holdings of the same issuer.

If you anticipate receiving a cash flow or redemption request in a client portfolio that will result in the purchase or sale of securities that you also hold in your personal account, you should take care to avoid transactions in those securities in your personal account in the days leading up to the client transactions. However, unanticipated cash flows and redemptions in client accounts and unexpected market events do occur from time to time, and a personal trade made in the prior 14 days should never prevent you from buying or selling a security in a client account if the trade would be in the client's best interest. If you find yourself in that situation and need to buy or sell a security in a client account within the 14 calendar days following your personal transaction in a security of the same issuer, you should attempt to notify the Code of Ethics Team or your local Compliance Officer in advance of placing the trade. If you are unable to reach any of those individuals and the trade is time sensitive, you should proceed with the client trade and notify the Code of Ethics Team promptly after submitting it.

&nbsp;&nbsp;&nbsp;&nbsp;• **SHOrt** **SalES by an invEStmEnt PrOfESSiOnal** — An investment professional may not personally take a short position in a security of an issuer
 in which he or she holds a long position in a client account.

Wellington Management Code of Ethics 7

Gifts and entertainment

Our guiding principle of "client, firm, self" also governs the receipt of gifts and entertainment from clients, consultants, brokers/dealers, research providers, vendors, companies in which we may invest, and others with whom the firm does business. As fiduciaries to our clients, we must always place our clients' interests first and cannot allow gifts or entertainment opportunities to influence the actions we take on behalf of our clients. In keeping with this standard, you must follow several specific requirements:

**aCCEPtinG** **GiftS**— You may only accept gifts of nominal value, which include logoed items, flower arrangements, gift baskets, and food, as well as other gifts with an approximate value of less than US$100 or the local equivalent per year from a single source. You may not accept a gift of cash, including a cash equivalent such as a gift card, regardless of the amount. If you receive a gift that violates the Code, you must return the gift or consult with the Chief Compliance Officer to determine appropriate action under the circumstances.

**aCCEPtinG buSinESS mEalS**— Business meals are permitted provided that neither the cost nor the frequency is excessive and there is a legitimate business purpose. If the host is a broker/dealer or research provider, the host must be reimbursed for the full amount of your proportionate share of the total cost of the meal if the approximate value of the meal is more than US$100 or the local equivalent.

**aCCEPtinG EntErtainmEnt OPPOrtunitiES**— The firm recognizes that participation in entertainment opportunities with representatives from organizations with which the firm does business, such as con- sultants, broker/dealers, research providers, vendors, and companies in which we may invest, can help to further legitimate business interests. However, participation in such entertainment opportunities should be infrequent and is subject to the following conditions:

&nbsp;&nbsp;&nbsp;&nbsp;1. A representative of the hosting organization must be present;

&nbsp;&nbsp;&nbsp;&nbsp;2. The primary purpose of the event must be to discuss business or to build a business relationship;

&nbsp;&nbsp;&nbsp;&nbsp;3. You must receive prior approval from your business manager;

&nbsp;&nbsp;&nbsp;&nbsp;4. If the host is a broker/dealer or research provider, the host must be reimbursed for the full amount of the entertainment opportunity; and

&nbsp;&nbsp;&nbsp;&nbsp;5. For all other entertainment opportunities, the host must be reimbursed for the full face value of any entertainment ticket(s) if:

&nbsp;&nbsp;&nbsp;&nbsp;• the entertainment opportunity requires a ticket with a face value of more than US$200 or the local equivalent, or is a high-profile event (e.g., a major sporting event),

&nbsp;&nbsp;&nbsp;&nbsp;• you wish to accept more than one ticket, or

&nbsp;&nbsp;&nbsp;&nbsp;• the host has invited numerous Wellington Management representatives.

Business managers must clear their own participation under the circumstances described above with the Chief Compliance Officer or Chair of the Ethics Committee.

Please note that even if you pay for the full face value of a ticket, you may attend the event *only if the host is present*.

**l** **OdGinG and air travEl** — You may not accept a gift of lodging or air travel in connection with any entertainment opportunity. If you participate in an entertainment opportunity for which lodging or air travel is paid for by the host, you must reimburse the host for the equivalent cost, as determined by Wellington Management's travel manager.

Wellington Management Code of Ethics 8

**SOliCitinG** **GiftS, EntErtainmEnt OPPOrtunitiES, Or** **COntributiOnS** — In your capacity as an employee of the firm, you may not solicit gifts, entertainment opportunities, or charitable or political contributions for yourself, or on behalf of clients, prospects, or others, from brokers, vendors, clients, or consultants with whom the firm conducts business or from companies in which the firm may invest.

**SOurCinG** **EntErtainmEnt** **OPPOrtunitiES**— You may not request tickets to entertainment events from the firm's Trading department or any other Wellington Management department, or employee, nor from any broker, vendor, company in which we may invest, or other organization with which the firm conducts business.

Outside activities

While the firm recognizes that you may engage in business or charitable activities in your personal time, you must take steps to avoid conflicts of interest between your private interests and our clients' interests. As a result, all significant outside business or charitable activities (e.g., additional employment, consulting work, directorships or officerships) must be approved by your business manager and by the Chief Compliance Officer, General Counsel, or Chair of the Ethics Committee prior to the acceptance of such a position (or if you are new, upon joining the firm). Approval will be granted only if it is determined that the activity does not

present a significant conflict of interest. Directorships in public companies (or companies reasonably expected to become public companies) will generally not be authorized, while service with charitable organizations generally will be permitted.

Client confidentiality

Any nonpublic information concerning our clients that you acquire in connection with your employment at the firm is confidential. This includes information regarding actual or contemplated investment decisions, portfolio composition, research recommendations, and client interests. You should not discuss client business, including the existence of a client relationship, with outsiders unless it is a necessary part of your job responsibilities.

How we enforce our Code of Ethics

Legal and Compliance is responsible for monitoring compliance with the Code of Ethics. Members of Legal and Compliance will periodically request certifications and review holdings and transaction reports for potential violations. They may also request additional information or reports.

It is our collective responsibility to uphold the Code of Ethics. In addition to the formal reporting requirements described in this Code of Ethics, you have a responsibility to report any violations of the Code. If you have any doubt as to the appropriateness of any activity, believe that you have violated the Code, or become aware of a violation of the Code by another individual, you should consult the manager of the Code of Ethics Team, Chief Compliance Officer, General Counsel, or Chair of the Ethics Committee.

Wellington Management Code of Ethics 9

Potential violations of the Code of Ethics will be investigated and considered by representatives of Legal and Compliance and/or the Ethics Committee. All violations of the Code of Ethics will be reported to the Chief

Compliance Officer. Violations are taken seriously and may result in sanctions or other consequences, including:

&nbsp;&nbsp;&nbsp;&nbsp;• a warning

&nbsp;&nbsp;&nbsp;&nbsp;• referral to your business manager and/or senior management

&nbsp;&nbsp;&nbsp;&nbsp;• reversal of a
 trade or the return of a gift

&nbsp;&nbsp;&nbsp;&nbsp;• disgorgement of profits or of the value of a gift

&nbsp;&nbsp;&nbsp;&nbsp;• a limitation or restriction on personal investing

&nbsp;&nbsp;&nbsp;&nbsp;• termination of employment

&nbsp;&nbsp;&nbsp;&nbsp;• referral to civil or criminal authorities

If you become aware of any potential conflicts of interest that you believe are not addressed by our Code of Ethics or other policies, please contact the Chief Compliance Officer, the General Counsel, or the manager of the Code of Ethics Team.

Exceptions from the Code of Ethics

The Chief Compliance Officer may grant an exception from the Code, including preclearance, other trading restrictions, and certain reporting requirements on a case-by-case basis if it is determined that the proposed conduct involves no opportunity for abuse and does not conflict with client interests. Exceptions are expected to be rare.

Closing

As a firm, we seek excellence in the people we employ, the products and services we offer, the way we meet our ethical and fiduciary responsibilities, and the working environment we create for ourselves. Our Code of Ethics embodies that commitment. Accordingly, each of us must take care that our actions fully meet the high standards of conduct and professional behavior we have adopted. Most importantly, we must all remember "client, firm, self" is our most fundamental guiding principle.

Wellington Management Code of Ethics 10

APPENDIX A

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| |
|:---|
| &nbsp;&nbsp;**No Preclearance or Reporting Required:** |
| &nbsp;&nbsp;Open-end investment funds not managed by Wellington Management<sup>1</sup> |
| &nbsp;&nbsp;Interests in a variable annuity product in which the underlying assets are held in a fund not managed by Wellington Management |
| &nbsp;&nbsp;Direct obligations of the US government (including obligations issued by GNMA and PEFCO) or the governments of Canada, France, Germany, Italy, Japan, or the United Kingdom |
| &nbsp;&nbsp;Cash |
| &nbsp;&nbsp;Money market instruments or other short-term debt instruments rated P-1 or P-2, A-1 or A-2, or their equivalents<sup>2</sup> |
| &nbsp;&nbsp;Bankers' acceptances, CDs, commercial paper |
| &nbsp;&nbsp;Wellington Trust Company Pools |
| &nbsp;&nbsp;Wellington Sponsored Hedge Funds |
| &nbsp;&nbsp; Securities futures and options on direct obligations of the US government or the governments of Canada, France, Germany, Italy, Japan, or the United Kingdom, and associated derivatives |
| &nbsp;&nbsp;Options, forwards, and futures on commodities and foreign exchange, and associated derivatives |
| &nbsp;&nbsp;Transactions in approved managed accounts |

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| |
|:---|
| &nbsp;&nbsp;**Reporting of Securities Transactions Required (no need to preclear and not subject to the 60-day holding period):** |
| &nbsp;&nbsp;Open-end investment funds managed by Wellington Management<sup>1</sup> (other than money market funds) |
| &nbsp;&nbsp;Interests in a variable annuity or insurance product in which the underlying assets are held in a fund managed by Wellington Management |
| &nbsp;&nbsp;Futures and options on securities indices |
| &nbsp;&nbsp;T} šV¡ʣL ʣVģ } þèVO«š V ʣ þ ¡ʣƅ 5¥¡ɂ |
| &nbsp;&nbsp;Gifts of securities to you or a reportable account |
| &nbsp;&nbsp;Gifts of securities from you or a reportable account |
| &nbsp;&nbsp;Non-volitional transactions (splits, tender offers, mergers, stock dividends, dividend reinvestments, etc.) |

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| |
|:---|
| &nbsp;&nbsp;**Preclearance and Reporting of Securities Transactions Required:** |
| &nbsp;&nbsp;Bonds and notes (other than direct obligations of the US government or the governments of Canada, France, Germany, Italy, Japan, or the United Kingdom, as well as bankers' acceptances, CDs, commercial paper, and high-quality, short-term debt instruments) |
| &nbsp;&nbsp;Stock (common and preferred) or other equity securities, including any security convertible into equity securities |
| &nbsp;&nbsp;Closed-end funds |
| &nbsp;&nbsp;Unit investment trusts |
| &nbsp;&nbsp;American Depositary Receipts |
| &nbsp;&nbsp;Options on securities (but not their non-volitional exercise or expiration), excluding ETFs |
| &nbsp;&nbsp;Warrants |
| &nbsp;&nbsp;Rights |

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| |
|:---|
| &nbsp;&nbsp;**Prohibited Investments and Activities:** |
| &nbsp;&nbsp;Initial public offerings (IPOs) of any securities |
| &nbsp;&nbsp;Single-stock futures |
| &nbsp;&nbsp;Options expiring within 60 days of purchase, excluding ETFs |
| &nbsp;&nbsp;Securities being bought or sold on behalf of clients until one trading day after such buying or selling is completed or canceled |
| &nbsp;&nbsp; Securities of an issuer that is the subject of a new, changed, or reissued but unchanged action recommendation from a global industry research or fixed income credit analyst until two business days following issuance or reissuance of the recommendation |
| &nbsp;&nbsp;Securities of an issuer that is mentioned at the Morning Meeting or the Early Morning Meeting until two business days following the meeting |
| &nbsp;&nbsp;Securities on the firmwide restricted list |
| &nbsp;&nbsp;Profiting from any short-term (i.e., within 60 days) trading activity |
| &nbsp;&nbsp;Securities of broker/dealers or their affiliates with which the firm conducts business |
| &nbsp;&nbsp;Securities of any securities market or exchange on which the firm trades |
| &nbsp;&nbsp;Using a derivative instrument to circumvent the requirements of the Code of Ethics |
| &nbsp;&nbsp;Purchasing an equity security if your aggregate ownership of the equity security exceeds 0.05% of the total shares outstanding of the issuer, excluding ETFs |

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This appendix is current as of 2 August 2021 and may be amended at the discretion of the Ethics Committee.

<sup>1</sup>A list of funds advised or subadvised by Wellington Management ("Wellington-Managed Funds") is available online via the Code of Ethics System. However, you remain responsible for confirming whether any particular investment represents a Wellington-Managed Fund.

<sup>2</sup>If the instrument is unrated, it must be of equivalent duration and comparable quality.