JNL/PPM America Total Return I

Data Sources: Morningstar, Jackson National Asset Management, LLC, and Jackson.

This material is authorized for use only when preceded or accompanied by the current contract prospectus and underlying fund prospectuses. Before investing, investors should carefully consider the investment objectives, risks, charges, and expenses of the variable annuity and its underlying investment options. This and other important information are contained in the current contract prospectus and underlying fund prospectuses. Please read the prospectuses carefully before investing or sending money.

As with any investment in securities, variable annuities are subject to investment risks, including the possible loss of principal. Investor units will fluctuate with the performance of the underlying investments, and there may be a gain or loss upon redemption. All forms of securities may decline in value due to factors affecting securities markets generally, such as real or perceived adverse economic, political, or regulatory conditions, inflation, changes in interest or currency rates or adverse investor sentiment. Adverse market conditions may be prolonged and may not have the same impact on all types of securities. The values of securities may fall due to factors affecting a particular issuer, industry or the securities market as a whole.

The standardized performance information reflects past performance from the inclusion date of the underlying sub-account into the applicable separate account. All non-standardized performance information reflects hypothetical past performance that may include timeframes before the underlying sub-account was available within the applicable contract. The performance of a sub-account within a contract may differ from the performance of a sub-account within the applicable separate account because the contract has not been in existence for the life of the separate account. Please refer to the contract disclosure table for the establishment date of the separate account and offering dates of the contract.

Trading options, futures contracts and other derivative financial instruments, and some over-the-counter securities entails credit and settlement risk on the counterparties.

Investments in foreign securities are subject to potential adverse fluctuations in foreign currency values, less publicly available information, and the possible imposition of foreign withholding taxes on income payable on the securities. They may be more volatile and less liquid than U.S. markets.

High-yield bonds, lower-rated bonds, and unrated securities are broadly referred to as "junk bonds" and are considered below "investment-grade" by national ratings agencies. Junk bonds typically have a higher yield to compensate for the greater risk that the issuer might not make its principal and interest payments.

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. Some equity securities may also be sensitive to interest rate changes.

A security's value may decline for reasons that directly relate to the issuer such as management performance, corporate governance, financial leverage, and reduced demand for the issuer's goods or services.

Investments in securities that are difficult to purchase or sell (illiquid or thinly-traded securities) may reduce returns if the Fund is unable to sell the securities at advantageous times or prices. Illiquid securities may also be difficult to value.

Rising interest rates tend to extend the duration of mortgage-related securities, making them more sensitive to changes in interest rates and exhibit additional volatility. When interest rates decline, borrowers may pay off their mortgages sooner than expected, which can reduce the returns.

Obligations issued by agencies and instrumentalities of the U.S. Government vary in the level of support they receive from the U.S. Government, and the maximum potential liability of the issuers may greatly exceed their current resources. It is possible that these issuers will not have the funds to meet their payment obligations in the future.

The manager's investment techniques could fail to achieve the Fund's investment objective or negatively affect the Fund's investment performance.

Jackson National Asset Management, LLC (JNAM) is an investment adviser registered with the U.S. Securities and Exchange Commission and is the investment adviser to the "Funds," which are investment companies (subaccounts) that underlie the Jackson variable products. Nothing contained herein is investment advice nor a solicitation for investment advisory services. JNAM is an affiliate of Jackson National Life Distributors LLC and Jackson National Life Insurance Company.

PPM America, Inc. is an affiliate of Jackson National Life Distributors LLC. PPM America, Inc. is an indirect, wholly owned subsidiary of Jackson Financial Inc. Jackson Financial Inc. is a publicly traded company.

Changes in an issuer's financial strength, the market's perception of the issuer's financial strength or in a security's credit rating--which reflects a third party's assessment of the credit risk presented by a particular issuer--may affect the value of underlying debt securities resulting in potential losses to the portfolio.

"Bloomberg^®" and the Bloomberg U.S. Aggregate Bond Index, the Bloomberg EM USD Aggregate Index, and the Bloomberg US Corporate High Yield Index [Bloomberg indices referenced herein] (the "Indices", and each such index, an "Index") are trademarks or service marks of Bloomberg Finance L.P. and its affiliates, including Bloomberg Index Services Limited ("BISL"), the administrator of the Index (collectively, "Bloomberg") and/or one or more third-party providers (each such provider, a "Third-Party Provider,") and have been licensed for use for certain purposes to JACKSON NATIONAL ASSET MANAGEMENT, LLC ("JNAM"). To the extent a Third-Party Provider contributes intellectual property in connection with the Index, such third-party products, company names and logos are trademarks or service marks, and remain the property, of such Third-Party Provider. Bloomberg is not affiliated with JNAM, and Bloomberg does not approve, endorse, review, or recommend the financial products referenced herein (the "Jackson Funds"). Bloomberg does not guarantee the timeliness, accurateness, or completeness of any data or information relating to the Indices or the Jackson Funds.

*Risk Measures: Alpha is a measure of the difference between a portfolio’s actual returns and its expected performance, given its level of risk measured by beta. Beta is a measure of a portfolio’s sensitivity to market movements. R-squared reflects the percentage of a portfolio’s movements that can be explained by movements in its benchmark. Sharpe Ratio is a risk-adjusted measure calculated by using standard deviation and excess return to determine rewards per unit of risk. Standard Deviation is a statistical measure of the volatility of the portfolio’s return.

*Financial terms: Duration is a time measure of a bond’s interest rate sensitivity. Effective Duration is a weighted average of the duration of the underlying fixed-income securities within the portfolio. Effective Maturity is a weighted average of all the maturities of the bonds in a portfolio, computed by weighting each maturity date by the market value of the security. Average Coupon is calculated by weighting each bond's coupon by its relative size in the portfolio. It indicates whether the underlying fund owns more high- or low-coupon bonds. Average Price is calculated from the fund's portfolio by weighting the price of each bond by its relative size in the portfolio. A higher number indicates a bias toward premiums. This statistic is expressed as a percentage of par (face) value.

**The Bloomberg US Agg Bond index measures the performance of investment grade, U.S. dollar-denominated, fixed-rate taxable bond market, including Treasuries, government-related and corporate securities, MBS (agency fixed-rate and hybrid ARM passthroughs), ABS, and CMBS. It rolls up into other Bloomberg flagship indices, such as the multi-currency Global Aggregate Index and the U.S. Universal Index, which includes high yield and emerging markets debt.

**The Bloomberg US Universal index represents the union of the U.S. Aggregate Index, U.S. Corporate High-Yield Index, Investment-Grade 144A Index, Eurodollar Index, U.S. Emerging Markets Index, and the non-ERISA eligible portion of the CMBS Index. The index covers USD-denominated, taxable bonds that are rated either investment-grade or below investment-grade. Some U.S. Universal Index constituents may be eligible for one or more of its contributing subcomponents that are not mutually exclusive. These securities are not double-counted in the index. The U.S. Universal index was created on January 1, 1999, with index history backfilled to January 1, 1990.

**All indices referenced herein are unmanaged and not available for direct investment.

***The 30-day SEC yield is calculated with a standardized formula mandated by the SEC. The formula is based on maximum offering price per share and includes the effect of any fee waivers. Without waivers, yields would be reduced. The 30-day unsubsidized SEC yield does not reflect waivers in effect. A fund’s actual distribution rate will differ from the SEC yield and any income distributions from the fund may be higher or lower than the SEC yield.

© 2025 Morningstar, Inc. All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. Past performance is no guarantee of future results.

The Morningstar Rating^TM for funds, or "star rating", is calculated for sub-accounts whose underlying investments have at least a three-year history. It is calculated based on a Morningstar Risk-Adjusted Return measure that accounts for variation in a managed product's monthly excess performance, placing more emphasis on downward variations and rewarding consistent performance. The Morningstar Rating does not include any adjustment for sales loads. The top 10% of products in each product category receive 5 stars, the next 22.5% receive 4 stars, the next 35% receive 3 stars, the next 22.5% receive 2 stars, and the bottom 10% receive 1 star. The Overall Morningstar Rating for a managed product is derived from a weighted average of the performance figures associated with its three-, five-, and 10-year (if applicable) Morningstar Rating metrics. The weights are: 100% three-year rating for 36-59 months of total returns, 60% five-year rating/40% three-year rating for 60-119 months of total returns, and 50% 10-year rating/30% five-year rating/20% three-year rating for 120 or more months of total returns. While the 10-year overall star rating formula seems to give the most weight to the 10-year period, the most recent three-year period actually has the greatest impact because it is included in all three rating periods. The three-, five-, and 10-year Morningstar Rating metrics are representative of short, medium, and long-term performance characteristics respectively. JNL/PPM America Total Return was rated against the following number of U.S. domiciled Intermediate Core-Plus Bond funds over the following time periods: 490 funds in the last three years, 450 funds in the last five years, and 325 funds in the last ten years. With respect to these Intermediate Core-Plus Bond funds, JNL/PPM America Total Return received a Morningstar Rating of 3 stars, 3 stars and 4 stars for the three-, five- and ten-year periods, respectively. Past performance is no guarantee of future results. The three-, five-, and 10-year Morningstar Rating metrics are representative of short, medium, and long-term performance characteristics respectively.

Some of Morningstar's proprietary calculations, including the Morningstar Rating^TM, are not customarily calculated based on adjusted historical returns. However, for new share classes/channels, Morningstar may calculate an extended performance Morningstar Rating. The extended performance is calculated by adjusting the historical total returns of the oldest share class of a fund to reflect the fee structure of the younger share class/channel, attaching this data to the younger share class' performance record, and then compounding the adjusted plus actual monthly returns into the extended performance Morningstar Risk-Adjusted Return for the three-, five-, and 10- year time periods. The Morningstar Risk-Adjusted Returns are used to determine the extended performance Morningstar Rating. The extended performance Morningstar Rating for this fund does not affect the retail fund data published by Morningstar, as the bell curve distribution on which the ratings are based includes only funds with actual returns. The Overall Morningstar Rating for multi-share funds is based on actual performance only or extended performance only. Once the share class turns three years old, the Overall Morningstar Rating will be based on actual ratings only. The Overall Morningstar Rating for multi-share variable annuities is based on a weighted average of any ratings that are available. While the inclusion of pre-inception data, in the form of extended performance, can provide valuable insight into the probable long-term behavior of newer share classes of a fund, investors should be aware that an adjusted historical return can only provide an approximation of that behavior. For example, the fee structures of a retail share class will vary from that of an institutional share class, as retail shares tend to have higher operating expenses and sales charges. These adjusted historical returns are not actual returns. The underlying investments in the share classes used to calculate the pre-performance string will likely vary from the underlying investments held in the fund after inception. Calculation methodologies utilized by Morningstar may differ from those applied by other entities, including the fund itself.

Morningstar Rating is for the I share class only; other classes may have different performance characteristics.

The Morningstar Style Box^TM reveals a fund’s investment strategy. For fixed-income funds, the vertical axis shows the credit quality of the long bonds owned and the horizontal axis shows interest rate sensitivity as measured by a bond’s effective duration.

Morningstar seeks credit rating information from fund companies on a periodic basis (e.g., quarterly). In compiling credit rating information Morningstar accepts credit ratings reported by fund companies that have been issued by all Nationally Recognized Statistical Rating Organizations (NRSROs). For a list of all NRSROs, please visit http://www.sec.gov/divisions/marketreg/ratingagency.htm. Additionally, Morningstar accepts foreign credit ratings from widely recognized or registered rating agencies. If two rating organizations/agencies have rated a security, fund companies are to report the lower rating; if three or more organizations/agencies have rated a security, fund companies are to report the median rating, and in cases where there are more than two organization/agency ratings and a median rating does not exist, fund companies are to use the lower of the two middle ratings. PLEASE NOTE: Morningstar, Inc. is not itself an NRSRO nor does it issue a credit rating on the fund. An NRSRO or rating agency ratings can change from time-to-time.

For credit quality, Morningstar combines the credit rating information provided by the fund companies with an average default rate calculation to come up with a weighted-average credit quality. The weighted-average credit quality is currently a letter that roughly corresponds to the scale used by a leading NRSRO. Bond funds are assigned a style box placement of “low”, “medium”, or “high” based on their average credit quality. Funds with a low credit quality are those whose weighted-average credit quality is determined to be less than “BBB-”; medium are those less than “AA-”, but greater or equal to “BBB-”; and high are those with a weighted-average credit quality of “AA-” or higher. When classifying a bond portfolio, Morningstar first maps the NRSRO credit ratings of the underlying holdings to their respective default rates (as determined by Morningstar’s analysis of actual historical default rates). Morningstar then averages these default rates to determine the average default rate for the entire bond fund. Finally, Morningstar maps this average default rate to its corresponding credit rating along a convex curve.

For interest-rate sensitivity, Morningstar calculates the average effective duration for portfolio holdings or sources from a third-party data provider from which Morningstar licenses data. Morningstar classifies a fixed-income fund’s interest-rate sensitivity based on the effective duration of the fund relative to the effective duration of the Morningstar Core Bond Index (MCBI). The classification of Limited will be assigned to those funds whose average effective duration is between 25% to 75% of MCBI’s average effective duration; funds whose average effective duration is between 75% to 125% of the MCBI will be classified as Moderate; and those that are at 125% or greater of the average effective duration of the MCBI will be classified as Extensive. In addition, for non-US taxable and non-US domiciled fixed income funds static duration breakpoints are used: (i) Limited: less than or equal to 3.5 years; (ii) Moderate: greater than 3.5 and less than equal to 6 years; (iii) Extensive: greater than 6 years.

Asset Allocation: The weighting of the portfolio in various asset classes, including “Other” is shown in the table. “Other” includes security types that are not neatly classified in the other asset classes, such as convertible bonds and preferred stocks. In the table, allocation to the classes is shown for long positions, short positions, and net (long positions net of short) positions. These statistics summarize what the managers are buying and how they are positioning the portfolio. When short positions are captured in these portfolio statistics, investors get a more robust description of the funds’ exposure and risk.

Most managed product portfolios hold fairly conventional securities, such as long positions in stocks and bonds. Other portfolios use other investment strategies or securities, such as short positions or derivatives, to reduce transaction costs, enhance returns, or reduce risk. Some of these securities and strategies behave like conventional securities, while others have unique return and risk characteristics.

Most portfolios take long positions in securities. Long positions involve buying the security outright and then selling it later, with the hope that the security price rises over time. In contrast, short positions are taken to benefit from anticipated price declines. In this type of transaction, the investor borrows the security from another investor, sells it and receives cash, and then is obligated to buy it back at some point in the future. If the price falls after the short sale, the investor will have sold high and can now buy low to close the short position and lock in a profit. However, if the price of the security increases after the short sale, the investor will experience losses by buying it at a higher price than the sale price.

The strategy of selling securities short is prevalent in specialized portfolios, such as long-short, market-neutral, bear-market, and hedge funds. Most conventional portfolios do not typically short securities, although they may reserve the right to do so under special circumstances. Funds may also short derivatives, and this is sometimes more efficient than shorting individual securities. Short positions produce negative exposure to the security that is being shorted. This means that when the security rises in value, the short position will fall in value and vice versa. Morningstar's portfolio statistics will capture this negative exposure. For example, if a fund has many short stock positions, the percent of assets in stocks in the asset allocation breakdown may be negative. Funds must provide their broker with cash collateral for the short position, so funds that short often have a large cash position, sometimes even exceeding 100% cash.

Note that all other portfolio statistics presented in this report are based on the long holdings of the fund only.

The latest income date allowed is age 95, which is the required age to annuitize or take a lump sum. Please see the prospectus for important information regarding the annuitization of a contract.

Products and features may be limited by state availability, and/or your selling firm's policies and regulatory requirements (including standard of conduct rules).

• Not FDIC/NCUA insured • Not bank/CU guaranteed • May lose value •
Not a deposit • Not insured by any federal agency

Variable annuities are issued by Jackson National Life Insurance Company^® (Home Office: Lansing, Michigan) and in New York, by Jackson National Life Insurance Company of New York^® (Home Office: Purchase, New York). Variable annuities are distributed by Jackson National Life Distributors LLC, member FINRA. These contracts have limitations and restrictions. Jackson issues other annuities with similar features, benefits, limitations, and charges. Discuss them with your representative or contact Jackson for more information. Jackson^® is the marketing name for Jackson Financial Inc., Jackson National Life Insurance Company^®, and Jackson National Life Insurance Company of New York^®.

Jackson National Life Insurance Company
1 Corporate Way
Lansing, MI 48951