Neither notice discloses shares outstanding, leaving the dollar size of each five percent offer undeterminable from the documents themselves.

August 10, 2026

Jackson National Asset Management‘s two interval funds have opened their quarterly repurchase windows in lockstep, each offering to buy back up to 5 percent of outstanding shares and each disclosing a July 31 net asset value that anchors what shareholders can expect to receive.

Jackson Credit Opportunities Fund carried a net asset value of $10.85 per share as of July 31, 2026. Jackson Real Assets Fund stood at $11.39. Both funds notified the Securities and Exchange Commission on August 7 that they were commencing periodic repurchase offers, on terms that are identical across the two vehicles:

• window open from August 7 through 4:00 p.m. Eastern on September 8;
• repurchase pricing date of September 15;
• record date of July 31;
• payment within one to three business days of pricing, and no later than seven calendar days.

The price is set after the decision is locked

The week-long gap between the tender deadline and the pricing date is the operative detail for advisers managing client exits. Shareholders must commit by September 8, but the price they receive will be struck on September 15, at whatever net asset value prevails then. Both funds state plainly that the figure could land above or below the July 31 marks. Tenders can be withdrawn or modified at any point up to the deadline, but not after.

Neither fund currently charges a repurchase fee, though both reserve the right to impose one of up to 2 percent, retained by the fund to cover expenses tied directly to the repurchase.

What happens if demand exceeds the cap

Both funds may, at their discretion, expand a repurchase by an additional 2 percent of shares outstanding as of the deadline. That is an option, not an obligation. If tenders exceed the offer amount and the funds decline to expand, or if tenders exceed the offer plus the additional 2 percent, shares are repurchased pro rata and unsatisfied holders wait for the next quarterly window.

Both notices carve out an accommodation for the smallest accounts: holders of fewer than 100 shares who tender their entire position may be accepted in full before proration is applied to everyone else. The funds also acknowledge the behavior that proration risk tends to induce, noting that shareholders anticipating a cutback may tender more than they actually want repurchased, which in turn makes proration more likely.

A platform built on outsourced management

The funds are the two semi-liquid vehicles on Jackson National Asset Management’s shelf, and both follow the same architecture: the Lansing, Michigan adviser sits at the top and delegates day-to-day security selection to unaffiliated managers. Credit Opportunities draws on Neuberger Berman; Real Assets is split into sleeves run by Cohen & Steers and First Sentier Investors, spanning real estate, infrastructure, and natural capital. That structure gives an insurance-affiliated adviser distribution reach into strategies it does not run itself.

What the notices leave out

Neither notice quantifies the offer. Because the documents disclose no share count and no net assets, the dollar amount each fund stands to pay out cannot be derived from what was filed, and advisers weighing whether proration is a live risk this quarter have no capacity figure to work from. The repurchase request forms accompanying each notice reference the institutional share class alone.

Emily J. Bennett, vice president and assistant secretary, signed both notifications. Neither fund’s board makes a recommendation on whether to tender, and both notices state that no one has been authorized to make one.

For a pair of funds whose shares carry no secondary market, the quarterly window is the only exit, and its terms have not moved: 5 percent, one month to decide, a price set a week after the decision is locked.