Strategy. In the section, Summary Overview of Each Fund , under Principal Investment Strategies , for the JNL Multi-Manager Small Cap Growth Fund, please delete the Victory RS Investments Strategy in the entirety. In the section Summary Overview of Each Fund , under Principal Investment Strategies , for the JNL Multi-Manager Small Cap Growth Fund, please delete the third paragraph in the entirety and replace with the following: Six unaffiliated investment managers (Sub-Advisers) generally provide day to day management for a portion of the Funds assets (each portion is sometimes referred to as a sleeve). Each Sub-Adviser may use different investment strategies in managing Fund assets, acts independently from the others, and uses its own methodology for selecting investments. Jackson National … Show more… In the section, Summary Overview of Each Fund , under Principal Investment Strategies , for the JNL Multi-Manager Small Cap Growth Fund, please delete the Victory RS Investments Strategy in the entirety. In the section Summary Overview of Each Fund , under Principal Investment Strategies , for the JNL Multi-Manager Small Cap Growth Fund, please delete the third paragraph in the entirety and replace with the following: Six unaffiliated investment managers (Sub-Advisers) generally provide day to day management for a portion of the Funds assets (each portion is sometimes referred to as a sleeve). Each Sub-Adviser may use different investment strategies in managing Fund assets, acts independently from the others, and uses its own methodology for selecting investments. Jackson National Asset Management, LLC (JNAM or Adviser) is responsible for identifying and retaining the Sub-Advisers for the selected strategies and for monitoring the services provided by the Sub-Advisers. JNAM provides qualitative and quantitative supervision as part of its process for selecting and monitoring the Sub-Advisers. JNAM is also responsible for selecting the Funds investment strategies and for determining the amount of Fund assets to allocate to each Sub-Adviser. Based on JNAMs ongoing evaluation of the Sub-Advisers, JNAM may adjust allocations among Sub-Advisers. In the section Summary Overview of Each Fund , under Principal Investment Strategies , for the JNL Multi-Manager Small Cap Growth Fund, please delete the GIM Strategy in the entirety and replace with the following: GIM Strategy Granahan Investment Management, LLC (GIM) constructs the GIM Strategy by blending Small Cap Focused Growth strategy and their Small Cap Select Strategy. GIMs Small Cap Focused Growth strategy is grounded in the belief that superior long term returns are best achieved by focusing on smaller companies that are poised to grow at 15% or more, and using a strict methodology to own the stocks of these sustainable growth companies when risk/reward is attractive. Within this philosophy, GIMs Small Cap Focused Growth strategy seeks to own companies with large open-ended opportunities, a favorable competitive landscape and products or services providing a significant value proposition to the customer. The Small Cap Select strategy takes a diversified approach to growth by seeking companies that can either sustain growth for an extended time, or materially accelerate their growth rate over the near to medium term. The strategy believes that this approach expands the investment opportunity set and mitigates risk. Show less