Strategy. The Fund seeks to achieve its investment objective by investing, under normal circumstances, at least 80% of its assets (net assets plus the amount of any borrowings made for investment purposes) in the equity securities of small-capitalization companies that, when purchased, have market capitalizations between the smallest company and 120% of the largest company in the Morningstar US Small Cap Broad Value Extended Index. As of December 31, 2024, the range of such companies in the Morningstar U.S. Small Cap Broad Value Extended Index was $113.54 million to $15.22 billion. The Fund has flexibility in the relative weighting of each asset class and expects to vary the percentages of assets invested in each asset class from time to time. JNAMs … Show more… The Fund seeks to achieve its investment objective by investing, under normal circumstances, at least 80% of its assets (net assets plus the amount of any borrowings made for investment purposes) in the equity securities of small-capitalization companies that, when purchased, have market capitalizations between the smallest company and 120% of the largest company in the Morningstar US Small Cap Broad Value Extended Index. As of December 31, 2024, the range of such companies in the Morningstar U.S. Small Cap Broad Value Extended Index was $113.54 million to $15.22 billion. The Fund has flexibility in the relative weighting of each asset class and expects to vary the percentages of assets invested in each asset class from time to time. JNAMs allocations to the underlying Sub-Advisers will be a function of a variety of factors including each underlying strategys expected returns, volatility, correlation, and contribution to the Funds overall risk profile. Five 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. JNAM also may choose to allocate the Funds assets to additional Sub-Advisers in the future. There is no assurance that any or all of the strategies discussed in this prospectus will be used by JNAM or the Sub-Advisers. JNAM may also manage Fund assets directly to seek to enhance returns, or to hedge and to manage the Funds cash and short-term instruments. Below are the principal investment strategies for each Sub-Advisers strategy, but the Sub-Advisers may also implement other investment strategies in keeping with their respective strategys objective. Congress Strategy Congress Asset Management Company, LLP ("Congress") constructs the Congress Strategy by investing in the common stocks of small capitalization (small-cap) companies. Congress generally constructs the strategy to consist of 70-110 companies. The Congress Strategy is predominantly focused on investing in companies domiciled within the United States. The strategy can invest in foreign securities, primarily through American Depositary Receipts (ADRs) and the equity securities of companies incorporated outside of the U.S. that are traded on U.S. exchanges. Investments in ADRs are generally less than 10%. The Congress Strategy focuses on opportunities that Congress believes have significant upside potential, emphasizing a combination of both valuation and earnings power. Congress employs a fundamental, bottom-up investment approach that includes both financial modeling and qualitative analysis. A stock may be sold, among other reasons, if Congress believes that the companys cumulative valuation and earnings upside potential approaches fair value, better opportunities exist, the company experiences fundamental deterioration, or the market capitalization rises above a targeted range. Cooke & Bieler Strategy Cooke & Bieler, L.P. (C&B) constructs the C&B Small Cap Value Equity Strategy by investing in the common stocks of small capitalization (small-cap) companies. C&B manages a relatively focused portfolio of typically 40 to 60 companies that enables C&B to provide adequate diversification while allowing the portfolio to behave differently than the market. C&B selects securities for the strategy based on an analysis of a companys financial characteristics and an assessment of the quality of a companys management. WCM Strategy WCM Investment Management, LLC (WCM) constructs the WCM Strategy by investing in the common stocks of small capitalization (small-cap) companies that WCM believes are undervalued. WCM generally constructs the strategy to consist of 25-40 companies. WCM typically selects shareholder-friendly companies with a durable competitive advantage that are trading at a discount to intrinsic value. Characteristics of these companies include sustained, high returns on invested capital, consistent free cash flow generation, and impressive compounding of net book value over time. Reinhart Strategy Reinhart Partners, LLC (Reinhart) constructs the Reinhart Strategy by investing equity securities issued by small-capitalization (small-cap) companies. Reinhart may invest up to 20% of its net assets in securities of foreign issuers, real estate investment trusts (REITs) and securities of other investment companies, including exchange-traded funds (ETFs). Reinharts investment in other investment companies and ETFs will be within the limits of the Investment Company Act of 1940, as amended. Reinharts investments in foreign securities may include ADRs. River Road Strategy River Road Asset Management, LLC (River Road) constructs the River Road Strategy by investing primarily in equity securities of small capitalization companies that River Road believes are undervalued. The River Road Strategy may continue to hold securities of a portfolio company that subsequently drops below or appreciates above this capitalization threshold. The River Road Strategy may also invest in companies of other market capitalizations, REITs, BDC-RICs, convertible securities, and foreign stocks. Show less