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 emerging markets companies. The Fund considers a company to be in an emerging country or market if the company has been organized under the laws of, has its principal offices in, or has its securities principally traded in, the emerging country or market, or if the company derives at least 50% of its revenues, net profits or incremental revenue growth (typically over the past five years) from, or has at least 50% of assets or production capacities in, the emerging country or market. Emerging … 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 emerging markets companies. The Fund considers a company to be in an emerging country or market if the company has been organized under the laws of, has its principal offices in, or has its securities principally traded in, the emerging country or market, or if the company derives at least 50% of its revenues, net profits or incremental revenue growth (typically over the past five years) from, or has at least 50% of assets or production capacities in, the emerging country or market. Emerging market countries include, but are not limited to all countries represented by the Morningstar Emerging Markets Index ? (the Index). The Index includes, but is not limited to, the following countries: Brazil, Chile, China, Colombia, Czech Republic, Egypt, Greece, Hungary, India, Indonesia, Kuwait, Malaysia, Mexico, Peru, Philippines, Qatar, Saudi Arabia, South Africa, South Korea, Taiwan, Thailand, Turkey, and United Arab Emirates. Other countries that are not represented by the Index may also be considered emerging if they are not defined as developed by Morningstar. Emerging markets may also be countries with low to middle income economies as classified by the World Bank. The Fund generally invests in securities of companies located in different regions and in at least three different countries. The Fund may concentrate, or invest a significant portion of its assets, in the securities of companies in one or a few countries or regions. The Fund may also invest in A Shares of companies based in the Peoples Republic of China (China) that trade on the Shanghai Stock Exchange and the Shenzhen Stock Exchange through the Shanghai Hong Kong and Shenzhen Hong Kong Stock Connect programs (Stock Connect). Stock Connect is a mutual stock market access program designed to, among other things, enable foreign investments in China. The Fund may invest in participatory notes (P-Notes). 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. Four 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. T. Rowe Price Strategy T. Rowe Price Associates, Inc. and T. Rowe Price Hong Kong Limited (collectively, "T. Rowe Price") constructs the T. Rowe Price Strategy by investing in stocks issued by companies in emerging markets. T. Rowe Price may invest in companies of any size but generally seeks stocks of mid or larger companies that T. Rowe Price believes are undervalued. WCM Strategy WCM Investment Management, LLC (WCM) constructs the WCM Strategy by investing in equity securities of non-U.S. domiciled companies or depositary receipts of non-U.S. domiciled companies located in emerging market countries. WCMs investments in equity securities may include common stocks, common stock that is offered in initial public offerings (IPOs), and depositary receipts. The WCM Strategys investments in depositary receipts may include American, European, Canadian and Global Depositary Receipts (ADRs, EDRs, CDRs, and GDRs, respectively). ADRs are receipts that represent interests in foreign securities held on deposit by U.S. banks. EDRs and GDRs have the same qualities as ADRs, except that they may be traded in several international trading markets. Kayne Anderson Rudnick Strategy Kayne Anderson Rudnick Investment Management, LLC (KAR) constructs the KAR Strategy by investing in equity or equity-linked securities of companies located in emerging markets countries. KAR invests in a select group of companies believed by KAR to be undervalued relative to their future market growth potential. The investment strategy emphasizes companies that KAR believes to have a sustainable competitive advantage, strong management, and low financial risk and to be able to grow over market cycles. KAR intends to diversify its investments among countries and normally to have represented in the portfolio business activities of a number of different countries. Equity securities in which KAR invests include common stocks, preferred stocks and ADRs/GDRs. KAR does not use allocation models to restrict investments to certain regions, countries, or industries. GQG Strategy GQG Partners LLC (GQG) constructs the GQG Strategy by investing in equity securities of emerging market companies. The equity securities in which the GQG Strategy invests are primarily publicly traded common stocks. Equity securities may also include depositary receipts (including ADRs, EDRs and GDRs), which are certificates typically issued by a bank or trust company that represent ownership interests in securities of non-U.S. companies, and P-Notes, which are derivative instruments designed to replicate equity exposure in certain foreign markets where direct investment is either impossible or difficult due to local investment restrictions. The GQG Strategy may invest in IPOs and securities of companies with any market capitalization. Certain instruments in which the GQG Strategy invests may be illiquid or thinly-traded securities. The GQG Strategy may invest in exchange traded funds (ETFs), including commodity ETFs that provide exposure to or invest in gold. Show less