Annual Fund Operating Expenses
(Expenses that you pay each year as a percentage of the value of your investment) |
|
|
Class A1
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Management Fee
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0.78%
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Distribution and/or Service (12b-1) Fees
|
0.30%
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Other Expenses2
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0.13%
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Total Annual Fund Operating Expenses
|
1.21%
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Less Waiver/Reimbursement3
|
0.30%
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Total Annual Fund Operating Expenses After Waiver/Reimbursement
|
0.91%
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1
|
The fee table and the example reflect the expenses of both the Fund and the Master Fund.
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2
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"Other Expenses" include an Administrative Fee of 0.10% which is payable to Jackson National Asset Management, LLC ("JNAM" or "Adviser").
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3
|
JNAM has entered into a contractual agreement with the Fund under which it will waive a portion of its management fee for such time as the Fund is
operated as a Feeder Fund, because during that time, the Adviser will not be providing the portfolio management portion of the advisory and management services. This fee waiver will continue as long as the Fund is part of a master-feeder
fund structure, but in any event, the waiver will continue for at least one year from the date of this Prospectus, and continue thereafter unless the Board of Trustees approves a change in or elimination of the waiver.
|
Annual Fund Operating Expenses
(Expenses that you pay each year as a percentage of the value of your investment) |
||
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Class I1
|
|
Management Fee
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0.78%
|
|
Distribution and/or Service (12b-1) Fees
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0.00%
|
|
Other Expenses2
|
0.13%
|
|
Total Annual Fund Operating Expenses
|
0.91%
|
|
Less Waiver/Reimbursement3
|
0.30%
|
|
Total Annual Fund Operating Expenses After Waiver/Reimbursement
|
0.61%
|
|
1
|
The fee table and the example reflect the expenses of both the Fund and the Master Fund.
|
|
2
|
"Other Expenses" include an Administrative Fee of 0.10% which is payable to Jackson National Asset Management, LLC ("JNAM" or "Adviser").
|
|
3
|
JNAM has entered into a contractual agreement with the Fund under which it will waive a portion of its management fee for such time as the Fund is
operated as a Feeder Fund, because during that time, the Adviser will not be providing the portfolio management portion of the advisory and management services. This fee waiver will continue as long as the Fund is part of a master-feeder
fund structure, but in any event, the waiver will continue for at least one year from the date of this Prospectus, and continue thereafter unless the Board of Trustees approves a change in or elimination of the waiver.
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JNL/American Funds Balanced Fund Class A
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|||
1 year
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3 years
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5 years
|
10 years
|
$93
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$354
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$636
|
$1,439
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JNL/American Funds Balanced Fund Class I
|
|||
1 year
|
3 years
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5 years
|
10 years
|
$62
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$260
|
$475
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$1,092
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Period
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Master Fund
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1/1/2023 - 12/31/2023
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159%
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•
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Accounting risk – The
Master Fund bases investment selections, in part, on information drawn from the financial statements of issuers. Financial statements may not be accurate, may reflect differing approaches with respect to auditing and reporting standards and
may affect the ability of the Master Fund’s investment manager to identify appropriate investment opportunities.
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•
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Currency risk – Investments in foreign currencies, securities that trade in or receive revenues in foreign currencies, or derivatives that provide exposure
to foreign currencies are subject to the risk that those currencies may decline in value or, in the case of hedging positions, that the currency may decline in value relative to the currency being hedged. Currency exchange rates can be
volatile and may be affected by a number of factors, such as the general economics of a country, the actions (or inaction) of U.S. and foreign governments or central banks, the imposition of currency controls, and speculation. A decline in
the value of a foreign currency versus the U.S. dollar reduces the value in U.S. dollars of investments denominated in that foreign currency.
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•
|
Debt securities ratings risk – The use of
credit ratings in evaluating debt securities can involve certain risks, including the risk that the credit rating may not reflect the issuer's current financial condition or events since the security was last rated by a rating agency.
Credit ratings may be influenced by conflicts of interest or based on historical data that no longer apply or are accurate.
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•
|
Equity securities risk –
Common and preferred stocks represent equity ownership in a company. Stock markets are volatile, and equity securities generally have greater price volatility than fixed-income securities. The price of equity or equity-related securities
will fluctuate and can decline and reduce the value of a portfolio investing in equity or equity-related securities. The value of equity or equity-related securities purchased or held by the Fund could decline if the financial condition of
the companies the Fund invests in decline or if overall market and economic conditions deteriorate. They may also decline due to factors that affect a particular industry or industries, such as labor shortages or an increase in production
costs and competitive conditions within an industry. In addition, they may decline due to general market conditions that are not specifically related to a company or industry, such as real or perceived adverse economic conditions, changes
in the general outlook for corporate earnings, changes in interest or currency rates or generally adverse investor sentiment.
|
•
|
Foreign securities risk –
Investments in, or exposure to, foreign securities involve risks not typically associated with U.S. investments. These risks include, among others, adverse fluctuations in foreign currency values, possible imposition of foreign withholding
or other taxes on income payable on the securities, as well as adverse political, social and economic developments, such as political upheaval, acts of terrorism, financial troubles, sanctions or the threat of new or modified sanctions, or
natural disasters. Many foreign securities markets, especially those in emerging market countries, are less stable, smaller, less liquid, and less regulated than U.S. securities markets, and the costs of trading in those markets is often
higher than in U.S. securities markets. There may also be less publicly available information about issuers of foreign securities compared to issuers of U.S. securities. In addition, the economies of certain foreign markets may not compare
favorably with the economy of the United States with respect to issues such as growth of gross national product, reinvestment of capital, resources and balance of payments position.
|
•
|
High-yield bonds, lower-rated
bonds, and unrated securities risk – 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 are
subject to the increased risk of an issuer’s inability to meet principal and interest payment obligations. As a result, an investment in junk bonds is considered speculative. High-yield bonds may be subject to liquidity risk, and the Fund
may not be able to sell a high-yield bond at the price at which it is currently valued.
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•
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Income risk – The Fund
is subject to the risk that the income generated from the Fund’s investments may decline in the event of falling interest rates. Income risk may be high if the Fund’s income is predominantly based on short-term interest rates, which can
fluctuate significantly over short periods. The Fund’s distributions to shareholders may decline when interest rates fall.
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•
|
Investment style risk –
The returns from a certain investment style may be lower than the returns from the overall stock market. Growth stock prices frequently reflect projections of future earnings or revenues, and if earnings growth expectations are not met,
their stock prices will likely fall, which may reduce the value of a Fund’s investment in those stocks. Over market cycles, different investment styles may sometimes outperform other investment styles (for example, growth investing may
outperform value investing).
|
•
|
Liquidity risk –
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 an advantageous time or price or achieve its desired level of
exposure to a certain sector. Liquidity risk arises, for example, from small average trading volumes, trading restrictions, or temporary suspensions of trading. To meet redemption requests, the Fund may be forced to sell securities at an
unfavorable time and/or under unfavorable conditions.
|
•
|
Managed portfolio risk –
As an actively managed portfolio, the Master Fund's portfolio manager(s) make decisions to buy and sell holdings in the Master Fund's portfolio. Because of this, the value of the Master Fund’s investments could decline because the financial
condition of an issuer may change (due to such factors as management performance, reduced demand or overall market changes), financial markets may fluctuate or overall prices may decline, the Master Fund's Adviser's investment techniques
could fail to achieve the Master Fund’s investment objective or negatively affect the Master Fund’s investment performance, or legislative, regulatory, or tax developments may affect the investment techniques available to the Adviser of the
Master Fund. There is no guarantee that the investment objective of the Fund will be achieved.
|
•
|
Market risk – Portfolio
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, public health issues, including widespread disease and virus epidemics or pandemics, war, terrorism or natural disasters, among others. 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.
|
•
|
U.S. Government securities risk
– Obligations issued by agencies and instrumentalities of the U.S. Government vary in the level of support they receive from the U.S. Government. They may be: (i) supported by the full faith and credit of the U.S. Treasury; (ii) supported
by the right of the issuer to borrow from the U.S. Treasury; (iii) supported by the discretionary authority of the U.S. Government to purchase the issuer’s obligations; or (iv) supported only by the credit of the issuer. The maximum
potential liability of the issuers of some U.S. Government securities may greatly exceed their current resources, or their legal right to receive support from the U.S. Treasury.
|
Average Annual Total Returns as of 12/31/2023
|
|
|
|
|
|
|
|
1 year
|
|
5 year
|
|
10 year
|
|
JNL/American Funds Balanced Fund (Class A)
|
13.85
|
%
|
8.80
|
%
|
5.88
|
%
|
S&P 500 Index (reflects no deduction for fees, expenses, or taxes)
|
26.29
|
%
|
15.69
|
%
|
12.03
|
%
|
60% S&P 500 Index, 40% Bloomberg U.S. Aggregate Index (reflects no deduction for fees, expenses, or taxes)
|
17.67
|
%
|
9.98
|
%
|
8.09
|
%
|
Bloomberg U.S. Aggregate Index (reflects no deduction for fees, expenses, or taxes)
|
5.53
|
%
|
1.10
|
%
|
1.81
|
%
|
Average Annual Total Returns as of 12/31/2023
|
|
|
|
|
|
|
|
1 year
|
|
5 year
|
|
10 year
|
|
JNL/American Funds Balanced Fund (Class I)
|
14.18
|
%
|
9.12
|
%
|
6.17
|
%
|
S&P 500 Index (reflects no deduction for fees, expenses, or taxes)
|
26.29
|
%
|
15.69
|
%
|
12.03
|
%
|
60% S&P 500 Index, 40% Bloomberg U.S. Aggregate Index (reflects no deduction for fees, expenses, or taxes)
|
17.67
|
%
|
9.98
|
%
|
8.09
|
%
|
Bloomberg U.S. Aggregate Index (reflects no deduction for fees, expenses, or taxes)
|
5.53
|
%
|
1.10
|
%
|
1.81
|
%
|
Name:
|
Joined Fund Management Team In:
|
Title:
|
Alan N. Berro
|
April 2017
|
Partner, Capital World Investors, CRMC
|
David A. Daigle
|
April 2017
|
Partner, Capital Fixed Income Investors, CRMC
|
Emme Kozloff
|
August 2023
|
Partner, Capital World Investors, CRMC
|
Jin Lee
|
July 2018
|
Partner, Capital World Investors, CRMC
|
John R. Queen
|
April 2017
|
Partner, Capital Fixed Income Investors, CRMC
|
Justin Toner
|
May 2023
|
Partner, Capital World Investors, CRMC
|