Annual Fund Operating Expenses
(Expenses that you pay each year as a percentage of the value of your investment) |
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Class A1
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Management Fee
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0.34%
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Distribution and/or Service (12b-1) Fees
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0.30%
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Other Expenses2
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0.12%
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Total Annual Fund Operating Expenses
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0.76%
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Less Waiver/Reimbursement3
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0.20%
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Total Annual Fund Operating Expenses After Waiver/Reimbursement
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0.56%
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1
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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
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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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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
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Management Fee
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0.34%
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Distribution and/or Service (12b-1) Fees
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0.00%
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Other Expenses2
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0.12%
|
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Total Annual Fund Operating Expenses
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0.46%
|
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Less Waiver/Reimbursement3
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0.20%
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Total Annual Fund Operating Expenses After Waiver/Reimbursement
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0.26%
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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
|
"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/Mellon S&P 400 MidCap Index Fund Class A
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|||
1 year
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3 years
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5 years
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10 years
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$57
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$223
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$403
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$924
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JNL/Mellon S&P 400 MidCap Index Fund Class I
|
|||
1 year
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3 years
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5 years
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10 years
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$27
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$127
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$238
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$560
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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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19
|
%
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•
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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.
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•
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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 Master Fund could decline if the financial
condition of the companies the Master 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.
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•
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Mid-capitalization investing
risk – The stocks of mid-capitalization companies can be more volatile and their shares can be less liquid than those of larger
companies. Mid-capitalization companies may have limited product lines, markets or financial resources or may depend on the expertise of a few people and may be subject to more abrupt or erratic market movements than securities of larger,
more established companies or the market averages in general. Securities of such issuers may lack sufficient market liquidity to effect sales at an advantageous time or without a substantial drop in price.
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•
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License termination risk – The Master Fund may rely on licenses from a third party (licensor) that permit the Master Fund to use that party’s intellectual property in
connection with the Master Fund’s name and/or investment strategies. The license may be terminated by the licensor, and as a result the Master Fund may lose its ability to use the licensed name or strategy, or receive important data from
the licensor. Accordingly, a license may have a significant effect on the future operation of the Master Fund, including the need to change the investment strategy.
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•
|
Derivatives risk – Investments in derivatives, which are financial instruments whose value depends on, or is derived from, the value of underlying assets,
reference rates, or indices, can be highly volatile and may be subject to transaction costs and certain risks, such as unanticipated changes in securities prices and global currency investment. Derivatives also are subject to leverage
risk, liquidity risk, interest rate risk, market risk, counterparty risk, and credit risk. They also involve the risk of mispricing or improper valuation and the risk that changes in the value of the derivative may not correlate perfectly
with the underlying asset, interest rate or index. Gains or losses from derivatives can be substantially greater than the derivatives’ original cost.
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•
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Exchange-traded funds investing
risk – An investment in an ETF generally presents the following risks: (i) the same primary risks as an investment in a conventional fund (i.e., one that is not exchange-traded) that has the same investment objectives, strategies
and policies; (ii) the risk that an ETF may fail to accurately track the market segment or index that underlies its investment objective; (iii) price fluctuation, resulting in a loss to the Master Fund; (iv) the risk that an ETF may trade
at a discount to its net asset value; (v) the risk that an active market for an ETF’s shares may not develop or be maintained; and (vi) the risk that an ETF may no longer meet the listing requirements of any applicable exchanges on which
that ETF is listed. When the Master Fund invests in an ETF, shareholders of the Master Fund bear their proportionate share of the ETF’s fees and expenses as well as their share of the Master Fund’s fees and expenses.
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•
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Financial services risk –
An investment in issuers in the financial services sector may be adversely affected by, among other things: (i) changes in the regulatory framework or interest rates that may negatively affect financial service businesses; (ii) exposure of
a financial institution to a non-diversified or concentrated loan portfolio; (iii) exposure to financial leverage and/or investments or agreements which, under certain circumstances, may lead to losses (e.g., sub-prime loans); and (iv) the
risk that a market shock or other unexpected market, economic, political, regulatory, public health or other event might lead to a sudden decline in the values of most or all companies in the financial services sector.
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•
|
Index investing risk – The
Master Fund’s indexing strategy does not attempt to manage volatility, use defensive strategies, or reduce the effects of any long-term periods of poor stock performance. Should the Master Fund engage in index sampling, the performance of
the securities selected will not provide investment performance tracking that of the Index. Master Fund performance may not exactly correspond with the performance of the relevant index for a number of reasons, including, but not limited
to: the timing of purchases and redemptions of the Fund’s shares, changes in the composition of the index, and the Fund’s expenses. Certain regulatory limitations, such as fund diversification requirements, may limit the ability of the
Master Fund to completely replicate an index.
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•
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Large-capitalization investing
risk – Large-capitalization stocks as a group could fall out of favor with the market, which may cause the Master Fund to
underperform funds that focus on other types of stocks.
|
•
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Passive investment risk
– The Master Fund is not actively managed. Unlike with an actively managed fund, the Master Fund does not use techniques or defensive strategies designed to lessen the effects of market volatility or to reduce the impact of periods of
market decline. This means that, based on market and economic conditions, the Master Fund’s performance could be lower than actively managed funds that realign their portfolios more frequently based on the real-time market trends.
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•
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Tracking error risk –
Tracking error is the divergence of the Fund’s performance from that of the Index. The Master Fund’s return may not track the return of the Index for a number of reasons. Tracking error may occur because of differences between the
securities and other instruments held in the Master Fund’s portfolio and those included in the Index, pricing differences, differences in transaction costs, the Master Fund’s holding of uninvested cash, differences in timing of the accrual
of or the valuation of dividends or interest, tax gains or losses, changes to the Index or the costs to the Master Fund of complying with various new or existing regulatory requirements. This risk may be heightened during times of increased
market volatility or other unusual market conditions. Tracking error also may result because the Fund incurs fees and expenses, while the Index does not. However, the Master Fund may be required to deviate its investments from the
securities and relative weightings of the Index to comply with the 1940 Act, as amended to meet the issuer diversification requirements of the Internal Revenue Code of 1986, as amended, applicable to regulated investment companies, or as a
result of local market restrictions, or other legal reasons, including regulatory limits or other restrictions on securities that may be purchased by the Investment Adviser and its affiliates.
|
•
|
Securities lending risk –
Securities lending involves the risk of loss or delays in recovery of the loaned securities or loss of rights in the collateral if the borrower fails to return the security loaned or becomes insolvent.
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Average Annual Total Returns as of 12/31/2023
|
|
|
|
|
|
|
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1 year
|
|
5 year
|
|
10 year
|
|
JNL/Mellon S&P 400 MidCap Index Fund (Class A)
|
15.81
|
%
|
12.02
|
%
|
8.70
|
%
|
Morningstar US Market Extended Index (reflects no deduction for fees, expenses, or taxes)
|
26.22
|
%
|
15.15
|
%
|
11.51
|
%
|
S&P MidCap 400 Index (reflects no deduction for fees, expenses, or taxes)
|
16.44
|
%
|
12.62
|
%
|
9.27
|
%
|
Average Annual Total Returns as of 12/31/2023
|
|
|
|
|
|
|
|
1 year
|
|
5 year
|
|
10 year
|
|
JNL/Mellon S&P 400 MidCap Index Fund (Class I)
|
16.12
|
%
|
12.34
|
%
|
8.95
|
%
|
Morningstar US Market Extended Index (reflects no deduction for fees, expenses, or taxes)
|
26.22
|
%
|
15.15
|
%
|
11.51
|
%
|
S&P MidCap 400 Index (reflects no deduction for fees, expenses, or taxes)
|
16.44
|
%
|
12.62
|
%
|
9.27
|
%
|
Name:
|
Joined Fund Management Team In:
|
Title:
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Marlene Walker Smith
|
October 2020*
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Director, Head of Equity Index – Portfolio Management, Mellon
|
David France, CFA
|
October 2020*
|
Vice President and Senior Portfolio Manager, Mellon
|
Todd Frysinger, CFA
|
October 2020*
|
Vice President and Senior Portfolio Manager, Mellon
|
Vlasta Sheremeta, CFA
|
October 2020*
|
Vice President and Senior Portfolio Manager, Mellon
|
Michael Stoll
|
October 2020*
|
Vice President and Senior Portfolio Manager, Mellon
|