Annual Fund Operating Expenses
(Expenses that you pay each year as a percentage of the value of your investment) |
|
|
Class A
|
Management Fee
|
0.63%
|
Distribution and/or Service (12b-1) Fees
|
0.30%
|
Other Expenses1
|
0.11%
|
Acquired Fund Fees and Expenses2
|
0.01%
|
Total Annual Fund Operating Expenses3
|
1.05%
|
1
|
"Other Expenses" include an Administrative Fee of 0.10% which is payable to Jackson National Asset Management, LLC ("JNAM" or "Adviser").
|
2
|
Acquired Fund Fees and Expenses are the indirect expenses of investing in other investment companies. Accordingly, the expense ratio presented in the
Financial Highlights section of the prospectus will not correlate to the Total Annual Fund Operating Expenses disclosed above.
|
3
|
Expense information has been restated to reflect current fees.
|
Annual Fund Operating Expenses
(Expenses that you pay each year as a percentage of the value of your investment) |
|
|
Class I
|
Management Fee
|
0.63%
|
Distribution and/or Service (12b-1) Fees
|
0.00%
|
Other Expenses1
|
0.11%
|
Acquired Fund Fees and Expenses2
|
0.01%
|
Total Annual Fund Operating Expenses3
|
0.75%
|
1
|
"Other Expenses" include an Administrative Fee of 0.10% which is payable to Jackson National Asset Management, LLC ("JNAM" or "Adviser").
|
2
|
Acquired Fund Fees and Expenses are the indirect expenses of investing in other investment companies. Accordingly, the expense ratio presented in the
Financial Highlights section of the prospectus will not correlate to the Total Annual Fund Operating Expenses disclosed above.
|
3
|
Expense information has been restated to reflect current fees.
|
JNL/Invesco Small Cap Growth Fund Class A
|
|||
1 year
|
3 years
|
5 years
|
10 years
|
$107
|
$334
|
$579
|
$1,283
|
JNL/Invesco Small Cap Growth Fund Class I
|
|||
1 year
|
3 years
|
5 years
|
10 years
|
$77
|
$240
|
$417
|
$930
|
Period
|
|
|
1/1/2023 - 12/31/2023
|
64
|
%
|
•
|
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.
|
•
|
Stock risk – Stock
markets may experience significant short-term volatility and may fall sharply at times. Different stock markets may behave differently from each other and U.S. stock markets may move in the opposite direction from one or more foreign stock
markets. The prices of individual stocks generally do not all move in the same direction at the same time and a variety of factors can affect the price of a particular company’s stock.
|
•
|
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.
|
•
|
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).
|
•
|
Small-capitalization investing
risk – Investing in smaller companies, some of which may be newer companies or start-ups, generally involves greater risks than
investing in larger, more established ones. The securities of companies with smaller market capitalizations often are less widely held and trade less frequently and in lesser quantities, and their market prices often fluctuate more, than
the securities of companies with larger market capitalizations.
|
•
|
Sector risk – Companies
with similar characteristics may be grouped together in broad categories called sectors. Sector risk is the risk that securities of companies within specific sectors of the economy can perform differently than the overall market. For
example, this may be due to changes in the regulatory or competitive environment or changes in investor perceptions regarding a sector. Because the Fund may allocate relatively more assets to certain sectors than others, the Fund’s
performance may be more susceptible to any developments which affect those sectors emphasized by the Fund. In addition, the Fund could underperform other funds investing in similar sectors or comparable benchmarks because of the investment
manager’s choice of securities within such sector.
|
•
|
Real estate investment risk – Risks of investing in real estate securities include falling property values due to increasing vacancies in rental properties, declining
rents resulting from economic, legal, tax, cultural, political or technological developments, lack of liquidity, limited diversification, and sensitivity to certain economic factors such as interest-rate changes and other market conditions.
When growth is slowing, demand for property decreases and prices may decline, which could impact the value of real estate investments as well as mortgage-backed securities that may be held by the Fund. Real estate company share prices may
drop because of the failure of borrowers to pay their loans and poor management, and residential developers, in particular, could be negatively impacted by falling home prices, slower mortgage origination and rising construction costs. The
securities of smaller real estate-related issuers can be more volatile and less liquid than securities of larger issuers and their issuers can have more limited financial resources.
|
•
|
REIT investment risk – The risks of investing in REITs include certain risks associated with the direct ownership of real estate and the real estate industry in
general. These include risks related to general, regional and local economic conditions; difficulties in valuing and disposing of real estate; fluctuations in interest rates and property tax rates; shifts in zoning laws; environmental
regulations and other governmental action; cash flow dependency; increased operating expenses; lack of availability of mortgage funds; losses due to natural disasters; overbuilding; losses due to casualty or condemnation; changes in
property values and rental rates; the management skill and creditworthiness of the REIT manager; and other factors. REITs may have limited financial resources, may trade less frequently and in limited volume, may engage in dilutive
offerings of securities and may be more volatile than other securities. REITs could be adversely affected by failure to maintain their exemptions from registration under the Investment Company Act of 1940, as amended, or failure to qualify
for the “dividends paid deduction” under the Internal Revenue Code of 1986, as amended, which allows REITs to reduce their corporate taxable income for dividends paid to their shareholders.
|
•
|
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.
|
•
|
Emerging markets and less
developed countries risk – Emerging market and less developed countries generally are located in Asia, the Middle East,
Eastern Europe, Central and South America and Africa. Investments in, or exposure to, securities that are tied economically to emerging
market and less developed countries are subject to all of the risks of investments in, or exposure to, foreign securities, generally to a greater extent than in developed markets, among other risks. Investments in securities that are tied economically to emerging markets involve greater risk from economic and political systems that typically are less developed,
and likely to be less stable, than those in more advanced countries. The Fund also will be subject to the risk of adverse foreign currency rate fluctuations. Emerging market and less developed countries may also have economies that are
predominantly based on only a few industries or dependent on revenues from particular commodities. The risks of nationalization, expropriation or other confiscation of assets of non-U.S. issuers is also greater in emerging and less
developed countries. As a result of these risks, investments in securities tied economically to emerging markets tend to be more volatile than investments in securities of developed countries.
|
•
|
Managed portfolio risk –
As an actively managed portfolio, the Fund's portfolio manager(s) make decisions to buy and sell holdings in the Fund's portfolio. Because of this, the value of the 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 Sub-Adviser's investment techniques could fail to achieve the
Fund’s investment objective or negatively affect the Fund’s investment performance, or legislative, regulatory, or tax developments may affect the investment techniques available to the Sub-Adviser of the Fund. There is no guarantee that
the investment objective of the Fund will be achieved.
|
•
|
Company risk – Investments in U.S. and/or foreign-traded equity securities may fluctuate more than the values of other types of securities in response to
changes in a particular company’s financial condition.
|
•
|
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.
|
Average Annual Total Returns as of 12/31/2023
|
|
|
|
|
|
|
|
1 year
|
|
5 year
|
|
10 year
|
|
JNL/Invesco Small Cap Growth Fund (Class A)
|
12.12
|
%
|
8.66
|
%
|
7.36
|
%
|
Morningstar US Market Extended Index (reflects no deduction for fees, expenses, or taxes)
|
26.22
|
%
|
15.15
|
%
|
11.51
|
%
|
Morningstar US Small Cap Broad Growth Extended Index (reflects no deduction for fees, expenses, or taxes)
|
22.61
|
%
|
9.75
|
%
|
7.43
|
%
|
Average Annual Total Returns as of 12/31/2023
|
|
|
|
|
|
|
|
1 year
|
|
5 year
|
|
10 year
|
|
JNL/Invesco Small Cap Growth Fund (Class I)
|
12.48
|
%
|
9.00
|
%
|
7.64
|
%
|
Morningstar US Market Extended Index (reflects no deduction for fees, expenses, or taxes)
|
26.22
|
%
|
15.15
|
%
|
11.51
|
%
|
Morningstar US Small Cap Broad Growth Extended Index (reflects no deduction for fees, expenses, or taxes)
|
22.61
|
%
|
9.75
|
%
|
7.43
|
%
|
Name:
|
Joined Fund Management Team In:
|
Title:
|
Juan Hartsfield, CFA
|
2004
|
Lead Portfolio Manager, Invesco
|
Clay Manley, CFA
|
2008
|
Portfolio Manager, Invesco
|
Justin Sander, CFA
|
April 2020
|
Portfolio Manager, Invesco
|