Notice Dated April 28, 2025

PERSPECTIVE ADVANTAGE

FIXED AND VARIABLE ANNUITY®

Issued by

Jackson National Life Insurance Company® through

Jackson National Separate Account V

This Notice Document (“Notice”) provides certain updated information about your Perspective Advantage Fixed and Variable Annuity contract (“Contract”), which is no longer available for purchase.

Jackson National Life Insurance Company (“Jackson”) is providing this Notice in lieu of an updated prospectus for the Contract in reliance on the Securities and Exchange Commission’s position on modernized alternative disclosures for discontinued variable annuity offerings. Updated audited financial statements for Jackson and for Jackson National Separate Account V (“Separate Account”) are available, free of charge, at www.jackson.com/product-literature-4.html. In addition, current summary prospectuses, statutory prospectuses, statements of additional information, and the most recent shareholder reports for the funds available under the Contract (“Funds”) are available, free of charge, at the same website address as above. To request a free paper or e-mail copy of any of these materials, please call 1-800-644-4565 or send an email request to customercare@jackson.com.

Your Contract prospectus dated April 27, 2020 contains more information about the Contract’s features, benefits, and risks.

Additional information about certain investment products, including variable annuities, has been prepared by the Securities and Exchange Commission’s staff and is available at www.Investor.gov.

TABLE OF CONTENTS
DEFINITIONS			1
UPDATED INFORMATION ABOUT YOUR CONTRACT			2
IMPORTANT INFORMATION YOU SHOULD CONSIDER ABOUT THE CONTRACT			3
APPENDIX A (FUNDS AVAILABLE UNDER THE CONTRACT)			A-1
BACK COVER PAGE			B-1

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DEFINITIONS

Contract Anniversary – each one-year anniversary of the Contract’s Issue Date.

Contract Year – the succeeding twelve months from a Contract’s Issue Date and every anniversary. The first Contract Year (Contract Year 0-1) starts on the Contract’s Issue Date and extends to, but does not include, the first Contract Anniversary. Subsequent Contract Years start on an anniversary date and extend to, but do not include, the next anniversary date.

For example, if the Issue Date is January 15, 2026, then the end of Contract Year 0-1 would be January 14, 2027, and January 15, 2027, which is the first Contract Anniversary, begins Contract Year 1-2.

Fund – a registered investment company in which an Investment Division of the Separate Account invests.

General Account – the General Account includes all our assets, including any Contract Value allocated to the Guaranteed Fixed Account and the GMWB Fixed Account, which are available to our creditors.

Guaranteed Minimum Withdrawal Benefit (GMWB) Fixed Account – part of our General Account to and from which automatic transfers of your Contract Value may be required according to non-discretionary formulas. The Contract Value allocated to the GMWB Fixed Account will earn a stated rate of return over a specified period.

Guaranteed Fixed Account – part of our General Account to which the Contract Value you allocate is guaranteed to earn a stated rate of return over the specified period.

Investment Division – one of multiple variable options of the Separate Account to allocate your Contract’s value, each of which exclusively invests in a different available Fund. The Investment Divisions are called variable because the return on investment is not guaranteed.

Issue Date – the date your Contract is issued.

Separate Account – Jackson National Separate Account V. The Separate Account is divided into sub-accounts generally referred to as Investment Divisions.

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UPDATED INFORMATION ABOUT YOUR CONTRACT

The information in this Notice Document is a summary of certain Contract features that have changed since the Notice Document dated October 21, 2024. This may not reflect all of the changes that have occurred since you entered into your Contract.

Fund Changes

Effective April 28, 2025, the following changes were made to the Funds available under the Contract:

Fund Availability Changes

Effective April 28, 2025, the Investment Divisions of the Separate Account investing in the JNL/BlackRock Global Natural Resources Fund, JNL/First Sentier Global Infrastructure Fund, JNL/Cohen & Steers U.S. Realty Fund, JNL/WMC Global Real Estate Fund, and the JNL Multi-Manager International Small Cap Fund stopped accepting any additional allocations or transfers. All other Investment Divisions of the Separate Account remain available.

Amounts invested in the JNL/BlackRock Global Natural Resources Fund, JNL/First Sentier Global Infrastructure Fund, JNL/Cohen & Steers U.S. Realty Fund, JNL/WMC Global Real Estate Fund, or the JNL Multi-Manager International Small Cap Fund as of April 28, 2025 will remain invested unless we receive instruction from you. You may continue to make transfers and withdrawals out of these Investment Divisions in connection with the usual transactions under your Contract, such as partial withdrawals or withdrawals under a Guaranteed Minimum Withdrawal Benefit (GMWB), if available. However, if you transfer out of any of these Investment Divisions on or after April 28, 2025, you will not be able to transfer back in.

If you make a subsequent Premium payment and have future allocation instructions on file with us that include allocations to the JNL/BlackRock Global Natural Resources Fund, JNL/First Sentier Global Infrastructure Fund, JNL/Cohen & Steers U.S. Realty Fund, JNL/WMC Global Real Estate Fund, or the JNL Multi-Manager International Small Cap Fund, those subsequent Premium payments will automatically be allocated to the JNL/Dreyfus Government Money Market Investment Division until you provide us with updated allocation instructions. Please consult your representative promptly to assist you in subsequently reallocating the Contract Value in the JNL/Dreyfus Government Money Market Investment Division to any other available Investment Division.

If you currently have an automatic program, such as Dollar Cost Averaging, Dollar Cost Averaging Plus, Earnings Sweep, or Rebalancing, and it includes allocations to the JNL/BlackRock Global Natural Resources Fund, JNL/First Sentier Global Infrastructure Fund, JNL/Cohen & Steers U.S. Realty Fund, JNL/WMC Global Real Estate Fund, or the JNL Multi-Manager International Small Cap Fund, you can continue to invest in these Investment Divisions based on your existing election until you revise or terminate the automatic program.

If you have elected the LifeGuard Select GMWB, automatic transfers apply under the Transfer of Assets provision. The automatic transfers are allocated based on your future allocation instructions, described in the preceding paragraph. Therefore, when you change your allocation instructions for subsequent Premium payments, you will also be changing your instructions under the Transfer of Assets provision. Prior to our receipt of new future allocation instructions, the automatic transfers will continue to be based on your existing instructions.

Merged Funds

1.JNL/Western Asset Global Multi-Sector Bond Fund merged into the JNL/Neuberger Berman Strategic Income Fund

2.JNL/Baillie Gifford International Growth Fund merged into the JNL/Mellon International Index Fund

3.JNL/Harris Oakmark Global Equity Fund merged into the JNL/Mellon World Index Fund

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IMPORTANT INFORMATION YOU SHOULD CONSIDER ABOUT THE CONTRACT

FEES AND EXPENSES

LOCATION IN PROSPECTUS

Charges for Early Withdrawals

If you withdraw premium from your Contract within 9 years following the premium payment, you may be assessed a withdrawal charge. The maximum withdrawal charge is 8.5% of the amount of premium withdrawn. For example, if you make a withdrawal during the first year after a premium payment, you could pay a withdrawal charge of up to $8,500 on a $100,000 investment. The withdrawal charge then gradually declines each year, until the 9th year, after which no charge is made.

Contract Charges- Withdrawal Charge

Transaction Charges

In addition to withdrawal charges, you also may be charged for other transactions, such as when you transfer cash value between investment options more than 25 times in a Contract Year, when you request an expedited delivery of your partial or complete withdrawal, or if you make a total withdrawal from your Contract after income payments have commenced under certain income options. In addition, for Contracts sold in certain states, you may be charged for premium taxes.

Contract Charges- Transfer Fee, Commutation Fee

Ongoing Fees and Expenses (annual charges)

The table below describes the fees and expenses that you may pay each year, depending on the options you choose. Please refer to your Contract Data Pages for information about the specific fees you will pay each year based on the options you have elected.

Contract Charges- Optional Benefit Expenses; Fees and Expenses Tables

ANNUAL FEE

MINIMUM

MAXIMUM

1. Base Contract1

1.51%

1.51%

Fees & Expenses Tables - Period Expenses

2. Investment options (Fund fees and expenses)2

0.52%

2.28%

Fees and Expenses Tables - Total Annual Fund Operating Expenses

3. Optional benefits available for an additional charge (for a single optional benefit, if elected)3

0.15%

1.26%

Fees and Expenses Tables - Periodic Expenses

1.As a percentage of average daily Contract Value of the Investment Divisions. 2.As a percentage of average Fund net assets. 3.The minimum fee reflects an annualized percentage of the daily net account value of Investment Divisions. The maximum fee reflects an annualized percentage of the applicable benefit base. The foregoing benefit-based optional benefits are no longer offered under the Contract. Because a Contract’s benefit base is different from its Contract value, the minimum and maximum fees cannot be directly compared to each other.

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Because your Contract is customizable, the choices you make affect how much you will pay. To help you understand the cost of owning your Contract, the following table shows the lowest and highest cost you could pay each year, based on current charges. This estimate assumes that you do not take withdrawals from the Contract, which could add surrender (withdrawal) charges that substantially increase costs.

LOWEST ANNUAL COST: $1,869

HIGHEST ANNUAL COST: $4,225

Assumes: •Investment of $100,000 •5% annual appreciation •Least expensive combination of Fund fees and expenses •No optional benefits •No sales charges •No additional purchase payments, transfers or withdrawals

Assumes: •Investment of $100,000 •5% annual appreciation •Most expensive combination of optional benefits and Fund fees and expenses •No sales charges •No additional purchase payments, transfers or withdrawals

RISKS

Location in Prospectus

Risk of Loss

You can lose money by investing in this Contract.

The Annuity Contract

Not a Short-Term Investment

This Contract is not designed for short-term investing and is not appropriate for an investor who needs ready access to cash. Withdrawal charges apply for up to 9 years following your last premium payment. To the extent they apply, they will reduce the value of your Contract if you withdraw money during that time. The benefits of tax deferral and living benefit protections also mean the Contract is more beneficial to investors with a long time horizon.

The Annuity Contract

Risks Associated with Investment Options

•An investment in this Contract is subject to the risk of poor investment performance and can vary depending on the performance of the investment options you choose. •Each investment option (including the Guaranteed Fixed Account and the GMWB Fixed Account) has its own unique risks. •You should review the prospectuses for the available Funds before making an investment decision.

The Annuity Contract

Insurance Company Risks

Any obligations (including under the Guaranteed Fixed Account and the GMWB Fixed Account), guarantees, and benefits of the Contract are subject to the claims-paying ability of Jackson. More information about Jackson is available upon request from Jackson by calling 1-800-644-4565.

The Guaranteed Fixed Account and GMWB Fixed Account

RESTRICTIONS

Investments

•We reserve the right to charge $25 for each transfer when you transfer money between Investment Divisions in excess of 25 times in a Contract Year. •Jackson may remove or substitute Funds as investment options available under the Contract, and may limit or suspend availability of the Fixed Account Options.

Contract Charges - Transfer Fee; Investment Divisions

Optional Benefits

•Certain benefits may limit withdrawals or other rights under the Contract. Under certain benefits, a withdrawal could reduce the value of a benefit by more than the dollar amount of the withdrawal. •Not all optional benefits are available through all broker-dealers and may vary by state or date of purchase. •We may modify or discontinue an optional benefit at any time.

Access To Your Money

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TAXES

Tax Implications

•Consult with a tax professional to determine the tax implications of an investment in and purchase payments received under this Contract. •If you purchase the Contract through a tax-qualified plan or individual retirement account (IRA), you do not get any additional tax deferral. •Earnings on your Contract are taxed at ordinary income tax rates when you withdraw them, and you may have to pay a penalty if you take a withdrawal before age 59 ½.

Taxes

CONFLICTS OF INTEREST

Investment Professional Compensation

Your registered representative or other investment professionals may receive compensation for selling this Contract to you in the form of commissions, revenue sharing, and other compensation programs. Accordingly, investment professionals may have a financial incentive to offer or recommend this Contract over another investment.

Distribution of Contracts

Exchanges

Some investment professionals may have a financial incentive to offer you a new contract in place of the one you own. You should only consider exchanging your Contract if you determine, after comparing the features, fees, and risks of both contracts, that it is in your best interest to purchase the new contract rather than continue to own your existing Contract.

Distribution of Contracts

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APPENDIX A

FUNDS AVAILABLE UNDER THE CONTRACT

The following is a list of Funds (all Class A shares) available under the Contract, which is subject to change, as discussed in the prospectus. Certain broker-dealers selling the Contracts may limit the Investment Divisions that are available to their customers. You can find the prospectuses and other information about the Funds online at https://www.jackson.com/fund-literature.html. You can also request this information at no cost by calling 1-800-644-4565 or by sending an email request to ProspectusRequest@jackson.com.

The current expenses and performance information below reflects fees and expenses of the Funds, but does not reflect the other fees and expenses that your Contract may charge. Expenses would be higher and performance would be lower if these charges were included. Each Fund’s past performance is not necessarily an indication of future performance.

Fund Type			Fund and Manager* (and Sub-Adviser, if applicable) *The investment manager for each Fund is Jackson National Asset Management, LLC			Current Expenses			Average Annual Total Returns (as of 12/31/24)
									1 year			5 year			10 year
Allocation			JNL/American Funds Balanced Fund1
			(Investment Adviser to the Master Fund: Capital Research and Management CompanySM)			0.90%2			16.05%			7.93%			7.41%
Fixed Income			JNL/American Funds Bond Fund of America Fund1
			(Investment Adviser to the Master Fund: Capital Research and Management CompanySM)			0.83%2			0.87%			N/A			N/A
Allocation			JNL/American Funds Capital Income Builder Fund1
			(Investment Adviser to the Master Fund: Capital Research and Management CompanySM)			0.96%2			9.77%			5.58%			N/A
Fixed Income			JNL/American Funds Capital World Bond Fund1
			(Investment Adviser to the Master Fund: Capital Research and Management CompanySM)			1.05%2			(3.34)%			(2.73)%			(0.39)%
International/Global Equity			JNL/American Funds Global Growth Fund1
			(Investment Adviser to the Master Fund: Capital Research and Management CompanySM)			1.06%2			13.23%			9.37%			10.40%
International/Global Equity			JNL/American Funds Global Small Capitalization Fund1
			(Investment Adviser to the Master Fund: Capital Research and Management CompanySM)			1.23%2			2.05%			2.67%			5.47%
U.S. Equity			JNL/American Funds Growth Fund1
			(Investment Adviser to the Master Fund: Capital Research and Management CompanySM)			0.91%2			31.26%			18.46%			16.19%
U.S. Equity			JNL/American Funds Growth-Income Fund1
			(Investment Adviser to the Master Fund: Capital Research and Management CompanySM)			0.91%2			23.75%			12.59%			11.77%
International/Global Equity			JNL/American Funds International Fund1
			(Investment Adviser to the Master Fund: Capital Research and Management CompanySM)			1.17%2			2.74%			0.84%			3.61%
International/Global Equity			JNL/American Funds New World Fund1
			(Investment Adviser to the Master Fund: Capital Research and Management CompanySM)			1.26%2			6.09%			4.08%			5.78%
U.S. Equity			JNL/American Funds® Washington Mutual Investors Fund1
			(Investment Adviser to the Master Fund: Capital Research and Management CompanySM)			0.91%2			18.64%			11.76%			9.86%
Alternative			JNL Multi-Manager Alternative Fund
			(Boston Partners Global Investors, Inc.; DoubleLine Capital LP; First Pacific Advisors, LP; Kayne Anderson Rudnick Investment Management, LLC; Lazard Asset Management LLC; Loomis, Sayles & Company, L.P.; and Westchester Capital Management, LLC)			2.22%2			9.59%			3.85%			N/A

A-1

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Fund Type			Fund and Manager* (and Sub-Adviser, if applicable) *The investment manager for each Fund is Jackson National Asset Management, LLC			Current Expenses			Average Annual Total Returns (as of 12/31/24)
									1 year			5 year			10 year
International/Global Equity			JNL Multi-Manager Emerging Markets Equity Fund
			(GQG Partners LLC, Kayne Anderson Rudnick Investment Management, LLC; T. Rowe Price Associates, Inc. (Sub-Sub-Adviser: T. Rowe Price Hong Kong Limited); and WCM Investment Management, LLC)			1.23%			4.58%			(0.98)%			1.34%
Fixed Income			JNL Multi-Manager Floating Rate Income Fund
			(PPM America, Inc.; FIAM LLC)			0.93%			8.13%			3.98%			3.77%
International/Global Equity			JNL Multi-Manager International Small Cap Fund
			(Baillie Gifford Overseas Limited; Causeway Capital Management LLC; and WCM Investment Management, LLC)			1.22%			4.98%			6.45%			N/A
U.S. Equity			JNL Multi-Manager Mid Cap Fund
			(Champlain Investment Partners, LLC; Kayne Anderson Rudnick Investment Management, LLC; Nuance Investments, LLC; and Victory Capital Management Inc.)			1.09%			6.97%			7.39%			N/A
U.S. Equity			JNL Multi-Manager Small Cap Growth Fund
			(BAMCO, Inc.; Driehaus Capital Management, LLC; Granahan Investment Management, Inc.; Kayne Anderson Rudnick Investment Management, LLC; Segall Bryant & Hamill, LLC; Victory Capital Management Inc.; and WCM Investment Management, LLC)			0.98%			9.66%			5.79%			8.50%
U.S. Equity			JNL Multi-Manager Small Cap Value Fund
			(Congress Asset Management Company, LLP; Cooke & Bieler, L.P.; Reinhart Partners, Inc.; River Road Asset Management, LLC; and WCM Investment Management, LLC)			1.09%			9.46%			8.63%			7.24%
U.S. Equity			JNL Multi-Manager U.S. Select Equity Fund
			(GQG Partners, LLC; WCM Investment Management, LLC)			0.98%			35.25%			N/A			N/A
Allocation			JNL Moderate ETF Allocation Fund
			(Mellon Investments Corporation)			0.82%			6.79%			3.53%			4.27%
Allocation			JNL Moderate Growth ETF Allocation Fund
			(Mellon Investments Corporation)			0.82%			9.10%			5.26%			5.79%
Allocation			JNL Growth ETF Allocation Fund
			(Mellon Investments Corporation)			0.83%			11.26%			6.76%			7.10%
Allocation			JNL/American Funds Moderate Allocation Fund
						0.97%			N/A			N/A			N/A
Allocation			JNL/American Funds Moderate Growth Allocation Fund
						0.98%			9.66%			5.91%			6.47%
Allocation			JNL/American Funds Growth Allocation Fund
						0.99%			12.80%			7.80%			8.26%
International/Global Equity			JNL/AB Sustainable Global Thematic Fund
			(AllianceBernstein L.P.)			1.21%			6.11%			N/A			N/A
U.S. Equity			JNL/AQR Large Cap Defensive Style Fund
			(AQR Capital Management, LLC)			0.86%			15.32%			9.71%			N/A
Allocation			JNL/BlackRock Global Allocation Fund
			(BlackRock Investment Management, LLC; Sub-Sub-Adviser BlackRock International Limited; Sub-Sub-Adviser BlackRock (Singapore) Limited)			1.06%			9.38%			6.10%			5.49%
Alternative			JNL/BlackRock Global Natural Resources Fund
			(BlackRock International Limited)			0.99%			(3.58)%			8.74%			3.07%

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Fund Type			Fund and Manager* (and Sub-Adviser, if applicable) *The investment manager for each Fund is Jackson National Asset Management, LLC			Current Expenses			Average Annual Total Returns (as of 12/31/24)
									1 year			5 year			10 year
U.S. Equity			JNL/BlackRock Large Cap Select Growth Fund
			(BlackRock Investment Management, LLC)			0.83%2			31.48%			15.31%			14.63%
International/Global Equity			JNL/Causeway International Value Select Fund
			(Causeway Capital Management LLC)			0.97%			4.49%			7.45%			5.71%
U.S. Equity			JNL/ClearBridge Large Cap Growth Fund
			(ClearBridge Investments, LLC)			0.93%			27.55%			14.50%			N/A
Sector Equity			JNL/Cohen & Steers U.S. Realty Fund
			(Cohen & Steers Capital Management, Inc.)			1.03%			4.46%			3.28%			N/A
International/Global Equity			JNL/DFA International Core Equity Fund
			(Dimensional Fund Advisors LP)			0.90%			3.94%			4.70%			N/A
U.S. Equity			JNL/DFA U.S. Core Equity Fund
			(Dimensional Fund Advisors LP)			0.80%			20.40%			12.80%			11.35%
U.S. Equity			JNL/DFA U.S. Small Cap Fund
			(Dimensional Fund Advisors LP)			0.98%			9.24%			9.67%			8.24%
Fixed Income			JNL/DoubleLine® Core Fixed Income Fund
			(DoubleLine Capital LP)			0.78%			2.29%			(0.32)%			1.39%
Fixed Income			JNL/DoubleLine® Emerging Markets Fixed Income Fund
			(DoubleLine Capital LP)			1.08%			6.82%			0.62%			N/A
U.S. Equity			JNL/DoubleLine® Shiller Enhanced CAPE® Fund
			(DoubleLine Capital LP)			0.98%			13.06%			9.44%			N/A
Fixed Income			JNL/DoubleLine® Total Return Fund
			(DoubleLine Capital LP)			0.83%			2.56%			(0.85)%			1.07%
Fixed Income			JNL/Dreyfus Government Money Market Fund
			(Mellon Investments Corporation)			0.56%			4.77%			2.04%			1.29%
Fixed Income			JNL/Fidelity Institutional Asset Management® Total Bond Fund
			(FIAM LLC)			0.79%			1.76%			0.23%			1.39%
Alternative			JNL/First Sentier Global Infrastructure Fund
			(First Sentier Investors (Australia) IM Ltd)			1.14%			5.64%			2.55%			3.11%
Allocation			JNL/Franklin Templeton Income Fund
			(Franklin Advisers, Inc.)			0.92%			6.38%			4.95%			5.09%
U.S. Equity			JNL/Goldman Sachs 4 Fund
			(Goldman Sachs Asset Management, L.P.)			0.70%			19.21%			11.46%			9.31%
International/Global Equity			JNL/GQG Emerging Markets Equity Fund
			(GQG Partners LLC)			1.33%			5.03%			6.59%			N/A
U.S. Equity			JNL/Invesco Diversified Dividend Fund
			(Invesco Advisers, Inc.)			0.98%			12.59%			7.42%			N/A
International/Global Equity			JNL/Invesco Global Growth Fund
			(Invesco Advisers, Inc.)			0.97%			15.83%			9.33%			9.68%
U.S. Equity			JNL/Invesco Small Cap Growth Fund
			(Invesco Advisers, Inc.)			1.04%			16.72%			7.29%			8.20%
Allocation			JNL/JPMorgan Global Allocation Fund
			(J.P. Morgan Investment Management Inc.)			1.06%2			8.36%			3.76%			4.35%
Alternative			JNL/JPMorgan Hedged Equity Fund
			(J.P. Morgan Investment Management Inc.)			0.96%			17.86%			9.92%			N/A

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Fund Type			Fund and Manager* (and Sub-Adviser, if applicable) *The investment manager for each Fund is Jackson National Asset Management, LLC			Current Expenses			Average Annual Total Returns (as of 12/31/24)
									1 year			5 year			10 year
U.S. Equity			JNL/JPMorgan MidCap Growth Fund
			(J.P. Morgan Investment Management Inc.)			0.89%			14.12%			10.99%			11.61%
Alternative			JNL/JPMorgan Nasdaq® Hedged Equity Fund
			(J.P. Morgan Investment Management Inc.)			1.00%			N/A			N/A			N/A
Fixed Income			JNL/JPMorgan U.S. Government & Quality Bond Fund
			(J.P. Morgan Investment Management Inc.)			0.70%			1.15%			(0.52)%			0.85%
U.S. Equity			JNL/JPMorgan U.S. Value Fund
			(J.P. Morgan Investment Management Inc.)			0.88%			14.72%			8.26%			7.09%
International/Global Equity			JNL/Lazard International Quality Growth Fund
			(Lazard Asset Management LLC)			1.06%			0.59%			3.17%			4.98%
International/Global Equity			JNL/Loomis Sayles Global Growth Fund
			(Loomis, Sayles & Company, L.P.)			1.00%			22.45%			11.90%			N/A
Fixed Income			JNL/Lord Abbett Short Duration Income Fund
			(Lord, Abbett & Co. LLC)			0.80%			5.10%			N/A			N/A
U.S. Equity			JNL/Mellon DowSM Index Fund
			(Mellon Investments Corporation)			0.65%			14.21%			9.82%			10.86%
International/Global Equity			JNL/Mellon Emerging Markets Index Fund3
			(Investment Sub-Adviser to the Master Fund: Mellon Investments Corporation)			0.77%2			5.56%			1.10%			2.97%
International/Global Equity			JNL/Mellon World Index Fund
			(Mellon Investments Corporation)			0.65%			18.04%			10.82%			8.72%
U.S. Equity			JNL/Mellon Nasdaq® 100 Index Fund
			(Mellon Investments Corporation)			0.64%			25.09%			19.43%			17.07%
U.S. Equity			JNL/Mellon S&P 500 Index Fund
			(Mellon Investments Corporation)			0.52%			24.39%			13.95%			12.53%
U.S. Equity			JNL/Mellon S&P 400 MidCap Index Fund3
			(Investment Sub-Adviser to the Master Fund: Mellon Investments Corporation)			0.56%2			13.34%			9.74%			9.10%
U.S. Equity			JNL/Mellon Small Cap Index Fund3
			(Investment Sub-Adviser to the Master Fund: Mellon Investments Corporation)			0.56%2			8.03%			7.78%			8.18%
International/Global Equity			JNL/Mellon International Index Fund3
			(Investment Sub-Adviser to the Master Fund: Mellon Investments Corporation)			0.61%2			2.92%			4.25%			4.83%
Fixed Income			JNL/Mellon Bond Index Fund3
			(Investment Sub-Adviser to the Master Fund: Mellon Investments Corporation)			0.57%2			0.70%			(0.88)%			0.74%
U.S. Equity			JNL/Mellon U.S. Stock Market Index Fund
			(Mellon Investments Corporation)			0.61%			23.39%			13.36%			N/A
Sector Equity			JNL/Mellon Communication Services Sector Fund
			(Mellon Investments Corporation)			0.65%			38.44%			12.56%			10.95%
Sector Equity			JNL/Mellon Consumer Discretionary Sector Fund
			(Mellon Investments Corporation)			0.64%			24.70%			14.81%			13.12%
Sector Equity			JNL/Mellon Consumer Staples Sector Fund
			(Mellon Investments Corporation)			0.65%			13.52%			7.48%			N/A
Sector Equity			JNL/Mellon Energy Sector Fund
			(Mellon Investments Corporation)			0.64%			5.96%			11.60%			3.55%

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Fund Type			Fund and Manager* (and Sub-Adviser, if applicable) *The investment manager for each Fund is Jackson National Asset Management, LLC			Current Expenses			Average Annual Total Returns (as of 12/31/24)
									1 year			5 year			10 year
Sector Equity			JNL/Mellon Financial Sector Fund
			(Mellon Investments Corporation)			0.64%			30.37%			10.52%			10.55%
Sector Equity			JNL/Mellon Healthcare Sector Fund
			(Mellon Investments Corporation)			0.63%			2.02%			6.65%			8.25%
Sector Equity			JNL/Mellon Industrials Sector Fund
			(Mellon Investments Corporation)			0.66%			15.72%			11.74%			N/A
Sector Equity			JNL/Mellon Information Technology Sector Fund
			(Mellon Investments Corporation)			0.61%			35.27%			22.98%			20.88%
Sector Equity			JNL/Mellon Materials Sector Fund
			(Mellon Investments Corporation)			0.67%			(2.32)%			8.44%			N/A
Sector Equity			JNL/Mellon Real Estate Sector Fund
			(Mellon Investments Corporation)			0.66%			4.34%			2.37%			N/A
Sector Equity			JNL/Mellon Utilities Sector Fund
			(Mellon Investments Corporation)			0.65%			25.69%			6.20%			7.94%
U.S. Equity			JNL/MFS Mid Cap Value Fund
			(Massachusetts Financial Services Company (d/b/a MFS Investment Management))			0.95%			13.91%			9.55%			7.87%
U.S. Equity			JNL/Morningstar SMID Moat Focus Index Fund
			(Mellon Investments Corporation)			0.76%			N/A			N/A			N/A
U.S. Equity			JNL/Morningstar U.S. Sustainability Index Fund
			(Mellon Investments Corporation)			0.71%			20.44%			13.82%			N/A
U.S. Equity			JNL/Morningstar Wide Moat Index Fund
			(Mellon Investments Corporation)			0.75%			10.51%			12.12%			N/A
Fixed Income			JNL/Neuberger Berman Strategic Income Fund
			(Neuberger Berman Investment Advisers LLC)			0.94%			5.53%			2.56%			3.05%
U.S. Equity			JNL/Newton Equity Income Fund
			(Newton Investment Management North America, LLC)			0.87%			17.04%			12.77%			11.07%
Fixed Income			JNL/PIMCO Income Fund
			(Pacific Investment Management Company LLC)			1.15%			4.63%			2.24%			N/A
Fixed Income			JNL/PIMCO Investment Grade Credit Bond Fund
			(Pacific Investment Management Company LLC)			1.16%			2.75%			0.08%			2.35%
Fixed Income			JNL/PIMCO Real Return Fund
			(Pacific Investment Management Company LLC)			1.34%			2.04%			1.91%			2.04%
Fixed Income			JNL/PPM America High Yield Bond Fund
			(PPM America, Inc.)			0.75%			7.93%			3.63%			4.27%
Fixed Income			JNL/PPM America Investment Grade Credit Fund
			(PPM America, Inc.)			0.83%			N/A			N/A			N/A
Fixed Income			JNL/PPM America Total Return Fund
			(PPM America, Inc.)			0.79%			2.06%			0.31%			1.87%
U.S. Equity			JNL/RAFI® Fundamental U.S. Small Cap Fund
			(Mellon Investments Corporation)			0.67%			10.72%			9.56%			5.60%
U.S. Equity			JNL/RAFI® Multi-Factor U.S. Equity Fund
			(Mellon Investments Corporation)			0.67%			18.64%			11.19%			8.84%
Allocation			JNL/T. Rowe Price Balanced Fund
			(T. Rowe Price Associates, Inc.; Sub-Sub-Advisers: T. Rowe Price Investment Management, Inc.; T. Rowe Price Australia Limited; and T. Rowe Price International Ltd)			0.97%2			11.56%			6.37%			5.88%

A-5

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Fund Type			Fund and Manager* (and Sub-Adviser, if applicable) *The investment manager for each Fund is Jackson National Asset Management, LLC			Current Expenses			Average Annual Total Returns (as of 12/31/24)
									1 year			5 year			10 year
Allocation			JNL/T. Rowe Price Capital Appreciation Fund
			(T. Rowe Price Associates, Inc.; Sub-Sub-Adviser: T. Rowe Price Investment Management, Inc.)			0.97%2			12.30%			10.16%			10.09%
U.S. Equity			JNL/T. Rowe Price Capital Appreciation Equity Fund
			(T. Rowe Price Associates, Inc.; Sub-Sub-Adviser: T. Rowe Price Investment Management, Inc.)			1.00%2			N/A			N/A			N/A
U.S. Equity			JNL/T. Rowe Price Growth Stock Fund
			(T. Rowe Price Associates, Inc.)			0.83%2			29.95%			13.04%			13.60%
U.S. Equity			JNL/T. Rowe Price Mid-Cap Growth Fund
			(T. Rowe Price Associates, Inc.; Sub-Sub-Adviser: T. Rowe Price Investment Management, Inc.)			0.98%2			9.17%			7.32%			9.89%
Fixed Income			JNL/T. Rowe Price Short-Term Bond Fund
			(T. Rowe Price Associates, Inc.; Sub-Sub-Adviser: T. Rowe Price Hong Kong Limited)			0.72%2			4.65%			1.62%			1.61%
Fixed Income			JNL/T. Rowe Price U.S. High Yield Fund
			(T. Rowe Price Associates, Inc.; Sub-Sub-Adviser: T. Rowe Price Investment Management, Inc.)			0.94%2			8.04%			2.55%			N/A
U.S. Equity			JNL/T. Rowe Price Value Fund
			(T. Rowe Price Associates, Inc.)			0.87%2			14.84%			10.19%			9.12%
Allocation			JNL/Vanguard Moderate ETF Allocation Fund
			(Mellon Investments Corporation)			0.70%			7.14%			3.41%			N/A
Allocation			JNL/Vanguard Moderate Growth ETF Allocation Fund
			(Mellon Investments Corporation)			0.69%			9.59%			5.10%			N/A
Allocation			JNL/Vanguard Growth ETF Allocation Fund
			(Mellon Investments Corporation)			0.68%			11.84%			6.73%			N/A
International/Global Equity			JNL/WCM Focused International Equity Fund
			(WCM Investment Management, LLC)			1.10%			7.10%			6.57%			9.12%
Alternative			JNL/Westchester Capital Event Driven Fund
			(Westchester Capital Management, LLC)			1.83%			4.79%			3.38%			N/A
International/Global Equity			JNL/William Blair International Leaders Fund
			(William Blair Investment Management, LLC)			0.97%			(0.95)%			0.24%			2.76%
Allocation			JNL/WMC Balanced Fund
			(Wellington Management Company LLP)			0.71%			14.64%			7.48%			7.59%
U.S. Equity			JNL/WMC Equity Income Fund
			(Wellington Management Company LLP)			0.89%			12.54%			9.23%			N/A
Sector Equity			JNL/WMC Global Real Estate Fund
			(Wellington Management Company LLP)			1.03%			5.63%			(1.40)%			1.80%
U.S. Equity			JNL/WMC Value Fund
			(Wellington Management Company LLP)			0.79%			10.88%			8.24%			7.96%
Allocation			JNL/JPMorgan Managed Conservative Fund
			(J.P. Morgan Investment Management Inc.)			1.10%			4.66%			1.83%			2.75%
Allocation			JNL/JPMorgan Managed Moderate Fund
			(J.P. Morgan Investment Management Inc.)			1.10%			7.07%			3.77%			4.47%
Allocation			JNL/JPMorgan Managed Moderate Growth Fund
			(J.P. Morgan Investment Management Inc.)			1.09%			9.74%			5.74%			6.17%
Allocation			JNL/JPMorgan Managed Growth Fund
			(J.P. Morgan Investment Management Inc.)			1.10%			12.36%			7.65%			8.03%

A-6

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Fund Type			Fund and Manager* (and Sub-Adviser, if applicable) *The investment manager for each Fund is Jackson National Asset Management, LLC			Current Expenses			Average Annual Total Returns (as of 12/31/24)
									1 year			5 year			10 year
Allocation			JNL/JPMorgan Managed Aggressive Growth Fund
			(J.P. Morgan Investment Management Inc.)			1.11%			13.64%			8.59%			8.82%
Allocation			JNL Conservative Allocation Fund
						1.22%			5.56%			2.24%			3.04%
Allocation			JNL Moderate Allocation Fund
						1.21%			7.64%			4.18%			4.47%
Allocation			JNL Moderate Growth Allocation Fund
						1.20%			9.17%			5.39%			5.76%
Allocation			JNL Growth Allocation Fund
						1.17%			10.60%			6.48%			6.76%
Allocation			JNL Aggressive Growth Allocation Fund
						1.14%			11.93%			7.38%			7.49%

 

1			Capital Research and Management Company is the investment adviser of the master fund in which this feeder fund invests. Under the master-feeder fund structure, the feeder fund does not buy individual securities directly. Rather, the feeder fund invests all of its investment assets in a corresponding master fund, which invests directly in individual securities.
2			The Fund’s current expenses reflect temporary fee reductions.
3			Mellon Investments Corporation is the investment sub-adviser of the master fund in which this feeder fund invests. Under the master-feeder fund structure, the feeder fund does not buy individual securities directly. Rather, the feeder fund invests all of its investment assets in a corresponding master fund, which invests directly in individual securities.

A-7

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The EDGAR contract identifier for the Contract is: #C00030250

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