JNL VARIABLE FUND V LLC
497, 2000-11-13
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                   SUPPLEMENT TO PROSPECTUS DATED MAY 1, 2000

                                      FOR

                            JNL VARIABLE FUND V LLC

     On page 1 of the  prospectus  for the JNL  Variable  Fund V LLC  under  the
heading 'About the JNL/First Trust the Dow Target 10 Series' and the sub-heading
'Principal Investment Strategies',  the second sentence has been amended to read
as follows:

    'The ten companies will be selected  annually,  beginning  January 1, 2001,
and on each one year anniversary thereof (Stock Selection Date).'


This Supplement is dated November 9, 2000.




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