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SUPPLEMENT TO PROSPECTUS DATED MAY 1, 2000 FOR JNL VARIABLE FUND III LLC On page 1 of the prospectus for the JNL Variable Fund III 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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